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Finbud Financial Services 

• Finbud Financial Services is coming out with an initial public offering (IPO) of 50,48,000 equity shares in a price band of Rs 140-142 per equity share. 
• The issue will open on November 6, 2025 and will close on November 10, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 14.00 times of its face value on the lower side and 14.20 times on the higher side.
• Book running lead manager to the issue is SKI Capital Services.
• Compliance Officer for the issue is Vivekananda Udaya Bhandarkar.

Profile of the company

Finbud Financial Services (Finance Buddha) a is a prominent retail loan aggregation platform in India that helps people get personal loans, business loans, and home loans from banks and non-banking financial companies. The company acquires customers through a hybrid strategy using digital marketing and through a wide network of external agents to reach out to prospective borrowers. Once the intent of the customer has been established, the company uses its matchmaking capabilities to advise the customer on the best suited product for his/her needs by allowing them to compare prospective loan offers across multiple lending institutions and hand holds them through the entire loan documentation process till the final disbursement. The decision to either approve or reject the loan application is with the bank/NBFC and hence the company doesn’t take any credit risk. Upon loan disbursement the company earns a commission from the lenders. The service is completely free for the customer and is provided with a seamless end to end journey of loan products from discovery to disbursement.

The company is uniquely differentiated amongst its competitors by being the only major player to have a hybrid business model - conventional lending i.e., Agent channel and Digital Lending i.e., Digital Channel. As different customer looks for different kind of solutions, the company is able to provide the nuance of solutioning that the conventional lending model provides and the speed and ease of delivery that the digital lending model provides to consumers. Conventional or Agent business is the primary & initial customer acquisition strategy for the company, here in this case with its widely distributed agent network the company gets access to a curated audience of customers where a large part of the preliminary checks is already done on the consumers, thus resulting in higher conversion rates and more optimised model for the lender ecosystem.

The company operates within the digital lending market, which is experiencing rapid growth, driven by increasing internet penetration, smartphone usage, and the adoption of digital financial services. The digital lending segment is shaped by several key factors, including rapid technological advancements that enhance credit assessment and operational efficiency. Consumer behaviour is also pivotal, with increasing preference for digital channels driving growth. Regulatory environments impact the market by setting compliance standards and fostering financial inclusion. Economic conditions, such as interest rates and economic stability, influence borrowing demand and borrower creditworthiness. The market is experiencing significant growth driven by increased digital adoption, with consumers favouring online channels for their convenience, speed, and enhanced accessibility.

Proceed is being used for:

• Working capital requirement
• Investment in wholly owned subsidiary i.e. LTCV Credit Private Limited
• Funding for business development and marketing activities
• Prepayment or repayment of a portion of certain outstanding borrowings availed by the company
• General corporate purposes 

Industry Overview

The banking and financial sector in India remains stable, well-capitalised, and continues to effectively support the financing needs of the economy. Credit disbursal by Scheduled Commercial Banks (SCBs) continues to grow at a double-digit pace, although the rate of growth has moderated in recent months. This slowdown is attributed to a high base effect and regulatory tightening in segments that had previously experienced rapid expansion. In response to the high growth in certain categories of consumer credit, the Reserve Bank of India (RBI), on November 16, 2023, increased the risk weights on unsecured retail loans by 25 basis points. Despite this, credit expansion remains broad-based, with housing loans being the primary contributor. Alongside personal loans, credit to the services sector is another key driver of gross bank credit growth. While industrial credit growth has started to improve, it still lags behind growth rates in other major sectors.

The Indian banking system consists of 12 public sector banks, 21 private sector banks, 44 foreign banks, 12 Small finance banks. As of April 2024, the total number of micro-ATMs in India reached 17,36,972. Moreover, there are 1,26,593 on-site ATMs and Cash Recycling Machines (CRMs) and 91,826 off-site ATMs and CRMs. Banks added 2,796 ATMs in the first four months of FY23, against 1,486 in FY22 and 2,815 in FY21. 100% of new bank account openings in rural India are being done digitally. BCG predicts that the proportion of digital payments will grow to 65% by 2026. In 2023, total assets in the public and private banking sectors were $1686.70 billion and $1016.39 billion, respectively. In 2023, assets of public sector banks accounted for 58.31% of the total banking assets (including public, private sector and foreign banks). The interest income of public banks reached $102.4 billion in 2023. In 2023, interest income in the private banking sector reached $70 billion.

Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth in the banking sector. All these factors suggest that India’s banking sector is poised for robust growth as rapidly growing businesses will turn to banks for their credit needs. The advancement in technology has brought mobile and internet banking services to the fore. AI and automation are demonstrating unprecedented value while Blockchain has sparked innovation throughout the business landscape and is poised to continue in doing so. The banking sector is laying greater emphasis on providing improved services to their clients and upgrading their technology infrastructure to enhance customer’s overall experience as well as give banks a competitive edge. In recent years India has experienced a rise in fintech and microfinancing. India’s digital lending stood at $75 billion in FY18 and is estimated to reach $1 trillion by FY23 driven by the five-fold increase in digital disbursements. The Indian fintech market has attracted $29 billion in funding over 2,084 deals so far (January 2017-July 2022), accounting for 14% of global funding and ranking second in terms of deal volume. By 2025, India's fintech market is expected to reach Rs 6.2 trillion ($83.48 billion).

Pros and strengths

Operates within the digital lending market: The company operates within the digital lending market, which is experiencing rapid growth, driven by increasing internet penetration, smartphone usage, and the adoption of digital financial services. The digital lending segment is shaped by several key factors, including rapid technological advancements that enhance credit assessment and operational efficiency. Consumer behaviour is also pivotal, with increasing preference for digital channels driving growth. Regulatory environments impact the market by setting compliance standards and fostering financial inclusion. Economic conditions, such as interest rates and economic stability, influence borrowing demand and borrower creditworthiness.

Hybrid business model: The company’s hybrid business model allows it to cater to a wide range of customers, from those preferring traditional methods to digitally savvy consumers. The company’s extensive agent network and digital marketing capabilities provide a competitive edge in acquiring and retaining customers. Moreover, the company’s partnerships with lending institutions, including major banks and NBFCs, further strengthen its market position.

Technological integration and customer-centric approach: Advanced use of technology and data analytics enhances the customer experience and operational efficiency. Moreover, personalised loan offers, efficient processing, and post-approval support ensure a seamless and transparent borrowing experience.

Risks and concerns

Maximum revenue comes from limited customers: The company derives a significant portion of its revenue from a limited number of key Lending Partners. For instance, as of March 31, 2025, the top 1 Lending Partner alone accounted for 20.10% of its total revenue, while the top 5 Lending Partners represented 48.51%, and the top 10 Lending Partners contributed 65.99%. This concentration of revenue from a small group of Lending Partners exposes it to risks associated with the loss or reduction in business from any of these key partners.

