Finbud Financial Services Ltd. IPO

Skytech Infinite Platform

• Skytech Infinite Platform is coming out with an initial public offering (IPO) of 29,45,600 shares in a price band of Rs 73 - 77 per equity share.
• The issue will open for subscription on August 14, 2026 and will close on August 18, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.30 times of its face value on the lower side and 7.70 times on the higher side.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance officer for the issue is Harish Kumar Sreekantan.

Profile of the company

Skytech Infinite Platform specializes in providing comprehensive turnkey automation solutions, encompassing Design, Engineering, Supply, Installation & Commissioning (I&C), and Maintenance of various types of Control Panels- from conceptualization to completion. The company is engaged in the manufacturing of Automation Control Panels, with a focus on integrating Programmable Logic Controllers (PLCs), drive systems, switchgear, and sensors to streamline industrial automation processes and optimizing commissioning solutions for enhanced performance. These panels are meticulously designed and assembled to include components such as PLCs, drives, switchgears, sensors, and actuators. Each element is precisely wired to ensure seamless operation, efficient troubleshooting, and optimized commissioning of automated systems.

Functioning as a centralized hub, these panels manage and monitor industrial machinery, enhancing both performance and reliability. Its expertise lies in developing robust control solutions that serve a wide spectrum of industries, including Power, Water, Energy, Machine Tools, Infrastructure, Motor Management, Food & Beverages, HVAC, Chemicals & Pharmaceuticals, Automotive, and Process Industries. It is committed to ensuring operational efficiency, improved productivity, and long-term system sustainability.

The company is an ISO-certified company with a robust operating history of over 15 years. It is a technology-driven organization with a strong emphasis on quality, design, and product development, enabling the company to deliver customized solutions tailored to its clients' needs. Operating from a 10,000 sq. ft. in-house manufacturing facility, it is equipped to design, manufacture, and distribute a wide range of high-quality electrical panels and control systems. Its diverse product portfolio includes PCC Panels, MCC Panels, VFD Panels, APFC Panels, PLC Panels, and Control Desk Panels. It serves multiple industrial sectors, both in India and internationally, with a global footprint extending to countries such as Bhutan, Thailand, China, Singapore, and the USA.

Proceed is being used for:

• Working capital requirements
• General corporate purposes
• Meeting the issue expenses 

Industry overview

The India industrial automation market size stands at $17.28 billion in 2025 and is projected to reach $33.64 billion by 2030, registering a 14.26% CAGR over 2025-2030. By solution, industrial control systems held 37.80% of the India industrial automation market share in 2024; software is forecast to expand at a 15.60% CAGR through 2030. By automation type, programmable systems led with 42.10% revenue share in 2024, while integrated hyper-automation is advancing at a 17.01% CAGR to 2030. By end-user, automotive and transportation accounted for 23.50% of the India industrial automation market size in 2024; electronics and semiconductors are projected to grow at a 17.40% CAGR between 2025-2030. By deployment, on-premises solutions commanded 68.00% share of the India industrial automation market size in 2024, yet cloud deployments record the fastest 16.45% CAGR through 2030.

The Production Linked Incentive program disbursed Rs 140,200 million ($1.69 billion) by 2025 to discrete industries on the condition of demonstrable Industry 4.0 compliance. Automotive applicants must showcase fully networked production lines with PLC-controlled stations and real-time quality monitoring to keep receiving tranche payments. Electronics manufacturers face even stricter benchmarks such as predictive maintenance capability and 100 percent traceability across subcontractors. This rule design amplifies downstream demand because Tier-1 suppliers press Tier-3 vendors to install compatible automation layers, multiplying market pull across component, tooling, and packaging partners.

Pros and strengths

Diversified automation solution portfolio: The company offers a comprehensive and diversified range of automation solutions tailored to meet the operational demands of modern industries. From essential control systems like PCC, MCC, VFD, and PLC panels to integrated turnkey automation services, its offerings are designed to support clients throughout the entire project lifecycle. This wide-ranging portfolio enables it to cater to various sectors including manufacturing, utilities, infrastructure, and process industries with efficiency and precision. Its strength lies in the ability to deliver both standardized and highly customized solutions, depending on the application and client requirement. This flexibility allows it to respond quickly to specific challenges, ensuring optimal system performance and customer satisfaction across multiple industry segments.

