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
₹110.73 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 · Level-6 Jacket ToT
LAToT — Level-6 Bullet-Proof Jacket
Transfer-of-Technology co-developed with DMSRDE, Kanpur. Licence DRDO/DIITM/2025/1963 — valid 10 years to 2035. Paired with our own in-house ceramic — developed by Pragati for the most consistent Level-6 performance in the market.
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 for Pragati's DRDO Level-6 jacket ToT.
✓ 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 on 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 at 31 May (�.94 Cr as at 04 Jun after DMSRDE + Mehler collections of 𠮓.48 Cr) · 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 of GST — what clients actually paid. All figures sourced below.
| Financial Year | Audited Revenue (ex-GST) | Contract Value | 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. Signed PROVISIONAL balance sheet (FY25-26) is now in the data room and downloadable on the Projected Sales & Financial Model page. Statutory audit underway.
Section · Financials
Orders in Hand
₹110.73 Cr total — six categories. Every figure sourced to its document. No ERP estimates included.
₹13.19 Cr
Confirmed POs
2 GEM orders + Star Wire sample PO · not yet invoiced₹20.63 Cr
L1 Wins
GEM RA screenshots · 3 bids₹12.47 Cr
Clause Upside
Contractual · 0 new tenders₹50.40 Cr
IAF Jacket Share
12,000 jackets · 40% of ₹126 Cr (30,000 @ ₹42,000) · tech eval complete₹7.29 Cr
Star Wire Ceramic — via Deftech
4,800 B4C plates F+B (2,400 sets) · deal memo · first Deftech external invoice₹6.75 Cr
Star Wire Bulk — Contracted Follow-on
260 shields · ₹5.72 Cr + GST · quotation accepted, sample PO 3100049072 in hand · bulk PO post-trialsConfirmed 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
Star Wire (India) Ltd — Private Sector
₹0.47 Cr
PO ref3100049072
PO date04 June 2026
ProductBallistic Shield IS 17435 L6 · 16 sample units (8S + 8L)
Terms100% advance vs PI · 25-day delivery
Bulk follow-on260 units · ₹5.72 Cr + GST post-trials
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 (₹50.40 Cr): Pragati and SMPP have concluded technical evaluation of ₹126 Cr Air Force jacket order. Pragati is poised to receive 40% share = ₹50.40 Cr. Financial award awaited Q3-Q4 FY27.
IAF Jacket (₹50.40 Cr): Pragati and SMPP have concluded technical evaluation of ₹126 Cr Air Force jacket order. Pragati is poised to receive 40% share = ₹50.40 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.
Star Wire (India) Ltd — new private-sector client (PO received 04 Jun 2026). Sample PO 3100049072: 16 Ballistic Shields IS 17435:2020 (L6 core / L5 outer) · ₹0.40 Cr + GST = ₹0.47 Cr · 100% advance against proforma invoice · 25-day delivery — included in confirmed POs above. Bulk tranche of 260 shields (₹5.72 Cr + GST = ₹6.75 Cr) is included in orders in hand as contracted follow-on — commercial terms accepted per quotation PDSPL/SWL/26-27/009A; formal bulk PO issues on successful trials. Sample PO carries a refund-on-trial-failure clause — disclosed for completeness. Separately, Star Wire ceramic supply via Pragati Deftech — 4,800 B4C plates F+B (2,400 sets), ₹7.29 Cr (contract value) — is confirmed by deal memo and represents Deftech's first external ceramic invoice; included in orders in hand above.
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 ₹110.73 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 |
| Star Wire (India) Ltd | Ballistic Shield IS 17435:2020 · 260 bulk units | ₹5.72 Cr + GST | High | In Order Book — Contracted Follow-on | Sample PO 3100049072 (₹0.47 Cr, 04 Jun 2026) in confirmed POs · bulk in orders in hand · formal bulk PO on successful trials |
| 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 (IDS) — Plate Carriers, BP Plates, SAP, Helmets | ₹19.96 Cr | Won & Invoiced (Mar 2026) — collection Jul 2026 |
| 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) | ₹50.40 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 term 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 capex term loan for the ceramic manufacturing line (DPR submitted — see SIDBI DPR v5).
