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
Operational Infrastructure — AI-Native ERP
Built in-house from 2020 on Claude (Cowork). Converting to React app on GitHub as a scalable, independent platform. Every module has AI integration. Rajesh Sharma (CFO, joining full-time) can get a full P&L briefing on his phone. This is the governance answer — not imposed from outside, built into the company's DNA.
8
Live operational modules
Factory · Inventory · Finance · Procurement · HRMS · Tender · Ops · Command
~1.9 MB
Production codebase
All modules live and running internally
Every module
“Brief for Claude” integration
AI-native operations · not bolt-on AI
World first
Full raw-material traceability (next phase)
Ceramic powder QC → UHMWPE yarn QC → finished armour
The ERP tracks every order, QC batch, production run, machine schedule, material issue, procurement, payroll, and tender — from pre-bid EMD to post-win execution — in real time. Factory OS captures QC batches with batch traceability tags at the plate level. Inventory Hub runs BOM Builder and BOM Explosion, mapping every component back to its source material lot. Tender Tracker follows every bid from pre-tender through competitive intelligence and completion.
Traceability roadmap (next phase after full vertical integration): Once Deftech's ceramic line and Solutions' UHMWPE plant are both producing in-house, the ERP will implement end-to-end raw-material traceability — any finished armour product traced back to its ceramic powder QC record and UHMWPE yarn QC record. The framework is established. The architecture is live. No personal protection manufacturer anywhere in the world has done this.
₹11 Cr OFS — Promoter partial exit owing to personal commitments. Does not enter the Company and is excluded from all project costs and use-of-funds calculations.
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 · Operational Infrastructure
ERP & Governance
8
Live operational modules
Factory · Inventory · Finance · Procurement · HRMS · Tender · Ops · Command
~1.9 MB
Production codebase
All modules live and running internally · React migration in progress
Every module
“Brief for Claude” integration
AI-native operations · real-time briefings on demand
World first
Raw-material traceability roadmap
Ceramic powder QC → UHMWPE yarn QC → finished armour
Eight live modules
| Module | Scale | Key capabilities |
|---|---|---|
| Factory OS (v2) | 313 KB | Machine scheduling, bulk production, QC batches with batch traceability tags, ceramic plate tracking, UHMWPE fabric tracking, failure records, maintenance audits |
| Inventory Hub | 333 KB | Item master, BOM Builder, BOM Explosion (full material tree), GRN, material issue, production orders, finished goods, gate pass, indent management |
| Tender Tracker (v3) | 214 KB | Full lifecycle: pre-bid → EMD/PBG → post-win execution → competitive intelligence → completion |
| Finance Hub | 279 KB | Invoice management, expense vouchers, Tally CSV import, recurring tasks, WhatsApp briefing — CFO gets P&L on his phone |
| Procure Hub | 207 KB | Purchase orders, vendor management, indent-to-PO tracking, overdue alerts, AI briefing |
| HRMS | 120 KB | Attendance, payslips, monthly CTC — 35 employees, payroll never delayed in company history |
| Ops Hub (v4) | 244 KB | Daak register, vendor management, task tracking, WhatsApp briefing |
| Director Command Centre | 223 KB | CEO cockpit: task management, reminders, weekly view, AI briefing across all departments |
Traceability roadmap — a global first
The building blocks for end-to-end raw-material traceability are already live: QC Batch system with batch traceability tags in Factory OS; BOM Explosion in Inventory Hub tracing finished product back to every component and material lot; UHMWPE and ceramic material tracking at the plate level. The next phase — after complete vertical integration (Deftech ceramic line + Solutions UHMWPE plant both producing in-house) — will link any finished armour product directly to its ceramic powder QC record and UHMWPE yarn QC record. The framework is established. The architecture is live.
No personal protection manufacturer anywhere in the world has implemented full raw-material traceability of this kind. Pragati will be the first — enabled by a production ERP purpose-built for ballistic armour manufacturing, with AI at every layer.
Answering the governance question
The ERP directly addresses the governance infrastructure concern raised by institutional investors. Rajesh Sharma (CFO, joining full-time) can pull a real-time P&L briefing, receivables ageing, and order-to-invoice cycle on his phone. Every process is documented in the system. The company does not live in the founder’s head — it lives in the system. That is the succession plan, and it is already operational.
Live system — screenshots taken 31 May 2026
Real software, live data. Not a demo — the actual system running Pragati Defence today.
