Harikanta Overseas Ltd. IPO

Harikanta Overseas

• Harikanta Overseas is coming out with an initial public offering (IPO) of 26,70,000 shares in a price band of Rs 91- 96 per equity share.
• The issue will open on May 20, 2026 and will close on May 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.10 times of its face value on the lower side and 9.60 times on the higher side.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Swati Malu.

Profile of the company

Harikanta Overseas is engaged in the manufacturing of Synthetic textile fabrics. Its product portfolio includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber. It primarily caters fabric to women’s wear, producing fabrics for sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas. Although its fabrics have multiple end uses, the majority of them are utilized in the manufacturing of different types of sarees.

With the objective of broadening business horizons and accessing international markets, the Promoters incorporated the company on October 22, 2018. This marked a milestone in their entrepreneurial journey, creating a platform for global trade. The company commenced exports of products such as Ikat fabrics and Dhupion fabrics, which not only reinforced its market presence but also expanded its customer base beyond India. 

This step diversified the group’s business portfolio and placed it on a path of growth with an emphasis on global expansion. With the objective of supplying products to overseas customers, it has set up a manufacturing unit at Surat, Gujarat. Its current manufacturing facility is spread across 953.93 sq. mtrs. at Sai Ram Industrial Estate-2, Bamroli Gam, Bamroli, Surat, Gujarat. 

Proceed is being used for:

• Capital expenditure for factory premises  
• Capital expenditure for plant and machineries   
• Working capital  
• General corporate purposes 

Industry Overview

India’s textiles sector is one of the oldest industries in the Indian economy, dating back to several centuries. The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, with the capital-intensive sophisticated mills sector at the other end. The fundamental strength of the textile industry in India is its strong production base of a wide range of fibre/yarns from natural fibres like cotton, jute, silk, and wool, to synthetic/man-made fibres like polyester, viscose, nylon and acrylic. The decentralised power looms/ hosiery and knitting sector form the largest component of the textiles sector. The close linkage of textiles industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles makes it unique in comparison to other industries in the country. India’s textiles industry has a capacity to produce a wide variety of products suitable for different market segments, both within India and across the world.

The Indian Textile and Apparel Industry is valued at over $100 billion, employing over 45 million people and accounting for 14% of the country's industrial production. India is a global leader in producing several textile products, such as being the second biggest producer of silk, cotton and Multimode Fibre (MMF). It is also a world leader in jute production, accounting for nearly 70% of global production. Additionally, based on capacity, the country has the second largest vertically integrated production base after China. This leadership position gives the country significant advantages, such as manufacturing strength across the value chain and a huge raw material base. The value chain includes weaving, spinning, garmenting and processing.

The Textile Ministry’s allocation increases by 19%, rising from Rs 4,417.03 crore ($512 million) in 2024-25 to Rs 5,272 crore ($611 million) in 2025-26, reflecting the government’s commitment to addressing long-standing challenges and unlocking new growth opportunities. A five-year Cotton Mission is launched with an allocation of Rs 600 crore ($69.6 million) to boost extra-long staple (ELS) cotton productivity through science and technology support. The initiative promotes global agronomy best practices and clean cotton production to secure a steady raw material supply, reduce imports, enhance competitiveness, and improve farmer incomes. Two types of shuttles-less looms - Rapier looms (below 650 m/min) and Air Jet looms (below 1,000 m/min) - are fully exempted from customs duty (reduced from 7.5% to nil) to lower production costs and modernize technical textiles.

Pros and strengths

Efficient production process: Its production processes form a key part of its operations and contribute to profitability and the ability to timely meet customer requirements. The processes cover all stages of manufacturing, starting from the procurement of raw materials to the production of finished fabrics. This includes planning and scheduling of production, allocation and management of resources, machine operation, and monitoring of output at each stage. Workflow management ensures that production tasks are carried out efficiently, while quality checks at defined stages maintain product consistency. It also monitors delivery schedules to ensure timely dispatch of products to customers. These processes enable it to manage pricing, maintain product standards, and meet delivery commitments, which support customer retention and help sustain its position in the market.

Global reach and export capability: The company exports its products to markets in Thailand, Bahrain, Singapore and Cambodia, with its primary export product being Ikat fabrics. In FY25, revenue from exports, including merchant exports, accounted for 64.04% of its total operating revenue. These international markets provide it with opportunities for expansion and grow its sales. As its presence is already in different regions, it reduces its reliance on single regional market and helps it in diversifying its business. This global reach ensures that the company can grow and seize opportunities in various economic climates.

