Shlokka Dyes Ltd. IPO

The Members of Parliament from the ruling National Democratic Alliance (NDA) and the Opposition parties came face-to-face at Parliament's main gate, with security personnel forming a cordon between them as both sides staged protests, raised counter-slogans and held placards stating their respective demands. 

The NDA MPs marched from the Parliament Library towards the main entrance of the House, alleging that Congress MP Rahul Gandhi was ‘running away’ from a debate on student protesters, and raised slogans like 'Rahul Gandhi Jawab Do' and 'Rahul Gandhi Bhago Mat'.

Meanwhile, INDIA bloc MPs protested in Parliament House complex over the alleged theft of donations at the Ram temple in Ayodhya and demanded accountability from Union Home Minister Amit Shah over alleged police excesses during the July 20 student protests over paper leaks. The Opposition MPs, including Congress leader Priyanka Gandhi Vadra and Samajwadi Party chief Akhilesh Yadav participated in the protest.  

Parliament's deadlock continued on Tuesday, August 11, with proceedings disrupted for yet another day since the Monsoon Session began on July 20. 

Pramodini Medicare

• Pramodini Medicare is coming out with an initial public offering (IPO) of 58,51,200 shares in a price band of Rs 110 - 118 per equity share.
• The issue will open for subscription on August 12, 2026 and will close on August 14, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Rushikesh Vijay Gosavi.

Profile of the company

Pramodini Medicare India is a diagnostic service provider in India. It provides a range of technology-enabled diagnostic services such as radiology, clinical laboratory and nuclear medicine service to public hospitals, private hospitals, certain PSU (Public Sector Undertaking) of Government of India and medical colleges across tier I, tier II and tier III cities throughout India. Its diagnostic services include a comprehensive range of offerings: i) ‘Radiology’ which covers Magnetic Resonance Imaging (MRI), Computed Tomography (CT scan), X- ray, Ultrasound with colour doppler, Mammography, Dexa Scan and Intervention Radiology, ii) ‘Clinical Laboratory’ which includes Haematology, Micro-Biology, Immunology, Pathology & Bio-Chemistry and (iii) ‘Nuclear Medicine’ which includes PET-CT (Positron Emission Tomography-Computed Tomography), SPECT (Single Photon Emission Computed Tomography) and Nuclear therapy. It also provides teleradiology services through its registered office situated at Vijayawada which functions on a 24x7 basis throughout the year. It provides healthcare services for core testing, patients diagnosis, disease prevention and monitoring of various health conditions. Its services include both routine and specialized tests, which are used for prediction, early detection, diagnostic screening, confirmation and/or monitoring of diseases.

Its business operates across four key models namely i) Public Private Partnership (with government hospitals and government teaching hospitals) ii) Private Private Partnership (with private sector hospitals) iii) Strategic Partnership with PSUs (Public Sector Undertakings) Government of India and iv) Private Centres (standalone centre). The above models are based on hospital partnerships, where diagnostic centres are set up within the existing premises of hospitals, health centres and it supports them by providing diagnostic testing service. It has entered into Memorandum of Understandings (MOUs) with these institutions for the establishment and operation of onsite diagnostic centres within their existing healthcare facilities. It is operating through 16 diagnostic centres across these different models. These centres are located in 7 states in India: Uttar Pradesh, Andhra Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh and Kerala (Operation yet to commence). The services offered at each location vary based on the scope agreed under the respective MOUs. It has presence across 14 cities in India. It also has a processing unit cum laboratory in Vijayawada.

It offers a one-stop solution for all services to its patients through its operational network. It also offers customized health and wellness packages tailored to meet the specific requirements of its patients. It focuses on a patient centric approach to enhance the overall quality of its services for optimal patient’s satisfaction. Several factors, including integrated services model, quality of its diagnostic services, centre infrastructure and patient’s experience, convenience of its operational network in its core geographies are important differentiating factors in patients choosing it as their preferred and trusted diagnostic service provider, which helps it in retaining its patients, and sets it apart from its competitors.