₹39 Cr
Primary Equity
Into the Company · ₹600 Cr pre-money · 6.1% dilution₹20 Cr
SIDBI Term Loan
Ceramic line capex · 12-mo moratorium · 5-yr repayment₹14.70 Cr
Prior CCD Round
₹360 Cr conversion valuation · Schedule IIIZero
Existing Debt
Profitable from Year 1 · DSCR 23.4× FY27 / 14.6× FY28 · 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 | ₹600 Cr | 26.8× trailing FY26 PAT |
| Post-money | ₹639 Cr | ₹600 + ₹39 primary |
| Dilution (primary only) | 6.1% | Promoter retains 93.9% |
| Forward P/E on FY27 PAT ₹28.8 Cr (base) | 20.8× | 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 | 43,821 | 7.82% |
| TOTAL | 5,60,038 | 100% |
| Promoter family | 4,83,610 | 86.70% |
Price: ₹600 Cr ÷ 5,25,858 = ₹11,410/share
Investor Economics — ₹50 Cr Total Cheque
| Component | Amount | Shares | % of Company | Note |
|---|---|---|---|---|
| ₹39 Cr Primary | ₹39 Cr | 34,180 new shares | 6.10% | New shares issued by Company · funds go into Pragati |
| ₹11 Cr OFS — Arun (50%) | ₹5.5 Cr | 4,820 transferred | 0.86% | Existing shares sold · proceeds go to Arun personally |
| ₹11 Cr OFS — Naman (50%) | ₹5.5 Cr | 4,820 transferred | 0.86% | Existing shares sold · proceeds go to Naman personally |
| TOTAL INVESTOR POSITION | ₹50 Cr | 43,821 shares | 7.82% | At ₹639 Cr post-money · blended entry ₹11,410/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 — ₹61 Cr into Company
₹61 Cr deployed into the Company: ₹39 Cr primary equity + ₹20 Cr SIDBI capex term loan + ₹2 Cr internal accruals. The SIDBI loan is ringfenced for the ceramic line; equity funds working capital and growth. ₹11 Cr promoter OFS does not enter the Company and is excluded from every allocation below.
₹24.5 Cr
Capex
Ceramic ₹20 (SIDBI) + Ballistic ₹2.5 + UHMWPE ₹2₹26 Cr
Working Capital
Primary equity · 195-day cash cycle · ₹120 Cr revenue₹10.5 Cr
R&D + Hires + Reserve
₹4.86 R&D + ₹5.64 hires/reserve · primary equityAllocation Detail
| Allocation | Amount | Funded by | Detail |
|---|---|---|---|
| 01 · Ceramic Manufacturing Line | ₹20 Cr | SIDBI term loan | India's first private B4C-SiC ceramic armour line. Equipment balance ₹16.08 Cr + civil works ₹1.50 Cr + installation & commissioning ₹1.00 Cr + contingency ₹1.42 Cr (per SIDBI DPR v5). ₹1.92 Cr machinery advance already paid — outside the loan. Single highest-ROI allocation — brings our proprietary ceramic plate production fully in-house. |
| 02 · Ballistic Production Scaling | ₹2.5 Cr | Primary equity | Additional machines and raw material buffer to execute ₹110.73 Cr order book without outsourcing bottlenecks. Reduces delivery cycle time and increases throughput capacity. |
| 03 · UHMWPE Machine Expansion | ₹2 Cr | Primary equity | 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 | Primary equity | 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 | Primary equity | 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 | Primary equity | Full-time CFO (Rajesh Sharma upgrading), Head of Ops, 3 senior defence engineers. Residual = strategic cash reserve and contingency buffer. |
| TOTAL INTO COMPANY | ₹61 Cr | — | ₹20 (SIDBI) + ₹41 equity-funded (₹2.5 + ₹2 + ₹26 + ₹4.86 + ₹5.64) = ₹61 Cr · ₹39 Cr primary + ₹2 Cr internal accruals · 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 |
| Pipeline + UHMWPE + Ceramic | Q2-Q4 | ₹56.14 Cr | Prob-weighted pipeline + Q3 UHMWPE + Q4 ceramic · excludes IAF |
| FY27 BASE | Full year | ₹103 Cr | Matches SIDBI DPR v5 base case — used for debt serviceability |
