NIFTY SME EMERGE

Simca Advertising 

• Simca Advertising is coming out with an initial public offering (IPO) of 31,71,600 shares in a price band of Rs 174- 183 per equity share. 
• The issue will open on May 08, 2026 and will close on May 12, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 17.40 times of its face value on the lower side and 18.30 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance Officer for the issue is Pooja Sanjiv Hindia.

Profile of the company

Simca Advertising is in the business of providing advertising services, with a focus on Out of Home (OOH) media in Mumbai and Maharashtra. It offers a range of OOH advertising solutions that help brands reach people in public spaces. These include hoardings, gantries, bus side and back panels, bus shelters, kiosks, utilities, and vinyl signage. It works across different advertising formats and locations to help its clients communicate with their target audiences. By understanding different audience groups and their habits, it plans and executes campaigns that match the client’s goals and budgets. Its services include selecting the right locations and creating media plans that aim to deliver value and reach. It supports clients with end-to-end OOH campaign execution, helping them use public space as a communication channel to increase awareness and visibility.

The sites are primarily operated under lease or sub-lease arrangements from the promoters and third-party owners. The strategic placement of these media sites across the city enables consistent visibility and audience reach, making Mumbai its core operational geography for outdoor advertising. It serves a diversified client base across multiple sectors, including advertising agencies, entertainment, real estate, fashion and lifestyle, insurance, and government organizations. This sectoral diversity provides the company with broad market exposure, reduces dependence on any single industry, and enables consistent demand for advertising services across economic cycles.

Further, it is an ISO 9001:2015 certified company. It focuses on maintaining consistent quality across all services. The company follows processes to ensure accurate execution, timely delivery, and cost-effective outcomes. In addition to media placements, it also works to understand each client’s business goals, market conditions, and target audience. Based on this understanding, it then develops communication strategies that align with client needs. These strategies may include outdoor advertising, digital elements, or multi-channel campaigns. The aim is to help clients increase visibility and achieve measurable business outcomes.

Proceed is being used for:

• Purchase and installation of LED (light-emitting diode) screens
• Funding for strategic collaboration with Capital World Media Services (CWM) for monetization of 20 LED digital advertising screens
• Funding its incremental working capital requirements 
• General corporate purposes.

Industry Overview

The advertising industry in India is experiencing dynamic growth, driven by evolving consumer behaviour, rapid digitalization, and an increasingly competitive market landscape. Traditional media such as television, print, and outdoor advertising continue to hold relevance, especially in regional markets, while digital platforms are rapidly transforming the way brands engage with audiences. The rise of social media, mobile internet penetration, and content consumption in regional languages have significantly expanded the reach and influence of advertising campaigns. Sectors like consumer goods, e-commerce, telecommunications, and financial services are major contributors to ad spending, leveraging both traditional and digital channels to connect with diverse consumer segments. 

India OOH (Out-of-Home) Advertising Market Revenue Share by Cities in 2024, segmented across Tier I, Tier II, and Tier III cities. Tier I cities clearly lead the market, contributing a dominant 71.4% of the total revenue. This significantly outweighs the shares of Tier II (20.1%) and Tier III cities (8.5%), emphasizing the concentration of advertising investments in major metropolitan hubs. The vast infrastructure, dense population, and higher brand presence in Tier I cities make them the most lucrative for OOH advertising. In comparison, Tier II cities show moderate participation, generating around one-fifth of the revenue. While their share is far behind Tier I, it is still noteworthy, indicating growing advertiser interest fuelled by urbanization, increasing consumer spending, and improving transit networks. Tier III cities lag considerably, contributing under 10% of the revenue. Despite being the smallest segment, their share suggests a slow but emerging recognition of potential in smaller towns and rural markets, driven by expanding infrastructure and rising rural engagement. Overall, the data highlights a significant urban skew in OOH advertising, with Tier I cities at the forefront, but also underscores the emerging role of Tier II and Tier III cities as potential future growth areas as advertisers seek to tap into India’s expanding urban and semi-urban markets.

India’s advertising market is set for strong growth, fuelled by increasing digital adoption, evolving consumer behaviour, and rising brand investments. The sector is expanding across digital, television, print, and outdoor advertising, with digital emerging as the key driver due to growing internet penetration, smartphone usage, and the e-commerce boom. Industries such as FMCG, retail, automotive, Banking, Financial Services, and Insurance (BFSI), and real estate are ramping up their ad spends, integrating AI-driven marketing, influencer collaborations, and programmatic advertising to enhance engagement. The market is expected to grow from Rs 1,020.97 billion in CY 2024 to Rs 1,830.05 billion by CY 2031, at a CAGR of 8.7% (CY 2024F- CY 2031F), reflecting consistent investment across multiple channels. With increasing demand for personalized and data-driven advertising strategies, businesses are shifting towards digital platforms, OTT media, and targeted campaigns. Additionally, government initiatives like Digital India and the growing consumption of regional content are further driving expansion. The rise of AI-powered and immersive advertising solutions is set to shape the future landscape, ensuring sustained long-term growth for India’s advertising industry.

