Sri Priyanka Geo Commex Ltd. IPO

Sri Priyanka Geo Commex

• Sri Priyanka Geo Commex is coming out with an initial public offering (IPO) of 44,58,000 shares in a price band of Rs 207-212 per equity share. 
• The issue will open on June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 20.70 times of its face value on the lower side and 21.20 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance officer for the issue is Shilpa Agarwal.

Profile of the company

The company is a commodity focused group engaged in supplying of minerals, and manufacturing of rice bran oil. With active operations across India, Morocco, and Singapore, its operating locations enable it to efficiently respond to regional market dynamics and evolving demand patterns. Its mineral portfolio includes Barite, Fluorspar, and Copper Cathode - inputs for industries ranging from energy and chemicals to infrastructure and electronics. Through its network, it leverages infrastructure and logistics capabilities to seamlessly connect producers with end-users, driving greater efficiency, reliability, and value across the supply chain.

The Company does not use any specialised, proprietary or custom-built software for its business operations. The nature of the company’s business does not require deployment of any specialised information technology systems. The company primarily uses standard off-the-shelf accounting software and basic information technology tools for maintaining books of accounts, statutory compliances, record keeping and routine administrative functions. Such software is used under valid licenses and does not constitute a core operational dependency.

Further, the company has implemented basic data protection and information security practices, including restricted access to systems, password-protected devices, periodic data backups and use of standard antivirus and firewall protections, commensurate with the size and scale of its operations. In parallel, it operates across the rice bran oil value chain, encompassing the manufacture of crude rice bran oil, its refining, and the processing of associated residues and by-products. These include De-Oiled Rice Bran (DORB), Fatty Acids, Gums, Spent Earth, and Wax - each contributing to a diversified product suite that supports downstream industries and promotes circular resource utilization.

Proceed is being used for:

• Prepayment or repayment of certain loans availed by the company 
• Funding of working capital requirements of the company
• Investment in its wholly owned subsidiary Geo Min Commodities, Singapore for funding of its working capital requirements
• General corporate purposes

Industry overview

Barite is a mineral ore that is naturally occurring and is barium-based. Barite has a high density and is chemically inert but is relatively soft. Barite is explored in various regions all over the world, in various colors and deposit types. Its chemical and physical properties have found its wide-ranging applications in various industries, which has led to a surge in demand for barite mining. Based on the type of mine, the market is classified into open-pit and underground. The open-pit segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as they provide greater recovery of the barite ore due to the increased maneuverability using heavy machinery. Open-pit mining is also a safer alternative to underground mining.

The India barite market size was estimated at $38.5 million in 2023 and is projected to grow at a CAGR of 7.6% from 2024 to 2030. The increasing demand for oil and gas, expansion in the renewable energy sector, and increased usage in paints and coatings are driving the demand for barite in the market. Barite is a dense mineral composed of barium sulfate (BaSO4) with a high specific gravity, making it valuable in various industrial applications. Barite is essential in the oil and gas sector, operating as a vital component in drilling fluids to regulate pressure and avert blowouts while drilling. Its inclusion is vital for upholding wellbore stability, managing formation pressure, and transporting rock fragments to the surface during drilling activities, thus guaranteeing operational safety and efficacy.

The Indian barite industry is dominated by a few key producers who hold a significant share of the market. These major players have established themselves as key suppliers in the industry. Furthermore, the barite industry requires substantial investments in mining operations, processing facilities, and transportation infrastructure. The significant barrier to entry poses a challenge for new entrants seeking to penetrate the market and compete with established manufacturers. India’s rice bran oil market is forecast to expand from around 565 million liters in 2025 to 757 million liters by 2030, implying a compound annual growth rate (CAGR) of around 6.0% during 2025-2030.

