EAAA India Alternatives Ltd. IPO

EAAA India Alternatives

• EAAA India Alternatives is coming out with a 100% book building; initial public offering (IPO) of 75,70,977 shares of face value Rs 5 each in a price band Rs 1585-1665 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 26, 2026 and will close on October 28, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 5 and is priced 317 times of its face value on the lower side and 333 on the higher side.
• Book running lead managers to the issue are Axis Capital, Jefferies India, Motilal Oswal Investment Advisors and Nuvama Wealth Management.
• Compliance officer for the issue is Deepak Mukhija. 

Profile of the company

Incorporated in Financial Year 2009, EAAA India Alternatives (EAAA) is the Alternatives investment arm of Edelweiss Financial Services. EAAA India Alternatives manages India-focused funds across Alternatives strategies including Real Assets and Private Credit. EAAA India Alternatives caters to a diverse client base of global and domestic investors that include institutional investors, UHNI/HNI and family offices, etc.

EAAA is one of the leading alternative assets management platforms in India, in terms of assets under management (AUM). EAAA’s real assets division focuses on renewable energy, roads infrastructure, and commercial real estate assets. They invest in projects that harness solar, wind, and other sustainable sources. Furthermore, EAAA invests in acquisition, operation and maintenance of infrastructure such as high-quality roads and transmission lines, improving connectivity across the country. In addition to Real Assets, its Private Credit division provides capital to corporates, projects or sponsors, which often lack easy access to traditional credit sources. It focuses on creating tailored solutions to meet the varied needs of promoters and their companies, specifically for those requiring flexible capital for growth, mergers and acquisitions, and equity stake enhancements.

EAAA’s client base includes global pension and insurance companies, institutional investors, UHNI/HNI & Family offices across the globe, who recognize the potential of India’s markets and appreciate EAAA’s rigorous, strategic approach to managing these diverse investments.

Proceed is being used for:

• Carrying out the offer for sale of equity shares by the Promoter Selling Shareholder
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry overview

As India continues its economic growth trajectory, investors are increasingly looking for investment opportunities apart from the traditional investment ecosystem to build their portfolio and safeguard their wealth from future financial downturns. Some of these alternative investment options in India can offer high returns with low volatility and help diversify an investment portfolio. India’s alternative investment industry is growing, although it is still relatively underdeveloped compared to the global industry. However, with regulatory changes and increasing investor interest, the alternative investment space in India is poised for further growth.

The Indian alternative industry is expected to reach around $267 billion by the year 2030 from $151.9 billion in 2025. Between 2025 and 2030, the industry is expected to record a CAGR of around 12% to 14%, with private credit and real assets expected to grow at a faster pace than private equity. India is expected to outpace the mature market like North America and Europe. The alternative investment fund segment in India is growing quickly because of increasing awareness of alternative investments, evolution of regulatory environment, people looking beyond traditional asset classes for investment option, improving financial literacy and growing high net worth population in the country. As India's economy and wealth increase, investors are looking for more diverse and higher-yielding options than usual, also these investments are not linked to market fluctuations thereby a preferred choice to diversify, leading to a rise in demand for alternative investments like private credit and real assets. 

The India Alternatives Market has multiple significant trends that have been instrumental in shaping the industry's landscape. As the industry focused on growth, returns, and diversification, it has experienced significant changes in asset size, investor behaviour, and the adoption of technology-driven solutions. The factors can be broadly classified into three primary categories, macro factors, demand-side factors and supply-side factors. India has been experiencing a steady increase in wealth creation, both at the individual and institutional levels. As income levels are rising, people are searching for more avenues to invest in. High-net-worth individuals (HNIs), family offices, and institutional investors are looking for avenues to deploy their capital effectively, and Alternative Investment Funds (AIF) provide them with opportunities for portfolio diversification.

Pros and strengths 

Scaled and experienced player in the large and expanding Indian real assets and private credit market: Alternatives is one of the fastest growing investment segments in India, given its low penetration. India’s growing economy is projected to be the third largest globally by the year 2027 to 2028, making it an attractive opportunity for investors. India has been identified as the most appealing emerging market across various asset categories, especially in terms of private credit owing to growing demand for credit in the system and private equity as the startup ecosystem is on a rise in the country. Particularly, the combined AUM of private credit and real assets in India have more than doubled during the period from 2015 to 2025, and it is expected to further grow to $112.9 billion by 2030. The proportion of private credit and real assets market is expected to reach 42% of India’s overall alternative investments industry by 2030 from 33% in 2025.