Pros and strengths

Established market presence and media network in OOH Advertising: The company has built a presence in the OOH advertising industry with years of experience in executing high-impact, result-oriented campaigns across industries. It has successfully managed advertising campaigns, leveraging its expertise and market insights. Originally founded as a Mumbai-based media asset management company, it has expanded its operations and now manages a portfolio of over 100 media assets across key locations in Mumbai. With a planned and diverse media network, it provides brands with advertising opportunities that ensure maximum visibility and audience engagement. Its portfolio includes billboards, hoardings, transit media, and digital advertising spaces placed in high traffic locations such as busy roads, railway stations, metro hubs, airports, commercial districts, and shopping centres. These placements allow brands to reach a wide audience, including commuters, pedestrians, and travellers, ensuring strong and repetitive brand recall. 

Strong partnerships, industry collaborations and competitive market advantage: It collaborates with corporate brands, advertising agencies, event organizers, and government bodies to deliver advertising solutions. The company works with media buying firms for campaign execution and partners with municipal corporations and city councils for advertising space allocation, ensuring visibility and impact. It provides constant brand exposure through its network of billboards, transit ads, and digital signage across high-traffic locations. Unlike online ads, which can be skipped, blocked, or ignored, outdoor advertising remains continuously visible, reinforcing brand messaging and consumer recall. With a presence in the market, it strategically places advertisements in commercial districts, transportation hubs, highways, retail centres, and residential areas, ensuring brands reach engaged audiences. By leveraging both traditional and digital out-of-home advertising, it provides a platform for businesses to enhance brand awareness and drive consumer engagement.

Cost-effectiveness, ROI for advertisers along with brand awareness and consumer recall: There is stronger advertiser confidence and higher ROI with improved measurement tools, greater transparency, and the ability to track campaign performance in real-time. Sectors like real estate, fintech, FMCG, and e-commerce are increasing their OOH spends, seeing it not just as a branding tool but also as a medium that can support performance marketing goals. Digital billboards provide a higher return on investment by enabling multiple advertisers to use the same space through rotating ads and dynamic content. It enables more precise targeting through location-based advertising and programmatic buying, ensuring that ads are relevant to specific consumer segments, thus improving overall effectiveness and return on investment. Overall, the Indian OOH industry is evolving rapidly, with digital transformation, transit media expansion, and programmatic advertising playing pivotal roles. The increasing adoption of data-driven campaigns and audience-targeting techniques is expected to further boost the effectiveness and return on investment of OOH advertising in India.

Risks and concerns

Dependence on leased media sites: The company does not own any advertising media structures, such as hoardings or billboards, and instead operates entirely through leased or sub-leased sites. These media sites are primarily acquired from third-party vendors, including a related proprietorship firm of its Promoter, Fahim Batliwala from which the company sources a significant portion of its inventory through exclusive leasing arrangements. As a result, its ability to carry out business operations is inherently dependent on the continuity and commercial viability of these lease contracts. Any change in the terms of these lease arrangements - such as non-renewal, early termination, escalation of rentals, or disputes with lessors - could disrupt the availability of media inventory and adversely impact its revenue generation. In particular, if a substantial portion of its leased sites are discontinued, it may be challenging to secure alternate sites in similarly strategic or high-traffic locations, resulting in potential loss of business, reduced advertiser interest, or reputational impact. 

Dependence on timely collection of receivables for operational liquidity: A considerable portion of its current assets is comprised of trade receivables resulting from services rendered to its customers, including advertisers and advertising agencies. Given the nature of the Out-of-Home (OOH) advertising business, where billing cycles are typically milestone - or campaign-based, there is often a time lag between the delivery of services and the actual receipt of payment. These receivables are subject to agreed credit periods, which vary based on client type, campaign value, and contractual terms. In practice, however, collection timelines may extend beyond the agreed credit periods due to internal processes of clients, delays in approvals, disputes relating to campaign execution, or issues in documentation. In some cases, government or institutional clients may also follow extended procurement and payment cycles. This delay in collections can result in working capital mismatches, forcing it to rely on internal accruals or short-term external borrowings to meet its operational requirements, including lease payments, fabrication costs, and servicing contracts. 

Concentration of procurement among key vendors: It is dependent on key vendors and service providers for several of its primary requirements, such as flex and vinyl printing, LED display panels, steel and metal fabrication, site maintenance, and allied installation services, which are critical for execution and upkeep of its outdoor media assets. For Nine months period ended December 31, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten suppliers accounted for around 63.88%, 72.54%, 57.06% and 63.59% of total services availed. A substantial portion of its procurement is from a few key vendors, and any disruption in the availability of such services or materials from them could adversely impact its operations and business if it is unable to replace such vendors in a timely manner.

Outlook

Simca Advertising operates in the advertising industry with a focus on Out of Home (OOH) media services. With several years of experience, it has developed a diverse portfolio offering advertising solutions to brands across different sectors. Its services include outdoor media formats such as hoardings, gantries, bus side panels, bus back panels, bus shelters, kiosks, utilities, and vinyl signage. It delivers outdoor advertising solutions that ensure maximum reach, brand recall, and measurable ROI - making it a choice for businesses looking to maximize their marketing budget. On the concern side, Out-of-Home Advertising business is dependent on availability of space or sites for publishing of ads. Any significant increase in the prices of such ad space or sites or non-availability of such ad space or sites may adversely affect its business and results of operations. Further, its operations are concentrated in Mumbai Metropolitan Region (MMR), and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 31,71,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 174-183 per equity share. The aggregate size of the offer is around Rs 55.19 crore to Rs 58.04 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 7,494.46 lakh whereas in FY24 it was Rs 4,930.50 lakh representing an increase of 52.00%. Moreover, net profit after tax for the year ended March 31, 2025, stood at Rs 997.52 lakh and for the year ended March 31, 2024 it was Rs 577.58 lakh representing an increase of 72.71%.