Proceed is being used for:

• Funding of capital expenditure for purchase of medical equipments towards Existing and proposed diagnostic centres
• General corporate purposes and unidentified inorganic acquisition

Industry overview

Healthcare has become one of India's largest sectors, both in terms of revenue and employment. The industry is growing at a tremendous pace owing to its strengthening coverage, service and increasing expenditure by public as well private players. The global remote patient monitoring market is projected to expand at a CAGR of 12.7% to reach $56.94 billion by 2030. India’s hospital market is expected to be valued at $135.3 billion in FY2026 and is projected to reach $202.5 billion by 2030, growing at a CAGR of around 10.6%. Meanwhile, India held the 41st position in IMD’s World Competitiveness Index 2025 and 38th position in the Global Innovation Index, highlighting growing capabilities in healthcare innovation, digital health, and research ecosystems.

Rising income levels and an expanding middle class are driving higher healthcare spending and demand for quality services across India. Greater penetration of health insurance aided the rise in healthcare spending, a trend likely to intensify in the coming decade. Growing insurance penetration is supporting affordability, with standalone health insurers reporting 10.4% YoY premium growth to Rs 3,622 crore ($422.7 million); total premium income is expected to reach Rs. 3.21-3.24 lakh crore ($37.6-37.9 billion), followed by further growth of around 10.9% in FY27. Economic prosperity is driving the improvement in affordability for generic drugs in the market. The Union Budget 2026-27 marks a significant step in strengthening India’s healthcare system, with allocation to the Ministry of Health & Family Welfare increased to Rs 1,06,530.42 crore ($12.05 billion), reflecting a around 10% rise over the previous year. Continued policy support and investment are enhancing healthcare infrastructure, expanding access, and driving long-term sector growth.

Further, India’s healthcare sector is extremely diversified and is full of opportunities in every segment, which includes providers, payers, and medical technology. India is a land full of opportunities for players in the medical devices industry. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of the population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep. Rising income levels, an ageing population, growing health awareness and a changing attitude towards preventive healthcare are expected to boost healthcare services demand in the future. Greater penetration of health insurance aided the rise in healthcare spending, a trend likely to intensify in the coming decade.

Pros and strengths

Establishing a strategic presence across various states of India: Its network of diagnostic centres spans 7 states across India namely Uttar Pradesh, Andhra Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh and Kerala (Operation yet to commence). It has 16 centres across 14 cities in India. It commenced operations in Fiscal 2015 with one radiology diagnostic centre. It has 3 centres in Uttar Pradesh, 6 centres in Andhra Pradesh, 3 centres in Karnataka, 1 centre in West Bengal, 1 centre in Haryana/NCR Delhi, 1 centre in Madhya Pradesh and 1 centre in Kerala (Operation yet to commence). It has an operational footprint in each state where it conducts its business, and in connection with its operations, it has set up and manages diagnostic centres within those respective states. The combination of its position driven by its operating history in its core geographies, its operational network and its reputation for providing quality diagnostic services positions it well to continue to grow the scale of its business and take advantage of growing Indian diagnostic market. 

Technical capability with robust IT infrastructure: One of the key contributors to its success in terms of accuracy, turnaround time and scale of operations is the technology infrastructure that it implements as part of its operations. Its technical capability and ability to adopt to the latest technologies in the diagnostic centres allow it to provide quality and reliable diagnostic services to its patients. Its ability to deploy latest equipment and technologies ensure that its processes are efficient and scalable with minimal errors. It has relationships with its equipment vendors which it ensures timely deployment of machinery, advantageous asset pricing, fleet-wide maintenance and preferred vendor status with certain of its equipment suppliers. On account of its scale of operations, it is able to negotiate favorable terms for procurement of equipment from its vendors. In its radiology segment, it deploys MRI, CT scan, X-ray machines, Ultrasound, Dexa Scan and Mammography while its pathology services use fully automatic analysers to run a range of basic to specialized tests. These scanners are capable of performing specialized investigations with minimum radiation dose to the patient and produce quality images to provide accurate diagnosis. Its X-ray systems have computed and digital radiography which are quicker, accurate and produce less radiation to patients than traditional systems. The ultrasound examinations it conducts at various locations are equipped with technology that is capable of 2D and 3D imaging.