Significantly reliant on Agent channel sales: The company's revenue is predominantly derived from Agent channel sales, which account for a significant majority of its total income. For the stub period ended on July 31, 2025 and for the periods ended March 31, 2025, March 31, 2024, and March 31, 2023, Agent channel sales contributed 86.17%, 85.46%, 86.03%, and 87.79%, respectively, of the total revenue. In contrast, Digital channel sales accounted for only 13.83%, 14.54%, 13.97%, and 12.21%, indicating a limited growth trajectory in this segment. Any termination of relationships with one or more of these key Lending Partners, or any significant reduction in the volume of business they conduct with it, could materially and adversely affect its financial performance.

Business is subject to seasonality: The company’s business is subject to seasonal fluctuations in demand for its financial products, with increased activity typically observed before major festivals like Diwali, during wedding seasons, and at the end of the financial year. These periods of heightened demand can result in variability in revenue and cash flow, which may affect its financial performance. The timing and impact of these seasonal trends are influenced by external factors such as consumer behavior, market conditions, and economic cycles. Any disruption to these seasonal patterns or changes in demand could have a material adverse effect on its business, financial performance, results of operations, and future growth prospects.

Outlook

Finbud Financial Services is a loan aggregation platform in India, assisting individuals in obtaining personal, business, and home loans from banks and non-banking financial companies. The company has strong digital lending platform with robust technological infrastructure. On the concern side, the company’s business is heavily reliant on Agent channel sales, which constitute a significant portion of its total revenue. Any disruption to Agent channel sales operations, changes in consumer preferences, or inability to effectively grow its digital channel sales could have a material adverse effect on its business, financial performance, results of operations, and future growth prospects. Moreover, concentration risk from dependency on a few key lending partners may adversely affect its business. 

The company is coming out with a maiden IPO of 50,48,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 140-142 per equity share. The aggregate size of the offer is around Rs 70.67 crore to Rs 71.68 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations surged 17.37% to Rs 22,328.28 lakh in FY25 as compared to Rs 19,023.97 lakh in FY24. Moreover, the company has reported 50.18% rise in net profit at Rs 849.68 lakh in FY25 as compared to Rs 565.78 lakh in FY24.

The company diversifies its product line by introducing financial solutions such as investment products, retirement planning services, and specialty loans for niche markets. This diversification meets the evolving requirements of existing customers and engages new customer segments, enhancing market penetration. Strategic collaborations with fintech innovators and financial institutions expand the product portfolio. Going forward, the company enters new geographical markets identified through market research as having high potential for fintech adoption, particularly in underbanked areas. Tailored marketing strategies adapt to the cultural and economic conditions of each market, aiming to maximize impact. This expansion strategy is supported by local partnerships and adherence to regulatory requirements, facilitating smooth market entry and growth.

Billionbrains Garage Ventures (Groww)

• Billionbrains Garage Ventures is coming out with a 100% book building; initial public offering (IPO) of 66,88,08,998 shares of 2 each in a price band Rs 95-100 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 November 4, 2025 and will close on November 7, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 47.50 times of its face value on the lower side and 50.00 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, J.P. Morgan India, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors.
• Compliance Officer for the issue is Roshan Bhanuprakash Dave.

Profile of the company

Billionbrains Garage Ventures (Groww) is a direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. It is India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025. With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund) and other products. They can also avail margin trading facility and personal loans. Using the Groww app or website, customers can access tools, information and market insights across its products and services and build their investment and trading strategies. It provides customers a friendly design and deploy an in-house technology platform to enhance the investing experience.

It provides multiple avenues for its customers to invest and cater to various needs of its customers. It does not push and instead rely on “pull-based” strategy to generate demand for new products and services as customers go through their investing journey on its platform. It uses design as a tool to make customer experience seamless and leverage technology to customize its platform to cater to different types of customers and their requirements. It categorizes its products into: (i) Broking services which includes Stocks and Derivatives; and (ii) Others which includes Mutual Funds, MTF, Credit and Groww AMC.

Its customers are individuals seeking to build financial assets by investing in capital markets. It has a diverse customer base belonging to various socio-economic backgrounds, across cities, towns and villages in India, in 98.36% of pin-codes as of June 30, 2025. Furthermore, based on the KYC information, its customers are young, come from diverse backgrounds and from across India. It classifies its customers based on their total assets invested with it or tracked on its platform. Customers with total assets (i.e., assets invested through Groww and other investments that they track on Groww) of less than Rs 2.5 million are classified as “Aspirational Users”, while customers with total assets of Rs 2.5 million or more, at any point in time on its platform, are classified as Affluent Users.

Proceed is being used for:

• Expenditure towards cloud infrastructure
• Brand building and performance marketing activities
• Investment in one of its Material Subsidiaries, Groww Creditserv Technology Private Limited (GCS), a non-banking financial company (NBFC), for augmenting its capital base
• Investment in one of its Material Subsidiaries, Groww Invest Tech Private Limited (GIT), for funding its margin trading facility (MTF) business
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry Overview

India’s equity market (across exchanges) reached a market capitalization of Rs 462 Trillion as of June 30, 2025, solidifying its position as the fourth largest market globally after the US, China (including Hong Kong), and Japan, growing at a CAGR of 17% over the last two decades. NSE is the third largest exchange globally by equity market trading volume as of March 2025. Average Daily Turnover (ADTO) (Average value of securities traded on the exchange each day, indicating the liquidity and activity level of the market over a specific period) for the cash market segment stood at Rs 955 billion for Q4FY2025, leading to a share of 17.3% in global equity cash market trades for Q4FY2025. With fresh issuance (Initial Public Offerings (IPO) and Follow-on Public Offers (FPO)) as a percentage of market capitalization in India is at less than 0.5% in FY2025, India has room to see more equity supply which could add to India's market capitalization over the next several years.

The stock broking industry in India is undergoing rapid growth, driven by technological advancements, increased retail participation, and favorable policy initiatives. With the rise of discount brokers and the entry of fintech players, competition in the industry has intensified, leading to more affordable and accessible services for retail investors. The future of the industry looks bright, with technological disruption, the rise of younger investors, and an increasing focus on sustainability driving further evolution. The innovation and adaption of technology in products and services is likely to continue to in the coming time, which will provide a superior customer experience, strengthen business processes of the industry and help to deeper market penetration. With the increasing integration of artificial intelligence (AI), machine learning (ML), and blockchain, the stock broking industry is likely to experience substantial efficiency gains. AI-powered trading algorithms are expected to gain popularity for executing high-frequency trades, while blockchain could improve transparency and security in financial transactions. Moreover, tools like chatbots and voice-based trading systems are becoming more prevalent, allowing users to conduct trades and access information via voice commands or instant messaging platforms.

