Lakshya Powertech Ltd. IPO

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. 

ICICI Lombard General Insurance Company has informed that the meeting of the Board of Directors of the Company is scheduled on 15/07/2026, inter alia, to consider and approve Audited Financial Results & Audited Financial Statements of the Company for the quarter ending on June 30, 2026.

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

Rodium Realty has informed that the Trading Window for dealing in the equity shares of the Company shall remain closed for Directors, Designated Persons and immediate relatives as defined in the PIT Regulations, from Wednesday, July 01, 2026 till the end of 48 hours after the declaration of unaudited financial results of the Company for the quarter ended June 30, 2026.

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

Rupa & Company has informed that the Trading Window for dealing in securities of the Company will remain closed for all designated persons and their immediate relatives from July 01, 2026 till the conclusion of 48 hours after the declaration of Unaudited Financial Results of the Company for the quarter ended June 30, 2026.

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

Sampark India Logistics

• Sampark India Logistics is coming out with an initial public offering (IPO) of 32,40,000 shares in a price band of Rs 80-84 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 8.00 times of its face value on the lower side and 8.40 times on the higher side.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance officer for the issue is Ritika Bachhawat.

Profile of the company 

The company operates as a carrying and forwarding agent, offering comprehensive logistics solutions that cover the entire supply chain, from the point of origin to the final point of destination, ensuring the company meets the diverse needs of its customers and clients. As a Pan-India logistics provider operating through a network of around 50 branch offices, it delivers integrated services, including freight forwarding and warehousing to clients across various industries such as automotive, pharma, consumer durables, textiles, pharma and more.

Since the company’s inception in 2012, it is operating under B2B segment which require transporting bulk quantities of clients’ goods from one place to another within India. The company has ISO Certification 9001:2015 for Quality Management System and ISO Certification 45001:2018 for Occupational Health and Safety Management Systems for supply chain solutions- logistics services by Air/Train/Surface/Sea and Warehousing services. It operates primarily from its registered office situated in Delhi and corporate office situated in Haryana. 

The company provides both FTL (Full Truckload) and LTL (Less Than Truckload) services based on its clients' needs. FTL refers to a shipping method where a single shipment fills the entire capacity of a truck. This is typically used when a business needs to move enough goods to fill a truck or prefers exclusive use of a truck for a particular shipment. FTL is commonly utilized in industries such as manufacturing and retail, where large volumes of goods need to be transported securely and efficiently. On the other hand, LTL involves consolidating shipments from various customers into one truck, with each shipment occupying only part of the truck's space. This method allows businesses to share transportation costs making it a cost-effective and efficient option for those who don't require a full truckload.

Proceed is being used for: 

• Meeting working capital requirements
• General Corporate Purposes

Industry overview

The logistics industry plays a vital role in the dynamic economic landscape of India by enabling the efficient movement of goods and services throughout the country's large territory. As India strives to realise its ambitious economic goals, including achieving a GDP of $5.5 trillion by 2027, the transformation of its logistics sector emerges as a pressing imperative. Given its pivotal role in supporting various industries, from manufacturing to agriculture and e-commerce, the logistics sector faces a myriad of challenges, and offers a number of opportunities. The industry is characterised by dynamism, undergoing rapid evolution to meet escalating demands. Technological advancements, infrastructure enhancements and governmental initiatives, including GST implementation and the National Logistics Policy (NLP), are precipitating substantial transformations within the sector. Digitalisation, augmented connectivity, and the adoption of cutting-edge innovations such as Radio Frequency Identification (RFID) and Global Positioning System (GPS) are bolstering operational efficiency while mitigating costs. India's logistics and supply chain industry is experiencing a major transformation, led by several government initiatives aimed at boosting the sector. Notably, implementing GST and recognising logistics as infrastructure status are two critical moves that have been instrumental in driving this change. 

A warehouse is an essential component of corporate infrastructure and one of the primary enablers in the global supply chain. the Indian warehousing market is predicted to reach $34.99 billion (Rs 2,872.10 billion), expanding at a CAGR of 15.64% from 2022 to 2027. Modern warehouse facilities and technology-driven solutions have changed the warehousing sector in India in recent years. With increased demand and supply throughout the years, the Indian warehousing industry is gaining traction. The key players are third-party logistics (third-party logistics) and e-commerce enterprises, which are growing into tier 2 and 3 cities and eventually increasing their proportion of secondary marketplaces. Businesses are transitioning to a hub-and-spoke model while also implementing technology to simplify operations, with an eye on the larger picture of ease, efficiency, and sustainability. The warehousing and logistics industry in India is a dynamic and rapidly growing sector that is expected to play an increasingly important role in the country's economy. Despite some challenges, the sector is well-positioned for long-term growth and presents exciting opportunities for investors and businesses.

