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NFP Sampoorna Foods

• NFP Sampoorna Foods is coming out with an initial public offering (IPO) of 44,60,000 shares in a price band of Rs 52-55 per equity share. 
• The issue will open on February 04, 2026 and will close on February 06, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 5.2 times of its face value on the lower side and 5.5 times on the higher side.
• Book running lead manager to the issue is 3Dimension Capital Services.
• Compliance Officer for the issue is Babli.

Profile of the company

NFP Sampoorna Foods is a food processing and trading company engaged in the procurement, import, processing, grading, packaging, marketing, and distribution of dry fruits. The company’s product portfolio includes cashew nuts (raw and processed), makhana (fox nuts), almonds and Walnut, catering to domestic and regional markets through B2B, B2C and institutional channels. The company sources its Raw Cashew Nuts (RCN) directly from selected farms in African countries as well as from registered domestic importers, ensuring access to raw materials at competitive prices. These nuts are then processed in-house to produce cashew kernels in a variety of grades, delivering the crispiest and crunchiest cashews to wholesalers and households across India.

To address the growing demand for health-oriented foods, the company diversified its offerings. In August 2024, makhana was introduced, followed by almonds in March 2025 and Walnut in September 2025 (available exclusively through the B2C channel)-almonds and makhana available exclusively through the B2C channel to align with consumer preference for convenient and nutritious products. Furthermore, cashew nuts continue to be distributed through both Business-to-Business (B2B) and B2C channels, enabling the company to effectively cater to a wide range of customer segments and maximize market reach. The company procures makhana directly from smallholder farmers and aggregators in Bihar, the primary region for makhana cultivation in India. Almonds are sourced through importers, mandi traders, and bulk suppliers, primarily located in the Delhi NCR region and Walnuts are procured from the wholesalers present in Delhi market.

The company also adheres to quality control measures and has obtained certifications such as ISO 9001:2015 and ISO 22000:2018, underscoring its commitment to quality management and food safety. These certifications validate the company’s dedication to delivering dry fruits that meets international standards and customer expectations. The company operates in full compliance with FSSAI guidelines, ensuring that all products undergo rigorous quality checks at every stage of the supply and processing chain. Its unit situated at RIICO Industrial area Behror, Rajasthan, India, is well-equipped with plant and machinery to facilitate an efficient production process, including cleaning, grading, boiling, cooling, sorting, and packaging of products. All products are processed at its unit with utmost care and by way of natural process with scientific methods so as to retain the natural properties of the food. Its processing unit also is accredited with FSSAI license under Food Safety and Standards Act 2006.

Proceed is being used for:

• To meet working capital requirements of the company
• To prepayment or repayment of a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry Overview

India is the fifth largest economy in the world and expected to be the fastest-growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The food processing sector has become a key contributor to India's economy over the past few years, thanks to progressive policy measures by the Ministry of Food Processing Industries (MoFPI). The sector has performed exceptionally well with an impressive average annual growth rate of 7.3% from 2015 to 2022. It has significantly contributed to Gross Domestic Product (GDP), employment, and investment. As of 2024, it contributes around 8.80% and 8.39% of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13% of India's exports and 6% of total industrial investment. India's diverse agro-climatic conditions allow for abundant production of cereals, pulses, fruits, and vegetables, making it a leading producer of various foods. As of 2024, the Indian food and grocery market is the world's sixth largest, with retail contributing 70% of the sales. The Indian food processing industry accounts for 32% of the country's total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. A strong food processing industry is essential for the nation to tackle food and nutritional security issues. Processed food offers convenience, extended shelf life, easy transport to remote areas, and improved accessibility, serving as a valuable source of nourishment. Additionally, it offers its farmers increased opportunities for better price realization and expanded selling prospects.

The Indian food processing sector offers a promising growth journey ahead and presents several opportunities with the sector being recognised as a key priority industry under the ‘Make in India’ initiative. The MoFPI has undertaken several initiatives aimed at enhancing infrastructure and fostering food processing industries to stimulate investment in this domain. The Indian Government has sought to involve multiple stakeholders to improve interactions between farmers, processors, distributors, and retailers to establish strong supply chains linking farmers to processing and marketing to empower them with nearby grading and storage facilities which will enhance the value of their products. There are substantial investment prospects totalling $2.36 billion across 31 projects under Common Infrastructure for Industrial Parks which includes facilities such as specialized processing units, effluent treatment plants, testing laboratories, common warehouses, and logistics support. Foreign investment opportunities in India's food processing sector are also promising due to favourable policies, a vast consumer market, and government initiatives focused on improving the sector's competitiveness and sustainability.

India is one of the largest populated countries in the world and is expected to continue having one of youngest populations in the world till 2030. The growing consumption of food is expected to reach $1.2 trillion by 2025-26, owing to urbanization and changing consumption patterns. The processed fruits and vegetables industry was valued at $15.4 billion in 2019. With heightened consumer awareness during lockdowns, there's increased demand for processed foods, especially in RTE/RTC, dairy, and fruit and vegetable segments. India's food processing sector's market size is estimated to more than double to Rs 60,40,300 crore ($700 billion) in 2030 from Rs 26,49,103 crore ($307 billion) in 2023, driven by growing demand for processed products, according to industry body PHD Chamber of Commerce and Industry (PHDCCI). According to the Viksit Bharat@2047 report, India's food processing sector will grow significantly, reaching $1,100 billion by FY35, $1,500 billion by FY40, $1,900 billion by FY45, and $2,150 billion by FY47.

Pros and strengths

Direct procurement network from Africa, Bihar & licensed importers: Direct Procurement Network spans key sourcing regions - Africa and registered domestic importers for Cashews, Bihar for Foxnuts, and licensed importers in the mandi markets of Delhi NCR for Almonds - leveraging regional diversity, local expertise, and strategic market access. By directly sourcing cashews and foxnuts from producers, it eliminates multiple layers of intermediaries, thereby ensuring fair pricing, greater traceability, and quality control. For almonds, it collaborates with a network of established and licensed importers operating in mandi markets, enabling it to maintain consistency in quality and pricing. This integrated procurement approach gives it end-to-end oversight across its supply chains, minimizes operational risks, reduces lead times, and enhances its ability to respond quickly to dynamic market demands.

Consistent year-round demand driven by long shelf life: It leverages the natural advantage of dry fruits’ consistent demand, it enjoys throughout the year. Unlike many fresh agricultural products that are highly seasonal and perishable, dry fruits can be stored for extended periods without significant loss of quality or nutritional value. This durability allows processors, distributors, and retailers to maintain steady inventory levels and supply across diverse markets and seasons. Consequently, dry fruits are less affected by seasonal fluctuations, enabling stable production planning and sales forecasting. Moreover, their availability year-round supports continuous consumer consumption, whether for daily snacking, cooking, gifting, or festive occasions, which helps companies achieve sustained revenue and growth.

Established client relationship: The company has built strong relationships with its clients by consistently delivering quality dry fruits. Its team focuses on understanding each client's needs through regular communication. It listens to their requirements, ensures timely deliveries, and offers support to help them with their procurement needs. This approach has led to many clients returning to it for repeat orders, which shows the trust they've placed in its products and services. It has discovered that its focus on quality and reliability has not only allowed it to meet immediate needs but also build long-term trust and confidence among its clients. As a result, its brand has gained a reputation in the market. The ongoing trust from its clients has played a key role in establishing its product’s presence and driving growth in the market.

Risks and concerns

Significant reliance on cashew sales: The company is significantly dependent on the sale of products, namely cashews. Any adverse change in the market, supply, or regulatory environment relating to cashews may materially affect its business, financial condition, cash flows, and reputation. The company derives a substantial portion of its revenue from the sale of cashews and cashew products, which accounted for around 97.82% of revenue for the period ended November 30, 2025 and 97.49% for the period ended March 31, 2025, 99.99% for the period ended from December 21, 2023 to March 31, 2024, 96.22% for the period ended from April 01, 2023 to December 20, 2023 and 100% for the period ended March 31, 2023. The company’s significant dependence on cashew sales exposes it to risks associated with fluctuations in demand, supply constraints, price volatility, changes in import/export regulations, and adverse climatic conditions affecting cashew production. Any reduction in demand for cashew products or disruption in their supply chain could have a material adverse effect on the company’s business, financial condition, results of operations, and cash flows.

Exposure to raw material supply disruptions and price fluctuations: The raw materials it uses in its processing process are primarily sourced from Africa, including countries such as Ghana, Ivory Coast, Benin, Togo, and Conakry and third-party suppliers in India which import from west African region. In addition, it usually does not enter into long-term supply contracts/ agreements with any of its raw material suppliers and typically sources raw materials from the open market. The absence of long-term contracts/agreements at fixed prices exposes it to volatility in the prices of raw materials that it requires and it may be unable to pass these costs onto its customers, which may reduce its profit margins. It may face a risk that one or more of its existing suppliers may discontinue their supplies to it, and any inability on its part to procure raw materials from alternate suppliers in a timely manner, or on commercially acceptable terms, may adversely affect its business, financial condition and results of operations.

Dependence on third-party transportation service providers: Its business relies on timely procurement of raw materials from its suppliers and prompt delivery of finished goods to its customers, particularly during peak demand periods such as festivals. To facilitate this, it depends on third-party transportation service providers. Any delay, inefficiency, or default on the part of these transporters may result in supply chain disruptions, delayed customer deliveries, and potential loss of business and goodwill, which could adversely affect its operations and financial performance. Moreover, fluctuations in fuel prices due to changes in government policies may lead to increased transportation costs. If it is unable to pass on such increased costs to its customers, it may adversely impact its margins and profitability. It has not entered into formal contracts or long-term agreements with these transportation service providers. Transportation arrangements are made based on mutual understanding and prevailing market rates. In the absence of binding contracts, it cannot assure the continuous availability of such services on favorable terms. Any such occurrence may adversely impact its business, results of operations, and financial condition.

Outlook

NFP Sampoorna Foods is a diversified and growing food processing and trading company engaged in the procurement, import, processing, grading, packaging, marketing, and distribution of dry fruits. The company’s core product portfolio includes cashew nuts (raw and processed), makhana (fox nuts), almonds and walnut, catering to domestic and regional markets through B2B, B2C and institutional channels. On the concern side, the company has a limited number of customers generating significant portion of revenue from sales. The loss of a key customer in a financial period could significantly reduce its revenue and could have a material adverse effect on its business, future prospects, results of operations and financial condition. Moreover, the company is exposed to risk of doing business in foreign countries due to the constantly changing economic, regulatory, social and political conditions in the jurisdictions in which it operates and seek to operate, which could adversely affect its business, financial conditions including margins and results of operations.

The company is coming out with a maiden IPO of 44,60,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 52-55 per equity share. The aggregate size of the offer is around Rs 23.19 crore to Rs 24.53 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 3,563.67 lakh whereas in FY24 it was Rs 2,300.36 lakh representing an increase of 54.92%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 267.41 lakh and for the year ended March 31, 2024 it was Rs 101.70 lakh representing an increase of 162.94%.

The company intends to strengthen its position in the healthy snacking segment by expanding its product offerings and enhancing processing capabilities. A key area of focus is the makhana (fox nut) category, which the company views as a high-potential growth vertical. To support this, the company intends to introduce value-added variants such as roasted, flavored, and vacuum-packed makhana targeted at health-conscious urban consumers seeking convenient and nutritious snack options. This strategic focus is expected to enhance the company’s market positioning by enabling it to tap into the rapidly growing demand for healthy, ready-to-eat snacks. Expanding the makhana portfolio with value-added products will allow the company to improve its gross margins, deepen brand engagement, and increase its share in the market. Further, the company is actively strengthening its brand and retail presence as a key pillar of its growth strategy. Leveraging increasing consumer demand for healthy snacking options, the company plans to scale up its existing retail brand through a multi-channel approach. This includes targeted expansion across leading e-commerce platforms such as Amazon, Blinkit and Mystore, as well as entry into modern trade outlets and footfall retail stores in metro and Tier I cities.

CKK Retail Mart  

• CKK Retail Mart is coming out with an initial public offering (IPO) of 54,00,000 shares in a price band of Rs 155-163 per equity share. 
• The issue will open on January 30, 2026 and will close on February 3, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 15.50 times of its face value on the lower side and 16.30 times on the higher side.
• Book running lead manager to the issue is Oneview Corporate Advisors.
• Compliance Officer for the issue is Shivam Singla.

