Aureate Tradde Ltd. IPO

Aureate Tradde

• Aureate Tradde is coming out with an initial public offering (IPO) of 38,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 70 per equity share.
• The issue will open on May 29, 2026 and will close on June 2, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.00 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance Officer for the issue is Sakshi Sareen.

Profile of the company

The company is engaged in the trading, distribution, and supply of industrial and technological materials across three key business verticals, including polymers and petrochemicals; lithium-ion and sodium-ion cells; and electric vehicle chargers. The company’s business operates on ‘Inventory-based model’, which means it purchases and maintain stock in advance, enabling to efficiently serve a wide array of customers, including small, medium, and large enterprises. By offering a diverse range of products, it caters to wide range of customer base and increase its ability to meet the varied needs of the industries it serves.

Its operational model relies primarily on rented warehouse facilities, its inventory management strategy is built on strong partnership and stringent reconciliation protocols. The physical control and management of all polymer and cell inventory are the direct responsibility of the Warehouse Company operating the rented facility. This includes material receipt, storage, handling, picking and dispatch. It relies on the Warehouse company's systems to ensure inventory updates are regularly provided and maintained. Its product portfolio comprises essential materials for key industries such as polymers and petro chemicals, electric mobility. These materials are vital for the production or manufacturing of plastic goods including PVC flex and PVC pipes, electric vehicle (EV) components, and E-mobility infrastructure

At present, it is primarily involved in domestic B2B market for trading and distribution of polymer, petrochemicals, Lithium-ion cells and Sodium-ion cells. Additionally, it also operates in B2B and B2C segment for trading and distribution of Electric Vehicle Chargers. Through its strong relationships with suppliers and customers, it has built a reliable and efficient customer base. Its business is based on prudent inventory management, disciplined financial control, strict Quality Assurance Standards and a deep understanding of its customers' needs.

Proceed is being used for:

• Funding working capital requirements of the company
• Repayment/pre-payment, in full or in part, of certain borrowings availed by the company 
• Meeting out the general corporate purposes

Industry overview

Petrochemicals are a vast and essential group of chemicals derived from petroleum (crude oil) and natural gas. These ‘fossil fuels’ are primarily composed of hydrocarbons, molecules containing just hydrogen and carbon atoms. Through various refining and processing techniques, these hydrocarbons are transformed into a diverse range of petrochemical products that underpin countless aspects of human life. Indian chemical sector continues to grow at a rate of 1.2-1.5 times the GDP. India's chemical and petrochemical industry is currently valued at around $178 billion and is expected to reach $300 billion by 20253. The Ministry of Petroleum estimates that demand for petrochemicals will triple by 2040, reaching a value of $1 trillion. India ranks as the sixth largest player in the global petrochemical market.

India is a net importer of polyethylene with value of annual imports touching Rs 374 billion in FY 2024 against an annual export value of around Rs 43 billion in the same year. Strong imports of polyethylene are on account of a combination of insufficient domestic production as well as competitive cost of imported products as against domestic supply. India's import trends for polyethylene highlight varying patterns across categories, driven by domestic demand and application-specific requirements. Polyethylene with a specific gravity of less than 0.94 saw fluctuations, declining from Rs 28 billion in FY 2020 to Rs 21 billion in FY 2021, rebounding to Rs 33 billion in FY 2023, and then moderating to Rs 23 billion during April–September FY 2025, possibly due to increasing domestic supply or reduced demand. 

While the historical performance of Indian chemical industry has been exemplary, the future holds even better growth opportunities. Domestic chemical consumption is rising steadily, and the country is expected to account for more than 20% of the incremental global consumption of chemicals that would happen globally in near future. The steady growth in industrial production is a key demand enabler. In addition, India is also positioning itself as a global chemical manufacturing hub, to meet the growing global demand. The evolving geopolitical scenario (the impact of events like Covid-19 pandemic and Russia - Ukraine conflict on global supply chain) has raised the question to relook the existing manufacturing landscape. Developed economies are looking at options beyond China to source products.

Pros and strengths

Strategic location of warehouses and depots: The company is primarily involved in domestic B2B market for trading and distribution of polymer, petrochemicals, Lithium-ion cells and Sodium-ion cells. Additionally, it also operates in B2B & B2C segment for trading and distribution of EV Vehicle Chargers. These products are imported through Indian ports including Mundra Port, Nhava Sheva Port and ICD Dadri Port and subsequently it stores the same at its warehouses and depots and thereafter, sell them to manufacturers of finished plastic products, Companies engaged in EV sector and directly to its customers. Currently, the Company operates through 3 warehouses, primarily located at Maharashtra, Gujarat and New Delhi with well-established connectivity with road, rail and air transport networks, which reduces transportation cost, avoid spillages and facilitates distribution of its products to the high consumption regions.