Track record of revenue and financial performance: The company has demonstrated a consistent track record of revenue growth and stable financial performance over the years, supported by the expansion of its diagnostic network and an increasing patient base. Its financial performance reflects its ability to effectively scale operations, optimize resource utilization and maintain operational efficiency. It operates 16 diagnostic centres across different operating models, located across 7 states and 14 cities in India. With its continued focus on expanding diagnostic capabilities, strengthening infrastructure and improving service quality, it is well positioned to sustain its growth momentum and further enhance its financial performance.

Risks and concerns

Significant revenue from public private partnership: A significant portion of its revenue from operations is derived from MOUs with government authorities under Public Private Partnership arrangements. For FY 2025-26, 2024-25 and 2023-24, its Public Private Partnership accounted for 54.19%, 70.88% and 77.22% of total revenue from operations, respectively. Any non-renewal, modification, or termination of such MOUs, or delays or failures in realizing payments from government authorities, may materially and adversely affect its business, financial condition and results of operations. 

High revenue concentration in radiology services: Its focus on radiology services has been a characteristic of its service model. It has made investments in imaging modalities such as CT, MRI, PET-CT, and X-ray, positioning itself as a provider of radiology diagnostic solutions. For the FY 2025-26, 2024-25 and 2023-24, its radiology services accounted for 97.05%, 96.17% and 95.82% of total revenue from operations, respectively. However, this emphasis on radiology services also exposes it to risks that could impact its operations, financial performance, and growth prospects.

Dependence on contractually fixed pricing: The prices that it charges for its services are fixed under the MOU it enters with public sector enterprises, state governments and some of private medical establishments. Reference prices of services, pricing limits imposed by them may limit its ability to determine or revise the prices of the services it offers. Other than certain escalation terms, it has limited ability to determine the prices of the services it offers at its diagnostic centres. Further, the escalation clauses included in the MOUs it has entered into may not be in line with inflation linked costs or even the actual increase in expenses incurred in its operations. This could have a material adverse effect on its business, results of operations, financial condition and prospects. Further, if the state governments implement mandatory pricing regimes, its margins could deteriorate which in turn could have a material adverse effect on its business, results of operations, financial condition and prospects.

Outlook

Pramodini Medicare is engaged in offering comprehensive solutions for pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology to customers across states. It provides a range of technology-enabled diagnostic services such as radiology, clinical laboratory, nuclear medicine services to public hospitals, private hospitals, certain PSU of Govt of India and medical colleges across tier I, tier II and III cities throughout India. The services offered at each location vary based on the scope agreed under the respective MOUs. Its business operates across four key models namely i) Public Private Partnership, ii) Private Private Partnership, iii) Strategic Partnership with PSUs (Public Sector Undertakings) Govt of India and iv) Private Centres (standalone centre). On the concern side, it derives substantial portion of its revenue from the state of Andhra Pradesh. For financial year ended March 31, 2026, 2025 and 2024, its revenue from state of Andhra Pradesh is accounted for 61.90%, 84.78% and 86.66% of total revenue from operations respectively. Any loss of business in such regions could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 58,51,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 110-118 per equity share. The aggregate size of the offer is around Rs 64.36 crore to Rs 69.04 crore based on lower and upper price band respectively. On performance front, revenue from operations increased by 62.90% from Rs 3,823.77 lakh in Fiscal 2025 to Rs 6,228.75 lakh in Fiscal 2026. Profit after tax increased by 57.58% from Rs 1,102.76 lakh in Fiscal 2025 to Rs 1,737.73 lakh in Fiscal 2026.