Profile of the company

The company is engaged in the distribution of packaged products catering to both retail and wholesale businesses. The company commenced its business operations in the Financial Year 2020-21 and since year 2023, the company has focused on the distribution and trading of packaged agro-commodities such as sugar, pulses and ghee across regions including Maharashtra, Bihar, West Bengal, and the north-eastern states. 

In April 2025, the company expanded the product portfolio with the launch of ‘FruitzzzUp’, a fruit pulp-based juice brand, reinforcing its commitment to offering a diverse and evolving product range that caters to changing consumer preferences. Its business primarily involves the distribution of packaged agro-commodities such as sugar, rice, and pulses along with packaged products such as milk powder and soft drinks (carbonated as well as fruit based). In addition to its core business operation, it also occasionally undertakes consultancy assignments.

It has strategically expanded its distribution network through a three-tier distribution model and a direct-to-distributor model. Under the three-tier distribution model, the company supplies products to super stockists, who in turn distribute them to distributors. These distributors then supply the products to retailers and wholesalers, ensuring widespread availability across markets. A super-stockist purchases products from the company on an upfront payment basis, thereby providing immediate cash inflow and reducing its exposure to credit risk. Once goods are procured, the super-stockist is responsible for managing the distribution to distributors, including the collection of payments from them. Super stockists purchase goods at a significant discount which results in a reduced realisation per unit sold and has a direct impact on its gross margins and bottom line. However, this model enables it to reduce its working capital cycle and efficiently handle larger volumes with a lower working capital requirement, as the inventory and receivables risk is partially transferred to the super-stockists. In the direct-to-distributor model, the company supplies products directly to distributors, bypassing super stockists. These distributors then deliver the products to retailers and wholesalers, enabling efficient and timely availability to the end consumer.

Proceed is being used for:

• Funding the acquisition of Leasehold Plots along with warehouse constructed upon the Leasehold Plots
• Undertaking repair and refurbishment of the warehouses situated on the Leasehold Plots
• Funding of working capital requirements
• General corporate purposes

Industry Overview

India’s sugar industry is poised for steady growth and structural transformation in the coming decade, driven by rising domestic consumption, proactive government policies, technological adoption, and export opportunities. With India being the world’s second-largest sugar producer, the sector plays a crucial role in the agricultural economy and rural employment. Increasing focus on sustainable and organic sugar production, alongside value-added products like specialty sugars and beverages, is expected to expand market potential both domestically and internationally

The Indian Sugar Industry, based on production data, is estimated at 31,964 thousand tonnes in FY 2024 and is projected to reach 34,678 thousand tonnes by FY 2033 registering a modest CAGR of 0.82% over the period. The production trend has remained relatively stable in recent years, fluctuating between 31,000-36,000 thousand tonnes, highlighting the cyclical nature of sugarcane cultivation and the stabilizing impact of policy interventions. On the demand side, population growth, rising consumption in processed foods and beverages, and continued household use underpin steady domestic demand for sugar. 

The Indian non-alcoholic beverage industry, valued at $23.51 billion in 2024, is projected to nearly double to $46.06 billion by 2033, reflecting a healthy CAGR of 7.76%. This growth highlights the rising consumer shift towards diverse, branded, and healthier beverage options, driven by increasing disposable incomes, rapid urbanization, and wider distribution through both traditional and modern trade channels. The steady CAGR also signals strong underlying demand resilience, positioning the sector as a key contributor to India’s fast-moving consumer goods (FMCG) market expansion over the coming decade.

Pros and strengths

Well established relationships with suppliers and wide channel of sales and distribution network: It has developed relationships with its suppliers which gives it a competitive advantage by ensuring efficient and timely sourcing. Over the years, it has built a distribution network across India. As of September 30, 2025, it had 23 distributors and 15 super stockists. Its distribution network has enabled the company to effectively manage its marketing strategies, penetrate new markets, and increase its turnover consistently over time.

Leveraging market skills and relationships: At the core of its growth strategy is its ability to leverage deep market knowledge and strong industry relationships. This is an ongoing process in its organization and the skills that it imparts in its people, gives importance to customers. It aims to enhance the growth by leveraging its relationships and further enhancing customer satisfaction. Its approach focuses on building and nurturing long-term relationships with both new and existing clients. Customer satisfaction remains a top priority, and it is committed to strengthening its market position by exceeding expectations and being responsive to its clients’ evolving needs.

Diversified products portfolio: The company offers a variety of products, including various types of sugar, carbonated beverages, enabling the company to serve a diverse customer base and address a wide range of market needs. This product diversification not only helps the company cater to various consumer preferences but also strengthens its competitive edge by attracting a broader customer in the market. Furthermore, its procurement team constantly monitors market trends and conducts thorough research on demand patterns. As a result, it is able to swiftly adapt and shift from one product to another, ensuring it effectively meets customer requirements and demands.

Risks and concerns

Dependence on sugar industry for revenue: The majority of its revenue is generated from distribution and trading of agricultural commodities, with a primary focus on sugar. As on September 30, 2025 and for the Financial Year ended on March 31, 2025, March 31, 2024, and March 31, 2023, it derived Rs 15,933.35 lakh, Rs 30,052.49 lakh, Rs 22,647.77 lakh, and Rs 10,019.62 lakh from trading of sugar, constituting 99.94%, 99.78%, 97.19%, and 97.02% respectively of its revenue from operations. The aforementioned concentration of its revenue from sugar, renders it particularly vulnerable to a range of risks and challenges that are distinctive to the sugar industry.

Business heavily dependent on top ten customers: The company has developed long- standing relationships with certain key customers i.e. super stockists and distributors. Accordingly, it is dependent on its arrangements with such customers, and its business depends on the continuity of its relationship with them. The majority of its revenue is derived from its top 10 customers. For the period ended September 30, 2025, and the financial years ended March 31, 2025, 2024, and 2023, revenue from operations generated from its top ten customers accounted for 90.62%, 89.58%, 88.92%, and 99.60% of its total revenue from operations, respectively. Since it largely depends on certain key customers for a significant portion of its revenue, the loss of any of its key customers or a significant reduction in demand from such customers could have a material adverse effect on its business, financial conditions, results of operations and cash flows.

Dependency on limited suppliers: The company sources its agro-commodities such as sugar, rice, pulses and milk powder from third-party suppliers located across India under its own brand name. It does not manufacture these products in-house. Its reliance on external suppliers is significant and concentrated. Purchases from its top five suppliers for the period ended September 30, 2025 and for the Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023 constituted 80.18%, 65.64%, 88.54%, and 97.03%, respectively, of its total purchases. Any failure of its suppliers to deliver these agro-commodities in the necessary quantities or to adhere to delivery schedules, credit terms or specified quality standards and technical specifications may adversely affect its business and its ability to deliver orders on time at the desired level of quality.

Outlook

CKK Retail Mart is engaged in the retail and wholesale distribution sector, focusing on the distribution and trading of packaged agro-commodities and beverages, including refined Indian sugar and carbonated drinks. It has strategically expanded its distribution network through a three-tier distribution model and a direct-to-distributor model. On the concern side, it operates in a highly competitive environment, particularly in the sugar and carbonated and fruit-based beverages segments. In the sugar industry, it faces competition from numerous small to medium-sized producers. Although the sector has witnessed some consolidation, it remains highly fragmented. Additionally, its ability to compete effectively is influenced by several factors such as the quality and consistency of its products, rejection ratios, pricing, brand perception, customer service, and logistical convenience.

The company is coming out with a maiden IPO of 54,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 155-163 per equity share. The aggregate size of the offer is around Rs 83.70 crore to Rs 88.02 crore based on lower and upper price band respectively. On performance front, the Revenue from operations increased from Rs 23,302.48 lakh in FY 2023-24 to Rs 30,118.67 lakh in FY 2024-25, registering a growth of 29.25%, primarily on account of increase in sale of sugar to 76,459 MT in FY 2024-25 from 58,297 MT in FY 2023–24. The company’s Restated Profit After Tax increased to Rs 1,636.10 lakh in the financial year ending March 31, 2025 from Rs 1,267.31 lakh in the financial year ending March 31, 2024, registering a growth of 29.10%.

Going forward, the company has built a wide network of super stockists and distributors, who actively sell its products. As part of its ongoing business strategy, it is evaluating ways to optimise its distribution structure by reducing its dependence on the super stockist model and expanding distributor network. A shift towards a more direct distribution approach, will allow the company to improve operational profitability through better price realisation and greater control over the supply chain. Its strategy includes diversifying and increasing its presence in states such as Delhi, Telangana, Karnataka, Chhattisgarh, and Gujarat in the coming years. Additionally, it plans to sell its products through various online retail platforms to further broaden its reach. For operationalising the same, the company has appointed 43 distributors for sale of beverages and agro commodities. Further, the company has implemented a monthly performance review system to monitor distributor sales and ensure efficient supply-chain coverage.

Accretion Nutraveda

• Accretion Nutraveda is coming out with an initial public offering (IPO) of 19,20,000 shares in a price band of Rs 122-129 per equity share. 
• The issue will open on January 28, 2026 and will close on January 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.20 times of its face value on the lower side and 12.90 times on the higher side.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance Officer for the issue is Payal Hareshbhai Kotadiya.

Profile of the company

The company is in the business of the Manufacturing of Ayurvedic and Nutraceutical products across several dosage forms, including Tablets, Capsules, Oral liquids, Oral Powders, External Preparation and Oils. It is a healthcare focused company specialising in contract manufacturing, serving domestic as well as export markets in various countries like Sri Lanka, Singapore and the USA. It offers a diverse range of dosage forms, leveraging both Classical Ayurvedic principles and modern nutraceutical science. Since its inception in 2021, the company has established itself as a reliable Contract Development and Manufacturing Organization (CDMO), offering specialized services to a wide range of clients across various industries.

Its product portfolio includes Tablets, such as film-coated and chewable varieties, for applications in liver care, gynecological care, bone and joint health, and respiratory support. It also manufactures Capsules, including hard gelatin and HPMC capsules, targeting areas like liver detoxification, women’s health, and cognitive support. Its oral liquids include syrups, suspensions, and tonics, which are particularly suited for paediatric and geriatric segments. Additionally, it produces Traditional Ayurvedic Powders known as churans for digestive health, medicated ayurvedic oils for musculoskeletal and dermatological applications using traditional processes, and a range of external preparations like balms, ointments, creams, and gels for pain relief, skin care, and hair care.

Its leased manufacturing facility spans a built-up area of around 10,763 square feet over two floors. The facility is designed for ayurvedic and nutraceutical production and is equipped with significant infrastructure that includes 13 Air Handling Units with HEPA filters, dedicated processing areas, and separate dispensing booths to prevent cross-contamination. The facility holds multiple certifications that attest to its adherence to quality and safety standards, including GMP certification for the manufacture of Ayurveda, Siddha & Unani Drugs from the Gujarat FDCA, WHO-GMP certification, FSSC 22000 for Food Safety Systems, ISO 9001:2015 for Quality Management Systems, ISO 45001:2018 for Occupational Health and Safety, as well as Halal certification and an FSSAI license.

Proceed is being used for:

• Purchase of machineries for automation in existing manufacturing unit
• Purchase of machineries for new manufacturing setup
• Funding working capital requirements of the company
• General corporate purposes

Industry Overview

The Indian pharmaceutical industry is known for its generic medicines and low-cost vaccines globally. Transformed over the years as a vibrant sector, presently Indian pharma ranks third in pharmaceutical production by volume. The pharmaceutical industry in India is the third largest in the world in terms of volume and 14th largest in terms of value. The pharma sector currently contributes to around 1.72% of the country’s GDP. The Indian pharmaceuticals industry is expected to grow 9-11% in the financial year 2024, as per ICRA. In FY23, the Indian pharma market saw a year-on-year growth of nearly 5%, reaching $49.78 billion. During FY18 to FY23, the Indian pharmaceutical industry logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. Major segments of the pharmaceutical industry are Generic Drugs, OTC Medicines, API/Bulk Drugs, Vaccines, Contract Research & Manufacturing, Biosimilars, and Biologics. The market size of India’s pharmaceuticals industry is expected to reach $65 billion by 2024, around $130 billion by 2030, and around $450 billion by 2047.

