Karamtara Engineering Ltd. IPO

Karamtara Engineering

• Karamtara Engineering is coming out with a 100% book building; initial public offering (IPO) of 3,63,07,052 shares of face value Rs 10 each in a price band Rs 241-254 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 September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 24.10 times of its face value on the lower side and 25.40 times on the higher side.
• Book running lead managers to the issue are JM Financia, ICICI Securities and IIFL Capital Services.
• Compliance officer for the issue is Manoj Kumar Srivastava. 

Profile of the company

Karamtara Engineering is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. It is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. Its aggregate installed capacity was 889,200 MTPA (including 492,000 MTPA for solar products equivalent to approximately 16.81 GW) and 480,000 pieces as of March 31, 2026 (excluding its galvanizing capacity). It offers a diverse product portfolio which enables it to serve as a one-stop shop for solar structures (fixed-tilt and trackers). It offers structures and fasteners in the solar energy and transmission sectors, and overhead transmission line (OHTL) hardware fittings and accessories. It was one of the largest exporters of solar products from India to North America in Fiscal 2025. It has also forayed into the wind energy sector by commencing production of angular towers for wind turbines and tubular towers for wind turbines in March 2025 and June 2025, respectively. Further, it intends to enter into the business of battery energy storage systems (BESS) through its wholly owned subsidiary (being Karamtara Green Energy Limited (KGEL)) that was incorporated in May 2025. In addition, it intends to set up manufacturing facilities for prefabricated engineered building (PEB) structures.

The company has a wide geographical footprint with a global delivery model, with exports to over 50 countries cumulatively as of March 31, 2026, across North America, Europe, Asia, Africa, Australia and Latin America. It has built a strong customer base of international customers, including original equipment manufacturers (OEMs) and engineering, procurement and construction (EPC) companies and independent power producers (IPPs). The company serves 16 of the top 24 EPC companies in the United States (in terms of installed capacity totalling to approximately 233 GW) as of March 31, 2026. Its revenue from exports grew at a CAGR of 11.89% from Rs 13,958.32 million in Fiscal 2024 to Rs 17,474.92 million in Fiscal 2026, representing 57.56% and 40.52% of its total revenue from operations during the corresponding years, respectively. The company is recognized as a Four Star Export House by the Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India, establishing its contribution to foreign trade.

The company places key focus on its backward integration capabilities. The company is one of the few product manufacturers to operate in-house galvanizing facilities, which is also the largest installed capacity in the solar energy sector in India with a capacity of 276,800 MTPA as of March 31, 2026. It also has two in-house rolling mill furnaces to manufacture various grades of structural steel for a wide range of products, including angles, channels and beams used across the solar energy and transmission industries. These in-house facilities provide it with significant competitive advantages in its manufacturing processes, including supply chain advantages, time efficiency and cost benefits. The company’s manufacturing facilities have received various quality certifications and accreditations, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, EN 1090-1:2009+A1:2011, ISO 27001:2022, EN15048 – 1: 2016 and EN 14399-1:2015.

Proceed is being used for: 

• Funding prepayment, repayment and/ or payment obligations to its lenders towards borrowings and Acceptances, in part or full
• General corporate purposes

Industry overview

India’s installed electricity generation capacity has expanded dramatically since independence, not just in scale, but in the composition of sources. Growth in demand has been answered not only by thermal power (coal, gas, lignite) but increasingly through renewables, particularly solar and wind. As of March 31, 2026, renewable and non-fossil fuel sources have crossed 53% of installed capacity, ahead of the Fiscal 2030 target. India is transitioning from coal-based power to renewable energy, with a projected total power generation capacity of 868 GW by Fiscal 2031E and surpassing renewable energy target of 500 GW by CY2030E, including 282 GW from solar power. Simultaneously, the country is strengthening and expanding its power transmission infrastructure to accommodate rising electricity demand and the increasing penetration of renewable energy into the grid. As India advances toward its target of 500 GW of nonfossil fuel power capacity by 2030, significant investments are being made in grid modernization, transmission corridors, and interstate transmission networks to facilitate the integration of renewable power. Consequently, demand for transmission infrastructure and related equipment is expected to witness sustained growth.

