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Vinod Texworld 

• Vinod Texworld is coming out with an initial public offering (IPO) of 45,56,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 94 per equity share.
• The issue will open on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 9.40 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance Officer for the issue is Aditi Mittal.

Profile of the company

Vinod Texworld is engaged in the production of fabrics for fast fashion by combining modern technology, creative design, and traditional skills. It manages the entire process - from Greige Fabric to Dyed fabric and Printed fabric ensuring quality and the ability to quickly adapt to evolving market demands. Its key focus areas include fostering innovation, adopting a customer-centric approach, and driving research and development along with technological advancements. It has also undertaken certain initiatives aimed at incorporating sustainable practices, including steps towards the use of renewable energy across its operations. 

In addition to its manufacturing operations, the company is also engaged in trading of textile products, which involves procurement of finished goods from third-party suppliers and sale of such goods to customers. The trading activity complements the company’s manufacturing business by enabling it to offer a wider range of products and cater to diverse customer requirements. The company’s focus is on Innovation, Customer Orientation, R & D, Technology Up Gradation, Continuous Improvement and Moving towards Green Energy. The company manufactures and sells its products like Dyed Fabric and Printed Fabric. With a domestic network, the company serves various locations across India, including states such as Gujrat, Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh, and West Bengal, among others. It undertakes initiatives aimed at process improvement, adoption of new technologies, and operational efficiency. It has also initiated steps to incorporate green energy solutions with the objective of reducing its carbon footprint and improving energy efficiency across its operations. 

In addition to manufacturing and selling its own dyed and printed fabrics, it undertakes job work assignments for third parties. These primarily include dyeing, printing, and finishing of fabrics supplied by customers. It charges processing fees depending on the fabric type and process requirements. The job work business enables better utilization of installed capacity and contributes to steady cash flow. Besides, it undertakes product development based on sample specifications provided by existing and potential customers. The quality control and quality assurance team conducts various technical and manual tests on finished products to meet required standards and reduce the likelihood of rejections. It also carries out product testing, including durability tests, through its in-house laboratory. The quality assurance and quality control processes support its operations in both domestic and international markets. The narrow fabrics manufactured by it are supplied to customers across various industries.

Proceed is being used for:

• Expansion of existing plant.
• Repayment of loan.
• Meeting working capital requirement.
• General corporate purposes.
• Issue expenses.

Industry Overview

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remain the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. 

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute around 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. The textile industry in India is predicted to double its contribution to the GDP to around 5% by the end of this decade. Global fibre demand is expected to reach around 149 million tonnes in 2030, with increasing population and growth in per-capita consumption. The Indian Technical Textiles market is the fifth largest in the world. The technical textiles industry was valued at $29 billion in 2024 and is projected to grow to $45 billion by 2026, $123 billion by 2035, and $309 billion by 2047. 

Key government interventions intended to scale MMF fabric production and improve competitiveness include the Production Linked Incentive (PLI) Scheme for Textiles (notified 24-Sep-2021, outlay around Rs 10,683 crore) that specifically targets MMF apparel, MMF fabrics and technical textiles. The PLI program is being actively administered and periodically reopened to new applicants to accelerate capacity additions and attract investment into MMF fabric manufacturing - a structural support that benefits companies focused on fast fashion fabric production. Other central initiatives and cluster development schemes aim to modernize textile clusters, improve productivity and promote exports; these measures reduce industry fragmentation and improve the ability of organized manufacturers to scale fast-fashion fabric supply. 

Pros and strengths

Established client relationships and customer retention: The company has maintained long-standing relationships with key customers, contributing to repeat business and a stable revenue base. These relationships have facilitated customer retention and have been instrumental in supporting consistent order inflow from various categories, including retailers, semi-wholesalers, and wholesalers. 

Timely order fulfilment and operational efficiency: Timely delivery is critical in the textile sector. The company has implemented business processes to ensure adherence to delivery schedules while seeking to improve cost efficiency. Continuous monitoring of supply chain processes supports this objective. The company has not incurred any late delivery charges, nor experienced any material delays in delivery schedules attributable to it, during the preceding three financial years. 

Customer-centric operations: The average duration from manufacturing to delivery generally ranges from 15 to 20 days, depending upon product type, dyeing/printing process, and customer requirements. It has an organized sales structure comprising a dedicated sales team, allowing customers to directly communicate with the Sales Manager or the Directors, who are actively involved in the day-to-day operations of the business. For any concerns or complaints, customers can reach out through email or phone, and their issues are addressed promptly through a well-defined complaint redressal mechanism, wherein all complaints, if any, are systematically recorded by the marketing and sales team, reviewed by the quality control and production departments, and resolved through appropriate corrective actions and continuous feedback monitoring to maintain customer satisfaction and improve product quality.

Risks and concerns

Reliance on single production unit in Gujarat: Its production unit is located in the state of Ahmedabad, Gujarat, India. Its processing operations and consequently its business is dependent upon its ability to manage this unit, which is subject to operating risks, including those beyond its control. In the event of any disruptions at its unit, due to natural or man-made disasters, workforce disruptions, delay in regulatory approvals, fire, failure of machinery, lack of continued access to assured supply of electrical power and water at reasonable costs, changes in the policies of the states or local government or authorities or any significant social, political or economic disturbances or civil disruptions in and around Ahmedabad, Gujarat, its ability to produce its products may be adversely affected.

Exposure to rapidly changing fashion trends: It is engaged in the business of processing greige fabric into finished fabrics, which are ultimately used by clothing brands and other end-users. Its industry is highly competitive and characterized by rapidly changing consumer preferences, evolving fashion trends, and heightened sensitivity to quality and technical standards. In such an environment, its reputation, brand image, and goodwill play a critical role in maintaining customer relationships and securing new business. Any adverse change in customer preferences, expectations, or perceptions regarding the quality, authenticity, or finish of its products could negatively impact its reputation and credibility in the market. Similarly, its failure to anticipate or respond effectively to evolving consumer demands or quality expectations could result in reduced demand, loss of business, and a decline in revenues and profitability.

Geographic concentration of revenue in Gujarat: Its majority of revenue contribution comes from the Gujarat which contributed 58.83%, 64.60%, and 61.41% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. Its operations are susceptible to local and regional factors, including accidents, political developments, economic conditions, weather patterns, natural disasters, demographic shifts, outbreaks of infectious diseases, and other unforeseen events and circumstances. Such factors may have a material impact on demand, supply chain, and overall business performance in the regions where it operates.

Outlook

Vinod Texworld is involved in the business of processing of textile fabrics. It applies multiple quality tests, including colour fastness, residual shrinkage, stretchability, and skewness, to ensure product standards are maintained. This process enables the assessment of product performance under various conditions and supports quality consistency. On the concern side, it has significant levels of indebtedness, both secured and unsecured, and servicing this debt requires substantial cash flows. Any failure to meet its repayment and other obligations may adversely affect its business, financial condition, and results of operations. It is significantly dependent on short-term borrowings, including working capital financing, and any inability to obtain or renew such financing on favorable terms could adversely affect its business, operations, and financial condition.

The company is coming out with an IPO of 45,56,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 94 per equity share to mobilize Rs 42.83 crore. On performance front, its revenue from operations increased by 2.17% to Rs 34,263.62 lakh for FY 2026 from Rs 33,536.93 lakh for FY 2025. Profit after tax has increased by 12.71% from Rs 923.36 lakh for FY 2025 to Rs 1,040.74 lakh for FY 2026.

Meanwhile, a focus on cost optimization through improved production methods, supply chain efficiencies, and environmentally responsible practices is central to the Company’s strategy. Time and Motion studies and alternative sourcing methods are used to manage production costs. The Company also intends to leverage economies of scale for cost benefits in procurement and operations. Going forward, the company plans to enhance its production capacity by acquiring and installing new machinery, particularly in the Dye House segment. Expansion efforts are aimed at meeting increasing demand and supporting future business growth.

Raksan Transformers

• Raksan Transformers is coming out with an initial public offering (IPO) of 55,12,800 shares in a price band of Rs 258-273 per equity share.
• The issue will open for subscription on September 10, 2026 and will close on September 15 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 25.80 times of its face value on the lower side and 27.30 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance officer for the issue is Mukesh Sharma.

Profile of the company

Raksan Transformers is an ISO 9001:2015 certified company engaged in the manufacturing of transformers across different voltage ratings. The company’s product offerings include distribution transformers, power transformers, transformers for solar applications, and special purpose transformers. These transformers are utilized across multiple sectors to facilitate the transmission and distribution of electrical energy. It focuses on delivering quality and reliability in its product range, supported by standardized manufacturing practices and compliance with applicable industry norms. Transformers serve critical functions in power generation, transmission, and distribution networks, and are deployed in diverse industrial and infrastructure projects.

The company aims to deliver single/three phase CRGO oil filled distribution or power transformers which are designed according to customer requirements and individual factors like voltage, power, climate, system landscape, sound level etc. The company implements control measures at each stage of the manufacturing process to ensure that the transformers comply with applicable technical specifications, regulatory standards, and customer requirements. The company’s manufacturing process uses key raw materials such as CRGO (Cold Rolled Grain Oriented) steel, copper/aluminium conductors, transformer oil, insulating materials and fabricated transformer tanks. Over the years, the company has established long-standing relationships with its suppliers, enabling it to procure quality raw materials in a timely manner and at competitive prices.

The manufacturing process includes core cutting, coil winding, core-coil assembly, tank fabrication, drying, oil filling, final assembly, and testing. The company has established in-house facilities for core cutting/slitting, wire drawing or strip drawing, tank fabrication etc. which helps it in meeting the design requirements and expectations of its customers with different types of shapes and size, it also helps it to achieve sustain quality standards, reduce dependence on third party and make its process cost effective. It also operates an in-house testing laboratory equipped to conduct routine and type tests in line with relevant Indian Standards (IS) and customer requirements. The company is ISO 9001:2015 certified. It manufactures products in compliance with Bureau of Indian Standards (BIS) and are authorized to use the ISI mark on applicable products. Additionally, several of its products are certified under the Bureau of Energy Efficiency (BEE) STAR rating program, supporting energy efficiency and compliance with regulatory norms.

Proceed is being used for:

• Funding capital expenditure towards setting up of manufacturing facility at Liwaspur, Sub- Tehsil Rai, Distt. Sonepat, Haryana
• Meeting working capital requirements
• Repayment of certain borrowing availed by the company, in part or full
• General corporate purpose

Industry overview

India is now amongst the fastest developing countries in the world in terms of GDP as well as the electricity consumption. Electricity demand in the country has increased at a CAGR of about 5% during the period 2017-22. During the period 2022-24, electricity demand has increased at a CAGR of about 9.46%. Expansion of transmission system depends on the projected electricity demand and the generation capacity addition. As per 20th EPS Report, peak electricity demand during 2026-27 is 277 GW and the installed generation capacity required to meet this electricity demand is 609.6 GW on all-India basis. There has been substantial growth in inter-regional power transmission capacity to facilitate smooth flow of power from surplus to deficit regions and for optimum utilization of the country’s generation resources. Aggregate inter-regional transmission capacity by the end of 2021-22 was 1,12,250 MW. Inter-Regional transmission capacity addition planned during the period 2022-27 is 30,690 MW.

The installed generating capacity from RE sources as on March 31, 2022, was 157 GW (including 46.72 GW large hydro), which was about 39% of the total installed capacity. As on 31 st May, 2024, the installed electricity generating capacity in the country from RE sources was 193.5 GW (including 46.92 GW large hydro), which is about 43.5% of the total installed electricity generating capacity in the country. The RE potential zones in the country are primarily located in Rajasthan, Gujarat, Karnataka, Andhra Pradesh, Maharashtra, Tamil Nadu, Uttar Pradesh, Madhya Pradesh and Leh. Transmission system has been planned for over 600 GW RE capacity/ potential zones by the year 2031-32.

There has been a consistent expansion in the transmission network and increase in transformation capacity in the country. This increase is in consonance with the increase in electricity generation and electricity demand in the country. There has been more increase in the transmission system at higher voltage levels. This aspect of growth in transmission system highlights the requirement of transmission network to carry bulk power over longer distance and at the same time optimize Right of Way (RoW), minimize transmission losses and improve grid reliability.

Pros and strengths

Established manufacturing facility and In-house operations: The company operates through its two manufacturing facilities one situated at Plot No. 1676–1677, Sector-38, Phase-I, HSIIDC Industrial Estate, Rai, District Sonepat, Haryana and Plot no. 1413, HSIDC, Industrial Estate, Rai, District Sonepat collectively spread across 2025 sq. mtrs and 1012.5 sq. mtrs. The manufacturing facility located at Plot No. 1676–1677, Sector-38, Phase-I, HSIIDC Industrial Estate, Rai, District Sonepat, Haryana is equipped with LT winding machine, HT Winding machine, Ovens, Cranes, Power disc welding machine, Oil filtration machine, compressor, Cutting machine and Drill machines capable of manufacturing & material handling to facilitate smooth and on time production and Plot no. 1413, HSIDC, Industrial Estate, Rai, District Sonepat is equipped with Wire jointing machine, CU Strip machine, Aluminium strip machine, Slating machine, HT Covering machine, Power press machine. Its manufacturing units are equipped with the required machinery, equipment and infrastructure and capable to carry out the requisite manufacturing activities and are in compliance with the manufacturing standards.