India is the 3rd largest market for APIs globally, with an 8% share in the Global API Industry. More than 500 APIs are manufactured in India, contributing 57% of APIs to the prequalified list of the WHO. Pharmaceuticals is one of the top ten attractive sectors for foreign investment in India. The pharmaceutical exports from India reach more than 200 nations worldwide, including highly regulated markets of the USA, Western Europe, Japan, and Australia. The market size of the medical devices sector in India was estimated at $11 billion in 2023, accounting for a 1.5% share in the global market. The government has set an ambitious target to elevate the medical devices industry in India to $50 billion by 2030. The pharmaceutical sector targets Rs 11,08,380 crore ($130 billion) by 2030, while biotechnology aims for Rs 25,57,800 crore ($300 billion) by the same year.

India’s drugs and pharmaceuticals exports stood at Rs 2,59,658 crore ($30.38 billion) in FY25 and Rs 2,43,119 crore ($27.82 billion) in FY24. About 20% of the global exports in generic drugs are met by India. India's pharmaceutical industry is projected to experience substantial growth, with exports expected to reach Rs 30,76,500 crore ($350 billion) by 2047, marking a 10-15x increase from current levels. The government has set an ambitious target to elevate the medical devices industry in India from its current $11 billion valuation to $50 billion by 2030. Besides this, the Government of India is launching various schemes such as the Pradhan Mantri Jan Aarogya Yojana (PM-JAY), Ayushman Bharat Yojana, Pradhan Mantri Suraksha Bima Yojana, and Aam Aadmi Bima Yojana (AABY) to provide health insurance to the economically weaker sections of the country. These schemes also offer comprehensive healthcare facilities to central government pensioners and officials under the Central Government Health Scheme (CGHS). At present, there is a rise in demand for healthcare insurance among the masses due to increasing medical costs. This, coupled with a growing geriatric population, represents a key factor offering a favorable market outlook in India.

Pros and strengths

Diverse product portfolio: The company is engaged in the manufacturing, and marketing of products in the segments of Nutraceuticals and Ayurveda. It currently has a product basket of more than 72 formulations across multiple dosage forms. These include Tablets, Capsules, Oral Liquids, Traditional powders (churans), oils, and external applications such as ointments, creams, balms, and gels. The company operates under two business verticals: i) domestic sales and merchant export on loan-license basis; and ii) direct export sales.

Relationships with clients and suppliers: The company has established relationships with clients and suppliers which are integral to the conduct of its business. The Promoters, who are also involved in sales and marketing functions, oversee the maintenance of these relationships through business transactions and operational engagements. These relationships support procurement of raw materials, distribution of finished goods, and continuity of business operations. The company considers such relationships to be relevant for the stability of operations and for supporting future business activities.

Commitment to quality standards: Quality is at the core of its operations. It follows rigorous quality control processes across all stages of production to ensure product consistency, safety, and efficacy. The company has established Quality Assurance (QA) and Quality Control (QC) systems to ensure compliance with FSSAI, AYUSH, GMP and other applicable guidelines. QA covers regulatory compliance, SOPs, vendor qualification, documentation (BMR, BPR, and master formula), employee training, internal audits, and validation of equipment and processes. QC involves testing of raw materials (identity, purity, potency, and contaminants), in-process checks such as blend uniformity, and verification of packaging materials and labelling. Its manufacturing facilities are WHO-GMP approved and operates under ISO 9001:2015 and ISO 45001:2018 certifications. Its manufacturing facilities are aligned with internationally accepted standards.

Risks and concerns

Uncertainty and margin pressure from new product category expansion: In recent years, it has expanded the product categories available across its platforms and websites. New product categories require it to understand and make informed judgments about consumer demand, trends, and preferences. It may misjudge these factors for new products offered by suppliers, sellers, and brand partners on its platforms, and face challenges in inspecting and controlling quality, regulatory requirements, handling, storage, and delivery of such new products. It may also need to price aggressively in new categories to gain traction with consumers and improve brand awareness, which may not be possible in instances where its customers impose restrictions on its ability to offer such products at a discount, thereby adversely affecting its gross margins. It may also make substantial investments in launching such new products or business verticals on its platform. Additionally, it expects to obtain new products as a result of acquisition activity, which may require further investment. Expanding its offerings or business verticals may strain its management and operational resources. Achieving profitability with new product categories and business verticals may be difficult, and as a result, its profit margins may be lower than anticipated, which would adversely affect its results of operations. 

Dependence on the nutraceutical industry and competitive developments: The company is primarily engaged in the manufacturing of nutraceutical products, and as such, its revenues are highly dependent on its customers in the nutraceutical industry. The loss of any of its customers within this industry could adversely affect its sales and, consequently, its business and results of operations. Furthermore, if there is a shift in the practice of developing products in-house within the nutraceutical industry, it may negatively impact the demand for its products. Similarly, if its competitors or customers achieve a breakthrough in the development of a novel product or raw material, its products may become obsolete or be substituted by such alternatives, which would adversely impact its revenues and profitability. Additionally, if its competitors are able to improve the efficiency of their manufacturing processes, distribution, or raw material sourcing, and offer similar or higher-quality products at a lower price, The company may be unable to adequately respond to such developments, which could further affect its revenues and profitability.

Risks related to raw material procurement and supplier dependence: It purchases various kinds of raw materials from third-party suppliers domestically. It does not have long-term contracts with its third-party suppliers. Instead, prices are negotiated for each purchase order, and it generally maintain relationships with multiple suppliers for each raw material. The terms and conditions, including the return policy, are outlined in the purchase orders. It prioritizes sourcing materials from reputable suppliers and typically seeks quotations from several sources. As it does not have long-term contracts with its suppliers, and prices are based on quotes it receives, its suppliers are not contractually obligated to supply materials to us. They may choose to sell their products to its competitors instead. Any non-availability, shortage, or use of substandard raw materials could materially adversely affect its business. Additionally, power shortages or failures in the manufacturing process may impact its operations and financial results. Moreover, any discontinuation of production or failure by its suppliers to adhere to delivery schedules or quality and quantity requirements could disrupt its manufacturing operations. 

Outlook

Accretion Nutraveda is a healthcare-focused Contract Development and Manufacturing Organization (CDMO). The company specializes in ayurvedic and nutraceutical products including tablets, capsules, oral liquids, oral powders, external preparations and oils. Its portfolio spans diverse healthcare segments such as bone and joint care, respiratory care, gynec care, digestive care, cardiac care, liver care, paediatric care, skin and hair care, urinary and UTI care, baby care products and memory and neuron care. The company holds ISO, WHO-GMP, and Halal certifications, ensuring global quality and safety standards. On the concern side, its working capital requirements, towards which it intends to deploy Rs 550 lakh from the Net Proceeds, are based on certain assumptions. Any change in working capital requirements on account of such assumptions may materially adversely affect its results of operations and profitability. Moreover, it is dependents on several third-party service providers to sell or distribute its products to consumer, and on third party technology providers for certain aspects of its operations. Any disruptions or inefficiencies in these operations may adversely affect its business, financial condition, cash flows and results of operations.

The company is coming out with a maiden IPO of 19,20,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 122-129 per equity share. The aggregate size of the offer is around Rs 23.42 crore to Rs 24.77 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 1600.18 lakh whereas in FY24 it was Rs 500.52 lakh representing an increase of 219.70%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 261.28 lakh and for the year ended March 31, 2024 it was Rs 82.19 lakh representing an increase of 217.90%.

The company intends to further strengthen its sales and marketing network by expanding its presence in new domestic geographies. At present, its products are sold in both domestic and select international markets such as Sri Lanka, Singapore, and the USA. Going forward, it aims to enhance its global footprint by transitioning towards direct exports instead of relying solely on intermediaries. This strategy is expected to improve profitability, enhance brand visibility, and build stronger customer relationships. Further, it intends to strengthen its portfolio by launching new and innovative formulations; and aligning new product development with global nutraceutical trends and regulatory frameworks. This continuous product expansion ensures that it can cater to diverse customer requirements while capturing new market opportunities.

Msafe Equipments

• Msafe Equipments is coming out with an initial public offering (IPO) of 54,00,000 shares in a price band of Rs 116-123 per equity share. 
• The issue will open on January 28, 2026 and will close on January 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.60 times of its face value on the lower side and 12.30 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance Officer for the issue is Renuka Uniyal.

Profile of the company

The company is engaged in the business of manufacturing, sales and rental of access and height-safety equipments, primarily used to facilitate safe working at heights. Its product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders and fibre reinforced plastic (FRP) ladders, which are designed to meet varied operational and safety requirements across construction, maintenance, installation, repair and infrastructure development activities. These products provide safe and stable access for vertical and elevated operations, enabling workers to undertake a wide range of activities such as building exterior works (including facade and cladding installation), painting and plastering, HVAC and MEP works, electrical cabling and fittings, ceiling and interior finishing, fire-fighting works and warehouse stacking and retrieval, among others, while significantly reducing the risk of workplace accidents.

It offers various types of aluminium scaffoldings such as stairway, narrow-width, extra reach, podium, cantilever, and bridge sections. Aluminium scaffoldings are lightweight, modular systems known for rapid assembly and scalability. MS scaffoldings are steel structures used in long-duration construction and infrastructure projects that require higher structural strength and load-bearing capacity. Aluminium and FRP ladders include A-type, straight, platform and cage variants. Aluminium ladders are commonly used where mobility is required, while FRP ladders are non-conductive and suitable for electrical applications.

Its customer base extends across a wide spectrum of industries, including civil construction, infrastructure development, facility management, HVAC solutions, MEP contracting, interior contracting, electrical contracting, warehousing and logistics, firefighting and safety systems, among others. It carries out its manufacturing operations through three facilities located within the Industrial Estate of Greater Noida, Uttar Pradesh. These units are dedicated to specific product lines, with production covering aluminium scaffoldings, ladders (aluminium and FRP) and MS scaffoldings.

Proceed is being used for:

• Funding of Capital expenditure towards setup of a new manufacturing facility
• Funding of Capital expenditure for manufacturing of equipments for rental purpose
• Utilization towards working capital requirements
• General corporate purposes

Industry overview

The infrastructure development initiatives in India are significantly driving the growth of the ladder and scaffolding market. Government-led projects and increased investments in infrastructure are creating substantial demand for these essential construction tools. Government initiatives, such as the National Infrastructure Pipeline (NIP), Smart Cities Mission, and expansions of metro rails, airports, and highways, are driving a surge in demand for ladders and scaffolding. These projects require extensive use of ladders and scaffolding for construction, maintenance, and repair activities.

The India Scaffolding Market was valued at Rs 7208.97 crore in 2024 and is expected to reach Rs 12811.78 crore in 2030, registering a CAGR of 10.06% for the forecast period (2024-2030). This market expansion is anticipated to be driven by a new wave of highway expansions, metro-rail corridors, and industrial-park developments. The India Ladders Market studied was valued at Rs 1358.27 crore in 2024 and is expected to reach Rs 2233.90 crore in 2030, registering a CAGR of 8.65% for the forecast period (2024-2030).

The Indian scaffolding market is witnessing robust growth, propelled by a surging construction sector and heightened government emphasis on infrastructure development. This expansion is closely linked to a series of government initiatives and stringent regulations; all aimed at upholding safety and quality standards. The Indian scaffolding market is experiencing significant growth, driven by large-scale infrastructure projects, rising real estate and industrial activity, and a shift towards advanced modular systems. Stricter safety regulations and sustainability initiatives further support this growth, positioning the market for steady expansion through 2033.

Pros and strengths

Well diversified customer base spread across various industries & geography: Its customer base extends across a wide spectrum of industries, including civil construction, infrastructure development, facility management, HVAC solutions, MEP contracting, interior contracting, electrical contracting, warehousing and logistics, firefighting and safety systems, among others. During FY 2024-25, it served more than 2,500 customers through both sales and rental channels. For the fiscal year ended 2025, the company generated 97.77% of its total revenue from 22 states and 3 union territories in India, with key markets in Maharashtra, Karnataka and Tamil Nadu. During Fiscal 2025, Fiscal 2024, Fiscal 2023 its exports reached markets including UAE, Nigeria, Maldives, Saudi Arabia and Mauritius.

Multi-model source of revenue through product sales and rental services: Its revenues are derived from two primary sources, namely product sales and rental services, providing it with a balanced and recurring stream of income. Over the period, the rental model has consistently contributed to its revenues, accounting for 43.07% for the period ended September 30, 2025, 51.65% in FY 2024-25, 52.30% in FY 2023-24 and 62.97% in FY 2022-23, with the balance derived from sales. While sales contribute to one-time revenue generation, the rental model provides recurring income and revenue predictability. Under the rental model, aluminium scaffoldings, ladders and MS scaffoldings are provided to customers across India on weekly, fortnightly or monthly terms, generally supported by advance payments and security deposits. This multi-model source of revenue enables it to cater to both long-term infrastructure and industrial projects as well as short-term site requirements, thereby diversifying its revenue base.