India possesses immense solar energy potential, with approximately 5,000 trillion kWh of solar energy received annually, translating to 4-7 kWh per square meter per day. This abundant resource positions the country as a key player in harnessing solar energy for sustainable development. According to the National Institute of Solar Energy, India's theoretical potential for solar power generation stands at approximately 749 GWp, based on the assumption that 3.0% of the nation's wasteland can be utilized for installing Solar PV modules. As of April 1, 2026, India has tapped into around 21% of this potential, with a total installed solar capacity reaching 157 GW. This significant progress reflects India's commitment to renewable energy expansion, supported by favourable government policies and large-scale projects.

Meanwhile, India boasts a robust domestic wind power industry that has consistently driven sector expansion over the past two decades. This growth has fostered a strong ecosystem of developers, EPC contractors, component suppliers, and turbine manufacturers, while also strengthening project execution and operational capabilities. As of Fiscal 2026, India has an annual wind turbine manufacturing capacity of approximately 18,000 MW (18 GW), supported by a well-established domestic supply chain for blades, towers generators, gearboxes, and other key components. As a testament to this success, India continues to rank as the fourth-largest wind power market globally in terms of cumulative installed wind energy capacity, with over 56 GW of installed wind power capacity as of Fiscal 2026.

Pros and strengths 

Market leadership and strong product portfolio: The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. Its product offerings include a comprehensive range of products, including Solar MMS, solar tracker piles and piers, solar torque tubes, lattice towers for transmission lines, angular towers, tubular towers for wind turbines and fasteners for solar, transmission lines, wind power projects applications and industrial fasteners, together with OHTL hardware fittings and accessories. Its operations are equipped with enhanced backward integration capabilities that offer it several competitive advantages.

Diversified product portfolio across renewable energy: The company is a one-stop shop equipped to design, manufacture and supply various solar structures (fixed-tilt and trackers). It has established a diverse product portfolio, including products in the solar energy sector (such as module mounting structures, tracker piles and piers and torque tubes) and the transmission sector (such as lattice towers for transmission lines). It also produces fasteners (such as bolts, nuts, studs and washers) and OHTL hardware fittings and accessories (such as insulator string fittings, jumper tubes, suspension clamps and vibration dampers). Further, its foray into the production of angular towers for wind turbines and tubular towers for wind turbines led it to venture into the wind energy sector, which will enable it to strengthen its market position in the renewable energy sector.

Expanding global footprint through export growth: The company’s capabilities have enabled it to serve various customers in the international markets and it supplied its products to over 50 countries as of March 31, 2026 across North America, Europe, Asia, Africa, Australia and Latin America. It was one of the largest exporters of solar products from India to North America in Fiscal 2025. Its in-house rolling mill furnace and large galvanizing facilities enhance its capability to convert raw material into finished goods at a fast pace ensuring high quality. These capabilities together with efficient logistics arrangement allow it to supply its products based on customer demands and in a timely manner across the world. Its revenue from exports grew at a CAGR of 11.89% between Fiscals 2024 and 2026 from Rs 13,958.32 million in Fiscal 2024 to Rs 17,474.92 million in Fiscal 2026. Further, it served 42 international customers as of March 31, 2026.

Established relationships with global solar customers: The company has established strong relationships with global customers, primarily comprising OEMs, EPCs and IPPs. Its customers include certain solar energy solutions companies globally. It is an approved supplier and critical partner to many of the leading solar energy companies in the world as of March 31, 2026. The total number of customers it served for solar energy products was 48 in Fiscal 2024, 73 in Fiscal 2025 and 65 in Fiscal 2026. In addition, its average revenue per customer from its solar energy products have increased from Rs 413.05 million in Fiscal 2024 to Rs 524.02 million in Fiscal 2026.

Risks and concerns

High exposure to Maharashtra-based operations: The company is significantly dependent on its manufacturing facilities. Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of its manufacturing facilities could have a material adverse effect on its business, financial condition, cash flows and results of operations. Further, the majority of its manufacturing facilities are located in Maharashtra in India. The company’s revenue attributable to its facilities in Maharashtra, India accounted for 90.84%, 98.61% and 99.18% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively, which exposes its operations to potential risks arising from local and regional factors which may restrict its operations and adversely affect its business, financial condition, cash flows and results of operations.

