Gulf Lloyds (India) Ltd. IPO

Gulf Lloyds (India) 

• Gulf Lloyds (India) is coming out with an initial public offering (IPO) of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
• The issue will open on July 20, 2026 and will close on July 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Suchi Jain.

Profile of the company

Gulf Lloyds (India) operates in the Services Sector, providing third party Inspection, Auditing, Certification, Testing, and Training, services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It also deploys trained and technically qualified personnel to perform inspection, verification and audit services as per client requirements and applicable standards. It undertakes assignments across multiple sectors, assessing whether the products, works, or processes meet prescribed quality and safety standards, technical specifications, and client requirements. Its services support the organizations of various sizes and industries in maintaining quality and safety compliance, controlling costs and operational efficiency. 

As part of its inspection and certification activities, it evaluates compliance and documents, its findings in detailed reports submitted to clients for review and necessary action. It undertakes Third-Party Inspection assignments in India as well as overseas through contractual arrangements. Through such contracts, it provides inspection, verification services for projects located outside India. By leveraging its network of qualified inspectors and technical professionals, it is capable of executing assignments across multiple countries and supporting clients in meeting international quality, safety, and compliance standards and requirements. This enables it to extend its services globally and effectively cover projects across different regions of the world.

Its registered office is located in Ahmedabad, Gujarat, India. With over a decade of experience, it has executed projects in India and internationally, including USA, UAE, Sudan, South Sudan, China, Burundi, Singapore, Germany, UK, England, Panama, Egypt, Muyinga, Jordan etc. It provides a wide spectrum of customer-oriented Certification and Inspection services. It has served a customer base across sectors such as infrastructure, oil and gas, engineering, manufacturing, irrigation, energy, and industrial equipment. It aims to meet the needs of customers and organization by delivering services wherever required. Its role is to provide business solutions that helps to improve the quality, safety, productivity, and risk management while helping customers operate within regulatory and compliance frameworks. Its independent services support the clients’ efficient operations and long-term business continuity.

Proceed is being used for:

• Capital expenditure for office premises 
• Repayment of unsecured loans 
• Working capital requirement
• General corporate purposes

Industry Overview

The expansion of India’s services sector has been closely linked to the economic reforms of the 1990s. While the sector began to grow in the mid-1980s, it gained significant momentum after India initiated a series of structural reforms in response to a severe balance of payments crisis. Today, the services sector is not only the largest contributor to India’s GDP but also a major driver of employment, foreign investment, and exports. It encompasses a wide range of activities, including trade, hotels and restaurants, transport, storage and communication, finance, insurance, real estate, business services, community and personal services, and services associated with construction. 

To enhance India’s share in the global services market from 3.3% and enable multi-fold growth in GDP, the government has implemented several initiatives to strengthen commercial services exports. As a result, India’s services exports stood at around Rs 20,40,317 crore ($237.55 billion), while imports were Rs 10,20,974 crore ($118.87 billion), highlighting India’s strong position in global trade. The services trade surplus of Rs 10,19,343 crore ($118.68 billion), up from Rs 8,71,698 crore ($101.49 billion) in FY25 (April-October 2024).

India’s services sector has steadily increased its share of Gross Value Added, rising from 50.6% in FY14 to about 55.3% in FY25, with an average growth of 8.3% since FY23. The sector also ranked first in attracting Foreign Direct Investment, according to data from the Department for Promotion of Industry and Internal Trade. India’s unique skills and competitive advantage in knowledge-based services, supported by initiatives such as Smart Cities, Clean India, and Digital India, have created a conducive environment for growth and innovation.

Pros and strengths

Comprehensive range of services: It offers a broad and integrated portfolio of services encompassing inspection, verification, auditing, testing, training, and certification across diverse industrial sectors. This multi-disciplinary service capability allows clients to obtain complete quality assurance and compliance solutions through a single, coordinated source. It undertakes assignments covering material inspection, vendor assessment, third-party verification, destructive and non-destructive testing, quality audits, and conformity assessments in line with national and international standards. It also provides technical training and certification programs to improve client understanding of quality, safety, and regulatory requirements. By offering services from inspection and testing to audit and certification, it removes the need for multiple external agencies, improving efficiency, consistency, and control in project execution. This approach builds client confidence, ensures compliance with regulatory frameworks, and establishes it as a service provider in the quality and inspection field.