In-House manufacturing facilities supported by quality certifications: Its manufacturing operations are carried out across three facilities located within the Industrial Estate of Greater Noida, Uttar Pradesh. To support production activities at these facilities, its units are equipped with requisite machineries such as Welding machine, Riveting & Expanding machine, Pneumatic ladder making machine, Pneumatic cutting machine, Mechanical material shifter, 5-station multi head press and Vibro deburring machine. Additionally, it is certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), ISO 45001:2018 (Occupational Health & Safety Management) and ISO/IEC 27001:2022 (Information Security Management).

Risks and concerns

Reliance on aluminium scaffolding for revenue: It generates a significant portion of its revenue from its key product i.e. Aluminium Scaffolding. Revenue from the rental of aluminium scaffolding accounted for 39.64% for the six months period ended September 2025 and 48.87%, 50.50%, and 59.94% of its revenue from operations in Fiscal 2025, 2024, and 2023, respectively, while revenue from sale contributed 36.68%, 35.94%, 37.34%, and 26.17% during the corresponding periods. Accordingly, the aggregate contribution of aluminium scaffoldings (rental and sales combined) to its revenue from operations was 76.32%, 84.81%, 87.85% and 86.11% for the 6 months period ended September 25, 2025 and Fiscal 2025, 2024 and 2023, respectively. Any decline in the sale or rental services of its key offering could have an adverse effect on its business, results of operations and financial condition.

No long-term agreements with customers: It does not have long-term agreements with its customers, and its revenues are dependent on purchase orders or work orders, which may not be renewed in the future. Its business model for both sales and rental is primarily based on customer purchase orders and work orders, without long-term commitments from its customers. Most of its rental orders are for monthly, fortnightly or weekly tenures with extensions being made on a case-to-case basis, while product sales are also executed against specific purchase orders. Accordingly, it faces the risk that its customers may not continue to place orders with it at historical levels, may reduce the volume of business, or may not renew rental arrangements upon expiry. Any reduction, cancellation, or delay in orders or rental renewals could lead to volatility in its revenue streams and may adversely affect its financial condition and results of operations.

Reliance on limited suppliers for raw materials: It is significantly dependent on a limited number of suppliers for procurement of its raw materials, with which it does not have any long-term agreements and any disruption in supply or volatility in raw material prices may adversely affect its business, financial condition, results of operations and cash flows. Its purchases from its top 10 suppliers for the period ended September 30, 2025 and in Fiscal 2025, 2024 and 2023 aggregated to Rs 1778.10 lakh, Rs 3,935.67 lakh, Rs 2,462.60 lakh and Rs 1,579.28 lakh, respectively, constituting 75.12%, 86.38%, 89.60% and 95.33% of its total purchases for those periods.

Outlook

Msafe Equipments is primarily engaged in the manufacturing, sale, and rental of a comprehensive range of access and height-safety solutions, including aluminum scaffoldings, aluminum and FRP (Fiber Reinforced Plastic) ladders, and MS (Mild steel) scaffoldings designed to meet the diverse operational and safety requirements of various industries. On the concern side, a significant portion of its revenue is derived from its rental business, and any decline in rental demand, changes in customer preferences or adverse developments in its rental operations may adversely affect its business, financial condition, results of operations and cash flows. Further, dependence upon transportation services for supply and transportation of its products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.

The company is coming out with a maiden IPO of 54,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 116-123 per equity share. The aggregate size of the offer is around Rs 62.64 crore to Rs 66.42 crore based on lower and upper price band respectively. On performance front, the total income for FY 2024-25 stood at Rs 7162.18 lakh, compared to Rs 4833.75 lakh in FY 2023-24, reflecting a growth of 48.17%. Its profit after tax increased by 98.60%, rising from Rs 655.18 lakh in the financial year 2023-24 to Rs 1301.21 lakh in the financial year 2024-25.

As part of its growth strategy, it is focused on addressing the increasing demand from existing and new clients in the scaffolding segment, while also expanding its presence into the hanging scaffolding market and further strengthening its offerings in the ladder segment. The planned entry into hanging scaffolding is intended to cater to specialized requirements in high-rise construction, facade work, and industrial maintenance, where conventional systems may have limitations.

Kanishk Aluminium India

• Kanishk Aluminium India is coming out with an initial public offering (IPO) of 40,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 73 per equity share.
• The issue will open on January 28, 2026 and will close on January 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.3 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sun Capital Advisory Services.
• Compliance Officer for the issue is Prachi Mittal.

Profile of the company

The company specializes in manufacturing a comprehensive range of aluminium extrusion products, including solid & hollow section profiles, solar profiles, railings, heatsinks and sliding / fixed windows and doors profiles. Its products serve a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. Its mission is to consistently deliver sustainable value to its customers by offering quality products and services at optimal costs. It achieves this through continuous improvement, integrity, and excellence in every aspect of its operations. In November 2024, it has proudly launched its brand, ‘Baari by Kanishk’, which focuses on aluminium system doors and windows. At Baari, it designs and manufactures a wide range of doors and window systems, including sliding doors, casement series, slide-and-fold doors, lift-and-slide doors, fixed panels etc.

All complete frames for doors and windows are manufactured in-house using advanced techniques to ensure durability and precision. Surface treatments such as anodizing, polishing, and powder coating are carried out by trusted third-party partners with whom it maintains long-standing relationships. Once the profiles are ready, it personally oversees the fabrication and installation process at its customers’ sites to ensure seamless service and uncompromised quality.

Its manufacturing unit is located in the vibrant ‘Blue City’ of Jodhpur, Rajasthan. This facility is dedicated to producing precision aluminum extrusions according to the industry standards. Additionally, for Baari by Kanishk, it has established an experience centre in the heart of Jodhpur, providing customers with direct access to explore its product range. With extensive industry experience, advanced manufacturing capabilities, and a commitment to quality, it consistently focuses on meeting customer expectations. Its adherence to quality processes has earned it ISO 9001:2015 certification, a testament to its quality management systems.

Proceed is being used for:

• Repayment / pre-payment, in full or part, of certain borrowings availed by the company.
• Branding and promotion of company's brand, ‘Baari by Kanishk’.
• General corporate purpose.

Industry overview

India 3rd largest producer globally (2nd largest in capacity); 3rd Largest consumer globally, 58% of the aluminum is imported even with enough capacity domestically. In India, aluminum was consumed mainly in the Electrical sector (48%), followed by Automobile & Transport sector (15%), Construction (13%), Consumer Durables (7%), Machinery & Equipment (7%), Packaging (4%) and others (6%). India export 2 million tonnes primary metal- India import 1.3 million tonnes of scrap and export 2.0 million tonnes pure aluminum. India employs 8 lakh people (directly and indirectly) and Rs 6000 crore as direct employment cost. Fully integrated operation in India. 

Production of key minerals in the country, such as iron ore and limestone, has continued to show robust growth in Q1 of FY 2024-25, after reaching record production levels in FY 2023-24. Iron ore and limestone account for about 80% of the total MCDR mineral production by value. Production of iron ore was 275 million metric ton (MMT) and limestone at 450 MMT in FY 2023-24. In the non-ferrous metal sector, primary aluminum production in FY 2024-25 (April-June) posted a growth of 1.2% over the corresponding period last year, increasing to 10.43 lakh tonne (LT) in FY 2024-25 (April-June) from 10.28 LT in FY 2023-24 (April-June).

It is predicted that the demand growth of Aluminium in the India in next few years is going to be substantially higher due to projected high GDP growth in India in the coming years. Multiple initiatives of Govt. of India like Make in India, 100% rural electrification, Housing for All, Smart Cities, National infrastructure pipeline of Rs 100 lakh crore, renewable energy and FAME (Faster adoption of manufacturing of Hybrid and EV) schemes for electric vehicles, increase in FDI etc. will boost the consumption of the metal in the country.

Pros and strengths

Diverse product portfolio: Its long-term objective is to become a one-stop solution for all aluminium extrusion products, with a focus on product development and quality. Over time, it has expanded and diversified its product range and delivered a variety of aluminium extrusion products to meet changing market demands. With a large number of dies at its disposal, it offers a wide array of customized aluminium profiles tailor made to its customers‘ specific requirements. By diversifying its product offerings, it reduces dependency on any single industry and remains responsive in responding to market shifts. Its ability to adjust its product lines according to customer needs ensures that it maintains a competitive edge while delivering value across different sectors.

Customization and Flexibility: The ability to provide customized solutions tailored to client specifications is an operational advantage. By offering products in different sizes, shapes, and finishes, the company can meet the specific needs of diverse customers across industries. Owning a wide variety of dies for various extrusion profiles, gives it the flexibility to add new designs based on customer requirements, which strengthens client relationships and enhances market reach.

Optimal utilization of resources: The company regularly seeks to improve its execution process, capabilities, skill development of employees, modernization of plant and machineries to optimize the utilization of resources. It regularly analyzes its material procurement policy and project execution process to address areas requiring improvement and take corrective measures for smooth and efficient working thereby putting resources to optimal use.

Risks and concerns

Reliance on top ten customers: The company relies on a limited number of high-volume customers for a significant portion of its revenues, with its top ten customers contributing 87.96%, 83.07%, 78.31%, and 76.37%, of its total sales for the period ended August 31, 2025 and the financial years ended March 31, 2025, 2024, and 2023, respectively. This dependence on a few key customers exposes it to several risks, including the potential reduction, delay, or cancellation of orders, as well as challenges in negotiating favourable terms. Any loss of these customers, or a failure to renew orders on similar terms, could materially affect its business, financial condition, cash flows, and future prospects.

Revenue reliance on architectural and construction products: The company derives a significant portion of its revenue from the sale of Architectural (Window Sections Profiles, Railing Windows, & Door Handles, Kitchen Baskets, Kitchen Rails) and Construction (Aluminium facade solutions for modern architectural designs, Aluminium Staircase and ladder solutions, Adjustable or fixed horizontal aluminium slats for light, air control, and protection from direct sunlight.) products. Any reduction in the sale of these products could have a material adverse effect on its business, results of operations, and financial condition. Specifically, the company generated Rs 1,786.52 lakh, Rs 4,624.20 lakh, Rs 5,014.39 lakh, and Rs 4,969.22 lakh, from the sale of products, which accounted for 61.23%, 77.35%, 84.56%, and 83.99% of the total revenue from operations for the period ended August 31, 2025, and for the financial years ended March 31, 2025, 2024, and 2023, respectively.

Revenue dependence on key states: The company is significantly dependent on Revenues from the Operations from the states - Rajasthan, Uttar Pradesh and Delhi, and any adverse developments in these regions could materially and adversely affect its business, results of operations, and financial condition. For the period ended August 31, 2025, around 81.10% of its Revenue from the Operations was generated from these three states (Rajasthan: 49.26%, Uttar Pradesh: 18.61%, Delhi: 13.23%). Similarly, for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, these regions contributed around 82.89% (Rajasthan: 51.08 %, Uttar Pradesh: 15.97%, Delhi: 15.84%), 75.06% (Rajasthan: 49.46%, Delhi: 25.60%) and 74.96% (Rajasthan: 57.49%, Delhi: 17.47%), respectively, of its total Revenue from the Operations.

Outlook

Kanishk Aluminium India is engaged in manufacturing of Aluminium Profiles and other articles through Extrusion process. Its products serve a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. Its mission is to consistently deliver exceptional value to its customers by offering superior-quality products and services at optimal costs. It achieves this through continuous improvement, integrity, and excellence in every aspect of its operations. On the concern side, it does not have long-term agreements/contract with its customers. If a significant number of its customers choose not to place long-term purchase orders with the company or may choose to terminate its contracts if market price drops drastically, its business, financial condition and results of operations may be adversely affected. Moreover, the company has significant power and fuel requirements and any disruption to power or fuel sources could increase production costs and adversely affect business.

The company is coming out with an IPO of 40,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 73 per equity share to mobilize Rs 29.20 crore. On performance front, the revenue from operations had increased by 0.81%, from Rs 5,930.46 lakh in Fiscal 2024 to Rs 5,978.22 lakh in Fiscal 2025. Moreover, the Company’s profit after tax had increased by 99.70% from Rs 152.29 lakh in the Fiscal 2024 to Rs 304.13 lakh in Fiscal 2025. This increase in Profit After Tax was mainly on account of introduction of new products line with high margins, increase in inventory, reduction in finance cost, reduction in power and fuel expense.