Strong order book: As on June 30, 2026, the company has 83 orders in hand which include transformers aggregating into an order book of Rs 32,967.92 lakh. Consistent growth in its order book has materialized due to its continued focus on quality and its ability to retain its customers. The company’s experience in designing, manufacturing, operational capabilities, technical capabilities, reputation for quality and timely delivery as well as the price competitiveness has enabled it to retain its existing customers and getting new customers.

Quality assurance: Quality plays an important role in success of its business as quality helps it to retain and satisfy existing customer, attract new customer, building reputation, brand image, and providing it competitive advantage over its competitors. Its quality assurance activities include initial inspection of materials before they are entered into the production process these include size verification, dimension, weight and quality as per the requisite standards, BDV test of transformer oil, clearances & insulation gap during core coil assembly, leakage testing after tanking, joint / final inspection and pre dispatch check. Further, the company has obtained Quality Management System ISO 9001:2015 certification, ensuring compliance with quality management standards for both the manufacturing facilities.

Risks and concerns

High public-sector customer concentration: The company derived a substantial portion of its revenue from government and public utility customers, the supply of transformers to public utility companies including government entities constituted 50.73%, 72.99% and 56.13% of its revenue from operations during the in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and its business is highly dependent on government policies, project allocations, and payment cycles.

Raw material procurement risk: The company’s manufacturing operations require substantial quantities of raw materials, primarily including Cold Rolled Grain Oriented (CRGO) Electrical Steel, Copper Wire, Copper Strip, Copper Sheet, Aluminium Wire, Strip, Sheet, Mild Steel, Transformer Oil and other materials, which are subject to significant price fluctuations. In Fiscal 2026, purchases from its top ten suppliers accounted for 54.96% of its total raw material procurement, compared to 63.22% in Fiscal 2025 and 63.48% in Fiscal 2024. The cost of raw materials consumed (adjusted with change in inventory) was Rs 29115.04 lakh in Fiscal 2026, representing 80.18% of its revenue from operations; Rs 27089.10 lakh in Fiscal 2025, representing 83.55% of its revenue from operations and Rs 13862.47 lakh in Fiscal 2024, representing 86.13% of revenue. Volatility in the supply and pricing of its raw materials may have an adverse effect on its business, financial condition and results of operations.

Working capital intensive business: Due to the nature of its operations, particularly in transformer manufacturing, the company requires substantial working capital to finance the procurement of raw materials such as copper and electrical steel, manage inventory across long production cycles, and support timely execution of customer orders. Additionally, the capital-intensive nature of its business, along with the credit terms extended to customers, results in a large portion of its funds being tied up in receivables and inventory. This structural need for high working capital makes its business sensitive to any delays in receivables realization, changes in input costs, or challenges in accessing working capital financing. Any inability to meet these working capital needs may disrupt its cash flow cycle and adversely affect its operational efficiency.

Outlook

Raksan Transformers is an ISO 9001:2015 certified manufacturer of transformers across different voltage ratings. The company manufactures a diversified range of transformers, including distribution transformers, power transformers, transformers for solar applications and special purpose transformers, which are used across power generation, transmission and distribution networks, as well as various industrial and infrastructure projects. The company has strong order book coupled with track record of profitability and consistent financial performance. On the concern side, a significant portion of its revenue is derived from government-controlled entities, through competitive bidding processes. Its business, results of operations, and cash flows may be adversely affected if it is unable to qualify for or win tenders, face pricing pressures, experience delays in award or execution of contracts, or are restricted from participating in future bids.

The company is coming out with a maiden IPO of 55,12,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 258-273 per equity share. The aggregate size of the offer is around Rs 142.23 crore to Rs 150.50 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased from Rs 32,420.98 lakh in FY 2025 to Rs 36,310.82 lakh in FY 2026, reflecting an increase of Rs 3,889.84 lakh i.e. 12.00%. Moreover, profit after tax increased from Rs 2,037.67 lakh in FY 2025 to Rs 3,360.48 lakh in FY 2026, representing an increase of Rs 1,322.81 lakh i.e. 64.92%.

Meanwhile, the company has acquired the land parcels located at Liwaspur, Sub- Tehsil Rai, Distt. Sonepat, Haryana. Further, the company proposes to expend around Rs 7258.43 lakh towards setting up of the manufacturing facility including the construction of factory building, civil work and installation of new machinery which will be partly funded from the proceeds of the IPO. The company will take all requisite actions and implement the necessary procedures at the appropriate stages in relation to the setting up of the manufacturing facility, as and when applicable. The establishment of the upcoming factory is pivotal in its strategy to meet the escalating demand for its products. With a surge in orders from customers, it is witnessing a rise in demand, necessitating rapid equipment delivery. Thus, going forward, it intends to continue making investments in capacity expansions and modernization of its equipment and facilities.

Veegaland Developers

• Veegaland Developers is coming out with a 100% book building; initial public offering (IPO) of 1,61,53,846 shares of face value Rs 10 each in a price band Rs 130-140 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 September 10, 2026 and will close on September 15, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 13.00 times of its face value on the lower side and 14.00 times on the higher side.
• Book running lead manager to the issue is Cumulative Capita.
• Compliance officer for the issue is Akshay Anand T S. 

Profile of the company

Veegaland Developers is a real estate development Company engaged in the planning, development and sale of multi-storied residential apartment projects in the state of Kerala, India. The company’s projects are developed across its mid-premium, premium, ultra-premium, luxe-series and ultra-luxury residential segments and are implemented in accordance with the applicable provision of RERA. It operates under its brand name ‘Veegaland Homes’ and currently it has undertaken projects in Kochi, Thiruvananthapuram, Kozhikode and Thrissur in the state of Kerala, India.

It forms part of the broader ‘V-Guard Group’, which traces its origins to 1977, when its Promoter, Kochouseph Thomas Chittilappilly, established V-Guard Industries for the manufacture of voltage stabilisers. Over the decades, the group has evolved into a diversified business ecosystem with interests spanning consumer electricals through ‘V-Guard Industries Limited’, entertainment through ‘Wonderla Holidays Limited’ and fashion and apparel through ‘V-Star Creations Private Limited’. The group also undertakes philanthropic, healthcare and wellness activities through the ‘K Chittilappilly Foundation’ and ‘Chittilappilly Square’, operated under the ‘K. Chittilappilly Trust’. As part of diversification strategy of the said group, the company was incorporated in 2007 and it entered the real estate development sector in 2011 upon commencing its residential real estate operations.

The company commenced its real estate activities in 2011 with the receipt of its first building permit for ‘Green Clouds’, a multi-storey apartment in Kochi, Kerala positioned under its ultra-luxury segment. Thereafter, it expanded its operations within Kochi and subsequently into other cities in Kerala, including Thiruvananthapuram, Kozhikode and Thrissur, by undertaking residential apartment developments of varying scales and configurations.

Proceed is being used for: 

• Funding a part of the expense to be incurred in the development of its Ongoing Projects
• Funding unidentified acquisition of land and general corporate purposes

Industry overview

The global real estate industry was valued at Rs 1,313 trillion in FY2025 and expanded to Rs 1,418 trillion in FY2026. In comparison, the Indian real estate market was estimated at Rs 39.44 trillion in FY2026 and is projected to grow to Rs 81.76 trillion by FY2032. India accounted for approximately 2.8% of the global real estate market by revenue in FY2026. Within the domestic market, the residential segment remained the largest contributor, representing 60.7% of the overall real estate sector. The residential real estate market in India experienced mixed trends during Q1 2026. Geopolitical tensions arising from the Middle East conflict weighed on market sentiment, resulting in housing sales across the top seven cities declining by 7% quarter-on-quarter to around 101,650 units, compared with approximately 109,000 units in Q4 2025.

The real estate sector remains one of the most prominent and widely recognized industries globally. Its growth continues to be driven by the expansion of the corporate sector, rapid urbanisation and increasing demand for housing across urban and semi-urban regions. Despite affordability challenges arising from elevated property prices, strong end-user demand and the aspiration for homeownership continue to underpin the current real estate cycle. Although demand from Non-Resident Indians (NRIs), particularly from the Middle East, has moderated in the near term due to geopolitical uncertainties, domestic demand remains resilient. This resilience is supported by rising disposable incomes, ongoing urbanisation, favourable demographics, and increasing aspirations for improved lifestyles. Consequently, the long-term fundamentals of the Indian residential real estate market remain robust.

Meanwhile, Kochi and Thiruvananthapuram are emerging as major GCC destinations, supported by the expansion of Infopark, SmartCity, and Technopark, creating sustained demand for premium residential developments from high-income professionals and expatriate employees. The launch of the 300-acre AI-enabled Infopark Phase III and the proposed Integrated AI Township are expected to strengthen residential demand across Kakkanad and eastern Kochi, supporting the growth of boutique and luxury apartment projects. The operationalization and expansion of Vizhinjam International Seaport, coupled with the Outer Area Growth Corridor and port-led industrialization initiatives, are expected to accelerate economic activity and housing demand in southern Thiruvananthapuram. Kerala's Vision 2031 roadmap and continued infrastructure investments, including metro expansion, logistics corridors, and technology parks, are expected to support long-term residential absorption and capital appreciation across key urban markets.

Pros and strengths 

Market leadership & strong execution: As of December 8, 2025, the company is ranked as Kerala’s fastest-selling real estate developer and are also one of the recognised residential real estate developers in the state of Kerala. The ability to complete construction of projects within the stipulated timelines is one of the essential elements of a real estate development project in India. It has demonstrated an ability to complete residential projects in accordance with, and in several cases prior to, the estimated dates of completion disclosed under applicable regulatory approvals. The company’s completed portfolio of 692 residential units (including 43 units allocated to landowners under JDA) has achieved 100% sales, demonstrating full absorption of delivered inventory and market acceptance across its project categories and micro-markets in which it operates.

Strategic land acquisition & growth: The company follows a structured and disciplined approach to land sourcing, combining outright land acquisition with selective participation in JDAs with land owners enabling both controlled expansion and capital efficient growth. Land parcels for outright purchase are evaluated through multi-layered diligence, legal title verification, zoning and regulatory review, access and infrastructure connectivity, and financial feasibility, prior to acquisition. This approach allows it to secure development-ready land in micro markets with end-user demand across Kochi, Thrissur, Thiruvananthapuram, Kozhikode and adjoining regions.

Integrated real estate development: The company operates through an integrated and process-driven real estate development model that spans the entire project lifecycle, beginning with land identification or development-rights acquisition and continuing through design, approvals, construction, sales and customer handover. Its development cycle includes activities such as feasibility assessment, legal diligence, architectural and engineering design, preparation and submission of building-permit drawings, K-RERA registration, contractor mobilisation, material procurement, on-site engineering supervision, staged quality verification, milestone-linked billing, customer documentation and possession handover. Post completion, it provides defect-liability support for the prescribed period and assist resident associations in the transition and management of common areas and facilities.

Experienced promoter & management team: The company is led by an experienced Promoter and a professionally qualified senior management team whose collective expertise has played a central role in its growth, operational discipline and market positioning. Its Promoter, Kochouseph Thomas Chittilappilly, has over 49 years of diversified experience, including more than 16 years in the real estate and amusement park industries and over 43 years of experience in the electrical appliances sector. As the founder of V-Guard Industries Limited and Wonderla Holidays Limited, both of which are publicly listed companies, he brings institutional knowledge in governance, organizational development, strategic planning and long-term value creation. In his capacity as WholeTime Director and Vice Chairman, he continues to guide its strategic direction, oversee expansion decisions and provide operational oversight.

Risks and concerns

Supplier concentration & execution risk: The company’s business is dependent on a limited number of suppliers, vendors and contractors for procurement of construction materials, equipment and services, with its top 10 suppliers accounting for approximately 41.85% of its construction materials, labour and direct expenses in Fiscal 2026 and 70.56%, 65.63% of such expenses in Fiscal 2025 and Fiscal 2024, respectively, and any disruption in their operations or its relationship with them could adversely affect its project execution, business, results of operations and financial condition.

Regional market concentration: The company’s business is entirely concentrated in the state of Kerala, and its performance is therefore highly dependent on residential real estate market conditions, regulatory developments, economic factors and climatic events in Kerala, any of which could adversely affect its business, financial condition, results of operations and cash flows.

Third-party contractor dependency: The company’s dependence on independent contractors and other specialist for construction and project execution may exposes it to risks relating to delays, cost overruns, quality issues and execution failures, which could adversely affect its business, financial condition, results of operations and cash flows.

Capital intensity & liquidity risk: The company’s business is capital intensive and requires it to incur upfront investment for land acquisition construction, regulatory approvals, and project management. Inability to fulfil its working capital requirements adequately could adversely affect its business, results of operations and financial condition.

Outlook

Veegaland Developers is engaged in real estate development, focusing on residential, commercial, and mixed-use projects. The company undertakes planning, construction, and execution of property developments. The company emphasizes quality construction, modern design, and timely project delivery. The company has established track record of timely completion and sales absorption across completed and ongoing projects. It has integrated land source approach and balanced multi-stage development portfolio. On the concern side, the company is dependent on a limited number of suppliers, vendors and contractors for construction materials, equipment and services. This concentration creates dependency on key suppliers for timely procurement and project execution. Any disruption in their operations or changes in the business relationship could lead to delays in construction activities. Such disruptions may also result in higher costs, affecting project profitability and cash flows.