Pros and strengths

Diversified and de-risked business operations with large and growing total addressable market: The company operates across a diversified portfolio of commodities and geographies, with active business lines in Copper, Barite, Fluorspar, and Edible Oil. It maintains operational hubs in India, Morocco, and Singapore, and serve customers across 5 countries as of fiscal year 2025 and for the nine-month period ending December 2025, spanning Asia, the Middle East, Europe, Africa, South America, and North America. This carefully curated commodity mix is part of a broader strategy to build sustainable, de-risked, and counter-cyclical cash flows-designed to withstand market volatility and capitalize on region-specific demand cycles. Its addressable markets are large, fast-growing, and resilient, offering long-term growth opportunities across industrial and consumer sectors.

Automated manufacturing unit with strong focus on quality across operations: Its automated manufacturing unit in Andhra Pradesh is built with Stainless Steel 304 and equipped with machinery for crude oil extraction, refining, and by-product recovery-ensuring minimal manual intervention. Its determination towards quality is demonstrated by well-defined quality and safety procedures at various stages of its manufacturing process from procurement of raw material to distribution of its products. Its manufacturing facilities have a fully equipped Quality Division with experienced and qualified staff to carry out quality checks and inspections at all the stages of its manufacturing process.

Long-term supply arrangements with key customers: Its barite and copper business is operating at scale and serves broad base of customers in multiple geographies. It sells barite products to oil & gas, paint and pharma industry. It has customers in Germany, Oman, UAE, Singapore, China, and Suriname.  Based on its long-term relationship with its customers, Geo Min Commodities, Singapore, its subsidiary, have entered into long term supply order for Moroccan Crude Barite with a mineral-based additive solutions provider based out of USA. Such long-term supply agreements with customers have been possible because of its presence of over a decade in Morocco and its strong relationship with key players in Morocco’s Barite mining industry.

Risks and concerns

Heavy reliance on subsidiary operations: The company is engaged in the business of procurement and supply of Barite and also manufacturing and selling crude rice bran oil and refining crude rice bran oil and the byproducts generated while processing of the finished products. Its subsidiaries, (1) Geo Min Commodities, Singapore, wholly-owned subsidiary and (2) Atlas Resources International, Morocco, wholly-owned step-down subsidiary, operates into high demand minerals segment in global markets. Its subsidiaries deal in Barite, Fluorspar, Copper Cathode and other minerals. During the period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, it derived 87.85%, 86.11%, 81.85% and 70.24%, respectively, of its revenue contribution from its subsidiaries on consolidated basis. Any loss of sales due to reduction in demand for the products of its subsidiaries would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant revenue dependence on rice bran oil and its by-products: The company is a manufacturer and seller of crude rice bran oil and refining crude rice bran oil and the byproducts generated while processing of the finished products. On a standalone basis, the company relies heavily on revenue generated from the sale of rice bran oil and its by-products. During the period ended December 31, 2025, and for the year fiscal 2025, 2024 and 2023, it derived 82.48%,61.10%, 97.08% and 100.00% of its revenue contribution is from sale of rice bran oil and its byproducts on standalone basis. Any loss of sales due to reduction in demand for such products would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Dependence on third-party mining operations: The company and its Subsidiaries are dependent on third-party mining operations, both domestic and international, for the procurement of barite. These mines are subject to various operational, regulatory, environmental, and geological risks which may directly impact the availability, quality, and cost of barite supplied to the Company. Further, the procurement operations of its subsidiaries are also susceptible to risks relating to termination of procurement agreements, with or without notice, resulting in finding additional suppliers, which may impact quality, cost competitiveness and timely delivery to its customers. Any disruption or restriction on the mining operations either domestically or internationally, may have an adverse impact on its business operations.

Outlook

The company is engaged in the business of procurement and supply of Barite and also manufacturing and selling crude rice bran oil and refining crude rice bran oil and the byproducts generated while processing of the finished products. It is engaged in the business of trading of barite domestically as well as internationally through its Subsidiaries. On the concern side, it highly depends on its key raw material for its rice bran oil segment and a few key suppliers who help it procures the same. The company has not entered into long-term agreements with its suppliers for supply of raw materials. In the event it is unable to procure adequate amounts of raw materials, at competitive prices its standalone business, results of operations and financial condition may be adversely affected.