As it continues to grow and expand, its strategy is consistently meeting defined quality standards. It recognizes that maintaining quality - compliant products is not only essential for customer satisfaction and necessary for regulatory compliance. Its focus is on ensuring that, as it scales, its commitment to delivering quality products remains consistent. Its approach involves continuous monitoring and reviewing of product quality at every stage of the production process. By proactively addressing any quality deviations, it ensures that its products consistently meet the expectations of its customers. This focus on quality control helps it build long-term relationships with clients.

Kasturi Metal Composite

• Kasturi Metal Composite is coming out with an initial public offering (IPO) of 27,52,000 shares in a price band of Rs 61-64 per equity share. 
• The issue will open on January 27, 2026 and will close on January 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.10 times of its face value on the lower side and 6.40 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance Officer for the issue is Madhu Awasthi.

Profile of the company

Kasturi Metal Composite, incorporated in 2005, is engaged in manufacturing, supply and export of steel fiber products for industrial applications. Its product portfolio includes Loose Hook-End Steel Fiber, Glued Hook-End Steel Fiber and Flat Crimped Steel Fiber, available in various sizes and configurations for fiber-reinforced concrete applications. Additionally, it manufactures Steel Wool Fiber, which is widely utilized in the production of friction linings for brake pads and clutches. Furthermore, it trades Macro Synthetic PP Fibers under its ‘Durocrete’ brand and operates a subsidiary, Durafloor Concrete Solution LLP, which specializes in providing tailored concrete flooring solutions. It offers comprehensive solutions that enhance the structural integrity and performance of concrete and other composite materials.

The company markets its products under the 'Duraflex' and 'Durabond' brands, serving a diverse range of industries, including construction, engineering, warehousing, logistics, mining, infrastructure, and automotive. These products are utilized in various applications such as tunnel shotcrete, precast concrete, industrial and warehouse flooring, roads, pavements, tunnel mining, and automotive friction linings. Additionally, they are used in hydroelectric plants, road and rail tunnels, underground caverns, bridges, and highways, ensuring structural integrity. With 20 years of experience in understanding customer requirements, it remains committed to delivering quality, safe, and value-driven solutions.

It operates three manufacturing units in the MIDC industrial area of Amravati, Maharashtra, ensuring operational efficiency and seamless production. Each of its manufacturing facilities is equipped with machinery, including wire drawing machines, wet and dry wire systems, and specialized equipment for steel fiber and steel wool fiber production. To ensure quality standards, it has an in-house quality control laboratory that conducts inspections before and after production. Additionally, it outsources product testing to NABL accredited laboratories as per client requirements to ensure compliance with industry benchmarks. It has been awarded ISO 9001:2015 certification for its Quality Management System (QMS) and has received ZED (Zero Effect, Zero Defect) Silver and Bronze Certifications for manufacturing steel fibers and steel wool fiber products.

Proceed is being used for:

• Funding the capital expenditure towards, mechanical and electrical works, interior work and procurement of plant and machinery for setting up a new manufacturing facility at Amravati, Maharashtra (Proposed Unit IV)
• General corporate purpose

Industry Overview

India is the second largest producer of crude steel. Steel has contributed immensely towards India’s economic growth. The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India's manufacturing output. The main sectors demanding steel are construction and infrastructure, which account for the largest portion of consumption, followed by the automotive and transportation sector. Other significant sectors include packaging, machinery, and energy. Steel is a de-regulated sector and government acts as a facilitator, by creating conclusive policy environment for development of the steel sector. Government of India has notified National Steel Policy, 2017 which envisages development of a technologically advanced and globally competitive steel industry that provides environment for attaining self-sufficiency in steel production by providing policy support and guidance to steel producers. National Steel Policy covers all aspects of steel sector such as steel demand, steel capacity, raw material security, infrastructure and logistics, Research & Development (R&D) and energy efficiency.

Meanwhile, the government has launched the second round of PLI scheme for Specialty Steel. Ministry of Steel has come out with PLI scheme 1.1 for specialty Steel for five product categories which is the same as the existing PLI Scheme to enable further participation as industry participants requested the ministry for relaxation. The PLI scheme 1.1 shall be implemented during the production period of FY 2025-26 to FY 2029-30. PLI Scheme 1.1 covers five product categories in line with the existing PLI Scheme, namely Coated / Plated Steel Products, High Strength / Wear resistant Steel, Specialty Rails, Alloy Steel Products & Steel wires and Electrical Steel. Besides, the government has imposed 12% safeguard duty on the import of certain non-alloy and alloy steel flat products. This measure is a timely and necessary step to protect domestic steel manufacturers from the adverse impact of import surges and to ensure fair competition in the market. This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports.

India's steel sector is likely to continue its upward trajectory in coming time amid strong government thrust for infrastructure development and housing for all. Government initiatives such as ‘Smart Cities’ and ‘Affordable Housing’ as well as building of industrial corridors will boost India’s steel demand. Transforming agriculture and agri-livelihoods is expected to provide a strong indirect boost to steel production and demand by increasing rural incomes, which in turn will drive the need for steel and steel products. Direct support to the MSME sector is likely to create further opportunities for the steel industry, fostering its development in the coming days. With India currently being a net importer of steel and exports showing a downward trend, a renewed emphasis on export-driven growth could serve as a significant advantage for the domestic steel sector.

Pros and strengths

Manufacturing excellence and operational efficiency: Its core strength lies in its manufacturing capabilities, which enable it to efficiently meet evolving customer demands. It operates three manufacturing units within the MIDC industrial area of Amravati, Maharashtra, each specializing in distinct production processes. These facilities are equipped with latest machinery and automation systems, ensuring precision, operational efficiency, and adherence to stringent quality standards. The first unit is dedicated to fine wire drawing, forming the foundation for steel fiber and steel wool fiber production. The second unit focuses on the manufacturing of high-performance steel fibers, which are widely used in fiber-reinforced concrete applications. The third unit specializes in producing steel wool fibers, an essential component in friction linings for automotive brake pads and clutches. By optimizing operations across these specialized units, it enhances production capacity while maintaining rigorous quality control measures at every stage.

Stringent quality control mechanism ensuring standardized product quality: The company is committed to maintaining the quality standards for its product offerings. It strictly adheres to the quality standards prescribed by its customers and implements a rigorous quality control mechanism at every stage of the manufacturing process. This ensures that both its raw materials and finished products conform to its customers' requirements and successfully pass all validations and quality checks. As a testament to its commitment to quality, the company has received ISO 9001:2015 certification for quality management systems. Additionally, based on client requirements, it also outsources product inspection and testing to NABL-accredited laboratories, ensuring compliance with the stringent quality benchmarks. It has also earned ZED (Zero Effect, Zero Defect) Silver and Bronze certifications for its steel fibers and steel wool fibers, showing its commitment to quality and sustainability. This quality focus has been key to its success, helping it grow while providing value to customers.

Established relationships with customers across various geographical locations: The company has diversified revenue from multiple geographical locations across India i.e. Tamilnadu, Odisha, Maharashtra, Rajasthan, Gujarat, Telangana, West Bengal, Madhya Pradesh, Goa etc. and a small portion of revenue from outside India i.e. Nepal, New Zealand, Bhutan and Dubai. It generates revenue through both domestic sales and exports, catering to clients in four countries. Its revenue distribution from export sales stood at 1.88%, 16.56%, 4.56% and 11.76%, while domestic sales accounted for 98.12%, 98.34%, 95.44%, 88.24% of the total revenue for the period ending September 30, 2025, and the fiscal years 2025, 2024 and 2023 respectively. Currently, it markets its products to more than 10 states within India and gradually it intends to expand its business operations to other geographical locations as well.

Risks and concerns

Dependency on key suppliers for raw materials: The company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw materials. Therefore, it cannot assure that it will always have a steady supply of raw materials at favorable prices. For the period ending September 30, 2025, and the financial years ended March 31, 2025, 2024, and 2023, purchases from its top ten suppliers amounted to Rs 1342.30 lakh, Rs 2403.41 lakh, Rs. 2,923.63 lakh and Rs 2,593.12 lakh, respectively, which represented 84.89%, 76.79%, 90.54% and 99.74%, of its total raw material purchases. Any disruption in the supply of raw materials from such selective suppliers and geographical location could have a material adverse effect on its business operations and financial conditions.

Reliance on limited customer base: The substantial portion of its revenues has been dependent upon few customers. For instance, its top 10 customers for the period ended September 30, 2025 and for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 accounted for Rs 2114.04 lakh, Rs 3714.98 lakh, Rs 3489.74 lakh and Rs 3049.39 lakh respectively 65.98%, 65.19% 70.16% and 82.14% of its revenue from operations for the respective year. It caters to a diverse range of industries, including construction, engineering, warehousing, logistics, mining, infrastructure, and automotive. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Exposure to demand fluctuations for steel fiber products: It is engaged in the manufacturing of Steel Fiber and Steel Wool Fiber which are used in industrial flooring, precast tunnel lining and brake pads and linings. It generates a significant portion of its revenue from its key product i.e. Duraflex Steel Fiber which contributed to 37.62%, 41.13%, 61.15% and 65.68% of its revenue from operations for period ended September 30, 2025, Fiscal 2025, 2024 and 2023 respectively. Through its subsidiary, it also supplies industrial flooring products and concrete flooring solutions, including flooring work, polishing, densification, and FM Certification. Any decline in the sales of Duraflex Steel Fiber on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply of such products may adversely affect its business, results of operations and financial condition. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for its key product may adversely impact its business prospects and financial performance.

Outlook

Kasturi Metal Composite is specialized in manufacturing steel fiber products for industrial applications. Its portfolio includes Loose Hook-End, Glued Hook-End, and Flat Crimped Steel Fibers, along with Steel Wool Fiber. Operating under Duraflex, Durabond, and Durocrete brands, it serves construction, engineering, automotive, and infrastructure sectors. On the concern side, the company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw materials. Any disruption in the supply of raw materials from such selective suppliers and geographical location could have a material adverse effect on its business operations and financial conditions. Moreover, its business is dependent on its manufacturing unit. Any disruption, breakdown or failure of machinery, disruption to power sources or any temporary shutdown of its manufacturing unit, may have a material adverse effect on its business, results of operations, financial condition and cash flows.

The company is coming out with a maiden IPO of 27,52,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 61-64 per equity share. The aggregate size of the offer is around Rs 16.78 crore to Rs 17.61 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 5697.22 lakh whereas in FY24 it was Rs 4974.55 lakh representing an increase of 14.53%. However, profit after tax for the period ended March 31, 2025, stood at Rs 207.37 lakh and for the year ended March 31, 2024 it was Rs 235.14 lakh representing a decrease of 11.81%.

The company intends to expand its manufacturing capabilities. It is currently in the process of setting up a new manufacturing unit in Amravati district, Maharashtra. This 15330 sq. mtr. facility is owned by the company, and construction of part of the factory building has already been initiated. The new manufacturing unit will feature both a new product line and expanded steel fiber manufacturing with increased installed capacity machines. Requisite machineries including High Speed Straight Line Wire Drawing Machines, Steel fiber forming lines, Macro PP production Line, and other miscellaneous equipment will be purchased and installed at this facility. Further, it currently markets its products to 4 countries and multiple regions in India and aims to expand into new international markets and untapped domestic areas. By diversifying geographically, it aims to reduce risks and protect against fluctuations from business concentration in specific areas.

NFP Sampoorna Foods

• NFP Sampoorna Foods is coming out with an initial public offering (IPO) of 44,60,000 shares in a price band of Rs 52-55 per equity share.
• The issue will open on January 27, 2026 and will close on January 30, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 5.2 times of its face value on the lower side and 5.5 times on the higher side.
• Book running lead manager to the issue is 3Dimension Capital Services.
• Compliance Officer for the issue is Babli.

Profile of the company

NFP Sampoorna Foods is a food processing and trading company engaged in the procurement, import, processing, grading, packaging, marketing, and distribution of dry fruits. The company’s product portfolio includes cashew nuts (raw and processed), makhana (fox nuts), almonds and Walnut, catering to domestic and regional markets through B2B, B2C and institutional channels. It sources its Raw Cashew Nuts (RCN) directly from selected farms in African countries as well as from registered domestic importers, ensuring access to raw materials at competitive prices. These nuts are then processed in-house to produce cashew kernels in a variety of grades, delivering the crispiest and crunchiest cashews to wholesalers and households across India.