The growing penetration of internet and smartphone will also help the industry to expand its customer base. The growing participation of millennials and Gen Z in stock markets is reshaping the way stockbrokers operate. Younger investors are more inclined to use mobile trading apps, demand lower brokerage fees, and seek educational resources on investing. As this demographic continues to grow, brokers will need to offer more personalized services, simplified interfaces, and easy-to-use platforms to cater to this audience. The growth of the industry will be supported by favourable liquidity in both domestic and international markets and better-than-expected corporate earnings. Client addition for the broking firms is likely to remain well, amid increased interest among various investor groups along with attraction towards flat brokerage plans.  

Pros and strengths

Groww is a well-known and preferred brand for investing: Groww has been at the forefront of retail investing in India, and, as per Google Trends, Groww has the highest search interest in India among top 10 brokers, basis NSE active clients (as per NSE data) in Fiscal 2025. This is indicative of the trust that Groww has developed, the popularity of its app, and customer affinity towards its platform. Amongst the top 5 brokers (by NSE active customers as of June 30, 2025), it garnered the highest share of new app downloads, at 38.18%, from the start of Fiscal 2022 until June 30, 2025. Its brand recall is also demonstrated by its organic customer acquisition. For example, in the three months ended June 30, 2025 and 2024, Fiscals 2025, 2024 and 2023, 83.16%, 82.96%, 83.63%, 81.10% and 81.03% customers, respectively, were acquired organically. This ensures the cost of customer acquisition is low for its platform

High customer retention, engagement and price in-elasticity: At Groww, its relationship with its customers does not end with the completion of a transaction. The extent to which its customers use and engage with its products and services is an important indicator of their level of interest in its platform. Having engaged customers allows it to develop long-term relationships and introduce them to new products and services over time. It also increases customer engagement on the platform by providing relevant and easily accessible information (through news releases, earnings announcements among others, which creates a regular cadence of content and information) to cater to customers’ needs and interest and to enable them to make informed investment decisions. It uses its platform, from personalized notifications - to - stories - to - feeds - to - widgets, to provide customized updates. This engenders trust and creates enduring relationships with its customers.

Customer-friendly design for enhancing investing experience: Through creative and uniform design, it offers customers an easy to use app and website. By leveraging technology, it is able to design its platform to cater to different types of customers and their requirements in a single app, and provide transparency, simplicity and speed. For example, it provides advanced features and tools for power traders (persons that typically trade regularly in the capital markets) while its SIP investment process is designed for investors that are beginning their investment journey. From Fiscal 2023 through the three months ended June 30, 2025, “User Friendliness” was the most appreciated feature of the Groww app on Google Play 4 reviews, based on data aggregated by Appbot. It is also guided by its design ethos to focus on “user delight”, to “obsess over design”, to “sweat over the small stuff”, and to “not be generic”.

In-house technology stacks to deliver a differentiated experience at low cost: The company has built most of its technology in-house. Doing so helps it to deliver a better experience to its customers. With systems and infrastructure customized as a backbone for its operations, it is able to react to changes quickly, both customer-demand related and regulatory and compliance driven. This helps it to sustain product velocity, continuous innovation, and the reliability and stability of the platform, while maintaining business continuity. It invests in technology to maintain a low-latency and high-throughput data processing system, and can effectively manage the customers’ journey on its platform. Its systems have the bandwidth to handle around 50 million users simultaneously and execute around 50 million orders per day. Additionally, its peak transactions per second (TPS) were at par with the average TPS of UPI transactions as reported by NPCI in India during Fiscal 2024.

Risks and concerns

Maximum revenue comes from Broking Services: The company has derived a significant portion of its revenue from its Broking Services. It garnered 84.50% and 79.49% of its revenue from operations from its Broking services in Fiscal 2025 and in the three months ended June 30, 2025, respectively. Any downturn in customers’ willingness to use its Broking services could have an adverse impact on its business, financial condition and cash flows.

Exposed to working capital risks: The company’s business model involves managing a high volume of customer transactions, including trading and settlement activities, which require it to maintain sufficient working capital. Its model involves a time lag between when a customer initiates a fund transfers and when those funds are fully settled through netting and clearing mechanisms. During this interval, customers may execute multiple trades, increase its intraday exposure and thereby heighten working capital requirements. These risks are particularly pronounced during periods of elevated trading activity, such as market volatility or spikes in customer order volumes, when it may also face increased margin requirements imposed by clearing corporations or exchanges.

Negative cash flows from operations: The company had negative cash flows from operations in the three months ended June 30, 2025 and in Fiscal 2025, and may continue to do so in the near term as it expands its business and enhance its products and services. Failure to generate sufficient cash from operations could adversely affect its liquidity and its ability to fund its operations.

Stiff competition: The company operates in the investment and wealth management industry which is intensely competitive and highly regulated. India’s investment and wealth management market includes three key types of players, digital-first platforms, bank-led or bank-owned brokers and wealth management players. Accordingly, the company faces significant competition not only from a wide range of established players but also a host of new entrants. The company is able to compete on the basis of a number of factors which differentiate it from its competitors, including its technology platform, value proposition, execution, depth of product and service offerings, innovation, reputation and price. If the company is unable to effectively compete with existing or new market participants, its business, financial condition, cash flows, and results of operations may be materially adversely affected.

Outlook

Groww provides retail investors direct-to-customer digital investment platform that provides wealth creation opportunities to customers through multiple financial products and services. It is a well-known and preferred brand for investing across cities, towns and villages in India. It has In-house technology stack to deliver a differentiated experience at low cost. On the concern side, the company derived maximum revenue from operations from its Broking services and any downturn in customers’ willingness to use its Broking services could have an adverse impact on its business, financial condition and cash flows. Moreover, the company’s success depends on its ability to acquire and retain customers on its platform. Any failure to do so could have an adverse impact on its operations, financial condition and results of operations. 

The issue has been offering 66,88,08,998 shares in a price band of Rs 95-100 per equity share. The aggregate size of the offer is around Rs 6353.69 crore to Rs 6688.09 crore based on lower and upper price band respectively. Minimum application is to be made for 150 shares and in multiples thereon, thereafter. On performance front, the company’s total income increased by 45.27% to Rs 40,616.45 million in Fiscal 2025 from Rs 27,959.90 million in Fiscal 2024, primarily due to an increase in its revenue from operations by 49.53% to Rs 39,017.23 million in Fiscal 2025 from Rs 26,092.81 million in Fiscal 2024. Moreover, the company’s profit in Fiscal 2025 was Rs 18,243.73 million compared with a loss of Rs 8,054.50 million in Fiscal 2024.