Technology-enabled institutional platform: The company utilizes Its technological capabilities built in-house as well as from the technological products, sourced in the market and from third-party vendors to enhance client experience, improve operational efficiency, and ensure effective risk management. It primarily integrates technology into its operations for scalability, efficiency, automation and data management.

Dedicated asset operating and management platform: Most of its funds’ portfolio assets are managed through one of its Subsidiaries, Sekura, which serves as its asset operating and management platform. Sekura oversees its Real Assets portfolio across infrastructure, commercial real estate, and energy operations in 16 states in India. Recognizing that infrastructure is a key driver for the Indian economy, it places significant importance on the identification and assessment of asset quality for sound investment decisions. This is achieved by building on ground operational capabilities through a capable and experienced team. Its team has extensive experience managing the entire lifecycle of similar assets, from inception to construction to operations, within reputed infrastructure companies. They are adept at implementing robust processes, systems, and practices necessary for asset management. It encapsulates this concept as ‘PPT’-People, Process, and Technology. By assembling an experienced operating team, implementing processes gleaned from its team’s cross-sector experience, and utilizing advanced technologies, it ensures consistency, accountability, and efficiency, which are critical for asset management throughout their lifecycle. For example, its asset operating and management team employes several professionals, including engineers, specialists and safety experts, who possess core technical skills in portfolio management and operations.

Comprehensive risk management systems: The company has implemented a comprehensive risk management framework for investment risk. With respect to its business verticals, it conducts risk assessments at the pre-investment stage, as well as conduct regular monitoring in the post-investment phase. It regularly monitors and conduct risk-based classification of its funds’ portfolio assets to identify and mitigate risks. It also conducts regular reviews to ensure alignment with fund documents, processes and global best practices in ESG. Its investment risk governance involves managing risks through its investment teams, risk functions and committees. During the pre-investment stage, in case of Private Credit its investment and asset management policy and procedures involve independent assessment by the Name Clearance Committee, Credit Committee, Fund Diligence Team/Fund Team, Risk Team, and Investment/Review Committees/Key Investment Team. It analyzes investee companies for counterparty checks, industry benchmarking, financial performance, operational aspects, and collateral checks depending on the size and complexity of the deals. It also engages external experts for legal, technical, commercial, financial, ESG and tax aspects, ensuring compliance with all stipulated conditions and approval by stakeholders before disbursement.

Risks and concerns

Dependence on management and advisory fees and variable additional return: The company’s revenue and profit are dependent on its Management and Advisory Fees and Variable Additional Return. Management and Advisory Fees constituted 49.56%, 62.61%, 60.08%, 60.97% and 68.12% of its total Income for the three-month periods ended June 30, 2026 and June 30, 2025, and the Financial Years 2026, 2025 and 2024, respectively. Variable Additional Return constituted 32.41%, 27.54%, 30.14%, 24.25% and 16.19% of its Total Income for the same periods, respectively. Its Management and Advisory Fees stream is notably stable, as they largely stem from multi-year contractual agreements, however, there is a risk that it may fluctuate depending on the performance of its funds, changes in fee structure, competition and market conditions which may consequently affect its total income. Additionally, it generates Variable Additional Return through additional return on sponsor or general partner commitment, which is dependent on the performance of its funds. The fluctuation of its Variable Additional Return will therefore affect its total income.

Absence of directly comparable Indian listed peers: The company does not have directly comparable Indian listed peers. The absence of directly comparable Indian listed peers may present challenges in terms of how investors perceive and value the company. The lack of comparable companies in the domestic market can create uncertainty and variability in the assessment of its financial performance, growth prospects, and overall business value. Investors typically rely on peer comparisons to evaluate companies within the same industry or sector. These comparisons help in assessing relative performance metrics such as revenue growth, profitability, and market share. In the absence of directly comparable Indian listed peers, investors may find it difficult to benchmark its performance accurately, which could result in a perception of higher investment risk. Additionally, the lack of comparable peers may impact its ability to raise capital efficiently. Potential investors, including institutional investors, may require a higher risk premium to compensate for the perceived uncertainty, which could increase its cost of capital and affect fundraising efforts.