Stable financial performance: The company has demonstrated stable financial performance over the years with growth in terms of revenues and profitability. Over the last three financial years, it has focused its attention towards high customer retention, cost efficient procurement, and strategic expansion into new product segments such as lithium-ion and sodium-ion cells, and EV charging solutions, which has resulted in an increase in its revenue from operations and profits. Its revenue from operations has grown from Rs 20,900.48 lakh in Fiscal 2023 to Rs 17,074.81 lakh in Fiscal 2024 and Rs 17,440.60 lakh in Fiscal 2025. The revenue from operations for the nine months period ended December 31, 2025 was Rs 10,183.01 lakh. Its profit after tax has marginally increased from Rs 112.86 lakh in the Fiscal 2023 to Rs 257.42 lakh in Fiscal 2025.

Diversified industry presence: The company operates across multiple high-growth industries, such as polymer, petrochemicals, Lithium-ion cells and Sodium-ion cells and EV Vehicle Chargers. Its polymer and petrochemical products cater to diverse sectors such as construction, packaging, automotive and agriculture, while its energy storage and EV charging solutions serve the rapidly expanding electric mobility market. This diversified industry presence reduces its dependency on any single sector, enhances business stability, and allows to capitalize on emerging opportunities across multiple value chains.

Risks and concerns

Majority of revenue is generated from Gujarat and Maharashtra markets: The company derives its revenue from the domestic market and substantial portion of revenue from Gujarat and Maharashtra. For the nine months ended December 31, 2025 and for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, the company derived a significant portion of its revenue from operations from the states of Gujarat and Maharashtra. Gujarat contributed 58.43%, 40.07%, 43.15%, and 22.88% of revenue from operations, respectively, while Maharashtra contributed 40.94%, 54.65%, 51.50%, and 73.08%, respectively. Any adverse developments affecting its operations in Gujarat and Maharashtra could have an adverse impact on its revenue and results of operations.

Significant contribution from Polymers and Petrochemicals segment may expose the company to concentration risks: Its product Polymers and Petrochemicals contribute significantly to its revenues from operation. For the nine months ended December 31, 2025 and for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, the Polymers and Petrochemicals segment contributed 94.10%, 81.41%, 82.97%, and 100.00% of total revenue, respectively. Any adverse development in this product such as decline in quality, unavailability of raw material, volatility in pricing, change in demand and competition may adversely affect its ability to retain customers. It cannot assure that it will be able to generate the same quantum of revenues, or any revenues at all from this product and loss of revenues from this product may adversely affect its cash flows, revenues and profitability.

Dependence on top suppliers: The company is dependent on suppliers for purchase of polymers, Lithium-ion and Sodium-ion Cells and Electric Vehicle Chargers. The prices and supply of these products depend on factors beyond its control, including any delays, shortages, risk of price fluctuation as suppliers may unilaterally decide to change the prices of its products which could impact its cost structure, forex fluctuations, and profit margins, limited negotiation power, general economic conditions, competition, transportation costs and duties etc. For the nine months ended December 31, 2025 and for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, the company’s top five suppliers accounted for 92.44%, 62.75%, 63.66%, and 52.65% of the total cost of material purchases, respectively. Any increase in the cost of, or a shortfall in the availability or quality of such products could have an adverse effect on its business, financial condition and results of operations.

Outlook

Aureate Tradde is into a business of trading of polymers, focusing on imports from foreign markets, domestic purchases, and subsequently trading these products in the Indian market. The company is engaged in trading, distribution, and supply of industrial and technological materials across three key business verticals: (i) Polymers and Petrochemicals; (ii) Lithium-ion and Sodium-ion Cells, and; (iii) Electric Vehicle Chargers. On the concern side, the polymer trading business operates on a high-volume, low-margin model, where price competitiveness is crucial for retaining key customers. Pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase its prices. the company’s customers operate in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operate may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.

The company is coming out with an IPO of 38,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 70 per equity share to mobilize Rs 27.29 crore. On total income increased from Rs 17,219.13 lakh in year ended March 31, 2024 to Rs 17,661.98 lakh in year ended March 31, 2025 with a resultant increase of 2.57% in year ended March 31, 2025 mainly due to increase in normal course of business. Net Profit after tax increased from Rs 144.72 lakh in year ended March 31, 2024 to Rs 257.42 lakh in year ended March 31, 2025 with a resultant increase of 77.88% in year ended March 31, 2025.