Director’s Command Centre
✔ Live · 𠮑.86 Cr cash · 48 active tenders · 36 employees · 58 tasks · Brief for Claude button visible top-right
Finance Hub
𠮑.86 Cr cash & bank · �.48 Cr receivables (matches AR schedule) · 𠮙.12 Cr FDs locked · 13 approvals pending
Tender Tracker — �.7 Cr Active Pipeline
9 tenders won/executing · 7 lost · �.7 Cr pipeline tracked · Kanban + Table + Analytics · Delhi Police � Cr visible in User Trials
Factory OS — Shop Floor Live
13 production orders · QC pass rate 100% · 14 machines tracked (Autoclave, Press 1–4 415T, Band Saw) · 12 R&D projects · Factory Score 67/100
Ops Hub — Eisenhower Matrix + Team Workload
Tasks auto-sorted by urgency × importance · Ops Efficiency Score 72/100 GOLD (5-day streak) · Real task names, real people, real data · Not a demo
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 — ₹70 Crore
Growth equity and working-capital debt to convert Pragati's certification moat into India's only fully vertically integrated armour platform. ₹50 Cr equity (₹39 Cr primary into Company + ₹11 Cr promoter OFS) + ₹20 Cr SIDBI revolving working-capital facility (soft confirmed).
₹39 Cr
Primary Equity
Into the Company · ₹500 Cr pre-money · 7.2% dilution₹20 Cr
SIDBI Facility
Revolving WC + invoice-discounting · soft confirmed₹14.70 Cr
Prior CCD Round
₹360 Cr conversion valuation · Schedule IIIZero
Existing Debt
Profitable from Year 1 · DSCR 55.9x FY27 · clean BS
₹11 Cr OFS — Promoter partial exit owing to personal commitments. Does not enter the Company and is excluded from all project costs and use-of-funds calculations.
Valuation
| Metric | Figure | Source |
|---|---|---|
| Pre-money valuation | ₹500 Cr | 22.4× trailing FY26 PAT |
| Post-money | ₹539 Cr | ₹500 + ₹39 primary |
| Dilution (primary only) | 7.2% | Promoter retains 92.8% |
| Forward P/E on FY27 PAT ₹31.9 Cr (base) | 15.7× | Base case |
| CCD conversion floor | ₹360 Cr | Schedule III · Cap = Floor |
Prior CCD Round — Nov–Dec 2024 · 2 tranches
| Parameter | Details |
|---|---|
| Total raised | ₹14.70 Cr (Tranche 1: ₹7.90 Cr · Tranche 2: ₹6.80 Cr) |
| Instrument | Compulsorily Convertible Debentures (CCDs) |
| Face value / issue price | ₹500 per CCD · at par |
| Total CCDs issued | 2,94,000 (1,58,000 + 1,36,000) |
| 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 → converts at ₹360 Cr floor |
| Interest | 0.01% p.a. |
| Investor profile | Individuals, HUFs, partnership firms, LLPs, and companies across Chennai, Mumbai, Bangalore, Ahmedabad, Raipur, Kolkata, Rajkot, Jaipur, Guntur |
Shareholding — Full Dilution Waterfall
Three-stage dilution from current certified position through CCD conversion to post-raise cap table. Source: CA-certified list, Rajat Agrawal & Co., 24 Jan 2025.
