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Genxai Analytics

• Genxai Analytics is coming out with an initial public offering (IPO) of 47,28,000 shares in a price band of Rs 110-116 per equity share. 
• The issue will open on June 05, 2026 and will close on June 09, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.60 times on the higher side.
• Book running lead manager to the issue is Choice Capital Advisors.
• Compliance officer for the issue is Neha Agarwal.

Profile of the company

The company is a technology-driven provider of enterprise performance and analytics solutions that enable organisations to streamline workflows, improve system performance, and enhance operational efficiency. It integrates data and processes across finance, sales, operations, customer management and human resources into unified systems, enabling teams to work with a single source of information and make operational decisions more efficiently. The company operates in the Indian IT-BPM and enterprise technology services landscape.

To enable these outcomes, the company offers a suite of AI-enabled workflow and analytics tools such as AI-assisted recommendation and content-generation tools, which are designed to integrate with existing IT infrastructures to automate workflows and support data-driven decision-making. Its service offerings span across enterprise planning, data engineering, analytics, application development, and generative Artificial Intelligence (AI) led solutions. These offerings are aligned with increasing enterprise adoption of cloud platforms and AI-enabled decision systems to improve planning accuracy and operational responsiveness. 

Its solutions span across Enterprise Resource Planning (ERP), Enterprise Performance Management (EPM), Data Engineering and Analytics, Application Development, Generative AI solutions, and Web Development and Design. These solution areas enable organisations to manage core operational and planning processes in a structured manner, improve visibility across financial and operational data, and support more informed decision-making across functions.

Proceed is being used for:

• Funding working capital requirement of the company
• Repayment and / or prepayment in part or full of its outstanding borrowings
• Capital expenditure to meet expenses for development of new products
• General corporate purposes

Industry overview

The Indian IT-BPM (Information Technology and Business Process Management) industry has witnessed robust and sustained growth over the past several years, establishing itself as a global leader in technology and business process services. This growth has been driven by increasing digital adoption across industries, a strong talent pool, and rising global demand for cost-effective, high-quality IT solutions. From software development and IT consulting to customer support and analytics, the sector has expanded its capabilities while embracing emerging technologies such as cloud computing, automation, and artificial intelligence.

The Indian IT-BPM industry continues to play a significant role in the country’s economic development. In FY 2023, the sector contributed approximately 7.5% to India’s GDP, highlighting its central role in driving economic activity. By FY 2025, this contribution is projected to rise to 10%, reflecting the sector’s expanding influence across global and domestic markets, along with its growing value in digital transformation and knowledge services.

Over the next two to three years, India’s IT-BPM industry is poised for sustained growth, underpinned by robust global demand for digital solutions, ongoing technological advancements, and strategic policy interventions. As digital transformation becomes central to business strategy across industries, Indian IT service providers are expected to see increased demand for services such as cloud migration, cybersecurity, AI/ML implementation, and digital infrastructure modernization. The shift from traditional outsourcing to digitalfirst engagement models is compelling IT firms to reposition themselves as transformation partners rather than just service vendors. This evolution is expanding opportunities not just in traditional markets like the US and Europe, but also in emerging geographies in Asia, the Middle East, and Africa.

Pros and strengths

Long-standing strategic association with Anaplan: The company has established a long-standing strategic association with Anaplan, a global leader in connected planning platforms. This enduring relationship reflects the company’s deep expertise in enterprise performance management and digital transformation services. As a trusted Anaplan partner, the company has successfully delivered numerous complex implementations across industries such as BFSI, manufacturing, telecom, and consumer goods. The company’s certified professionals, domain knowledge, and proven delivery frameworks position it as a preferred implementation and consulting partner for enterprise clients seeking agile, scalable, and data-driven planning solutions. This partnership not only enhances the Company’s value proposition in the enterprise SaaS ecosystem but also strengthens its recurring revenue base through long-term engagements, managed services, and value-added consulting.

Diversified client & industry presence across high-growth sectors: The company serves a broad and diversified client base across multiple high-growth industries, including Banking, Financial Services and Insurance (BFSI), manufacturing, consumer goods & retail, technology, media and telecommunications, life sciences and healthcare, and the Government and public sector. This multi-sectoral presence not only mitigates business concentration risk but also enables the Company to apply cross-industry insights and best practices, thereby delivering greater value to clients. By addressing varied business challenges ranging from regulatory compliance in BFSI to supply chain optimization in manufacturing the company has built a resilient and adaptable service portfolio. This sectoral diversification also enhances the Company’s ability to withstand cyclical downturns in any single industry and positions it to capture growth opportunities across evolving market landscapes.

Established long-term client base: The company has built and sustained long-term relationships with a diverse portfolio of clients. A number of these relationships extend over multiple years, with engagements that have expanded from single assignments to broader, recurring partnerships. These relationships are indicative of its ability to meet client requirements on a sustained basis across digital transformation, enterprise planning, and data analytics. Such continuity provides stability to its revenue profile and also creates opportunities to offer additional services over time. Further, there were 28 customers who contributed to its revenue from operations who have maintained an ongoing relationship with it for at least 3 reporting periods. it derived revenue of Rs 2,114.47 lakh, Rs 1,689.36 lakh and Rs 1,106.39 lakh for Fiscals 2025, 2024 and 2023 which constituted 74.11%, 70.19% and 66.77% of its revenue from operations, respectively, from such customers who have been associated with the company for at least three reporting periods.

Risks and concerns

Significant revenue dependence on limited number of customers: A substantial portion of its revenue is derived from a limited number of customers. During the nine-month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, the Company's top 10 customers contributed 74.36%, 65.23%, 63.20%, and 62.70%, respectively, of its revenue from operations. Any reduction in the purchase orders from these customers, deterioration in its relationships with them, delays or defaults in payments, or failure to renew existing contracts on favorable terms could materially and adversely impact its revenue and profitability.

Significant portion of revenue is derived from customers located outside India: A substantial portion of its revenue is generated from customers located outside India, with a substantial portion contributed by customers based in the United States. During the nine-month period ended December 31, 2025, and Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from customers located outside India contributed 50.10%, 25.84%, 32.14%, and 30.90%, respectively, of the company's revenue from operations. any adverse regulatory, economic, or geopolitical developments in such countries, including the United States, may adversely affect its business and results of operations.

Exposure to foreign exchange fluctuation risk: The company is exposed to foreign exchange related risks as a portion of its revenue from export operations are in foreign currency. It may, therefore, be exposed to risks arising from exchange rate fluctuations and it may not be able to pass on all losses on account of foreign currency fluctuations to its customers, and as a result, suffer losses on account of foreign currency fluctuations. It does not enter into foreign currency hedging transactions from time to time, hence there is no guarantee that it may be able to manage its foreign currency risk effectively or mitigate exchange exposures, at all times and its inability may harm its results of operations and cause its results to fluctuate and/or decline.

Outlook

The company is a service provider primarily engaged in delivering AI-enabled enterprise and digital transformation solutions designed to enhance efficiency, automate operations, and support data-driven decision-making. The company has evolved from traditional technology and support services into an advanced AI-focused organization offering intelligent automation, real-time analytics, and integrated digital platforms. On the concern side, the company operates in a highly competitive and rapidly evolving AI-driven technology industry, which is characterized by strong demand for skilled professionals and intense competition for niche and advanced talent. Rapid advancements in AI and Generative AI technologies have led to the emergence of new and specialized roles such as Gen AI engineers, architects, and prompt engineers, thereby increasing employee mobility across the industry and contributing to elevated attrition levels.

The company is coming out with a maiden IPO of 47,28,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 110-116 per equity share. The aggregate size of the offer is around Rs 52.01 crore to Rs 54.84 crore based on lower and upper price band respectively. On performance front, its total income has increased by 19.30% from Rs 2,420.81 lakh in fiscal 2024 to Rs 2,887.99 lakh in fiscal 2025. The company recorded an increase of 149.16% in profit after tax attributable to owners of the parent from Rs 265.25 lakh in Fiscal 2024 to Rs 660.89 lakh in Fiscal 2025.

As part of its geographic strategy, it continues to evaluate opportunities to strengthen its global footprint in markets that demonstrate sustained demand for enterprise planning, digital transformation, and analytics solutions. At the same time, it rationalizes its presence in geographies where growth prospects are limited, with the objective of aligning resources to areas with stronger potential returns. This approach enables it to balance diversification with focus, thereby maintaining revenue stability while selectively pursuing expansion. The company is deeply committed to remaining at the forefront of technological innovation by proactively investing in artificial intelligence (AI) research, advanced analytics, and product development. Its strategic vision is anchored in building a future-ready organization capable of delivering next-generation solutions aligned with the evolving needs of enterprises across industries. 

UHM Vacation

• UHM Vacation is coming out with an initial public offering (IPO) of 21,69,600 shares in a price band of Rs 157-166 per equity share. 
• The issue will open on June 04, 2026 and will close on June 08, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 15.70 times of its face value on the lower side and 16.60 times on the higher side.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance officer for the issue is Sanchita Dad.

Profile of the company

UHM Vacation is engaged in the business of travel and tourism aggregator services, offering comprehensive range of travel and tourism solutions under one platform. It is catering to the Business-to-Business segment. It sources and aggregates services from airlines operators, accommodation service providers, cruise lines, car rental companies, visa facilitators, and other travel service providers with direct connectivity or through third party aggregators and offers them to its clients as per their needs. This enables it to offer customers a wide range of travel services and curated options to meet their specific requirements through a single platform.

While its business has historically operated under an asset-light aggregation model, it intends to selectively adopt asset ownership and inventory-backed models in certain service verticals to enhance service reliability, improve margins, and strengthen customer experience, while continuing to leverage its technology-driven aggregation platform. It provides international and domestic air tickets booking services, accommodation booking services and other travel and tourism related services in which include, holiday packages bookings, tours & activities bookings, transfer management services, car rental services, visa services, cruise bookings etc. 

It provides services through a technology platform (the Platform) that connects travel service providers with travel buyers. Travel agencies (online and offline), corporate travel managers, and independent travel agents (together combinedly called ‘Agents’) use its Platform to search, compare, and book travel and tourism services. These services include flights, accommodation, cruise booking, car rentals, visa assistance and more, offered by various service providers (called ‘Suppliers’ or ‘Service Providers’). Its Platform enables buyers to efficiently search, compare and book multiple travel services through a single integrated interface. At the same time, it allows suppliers to manage their pricing, availability, and reach the right customers more easily. 

Proceed is being used for:

• Meeting the capital expenditure
• Funding for marketing and promotional activities
• Meeting working capital requirements
• General corporate purpose

Industry overview

India’s travel and tourism industry is one of the most significant contributors to its economy, with the country consistently ranking among the top 10 globally in terms of the GDP contribution from this sector. The rich diversity of India’s tourism offerings, ranging from its cultural and historical heritage to wellness and adventure tourism, gives the country a unique advantage in the global tourism landscape. India’s tourism sector thrives on its vast diversity that caters to a wide range of tourist interests. From the ancient monuments of the Indus Valley Civilization and the grandeur of the Taj Mahal to the rich spiritual heritage offered by its temples, shrines, and religious festivals, India is home to an unparalleled wealth of cultural and heritage tourism. Beyond its historical and cultural significance, India also boasts a rapidly growing wellness tourism sector, with globally recognized Ayurveda, yoga, and spiritual retreats attracting travellers seeking healing and rejuvenation. As people around the world become more health- conscious and search for ways to disconnect from their stressful lifestyles, India’s wellness offerings have gained prominence, further boosting its position as a global tourism powerhouse. 

In 2024, the travel and tourism sector contributed around 5% to India’s Gross Domestic Product (GDP), highlighting its critical role in the national economy. This figure reflects both direct contributions - from services like hotels, travel agencies, transport, and leisure services - and indirect contributions such as supply chain and investment impacts. India's tourism market is currently estimated to be worth $22.5 billion in 2024, reflecting strong post- pandemic recovery. The market size includes spending on domestic and inbound travel, accommodation, food services, entertainment, and cultural activities. Growth has been propelled by increased domestic travel, a surge in interest for wellness and spiritual tourism, and improved digital travel infrastructure. The Indian tourism market is expected to grow at a compound annual growth rate (CAGR) of 6.1% until 2033.

