Pragati Defence Systems Pvt. Ltd. · May 2026
The Investment Case
Three facts that define this opportunity. Every number in this portal is sourced to its document.
₹95.53 Cr
Total contract value executed till date
55 tax invoices · FY22 to FY27 YTD · verified
₹93.82 Cr
Orders in hand — verified
GEM POs + bid screenshots + contractual clauses
+165%
Revenue growth FY25-26
22 tax invoices · ₹51.01 Cr · Audit pending June 2026
Pragati holds certifications that took 4 years to acquire and cannot be replicated. It is the dominant player in fairly contested Indian armour tenders with 55% market share. This round accelerates a company that is already winning — into a market that is structurally expanding under Presidential sanction for 4,83,146 BPJs already issued by the Government of India.
Every major armour tender in India has exactly 2 eligible bidders. Pragati is always one of them. FY22-23 to FY25-26: ₹95.53 Cr total contract value across 55 invoices. Profitable from Year 1. Zero debt.
MoD Presidential Sanction — Ref B/82241/29/BPJ Auth/MGS/EM/GS&C/2(2)/2021-D(GS-I) · Dated 08 June 2022. The President of India has sanctioned 4,83,146 BPJs for the Indian Army. At Pragati's contracted rates: ₹1,932–2,174 Cr procurement. Only 2 eligible bidders. Internal sources: tender in 30–40 days. Document in Data Room — Folder 02.
Traction — Who Has Trusted Pragati
Section · The Moat
Certifications & Licences
11 licences built over 4 years. To win any L6 tender in India, a company needs all three simultaneously — DRDO LAToT + BIS L6 + Industrial Licence. Pragati is the only company holding all three. No new entrant can replicate this in under 5–7 years.
DRDO L6 · Monopoly
LAToT — Ceramic Armour
Only company in India. Co-developed with DMSRDE, Kanpur. Licence DRDO/DIITM/2025/1963 — valid 10 years to 2035. Without this, no company can legally manufacture L6 ceramic armour in India.
Source: TA Certificate, Apr 2025 · ToT Agreement — Data Room, Folder 03BIS L6 · Duopoly
IS 17051:2018 — BRJ Certification
One of only 2 companies in India. CM/L-5900121911. Endorsement No. 4 dated 02 April 2026 — scope expanding to Threat Levels 3, 5, 6 across sizes M, L, XL. Licence is growing, not static.
Source: BIS Endorsement Record, Apr 2026 · Data Room, Folder 03MoC&I · Valid Till 2038
Industrial Licence — Scheduled Industry No. 37
DIL:01(2023) — January 2023. Manufacturing licence for Bulletproof Jackets and Helmets under defence sector. Valid 15 years. Separate approval process from MoC&I — years to obtain.
Source: Industrial Licence · Data Room, Folder 03All 11 Licences
01/11 · DRDO/DMSRDE
LAToT Agreement — BPJ Level 6
DMSRDE, DRDO & Ministry of Defence · Signed all parties
Full Licensing Agreement for Transfer of Technology for BPJ Level 6 of BIS 17051-2018. Executed on stamp paper. Only company in India.
✓ Active
02/11 · DRDO DIITM
Technology Absorption Certificate
DRDO DIITM, New Delhi · Licence DRDO/DIITM/2025/1963 · 09 April 2025
Certifies successful absorption of BPJ Level 6 of BIS 17051-2018 under DMSRDE supervision.
✓ Valid until 2035
03/11 · DRDO DIITM
ToT Absorption Certificate — Category A
DRDO DIITM · Licence DRDO/DIITM/2021/1256 · 27 June 2023
First generation DRDO transfer — BPJ Category A. Foundation of the DRDO relationship that led to L6.
✓ Active
04/11 · DRDO DYSL-AI
Smart Helmet LAToT — 2nd Technology
DYSL-AI, DRDO, Bengaluru · Licence DRDO/DIITM/TOT/2024/2024/1820 · June 2024
Second DRDO technology transfer. Smart Helmet stream. The DRDO relationship is deepening across product categories.
✓ Active
05/11 · Bureau of Indian Standards
BIS Certification Marks Licence
BIS Raipur · CM/L-5900121911 · Granted 09 Sep 2024
IS 17051:2018 — Threat Level 6. One of 2 companies in India. 4 endorsements. Last expanded 02 April 2026.
✓ Active — scope expanding
06/11 · Ministry of Commerce & Industry
Industrial Licence — Scheduled Industry No. 37
DPIIT, Udyog Bhawan · DIL:01(2023) · January 2023
Manufacture of Bulletproof Jackets and Helmets under Defence Sector. Location: 722/5, Parsada, Bilaspur.
✓ Valid until 2038
07/11 · DRDO/DMSRDE
Full LAToT Agreement — Signed (12 pages)
DMSRDE · DRDO · Pragati · All parties · Stamp paper
Complete agreement including all schedules, conditions and obligations. The definitive legal document establishing Pragati's monopoly position.
✓ Active
08/11 · DTIC Bilaspur
Certificate of Commencement of Production
District Trade & Industries Centre, Bilaspur · 11 March 2024
Annual capacity: 30,000 units. Capital investment: ₹210.62L (Plant & Machinery ₹164.17L). Activity Code 99912400.