Meanwhile, it is strategically focused on strengthening its capabilities and infrastructure by adopting advanced technologies to maintain its position in the diagnostic industry. In order to cater to the growing demand for its services from existing patients and to meet the requirements of new patients, it intends to expand the capacities of certain of its existing diagnostic centres. Accordingly, it proposes to utilize a portion of the Offer Proceeds towards the purchase and installation of medical equipment at some of its existing diagnostic centres located in Hubli (Karnataka), Manjeri (Kerala) and Vijayawada (Andhra Pradesh). Going forward, it intends to augment its growth by pursuing selective acquisitions, joint ventures, strategic alliances and associations that provide it access to technology expertise, specialised services, market share and wider geographical reach, enabling it to expand its service offerings and grow its patient base.

Behari Lal Engineering

• Behari Lal Engineering is coming out with a 100% book building; initial public offering (IPO) of 1,07,51,735 shares of face value Rs 10 each in a price band Rs 271-285 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 August 12, 2026 and will close on August 14, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 27.10 times of its face value on the lower side and 28.50 times on the higher side.
• Book running lead managers to the issue are Emkay Global Financial Services and Systematix Corporate Services.
• Compliance officer for the issue is Sanjeev Kumar Sehgal. 

Profile of the company

Behari Lal Engineering is an integrated iron and steel manufacturing company specializing in customized engineering solutions. Its precision-engineered components for critical industrial applications comprise metal rolls, engineering castings, alloy steel products, forging ingots, and forged shafts/blocks. With decades of experience in the steel industry, it has over the years honed its product development capabilities which combined with a modern and fully integrated digital steel melting shop with ladle refining furnace (LRF), vacuum degassing (VD), foundry, heat treatment, machine shops, rolling mills and a skilled workforce, enable it to provide customized components tailored to meet the specific needs of its customers. Its precision engineered products find application across diverse industries such as automobile, steel, mining, infrastructure and construction, power, aerospace and defence and cement.

Its ability to deliver high precision customised engineered components is enabled by its focus on technology and strong product development team. Its products are manufactured using technologically advanced machines such as computer numerical control (CNC) Lathes, Heavy Duty All Geared Lathes, Boring Machines, CNC Boring Machine, Roll Grinding Machines, Vertical Turning Lathe (VTL), CNC VTL, Radial Drills, Plano Milling Machines and CNC Vertical Milling Machines. Its manufacturing facilities are equipped with sophisticated equipment and machinery that enables it to produce high quality products and manufacture customised product as per the requirements of its customers. Its customised engineering products include metal rolls, engineering castings, and alloy steel products.

Proceed is being used for: 

• Funding capital expenditure requirements for: (i) the purchase and installation of new equipment / machinery (including computers, printers, and computer peripherals), along with civil work for such installation, at Village Salani, Punjab (Manufacturing Facility 1); (ii) the purchase and installation of new roof top solar panels at Manufacturing Facility 1; (iii) the purchase and installation of new equipment / machinery, along with civil work for such installation, at Village Turan, Punjab (Manufacturing Facility 2); and (iv) the purchase and installation of new rooftop solar panels at Manufacturing Facility 2.
• Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company
• General corporate purposes

Industry overview

The Indian steel industry witnessed a steady uptrend in demand, with consumption growing from around 100 million tonne (MT) in fiscal 2020 to around 169 MT in fiscal 2026. This translates to a CAGR of 9.1% over the period. The key drivers of this growth were the automotive and infrastructure sectors, which logged significant expansion and development. Steel is an alloy primarily composed of iron and carbon, with small amounts of other elements. It is one of the most versatile and widely used materials globally due to its strength, durability and recyclability. The steel industry plays a critical role in economic development, supporting the infrastructure, construction, automotive and manufacturing sectors. It can be classified into crude steel, semi-finished steel and finished steel.  