High dependence on the solar energy industry: The company has derived a substantial portion of its revenue from the sale of products in the solar industry (78.99%, 81.40% and 81.75% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively), and any adverse trend in the solar energy industry could have a material adverse effect on its business, financial condition, cash flows and results of operations.

Significant dependence on major customers: The company depends on certain key customers for a significant portion of its revenues (its top 10 customers contributed to 48.63%, 40.40% and 63.47% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any decrease in revenues from any of its key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.

High dependence on export markets: The company derives a significant portion of its revenue from operations from exports (40.52%, 51.31% and 57.56% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively) which exposes it to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that it operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could have an adverse effect on its business, financial condition, cash flows and results of operations.

Outlook

Karamtara Engineering is engaged in the business of manufacturing Products for renewable energy and transmission lines. The company offers a diverse product portfolio, serving as a one-stop shop for solar structures (fixed-tilt and trackers), fasteners for solar energy and transmission sectors, and overhead transmission line hardware fittings. It is largest integrated manufacturer in India for solar mounting structures and tracker components. It has diverse product offerings acting as a one-stop shop for solar structures (fixed-tilt and trackers). On the concern side, the company has significant dependence on major customers, making its revenues vulnerable to the loss or reduction in orders from key clients. Its high exposure to the solar energy industry means any slowdown in solar demand, project delays or changes in government policies could impact business performance. The company also has a high concentration of manufacturing operations in Maharashtra. Any disruption due to local events, regulatory issues, supply constraints or other operational factors in the region could affect production and revenues.

The issue has been offering 3,63,07,052 shares in a price band of Rs 241-254 per equity share. The aggregate size of the offer is around Rs 875.00 crore to Rs 922.20 crore based on lower and upper price band respectively. Minimum application is to be made for 59 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 36.52% from Rs 31,584.45 million in Fiscal 2025 to Rs 43,119.76 million in Fiscal 2026. Moreover, the company’s profit after tax increased by 64.18% from Rs 1,393.32 million in Fiscal 2025 to Rs 2,287.54 million in Fiscal 2026.

Meanwhile, the company intends to undertake capacity expansion to enhance its existing production capabilities. For instance, it is in the process of setting up a new structural steel profile manufacturing facility in Taluka Bhachau, Kutch, Gujarat by Fiscal 2027, in addition to its existing structural steel profile manufacturing capacity at Unit Profiles, located at Palghar, Maharashtra (which it utilizes for its captive consumption). The company’s expansion activities, once successfully completed and operational, will enable it to expand its footprint in the solar energy and transmission line sector in India and internationally, cater to increased customer demand, serve an increased number of customers at a given time and otherwise reduce its exposure to risks related to insufficient capacities. An expanded capacity base will also enable it to cater to a larger customer base and reduce its dependency on a limited number of customers. In addition to higher economies of scale, these expansion strategies upon completion will enable it in enhancing its overall operating efficiency and cost optimization.

SS Retail

• SS Retail is coming out with a 100% book building; initial public offering (IPO) of 1,24,26,638 shares of face value Rs 10 each in a price band Rs 403-424 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 September 16, 2026 and will close on September 18, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 40.30 times of its face value on the lower side and 42.40 times on the higher side.
• Book running lead managers to the issue are Anand Rathi Advisors and Emkay Global Financial Services.
• Compliance officer for the issue is Kishor Babaso Hupare. 

Profile of the company

SS Retail is a multi-brand retail chain for mobile phones, accessories and other electronic items, with operations in 5 states i.e., Maharashtra, Karnataka, Madhya Pradesh, Goa, and Gujarat (commenced in Fiscal 2027). It deals in multiple product categories across different types of cities such as metro cities, mini metro cities, tier I cities, tier II cities and tier III and beyond cities. However, its focus has been on retailing mobile phones and accessories in tier II and tier III and beyond cities. As of March 31, 2026, it operated 503 stores in India, and 458 stores in Maharashtra, positioned it as the largest mobile phone retail chain in West India (i.e., Gujarat, Maharashtra, Goa, Madhya Pradesh, Dadra & Nagar Haveli and Daman & Diu) and in Maharashtra and the 3rd largest in India, amongst its peers.