✓ Active
09/11 · ISO
ISO 9001:2015 Quality Management
UKASCERT · Cert No. Q-494004032025 · 04 March 2025
Scope: Manufacturing & Supply of Bullet Resistant Jackets/Helmets and Composites for Defence & Aerospace.
✓ Valid until March 2028
10/11 · Ministry of MSME
ZED Certification — Zero Defect Zero Effect
Ministry of MSME, GoI · UDYAM-CG-02-0003602 · November 2024
MSME status = MII + MSE preference on all GEM tenders. Won J&K Police BRJ via MII preference over SMPP.
✓ Active
11/11 · IP
Patent Applications — Filing in Progress
Pragati Defence Systems Pvt. Ltd. · FY 2026
Applications being filed covering ceramic plate integration, UHMWPE processing parameters, and ballistic assembly methods developed in-house.
⟳ Filing in progress
Section · Intellectual Property
IP & Patent Portfolio
Pragati is converting 4 years of operational know-how into registered intellectual property. Patent applications are being filed in FY 2026 covering three distinct technology domains.
3
Patent Applications
Ready for filing · FY 20264 Years
R&D Experience
DRDO-supervised technology absorption since 20212
DRDO Technology Transfers
BPJ Level 6 + Smart HelmetPatent Applications — Ready for Filing
| Domain | Description | Competitive Significance | Status |
|---|---|---|---|
| Bolt-Free Helmet Side Rails | Novel helmet rail mounting system eliminating bolt fasteners. Reduces field maintenance, decreases weight, improves modularity for tactical accessories. | First bolt-free rail system designed for Indian military helmets. Unique to Pragati — no comparable solution exists in the domestic market. | Ready for Filing |
| Dynamic Weight Distribution | Adaptive weight distribution mechanism for body armour systems. Reduces operator fatigue during prolonged field operations across varying terrain. | Addresses a key pain point for Indian Army and police forces in extended deployments. Developed from direct soldier feedback during field trials. | Ready for Filing |
| Bolt-Free Helmet Shroud | Novel shroud mounting system eliminating bolts from helmet accessory attachments. Companion to the side rail system — together they form a complete bolt-free helmet platform. | Combined with side rails, creates the only fully bolt-free tactical helmet system in India. Reduces assembly time and field maintenance requirements. | Ready for Filing |
R&D Pipeline — In Development
| Domain | Description | Stage | Status |
|---|---|---|---|
| UHMWPE Processing Parameters | Optimised processing parameters for UHMWPE ballistic fabric. R&D ongoing — patent applicability to be assessed on completion. | Active R&D · Manufacturing operations | R&D in Progress |
| Smart Helmet 2.0 — AI Battlefield System | GPS-denied 3D combat mapping system. Co-developed with DRDO DYSL-AI Bengaluru lab under LAToT Licence DRDO/DIITM/TOT/2024/2024/1820. Overcomes core limitation of competing systems. | Advanced development · DRDO collaboration | Development |
| Modular Bulletproof Shelter | Rapidly deployable modular ballistic shelter for field use. Driven by Northern Command enquiry of ₹50 Cr. | Concept stage · Customer-driven | Concept |
IP disclosure timeline: Full IP disclosure document with patent application numbers and technical specifications expected Q3 FY26. For specific IP queries, contact Naman Agrawal directly.
Section · Financials
Revenue History
Audited revenue (ex-GST) confirmed by CA for FY22-25. Contract value is gross including GST — what clients actually paid. All figures sourced below.
| Financial Year | Audited Revenue (ex-GST) | Contract Value (incl. GST) | YoY | Key Clients |
|---|---|---|---|---|
| FY22-23 | ₹11.23 CrAudited AR · CA confirmed | ₹12.25 Cr6 invoices (101–106) | Year 1 | Bellevuebugt APS (Denmark) · CG Police |
| FY23-24 | ₹11.66 CrAudited AR FY23-24 · CA confirmed | ₹12.88 Cr14 invoices (107–120) | +5% | CG Police · SPIC/DRDO · DMSRDE · Export |
| FY24-25 | ₹17.33 CrAudited AR FY24-25 · CA confirmed | ₹19.25 Cr14 invoices (001–015) | +49% | SPIC/DRDO · DMSRDE · Export |
| FY25-26 | Audit pending June 2026~₹43-44 Cr est. (ex-GST) | ₹51.01 Cr22 invoices (002–023) · verified | +165% | Indian Army · AFSOD HQ · DMSRDE |
| FY26-27 YTD | — | ₹0.35 Cr4 invoices (01–04) · Apr–May 2026 | YTD | DMRL · N.Railway · DGQA |
Grand total: ₹95.53 Cr contract value across 55 tax invoices — FY22 to FY27 YTD. All invoices available in Data Room, Folder 02. Audited revenue (ex-GST) total FY22-25: ₹51.45 Cr.
Provisional Balance Sheet FY25-26 — CA prepared, available in Data Room → Folder 01 — Financials & Accounts. Audited annual accounts expected June 2026.
Section · Financials
Orders in Hand
₹93.82 Cr total — four categories. Every figure sourced to its document. No ERP estimates included.