STAGE 1 — CURRENT (CA Certified · 24 Jan 2025)
| Shareholder | Shares | % |
|---|---|---|
| Arun Kumar Agrawal | 2,92,000 | 57.89% |
| Naman Agrawal | 2,03,180 | 40.28% |
| Patre Anilkumar A. | 4,820 | 0.96% |
| G Gunavanth Kumar | 2,193 | 0.44% |
| Prakash Chand G | 1,828 | 0.36% |
| Sadhna Bhandari | 365 | 0.07% |
| TOTAL | 5,04,386 | 100% |
| Promoter family | 4,95,180 | 98.17% |
STAGE 2 — POST CCD CONVERSION (₹360 Cr · 21,472 new shares)
| Shareholder | Shares | % |
|---|---|---|
| Arun Kumar Agrawal | 2,92,000 | 55.53% |
| Naman Agrawal | 2,03,180 | 38.64% |
| Others (4 persons) | 9,206 | 1.76% |
| CCD Holders (48) | 21,472 | 4.08% ← NEW |
| TOTAL | 5,25,858 | 100% |
| Promoter family | 4,95,180 | 94.17% |
Price: ₹360 Cr ÷ 5,25,858 = ₹6,847/share
STAGE 3 — POST FULL RAISE (₹39 Cr PRIMARY + ₹11 Cr OFS)
| Shareholder | Shares | % |
|---|---|---|
| Arun Kumar Agrawal | 2,86,215 | 50.49% |
| Naman Agrawal | 1,97,395 | 34.81% |
| Others (4 persons) | 9,206 | 1.62% |
| CCD Holders (48) | 21,472 | 3.79% |
| New Investors ← NEW | 52,590 | 9.28% |
| TOTAL | 5,66,878 | 100% |
| Promoter family | 4,83,610 | 85.30% |
Price: ₹500 Cr ÷ 5,25,858 = ₹9,508/share
Investor Economics — ₹50 Cr Total Cheque
| Component | Amount | Shares | % of Company | Note |
|---|---|---|---|---|
| ₹39 Cr Primary | ₹39 Cr | 41,020 new shares | 7.24% | New shares issued by Company · funds go into Pragati |
| ₹11 Cr OFS — Arun (50%) | ₹5.5 Cr | 5,785 transferred | 1.02% | Existing shares sold · proceeds go to Arun personally |
| ₹11 Cr OFS — Naman (50%) | ₹5.5 Cr | 5,785 transferred | 1.02% | Existing shares sold · proceeds go to Naman personally |
| TOTAL INVESTOR POSITION | ₹50 Cr | 52,590 shares | 9.28% | At ₹539 Cr post-money · blended entry ₹9,508/share |
OFS proceeds (₹11 Cr) accrue to promoters personally — this money does NOT enter the Company. Of the ₹50 Cr investor cheque, ₹39 Cr funds Pragati's growth. Full waterfall document available for download: ↓ Shareholding Waterfall (.docx)
This raise (₹70 Cr total) is a new round above the ₹360 Cr CCD floor. Primary equity valuation basis: 22× PAT on audited FY25-26 accounts (audit in progress — expected June 2026). Full CCD agreement in Data Room Folder 04.
Section · Use of Funds
Use of Funds — ₹59 Cr into Company
₹59 Cr deployed into the Company (₹39 Cr primary equity + ₹20 Cr SIDBI revolving facility). ₹11 Cr promoter OFS does not enter the Company and is excluded from every allocation below.
₹22.5 Cr
Capex
Ceramic ₹18 + Ballistic ₹2.5 + UHMWPE ₹2₹26 Cr
Working Capital
195-day cash cycle · ₹120 Cr revenue₹10.5 Cr
R&D + Hires + Reserve
₹4.86 R&D + ₹5.64 hires/reserveAllocation Detail
| Allocation | Amount | % | Detail |
|---|---|---|---|
| 01 · Ceramic Manufacturing Line | ₹18 Cr | 30.5% | India's first private DRDO L6 ceramic armour line. ₹1.92 Cr advance already paid. Balance ₹16.08 Cr from this round. Single highest-ROI allocation — converts monopoly licence into manufacturing revenue. |
| 02 · Ballistic Production Scaling | ₹2.5 Cr | 4.2% | Additional machines and raw material buffer to execute ₹93.82 Cr order book without outsourcing bottlenecks. Reduces delivery cycle time and increases throughput capacity. |
| 03 · UHMWPE Machine Expansion | ₹2 Cr | 3.4% | Incremental over ₹4.77 Cr already invested. Plant commissioned — awaiting SEB connection. Completes backward integration. Solutions is a ₹150-200 Cr standalone business by FY31. |
| 04 · Working Capital | ₹26 Cr | 44.1% | Receivables (₹39.5 Cr at 120-day DSO) + inventory (₹14.7 Cr at 90-day turn) + supplier advances (₹20.9 Cr) for the government procurement cycle. Existing ₹9.12 Cr in FD-backed BGs covers 5% performance guarantee. |
| 05 · R&D | ₹4.86 Cr | 8.2% | Three programmes: (1) AI Smart Helmet with DRDO DYSL Bangalore — GPS-denied combat mapping. (2) Platform protection — ballistic trials for armoured vehicle cabins. (3) NIJ (USA) certification — unlocks NATO export procurement. |
| 06 · Key Hires + Strategic Reserve | ₹5.64 Cr | 9.6% | Full-time CFO (Rajesh Sharma upgrading), Head of Ops, 3 senior defence engineers. Residual = strategic cash reserve and contingency buffer. |
| TOTAL INTO COMPANY | ₹59 Cr | 100% | ₹18 + ₹2.5 + ₹2 + ₹26 + ₹4.86 + ₹5.64 = ₹59 Cr · Fully accounted |
FY27 Revenue Bridge — ₹103 Cr (Base) / ₹120 Cr (Upside)
Conservative mid-case build from confirmed positions only. Apr 2026: ₹0.35 Cr · May 2026: ₹0.70 Cr · YTD ₹1.05 Cr. Revenue is heavily H2-weighted as large orders dispatch.