The company strives to continue to grow its market share and make Groww an all-India “pull” brand, indicating household appeal and recall. It will continue to build its brand through marketing campaigns focused on trust, transparency, financial inclusivity, and empowerment. This will help it to grow its customer base, which in turn will drive word-of-mouth marketing and scale revenue without proportionately increasing its marketing spend, thereby yielding operating leverage for its business. It will also help it to increase its market share across products and services, build deeper relationships with customers, and increase multi-product adoption. As its customer base grows, it intends to create distinct products to cater to different customer segments.

Shreeji Global FMCG

• Shreeji Global FMCG is coming out with an initial public offering (IPO) of 68,00,000 equity shares in a price band of Rs 120-125 per equity share. 
• The issue will open on November 4, 2025 and will close on November 7, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.50 times on the higher side.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Jalpa Doshi.

Profile of the company

Shreeji Global FMCG is engaged in, the manufacturing and processing of ground & whole spices, seeds, grains & pulses and Atta (Flour). The company’s products marketed under its brand name “SHETHJI” and under white label. Its product portfolio includes a wide range of whole spices, ground spices, oilseeds, flour and pulses, which are processed at its facility using standardized techniques. It is engaged in the manufacturing of Ground (powdered) spices through a structured sequence of cleaning, grading, sorting, and grinding, aimed at delivering a consistent and stable range of spice powders & seed. Its product line includes channa, cumin seeds (jeera), coriander seeds, sesame seeds, groundnut, kalonji seeds, fennel seeds, coriander powder, red chilli powder, and turmeric powder etc. Each of these products is handled under defined quality parameters to ensure uniformity in texture, aroma, and shelf life. This integrated process flow enables it to deliver both raw, processed and value-added agro-products under own brand, catering to various customer needs in retail and bulk segments.

In parallel with its branded product line, it is also involved in the supply of whole spices and food grains, which are sold with client brand (white label) in different size of bulk quantities for the customers having own distribution channel. While its primary focus remains on manufacturing and processing, it also imports certain agri commodities such as wheat, cumin seeds, and coriander from other countries to meet its raw material requirements. These imported products include Madagascar Cloves and Coriander seeds from UAE, Reduced FAT Desiccated Coconut from Srilanka, Autumn Star Anise, Cigar Cassia, Broken Cassia, Split Cassia from Vietnam and Milling Wheat (Non-GMO, Crop 2023) from Singapore which are then processed at its in-house facilities to ensure consistency and quality. Based on market and client requirements, the final products are offered either under its own brand or in unbranded bulk packaging. This import-driven sourcing strategy helps it to maintain a steady supply of key ingredients and meet the varying needs of its customers across different markets. This also enables it to serve a wider segment of the market including wholesalers, retailers, institutional buyers and regional distributors.

The company offers a wide range of packaging sizes to cater to the diverse needs of its clients, with packaging options starting from 20 grams and going up to 40 kilograms. The specific packaging size is selected based on the requirements and specifications provided by the client to ensure optimal convenience and product integrity. Its larger packaging formats commonly available in 10 kg, 20 kg, 30 kg & 40 kg sizes, are primarily designed for wholesale buyers, corporate clients, and bulk purchasers. At times, based on client requirements, it also undertakes white-labelling or supply bulk orders without labels, typically up to 50 kg packaging. These master packs are securely packed in polypropylene (PP) bags, which ensure durability and protection during transportation and storage.

Proceed is being used for:

• Capital expenditure for factory premises
• Capital expenditure for purchase of machineries & cold storages facility
• Capital expenditure for solar power for internal consumption
• Working capital requirement
• General corporate purpose 

Industry Overview

India is the world’s largest spice producer. It is also the largest consumer and exporter of spices. The production of different spices has been growing rapidly over the last few years. The production of spices in FY24 was estimated at 12 million metric tonnes. Whereas production in FY23 stood at 11.14 million tonnes compared to 11.12 million tonnes in FY22. During FY23, the export of spices from India stood at $3.73 billion from $3.46 billion in FY22. India produces about 75 of the 109 varieties which are listed by the International Organization for Standardization (ISO). The most produced and exported spices are pepper, cardamom, chilli, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, garlic, nutmeg & mace, curry powder, spice oils and oleoresins. Out of these spices, chilli, cumin, turmeric, ginger and coriander makeup about 76% of the total production. The largest spices-producing states in India are Madhya Pradesh, Gujarat, Andhra Pradesh, Rajasthan, Gujarat, Telangana, Karnataka, Maharashtra, Orissa, Uttar Pradesh, Assam, West Bengal, Tamil Nadu and Kerala.

India is the largest exporter of spice and spice items. During FY24 the country exported spices worth $4.46 billion. In FY25 (until December 2024) India exported spices worth Rs. 29,016 crore ($3.36 billion). For FY23, the country exported spices worth $3.73 billion. In July 2023, the exports of spices from India increased to $298.77 million from $293.84 million in June 2023. From FY17 to FY23, the total exported quantity from India grew at a CAGR of 5.85%. For FY23, total volumes of chilli, cumin, turmeric, and ginger exports were 0.51, 0.18, 0.17 and 0.05 million tonnes. During FY23, the export of turmeric, coriander, garlic, curry powder, other spices such as asafoetida, tamarind, etc., expanded both in value and volume as compared to FY22.

Going forward, the government has taken initiative like export development and promotion of spices. This initiative by the Spices Board of India aims to support the exporter to adopt high-tech processing technologies and upgrade the existing level of technology for the development of industry and to meet the changing food safety standards of the importing countries. The initiative provides benefits of infrastructure development, promoting Indian spice brands abroad, setting up infrastructure in the major spice growing centers, promoting organic spices and special programmes for north-eastern entrepreneurs. Further, Spices Board has launched eight crop-specific Spices Parks in key production/market centres intending to facilitate the farmers to get an improved price realization and wider reach for their produce. The purpose of the park is to have an integrated operation for cultivation, post-harvesting, processing, value-addition, packaging and storage of spices and spice products. The common processing facilities for cleaning, grading, packing, and steam sterilization will help the farmers to enhance the quality of the produce, resulting in better price realization.

