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Anawil Wire and Engineering

• Anawil Wire and Engineering is coming out with an initial public offering (IPO) of 65,85,600 shares in a price band of Rs 257 - 270 per equity share.
• The issue will open for subscription on August 03, 2026 and will close on August 05, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 25.70 times of its face value on the lower side and 27.00 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance officer for the issue is Sakshi Vijay.

Profile of the company

Anawil Wire and Engineering is engaged in the business of manufacturing of windmill towers, with primary focus on the fabrication of towers from heavy and precision steel components customized to meet the specific requirements of client in the wind energy sector. These towers are generally fabricated as tubular steel structures consisting of multiple cylindrical sections. These sections are rolled from heavy steel plates, longitudinally and circumferentially welded, and joined through flanges and bolts during erection at the project site. The weight of an individual tower can vary significantly based on its height and design specifications.

The company commenced its commercial operations in April 2021, initially focusing on the fabrication of weldmesh and assembly of boiler accessories and paper machinery parts. Building on this foundation and leveraging its expertise in steel fabrication, it strategically shifted into the wind energy sector in 2023. Since then, it has focused on manufacturing of fabrication components for wind turbine towers. These towers are essential structural components that support wind turbines generators, allowing them to capture wind energy efficiently at optimum heights. The size of the tower depends on the turbine model and site requirements, typically 140 meters in height, designed to withstand diverse climatic conditions. Each tower is manufactured in multiple sections commonly five allowing for transportation by road to the project site.

It caters its product to marquee customers of Original Equipment Manufacturers (OEM’s) of Wind Turbine Generators (WTG) and companies in renewable energy sector. It primarily uses Mild Steel (M.S.) plates to manufacture windmill towers and several other materials are also utilized, including shots and grits, paint, welding rods, electric plasma power sources for cutting, oxy-fuel stations, and grinding wheels. Additionally, components such as ladders, lightning protection systems, and platforms are essential for the internal assembly of the towers.

Proceed is being used for:

• Repayment and/or Pre-payment, in full or part, of borrowing availed by the company
• General corporate purpose 

Industry overview

India’s wind energy sector is led by indigenous wind power industry and has shown consistent progress. The expansion of the wind industry has resulted in a strong ecosystem, project operation capabilities and manufacturing base of about 18000 MW per annum. The country currently has the fourth highest wind installed capacity in the world. The Government is promoting wind power projects in entire country through private sector investment by providing various fiscal and financial incentives such as Accelerated Depreciation benefit; concessional custom duty exemption on certain components of wind electric generators. Besides, Generation Based Incentive (GBI) Scheme was available for the wind projects commissioned before March 31, 2017.

India has an offshore wind energy potential of around 70 GW in parts along the coast of Gujarat and Tamil Nadu. As of May 2022, there is no offshore wind project under construction or operation. India has announced tentative schedule for calling request for quotation (RfQ) to establish off shore wind power projects. India started planning in 2010 to enter into offshore wind power, and a 100 MW demonstration plant located off the Gujarat coast began planning in 2014.

India has set a target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. Low-carbon technologies could create a market worth up to $80 billion in India by 2030.  India’s ambitious renewable energy goals are transforming its power sector. The rising population and widespread electrification in rural homes are fueling the demand for energy to power homes, businesses and communities. Clean energy will reduce pollution levels as villages become self-sustainable with their use of clean energy. The non-conventional energy space in India has become highly attractive for investors and received an FDI inflow of Rs 1,43,692 crore ($19.98 billion) between April 2000-September 2024.

Pros and strengths

Well-positioned to capture growth opportunities: The company is well positioned to benefit from the rising demand for windmill towers, driven by the global push for renewable energy adoption. With manufacturing capabilities, execution expertise, and a reputation for delivering high-quality products, the company is well-equipped to capture emerging opportunities in the wind energy sector. The limited number of qualified suppliers in the market further enhances its competitive advantage, enabling it to secure largescale orders and strengthen its presence in this rapidly expanding industry. It has two manufacturing facilities in Koppal, Karnataka and Kutch, Gujarat and is spread across 48.05 acres area with an annual capacity of 612 towers. The company is currently operating at around 48.17% capacity utilization.

In-house manufacturing facility with stringent quality control mechanism: The company is an ISO 9001:2015, ISO 14001: 2015, ISO 14001: 2018 and ISO 3834-2:2021 certified company for manufacture of windmill towers & components and fabrication of heavy structures. Its manufacturing operations are currently carried out at its 48.05 acres facility located in Koppal, Karnataka and Kutch, Gujarat which are equipped with capabilities to design, develop and manufacture its product portfolio. The in-house manufacturing operations enable it to stream line inventory management and production process resulting into maintenance of high-quality production standards, minimizing production time and bringing cost effectiveness.

Strategically located manufacturing facility resulting in operational efficiency: One of the key strengths of the company is the strategic location of its manufacturing facilities in Koppal, Karnataka, and Kutch, Gujarat, spread across around 48.05 acres and situated along major highways. The facilities are well connected to major highways and regional road networks, facilitating the efficient movement of raw materials and components. Their proximity to wind energy development zones in Karnataka, Gujarat, and neighboring states enables the Company to effectively service client requirements. While the transportation of finished towers to project sites is the responsibility of clients, the facilities' locations help reduce transit times and associated coordination efforts. The facilities are also strategically positioned to access labor from surrounding areas and maintain strong linkages with regional suppliers and service providers. These factors contribute to the Company's ability to manage production schedules, meet workforce requirements, and respond effectively to project timelines.

Risks and concerns

High dependence on tower manufacturing and fabrication segment for revenue: Majority of its revenue is dependent on single business segment i.e. Tower Manufacturing and Fabrication, which accounted for 94.36%, 99.95% and 81.23% of its total revenue from operations, respectively for financial year ending March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Its continued reliance on single business segment for substantial portion of its revenue exposes it to risks, including but not limited to, reduction in the demand of the products in the particular segment in the future; increased competition from regional and national players; the invention of superior and cost- effective technology; fluctuations in the price and availability of the raw materials; changes in regulations and import duties and the general economic conditions. Any occurrences of such event could significantly reduce its revenues, thereby materially adversely affecting its results of operations and financial condition.

High geographic concentration of revenue in Karnataka: The company derives a substantial portion of its revenue from operations concentrated in a limited number of states. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, its revenue from Karnataka region contributed over 93.87%, 99.55% and 81.23% respectively, of its total revenue from operations. This state-wise concentration exposes its business to significant regional risks. Any adverse development affecting the state of Karnataka including changes in state government policies or regulations, regional economic downturns, civil unrest, labour issues, disruptions in supply chain or logistics, infrastructure constraints, natural calamities, or other local factors could materially impact its business operations, financial condition, cash flows, and results of operations.

Significant dependence on a limited number of key customers: Substantial portion of its revenues has been dependent upon few customers, with which it does not have any firm commitments. For instance, its top five customers for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 accounted for 78.75%, 88.57% and 85.70% of its revenue from operations for the respective year/period. In addition, it has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on maintaining good relationship with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Anawil Wire and Engineering is engaged in the business of manufacturing of windmill towers. Founded with a mission to support the growth of renewable energy, it specializes in the production of turbine tubular towers, heavy fabrication, and advanced engineering components that meet the highest standards of quality and reliability. On the concern side, the company is primarily dependent upon a few key suppliers located within a limited geographical region for the procurement of its raw materials. For the financial years ended March 31, 2026, 2025 and 2024, its purchases from its top 10 suppliers amounted to Rs 7,561.76 lakh, Rs 2,009.97 lakh and Rs 1,451.49 lakh, respectively, representing 90.11%, 80.19% and 72.44% of its total purchases in the corresponding periods. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.

The company is coming out with a maiden IPO of 65,85,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 257-270 per equity share. The aggregate size of the offer is around Rs 169.25 crore to Rs 177.81 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2025-26 stood at Rs 14,362.68 lakh as compared to Rs 7,939.84 lakh in financial year 2024-25 representing an increase of 80.89%. Restated Profit after Tax for the financial year 2025-26 was Rs 3,662.83 Lakh as compared to Restated profit after tax of Rs 1,230.58 Lakh during the financial year 2024-25.

Meanwhile, the company is committed to taking strategic steps to expand its manufacturing capabilities and achieve greater operational efficiency. The company operates a manufacturing facility in Koppal, Karnataka, spread across around 20.75 acres, with an installed annual production capacity of 420 windmill towers. At this facility, it has the capability to manufacture up to 35 windmill towers per month. To meet the growing demand in the wind energy sector, it commenced operations at its new manufacturing facility in Kutch, Gujarat, in March 2026. This facility provides an additional production capacity of 16 windmill towers per month, further strengthening its manufacturing capabilities. As part of its broader strategic growth initiatives and to capitalize on the robust expansion of the wind energy sector, it continues to invest in capacity enhancement and operational expansion. The objective of these expansion initiatives is to further increase its production capacity and efficiently cater to rising market demand.

G V Electricals 

• G V Electricals is coming out with an initial public offering (IPO) of 32,50,000 shares in a price band of Rs 123-130 per equity share.
• The issue will open on July 31, 2026 and will close on August 04, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.30 times of its face value on the lower side and 13.00 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance officer for the issue is Aarti Garg.

Profile of the company

G V Electricals is a power distribution infrastructure services provider engaged in providing operation and maintenance (O&M) and allied support services primarily to electricity distribution utilities in India. Its services support such utilities in the operation, maintenance and field-level execution of works relating to their electricity distribution networks (Network(s)) and associated infrastructure, including distribution lines, feeders, substations, poles and cables forming part of electricity distribution systems used for distribution of electricity to consumers. Its operations are broadly organized into three service verticals: i) Network Operation and Maintenance (O&M) Services, ii) Electrical Infrastructure and Network Development Works, and iii) Metering and Meter Management Services. These verticals collectively cover operational and maintenance support for distribution networks, execution of electrical infrastructure works associated with distribution systems, and metering-related field services undertaken for electricity distribution utilities. 

Under its Network O&M Services vertical, it undertakes maintenance and operational support of electrical distribution systems across multiple voltage levels, including 33 kV, 11 kV and low-tension (LT) networks, provide O&M support for 33/11 kV substations and deploy technical manpower for field operations such as line maintenance, network inspection and fault rectification. Under the Electrical Infrastructure and Network Development Works vertical, it undertakes allied electrical and civil works relating to electricity distribution infrastructure, including pole-related works such as erection and shifting of poles, cable-related works including laying, jointing and termination of underground and overhead cables, and civil works such as excavation, foundation works, construction of plinths and other supporting civil structures required for installation, maintenance or restoration of distribution infrastructure. Under the Metering and Meter Management Services vertical, it undertakes metering-related field services for electricity distribution utilities, including installation and replacement of energy meters, meter testing, meter reading and other related metering support activities carried out in accordance with operational requirements specified by the relevant utilities. 

Its contracts are typically awarded through competitive tender processes conducted by electricity distribution utilities, pursuant to which it enters into rate contracts, outline agreements or annual maintenance contracts (AMC) for defined service areas and contract periods. Under such arrangements, specific purchase orders or work orders are issued from time to time for execution of defined services. In certain cases, particularly for private sector clients, services may also be awarded directly through work orders or purchase orders. In the course of executing such contracts, its operations involve deployment of field personnel, including supervisors, linemen, technicians and helpers, across designated service areas. Its field teams undertake operational and maintenance activities in accordance with the operational requirements specified by the relevant electricity distribution utilities and are supported by operational vehicles, tools and equipment required for carrying out inspection, maintenance and restoration activities across distribution networks. Meanwhile, it has obtained ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and SA 8000:2014 certifications for its management systems covering quality, environmental, occupational health and safety and social accountability aspects of its operations.

Proceed is being used for:

• Repayment of a portion of certain borrowings availed by the company
• Funding of working capital requirements 
• General corporate purpose 

Industry overview

India’s power sector is in a phase of sustained structural expansion, driven by rising electricity demand and large, pre-planned investments across generation, transmission and distribution infrastructure. Power Engineering, Procurement and Construction (Power EPC) plays a central role in executing this build-out, particularly in high voltage transmission systems and distribution network modernisation required to support incremental demand and renewable energy integration. The Indian Power EPC market is estimated at $23.57 billion in 2025 and is projected to reach $60.72 billion by 2030, implying a CAGR of 20.83%. India's gross electricity demand in FY 2024-25 reached approximately 1,694 TWh, up 17% from FY23 levels. Installed generation capacity has crossed 475 GW as of February 2026, with fossil fuels accounting for a little over half of total capacity and non-fossil sources - renewables, hydro and nuclear - forming the balance, reflecting a diversified but coal-dominant generation mix. Central Electricity Authority and the Ministry of Power recognise India as the world's third-largest power generation market by installed capacity and electricity output.