Uncertainty in timing and receipt of net variable additional return: The timing and receipt of Variable Additional Return (net of Variable Additional Return related cost) from the funds it manages and advises are inherently unpredictable and contribute to the volatility of its cash flows. Further, this risk should be viewed as Net Variable Additional Return i.e., Variable Additional Return less Variable Additional Return related cost.  Of the cumulative Variable Additional Return of Rs 6,847.20 million recognized from Financial Year 2024 to the three months period ended June 30, 2026, Rs 3,976.54 million has been realized. The timing of such cash receipts is influenced by factors largely beyond its control, including market conditions, exit opportunities for underlying investments, repayment by borrowing entities and fund-level distribution policies. As a result, there may be significant periods during which it has recognised Variable Additional Return in its financial statements but have not received corresponding cash proceeds, or receive them substantially later than the period of recognition.

Intense competition in alternative asset management industry: The company faces strong competition in the alternative asset management segment. Its competitors may offer products with better fee structure or risk adjusted returns, which could sway existing or future clients to its competitors. As a result, it may be required to also change its Management and Advisory Fees structure or lower its Management and Advisory Fees to maintain the attractiveness of its products and services. Furthermore, in some asset classes that it may launches or plan to launch, it may be competing with other global institutional funds that are targeting investments in India. These global institutional funds may have more deployable capital, cash and liquidity than it, which puts pressure on the attractiveness of its existing or future products and services.

Outlook

EAAA India Alternatives is a SEBI registered Investment Manager for co-investment portfolio management services and Alternative Investment Funds and provides non-binding advisory services to certain offshore funds of its Subsidiary. EAAA India Alternatives has obtained registration for its Gift City branch as fund management entity under IFSC FME Regulation 2022 with effect from January 30, 2023. EAAA India Alternatives is a subsidiary of Edelweiss Securities and Investments (ESIPL), a Company incorporated in India. On the concern side, its Variable Additional Return constitutes 32.41%, 27.54%, 30.14%, 24.25% and 16.19% of its Total Income for the three months period ended June 30, 2026, June 30, 2025 and Financial Years 2026, 2025 and 2024, respectively. Further, the realized Variable Additional Return may be different from its Variable Additional Return recognized on a year-on-year basis and the timing and receipt of Variable Additional Return are unpredictable and contribute to volatility in its cash flows.

The issue has been offering 75,70,977 shares in a price band of Rs 1585-1665 per equity share. The aggregate size of the offer is around Rs 1200.00 crore to Rs 1260.57 crore based on lower and upper price band respectively. Minimum application is to be made for 9 shares and in multiples thereof thereafter. On performance front, its total income was Rs 9,637.59 million for the Financial Year 2026, an increase by 22.53%, from Rs 7,865.43 million for the Financial Year 2025. Its profit for the year was Rs 2,651.97 million for Financial Year 2026, an increase of 15.41%, from Rs 2,297.79 million for Financial Year 2025.

Meanwhile, the company intends to expand its Real Assets business vertical by sourcing, acquiring, and optimizing assets to build a diverse and resilient portfolio that delivers consistent returns to its clients. Central to its approach is the acquisition of growth-oriented assets and incorporating advanced ESG parameters to enhance market value and sustainability. It also aims to exit mature assets strategically to reinvest in higher-potential opportunities and capitalize on the growth of the real assets sector. Since infrastructure plays a major role with around 9% contribution to the GDP of India in Financial Year 2025, it intends to prioritize assets with long residual life and proven revenue streams. Additionally, given that India’s office market is expected to grow at from Rs 10,707 billion in 2025 to Rs 21,349 billion by 2030, indicating a CAGR of 13%-15%, it focuses on acquiring quality operational office assets that generate stable cash flows. Furthermore, with respect to its energy transition sub-vertical, it intends to invest in climate mitigation and adaptation projects, especially greenfield opportunities.