As part of its long-term growth strategy, the company plans to expand beyond its current focus on OOH advertising by diversifying into a broader range of integrated advertising and marketing services. This strategic direction is aimed at offering a full-service media and brand communication platform to existing and new clients, thereby increasing the company’s share of client media spends and strengthening its competitive positioning. Going forward, it aims to expand its media asset base through the acquisition of additional hoarding and billboard sites. This includes securing display rights or long-term usage agreements for locations with significant vehicular and pedestrian traffic, as well as sites located in areas identified for future commercial and infrastructure development. Further, it aims to strengthen its market presence and diversify its revenue opportunities through strategic partnerships and collaborations with external stakeholders. These initiatives are designed to enhance campaign reach, enable integrated service offerings, and support broader engagement within the communities in which the company operates.

Value 360 Communications

• Value 360 Communications is coming out with an initial public offering (IPO) of 42,54,000 shares in a price band of Rs 95-98 per equity share.
• The issue will open on May 04, 2026 and will close on May 06, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.80 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance Officer for the issue is Bhakti Sharma.

Profile of the company

Value 360 Communications operates on a highly scalable, asset-light business model that combines recurring retainer-based revenue with project-based fees for specialized campaigns. At its core, its segments follow a retainer-driven approach, ensuring a steady and predictable revenue stream through long-term client relationships in PR, crisis communication, investor relations, and digital PR solutions.

V360 Group’s operations are segmented into two synergistic business streams. The first, is Value 360 Communications, its PR communications vertical, encompasses investor relations, crisis communication and reputation management, digital PR solutions, and end-to-end campaign management. This segment reflects the dynamic evolution of the PR landscape - from traditional media relations to a digitally transformed environment where data-driven, real-time engagement is paramount. Over the years, the company has been the foundational pillar of V360 group and has built a strong competitive position benefitting from long-term client relationships and a predictable revenue structure.

The second segment, Popkorn PR Plus Communication (Popkorn) is the digital ads and content solutions business, is equally robust. It includes brand strategy and positioning, social media strategy and management, content creation and production, influencer marketing and collaborations, digital advertising and performance marketing, as well as website and app development. Complemented by offerings in experiential marketing, on-ground activations, retail and packaging design, and media planning and buying, this suite of services is increasingly critical for companies across India seeking to engage a digital savvy audience and drive market performance.

Proceed is being used for:

• Funding the working capital requirements towards enabling the strategic growth initiatives.
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.
• Funding the capital expenditure towards infrastructure and cutting-edge technology for expansion into content production verticals.
• Investment in influencer marketing platform, Irida Interactive (ClanConnect) and expanding ownership to fulfil potential acquisition in the near future.
• General corporate purposes.

Industry Overview

The Indian advertising market reached around Rs 1,50,000 crore in 2025, growing at 13.5% year-on-year, significantly outpacing nominal GDP growth. Growth was primarily driven by digital media, particularly e-commerce and performance-led advertising. The market is expected to sustain steady expansion, supported by structural shifts toward digital and data-led monetisation, with total advertising continuing to grow in line with the broader M&E sector, which is projected to reach Rs 3.3 trillion by 2028. In terms of contribution towards digital advertising spend by sector, FMCG leads India’s digital advertising landscape, accounting for around 32% of total digital ad spends, followed by e commerce at 22%. Sectors such as consumer durables, automotive and pharmaceuticals contribute around 5% each. BFSI, while showing strong momentum driven by digital banking, payments and insurance adoption, currently accounts for around 3% of total digital advertising spend. Telecom contributes about 4%, reflecting ongoing investments in data-led customer acquisition and service-led engagement.

The Indian public relations (PR) industry has emerged as a dynamic and rapidly growing segment of the broader communications and media landscape. With FY23 revenues estimated at Rs 2,500 crore, India’s PR industry accounted for 17% of the Asia-Pacific PR market, marking a steady increase from 15.4% in 2022. This growth trajectory is significantly ahead of global trends, with India’s PR sector expanding nearly four times faster than the global PR industry’s growth rate of 5% in 2023. Over the past decade, the Indian PR industry has achieved a compound annual growth rate (CAGR) of 12.8%, underpinned by the increasing sophistication of PR strategies, a growing emphasis on business outcomes, and the integration of technology driven solutions. The industry is expected to maintain double-digit growth, with revenues projected to reach Rs 4,570 crore by FY30 at a CAGR of 9%.

Artificial intelligence is redefining the creative landscape in advertising by enabling faster, scalable, and more cost-efficient production of high-quality marketing content. AI-driven solutions are now central to digital and television advertising workflows-automating creative tasks such as scriptwriting, ad copy, video generation, localization, and voice synthesis. These capabilities are powered by advanced generative AI models that support multi-format, multilingual, and hyper-personalized content delivery for diverse audience segments. Organizations deploying AI content tools report efficiency gains of 10-20x in production timelines while significantly lowering dependency on large creative teams and external agencies. AI also facilitates creative testing and personalization at scale, allowing advertisers to launch regionally nuanced campaigns across geographies, languages, and platforms with minimal turnaround time.

Pros and strengths

Established industry reputation and client credibility: The company is one of only two Indian PR firms to be recognized among the Top 250 Global PR Firms by Provoke Media, a testament to its excellence in strategic communications. Its credibility is reinforced by long-standing relationships with marquee Indian and global brands, including Kia, Experion, Ab Inbev, MaanSarovar, Yellow Fertility, House of Khemani and Cash Karo, among others. Additionally, its work has been recognized through multiple campaign awards and industry accolades, further cementing its position as a trusted leader in PR and integrated marketing.