End-to-End quality and reliability in turnkey automation solutions: The company stands out for its holistic approach to turnkey automation, offering comprehensive solutions that span design, engineering, supply, installation, commissioning, and maintenance of a wide range of control panels. With a strong emphasis on process integrity and operational excellence, every project is executed under stringent quality control measures to ensure high performance, safety, and long-term reliability. The company’s ISO 9001:2015 certification for its systems and processes further reinforces its commitment to maintaining global standards, delivering consistent value, and exceeding client expectations across industrial applications.

Expanding market reach through customer-centric strategies: It is consistently working to strengthen its market presence by expanding its customer base through targeted and effective marketing efforts. Its ability to tailor solutions to meet the specific requirements of different industries enables it to tap into diverse customer segments and broaden its operational scope. A deep understanding of customer needs, a commitment to sustainable practices, and an unwavering focus on quality form the foundation of its customer retention and customer loyalty. Its marketing efforts are further supported by technically skilled engineers who actively analyze market demand and provide insights to refine and adapt its solution offerings accordingly.

Risks and concerns

Dependence on the Karnataka market for product sales: The company majorly sells its products in the state of Karnataka. For the financial year March 31, 2026, March 31, 2025 and March 31, 2024, its sales in Karnataka were 75.39%, 63.13% and 58.34% respectively. Such geographical concentration of its business in these regions heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations. Factors such as competition, culture, regulatory regimes, business practices and customs, industry needs, transportation, in other markets where it may expand its operations may differ from those in which it is currently offering. In addition, as it enters new markets and geographical areas, it is likely to compete not only with national players, but also local players who might have an established local presence, are more familiar with local regulations, business practices and industry needs, have stronger relationships with local distributors, dealers, relevant government authorities, and are in a stronger financial position than us, all of which may give them a competitive advantage over the company. Its inability to expand into areas outside Karnataka market may adversely affect its business prospects, financial conditions and results of operations.

Significant revenue dependence on top ten customers: Its business is substantially dependent on existing customers and a limited number of key customers, from whom it derives a significant portion of its revenues. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, its top ten customers accounted for 47.23%, 64.99% and 46.41% of its revenue from operations, respectively. Any reduction in demand, delay in execution schedules, change in procurement strategies or a shift in business priorities by these customers may adversely impact its revenue and profitability.

Geographic concentration in raw material procurement: A significant portion of its raw material purchases is sourced from a limited number of states, creating geographical concentration risk. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, procurement from Karnataka, Maharashtra and Haryana together accounted for approximately 84.56%, 91.71% and 90.25% respectively, of itsf total purchases. Any regional disruption such as adverse weather conditions, transportation bottlenecks, labour unrest, regulatory changes, or political disturbances in these key states could impact the availability, quality or pricing of raw materials.

Outlook

Skytech Infinite Platform is mainly engaged in the business of Marketing, Distributing, Trading, Servicing and Installation of Industrial Automation Equipment's, Electronic & Electrical Equipment's and company in the business of Marketing, Selling and Servicing of Hardware items and provide solutions to customers Global Supply Business requirements. On the concern side, a substantial portion of its purchases is dependent on a limited number of suppliers. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, its top ten suppliers accounted for approximately 43.79%, 52.61% and 50.38% of its total purchases, respectively. It has not entered into long-term contracts with these suppliers, and raw material prices are generally based on quotations received from time to time. Any inability to obtain raw materials of the required quality, in adequate quantities, and in a timely manner could materially and adversely affect its operations, financial condition, and profitability.

The company is coming out with a maiden IPO of 29,45,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 73-77 per equity share. The aggregate size of the offer is around Rs 21.50 crore to Rs 22.68 crore based on lower and upper price band respectively. On performance front, revenue from operations increased by 14.41% from Rs 4,514.01 lakh in Fiscal 2025 to Rs 5,164.50 lakh in Fiscal 2026.  Profit after tax increased by 13.21% to Rs 420.47 lakh in Fiscal 2026 compared with Rs 371.41 lakh in Fiscal 2025.

Meanwhile, it has developed a well-coordinated operational structure that allows it to respond swiftly to client requirements, regardless of scale or complexity. Its internal teams are trained to plan, prepare, and mobilize resources efficiently- ensuring quick turnaround times for design, engineering, and field deployment activities. With strong vendor coordination, flexible scheduling, and a technically skilled workforce, it is capable of executing assignments across different regions without compromising on quality or timelines. This agility ensures it meets tight deadlines, adapt to scope changes, and mitigate risks without compromising quality, making it a reliable partner in delivering timely and cost-effective automation solutions.