Customization and flexibility: Its capability of customization and flexibility is one of the competitive strengths that differentiate it from its competitors. As consumer demand evolves, the ability to adapt and provide tailor-made solutions is crucial for meeting diverse customer needs. It excels in offering customized fabrics and flexible production options to its customers which help it build strong relationships with clients, command higher price points, and position itself as a partner to its customers. Its flexible production systems help it in handling turnarounds efficiently by streamlining workflows, using advanced machinery, and employing skilled labor. This agility enables it to serve both high-volume clients and those who require smaller, more specialized orders, thus broadening its market reach.

Risks and concerns

Dependence on repeat orders and customer relationships: The company does not have long-term contracts or binding agreements with its major customers. It primarily operates on the basis of purchase orders, and a substantial part of its business comes from repeat orders and long-standing customer relationships. While this has provided stability in the past, it also exposes it to certain risks. Any change in the buying pattern of its end users, reduction in order volumes, delay in placing orders, or disassociation by a major customer (or multiple significant customers) could adversely impact its revenues and cash flows. If it is unable to secure new orders on a consistent basis, its operations and profitability may be materially affected.

Significant dependence on yarn and other related raw materials: Yarn, including Air Tex Yarn, Texturized Poly Yarn, TPM Poly Yarn, and other related materials, constitutes a significant portion of its total operating costs. The prices and availability of these raw materials are subject to fluctuations caused by factors beyond its control, such as demand-supply imbalances, seasonal variations, changes in government policies relating to the textile sector, imposition or revision of duties, tariffs or levies, foreign exchange fluctuations, and general economic conditions. Any significant increase in the cost of yarn or other inputs, without a commensurate increase in the selling price of its products, may adversely impact its margins and overall profitability. Its supplier base is relatively concentrated. For the period ended November 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten suppliers accounted for around 58.88%, 56.24%, 100.00% and 100.00% of total purchases. This level of concentration exposes it to procurement risks. Any disruption in supply from these key vendors, whether due to financial stress, insolvency, logistical bottlenecks, adverse weather conditions, or regulatory actions, may significantly affect its ability to maintain production schedules and meet customer demand.

Fluctuations in revenue due to seasonal sales patterns: Its business is seasonal in nature, having sizeable sales volumes during festive seasons, weddings, and other cultural events. As a result, its revenue and cash flows are often showing the good performance in certain months of the year, which could lead to fluctuations in its financial performance during different quarters. The demand for traditional Indian wear fabrics Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics tends to increase significantly during festive seasons and wedding seasons in India and other markets with a large Indian diaspora. It primarily caters to women’s wear, producing fabrics for sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas. Although its fabrics have multiple end uses, the majority of them are utilized in the manufacturing of different types of sarees. However, during non-festive or off-peak periods, it may experience a slowdown in orders, leading to under-utilization of its manufacturing capacities, lower sales volumes, and reduced profitability in those periods. 

Outlook

Harikanta Overseas is engaged in the manufacturing of Synthetic textile fabrics. Its product portfolio includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber. The company’s focus on high-quality fabrics drives customer loyalty, reinforces its market leadership, and underpins revenue growth. On the concern side, it is dependent on third party transportation service providers for delivery of raw materials from suppliers to it and delivery of finished products to its customers and business associates. Any failure on part of such transport service providers to meet their obligations could have a material adverse effect on its business, financial condition and results of operation. Further, its revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 26,70,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 91-96 per equity share. The aggregate size of the offer is around Rs 24.29 crore to Rs 25.63 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 3,517.30 lakh whereas in FY24 it was Rs 1,111.22 lakh representing an increase of 216.53%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 454.30 lakh and for the year ended March 31, 2024 it was Rs 81.98 lakh representing an increase of 454.20%.

The company intends to expand its product range and increase production capacity. In order to achieve this strategy, the company had acquired 74, Machines from the Proprietary concern of Promoters and that will help the company to avoid common purist. Going forward, it is exporting its products to Thailand, Bahrain, Singapore and Cambodia. It focuses on building long term relationships with its customers in domestic as well as international markets. Further, it plans to further reduce it manufacturing cost by developing strong relationships with suppliers, negotiating favorable contracts, and sourcing raw materials from cost-effective regions.

SBFC Finance has informed that the meeting of the Board of Directors of the Company is scheduled on 25/07/2026, inter alia, to consider and approve Unaudited Financial Results of the Company for the quarter ending 30th June, 2026.