Pioneers in capitalizing on industry-leading growth trends: The company has consistently been at the forefront of industry innovation, making strategic investments in AI-powered technology platforms to stay ahead of emerging trends. As an early mover in influencer marketing, it invested in ClanConnect, an AI-driven platform that optimizes influencer brand collaborations through data and automation. In 2023, it further expanded its footprint with the development of Hubscribe, an Integrated Content Publishing and Monetization platform for independent creators. These investments leverage AI and automation to enhance campaign effectiveness, brand engagement, and content monetization, reinforcing its commitment to technology-driven growth.

Scalable business model with synergistic service offerings: Its asset-light and scalable business model positions it for sustainable growth, allowing it to expand efficiently without heavy infrastructure investments. Its business is structured around two synergistic verticals: i) PR Communications: Encompassing investor relations, crisis communication, reputation management, digital PR solutions, and full-scale campaign management. This segment reflects the industry's evolution from traditional PR to data-driven, digital-first storytelling. ii) Digital Ads and Content Solutions: Covering brand strategy, social media management, influencer marketing, content production, performance marketing, website and app development, experiential marketing, retail and packaging design, and media planning and buying. The synergies between these segments enable effective cross-selling, driving higher client engagement and revenue per customer. By integrating public relations, digital marketing, influencer marketing, and advertising solutions, it delivers holistic, multi-channel campaigns aligned with evolving consumer behaviour and media consumption trends.

Risks and concerns

Risks associated with innovation and change in digital media: The digital marketing landscape is evolving at a rapid pace, subjecting the company to risks associated with technological advancements, regulatory changes, and shifts in consumer behaviour. As new digital platforms and advertising channels emerge, established practices may quickly become obsolete, necessitating continuous adaptation and investment in new technologies. The company’s marketing tech capabilities, including media tracking, social listening, and digital media buying, may face disruption from innovative competitors and evolving industry standards. Furthermore, regulatory and data privacy reforms could impose additional compliance burdens, thereby increasing operational costs. Moreover, the speed of change in digital channels may outpace the company’s ability to respond effectively, potentially leading to lost market opportunities. Strategic missteps in adapting to these changes could adversely affect brand positioning and market share. The competitive intensity in the digital space may also force the company to lower its pricing or reallocate budgets, thereby impacting profitability.

High dependency on public relations service segment for revenue: The company derives a substantial portion of its revenue from the Public Relations (PR) segment. For the ten months ended January 31, 2026, and for FY 2025, FY 2024 and FY 2023, the PR segment contributed 86.53%, 85.92%, 86.89% and 92.23% of its total revenue from operations, respectively. In comparison, its Digital Advertising and Content Solutions and others segment contributed only 13.47%, 14.08%, 13.11% and 7.77% during the corresponding periods. This high dependence on the PR segment exposes it to sector-specific risks such as reduction in client PR budgets, changes in customer preferences, or a slowdown in demand for PR services. Any adverse developments in the PR industry could materially impact its business operations, cash flows, and profitability. While it has undertaken initiatives to grow its Digital Advertising and Content Solutions segment, there can be no assurance that these efforts will reduce its dependency on the PR segment or achieve the desired level of revenue diversification in the future.

Dependence on customer acquisition and retention: To sustain or increase its revenue, it must add new customers and encourage existing customers to allocate a greater portion of their marketing spend to it. As its industry matures and competitors introduce lower cost or differentiated products or services, its ability to sell its solution could be impaired. Even after a successful marketing campaign or series of campaigns with an existing customer, it frequently must compete to win further business from that customer. It may reach a point of saturation where it cannot continue to grow its revenue from existing customers because of, among other things, internal limits that they may place on their advertising budgets for digital media, particular digital marketing campaigns, local advertising or a particular provider. If it is unable to attract new customers or obtain new business from existing customers, its revenue, growth and business will be adversely affected.

Outlook

Value 360 Communications is mainly in the business of PR services & Digital Communications. It offers a comprehensive suite of strategic communication services, including Investor Relations, Crisis Communication, Reputation Management, Digital PR Solutions, and End-to-End Campaign Management. The company is a recognised brand in strategic communications with a global reputation, and it has strong client relationship across Indian and international brands. On the concern side, expansion into AI-led creative content production and media buying introduces significant operational, financial, and execution risks, including capital strain, integration challenges, potentially disrupting profitability and operational efficiency. Further, its international expansion plans to Middle East and North Africa (MENA) expose it to several risks, including regulatory complexities, foreign exchange fluctuations, and geopolitical uncertainties. Entering new markets may require significant investments, with no assurance of immediate returns.

The company is coming out with a maiden IPO of 42,54,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-98 per equity share. The aggregate size of the offer is around Rs 40.41 crore to Rs 41.69 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 5,457.41 lakh whereas in FY24 it was Rs 5,059.24 lakh representing an increase of 7.87%. Moreover, net profit after tax for the year ended March 31, 2025, stood at Rs 579.32 lakh and for the year ended March 31, 2024 it was Rs 412.49 lakh representing an increase of 40.44%.