| Revenue Source | Timing | Amount | Basis |
|---|---|---|---|
| Confirmed POs + executing | Q1-Q2 | ₹24.0 Cr | Army Udhampur, RPF, DMSRDE — verified POs delivering |
| Clause / option upside | Q2-Q3 | ₹12.47 Cr | Contractual · shields 50%, J&K Police 25%, Railway 25% |
| J&K Police BRJ L6 (L1 won) | Q1-Q2 | ₹10.39 Cr | GEM L1 confirmed · MII preference · PO pending |
| IAF Jacket (40% share) | Q3-Q4 | ₹48.0 Cr | Tech evaluation complete · PO awaited |
| Pipeline + UHMWPE + Ceramic | Q2-Q4 | ₹25.14 Cr | Prob-weighted pipeline + Q3 UHMWPE + Q4 ceramic |
| FY27 Base / Upside | Full year | ₹103 / ₹120 Cr |
Excludes: Delhi Police ₹80 Cr (User Trials · 50% win prob) and MoD ₹2,000 Cr enquiry. Either win alone takes FY27 past ₹200 Cr.
Section · Vision
Naya Raipur — Integrated Defence Campus
3-5 acre integrated manufacturing campus in Naya Raipur, Chhattisgarh. Self-funded from internal accruals (~₹22 Cr Phase 1). Not part of this ₹70 Cr raise. Converts Pragati from a single-facility armour company into India's only multi-facility defence materials platform.
3-5 Acres
Land
Multiple options identified · ~₹4.5 Cr avg₹22 Cr
Phase 1 Cost
Land + construction + machines + WC uplift₹800 Cr
Campus Capacity
Full 7-stream vertical integrationThe Campus — 6 Centres
🏭
Ballistic Manufacturing
BPJ assembly, helmet production, shield fabrication. Full-scale output for ₹300+ Cr armour revenue. All three group entities consolidated under one roof.
🔥
Advanced Ceramic Processing
Pressureless sintered B4C-SiC plates. DRDO L6 monopoly manufacturing. Pragati Deftech's dedicated ceramic line — ₹100 Cr standalone revenue target.
🧵
UHMWPE Technical Textile
Ballistic fabric production via Pragati Defence Solutions. Import substitution — India imports ₹800-1,000 Cr annually. ₹80+ Cr standalone business by FY31.
🎯
Indoor Ballistic Range
10m + 25m indoor range — BIS, NIJ, and STANAG certification in-house. Reduces proof-testing cycle from months to days. No competitor has this capability in India.
🔬
R&D & Innovation Lab
Smart Helmet development (DRDO DYSL), next-gen materials testing, patent development. Three design patents ready for filing. GPS-denied AI combat mapping R&D.
🚀
Advanced Composites
Autoclave + Quintus Warm Isostatic Press (~₹15 Cr) — first in India for aerospace-grade composite densification. Unlocks HAL, DRDO, Navy, and ISRO contracts.
Phased Execution — Self-Funded from Accruals
| Phase | Timeline | Investment | What It Delivers | Funded By |
|---|---|---|---|---|
| Phase 0 (Current) | FY26-27 | ₹70 Cr | Ceramic line + UHMWPE + ballistic scaling + WC. Three entities operational from existing facilities. | This raise (₹39 Cr equity + ₹20 Cr SIDBI) |
| Phase 1 | FY28-29 | ₹22 Cr | Land acquisition · campus construction · machine relocation · new P&M. All three entities under one roof. 10m ballistic range. | Internal accruals (PAT ₹64-115 Cr in FY28-29) |
| Phase 2 | FY30+ | ₹12.15 Cr | 25m ballistic range · composites centre · Quintus WIP installation. Full NIJ/BIS/STANAG in-house certification. | Accruals or debt against land collateral |
Why This Matters for Investors
Phase 0 Pricing, Full Platform Exposure
Today's ₹70 Cr raise is Phase 0 — before the campus exists. Investors in this round get exposure to a ₹800 Cr revenue platform at Phase 0 pricing. Phases 1-2 are self-funded from ₹115+ Cr annual PAT by FY29.