India's demographic dividend, characterized by a burgeoning working-age population, is a significant catalyst for the tourism industry's expansion. The Ministry of Tourism's studies highlight that variables such as GDP growth, disposable income, and age demographics are pivotal in forecasting tourism trends. As disposable incomes rise, more individuals have the means to engage in travel, both domestically and internationally. The government's commitment to improving transport infrastructure has markedly enhanced accessibility to various tourist destinations. Initiatives like the Swadesh Darshan Scheme have led to the development of tourist circuits, particularly in the Northeast, such as the Bhalukpong -Bomdila - Tawang circuit in Arunachal Pradesh. These projects encompass the construction of roads, accommodations, and other essential amenities, facilitating smoother travel experiences. The government's strategic use of digital platforms has amplified India's presence in the global tourism market. Campaigns like 'Incredible India 2.0' leverage social media and influencer partnerships to showcase India's diverse attractions. The Ministry of Tourism has also initiated programs to engage with digital audiences, recognizing the influence of online platforms in shaping travel decisions.

Pros and strengths

Comprehensive service offering: The company offers a broad and diverse range of travel services to travel agencies (online and offline), B2B sellers and resellers, corporate travel managers, and independent travel agents (together called Agents) and other business clients with a comprehensive one-stop platform for all their travel and tourism related needs. It aggregates a wide variety of offerings, including international and domestic air ticketing, accommodations services (including apartment and villa bookings), transfer management services, car rental services, visa service, holiday packages, tours & activities bookings, cruise bookings etc. Additionally, it provides flexible travel options for both fully independent traveller and group inclusive travellers. Its platform sources these products from a network of global and regional service providers, ensuring a wide selection of options at competitive prices.

Convenient and user-friendly platform: It offers a user-friendly platform that provides real-time availability, instant booking confirmation, and secure transaction processing. This ensures that its partners can deliver timely, reliable, and seamless travel and tourism experiences to their end customers. Its ability to offer a diverse range of services, coupled with a technology-driven platform, allows its agents to scale their operations, streamline their processes, and offer comprehensive travel and tourism solutions. Its integrated platform is designed specifically to serve the needs of travel agencies (online and offline), B2B sellers and resellers, corporate travel managers, and independent travel agents enabling them to deliver seamless booking experiences to their customers. With real-time availability of these services, travel agents’ agencies, other distributors can instantly access up-to-date information and book services at competitive rates for their clients. 

International market access: The company and its subsidiary platforms are built to serve a broad and diverse customer base across major regions, including India, the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain etc. These markets are dynamic and expanding, each with unique customer preferences and requirements, providing it with the opportunity to cater to a wide spectrum of travellers. The GCC region, in particular, reflects strong demand across both luxury and budget travel segments. With a thriving market for services such as customized vacation packages, group tours, and corporate travel solutions, the region presents significant growth opportunities. Its extensive geographic presence allows it to engage with diverse customer segments from premium travellers to cost- conscious customers while mitigating risk through market diversification.

Risks and concerns

Reliance on the travel and tourism industry only: Its revenue is closely tied to the performance of the domestic and global travel and tourism industry. Its business model relies on the sustained demand for travel-related services, including accommodations, transportation, destination activities, and related experiences. Accordingly, its financial performance is directly influenced by trends and events affecting this industry. Several external factors beyond its control may negatively impact global travel demand, including but not limited to: macroeconomic conditions such as inflation, recession, or currency fluctuations; geopolitical events such as armed conflict, terrorism, or political instability; health-related crises including pandemics, epidemics, or government-imposed travel restrictions; environmental events such as natural disasters, extreme weather, or climate change-related disruptions; and regulatory changes such as visa policies, aviation rules, or safety mandates. 

Dependent on the Gulf Countries market for consolidated revenue: It operates through a subsidiary, Arabian Wonder FZC LLC, which handles all bookings processed in that GCC region, ensuring localized support and efficient service delivery. It has historically derived of its consolidated revenues from the Gulf Countries. The company is dependent on Gulf Countries, the sales of the company are widely dispersed throughout the Gulf countries and any failure to maintain such dispersion may impact sales, revenues, and consequently, the financial performance of the company. 

Business subject to economic cycles and seasonality: Its industry is cyclical and closely linked to overall economic conditions. Adverse changes in global or domestic economic growth, local market conditions, or consumer spending patterns could reduce demand for travel. A slowdown in India or other countries where it operates, or a global or domestic recession, may significantly impact its revenues and profitability. In addition, its revenues and cash flows are subject to seasonality and are influenced by factors such as school and public holidays, weather conditions, and political or social stability in travel destinations. Any disruption to its operations or adverse developments during peak travel seasons could lead to a decline in revenues and materially affect its results of operations, cash flows and financial condition.

Outlook

UHM Vacation is engaged in the business of travel and tourism aggregator services, offering comprehensive range of travel and tourism solutions under one platform. It is catering to the Business-to-Business segment. It offers a user-friendly platform that provides real-time availability, instant booking confirmation, and secure transaction processing. This ensures that its partners can deliver timely, reliable, and seamless travel and tourism experiences to their end customers. On the concern side, it proposes to invest in pre-purchased airline tickets and accommodation inventory as part of its strategy to enhance pricing stability, improve service availability, and expand its operating margins. While such inventory-backed arrangements may offer commercial and strategic benefits, they also expose it to significant operational, financial, and market-related risks. Further, it derives a significant part of its revenue from major agents. If one or more of such agents choose not to source their requirements from it, its business, financial condition and results of operations may be adversely affected.

The company is coming out with a maiden IPO of 21,69,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 157-166 per equity share. The aggregate size of the offer is around Rs 34.06 crore to Rs 36.02 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 4,014.44 lakh whereas in FY24 it was Rs 3,061.23 lakh representing an increase of 31.14%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 718.30 lakh and for the year ended March 31, 2024 it was Rs 527.06 lakh representing an increase of 36.28%.

Meanwhile, the company aims to strengthen its customer relationships by enhancing engagement with both existing and new clients. As it diversifies its service offerings, it intends to better understand customer preferences and deliver personalized travel solutions, thereby improving satisfaction, loyalty, and repeat business. In addition, the company is planning to invest in inventory related to the pre-purchase of airline tickets and hotel accommodations. Under this model, it enters into advance purchase or pre-booking arrangements with airlines and hotels at pre-negotiated rates. This allows it to secure competitive pricing, lock in inventory ahead of demand, and improve its overall margins.

Vahh Chemicals

• Vahh Chemicals is coming out with an initial public offering (IPO) of 22,42,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 60 per equity share.
• The issue will open on June 04, 2026 and will close on June 08, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
• Compliance Officer for the issue is Shivani Parth Kothari.

Profile of the company

Vahh Chemicals is an ISO 9001: 2015 certified company engaged in the business of manufacturing and trading of textile auxiliaries chemicals. It is engaged in the supplying and blending of wide range of chemicals in the textile industry. Its operations primarily involve the sourcing and blending of textile chemicals essential for various stages of textile processing, including pre-treatment, dyeing, printing, and finishing. Strategically, it caters primarily to dyeing and printing houses within the textile industry, offering tailored chemical solutions to address the specific needs and challenges of this sector, including customized formulations for various applications. These chemicals are essential for improving fabric quality, its texture, enhancing colour vibrancy, and ensuring the durability of the finished textile products. Its main strength of the products is its formulation of chemicals and quality maintenance.

Its product portfolio comprises of 114 SKUs in its chemical division which are designed to enhance fabric quality, durability, and performance. Its products cater to a wide spectrum of textile substrates such as cotton, polyester, silk, and synthetic blends. It focuses on creating solutions tailored to specific needs in textile production. This strategic alignment enables it to support diverse industry needs, from enhancing colour vibrancy to imparting functional properties like water repellence, flame resistance, and anti-microbial finishes, UV Absorbers, wrinkle - free resins, driving innovation and value creation in the textile sector. Its chemical business is predominately conducted on a business-to-business basis. Its facility spans around 301.25 square meters. It has established a strong distribution network in Surat, supported by strategically positioned manufacturing facility.

Its business model is segregated under three business segments which include, i) Trading - Distribution of textile chemicals, including pre-treatment agents, dyeing auxiliaries, and finishing chemicals to optimize the dyeing and printing processes in textile mills. ii) Blending - Customized chemical blends to ensure that textile manufacturers achieve superior results, with formulations designed to enhance the quality, and iii) Nutrition - Nutraceutical products formulated to support health, wellness, and improved daily nutrition by the subsidiary. Subsidiary manufacture the product through contract manufacturer and such facility is registered with the USFDA under its Food Facility Registration (FFR) system, a facility-level registration and not equivalent to FDA approval of specific products Nutra Ingredients.

Proceed is being used for:

• Funding incremental working capital requirements of the company 
• Setting up a new manufacturing facility at Surat, Gujarat (Proposed facility) 
• Repayment of loan availed by the company
• General corporate purposes

Industry Overview

Covering more than 80,000 commercial products, India’s chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilisers. India is the sixth largest producer of chemicals in the world and third in Asia, contributing 7% to India’s GDP. India's chemical sector, which was estimated to be worth around Rs 21,50,750 crore ($250 billion) in 2024, is anticipated to grow to $300 billion by 2028 and Rs 86,03,000 ($1 trillion) by 2040. This industry remains an active hub of opportunities, even in an environment of global uncertainty. Globally, India is the third-largest producer of agrochemicals after the United States and China. India accounts for 16-18% of the world's production of dyestuffs and dye intermediates. Indian colourants industry has emerged as a key player with a global market share of around 15%. The country’s chemicals industry is de-licensed, except for a few hazardous chemicals. India has traditionally been a world leader in generics and biosimilars and a major Indian vaccine manufacturer, contributing more than 50% of the global vaccine supply.

India has traditionally been a world leader in generics and biosimilars and major Indian vaccine manufacturers, contributing more than 50% of the global vaccine supply. Chemicals and petrochemicals demand in India is expected to nearly triple and reach $1 trillion by 2040. This gain would be driven by a healthy demand growth (CAGR of 10-20%) in the export/end-user industries. The Department of Chemicals & Petrochemicals intends to bring PLI in the chemical & petrochemical sector and will redraft the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) guidelines. The government has started various initiatives such as mandating BIS-like certification for imported chemicals to prevent dumping of cheap and substandard chemicals into the country. Under the Union Budget 2025-26 the government allocated Rs 1,61,965 crore ($18.7 billion) to the Ministry of Chemicals and Fertilizers. India is prioritizing 14 sunrise sectors such as semiconductors, renewable energy products, medical devices, batteries, and labor-intensive industries like leather and textiles to boost manufacturing's contribution to GDP.

The omnipresence of the carbon atom in various roles within the chemical industry - as feedstock, fuel, product, and in end-of-life emissions - adds complexity, making it challenging to devise a straightforward set of pathways that comprehensively addresses the entire sector. Consequently, it is plausible to expect that the Indian chemical sector could be the final major sector to shift towards Net Zero emissions. The Indian chemical sector is actively pursuing a strategic plan for net-zero emissions, spurred by government initiatives like increased FDI, a focus on skill development, and measures to control substandard imports. Proposed reforms, including overhauling PCPIRs and incentives for chemical manufacturing units, underscore a commitment to sectoral growth. The industry's pivot towards responsible investing and ESG-focused funds signals a positive trajectory for the sector's future toward net-zero emissions. However, challenges such as policy alignment, capital investment, and cost implications need addressing for a successful transition. The CII study outlines a phased plan, emphasizing quick solutions, evolving levers, and high-potential opportunities to guide the sector toward a sustainable and low-carbon future.

Pros and strengths

Strong customer relationships: The company has served over 71 regional and local companies. Of its revenue from operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024, its largest customer contributed around 22.51%, 16.59%, and 23.80%, respectively; its top 5 customers contributed around 52.59%, 43.61% and 64.70%, respectively; and its top 10 customers contributed 68.06%, 60.01% and 84.43%, respectively. Its long-term relationships and ongoing active engagements with customers that enables it to plan its capital investments. This strengthens its ability to capitalize on growing economies of scale, with better purchasing power for raw materials and reducing overall costs. Its strong customer relationships have played a key role in expanding its product portfolio. 