The issue has been offering 1,61,53,846 shares in a price band of Rs 130-140 per equity share. The aggregate size of the offer is around Rs 210.00 crore to Rs 226.15 crore based on lower and upper price band respectively. Minimum application is to be made for 107 shares and in multiples thereof thereafter. On performance front, the company’s total income increased by 29.53% from Rs 19,621.88 lakh in Fiscal 2025 to Rs 25,415.95 lakh in Fiscal 2026, primarily due to an increase in its revenue from operations, partially offset by a decrease in other income. Moreover, the company’s profit after tax increased by 30.30% from Rs 2,042.59 lakh in Fiscal 2025 to Rs 2,661.46 lakh in Fiscal 2026.

Meanwhile, the company’s growth strategy is centered on expanding its residential development footprint through a structured, selective and feasibility-driven approach to land acquisition. It intends to strengthen its presence within its existing micro-markets in core markets, Kochi, Thrissur, Thiruvananthapuram and Kozhikode while strategically evaluating opportunities to expand into neighboring market that demonstrate sustained enduser demand, favourable demographic trends and long-term urban growth potential. Further, the company intends to maintain focus on consistent and visible development pipeline by acquiring land for planned near-term launches while also maintaining land reserves to support medium- and long-term project rollouts aligned with its internal execution capacity.

Karamtara Engineering

• Karamtara Engineering is coming out with a 100% book building; initial public offering (IPO) of 3,63,07,052 shares of face value Rs 10 each in a price band Rs 241-254 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 September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 24.10 times of its face value on the lower side and 25.40 times on the higher side.
• Book running lead managers to the issue are JM Financia, ICICI Securities and IIFL Capital Services.
• Compliance officer for the issue is Manoj Kumar Srivastava. 

Profile of the company

Karamtara Engineering is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. It is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. Its aggregate installed capacity was 889,200 MTPA (including 492,000 MTPA for solar products equivalent to approximately 16.81 GW) and 480,000 pieces as of March 31, 2026 (excluding its galvanizing capacity). It offers a diverse product portfolio which enables it to serve as a one-stop shop for solar structures (fixed-tilt and trackers). It offers structures and fasteners in the solar energy and transmission sectors, and overhead transmission line (OHTL) hardware fittings and accessories. It was one of the largest exporters of solar products from India to North America in Fiscal 2025. It has also forayed into the wind energy sector by commencing production of angular towers for wind turbines and tubular towers for wind turbines in March 2025 and June 2025, respectively. Further, it intends to enter into the business of battery energy storage systems (BESS) through its wholly owned subsidiary (being Karamtara Green Energy Limited (KGEL)) that was incorporated in May 2025. In addition, it intends to set up manufacturing facilities for prefabricated engineered building (PEB) structures.

The company has a wide geographical footprint with a global delivery model, with exports to over 50 countries cumulatively as of March 31, 2026, across North America, Europe, Asia, Africa, Australia and Latin America. It has built a strong customer base of international customers, including original equipment manufacturers (OEMs) and engineering, procurement and construction (EPC) companies and independent power producers (IPPs). The company serves 16 of the top 24 EPC companies in the United States (in terms of installed capacity totalling to approximately 233 GW) as of March 31, 2026. Its revenue from exports grew at a CAGR of 11.89% from Rs 13,958.32 million in Fiscal 2024 to Rs 17,474.92 million in Fiscal 2026, representing 57.56% and 40.52% of its total revenue from operations during the corresponding years, respectively. The company is recognized as a Four Star Export House by the Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India, establishing its contribution to foreign trade.

The company places key focus on its backward integration capabilities. The company is one of the few product manufacturers to operate in-house galvanizing facilities, which is also the largest installed capacity in the solar energy sector in India with a capacity of 276,800 MTPA as of March 31, 2026. It also has two in-house rolling mill furnaces to manufacture various grades of structural steel for a wide range of products, including angles, channels and beams used across the solar energy and transmission industries. These in-house facilities provide it with significant competitive advantages in its manufacturing processes, including supply chain advantages, time efficiency and cost benefits. The company’s manufacturing facilities have received various quality certifications and accreditations, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, EN 1090-1:2009+A1:2011, ISO 27001:2022, EN15048 – 1: 2016 and EN 14399-1:2015.

Proceed is being used for: 

• Funding prepayment, repayment and/ or payment obligations to its lenders towards borrowings and Acceptances, in part or full
• General corporate purposes

Industry overview

India’s installed electricity generation capacity has expanded dramatically since independence, not just in scale, but in the composition of sources. Growth in demand has been answered not only by thermal power (coal, gas, lignite) but increasingly through renewables, particularly solar and wind. As of March 31, 2026, renewable and non-fossil fuel sources have crossed 53% of installed capacity, ahead of the Fiscal 2030 target. India is transitioning from coal-based power to renewable energy, with a projected total power generation capacity of 868 GW by Fiscal 2031E and surpassing renewable energy target of 500 GW by CY2030E, including 282 GW from solar power. Simultaneously, the country is strengthening and expanding its power transmission infrastructure to accommodate rising electricity demand and the increasing penetration of renewable energy into the grid. As India advances toward its target of 500 GW of nonfossil fuel power capacity by 2030, significant investments are being made in grid modernization, transmission corridors, and interstate transmission networks to facilitate the integration of renewable power. Consequently, demand for transmission infrastructure and related equipment is expected to witness sustained growth.

India possesses immense solar energy potential, with approximately 5,000 trillion kWh of solar energy received annually, translating to 4-7 kWh per square meter per day. This abundant resource positions the country as a key player in harnessing solar energy for sustainable development. According to the National Institute of Solar Energy, India's theoretical potential for solar power generation stands at approximately 749 GWp, based on the assumption that 3.0% of the nation's wasteland can be utilized for installing Solar PV modules. As of April 1, 2026, India has tapped into around 21% of this potential, with a total installed solar capacity reaching 157 GW. This significant progress reflects India's commitment to renewable energy expansion, supported by favourable government policies and large-scale projects.

Meanwhile, India boasts a robust domestic wind power industry that has consistently driven sector expansion over the past two decades. This growth has fostered a strong ecosystem of developers, EPC contractors, component suppliers, and turbine manufacturers, while also strengthening project execution and operational capabilities. As of Fiscal 2026, India has an annual wind turbine manufacturing capacity of approximately 18,000 MW (18 GW), supported by a well-established domestic supply chain for blades, towers generators, gearboxes, and other key components. As a testament to this success, India continues to rank as the fourth-largest wind power market globally in terms of cumulative installed wind energy capacity, with over 56 GW of installed wind power capacity as of Fiscal 2026.

Pros and strengths 

Market leadership and strong product portfolio: The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. Its product offerings include a comprehensive range of products, including Solar MMS, solar tracker piles and piers, solar torque tubes, lattice towers for transmission lines, angular towers, tubular towers for wind turbines and fasteners for solar, transmission lines, wind power projects applications and industrial fasteners, together with OHTL hardware fittings and accessories. Its operations are equipped with enhanced backward integration capabilities that offer it several competitive advantages.

Diversified product portfolio across renewable energy: The company is a one-stop shop equipped to design, manufacture and supply various solar structures (fixed-tilt and trackers). It has established a diverse product portfolio, including products in the solar energy sector (such as module mounting structures, tracker piles and piers and torque tubes) and the transmission sector (such as lattice towers for transmission lines). It also produces fasteners (such as bolts, nuts, studs and washers) and OHTL hardware fittings and accessories (such as insulator string fittings, jumper tubes, suspension clamps and vibration dampers). Further, its foray into the production of angular towers for wind turbines and tubular towers for wind turbines led it to venture into the wind energy sector, which will enable it to strengthen its market position in the renewable energy sector.

Expanding global footprint through export growth: The company’s capabilities have enabled it to serve various customers in the international markets and it supplied its products to over 50 countries as of March 31, 2026 across North America, Europe, Asia, Africa, Australia and Latin America. It was one of the largest exporters of solar products from India to North America in Fiscal 2025. Its in-house rolling mill furnace and large galvanizing facilities enhance its capability to convert raw material into finished goods at a fast pace ensuring high quality. These capabilities together with efficient logistics arrangement allow it to supply its products based on customer demands and in a timely manner across the world. Its revenue from exports grew at a CAGR of 11.89% between Fiscals 2024 and 2026 from Rs 13,958.32 million in Fiscal 2024 to Rs 17,474.92 million in Fiscal 2026. Further, it served 42 international customers as of March 31, 2026.

Established relationships with global solar customers: The company has established strong relationships with global customers, primarily comprising OEMs, EPCs and IPPs. Its customers include certain solar energy solutions companies globally. It is an approved supplier and critical partner to many of the leading solar energy companies in the world as of March 31, 2026. The total number of customers it served for solar energy products was 48 in Fiscal 2024, 73 in Fiscal 2025 and 65 in Fiscal 2026. In addition, its average revenue per customer from its solar energy products have increased from Rs 413.05 million in Fiscal 2024 to Rs 524.02 million in Fiscal 2026.

Risks and concerns

High exposure to Maharashtra-based operations: The company is significantly dependent on its manufacturing facilities. Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of its manufacturing facilities could have a material adverse effect on its business, financial condition, cash flows and results of operations. Further, the majority of its manufacturing facilities are located in Maharashtra in India. The company’s revenue attributable to its facilities in Maharashtra, India accounted for 90.84%, 98.61% and 99.18% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively, which exposes its operations to potential risks arising from local and regional factors which may restrict its operations and adversely affect its business, financial condition, cash flows and results of operations.

High dependence on the solar energy industry: The company has derived a substantial portion of its revenue from the sale of products in the solar industry (78.99%, 81.40% and 81.75% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively), and any adverse trend in the solar energy industry could have a material adverse effect on its business, financial condition, cash flows and results of operations.

Significant dependence on major customers: The company depends on certain key customers for a significant portion of its revenues (its top 10 customers contributed to 48.63%, 40.40% and 63.47% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any decrease in revenues from any of its key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.

High dependence on export markets: The company derives a significant portion of its revenue from operations from exports (40.52%, 51.31% and 57.56% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively) which exposes it to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that it operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could have an adverse effect on its business, financial condition, cash flows and results of operations.

Outlook

Karamtara Engineering is engaged in the business of manufacturing Products for renewable energy and transmission lines. The company offers a diverse product portfolio, serving as a one-stop shop for solar structures (fixed-tilt and trackers), fasteners for solar energy and transmission sectors, and overhead transmission line hardware fittings. It is largest integrated manufacturer in India for solar mounting structures and tracker components. It has diverse product offerings acting as a one-stop shop for solar structures (fixed-tilt and trackers). On the concern side, the company has significant dependence on major customers, making its revenues vulnerable to the loss or reduction in orders from key clients. Its high exposure to the solar energy industry means any slowdown in solar demand, project delays or changes in government policies could impact business performance. The company also has a high concentration of manufacturing operations in Maharashtra. Any disruption due to local events, regulatory issues, supply constraints or other operational factors in the region could affect production and revenues.

The issue has been offering 3,63,07,052 shares in a price band of Rs 241-254 per equity share. The aggregate size of the offer is around Rs 875.00 crore to Rs 922.20 crore based on lower and upper price band respectively. Minimum application is to be made for 59 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 36.52% from Rs 31,584.45 million in Fiscal 2025 to Rs 43,119.76 million in Fiscal 2026. Moreover, the company’s profit after tax increased by 64.18% from Rs 1,393.32 million in Fiscal 2025 to Rs 2,287.54 million in Fiscal 2026.

Meanwhile, the company intends to undertake capacity expansion to enhance its existing production capabilities. For instance, it is in the process of setting up a new structural steel profile manufacturing facility in Taluka Bhachau, Kutch, Gujarat by Fiscal 2027, in addition to its existing structural steel profile manufacturing capacity at Unit Profiles, located at Palghar, Maharashtra (which it utilizes for its captive consumption). The company’s expansion activities, once successfully completed and operational, will enable it to expand its footprint in the solar energy and transmission line sector in India and internationally, cater to increased customer demand, serve an increased number of customers at a given time and otherwise reduce its exposure to risks related to insufficient capacities. An expanded capacity base will also enable it to cater to a larger customer base and reduce its dependency on a limited number of customers. In addition to higher economies of scale, these expansion strategies upon completion will enable it in enhancing its overall operating efficiency and cost optimization.

Steamhouse India

• Steamhouse India is coming out with a 100% book building; initial public offering (IPO) of 5,37,66,232 shares of face value Rs 2 each in a price band Rs 77-81 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 September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 38.50 times of its face value on the lower side and 40.50 times on the higher side.
• Book running lead manager to the issue is Equirus Capital.
• Compliance officer for the issue is Shyam Bhadresh Kapadia. 

Profile of the company

Steamhouse India is an Indian company specializing in the generation and centralized distribution of industrial gases, including steam and nitrogen, through its pipeline network. The company and its Promoters are pioneers of the community boiler system in India, which was first introduced in 2014. Its community industrial gas generation and distribution systems provide gas to various industrial customers from a pipeline network, which provides an alternative to each individual customer having its own infrastructure.

Having established its steam generation business in India, the company is now embarking on an expansion plan of supplying other industrial gases. The company commenced nitrogen production and supply on February 1, 2025. It commissioned its first project for nitrogen supply through a pipeline network at its Ankleshwar facility, and, in Fiscal 2026 and Fiscal 2025, it generated Rs 5.77 million and Rs 0.90 million revenue from its nitrogen operations, respectively. It is the only company in India that supplies nitrogen using a distributed pipeline network instead of the common practice of supplying in cryogenic tanks and onsite nitrogen generation.