Nationwide and regional reach: The company manages its operations across several regions in India, with its head office based in Ahmedabad. It supports its activities through head office that are positioned to handle client requirements without delay. It takes up assignments in different states and union territories, including remote project sites, allowing it to remain accessible and responsive to varied operational needs. This spread of locations helps it deploy trained personnel and testing resources quickly, which reduces travel time, limits idle periods, and improves project turnaround. The regional network also gives it a solid operational platform for pursuing new opportunities and enables it to participate in large infrastructure and industrial projects across the country. 

Quality and compliance-driven processes: It maintains a robust Quality Management System (QMS) aligned with ISO 9001 and ISO/IEC 17020 standards. Every inspection, test, and audit follows a defined process for planning, execution, review, and reporting to ensure transparency, accuracy, and traceability. Internal audits, document reviews, and management evaluations are conducted periodically to assess system effectiveness and implement continual improvement measures. The company’s emphasis on quality and procedural compliance ensures that all services meet or exceed client expectations while conforming to statutory and regulatory requirements.

Risks and concerns

Dependence on third-party NABL accredited laboratory: It currently does not hold accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL). Certain testing and inspection assignments undertaken by it require testing to be carried out through laboratories accredited by NABL in order to comply with applicable industry standards and client requirements. In order to facilitate such services, the company has entered into a Memorandum of Understanding on February 05, 2025 with Industrial Testing Center, an NABL-accredited laboratory based in Ahmedabad, for conducting Non-Destructive Testing (NDT) on behalf of the company. The arrangement has been entered into for a period of 3 years commencing from February 05, 2025, pursuant to which Industrial Testing Center provides NABL-accredited laboratory testing support for assignments executed by the company. Any disruption in the availability of NABL-accredited laboratory services may affect its ability to execute certain assignments within the stipulated timelines and may lead to delays in project execution, loss of potential business opportunities or reputational risks.

Reliance on key customers for revenue: It derives a significant portion of its revenue from a limited number of key customers. Its customer base includes companies that engage it for third-party inspection, testing, verification and other related services. Due to the nature of its business, certain customers contribute a relatively higher proportion of its revenue in a given financial period depending on the scale, duration and number of assignments awarded to it. Consequently, its revenue may be significantly influenced by the volume of inspection and related service assignments received from these customers during the relevant periods. The top 10 customer accounted for 73.93%, 60.48%, and 93.85% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The loss of any one or more of its key customers, a reduction in the volume of assignments awarded to it by such customers, or the inability to renew or secure new service contracts on commercially acceptable terms could adversely affect its revenue and profitability.

Risk of errors or deficiencies in inspection and testing services: It is engaged in providing third-party inspection, verification and testing services to clients operating across various industries. The services provided by it involve examining materials, equipment, structures, processes or systems and issuing inspection reports, test results or certifications based on its observations and professional assessment. Its clients rely on such reports and test results for quality assurance, regulatory compliance, project approvals, operational decisions and contractual obligations. The accuracy, reliability and credibility of the inspection and testing results issued by it are therefore critical to its business. Any error, omission, deficiency or delay in the inspection reports or test results issued by it, whether due to human error, equipment malfunction, improper calibration of instruments, incorrect interpretation of technical standards, limitations in information provided by clients, or other operational factors, may affect the reliability of such reports. If any inspection report or certification issued by it is found to be inaccurate, incomplete or deficient, it may lead to disputes with clients or other stakeholders who rely on such reports. Such situations may require re-inspection, rectification, or may expose it to claims, contractual disputes, reputational damage or potential legal liabilities. Further, any adverse perception regarding the reliability or quality of it services may lead to loss of existing clients or difficulty in securing new assignments. Any such occurrence may adversely affect its reputation in the market, its relationships with clients and its ability to secure future contracts.

Outlook

Gulf Lloyds (India) operates in the Services Sector, offering inspection, verification, auditing, testing, training, and certification services across various industries and regions. It provides Third-Party Inspection, Auditing, Testing, Training and Certification services to public sector undertakings as well as private organizations. It places emphasis on continuous learning and capability building of its workforce through the implementation of both internal and external training programs. These programs are designed to enhance employees’ technical skills, professional knowledge, safety awareness and overall job performance, enabling them to effectively perform their roles and responsibilities. On the concern side, its business is subject to regulatory and accreditation requirements applicable to third-party inspection and certification service providers, and any failure to obtain, maintain or renew necessary approvals, certifications or accreditations may adversely affect its operations and revenue. Further, the sizable portion of revenue is generated from the state of Gujarat, any adverse development affecting its operations in the state could have an adverse impact on its business, financial condition and results of operations.