To capitalize on the growth opportunities in the South and West, it plans to strengthen its regional presence, particularly in key cities such as Bangalore, where it already has an established office. By expanding its footprint in these high-growth regions, it aims to service a wider client base and capture a larger share of the regional PR market. This strategy will also enable it to better serve its existing clients with localized expertise and tailored solutions. Going forward, it has launched an AI Powered Creative Studio, in collaboration with filmmaker and generative-AI pioneer Vivek Anchalia, integrating prompt based content generation, personalized storytelling, and scalable production pipelines. This AI studio complements its human-led brand strategy and storytelling expertise, enabling hyper-personalized, cost-efficient campaigns across digital and traditional channels. Further, it is expanding beyond traditional revenue streams by embedding itself in the Indian startup growth story, positioning V360 as a strategic partner in high-potential businesses. As early adopters of innovative models like PR for Equity, it is accelerating client acquisition while fostering long-term partnerships that grow alongside emerging ventures.

Amba Auto Sales and Services

• Amba Auto Sales and Services is coming out with an initial public offering (IPO) of 48,24,000 shares in a price band of Rs 130-135 per equity share.
• The issue will open on April 27, 2026 and will close on April 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 13.00 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Capitalsquare Advisors.
• Compliance Officer for the issue is Chetan Kumar Hiralal Solanki.

Profile of the company

The company operates as an authorised dealer of Bajaj Auto and LG Electronics India under the brand name Amba Bajaj and Amba LG Best Shop (LG Best Shop), respectively. It has a presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs (including sales of spare parts, lubricants and accessories) and facilitation of the sales of third-party financial and insurance products.

Additionally, in consumer electronics, it offers a diversified range of products including air conditioners, televisions, washing machines, refrigerators and small appliances. It has established its market presence in Bengaluru, Karnataka with more than two decades of experience having commenced its business operations as a proprietary concern by setting up its first dealership for two wheelers sales and service. Over the years it has expanded its operations and has acquired dealership for Three-Wheeler, KTM (Sports Motorcycles) & Chetak as well from Bajaj Auto.

Currently, it is an authorised dealer of 4 out of 5 product segments of Bajaj Auto, which includes Motorcycles, KTM, Chetak and Three-Wheeler. It prioritized strengthening its market position in existing regions rather than expanding into new territories. This focused approach has enabled it to establish the company’s brand presence across Bengaluru and build closer connections with the customers while enhancing its understanding of market segments and consumer preferences.

Proceed is being used for:

• Funding capital expenditure for setting up new showrooms and renovating existing ones
• Meeting the working capital requirements of the company
• General corporate purpose

Industry Overview

India’s automobile industry stands as one of the most vital pillars of its economy, consistently ranking among the top contributors to the country's manufacturing output, employment generation, and export earnings. As one of the world’s largest automobile markets by volume, India holds a prominent position in the global automotive landscape, particularly in the two-wheeler and three-wheeler segments. The diversity and depth of India’s automobile sector-from mass-market motorcycles and scooters to CVs and emerging electric mobility solutions-provide it with a competitive edge in both domestic and international markets. India’s automobile ecosystem is vast and multifaceted, catering to a wide spectrum of mobility needs across the country. From the bustling metro cities where passenger cars dominate the urban landscape to rural and semi-urban regions where two-wheelers and three-wheelers serve as essential means of transport, the industry plays a critical role in enabling access, connectivity, and livelihood. With the continuous rise in urbanization, aspirations for personal mobility, and growth in e-commerce and logistics, the demand for diverse vehicle types has accelerated significantly. This has positioned India not only as a manufacturing powerhouse but also as a consumption-driven auto market. The India Two-Wheeler Market was estimated at around 17.97 million units in FY 2024, rising to 18.21 million units in FY 2025, and is projected to reach 20.22 million units by FY 2033, representing a Compound Annual Growth Rate (CAGR) of 1.32% during the 2025-2033 period.

India’s electronics manufacturing sector is heavily dominated by mobile phones, which contribute nearly half of the industry’s total output value. In FY 2023-24, the segment generated about $51.00 billion, a significant increase from the previous year, underscoring India’s rise as the second-largest mobile phone producer globally. This growth is largely driven by robust domestic demand, a thriving export market, and strong government support through initiatives such as the PLI scheme. Consumer electronics, including televisions, audio systems, and related accessories, form the second-largest segment, benefiting from rising household incomes, urbanization, and lifestyle upgrades. Industrial electronics and electronic components have also emerged as key pillars, indicating that India’s manufacturing capabilities are diversifying beyond consumer-focused products into areas like automation, infrastructure, and component localization. Other segments such as automotive electronics and strategic electronics are witnessing accelerating demand, propelled by the expansion of electric mobility and defense manufacturing. Niche areas like IT hardware, wearables and hearables, LED lighting, and telecom equipment, though smaller in share, are fast-growing due to technological innovation and evolving consumer preferences. The Indian consumer electronics market was valued at Rs 3,499.84 billion in FY 2024 and is estimated Rs 4,110.32 billion and is projected to reach Rs 14,876.60 billion by FY 2033, expanding at a compound annual growth rate (CAGR) of 17.44% during the forecast period (FY 2024-FY 2033).

India's automobile industry is on the cusp of a transformative decade, driven by rapid electrification, proactive government policies, rising consumer demand, and technological disruption. As the sector evolves from traditional manufacturing to a mobility-centric ecosystem, it is expected to play a pivotal role in achieving India’s economic, environmental, and industrial development goals. Increased localization, private investments, and digital integration will further propel the sector’s global competitiveness. While, India’s consumer electronics industry is entering a pivotal growth phase, shaped by rising income levels, deepening digital penetration, evolving consumer preferences, and supportive government policies. As the industry transitions from traditional appliances to a smart, connected ecosystem, it is expected to play a critical role in driving India’s digital economy, manufacturing expansion, and export competitiveness. Rapid urbanization, proliferation of ecommerce, and increased focus on domestic production through schemes like PLI will accelerate growth across categories such as smartphones, smart TVs, wearables, and home automation devices.