India’s Power T&D, EPC and O&M industry is supported by a quantified, policy-led expansion of grid infrastructure, combined with distribution modernization, renewable energy integration and increasing lifecycle. Under the National Electricity Plan - Transmission (NEP-T) for FY2022-23 to FY2031-32, capital expenditure of approximately Rs 9.12-9.15 lakh crore is envisaged toward inter-state and intra-state transmission lines, substations and HVDC systems. In parallel, the Revamped Distribution Sector Scheme provides an outlay of Rs 3.03 lakh crore through March 2028 for loss reduction, network strengthening and smart metering. Industry activity is further supported by tender pipelines published by the Central Transmission Utility, State Transmission Utilities and the National Infrastructure Pipeline / India Investment Grid, which provide forward visibility across transmission corridors, substations and distribution projects, enabling capacity planning and geographic diversification by EPC contractors while supporting predictable transition of completed assets into O&M portfolios.

The Government of India has implemented targeted policy measures to strengthen power transmission and distribution (T&D) infrastructure, with a dual focus on capacity expansion and operational efficiency These initiatives create sustained demand across EPC activities, which are primarily one-time, capital-expenditure driven, and O&M services, which generate recurring, annuity-linked revenues through lifecycle management of transmission and distribution assets. These policies support grid expansion, loss reduction, renewable evacuation and digitalization of distribution networks, directly benefiting contractors engaged in high-voltage transmission, substations, distribution systems and network operations.

Pros and strengths

Presence across electrical infrastructure activities: It operates in the electrical infrastructure sector and provides services across multiple activities relating to electricity distribution networks. Its operations are carried out across three principal service verticals: i) Network Operation and Maintenance (O&M) Services, ii) Electrical Infrastructure and Network Development Works, and iii) Metering and Meter Management Services. Its scope of services includes installation, testing and commissioning of distribution systems across 33 kV, 11 kV, high-tension (HT) and low-tension (LT) networks, as well as system monitoring, fault detection, troubleshooting and repair of distribution networks and substations. Such services are typically executed under annual maintenance contracts, rate contracts or similar arrangements for defined periods. These arrangements involve periodic or recurring billing during the contract tenure, as compared to project-based execution, which provides revenue visibility over the duration of such contracts.

Order book providing revenue visibility: The company has been awarded contracts by electricity distribution utilities, government authorities and other customers for execution of electrical infrastructure projects and provision of operation and maintenance services. As of June 30, 2026, its order book in respect of ongoing projects comprised 34 projects, with an aggregate value of unexecuted work of around Rs 553.70 crore, primarily from electricity distribution utilities. Its order book consists of projects relating to operation and maintenance services, metering services and electrical infrastructure works across multiple locations. Such projects are executed over specified contract periods and involve billing based on milestones, periodic services or work orders, depending on the nature of the contract. The existence of an order book enables planning of deployment of manpower, materials and other resources for execution of such projects. Its order book provides visibility of revenues from ongoing projects over the tenure of such contracts. 

Majority of revenue from repetitive customers: It has received work orders from electricity distribution utilities, government authorities and other customers. A portion of its contracts are executed pursuant to rate contracts, framework arrangements and similar contractual arrangements, under which work orders may be issued from time to time based on customer requirements. For the FY 23-24, FY 24-25, and FY 25-26 the revenue from Repetitive Customers accounts for 99.28%, 97.14%, and 88.29% of total revenue from operations respectively. A portion of its revenues is derived from customers with whom it had prior engagements. Work orders under such arrangements may be issued based on operational requirements of customers. Repeat orders may reduce the time required for mobilization and participation in bidding processes, subject to the terms of such arrangements and continued eligibility. Its ability to continue to receive repeat orders is dependent on various factors, including performance of existing contracts, customer requirements, competitive bidding processes and other external factors.

Risks and concerns

Major portion of revenue derives from power distribution utilities: It is a power distribution infrastructure services provider engaged in providing O&M and allied support services primarily to electricity distribution utilities in India. Accordingly, a significant portion of its business is derived from projects and service assignments undertaken for such utilities. The demand for its services is directly linked to the level of investment in electricity distribution infrastructure, including maintenance, upgradation and expansion of distribution networks and metering initiatives. These investments are influenced by various factors, including capital expenditure programmes of electricity distribution utilities, availability of funding, government policies and reforms in the power sector, and implementation of sectoral schemes such as the Revamped Distribution Sector Scheme (RDSS). Any reduction or delay in capital expenditure, regulatory framework or sectoral priorities, or any constraints affecting the investment capacity of electricity distribution utilities, may reduce the demand for its services.

Substantial revenue dependence on Network O&M services: A substantial portion of Its revenue from operations is derived from Network Operation and Maintenance (O&M) Services. Revenue from this services vertical contributed around 76.90%, 79.26% and 75.81% of its revenue from operations for the financial years March 2026, March 2025 and March 2024 respectively. Its O&M Services involve maintenance and operational support of electricity distribution networks, including distribution lines, feeders and substations, and are typically performed pursuant to contracts awarded for defined service areas and periods. The demand for such services is dependent on the operational requirements, maintenance programmes and budgetary allocations of electricity distribution utilities. Any reduction in the scope of O&M activities, non-renewal or modification of existing service arrangements, or changes in maintenance practices or outsourcing policies of electricity distribution utilities may affect the volume of work available under this service vertical.

Competitive tendering central to revenue generation: Its business is substantially dependent on securing contracts through competitive tendering processes conducted by electricity distribution utilities, although in certain cases work orders may be awarded directly through purchase orders based on operational requirements. Such tenders typically require bidders to meet prescribed technical qualifications, financial eligibility criteria and other conditions, and contracts are generally awarded based on evaluation of technical capability and commercial bids. Its ability to secure contracts depends on its ability to meet the eligibility requirements specified in tender documents, including criteria relating to prior experience, financial capacity, technical qualifications, availability of manpower and statutory registrations. These eligibility criteria may vary depending on the size, scope and complexity of the project and may become more stringent over time. Any failure to secure contracts through competitive tendering processes, inability to meet eligibility requirements, or sustained pressure on pricing or margins may adversely affect its business, results of operations, financial condition and cash flows.

Outlook

G V Electricals is engaged in the business of electrical infrastructure projects, operation and maintenance (O&M) services and meter and metering related services. A portion of its revenues is derived from customers with whom it had prior engagements. Work orders under such arrangements may be issued based on operational requirements of customers. Repeat orders may reduce the time required for mobilization and participation in bidding processes, subject to the terms of such arrangements and continued eligibility. On the concern side, a significant portion of its revenue from operations is derived from a limited number of customers, primarily comprising electricity distribution utilities engaged in development and maintenance of electrical distribution infrastructure. The contribution of its top 10 customers accounted for 94.76%, 97.74% and 98.82% of its revenue from operations for the fiscal years 2026, 2025 and 2024, respectively. Accordingly, its revenue from operations is concentrated among a limited number of customers.

The company is coming out with a maiden IPO of 32,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 123-130 per equity share. The aggregate size of the offer is around Rs 39.98 crore to Rs 42.25 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 15,641.29 lakh as against Rs 13,123.56 lakh for FY24-25, an increase of 19.18%. Profit after tax for the FY25-26 was at Rs 1,046.57 lakh against profit after tax of Rs 466.08 lakh in FY24-25, a surge of 124.55%.

Meanwhile, it proposes to focus on expanding its Electrical Infrastructure and Network Development Works vertical as part of its business operations. Revenue from this segment constituted 14.66%, 7.67% and 13.53% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Under this vertical, it undertakes execution of electrical infrastructure projects involving installation and development of distribution systems and associated infrastructure. Going forward, it intends to expand its geographical presence by increasing participation in projects across additional states and regions, while continuing operations in markets where it has prior execution experience. This includes bidding for infrastructure projects in regions witnessing investment in power distribution strengthening, subject to availability of suitable tender opportunities.

Fusion Klassroom Edutech 

• Fusion Klassroom Edutech is coming out with an initial public offering (IPO) of 24,55,200 shares in a price band of Rs 151-159 per equity share.
• The issue will open on July 31, 2026 and will close on August 04, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 15.10 times of its face value on the lower side and 15.90 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance officer for the issue is Jinal Karen Vora.

Profile of the company

Fusion Klassroom Edutech is an education technology company operating a scalable, AI-enabled hybrid learning ecosystem in India. Incorporated in 2016, it delivers academic education, competitive examination preparation, skill development, and employability-oriented training through its proprietary AI-powered Education OTT platform, offline partner centres, and institutional and government collaborations. Its offerings span school education, test preparation, professional and vocational courses, and emerging technology programs, including Artificial Intelligence and Machine Learning. To date, it has recorded over 6 lakhs cumulative learner registrations, more than 2 lakhs subscribers, and is supported by a library of over 100 courses and more than 3,300 hours of proprietary digital content. 

The company has received multiple national recognitions and awards for its contributions to education and skilling and is backed by marquee investors, reflecting strong market validation and institutional confidence in its platform and execution capabilities. The company operates through a diversified, multi-channel business model encompassing B2C, B2B, B2B2C, and B2G segments, generating revenues from digital subscriptions, offline centre fees, institutional licensing, AI-driven content deployment, government project execution, and channel-partner distribution. 

It has established long-term relationships with central and state government bodies, universities, skill councils, and private institutions across multiple states, enabling large-scale academic and AI-led skilling deployments. Its asset-light hybrid model, proprietary technology platform, and AI-enabled content and delivery capabilities provide operating leverage, scalability, and resilience, positioning the company as a trusted education technology partner aligned with India’s education, skilling, and workforce development priorities.

Proceed is being used for:

• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company 
• Expenditure towards Technology & AI\ML Model Development, Servers and Cloud Infrastructure 
• Funding the capital expenditure towards Content Development 
• Funding the capital expenditure towards procurement of Desktop and Laptops for the new Offline Centers’ AI/ML labs 
• Expenditure towards Marketing initiatives 
• Funding inorganic growth through unidentified acquisitions and general corporate purposes (Collectively, referred to herein as the Objects)

Industry overview

India's formal education system, long dominated by offline schools and colleges, underwent a profound digital transformation across its value chain - from admissions to assessments - propelled by Educational Technology (EdTech). This shift accelerated dramatically during the COVID-19 pandemic, with the sector experiencing phenomenal growth; the market expanded from $2.763 billion in 2020 to a projected $10.269 billion by 2025. Post-pandemic, EdTech faces the challenge of sustaining momentum amid reopening offline institutions, yet it remains poised for rapid expansion, driven by government policies, rising internet penetration (over 800 million users, 13% annual rural growth), affordable smartphones (760 million users), and innovative startups.

The Indian EdTech market represents one of the world's largest and fastest-growing digital education ecosystems. The overall EdTech market was estimated to reach around $10.27 billion by 2025 (KPMG, 2022). Within this, online higher and lifelong education (professional skilling/upskilling) is estimated at around $5.0 billion by 2025. As of 2024, the Indian EdTech market is valued at $7.5 billion, with over 10,000 companies operating in the sector. With an expected compound annual growth rate (CAGR) of 27.65%, the industry is projected to reach $29 billion by 2030.

India's education and professional skill development market represents one of the world's most dynamic and opportunity-rich sectors. Underpinned by robust macro-economic fundamentals, rising household incomes, demographic dividends, and extensive government policy support, the sector is positioned for sustained high growth trajectory through 2030. The convergence of digital transformation, affordable technology access, and structural demand drivers - coupled with the essential nature of education as a non-discretionary investment - provides a resilient foundation for sector participants. Market consolidation toward quality-focused, outcome-verified, and specialized solutions is expected to characterize the next phase of industry evolution, benefiting well-positioned, governance-focused platforms with proven unit economics and measurable impact on learner outcomes. With over $29 billion in projected market value by 2030 and the potential to educate and upskill over 100 million paid users, India's EdTech sector stands poised to play a transformational role in building a skilled, globally competitive workforce while simultaneously addressing critical skill gaps across high-growth economic sectors.

Pros and strengths

Human resources, faculty members and content developer: The company has a total workforce of 26 personnel, comprising 22 permanent employees and 4 contractual personnel, engaged across various functional areas including management, finance, compliance, human resources, operations, sales and marketing, technology, and academic content development. Its senior management and key managerial personnel oversee strategic direction, compliance, finance, and governance functions. The operations team supports day-to-day business activities, while the sales and marketing team focuses on demand generation and customer engagement. The technology function is supported through contractual personnel responsible for platform maintenance and digital delivery. The company also engages faculty members and content developers, including subject matter experts, who are responsible for academic content creation, review, and delivery of educational and skill-based programs. Its human resource base, supported by structured recruitment, training, and performance monitoring processes, enables efficient execution of its business strategy and supports scalable growth. The management considers its employees and faculty ecosystem to be a key asset contributing to operational stability, academic quality, and business continuity.