To address the growing demand for health-oriented foods, the company diversified its offerings. In August 2024, makhana was introduced, followed by almonds in March 2025 and Walnut in September 2025 (available exclusively through the B2C channel), almonds and makhana available exclusively through the B2C channel to align with consumer preference for convenient and nutritious products. Furthermore, cashew nuts continue to be distributed through both Business-to-Business (B2B) and B2C channels, enabling the company to effectively cater to a wide range of customer segments and maximize market reach.

The company procures makhana directly from smallholder farmers and aggregators in Bihar, the primary region for makhana cultivation in India. Almonds are sourced through importers, mandi traders, and bulk suppliers, primarily located in the Delhi NCR region and Walnuts are procured from the wholesalers present in Delhi market. This diversified and strategic sourcing approach ensures consistent access to raw materials at competitive prices, supporting the Company’s commitment to quality and reliability.

Proceed is being used for:

• Meeting working capital requirements of the company.
• Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company. 
• General corporate purposes.

Industry Overview

India is the fifth largest economy in the world and expected to be the fastest-growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The food processing sector has become a key contributor to India's economy over the past few years. The sector has performed exceptionally well with an impressive average annual growth rate of 7.3% from 2015 to 2022. It has significantly contributed to Gross Domestic Product (GDP), employment, and investment. 

India is one of the largest populated countries in the world and is expected to continue having one of youngest populations in the world till 2030. The growing consumption of food is expected to reach $1.2 trillion by 2025-26, owing to urbanization and changing consumption patterns. India's food processing sector's market size is estimated to more than double to Rs 60,40,300 crore ($700 billion) in 2030 from Rs 26,49,103 crore ($307 billion) in 2023, driven by growing demand for processed products, according to industry body PHD Chamber of Commerce and Industry (PHDCCI).

The Indian food processing sector offers a promising growth journey ahead and presents several opportunities with the sector being recognised as a key priority industry under the ‘Make in India’ initiative. The MoFPI has undertaken several initiatives aimed at enhancing infrastructure and fostering food processing industries to stimulate investment in this domain. The Indian Government has sought to involve multiple stakeholders to improve interactions between farmers, processors, distributors, and retailers to establish strong supply chains linking farmers to processing and marketing to empower them with nearby grading and storage facilities which will enhance the value of their products.

Pros and strengths

Direct procurement network from Africa, Bihar & Licensed importers: Its Direct Procurement Network spans key sourcing regions-Africa and registered domestic importers for Cashews, Bihar for Foxnuts, and licensed importers in the mandi markets of Delhi NCR for Almonds-leveraging regional diversity, local expertise, and strategic market access. By directly sourcing cashews and foxnuts from producers, it eliminates multiple layers of intermediaries, thereby ensuring fair pricing, greater traceability, and quality control. 

Consistent year-round demand driven by long shelf life: It leverages the natural advantage of dry fruits’ consistent demand throughout the year, largely due to the long shelf life of dry fruits. Unlike many fresh agricultural products that are highly seasonal and perishable, dry fruits can be stored for extended periods without significant loss of quality or nutritional value. This durability allows processors, distributors, and retailers to maintain steady inventory levels and supply across diverse markets and seasons. Consequently, dry fruits are less affected by seasonal fluctuations, enabling stable production planning and sales forecasting.

Established client relationship: It is built strong relationships with its clients by consistently delivering quality dry fruits. Its team focuses on understanding each client's needs through regular communication. It listens to their requirements, ensure timely deliveries, and offer support to help them with their procurement needs. This approach has led to many clients returning to the company for repeat orders, which shows the trust they've placed in its products and services. It is discovered that its focus on quality and reliability has not only allowed it to meet immediate needs but also build long-term trust and confidence among its clients.

Risks and concerns

Revenue dependence on cashew products: The company is significantly dependent on the sale of products, namely cashews. Any adverse change in the market, supply, or regulatory environment relating to cashews may materially affect its business, financial condition, cash flows, and reputation. The company derives a substantial portion of its revenue from the sale of cashews and cashew products, which accounted for around 97.82% of revenue for the period ended November 30, 2025 and 97.49% for the period ended March 31, 2025, 99.99% for the period ended from December 21, 2023 to March 31, 2024, 96.22% for the period ended from April 1, 2023 to December 20, 2023 and 100% for the period ended March 31, 2023. The company is substantially dependent on the sale of cashew products, and any adverse changes in market conditions, supply, or regulations may materially affect its business, financial condition, cash flows, and reputation.

No long-term contracts with suppliers: The raw materials it uses in its processing process are primarily sourced from Africa, including countries such as Ghana, Ivory Coast, Benin, Togo, and Conakry and third-party suppliers in India which import from west African region. In addition, it usually does not enter into long-term supply contracts/ agreements with any of its raw material suppliers and typically source raw materials from the open market. The absence of long-term contracts/agreements at fixed prices exposes us to volatility in the prices of raw materials that it requires and it may be unable to pass these costs onto its customers, which may reduce its profit margins. 

Dependence on major customers: The company has a limited number of customers generating significant portion of revenue from sales. For the period ended November 30, 2025, and the financial years ended March 31, 2025, 2024, and 2023, revenue from operations generated from its top 10 customers accounted for 41.88%, 68.58%, 78.38%, and 86.71% of its total revenue from operations, respectively. The loss of a key customer in a financial period could significantly reduce its revenue and could have a material adverse effect on its business, future prospects, results of operations and financial condition.

Outlook

NFP Sampoorna Foods is a diversified and growing food processing and trading company engaged in the procurement, import, processing, grading, packaging, marketing, and distribution of dry fruits. The company’s core product portfolio includes cashew nuts (raw and processed), makhana (fox nuts), almonds and walnut, catering to domestic and regional markets through B2B, B2C and institutional channels. On the concern side, it has limited Geographical Presence in the market. The company derives a substantial portion of its revenue from a limited number of regions, specifically Delhi NCR, Haryana, and Gujarat. This geographic concentration makes it vulnerable to region-specific risks such as changes in local regulations, economic downturns, infrastructure disruptions, labor shortages, adverse weather events, political instability, or other natural or man-made calamities. Any such development could disrupt its operations in these key markets and materially impact its revenue and profitability.

The company is coming out with a maiden IPO of 44,60,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 52-55 per equity share. The aggregate size of the offer is around Rs 23.19 crore to Rs 24.53 crore based on lower and upper price band respectively. On performance front, its total income recorded a robust growth of 53.41%, increasing from Rs 2,330.91 lakh in the financial year ended March 31, 2024, to Rs 3,575.74 lakh in the financial year ended March 31, 2025. Moreover, the company’s profit after tax increased significantly by 162.94%, from Rs 101.70 lakh in FY 2023–24 to Rs 267.41 lakh in FY 2024–25, driven by strong revenue growth and improved operational efficiency.

The company intends to strengthen its position in the healthy snacking segment by expanding its product offerings and enhancing processing capabilities. A key area of focus is the makhana (fox nut) category, which the company views as a high-potential growth vertical. To support this, the company intends to introduce value-added variants such as roasted, flavored, and vacuum-packed makhana targeted at health-conscious urban consumers seeking convenient and nutritious snack options. This strategic focus is expected to enhance the company’s market positioning by enabling it to tap into the rapidly growing demand for healthy, ready-to-eat snacks. Expanding the makhana portfolio with value-added products will allow the company to improve its gross margins, deepen brand engagement, and increase its share in the market.

Hannah Joseph Hospital

• Hannah Joseph Hospital is coming out with an initial public offering (IPO) of 60,00,000 shares in a price band of Rs 67-70 per equity share.
• The issue will open on January 22, 2026 and will close on January 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.7 times of its face value on the lower side and 7.0 times on the higher side.
• Book running lead manager to the issue is CapitalSquare Advisors.
• Compliance Officer for the issue is Yuvaraj Saravanan.

Profile of the company

Hannah Joseph Hospital, is an established 150-bedded institute, is renowned for its comprehensive and specialized medical care in Neurosciences, Cardiac Sciences, Orthopaedics, and Traumatology. Catering predominantly to the population of Central and South Tamil Nadu, the hospital stands out for its advanced medical services, commitment to patient care, and cutting-edge technologies. It strives to serve with its ultra-modern medical practices and state of the art infrastructure for medical as well as surgical care solutions. It has been consistently registering phenomenal growth in terms of complicated surgeries, patient volume and turnover making the hospital a landmark for neurosciences in the city of Madurai & South Tamil Nadu. Its medical facility encompasses full-fledged department of neuroradiology by meeting standards of Neurological Institute of International Standard. It has also added the department of cardiac sciences with a Cath lab and cardiac operation theatres. It now performs complex coronary angioplasties and open-heart Surgeries.

It was assessed and found to comply with NABH Accreditation Standards for Hospital 5th edition and has been awarded with a Certificate of Accreditation from National Accreditation Board for Hospitals and Healthcare Provider. Further, it has also received NABL 128 Certification from National Accreditation Board for Testing and Calibration Laboratories. It is led by its promoter, Mosesjoseph Arunkumar, Chairman and Managing Director and Fenn Kavitha Fenn Arunkumar, Whole Time Director, who has been associated with the company since inception and has over 2 decades of experience in the field of medicine and healthcare. A dedicated team with a significant experience in the healthcare industry is trained to take care of the patients and handle all kinds of emergencies.

Currently, its primary focus is Neurology, Cardiology, Psychiatry and Trauma healthcare where it has a understanding of global nuances, customer culture and the mindset of medical professionals and where there is a significant need for quality and affordable healthcare services. It has also partnered with MDIndia Healthcare Services (TPA) under the Tamil Nadu New Health Insurance Scheme (TNNHIS). This scheme facilitates comprehensive cashless medical treatment for employees of Tamil Nadu Government departments, PSU, statutory bodies, undertakings, PSU, statutory boards, State Universities, Noon meal workers, Anganwadi workers, State Govt organization registered under TN registration of societies, TN electricity regulatory commission, TN institute of labor studies under the control of Government of Tamilnadu. As part of this agreement, the hospital commits to provide high-quality medical and surgical care for procedures specified under the scheme its key commitments include maintaining robust infrastructure. This partnership highlights its role in delivering accessible and standardized healthcare under the TNNHIS, aligning with the Government’s aim to enhance public health services.

Proceed is being used for:

• Funding of capital expenditure for establishing Radiation Oncology Centre
• General corporate purposes

Industry Overview

Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services, and increasing expenditure by public as well as private players. India’s healthcare delivery system is categorised into two major components - public and private. The government, i.e., the public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of Primary Healthcare Centers (PHCs) in rural areas. The private sector provides most secondary, tertiary, and quaternary care institutions with a major concentration in metros, tier-I, and tier-II cities. India's competitive advantage lies in its large pool of well-trained medical professionals. India is also cost-competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe. The low cost of medical services has resulted in a rise in the country’s medical tourism, attracting patients from across the world. Moreover, India has emerged as a hub for R&D activities for international players due to its relatively low cost of clinical research.

The Indian healthcare sector, valued at Rs 9,42,590 crore ($110 billion) in 2016 and Rs 31,87,668 crore ($372 billion) in 2023, is projected to reach Rs 54,67,022 crore ($638 billion) by 2025, growing at a robust 17.5-22.5% CAGR. Healthcare spending accounted for 3.3% of India’s GDP in 2022 and is expected to rise to 5% by 2030, reflecting the sector’s increasing role in the economy. India continues to expand its healthcare infrastructure. In FY26, private hospitals are expected to add over 4,000 beds with investments of Rs 11,500 crore ($1.34 billion). As of April 1, 2025, the country has 13,86,150 registered allopathic doctors and 7,51,768 AYUSH practitioners, resulting in a doctor-to-population ratio of 1:811. Medical education capacity is also growing, with 157 new medical colleges being established by upgrading district and referral hospitals, of which 131 are operational. Under the Central Sector Scheme for new AIIMS, 22 institutes have been approved, and undergraduate courses have commenced in 19. By April 2025, India had 74,306 postgraduate seats and 1,18,190 MBBS seats, strengthening the talent pipeline.