The company currently operates seven community steam boilers (six owned and one leased) in Gujarat through which it generates and distributes steam including Vapi Phase 1, Vapi WTE unit, Ankleshwar Phase 1, Ankleshwar Phase 2, Sarigam, Nandesari and Panoli. The company’s facilities are strategically located near Indian ports and near customer clusters in Gujarat. As of July 31, 2026, its combined installed plant capacity for steam across its seven boilers is an aggregate of 345 tonnes per hour (TPH), which translates to an annual installed capacity of 2,185,920.00 tonnes per annum (TPA).1 In addition, it distributes steam that it purchases in Dahej GIDC (Phase 1) and Sachin GIDC.

Proceed is being used for: 

• Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company
• Funding capital expenditure requirements for augmenting infrastructure development of the company towards (i) capacity expansion of the Ankleshwar Facility (Phase 3) and (ii) capacity expansion of the Panoli Facility (Phase 2)
• Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam in Dahej GIDC (Phase 2)
• General corporate purposes

Industry overview

Industrial gases consist of individual gases or gas mixtures utilized across diverse industries for various manufacturing processes and operations. They play an essential role throughout the industrial value chain, from the procuring of raw materials to intermediate processing in industries such as metals, chemicals, pharmaceuticals, and ceramics, ultimately contributing to the production of industrial, consumer, and food products. Industrial gases are indispensable to large-scale industries such as pharmaceuticals, chemicals and textiles, where they play a critical role in optimizing production efficiency and ensuring operational stability. With the continuous expansion of industries reliant on these gases and the broad spectrum of applications within the sector, the industrial gases market is expected to maintain its strong growth momentum well into the future. This growth has been driven by rapid industrialization, infrastructure development, and advancements in gas production, storage, and distribution that improve efficiency and reduce costs.

Traditionally, industries have relied on on-site steam generation for captive use, with steam being a critical requirement across industrial sectors such as pharmaceuticals, textiles, food processing, paper and pulp, rice mills, distilleries, dairy, urea production, wood processing, chemicals, and tyre manufacturing. However, the emergence of community boilers and steam-as-a-service models, provided by companies like Steamhouse India, is transforming the landscape of industrial steam supply by bringing Steam-as-Service. In FY2026, India's total process steam demand was approximately 203,472 TPH. With a projected CAGR of 9.4% from FY2026 to FY2031, the market is poised for significant expansion. Assuming an annual operation of 8,000 hours, the total process steam demand is estimated at 1,628 million tons in FY2026. The average cost of steam varies by multiple factors such as the end-use industry (power plants, pharmaceuticals, food processing, etc.), boiler type, fuel type, water quality, feedwater treatment requirements, condensate recovery efficiency, and operational maintenance costs.

Meanwhile, Steam is an inevitable requirement for most of the process industries like textiles, pharmaceuticals, chemicals, food processing, fertilizer, plywood, paper, etc. to meet their heat requirements. Traditionally, industries set up boilers at their own premises to meet the steam requirements. These boilers are small to medium in size, have low efficiency, and at times safety is compromised, which results in casualties. The chimneys in industrial areas add PM-2.5 and PM-10 particles to the environment, causing diseases because of improper air pollution control equipment and non-professional management. Steam As A Service (SAAS) through community boilers refers to a model where a company operates a centralized boiler and distributes the produced steam to various industries for their production processes. The steam is distributed through a network of pipes to the industries that rely on it for various applications, such as heating, power generation, sterilization, or industrial processes. These service providers ensure the reliable generation of steam in required quantity and quality to meet the specific needs of the end user of steam. Replacing captive boilers with the use of community boilers, there can be potential savings of up to 25-30% of the fossil fuels that would have been used locally by individual boilers.

Pros and strengths 

Emerging leader in industrial gas solutions: It is an Indian company specializing in the generation and centralized distribution of industrial gases, including steam and nitrogen, through its pipeline network. Its community industrial gas generation and distribution systems provide gas to various industrial customers from a central plant, which provides an alternative to each individual customer having its own infrastructure. In Fiscal 2026, India's total process steam demand was around 203,472 TPH. With a projected CAGR of 9.4% from Fiscal 2026 to 2031, the market is poised for significant expansion. Recognizing the challenges posed by managing individual generation assets, process industries are increasingly turning to centralized generation and distribution services. In this landscape of industrial gases in India, it has emerged as a key player as a community industrial gas provider, poised to address the evolving needs of modern industrial processes.

Strong entry barriers and competitive advantage: The company and its Promoters are pioneers of the community boiler system in India, which was first introduced in 2014. It has established its geographic presence within industrial clusters through the creation of an exclusive pipeline network. The limited space available prevents the setup of additional distribution networks by other companies. Any new market entrants may need to overcome several entry barriers. One of its strengths is its experience in the distribution of industrial gases with minimum pressure and temperature losses, with real-time monitoring using flow meters and mapping its installations with the assistance of drones.

Strategic locations and growing steam capacity: The company currently operates seven community steam boilers (six owned and one leased) in Gujarat through which it generates and distributes steam including Vapi Phase 1, Vapi WTE unit, Ankleshwar Phase 1, Ankleshwar Phase 2, Sarigam, Nandesari and Panoli. The company’s facilities are strategically located near Indian ports and near customer clusters in Gujarat. As July 31, 2026, its combined installed plant capacity for steam across its seven boilers is an aggregate of 345 TPH, which translates to an annual installed capacity of 2,185,920.00 TPA.1 In addition, it distributes steam that it purchases in Dahej GIDC (Phase 1) and Sachin GIDC. In April 2026, it entered a steam purchase agreement with a chemical company to purchase and distribute steam for a term of 5 years in the Dahej SEZ as well as a steam purchase agreement with a chemical company to purchase and distribute steam for a term of 5 years in Haldia.

Eco-friendly community boiler operations: The company endeavours to meet the industrial gas requirements of its customers by implementing eco-friendly solutions, reducing pollution from several industries and promoting sustainable development. Replacing captive boilers with the use of community boilers contributes to sustainability by centralizing boiler operations, leading to lower emissions and improved fuel utilization. Depending on the geographical area and availability of non-fossil fuel in a particular sector, it reduces its emission by the use of scientific and automatic handling of coal and the coal ash-controlled movement and storage of coal. Its community boilers reduce SPM, SOx and NOx emissions and ash content. Where coal is the fuel source, it sprinkles hydrated lime on coal to reduce SOx emissions. It also burn the fuel when the fuel is crushed to the required size in fluidized conditions to achieve maximum combustion.

Risks and concerns

High customer concentration risk: The company’s top ten customers contributed 47.87% of its revenue from operations in Fiscal 2026. It also derives a significant portion (90.72% in Fiscal 2026) of its revenue from operations from repeat orders. Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adversely affect its business, results of operations, cash flows and financial condition.

Exposure to coal price and supply risks: The company’s business and profitability are substantially dependent on the availability of coal for its steam production with purchases of coal contributing 77.29%, 76.19% and 92.01% of its total purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The primary raw material which it utilizes at its facilities is coal. Coal is a commodity and coal prices fluctuate based on a number of factors, such as, its availability and transportation cost, fluctuations in domestic and international demand and supply of coal, international production and capacity, fluctuation in the volume of coal imports, protective trade measures and various social and political factors, in the economies in which the coal producers sell their products and are sensitive to the trends of particular industries, such as, the steel and power industries. Any restriction on the purchase of coal on Indian importers or the company from Indonesia or other sources outside India, including as a result of any trade restrictions, sanctions or higher tariffs placed by India on purchases made from other countries or similar restrictions are placed by the exporting country for supply of products to India, may impact its sourcing decisions and may lead to increased costs of purchase and shortages of coal.

Key supplier dependency and supply risk: The company relies on its top ten suppliers for its material requirements which constituted 81.71%, 75.35% and 76.53%, of its overall purchases in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any increase in the prices, availability and quality of materials or loss of these suppliers could adversely affect its reputation, business, results from operations, financial conditions and cash flows.

Geographic constraints on expansion: The company’s operations are limited to providing steam and other industrial gases to customers in close proximity to its facilities. Further, its business and growth plans are dependent on its ability to find suitable land for the development of its steam and other industrial gas facilities which are in close proximity to the industrial clusters where its potential customers are located.

Outlook

SteamHouse India is an industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its community-based systems provide industrial customers with an alternative to developing and maintaining individual infrastructure. The company has an extensive pipeline network, spans over 45 kms in key industrial hubs including like Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. On the concern side, the company has a high dependence on a limited number of customers and suppliers. Its business relies significantly on key customers for revenue and key suppliers for materials. Any loss of major customers or suppliers, or a reduction in orders, could affect business performance. Higher material prices, supply shortages or quality issues could also impact profitability and cash flows.

The issue has been offering 5,37,66,232 shares in a price band of Rs 77-81 per equity share. The aggregate size of the offer is around Rs 414.00 crore to Rs 435.51 crore based on lower and upper price band respectively. Minimum application is to be made for 185 shares and in multiples thereof thereafter. On performance front, the company’s total income increased by 24.20% to Rs 4,949.74 million for Fiscal 2026 from Rs 3,985.29 million for Fiscal 2025. Moreover, the company’s profit after tax for the year increased by 24.00% to Rs 386.39 million for Fiscal 2026 from Rs 311.61 million for Fiscal 2025.

Meanwhile, the company’s management team is constantly exploring and planning for new projects in current and new locations throughout India. In executing this strategy, it monitors any initiatives for new industrial clusters or emerging markets, and it expects to participate in tenders for community industrial gas generation and distribution systems in upcoming industrial parks across India. The expansion of its operations will enable it to service a broader customer base and reduce its dependency on specific regions. This expansion strategy will facilitate better market penetration, risk distribution and enhanced business resilience.

Infrax Renewable 

• Infrax Renewable is coming out with an initial public offering (IPO) of 39,31,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 104 per equity share.
• The issue will open on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10.40 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Shreya Siddhartha Mehta.

Profile of the company

Infrax Renewable is an ISO 9001:2015 certified. It is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. Its EPC services encompass project design, engineering, procurement, installation, testing, commissioning and comprehensive operation & maintenance services, enabling it to manage all aspects of project execution from site assessment to final commissioning. Installation is undertaken majorly by its dealers or by third parties hired by the company, as the case may be. It is engaged in the supply and distribution of a wide range of solar products, including Solar PV (Photovoltaic) modules, Solar PV inverters and related solar products. It is also engaged in Independent Power Producer (IPP) activities through execution of Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company (PGVCL) by establishing its own solar power plant situated at Bhadla (Jasdan) Gujarat for generation and sale of electricity to PGVCL. 

The company supplies its services and products through a diversified sales and distribution network comprising authorised dealers across various regions, enabling wider market reach and efficient customer servicing. Further, the company has been empaneled as a national vendor for implementation of solar power projects under government-sponsored schemes including the PM Surya Ghar: Muft Bijli Yojana Rooftop Solar Programme. It procures the raw materials required for providing the aforesaid services from domestic suppliers located across Gujarat, Madhya Pradesh, Rajasthan, Telangana, Maharashtra and Uttar Pradesh based on project specifications, technical requirements and commercial considerations. As of March 31, 2026, it operated 3 warehouses situated at Rajkot, Ahmedabad and Kanpur, where raw materials are stored for execution of its services. Further, it has a presence across 4 states in India namely Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh through its branch offices. 

Currently, the components/products required for execution of its projects are procured from third-party vendors and suppliers. Going forward, the company intends to establish in-house manufacturing facility for (A) solar panel recycling and silver extraction production line, (B) manufacturing of structures for solar roofing and mounting applications, and (C) solar frame production line. The proposed facilities are expected to provide the benefits of backward integration, reduce dependency on third-party vendors, improve operational efficiencies and strengthen the overall profitability of the company.

Proceed is being used for:

• Funding of capital expenditure of the company towards purchase of machineries and equipments for proposed manufacturing facility.
• Funding working capital requirements of the company.
• General corporate purposes.

Industry Overview

India’s energy demand is projected to rise more than any other country in the coming decades, driven by its large population and growth potential. To meet this surge sustainably, most of the additional demand must come from low carbon, sources. India’s commitment to net zero emissions by 2070 and 50% renewable electricity by 2030 marks a major global climate milestone. As of May 2026, India’s installed renewable energy capacity, including large hydro projects, stood at 282.75 GW, underscoring the country’s continued progress in expanding its clean energy portfolio. India ranked 3rd globally in renewable energy installed capacity, reaching 250.52 GW as of December 2025. China leads with 2,258.02 GW, followed by the United States at 467.92 GW, while India remains ahead of countries such as Brazil (228.20 GW) and Germany (199.92 GW). India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. India has officially surpassed Japan to become the world's third-largest solar energy producer. India generated 1,08,494 GWh of solar power, exceeding Japan's 96,459 GWh.

India has set ambitious climate and energy goals, including reducing the carbon intensity of its economy by 45% by 2030, achieving 50% of cumulative installed power capacity from renewables by 2030, and reaching net-zero emissions by 2070. Low-carbon technologies alone could create a market worth up to $80 billion in the country by 2030. Green hydrogen is expected to play a pivotal role in this transition. India targets production of five million tonnes of green hydrogen annually by 2030, supported by an electrolyser manufacturing capacity projected to reach 8 GW per year by 2025. To meet this goal, at least 50 GW of electrolysers will be required, and the cumulative value of the green hydrogen market could reach $8 billion by 2030. 