₹12.72 Cr
Confirmed POs
2 GEM orders · not yet invoiced₹20.63 Cr
L1 Wins
GEM RA screenshots · 3 bids₹12.47 Cr
Clause Upside
Contractual · 0 new tenders₹48 Cr
IAF Jacket Share
40% of ₹120 Cr · tech eval completeConfirmed Purchase Orders — In Execution
N.Railway / RPF, Jammu
₹6.43 Cr
GEM refGEMC-511687722807069
PO date11 March 2026
ProductSecurity gear · 1037 units
25% option clause₹1.61 Cr available
Indian Army, Udhampur
₹6.29 Cr
GEM refGEMC-511687756220533
PO date30 April 2026
ProductBallistic Shield NIJ IV · 233 units
50% repeat clause₹3.15 Cr available
L1 Wins — GEM Bid Results (PO Pending)
What L1 means: Under government procurement rules, the buyer must issue the PO to L1 unless the tender is cancelled — which requires formal justification. These are as close to confirmed orders as exists before a formal PO. Pragati beat Tata Advanced Systems in both Shield tenders.
| Client | GEM RA Reference | Product | Qty | L1 Value | Competition |
|---|---|---|---|---|---|
| Indian Army, Udhampur | GEM/2026/RA/9216568 | Ballistic Shield NIJ IV | 229 | ₹6.18 Cr | Tata Advanced Systems — L2 |
| Indian Army, Udhampur | GEM/2026/R/606026 | Ballistic Shield NIJ IV | 120 | ₹4.06 Cr | Tata Advanced Systems — L2 · MSE preference |
| J&K Police | GEM/2025/R/433949 | BRJ Level 6 (V3) | 630 | ₹10.39 Cr | SMPP — L2 · price matched · MII preference |
Repeat Order & Option Clause Schedule
| Order | Reference | Base Value | Clause | Upside |
|---|---|---|---|---|
| Army Udhampur — 233 shields (PO) | Order 17 · 30 Apr 2026 | ₹6.29 Cr | 50% | ₹3.15 Cr |
| Army Udhampur — 229 shields (L1) | GEM/2026/RA/9216568 | ₹6.18 Cr | 50% | ₹3.09 Cr |
| Army Udhampur — 120 shields (L1) | GEM/2026/R/606026 | ₹4.06 Cr | 50% | ₹2.03 Cr |
| J&K Police — 630 BRJ L6 (L1) | GEM/2025/R/433949 | ₹10.39 Cr | 25% | ₹2.60 Cr |
| Northern Railway / RPF | GEMC-511687722807069 | ₹6.43 Cr | 25% | ₹1.61 Cr |
| Total | ₹33.35 Cr base | — | ₹12.47 Cr |
₹12.47 Cr available above the base order book — zero new tenders required. Exercisable by buyer at original contracted rates.
IAF Jacket (₹48 Cr): Pragati and SMPP have concluded technical evaluation of ₹120 Cr Airforce Jacket order. Pragati is poised to receive 40% share = ₹48 Cr. Financial award awaited Q3-Q4 FY27.
IAF Jacket (₹48 Cr): Pragati and SMPP have concluded technical evaluation of ₹120 Cr Airforce Jacket order. Pragati is poised to receive 40% share = ₹48 Cr. Financial award awaited Q3-Q4 FY27.
Export order in hand: Confidential buyer — Papua New Guinea — $73,200 USD — 400 Ballistic Helmets + 150 Plate Carriers. Not yet invoiced.
Capital Deployed Against Active Contracts
₹9.12 Cr locked in Bank Guarantees, Fixed Deposits, and EMDs against 35 active government contracts. Each deposit independently validates the corresponding order — banks issue BGs only against verified contracts.
₹9.12 Cr
Total Deposits Locked
35 active deposits · all government clients₹8.41 Cr
Bank Guarantees (BG)
26 BGs backed by FDs · lien marked₹37.2 L
Demand Drafts (DD)
4 DDs · tender participation12
Unique Government Clients
Army · DRDO · Police · Railway · IAFDeposits by Client — Top Commitments
| Client | Type | Deposits Locked | Linked To |
|---|---|---|---|
| AFSOD HQ | BG | ₹4.37 Cr | AFSOD body armour order — ₹19.85 Cr · BG valid till 2031 |
| CG Police HQ | BG | ₹1.46 Cr | State police BPJ contracts · Multiple BGs since 2023 |
| Northern Command, J&K | BG | ₹1.28 Cr | Army shield orders · BGs valid till 2030-31 |
| DRDO — SPIC Delhi | BG | ₹63.1 L | DRDO body armour contracts · Since 2024 |
| Northern Railway / RPF | BG | ₹32.1 L | Railway police security gear · ₹6.43 Cr PO |
| DRDO — DMSRDE Kanpur | BG | ₹21.4 L | DMSRDE armour development orders |
| J&K Police | FD | ₹14.0 L | Security deposit against BPJ tender |
| Western Command, Panchkula | BG | ₹4.5 L | Ministry of Defence · BG valid till 2028 |
| MP Police, Bhopal | DD | ₹6.3 L | Lightweight BRJ tender · EMD |
| Jharkhand Police, Ranchi | DD | ₹10.9 L | IG Provision · Tender participation |
| Customs — Nagpur ICD | BG | ₹8.5 L | Import/export customs guarantee · Solutions entity |
| DMRL Hyderabad | BG | ₹0.9 L | DRDO materials research lab |
| TOTAL LOCKED | ₹9.12 Cr | 35 deposits · 12 government entities · all active | |
Investor significance: Bank Guarantees are issued by scheduled banks only against verified government contracts. ₹9.12 Cr locked in BGs/FDs independently validates Pragati's active contractual relationships across Army, DRDO, Police, and Railway — corroborating the ₹93.82 Cr order book from a completely independent source. Full deposit register available in Data Room.
