Leapfrog Engineering Services IPO - Listing Performance & Details

Leapfrog Engineering Services Limited (LESL) is a Bangalore-based company founded in 2005, which executes Engineering, Procurement, Construction & Commissioning (EPCC) contracts. In simple language, the company designs, builds, installs, and commissions electrical systems, fire safety systems, industrial automation, and modular substations for big factories and industrial plants. The company works across India and also exports to countries like Kuwait and other Middle Eastern nations. It serves big industries like oil & gas, pharmaceuticals, food processing, metals, railways, and power plants.

Strengths

Diversified Industry Presence: Leapfrog serves multiple sectors including Oil & Gas, Pharma, Food Processing, Metals, Railways, Power and Telecom  reducing dependence on any single industry.

Strong Order Book: As of December 31, 2025, the company had an outstanding order book of approximately ₹420 Crores (₹40,026.96 lakhs domestic + export), giving strong revenue visibility for the next few years.

International Operations: The company has a significant international footprint with major export orders, particularly from Middle Eastern markets like Kuwait, which has diversified its revenue beyond India.

Experienced Promoters: Both promoters  Mr. Prabhav Narasimha Rao and Mrs. Priyashaila Prabhav Rao  have been involved since inception and bring deep domain expertise in engineering services.

Specialized Capabilities: The company specialises in electrical, fire safety, modular substation, and automation systems which are high-demand areas as India pushes for industrial growth and infrastructure expansion.

Two-Decade Track Record: Being in business since 2005, Leapfrog has over 20 years of project execution experience with a proven track record across multiple complex industrial sectors.

Growth

Revenue Trajectory: Revenue grew from ₹105 Cr in FY23 to ₹163 Cr in FY24 to ₹137 Cr in FY25. FY24 was the peak revenue year, driven by strong EPCC project inflows.

Profitability Jump: PAT has jumped massively from just ₹28 lakhs in FY23 to ₹1,639 lakhs in FY24 and ₹1,622 lakhs in FY25  showing a sharp turnaround in profitability.

Net Worth Expansion: Net worth has grown from just ₹5.32 Cr in FY23 to ₹67.44 Cr as of December 2025, reflecting strong retained earnings and capital building.

IPO Proceeds for Expansion: The company plans to use IPO funds to purchase new plant & machinery (₹27 Cr) and boost working capital (₹36 Cr), enabling it to take larger and more contracts, both domestic and international.

Growing Export Pipeline: The export order book of ₹373+ Crores (as of Dec 2025) signals strong future international revenues, especially from Middle East markets.

Expanding Assembling Unit: A new assembly facility is being set up at Yelenahalli, Bengaluru, which will increase capacity and operational efficiency.