Strong hybrid learning ecosystem: It operates across the online, hybrid, and offline spectrum, providing a differentiated value proposition through its AI-powered Education OTT platform, multi-lingual content library, regional academic focus, and the availability of both academic and skill development courses. Unlike platforms that rely solely on online distribution, its model integrates digital delivery and offline centres, B2B institutional partnerships, and community-based distribution network, enabling broader reach in regional, semi-urban, and rural markets. Its combines academic learning, skill courses, and government-linked employability programs under a single OTT and hybrid ecosystem. Pricing for its OTT subscription is positioned at an accessible level (Rs 1,250 annually for an all-content subscription), making it suitable for large-scale adoption across diverse socioeconomic segments. Through this blended operating model, it is positioned uniquely within the competitive landscape, serving multiple learner segments while maintaining operational scalability across India.

Robust digital education infrastructure: The company’s proprietary AI-powered Education OTT platform forms the technological backbone of its operations. Designed to serve millions of learners simultaneously, the platform integrates video streaming, learning management and interactive features, into a unified digital ecosystem. It hosts thousands of hours of recorded and live content through Klassroom Konnect across academics, skills, and professional domains. This platform includes modules for structured curriculum pathways, microlearning content, revision banks features and content on Academic skill and career. AI-driven Language model helps user learn in their regional language with 5 languages already live for a few topics currently.

Risks and concerns

Significant portion of revenues drives from key geographic markets: It derives a significant portion of its revenues from the sale of its services in certain key states. Its revenues from Uttar Pradesh constituted 42.60%, 46.86% and 57.16% of its total revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Revenues from Rajasthan accounted for 24.00%, 23.21% and 0.76% during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, while revenues from Maharashtra contributed 26.76%, 29.71% and 42.03% during the same periods. In addition, revenues from Haryana constituted 5.64% of its total revenue from operations in Fiscal 2026, while revenues from Karnataka constituted 0.62% during Fiscal 2026. Consequently, a substantial portion of its revenues is geographically concentrated in these states. Any adverse developments, including changes in state-specific regulations, economic conditions, political instability, natural calamities, or disruptions affecting its operations in such regions, could have an adverse impact on its business, results of operations, financial condition and cash flows.

Dependence on student acquisition and retention: Its ability to reactivate previously enrolled students further demonstrates recurring engagement and continued relevance of its offerings. It operates a blended education model comprising online and offline modes, with revenues generated from both segments. Its offline operations are supported by a network of centres, while its digital platform is strengthened by a broad range of educational content delivered by experienced faculty members. Its mobile application and digital distribution channels further enable it to expand reach and accessibility to students across multiple regions. However, its future growth and financial performance depend on its continued ability to maintain student interest, improve conversion of registered users into active subscribers, sustain engagement levels, ensure the quality and relevance of its content, and attract and retain qualified faculty members. Any failure to do so, including a decline in student enrolments, lower subscriber retention or reactivation rates, reduced usage of its platforms, or challenges in operating or scaling its offline centres, could adversely affect its business, reputation, results of operations, financial condition and cash flows.

Cybersecurity and information technology risks: Its education and coaching operations are significantly dependent on the reliable functioning of its information technology systems, digital platforms and OTT application, which support online classes, video-based content delivery, student enrolments, assessments, data management and administrative functions. The effective operation of its business depends on its ability to deploy, maintain and upgrade these systems in a timely and cost-effective manner. Its IT systems, OTT application and supporting networks may be vulnerable to system failures, power outages, hardware or software malfunctions, cyber-attacks, unauthorized access, data breaches, malware, or errors by employees, faculty members, subcontractors or third-party service providers. Any disruption, failure or security breach could result in interruption of live or recorded classes, restricted access to educational content, loss or compromise of student data, delays in assessments or fee processing, and degradation of student experience.  In the event of any such system disruption or cybersecurity incident, it may be required to incur significant time and costs to restore systems, recover data, enhance security measures and manage regulatory or contractual obligations. Further, any actual or perceived compromise of the reliability or security of its OTT application or digital platforms could adversely affect student and parent confidence, damage its brand reputation and expose it to legal or regulatory actions. Any such events could have a material adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Fusion Klassroom Edutech is an education technology company operating a scalable, AI-enabled hybrid learning ecosystem in India. It maintains strong relationships with private and institutional partners, including universities, global technology companies, publishing houses, and educational technology providers. Through publishing partnerships, the company develops digital textbooks, assessments, printed materials, and system-aligned content for students across the country. On the concern side, the academic education and coaching industry in India are intensely competitive and fragmented, with the presence of large organised education platforms, regional coaching institutes, digital education companies, as well as independent teachers and subject-matter experts offering courses through online platforms, social media and offline centres. Competition exists across multiple education categories, delivery formats and price points. A significant increase in competition may compel it to reduce course fees, offer higher discounts, extend promotional incentives or enhance service offerings to retain and attract students. Such pricing pressures and additional costs could adversely impact its margins, cash flows and profitability.

The company is coming out with a maiden IPO of 24,55,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 151-159 per equity share. The aggregate size of the offer is around Rs 37.07 crore to Rs 39.04 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 2,303.95 lakh as against Rs 1,008.65 lakh for FY24-25, an increase of 128.42%. Profit after tax for the FY25-26 was at Rs 760.12 lakh against profit after tax of Rs 290.42 lakh in FY24-25, a surge of 161.73%.

Meanwhile, it intends to develop, own, operate, and license proprietary AI-powered Education OTT platforms and SaaS-based systems, and to offer such OTT and SaaS platforms as a service to third parties for hosting, streaming, delivering, and managing educational and training content across multiple devices and languages. Going forward, it intends to partner with existing coaching classes, colleges, and educational institutions, and to establish, operate, and manage coaching centres, partner centres, skill development centres, training institutes, learning hubs, smart classrooms, digital studios, learning labs, and reading and learning libraries for conducting academic, competitive exam, vocational, and skill-based training programs through both physical (offline) and online modes, ensuring large-scale accessibility and quality delivery of education and skilling initiatives.

Oneindig Technologies 

• Oneindig Technologies is coming out with an initial public offering (IPO) of 28,80,000 shares in a price band of Rs 91-96 per equity share.
• The issue will open on July 30, 2026 and will close on August 03, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.10 times of its face value on the lower side and 9.60 times on the higher side.
• Book running lead manager to the issue is Share India Capital Services.
• Compliance officer for the issue is Sumit Das.

Profile of the company

Oneindig Technologies is engaged in providing Engineering, Procurement and Commissioning (EPC) services, in the solar energy sector, including complete turnkey solar power solutions and associated Operations and Maintenance (O&M) services. It undertakes diverse solar projects, including residential rooftop, commercial & industrial (C&I) rooftop, ground-mounted projects and solar water pumps for Private clients and Government entities. In addition to turnkey solar power solutions, it supplies wide range of solar products and equipment, including Solar PV (Photovoltaic) Modules, Solar inverters, Solar pump controllers, ESS (Li-ion/Lead Acid), ACDB/DCDB.LT/ HT Panels and all kinds of wires and cables. Further, it is also engaged in Independent Power Producer activities through Power Purchase Agreements (PPAs).

With a primary focus on renewable energy, the company began its operations in the National Capital Region of Delhi and has installed Solar Power Plants in various states of India including Delhi, Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, Punjab, Uttarakhand, Telangana, Arunachal Pradesh, Odisha, UT of Jammu and Kashmir and West Bengal. It is engaged in the design, supply, research, and development of Solar Module Mounting Structures. Additionally, it is involved in the EPC of solar water pumps as well. It has successfully developed, executed and commissioned 17 major projects under the Ground-Mounted segment, with a total project value exceeding Rs 19 crore. Under the C&I rooftop segment, it has completed various projects for private as well as Government clients. Further, under the Solar Water Pump vertical, it has installed 500 plus pumps at Haryana and different location in union territory of Jammu & Kashmir.

It has an aggregate Operational project capacity of 58.40 MW solar projects; under construction Contracted Projects capacity of 52.08 MW and under construction awarded projects capacity of 6.32 MW. It offers a comprehensive range of AC and DC solar water pumps, available in both surface and submersible models. Designed to reduce farmers’ reliance on diesel and electricity, its pumps offer a low-maintenance, cost-effective alternative to traditional irrigation systems. Its product line-up includes 2 HP, 3 HP, 5 HP, 7.5 HP, 10 HP, and 15 HP solar water pumps - delivering dependable, sustainable irrigation solutions tailored to diverse agricultural needs. It has successfully installed solar water pumps in regions such as Haryana and Jammu & Kashmir. The range includes solar agricultural pumps, deep submersible pumps, and compact mini solar pumps - making its solutions suitable for a wide variety of irrigation requirements and ensuring consistent performance across varying terrains and crop types.

Proceed is being used for:

• Meeting working capital requirements
• General corporate purpose

Industry overview

India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low carbon, renewable sources. India's announcement that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. As of March 2025, renewable energy sources, including biomass, waste to power and waste to energy, have a combined installed capacity of 220.09 GW. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. 

Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 19.02% between FY16 and FY25. India has 220.1 GW of renewable energy capacity in FY25. Solar energy contributed the most to the year’s capacity expansion, with 23.83 GW added in FY25, a significant increase over the 15.03 GW added in the previous year. India's wind energy sector is making significant strides towards achieving the ambitious target of 100 GW of production by 2030. The country currently has an installed wind energy capacity of over 50 GW and an annual domestic manufacturing capacity of over 18 GW for wind turbines and components. Power generation from renewable energy sources (excluding hydro) stood at 172.37 billion units (BU) in FY25. Installed capacity from large hydro projects in India increased from 35.9 GW in March 2008 to 46.72 GW as of March 2025, while capacity from small hydro plants increased four-fold to 5.10 GW in the same period.

The Pradhan Mantri Jaiv Indhan - Vatavaran Anukool Fasal Awashesh Nivaran (PM JI-VAN) Yojana, amended in 2024, aims to provide financial support for advanced bioethanol projects using renewable feedstocks. Over Rs 908 crore ($106.7 million) has been approved for 2G bioethanol projects, including commercial-scale initiatives in Panipat, Haryana. The Rajasthan government signed an MoU with NTPC Green Energy for 28,500 MW of renewable energy-based projects, as part of the total 31,825 MW of power generation projects worth Rs 1.6 lakh crore ($19.18 billion). This massive renewable energy investment is aimed at making Rajasthan self-reliant in the energy sector and significantly expanding the state's renewable power capacity. Government plans to invest Rs 9,12,000 crore ($107.89 billion) in power transmission infrastructure by 2032 to boost capacity and support growing electricity demand.

Pros and strengths

Established EPC player, well positioned to capitalise in a fast-growing solar industry in India: It is an established solar power EPC company with presence across the solar value chain. Its focus is primarily on the Indian solar EPC market; however, it has also selectively evaluated opportunities outside India and has forayed in the international markets like Nepal and Angola. It provides EPC services primarily for solar power projects with a focus on project design and engineering and manage all aspects of project execution from conceptualizing to commissioning. Ministry of New and Renewable Energy has announced plans to invite bids for 50 GW of renewable energy capacity annually from FY24 to FY28 with an objective to achieve the targeted 500 GW installed capacity by 2030. In light of the above, it believes there will be rapid increase in the solar EPC bid pipeline both by public as well as private sector players. Its execution track record and strong stakeholder relationships make it well positioned to benefit from this positive industry outlook.

Strong execution track record spread across geographies: It has a strong track record in executing solar EPC projects (under its Solar EPC Business), with a team of experienced professionals, since inception. It has commissioned 38 MW of solar EPC projects (under its Turnkey Solar Services and Solar EPC Business). With its experience of over 8 years in execution of 17 ground mounted projects, solar EPC projects across 14 plus States in India, it has developed a reputation for project management and execution on account of its engineering team, labour and equipment deployment. These capabilities have enabled it to complete projects in a successful manner. Its procurement department ensures that key commissioning materials are delivered on a timely basis to the facilities and commissioning sites, thereby enabling it to manage its processes effectively and maintain its inventory efficiently. Its portfolio of solar projects, including those under development, is well diversified across geographies and customers. This diversification mitigates against operational volatility due to seasonal weather conditions and reduces concentration risk.

Efficient co-development business model: Based on its experiences of working with customers in India, it understands that many customers prefer not to engage in solar plant site acquisition and other processes associated with the development of a solar plant. Its co-developer approach comprises of acquisition of land, site preparation and approvals, offtake arrangements followed by transferring these to the developer and further undertake EPC and O&M activities basis the contractual arrangement. Its co-development model allows it to provide turnkey solutions for solar power projects which cover the entire technical value chain, from the identification of suitable sites and the planning of solar farms to their implementation and operation. With its experience, it has the ability to source land at strategic locations with minimal initial investment, which helps it continue to focus on and execute projects with landowners.