Nifty October 2026 futures closed at 22589.00 (LTP) on Friday, at a discount of 11.00 points over spot closing of 22600.00, while Nifty November 2026 futures ended at 22679.90 (LTP), at a premium of 79.90 points over spot closing. Nifty October futures saw a contraction of 6,400 units, taking the total open interest (Contracts) to 2,06,076 units. The near month derivatives contract will expire on October 27, 2026. (Provisional)

From the most active contracts, HDFC Bank October 2026 futures traded at a discount of 0.60 points at 692.20 (LTP) compared with spot closing of 692.80. The numbers of contracts traded were 1,39,488. (Provisional)

Infosys October 2026 futures traded at a discount of 16.80 points at 1137.00 (LTP) compared with spot closing of 1153.80. The numbers of contracts traded were 90,357. (Provisional)

Reliance Industries October 2026 futures traded at a discount of 1.30 points at 1188.70 (LTP) compared with spot closing of 1190.00. The numbers of contracts traded were 76,039. (Provisional)

Tata Consultancy Services October 2026 futures traded at a discount of 0.20 points at 2529.80 (LTP) compared with spot closing of 2530.00. The numbers of contracts traded were 52,173. (Provisional)

ICICI Bank October 2026 futures traded at a discount of 2.40 points at 1391.80 (LTP) compared with spot closing of 1394.20. The numbers of contracts traded were 44,860. (Provisional)

SFC Environmental Technologies

• SFC Environmental Technologies is coming out with a 100% book building; initial public offering (IPO) of 2,04,75,082 shares of face value Rs 2 each in a price band Rs 313-330 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 2 and is priced 156.50 times of its face value on the lower side and 165.00 on the higher side.
• Book running lead managers to the issue are IIFL Capital Services, JM Financial and Nuvama Wealth Management.
• Compliance officer for the issue is Shweta Deshpande. 

Profile of the company

SFC Environmental Technologies is an environmental technology company offering efficient technologies and comprehensive engineering solutions in the field of wastewater treatment (WWT), wastewater recycling & reuse (WRR) and solid waste treatment (SWT). Its core operations include providing design, technology, manufacturing, supply and supervision for installation and commissioning of equipment for the treatment of wastewater. Its proprietary technology for wastewater treatment is C-Tech, which is an advanced technology for treating sewage and effluents. In addition to its C-Tech package, it offers high-efficiency turbo blowers for aeration in wastewater treatment, fibre disc filters for efficient removal of suspended solids from wastewater and solar sludge drying systems to efficiently dry sludge from wastewater and solid waste treatment using solar energy.

Its wastewater recycling and reuse offerings include design, engineering, manufacturing, procuring, supply, installation and commissioning of projects / plants based on ultrafiltration (UF), closed circuit reverse osmosis (CCRO), and membrane bioreactor technologies (MBR). Leveraging its established leadership and distribution network in WWT and an exclusive supply arrangement with DuPont, it has expanded into the WRR segment as an extension of its core business. The WRR segment is expected to witness significant growth, driven by increasing water scarcity and government initiatives focused on water conservation in India.

The company offers technology solutions for SWT plants comprising of design, engineering, financing, construction, supply and installation, commissioning, performance run, turnkey solutions and operations and maintenance (O&M). It is among the market leaders in the municipal solid waste space basis its operational results and comprehensive solutions. Its principal technology for solid waste treatment is the Organic Extraction (OREX) technology. OREX is its proprietary technology, designed to efficiently separate biodegradable organics from inorganic materials and lignocellulosic fibres from mixed municipal waste.

Proceed is being used for:

• Prepayment of all or a portion of certain outstanding borrowings availed by the company and its wholly owned Subsidiary, namely Vasudha Waste Treatment Private Limited
• Funding its working capital requirements
• General corporate purposes

Industry overview

India's wastewater treatment market is growing steadily, driven by opportunities in both the industrial and municipal sectors. The expansion is supported by high industrial activity, ongoing urbanization, economic growth, and increasing groundwater stress - all of which necessitate more effective wastewater management. The government's commitment to sustainability, coupled with financial incentives, continues to foster a favorable environment for adopting innovative treatment technologies. Notably, the market is witnessing a gradual shift from price-sensitive procurement to valuebased approaches, with a growing number of Build, Own, Operate, and Transfer (BOOT) projects, typically spanning 15 to 30 years, that emphasize long-term performance and reliability. 

The industry recorded revenue of Rs 268 billion in FY2025, reflecting a 7.2% year-on-year growth, and is estimated at Rs 292 billion in FY2026. The market is projected to grow at a 9.3% CAGR between FY2026 and FY2031E to Rs 455 billion, supported by renewed project allocations and increasing adoption of digital monitoring. In terms of capital investment, for a Sewage Treatment Plant (STP) sized between 20 million litres per day (MLD) and 100 MLD, total costs typically range from Rs 300 million to Rs 1,000 million, depending on factors like land, technology, and site conditions. The C-Tech8 package accounts for about 10-15% of the total cost, while disc filters and blowers contribute 5-8% each. The remaining budget typically covers civil works, electro-mechanical systems, instrumentation, and piping.