The transformation of India’s power sector is being accelerated by rising population, rural electrification, and growing energy needs. Clean energy adoption is enabling villages to become self-sustainable, reducing pollution and dependence on fossil fuels. With advances in battery storage, solar costs could reduce by as much as 66% from current levels. Replacing coal with renewables could also save the country Rs 54,000 crore ($8.43 billion) annually. Renewable energy’s share in power generation is projected to rise from 18% in 2022 to 44% by 2030, while thermal power is expected to fall from 78% to 52%. By then, India’s total power demand is estimated to reach 817 GW, underlining the scale of opportunity for the renewable energy sector.

Pros and strengths

Strong relationship with customers: The company generates its revenue primarily from domestic operations. Through its network of dealers and third-party partners, as applicable, it has developed a client base that provides recurring business for their ongoing requirements. Its strong relationship with its customers has been one of the most significant factors contributing to its growth. Its commitments to timely delivery and quality have been a contributing factor to its robust customer relations. Even though it does not have any long-term supply agreements with them, it has continually received repeat business from many of its customers. This indicates their level of confidence in its ability to deliver its products. This has helped it to maintain a long-term working relationship with its customers and improve its customer retention strategy. Its existing relationship with its clients represents a competitive advantage in gaining new clients and increasing its business. Further, because of the trust of its customers, it has been able to attain orders from a diverse range of client base.

Wide range of products: Along with turnkey solutions for various renewable projects, it is engaged in the supply and distribution of a wide range of solar products, including Solar PV (Photovoltaic) modules, Solar PV inverters and related solar products. Maintaining a diversified portfolio of solar products enables it to cater to the evolving energy requirements of a broad customer base across different segments. Its revenue streams are driven by the sale and supply of solar products across various regions. Over the years, it has focused on strengthening its distribution and service network, recognizing its importance in enhancing market reach and customer satisfaction. This strategic approach has contributed to the steady growth of its business and customer base.

Financial stability through the IPP Model: The company has developed a solar power plant under the Power Purchase Agreement (PPA) through IPP model, which establishes a steady and reliable revenue stream over an extended period. By selling electricity directly to government, the company generates consistent cash flow, allowing it to maintain financial stability. This approach provides a dependable source of income and lays the groundwork for the company to invest in further growth and expansion efforts.

Risks and concerns

Significant business reliance on government policies and incentives: Its business is significantly dependent on the continued support of various central and state government policies, schemes, subsidies, incentives and regulatory frameworks promoting the adoption of solar power solutions. Demand for its products and services, particularly in the rooftop solar and ground-mounted solar segments, is influenced by the availability and continuity of such support mechanisms. Any reduction, withdrawal, delay, suspension or unfavourable modification of government policies, subsidies, incentives, net-metering regulations, approval processes or other regulatory frameworks, whether due to regulatory changes, political developments or budgetary constraints, may adversely affect the commercial viability and attractiveness of solar projects for customers. Further, changes in policies relating to grid connectivity, power evacuation, environmental clearances or project approvals may result in delays in project execution, increased compliance costs, lower project profitability or reduced customer demand. Any adverse regulatory developments or uncertainty regarding the continuation of government support mechanisms may negatively impact investment decisions by customers and the overall growth of the solar energy market.

Dependence on dealers for significant portion of revenue: Its dealers play an important role in its business development by identifying and generating leads, acquiring customers, and creating market opportunities through their industry experience, local market knowledge, business networks, customer relationships, and established presence within their respective territories. Their connections and credibility in the market helps it to expand its customer base and secure new business opportunities. Its business model focuses on establishing a dealership network across various states, thereby ensuring high visibility and easy accessibility for customers. It focuses on deepening its presence in the regions it operates in before venturing into new markets which has led it to establish presence. Its dealership model enables it to establish a network of dealers who are residents of the regions in which it operates and are therefore able to effectively penetrate the markets through their understanding of local market dynamics, familiarity with the area and relationships with target customers.

Geographic concentration of revenue in Gujarat: Currently it is supplying services and selling solar products in various states of India includes Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Telangana. It derives a significant portion of its revenues from the state of Gujarat, that accounted for 97.41%, 100%, and 100% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Such geographical concentration of its business in these regions heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations.

Outlook

Infrax Renewable is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. It focuses on building sustained and long-term relationship with its suppliers. Its long-term relationships with suppliers will enable it to continue to grow its business. A key aspect of its supply chain strength also lies in its ability to manage the complexities of logistics effectively. On the concern side, it is exposed to risks associated with fluctuations in the prices and availability of solar products (i.e., Solar PV (Photovoltaic) Modules, solar panels, Solar PV Inverters and other solar products) procured from third-party suppliers. Any increase in procurement costs, supply chain disruptions or shortage of components may adversely affect its business, financial condition and results of operations.

The company is coming out with an IPO of 39,31,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 104 per equity share to mobilize Rs 40.88 crore. On performance front, its revenue from operations increased by 205.94% to Rs 9,321.49 lakh for FY 2026 from Rs 3,046.86 lakh for FY 2025. Profit after tax has increased by 257.72% from Rs 285.18 lakh for FY 2025 to Rs 1,020.14 lakh for FY 2026.

Meanwhile, it intends to expand its business operations by entering into the manufacturing segment of solar panel recycling and silver extraction production line, manufacturing of structures for solar roofing and mounting applications and Solar frame production line. Currently, it is primarily engaged in providing and sale of solar EPC solutions, including design, engineering, procurement, installation, testing, commissioning and maintenance of rooftop solar systems. At present, the components/products required for execution of its projects are procured from third-party vendors and suppliers. Going forward, it intends to establish an in-house manufacturing facility in order to strengthen its operational capabilities, achieve higher efficiency, reduce lead times and ensure better quality control over key components/products used in its operations. Proposed facility will provide advantages of backward integration, reduce dependency on third-party vendors, improve operational efficiencies and strengthen the overall profitability of the company.

Amtech Esters

• Amtech Esters is coming out with an initial public offering (IPO) of 23,84,000 shares in a price band of Rs 71-75 per equity share.
• The issue will open for subscription on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.10 times of its face value on the lower side and 7.50 times on the higher side.
• Book running lead manager to the issue is Credora Partners.
• Compliance officer for the issue is Anjali Bansal.

Profile of the company

Amtech Esters is engaged in the B2B business of manufacturing of Unsaturated Polyester Resins (UPR or UPRs) and trading in their complementary products like fiber resin, hardners & silicons and other ancillary products. By offering these complementary products along with its manufactured UPRs, it is able to provide customers with an integrated sourcing solution rather than a single-product offering. It also enables it to serve customers across different stages of the resin and FRP value chain, from base resin requirements to curing, reinforcement, finishing and application-specific consumables.

Further, its wholly owned subsidiary, Croda Pigments Private Limited (CPPL) is into the business of manufacturing pigments which are used as colourants and additives in various industrial and household products. CPPL operates in a vertically aligned line of business, complementing and expanding its operations. Its product portfolio consists of polyester resin, fibreglass of different variants, hardener, silicons and pigments used in paints, varnishes, dyes, glue gums and allied chemical applications.

The company’s production processes are designed to ensure that its products meet prescribed quality standards and customer requirements. It has established a Research & Development and Quality Control department, through which it continuously reviews and modifies its production processes to cater to evolving customer requirements, improve product performance and maintain consistency in quality. Its commitment to quality is validated by its ISO 9001:2015 certification, assuring customers of its adherence to stringent quality control processes throughout manufacturing.

Proceed is being used for:

• Investment in its wholly owned subsidiary, namely Croda Pigments Private Limited, by way of debt: a) Towards capital expenditure requirements of the wholly owned subsidiary; and b) To meet the incremental working capital requirements of the wholly owned subsidiary
• Repayment or prepayment, in full or in part, of certain borrowings availed by the company
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry overview

The Indian chemical industry is a cornerstone of the nation’s manufacturing ecosystem, supplying critical inputs to key sectors such as agriculture, pharmaceuticals, textiles, automobiles, and construction. Globally, India ranks as the sixth largest producer of chemicals and the third largest in Asia. Furthermore, India is the third-largest consumer of polymers globally and the third-largest producer of agrochemicals. The Indian chemical sector is highly diversified, covering over 80,000 commercial products. The sector's market size was estimated at approximately Rs 21,50,750 crore ($300 billion) by 2025-2028, with a long-term vision of reaching Rs 86,03,000 crore ($300.0 billion by FY28E).

Meanwhile, Unsaturated Polyester Resins (UPR) form the backbone for various molding, casting, and fiber resin applications. In India, the installed capacity for Unsaturated Polyester Resin stands at 34.00 thousand MT as of 2024-25. Production of UPR has shown a strong CAGR of 14.8%, with production volumes reaching 22.40 thousand MT in FY 2024-25, up from 12.88 thousand MT in FY 2020-21. Advanced polymers like Acrylonitrile Butadiene Styrene (ABS), often used in electrical switchgear housing and molded products, have an installed capacity of 203.00 thousand MT, producing 176.54 thousand MT in 2024-25 at a CAGR of 9.7%. 

The Chemical Industry Outlook 2026 projects moderate global growth driven by sustainability and digitization, positioning the Asia-Pacific region as the dominant engine of expansion. Notably, India is projected to see its chemical production increase by an exceptional 10.9% in 2026, outperforming the flat outputs expected in the U.S. and sluggish recovery in Europe. This growth is fueled by robust domestic demand and targeted government support. Trends in Sustainability and Green Chemistry The transition toward green chemistry is reshaping the sector. The Indian green chemicals market is forecasted to grow at a CAGR of over 10%, exceeding $15 billion by 2027. The Indian chemical industry enters 2026 at a dynamic inflection point. With an expanding middle class driving end-user demand, shifting global supply chains benefiting Indian manufacturing, and aggressive government policy support (Union Budget 2026-27 Chemical Parks, CCUS funding, PLIs, and PCPIRs), the sector is primed for aggressive expansion. Investments in green chemistry, backward value-chain integration, and world-class technological infrastructure will be the defining metrics of success for chemical enterprises scaling over the next decade.

Pros and strengths

Diversified product portfolio catering to a broad customer base: The company’s diversified product portfolio is one of its key strengths. It is engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and trading of complementary products such as Fiber Resin, hardeners, ancillary products and silicone-based products, enabling it to cater to a wide range of customer requirements across multiple industries. Its manufacturing vertical comprises various grades of polyester resins, each designed for specific applications and performance requirements. These resin grades are used in sectors such as apparel accessories, automotive components, electrical switchgears, sculptures, decorative articles, FRP sheets, fibre sheets, cooling towers, waterproofing applications and other industrial products. The ability to manufacture multiple resin grades allows it to serve customers with varied end-use requirements relating to strength, durability, mouldability, surface finish, impact resistance, electrical insulation and colour retention.

Strong quality assurance ensuring consistent and standardized product excellence: The company is certified under ISO 9001:2015 for its Quality Management System, demonstrating its commitment to maintaining high standards of quality and reliability in its products. This certification provides assurance to its customers regarding the consistency, durability, and quality of its offerings. The company’s products are used across various industrial applications where consistency, durability, curing performance, strength, finish and end-use suitability are critical. Accordingly, it places significant emphasis on quality control at different stages of its operations, including raw material selection, production process monitoring, batch-wise checks, product testing and final dispatch. It maintains a dedicated Research & Development and Quality Control department, which enables it to monitor product quality, improve formulations and modify production processes in line with customer requirements. Accordingly, its quality assurance systems, ISO-certified processes, in-house R&D and QC capabilities, and focus on consistent product performance enable it to position itself as a reliable supplier in the resin, fiber resin, FRP and allied chemical products industry.

Synergetic collaboration with wholly owned subsidiary: The company’s Wholly Owned Subsidiary, Croda Pigments Private Limited (CPPL), is engaged in the manufacturing of pigments which is vertically aligned with its existing operations, as it complements its manufacturing of Unsaturated Polyester Resins (UPRs) and its trading portfolio comprising fiber resin, hardeners, ancillary products and silicone-based products. Its established supplier network ensures reliability, consistency, and timely availability of raw materials, supporting the seamless continuity of its operations. It has developed strong and long-standing relationships with its suppliers over the years, which enables it to procure raw materials on competitive terms. These strong supplier relationships also enhance its trading operations, allowing it to source quality products from established and reputable suppliers. This, in turn, enables it to offer a diverse and reliable range of products to its customers.

Risks and concerns

Significant dependence on UPR products: A significant portion of the company’s revenue is derived from unsaturated polyester resins. The company has garnered 62.84%, 61.57% and 60.79% of its total revenue from UPR in FY26, FY25 and FY24 respectively. Such significant dependence on a single product category exposes it to concentration risk, whereby any adverse change in demand, pricing pressure, supply of raw materials etc. could have an adverse effect on its business, financial condition, and results of operations.

Manufacturing concentration and operational risk: Majority of the company’s revenue from operations is derived from its manufacturing vertical. Further all of its manufacturing facilities are situated at Haryana, which exposes it to operational risks in relation to its manufacturing process. The company has garnered 89.78%, 88.12% and 82.12% of its total revenue from Manufacturing in FY26, FY25 and FY24 respectively. Any disruption, slowdown, or shutdown in its manufacturing operations, could adversely affect its business, results of operations, financial condition and cash flows.

Manpower-intensive operations and labour risk: The company’s business is manpower intensive. It may be adversely affected by work stoppages, increased wage demands by its employees, or an increase in minimum wages, and if it is unable to engage new employees at commercially attractive terms, it could adversely affect its business, financial condition, cash flows and results of operations.