Pros and strengths

Strategic geographic advantage: The company’s business benefits immensely from its strategic location in the agriculturally rich regions of Gondal and Rajkot in Gujarat, which are among India’s key agri-produce hubs. Its direct licensing and operational presence in the Agricultural Produce Market Committees (APMCs) of both Gondal and Rajkot gives it a significant edge in sourcing premium-quality raw materials at competitive market prices. These regions are known for their production of key ingredients such as pulses, grains, spices, and oilseeds, allowing it to procure fresh, seasonal, and locally grown raw materials directly from farmers and trusted aggregators. Its two major processing facilities, located in close proximity to each other and to the APMCs (within a radius of 30 kilometers), offer a strong operational advantage. This geographical positioning allows it to minimize transportation time and costs, reduce post-harvest handling losses, and ensure quick turnaround in raw material procurement and processing, thereby maintaining product freshness and quality consistency.

Wide range of product portfolio: The company’s strength lies in its wide range of product portfolio, which enables it to cater to a wide spectrum of consumer preferences and market segments. It offers range of products that includes traditional Indian food items such as whole and ground spices, pulses, grains, cereals and oil seed and flour (atta). It supplies and makes available products in multiple sizes and formats to suit diverse market needs. These diversities in its offerings allows it to mitigate market risks, respond effectively to changing consumer trends, and serve multiple customer bases from individual households and retailers to wholesalers and corporate clients. Each product category is developed and managed with a focus on quality, innovation, and consumer satisfaction.

Diversified customer base contributes to greater business stability: The company serves a broad and varied customer base, encompassing individual retailers, wholesale distributors, corporate clients, and export buyers. This diversity contributes to greater business stability and enables it to minimize dependency on any single customer segment. Over the years, the company has developed consistent relationships with its clients based on reliable product quality, timely delivery, and responsive service. To meet the specific needs of different customer segments, it offers flexible packaging solutions, ranging from 20 grams to 30 kilograms, across its product range. This allows it to cater effectively to retailers seeking smaller packs suitable for end-consumers, as well as to bulk buyers and corporate clients who require larger quantities for distribution, institutional use, or further processing.

Risks and concerns

Maximum revenue comes from limited customers: Business of the company is dependent on few numbers of customers. Its top ten customers contribute 48.48%, 21.92%, 34.86% and 39.43% of its total sales for the period ended on August 31, 2025 and year ended March 31, 2025, March 31, 2024, and 2023 respectively on Restated Standalone Basis. Any decline in its quality standards, growing competition and any change in the demand, may adversely affect its ability to retain them. It cannot assure that it shall generate the same quantum of business, or any business at all, and the loss of business from one or more of them may adversely affect its revenues and results of operations.

Geographical constrain: The company generates a major portion of sales from its operations from state of Gujarat. It has achieved Rs 16626.24 lakh and, Rs 50488.71 lakh, Rs 45,357.03 lakh and Rs 38,337.50 lakh sales in the period ended on August 31, 2025 and for the Financial Year 2025, 2024 and 2023 respectively, such geographical concentration of its business 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.

Dependent on suppliers and weather-dependent agricultural produce: The company’s core operations depend heavily on the timely availability and quality of agricultural produce such as spices, grains, seeds, and pulses, which it procures from farmers, traders, and suppliers. These raw materials are inherently dependent on weather patterns, seasonal crop yields, and regional agricultural output, all of which are outside its control. Unfavourable climatic conditions such as droughts, unseasonal rains, floods, or extreme temperatures can severely impact crop quality and availability, leading to delays, increased procurement costs, and compromised product consistency. Additionally, it may face challenges in sourcing specific grades or varieties that meet its quality standards due to limited availability in a given season. As it does not have backward integration or control over farming operations, its reliance on third-party procurement also exposes it to risks of inconsistent quality, supply chain disruptions, and logistical delays. These factors can adversely affect its production schedules, order fulfillment, and brand reputation. If it is unable to secure the necessary quantity or quality of raw materials at competitive prices, or if there is any significant supply chain breakdown, it may materially and adversely impact its business operations, financial performance, and growth prospects.

Outlook

Shreeji Global FMCG offers a unique variety of spices and blends. Currently, it deals in ground & whole spices, seeds, grains, pulses, flours, and other food products. The company has wide range of product portfolio. It has rising demand for Indian Spices with scalable business model. On the concern side, the company derives a substantial portion of its revenue from its whole seeds segment, and any decline or discontinuation in this product line may materially affect its business, financial condition, and results of operations. Moreover, it generates a major portion of sales from its operations from state of Gujarat. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations. 

The company is coming out with a maiden IPO of 68,00,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 120-125 per equity share. The aggregate size of the offer is around Rs 81.60 crore to Rs 85.00 crore based on lower and upper price band respectively. On performance front, in FY 2024-25, the company recorded revenue from operations of Rs 64,892.15 lakh, as compared to Rs 58, 822.56 lakh in FY 2023-24, reflecting a year-on-year growth of 10.32%. This significant increase highlights the continued expansion and strong demand for the company's products, primarily in the spices and food grains segment. Moreover, the PAT is Rs 1215.13 lakh for the FY 2024-25 compared to Rs 547.29 lakh in FY 2023-24. The PAT was 1.87% of total revenue in FY 2024-25 compared to 0.93% of total revenue in FY 2023-24.

In view of the sustained growth in revenue and the increasing demand for agri-based products in both domestic and international markets, its management has plan for the expansion of manufacturing & processing capabilities as part of its long-term business strategy. It proposes to establish additional manufacturing and processing facility, along with a dedicated cold storage facility near Rajkot, Gujarat, to strengthen its operational infrastructure. The objective is to streamline its procurement, processing, and storage activities, thereby enhancing production flexibility, reducing reliance on external storage facility, and improving quality control over raw materials. It proposes to establish automated manufacturing units near Rajkot, Gujarat - dedicated to the production of blended spices and the other focused on multigrain flour. These facilities are designed to enhance product consistency, improve production speed, and reduce manual intervention through automation. The expansion aims to strengthen its in-house processing capabilities & ensure stringent quality control. Additionally, an integrated cold storage facility will support the procurement and preservation of seasonal raw materials, ensuring year-round operational efficiency.

Lenskart Solutions

• Lenskart Solutions is coming out with a 100% book building; initial public offering (IPO) of 18,38,65,848 shares of Rs 2 each in a price band Rs 382-402 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 October 31, 2025 and will close on November 4, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 191.00 times of its face value on the lower side and 201.00 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, Morgan Stanley India Company, Avendus Capital, Citigroup Global Markets India, Axis Capital and Intensive Fiscal Services.
• Compliance Officer for the issue is Preeti Gupta.

Profile of the company

Lenskart Solutions is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products. It primarily sells prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories. India is its largest market and it is the largest seller of prescription eyeglasses in terms of volumes sold in India in Financial Year 2025, among organized retailers. Leveraging its experience and capabilities in India, it has expanded into select international markets including Japan, Southeast Asia and the Middle East. It is India’s largest, and in Asia, is amongst the two largest, organized retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during the Financial Year 2025.