Its store operations are structured around 3 different business models: i) Company owned and company operated model (COCO Model) wherein the stores are leased / owned by it and also operated by it; ii) Company owned and franchisee operated model (COFO Model) wherein the stores are leased by it and operated by its franchisee partners; and iii) Franchisee owned and franchisee operated model (FOFO Model) wherein the stores are both, leased as well as operated by the franchisee partners. The ownership of the inventory at all these stores remains with it. The stores under each of these models are designed by the company and set up through selected interior designers to ensure that the ‘look and feel’ of each store is uniform to ensure consistent brand identity and store experience. It operates its stores under the brand ‘SS Mobile’ and ‘Mobile Exchange Wala’ through a combination of COCO Model and COFO Model, and its stores under the brand ‘The Mobile Space’ through the FOFO Model. 

It operates the COFO and FOFO Model stores based on its approach of identifying local franchisee partners who are selected based on certain criteria such as i) the franchisee partner must be a resident of the area where the store is located, ensuring local community connections; ii) the franchisee partner’s income is primarily driven by the store’s performance, which in turn motivates them to earn and to succeed; and iii) a preference is given to people with experience in the retailing industry which helps in effective sales performance (Local Partners Approach). The local affinity of customers towards such franchisee partners accelerates new customer acquisition while reducing the customer acquisition costs. This approach also helps it capitalise on the understanding of its franchisee partners of the ethos of the area in which such store operates. 

Proceed is being used for: 

• Funding capital expenditure for Fit Outs towards setting up of new stores in Fiscal 2027 and Fiscal 2028.
• Part funding of the incremental working capital requirements of the company.
• General corporate purposes. 

Industry overview

India’s mobile phone and accessories market grew from Rs 2,286 billion in FY2019 to Rs 3,729 billion in FY2024 at a CAGR of 10.3% and was estimated at Rs 3,915 billion in FY2025. The market further grew y-o-y at a rate of 8.4% in FY2026 and was valued at Rs 4,242 billion. Mobile phone (including feature and smart phones) and mobile accessories formed a high base market, accounting for 60% of the total Indian consumer electronics market in FY2026. Mobile phones accounted for the larger share of 86.2% of the total mobile phone and accessories market in FY2026, and mobile accessories market including charger cables, earphones, power banks, etc. accounted for 13.8% of the total market in FY2026. The market is projected to grow at CAGR of 9.8% in the next four years to reach a value of Rs 6,166 billion by FY2030. This growth is being driven by the rising premiumization and increase in value due to rising ASPs for smartphones and consumer upgrading to these premium models with better features at higher prices, not just in urban areas, but also in tier II and beyond cities. 

Feature phone shipments declined from 61 million units in FY2024 to 54 million units in FY2025 and further declined to 43 million units in FY2026 and are projected to dip further to 35 million units in FY2030. Correspondingly, their market value dropped from Rs 54 billion in FY2025 to Rs 43 billion by FY2026 at a rate of 20.4%. This decline is attributed to limited feature innovation, poor compatibility with digital-first services (UPI, OTT apps), and rising affordability of entry-level smartphones. In contrast, smartphones have grown steadily from 146 million units in FY2024 to 151 million units in FY2025 and maintained a flat volume growth to 152 million units in FY2026 and are further projected to reach 161 million units by FY2030. The value contribution of smartphones surged to Rs 3,614 billion in FY2026 compared to Rs 3,324 billion in FY2025, at a growth rate of 8.7%. This growth is driven by increasing 4G/5G adoption, the popularity of AI-powered and camera-focused devices and growing digitization in tier II and beyond cities.

Government initiatives like Digital India, improved rural connectivity, and the proliferation of financing options like BNPL and no-cost EMIs have further accelerated smartphone adoption, positioning it as the core driver of India’s mobile market evolution. In urban areas, there is an increasing trend of premiumization. During the 2025 festive season, there was a surge in demand for premium and ultra-premium smartphones (Rs 51,000 and above), with sales reaching approximately two million units for the first time. The smartphone market is further projected to reach Rs 5,146 billion in FY2030, at a CAGR of 9.2% from FY2026 to FY2030.