The company is coming out with a maiden IPO of 44,58,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 207-212 per equity share. The aggregate size of the offer is around Rs 92.28 crore to Rs 94.51 crore based on lower and upper price band respectively. On performance front, total revenue has increased by 6.48%, from Rs 25,003.62 lakh in the fiscal year ended March 31, 2024 to Rs 26,624.81 lakh in the fiscal year ended March 31, 2025. Net Profit has Increased by 382.24% from Rs 203.67 lakh in the fiscal year ended March 31, 2024 to Rs 982.18 lakh in the fiscal year ended March 31, 2025.

Meanwhile, the company has plans to embark on backward and forward integration of Barite and Copper operations. It has already received mining permits for one Barite mine and one Copper mine both in Morocco. Hence, mining led backward integration will result in secured supplies at low mining cost and de-risk its business from price shocks. It has also secured mining permits for a Copper mine in Morocco. The planned mining operations, supported by an on-site flotation unit, will enable copper cathode production via third-party smelters.

The sales for the June 2026 quarter moved down to Rs. 3649.90 millions as compared to Rs. 4898.40 millions during the year-ago period.The Company to register a -57.04%  fall in the net profit for the quarter ended June 2026.Operating Profit reported a sharp decline to 292.60 millions from 447.80 millions in the corresponding previous quarter.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	3649.90	4898.40	-25.49	3649.90	4898.40	-25.49	17555.50	14959.00	17.36
Other Income	112.10	244.90	-54.23	112.10	244.90	-54.23	581.40	455.80	27.56
PBIDT	292.60	447.80	-34.66	292.60	447.80	-34.66	1315.20	1287.90	2.12
Interest	98.90	85.30	15.94	98.90	85.30	15.94	364.90	260.20	40.24
PBDT	193.70	362.50	-46.57	193.70	362.50	-46.57	950.30	1027.70	-7.53
Depreciation	59.60	66.20	-9.97	59.60	66.20	-9.97	279.40	285.00	-1.96
PBT	134.10	296.30	-54.74	134.10	296.30	-54.74	670.90	742.70	-9.67
TAX	39.50	76.10	-48.09	39.50	76.10	-48.09	162.20	202.80	-20.02
Deferred Tax	-2.00	-5.40	-62.96	-2.00	-5.40	-62.96	-20.20	11.80	-271.19
PAT	94.60	220.20	-57.04	94.60	220.20	-57.04	508.70	539.90	-5.78
Equity	400.10	400.10	0.00	400.10	400.10	0.00	400.10	400.10	0.00
PBIDTM(%)	8.02	9.14	-12.31	8.02	9.14	-12.31	7.49	8.61	-12.98

Revenue showed a marginal decline at Rs. 0.00 millions. For the quarter ended June 2026, as compared to corresponding quarter of last year.The Net Loss for the quarter ended June 2026 is Rs. -0.10 millions as compared to Net Profit of Rs. 0.00 millions of corresponding quarter ended June 2025Operating profit Margin for the quarter ended June 2026 slipped to -0.10% as compared to 0.00% of corresponding quarter ended June 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	1.49	0.00	0.00
PBIDT	-0.10	0.00	0.00	-0.10	0.00	0.00	-6.03	-1.30	363.85
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.09	0.00
PBDT	-0.10	0.00	0.00	-0.10	0.00	0.00	-6.03	-181.84	-96.68
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.54	0.00
PBT	-0.10	0.00	0.00	-0.10	0.00	0.00	-6.03	-184.38	-96.73
TAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.23	0.00
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.23	0.00
PAT	-0.10	0.00	0.00	-0.10	0.00	0.00	-6.03	-184.15	-96.73
Equity	110.97	110.97	0.00	110.97	110.97	0.00	110.97	110.97	0.00
PBIDTM(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Tilaknagar Industries has submitted press release stating that Tilaknagar Industries Takes Indian Spirits to Times Square, Marking a Moment of Indian Pride.

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

Rudra Gas Enterprise has informed about re- appointment of Mr. Kush Patel (DIN : 07257552) as Managing Director for further period of 3 years w.e.f. 4th September, 2026.

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