The company is coming out with an IPO of 18,19,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 18.19 crore. On performance front, its revenue from operations increased by 0.20% to Rs 3,567.94 lakh for FY 2026 from Rs 3,560.82 lakh for FY 2025. Profit after tax has decreased by 7.82% from Rs 466.80 lakh for FY 2025 to Rs 430.29 lakh for FY 2026.

Meanwhile, it plans to grow its footprint by reaching more sectors and geographical areas where demand for inspection, verification, auditing, testing, training, and certification services is increasing. Right now, it already works in several core sectors-such as infrastructure, power, oil and gas, manufacturing, utilities, transportation, and industrial projects. The goal is to deepen involvement in these sectors while also entering related areas where similar compliance and inspection needs exist. Going forward, it intends to further strengthen its engagement with central and state government departments, statutory authorities, and public sector undertakings, which form a significant part of its client base. These entities undertake large-scale development, procurement, and infrastructure programs that require continuous inspection, verification, auditing, testing, and certification support. It aims to maintain an active presence in these segments by aligning its services with the procedural and compliance requirements applicable to public projects.

Sham Foam 

• Sham Foam is coming out with an initial public offering (IPO) of 31,14,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 130 per equity share.
• The issue will open on August 11, 2026 and will close on August 13, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 13 times higher to its face value of Rs 10.
• Book running lead managers to the issue are Corporate Makers Capital and Navigant Corporate Advisors.
• Compliance Officer for the issue is Reetika Dhain.

Profile of the company

Sham Foam is primarily engaged in the business of manufacturing, distribution, marketing and selling of polyurethane foam (PU Foam), mattresses and other allied home comfort products targeted primarily at Indian consumers. It also manufactures Industrial grades of PU Foam that is used in a wide range of industries in India. It offers a diversified product portfolio catering to consumers with varied preferences and requirements. Its foam-based product line comprises mattresses, pillows, furniture-cushions, cushions as well as PU foam cores utilised for manufacturing finished home comfort products. It specializes in manufacturing of customized PU Foam and Mattress to suit the specific requirements of its customers. Its mattresses are primarily offered under its brand Featherfresh and Restivia range, includes both pure foam mattresses as well as hybrid mattress combining spring and rebounded foam, that are capable of bespoke customisation as per the requirements of consumers. Further, its pillow and cushions are primarily offered under the brand Featherfresh range, comprises PU Foam that constitutes upholstery material of different densities to ensure greater comfort and durability.

It is engaged in the manufacture and supply of PU Foam, catering primarily to the mattress and furniture industry, as well as applications in sports products, seat cover, Shoes, innerwear, jackets and related apparel. It also specializes in PU foam production, supplying customized grades/ density as per customer requirements. Certain finished products, such as pillows, are manufactured on a job-work basis through third-party manufacturers, as per customer specifications. It is a full-stack vertically integrated company, enabling it to control every aspect of its operations, from conceptualizing, designing and engineering its products to manufacturing, distributing and providing customer experience and engagement.

It currently owns and operates from its state of art manufacturing facility accredited with ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems and situated at Khasra No. 18/16/2, Shahzadpur Yamunanagar Road, Nh-344, Village Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India. Its installed capacity for foam production in India is currently at 15,000 TPA. Its manufacturing facility is strategically located near to majority of its customers’ manufacturing facilities allowing it to optimise its deliveries, reduce lead times and facilitate greater interaction with its customers.

Proceed is being used for:

• Financing the capital expenditure requirements for civil construction and purchase of machineries and equipment for existing manufacturing facility
• Part financing the requirement of working capital
• Metting general corporate purposes