Comprehensive textile chemicals product portfolio: It operates under a business model that revolves around the manufacturing, sourcing, and blending of high-quality textile chemicals, essential for various stages of textile processing. Its product portfolio plays a vital role in improving fabric quality, enhancing color vibrancy, and ensuring the durability of finished textile products. It also focuses on customized chemical blending, which allows it to cater to the specific needs of its customers, optimizing the performance of textile production processes. Its product portfolio covers a wide range of chemicals, including those for pre-treatment, dyeing, printing, and finishing. These chemicals are critical at each stage of textile processing. Its diverse product portfolio caters to different types of textile substrates, including natural fibers like cotton, wool, and silk, as well as synthetic blends such as polyester. This broad offering enables it to meet the unique requirements of its diverse clientele. 

Experienced board and management team: Its promoters have over a decade of experience altogether in the textile industry. They have played a key role in overseeing its rapidly expanding operations. Under their strategic vision and dynamic leadership, they have not only broadened the product portfolio but also significantly strengthened the market presence within the consumer goods industry. Its board of directors comprises highly experienced professionals with extensive expertise spanning various sectors, including customer relations, quality management, sales, marketing, and finance. It is supported by qualified senior management team with experience in textile industry. Each team leader adds valuable insights to its management, utilizing their deep industry knowledge to guide its strategic initiatives.

Risks and concerns

Business concentration in Gujarat region: The company operates only in the state of Gujarat. Such geographical concentration of its business in the Gujarat region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in the region, which may adversely affect its business prospects, financial conditions and results of operations. Factors such as competition, culture, regulatory regimes, business practices and customs, industry needs, transportation, in other markets where it may expand its operations may differ from those in Gujarat region, and its experience in the Gujarat region may not be applicable to other markets. Its inability to expand into areas outside Gujarat market may adversely affect its business prospects, financial conditions and results of operations. 

Reliance on external suppliers for raw materials: It has maintained a long-term relationship with many of its suppliers and it has been able to negotiate favorable credit terms from them due to increased order sizes and timely payments, but it cannot assure that it shall be able to maintain such favourable credit terms in future. In this regard, for year ended March 31, 2026, 2025 and 2024, its top 10 suppliers contributed around 93.71%, 63.57% and 99.84% respectively of its purchases. It is, to a major extent, dependent on external suppliers for its raw material requirements; it does not have any long-term supply agreements or commitments in relation to the same used in its business process. Upward fluctuation of price of raw material may thereby affect its margins and profitability, resulting in a material adverse effect on its business, financial conditions and results of operations.

Reliance on efficient working capital management: Its primary competence is the ability to process, finish and market its chemical textile products for various consumer segments, and hence exploit the benefits of variety, economies of scale and credit shortage in the textile trade. Its requirement of working capital is high mainly due to its ability to procure and store sufficient amounts of raw materials and finished goods, thus relieving its units with disruptions and work stoppages. Once the production process is complete, it is required to give sufficient credit period to its customers in order to maintain its customer relations and competitiveness. Its Debtors turnover period in Fiscal 2026, Fiscal 2025 and Fiscal 2024 were 84 days, 206 days and 137 days respectively while its Creditors turnover period in Fiscal 2026, Fiscal 2025 and Fiscal 2024 were 55, 163 and 20 days leading to a considerable working capital gap. Its buying cycle is heavily dependent on timely payments being received from its customers. If there is a default in payment from any of its customers or there is any unforeseeable delay is payment, its working capital cycle will be adversely affected. This may lead to its inability to maintain its inventories and thus lack the competitive advantage against various other manufacturers leading to an adverse effect on its business operations and profitability.

Outlook

Vahh Chemicals is engaged into manufacturing and trading of textile auxiliaries chemicals. It is engaged in the supplying and blending of wide range of chemicals in the textile industry. Its operations primarily involve the sourcing and blending of textile chemicals essential for various stages of textile processing, including pre-treatment, dyeing, printing, and finishing. It maintains long standing relationships with its customers by prioritizing personalized engagement and consistently delivering high-quality products. On the concern side, its inability to accurately forecast demand for its products and manage its inventory may have an adverse effect on its business, financial condition, results of operations and cash flows. Further, it is dependent on third party transportation providers for the delivery of raw materials and finished products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for its products, as well the extent and reliability of Indian infrastructure may have an adverse effect on its reputation, business, financial condition, results of operations and prospects.

The company is coming out with an IPO of 22,42,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 60 per equity share to mobilize Rs 13.45 crore. On performance front, its revenue from operations increased by 81.72% to Rs 4,315.25 lakh for FY 2026 from Rs 2,374.71 lakh for FY 2025. Profit after tax has increased by 97.05% from Rs 258.22 lakh for FY 2025 to Rs 508.83 lakh for FY 2026.

The company aims to gradually transition from fully purchasing key raw materials to manufacturing raw materials in-house, which may support better supply planning, product quality consistency, and better cost management. Going forward, it intends to build strong local networks in each new geography, engaging with both new and existing stakeholders. This could include forming strategic alliances with local businesses, participating in industry events, and collaborating with government initiatives or programs aimed at fostering business growth. Further, the company intends to diversify its product portfolio which could cater to customers across segments, sectors, and geographies. In accordance with this, while it seeks to continue to strengthen its existing product portfolio, it intends to further diversify into products with prospects for increased growth and profitability.

Hexagon Nutrition 

• Hexagon Nutrition is coming out with a 100% book building; initial public offering (IPO) of 3,08,59,704 shares of face value Rs 1 each in a price band Rs 42-45 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on June 5, 2026 and will close on June 9, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 42 times of its face value on the lower side and 45 times on the higher side.
• Book running lead managers to the issue are Cumulative Capital and Catalyst Capital Partners.
• Compliance officer for the issue is Vedanti Swapnil Vartak.

Profile of the company

The company is a differentiated and research-oriented pure play nutrition Company. It is holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products. It is also one of the largest premix players in India, offering customized vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives. Its product portfolio addresses a broad spectrum of nutritional aspects such as fortification of foods, therapeutic nutrition, clinical nutrition and alleviation of malnutrition. It is a fully integrated company engaged across the entire value chain, right from research and product development to manufacturing and marketing, with a focus on quality.

The company began its journey in the year 1993 as a micronutrient formulations player and have steadily moved up the value chain to develop its brands such as ‘PENTASURE’, ‘OBESIGO’ and ‘PEDIAGOLD’ in the health, wellness, and clinical nutrition space. In Fiscal 2024, the company further expanded its portfolio with the launch of a new brand, ‘NUTRONE’, strengthening its position in the segment. Its presence spans across India, and Its products have been exported to over 75 countries during the nine-month period ended December 31, 2025 and Fiscals 2023, 2024 and 2025.

Its integrated and standardized manufacturing processes enable to maintain the quality of the products. It continuously strives to implement rigorous quality control and food safety measures across the entire production chain, from the procurement of raw materials to the finished product. Its manufacturing facilities have received various certifications and accreditations, including the FSSC 22000, Good Manufacturing Practice (GMP) certification, ISO 9001:2015 Certification, Halal Certification, amongst others from various local and international accreditation agencies.

Proceed is being used for:

• Carrying out the offer for sale of up to 30,859,704 equity shares.
• Achieve the benefits of listing the equity shares on the stock exchanges.

Industry overview

The global nutrition market shows distinct regional trends shaped by cultural preferences, demographics, and income levels. In the United States, personalised nutrition is gaining traction as consumers embrace apps and wearables to tailor their dietary choices. Germany maintains a strong focus on organic and clean-label products, reflecting consumer priorities around health and sustainability. Japan, with its ageing population, drives demand for age-specific supplements targeting bone, joint, and cognitive health. China’s growing middle-class fuels rising consumption of vitamins and preventive wellness products. Meanwhile, India sees rapid expansion in Ayurvedic nutrition, supported by cultural trust in traditional systems and increasing health awareness. Together, these regional dynamics reflect a broader global shift towards customised, functional, and natural nutrition solutions across both developed and emerging markets.

The India Nutrition Market is a dynamic and rapidly growing sector, driven by increasing health consciousness, rising disposable incomes, and supportive government initiatives. It encompasses a broad spectrum of products, including dietary supplements, sports nutrition, medical nutrition, and functional foods, catering to diverse demographic groups from infants to the elderly. India’s population presents varied nutritional needs - urban areas in North India show strong demand for protein supplements and multivitamins, while South India leans towards supplements for diabetes and hypertension.

Around 24% of Indians are strictly vegetarian, and 9% follow a vegan diet, boosting demand for plant-based nutrition. Over 80% of the population suffers from micronutrient deficiencies, driving growth in fortified foods. Consumers are increasingly health-conscious, favouring natural, organic, and plant-based products. E-commerce has improved access to nutritional goods, supported by the rise in online shoppers. Plant-based proteins, Ayurvedic ingredients, and clean-label products are in demand. The 74% increase in per capita health expenditure from CY19 to CY23 reflects growing health awareness and the government's prioritisation of healthcare infrastructure in India. Public spending now accounts for 48% of total health expenditure (FY22), indicating stronger primary care systems and improved access to nutrition through schemes such as POSHAN Abhiyaan.

Pros and strengths

A fully integrated holistic nutrition company offering end-to-end solutions across the value chain: The company is a holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products, amongst its comparable peers. This breadth of its capability distinguishes it from other players in the industry, who typically operate in narrower segments or offer limited product categories. Its ability to deliver across the full spectrum of nutrition enables to serve a diverse range of customers and institutional needs, whether through fortifying staple foods through B2B2C portfolio or advanced clinical solutions delivered through its branded B2C portfolio as well as therapeutic nutrition solutions that address public health challenges. It operates as a fully integrated nutrition company managing the complete value chain in-house. Its operations encompass research and development, manufacturing, quality assurance, regulatory compliance, and marketing.

Recognized wellness and clinical nutrition brand in the market: The company has progressively moved up the value chain with the development of its in-house brands such as PENTASURE, OBESIGO, and PEDIAGOLD which cater to diverse therapy areas including diabetes, renal, bariatric, hepatic, and other specialized conditions. The company has a global footprint across 75+ countries and operates three manufacturing facilities and two inhouse R&D centres in India. Backed by international health partnerships and quality certifications, it is positioned as an integrated and innovation-led nutrition player. The company is one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN programmes, supporting global food fortification and public health initiatives.

Long standing relationships with customers: The company has established and nurtured long-standing relationships with its customers across its B2C, B2B2C, and ESG segments. These relationships are built on product quality, reliability, and its ability to meet diverse nutritional needs across geographies. Over the years, a significant portion of its revenue from operations has been derived from repeat customers, reflecting the strength and continuity of its business engagements. During the nine months period ended December 31, 2025, Fiscals 2025, 2024, and 2023, under its B2C, B2B2C and ESG Segment, it served 423, 456, 491, and 462 customers, respectively. Of these, 286, 294, 284, and 246 customers placed repeat orders in the corresponding reporting periods, underscoring its ability to retain and grow long-term customer accounts. Under its B2C, B2B2C and ESG Segment, its repeat business spans a wide range of applications from fortification of consumer food products to clinical nutrition and therapeutic food supply for public health programs.

Established R&D capabilities with focus on innovation: Research and development (R&D) is the genesis of its business and critical in maintaining its competitive edge. It operates two dedicated in-house R&D facilities located in Nasik and Chennai and a team of 12 professionally qualified and experienced members overseeing the R&D activity. Its years of R&D experience have given it expertises in ingredient interaction and formulation science. This includes a nuanced understanding of how micronutrients behave in various product matrices, allowing it to develop premix formulations that do not affect the organoleptic properties (i.e., taste, texture, color, aroma) of the end product. It also has in-house capabilities for sensory evaluation, supported by a dedicated team members that ensures compliance with specifications related to color, odor, taste, aftertaste, appearance, texture, and nutrient profile in its nutrition supplements.

Risks and concerns

Dependence on limited number of key customers: The company is dependent on a limited number of customers for a significant portion of its revenue. Its revenues are concentrated among a limited set of institutional customers, including multinational FMCG companies, public sector agencies and global organizations and other development bodies. During the nine-month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from its top 10 customers constituted around 41.82%, 45.87%, 48.83%, and 45.65% of its revenue from operations, respectively. Loss of one or more such customers or a reduction in their order volumes may adversely affect its business, financial condition, and results of operations.