Pros and strengths 

Largest mobile phone retail chain in West India and in Maharashtra: It is a multi-brand retail chain dealing in a wide variety of mobile phones, accessories and other electronic items of various brands in India. As of March 31, 2026, it operated 503 stores in India, and 458 stores in Maharashtra, positioned it as the largest mobile phone retail chain in West India and in Maharashtra and the 3rd largest in India, amongst its peers. Since March 31, 2024, it has significantly increased its store count from 236 stores as of March 31, 2024 across 109 cities to 503 stores across 215 cities as of March 31, 2026 at a CAGR of 45.99%, which positioned it as one of the fastest growing retail chains of mobile phones. Further, this growth rate was not only the 2nd highest amongst its peers but also around 2.4x the peer average of 19.29% during Fiscal 2024 to Fiscal 2026. It has continued the expansion of its retail network this Fiscal as well, and as of March 31, 2026, it had 503 stores spread across 2,41,365 square feet, and as of July 31, 2026, it had 536 stores spread across 2,60,597 square feet. 

Differentiated COFO and FOFO models with local partners approach: It primarily focuses on its franchisee-led COFO and FOFO models which have helped it scale its operations, both in terms of number of stores and revenue from operations. The COFO Model accounts for 62.82% and the FOFO Model accounts for 20.48% of its total store count as at March 31, 2026, respectively. Its revenue from operations from COFO Model, has grown significantly at a CAGR of 32.01% between Fiscal 2024 to Fiscal 2026, whereas its revenue from operations from the FOFO model, albeit on a smaller base, has grown at a CAGR of 110.49% between Fiscal 2024 to Fiscal 2026. Under the COFO Model, the stores are leased by it and operated by its franchisee partners, whereas in the FOFO Model the stores are both, leased and operated by the franchisee partners. The ownership of the inventory at all these stores remains with it. In the COFO and FOFO model the franchisee partner incurs the partial capital expenditure of setting up the stores. While, in the COFO model, the company bears all the operational costs for the store, in the FOFO model the entire operational costs for the store are borne by the franchisee partner. It sets monthly revenue and profitability targets for its franchisee partners in the COFO Model. Upon achieving these targets, they become eligible for a pre-determined commission from the company, which serves as an incentive to drive higher performance.

Broad product mix with focus on mobile phones: It is a multi-brand retail chain for mobile phones, accessories and other electronic items with a broad product mix. While it deals in multiple product categories, its focus has been on mobile phones and accessories. It retails mobile phones of various brands across multiple price ranges, and it derives a significant portion of its revenue from operations from sale of mobile phones. It also retails accessories across audio categories, wearables, and others. In addition, it retails televisions, laptops and tablets of various brands. 

Consistent track record of financial performance and growth: It operates a scalable, asset light model. Its consistent track record of financial performance and growth have been achieved due to factors such as: It has focussed on adding Medium Format Stores and Small Format Stores to its network as these are relatively less capital intensive to open and help it scale up operations faster. It has focussed on the COFO and FOFO models. In the COFO and FOFO model the franchisee partner incurs the partial capital expenditure of setting up the stores. While, in the COFO model, it bears all the operational costs for the store, in the FOFO model the entire operational costs for the store are borne by the franchisee partner. Accordingly, since certain costs are borne by the franchisee partners, these models help reduce its overall costs. Its Local Partners Approach in operating its COFO and FOFO model stores help it capitalise on the local affinity of customers towards franchisee partners which accelerate new customer acquisition, while reducing customer acquisition costs. Its focus on expansion of its stores network in tier II and tier III and beyond cities assist it in lower rent expenses as compared to stores in metro, mini metro and tier I cities. Its ‘shop in shop’ format increases the productivity of the store as it leverages the same store space and infrastructure without material incremental operating costs.