Outlook

Amtech Esters is a B2B chemical manufacturing company engaged in the manufacturing of Unsaturated Polyester Resins (UPRs) and the trading of complementary products used across the resin and FRP value chain. The company is ISO 9001:2015 certified manufacturing processes. It has diversified product portfolio catering to a broad customer base. It has integrated sourcing solutions across the resin and FRP value chain. On the concern side, the company is highly dependent on its manufacturing vertical, which contributes a significant portion of its revenue from operations. All its manufacturing facilities are located in Haryana, exposing the company to regional and operational risks. The company also derives a significant share of its revenue from unsaturated polyester resins (UPR), resulting in product concentration risk. Any disruption or shutdown in manufacturing operations could adversely affect production, revenues and cash flows. Further, changes in UPR demand, pricing pressure or availability and cost of raw materials could adversely impact business performance.

The company is coming out with a maiden IPO of 23,84,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 71-75 per equity share. The aggregate size of the offer is around Rs 16.93 crore to Rs 17.88 crore based on lower and upper price band respectively. On performance front, total income increased by 10.25%, from Rs 3,696.57 lakh in Fiscal 2025 to Rs 4,075.33 lakh in Fiscal 2026, primarily due to the increase in revenue from operation. Moreover, restated profit after tax increased by 12.90%, from Rs 379.41 lakh in Fiscal 2025 to Rs 428.36 lakh in Fiscal 2026.

Meanwhile, the company’s growth strategy is focused on a combination of organic expansion and inorganic expansion, enabling it to strengthen its manufacturing capabilities, broaden its product portfolio and enhance its presence in the industry. It has been expanding its operations by expanding its manufacturing capabilities, improving plant and machinery, enhancing production efficiency and strengthening its product offerings. In line with this strategy, it has expanded its manufacturing operations at its Asoda manufacturing facility for UPRs manufacturing, which has enabled it to support higher production requirements and cater to the growing demand for its resin products.

Manipal payment and identity solutions

• Manipal payment and identity solutions is coming out with a 100% book building; initial public offering (IPO) of 2,42,44,673 shares of face value Rs 2 each in a price band Rs 322-339 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 September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 161.00 times of its face value on the lower side and 169.50 times on the higher side.
• Book running lead managers to the issue are Motilal Oswal Investment Advisors, Axis Capital, ICICI Securities, IIFL Capital Services and Nuvama Wealth Management.
• Compliance officer for the issue is Dattatri Manjunatha Hardur. 

Profile of the company

The company provides payments solutions, identifications solutions, secure solutions, and smart tagging and internet of things (IOT) solutions to banks, fintechs, non-banking finance companies and governments, across domestic and international jurisdictions. Incorporated on February 19, 2008, the company is part of the Manipal Group. The Manipal Group commenced operations in 1948 as a printing company, under the name of Express Printers, catering to the secured printing requirements of banks in India and has since added products and services catering to customer requirements across various industries.

Its payment solutions primarily comprise payment cards, cheque solutions, near-field communication (NFC)/quick response (QR) codes, payment-enabled wearables, and digital automation solutions. Its identification solutions primarily comprise driving licenses, registration certificates, national identity cards, among others, along with transit management solutions. Its secure solutions primarily comprise secure logistics, personalization of insurance policies, premium notices, renewal letters and marketing collaterals, along with security-enhanced packaging such as tamper-evident envelopes, holograms and coated products. Its smart tagging and IOT solutions primarily entail printing of excise labels with holograms and encrypted QR codes for various state excise departments, IOT and track and trace solutions with radio-frequency identification (RFID) tags, and anti-counterfeiting solutions.

Proceed is being used for: 

• Funding the capital expenditure requirements of the company towards purchasing and setting up of new and secondhand equipment at (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, (b) personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Uttar Pradesh, and personalization bureau in Navi Mumbai, Maharashtra, (c) cheque printing facilities in Navi Mumbai, Maharashtra and Howrah, West Bengal, (d) central cards processing centers at Chhattisgarh RTO, and (e) Smart Tagging and IoT Solutions facility in Manipal, Karnataka (Capital Expenditure on Equipment)
• General corporate purposes

Industry overview

The total payment cards being issued in India, inclusive of credit cards, debit cards, prepaid payments instrument (PPI) was 257 million units in 2020, and reached a total of 318 million units being issued in 2023. This number grew to 335 million units in 2025 and is projected to reach 535 million units by 2030, with an expected compound annual growth rate ('CAGR') of 13.1% from Fiscal 2026 to Fiscal 2030. Credit, debit, and PPI card issuance in India slowed in Fiscal 2025 for a mix of regulatory and behavioral reasons. On credit cards, the RBI’s Nov-2023 25-ppt risk-weight hike made unsecured portfolios more capital-intensive, prompting tighter underwriting; supervisory curbs further cooled approvals. For PPIs, earlier RBI restrictions that prohibit loading wallets/cards via credit lines, combined with stricter KYC requirements and compliance scrutiny, kept growth subdued.

In 2020, the total market for payment cards in India, which includes credit cards, debit cards, and PPI, was valued at Rs 9,071 million. By 2025, this market had expanded to Rs 28,499 million, and it is projected to reach Rs 60,542 million by 2030, growing at a compound annual growth rate ('CAGR') of 20.7% during the Fiscal 2025-2030 period. This market size highlights the potential for card manufacturers in India.

As of December 2025, India had approximately 0.91 payment cards per capita, with debit cards accounting for the majority of cards in circulation, while credit cards continued to witness the fastest growth in issuance and usage. Payment cards penetration varies significantly across the USA, Europe, China, and India due to differences in economic development, financial infrastructure, and consumer behavior. In Calendar Year 2023, in the USA, cards usage is widespread, with a high penetration rate of 7.2 for population aged 15+, driven by established financial systems and a culture of credit reliance. Euro area also exhibits significant card penetration at 2.3 (population aged 15+), though there is a notable preference for debit cards over credit cards, particularly in countries like Germany and the Netherlands where debt aversion is stronger. In China, the cards penetration is very high at 8 (population aged 15+) driven by debit cards. India's card penetration, both credit and debit, is on the rise, buoyed by government initiatives and financial inclusion.

Pros and strengths 

Among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026: The company was among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026. It has scaled up its operations in line with growth in the total payment cards issued in India. The total payment cards being issued in India, inclusive of credit cards, debit cards, prepaid payments instrument was 257 million units in 2020, and reached a total of 318 million units being issued in 2023. This number grew to 335 million units in 2025 and is projected to reach 535 million units by 2030, with an expected CAGR of 13.1% from Fiscal 2026 to Fiscal 2030. The number of chip-based payment cards billed by the company decreased from 92.00 million in Fiscal 2024 to 86.15 million in Fiscal 2025 and subsequently increased to 86.20 million in Fiscal 2026. In the last three Fiscals, it has exported its products such as credit cards, debit cards and metals cards to countries including UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Bolivia, Nigeria, Nepal, Sri Lanka, and United Arab Emirates, as well as certain countries in Europe.

Long-standing relationships with marquee customers: The company catered to a diverse set of over 300 customers in Fiscal 2026, including prominent private banks and public sector banks (PSBs) and fintech companies. Its payment and identification solutions business requires high security and data protection, owing to access to highly sensitive cardholder information. As a result, banks are selective about the partners with which they work and typically seek out manufacturers who have a well-established reputation for trust and quality and are able to meet their service requirements. In Fiscal 2026, it had serviced 211 customers, comprising 61.34% of its total customer base, for more than five years. In Fiscal 2026, it served 22 private banks, 12 PSBs, 11 small finance banks and 78 co-operative banks. As of March 31, 2026, PSBs serviced by it included State Bank of India (over 15 years), Canara Bank (over 14 years), Bank of India (over 15 years), Jammu and Kashmir Bank (over three years), Central Bank of India (over 14 years), Punjab and Sind Bank (over three years) and Indian Bank (over 15 years), and private banks serviced by it included HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank and City Union Bank.

Expansive product portfolio, powered by innovation, offering comprehensive solutions: It offers a wide suite of products and services. Its payment solutions primarily comprise payment cards, cheque solutions, NFC/QR codes, payment-enabled smart wearables, and digital automation solutions. Its identification solutions primarily comprise driving licenses, registration certificates, national identity cards, among others, along with transit management solutions. Its secure solutions primarily comprise secure logistics, personalization of insurance policies, premium notices, renewal letters and marketing collaterals, along with security-enhanced packaging such as tamper-evident envelopes, holograms and coated products. Its smart tagging and IOT solutions primarily entail printing of excise labels with holograms and encrypted QR codes for various state excise departments, IOT and track and trace solutions with RFID tags, and anticounterfeiting solutions. Within its cards portfolio, it offers: (i) colour core cards; (ii) 'touch n' feel' cards; (iii) holographic cards; (iv) cards; (v) clear cards; (vi) cards with gilded edges; (vii) cards with metallic foil stamping to create a glossy texture; (viii) lightemitting diode (LED) cards that glow while transacting; (ix) image cards; (x) PVC cards; (xi) metal cards; and (xii) rPVC cards.

Technology-driven facilities and operations, with a focus on security compliance: It continues to invest in strengthening the technology, infrastructure and IT and cybersecurity systems at its facilities to comply with security standards and controls laid by payment networks and its customers. Its certifications collectively allow it to offer payment cards across the ecosystem of payment networks. These certifications range from an average of nine years to 16 years, and require periodic inspection of its facilities. Its certifications have been renewed without interruptions, and no security breaches have been identified, reported and escalated in the past three Fiscals. Certifications of this nature are often contractually required by its customers to authenticate its infrastructure, and in case of payment networks such as RuPay, Mastercard, among others, serve as eligibility conditions to manufacture and personalize their cards. It has also received certification confirming its compliance with RuPay card quality and security standards for activities such as magnetic stripe encoding, card embossing, chip data preparation, chip personalization, card manufacturing and card mailing. Its ability to acquire and maintain these certifications reflect its adherence to quality management and control standards necessary to manufacture payment cards, and places it among a league of manufacturers equipped to offer payment cards. Further, as of March 31, 2026, it was one of the select few companies to have issued metal cards in India, and are one of the leading metal card manufacturers in India holding a patent for metal cards manufacturing.

Risks and concerns

Dependence on limited number of key customers: As of March 31, 2026, 2025 and 2024, it had 344, 315 and 307 customers, respectively, which include banking and finance customers, including private and public sector undertaking (PSU) banks, co-operative banks, small finance banks, payment banks, fintech companies; and various government departments. It generates a substantial portion of its revenues from, and are therefore dependent on, certain key customers for a substantial portion of its business. its top 10 customers accounted for 58.67%, 60.98% and 62.51% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of its key customers, or reduction in revenue earned from such key customers, may have an adverse effect on its business, financial condition and results of operations. 

Reliance on top 10 suppliers for raw materials: Its production operations depend on adequate supply and deliveries of semiconductor chips/ banking chip modules, overlay film, PVC sheets, UV inks and varnishes, holograms by vendors and metal and alloy plates, inlay among other materials. For cheque printing, its key raw materials include MICR-paper, inks, offset printing plates, adhesives, pinning coil, packing materials, plastic envelopes and other process consumables. For its smart tagging and IOT solution, its key raw materials include paper, adhesives, foils, inks and other process consumables. Purchases from its top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of its total purchases in Fiscals 2026, 2025 and 2024, respectively. it relies on the timely supply of different raw materials for manufacturing, personalizing and printing its products. Its business could be adversely affected if its suppliers fail to meet their delivery obligations or raise their prices.  

Significant dependence on revenue from card manufacturing and sales: The company generates a significant portion of its revenues from sale of cards manufactured by the company. Its cards-manufactured and traded-contributed 57.25%, 58.40%, and 59.61% to its Revenue from Operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Factors that could negatively affect the sale of its card products include, among others, changes in the regulatory environment, intensified market competition, disruptions in the supply chain, evolving customer preferences, macro-economic downturns and rapid technological innovations. Any of these adverse developments affecting the card-manufacturing vertical could have an adverse effect on its business, results of operations, financial condition and cash flows.

High dependence on imported raw materials: It imports a substantial portion of its raw material requirements. As of March 31, 2026, for manufacturing PVC cards, it requires PVC, which it sources from vendors in China, Thailand and Europe. It sources banking chip modules from China, Singapore and Europe, and magstripe from Germany. It procures holograms from vendors in Europe and the UK, copper from China, ink from UK, Japan, Europe and domestically in India. Further, it sources steel from China and domestically in India. Cost of imports of raw materials in Fiscals 2026, 2025 and 2024 amounted to 49.56%, 43.70% and 51.70%, respectively, of its total purchases. Any changes in laws, regulations and policies, including restrictions on trade, import and export license requirements, tariffs and taxes, intellectual property enforcement issues and changes in foreign trade and investment, general economic conditions, competition, transportation costs and import duties. Its inability to handle risks associated with the import of raw materials could affect its business and Revenue from Operations.  

Outlook

Manipal payment and identity solutions offers comprehensive solutions for cards, including banking, identity solutions, and loyalty cards. Its services encompass card manufacturing, card personalization, cheque book printing, the supply of related collaterals, tax stamps, holograms, thermal paper rolls and RFID products. Additionally, it handles fulfilment activities, including dispatch services. It operates a card manufacturing facility in Manipal, with card personalization facilities and multiple printing and processing units located across the world. On the concern side, it is dependent on third party transportation providers for the delivery of its products to the end customers. Any disruptions in logistics and transportation or significant increase in freight charges could adversely affect its business, financial condition and results of operations.