Section · Commercial
Pipeline & MoD Opportunity
40 active tenders worth ₹414 Cr. Plus the largest single BPJ procurement in Indian Army history — already sanctioned by the President of India.
Presidential Sanction — Ref B/82241/29/BPJ Auth · Dated 08 June 2022. President of India has sanctioned 4,83,146 BPJs across all Army commands. At contracted rates: ₹1,932–2,174 Cr. Pragati and one other company are the only two eligible bidders. Internal sources: tender floats in 30–40 days. Document: Data Room, Folder 02, Exhibit A.
40
Active Tenders
TenderTracker ERP · 29 May 2026₹414 Cr
Pipeline Value
TenderTracker ERP · 29 May 2026₹82 Cr
Probability-Weighted
TenderTracker ERP · probability-adjusted₹2,233 Cr
Enquiry Funnel
14 active enquiries · TenderTracker ERPKey Active Tenders
| Client | Product | Value | Win Prob. | Stage | Notes |
|---|---|---|---|---|---|
| MoD Army HQ D(GS-I) | BPJ · 4,83,146 units | ₹1,932–2,174 Cr | High | Presidential sanction · 2 bidders | 30–40 days to tender |
| Delhi Police | Body Armour Shields | ₹80 Cr | 50% | User Trials | Sample deadline 1 Jul 2026 |
| Northern Command | NIJ IV Plates | ₹81 Cr | High | Enquiry | — |
| ITBP | Level 6 BPJ · 3000 nos | ₹50 Cr | High | Enquiry | — |
| Army Udhampur | Anti-Mine Boot | ₹40 Cr | High | Sample Submitted | Forceware GmbH — exclusive India partner |
| J&K Police | Ballistic Helmet (MHA) | ₹40 Cr | High | Sample Mfg | Sample deadline 20 Jun 2026 |
| J&K Police | BRJ (V4) ISI | ₹20 Cr | High | Bid Submitted | — |
| MP Police | Lightweight BRJ | ₹11 Cr | High | Sample Mfg | Sample deadline 6 Jun 2026 |
| IAF HQ | Pilot Protective Gear | ₹102 Cr | 20% | Tech Qualified | DPP · 2-3 year cycle · Strategic watch |
Market Position — Tender Register FY24-26
| Tender | Value | Outcome |
|---|---|---|
| AFSOD HQ — Plate Carriers, BP Plates, SAP, Helmets | ₹19.96 Cr | Won & Executed |
| IDS — Helmets | ₹19.80 Cr | Won — Executing |
| Army Udhampur — BP Plates NIJ IV (1135 units) | ₹7.59 Cr | Won & Executed |
| Army Udhampur — BP Plates NIJ IV (1200 units) | ₹8.03 Cr | Won & Executed |
| Army Udhampur — Ballistic Shields (234 units) | ₹7.91 Cr | Won & Executed |
| J&K Police — BRJ Level 6 (V3) — 630 nos | ₹10.39 Cr | L1 · PO Pending |
| Army Udhampur — Shields NIJ IV — 229 nos | ₹6.18 Cr | L1 · PO Pending |
| Army Udhampur — Shields NIJ IV — 120 nos | ₹4.06 Cr | L1 · PO Pending |
| IAF — Airforce Jacket (Pragati 40% share) | ₹48 Cr | 40% Share · Award Awaited |
| Delhi Police — Body Armour Shields | ₹80 Cr | User Trials · 50% win prob |
| Emergency Procurement — 27,700 BPJ | ₹230 Cr | Lost · CCI Complaint Filed |
Section · Commercial
Export History
9 countries supplied since Year 1. All invoices carry LUT / zero-rated IGST. Verified from uploaded tax invoices.