The company is a direct-to-consumer company that designs and sells a wide range of eyewear products under its own brands and subbrands. It designs its eyeglasses, both frames and lenses, supported by its 109-member design and merchandising team, as of June 30, 2025. It offers products across a wide range of price points and age categories, catering to the requirements of an entire household. During the three months ended June 30, 2025 and the Financial Year 2025, it launched 42 and 105 new in-house designed and engineered collections globally, respectively, including in collaboration with popular brands and celebrities. The two-year purchase frequency among new customer accounts acquired by it in the Financial Year 2023 was 3.62 eyeglasses as compared to an India average of 1.8 eyeglasses.

The company’s brands are designed to be aspirational and appeal to a wide range of customer categories. In the Financial Year 2025, Lenskart was awarded “India’s Most Trusted Eyewear Brand of 2025” by TRA Research. It offers its customers a convenient purchase journey through its omnichannel retail network. As of June 30, 2025, its mobile applications had over 100 million cumulative downloads and it operated its business through 2,806 stores globally (comprising 2,137 stores in India and 669 stores internationally).

Proceed is being used for:

• Capital expenditure towards set-up of new CoCo stores in India
• Expenditure for lease/rent/license agreements related payments for its CoCo stores operated by the company in India
• Investing in technology and cloud infrastructure
• Brand marketing and business promotion expenses for enhancing brand awareness
• Unidentified inorganic acquisitions and general corporate purposes

Industry Overview

The global eyewear market is large and steadily growing, driven by the increasing incidence of refractive errors, increasing awareness and access driving penetration of prescription eyeglasses with rising disposable incomes, and evolving consumer preferences. This growth has been complemented by a rapid shift from unorganised to organised retailers in the eyewear market across geographies. As of FY 2025, the global eyewear market is estimated at Rs 15,207 billion ($177 billion) and is projected to grow at a CAGR of 4% to reach Rs 18,657 billion ($217 billion) by FY 2030P. The eyewear market opportunity in Asia alone is sized at Rs 4,700-5,600 billion ($55-65 billion) as of FY 2025 and is projected to increase to Rs 6,000-7,800 billion ($70-90 billion) by FY 2030P, growing at a CAGR of 6-8%. Prescription eyeglasses account for 70% of the global eyewear market as of FY 2025, driven by their dual relevance across healthcare and lifestyle and rising penetration.

With a CAGR of 13% between FY 2025 and FY 2030P, the eyewear market in India is projected to expand at 1.5x the rate of the overall retail market in India and 3x faster than global eyewear market during the same period and projected to reach Rs 1,483 billion ($17.2 billion) by FY 2030P, from Rs 788 billion ($9.2 billion) in FY 2025. Prescription eyeglasses constitute the largest category at 73% of this market in value terms, followed by sunglasses and contact lenses. Increasing prevalence of refractive errors, especially myopia, among teenagers and children is being driven by a combination of behavioural and lifestyle factors. Academic pressure and irregular sleep patterns also play a role in straining eye health. While the overall prevalence of refractive error grew from 43% of the population in FY 2020 to 53% of the population in FY 2025, it grew much faster among children from 21% of the population in FY 2020 to 39% of the population in FY 2025 and is projected to reach 54% of the population by FY 2030P - more than doubling over the current decade.

The prescription eyeglasses market in India has exhibited a wide range of price points, with organised incumbents commanding a premium over unorganised alternatives and providing consistent quality, wider assortments, and enhanced service. While the unorganised channel remains relatively inexpensive, it often leads to lower customer satisfaction owing to instances of inconsistent quality due to lack of durability, long delivery timelines due to fragmented supply chain, narrow product assortment, lack of trained optometrists, limited use of technology and the absence of after-sales service. This has created a whitespace for value-focused offerings by direct-to-consumer players to capture, as consumers increasingly demand reliability, affordability, and a more seamless shopping experience. As a result, these players are investing in improved product design, wider and trendier assortment, after-sales support, and omnichannel models, making organised retail increasingly attractive across consumer groups. Direct-to-consumer (D2C) brands’ share of prescription eyeglasses market (in value terms) has grown from 6-8% of the prescription eyeglasses market in FY 2020 to 11-13% in FY 2025, growing at a CAGR of 25-30%. This is further projected to grow at a CAGR of 22-28% to reach 17-22% of the market by FY 2030P. 

Pros and strengths

Centralized supply chain and manufacturing processes: The company’s centralized prescription eyeglasses supply chain and manufacturing allows it to manage its supply chain operations and address customer demand for each store location. This drives its core proposition of providing better accessibility to quality eyewear products at affordable prices to a large number of customers, by enabling faster delivery for a large selection of SKUs and thereby eyewear as a ‘fast fashion’ category. This has allowed it to remove the inefficiencies in traditional store led eyewear retailing model. By moving most of the complexity in eyewear retail to a centralized manufacturing source, it has been able to achieve scale and accessibility, consistent quality, lower cost, faster delivery while providing a large selection of eyewear products with ‘fast fashion’.

Frame and lens engineering and manufacturing capabilities: For the last few years, it has been developing in-house capabilities for the manufacturing of frames, which allows it to improve its materials and processes, design its own styles with attributes catering to specific customer trends and requirements. In addition, its in-house supply chain reduces dependency on external suppliers and improves quality and cost control. It manufactures complex lens types, including progressive, bifocal lenses and selectively, single vision lenses, in-house, which allows it to focus on innovations in materials, coatings and processes to enhance product quality, reduce manufacturing lead times, and lower costs as compared to sourcing such lenses from third-party suppliers. In addition, the company has focused on lens research and development to better meet diverse customer requirements across geographies.

Direct-to-consumer model: The company operates a direct-to-consumer model that eliminates multiple layers of intermediaries in the traditional prescription eyeglasses supply chain, enabling it to deliver products to customers at an affordable cost and with next day delivery. This model also allows it to retain end-to-end control over quality, reduce manufacturing lead times and achieve greater cost efficiency compared to conventional eyewear retailers. The company manufactured the third largest number of prescription eyeglasses globally among leading large organized retailers of prescription eyeglasses in Financial Year 2025.

Customer-focused product design capabilities: The company has developed holistic design and merchandising capabilities, including in-house designs, structural configurations, and frame moulds, which it uses to manufacture frames in-house. This has enabled it to exercise greater design innovation to meet customer requirements and drive purchasing frequency. The company has increased new product development, expanding from a limited number of launches annually to 105 new in-house designed and engineered collections across its markets during the Financial Year 2025. As of June 30, 2025, its design and merchandising team comprised 109 members across its markets, focused on creating new collections.

