Shivashrit Foods Ltd. IPO

Seemax Resources

• Seemax Resources is coming out with an initial public offering (IPO) of 14,00,000 shares in a price band of Rs 134-141 per equity share.
• The issue will open on June 30, 2026 and will close on July 02, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 13.40 times of its face value on the lower side and 14.10 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Pankaj Kewalramani.

Profile of the company

Seemax Resources business model is structured to serve a broad spectrum of industries, including automotive, steel, glass, cement, textiles, engineering goods, warehousing and logistics, retail and e-commerce, ports and shipping, construction and infrastructure, as well as aviation and railways. Each of these sectors has distinct requirements for efficient material movement and handling, and it designs its solutions to address their specific operational needs. Its operations are classified under the following verticals:

i) Rental Solutions: It provides Rental Solutions for Material Handling Equipment (MHE) with a distinctive focus on comprehensive maintenance services and trained operator support. Unlike plain rental offerings, its model integrates Annual Maintenance Contracts (AMC), preventive servicing, and on-call technical support to ensure that every piece of equipment remains in peak condition throughout the rental tenure. It provides material handling solutions across sectors and companies who need to offload their material handling tasks. It offers material handling equipment and deploying its well skilled operators & maintenance team to take care of its customer's material handling needs. Its fleet includes battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), and reach trucks, which are widely deployed across sectors such as manufacturing, warehousing, logistics, ports, construction, and industrial infrastructure. In addition to reliable equipment, it also makes available experienced operators, ensuring safe handling practices, compliance with safety norms, and maximized operational efficiency at client sites.

ii) Trading in MHE: Alongside its rental services, it is engaged in the trading of Material Handling Equipment (MHE), enabling customers to purchase equipment that matches their operational requirements and financial plans.

Proceed is being used for:

• Funding capital expenditure towards purchase of material handling equipment
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding the long-term working capital requirements of the company
• General corporate purposes

Industry overview

The India material handling equipment market size reached $10.57 Billion in 2024. Looking forward, IMARC Group expects the market to reach $22.48 Billion by 2033, exhibiting a growth rate (CAGR) of 8.08% during 2025-2033. The India material handling equipment market is driven by rapid industrialization, expanding manufacturing activities, government initiatives like the Production-Linked Incentive (PLI) scheme, rising e-commerce logistics, and increasing infrastructure development, all contributing to higher demand for advanced automation, efficient warehousing solutions, and technologically upgraded handling systems across industries.

The manufacturing sector is the backbone of India's economy, and its expansion has a direct impact on the demand for material handling equipment. The Gross Value Added (GVA) in manufacturing surged by 26.6% in 2021-22 compared to the earlier year, reflecting a robust recovery after the pandemic. These sectors were propelled by industries like basic metals, refined petroleum products, drugs and pharmaceuticals, automobiles, food products, and chemicals, which all contributed around 56% to the overall GVA in manufacturing. The rise in manufacturing production requires effective material handling solutions to deal with higher production levels, reduce operations, and provide timely delivery. 

The development of infrastructure in India has been the mainstay of economic development, with tremendous investments in upgrading transportation, logistics, and manufacturing facilities. Building strong infrastructure has been the government's priority, and as a result, there is high demand for material handling equipment to facilitate construction and the subsequent use of these facilities. The capital goods industry, which includes material handling equipment, has been aided by production-linked incentive (PLI) programs in industries such as automobiles and electric vehicles (EVs). Indirectly, these programs promote demand for capital goods through their focus on manufacturing excellence and expanding capacity. Incidentally, industries for heavy electrical and power equipment, earthmoving and mining equipment, and process plant equipment jointly contribute to 85% of India's entire capital goods export, demonstrating the strength of the sector. Also, the Index of Industrial Production (IIP), which captures the performance of different industrial sectors, has been positive. The Office of the Economic Advisor, Ministry of Commerce and Industry, started compiling and publishing the IIP, covering major industries that contribute a large share of total production. A rise in the IIP reflects higher industrial activity, which translates to greater demand for material handling solutions to control the movement of goods within and among facilities.

Pros and strengths

Comprehensive rental solutions with value-added services: Its rental solutions go beyond plain equipment leasing by integrating AMC-backed maintenance contracts, preventive servicing, and on-call technical support, along with the deployment of skilled and trained operators. This holistic model ensures that equipment remains in peak condition, minimizes downtime, enhances safety compliance, and drives higher productivity for clients, positioning it as a reliable long-term partner rather than just an equipment lessor. 