India's alloy steel production witnessed robust growth from FY2020 to FY2024, with a Compound Annual Growth Rate (CAGR) of 21%. Looking forward to FY30, India's alloy steel market is poised for significant growth, with alloy long steel consumption projected to increase at a CAGR of 5-7% and alloy flat steel expected to grow at a higher CAGR of 8.5-10.5%. India's metal rolls demand saw a robust growth of 7.9% (CAGR) over fiscals 2020-2024. It is projected to increase at a CAGR of around 8-10% during fiscals 2024-2030 and reach around 132-160 KT in fiscal 2030. The castings demand in India stood at 10.3 million tons during fiscal 2020 and reached around 13.5 million tons during fiscal 2024, registering a CAGR of 6.9%.

The Indian government has introduced the PLI Scheme 1.1 to increase the production of specialty steel. This initiative focuses on five product categories: coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products and steel wires, and electrical steel. It aims to promote high-value steel manufacturing, reduce import dependence and strengthen India's position as a global steel powerhouse. The government also aims to attract investments and generate employment in the steel sector through this route.

Pros and strengths 

Long standing relationships with large number of customers: Over its decades of operations, it has offered several precisions engineered components to a large number of customers. Its wide product basket and customised engineered components enable it to service a broad spectrum of customers and are key to its ability in maintaining long term relationships with its customers. During Fiscal 2025, Fiscal 2024 and Fiscal 2023, 378 customers, 366 customers and 270 customers, respectively, were repeat customers. Its long-standing relationship with customers which forms the bedrock of its growth is further demonstrated by the fact that a number of customers have been associated with the company for over a decade.

Diversified product portfolio catering to varied application industries: Its diversified product portfolio is broadly classified into the four categories viz., Metal Rolls, Engineering Castings, Alloy Steel Products and Forging Ingots and Forged shafts/blocks and its precision engineered products find application in over 10 industries including aerospace and defence, aggregate crusher manufacturing, automobile, cement, defence, engineering, finished steel manufacturing, infrastructure, power and railways. It has a diverse product portfolio and it has the ability to manufacture a vast array of products with the ability to customise products in accordance with the requirement of customers.

Strategically located manufacturing facilities with advanced equipment: Its manufacturing facility comprises 2 manufacturing units in Mandi Gobindgarh, Punjab which are spread across 790,000 square feet with a combined installed capacity of 119,464 MT, comprising finished steel processing capacity of 54,464 MT and rolling mill capacity of 65,000 MT. Mandi Gobindgarh, where the company's manufacturing facilities are strategically situated is one of India’s oldest steel manufacturing hubs and is renowned for its steel production capabilities. This location offers seamless connectivity through major highways, ensuring quick and efficient transportation of goods and raw materials. Furthermore, the facility's proximity to key transportation infrastructure, including dry ports and an international airport. Its manufacturing facilities are equipped with advanced capabilities to design, develop and manufacture its product portfolio. Its manufacturing facilities are equipped with sophisticated equipment and machinery that enables it to produce high quality products and meet specific product requirements of its customers.

Robust presence in the steel manufacturing industry: The company commenced its journey in the steel industry in 1995 as a steel trader and, subsequently, established itself as a steel manufacturer. Its experience of over 2 decades in the steel industry has helped it develops robust manufacturing processes which regularly withstand the inspections conducted by, and the scrutiny, of its discerning customers. Its rich legacy and experience in the Indian steel industry have enabled it to cater to various prominent customers including some of India’s most prominent steel manufacturers. Its experience in the industry has also enabled it to adapt its processes to the evolving customer requirements and has enabled it to clear rigorous audits and testing protocols of customers.

Risks and concerns

Heavy reliance on top 10 customers: The company generates significant revenues from its top 10 customers, and in Fiscals 2026, 2025 and 2024, revenue from its top 10 customers constituted 38.00%, 39.91% and 37.81% respectively, of its revenue from operations. It does not enter into long term contracts with its customers and the loss of such customers or a significant reduction in its revenue from such customers will have a material adverse impact on its business and financial condition.