Industry Overview

The India mattress market is segmented by product type (Innerspring/Coil, Foam Including Memory Foam, Latex, Hybrid, Other Mattress Types), Mattress Size (Single-Size, Double-Size, Queen Size, King-Size, Custom & Specialty Sizes), End User (Residential, Commercial), Distribution Channel (B2C/Retail, B2B/Project), and Geography. The India mattress market size is $2.40 billion in 2025 and is forecast to reach $3.65 billion by 2030, expanding at an 8.80% CAGR across the period. Surging sleep-health awareness, higher urban disposable income, and an expanding omnichannel retail network have repositioned mattresses from basic furniture to health investments. Organized players are capitalizing on the trend by integrating AI enabled products, tightening supply chains and widening show-room footprints to reach digitally-savvy consumers in Tier-II and Tier-III cities. Hospitality growth linked to India’s G20 tourism push and the hotel sector’s $31.01 billion 2029 revenue target is creating incremental B2B volume that supports factory utilization rates. Meanwhile, direct-to-consumer (D2C) brands have disrupted legacy pricing by offering 25-50% lower ticket sizes and reinforcing the premiumization narrative through health-centric positioning.

Urban population share is poised to exceed 50% by 2047, requiring 78 million new housing units and driving consistent bedding demand. Real-estate value is projected to climb from $482 billion in 2024 to $1.5 trillion in 2034, catalyzing mattress replacement and first-time purchases. Luxury housing’s share rose from 16% in 2018 to 34% in 2023, lifting average selling prices. Smart-home integrations encourage the adoption of IoT-enabled mattress technologies. Developers bundling fully-furnished apartments further stimulate B2B sales. Real estate developers' focus on wellness amenities creates B2B opportunities for mattress manufacturers to supply furnished apartments and corporate housing projects. The urbanization trend establishes sustainable demand fundamentals that support long-term market expansion while creating geographic diversification opportunities for manufacturers seeking growth beyond traditional metropolitan markets. 

Meanwhile, more than 35% of volumes originate from unorganized producers operating at 30-40% lower price points. Their agile customization and low overheads help capture buyers, prioritizing affordability over brand. Distribution reach into remote geographies gives them a defensive moat against larger brands. Quality gaps have narrowed as local firms adopt improved foaming and spring units. Inconsistent enforcement of safety and labeling standards perpetuates an uneven competitive field. Regulatory enforcement variations across states create inconsistent competitive environments that complicate strategic planning for organized players seeking national market expansion and standardized positioning strategies.

Pros and strengths

In-house manufacturing facility supported by technology driven process: It presently carry all its manufacturing operations through its state of art manufacturing facility accredited with ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems situated at Shahzadpur Yamunanagar Road, Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India, which manufacture PU Foam and has 15,000 TPA installed capacity. It has established an efficient, technology-driven manufacturing process that enables it to produce its products in accordance with the specific requirements and specifications of its customers in a cost-effective manner. This includes the integration of QR codes on PU foam sheets and cushions, allowing carpenters to easily access product information and benefit from associated schemes. Additionally, it has integrated QR codes across its mattress range, enabling customers to access product details and complete warranty registration with a simple scan, making its offerings transparent, reliable, and truly tech-enabled.

Extensive and well-developed pan-India sales and distribution network: It has established a strong and far-reaching sales and distribution network that spans 13 states and union territories, supported by a robust base of dealers. Its distribution network provides support to its business operations. It sells its products through a pan-India network of dealers. Its well-developed sales and distribution network gives it a standing in a market where the lack of distribution channels can create natural entry barriers. It conducts periodic training programmes for sales personnel of its dealers to ensure appropriate marketing and showcase of its brands. It also provides sales incentives to its dealers, whereby, incentive coupons/credits are provided to dealers who achieve sales targets during a specified period. Such initiatives encourage its dealers to effect greater sales, and increase its brand visibility.

Focus on quality and timely delivery: Meeting deadlines along with managing quality are bed rock of successful strategy. It stresses on and constantly strives to maintain and improve its quality. Its focus on quality and innovation helps it to complete in the segment it deals. Intensive care is taken to determine the standard of every material/ product dispatched. Further, as a certification of the quality assurance, it has received ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems. Its focus on quality of products has enabled it to sustain its business model to benefit its customers.

Risks and concerns

Operational disruption risk: Its business is dependent on its manufacturing facility. Any shutdown of operations of its manufacturing facility may have an adverse effect on its business and results of operations. It has a Manufacturing Facility situated at Khasra No. 18/16/2, Shahzadpur Yamunanager Road, Nh-344, Village Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India. Its manufacturing facility is supported by infrastructure for storage of raw materials and finished goods, together with quality control equipment and processing team. This manufacturing facility is subject to the normal risks of industrial production, including natural disasters, directives from government agencies and power interruptions.