Meanwhile, the company’s strategy for expanding its geographic presence and driving growth in domestic markets revolves around strengthening its existing operations and entering new regions. It is focusing on leveraging its understanding of the EV sector products, it identifies emerging market opportunities and aim to increase its market share by enhancing its product offerings and expanding its distribution footprint across India. This includes optimizing supply chains and meeting the growing demand for EV sectors products across India. Its growth depends on its ability of maintaining strong relationships with existing clients while actively acquiring new customers in untapped markets. Expanding into new geographies allows to reach a wider customer base, engage with diverse regional markets, and address their unique requirements and preferences.

Dhanwel Hybrid Seeds

• Dhanwel Hybrid Seeds is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 95-99 per equity share.
• The issue will open on June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Parul Agarwal.

Profile of the company

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. The seed production process is carried out in a structured manner across multiple stages and involves the use of improved genetic seed material procured from recognised sources. Such seed material is multiplied, processed, conditioned, and handled in accordance with prescribed agronomic and processing practices to produce seeds suitable for agricultural use, including seeds supplied to farmers for crop cultivation.

It procures genetic seed material, including breeder and other suitable seed material, from recognised agricultural institutions, government-supported research organizations and open market. In addition, seed production is undertaken through arrangements with identified seed-growing farmers, wherein agricultural land owned by such farmers is utilised for cultivation. Under these arrangements, the company supplies the requisite seed material and provides technical guidelines and cultivation protocols. The farmers carry out sowing and related agricultural operations in accordance with its instructions, while its field staff and agronomists monitor and supervise the crop to maintain quality standards. Although the ownership of agricultural land remains with the farmers, seed production undertaken through contractual arrangements is carried out in accordance with its prescribed guidelines and supervision, and all subsequent processing, quality control, and commercial activities relating to such seeds are undertaken by it.

Its team comprises experienced agronomists, field staff, and technicians who ensure adherence to quality standards, support productivity improvements, and implement sustainable agricultural practices. Over time, it has established strong working relationships with the farming community and continues to follow an integrated approach that includes sourcing, production, quality control, and supply of seeds. Its seeds are sold under the brand name ‘Dhanwel Seeds’. The company is ISO 9001:2015 certified and is committed to maintaining consistent seed quality and supporting the agricultural sector with reliable seed solutions.

Proceed is being used for:

• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
• Funding the working capital requirements of the company.
• General corporate purposes. 

Industry overview

India’s agricultural output has expanded significantly in the past decade, recording 40% growth and achieving surplus capacity for exports. In FY25, the sector grew by 5.4% year-on-year, supported by record production and higher trade volumes. Agricultural exports touched an all-time high of Rs 4,40,000 crore ($51.86 billion) in FY25, up from Rs 3,95,793 crore ($48.15 billion) in FY24. Agriculture and allied activities together contributed 17.8% to India’s GDP in 2023-24, reaffirming the sector’s importance to the national economy.

The current India seed market size stands at $3.82 billion in 2025 and is projected to reach $5.00 billion by 2030, reflecting a forecast CAGR of 5.55%. Sustained policy support, rising certified‐seed penetration, and expanding climate smart varieties continue to anchor industry resilience. Government programs such as the National Mission on High-Yielding Seeds and the Clean Plant Program are fast-tracking premium seed adoption by funding disease-free planting material hubs, demonstration plots, and village-level clusters. Row crops dominate revenue because cereals, oilseeds, and fiber crops align with food-security and import-substitution priorities, while hybrids retain farmer loyalty thanks to consistent yield premiums under erratic rainfall. Meanwhile, protected cultivation and digital traceability pilots are opening lucrative niches for specialized vegetable and high-value seed segments. Competitive intensity is low because multinational pipelines compete with regionally adapted portfolios, yet counterfeit trade and GM regulatory uncertainty exert margin pressure.

The India seed market size in open field accounted for a 99.8% share of the India seed market size in 2024, and protected cultivation seeds are forecast to expand at an 11.08% CAGR between 2025 and 2030. Break-even analysis under national subsidy schemes shows growers recouping greenhouse investment within 30 months when leveraging high-density, indeterminate tomato lines that yield 280 metric tons per hectare. Uniformity and disease resistance top trait wish-lists, prompting breeders to re-select parental lines for vertical canopy structure and synchronized fruit setting. Seed supply chains adapt by introducing small-gram, high-unit-value packets that align with greenhouse transplant schedules. Companies deploy agronomists to steer nutrient and pruning regimes, ensuring genetic potential translates to yield. As greenhouse acreage compounds, protected cultivation’s double-digit growth rate promises a steadily expanding niche within the wider India seed market. 

Pros and strengths

Wide range of seeds and its variants: The company offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. The company may, from time to time, consider addition of new seed varieties or crops based on business requirements and availability.