Pros and strengths

Strategically located logistics and warehousing facilities: The company operates within the local limits of Bengaluru, with a network of multiple showrooms and service centers that provide customers with convenient access to its products and after-sales services. This widespread presence enhances customer reach and service efficiency. In addition, the company operates a strategically located godown aggregating to 20,000 sq. feet, enabling it to maintain adequate inventory levels to meet ongoing demand. As a result, the company recorded an inventory has been 82 days of average cost of sale during in the last financial year 2025 & 75 days during the period ended December 31, 2025. The company estimates holding days to be 75 days in Fiscal 2026, Fiscal 2027 & Fiscal 2028, reflecting effective inventory management practices.

Diversification in product and services: The company operates across multiple segments within the automobile industry, catering to a diverse and expansive customer base. Its product portfolio comprises a wide range of Stock Keeping Units (SKUs), including electric vehicles (EVs), sports bikes, motorcycles, auto rickshaws, and the Qute quadricycle. This diversified offering allows the Company to serve varying customer preferences across both individual and commercial vehicle categories. In addition to product sales, the company provides comprehensive after-sales services, which include routine vehicle servicing, facilitation of third-party insurance, and assistance with vehicle financing options. These value-added services enhance the overall customer experience and contribute to sustained brand loyalty.

Long-term relationship with its OEMs: Its primary original equipment manufacturer(s) (OEMs) are Bajaj Auto for vehicles and LG Electronics for electronic appliances. Its Promoter and the company have nurtured and sustained a long-standing business relationship with Bajaj Auto for more than two decades. This association has been built on trust, consistent performance, and mutual growth. Over this period, Bajaj Auto has duly acknowledged its role and contribution towards augmenting the overall sales of Bajaj Auto’s products in its operating regions. Its relationship with Bajaj Auto has enabled it to expand its operations across diverse business segments, build and strengthen a large and loyal customer base, diversify its product portfolio (SKUs) to address evolving consumer preferences, and drive sustainable growth by aligning its strategies with market developments and industry trends. Furthermore, its relationship with Bajaj Auto has provided it with the ability to capitalize on emerging opportunities in the automotive and allied sectors, thereby enhancing its competitive positioning and contributing to long-term value creation for its stakeholders.

Risks and concerns

Limitations on market expansion due to dealership agreements: Its business operations and growth prospects are significantly influenced and restricted by the terms of its dealership and distribution agreements with its OEMs. Under the dealership agreement executed with Bajaj Auto, it is permitted to operate only within the territory of Bengaluru, Karnataka, and can expand into new territories solely if allotted by the OEMs. These agreements typically authorize it on a non-exclusive and non-transferable basis within specified geographical areas. Consequently, its ability to grow into new markets depends on the discretion of its OEMs. Furthermore, there is no guarantee that its OEMs will not impose additional onerous restrictions, conditions, or performance targets in future agreements or during the renewal process, which could have negative impact on its operational flexibility and profitability.

Heavy reliance on Karnataka market conditions for business stability: The company's entire revenue is currently concentrated and derived from its dealership operations located exclusively in the state of Karnataka, with a primary focus on the city of Bengaluru. This significant geographical concentration of all its automotive (Bajaj Auto) and consumer electronics (LG Electronics) dealership operations heightens its exposure to adverse developments related to regulation, as well as economic, demographic, social, and political changes specifically within Karnataka and the Bengaluru metropolitan area. In the event of a slowdown in the economic activity in Karnataka, or any other adverse developments including, but not limited to, natural disasters (such as prolonged droughts or severe flooding which Bengaluru has experienced), widespread infrastructure disruptions, significant political unrest, civil disturbances, or sustained economic downturn affecting the state's economy, it could experience a material adverse impact on its business, results of operations, and financial condition. Its success is largely dependent on the performance and prevailing conditions affecting the economies of Bengaluru and the broader state of Karnataka.

High dependence on key suppliers: The company heavily relies on external suppliers i.e. its OEMs for the procurement of products required in its operations. Its top 10 suppliers contributed 98.90%, 95.57%, 94.88% and 93.50% of its total purchases for the period ended December 31, 2025 and in the fiscal year 2025, 2024 and 2023, respectively. Any delay, disruption, or failure on the part of these suppliers to deliver products in a timely manner, whether due to logistical issues, financial constraints, regulatory changes, or other unforeseen circumstances could materially impact its business operations. Such disruptions may lead to production delays, increased costs, loss of customer confidence, and reputational damage, which may negatively impact its profitability and financial performance.