The issue has been offering 2,42,44,673 shares in a price band of Rs 322-339 per equity share. The aggregate size of the offer is around Rs 780.68 crore to Rs 821.89 crore based on lower and upper price band respectively. Minimum application is to be made for 44 shares and in multiples thereof thereafter. On performance front, its total income increased by 6.22% from Rs 12,771.06 million in Fiscal 2025 to Rs 13,565.92 million in Fiscal 2026. Its profit for the year was Rs 2,534.62 million in Fiscal 2026 compared to Rs 2,822.14 million in Fiscal 2025.

Meanwhile, it intends to capitalize on the growth in the credit card market, instant issuance systems and services market to grow its market share in international jurisdictions. In the last three Fiscals, it has exported its products such as credit cards, debit cards and metals cards to countries including UK, Singapore, Bahrain, Hong Kong, Oman, Maldives, Mauritius, South Africa, Bangladesh, Brazil, Bolivia, Nigeria, Nepal, Sri Lanka, and United Arab Emirates, as well as certain countries in Europe. In addition, it intends to diversify its card offerings through continued value additions such as LED cards and metal cards. Similarly, it is focusing on building capacity for biometric cards, which combine chip technology with fingerprints to safely verify cardholder identity for in-store purchases, as well as wood cards.

LCC Projects

• LCC Projects is coming out with a 100% book building; initial public offering (IPO) of 3,01,46,151 shares of face value Rs 5 each in a price band Rs 139-146 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 September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 27.80 times of its face value on the lower side and 29.20 times on the higher side.
• Book running lead manager to the issue is Motilal Oswal Investment Advisors.
• Compliance officer for the issue is Gayatri Desai. 

Profile of the company

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company in the irrigation and water supply projects segment from Gujarat. The company is a multidisciplinary large corporate EPC company from Gujarat, poised to undertake infrastructure projects across 12 states in India. Over a period of two decades (including projects undertaken through the partnership firm prior to conversion to the company), it has executed a wide range of projects in the irrigation and water supply segment such as construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects. Additionally, it has executed a project related to the construction of metro rail project including construction of station along with its approaches and viaducts and are in the process of executing a mining development and operations (MDO) project.

Further, it has established a manufacturing unit, strategically located in Jaspur, Gujarat, for the production of precast concrete solutions for the infrastructure and construction industries. This unit has been set up to manufacture precast concrete elements, which are cast and cured in a controlled factory environment before being transported to construction sites for installation.

The company has experience of executing projects across diverse geographic locations in India. For instance, it has diversified its geographical presence in the construction and development and execution of projects in various states of India, such as Madhya Pradesh, Gujarat, Odisha, Maharashtra, Chhattisgarh, Jharkhand, Uttar Pradesh, Haryana, Himachal Pradesh, Rajasthan, Andhra Pradesh, and Karnataka. It has undertaken projects with different levels of complexities in relation to project execution such as managing water flow dynamics, ensuring structural stability, mitigating geographical challenges like uneven terrain and soil conditions, construction in hilly terrain slope protection and rock fall protection due to high rainfall.

Proceed is being used for: 

• Purchasing equipment
• Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

Agriculture and allied activities form an integral part of the Indian economy and currently, around 18% of India’s Gross Value Added (GVA) is contributed by this sector. India, possessing around 4% of the world’s water resources supports a population of 1.4 billion. Limited water resources for agricultural activities, coupled with erratic monsoons and change in weather patterns, intensifies the need for efficient irrigation practices so as to ensure reduction of water stress in the country. Furthermore, this has resulted in irrigation systems becoming critical in maximizing agricultural output and ensuring food security for the nation. The disparity between availability of water and the actual demand for it necessitates innovation and sustainable management practices in the agricultural sector.

The agricultural sector of India employs an estimated around 45% of India’s workforce and comprises an estimated around 15% of India’s GVA, making itself pivotal to the economy. However, traditional farming methods often yield less efficiency and productivity. This led the Government of India (GoI) to bring about the fourth agricultural revolution known as Agriculture 4.0. This initiative aims to improve yield quality and precision, while minimizing environmental damage, leading to more efficient and sustainable farming methods. Despite recent global headwinds, the sector has shown resilience and has even been a driving force to boost the economy forward. During the First Five Year Plan, India had 74 major and 143 medium irrigation projects. This number increased significantly with the government taking up 406 major, 1135 medium and 259 ERM schemes during FY1951 to FY2012 (end of XI Plan). 231 major, 880 medium and 122 ERM projects have been recorded as completed by end of XI Plan.

The irrigation sector forms the backbone of India’s agricultural landscape, playing a crucial role in ensuring food security, improving climate resilience, and stabilising farm incomes. Strengthening this sector through the development of robust infrastructure, modernisation of irrigation systems, and the promotion of sustainable water management is essential to enhance productivity. To achieve this, the Government of India has introduced several targeted programmes and schemes that encourage the adoption of water-efficient irrigation practices. The flagship scheme, Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), has been central to this effort by improving irrigation coverage, promoting innovative techniques, and providing financial support for sustainable practices. Within this framework, the Per Drop More Crop (PDMC) initiative, which has been implemented under the Rashtriya Krishi Vikas Yojana (RKVY) since 2022–23, focuses on strengthening and incentivising micro-irrigation projects. Together, these initiatives aim to expand cultivable areas with reliable water access, enhance water use efficiency, and modernise irrigation methods, ultimately making farming more sustainable and resilient. 

Pros and strengths 

Multidisciplinary EPC company in India for irrigation and water supply projects: The company is a multidisciplinary EPC company in India. It focuses on complex projects and has a strong track record in successful project management, execution and timely completion of irrigation and water supply projects across India, with a majority of its projects being executed ahead of or on schedule.  As of March 31, 2026, the company has a track record of completing 80 projects for various Government departments and other customers. Its track record showcases its ability to capitalize on its design and engineering capabilities, execution expertise, and effective internal systems. Its skilled workforce, supported by an execution-driven culture, is as an integral factor of its success. Further, its ability to leverage its experience in executing projects across India provides it with a significant advantage in project execution and timely delivery. By consistently demonstrating its ability to handle large-scale projects and leveraging its project management and execution capabilities, it is well-positioned to pursue new opportunities across geographies.

Strong order book and diversified project portfolio: In the industry in which it operates, an Order Book holds significant importance as it represents the estimated contract value of the unexecuted portion of a company’s existing projects and provides visibility on possible future revenues. Its order book has grown from Rs 62,689.68 million as of March 31, 2024, and to Rs 78,821.71 million as of March 31, 2025 to Rs 79,531.81 million as of March 31, 2026. Its order book is diversified across business verticals. Albeit irrigation and water supply projects form the largest part of its Order Book, it has different components which ensure that its Order Book continues to remain diversified. In an industry which requires significant working capital management, managing large equipment and materials along with manpower resources, it is vital for it to be selective and careful while expanding its business. The consistent growth in its Order Book is a result of its extensive experience, its commitment to maintaining quality standards and its project execution skills. The growth in its Order Book has also contributed to its strong financial performance. Further, its financial strength also enables it to access additional bank financing, which in turn, will enable it to bid for additional projects which will help it builds a strong order book.

In-house project designing capabilities with robust technical knowledge: It has qualified in-house teams who are responsible for different aspects of its projects starting from identifying prospective projects to the operation and maintenance of the projects. It is able to undertake a significant number of activities related to the projects in-house, thereby ensuring timely completion of its projects, reducing its reliance on third parties and decreasing its costs. Its integrated structure also allows it to control its budget and maximize returns for the project, including the operation and maintenance margins. The company has an in-house design and engineering team comprising 698 qualified engineers and technical personnel as on July 31, 2026. The average work experience of its design team members is over five years. The company is also focused on ensuring that each project is executed in conformity with the work description provided in the contracts and adheres to the quality and standard of construction associated with the company.

Strong risk management, project selection and dispute resolution processes: It recognizes the inherent risks prevalent in the infrastructure sector and have set up a risk management system that assists in identifying, measuring and monitoring the various risks that may arise in its operations. Its project selection process focusses on finding and winning projects in which it expects to have steady cash flows through periodic payments, which it expects will allow it to stay cash flow positive throughout the project lifecycle. It has a team of experienced Senior Management within the company that is responsible for analysing and evaluating all proposed new bids and investments. Their assessment includes a review of various aspects, including credit risk, market risk, and operational risk associated with such bids or capital expenditures. its risk management processes span the entire project lifecycle. At the pre-tendering stage, the risks that it evaluates include customers risk, project risk and joint venture risk. The teams involved in analysing these risks include business development executives, the tendering team and the strategy team. At the tendering stage, detailed analysis is done towards scope of work, construction method, estimates of construction materials and equipment. age, detailed analysis is done towards scope of work, construction method, estimates of construction materials and equipment. This analysis is prepared by the techno commercial team along with the risk management team and shared with the business unit head along with a risk pricing plan and a risk mitigation plan.

Risks and concerns

Significant dependence on top ten customers, primarily state and central government departments: The company derives a significant portion of its revenue from operations from its top ten customers which are primarily state and central government departments and thus it is majorly dependent on these state and central government departments. Revenue from its top ten customers comprise a significant portion of its revenue from operations i.e. 72.30% for Fiscal 2026, 84.10% for the Fiscal 2025, and 82.76% for the Fiscal 2024. Any failure to maintain its relationship with these customers, any adverse changes affecting their financial condition or the loss of any of its customers will have an adverse effect on its business, results of operations, financial condition and cash flows.

Geographical concentration in Gujarat and Madhya Pradesh: Its operations are geographically concentrated in the states of Gujarat and Madhya Pradesh. Its revenue from operations from Gujarat accounted for 39.64%, 35.52% and 10.97% in Fiscals 2026, 2025 and 2024, respectively. Its revenue from operations from Madhya Pradesh accounted for 36.58%, 45.41% and 66.03% in Fiscals 2026, 2025 and 2024, respectively. This concentration of its projects in the states of Gujarat and Madhya Pradesh heightens its exposure to adverse developments related to regulatory, political, as well as economic, demographic and other changes in the respective states of as well as the occurrence of natural and man-made disasters, which may adversely affect business, results of operations and financial condition in the respective states.

High dependence on Jal Jeevan Mission for order book: A significant portion of its order book is derived from Jal Jeevan Mission projects. For Fiscal 2026, projects under the Jal Jeevan Mission constituted 19.54% of its total Order Book, amounting to Rs 15,550.07 million. Further, for Fiscals 2025, and 2024, projects awarded under the Jal Jeevan Mission constituted Rs 20,411.49 million, and Rs 28,053.98 million of its total order book, amounting to 25.90%, and 44.75% respectively. Any adverse changes in policy, funding, or implementation of this mission could lead to delays, cancellations, or reduced opportunities, which may negatively impact its business, results of operations, and financial condition. Further, its dependency on the Jal Jeevan Mission exposes it to concentration risks both in terms of geography and customer profile. A decline in the scale of the scheme or reduced participation by states could materially impact its revenues, cash flows and overall financial performance.

Dependence on customers for land acquisition and statutory clearances: Its infrastructure projects, particularly those related to irrigation and water supply, often require significant land acquisition and may impact local communities, which can lead to resistance and opposition. The construction and operation of its projects may face opposition from local communities and special interest groups, which can result in delays or disruptions. Key challenges include delays in the acquisition of private land, securing rights of way, eviction of encroachments, and obtaining environmental clearances, which are typically the responsibility of its customers. A failure by its customers to acquire the necessary land free of encumbrances and on time can cause significant project delays, cost overruns, or even force it to alter or abandon projects altogether. Any significant delays in the completion of its projects on account of the aforementioned factors could lead to the termination of its contracts, cost overruns, or claims for damages, which could have an adverse effect on its cash flows, business, results of operations, and financial condition. Furthermore, these issues can lead to disputes and crossclaims for liquidated damages between it and its customers.

Outlook

LCC Projects is engaged in the business of designing, construction, and operation and maintenance of roads and highways, bridges, irrigation and mining projects, construction of commercial buildings, and other ancillary services like toll collection, operation and maintenance of highways. This includes Water and Wastewater Treatment Plants (WWTPs). WWTPs include Sewage Treatment Plants (STPs), Common Effluent Treatment Plants (CETPs), along with Sewerage Networks, Water Treatment Plants (WTPs) and Water Supply Scheme Projects (WSSPs). On the concern side, its business significantly depends on its ability to successfully bid for and acquire projects in the irrigation and water supply projects segment. In the Fiscals 2026, 2025, and 2024, its bid success rate was 13.53%, 21.35%, and 22.89%, respectively. Its inability to successfully bid for and acquire new projects in the irrigation and water supply projects segment could have an adverse effect on the growth of its business.

The issue has been offering 3,01,46,151 shares in a price band of Rs 139-146 per equity share. The aggregate size of the offer is around Rs 419.03 crore to Rs 440.13 crore based on lower and upper price band respectively. Minimum application is to be made for 102 shares and in multiples thereof thereafter. On performance front, its total income increased by 23.75% to Rs 36,394.54 million for Fiscal 2026 from Rs 29,410.13 million for Fiscal 2025. Its profit after tax increased by 28.09% to Rs 2,864.41 million for Fiscal 2026 from Rs 2,236.25 million for Fiscal 2025.