9
Countries Supplied
From FY22-23 · Year 1 of operations18
Export Invoices
LUT / zero-rated IGST · all verified$73,200
Export Order in Hand
Papua New Guinea · Helmets + Plate Carriers| FY | Buyer | Country | Product | Amount |
|---|---|---|---|---|
| FY22-23 | Bellevuebugt APS | 🇩🇰 Denmark | BRJ NIJ III+ (450 nos) + PASGT Helmet IIIA (500 nos) | ₹2.73 CrInvoices 101, 102 |
| FY23-24 | D.Y.A Vision Ltd | 🇮🇱 Israel | Body Protection Panel + Textile Vest | $96,600Invoice PDS/23-24/110 |
| FY23-24 | Paxis Ltd | 🇮🇱 Israel | 17mm HDPE Board (132 sets) | $17,270Invoices 111, 114 |
| FY23-24 | MSS Advanced Technologies BV | 🇳🇱 Netherlands | HDPE Fabric 180-185 GSM | $9,300Invoices 112A, 117 |
| FY23-24 | Blackline Investments Ltd | 🇳🇿 New Zealand | Protective Helmet (425 nos) | $105,400Invoice PDS/23-24/119 |
| FY24-25 | Blackline Investments Ltd | 🇵🇬 Papua New Guinea | Anti-Riot Helmet with PC Visor (425 nos) | $111,900Invoice PDS/24-25/004 |
| FY24-25 | Spirit of Freedom Foundation | 🇳🇱 Netherlands | Soft Armour UD 712A + Unidirectional Non-Woven Fabric | €20,545Invoices 008, 012 |
| FY25-26 | Mehler Vario Systems GmbH | 🇩🇪 Germany | Ceramic Plate + Hard Armour UHMWPE | €1,300 + $1,860Invoices 005, 006 |
| FY25-26 | NFM Group | 🇳🇴 Norway | Ceramic Plate — sample | $80Invoice PDS/25-26/015 |
| FY25-26 | AITEX | 🇪🇸 Spain | Armor Panel + Helmet — sample | $80Invoice PDS/25-26/016 |
| FY25-26 | Gulf Civilization Gen. Trading | 🇰🇼 Kuwait | Safety Life Vest | $1,070Invoice PDS/25-26/018 |
Mehler Vario Systems GmbH (Germany) is Pragati's strategic European raw material and proof-testing partner. Blackline Investments (NZ/PNG) is an active repeat buyer — $73,200 USD in pending orders.
Section · The Round
This Raise — ₹30 Crore
Growth equity to convert Pragati's certification moat into full vertical manufacturing capacity. SIDBI ₹30 Cr soft confirmed (₹10 Cr equity + ₹20 Cr debt).
₹30 Cr
Equity Raise
Valuation: 22× PAT on audited FY25-26₹30 Cr
SIDBI (Soft Confirmed)
₹10 Cr equity + ₹20 Cr debt₹14.70 Cr
Prior CCD Round
48 investors · ₹360 Cr conversion valuation · Schedule IIIZero
Existing Debt
Profitable from Year 1 · clean balance sheetPrevious Round — November 2024
CCD Round · Completed · 48 investors · 2 tranches
₹14.70 Cr
Amount Raised (2 Tranches)
₹14.70 Cr
Total Raised (2 Tranches)
₹360 Cr
Conversion Valuation (Cap = Floor)
2,94,000
CCDs @ ₹500 Each
| CCD Round Parameters | Detail |
|---|---|
| Instrument | Compulsorily Convertible Debentures (CCDs) |
| Face value per CCD | ₹500 |
| Total CCDs issued | 2,94,000 (Tranche 1: 1,58,000 + Tranche 2: 1,36,000) |
| Interest rate | 0.01% per annum |
| Conversion valuation | ₹360 Cr post-money (Cap = Floor per Schedule III) |
| Discount rate | 20% on Next Qualified Equity Financing price, subject to ₹360 Cr cap/floor |
| Auto-conversion | If no equity round within 9 months of agreement → converts at ₹360 Cr floor |
| Investor rights | ROFO · Tag-along · Pre-emptive · Information rights (audited accounts within 90 days) · Non-compete |
| Governing law | Delhi courts · Arbitration: Gurgaon |
| Investor profile | 48 investors — individuals, HUFs, partnership firms, LLPs, and companies across Chennai, Mumbai, Bangalore, Ahmedabad, Raipur, Kolkata, Rajkot, Jaipur, Guntur — Chennai, Mumbai, Bangalore, Ahmedabad, Raipur |
| Full agreement | 44-page signed Investment Agreement · Data Room, Folder 04 |
Current Shareholding — as at January 2025
| Shareholder | Shares | % Holding | Role |
|---|---|---|---|
| Arun Kumar Agrawal | 2,92,000 | 57.89% | Chairman · DIN 05169769 |
| Naman Agrawal | 2,03,180 | 40.28% | CEO & Founder |
| Patre Anilkumar Abhishek | 4,820 | 0.96% | Director · DIN 08778869 |
| G. Gunavanth Kumar | 2,193 | 0.44% | — |
| Prakash Chand G | 1,828 | 0.36% | — |
| Sadhna Bhandari | 365 | 0.07% | — |
| Total paid-up equity | 5,04,386 | 100% | @ ₹10 face value |
| Outstanding CCDs | 2,94,000 | — | Nov–Dec 2024 · conversion price to be fixed · conversion terms per agreement |
This raise (₹30 Cr equity) is a new round above the ₹360 Cr CCD floor. Valuation basis: 22× PAT on audited FY25-26 accounts (audit in progress — expected June 2026). The prior CCD round (₹14.70 Cr, 48 investors) converts at ₹360 Cr post-money valuation per Schedule III of the Investment Agreement. CCD holders receive a 20% discount to the equity round price, subject to ₹360 Cr cap/floor. The ₹360 Cr is the minimum anchor for this raise. Full agreement in Data Room Folder 04.