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

Excellence in Neurosciences: In Neurosurgery it offers advanced surgical expertise where the hospital’s Neurosurgery department is equipped with highly skilled surgeons specializing in complex brain and spinal surgeries, including tumour resections, spinal fusions, and minimally invasive procedures. Also, its state-of-the-art technology utilization of the latest neuroimaging and navigation systems for precise diagnostics and surgical interventions, ensuring optimal outcomes for patients with neurological conditions. Further, its Neurolog provides comprehensive diagnostic services where it offers advanced diagnostic tools such as MRI, CT scans, and EEGs to accurately diagnose and manage neurological disorders including epilepsy, stroke, and neurodegenerative diseases. It also gives innovative treatment protocols access to cutting-edge therapies and rehabilitation programs designed to improve the quality of life for patients with chronic neurological conditions.

Advanced Cardiac Sciences Cardiology: The Cardiology department offers a wide range of services including diagnostic tests such as echocardiography, stress tests, and cardiac catheterization, enabling accurate diagnosis and management of heart conditions. It also offers Interventional Cardiology where its Expertise in performing angioplasty and stenting procedures to treat coronary artery disease and other cardiovascular issues, utilizing the latest technology for optimal results. Further, in Cardiothoracic Surgery it offers High-Caliber Surgical Procedures where it specialized in complex cardiothoracic surgeries, including coronary artery bypass grafting (CABG), valve repairs/replacements, and surgeries for lung diseases, with a focus on precision and patient safety. It also provides Advanced Surgical Techniques for employing innovative surgical technologies and minimally invasive approaches to enhance recovery and minimize complications.

Commitment to Patient-Cantered Care: In personalized treatment plans it offers individualized care development of tailored treatment plans based on each patient’s unique medical needs and conditions, utilizing the latest research and medical guidelines to ensure effective and targeted care. It also offers psychological counselling, nutritional guidance, and patient education to support overall well-being and recovery. Further, its modern facilities provides state-of-the-art amenities and comfortable facilities to enhance the patient experience and ensure a supportive environment throughout their treatment journey. Its efficient services streamlined processes for admissions, diagnostics, and treatments to minimize wait times and improve the efficiency of care delivery.

Risks and concerns

Dependence on single hospital and local risks: It derives almost all of its revenue from operations from its only hospital at Madurai. Any material impact on its revenues from its hospital, including by reason of a reduction in patient footfall, regulatory changes, reputational harm, liabilities on account of medical negligence, adverse publicity or natural calamities and increased competition, could have a material adverse effect on its business, financial condition and results of operations. Due to the geographical concentration of its hospital, it is exposed to adverse economic or political circumstances that affect demand for healthcare services in the region. Any regional slowdown, political unrest, disruption, disturbance or sustained downturn in the economy of such regions could adversely affect its business, financial condition and results of operations.

Impact of changes in government healthcare agreements: It provides medical services under various government schemes i.e. Tamil Nadu New Health Insurance Scheme (TNNHIS) partnered with the MDIndia Healthcare Services (TPA) and Chief Minister’s Comprehensive Health Insurance Scheme (CMCHIS) partnered with the MDIndia Healthcare Services (TPA) and United India Insurance Co. Government schemes are an important source of new patient registrations and revenue for it. As a result, if the applicable tariffs specified in the agreements with government payers are revised downwards, or if the extent of coverage or limits are reduced, or if the payment terms are made longer, or if the reimbursement policies are changed in the agreements with the government payers, or if the government payers terminate their agreements with it, its number of new patient registrations will decline and its revenue and profitability could be negatively affected.

Revenue dependence on key medical services: For the Fiscal 2025, its major revenue from its neurosciences, interventional neuro-radiology, trauma services and radiology services contribute significantly to its revenue from operations. Thus, its financial conditions and results of operations are dependent on its revenue from these fields. Due to its dependence on the field of neurosciences, interventional neuro-radiology, trauma services and radiology services, a number of factors could cause material fluctuations or decline in its revenue. These factors could include its inability to use modern technology and infrastructure while undertaking surgeries and procedures in these fields or the innovation and implementation of modern techniques by other hospitals which it is unable to implement, a decrease in the number of new patients registered, a loss of key experienced medical professionals, liabilities on account of medical negligence, or regulatory changes. A decline in its revenue from these fields could materially and adversely impact its business, prospects, financial condition and results of operations.

Outlook

Hannah Joseph Hospital is a healthcare provider offering exceptional medical services across various specialties. The company is excellence in neurosciences, with proven expertise in orthopaedics and traumatology. On the concern side, it derives almost all of its revenue from operations from its only hospital at Madurai. Any material impact on its revenues from its hospital, including by reason of a reduction in patient footfall, regulatory changes, reputational harm, liabilities on account of medical negligence, adverse publicity or natural calamities and increased competition, could have a material adverse effect on its business, financial condition and results of operations. Moreover, it is dependent on limited number of external suppliers for its medicine and consumables requirements. Any delay or failure on the part of such suppliers to deliver products at acceptable prices or failure of third parties to meet their obligation may adversely affect its business, profitability and reputation.

The company is coming out with a maiden IPO of 60,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 67-70 per equity share. The aggregate size of the offer is around Rs 40.20 crore to Rs 42.00 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 7,753.13 lakh whereas in FY24 it was Rs 6,340.78 lakh representing an increase of 22.27%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 720.99 lakh and for the year ended March 31, 2024 it was Rs 406.64 lakh representing an increase of 77.30%.

The company is a growing organization dedicated to establishing itself as a leading provider of healthcare services. It strengthens its position by combining ultra-modern medicinal practices with state-of-the-art infrastructure for medical and surgical care. It aims to enhance patient care by maximizing efficiencies through the integration of healthcare facilities and the implementation of standardized processes, and advanced patient management systems. These efforts are further supported by its commitment to leveraging specialized know-how and continuously refining systems and processes across its network to deliver superior healthcare solutions.

Shayona Engineering

• Shayona Engineering is coming out with an initial public offering (IPO) of 10,32,000 shares in a price band of Rs 140-144 per equity share. 
• The issue will open on January 22, 2026 and will close on January 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 14 times of its face value on the lower side and 14.40 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance Officer for the issue is Arti Ankitkumar Singh.

Profile of the company

The company provides customized solutions for precision castings in special grades, with weights ranging from a few grams to 3 metric tons in a single piece. Its investment casting specializes in steel, stainless steel, and nickel-based alloys, with casting weights ranging from 60 grams to 70 kg per piece. It produces complex investment cast parts with superior surface finishes, pumps & valves, defense, medical, automotive, and oil & gas sectors. It manufactures precision metal, rubber and plastic parts, assemblies, and fixtures

Through its strategic business alliances with several companies, it can produce single-piece castings ranging from a few grams (using Lost Wax Investment/Lost Foam Casting) to 1,500 kg (using Sand/Centrifugal Castings). This makes it a one-stop shop for all casting need. To emerge as a global market leader in the foundry industry and become a major player in all market segments by offering world-class products. Its development process focuses on client requirements with a customer-centric strategy. From basic turning and milling to advanced CNC operations, the company has demonstrated its engineering capabilities by producing components for diverse industries. It offers comprehensive turnkey project management services that encompass system design, build, integration, installation, and commissioning, complete with training support. 

In 2025, it established a modern manufacturing facility in Menpura, Gujarat. The unit has an installed capacity of 250 MT/month for PVC and HDPE pipes and fittings, targeting the agriculture and infrastructure sectors. This facility strengthens in-house production and supports the company’s growth and market expansion. It specializes in reverse engineering, professional consultation, and complete turnkey solutions for the PVC pipe and tyre industry.

Proceed is being used for:

• Purchase of plant and machinery for the existing line of its business
• Repayment of secured loan availed by the company from financial institution
• Funding of the working capital requirements of the company
• General corporate purposes

Industry Overview

The Indian manufacturing sector serves as a pivotal engine for economic growth, encompassing diverse industries from heavy machinery to consumer goods. As of 2025, it contributes around 17-18% to India's Gross Domestic Product (GDP), with the government's strategic vision targeting an increase to 25% by the end of the fiscal year through enhanced policy support and investment inflows. This sector's GDP contribution has shown steady progress, with manufacturing output poised to reach Rs 87,57,000 crore ($1 trillion) by FY26, reflecting resilience amid global economic shifts. 

The Indian precision engineering sector has emerged as a significant player in the global manufacturing landscape, with the market projected to reach $180.5 billion by 2027. This growth is driven primarily by advancements in Computer Numerical Control (CNC) manufacturing and Industry 4.0 technologies, with 65% of manufacturers now adopting smart manufacturing technologies. The sector serves multiple industries including automotive (38% market share), aerospace (27% market share), medical devices, electronics, and healthcare, demonstrating its versatile applications and strategic importance. 

The industry's infrastructure is characterized by sophisticated technological integration, particularly in CNC machining for high precision metal components. Key focus areas encompass precision engineering, industrial automation, metal fabrication, forging and casting, and process automation. The metal fabrication sector alone is projected to reach $1 trillion by 2025, representing a sixfold increase from 2023 levels. Both domestic and international players have made substantial investments in advanced CNC technologies and software, with the process automation sector currently valued at $2.07 billion (2023) and expected to double by 2030 at a CAGR of 9.5%. 

Pros and strengths

Proven track record in large-scale operations: Shayona Engineering has built a strong reputation for delivering high-quality products and services across industries. Through years of operational excellence and successful large-scale projects, it has earned its clients' trust and satisfaction. Its deep expertise in manufacturing and engineering keeps it competitive in dynamic market.

Strategic supply chain management: Its robust procurement network and diverse client base enable it to effectively manage supply chain fluctuations and market demand changes. Strong relationships with suppliers and customers ensure stable production and minimal disruptions. its versatile product portfolio allows it to serve multiple sectors, giving it the flexibility to adapt to shifting market needs.

Advanced technology investment: It maintains its industry leadership by investing in cutting-edge technology. Its planned expansion includes modern CNC (Computer Numerical Control) and VMC (Vertical Machining Center) machines for handling larger, more complex components. These investments will enhance precision, speed, and production flexibility, enabling it to take on more sophisticated projects.

Risks and concerns

Revenue concentration risk due to limited customer: It recognizes that its revenue model is heavily reliant on a limited customer base, which accounts for a substantial portion of its income. For the period ended November 30, 2025 and the financial years ended March 31, 2025, 2024, and 2023, revenue from operations generated from its top 10 customers accounted for 91.70%, 73.22%, 84.33%, and 95.71% of its total revenue from operations, respectively. Substantial portion of its revenues are dependent on few customers and the loss of, or a significant reduction in purchases by any one or more such customers could adversely affect its financial performance.

High dependence on Gujarat for majority of domestic revenue: Its revenue from operations is majorly concentrated in the state of Gujarat, which contributes 53.37%, 98.59%, 100.00%, 67.03% of its total domestic revenue for the eight-month period ended on November 30, 2025 and for the FY 2024-25, FY 2023-24 and FY 2022-23 respectively. This significant dependence on a single geographic region exposes it to risks arising from regional economic conditions, changes in government policies, local competition, labor issues, natural calamities, or any adverse social, political, or environmental developments in Gujarat. Any material impact on business activities within this region could adversely affect its revenue, cash flows, and overall financial performance.

Reliance on specialized suppliers for essential metals and steel: It obtains its raw materials from specialized suppliers of essential metals and steel for its diverse engineering operations. These materials are vital for manufacturing automotive components and engineered parts. The company uses high-quality metals that meet strict industry standards and project requirements. It requires metals on the basis of its monthly requirement for its operations across multiple engineering categories, including automotive manufacturing and machining. It relies significantly on some suppliers for the supply of its raw materials. If these suppliers are unable or unwilling to supply raw materials on time or otherwise fail to meet its requirements, its business will be harmed. An inability to procure the desired quality, quantity of its raw materials and components in a timely manner and at reasonable costs, or at all, may have a material adverse effect on its business, results of operations and financial condition.

Outlook

Shayona Engineering provides innovative and reliable engineering solutions including machinery, automation, and Pre-Engineered Building (PEB) structures. It delivers quality, precision, and performance across multiple industrial sectors. On the concern side, the business in which it operates is currently new and fragmented in India and there are only a few companies operating in this business. The industry in which it operates, although in its nascent stages with a few players, is highly competitive. It faces strong competition in the Indian market from domestic as well as foreign companies. An inability to compete effectively may lead to a lower market share or reduced operating margins.

The company is coming out with a maiden IPO of 10,32,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 140-144 per equity share. The aggregate size of the offer is around Rs 14.45 crore to Rs 14.86 crore based on lower and upper price band respectively. On performance front, the total income is increased by 51.64%, from Rs 1,528.44 lakh in the fiscal year ended March 31, 2024 to Rs 2,317.68 lakh in the fiscal year ended March 31, 2025. Moreover, the profit after tax have been increased by 41.51% from Rs 170.95 lakh in the fiscal year ended March 31, 2024 to Rs 241.91 lakh in the fiscal year ended March 31, 2025.