Risks and concerns

Significant revenue reliance on mobile phones retailing: It derives a significant portion of its revenue from operations from retailing mobile phones. During Fiscals 2026, 2025 and 2024 it derived 86.18%, 87.58% and 88.31% of its revenue from operations, respectively, from retailing mobile phones. Any economic slowdown or other factors that affect the mobile phone industry, and accessories and electronic items industries including those that impact or reduce consumers’ ability to purchase its products, could adversely impact its business, financial condition, and operating results.

Concentration of purchases among top 10 suppliers: The company is significantly reliant on its arrangements with top 10 suppliers for procuring mobile phones, accessories and other electronic items. The amount of purchase of traded goods from its top 10 suppliers was 79.09%, 89.42% and 88.38% of its purchase of traded goods during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Failure on the part of the suppliers to supply, or a delay in supply of traded goods from its top 10 Suppliers, could have an adverse impact on its reputation, business, financial condition, cash flows and results of operations.

High geographic revenue concentration in Maharashtra: It derives a significant portion of its revenue from operations from its stores in the state of Maharashtra. While it has been operating its stores in Maharashtra since incorporation, it has gradually expanded into other states, commencing operations in Goa in Fiscal 2019, Karnataka and Madhya Pradesh in Fiscal 2025 and Gujarat in Fiscal 2027. It has focussed on deepening its presence in Maharashtra and during the period March 31, 2024 to March 31, 2026, it has opened 227 stores in Maharashtra. As of March 31, 2026, it had 458 stores in Maharashtra (out of total 503 stores) constituting 91.05% of its total stores. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, it derived 89.09%, 92.32% and 94.07% of its revenue from operations from Maharashtra. Accordingly, it is subject to risks arising from changes in political, social and economic conditions of Maharashtra which could have an adverse effect on its business, financial condition, result of operation and cash flow.

Revenue reliance on franchisee-led COFO and FOFO models: It primarily focuses on its COFO Model and FOFO Model which have helped it scale its operations, both in terms of number of stores and revenue from operations. The COFO and FOFO Models cumulatively contributed 74.19%, 78.03% and 77.79% of its revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. If its franchisee-led COFO and FOFO models are not successful in the future, or do not grow at the same rate or at all, or the stores which it operates under COFO and FOFO models closes, then it may adversely impact its business growth and prospects, financial condition and results of operations.

Outlook

SS Retail is primarily engaged in the business of retail trading of consumer electronics and durable products through a chain of retail stores. Its product portfolio includes mobile phones, mobile accessories and other consumer electronic products. Its stores are designed to provide a consistent experience to its customers across all formats. Each store follows a defined layout, display, and placement of products which includes, the store interiors are brightly lit and spacious, with clear and organized display zones for mobile handsets, accessories, and other electronic items; Prominent branding, signage, and category boards (e.g., smartphones, smart watches, speakers, ear buds) ensure easy navigation for customers. On the concern side, its business is working capital intensive, primarily on account of inventory required to be stocked at its stores and warehouses. It proposes to utilize Rs 2,413.47 million out of the Net Proceeds towards its incremental net working capital requirements for Fiscal 2027 and Fiscal 2028. It may need to obtain additional financing in the normal course of business from time to time as it expands its operations and any failure on its part to effectively manage its working capital requirements may require it to raise additional financing and any inability to do that may result in an adverse effect on its business, revenue from operations and financial condition.

The issue has been offering 1,24,26,638 shares in a price band of Rs 403-424 per equity share. The aggregate size of the offer is around Rs 500.79 crore to Rs 526.89 crore based on lower and upper price band respectively. Minimum application is to be made for 35 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operation increased by Rs 7,531.00 million i.e. 47.13% to Rs 23,510.31 million in Fiscal 2026 from Rs 15,979.31 million in Fiscal 2025. Moreover, profit after tax of the company increased by 48.72% from Rs 398.61 million in Fiscal 2025 to Rs 592.82 million in Fiscal 2026.

Meanwhile, to further improve its inventory procurement model and reduce its operating costs, it intends to enter into tie ups with brands with whom it currently does not have a direct relationship (i.e., it procures products of such brands through authorised distributors / dealers). Such direct arrangement will enable it to further eliminate the intermediaries (i.e., authorised distributors / dealers for such brands) in the supply chain, reduce the associated costs and will also assist it in procure mobile phones, accessories and other electronic items at more competitive prices.