Land = Collateral + Permanent Asset
3-5 acre campus is a company asset. Multiple land options identified in Naya Raipur (~₹4.5 Cr avg). Once acquired, it serves as collateral for future debt (Phase 2 ballistic range ₹12.15 Cr). No additional equity dilution required.
This campus is NOT part of the current raise. The ₹70 Cr funds Phase 0 only — activating ceramics, UHMWPE, and scaling the existing facility. The Naya Raipur campus (Phases 1-2) is funded entirely from internal accruals. A separate DPR has been prepared and is available in the Data Room.
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 · 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 ₹20 Cr WC Facility — 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 ₹20 Cr revolving WC + invoice-discounting facility — soft confirmed — 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 & Financial Model
Revenue projections FY27–FY31 from validated financial model. Base case anchored to ₹120 Cr identified order book. Upside includes full 7-stream activation. All figures in ₹ Crore.
Revenue by Stream — Base Case (₹ Cr)
| Stream | FY24A | FY25A | FY26P | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Armour (jackets/helmets/shields) | 11.7 | 17.3 | 51.0 | 99 | 155 | 220 | 290 | 365 |
| Ceramics (Deftech) | — | — | — | 1 | 15 | 40 | 75 | 100 |
| UHMWPE (Solutions) | — | — | — | 3 | 15 | 35 | 60 | 80 |
| Vehicle / platform armour | — | — | — | 0 | 5 | 15 | 25 | 30 |
| Exports | — | — | — | 0 | 5 | 15 | 25 | 35 |
| Smart Helmet (DYSL) | — | — | — | 0 | 3 | 10 | 20 | 35 |
| Composites / aerospace | — | — | — | 0 | 0 | 0 | 5 | 5 |
| TOTAL — BASE | 11.7 | 17.3 | 51.0 | 103 | 198 | 335 | 500 | 650 |
| TOTAL — UPSIDE | 11.7 | 17.3 | 51.0 | 120 | 223 | 390 | 585 | 800 |
P&L Summary — Base Case (₹ Cr)
| ₹ Cr | FY24A | FY25A | FY26P | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.7 | 17.3 | 51.0 | 103 | 198 | 335 | 500 | 650 |
| EBITDA | 3.9 | 7.0 | 27.5 | 42.1 | 82.2 | 143.8 | 217.8 | 284.3 |
| EBITDA margin | 33% | 40% | 54% | 41% | 42% | 43% | 44% | 44% |
| PBT | 3.1 | 6.6 | 27.0 | 38.5 | 77.4 | 138.8 | 212.4 | 278.3 |
| PAT | 2.6 | 5.1 | 22.4 | 31.9 | 64.1 | 115.0 | 175.9 | 230.5 |
| PAT margin | 22% | 29% | 44% | 31% | 32% | 34% | 35% | 35% |
Scenario Analysis — FY31 Outcomes
₹410 Cr
DOWNSIDE FY31
FY27 ₹97 Cr · PAT ₹126 Cr · IAF slips; delayed ramp₹650 Cr
BASE FY31
FY27 ₹103 Cr · PAT ₹230 Cr · Order book + plants on schedule₹800 Cr
UPSIDE FY31
FY27 ₹120 Cr · PAT ₹294 Cr · All 7 streams firingFY31 Vision — ₹650 Cr Base / ₹800 Cr Upside
FY27-28 · Full Vertical Integration
Ceramic line operational (Deftech) + UHMWPE in-house (Solutions) + ballistic assembly at full throughput. 100% vertically integrated — the only such armour platform in India. Smart Helmet first revenue ₹3 Cr in FY28.
FY29-30 · Multi-Stream Scale
Ceramics ₹40-75 Cr · UHMWPE ₹35-60 Cr · Vehicle armour ₹15-25 Cr · Exports ₹15-25 Cr · Smart Helmet ₹10-20 Cr. PAT crossing ₹115 Cr in FY29 at 34%+ margins. Naya Raipur campus construction underway.
FY26 revenue ₹51.01 Cr is gross sales (incl. GST). Net revenue post-GST will be confirmed on audit completion (expected June 2026). FY25 PAT ₹5.07 Cr and PBT ₹6.62 Cr are audited (signed). FY26 PAT ₹22.4 Cr is provisional. Tax modelled at 17.16% effective under Section 115BAB. DSCR on SIDBI ₹20 Cr = 55.9× in FY27 base case.