Absence of long-term supply contracts may disrupt operations: It does not have long-term contracts with its raw material suppliers. These raw materials are entirely sourced from third-party suppliers, both domestic and international. During the nine-month period ended December 31, 2025, Fiscals 2025, 2024, and 2023, it procured raw materials from around 177, 177, 158, and 164 vendors, respectively, including 15, 15, 14, and 14 overseas vendors. It does not have any long-term, fixed-volume, or price-protected agreements with its suppliers. Its procurement process relies on short-term or spot orders based on forecasted demand and internal inventory planning.

Dependent on premix formulation segment: The company is significantly dependent on the premix formulation segment for a substantial portion of its revenues. During the nine-month period ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, revenue from the premix formulations segment contributed 51.47%, 47.61%, 44.78%, and 54.86% of its revenue from operations for the respective Fiscals. Any adverse development affecting this segment may have a material adverse effect on its business, financial condition, and results of operations.

Geographical concentration: In Fiscal 2025, its revenues from operations in India were primarily derived from Maharashtra, Karnataka, Tamil Nadu, and Gujarat, which together accounted for around 57.51% of its domestic sales. The reliance on a few states has been a consistent trend across recent Fiscals, underscoring the geographical concentration of its business operations. Majority of its revenue from operations are generated from key states of India, including Maharashtra, Karnataka, Tamil Nadu and Gujarat which exposes its operations to potential geographical concentration risks arising from local and regional factors which may adversely affect its business, results of operations, financial condition and cash flows.

Outlook

Hexagon Nutrition is engaged in manufacturing and trading of nutraceuticals clinical or dietary supplements, micronutrient premixes and animal feed. Micronutrient Premix business of the Company focuses on the needs of fortifying basic foods with the right blend of micronutrients to meet the needs of the masses. Clinical Nutrition or Dietary Supplements offered by the company is intended to provide nutrients that may otherwise not be consumed in sufficient quantities by the masses. The range of feed additives offered by the company to ensure wholesome nutrition for various animals. On the concern side, any disruption in production at, or shutdown of, its manufacturing facilities, or breakdown of machinery could materially and adversely affect its business operations, financial condition, and growth prospects. Further, its failure in maintaining its quality accreditations and certifications may negatively impact materially and adversely affect its revenue generation, brand credibility, and overall business operations.

The issue has been offering 3,08,59,704 shares in a price band of Rs 42-45 per equity share. The aggregate size of the offer is around Rs 129.61 crore to Rs 138.87 crore based on lower and upper price band respectively. Minimum application is to be made for 333 shares and in multiples thereon, thereafter. On performance front, the company’s total income increased by 8.76% from Rs 304.62 crore in Fiscal 2024 to Rs 331.29 crore in Fiscal 2025. Its profit for the year increased by 99.67%, from Rs 12.21 crore in Fiscal 2024 to Rs 24.38 crore in Fiscal 2025.

As part of its long-term strategic vision, it intends to pursue growth by expanding its product portfolio through the introduction of new categories within the broader nutrition and wellness space. This strategy is aimed at addressing evolving consumer health trends, diversifying revenue streams, and strengthening its presence across both B2B2C and B2C segments. It aims to capitalise on its core strengths of scientific formulation expertise, R&D infrastructure, and regulatory compliance capabilities to develop and launch products that cater to emerging health and nutrition requirements. This includes entry into adjacent categories such as functional foods, dietary supplements, plant-based nutritional alternatives, specialised maternal and geriatric nutrition products, and condition-specific formulations aimed at managing lifestyle disorders such as diabetes, cardiovascular health, and obesity.

CMR Green Technologies 

• CMR Green Technologies is coming out with a 100% book building; initial public offering (IPO) of 3,28,58,323 shares of face value Rs 2 each in a price band Rs 182-192 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on June 3, 2026 and will close on June 5, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 91 times of its face value on the lower side and 96 times on the higher side.
• Book running lead managers to the issue are Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors.
• Compliance officer for the issue is Srishti Saxena.

Profile of the company

The company is the leading non-ferrous metal recycler and it has the highest market share in the Indian secondary aluminium market. It has a capacity advantage over domestic players, with an installed capacity of around 4 times of the nearest competitor in the domestic recycled aluminium space. It ranks among the largest players in the global aluminium recycling industry in terms of installed capacity. It manufactures recycled aluminium alloys (in ingot and liquid form), zinc alloy ingots, dross and segregated furnace ready scrap of stainless steel, copper, brass, zinc, lead and magnesium, amongst others.

It recycles used beverage cans scrap for fulfilling new metal requirements of primary producers. Due to the large economic, environmental and social advantages of recycling and the disadvantages of mining, primary producers across the world are shifting to develop new sources of recycled metal. The company also produces aluminium billets that cater to both automotive and non-automotive sectors. These billets, made from recycled aluminium, are raw materials used in extrusion processes to create profiles for various applications. Its billets are manufactured to meet industry standards, ensuring stable mechanical properties, formability, and corrosion resistance.

It is a customer centric company, constantly striving to create value for its customers through products offered and committed deliveries. Its customers primarily include original equipment manufacturers (OEMs) and Tier 1 companies in the automotive manufacturing sector. Tier 1 companies are companies that directly supply to OEMs. Some of its OEM customers include Maruti Suzuki India, Honda Cars India, Bajaj Auto, Hero MotoCorp, Royal Enfield Motors, Samvardhana Motherson Auto Component and India Yamaha Motor, while its customers, who are Tier 1 companies include Toyota Industries Engine India, Rockman Industries, Sunbeam Lightweighting Solutions, Endurance Technologies, Craftsman Automation, Gabriel India and Honda Trading Corporation, among others. Its customers for other metal are various manufacturers including Jindal Stainless and Aurubis GmBH that further use these metals as raw material for their foundries.

Proceed is being used for:

• Carrying out the offer for sale of up to 32,858,323 equity shares.
• Achieve the benefits of listing the equity shares on the stock exchanges.

Industry overview

India is recognized as the second-largest steel producer globally and the third-largest consumer of aluminium, propelled by swift industrialization, infrastructure enhancement, and growth in the automotive sector. These developments result in significant quantities of scrap, particularly in aluminium, zinc, and stainless steel three metals that are highly recyclable and essential for sustainable industrial advancement. Although global recycling rates are relatively higher, India manages to recycle only 40% of its recyclable metal waste. This shortfall represents a considerable opportunity for expansion within the domestic recycling industry. Heightened environmental awareness, increasing material demand, and a transition towards sustainable practices are generating momentum. The market is experiencing rising interest from startups, investors, and policymakers who are in search of scalable, eco-friendly solutions that lessen reliance on raw material imports and reduce environmental harm through effective metal recovery.

The recycling process in India generally commences after metals such as aluminium, zinc, and stainless steel have been utilized in sectors like construction, transportation, and consumer products. Once these materials are used, they enter the scrap stream, where inefficient collection systems frequently hinder the recycling process. Currently, India recycles merely 40% of its recyclable metal, which is considerably lower than global benchmarks. Importantly, India is positioned as the world’s lowest-cost producer of recycled aluminium, giving it a major competitive advantage in global and domestic markets. This cost leadership offers Indian recyclers and manufacturers the opportunity to scale operations, drive exports, and offer environmentally sustainable alternatives at commercially viable prices. In response, the government has introduced an ambitious policy framework that mandates a minimum recycled content in non-ferrous metals starting from FY2028 initially set at 5%, with plans to escalate to 10–25% by FY2031. Specifically, the recycled content targets are set at 10% for aluminium, 20% for copper, and 25% for zinc.

India’s metal recycling and recovery industry is undergoing a structural transformation, driven by rising sustainability imperatives, resource efficiency goals, depleting natural resources and evolving policy frameworks. As the third-largest generator of e-waste globally and a significant producer of ferrous and non-ferrous scrap, India presents a high-potential landscape for organized recycling activities. Key policy drivers include the Extended Producer Responsibility (EPR) frameworks for both e-waste and batteries, the Vehicle Scrappage Policy targeting the systematic retirement of end-of-life vehicles, and the National Non-Ferrous Metal Scrap Recycling Framework (2020), which emphasizes scientific processing and traceability of non-ferrous scrap. The Steel Scrap Recycling Policy further aims to reduce import dependency and enhance domestic scrap quality, while the National Resource Efficiency Policy (NREP) sets circular economy benchmarks across sectors.

Pros and strengths

Key supplier of liquid aluminium alloy: The company commenced liquid aluminium supplies through its manufacturing facilities situated adjacent to the premises of its customers since 2008, and through road transport since November 2013 and have been able to increase its market share steadily over the years on account of its successful track record of quality, consistency and timely delivery of products to its customers. It also has a geographically diversified business model with revenue from north, west, east and south India. The supply of liquid aluminium is limited to only a select group of players, owing to the high technical expertise, infrastructure, and operational precision required in this space. Unlike conventional ingot supply, delivering liquid aluminium demands stringent temperature control, specialized logistics, and just-in-time delivery capabilities to ensure quality and consistency for end-use industries such as automotive and manufacturing. As a result, only a handful of established and technologically advanced recyclers and smelters are able to operate in this niche segment.

Strong and diversified supplier base for sourcing raw materials: One of the critical factors to grow and develop in its business is the ability to source metal scrap raw materials. Due to low domestic availability the company has been procuring metal scrap from around 198 global suppliers from 73 countries including, from the United States, United Kingdom, New Zealand, Australia, Europe, Africa, South Africa, Thailand and the UAE, among others for Fiscal 2025. The number of global suppliers to the company in the nine months period ended December 31, 2025 and the Fiscals 2025, 2024 and 2023 were 184, 198, 208 and 191, respectively. Some of its key suppliers include Sims Global Commodities PTE Ltd, EMR Usa Holdings LLC, European Metal Recycling, Schnitzer Steel Industries Inc. (Radius Recycling Inc.), Stemin S.P.A., Indra Recycling GMBH, GP Harmon Recycling LLC and Gemini Corporation N.V. It also is also increasing domestic scrap procurement

Long-standing relationships with customers: Over the years, it has established long-term relationships with its customers comprising of Tier 1 companies as well as OEMs, most of whom have been with the company for decades. Its customer retention levels reflect its ability to provide high quality products, and its consistent customer service standards have enabled to increase its customer dependence on the company. While, it has a market share of around 42-45% in terms of volume sold in the cast alloy segment pertaining to automotive industry for FY2025, its entry into the extrusion has expanded its serviceable market by a further 0.34 million MT and rolled alloy segments has expanded its serviceable market by further 0.59 million, providing new growth opportunities. Its existing expertise, experience and customer relationships in recycling will give the company a strong edge.

Strategic alliances through joint ventures: To benefit from the technical expertise and marketing reach, it has joint ventures with Toyota Tsusho Corporation (since 2012), with Nikkei MC Aluminium (since 2012) and with Nippon Light Metal (since 2025). Its Subsidiaries, CMRN, where it presently holds 74.00% stake, and CMRT, where it presently holds 70.00% stake, were set up in partnership with Nikkei and Toyota Tsusho, respectively. Pursuant to these arrangements, it commenced supplying liquid aluminium through road transport to its customers, which substantially increased its market share and customer dependence. Further, Nippon Light Metal, Japan, invested 20.00% shareholding in CMR NLM Eco, engaged in the business of wrought alloy recycling. CMR NLM Eco's ability to secure a stable supply of scrap and transform it into high quality recycled aluminum billets will be synergized with Nippon Light Metal technical know-how of billet casting and expertise to build a low carbon billet supply system.

Risks and concerns

Heavy reliance on top customers: It depends on a limited number of customers for significant portions of its revenues. It derives a substantial portion of its revenue from its top 10 customers, which contributed 50.02%, 52.78%, 51.20% and 48.05% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. The loss of one or more of its top customers or significant reduction in production and sales of, or demand for its production from its significant customers may adversely affect its business, financial condition, result of operations and cash flows.

High dependence on liquid aluminium alloys and aluminium alloy: It relies heavily on revenue generated from the sale of certain products including liquid aluminium alloys and aluminium alloy ingots. It derives a substantial portion of its revenue from the sale of key products such as liquid aluminium alloys and aluminium alloy ingots which contribute 81.85%, 78.42%, 76.95% and 73.13% of its revenue from operations excluding export incentives, government subsidy/ other incentive for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively and any loss of sales due to reduction in demand for these products could adversely affect its business, financial condition, results of operations and cash flows. In addition, it may not be able to diversify into new product lines which may adversely affect its business, revenue from operations, cash flows and financial condition.