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

Ashiana Ispat has informed that the meeting of the Board of Directors of the Company is scheduled on 30/06/2026, inter alia, to consider and approve Audited financial results for quarter and financial year ended on 31st March 2026 and other ancillary matters.

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

Atharva Poly-Plast 

• Atharva Poly-Plast is coming out with an initial public offering (IPO) of 45,00,000 shares in a price band of Rs 55-60 per equity share. 
• The issue will open on June 30, 2026 and will close on July 2, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.50 times of its face value on the lower side and 6.00 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance officer for the issue is Ankita Ravindra Gandh.

Profile of the company

The company is a manufacturer of precision plastic components with a growing presence across key industrial verticals including furniture, home appliances, and automotive assemblies. Its focus is on injection moulded components, primarily made from polypropylene (PP), ABS, HDPE, and engineering polymers. It supports both B2B manufacturing contracts and co-development projects, providing full-cycle support from mould design and prototyping to final production and QA validation. The company uses its moulding capabilities and know-how to supply customized plastic components to OEMs and Tier-1 suppliers in India. As part of its engagements with OEM customers, it converts raw materials and bought-out parts such as fasteners, hinges or foam components into plastic components based on the customer’s needs.

The company’s manufacturing facility spread over 2,34,614 Sq. Ft. was commissioned in the year 2015 and has a production space of 40,000 Sq. Ft. The facility is equipped with over 17 moulding machines with capacities ranging from 100T to 1000T, enabling the manufacturing of plastic components used in industries such as furniture, home appliances, automotive, and others. The company has an in-house quality control room and a qualified team that monitors the entire production cycle from the procurement of raw materials to the final inspection of finished products. Its quality management systems are certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health & Safety).

Proceed is being used for:

• Funding capital expenditure towards purchase of Machinery
• Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company
• Funding working capital requirements of the company
• General corporate purposes.

Industry overview 

India’s plastic moulding industry is a vital pillar of its manufacturing ecosystem, contributing significantly to sectors such as automotive, consumer durables, furniture, electronics, and packaging. As one of the fastest growing segments within the polymer value chain, the industry is evolving rapidly through technology adoption, increasing localization, and sustainability-driven innovation. Supported by a robust domestic demand and export opportunities, India is emerging as a global manufacturing hub for precision-moulded plastic components. The plastic moulding sector thrives on its ability to serve a diverse range of applications across critical sectors. From the interior trims and bumper housings in automobiles, to modular office furniture, air conditioner casings and washing machine drums, moulded plastic components are indispensable to modern manufacturing. The industry is marked by a high degree of customization, design flexibility, and cost-effectiveness, enabled through processes like injection moulding, blow moulding, and thermoforming. Its wide application across both durable and disposable product categories allows the sector to maintain relevance through economic cycles.

A major advantage of the industry lies in its strong MSME base--accounting for nearly 90% of the 50,000+ plastic processing units in India. These enterprises cater to OEMs in automotive clusters like Pune, Chennai, and Gurugram, and to consumer goods manufacturers in Noida, Ahmedabad, and Bengaluru. Simultaneously, the industry is witnessing the emergence of large-scale, technology-driven players investing in high-cavitation tooling, robotic moulding, and Industry 4.0 practices, particularly in high-precision applications such as electronics and medical devices. The shift towards lightweighting, modular design, and sustainability has created new growth avenues for plastic moulding. India Plastic Moulding Market was valued at $8.99 Billion in 2024 and is estimated at $9.45 billion in 2025. It is projected to reach $14.12 Billion by 2033 with a CAGR of 5.15% during the forecast period. Plastic moulding is a manufacturing technique that produces components and products from plastic materials by shaping molten or softened plastic into specific forms using Molds. This method is extensively utilized across various industries, including automotive, consumer goods, electronics, packaging, and medical devices, owing to its efficiency, versatility, and cost-effectiveness.

Pros and strengths

Strong relationships with established customer base: The company maintains long-standing relationships with established customers across various industries. These associations have contributed to the development and diversification of its product portfolio and enable it to plan production in line with market demand while maintaining consistent quality standard. The continued association of its customers has been integral to its growth, offering stability to operations and clarity in future planning. Its strong customer base will remain central to sustaining business performance and driving long-term growth. 

Product spectrum & portfolio: The company’s comprehensive range of plastic components is designed to meet the diverse needs of several key industry segments, including furniture, home appliances, automobiles, and others. This extensive product mix enables it to cater to a broad and varied customer base, addressing a wide spectrum of application requirements. By operating across multiple sectors, it significantly reduces dependency on any single industry or client, thereby enhancing business resilience. This strategic diversification contributes to the stability of its operations and adds consistency to its revenue streams, positioning it for sustained growth across economic cycles.