Skilled and dedicated workforce: Its people are its biggest strength. It prioritizes hiring individuals with relevant technical expertise and industry knowledge, and further strengthen their capabilities through structured training programs that not only meet but exceed industry standards. It focuses on continuous learning, safety, creating a motivated team that delivers reliable service. By retaining skilled employees, It ensures higher efficiency, stronger client trust, and long-term business growth.

Quality assurance of its services: Quality assurance is at the core of its operations and reflects its commitment to building and sustaining long-term client relationships. Safety and skill development are top priorities, and all ground staff, including operators and support personnel, undergo structured induction training conducted by its in-house team. These programs cover equipment handling, safety protocols, maintenance standards, and site-specific procedures. In addition, periodic refresher and need-based training sessions are conducted to keep its workforce aligned with evolving industry practices and client expectations. This structured and ongoing framework enhances technical competence, safety awareness, and operational efficiency, ensuring reliable performance, minimal downtime, and consistent client satisfaction across its rental solutions. 

Risks and concerns

Dependent on third-party suppliers for its operations: Its business model is substantially dependent on sourcing Material Handling Equipment (MHE), including battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), reach trucks, and related consumables such as batteries and spare parts, from third-party suppliers for its rental operations. For its trading activities, it is restricted to sourcing equipment only through its authorised dealership arrangement with a reputed global manufacturer. It is heavily reliant on a limited supplier base, with its top ten suppliers contributing 89.22%, 98.47%, 98.29% and 91.09% of its total purchases for the period ended December 31, 2025 and for the Financial Years ended March 31, 2025, 2024 and 2023, respectively, based on its Restated Financial Statements. This high concentration exposes it to significant risks relating to availability, pricing, quality, and continuity of supply. Any disruption in the supply chain arising from delays in production, logistics constraints, geopolitical developments, or other external factors could adversely impact its ability to fulfil client requirements, resulting in delays, loss of revenue, and deterioration of client relationships. 

Significant portion of its revenue derived from key clients: It drives a significant portion of its revenue from a concentrated base of clients. For the period ended December 31, 2025 and The Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023, revenue from its top ten clients constituted 79.72%, 79.21%, 85.04% and 71.10%, of its total revenue from operations, respectively. This reliance on a relatively small group of clients exposes it to client concentration risk. The loss of one or more of these clients, a reduction in the volume of business they conduct with it, or adverse changes in their procurement strategy could materially and adversely affect its revenues and profitability. Factors such as shifts in client preference, increased competition, changes in outsourcing policies, pricing pressure, contract non-renewals, or internal restructuring at the client level could result in a significant reduction or cessation of business from these key clients.

Revenue dependence on its operations in Gujarat: Its revenues are significantly concentrated in the state of Gujarat. For the period ended December 31, 2025 and for the years ended March 31, 2025 2024 and 2023, revenue from Gujarat contributed Rs 1,106.69 lakhs (96.32%), Rs 1,363.69 lakhs (94.58%), Rs 1,042.82 lakhs (91.94%) and Rs 1,061.47 lakhs (94.03%) of its revenue from operations respectively. Such concentration exposes it to risks arising from adverse developments in this region, including increased competition, economic downturns, regulatory changes, or demographic shifts in Gujarat. Any negative event affecting customer demand, supply chain logistics, or local business conditions in this region could materially and adversely impact its business, results of operations, and financial condition.

Outlook

Seemax Resources is primarily engaged in the supply and service of Material Handling Equipment (MHE). Through its authorised dealership relationships with reputed international manufacturers, it ensures that the Material Handling Equipment (MHE) it supplies are certified for quality and safety, compliant with international standards, and deliver reliable high performance. This trusted sourcing framework strengthens its credibility in the industry and reinforces customer confidence in its offerings. On the concern side, it operates in a business segment that is highly dependent on technically skilled personnel, including equipment operators, operations and logistics staff, sales professionals, and maintenance technicians. The availability of trained manpower in the material handling equipment industry is limited and highly competitive, and it is required to consistently invest in recruitment, training, and retention strategies to meet its operational requirements across geographies. Its continued success is significantly reliant on its ability to attract and retain experienced professionals who possess deep industry knowledge and technical expertise. Increased attrition or failure to retain such key personnel may result in disruptions in its operations, reduced service quality, higher training and onboarding costs, and potential delays in project execution, which could adversely impact its revenues and profitability.

The company is coming out with a maiden IPO of 14,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 134-141 per equity share. The aggregate size of the offer is around Rs 18.76 crore to Rs 19.74 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 1,441.86 lakh as against Rs 1,134.24 lakh for FY23-24, an increase of 27.12%. Profit after tax for the FY24-25 was at Rs 223.71 lakh against profit after tax of Rs 142.61 lakh in FY23-24, an increase of 56.87%.