Meanwhile, the company is implementing a comprehensive inventory management strategy for its engineering unit. Through these comprehensive inventory management strategies, it aims to enhance overall operational efficiency and profitability. It expects to boost production efficiency, eliminate procurement delays, reduce operational costs, and improve market competitiveness. Its commitment to supply chain excellence and modern manufacturing facilities remains central to achieving these objectives and ensuring long-term success in the industry.

Shadowfax Technologies

• Shadowfax Technologies is coming out with a 100% book building; initial public offering (IPO) of 16,16,32,964 shares of Rs 10 each in a price band Rs 118-124 per equity share. 
• Not more than 75% 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 10% for the retail investors.
• The issue will open for subscription on January 20, 2026 and will close on January 22, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 11.8 times of its face value on the lower side and 12.4 times on the higher side.
• Book running lead managers to the issue are ICICI Securities, Morgan Stanley India Company and JM Financial.
• Compliance Officer for the issue is Krishnakanth G V.

Profile of the company

The company is a new-age, technology-led third-party logistics (3PL) company, and leverages technology to facilitate digital commerce, with its service network encompassing 14,758 Indian pin codes as of September 30, 2025. It serves a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. Its range of services includes express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other services, including critical logistics enabling it to cater to the most diverse and complex needs of its clients.

One of the key drivers of the next wave of growth for 3PL providers will come from solutions that enhance the end-customer experience. The company is committed to leveraging innovation and efficiency to enhance client experience, which it expects will be driven by three key factors: Velocity, Versatility, and Value. To facilitate the penetration of digital commerce in India and offer its clients the ideal solutions for their end consumers, it relies on its (i) nationwide network infrastructure, (ii) last mile intra-city network of gig-based delivery partners, and (iii) proprietary technology platform, including a sophisticated supply demand allocation engine.

It is direct beneficiaries of India’s expanding digital funnel and shifting demographics that are fueling the growth of the online retail market and convenience led consumption. An increasing number of consumers are turning to online channels not just for shopping but also for services for ordering food, groceries and booking cabs, among others. In comparison to global markets, India continues to show substantial room for growth in online retail. A majority of its revenue from operations is derived from services where it delivers directly to the end-customer. Its platform supports a wide range of time-sensitive and flexible delivery needs of its diverse set of clients like Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, amongst others, making it the only player of scale to service last mile and end-to-end delivery for e-commerce, and last-mile delivery for quick commerce, food delivery and other hyperlocal services.

Proceed is being used for:

• Funding of capital expenditure requirements of the company in relation to its network infrastructure.
• Funding of lease payments for new first mile centers, last mile centers and sort centers.
• Funding of branding, marketing and communication costs.
• Unidentified inorganic acquisitions and general corporate purposes.

Industry Overview

India's logistics market is a dynamic ecosystem catering to both B2B and B2C segments. B2B logistics primarily focuses on bulk movement of goods for industrial and commercial purposes between manufacturers, suppliers, distributors, and retailers. On the other hand, the B2C and C2C segments focus on smaller shipments catering directly to end consumers and individual needs. B2C logistics is divided into offline and online channels. Offline B2C logistics largely serves traditional retail channel often relying on local transport providers. In contrast, online B2C logistics, which includes e-commerce and hyperlocal delivery, is highly organized and technology-driven, featuring real-time tracking, automated supply chains, and efficient returns management. C2C logistics overlaps with B2C by enabling peer-to-peer shipments for personal needs, supported by courier services and app-based platforms.

As of FY 2025, the overall Indian logistics market is estimated to be at Rs 21-23 trillion ($247-270 billion) which grew at a CAGR of 2.5-5% since FY 2020. India’s Logistics Performance Index (“LPI”) increased to 3.4 in CY 2023, around 0.3 and approximately 0.4 points behind China and the USA, respectively. Calculated by the World Bank, the LPI scores countries on six key dimensions, i.e., customs efficiency, infrastructure quality, shipment ease, logistics service quality, tracking ability, and timeliness. In addition, logistics industry has benefitted from large pool of gig workers, that allows logistics players to have a flexible workforce that is scalable and agile. Their ability to work on demand allows logistics companies to adjust workforce capacity in real time, reducing idle costs and improve cost efficiency. Gig workers are broadly classified into platform and non-platform workers. Non-platform gig workers are generally casual wage workers and own-account workers working part-time or full time, such as contract workers.

The e-commerce logistics ecosystem in India has seen a growth of 28-31% in the previous five financial years to reach 4.9-5.3 billion shipments in FY 2025. This is projected to reach 15-16 billion shipments in FY 2030, growing at 23-27% CAGR. As of FY 2025, India is at 3-4 shipments per capita which is much lower than global counterparts like China and the USA with 75- 85 and 60-70 shipments per capita respectively, highlighting the substantial untapped growth potential within India’s ecommerce logistics market.

Pros and strengths

Agile and customisable logistics services: The company is the only 3PL of scale in India offering both end-to-end delivery for e-commerce and last-mile delivery for quick commerce, food delivery, and other hyperlocal use cases. It serves the diverse and complex needs of its clients and end-consumers through a comprehensive suite of express logistics solutions, including forward parcel delivery, reverse pickups and hand-in-hand exchange logistics, prime delivery, quick commerce, on-demand hyperlocal delivery, and critical item logistics. As a result, it is the largest 3PL provider in India for value-added services such as reverse pickups logistics, hand-in-hand exchange deliveries, same day, and quick commerce, by order volume for the Financial Year 2025 and the six months period ended September 30, 2025.

Largest last-mile gig-based delivery partner infrastructure: Among the 3PL e-commerce players, its platform had access to India’s largest crowdsourced last-mile delivery fleet, in terms of average monthly transacting delivery partners as of the Financial Year 2025 and the six months period ended September 30, 2025. For the six months period ended September 30, 2025, its platform had 205,864 Average Quarterly Unique Transacting Delivery Partners across more than 2,300 cities. Its last-mile operations are executed through a dynamic, gig-based fleet, ensuring seamless end-consumer experiences while delivering strong value through cost efficiency for its digital commerce clients. Its platform, which offers diversified earning and skill enhancement opportunities, flexible work structures, transparent payout structure, and various other benefits such as accidental and medical insurance, has positioned it as the preferred platform for gig-based delivery partners.

Extensive nationwide network: Its network infrastructure serves as the backbone of its efficient and scalable delivery system, encompassing first-mile, middle-mile, and last-mile facilities. As of September 30, 2025, it had the ability to service 14,758 pin codes through its network of more than 4,299 touch points across first and last mile centers, franchisee partners, and sort centers. Leveraging automation and technology across its network, it maintains operational control over its infrastructure ensuring high quality of end consumer experience and higher efficiency. It has fully automated sort centers in Surat, Bilaspur, and Jaipur. It operates on a leased model for all its trucks and properties (excluding franchisee centers) as of September 30, 2025. It had the highest capital turnover ratio among the 3PL peers in India.

Proprietary and agile technology capabilities: The company has built a technology led logistics platform that is custom built for enabling digital commerce penetration in India. Its technology first approach helps it to continuously increase scale, increase efficiencies and innovate to address the varying and changing needs of its clients. The technology platform allows it to manage a diverse range of service offerings and a flexible, dynamic delivery partner network while maintaining high standards of client experience and operational excellence. This balance of maximizing client experience while leveraging a gig-based delivery fleet is orchestrated through a sophisticated network of integrations, user-facing applications, and multiple AI-driven optimization engines. It has built a microservices architecture stack that enables seamless customization. These technology modules are developed in-house by its technology and product engineering teams, ensuring effortless integration catering to multiple logistics use cases. This flexibility allows it to route differentiated services through the same technology stack.

Risks and concerns

Depends on top 10 customers: It relies on key commercial relationships with its clients. Its top 10 customers contributed 84.32%, 88.75%, 86.14%, 90.74%, and 92.12 % of its revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, and the Financial Years 2025, 2024, and 2023, respectively. The loss of any such key commercial relationships could adversely affect its business. A high concentration of revenue from a limited number of clients, poses a significant risk to its financial stability and operational resilience. Should it experience the loss or reduction of business from any of these key clients, it could materially impact its revenue and profitability.

Rely on crowdsourced network of delivery partners: A large and flexible network of delivery partners, combined with its technology initiatives, is instrumental to its success. Amongst the 3PL e-commerce players, it had access to India’s largest crowdsourced last-mile delivery fleet, among 3PL e-commerce players. It relies on its crowdsourced network of delivery partners, comprising of 205,864 Average Quarterly Unique Transacting Delivery Partners as of September 30, 2025, with whom it does not have any exclusive arrangements, for certain aspects of its business, and any change to the supply of delivery partners may disrupt its business operations, lead to additional losses and expose it to additional risks.

Dependence on third-party franchisees for last-mile delivery: In addition to its delivery partners, it also utilises a franchise model for last-mile deliveries, involving agreements with specific third parties to handle these deliveries. Relying on franchise model for last-mile delivery presents certain operational risks, such as the theft of goods and the loss of cash collected during deliveries, which it has experienced in the past. Additionally, it may be held accountable if its third-party franchisees engage in fraudulent activities or violate any applicable laws and regulations. As it depends on third-party franchisees to complete deliveries, their performance directly affects its service quality and client and customer satisfaction. Any failure or inconsistency by these franchisees, such as delays or mishandling of deliveries, could damage its reputation and lead to client and customer dissatisfaction. Furthermore, any changes in the business relationship with its franchisees, including disputes or terminations, could disrupt its delivery services and adversely impact its financial performance.

Any mishandling of goods by delivery partners: Delivery partners can sometimes mishandle goods, often stemming from pressures related to meeting tight delivery schedules or from insufficient training. In this fast-paced environment, errors may occur, such as improper stacking, inadequate securing of goods, or exposure to harmful environmental conditions, all of which can increase the likelihood of products sustaining damage during transit. The result of such mishandling not only impacts the physical condition of the goods but also potentially leads to an increase in return rates from dissatisfied clients and customers. Handling these returns entails additional logistical efforts and financial costs, straining its resources and operational efficiency. Any mishandling of goods by its delivery partners may lead to operational inefficiencies and client dissatisfaction, which may affect its business, financial condition and results of operation.

Outlook

Shadowfax Technologies is in the business of providing platform for logistics services using technology to Business-to-Business customers. It serves a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. On the concern side, it operates in a competitive industry, which could adversely affect its results of operations and market share. It competes based on a number of factors, including the breadth of its services, network flexibility and stability, operational capabilities, infrastructure capacity, cost, pricing and service quality. If it cannot effectively control its costs and is required to increase its pricing in line with any cost increases, it could lose clients, and its market share and revenue could decline. Its competitors may attempt to gain market share by lowering their rates, especially during economic slowdowns or in key regional markets. Such rate reductions may limit its ability to maintain or increase its rates and operating margins and impede its ability to grow its business.

The issue has been offering 16,16,32,964 equity shares in a price band of Rs 118-124 per equity share. The aggregate size of the offer is around Rs 1907.26 crore to Rs 2004.24 crore based on lower and upper price band respectively. Minimum application is to be made for 120 shares and in multiples thereon, thereafter. On performance front, the revenue from operations increased by 31.85% to Rs 24,851.31 million for the Financial Year 2025 from Rs 18,848.22 million for the Financial Year 2024. Moreover, the company earned a profit of Rs 64.26 million for the Financial Year 2025 as compared to a loss of Rs 118.82 million for the Financial Year 2024.

Meanwhile, the company aims to develop capabilities in banking, financial services and insurance (BFSI) parcel deliveries and cross-border parcel deliveries, further expanding its expertise in express logistics. Additionally, it aims to build on its express B2B parcel capabilities to support time-critical inter-city and intra-city deliveries. As part of its evolution, it also aims to enhance its ability to handle large-sized and heavy shipments by leveraging its flexible infrastructure and linehaul network. It also intends to selectively pursue reverse lane monetization through partial truckload models within the broader B2B segment. Through such expansion strategies, it aims to increase its share of wallet across clients, strengthen network utilization, and unlock operating leverage. Its platform’s configurability and capital-efficient model allow it to enter and scale new service lines, and remain an enabler of digital commerce in India’s evolving logistics landscape.