Sustainable and responsible manufacturing: Sustainability is a core pillar of the company’s operational philosophy and long-term business strategy. Its manufacturing facility has been awarded the prestigious GREENCO Gold Rating, a testament to its commitment to environmental responsibility, resource efficiency, and sustainable process management. It also adheres to internationally recognized environmental standards, including ISO 14001:2015 for Environmental Management Systems. It has implemented the 5R principles- Reduce, Reuse, Recycle, Renew, and Respect across various aspects of its operations. These principles guide its approach to energy consumption, waste management, material use, and overall environmental stewardship. 

Risks and concerns

Dependent on certain key customers: The company derives a significant portion of its revenue from relatively a differentiated group of customers. For the period ended January 31, 2026 and for the financial years ended March 31, 2025, 2024, and 2023, its top ten customers contributed 97.43%, 97.9%, 97.8%, and 97.78%, respectively, to its total revenue from operations. The company does not have long-term commitments with all of these customers, and there is no assurance that they will continue to place orders at the same level or on similar terms. Loss of any key customer, reduction or cancellation of orders, non-renewal of existing arrangements or renegotiation of terms may have a material adverse impact on its revenue, cash flows and profitability.

Dependent on few suppliers for purchases of raw materials: The company procures a significant portion of its raw materials, particularly polymers and related chemical inputs, from a limited group of suppliers. For the period ended January 31, 2026 and for the financial years ended March 31, 2025, 2024, and 2023, its top 10 suppliers contributed around 74.18%, 62.77%, 70.39% and 62.82% respectively of its total raw material consumed. The company cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations. 

Requires significant working capital: The company’s business is working capital intensive on account of the nature of its industry, procurement cycles, extended trade receivables, and inventory holding period. As per its Restated Financial Statements, its working capital requirements were Rs 724.44 lakh, Rs 268.89 lakh, Rs 223.29 lakh, and Rs 276.81 lakh for Period ended January 31, 2026 and for Fiscals 2025, 2024, and 2023, respectively. For Fiscal 2026 and Fiscal 2027, its working capital requirements are estimated at Rs 841.97 lakh and Rs 1,563.96 lakh respectively. Its working capital requirements may further increase if it undertakes larger or more complex projects, or if there are extended payment cycles or delays in project execution due to client-side or regulatory factors.

Outlook

Atharva Poly-Plast manufactures precision plastic components, serving key industries like furniture, home appliances, and automotive. Its main focus is on injection moulding using materials such as polypropylene (PP), ABS, HDPE, and engineering polymers. The company works with OEMs and Tier-1 suppliers in India, offering both B2B manufacturing and co-development support--from mould design and prototyping to final production and quality checks. It also assembles products using fasteners, hinges, and foam parts as per customer requirements. It has strategically established its presence across key regions including Karnataka, Maharashtra, Gujarat and the United States. This regional and international diversification allows it to optimize its supply chain, maintain close proximity to raw material sources, access a skilled and cost-effective labour pool, and efficiently cater to a broad and diverse customer base. On the concern side, the company is governed by various laws and regulations for its business and operations. It is required, and will continue to be required, to obtain and hold relevant licenses, approvals and permits at state and central government levels for doing its business. Besides, it does not have firm commitment long-term agreements with all its customers and instead rely on purchase orders to govern the volume and other terms of sales of its products.

The company is coming out with a maiden IPO of 45,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 55-60 per equity share. The aggregate size of the offer is around Rs 24.75 crore to Rs 27 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 14.58% from Rs 4,148.72 lakh in the fiscal year ended March 31, 2024 to Rs 4,753.56 lakh in the fiscal year ended March 31, 2025. Profit after tax increased by 164.12% from Rs 200.10 lakh in the fiscal year ended March 31, 2024 to Rs 528.55 lakh in the fiscal year ended March 31, 2025.

Meanwhile, the company intends to adopt a comprehensive approach to supply chain management to enhance stability and efficiency. It plans to implement a multi-sourcing strategy to reduce dependence on single suppliers and mitigate risks, with clearly identified primary and secondary sources for critical materials. Besides, the company intends to identify potential risks in the supply chain, including supplier disruptions, price volatility, geopolitical events, and natural disasters. Each identified risk will be assessed in terms of likelihood and potential impact. To mitigate these risks, the company plans to diversify its supplier base, monitor supplier performance and financial stability, and maintain clear communication channels with suppliers.