Reliance on limited customers for revenue: Its revenues have been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on its results of operations. For the period ended March 31, 2024, March 31, 2025 and March 31, 2026 its revenue from operations from its top 10 customers contributed to 28.02%, 26.83% and 25.06% respectively of its revenues from operations as per its Restated Financial Statements. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, 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 working capital requirements: Its business requires significant amount of working capital and major portion of its working capital is utilized towards inventories and trade receivables. Its growing scale and expansion, if any, may result in increase in the quantum of current assets. Its inability to maintain sufficient cash flow, and other sources of funding, in a timely manner, or at all, to meet the requirement of working capital, could adversely affect its financial condition and result of its operations. Further, it has high outstanding amount due from its debtors which may result in a high risk in case of non-payment by these debtors. In case of any such defaults from its debtors, may affect its business operations and financials.

Outlook

Sham Foam is engaged in the business of manufacturing of PU Foam, Mattress, Pillow and Other comfort products. It has established a strong and far-reaching sales and distribution network that spans 13 states and union territories, supported by a robust base of dealers. Its distribution network provides support to its business operations. It sells its products through a pan-India network of dealers. Its well-developed sales and distribution network gives it a standing in a market where the lack of distribution channels can create natural entry barriers. On the concern side, it derives a significant portion of its revenue from the sale of PU Foam. It manufactures, markets and sells PU Foam to various dealers across India. For Fiscals 2026, 2025 and 2024, its revenue from its sale of PU Foam amounted to Rs 7,960.10 lakh, Rs 7,184.30 lakh and Rs 6,782.23 Lakh representing 86.22%, 88.53% and 91.99% of its revenue from operations, respectively. Consequently, any reduction in demand from the costumers of PU Foam or lack of preference could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with an IPO of 31,14,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 130 per equity share to mobilize Rs 40.48 crore. On performance front, its revenue from operations increased by 13.77% to Rs 9,231.92 lakh for FY 2026 from Rs 8,114.82 lakh for FY 2025. Profit after tax has increased by 141.51% from Rs 358.19 lakh for FY 2025 to Rs 865.06 lakh for FY 2026.

Meanwhile, a key strategy for increasing and growing its business is to increase the strength of its relationship with its existing customers, reaching out for new customers & widen its customer base. Its strategy is to widen its customer base geographically as well as demographically. It intends to continue to invest in its existing products so as to provide better experiences to its existing clients and also provide products for increasing the client base of the company. Going forward, it intends to expand its geographical reach and enter the large domestic market for growth opportunities of its business. Currently, it has presence in the state of Bihar, Chandigarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand and it plans to deepen its presence in the existing market and expand its reach and penetrate into the large available market by giving scale down low-price solution and grab major market share.

In continuation of letter dated August 03, 2026, pursuant to regulation 33 read with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Aryaman Capital Markets has informed that the Board of Directors of the Company at its meeting held today, Monday, August 10, 2026, considered and approved the following: 1. The Unaudited Financial Results set out in compliance with Indian Accounting Standards (Ind–AS) for the quarter ended June 30, 2026 together with Limited review report thereon. 2. The Material Transactions with Related Parties under the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 3. The Board’s Report and other annexures to the reports for the Financial Year ended 2025-26. 4. The Notice of 18th Annual General Meeting of the members of the Company to be held on Wednesday, September 02, 2026 through Video Conferencing. 5. Appointment of JNG&CO.LLP (Firm Registration Number L2024MH017500) Practising Company Secretaries (COP No. 8108, Membership No. 7569), as Scrutinizer for the purpose of 18th Annual General Meeting. The Unaudited Financial Results, duly approved by the Board of Directors of the Company in their meeting held today on Monday, August 10, 2026, together with Limited review report thereon are enclosed as - Annexure A. The Board Meeting commenced at 01.30 PM and concluded at 02.30 PM. The aforesaid results are also being disseminated on Company’s website at https://afsl.co.in/acml/investor.php.

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

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements), 2015 (‘Listing Regulations’), DMCC Speciality Chemicals has informed that the Board of Directors of the Company at its meeting held today, on August 10, 2026, considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026, along with the Limited Review Reports thereon issued by the Statutory Auditors of the Company. The Meeting of the Board of Directors commenced at 12:30 PM (IST) and concluded at 2:55 PM (IST). The aforesaid results are also being made available on the Company's website at www.dmcc.com.