| FY27 UPSIDE — adds IAF Jacket (40% share) | Q3-Q4 | ₹126 Cr | IAF ₹50.40 Cr (tech evaluation complete, PO awaited) with pipeline taken at ₹25.14 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 — our own formulation, developed in-house for the most consistent Level-6 performance. 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
118 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 · 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 (35 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
Factories & Capacity
Two operating plants, photographed June 2026. What you see below is what the documents certify: DTIC Production Certificate (30,000 units/yr, 11 Mar 2024) and ₹2.11 Cr certified capital investment (₹1.64 Cr plant & machinery). Every machine shown is tracked live in Factory OS.
2
Operating Plants
Ballistic (PDS) + UHMWPE (Solutions) · Bilaspur30,000
Units / Year Certified
DTIC Production Certificate · Data Room Folder 0314
Machines Tracked in ERP
Autoclave · Presses 1–4 (415T) · cutters · band saw24
Production Staff
2 shift supervisors · Parsada, BilaspurPragati Defence Systems — Ballistic Manufacturing · 722/5 Parsada, Bilaspur
Hydraulic pressing, autoclave curing, CNC cutting, stitching, and assembly — the full ballistic production chain under one roof.
Hydraulic press line. Pragati-branded 415-tonne presses — these are Presses 1–4 tracked in Factory OS machine scheduling. Hard armour plate consolidation happens here.
Shop floor. Press and autoclave (blue vessel, rear) with assembly and QC tables in operation — UD fabric rolls staged right.
Stitching hall. Industrial sewing line for soft armour and carrier assembly — insulated, dust-controlled bay.
CNC auto-cutter. Automated ballistic fabric cutting — precision panel geometry, minimal material wastage.
Spreading & cutting line. Second automated cutting system — capacity headroom for the ₹110.73 Cr order book.
Pragati Defence Solutions — UHMWPE Technical Textile Plant
India imports ₹800–1,000 Cr of ballistic fabric annually. This plant is the backward-integration answer: commissioned, ₹4.77 Cr invested, awaiting state electricity board connection. ₹2 Cr from this round completes it.
UHMWPE line — full view. Main production drum and feed line installed in the dedicated Solutions shed. This machine is why "plant commissioned" is a photograph, not a claim.
Main drum & winding section. In-house UHMWPE production removes the largest cost variable in soft armour — 20%+ input cost reduction at scale.
Verification chain: machinery shown here corresponds to the P&M hypothecation schedule in the audited accounts, the DTIC Production Certificate (Folder 03), and the Factory OS machine register (ERP section). Site visits are welcome as part of due diligence — contact Naman Agrawal.
Section · Due Diligence
Team & Operations
Team of 36 — 35 employees on Pragati Defence Systems payroll (Employee List, 29 May 2026 · May 2026 gross payroll ₹14.8 L) plus CFO Rajesh Sharma, currently engaged on a monthly basis and joining full-time from this raise.
36
Total Team
35 on payroll (29 May 2026) + CFO10
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. (ceramics) · CIN U30400CT2024PTC017134 · 100% subsidiary. Pragati Defence Solutions Pvt. Ltd. (UHMWPE) — being converted to 100% subsidiary (ROC paperwork completing June 2026) |
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 paperwork completing June 2026 · Pragati Deftech already 100% subsidiary
✓Engaged
Financial Due Diligence — RT Jain & Co.