Risks and concerns

Depends significantly on sales of its eyewear products to Lenskart Gold members in India: Lenskart Gold is the company’s membership program that offers customers in India several benefits, such as “buy one get one free” offers, discounts, free shipping, early access to new collections and exclusive deals. Lenskart Gold includes multiple tiers. The Lenskart Gold membership program enhances its customer value proposition and strengthens its brand loyalty and differentiation in the eyewear industry. Any decline in the size or engagement of this membership base could result in lower revenues, reduced profitability, and decreased customer retention. There can be no assurance that it will be able to retain existing members or attract new customers to its Lenskart Gold program. Any failure to do so could adversely affect its business, financial condition, results of operations, and cash flows.

Geographical constrain: The company operates a hub-and-spoke model for manufacturing, where almost all single-vision, bifocal and progressive lenses (excluding lenses manufactured at its international facilities) are cut, edged, coated and matched to frames at its two manufacturing facilities located at Bhiwadi, Rajasthan and Gurugram, Haryana within the broader Gurugram industrial cluster across the states of Haryana and Rajasthan, following which finished eyeglasses are dispatched to its stores and e-commerce fulfilment centres across India and to overseas jurisdictions. This exposes the company to concentration risks across production and logistics, which could adversely affect its business, results of operations, financial condition and cash flows.

Business is subject to seasonality: The company’s business is subject to seasonal fluctuations in demand for its eyewear products, which may affect its revenue, profitability and cash flows. It typically experiences higher sales volumes during the festive season in the fourth quarter of the Financial Year. Conversely, it may experience lower sales volumes during the third quarter of the Financial Year, as well as during periods of economic slowdown, adverse weather conditions, public health emergencies or other factors that may affect customer spending and preferences. As a result, its quarterly results published upon listing may not be indicative of its annual financial performance and results of operations, and may vary significantly from quarter to quarter. Therefore, investors should not rely on its quarterly results as an indication of its future performance, and should consider its annual results and the factors that may cause fluctuations in its results.

Does not exercise full operational or financial control over franchisee-operated retail stores: The company does not exercise complete operational or financial control over its franchisee-operated retail stores. As a result, franchisees may take actions that are inconsistent with its brand standards, operational policies, or strategic objectives. Any such actions could adversely affect its reputation, customer experience, and, consequently, its business, results of operations, financial condition, and cash flows.

Outlook

Lenskart Solutions is a technology-focused eyewear company involved in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories. As of March 31, 2025, Lenskart operated 2,723 stores globally -- 2,067 in India and 656 overseas with 1,757 owned and 310 franchised stores in India. The company has Technology-led operations and retail experience coupled with Omni-channel retail presence. On the concern side, the company’s reliance on manufacturing facilities located in the Gurugram industrial cluster across the states of Haryana and Rajasthan (which are its Bhiwadi and Gurugram facilities) exposes it to concentration risks across production and logistics, which could adversely affect its business, results of operations, financial condition and cash flows. Moreover, the company is dependent significantly on sales of its eyewear products to its Lenskart Gold members in India. Any failure to retain such customers could lead to a decline in the sales of its products, which could have an adverse effect on its business, results of operations, financial condition and cash flows. 

The issue has been offering 18,38,65,848 shares in a price band of Rs 382-402 per equity share. The aggregate size of the offer is around Rs 7023.68 crore to Rs 7391.41 crore based on lower and upper price band respectively. Minimum application is to be made for 37 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 22.57% to Rs 66,525.17 million for the Financial Year 2025 from Rs 54,277.03 million for the Financial Year 2024. Moreover, the company reported a restated profit for the year of Rs 2,973.40 million for the Financial Year 2025, compared to a restated loss for the year of Rs 101.54 million for the Financial Year 2024.

As part of its long-term strategy, the company is focused on progressively reducing its dependence on imported raw materials and frames by deepening its manufacturing presence in India. Its direct imports from the PRC decreased from 54.15% of its total purchases (Rs 8,682.22 million) in Financial Year 2023 to 42.21% of total purchases (aggregating to Rs 10,624.33 million) in Financial Year 2025. The company commenced manufacturing operations in India in 2021 and manufactured 69.87% of prescription eyeglasses sold by it during Financial Year 2025 at its centralized manufacturing facilities in India. It has also expanded its prescription eyeglasses manufacturing capacity in India, with its Bhiwadi facility’s annual installed capacity. Further, it is in the process of setting up a facility in Hyderabad (Telangana) for which it entered into a memorandum of understanding in December 2024 with the Government of Telangana. This facility will be significantly larger than its existing 10.69 acre Bhiwadi facility, and is intended to support its growing demand in India and internationally, and create redundancy for any potential risks to its existing facilities and mitigating manufacturing-related risks.

Safecure Services

• Safecure Services is coming out with an initial public offering (IPO) of 30,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 102 per equity share.
• The issue will open on October 29, 2025 and will close on October 31, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10.20 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sun Capital Advisory Services.
• Compliance Officer for the issue is Harshita Singhal.

Profile of the company

Safecure Services is primarily engaged in providing services relating to private security, e-surveillance, facility management and also corporate interior fit outs work in India. The company, through its wholly owned Subsidiary, Safesense Tech Private Limited, provides e-surveillance services such as distinctive monitored intrusion alarm system and services (i.e. central intrusion detection and prevention services) in India. It provides services of real-time monitoring specially for ATMs and Bank Branches (i.e. site monitored 24/7 in real-time by its e-surveillance professionals to raise alerts the moment they detect any criminal or suspicious or abnormal activity).

Over the last decade, the company has grown in numbers as well as widening its spectrum of services. Presently, the company, through its team of trained employees, is providing its services to its esteemed clientele across various locations in India engaged in different sectors such as private and public sector, financial institutions, multinational corporations, and other industries.

Its diverse portfolio of services comprises of (i) Security Services comprising of manned guarding, event management, ATM management and providing technology backed security services; (ii) E-Surveillance and monitoring of ATM & Bank Branches comprising electronic security services and alarm monitoring and response services, including electronic security and surveillance solutions with trained manpower; (iii) repair & maintenance of ATMs and Facility Management Services comprising of housekeeping services and business support services; and (iv) Interior Fit outs Work for corporate. The company’s extensive portfolio of services offering enables it to grow its customer relationships and scope of engagements and serve as a single point of contact for multiple services.