Risks and concerns

Regulatory risks in land conversion: In future, some of its renewable power projects may be situated on agricultural land, land owned by state governments, or land held by private parties. The process for transferring land title varies depending on the type of land involved and the policies of the relevant state governments. In cases where agricultural land is acquired from private parties, its transfer to non-agricultural entities such as its, and the conversion of such land for non-agricultural use, may require approvals or orders from the relevant state land or revenue authorities. As of date, none of the company’s renewable power projects have been developed or are operating on agricultural land. All project sites are situated on land that has been duly converted to non-agricultural use in accordance with applicable laws. In the event that the company’s future renewable power projects are proposed to be developed on agricultural land owned by government authorities or private parties, certain statutory approvals and permits will be required to enable the conversion and use of such land for non-agricultural purposes. The process of obtaining these approvals may be prolonged, subject to administrative delays, or may, in some cases, not be successful.

Revenue reliance on key customers: It generates a significant portion of its revenues from, and is therefore dependent on, certain customers for a substantial portion of its business. Its business is dependent on top 10 off-takers for the year, which have contributed 97.25%, 96.76%, 88.01%, 69.38% of its revenue from operations during the Period ended January 31, 2026 and Financial Year ended 2025, 2024 and 2023, respectively. The loss of any of these off-takers could have an adverse effect on its business, financial condition, results of operations and cash flows. If the financial condition of these off-takers deteriorates or they are compelled to change the source of their renewable energy supplies, it may impact the demand for electricity produced by its renewable power projects, which in turn could have an adverse impact on its business, results of operations and cash flows.

Government regulations and policy changes: Government regulations and policies of India can affect the demand for and availability of its products. It may incur and expect to continue incurring costs for compliance with such laws and regulations. Any changes in government regulations and policies, such as the withdrawal of or changes in tax benefits, incentives and subsidies, could adversely affect its business, cash flows and results of operations. An adverse change in the regulations governing the development of its products and use of products by its customers may have an adverse impact on its operations. It cannot assure that it will be able to comply with such regulatory requirements. If it fails to comply with new statutory or regulatory requirements, there could be a delay in the submission or grant of approval for business. Moreover, if it fails to comply with the various conditions attached to such approvals, licenses, registrations and permissions once received, the relevant regulatory body may suspend, curtail or revoke its ability to market such products.

Outlook

Oneindig Technologies is engaged in the business of providing engineering services for solar power projects, trading of solar panels and inverters and installation of solar pumps. The Portfolio of the company varies from Roof top EPC to ground Mounted EPC, from solar plants to Solar Pumps, from CAPEX to OPEX, from residential to commercial, from private to Government, from small to large-size projects. On the concern side, it procured 86.01%, 99.49%, 93.46%, 81.50% of its total purchases during the period ended January 31, 2026 and Financial Year ended 2025, 2024 and 2023, respectively from top 10 of its suppliers. Further, it does not have definitive supply agreements with its vendors for the supply of components and any interruptions in supply could adversely affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 28,80,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 91-96 per equity share. The aggregate size of the offer is around Rs 26.21 crore to Rs 27.65 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 4,601.42 lakh as against Rs 4,364.12 lakh for FY23-24, an increase of 5.44%. Profit for the FY24-25 was at Rs 416.61 lakh against profit of Rs 295.04 lakh in FY23-24, a surge of 41.20%.

Meanwhile, it has gained experiences in solar EPC which is led to various B2B tie ups in solar projects by way of consortium and/or JV for its implementation. This has enhanced the order book size and penetration of market. A lot of new business houses who want to enter into solar field are looking at it to partner for providing solar expertise. Moreover, it offers a comprehensive range of customized solar power solutions, catering to diverse customer needs. Through its Turnkey Solar Services and Solar Park Business, it has followed ‘Co-Developer’ approach which provides investment returns to customers. This approach includes land acquisition, site preparation, obtaining necessary approvals, and arranging power off-take (if required), followed by transferring the project to the developer. It then continues with EPC and O&M services as per the contractual agreement. Going forward, it has the opportunity to expand into Emerging Markets to scale in Tier 2/3 cities and other developing regions with poor grid connectivity.

Dhaval Packaging 

• Dhaval Packaging is coming out with an initial public offering (IPO) of 37,48,800 shares in a price band of Rs 92-97 per equity share.
• The issue will open for subscription on July 30, 2026 and will close on August 3, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.20 times of its face value on the lower side and 9.70 times on the higher side.
• Book running lead manager to the issue is Rarever Financial Advisors.
• Compliance officer for the issue is Jeet Alkeshkumar Shah.

Profile of the company

Dhaval Packaging designs, manufactures, and supplies plastic packaging solutions for domestic and international markets. Its core philosophy is to translate brand intent into manufacturable and scalable packaging solutions for food and FMCG categories such as sweets, dairy, dry fruits, bakery and other related items. It positions itself as a solutions partner that aligns design, materials, labelling, and tooling with production realities so that packaging enhances shelf presence, protects product integrity, and supports reliable throughput on customer lines.

The company is certified for key international management standards, reflecting its focus on quality, environmental responsibility, workplace safety, and process reliability. The Company holds ISO 14001:2015 certification for its Environmental Management System, ISO 9001:2015 certification for its Quality Management System, and ISO 45001:2018 certification for Occupational Health and Safety Management Systems, each covering the scope of manufacturing Plastic IML (In-Mold Labeling) food containers, plastic food containers, Plastic IML sweet boxes, plastic square boxes, plastic lids, plastic spoons, plastic trays, and plastic end caps. 

In addition, the company is certified under ISO/IEC 17025:2017 for compliance with general requirements for the competence of testing and calibration laboratories, further strengthening its commitment to maintaining testing accuracy and product quality across its manufacturing operations. Its products span two categories, including IML Containers and SAW (Submerged Arc Welded) Pipe Protection Plastic Caps (End Caps).

Proceed is being used for:

• Part finance the cost of establishing new manufacturing facility at Taluka Sanand, District Ahmedabad (Proposed facility)
• Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
• General corporate purposes

Industry overview

The Indian plastic packaging sector is a vital and rapidly expanding segment of the country's broader packaging industry, driven by increasing demand from FMCG, pharmaceuticals, and retail sectors. Plastic packaging is favoured for its versatility, lightweight nature, durability, cost-effectiveness, and ability to preserve and protect products throughout the supply chain. It includes both rigid plastics (bottles, containers, closures, trays) and flexible plastics (films, pouches, sachets), with flexible packaging witnessing particularly high growth due to its convenience and adaptability.

India’s plastic packaging ecosystem witnessed significant activity in FY 2024, with a total of 7,88,027 tonnes of plastic packaging placed on the market by all IPP (Importers, Producers, and Packers) brands. This reflects the growing scale of packaged goods consumption across sectors such as FMCG and pharmaceuticals. A closer look at the composition reveals that rigid plastic packaging held the dominant share at 67%, compared to 33% for flexible packaging, indicating a strong reliance on sturdy and durable formats for product safety and shelf appeal. Additionally, primary packaging, which directly encloses the product, made up a staggering 92% of total usage, while secondary packaging, meant for grouping and transport, accounted for only 8%. These insights highlight the critical role of primary, rigid plastic packaging in India’s supply chains, driven by hygiene standards, consumer convenience, and the need for robust protection in long-distance logistics.

The In-Mold Labelling (IML) and SAW Pipe Protection Plastic caps segments in India are experiencing a structural transformation driven by evolving end-user expectations, stricter environmental regulations, and the increasing adoption of automation and quality-driven packaging standards. While legacy manufacturers with large-scale production capabilities dominate volumes, the market is gradually opening up to innovation-led niche players focused on customization, sustainability, and integration with automated production lines. In sectors like FMCG, industrial packaging, infrastructure, and oil & gas, demand is being shaped by higher product safety, branding needs, and efficiency in logistics and shelfreadiness.

Pros and strengths

In-house IML manufacturing with automation: It runs In-Mold Labelling as a fully in-house, end-to-end process, integrating pre-press and label readiness with injection molding machines equipped with robotic take-out and handling. This setup shortens cycle times, stabilises changeovers, and gives it tights control over critical-to-quality parameters like bond integrity between label and substrate, surface finish, dimensional accuracy, and colour fidelity across long runs. By keeping tooling, label integration, and molding under one roof, it eliminates handoffs that typically introduce variability, so artwork approvals translate cleanly into production without rework or delays. Automation is embedded at each step: robots manage part extraction and placement with consistent timing; in-line checks flag variances early; and standardised work instructions lock in repeatability when it scales programs. The result is faster ramp-up from pilot to volume and reliable on-time dispatch even under compressed customer timelines.

Backward integration: Its label integration with Octa Labels turns IML into a single, governed workflow including artwork, pre-press, substrate selection and molding are planned as one schedule instead of a chain of vendors. That alignment gives it direct control over the critical path: it can book press time against molding windows, lock specifications before trials, and gate each step through the same quality system. Because the decision-makers for design, materials and production sit on the same side of the table, escalation is faster and trade-offs are resolved in hours, not days.

Dual-Segment portfolio: It runs two complementary product lines under one operating system, allowing it to serve distinct demand profiles without fragmenting execution. The IML line is oriented to brand-led, food-grade programs with tight artwork discipline and finish quality, while End Caps address industrial movement where fit, durability, and handling resilience are paramount. Managing both inside a single governance and QA framework lets it shares tooling know-how, CTQ controls, and automation practices, so development gates (design approval, trials, qualification, run-at-rate) remain consistent even when the end use differs. This structure improves plant utilisation and delivery reliability. It can allocate machine time across seasonally peaking consumer volumes and project-based industrial orders, absorb short-notice call-offs, and stage split dispatches without creating separate islands of capacity. Commercially, it broadens its solutions stack, IML primary packaging where branding matters and protective components for downstream logistics, delivered through a common operating and quality framework.

Risks and concerns

Revenue reliance on top 10 customers: The company derives a significant portion of its revenue from sale of products from its top 10 customers. The top 10 customers accounted for 51.27%, 46.37%, and 49.76% of its revenue from operations for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Additionally, a significant portion of its revenue from operations is derived from its existing customers. Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on its business and results of operation.

High supplier concentration risk: It depends on a limited number of suppliers for its raw material requirements of its business. For the year ended March 31, 2026, March 31, 2025 and March 31, 2024, its top 10 suppliers contributed around 88.31%, 89.98% and 94.86% 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. Further, it does not have definitive agreements or fixed terms of trade with most of its suppliers. Failure to successfully leverage its relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.

Dependence on two key states for revenue: The company derives a significant portion of its revenue from customers located in the States of Gujarat and Maharashtra. For the Fiscals 2026, 2025 and 2024, 85.92%, 86.32% and 78.69%, respectively, of its revenue from operations was generated from customers situated in these two States. The concentration of revenue in two States exposes it to risks arising from adverse economic, social, political or regulatory developments in these regions. Its business may be adversely affected if it is unable to diversify geographically or reduce such concentration risk. Any adverse developments in these regions could adversely impact its business, financial condition and results of operations.

Outlook

Dhaval Packaging is engaged in the business of manufacturing and trading of plastic packaging materials, pipe protection material and related products. It primarily caters to industrial clients across various sectors requiring customized packaging solutions. On the concern side, any increase in raw material prices may affect its procurement of raw materials and will result in corresponding increases in its product costs, while the increase in the selling price of the finished products may not be in proportionate to the increase in raw material price. Such change in pricing may adversely affect its sales, cash flow and its overall profitability.

The company is coming out with a maiden IPO of 37,48,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 92-97 per equity share. The aggregate size of the offer is around Rs 34.49 crore to Rs 36.36 crore based on lower and upper price band respectively. On performance front, its total income increased by 24.36% from Rs 5,242.88 lakh in the financial year ended March 31, 2025, to Rs 6,520.23 lakh in the financial year ended March 31, 2026. Profit for the period increased by 33.05% to Rs 803.89 lakh in the financial year ended March 31, 2026, from Rs 604.22 lakh in the financial year ended March 31, 2025.

Meanwhile, it intends to position IML containers as a clear brand upgrade that also improves line reliability and reduces packaging cost for food and FMCG brands that use sticker-labelled containers. It shall target categories that face handling and moisture issues, such as sweets, dairy products, ice cream, ready-to-eat foods, bakery, confectionery, pharmaceuticals, agro food products and frozen foods. Its marketing messaging will focus on scuff-resistant branding, consistent colour, fewer labelling errors, and a cleaner shelf presentation.

Juniper Green Energy

• Juniper Green Energy is coming out with a 100% book building; initial public offering (IPO) of 8,41,22,317 shares of face value Rs 10 each in a price band Rs 214 - 225 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 July 30, 2026 and will close on August 3, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 21.40 times of its face value on the lower side and 22.50 times on the higher side.
• Book running lead managers to the issue are ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and Kotak Mahindra Capital Company.
• Compliance officer for the issue is Prashant Pandia. 

Profile of the company 

Juniper Green Energy is among the top 10 largest renewable independent power producer (IPPs) in India, where total capacity includes operational, under construction contracted and awarded projects. It develops, builds, operates and maintains utility scale renewable energy projects through its in-house EPC team and O&M team, and generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities. Apart from solar projects, its portfolio also includes wind energy projects and a focus on complex renewable energy projects, such as wind-solar hybrid (WSH) and firm and dispatchable renewable energy (FDRE) projects with battery energy storage systems (BESS).