Independent FDD firm engaged 01 Jun 2026 · vendor DD report in preparation for this round
⟳In Process
SIDBI ₹20 Cr Capex Term Loan — DPR Submitted
Ceramic line equipment financing · 12-mo moratorium · 5-yr repayment · term sheet pending
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 — clearly labelled throughout this portal. FY22-25 audited revenues are CA-confirmed: ₹11.23 Cr, ₹11.66 Cr, ₹17.33 Cr.
₹110.73 Cr orders in hand — how much is confirmed vs speculative?
₹13.19 Cr — 3 confirmed purchase orders in hand (2 GEM + Star Wire (India) Ltd sample PO 3100049072 dated 04 Jun 2026), zero invoiced, 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. ₹50.40 Cr — IAF Jacket, Pragati's 40% share (12,000 jackets × ₹42,000), technical evaluation complete, financial award awaited. ₹6.75 Cr — Star Wire bulk follow-on (260 shields), commercial terms accepted, bulk PO issues on successful sample trials. ₹7.29 Cr — Star Wire ceramic plates (4,800), supplied via Pragati Deftech. Nothing in this total is a pipeline estimate or CRM number.
You have ₹110.73 Cr in orders but under ₹2 Cr cash. How do you execute?
Three levers: (1) This raise allocates ₹26 Cr of primary equity to working capital. (2) The SIDBI ₹20 Cr term loan funds the ceramic line capex entirely, so no equity is diverted to capex. (3) Invoice discounting available against ₹21.94 Cr receivables (as at 04 Jun 2026) — 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 (key hires + strategic reserve allocation, ₹5.64 Cr) to support scale-up. CA firm Rajat Agrawal & Co. manages statutory accounts, and RT Jain & Co. was engaged on 01 June 2026 to conduct independent financial due diligence for this round. 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. (ceramics · CIN U30400CT2024PTC017134) is already a 100% subsidiary. Pragati Defence Solutions Pvt. Ltd. (UHMWPE) is being converted to a 100% subsidiary before close — CS instructed; ROC paperwork completes June 2026.
Why invest now and not after the MoD ₹2,000 Cr order is issued?
Three reasons. First: every month you wait, valuation increases — ₹110.73 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 ₹110.73 Cr order book (₹93.8 Cr ex-GST). Upside includes full 7-stream activation. All figures in ₹ Crore.
Revenue by Stream — Contract Value (₹ 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 (ex-GST, accounted ₹ Cr)
| ₹ Cr | FY24A | FY25A | FY26P | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.7 | 17.3 | 44.5 | 93.8 | 198 | 335 | 500 | 650 |
| EBITDA | 3.9 | 7.0 | 27.6 | 37.3 | 87.3 | 143.6 | 211.4 | 273.7 |
| EBITDA margin | 33% | 40% | 62% | 40% | 44% | 43% | 42% | 42% |
| PBT | 3.1 | 6.6 | 27.0 | 34.7 | 83.9 | 140.6 | 209.2 | 271.8 |
| PAT | 2.6 | 5.1 | 22.4 | 28.8 | 69.5 | 116.5 | 173.3 | 225.1 |
| PAT margin | 22% | 29% | 50% | 31% | 35% | 35% | 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 contract value ₹51.01 Cr is gross sales; GST-certified turnover ₹44.45 Cr (CA certificate, 07 May 2026). Audited FY26 accounts for all three group entities expected within June 2026. FY25 PAT ₹5.07 Cr and PBT ₹6.13 Cr are audited (signed 07 Sep 2025); taxable income per ITR AY 2025-26 was ₹6.30 Cr (tax paid ₹1.23 Cr). FY26 PAT ₹22.4 Cr is provisional. Tax modelled at 17.16% effective under Section 115BAB. DSCR on the SIDBI ₹20 Cr term loan: 23.4× FY27 (moratorium year) · 14.6× FY28 (first repayment year).