Dependent on imports for portion of raw material requirements: It depends on imports to meet a portion of its raw material requirements. In the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, it imported raw materials and traded goods amounting to Rs 44,005.84 million, Rs 44,497.04 million, Rs 42,622.66 million and Rs 41,204.41 million, which accounted for 74.82%, 73.15%, 80.31%and 80.63% respectively, of its total purchases of raw materials and traded goods, based on the Restated Consolidated Financial Information. Any restrictions, either from the central government or state government of India, or from countries which it imports from, on such imports may adversely affect its business, prospects, cash flows, financial condition and results of operations.

Odisha unit highly dependent on Hindalco for revenue: Its manufacturing facility located in Odisha (Odisha Unit) is currently into the manufacturing of aluminium alloys liquid/ ingots for Hindalco Industries (Hindalco) and all its revenues from the Odisha Unit are derived from Hindalco. Consequently, the operations, capacity utilisation and profitability of this Odisha Unit are highly dependent on the continuation of its commercial relationship with Hindalco and their continued demand for its products. At present, it does not have any alternative customers for this Odisha Unit. However, pursuant to the agreement with Hindalco, if in any case, it stops the purchase of aluminium liquid/ ingots from the company, it will compensate for the entire expenses excluding interest and depreciation. Further, any reduction, termination or non-renewal of business from this customer could have a material adverse effect on its business, financial condition and results of operations.

Outlook

CMR Green Technologies and its subsidiaries (The Group) are engaged in the business of manufacturing and selling of aluminium based die cast alloys and zinc alloys in India. The Group is also engaged in the business of segregation and sale of metal scrap as a part of manufacturing process (with a specific focus on stainless steel, brass, copper and zinc). On the concern side, its operations involve melting of aluminium scrap in the furnaces as well as transportation of high temperature liquid metal to its customers. These activities can be extremely dangerous and any accident, including any spill-over of high temperature liquid metal could cause serious injury to people or property and in certain circumstances, even death, during transit and this may adversely affect its production schedules, costs, sales and ability to meet customer demand. Further, it heavily depends on its customers in the automotive industry and are significantly dependent on the performance of the automotive sector in India and overseas.

The issue has been offering 3,28,58,323 shares in a price band of Rs 182-192 per equity share. The aggregate size of the offer is around Rs 598.02 crore to Rs 630.88 crore based on lower and upper price band respectively. Minimum application is to be made for 78 shares and in multiples thereon, thereafter. On performance front, its total income increased by 12.20%, from Rs 59,684.44 million in Fiscal 2024 to Rs 66,966.63 million in Fiscal 2025. The company has reported net profit of Rs 1,550.38 million in Fiscal 2025 as compared to net loss of Rs 8,385.57 million in Fiscal 2024.

As part of its long-term growth strategy, it is exploring opportunities to expand into other metal recycling segments such as lithium-ion batteries, copper and lead, which are increasingly relevant given the rising adoption of electric vehicles and the growing demand for energy storage solutions and critical minerals. This focus aligns with supportive government frameworks such as the Battery Waste Management Rules 2022 and Extended Producer Responsibility guidelines, which promote the organised recycling of battery waste. In parallel, it continues to expand its industry base by diversifying its product and service portfolio to serve multiple high-growth sectors beyond its core automotive market. In addition to building & construction, it anticipates opportunities to supply aluminium and other recycled metals to packaging, aerospace, electronics that are actively seeking lightweight and sustainable material solutions. This diversified industry approach enables it to tap into a larger addressable market, reduce concentration risks, and position ourselves as an integrated recycling solutions provider supporting India’s transition to a circular and low-carbon economy.

Aureate Tradde

• Aureate Tradde is coming out with an initial public offering (IPO) of 38,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 70 per equity share.
• The issue will open on May 29, 2026 and will close on June 2, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.00 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance Officer for the issue is Sakshi Sareen.

Profile of the company

The company is engaged in the trading, distribution, and supply of industrial and technological materials across three key business verticals, including polymers and petrochemicals; lithium-ion and sodium-ion cells; and electric vehicle chargers. The company’s business operates on ‘Inventory-based model’, which means it purchases and maintain stock in advance, enabling to efficiently serve a wide array of customers, including small, medium, and large enterprises. By offering a diverse range of products, it caters to wide range of customer base and increase its ability to meet the varied needs of the industries it serves.

Its operational model relies primarily on rented warehouse facilities, its inventory management strategy is built on strong partnership and stringent reconciliation protocols. The physical control and management of all polymer and cell inventory are the direct responsibility of the Warehouse Company operating the rented facility. This includes material receipt, storage, handling, picking and dispatch. It relies on the Warehouse company's systems to ensure inventory updates are regularly provided and maintained. Its product portfolio comprises essential materials for key industries such as polymers and petro chemicals, electric mobility. These materials are vital for the production or manufacturing of plastic goods including PVC flex and PVC pipes, electric vehicle (EV) components, and E-mobility infrastructure

At present, it is primarily involved in domestic B2B market for trading and distribution of polymer, petrochemicals, Lithium-ion cells and Sodium-ion cells. Additionally, it also operates in B2B and B2C segment for trading and distribution of Electric Vehicle Chargers. Through its strong relationships with suppliers and customers, it has built a reliable and efficient customer base. Its business is based on prudent inventory management, disciplined financial control, strict Quality Assurance Standards and a deep understanding of its customers' needs.

Proceed is being used for:

• Funding working capital requirements of the company
• Repayment/pre-payment, in full or in part, of certain borrowings availed by the company 
• Meeting out the general corporate purposes

Industry overview

Petrochemicals are a vast and essential group of chemicals derived from petroleum (crude oil) and natural gas. These ‘fossil fuels’ are primarily composed of hydrocarbons, molecules containing just hydrogen and carbon atoms. Through various refining and processing techniques, these hydrocarbons are transformed into a diverse range of petrochemical products that underpin countless aspects of human life. Indian chemical sector continues to grow at a rate of 1.2-1.5 times the GDP. India's chemical and petrochemical industry is currently valued at around $178 billion and is expected to reach $300 billion by 20253. The Ministry of Petroleum estimates that demand for petrochemicals will triple by 2040, reaching a value of $1 trillion. India ranks as the sixth largest player in the global petrochemical market.

India is a net importer of polyethylene with value of annual imports touching Rs 374 billion in FY 2024 against an annual export value of around Rs 43 billion in the same year. Strong imports of polyethylene are on account of a combination of insufficient domestic production as well as competitive cost of imported products as against domestic supply. India's import trends for polyethylene highlight varying patterns across categories, driven by domestic demand and application-specific requirements. Polyethylene with a specific gravity of less than 0.94 saw fluctuations, declining from Rs 28 billion in FY 2020 to Rs 21 billion in FY 2021, rebounding to Rs 33 billion in FY 2023, and then moderating to Rs 23 billion during April–September FY 2025, possibly due to increasing domestic supply or reduced demand. 

While the historical performance of Indian chemical industry has been exemplary, the future holds even better growth opportunities. Domestic chemical consumption is rising steadily, and the country is expected to account for more than 20% of the incremental global consumption of chemicals that would happen globally in near future. The steady growth in industrial production is a key demand enabler. In addition, India is also positioning itself as a global chemical manufacturing hub, to meet the growing global demand. The evolving geopolitical scenario (the impact of events like Covid-19 pandemic and Russia - Ukraine conflict on global supply chain) has raised the question to relook the existing manufacturing landscape. Developed economies are looking at options beyond China to source products.

Pros and strengths

Strategic location of warehouses and depots: The company is primarily involved in domestic B2B market for trading and distribution of polymer, petrochemicals, Lithium-ion cells and Sodium-ion cells. Additionally, it also operates in B2B & B2C segment for trading and distribution of EV Vehicle Chargers. These products are imported through Indian ports including Mundra Port, Nhava Sheva Port and ICD Dadri Port and subsequently it stores the same at its warehouses and depots and thereafter, sell them to manufacturers of finished plastic products, Companies engaged in EV sector and directly to its customers. Currently, the Company operates through 3 warehouses, primarily located at Maharashtra, Gujarat and New Delhi with well-established connectivity with road, rail and air transport networks, which reduces transportation cost, avoid spillages and facilitates distribution of its products to the high consumption regions.

Stable financial performance: The company has demonstrated stable financial performance over the years with growth in terms of revenues and profitability. Over the last three financial years, it has focused its attention towards high customer retention, cost efficient procurement, and strategic expansion into new product segments such as lithium-ion and sodium-ion cells, and EV charging solutions, which has resulted in an increase in its revenue from operations and profits. Its revenue from operations has grown from Rs 20,900.48 lakh in Fiscal 2023 to Rs 17,074.81 lakh in Fiscal 2024 and Rs 17,440.60 lakh in Fiscal 2025. The revenue from operations for the nine months period ended December 31, 2025 was Rs 10,183.01 lakh. Its profit after tax has marginally increased from Rs 112.86 lakh in the Fiscal 2023 to Rs 257.42 lakh in Fiscal 2025.

Diversified industry presence: The company operates across multiple high-growth industries, such as polymer, petrochemicals, Lithium-ion cells and Sodium-ion cells and EV Vehicle Chargers. Its polymer and petrochemical products cater to diverse sectors such as construction, packaging, automotive and agriculture, while its energy storage and EV charging solutions serve the rapidly expanding electric mobility market. This diversified industry presence reduces its dependency on any single sector, enhances business stability, and allows to capitalize on emerging opportunities across multiple value chains.

Risks and concerns

Majority of revenue is generated from Gujarat and Maharashtra markets: The company derives its revenue from the domestic market and substantial portion of revenue from Gujarat and Maharashtra. For the nine months ended December 31, 2025 and for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, the company derived a significant portion of its revenue from operations from the states of Gujarat and Maharashtra. Gujarat contributed 58.43%, 40.07%, 43.15%, and 22.88% of revenue from operations, respectively, while Maharashtra contributed 40.94%, 54.65%, 51.50%, and 73.08%, respectively. Any adverse developments affecting its operations in Gujarat and Maharashtra could have an adverse impact on its revenue and results of operations.

Significant contribution from Polymers and Petrochemicals segment may expose the company to concentration risks: Its product Polymers and Petrochemicals contribute significantly to its revenues from operation. For the nine months ended December 31, 2025 and for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, the Polymers and Petrochemicals segment contributed 94.10%, 81.41%, 82.97%, and 100.00% of total revenue, respectively. Any adverse development in this product such as decline in quality, unavailability of raw material, volatility in pricing, change in demand and competition may adversely affect its ability to retain customers. It cannot assure that it will be able to generate the same quantum of revenues, or any revenues at all from this product and loss of revenues from this product may adversely affect its cash flows, revenues and profitability.

Dependence on top suppliers: The company is dependent on suppliers for purchase of polymers, Lithium-ion and Sodium-ion Cells and Electric Vehicle Chargers. The prices and supply of these products depend on factors beyond its control, including any delays, shortages, risk of price fluctuation as suppliers may unilaterally decide to change the prices of its products which could impact its cost structure, forex fluctuations, and profit margins, limited negotiation power, general economic conditions, competition, transportation costs and duties etc. For the nine months ended December 31, 2025 and for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, the company’s top five suppliers accounted for 92.44%, 62.75%, 63.66%, and 52.65% of the total cost of material purchases, respectively. Any increase in the cost of, or a shortfall in the availability or quality of such products could have an adverse effect on its business, financial condition and results of operations.

Outlook

Aureate Tradde is into a business of trading of polymers, focusing on imports from foreign markets, domestic purchases, and subsequently trading these products in the Indian market. The company is engaged in trading, distribution, and supply of industrial and technological materials across three key business verticals: (i) Polymers and Petrochemicals; (ii) Lithium-ion and Sodium-ion Cells, and; (iii) Electric Vehicle Chargers. On the concern side, the polymer trading business operates on a high-volume, low-margin model, where price competitiveness is crucial for retaining key customers. Pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase its prices. the company’s customers operate in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operate may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.

The company is coming out with an IPO of 38,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 70 per equity share to mobilize Rs 27.29 crore. On total income increased from Rs 17,219.13 lakh in year ended March 31, 2024 to Rs 17,661.98 lakh in year ended March 31, 2025 with a resultant increase of 2.57% in year ended March 31, 2025 mainly due to increase in normal course of business. Net Profit after tax increased from Rs 144.72 lakh in year ended March 31, 2024 to Rs 257.42 lakh in year ended March 31, 2025 with a resultant increase of 77.88% in year ended March 31, 2025.