The Government of India promotes private sector participation in sewage treatment infrastructure through structured contracting and financing models, particularly for municipal-scale projects. A key mechanism in this regard is the Hybrid Annuity Model (HAM), which has been adopted under the National Mission for Clean Ganga (NMCG) for the development and operation of sewage treatment plants. Under the HAM framework, the public authority provides a portion of the project cost during the construction phase, while the private developer invests the balance and is responsible for construction as well as long-term operation and maintenance. The private partner receives annuity payments over the concession period, typically extending up to 15 years, subject to performance and compliance conditions. This model is designed to balance upfront capital support with long-term operational accountability.

Pros and strengths 

Technology driven market leadership in the wastewater treatment market: Growing water scarcity has intensified the focus on efficient water management and accelerated investments in advanced wastewater treatment technologies. It was the first technology provider in the sequencing batch reactor (SBR) space with the introduction of C-Tech in India in the WWT segment. Its SBR technology: C-Tech has been implemented in the large-scale SBR-based STPs in India, including one of the largest STP under development, which has a treatment capacity of 424 MLD wastewater, as of July 31, 2026. Its core operations since incorporation include providing design, technology, manufacturing, supply and supervision for installation and commissioning of equipment for the treatment of wastewater. Its C-Tech technology package includes design and engineering solutions, technology installation, and supply of key equipment such as decanters, diffusers, air blowers, fibre disc filters, solar sludge drying system along with programmable logic controller (PLC) / supervisory control and data acquisition (SCADA) based automation solutions.

Vertical integration through constant innovation and use of technology: Its approach to vertical integration involves the development and manufacture of key components used in its C-Tech and OREX technologies. Its group’s existing technology manufacturing capabilities, coupled with the proposed establishment of a new manufacturing unit to be utilized for the manufacturing of solar sludge dryer systems, diffusers, hollow fibre membranes and fabrication of various equipment required in wastewater treatment and solid waste treatment, augment its in-house manufacturing capabilities, thereby reducing its dependence on third-parties for procurement of key technologies for its business operations and it plans to increase the contribution of its in-house manufacturing to its overall procurement requirements.

Well-positioned to capture market opportunities in the solid waste treatment segment: The company is among the market leaders in the municipal solid waste space basis its operational results and comprehensive solutions. Its principal technology for solid waste treatment is its proprietary Organic Extraction (OREX) technology, designed to efficiently separate biodegradable organics from inorganic materials and lignocellulosic fibres from mixed municipal waste. It has an established track record in the SWT segment, and have designed, built and are operating two integrated SWT facilities in Goa for the Goa Waste Management Corporation (GWMC) on public-private partnership and turnkey model to treat municipal solid waste, enabling generation of biogas, compost and recovery of recyclables, with a combined treatment capacity of 350 tons per day (TPD), with an additional handling capacity of 75 TPD resulting in its aggregate treatment capacity of up to 425 TPD. Operating continuously for more than 10 years, its SWT plant at Saligao, North Goa Plant holds the distinction of being one of the longest-operating integrated SWT-based biogas plant in India.

High proportion of repeat business with strong order book: It maintains strong, long-standing relationships with its customers, as evidenced by recurring business engagements. Notably, it has sustained continuous business from and have consistently provided services to prominent industry players, including Enviro Control Private Limited, Vishvaraj Environment Limited, Khilari Infrastructure Private Limited, SMC Infrastructures Private Limited, Rajkamal Builders Infrastructure Private Limited, Ramky Infrastructure Private Limited, EMS Limited and Enviro Infra Engineers Ltd, reflecting the trust they place in its expertise and the reliability of its solutions. These enduring relationships are a testament to its commitment to delivering quality and maintaining long-term partnerships. Over the years, it has successfully executed a diverse portfolio of projects spanning various capacities and geographical locations. It benefits from a strong brand reputation that has been cultivated over more than 20 years of industry presence. It maintains an order book that reflects its strong market position and operational excellence, and underpins its future growth and profitability. The diversity and volume of its ongoing projects, coupled with a healthy pipeline of upcoming projects, reflects the comprehensive nature of its offerings and its ability to deliver high-quality services across various sectors and geographies and underscore its customers’ confidence in its expertise and the high quality of its services.