Section · Use of Funds
Use of Funds & Growth Plan
₹30 Cr allocated across four categories. Each allocation has a specific revenue or cost impact.
Immediate Allocation — This Raise
Allocation 01
Ceramic Manufacturing Line
₹18 Cr
India's first private L6 ceramic armour line. Currently importing ceramic plates — this eliminates dependency and captures full margin. The DRDO monopoly licence exists; this investment is what converts it into manufacturing revenue. Single highest ROI allocation.
Allocation 02
Ballistic Production Scaling
₹2.5 Cr
Additional machines and raw material buffer to execute ₹93.82 Cr confirmed order book faster. Reduces delivery cycle time and increases throughput.
Allocation 03
UHMWPE Machine Expansion
₹2 Cr
Full capacity for Pragati Deftech subsidiary. Reduces input cost by 20%+. Completes backward integration — Pragati will manufacture its own raw material.
Allocation 04
Working Capital & Key Hires
₹7.5 Cr
Full-time CFO hire (currently Rajesh Sharma on monthly visit basis — upgrading to full-time). International BD Lead. Tech Lead. Bridges 60-120 day government payment cycles against ₹93.82 Cr order book.
FY26-27 Revenue Bridge
| Revenue Source | Timing | Amount |
|---|---|---|
| Confirmed POs | Q1-Q2 | ₹12.72 Cr2 GEM orders · verified |
| L1 wins (PO pending) | Q1-Q2 | ₹20.63 CrGEM RA screenshots |
| Repeat clauses (50%) — shields | Q2-Q3 | ₹8.27 CrContractual · at original rates |
| Option clauses (25%) | Q2-Q3 | ₹4.21 CrContractual |
| IAF Jacket (40% share) | Q3-Q4 | ₹48 CrTech eval complete |
| Pipeline (prob-wtd × 60%) | Q2-Q4 | ₹49.23 Cr₹82.05 Cr TenderTracker × 60% |
| FY27 Target — mid-case | Full year | ₹120-140 Cr |
Excludes: Delhi Police ₹80 Cr (User Trials · 50% win prob) and MoD ₹2,000 Cr. Either win alone takes FY27 past ₹200 Cr.
FY30 Vision — ₹800 Cr
FY27-28
Full Vertical Integration
100% in-house ceramic + UHMWPE + textile + ballistic assembly. Target: ₹200-250 Cr revenue. Domestic market dominance secured.
FY28-30
₹800 Cr Multi-Vertical Platform
Body Armour + Smart Helmet + new verticals. MoD ₹2,000 Cr BPJ order alone at 40% share = ₹800 Cr — equal to the entire FY30 vision in one order.
Section · Due Diligence
Data Room
116 documents across 6 folders. All organised and named. Click any folder to open in Google Drive. View-only access.
📊01 — Financials & Accounts
16 documents · Open →
Annual Report FY 2022-23 (Audited) · Annual Report FY 2023-24 (Signed) · Annual Report FY 2024-25 · Provisional P&L FY 2024-25 (CA) · Estimated P&L FY 2026-27 · Estimated Balance Sheet FY 2026-27 · Turnover & Networth Certificate (SSRV) · Turnover Certificate · ITR FY 2022-23 · ITR FY 2023-24 · ITR FY 2024-25 · ITR FY 2025-26 · Pragati Deftech Audited Accounts FY 2024-25 · Pragati Deftech Master Data · Tax Computation FY 2024-25 · Provisional Balance Sheet FY 2025-26
📋02 — Commercial & Orders
66 documents · Open →
Order Book & Revenue Summary FINAL · GEM Order List (XLSX) · L1 Bid Screenshots — 3 GEM RA Results · MoD Presidential Sanction — Exhibit A (4,83,146 BPJs) · Tax Invoices FY 2022-23 (6 nos) · Tax Invoices FY 2023-24 (14 nos) · Tax Invoices FY 2024-25 (14 nos) · Tax Invoices FY 2025-26 (22 nos) · Tax Invoices FY 2026-27 YTD (4 nos) · Export Invoices — Denmark, Israel, Netherlands, NZ, PNG, Germany, Norway, Spain, Kuwait
🛡️03 — Certifications (The Moat)
11 documents · Open →
01 — DRDO LAToT Agreement BPJ L6 (Monopoly) · 02 — DRDO Technology Absorption Certificate (Apr 2025, 10yr) · 03 — DRDO ToT Absorption Cat A (Jun 2023) · 04 — DRDO LAToT Full Agreement (12 pages, signed) · 05 — BIS Certification Marks Licence IS 17051 L6 · 06 — BIS Endorsement Record (Updated Apr 2026) · 07 — Industrial Licence Sch. Industry 37 (Valid 2038) · 08 — DRDO Smart Helmet LAToT (Jun 2024) · 09 — Production Certificate DTIC (30,000 units/yr) · 10 — ISO 9001:2015 (Valid Mar 2028) · 11 — ZED Certification (Nov 2024)
⚖️04 — Legal & Corporate
16 documents · Open →
Memorandum of Association · Articles of Association · Certificate of Incorporation — Pragati Deftech · Investment Agreement CCD Round Nov 2024 (44 pages) · Shareholder List · GST Registration Certificate · IEC (Import Export Code) · MSME / Udyam Registration · PAN — Pragati Defence Systems · PAN — Pragati Deftech · Bank Mandate · LEI Registration · Director KYC — Naman Agrawal · Director KYC — Arun Kumar Agrawal
👥05 — People & Operations
5 documents · Open →
Employee List 29 May 2026 (36 employees) · Payroll Summary May 2026 · Director KYC — Naman Agrawal (PAN + Aadhaar) · Director KYC — Arun Kumar Agrawal (PAN + Aadhaar) · Organisation Chart
📑06 — Investor Materials
4 documents · Open →
Information Memorandum — Pragati Defence Systems FY2026 · Investor Pitch Deck (PDF) · Order Book & Revenue Summary FINAL · MoD Presidential Sanction — Exhibit A (4,83,146 BPJs)
All folders are view-only. To request a download or specific document, contact Naman Agrawal directly. All access to this portal is logged.