The company has expanded its presence geographically in regions such as Gujarat, Rajasthan, Madhya Pradesh and Maharashtra.  As part of its in-house capabilities, it manages the end-to-end lifecycle of renewable energy project development across all critical stages, including: (i) bidding and auction; (ii) site prospecting; (iii) land acquisition and grid permits; (iv) engineering and technology; (v) procurement; (vi) project financing; (vii) plant construction and commissioning; and (viii) O&M. It adopts a selective and strategic approach to auctions, backed by in-depth regulatory and commercial analysis, identify high-potential sites using Geographic Information System (GIS) tools, irradiance datasets and wind resource assessments.

Proceed is being used for: 

• Repayment/pre-payment, in full or part, of certain borrowings availed by the company
• Investing in one of its Material Subsidiaries namely Juniper Green Gamma One Private Limited, and its Subsidiaries namely Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings
• General corporate purposes

Industry overview

The Renewable Energy (RE) sector in India stands as a cornerstone of the nation’s commitment to sustainable development, harnessing clean energy sources that generate electricity without the deleterious emissions associated with fossil fuel combustion. By accelerating the adoption of renewable energy, India aims to significantly mitigate carbon emissions, thereby contributing to global efforts to combat climate change and preserve environmental integrity. In contrast to finite conventional resources, renewable source is abundant across India’s diverse topography, from the solar-abundant regions of Rajasthan to the wind-rich coastal belts of Gujarat and Tamil Nadu, offering resilience against resource depletion.

Renewable energy installations (including large hydro) have increased to around 275 GW as of March 2026, as compared with around 63 GW as of March 2012, led by various central and state-level incentives. As of March 2026, installed grid connected RE generation capacity (including large hydro) in India constituted around 51.56% of the total installed generation base in India.

With the increased support of the Government and improved economics, the RE sector has become attractive from an investor’s perspective. India’s renewable energy market is led by solar and wind, which are already charting a significant growth trajectory. During Fiscals 2019-26, India added around around 159 GW of RE (including large hydro) capacities. The installed RE (including large hydro) capacity has grown from 114 GW in Fiscal 2018 to 275 GW in Fiscal 2026 at a CAGR of 11.51%. Solar segment led the capacity additions with cumulative additions of around 129 GW followed by wind around 22 GW during the same period. The other RE sources added around 8 GW during the same period.

Pros and strengths 

Proven ability to secure land and establish robust connectivity well in advance: The company has a proven ability to secure land and obtain grid connection approvals in advance. As at June 30, 2026, it has sufficient connectivity available for its Under Construction Projects. Even after allocating grid permits to all its Under Construction Projects, it has surplus connectivity available to further its operations. It evaluates potential land acquisitions in RE Potential Zones on an ongoing basis. Its project development team comprising 106 employees as at June 30, 2026, identifies and secures land using advanced tools with preliminary screening using GIS, reanalysis datasets, the Global Wind Atlas and solar irradiance data to identify regions with high wind and solar resource potential.

Long-term power purchase agreements with central and state government off-takers: Operating on a ‘Build-Own-Operate’ model, it enters into power purchase agreements (PPAs) with off-takers, pursuant to which it develops, builds, owns, operates and maintains utility scale grid connected power projects and generate revenue through the sale of electricity under these PPAs. It executes all its PPAs before the commissioning of its projects. Consequently, once the plant is commissioned and connected to the grid, it can immediately sell electricity in accordance with the contractual arrangements. Additionally, its long-term PPAs have enabled it to enter into long-term financing agreements with various financial institutions.

Established supply chain de-risking strategy, ensuring timely procurement and quality of the critical components: Its procurement team sources critical components such as solar modules, wind turbines and transformers in advance which aids in de-risking in its supply chain. Furthermore, it directly sources its critical components and equipment from market leaders such as Envision, Suzlon, First Solar, Waaree, Goldi, Sungrow and TBEA. Newer wind turbines are being launched that have higher rated capacity upto 5,200 kW and higher hub height (upto 160 m with rotor diameter of more than 160 m), which can be set up at low-quality wind sites, otherwise considered economically unattractive. These improvements in technology will enable capacity additions outside the windy regions, and allow it to transition from key windy regions to other areas, thereby driving capacity additions. It has secured and is in the process of securing long-term agreements for its critical components to mitigate risks in its O&M business.

Strong track record of delivering projects ahead of schedule: The company has established a track record of commissioning most of its operational projects ahead of schedule and ahead of other IPPs in the respective bids thereby showcasing its expertise in timely project execution. The company has commissioned its operational projects ahead of schedule on a weighted average of 147 days since the commencement of its renewable energy operations, with one of its solar Operational Projects commencing 552 days ahead of schedule and one of its wind Operational Projects commenced 222 days ahead of schedule on a weighted average basis.

Risks and concerns

Dependence on a limited number of Off-Takers: The company is dependent on certain key off-takers for a significant portion of its revenue. It enters into long-term PPAs with its off-takers which are typically for 25 years, pursuant to which it develops, builds, owns, operates and maintains utility scale grid connected power projects, and generate revenue through the sale of electricity under these PPAs. A significant portion of its revenue from operations is derived from the sale of electricity generated at its projects and its top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect its business, results of operations, financial condition and cash flows.

Reliance on limited number of suppliers: The company is highly dependent on certain suppliers to, among other things, provide quality goods on a timely basis. This includes contracts it enters into with vendors to supply equipment, materials and other goods for the construction and operation of its projects as well as for other business operations. While it tries to maintain a diversified set of vendors, it remains subject to the risk that vendors may not perform their obligations in full or at all. Its top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of its total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of its critical components and other goods could adversely affect its business operations, financial position and cash flows.

Intense competition in renewable energy project auctions: It participates in highly competitive renewable energy project auctions. It competes for project awards based on, among other things, (i) the regulatory and policy framework, including incentives and long-term stability; (ii) the creditworthiness of the off-taker to mitigate payment risks; (iii) the availability of evacuation infrastructure, transmission systems and other essential facilities such as water, roads and communication networks; (iv) the competitive landscape; and (v) bid restrictions, including maximum and minimum capacity limits. Every auction is assessed against its key financial and operational benchmarks to determine bid feasibility and if these parameters vary from what it had anticipated, the profitability of successful bids may be adversely affected. Any change in the auction process, and factors that influence its decision to participate in the bidding process may adversely impact its ability to expand its portfolio and impact its business, results of operations and cash flows.

Challenges in securing land rights and regulatory approvals: Its development of renewable energy projects may be restrained by its inability to identify or acquire suitable land sites. If it is unable to identify suitable land on commercially acceptable terms, its ability to develop new renewable energy projects on a timely basis or at all might be affected, which could result in the imposition of liquidated damages and/or reductions in tariffs which could adversely affect its business, financial condition, cash flows and results of operations. Additionally, securing the necessary land rights often involves complex and time-consuming negotiations with multiple landowners and local communities to establish rights-of-way (ROW). Local opposition, disputes over land ownership, compensation demands and regulatory hurdles related to land acquisition can create significant challenges.

Outlook  

Juniper Green Energy and its subsidiaries are engaged in the business of setting up, operating, generating, supplying, and selling power in the renewable energy sector. They own and operate various solar/wind/BESS energy projects with installed capacity of 1,424.84 MW in various states. These projects are intended to sell the power generated, under long-term power purchase agreements with State Electricity Boards and on merchant basis, in the open market. On the concern side, it has entered into power purchase agreements with several central government or state government entities and have limited ability to negotiate the terms of such power purchase agreements which may contain onerous terms and any breach of these terms could result in the termination, and in turn could have a material adverse effect on its business, cash flows, financial condition and results of operations.

The issue has been offering 8,41,22,317 shares in a price band of Rs 214-225 per equity share. The aggregate size of the offer is around Rs 18,00.22 crore to Rs 1,892.75 crore based on lower and upper price band respectively. Minimum application is to be made for 66 shares and in multiples thereon, thereafter. On performance front, total income increased by 41.27% from Rs 5,697.80 million for Fiscal 2025 to Rs 8,049.30 million for Fiscal 2026. It recorded a net profit for Fiscal 2026 of Rs 404.64 million as compared to net profit for Fiscal 2025 of Rs 364.78 million.

Meanwhile, its financing strategy is centered on maintaining a prudent mix of equity and long-term debt, tailored to each project’s lifecycle and cash flow profile. Through strong relationships with a broad base of financial institutions, it secures competitively structured funding with flexible tenors and repayment terms. These arrangements are designed to align with project milestones and support efficient capital deployment including during the construction phase. It has also undertaken refinancing initiatives to lower borrowing costs and enhance overall financial efficiency. In addition to long-term project debt, it has established working capital lines and bank guarantee limits with reputed banks. These facilities play a critical role in supporting execution-related requirements such as land acquisition, grid connectivity, bid securities and procurement obligations.

MV Electrosystems

• MV Electrosystems is coming out with a 100% book building; initial public offering (IPO) of 72,49,990 shares of face value Rs 5 each in a price band Rs 400 - 425 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on July 30, 2026 and will close on August 3, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 80 times of its face value on the lower side and 85 times on the higher side.
• Book running lead manager to the issue is Sundae Capital Advisors.
• Compliance officer for the issue is Sourabh Bansal. 

Profile of the company 

MV Electrosystems is involved in the design, development, and manufacturing of railway propulsion equipment and cable assemblies. The company provides customised electrical and electronic solutions tailored to the requirements of the railway sector, with a product portfolio that includes propulsion systems, auxiliary converters, battery chargers, and a wide range of cable assemblies. The company’s solutions are primarily deployed in electric locomotives, metro systems, and EMUs, where propulsion and robust electrical systems are critical for performance. Its cable assemblies are specifically designed to withstand challenging operating conditions while ensuring durability and seamless integration with propulsion equipment.

It carries out research and development activities in line with the modernisation initiatives of Indian Railways and the adoption of new technologies in the sector. The company undertakes manufacturing and engineering activities to support railway propulsion and electrification projects. The company’s operations are structured across two main business segments: Propulsion Equipment and Cable Assemblies. The Propulsion Equipment segment constitutes a significant share of the business, offering converters, inverters, and other critical systems that support railway electrification through efficient power management and traction control. The Cable Assemblies segment complements this by delivering customised wiring and harness solutions designed for reliable integration across rolling stock and railway infrastructure.

Proceed is being used for: 

• Funding long-term working capital requirements of the company
• Investing in research design and development activities for new power electronic equipment
• General corporate purposes

Industry overview

The railway propulsion equipment is the product or equipment that makes trains move on tracks. It includes main parts like Converter-Inverter Systems, Vehicle Control System or Train Control Management System, Driver Displays. Propulsion provides the traction power needed to pull coaches and wagons over long distances. Railway propulsion equipment is used across a wide range of applications. These include passenger trains such as metros, suburban rail, intercity trains, and high-speed rail, as well as freight trains that transport coal, steel, cement, containers, and other goods. They are also critical in urban rail systems like metros, monorails, and in specialised rail vehicles used in mining and heavy industries.

The railway propulsion equipment industry in India is witnessing steady growth, supported by large-scale electrification projects, expansion of metro and high-speed rail networks, and the government’s focus on modernising rail infrastructure. Increasing demand for energy-efficient and sustainable technologies is further driving the market. The Indian railway propulsion equipment industry has shown robust growth, increasing from $561.1 million in CY20 to $937.0 million in CY25, reflecting an 10.8% CAGR over this period. This rapid expansion is supported by India’s large-scale railway electrification drive, investments in metro networks, and the government’s emphasis on modern, efficient transport systems.

Railway cable assemblies are essential parts of today’s rail systems. It helps carry power, signals, and data between different parts of trains, whether it’s locomotives, metro coaches, or passenger trains. These assemblies combine cables, connectors, and protective coverings into one system that can handle tough railway conditions like constant shaking, changing temperatures, electrical interference, and exposure to dust and moisture. These cable assemblies used in many key areas, such as propulsion systems, braking units, communication and signalling devices, passenger information screens, and safety controls. As India moves toward more electric locomotives, metro networks, and high-speed trains, there’s a growing need for cable assemblies that are strong, lightweight, fire-resistant, and free from harmful halogen materials. Manufacturers are now focusing on making these assemblies more reliable and safer, while also meeting strict Indian and international railway standards.

Pros and strengths 

Engineering and systems design focused railway company with strong in-house R&D capabilities: The company is a systems design and engineering-focused railway technology company, distinguished by its strong inhouse research, design & development capabilities. Over the period, with an integrated approach that combines mechanical, electrical, and software engineering, it has successfully developed IGBT based 3-Phase Drive Propulsion System that meets stringent performance, safety, and regulatory requirements specified by Railways. With the increasing demand for wide variety of Rolling Stocks in India and several other regions, like High Speed Trains to Shorten Long Distance journeys, High Power Locomotives for Freight Corridors, Low Cost Light Weight Ropeways & Trams for Urban areas, EMU’s & Metro Trains and upgradations of existing platforms, its in-house engineering capabilities enable it to reduce dependency on external suppliers for designing, accelerate the induction of these new products in the country and maintain greater control over quality and proprietary intellectual property.