Risks and concerns

Significant revenue concentration in WWT and SWT segments: The company derives a substantial portion of its revenues from the WWT and SWT segments which together accounted for 88.22%, 84.98%, 84.34% and 87.40% of its consolidated revenue from operations in the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. It is significantly dependent on projects, contracts or works awarded or funded by government entities, either directly or through its private customers. Its revenue from operations directly or indirectly attributable to government entities or government tenders represented 91.97%, 92.35%, 92.40% and 95.72% of its consolidated revenue from the WWT segment for the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively and 100.00% in the three months period ended June 30, 2026 and 100.00% of its consolidated revenue from SWT segment for each of the Fiscals 2026, 2025 and 2024. Any reduction or termination in such projects or adverse change in government policies could adversely affect its business, results of operations and financial condition.

Significant dependence on top 10 customers: The company derives a significant part of its revenue from its top 10 customers and it does not have long term contracts with most of these customers. Its top 10 customers for the three months period ended June 30, 2026, and Fiscal 2026, Fiscal 2025 and Fiscal 2024 contributed 79.20%, 64.44%, 61.37% and 59.18% to its revenue from operations, respectively. If one or more of such customers choose not to source their requirements from it or to terminate its long-term contracts, its business, results of operations and financial condition may be adversely affected.

Dependence on limited number of suppliers for raw materials: The company depends on a few suppliers for the supply of majority of its raw materials and it does not have continuing and exclusive supply agreements with all of them. The Company’s top 10 suppliers accounted for 55.66%, 47.71%, and 63.71% of total purchases of stock-in-trade and raw materials in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Any interruptions in the supply of raw materials, fluctuations in raw material prices or any failure by its suppliers to make timely delivery of raw materials could adversely affect its business, results of operations and financial conditions.

High working capital requirements for business operations: The company has high working capital requirements, and may require additional financing to meet those requirements, which could have a material adverse effect on its results of operations, cash flows and financial condition. It is required to maintain a high level of working capital for its business operations, primarily for funding its purchase of raw materials, stock-in-trade and managing its trade receivables for its WWT business operations, primarily in the second half of the financial year. Accordingly, the company has substantial working capital requirements for carrying out its WWT business operations. The actual amount and timing of its future working capital requirements may differ from estimates due to, among other factors, unforeseen delays or cost overruns, unanticipated expenses, regulatory changes, economic conditions, design changes, technological changes, additional market developments and new opportunities in the industry.

Outlook

SFC Environmental Technologies is an environmental technology group, offering efficient technologies and comprehensive engineering solutions in the field of wastewater treatment, wastewater recycling & reuse and solid waste treatment (including agro-waste based biogas projects). On the concern side, its revenues and operations are dependent upon technology. Failure of these technologies, failure to upgrade or innovate these technologies or failure to identify and develop new technologies could have an adverse impact on its results of operations. Its products may be displaced by newer technology and any inability or failure to adapt to technological developments; the evolving competitive landscape or industry trends could harm its business and competitiveness.

The issue has been offering 2,04,75,082 shares in a price band of Rs 313-330 per equity share. The aggregate size of the offer is around Rs 640.87 crore to Rs 675.68 crore based on lower and upper price band respectively. Minimum application is to be made for 45 shares and in multiples thereof thereafter. On performance front, its total income increased by 12.97% to Rs 8,212.73 million for fiscal 2026 from Rs 7,269.63 million for fiscal 2025. Its restated total comprehensive profit for the year increased from Rs 1,518.52 million for fiscal 2025 to Rs 1,616.58 million for fiscal 2026.

Meanwhile, its strategy is to expand its presence domestically as well as in international markets including the Middle East and Africa (MEA) region, and South Asia. This strategic initiative aims to broaden its global footprint, capitalize on emerging market opportunities, and enhance its international market share and profitability. To accelerate its market penetration and improve its distribution capabilities internationally, it actively seeks and evaluate potential upcoming projects, strategic tie-ups and acquisition targets. These initiatives are strategically focused on expanding its product spread and complement its existing product lines. By integrating these businesses into its global operations, it aims to leverage local market expertise, enhance its product offerings, and expand its customer base. These strategic initiatives are designed not only to extend its market presence but also to adapt its operations with additional capabilities that align with local market demands.