Meanwhile, the company’s strategy for expanding its geographic presence and driving growth in domestic markets revolves around strengthening its existing operations and entering new regions. It is focusing on leveraging its understanding of the EV sector products, it identifies emerging market opportunities and aim to increase its market share by enhancing its product offerings and expanding its distribution footprint across India. This includes optimizing supply chains and meeting the growing demand for EV sectors products across India. Its growth depends on its ability of maintaining strong relationships with existing clients while actively acquiring new customers in untapped markets. Expanding into new geographies allows to reach a wider customer base, engage with diverse regional markets, and address their unique requirements and preferences.

Merritronix

• Merritronix is coming out with an initial public offering (IPO) of 47,00,000 shares in a price band of Rs 141-149 per equity share.
• The issue will open on June 1, 2026 and will close on June 3, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 14.10 times of its face value on the lower side and 14.90 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Mandava Swathi.

Profile of the company

The company is an Electronics Systems Design and Manufacturing services (ESDM) company specializing in high-reliability, mission critical electronic assemblies and systems for defence, aerospace, telecommunications, Rapid Prototyping for design houses OEMs, Engineering services Companies and specialized industrial electronics. The company is primarily engaged in business-to-business (B2B) electronic manufacturing services, encompassing component sourcing, printed circuit board ('PCB') assembly, system integration, testing, box-build solutions and delivery of finished electronic products - executed to the quality standards required by India's strategic defence and aerospace programmes.

This integrated manufacturing and design support capability enables to serve industries that require reliable and performance oriented electronic systems. A key part of its manufacturing process is Surface-Mount Technology (SMT), which involves assembling electronic components directly onto the surface of printed circuit boards (PCBs) using automated placement systems and controlled reflow processes. Its SMT capabilities include the assembly of advanced packaging technologies such as Ball Grid Array (BGA) and micro-BGA components, commonly used in high-performance and miniaturized electronic systems.

Its SMT capabilities support the use of advanced and miniaturized components required in defence, aerospace and industrial electronic systems. The largely automated nature of the SMT process - including solder paste printing, automated component placement and controlled reflow soldering - enables consistent quality and precision. It also undertakes box-build and system integration activities, comprising assembly and integration of electronic modules and subsystems into fully functional end products. It also manages mechanical enclosure fabrication and related processes, where required, through third-party vendors as part of the overall system integration process, thereby enabling customers to engage through a single, coordinated interface.

Proceed is being used for:

• Capital expenditure towards purchase of machinery and equipment
• Funding working capital requirements
• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The Electronics System Design & Manufacturing (ESDM) industry includes electronic hardware products and components relating to information technology (IT), office automation, telecom, consumer electronics, aviation, aerospace, defence, solar photovoltaic, nano-electronics and medical electronics. The industry also includes design-related activities such as product designing, chip designing, Very Large-Scale Integration (VLSI), board designing and embedded systems. The India electronics manufacturing services market was valued at Rs 238,121.3 crores in 2024 and is expected to reach Rs 11,52,296.6 crores in 2030, registering a CAGR of 31.22% for the forecast period.

India’s Electronics Manufacturing Services (EMS) industry is poised to benefit from the continued expansion of domestic electronics production, supported by strong policy backing, rising localization initiatives, and increasing participation of global original equipment manufacturers (OEMs). Government programs aimed at strengthening the ESDM ecosystem, coupled with incentives for local value addition, are expected to enhance domestic capacity and reduce import dependence. As production volumes scale and supply chains deepen within India, EMS providers are likely to witness sustained growth in outsourcing demand and long-term revenue visibility.

The Indian EMS industry has witnessed significant momentum driven by recent policy reforms and incentive programs introduced by the Government of India. Initiatives such as the Production Linked Incentive (PLI) scheme, Design Linked Incentive (DLI), and the India Semiconductor Mission have accelerated investments across the electronics value chain. These measures have enhanced domestic manufacturing competitiveness, encouraged capacity expansion, and improved India’s positioning in the global electronics supply chain.

Pros and strengths

Three decades of operating Legacy in mission-critical defence and aerospace electronics: It operates in a niche segment of electronics manufacturing focused on low-volume, high-complexity and high-reliability applications catering primarily to the defence, aerospace, electrical engineering, power & utilities, and industrial sectors. Unlike mass-production EMS companies, its business model emphasizes precision engineering, customization and stringent quality compliance, which creates relatively higher entry barriers within this segment. It has positioned itself as a reliable provider of high-reliability and high-complexity electronic solutions by integrating sourcing, assembly, testing, and quality control within a unified execution framework. This integrated approach supports enhanced component traceability and process controls, which are an essential requirement for defence and aerospace applications. Defence and aerospace applications accounted for 97.81% of its revenue from operations in Fiscal, 2026, reflecting its deep integration into India's strategic electronics manufacturing ecosystem.

Modern SMT infrastructure and IPC-A-610 Class 3 assembly capability: Its manufacturing capabilities include SMT and through-hole assembly, high-density interconnect boards, BGA and micro-BGA components, conformal coating, potting, and box builds with system integration. It adheres to IPC-A-610 Class 3 standards, typically required for aerospace and defence electronics, and focus on maintaining strong process controls, high first-pass yields and low field failure rates, demonstrating its emphasis on quality and process discipline. Its manufacturing facility operates Panasonic NPM D3A and Juki 2060 high-speed SMT lines, supported by Maker-Ray 3D Automated Optical Inspection (AOI) and X-ray inspection systems. Its assembly capabilities encompass high-density interconnect PCBs, Ball Grid Array (BGA) and micro-BGA components, conformal coating, potting, through-hole assembly and box-build integration. All assembly operations are performed to IPC-A-610 Class 3 acceptability standards.

Strong order book providing revenue visibility: It maintains a healthy and diversified order book from customers across defence, aerospace, industrial and allied sectors, which provides revenue visibility over the near to medium term. Its order backlog reflects sustained customer confidence in its technical capabilities, quality standards and execution reliability in handling high-reliability electronic assemblies. Given the mission-critical nature of its programs, particularly in defence and aerospace applications, its projects typically involve multi-stage development, qualification and production cycles. This results in longer engagement tenures and improves revenue visibility. The visibility afforded by its order pipeline enables to undertake effective capacity planning, optimize procurement strategies and manage working capital efficiently. Defence and aerospace programmes typically involve multi-stage development, qualification and production cycles, resulting in engagement tenures of two to five years per programme which supports predictable revenue visibility over the near to medium term. Its repeat customer rate of 86.08% for the period ended March 31, 2026 reflects the stickiness of defence and aerospace customer relationships, where switching costs are high and supplier qualification is a lengthy process.

Risks and concerns

Business highly dependent on Telangana for revenue generation: The majority of its product sales and services is concentrated in the region of Telangana. For the Fiscal 2026, 2025 and 2024 its revenue from sale of products and services in Telangana accounted for 98.19%, 95.63% and 88.85% of its revenue from operations, respectively any adverse developments affecting its sales in these regions could have an adverse impact on its business, financial condition, results of operations and cash flows. Due to the geographic concentration of the sale of its products and services in Telangana state, its operations are susceptible to local and regional factors, such as economic and weather conditions, natural disasters, demographic changes, and other unforeseen events and circumstances.

Heavy reliance on limited customer base: The company derives a significant portion of its revenues from a limited number of clients. For Fiscal 2026, 2025 and 2024, revenue from its top 10 customers accounted for 89.36%, 95.22% and 92.28% of its revenue from operations, respectively, indicating a significant dependence on a limited customer base. Its business heavily relies on its customer base, and the potential loss of any of its customers could have a negative impact on its sales and, consequently, its overall business and financial performance. If it is to lose one or more of its significant or key customers or experience a reduction in the volume of business they provide, it could result in adverse consequences for its business, financial health, and cash flow.

Dependence on Aerospace & Defence industry: The business operations are significantly dependent on revenue derived from Aerospace & Defence industry in which the customers operate. The company derived significant portion of the revenue from Aerospace & Defence industry as accounted for 97.81%, 88.50% and 80.26% of the revenue from operations in 2026, 2025 and 2024 respectively, and any adverse developments in this industry may materially and adversely affect its business, financial condition, results of operations and cash flows. Further, Aerospace & Defence industry-specific risks may lead to delays, modifications or cancellations of existing orders and contracts, as well as reduced opportunities for securing new business. In addition, its ability to diversify into other industries may be limited due to factors such as lack of domain expertise, customer relationships, or increased competition.

Outlook

Merritronix is engaged in the business of manufacturing and assembly of electronic components, including engineering design and development services. Its specific focus is in turnkey electronics manufacturing and obsolescence engineering management. Its offerings primarily cater to customers in the defence, aerospace, industrial electronics, and scientific research sectors. Its business is driven by a combination of product supply and project-based engineering services and support, enabling to serve complex and high-reliability applications. On the concern side, its business model as a B2B Electronics Systems Design and Manufacturing services provider with limited brand recognition may restrict its pricing power, customer diversification and growth prospects. Further, it typically does not obtain long-term commitments from its customers and they may cancel or change their production requirements. Such cancellations or changes may adversely affect its financial condition, cash flows and results of operations.

The company is coming out with a maiden IPO of 47,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 141-149 per equity share. The aggregate size of the offer is around Rs 66.27 crore to Rs 70.03 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for fiscal year 2026 was Rs 15,589.56 lakh against Rs 11,356.38 lakh for Fiscal year 2025. An increase of 37.28% in revenue from operations. Profit after tax for the Fiscal 2026 were at Rs 1,610.30 lakh against profit after tax of Rs 865.95 lakh in fiscal 2025, an Increase of 85.96%.

Meanwhile, it aims to enhance its manufacturing capacity and operational efficiency through targeted investments in machinery, automation, and process improvements to optimize labour and material utilization, thereby improving project execution timelines. The company focuses through efficient operational practices, strengthened procurement planning and inventory management frameworks. Its operations are supported by an experienced team of engineers, procurement professionals, and senior management who operate in accordance with established industry practices. Additionally, its in-house technological capabilities enable effective operational management, robust process controls, and customer responsiveness. By enhancing process efficiency, reducing turnaround times, and ensuring compliance with international quality standards, it aims to strengthen its position in the high-reliability electronics manufacturing segment.

Rajnandini Fashion India

• Rajnandini Fashion India is coming out with an initial public offering (IPO) of 28,90,000 shares in a price band of Rs 59- 63 per equity share.
• The issue will open on May 26, 2026 and will close on May 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.90 times of its face value on the lower side and 6.30 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance Officer for the issue is Jinkal Hardik Vora.

Profile of the company

Rajnandini Fashion India is primarily engaged in the design, manufacturing and sale of women’s apparel, catering to both ethnic and casual wear categories through online and offline channels. Its ethnic wear portfolio includes unstitched dress materials, sarees, kurtis and kurta sets, while the casual wear portfolio comprises tops, tunics and maternity gowns made of poly-cotton, rayon, silk, cotton and other fabrics. Its sales operations are carried out under two segments - business-to-consumer (B2C) and business-to-business (B2B). 

In the B2C segment, sales are made directly to individual customers through various e-commerce platforms and its own website. In the B2B segment, it supplies apparel products to wholesalers and retailers and undertake bulk trading of fabrics, including printed design fabrics and dyed plain fabrics, which cater to garment processors and bulk buyers. These trading operations enable it to address a broader segment of the textile value chain. The company’s products are offered at various price levels, enabling them to serve a broad customer base and meet demand across different product categories. It markets its products under four brands, namely Merira, Monira, Roly Poly and Rajnandini.

In 2023, the company established its first manufacturing facility at Surat to undertake in-house production of women’s apparel. In 2024, it expanded manufacturing operations by starting another facility at Jaipur. Currently, the Surat unit is equipped with 90 sewing machines and the Jaipur unit with 50 sewing machines. Prior to 2023, the company was primarily engaged in outsourced manufacturing of women’s apparel and trading of fabrics. The company holds ISO 9001:2015 certification for its Quality Management System covering ‘Garments - Women’s or Girls of Cotton, Kurta and Salwar’ at its Surat Unit.