It constantly seeks to enhance its addressable markets through its rental service model. Its focus is on increasing market share by catering to clients across different parts of India. It is exploring expansion into high-growth corridors that align with its business model and offer strong demand potential. By leveraging its market presence and service capabilities, it aims to penetrate newer regions and attract new clients. Going forward, it plans to consistently invest in expanding the size and variety of its equipment fleet to serve a larger client base. A broader and more diverse fleet will allow it to respond quickly and efficiently to client requirements, improve asset availability, and enhance deployment efficiency across multiple geographies. This also enables it to customize rental solutions, reduce downtime through quicker equipment turnaround, and commit to higher uptime for long-term rental contracts.

Teja Engineering Industries

• Teja Engineering Industries is coming out with an initial public offering (IPO) of 16,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 220 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 NSE.
• The share is priced at 22.00 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 Deepak Kumar Laddha.

Profile of the company

The company provides services across Operation & Maintenance (O&M) including Annual Maintenance Contracts (AMC), Erection & Commissioning (E&C) including project works, installation of stainless-steel tubing, Overhauling, Decommissioning & Recommissioning. It also undertakes instrument calibration, nondestructive thickness testing of pressure vessels, and testing and servicing of safety relief valves (SRVs). It operates in the Oil & Gas, Power, and Energy sectors, supporting OEMs, CNG compressor packagers, and public sector undertakings involved in gas distribution and energy infrastructure. With a network extending across India, it provides technical knowledgeable manpower and execution support for CNG stations, gas compression plants, and natural gas distribution terminals. The company’s role is to ensure smooth and efficient operation of energy infrastructure, though it does not manufacture equipment itself.

Its workforce of 1994 is deployed across client sites to deliver Operations & Maintenance, Erection & Commissioning, installation, overhauling, and recommissioning services. Its main area of service is O&M. The company has expanded its services to 15 states: Gujarat, Maharashtra, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa (UT), Madhya Pradesh, Rajasthan, Odisha, West Bengal, Bihar, Tripura and Jharkhand its work includes Erection, Installation, Testing, Commissioning, Operation and maintaining, natural gas compression stations to ensure smooth and reliable operations. This allows it to handle projects of different scales and requirements effectively. It has completed over 300 CNG compressor station projects and manages O&M services for more than 550 units pan India. Its expertise spans the entire lifecycle of gas and energy projects from commissioning to operation and maintenance enabling it to effectively support customers in the City Gas Distribution (CGD) sector.

The company is proud to hold the PESO certification under the SMPV (U) Rules, 2016, specifically Rule 18, for conducting the testing of Safety Relief Valves (SRV) and Pressure Safety Valves (PSV). This certification, issued by the Petroleum and Explosives Safety Organization (PESO), is a testament to its technical competence, compliance with safety standards, and commitment to excellence in the field of natural gas and energy sectors. It is an authorized service provider in India for renowned international company that manufactures safety relief valves (SRVs). The certification & authorization ensures that its testing and inspection processes adhere to stringent safety and quality regulations of environment, enabling it to provide reliable and efficient services to its clients.

Proceed is being used for:

• Funding capital expenditure requirements for the purchase of equipment/machineries
• Funding the working capital requirements of the company
• General corporate purpose

Industry overview

The services sector is not only the dominant sector in India’s GDP but has also attracted significant foreign investment, has contributed significantly to exports, and has provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction. To enhance India's commercial services exports, share in the global services market from 3.3% and permit a multi-fold expansion in the GDP, the government is also making significant efforts in this direction.

The Government of India recognises the importance of promoting growth in the services sector and provides several incentives across a wide variety of sectors like health care, tourism, education, engineering, communications, transportation, information technology, banking, finance, and management among others. The Indian services sector was the largest recipient of FDI inflows worth Rs 7,47,413 crore between April 2000-December 2024. India is expected to receive over Rs 52,32,600 crore in alternative investments over the next three years, significantly boosting the startup ecosystem. India's services exports surged 13.6% on-year to a record Rs 33,09,638 crore in FY25. 

Pros and strengths

Extensive Pan-India Presence of the company enabling wide market access and service coverage to its Business:  A major strength of its business is its presence across Gujarat, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa (UT), Madhya Pradesh, Rajasthan, Odisha, West Bengal, Bihar, Jharkand, Dadra Nagar Haveli (UT), Assam and Maharashtra. This pan-India presence is not only a measure of its reach but also a reflection of its ability to mobilize manpower, resources, and technical expertise across diverse regions. Its teams are deployed at client sites, such as CNG stations, gas compression plants, and group gathering stations, ensuring operations and maintenance activities are performed in line with client expectations and regulatory requirements. The ability to execute projects and provide O&M services simultaneously in several states showcases the scalability of its business model. It also provides resilience, as its operations are not dependent on a single geography. This wide footprint strengthens its reputation as a capable and dependable service provider for critical infrastructure in the Oil & Gas and energy sectors.