Strong entry barriers ensure long-term sustainability: The railway industry is characterized by substantial entry barriers, which serve as a key strength for its business and ensure long-term sustainability. Such entry barriers arise from a combination of factors including stringent and long process of product development and safety approvals, technology complexity, deep domain expertise, long qualification cycles & vendor approvals, certifications and after sales support & lifecycle integration. Further, the product design & development cycle is high capital intensive as it requires upfront investment in design, prototyping and testing infrastructure and working capital for long gestation periods. Its dedicated R&D centre is equipped with specialized teams in each of these domains. These teams have collaborated closely, gaining invaluable experience in developing rolling stock power electronics system. The company’s in-house capabilities enable it to respond swiftly to design changes or new expectations from Indian Railways, ensuring flexibility and adaptability in its offerings. Importantly, it is not reliant on any domestic or international firms for technology, which enhances its competitive edge and positions it as a self-sufficient entity in the railway propulsion sector.

Long-standing and deep relationship with Indian Railways: The company was incorporated in 2009 to supply components to Indian Railways and have gradually expanded the product category to panels & switch board cabinets, connectors and cable assemblies and cable protection products. In 2020, it advanced into higher-value engineering by initiating the indigenous design and development of propulsion equipment, a core system integral to locomotive performance. Its continuing relationship with Indian Railways serves as a clear testament to its commitment to quality, as well as its research, development and design capabilities and a testament to its operational and managerial capabilities. Further, its domain expertise in various aspects such as engineering, creation of complex software, research, design & development, as well as its adoption of technologically advanced and cost-competitive manufacturing and assembly processes have been instrumental in obtaining approval for its 3-Phase Propulsion Equipment and also repeat orders from Indian Railways.

Experienced promoter and management team: The company has an experienced senior management team which includes its Managing Director and Head - R&D, Pankaj Rastogi; its Whole-time Director, Rahul Dhawan; its Chief Financial Officer, Ajay Kumar; its General Manager - R&D (Software), Sanjay Mann. Their combined knowledge and industry experience has enabled it to anticipate and capitalize on need of the indigenously designed and developed propulsion equipment for use in India Railways and enabled it to efficiently respond to market opportunities, changes in its design based on the requirement of RDSO and introduce proprietary solutions. Its leadership team has strong understanding of requirements under technical specifications of Indian Railways combined with technical know-how that enables product understanding and new product development. It is led by its Promoter, Mohit Vohra, who has helped expand its operations and has been associated with the company as a director since July 03, 2009. Under Mohit Vohra leadership, it has been able to expand its operations by indigenously in-house designed and developed 3-Phase Propulsion Equipment which has a wide application in railways segment, domestically and internationally also.

Risks and concerns

Concentration of revenue from key customers: The company is dependent on a limited number of public and private sector customers. Its revenue from operations is concentrated with, and it is dependent on, a limited number of customers. Its top 10 customers contributed 93.04%, 92.01% and 86.73% of its revenue from operations during the Financial Years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Cancellation of orders, if any, by customers or delay or reduction in their orders could have a material adverse effect on its business, results of operations and financial condition.

Reliance on top 10 suppliers for raw materials: The company is dependent on its suppliers for uninterrupted supply of raw materials which are majorly procured domestically by the company. Its top 10 suppliers accounted for 94.87%, 76.37%, and 66.82% of its total cost of materials consumed during the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Further, the costs of the raw materials which it uses in its assembling cum manufacturing process are subject to volatility in prices in domestic and international market/s. Such suppliers may not perform, or be able to perform their obligations in a timely manner, or at all and any delay, shortage, interruption, reduction in the supply of or volatility in the prices of raw materials on which it relies may have a material adverse effect on its business, results of operations, financial condition, cash flows and future prospects.

Dependence on imported raw materials and components: The company relies on imports from certain countries for certain raw material for its present products. Further, for 3-Phase Propulsion Equipment, it will import raw material or electronic components from countries, such as China, UK, Hong Kong & Singapore and also source imported raw material from local suppliers / office of such foreign suppliers. Supplies of such imports / imported materials may be disrupted by changes in government regulations or policies, deterioration in economic conditions or escalation of trade tensions and any changes in the pricing and quality of Its raw material / components including Insulated Gate Bipolar Transistors, capacitors, semiconductors, microprocessors, thyristor, etc could cause significant disruptions to and adversely impact its business operations.

Failure to develop and commercialize new products: Its success significantly depends on Its ability to develop and commercialize new electrical equipment & power electronics systems for usage in railways industry, in India and overseas market. This requires it to design, develop, test, and assemble / manufacture power electronic equipment as per the requirements of Indian Railways / RDSO, and obtain other necessary regulatory approvals, if required, while complying with applicable regulatory and safety standards. Further, in respect of overseas markets, it is required to adapt Its product designs and technologies to meet the technical specifications, certification requirements, and safety standards prescribed by the relevant foreign regulatory authorities. Any failure or delay in meeting such country-specific standards, or in adapting to evolving technologies or customer preferences, may adversely affect Its ability to successfully commercialize its products in those international markets.

Outlook  

MV Electrosystems is a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock including IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches & EMU’s, cable protection & management products and electrical components, systems & sub-systems. On the concern side, it does business with its customers on purchase order basis or through tenders issued by them from time to time and does not have long-term contracts with most of them. Further, its business tends to vary from quarter to quarter based on the timing of release of various tenders and successful award of purchase orders to it based on the terms of the tender. In case it loses out on bid, there could be adverse effect on its business, financial condition, cash flows, results of operations and growth prospects. Its future results of operations and cash flows can fluctuate materially from period to period depending on the timing of award of order.

The issue has been offering 72,49,990 shares in a price band of Rs 400-425 per equity share. The aggregate size of the offer is around Rs 290.00 crore to Rs 308.12 crore based on lower and upper price band respectively. Minimum application is to be made for 34 shares and in multiples thereon, thereafter. On performance front, its total income reduced by 22.97% to Rs 497.91 million in Fiscal 2026 as compared to Rs 646.37 million in Fiscal 2025. The company reported a loss after tax of Rs 126.29 million in Fiscal 2026, compared with a profit after tax of Rs 14.03 million in Fiscal 2025.

Meanwhile, it operates in a high entry-barrier industry with strong engineering requirements. Its scalable design-to-delivery model and portfolio of high-value, high-complexity products support sustainable margins and long-term growth opportunities. Its business model is designed to be scalable and capital-efficient, enabling it to expand capacity and product offerings in line with market demand. It remains focused on developing and delivering high-value, technology-driven products that cater to evolving requirements of Indian Railways. This focus allows it to enhance margins, strengthen its market position, and ensure sustainable growth. Looking ahead, its strong engineering foundation, integrated value chain, and commitment to design excellence offer a compelling opportunity to enter into rolling stock manufacturing. This strategic expansion aligns with the growing momentum in infrastructure and mobility sectors and represents a natural extension of its capabilities.

H.R. Hygiene Products 

• H.R. Hygiene Products is coming out with an initial public offering (IPO) of 61,31,200 shares in a price band of Rs 83-88 per equity share.
• The issue will open on July 29, 2026 and will close on July 31, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.30 times of its face value on the lower side and 8.80 times on the higher side.
• Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
• Compliance officer for the issue is Sagar Parmar.

Profile of the company

H.R. Hygiene Products is a manufacturer of hygiene products with a growing presence in the Indian market. Under its brand framework, it has developed Femiss, Womanica, ElderFit and Bloom Baby, each designed to address consumer needs across the hygiene care spectrum, from babies to young women and the elderly. While its core focus has been on sanitary napkins, it has progressively diversified its portfolio to include a broader range of female care and wellness products, with Femiss catering to the economic segment through affordable and reliable sanitary napkins, Womanica offering premium high-absorbency solutions, ElderFit extending specialized hygiene care to the elderly, and Bloom Baby focusing on safe and comfortable baby care. It also manufactures its product sanitary napkin on white label for few customers. Its products are distributed pan-India through a dual-channel strategy comprising an extensive offline retail presence with network of dealers and e-commerce platforms including Meesho, Amazon, Glowroad, Flipkart, Snapdeal and JioMart, catering to both B2B and B2C customers.

It had a diversified customer base of more than 227 customers in 28 states and 8 union territories in India for period ended March 31, 2026 and in the last three Fiscals, which enables it to de-risk and reduce its dependency on any customer or group of customers. It focuses on marketing and distributing its products to match the needs and preferences of consumers across its various brands. Its brands presence is particularly strong in western India, with Gujarat as the dominant market followed by its presence in Maharashtra and Rajasthan. 

It operates a manufacturing facility equipped with automated systems covering the entire process from raw material handling to finished products at Rajkot spread across 32,780.88 sq ft with an installed capacity of 6.41 lakh sanitary napkins/ pieces per day. The facility incorporates technologies majorly sourced from China. Its manufacturing processes are supported by quality assurance systems designed to ensure compliance with applicable health and hygiene standards. Over the years, it invested in expanding and upgrading its Manufacturing Facility. Its facility holds certifications including ISO 9001:2015 and WHO-GMP certified and also holds a BIS certification. It has implemented quality control and assurance systems to ensure compliance with applicable health and hygiene standards.

Proceed is being used for:

• Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed facility Unit 2)
• Prepayment / repayment of Loan
• General corporate purposes

Industry overview

In 2024, Baby Diapers dominated the India Hygiene Product Market with a share of 48.86%. This is driven by increasing parental awareness, rising disposable incomes, and a shift toward convenient hygiene solutions, particularly in urban and semi-urban areas. Additionally, expanding product availability through modern retail and e-commerce channels, along with innovations such as rashfree, biodegradable, and ultra-absorbent diapers, have enhanced consumer preference. The continued rise of nuclear families and working mothers has further strengthened diaper usage across the country. Moreover, Sanitary napkins accounted for 32.53% of the market, reflecting their growing adoption across both rural and urban areas. The segment has benefitted from strong awareness campaigns, government programs, and NGO efforts to promote menstrual hygiene. Sanitary napkins remain the most accessible and familiar product for menstruation management, though competition from sustainable alternatives like menstrual cups and reusable pads is slowly gaining traction. 

In 2018, the India Hygiene Product Market was valued at $1,609.04 million, which grew to $2,258.30 million in 2024, reflecting a CAGR of 7.43% during this period. The market's expansion was driven by rising consumer awareness of personal hygiene, increasing disposable incomes, and supportive government initiatives focused on sanitation and menstrual health. A shift in consumer behavior, especially post-pandemic, reinforced the demand for modern hygiene products such as diapers, sanitary pads, wipes, and tampons and menstrual cups, etc. Looking ahead, the market is projected to expand further, reaching $3,463.86 million by 2030. Key growth factors include improved access in rural regions, expanding e-commerce penetration, and rising demand for sustainable and eco-conscious hygiene alternatives. Increasing participation of women in the workforce, evolving lifestyles, and a growing elderly population are also boosting demand across various product categories. 

The Indian government has played a crucial role in transforming the hygiene product market through a series of targeted initiatives and policies designed to improve public health and promote hygiene awareness across the country. One of the most notable programs is the Menstrual Hygiene Scheme (MHS), launched with the objective of providing affordable and accessible sanitary napkins to adolescent girls in schools, particularly in rural and underserved regions. This scheme not only addresses the direct need for menstrual products but also works to improve menstrual health education, thereby reducing stigma and encouraging school attendance among girls. By subsidizing the cost of sanitary pads, the government has made menstrual hygiene more attainable for millions of young women who might otherwise forgo these essential products due to financial constraints.

Pros and strengths

Modern manufacturing facility: Its manufacturing operations are anchored by a state-of-the-art production facility spread across 32,780.88 sq. ft., equipped with fully automated systems that span from raw material handling to finished product packaging. It integrates advanced technologies sourced from China creating a synergistic platform that enables it to produce high-quality hygiene products tailored for both Indian and global markets. Its plant is fully automated with minimal human intervention, ensuring hygienic production. It enables real-time monitoring, reduces human error, improves production speed, and ensures consistency in every unit produced. This ensures optimal product performance, skin compatibility, and comfort, offering a superior fit and freedom of movement with high absorbency. The facility operates under rigorous hygiene standards and is supported by robust quality assurance systems and compliance. Further, its facility holds certifications including ISO 9001:2015 and WHO-GMP certified and also holds a BIS certification.