Section · Due Diligence
Team & Operations
36 employees as at 29 May 2026. All on Pragati Defence Systems Pvt. Ltd. payroll. Source: Employee list dated 29 May 2026.
36
Total Employees
Payroll 29 May 202610
Management
Across 3 locations24
Factory Staff
Bilaspur · Parsada30,000
Units / Year Capacity
DTIC Production Certificate · 11 Mar 2024Board & Founders
| Name | Title | Location | Note |
|---|---|---|---|
| Naman Agrawal PDS-035 | CEO & Founder | Ops Office, Bilaspur | Company vision · Investor relations · DRDO relationship. Founded Pragati 2021. CTC ₹15L/yr. |
| Arun Kumar Agrawal | Chairman | Bilaspur | DIN 05169769 · Strategic oversight · Government relationships · Financing. |
Senior Leadership
| ID | Name | Designation | Location | Department |
|---|---|---|---|---|
| PDS-001 | Col. Rajeev Kukkal | President — Defence Engagement | Delhi Office | Sales · Retired Indian Army Colonel · Army procurement relationships |
| PDS-002 | Raj Anand | Sales & Marketing Head | Delhi Office | Sales · GEM bid management · Tender coordination |
| PDS-019 | Sachin Sharma | Project Manager | Delhi Office | Production · Delhi-based government engagements |
| PDS-003 | Pranav Kumar Mazumdar | Production Head | Factory, Bilaspur | Production · UHMWPE + ballistic manufacturing |
| — | Rajesh Sharma | Chief Financial Officer | Monthly Visit | Financial reporting · Investor compliance · Statutory oversight · CA coordination |
Operations & Support Management
| ID | Name | Designation | Department | Location |
|---|---|---|---|---|
| PDS-034 | Harsh Rajput | Strategy Manager | Sales | Ops Office |
| PDS-023 | HK Pandey | Finance | Finance | Ops Office |
| PDS-020 | Ayush Singh | Finance & Operations | Finance | Ops Office · ₹32,000/mo |
| PDS-022 | Suman Dubey | Finance | Finance | Ops Office |
| PDS-010 | Kavita Kothari | Head of HR | HR | Ops Office |
| PDS-015 | Deep Shikha | HR Executive | HR | Ops Office |
| Advisory | Lt. Col. N. Thakur | Strategic Advisor | Advisory | Exclusive profit-share arrangement |
Factory Operations: 24 production workers including 2 shift supervisors (Pankaj Singh Rajput, Lalu Prasad), auto cutter operators, tailors, helmet department specialists, and helpers across Bilaspur factory and Delhi operations. Full payroll in Data Room, Folder 05.
Section · Due Diligence
Legal & Compliance
Company legal status, registrations, and active proceedings. All documents available in Data Room, Folder 04.
Company Identity
| Parameter | Detail |
|---|---|
| Legal name | Pragati Defence Systems Private Limited |
| CIN | U29270CT2021PTC011232 |
| PAN | AALCP7554N |
| GSTIN | 22AALCP7554N1ZU · Regular · Active since 2021 |
| IEC | AALCP7554N · DGFT Nagpur · Issued 20/03/2021 |
| Incorporated | 03 February 2021 |
| Registered office | 408, Landmark Complex, Karbala Marg, Bilaspur, Chhattisgarh — 495001 |
| Factory | 722/5, Village Parsada, Near Sirigitti Industrial Area, Bilaspur, CG — 495223 |
| Auditors | Rajat Agrawal & Co., Chartered Accountants, Bilaspur |
| Bankers | State Bank of India |
| Subsidiary | Pragati Deftech Pvt. Ltd. · CIN U30400CT2024PTC017134 · 100% subsidiary. Pragati Defence Solutions Pvt. Ltd. — being converted to 100% subsidiary (ROC process underway) |
Registrations & Compliance Status
✓Active
GST Registration
22AALCP7554N1ZU · Regular · Active
✓Active
IEC — Importer Exporter Code
AALCP7554N · DGFT Nagpur · 20/03/2021
✓Active
MSME / Udyam Registration
UDYAM-CG-02-0003602 · MII + MSE preference
✓Executed
Investment Agreement — CCD Round
₹15 Cr · 48 investors · Nov 2024 · CCD structure
✓Filed
MoA, AoA, COI
CIN U29270CT2021PTC011232 · 03/02/2021
✓Active
LEI Registration
Legal Entity Identifier · Active · April 2026
⟳In Process
Subsidiary Conversion
Pragati Defence Solutions → 100% subsidiary · ROC process underway · Pragati Deftech already 100% subsidiary
⟳In Process
SIDBI ₹30 Cr — Soft Confirmed
Debt financing parallel to this raise · SMILE scheme
Section · Due Diligence
Investor FAQs
The questions a serious investor will ask — answered directly. No hedging.