Quality assurance: The company places importance on maintaining quality standards across its operations. The company is ISO 9001:2015 certified for manufacturing, processing, and supply of seeds. Quality considerations form part of routine business activities across sourcing, processing, and packing. Where considered appropriate, seeds are tested through government laboratories and other approved agencies.

Customer satisfaction: It considers customer satisfaction to be an important aspect of its business operations. The company supplies its products to customers in the ordinary course of business and seeks to meet customer requirements through consistent product standards and routine commercial engagement. Ongoing business interactions and repeat transactions form part of normal business operations and support continuity of customer relationships.

Risks and concerns

Seasonal and climatic dependencies: Its operations are closely aligned with agricultural cycles and are seasonal in nature. The demand for its seed products is largely dependent on monsoon patterns, timing and quantum of rainfall, sowing seasons, cropping patterns and farmers’ sowing decisions. Any delay, deficiency or excess in rainfall, or occurrence of unfavourable weather conditions, pest attacks or other natural factors, may adversely affect agricultural activity and reduce demand for its products. As a result of the seasonal nature of its business, a substantial portion of its revenues is generated during specific periods of the year, and its sales volumes and operating results may fluctuate significantly from quarter to quarter and year to year. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on its business, financial condition, results of operations and cash flows. 

Substantial revenue dependence on key customers: The substantial portion of its revenues has been dependent upon few customers. Its top ten customers accounted for around 64.27%, 22.23% and 17.26% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on it maintaining good relationships with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. 

Concentration of revenue in oil seed products: The sale of Oil seeds is the largest contributor towards its total revenue, and contributed 56.67%, 55.41% and 65.39% to its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As a result, its business is exposed to risks related to product concentration. Its inability to produce sufficient quantities of its existing products in a timely manner or at all, its failure to develop new products that meet the evolving demands of its end consumers or to obtain the regulatory approvals for such products, the development of successful products by its competitors and general economic conditions. It cannot assure that the performance of its oil seeds will continue to meet its customers’ expectations. In addition, its business, financial condition, results of operations and prospects could be materially and adversely affected if one or more of these uncertainties or disruptions occur.

Outlook

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. It offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. On the concern side, the substantial portion of its purchases has been dependent upon few suppliers. Its top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of its total purchase for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its suppliers and the success of its business is accordingly significantly dependent on its maintaining good relationships with them for regular supply of its raw material. The inability of a supplier to meet these requirements, the loss of a significant supplier, or any labour issues or work stoppages at a significant supplier could disrupt the supply of raw materials and parts to its facilities, preventing the company from delivering to its customers, or cause returns of products.

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-99 per equity share. The aggregate size of the offer is around Rs 25.65 crore to Rs 26.73 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 7,458.69 lakh as against Rs 4,412.94 lakh for FY24-25, an increase of 69.02%. Profit after tax for the FY 25-26 was at Rs 611.54 lakh against profit after tax of Rs 215.74 lakh in FY 24-25, an increase of 183.46%.

The company seeks to strengthen its presence in existing markets while gradually expanding its reach to additional geographies, based on market opportunities and demand conditions. It intends to cater to the requirements of its existing customers and, where feasible, broaden its customer base through increased distribution reach. Its focus remains on maintaining long-term relationships with dealers, distributors, and farmers through consistent business engagement and reliable supply of products. Further, the company markets its products under the brand name ‘Dhanwel’. It intends to continue efforts aimed at enhancing brand visibility and recognition in existing and potential markets. Brand-related initiatives are focused on reinforcing customer awareness and recall through consistent product quality and market presence, which supports sustained demand for its products.

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and other applicable SEBI circular(s), Shayona Engineering has informed that the company has received a Purchase Order from a domestic customer for supply industrial piping. The broad consideration / size of the aforesaid Purchase Order is Rs. 25,55,906/- Including GST at 18%. The name of the customer is not disclosed in this intimation due to contractual confidentiality / nondisclosure obligations. The Company shall provide such details to the Stock Exchange(s) / regulatory authority, if required, subject to applicable confidentiality safeguards. The details required under Regulation 30 of the SEBI Listing Regulations read with the applicable SEBI Master Circular and Industry Standards on Regulation 30 are enclosed as Annexure I. 

The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 30 and other applicable Regulations, if any, of the Listing Regulations, Titagarh Rail Systems has informed that it enclosed copies of newspaper advertisements of the Notice issued to the shareholders of the Company pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 for transfer of shares in respect of which dividend has remained unclaimed/unpaid for a period of seven consecutive years, as published today, 23rd June, 2026, in the newspapers: Financial Express (English) and Ekdin (Bengali). The advertisement is also available on the website of the Company at www.titagarh.in.