Outlook

Amba Auto Sales and Services operate as an authorised dealer of Bajaj Auto and LG Electronics India under the brand name Amba Bajaj and Amba LG Best Shop (LG Best Shop), respectively. It has a presence across the automotive retail value chain, including sales of new vehicles, aftersales service and repairs (including sales of spare parts, lubricants and accessories) and facilitation of the sales of third-party financial and insurance products. Additionally, in consumer electronics, it offers a diversified range of products including air conditioners, televisions, washing machines, refrigerators and small appliances. On the concern side, the automotive industries are sensitive to changing economic conditions and various other factors. Any decline in demand in the products offered by the company, their parts, accessories or related hardware by individuals or entities may adversely impact its business prospects and results of operations. Further, any termination of existing dealership agreements or closure of its showrooms, retail outlets, or service centres, due to various unforeseen circumstances, and any restrictions on opening of new showrooms, retail outlets, or service centers may have a material adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 48,24,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 130-135 per equity share. The aggregate size of the offer is around Rs 62.71 crore to Rs 65.12 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 24,236.65 lakh whereas in FY24 it was Rs 21,122.82 lakh representing an increase of 14.74%. Moreover, net profit after tax for the year ended March 31, 2025, stood at Rs 777.61 lakh and for the year ended March 31, 2024 it was Rs 288.67 lakh representing an increase of 169.38%.

The company aims to strengthen its brand positioning as a premium destination for consumer electronics and home appliances by delivering an exceptional customer experience. This is achieved through live product demonstrations, thoughtfully curated product displays, and personalized consultations that help customers make informed purchasing decisions. Going forward, to foster long-term customer loyalty, the company implements robust after-sales service programs and loyalty initiatives. Additionally, the company has forged strategic alliances with financial institutions to offer attractive EMI schemes, as well as with the dealer for co-branded marketing campaigns. By utilizing advanced data analytics, the company continuously optimizes its product assortment and tailored promotions to meet evolving customer preferences, thereby enhancing both operational efficiency and customer satisfaction. Further, it derives significant brand value from its association with LG Electronics engaged in the manufacturing of consumer electronics and home appliances. By offering products from globally recognized brands, it is able to leverage their reputation for quality, innovation, and reliability, thereby enhancing customer trust and strengthening its own market positioning.

Adisoft Technologies

• Adisoft Technologies is coming out with an initial public offering (IPO) of 43,08,000 shares in a price band of Rs 163-172 per equity share. 
• The issue will open on April 23, 2026 and will close on April 27, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 16.3 times of its face value on the lower side and 17.2 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance Officer for the issue is Vaibhav Nandkumar Salunke.

Profile of the company

The company is an Industrial Digital Automation Solutions provider, engaged into the business of designing, developing, procurement, assembling, testing, installation, commissioning & providing engineering services related to Automated assembly lines, Material handling machines, Robotic work cells (e.g., pick-and-place, sealing applications) and Special Purpose Machinery designed to address customer-specific operational requirements. Its services include application of digital technologies and control systems to automate industrial processes, by integrating the shop floor equipments and processes with the IT Layer, thereby, reducing or eliminating human intervention. 

It provides customized automation solutions primarily to Automobile manufacturers, Automotive OEMs and component/subcomponent manufacturers that require establishment, expansion, upgradation, modification, repair or reconfiguration of existing production lines, or operational set-up. A significant portion of its assignments involves productivity enhancement initiatives, where automation is leveraged to reduce manual dependency, improve process consistency, facilitates data handling and optimize takt times. 

The company also provides Service support for repair or restoration of the machine as required by the Customer. Company warrants that any material or component shall be repaired or replaced, if found defective, within a period of twelve months from the date of installation and commissioning. Such support services may be provided free of cost or on a chargeable basis, in accordance with the terms and conditions specified in the relevant Purchase Order (PO). In addition to standard repair and replacement services, the company also provides lifecycle support services including system upgrades, retrofitting, Annual Maintenance Contracts (AMC), on-site installation & commissioning & troubleshooting by deputation of engineering team, skilled operators and technician. Further, for Automated Products traded by the Company (i.e., products supplied by the Company), the Company undertakes to replace any Product found to be defective within a period of twelve months from the date of sale.

Proceed is being used for:

• Repayment and/or pre-payment, in full or part, of borrowing availed by the company 
• Funding the capital expenditure requirements towards setting up of a new factory unit
• Meeting working capital requirements 
• General corporate purpose 

Industry overview

The Indian automobile industry has long been a reliable barometer of economic performance, given its critical role in both macroeconomic expansion and technological advancement. Within the sector, the two-wheeler segment dominates in terms of volume, driven by a growing middle class, a predominantly young population, and rising demand from rural markets. Demand for commercial vehicles has also strengthened, supported by the expansion of logistics and passenger transportation services. Market growth is expected to be shaped by emerging trends such as vehicle electrification, particularly in three-wheelers and small passenger cars. 

India has also established itself as a prominent auto exporter with strong growth prospects in the near future. Automobile exports rose 19% in FY25 to over 5.3 million units, led by robust demand for passenger vehicles, two-wheelers, and commercial vehicles in global markets. Complementing this momentum, government initiatives such as the Automotive Mission Plan 2026, the scrappage policy, and the production-linked incentive (PLI) scheme are expected to position India as a global leader in both the two-wheeler and four-wheeler markets.

The automobile industry in India benefits from factors such as the availability of skilled labour at low cost, robust R&D centres, and affordable steel production. It also provides significant investment opportunities and generates both direct and indirect employment for skilled and unskilled workers. The electric vehicle (EV) sector alone is projected to create five crore jobs by 2030, underscoring its potential as a major driver of employment and growth. To support this expansion, the Ministry of Heavy Industries (MHI) has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year. The scheme now offers incentives on determined sales over five consecutive financial years from 2023-24 to 2027-28, with disbursements in the subsequent year.