Distribution of personal health & hygiene products through dual channel strategy: It operates under an integrated business model primarily focused on the manufacturing and distribution of essential personal hygiene products across three core segments: female healthcare, adult care, and baby care. Its flagship products include sanitary napkins marketed under the brands ‘Femiss’ and ‘Womanica’, which are distributed through both General Trade (GT) networks and major e-commerce platforms. It sells its products through 25 CSA’s who had network of 202 distributors.

Wide geographic presence in India: Its manufacturing facilities and arrangement with consignment sales agent are strategically located to ensure its wide geographic presence in key markets. It had a diversified customer base of more than 227 customers in 28 states and 8 union territories in India for the last three Fiscals, During the Fiscal 2026, it engaged with 25 consignment sales agents for storage and distribution of its goods who sell its products. through a network of around 202 distributors, supported by a sales force of over 99 personnel. This wide-reaching distribution model allows it to effectively penetrate both urban and rural markets.

Risks and concerns

Changing consumer preferences and market dynamics: The hygiene and personal care industry are characterized by rapidly evolving consumer preferences, product innovations, and changing lifestyle and health awareness trends. Consumers increasingly demand products that are safe, effective, convenient, and environmentally sustainable. For instance, a shift in consumer behaviour, especially post-pandemic, reinforced the demand for modern hygiene products such as diapers, sanitary pads, wipes, and tampons and menstrual cups, etc. To address these trends, it has developed and marketed product portfolios under its brands such as Femiss, Womanica, ElderFit, and Bloom Baby, each designed to cater to specific consumer segments and needs. It continuously invests in product innovation, and marketing initiatives to align its offerings with emerging consumer expectations and market trends. However, there can be no assurance that these efforts will be sufficient or timely to match the pace of changing consumer preferences. Failure to successfully anticipate or respond to these changes could result in reduced demand for its products, loss of market share, or diminished brand loyalty. Any such outcome may materially and adversely affect its business, results of operations, financial condition, and cash flows.

Dependence on limited numbers of suppliers: Its business depends on a limited number of suppliers for key raw materials, absorbent polymers, non-woven fabrics, packaging material, chemicals and adhesives, of its hygiene products. For the year ended March 31, 2026, March 31, 2025 and March 31, 2024 its top 10 suppliers contributed around 84.57%, 86.86% and 90.50% respectively of its purchases, reflecting a significant concentration in its supply chain. The availability, quality, and timely delivery of these materials are critical to its production processes, and any disruption could adversely impact its ability to meet customer demand.

Geographic concentration of revenue and operations in Gujarat: Its revenue from operations is concentrated in the region of Gujarat contributing a substantial portion. For the Fiscals 2026, 2025 and 2024 it derived Rs 10,067.70 lakh (77.02%), Rs 8,630.26 lakh (75.29%) and Rs 5,289.86 lakh (62.72%) of revenue from operation, respectively. Any adverse developments affecting its operations in these states, particularly Gujarat such as changes in state specific regulations, introduction of new levies, disruptions in logistics networks, political or social unrest, natural calamities, or weakening of economic conditions - could materially disrupt its business activities and supply chains in those regions. Although it is gradually expanding its operations and customer base across multiple states to diversify its geographical concentration, there can be no assurance that such initiatives will sufficiently reduce its dependence on a few key states. Any material adverse impact on its operations in these states could result in reduced sales, profitability, and market share, and may materially and adversely affect its business, results of operations, financial condition and cash flows.

Outlook

H.R. Hygiene Products is engaged in manufacturing, processing, trading, importing, exporting or otherwise dealing of Sanitary Napkins and Medical Hygienic related products. It is committed to maintaining the highest standards of quality and sustainability in its operations. Its manufacturing facility meets globally recognized quality and hygiene standards, being ISO 9001:2015 certified for its Quality Management System, independently assessed and approved by QRO. On the concern side, its business is dependent on its operating facility in Rajkot, Gujarat. The loss or shutdown of its facilities could have a material adverse effect on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 61,31,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 83-88 per equity share. The aggregate size of the offer is around Rs 50.89 crore to Rs 53.95 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 13,072.09 lakh as against Rs 11,462.56 lakh for FY24-25, an increase of 14.04%. Profit after tax for the FY25-26 was at Rs 1,140.66 lakh against profit after tax of Rs 908.10 lakh in FY24-25, a surge of 25.61%.

Meanwhile, it focuses on operational efficiency and supply chain optimization as core components of its manufacturing and distribution strategy. Through the adoption of lean manufacturing practices, it aims to control production costs by implementing process automation, optimizing labour deployment, procuring raw materials in bulk, and incorporating energy-efficient technologies across its facilities. These practices contribute to consistent product quality and resource efficiency. Going forward, it intends to focus on expanding its geographical footprint in rural and semi-urban markets through the development of a robust and decentralized distribution network. This strategy includes partnering with regional distributors and leveraging rural retail channels.

Manipal Health Enterprises

• Manipal Health Enterprises is coming out with a 100% book building; initial public offering (IPO) of 16,45,00,738 shares of face value Rs 2 each in a price band Rs 560 - 590 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on July 29, 2026 and will close on July 31, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 280 times of its face value on the lower side and 295 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company¸ Axis Capital, Goldman Sachs (India) Securities, Jefferies India, J.P. Morgan India, UBS Securities India and DBS Bank India.
• Compliance officer for the issue is Sathish Kolar Ramamoorthy. 

Profile of the company 

The company operates a pan India network of multispecialty hospitals delivering a comprehensive range of care services-from outpatient services to complex tertiary and quaternary interventions. It operated 49 hospitals with 13,037 licensed beds across 14 states and union territories. It has the widest footprint in terms of presence of hospitals among private hospital chains in India. The company is the largest pan-India multispecialty hospital network by bed capacity and the second largest hospital chain by number of hospitals. Among private hospital chains in India, it was the largest player in (i) Karnataka, (ii) Maharashtra and Goa region, and (iii) in select states of West Bengal, Odisha, Jharkhand, and Sikkim (in eastern India).

The company is the only private hospital chain network in India to lead in three metro markets of Bengaluru (Karnataka), Kolkata (West Bengal) and Pune (Maharashtra). Its multi-hospital presence in these metros allows it to deliver care closer to patients’ homes, reduce travel times for critical interventions, and serve broad referral areas within each city. In line with its core philosophy to improve access to healthcare, it maintains a balanced presence across metros and non-metros, with 46.78% of its licensed beds located in metros and 53.22% of its licensed beds located in non-metros.

It offers clinical services across several specialties, with a focus on tertiary and quaternary care, particularly in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics, and renal sciences (CONGO R). These specialties involve high acuity cases or cases that are severe, complex and require advanced interventions and high levels of care.

Proceed is being used for: 

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by one of its Material Subsidiaries, namely, Manipal Hospitals Private Limited
• Acquisition of minority stake in its stepdown Subsidiary, Sahyadri Hospitals Private Limited
• General corporate purposes 

Industry overview

The Indian healthcare delivery market was valued at around Rs 7.0 trillion in fiscal 2025, supported by increased demand for routine medical treatments, elective surgeries and Out-patient Department (OPD) services. The segments of critical care, oncology, neurology and Orthopedics, which saw a surge in demand post-pandemic, are estimated to continue their growth momentum in fiscal 2026. As of fiscal 2026, the Indian healthcare delivery market is estimated to have reached Rs 7.6-7.8 trillion. In terms of value, the In-patient Department (IPD) is estimated to have accounted for 71-72% of the healthcare delivery market in fiscal 2026, and the OPD for the balance. Though OPD volume outweighs IPD volume, the latter contributes the bulk of revenue for healthcare facilities.

In India, healthcare services are provided by the government and private players, and these entities provide both IPD and OPD services. The Indian hospital market remains highly fragmented with large private hospitals accounting for around 20% of the overall market in fiscal 2026. Private hospitals have witnessed significant growth, as they undertake an increasing share of treatments. The private sector's growth can be attributed to the expansion plans undertaken by private players as well as the high-quality services they provide in terms of infrastructure, equipment and treatments. As a result, private hospitals have gained immense popularity, leading to a substantial market share that denotes a higher preference for private hospitals among patients. This trend is particularly evident among the affluent and upper-middle-class segments, who are willing to pay a premium for quality healthcare.

A combination of economic and demographic factors is expected to drive healthcare demand in India. The healthcare market is characterised by structural trends such as a sustained rise in chronic disease burden, increasing consumer adoption of digital health modalities, expanding clinician capacity constraints, heightened demand for operational efficiency, and the maturation of data infrastructure enabling predictive, personalised care. The PMJAY scheme and ABDM (Ayushman Bharat Digital Mission) initiative launched by the government would also support the industry.

Pros and strengths 

India’s largest multispecialty hospital group: The company is the largest pan-India multispecialty hospital network by bed capacity having 13,037 beds. It is also the second largest hospital chain by number of hospitals. For Fiscal 2026, it reported the second-highest revenue from operations of Rs 1,03,357.51 million (Rs 1,09,356.18 million on a pro forma basis) among private hospital chains in India. It has the widest footprint in terms of presence of hospitals among private hospital chains in India, with the hospital network spread across 14 states and union territories (13 states and one union territory).

It is the only private hospital chain network in India with leadership in three metros: It is the only private hospital chain network in India to lead in three metro markets of Bengaluru (Karnataka), Kolkata (West Bengal) and Pune (Maharashtra) by bed capacity. Its footprint in these cities enables it to serve large urban populations within these metros, as well as adjacent areas through referrals from various adjoining districts and cities which include (i) Kolar, Tumkur and rural Bengaluru via Bengaluru, (ii) Bardhaman, Midnapore, Howrah and North and South Parganas via Kolkata and (iii) Ahilyanagar and Sambhajinagar via Pune. It had 18 hospitals within these metros and, with the acquisition of Sahyadri Group in October 2025 and the operationalization of Manipal Hospital, Yelahanka in November 2025, it further expanded its presence in Pune and Bengaluru, respectively, with an additional eight hospitals for a total of 26 hospitals.

Advanced infrastructure and medical equipment, with a strong focus on clinical excellence: Its hospitals focus on clinical outcomes, supported by advanced medical infrastructure and technologies that enable tertiary and quaternary care across its network. Its organizational structure emphasizes clinical excellence, operational efficiency and scalability. It operates under a decentralized model that empowers local leadership to make decisions and respond to local healthcare needs without centralized approvals. Regional chief operating officers have autonomy to oversee strategy and clinician coordination across their geographical areas, hospital directors manage day-to-day operations, and medical directors are responsible for clinical excellence at each hospital, including implementing the latest clinical innovations and medical equipment and ensuring adherence to clinical standards and protocols.

Repeatable playbook for integrating and scaling transformative acquisitions to improve access to quality healthcare: It aims to balance brownfield and greenfield expansions with strategic acquisitions with the aim of delivering returns and supporting its leadership positions in key markets. From March 31, 2021 to March 31, 2026, it was the leading consolidator of hospitals amongst private hospital chains in India, on the basis of number of beds added through acquisitions, acquiring 5,548 beds. It has a track record of acquiring and integrating assets of varying sizes across geographies, including Columbia Asia and Vikram Hospitals prior to Fiscal 2023, AMRI and Medica Synergie within the last three fiscal years, and Sahyadri Group in Fiscal 2026. As part of its playbook, it evaluates potential acquisitions across parameters that include regulatory compliance, scale and regional fit, clinical alignment (including the potential to strengthen existing clinical programs and interoperability of clinicians), cultural fit, and financial profile. Following closing, it follows a standardized approach to integrate acquired hospitals into its network and improve their performance. This includes implementing standardized clinical protocols, deepening focus on high-acuity services, upgrading targeted infrastructure and equipment, and instituting disciplined operating practices to enhance quality and efficiency of care.

Risks and concerns

Dependence on Karnataka Hospitals: A substantial number of its hospitals are located in Karnataka. It derived 46.40%, 51.55%, and 59.98%, of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from its hospitals in Karnataka. Any loss of business or disruption of operations, including any unusual disease patterns or outbreaks, in its hospitals in Karnataka could have an adverse effect on its business and results of operations. If these hospitals do not witness the levels of patient volume that it anticipates and contribute to its revenue from operations in a way that it foresees, it may continue to incur fixed costs and its profitability could be adversely affected.

High reliance on CONGO-R specialties for revenue: The company derives a significant portion of its revenue from the CONGO-R specialties. It derived 64.30%, 62.56% and 61.55% of its gross inpatient revenue from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGO-R) specialties in Fiscals 2026, 2025 and 2024, respectively. Any negative changes in the demand for these specialties, due to unavailability of preferred doctors, shifts in patient preferences, advancements in alternative treatments, increased competition or otherwise, could adversely impact its business, results of operations and financial condition. Additionally, its reliance on these specialties may limit its ability to adapt to changing market conditions or diversify its service offerings, further exacerbating the potential impact of any adverse developments in these areas. If it is unable to maintain or increase its revenue from CONGOR, its business, financial condition, results of operations, cash flows and prospects may be adversely affected.