Commitment to quality and industry accreditations: The company emphasizes maintaining consistent quality throughout all stages of its services. Its approach focuses on efficient use of resources, effective project execution, and adherence to required standards. From planning to execution, and from testing to final handover, it ensures that each step aligns with client specifications, statutory requirements, and global benchmarks. Its approach is built on three pillars: efficient use of resources, strict adherence to standards, and proactive monitoring of outcomes.

Strong customer relationships as a key business strength: The company has built a strong and diverse clientele across multiple industries and cities nationwide. Its commitment to quality service in E&C services, O&M services, and other specialized services has been instrumental in securing repeat and continuous business from existing clients while also attracting new customers. This approach has helped it establish long-term working relationships and enhance its customer retention strategy. Its Operation & Maintenance services provide a significant advantage in retaining customers, ensuring consistent engagement and ongoing service excellence. It considers its strong customer relationships a competitive edge, contributing to its sustained business growth.

Risks and concerns

High dependence on revenue from O&M services: Its significant portion of its revenue is derived from O&M services. The contribution made by the O&M services for the nine months period ended December 31, 2025 is Rs 5120.99 lakh aggregating to 94.28%, For FY 2025, contributed approximately Rs 5,166.76 lakh, aggregating to 93.57% of total revenue; for FY 2024, Rs 3645.34 lakh, aggregating to 91.099%; and for FY 2023, Rs 2,166.28 lakh, aggregating to 88.14%. Any reduction in client requirements, delay in contract renewal, increased competition, operational disruptions, or changes in market conditions affecting O&M services could materially and adversely impact its revenues, profitability, and overall business operations.

Significant revenue concentration from key customers: Its top customers contribute a significant portion of its revenue from operations. Its top 10 customers accounted for 98.95%, 99.32%, and 99.94% of its revenues during the financial year 2024-25, 2023-24 and 2022-23, respectively. Over the past three years, its top 10 customers have consistently contributed over 98% of its revenue. The loss of any of these key customers could have a significant adverse impact on its financial position. Any decline in the quality of its services or changes in demand from these customers could adversely affect its ability to retain them. It cannot assure that it will maintains the same level of business, or any business at all, from these customers. The loss of business from one or more of them could materially affect its revenues and profitability.

Dependence on skilled manpower and exposure to labour disruptions: The company’s business operations are highly dependent on skilled manpower deployed across client sites, operational facilities, and project locations. The nature of its services, including Operations & Maintenance (O&M), gas compression solutions, valve testing, and calibration, requires specialized expertise, and any inability to attract, retain, or efficiently deploy skilled personnel could adversely affect service delivery, operational efficiency, and business performance. Additionally, the company may be exposed to labour disputes, work stoppages, or strikes, which could disrupt ongoing operations.

Outlook

Teja Engineering Industries is primarily engaged in business of services of testing, calibration and O&M. It operates in the Oil & Gas, Power, and Energy sectors, supporting OEMs, CNG compressor packagers, and public sector undertakings involved in gas distribution and energy infrastructure. With a network extending across India, it provides technical knowledgeable manpower and execution support for CNG stations, gas compression plants, and natural gas distribution terminals. On the concern side, the company has to undertake the hazardous operations in carrying out the construction of CNG Gas Pump station on turnkey basis. Hazards operations can cause personal injury and loss of life, severe damage to and destruction of property and equipment, environmental damage and may result in the suspension of operations and the imposition of civil and criminal liabilities.

The company is coming out with an IPO of 16,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 220 per equity share to mobilize Rs 37.36 crore. On performance front, in the F.Y. 2024-25, the company’s total revenue was Rs 5,521.83 lakh, which is increased by 37.97% in compare to total revenue from operations of Rs 4,002.08 lakh in F.Y. 2023-24. Profit after tax is Rs 401.59 lakh for the F.Y. 2024-25 in compared to Rs 252.62 lakh in F.Y. 2023-24.

Meanwhile, the company will install the Gas Engine Driven Reciprocating Heavy Duty Gas Compressor packages directly at client sites. These installations will be executed under compression service agreements, wherein the company earns revenue on a per-unit basis for each cubic meter of gas compressed. Since the compressors will operate at client-provided sites, the company will not require any additional owned or leased property for installation. The compressor assets will remain the property of the company, ensuring full ownership and control while being deployed for client operations.