Pros and strengths

Well-established design & development capabilities: A key strength of its business lies in its in-house design and development capabilities. Its engineering team is responsible for the complete design lifecycle, including mechanical and electrical system design, control architecture, and simulation of site requirements during the conceptualization stage. The team translates functional requirements into scalable and modular automation architectures to meet the specific operational needs of its customers. Advanced software tools such as E-PLAN, SolidWorks, AutoCAD, and ZW Cad are used to prepare designs with precision and consistency. As of January 31, 2026, its Design and Development function comprises 49 professionals, who support the timely delivery of customer-specific automation solutions. In-house design capabilities enable it to conduct multiple design iterations efficiently, maintain quality control, and respond promptly to changes in customer requirements or project specifications.    

Integrated in-house assembling and testing infrastructure: Its business operations are fully in-house located in MIDC Bhosari, Pune. The facility is equipped with the necessary tools, machines, fixtures, and testing equipment, including handheld multi-meters and continuity testers, to support assembly and quality assurance of automation systems. The plant layout is optimized for assembling with co-located inventory to minimize material movement and non-value-added time. By keeping these functions under one roof, it is able to directly control the quality of its products, reduce delays and ensure that customer requirements are met reliably. This infrastructure not only makes its business operations more efficient but also gives confidence to its customers that it can deliver consistent and quality solutions on time.

Enduring relationships with customers across geographies: Over the years it has established a diversified customer base. The experience and rapport of its management with customers play an instrumental role in creating, maintaining and expanding the customer base for the company. Timely delivery and quality of products has helped it retains its customers and is instrumental in expanding its customers across diversified geographies. The company has diversified revenue from multiple geographical locations across various states in India. Currently, it markets its products to more than 10 states within India and gradually it intends to expand its business operations to other geographical locations as well. Its presence in multiple geographies not only helps it in expanding its customer base but also helps by keeping itself in tune with the latest technological advancements.

Risks and concerns

Dependent on top 10 customers: Its business is dependent on the sale of its services to certain key customers. The top 10 customers consistently contributed a substantial share of revenue, accounting for 70.18% in the period ending October 31, 2025, and 74.09%, 75.13%, and 77.19% in FY 2025, FY 2024, and FY 2023, respectively. The substantial portion of its revenues has been dependent upon few customers. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition results of operations, cash flows and future prospects of the company.

High dependence on automotive sector: It is significantly dependent on the performance of the automotive sector in India for the sale of its automation solutions. Its revenue from automotive sector clients during the period ended October 31, 2025 and Fiscal Years 2024-25, 2023-24 and 2022-23 constituted 59.95%, 78.61%, 72.48%, and 64.32% of its revenue from operations, respectively. Any reduced demand in the automotive segment, deterioration in the automotive market, uncertainty, or changes in regulations, customs, taxes, or other restrictions affecting the automotive market, particularly in India, could adversely impact its business, operations and financial condition.  

Dependent on limited number of suppliers: The company is dependent on limited number of suppliers, within limited geographical locations for procurement of raw materials. For the period ended October 31, 2025 and Fiscal year 2025, Fiscal 2024 and Fiscal 2023, purchases from its top ten suppliers amounted to Rs 3703.24 lakh, Rs 7135.20 lakh, Rs 6524.09 lakh and Rs 4533.70 lakh respectively, which represented 81.07%, 76.57%, 85.54% and 77.72% of its total raw material purchases, respectively, for the said period. It does not have any long-term supply contracts with these suppliers and therefore, it cannot assure that it shall always have a steady supply of raw material at prices favourable to the company. Any delay, interruption or reduction in the supply of raw materials required for its products may adversely affect its business, results of operations, cash flows and financial condition.

Outlook

Adisoft Technologies is engaged into the business of designing, developing, procurement, assembling, testing, installation, commissioning & providing engineering services related to Automated assembly lines, Material handling machines, Robotic work cells (e.g., pick and- place, sealing applications) and Special Purpose Machinery designed to address customer-specific operational requirements. Its services include application of digital technologies and control systems to automate industrial processes, by integrating the shop floor equipments and processes with the IT Layer, thereby, reducing or eliminating human intervention. On the concern side, it operates through its Assembly unit located at Pune, Maharashtra. Due to the geographical concentration of its business operations in Pune district, its operations are susceptible to local, regional and environmental factors, such as social and civil unrest, regional conflicts, civil disturbances, economic and weather conditions, natural disasters, demographic and population changes, and other unforeseen events and circumstances.

The company is coming out with a maiden IPO of 43,08,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 163-172 per equity share. The aggregate size of the offer is around Rs 70.22 crore to Rs 74.10 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2024-25 stood at Rs 13301.68 lakh whereas in Financial Year 2023-24 the same stood at Rs 10413.76 lakh representing an increase of 27.73%. The company reported Restated profit after tax for the financial year 2024-25 of Rs 1611.08 lakh in comparison to Rs 1175.57 lakh in the financial year 2023-24.

Meanwhile, maintaining quality in automation solutions is a key strategic focus for the Company. It recognizes that the reliability and performance of technology are important factors in the automation industry, directly impacting customer satisfaction, system performance, and long-term customer relationships. Its approach to quality is based on established business processes, continuous monitoring, and timely corrective action. Systematic quality review mechanisms are implemented across the project lifecycle, including design validation, component inspection, system-level testing, and customer acceptance procedures. Further, it has applied for ISO 9001:2015 certification and are currently aligning its operations with the prescribed Quality Management System (QMS) requirements to enhance process standardization, operational efficiency, and customer satisfaction.