Brand and reputation risks could materially affect operations and profitability: The ‘Manipal Hospitals’ brand and its reputation are critical to its success. Many factors, some of which are beyond its control, are important to maintaining and enhancing its brand and may negatively impact its brand and reputation if not properly addressed. Any failure to maintain and enhance its brand and reputation, and any negative publicity and allegations in the media against it, may adversely affect the level of trust in its services and market recognition, which could have an adverse impact on its business, financial condition, results of operations, cash flows and prospects.

Dependence on skilled healthcare professionals: Its operations rely on the skills, efforts, and experience of its doctors, nurses, and other healthcare professionals, including paramedics and other support staff, at its hospitals and clinics. It also depends on its senior hospital management personnel, who are seasoned professionals with extensive experience in hospital operations, clinical administration, and healthcare management. These individuals are responsible for overseeing operational performance, ensuring regulatory compliance, optimizing resource utilization, and enhancing patient outcomes across its facilities. Its growth strategy depends on its ability to attract and retain these healthcare professionals and senior hospital management personnel in a highly competitive industry.

Outlook  

Manipal Health Enterprises, its subsidiaries, associates, and joint ventures are engaged in the business of running and managing hospitals and providing healthcare services. They operate hospitals and clinics that provide healthcare services, as well as diagnostic centres, across India. On the concern side, it derived 49.68%, 49.18% and 49.45% of its gross inpatient revenue from insurance and third-party administrators in Fiscals 2026, 2025 and 2024, respectively. Termination, non-renewal, delay or difficulties in collection or any breach of the conditions of its contracts with insurance and third-party administrators, as well as from government and other non-cash payors, could have a material adverse impact on its business, financial condition, results of operations, cash flows and prospects.

The issue has been offering 16,45,00,738 shares in a price band of Rs 560-590 per equity share. The aggregate size of the offer is around Rs 9,212.04 crore to Rs 9,705.54 crore based on lower and upper price band respectively. Minimum application is to be made for 25 shares and in multiples thereon, thereafter. On performance front, its total income increased by 25.80% to Rs 105,205.16 million in Fiscal 2026 from Rs 83,627.86 million in Fiscal 2025. However, its profit for the year decreased by 15.27% from Rs 10,816.72 million in Fiscal 2025 to Rs 9,165.19 million in Fiscal 2026.

Meanwhile, the company will continue to pursue select acquisitions to enter new markets and consolidate positions in existing ones, leveraging its track record of integration and operational turnaround. It will focus on acquiring assets with strong local brands and established patient volumes, taking into account factors such as healthcare penetration in the micro-market, competition, the referral areas from adjoining districts, regulatory compliance, strength of clinical programs, cultural fit and financial profile. It intends to strengthen its position as an attractive network for clinicians and nurses. For doctors, it will continue to leverage the quality of and access to technologies and complex cases at its hospitals to foster career development. Its consultant model fosters long term relationships with doctors by aligning their economic incentives with their professional growth in its hospitals, while recognizing their independence.

Poojaa Precision Engg

• Poojaa Precision Engg is coming out with an initial public offering (IPO) of 53,10,000 shares in a price band of Rs 285-301 per equity share.
• The issue will open on July 28, 2026 and will close on July 30, 2026
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 28.50 times of its face value on the lower side and 30.10 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance officer for the issue is Shalaka Satish Khandelwal.

Profile of the company

The company is a precision engineering company engaged in the manufacturing of aluminium die casting and machining components for use in the automotive sector, including electric vehicle applications and the non-automotive sector, covering agriculture, defence, energy, healthcare and engineering goods industry. Its manufacturing facilities include melting units, casting lines that support gravity die casting (GDC), low-pressure die casting (LPDC), high-pressure die casting (HPDC) and machining capabilities for component finishing processes. The company has over 600 SKUs, which also include certain safety-critical components used in automotive, electric vehicle and non-automotive applications. It endeavours to provide its customers with integrated solutions covering design, engineering, melting, casting, cleaning and value-added processes including machining, assembly and related engineering services.

The company supplies components such as bracket, compressor, intake manifold, cylinder head cover, assembly air intake manifold, camshaft carrier, clutch housing, cover front, oil filter holder (NA), elbow assembly etc. for the automotive sector. For the electric vehicle mobility sector, its supplies include transmission housings, brackets and housing bearing sleeve assembly. For the non-automotive sector, it supplies drive box housing FA5, cast flange, elbow, turbo outlet, external conductor, contact carrier (fertigteil), upper bracket, conductor, carrier, drive box housing (FA1) etc. 

The company has expanded its product portfolio beyond the automotive sector to cater to the electric vehicle and non-automotive sectors, including agriculture, defence, energy, healthcare, engineering goods and other industries. It has recently entered the aerospace segment and have obtained vendor approval from a customer for the supply of its products, reflecting its focus on diversifying its customer base and end-use industries.

Proceed is being used for:

• Funding capital expenditure towards setting up of manufacturing facility in Pune 
• Meeting working capital requirements
• General corporate purpose

Industry overview

India has emerged as the fastest-growing economy in the world in recent years. Rising incomes, higher infrastructure spending, and supportive manufacturing incentives have together accelerated the automobile sector, making it a critical pillar of India’s growth story. The two-wheeler segment, driven largely by the expanding middle class, continues to dominate the market, with sales reaching 19.6 million units in FY25. This surge in demand has also encouraged the expansion of original equipment and auto component manufacturers, helping India build strong expertise in this space and enhancing global demand for Indian vehicles and components. The industry is now witnessing a shift towards electrification, though internal combustion engine (ICE) vehicles continue to dominate. In 2024, India produced 100,000 electric cars and 900,000 electric two-wheelers, alongside 20 million two-wheelers and 5 million cars powered by ICE technology. 

India’s auto components industry has significantly expanded its market share, driven by rising automobile demand from the growing middle class and strong global exports. The sector has attracted both Indian and international players and is broadly classified into organised and unorganised segments. While the unorganised sector primarily caters to the aftermarket with low-value items, the organised sector focuses on supplying high-value precision instruments to Original Equipment Manufacturers (OEMs). India’s automobile production further highlights the scale of demand that supports the component industry. In FY25, domestic sales stood at 1,96,07,332 units for two-wheelers, 43,01,848 units for passenger vehicles, 9,56,671 units for commercial vehicles, and 7,41,420 units for three-wheelers.

The rapidly globalising world is creating new opportunities for the transportation industry, particularly with the shift towards electric, electronic, and hybrid vehicles that are seen as more efficient, safe, and reliable. Over the next decade, this transition will open new verticals for auto component manufacturers, supported by strong government policy measures. The Indian government has already introduced production incentives and is investing heavily in electric vehicle (EV) infrastructure, including the exemption of customs duties on capital goods and machinery used for producing lithium-ion cells.

Pros and strengths

Integrated manufacturing capabilities: It operates out of its two manufacturing facilities located in Pune, Maharashtra, which are equipped with (i) melting furnaces and ladle furnace used in melting activities, (ii) casting machines capable of undertaking different type of casting i.e. gravity die casting (GDC), Low pressure die casting (LPDC) and High pressure die casting (HPDC), (iii) high-precision machining equipment, (iv) heat treatment furnaces and induction hardening equipment & (v) testing equipment like spectro analysis instruments, hardness testing machines, density index units, vacuum analysers, leak-testing systems (dry-cum-wet, hydro-test and wet-type), universal testing machines, coordinate measuring machines (CMM) and 3D scanning and inspection systems. It operates on a purchase order basis, where its customers provide it with estimated order quantities on periodic basis. The final orders received may fluctuate, based on the demand at that time. This helps it aims to keep its manufacturing lines operating at optimum levels. 

Design capabilities with emphasis on customer specifications & quality standards: The company has undertaken several initiatives, including engaging closely with its customers to design and develop products manufactured based on customer specific requirements. It develops components and processes through its precision engineering and its in-house design and manufacturing capability and in adherence to the specifications and requirements of its customers. Its precision engineering capabilities has enabled it to develop and deploy reverse engineered solutions, which help provide it with a competitive advantage in terms of quality, cost and delivery parameters. These capabilities enable it to offer quality products at an optimal cost. Its design team is equipped with software tools such as computer-aided design tools, which further enhance the design and development processes that it utilizes.

Offering precision engineering solutions with a comprehensive product portfolio: The company is a precision engineering company, with a primary focus on manufacturing aluminium die casting components for use in, among others, the automotive sector including electronic vehicle, agriculture, defence, energy, healthcare, engineering goods and certain other industries. Its manufacturing units is equipped with the melting capacity of 13800 MT and casting/machining capacity of 6000 MT capable of undertaking gravity die casting (GDC), Low pressure die casting (LPDC) and High pressure die casting (HPDC). These manufacturing facilities are capable to produce a range of casting products. It manufactures critical parts including bracket, compressor, intake manifold, cylinder head cover, assembly air intake manifold, camshaft carrier, clutch housing, cover front, oil filter holder (NA), elbow assembly etc. for the automotive sector. For the electric vehicle mobility sector, its supplies include transmission housings, brackets and housing bearing sleeve assembly. For the non-automotive sector, it supplies drive box housing FA5, cast flange, elbow, turbo outlet, external conductor, contact carrier (fertigteil), upper bracket, conductor, carrier, drive box housing (FA1) etc. 

Risks and concerns

Revenue dependency on top ten customers: The company derives more than 85% of its revenue from operations from the sale of products to its top ten customers during the last 3 fiscal years. The company’s revenue from its top 10 customers accounted for 88.64%, 90.63% and 96.00% of the total sales for FY 2026, FY 2025 and FY 2024, respectively. It depends and expects to continue to depend on its top ten customers for a substantial portion of itd revenue. The loss of any of these customers for any reason (including due to loss of, or failure to renew existing arrangements; limitation to meet any change in quality specification, change in technology; disputes with a customer; adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship) could have a material adverse effect on its business, results of operations and financial condition.

Dependence on third-party suppliers for raw materials: The company depends on third-party suppliers for its raw materials that it procures from them which are typically valid until terminated by either party by giving prior notice. It may be unable to source such commodities from alternative suppliers on similar commercial terms and within a reasonable timeframe. The company’s purchases from its top 10 suppliers accounted for 57.17%, 59.28% and 65.66% of its total purchases for FY 2026, FY 2025 and FY 2024, respectively. Furthermore, as it typically does not have exclusive arrangements with its suppliers, its suppliers could engage with its competitors and prioritize supplies of their other customers, which could adversely impact its ability to procure a sufficient quantity of raw materials at competitive rates. Loss of suppliers may have an adverse effect on its business, results of operations and financial condition.

High concentration of revenue from the automotive sector: Its business is primarily focused on manufacturing and supplying automotive components to customers and OEMs engaged in the automobile sector, and is therefore heavily dependent on the performance of the automotive sector in India. The company’s revenue from the automobile sector accounted for 72.58%, 72.05% and 79.87% of its total revenue for FY 2026, FY 2025 and FY 2024, respectively. A significant portion of its revenue from operations in each of the last three Fiscals is attributable to the automotive sector. Any adverse changes in the automotive sector could adversely impact its business, results of operations and financial condition.

Outlook

Poojaa Precision Engg is a precision engineering company engaged in the manufacturing of aluminium die casting and machining components for use in the automotive sector, including electric vehicle applications and the non-automotive sector. The manufacturing facilities include melting units, casting lines that support gravity casting, low-pressure die casting (LPDC), high-pressure die casting (HPDC) and machining capabilities for component finishing processes. On the concern side, pricing pressure from its customers or its inability to fully pass on costs to its customer, may impact its revenue from operations and profitability and may result in a materially adverse effect on its business, results of operations and financial condition. Further, it is dependent on third parties for the transportation and timely delivery of its products to customers. Any delays, cost fluctuations, and loss or damage of goods may adversely affect its supply chain, profitability and reputation.

The company is coming out with a maiden IPO of 53,10,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 285-301 per equity share. The aggregate size of the offer is around Rs 151.34 crore to Rs 159.83 crore based on lower and upper price band respectively. On performance front, its total income has increased by 32.49% to Rs. 29519.93 lakh in fiscal 2026 from Rs 22280.04 lakh in Fiscal 2025. The profit after tax of the company increased from Rs 2393.08 lakh in the Fiscal 2025 to Rs 3090.28 lakh in the Fiscal 2026 representing an increase of 29.13%.

Meanwhile, the company intends to continue expanding its customer base by leveraging existing relationships in India and globally, while pursuing opportunities to develop new relationships. The company aims to strengthen engagement with current customers to enhance existing products and increase the range of products manufactured for each customer. The company also plans to diversify and expand its business operations in line with evolving customer requirements. Its longstanding relationships with key customers are expected to help leverage industry growth trends in the automotive and non-automotive sectors. To achieve these objectives, it plans to actively manage key customer accounts, increase interactions, collaborate in the early stages of product development and assist in optimizing supply chains. It intends to grow revenue from exports by focusing on sales in international markets and expanding offerings in existing geographies where current customers are present.