Automobile industry accounts for significant share of revenue: The company caters to a wide array of end-user industries including aerospace and defence, aggregate crusher manufacturing, automobile, cement, defence, engineering – industrial equipment, finished steel manufacturing, infrastructure, power and railways. The company is heavily reliant on its largest industry segment, i.e., automobiles, which contributed 38.65%, 48.75% and 55.61% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. If its revenue from the automobile industry continues to reduce and if it is unable to off-set it with revenues from other industries, its financial condition, business and growth prospects could be adversely affected.

Significant dependence on alloy steel products: The company is heavily reliant on its alloy steel products. Its alloy steel products contributed 45.81%, 50.84% and 51.06% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. If there is decrease in demand for alloy steel products, metal rolls and engineering castings segments including as a consequence of its customers or the industries in which such customers operate moving away from or preferring to use other products, its revenue from operations and financial condition could be adversely affected. Further, while it would seek to increase the manufacturing of products in its other business segments it cannot assure that such orders will be of sufficient quantity or of sufficient value to offset the loss of business from alloy steel products.

Risk of disruption in raw material supply: Its manufacturing process requires a large number of raw materials. Some of its key raw materials are scrap and ferro alloy i.e. iron combined with other metals and ingots. The other raw materials used in its manufacturing process include billets and sand. It procures these raw materials from third party suppliers. Additionally, it does not enter into long term contracts or other arrangements with the suppliers of its raw materials and rely on purchase orders which are placed as required. While there are a number of suppliers of raw materials it, generally, procure its raw materials from select suppliers with whom it has worked in the past and who have provided it raw materials of acceptable quality at commercially viable rates. Therefore, failure to ensure a steady supply of quality raw materials at commercially acceptable rates could have an adverse impact on its business, results of operations and financial condition.

Outlook

Behari Lal Engineering is engaged in the business of manufacturing and trading of Iron and Steel products such as Ingot, Steel Casting, Metal Rolls and Alloy and Non-Alloy Round, Flat, Hex and Square etc. Its products are manufactured using technologically advanced machines such as CNC Lathes, Heavy Duty All Geared Lathes, Boring Machines, CNC Boring Machine, Roll Grinding Machines, VTL, CNC VTL, Radial Drills, Plano Milling Machines and CNC Vertical Milling Machines On the concern side, its success depends on its continuing relationship with its customers and it derives a significant majority of its revenue from repeat customers. In Fiscals 2026, 2025 and 2024, revenue from repeat customers constituted 84.69%, 86.10% and 80.04%, respectively, of its revenue from operations. Loss of one or more of its repeat customers or reduction in their demand for its offerings could adversely affect its business, results of operation and financial conditions.

The issue has been offering 1,07,51,735 shares in a price band of Rs 271-285 per equity share. The aggregate size of the offer is around Rs 291.37 crore to Rs 306.42 crore based on lower and upper price band respectively. Minimum application is to be made for 52 shares and in multiples thereon, thereafter. On performance front, its total income increased by 5.85% from Rs 5,162.99 million in Fiscal 2025 to Rs 5,465.19 million in Fiscal 2026. Its profit after tax increased by 22.07% from Rs 529.51 million in Fiscal 2025 to Rs 646.36 million in Fiscal 2026.

Meanwhile, it aims to expand its production capacity to meet the increasing demand for its products. By doing so, it will be able to take advantage of economies of scale, broaden its geographic reach, and provide its customers with unique and value-added products and services. It is confident that its industry has significant growth potential, and it is well-positioned to capitalize on the opportunities that the market presents. To drive innovation and stay ahead of the competition, it will continue to leverage its design capabilities and manufacturing expertise to develop cutting-edge products. This will not only help it reduces production costs but also enable it to expand its customer base and establish a stronger presence in new markets.