Monarch Surveyors and Engineering Consultants Ltd. (MSECL) is stepping into the public market with its upcoming IPO. As a key player in engineering consultancy, MSECL offers a wide range of services vital for infrastructure development. This post will give you an overview of the company, its services, and the details of its IPO, including its Shariah compliance status.
Table of Contents
1. Shariah Compliance Status & Screening Notes
Monarch Surveyors and Engineering Consultants Ltd. (MSECL) is classified as Shariah Compliant.
Based on the latest screening, MSECL successfully passes all six Shariah compliance rules:
- Business Activity: The core business of providing engineering consultancy services passes.
- Impermissible Income to Total Revenue: This ratio is at 0.95%, which falls within the permissible limits.
- Interest-Bearing Debt to Total Assets: This ratio stands at 9.65%, comfortably within Shariah thresholds.
- Illiquid Assets to Total Assets Ratio: At 28.54%, this criterion is also met.
- Net Liquid Assets vs. Market Capitalization: The company passes this screening rule.
- Non-Compliant Investments to Total Assets: This rule is also passed.
Investors are reminded to “Purify Dividend or Capital Gain,” a standard practice even for Shariah-compliant companies, to account for any minor impermissible elements that might arise.
2. About Monarch Surveyors and Engineering Consultants Ltd.
Founded in 1999, Monarch Surveyors & Engineering Consultants Ltd. is a leading infrastructure consultancy firm that delivers end-to-end solutions and services across transportation, urban planning, environment, water, and industrial sectors. In addition to working with several Indian Government institutions, Road Authorities, Railways, Municipal bodies and private entities across country, we have also provided our data-driven engineering solutions in Sri Lanka and Bhutan.
With deep expertise in high-precision engineering surveys, DPRs, feasibility studies, detailed design engineering and project management, Monarch has several prestigious clients.
At the heart of Monarch is a team of highly skilled engineers, planners, and domain experts led by visionary founders and a committed leadership team. Our people-centric approach and strong field presence enable us to deliver projects that balance innovation, compliance, and sustainability. With a portfolio that spans rail corridors, expressways, port infrastructure, and urban mobility, Monarch remains committed to shaping infrastructure that stands the test of time.
From Geotech Investigations, DPRs, Land Acquisition, Design Engineering… They provide end-to-end consulting for range of multi-disciplinary infrastructure projects in India and abroad.
3. Sectors They Serve
MSECL provides its specialized engineering consultancy services across multiple critical sectors of the economy:
- Transportation (Road & Rail)
- Urban Planning and Design
- Geospatial Consulting Services
- Buildings and Architecture
- Water Solutions
- Energy
4. Key Services Offered
Monarch Surveyors and Engineering Consultants Ltd. offers a comprehensive suite of services vital for infrastructure development, including:
- Engineering Surveys
- Industrial Surveys
- Geotechnical Investigations
- Land Acquisition Services
- Feasibility studies
- Detail Project Report (DPR)
- Detail Design and Engineering
- Urban Planning
- Project Management Consultancy
- Environment and EIA Studies
- Geographic Information Systems (GIS)
- Social Impact Assessment (SIA)
- Forest Diversion Services
- Traffic Surveys
- Bathymetry and Hydrographic Surveys
- Digital Twin
- Inspection and Assessment
- Web Portal Development
5. Notable Projects
Monarch Surveyors and Engineering Consultants Ltd. has an impressive portfolio of projects:
- Expressways
- Roads & Highways
- Multi-modal Transport
- Hilly Terrain Road
- Flyovers & Skywalks
- Bridges
- Elevated Roads
- Railways
- City Surveys
- Metros
- EIA Studies
- Hydrology
- Anti Sea errosion bunds
- Jetties
- Yard Remodeling
- Logistic Hub
6. Monarch Surveyors and Engineering Consultants IPO Details
The Monarch Surveyors and Engineering Consultants IPO is a Bookbuilding IPO, indicating a set price per share, and will be listing on the BSE SME platform.
| IPO Details | Information |
| IPO Date | July 22, 2025 to July 24, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹237 to ₹250 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 30,00,000 shares (aggregating up to ₹30.00 Cr) |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,04,06,000 shares |
| Share Holding Post Issue | 1,41,56,000 shares |
7. Key Performance Indicators (KPI): Monarch Surveyors and Engineering Consultants Ltd.
The market capitalization of Monarch Surveyors and Engineering Consultants IPO is ₹353.90 Cr.. KPI as of Mon, Mar 31, 2025.
| KPI | Values |
| ROE | 32.01% |
| ROCE | 39.59% |
| Debt/Equity | 0.13 |
| RoNW | 32.01% |
| PAT Margin | 22.60% |
| EBITDA Margin | 33.15% |
| Price to Book Value | 2.39 |
8. Objects of the Issue: Purpose of the IPO Funds
The company proposes to utilize the Net Proceeds from the Issue towards the following objectives:
- Funding capital expenditure requirement for purchase of machinery
- Funding the working capital requirements of the company.
- General corporate purposes.
9. Grey Market Premium (GMP) as on July 21, 2025, 10:50 PM:
The Grey Market Premium (GMP) for Monarch Surveyors and Engineering Consultants IPO is currently ₹135 (54.00%).
10. Conclusion and Investment Resources
Monarch Surveyors and Engineering Consultants Ltd. plays a vital role in India’s infrastructure landscape, offering a comprehensive range of engineering consultancy services. Importantly for our readers, the company has been screened and found to be Shariah Compliant, successfully passing all key criteria. This makes it a noteworthy option for investors seeking Shariah-aligned opportunities. With a current Grey Market Premium (GMP) of 54.00%, the IPO appears to be receiving positive interest. As always, we encourage potential investors to conduct their own thorough due diligence and consult with a qualified financial advisor before making any investment decisions.
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SEBI Disclaimer: Investment in securities markets are subject to market risks, read all the related documents carefully before investing. The information provided in this article is for educational and informational purposes only and does not constitute financial advice. Investors should consult with qualified financial professionals before making any investment decisions.