FY25-26 shows ₹51.01 Cr contract value but audited accounts aren't ready. What should we rely on?
Every rupee of the ₹51.01 Cr is backed by a tax invoice — all 22 invoices are in Data Room, Folder 02. Audited accounts are being prepared by Rajat Agrawal & Co., Bilaspur and will be delivered June 2026. The audited P&L will show net revenue (ex-GST) of approximately ₹43-44 Cr. The ₹51.01 Cr is gross contract value including GST — clearly labelled throughout this portal. FY22-25 audited revenues are CA-confirmed: ₹11.23 Cr, ₹11.66 Cr, ₹17.33 Cr.
₹93.82 Cr orders in hand — how much is confirmed vs speculative?
₹12.72 Cr — 2 confirmed GEM purchase orders in hand, zero invoiced, both in production. ₹20.63 Cr — 3 GEM bids where Pragati is ranked L1, verified from GEM RA status page screenshots in Data Room, Folder 02. ₹12.47 Cr — contractual repeat order and option clauses exercisable by the buyer at original contracted rates. ₹48 Cr — IAF Jacket, Pragati's 40% share, technical evaluation complete, financial award awaited. Nothing in this total is a pipeline estimate or CRM number.
You have ₹93.82 Cr in orders but ₹1.96 Cr cash. How do you execute?
Three levers: (1) This raise provides ₹7.5 Cr working capital immediately. (2) SIDBI ₹30 Cr (₹10 Cr equity + ₹20 Cr debt) — soft confirmation received — manufacturing equipment financing under SMILE scheme. (3) Invoice discounting available against ₹22.48 Cr receivables — government-backed receivables are the best collateral in India, 80-85% advance within 2-3 weeks. The order book is self-funding once the initial bridge is in place.
You don't have a CFO. Who manages the money after we invest?
Pragati has an active CFO — Rajesh Sharma — engaged on a monthly visit basis overseeing financial reporting and investor compliance. Full-time CFO hire is planned from this raise (₹7.5 Cr working capital allocation) to support scale-up. CA firm Rajat Agrawal & Co. manages statutory accounts. Full financial visibility is in this data room — 55 invoices, 3 years of audited accounts.
The BIS L6 licence appeared to expire August 2025. Is it valid?
Fully valid and actively expanding. The BIS licence (CM/L-5900121911) has received 4 endorsements. Endorsement No. 4 is dated 02 April 2026 — 8 weeks ago — expanding scope to Threat Levels 3, 5, and 6 across sizes M, L, XL. The full endorsement record is Certificate 05/06 in Data Room, Folder 03. The licence is not static — it is growing.
SMPP keeps winning certain tenders. What's the competitive risk?
SMPP has not defeated Pragati on product merit in a single fairly structured tender in the past 12 months. On quality and technical merit, Pragati wins every evaluation. Every major armour tender in India has exactly 2 eligible bidders — Pragati is always one of them.
Two entities — which one are we investing in?
Investment is into Pragati Defence Systems Pvt. Ltd. (CIN U29270CT2021PTC011232) — the core body armour business with all certifications, all revenue, and all government relationships. Pragati Deftech Pvt. Ltd. (CIN U30400CT2024PTC017134) handles UHMWPE manufacturing and is being converted to a 100% subsidiary before close. CS has been instructed. ROC process is underway.
Why invest now and not after the MoD ₹2,000 Cr order is issued?
Three reasons. First: every month you wait, valuation increases — ₹93.82 Cr order book is executing and pipeline is growing. Second: ceramic manufacturing is a first-mover advantage — first private L6 ceramic line in India is a durable structural position. Third: the MoD tender is exactly why you should be on the cap table now, not after. When 4,83,146 BPJs go to tender and Pragati is one of 2 eligible bidders, you want to already own equity.
Section · Financials
Projected Sales
Forward revenue projections — FY27 through FY30. Based on confirmed order book, pipeline conversion assumptions, and growth plan execution.
🔬
This section is under construction
Detailed revenue projections by vertical, customer segment, and product category are being prepared with our CA firm. Expected: Q3 FY26 (by September 2026).
✓ FY27 management target: ₹150 Cr (mid-case: ₹120-140 Cr)
✓ FY28 target: ₹250-300 Cr
✓ FY30 vision: ₹800 Cr — 4-vertical platform
⟳ Bottom-up projections by vertical: June 2026
⟳ Scenario modelling (base / MoD win / upside): June 2026
The current confirmed order book of ₹93.82 Cr — verified from signed GEM documents — is the foundation of the FY27 projection. See Revenue Bridge in Use of Funds & CAPEX for the month-by-month path to ₹120-140 Cr mid-case. Full projections will be added to this section and the data room on completion.