Proceed is being used for:

• Funding of capital expenditure for setting up a new manufacturing facility 
• Repayment of a portion of certain borrowings availed by the company 
• Utilization towards working capital requirements 
• General corporate purposes

Industry Overview

The textiles and apparel industry, a global manufacturing sector, encompasses the production of fibres, yarns, fabrics, garments and technical textiles for diverse end uses. Supported by natural fibres such as cotton, jute, silk and wool, as well as man-made fibres including polyester, viscose, nylon and acrylic, the industry caters to apparel, home textiles and specialized technical applications. India, the world’s second-largest producer and sixth-largest exporter, contributes 2.3% to GDP and 12% to exports, with a domestic market projected to grow to $350 billion by 2030 and exports estimated at $65 billion by FY26. Segments include ready-made garments, cotton textiles, man-made textiles, home textiles and technical textiles, with the latter projected to achieve significant growth globally, reaching $309 billion by 2047.

India’s home textiles sector is recognised for its strong traditions and craftsmanship, with different regions specialising in distinct textile techniques. Gujarat is known for its intricate embroidery, while Kashmir is noted for woollen shawls and rugs. This diversity highlights India’s heritage and expertise in textile production. Exports of home textiles grew from $5.3 billion in CY2017 to $8 billion in CY2022, recording a CAGR of 7.1%. The industry is projected to expand at a CAGR of 8.9% between 2023 and 2032, increasing from $10.78 billion in 2023 to $23.32 billion by 2032. India currently accounts for 4% of the global home textiles trade. The growth of the segment is supported by rising household incomes, demographic expansion and demand from end-use sectors such as housing, hospitality and healthcare. Companies in the segment are also adopting digital technologies to strengthen value chains.

The Indian textiles and apparel industry is projected to expand significantly over the next decade, supported by both domestic consumption and export growth. The domestic market is expected to grow at a CAGR of 10% to reach $350 billion by 2030, driven by rising incomes, demographic shifts and greater penetration of organised retail. On the export front, India recorded textile and apparel exports of $36.61 billion in FY25, which are projected to reach $65 billion by FY26 and are targeted to scale up to $100 billion by 2030. Policy initiatives, including the Rs 10,683 crore Production Linked Incentive Scheme focusing on man-made fibre apparel, fabrics and technical textiles, along with the establishment of PM MITRA parks, are expected to strengthen manufacturing capacity and global competitiveness. Emerging segments such as technical textiles and home textiles are also anticipated to contribute meaningfully to growth, aligning India’s positioning with evolving global demand trends. 

Pros and strengths

Wide range of products across multiple price points: The company offers a diverse portfolio of women’s apparel across ethnic, casual and fusion wear categories. The product range includes Cotton Tops, Tunics, Kurta Sets, Maternity Wear, Dresses, Kurtas, Patiala Suit, Fabrics, Unstitched Dress Materials, Sarees and Co-Ord sets. These products are generally priced within the range of Rs 250 to Rs 2,000, allowing the company to address various customer segments. This product variety, combined with price segmentation, enables the company to cater to different customer preferences and participate in multiple demand categories, from entry-level price points to higher-value products. This approach supports scale across the company’s operations. 

Presence across multiple online platforms: The company markets its products in the business-to-consumer (B2C) segment through e-commerce platforms such as Amazon, Flipkart, Myntra, AJIO, Nykaa, LimeRoad and others, in addition to its own website. This enables access to customers across metropolitan as well as tier-II and tier-III cities in India. For online operations, the company uses Uniware for inventory and order management and Shopify as the platform for its website, which supports stock monitoring, channel integration, order processing and return management.

In-house manufacturing facilities: It operates two manufacturing facilities, namely Unit I located at Surat, Gujarat and Unit-II located at Jaipur, Rajasthan. Its manufacturing operations comprise various processes including fabric sourcing, design and pattern development, embroidery, stitching, finishing, branding and packaging activities, while printing activities are undertaken through external vendors on a job-work basis. The manufacturing facilities are equipped with industrial sewing machines and supported by a workforce engaged in stitching, embroidery, finishing and quality control activities. Garments manufactured by it undergo quality checks at multiple stages including stitching, embroidery, finishing, ironing and packaging prior to dispatch. Its in-house manufacturing capabilities enable it to exercise operational control over manufacturing processes, maintain product quality standards, manage delivery timelines and reduce dependence on third-party manufacturing vendors.

Risks and concerns

Dependence on evolving consumer preferences and fashion trends: Its business is significantly influenced by consumer preferences and evolving fashion trends, particularly in the ethnic and casual wear segments. The success of its products, including sarees, kurtis, kurta sets, unstitched dress materials, tops, tunics, maternity wear and fabrics, depends on its ability to anticipate, identify and respond to changing consumer demands and emerging fashion styles. Consumer buying behaviour is also influenced by socio-economic factors, including disposable income, employment levels, festivals and social occasions. Any slowdown in economic growth or discretionary spending could adversely impact demand for its products. While it attempts to mitigate these risks by offering a diverse product portfolio across various price ranges and by operating in both the B2C and B2B segments, there can be no assurance that its strategies will align with future consumer preferences. If it is unable to effectively respond to evolving fashion trends, consumer tastes and socio-economic shifts, its business, financial condition and results of operations could be materially and adversely affected.

Reliance on third-party e-commerce marketplaces: A significant portion of its B2C sales is routed through third-party e-commerce marketplaces, including but not limited to Amazon, Flipkart, Myntra, Ajio, Nykaa, Shopsy and others, in addition to sales through its own website. Its continued ability to attract, retain and service customers on these platforms depends, in part, on the terms and conditions, policies, pricing, promotional mechanisms, search and ranking algorithms, seller support and logistical arrangements offered by these marketplaces. Marketplaces are able to change listing and product display algorithms, commission and fee structures, return and refund policies and promotional eligibility criteria, often without significant prior notice. Any such changes could reduce its visibility on these platforms, increase its cost of selling, adversely affect its conversion rates and average order values, or reduce its gross margins.

Concentration of revenue in casual and ethnic wear products: A substantial portion of its revenue from operations is derived from the sale of casual and ethnic wear products. For the nine months ended December 31, 2025, and for Fiscals 2025, 2024 and 2023, revenue generated from casual and ethnic wear products (including manufactured and traded products) contributed 78.84%, 75.33%, 90.97% and 97.72%, respectively, of its revenue from operations. Its dependence on these categories exposes it to concentration risks, as any reduction in demand, adverse trends, or unfavorable developments in this segment could materially impact its revenues. Additionally, the rapid expansion of e-commerce and fast-fashion retailers has intensified customer expectations around variety, design, pricing and delivery, which may adversely affect its market position if it is unable to respond effectively.

Outlook

Rajnandini Fashion India is primarily engaged in the design, manufacturing and sale of women’s apparel, catering to both ethnic and casual wear categories through online and offline channels. It markets its products in the B2C segment through e-commerce platforms such as Amazon, Flipkart, Myntra, AJIO, Nykaa, LimeRoad and others, in addition to its own website. This enables access to customers across metropolitan as well as tier-II and tier-III cities in India. On the concern side, it derives a significant portion of its revenue from fabric and apparel trading activities, which is a low-margin and competitive business and may expose it to risks that could adversely affect its financial performance. Its dependence on trading activities exposes it to risks relating to pricing pressure, lower profitability and heightened competition. Further, its dependence on a limited number of suppliers for raw materials, coupled with volatility in raw material prices and increases in operational costs, could adversely affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 28,90,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 59-63 per equity share. The aggregate size of the offer is around Rs 17.05 crore to Rs 18.21 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 3,068.95 lakh whereas in FY24 it was Rs 2,331.84 lakh representing an increase of 31.61%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 506.41 lakh and for the year ended March 31, 2024 it was Rs 229.04 lakh representing an increase of 121.10%.

To support future growth and enhance manufacturing capabilities, the company proposes to establish an additional manufacturing facility at Surat admeasuring around 6,000 sq. ft. The proposed expansion includes installation of additional machinery and related infrastructure to strengthen operational scalability and manufacturing capabilities. Going forward, it proposes to expand its business-to-business (B2B) segment by enhancing engagement with bulk buyers, garment processors and apparel retailers. The strategy includes broadening its product portfolio to cater to varying customer requirements and strengthening supply chain arrangements to ensure timely delivery and consistency in quality. Further, it proposes to enhance the use of social media platforms as a marketing and customer engagement tool.

Yaashvi Jewellers

• Yaashvi Jewellers is coming out with an initial public offering (IPO) of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share.
• The issue will open on May 25, 2026 and will close on May 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 8.3 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Kalu Ram Kumawat.

Profile of the company

Yaashvi Jewellers is engaged in manufacturing and trading of a wide range of jewellery with major product portfolio being gold jewellery in 9K, 14K, 18K, 20K, and 22K, focusing on affordability and quality. It is mainly engaged in machine made gold chains, which form the core of its product portfolio and are used in various jewellery designs. Alongside manufacturing, it trades in studded gold and fashion silver jewellery, diamond jewellery, gold bullion, and also offer customized jewellery for clients. 

It manufactures the finished gold jewelleries from the raw gold i.e. bullions and required consumables and further supply these products to dealers, showrooms, and small jewellery shops in the wholesale quantities as well as in retail. Its core specialisation is in the manufacturing of machine-made gold chains which forms the major part of its product portfolio. Machine made gold chains are used in multiple formats, from being used as chain to be worn directly as final product or be used as part of larger jewellery such as mangalsutra, bracelets, ankelets, earrings etc where it forms the base of the jewellery piece or used to provide the design element. Machine-made gold chains are lightweight and can be crafted in a wide variety of designs and thicknesses, making them suitable for diverse customer needs. 

Primarily, it caters to B2B customers. Over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers. It provides an extensive range of jewellery designs of plain gold, the jewelleries studded with cubic zircon and / or coloured stones/ studded with American diamonds, named and fashion silver jewelleries, made to match the different needs and tastes of its customers. Its business model is designed to ensure seamless operations from sourcing gold bullion from DGFT-nominated vendor and other bullion dealers, which is then transformed into jewellery post passing the quality check from authorised hall marking centres. It adheres to applicable quality control measures to ensure that every piece of jewellery meets the expected standards of craftsmanship and purity. Various quality control practices are followed from the time of receiving the gold bullion to manufacturing of the final product, at each stage of the process, supervision of the quality metrics is taken care of. Its production team is responsible for detailed product supervision. Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity.

Proceed is being used for:

• Funding working capital requirements of the company 
• Repayment/ prepayment of certain borrowings availed by the company 
• General corporate purposes 

Industry Overview

India's Gems and Jewellery sector is a significant contributor to the economy, playing a crucial role in exports, employment, and overall GDP. The industry is well-positioned with a strong domestic market and an expanding international presence. As of March 2024, India's gold and diamond trade contributed around 7% to GDP. It accounted for 15.7% of India’s merchandise exports. The sector provides employment to around 5 million individuals. India's gems & jewellery market was $78.50 billion in FY21. In 2022, India's gems & jewellery sector contributed 4.3% to global jewellery exports. Expected export growth to $100 billion by 2027. The diamond jewellery market is projected to expand to $177 billion by 2031.

Gold holds a significant cultural and economic position in India, making the country one of the largest consumers of gold globally. India accounts for around 25% of the world’s gold demand, primarily driven by weddings, festivals, and traditional investment preferences. Despite limited domestic production, the country remains highly dependent on imports to meet its gold demand. In response, the government has introduced policy measures, including import duty revisions, to regulate gold inflows and enhance economic stability.

India’s gold imports surged in April 2024 to $3.1 billion, over three times the value recorded in April 2023 ($1 billion), driven by higher global gold prices (+16.8%) and increased demand. In FY 2023-24, gold imports rose by 17.2% to 795.3 tonnes, reflecting sustained domestic appetite. The import of gold bars grew by 78.29% in April-June 2024, while gold Jewellery imports skyrocketed by 250.91% over the previous year. This sharp rise is influenced by geopolitical instability and the RBI’s diversification strategy to hedge against inflation and currency risks.

Pros and strengths

Diversified product portfolio: Its product profile includes traditional, contemporary and combination designs across jewellery lines, and price points. The gold, and other jewellery inventory in its display outlet reflects the customer preferences and designs. It focuses on design and innovation, its ability to recognize consumer preferences and market trends, the intricacy of its designs and the quality and finish of its products are its key strengths. Its products are suitable for daily wear, party wear and festive wear. While its focus is on manufacturing and caters to B2B customers, over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers.