Meanwhile, it intends to further develop its long-standing customer relationships by continuing its focus on quality in delivery and execution. Through client interaction, real-time reporting implemented under its stakeholder communication system, its project management teams closely monitor client satisfaction and are responsive to their evolving needs. The company possesses a track record of timely project completion through competent and experienced project management teams and active promoter engagement. In line with the same, completing its customers’ projects in a timely manner whilst upholding the high standards of quality, is the most effective manner in which it can develop and maintain strong relationships with its customers.

Prasol Chemicals 

• Prasol Chemicals is coming out with a 100% book building; initial public offering (IPO) of 77,76,039 shares of face value Rs 2 each in a price band Rs 643-676 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 September 08, 2026 and will close on September 10, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 321.50 times of its face value on the lower side and 338.00 times on the higher side. 
• Book running lead manager to the issue is DAM Capital Advisors.
• Compliance officer for the issue is Kiran Rajendra Agrawal.

Profile of the company 

The company was incorporated in 1992 and with over 33 years of experience in the specialty chemicals industry, it is a forward integrated manufacturer of acetone and phosphorous based specialty chemicals and other specialty chemicals involving complex and differentiated chemistries. It is a highly diversified specialty chemical player with over 150 specialty chemical products and over 1,600 customers and exports to 69 countries, as of July 15, 2026. Its products find diversified applications across numerous industries with 5 key segments being: (a) performance chemicals (including lubricant additives and mining chemicals); (b) PICA viz., paints, inks construction, & adhesives; (c) pharmaceuticals; (d) agrochemicals; and (e) home and personal care (Application Industries). 

The company is a 3 Star Export House company as certified by the Government of India certified with a robust global distribution network spread across 63 countries in Asia-Pacific (APAC), North America, South America and Europe as on June 30, 2026. It operates 2 manufacturing facilities located in Khopoli, Maharashtra, (Khopoli Manufacturing Facility) started in 1995 spanning a total area of 120,604.00 square metres and Mahad, Maharashtra (Mahad Manufacturing Facility started in 2020 spanning a total areas of 119,423.00 square meters and along with its Khopoli Manufacturing Facility - the Manufacturing Facilities) with an aggregate installed capacity of 98,644 metric tonnes per annum. Each of its Manufacturing Facilities has obtained ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications. Additionally, it has a facility located in Dheku, Khopoli, Maharashtra which is similarly certified and is currently used for repacking, storage and dispatch, which can be re-purposed for carrying out manufacturing activities.

Proceed is being used for: 

• Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company.
• General corporate purposes.

Industry overview 

The specialty chemicals segment stands out as one of the fastest-growing areas in Indian manufacturing, driven by rising demand from various end-user sectors, supportive government policies, an expanding domestic customer base, and shifts in consumer lifestyles. The Indian specialty chemicals market has demonstrated robust growth, expanding from Rs 2,240 billion in FY19 to Rs 5,563 billion in FY26, and is projected to reach Rs 7,541 billion by FY29, registering a CAGR of 10-12% over the next four years. This sustained upward trajectory is driven by a strong domestic demand base, rising exports, and increasing import substitution across various segments like agrochemicals, active pharmaceutical ingredients (APIs), dyes, and polymer additives. The sector benefits from India's cost-competitive manufacturing capabilities, a large skilled workforce, and tightening environmental regulations in China prompting global supply chain diversification. Additionally, the ‘China+1’ strategy adopted by multinational corporations has further positioned India as a preferred destination for sourcing specialty chemicals, particularly in high-margin, value-added segments. With rising investments in R&D, backward integration, and capacity expansion by Indian players, the sector is poised to play a pivotal role in transforming India into a global specialty chemicals hub.

India's chemical industry holds a prominent position globally, ranking 6th in production and 14th in exports. Specialty chemicals, particularly agrochemicals, dyes, and pigments, represent more than half of India's chemical exports. In recent years, imports in the sector have grown consistently, with petrochemical intermediates making up over 30% of total imports. The Indian chemicals industry is expected to maintain a relatively stable segmentation mix between 2024 and 2029, though with some marginal shifts. Basic chemicals, which form the foundation of the industry and include bulk products like petrochemicals, inorganic chemicals, and intermediates, will continue to dominate the market, albeit with a slight decline from 56% in CY25 to 54% in CY29. This indicates a gradual diversification of the industry away from commoditized segments. Specialty chemicals, known for their higher value addition and enduse specificity, are projected to grow modestly from 20% in CY24 to 22% in CY25, reflecting increasing demand from industries like automotive, construction, and personal care. Meanwhile, agricultural chemicals, which include fertilizers and crop protection products, are expected to remain stable at 11%, indicating a mature and steady market. Consumer chemicals, comprising products like detergents, cleaning agents, and personal care formulations, are also projected to hold steady at 13% in 2029(P), supported by consistent urban and rural demand. Overall, the industry is moving toward a slightly more value-added profile, with specialty chemicals gaining a larger share.

Pros and strengths

Highly diversified product portfolio used across various Application Industries: The company is a forward integrated manufacturers of acetone and phosphorous based specialty chemicals and other specialty chemicals involving complex and differentiated chemistry and its products find diversified application in a large number of Application Industries. It is a highly diversified specialty chemical player with over 150 specialty chemical products and over 1,600 customers and exports to 69 countries, as of July 15, 2026. The diverse applications of its products across multiple application industries and end uses insulates it from changes in business cycles or disruptions in any one industry. 

Well established R&D capabilities: The company’s specialty chemicals are key raw materials across various Application Industries, and it has continuously diversified its product portfolio to address the changing needs of the customers and applications. The company has a dedicated R&D facility at its Khopoli Manufacturing facility which houses advanced equipment including a fluidized bed reactor (a type of reactor device that can be used to carry out a variety of multiphase chemical reactions), distillation column and centrifuge. Further, both the Manufacturing Facilities house pilot plants where it undertakes synthesis of specialty chemicals in small batches to test, develop and augment the efficacy of its products. Its R&D laboratory is equipped to undertake various chemicals reactions/processes such as aldol condensation, addition (inorganic), hydrogenation, dehydration, acid synthesis (thio compounds), ammonolysis, chlorination, esterification, oxidation (organic), catalytic cracking (gas phase tubular reactor), substitution etc. Its focus on R&D has been one of the key aspects of its growth, and R&D will continue to play a key role in enabling it to successfully garner new customers or higher value contracts with existing customers at an optimal cost.

Long standing relationships with diversified customer base and strong global presence: During Fiscals 2026, 2025 and 2024, the company catered to 1,618, 1,586, and 1,560 customers, respectively. Its diversified customer base assists in reducing its dependence on a single geography or concentrated group of markets, which helps in mitigating the effect of region specific economic and industry cycles. Its long-term association with key customers also offers significant competitive advantages such as revenue visibility, industry goodwill, quality assurance and up-sell and cross-sell its diverse range of products. Besides, the company has appointed sales channel personnel in Shanghai and London, so as to enable it to market its products as well as understand the customer needs in these regions. It has also appointed consignment stockist in Houston, United States of America and Rotterdam, Netherlands to hold its products on consignment basis which will assist it in further penetrating in these markets by servicing smaller customers with just in time deliveries. 

Experienced, qualified and professional leadership team: The company is led by a well-qualified and experienced Board of Directors and key managerial personnel, who have extensive domain knowledge and understanding of the industry and the business environment in which it operates. It has also a succession plan in place with experienced Directors mentoring younger Directors, members of Key Managerial Personnel and members of Senior Management to ensure smooth leadership transition in the future.

Risks and concerns

Business reliant on certain key customers: The company’s top 10 customers contributed 23.68%, 21.96% and 18.46% of its total revenue from operations during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The company’s business, results from operations, and financial condition are dependent on maintaining relationship with its customers, and failure or inability to retain all or any of its top 10 customers, for any reason (including, due to failure to negotiate acceptable terms, adverse change in the financial condition of such customers for various factors such as possible bankruptcy or liquidation or other financial hardship, merger or decline in sales from such customers, reduced or delayed customer requirements, facility shutdowns, labour strikes, geopolitical reasons and, or, other work stoppages affecting production by such customers) could have a short term material adverse impact on its business, results of operations, financial condition and cash flows.

Operations depend on continuous R&D: The company’s operations are dependent on continuous R&D to develop and commercialise new products. For a company engaged in the manufacture of speciality chemicals, which includes complex chemistries, R&D is a necessary component of business and corporate success and growth. The company’s R&D expenditure declined from Rs 21.58 million constituting 0.24% of its total income in Fiscal 2024 to Rs 19.81 million constituting 0.20% of its total income in Fiscal 2025. In Fiscal 2026, though, its R&D expenditure increased to Rs 33.39 million constituting 0.27% of its total income. The company’s inability to identify and understand evolving industry trends, technological advancements, customer preferences and develop new products to meet its customers’ demands may adversely affect its business. Although the company strives to keep its technology, facilities and machinery current with the latest international standards, the technologies, facilities and machinery it currently employs may become obsolete and it may not have the resources to adequately invest in R&D. The cost of implementing new technologies and upgrading its manufacturing facilities as well as R&D could be significant and could adversely affect its business. 

Volatility in raw material prices: The success of the company’s operations depends on a variety of factors, including its ability to source raw materials at competitive prices.  The major raw materials required by the company for the manufacturing of its products is acetone and yellow phosphorous. The average price of acetone (i) increased by 9.65% from Rs 74.61 per kg in Fiscal 2024 to Rs 81.81 per kg in Fiscal 2025, and (ii) decreased by 26.89% to Rs 59.81 per kg for Fiscal 2026 from Rs 81.81 per kg in Fiscal 2025. Further, the prices of yellow phosphorus (i) decreased by 2.58% from Rs 333.83 per kg in Fiscal 2024 to Rs 325.21 per kg in Fiscal 2025, and (ii) increased by 8.79% to Rs 353.81 per kg for the Fiscal 2026 from Rs 325.21 per kg in Fiscal 2025. Raw material supply and pricing can be volatile due to a number of factors beyond the company’s control, including demand and supply, general economic and political conditions, transportation and labour costs, natural disasters, pandemic, competition and there are inherent uncertainties in estimating such variables, regardless of the methodologies and assumptions that it may use. It typically seeks quotations from multiple suppliers. It also typically does not enter into long-term agreements with its suppliers. It may be required to track the supply demand dynamics and regularly negotiate prices with its suppliers in case of significant fluctuations in raw material prices or foreign currency fluctuations.

Faces foreign exchange risks: A significant portion of the company’s total income and expenditure is denominated in currencies other than Indian Rupees. Although, it closely follows its exposure to foreign currencies by formulating a risk management policy and entering into forward contracts to hedge its exposure in an attempt to reduce the risks of currency fluctuations, its results of operations, cash flows and financial performance could be adversely affected in case these currencies fluctuate significantly. For the Fiscal 2026, Fiscal 2025 and Fiscal 2024, the company incurred a profit / (loss) of Rs (37.55) million, Rs (33.29) million and Rs 63.36 million, respectively, on account of fluctuations in the foreign exchange rate. It may from time to time be required to make provisions for foreign exchange differences in accordance with accounting standards. While it has forex management systems in place and from time-to-time avail forward cover to minimise the foreign exchange related risks, it may experience foreign exchange losses and gains in respect of transactions denominated in foreign currencies.

Outlook

Prasol Chemicals is one of India’s leading specialty chemical manufacturers. The company is known for providing innovative solutions to a diverse range of sectors which include Agrochemicals, Pharmaceuticals, Home & Personal Care, Paints & Coatings/Inks/Construction/Adhesives and Performance Chemicals ranging from Lubricant Additives, Mining Chemicals to Oilfield & Refineries, Construction Chemicals. With strategically located manufacturing plants, research centers, and distribution hubs, it ensures that its customers benefit from localized support, reliable supply chains, and region-specific expertise. The company remains focused on R&D and invests on product development. It has a qualified and experienced R&D team with members comprising of scientists and chemical engineers. On the concern side, the company’s business operations require it to obtain and renew, from time to time, certain approvals, licenses, registrations and permits under central, state and local government rules in India, generally for carrying out its business and for its manufacturing facilities. Besides, its business requires significant amount of working capital primarily as a considerable amount of time passes between purchase raw materials and sale of its finished products and the subsequent collection process from its customers. As a result, it is required to maintain sufficient stock at all times in order to meet manufacturing requirements, thus increasing its storage and working capital requirements. 

The issue has been offering 77,76,039 shares in a price band of Rs 643-676 per equity share. The aggregate size of the offer is around Rs 500 crore to Rs 525.66 crore based on lower and upper price band respectively. Minimum application is to be made for 22 shares and in multiples thereof thereafter. On performance front, the company’s total income increased by 21.89% to Rs 12,378.45 million in Fiscal 2026 from Rs 10,155.40 million in Fiscal 2025. The company’s profit for the year increased by 90.79% to Rs 831.24 million in Fiscal 2026 from Rs 435.69 million in Fiscal 2025.

Meanwhile, to cater for the anticipated increase in demand of the company’s products in various Application Industries, it proposes to debottleneck and expand its manufacturing capacities by increasing the capacity of its existing facilities at Khopoli and Mahad in Maharashtra. The company is also developing a separate application testing laboratory for lubricant additives, construction chemicals and mining chemicals. This laboratory will have specialized equipment which will allow it to test the performance of its products in its customer’s end product and highlight the benefits to its customers using multiple data points. In addition, it intends to continue to leverage its direct marketing and distributor network, diversified product portfolio and its industry standing to establish relationships with new export and local customers and expand its customer base.