Pros and strengths 

Establishing long-term client relationships across multiple verticals: The company has built enduring relationships with its customers over the years, thanks to its unwavering commitment to quality, on-time delivery, and more. Over the past decade, it has gained invaluable experience in supporting its customers by integrating the latest technologies, optimizing its resources, equipment, and materials, and continuously enhancing its offerings to better meet their needs.

Comprehensive solution for logistics requirement: As a comprehensive provider of end-to-end logistics services, the company offers its customers a one-stop solution, eliminating the need to work with multiple service providers at different stages of the logistics process. Its services encompass clearing and forwarding, warehousing, distribution, and supply chain management. it specializes in developing tailored, integrated logistics solutions that enhance service levels, reduce costs, improve quality, increase scalability, and provide better visibility for its clients' supply chains. This, combined with its robust logistics and transportation network and diverse service offerings, has enabled it to attract and retain clients across various industries. Its integrated approach leverages network and infrastructure synergies, minimizes reliance on any single business line, and mitigates the impact of cyclical fluctuations in its clients' businesses on its operations.  

PAN India presence: The company is based in Delhi and Haryana and has its wings spread across India. It has implemented its Logistics & Warehousing solutions through its 50 branch offices located over 18 states of India in various sectors including automotive, pharma, consumer durables, textiles etc. 

Risks and concerns 

Significant revenue dependence on certain geographical regions: The company derives a significant portion of its revenue from logistics operations concentrated in certain geographical regions. Currently, it delivers its services to around 29 states and union territories in India. Its sales from top three states such as Haryana, Tamil Nadu and Maharashtra for the nine months period ended on December 31, 2025 and for the financial years ended March 31, 2025, 2024, and 2023 respectively amounted to Rs 7,163.54 lakh, Rs 8,394.83 lakh, Rs 6,319.83 lakh and Rs 6,728.16 lakh, respectively, comprises of 46.86%, 41.77%, 34.82% & 35.76% of total revenue respectively. Given its dependence on these regions, any such disruptions could lead to delays, increased operational costs, reduced service efficiency, or loss of clientele, which may in turn adversely impact its overall revenue and profitability.

Rely on India's road network: The company’s transportation and delivery services rely heavily on the road network in India. Several factors can affect road transport, such as political unrest, bad weather, natural disasters, road construction, poor road conditions, regional disturbances, driver fatigue, accidents, and negligence. While it takes steps to minimize these risks, they can still cause significant damage and disrupt its operations. This could result in increased costs, delays in deliveries, and damage to goods in transit. Delays or damage to shipments can harm its reputation, which over time might impact its business. For goods with a short shelf life, like perishables, delays can lead to even greater losses and potential claims.

Substantial revenue dependence on few customers: Substantial portion of the company’s revenues has been dependent upon a few customers. For the nine months period ended on December 31, 2025 and for the financial years ended March 31, 2025, 2024, and 2023, its top ten customers amounted to Rs 5,250.61 lakh, Rs 7,780.92 lakh, Rs 6,764.70 lakh and Rs 6,846.73 lakh, respectively, accounted for approximately 34.34%, 38.72%, 37.27% and 36.39% of its revenue from operations. However, the loss of any significant customer would have a material effect on its financial results.

Outlook

Sampark India Logistics is engaged in providing end-to-end logistics and supply chain solutions as a carrying and forwarding agent. The company offers integrated logistics services covering the entire movement of goods, from the point of origin to the final destination, catering to the diverse requirements of clients across industries. Operating under the B2B segment, the company specializes in transporting bulk quantities of goods within India. The company provides a comprehensive range of services, including freight forwarding, warehousing, and distribution, ensuring efficient and timely delivery. On the concern side, the company does not have an integrated software or technology system in place to manage key day-to-day functions such as warehouse operations, inventory monitoring, transportation logistics, and overall business activities. Also, it operates in a highly competitive industry and increased competition may lead to a reduction in its revenues, reduced profit margins or a loss of market share.

The company is coming out with a maiden IPO of 32,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 80-84 per equity share. The aggregate size of the offer is around Rs 25.92 crore to Rs 27.22 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 20,096.51 lakh as against Rs 18,149.08 lakh for FY23-24, an increase of 10.73%. Profit after tax for the FY24-25 was at Rs 875.78 lakh against profit after tax of Rs 637.34 lakh in FY23-24, an increase of 37.41%.

Meanwhile, as part of its growth plan, the company is focusing on increasing sales by expanding, diversifying, and reaching new areas. Right now, it serves several clients within the country, but it is focusing on expanding to other markets, which will help it attract more clients and increase its revenue. The company intends to continue to acquire large revenue clients and provide them with integrated, end-to-end solutions to address all their logistics requirements. This gives its clients flexibility and scalability in their operations along with cost efficiencies.