Integrated manufacturing facility: The company is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. As of March 31, 2026 it has an installed manufacturing capacity of 1,100.00 kg per annum. The manufacturing facility has an area admeasuring 1,092 sq. metres. and is taken on lease by it. Its manufacturing facility is equipped with the necessary equipment, such as Induction Melting Furnace, Wire Drawing Machine, Chain Making Machine, Laser Welding Machine and other handling equipment, to support a seamless manufacturing process. By following necessary safety standards and conducting safety meetings, it tries to keep its workplace safe.

Commitment to quality and hallmarked jewellery assurance: Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity. It is committed to maintaining high-quality standards across all its products by implementing strict quality control measures. Its Jewellery is hallmarked, ensuring purity and authenticity, and it guarantees time-bound delivery of its products. Its transparent pricing policies, customer-friendly approach, and assurance of quality have helped it build a trusted and reputable brand in the Jewellery industry. 

Risks and concerns

High dependence on key suppliers for raw materials: It depends on few suppliers for its raw materials required for its operations and it has not entered into any long-term agreements. For the financial year ended March 31, 2026, March 31, 2025, and March 31, 2024, its top ten suppliers accounted for around 86.57%, 82.78%, and 88.12% of total purchases respectively. Any delays, interruptions or reduction in the supply of raw materials to manufacture its products and any abrupt fluctuations in the prices of its raw materials may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.

Dependence on a single product category: Majority of its revenue is generated from manufacturing and sale of plain gold chains. Its revenue from this segment, contributed 65.57%, 66.29% and 53.76% of its total revenue from operations for the financial year ended March 31, 2026, 2025 and 2024, respectively. Its revenues may be adversely affected on account of any downward trend in the demand. The demand and sale of its products depend on various factors such as its ability to respond to change in market trends, end-customer preferences, the availability of alternate metals, increase in imitation jewellery, economic changes, regulatory challenges, shortage of skilled labour, disputes with its clients, etc.

Highly competitive and fragmented market: Competition in the Indian jewellery industry is significant. It operates in highly competitive and fragmented markets and competition in these markets is based primarily on market trends, pricing and customer preferences. The players in the jewellery sector in India often offer their products at highly competitive prices and many of them are well established in their local markets. Some of its competitors may be larger than it in terms of business volume and may have greater capital, technical capabilities and financial and other resources than it which may enable them to secure opportunities at lower prices or to otherwise incentivize the buyers. In addition, its competitors that are smaller specialized entities may compete effectively against it in a particular region based on price, size and established regional trust with the local customers.

Outlook

Yaashvi Jewellers is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. It has built long-standing relationships with a wide base of customers across the domestic jewellery market, enabling it to effectively cross-sell its products while also attracting new clients. On the concern side, its revenue is heavily reliant on its operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance. Additionally, it is subject to risks associated with expansion into new geographies. Further, under-utilization of its existing manufacturing facility and an inability to effectively utilize its manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance. For the financial year ended March 31, 2024, March 31, 2025 and March 31, 2026, the overall capacity utilisation was 18.07%, 28.57% and 53.09%, respectively which is under-utilized.

The company is coming out with an IPO of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share to mobilize Rs 43.88 crore. On performance front, its revenue from operations increased by 47.93% to Rs 29,722.65 lakh for FY25 from Rs 20,093.00 lakh for FY24. Profit after tax has increased by 475.48% to Rs 1,128.23 lakh for FY 2025 from Rs 196.05 lakh for FY 2024.

To cater to the growing demand from its existing customers, to meet requirements of new customers and to achieve the expanded capacities, recently, it has set up its first retail showroom, spread across 9,800 sq. mtrs., at Brijpuri Yojna, Jagatpura, Jaipur. Its investment in infrastructure will enable it to cater to the growing demand from its customers and help it expand its customer base and increase its revenue from operations. Going forward, it intends to repay cash credit facility to improvise its debt equity ratio and also this will help the company to obtain working capital loans / term loans for expansion in future which will improve its operational efficiency. Further, it also plans to keep participating in international jewellery exhibitions that will further amplify brand visibility, attract potential buyers, and drive sales growth to open new markets for it.

SMR Jewels

• SMR Jewels is coming out with an initial public offering (IPO) of 49,80,000 shares in a price band of Rs 128-135 per equity share. 
• The issue will open on May 26, 2026 and will close on May 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Sangita Rajpurohit.

Profile of the company

The company specializes in Designer Heritage Jewellery that blends the richness of India’s cultural and artistic traditions with modern aesthetics. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. Each piece is created with its own storytelling, carrying cultural meaning, emotional value, and artistic expression. Its Theme-Based Designer Heritage Jewellery draws inspiration from mythology, spirituality, and cultural narratives. Collections include designs inspired by Radha-Krishna, Buddha, and other revered icons, celebrating India’s legacy of storytelling and devotion. These creations connect deeply with customers who view jewellery as more than ornamentation, but as a symbol of heritage, identity, and spirituality.

Alongside Designer Heritage Jewellery, the company also creates Nature-Inspired Jewellery, where designs are influenced by elements of the natural world such as flowers, leaves, vines, animals, and seasonal motifs. These pieces highlight harmony between nature and artistry, offering jewellery that represents freshness, beauty, and universal appeal. The company further specialises in Traditional Jewellery, which includes Jadtar Jewellery, Meenakari Jewellery, Polki Jewellery and Bridal Festive & Bridal Jewellery. In addition to these categories, its portfolio also includes Daily Wear Jewellery designed with simplicity, comfort, and durability for everyday use.

In addition to its diverse product portfolio, it also provides customisation services that allow customers to personalise jewellery designs as per their unique preferences. It specialises in recreating traditional and ancestral ornaments with modern styling, ensuring that timeless heritage is preserved while reflecting contemporary aesthetics. These value-added services not only enable customers to express their individuality but also ensure that jewellery retains its emotional and cultural relevance across generations.

Proceed is being used for:

• Funding capital expenditure requirements towards construction of jewellery studio
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding long-term working capital requirement
• General corporate purposes

Industry overview

India’s gold and diamond trade contributed around 7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector has employs around 5 million. Based on its potential for growth and value addition, the Government declared the Gems & Jewellery sector as a focus area for export promotion. The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market. The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or the Government of India.

India’s Gems & Jewellery market size was at $78.50 billion in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs 2,43,162 crore ($28.50 billion). In March 2025, India's Gems & Jewellery exports stood at Rs 2,20,379 crore ($25.82 billion).

In the coming years, growth in the Gems & Jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs. Also, the relaxation of restrictions on gold import is likely to provide a fillip to the industry. The improvement in availability along with the reintroduction of low-cost gold metal loans and likely stabilisation of gold prices at lower levels is also expected to drive volume growth for jewellers over the short to medium term.

Pros and strengths

Specialisation in designer Heritage Jewellery and diversified Portfolio: The company is uniquely positioned in the jewellery industry through its focus on Designer Heritage Jewellery, which blends India’s cultural, mythological, and artistic traditions with modern aesthetics. Each piece carries its own storytelling value, making jewellery not merely ornamental but also a symbol of heritage, identity, and spirituality. Alongside heritage collections, it offers a wide and diversified product portfolio that caters to multiple customer segments across geographies. Its extensive range—necklaces, chokers, malas, pendant sets, bangles, kadas, patlas, rings, earrings, hair accessories, matha patti, tikka, nose pins, payal, and kandora (waist belts) - allows to serve diverse occasions, from weddings and festivals to milestone events and daily wear.

Strong in-house design capabilities and innovation focus: Its in-house design team plays a central role in conceptualisation, CAD modelling, and product development. By drawing inspiration from mythology, spirituality, nature, and global fashion trends, its designers ensure that every collection remains both culturally rooted and contemporary. This innovation-led approach, combined with customisation services and a growing digital presence on platforms such as Instagram and WhatsApp, allows to stay aligned with evolving consumer tastes. By blending heritage artistry with modern styling, it creates jewellery that resonates across diverse age groups and customer segments, ensuring relevance for traditional buyers as well as trend-conscious customers.

Established artisan network and dual-phase manufacturing model: It has built long-standing relationships with highly skilled artisans across India. Its dual-phase outsourcing model separates mould creation from artisanal enhancements, ensuring structural precision, intricate detailing, and confidentiality of its original designs. To further strengthen consistency and protect its creative processes, it has entered into exclusive long-term agreements with its network of job workers and artisans, who are committed to working only with SMR Jewels. This exclusivity ensures quality, timely execution, and scalability while preserving the authenticity of craftsmanship.

Risks and concerns

High revenue concentration from top ten customers: The company may continue to derive a material portion of its revenue from its top ten customers and its financial dependence on its top ten customers poses a potential risk. Its top ten customers contribute 60.46%, 62.43%, 61.34% and 51.89% of total revenue for operation for the period ended December 31, 2025 and year ended March 31, 2025, 2024 and 2023 respectively. A reduction in business from these top ten customers or any other major clients could have negative implications for both its revenue and profitability. Accordingly, its continued dependence on a limited number of customers represents a material risk, and any adverse development in relation to these customers could have a significant negative effect on its business, results of operations, and financial condition.

Revenue dependence on Gujarat: Its revenues are significantly concentrated in the state of Gujarat. For the period ended December 31, 2025 and for the years ended March 31, 2025, 2024 and 2023, revenue from Gujarat contributed 73.31%, 74.37%, 71.33% and 30.86% of its total revenue from operations respectively. Such concentration exposes to risks arising from adverse developments in this region, including increased competition, economic downturns, regulatory changes, or demographic shifts in Gujarat. Any negative event affecting customer demand, supply chain logistics, or local business conditions in this region could materially and adversely impact its business, results of operations, and financial condition. 

Fluctuations in Gold Prices: Gold is the primary raw material for its jewellery, along with precious and semi-precious stones, mani-moti, and gemstones. Gold prices are inherently volatile and are influenced by global commodity markets, currency fluctuations, monetary policies, inflation trends, and investor sentiment. Any significant increase in gold prices may raise its cost of goods sold, force it to increase product prices, and potentially reduce consumer demand. Conversely, any decline in gold prices could adversely affect the value of its existing inventory purchased at higher prices, thereby impacting its margins and profitability. Its inability to effectively manage the risks associated with gold price fluctuations may materially and adversely affect its business, results of operations, and financial condition.

Outlook

SMR Jewels is primarily engaged in manufacturing, trading and job work of jewellery and other accessories/products. The company sells and trades its manufactured and traded jewellery and other accessories/products through wholesale and retail outlet. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. On the concern side, the jewellery industry is highly sensitive to evolving consumer preferences, which are influenced by fashion trends, cultural shifts, disposable income levels, weddings, festivals, and seasonal variations. These preferences can change rapidly, and demand for specific jewellery styles, designs, or product categories may vary from period to period. If it is unable to anticipate, adapt to, or respond effectively to such changes, it may face reduced sales, excess or obsolete inventory, loss of market relevance, and lower profitability.

The company is coming out with a maiden IPO of 49,80,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 63.74 crore to Rs 67.23 crore based on lower and upper price band respectively. On performance front, revenue from operations grew from Rs 12,452.30 lakh in FY 2023-24 to Rs 26,325.18 lakh in FY 2024-25, representing a robust growth of 111.41% year-on-year. Profit After Tax (PAT) surged to Rs 1,041.23 lakh in FY 2024-25 as against Rs 384.51 lakh in FY 2023-24, registering an impressive growth of 170.79%.

As part of its growth strategy, it places strong aim on expanding and refreshing its design portfolio to stay aligned with evolving consumer preferences and industry trends. In the past year alone, it has developed over 500 distinct designs, each with unique concepts and creative themes. This continuous addition of new designs ensures freshness, variety, and wide appeal across regions, occasions, and customer segments. To complement its design expansion, it follows a disciplined inventory management approach that balances innovation with efficiency. Its collections are regularly reviewed, replenished, and curated to provide customers with a wide and appealing selection, while also recreating and enhancing past curations to maintain relevance. This integrated approach prevents monotony, supports timely responsiveness to changing market demand, and helps it sustains profitability by reducing inefficiencies.