Proceed is being used for:

• Repayment / pre-payment, in full or part, of certain borrowings availed by the company
• Repayment / pre-payment, in full or part, of certain borrowings availed by its wholly owned subsidiary (by providing loans and advances by the company)
• Part funding working capital requirement of the company
• General corporate purpose

Industry Overview

In recent years, the Indian safety and security industry has experienced steady growth, with some segments estimated to be growing 15 to 20 percent annually. Population growth, urbanization, industrialization, and expansion of infrastructure and mass transportation systems are all driving expectations for greater safety and security measures, particularly linked to critical national infrastructure projects. The security systems market in India is broadly classified into the following subsectors: cybersecurity; electronic security; fire safety, detection, and prevention; road safety; private and industrial security; and personal protective apparel and equipment. The industry is highly fragmented and consists of local manufacturers, system integrators, sub-contractors, regulatory and certification agencies, distributors, consultants, and service providers.

The India Physical Security market is on the rise due to growing concerns over safety and security in various sectors, including government, corporate, and residential. This market comprises of solutions such as access control, surveillance systems, and perimeter security. There is an increasing need to safeguard assets and people. The public and private organizations are investing in advanced physical security technologies, driving the growth of this market. There is a huge demand for safe city projects in India to ensure public safety. With the successful deployment of surveillance and smart city projects in several Indian cities, more areas are expected to adopt similar video surveillance systems with central control rooms equipped with high-end large video wall solutions to monitor minute details. Emerging technologies in video analytics, biometrics, face recognition, and CCTV are becoming equally important for city surveillance monitoring and analysis. Four segments: security cameras, access control devices, intrusion detection devices, and video recording devices make up this market. India’s surveillance systems market is currently estimated to be a $2.5 billion industry. It is largely comprised of video surveillance and is expected to grow at 25-30% annually.

Surveillance systems are in demand across all sectors. Both analog and IP-based systems provide opportunities, as it helps end users to pick and choose the most convenient system per their needs. Hybrid video surveillance solutions also provide opportunities as they are being widely used in educational institutions, airports, railway stations, and power plants. Infrastructure, banking, and financial sectors also require surveillance solutions, and these industry sectors are fueling the demand for surveillance systems and solutions. Going forward, the Asia-Pacific region is expected to have high share of the interior designing services market. In Asia Pacific (APAC), China, Japan, and India are the most important markets for interior design services. The market in this region is expected to increase at higher rate than the market in other regions. Increasing construction in developing countries, such as China and India, may contribute to the growth in the region.

Pros and strengths

Diverse portfolio of services: The company’s diverse range of services enable it to strengthen its position in the market by enabling it to grow its customer relationships and scope of engagements and serve as a single point of contact for multiple services. Its multiple service offerings allow it to derive operational efficiencies, by centralizing certain key functions at its end such as finance, sales, relationship manager and also certain other administrative functions. Given its operational experience, the company has developed in-house expertise to handle all stages of deployment and management of private security, facility management services and other services and it can cater to the varying requirements of its customers, which has enabled it to grow and instill its customers with confidence in its ability to address their diverse and dynamic business needs.

Advanced technological integration: The company leverages advanced technology and customized solutions to meet the specific needs of its diverse client base. Its offerings range from e-security and surveillance, manned guarding and event security management to sophisticated systems integration and technical design and planning. These services are tailored to support its clients' businesses effectively, enhancing their operational efficiency and security.

Pan India presence: The company is having its headquarter in Mira Road, Thane and have a widespread network consisting of offices in many cities and towns in India, through which it covers many districts. Its widespread network of offices results in greater focus on, and attention to its customers as well as higher quality and customized service delivery. At the same time, its wide presence enables it to offer services to customers who prefer a single service provider for their operations at multiple locations. Further, through its extensive branch infrastructure, the company has developed economies of scale, which allow it to provide efficient and cost-effective solutions to its customers.

Risks and concerns

Maximum revenue comes from limited customers: The company’s business derives a significant portion of its revenue from a few customers. For the period ended June 30, 2025 and the Fiscal 2025, Fiscal 2024, and Fiscal 2023, its top ten customers contributed 66.15%, 57.30%, 57.83%, and 74.00% of its revenues from its operations, respectively. Any reduction in growth or a slow-down in the business of its customers could result in a reduction of their requirement for its services, and result in a significant decrease in the revenues it derives from these customers. The loss of one or more of its significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business and thus its results of operations, financial condition and cash flows.

Sufficient working capital requirement: The company’s working capital requirement was Rs 2,557.72 lakh, Rs 1,637.45 lakh and Rs 1,054.04 lakh for the Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. The working capital requirement for the Financial Years 2026 and 2027 is estimated to be Rs 2,012.32 lakh and Rs 2,244.82 lakh, respectively. A significant portion of its working capital is utilized towards Trade Receivable. The company operates in a working capital-intensive industry therefore its business demands substantial funds towards working capital requirements. In case there are insufficient cash flows to meet its working capital requirement or it is unable to arrange the same from other sources or there are delays in disbursement of arranged funds, or it is unable to procure funds on favourable terms, at a future date, it may result into its inability to finance its working capital needs on a timely basis which may have an adverse effect on its operations, profitability and growth prospects.

Dependent on its vendors for the supply of equipment and products: The company does not have any manufacturing facilities and procures products and equipment, such as safety equipment, electronic security equipment for e-surveillance services and repair and maintenance of ATMs, chemicals and consumables for facility management services, from various vendors for the services and solutions that it offers. The company is therefore dependent on third parties for the manufacture of such products and equipment, and maintenance of adequate inventory to ensure that it is able to procure such products and equipment based on supply necessities. Further, upward fluctuations in the prices of such materials may thereby affect its margins and profitability, resulting in a material adverse effect on its business, cash flows, financial condition and results of operations.

Outlook

Safecure Services is engaged in the business of prominent security and facility management. The company specializes in private security, e-surveillance, facility management, and corporate interior fit-out services across India. The company has diverse customer base with Pan India presence. On the concern side, the company’s business derives a significant portion of its revenue from a few customers. Any loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its services could adversely affect its business, results of operations, financial condition and cash flows. Moreover, the company derived major portion of its total revenue from the security services business. Any decrease in the demand for its security services may have an adverse impact on its business, financial condition and result of operations.

The company is coming out with an IPO of 30,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 102 per equity share to mobilize Rs 30.60 crore. On performance front, the company's revenue from operations had increased by 16.34%, from Rs 6283.47 lakh in Fiscal 2024 to Rs 7310.15 lakh in Fiscal 2025. Moreover, the company’s profit after tax had increased by 8.29%, from Rs 568.76 lakh in Fiscal 2024 to Rs 615.89 lakh in Fiscal 2025.

The company intends to grow its businesses, leveraging on the growth of private business entities due to investments in infrastructure, manufacturing and services sector. Further, it intends to grow due to demand of its services from Government organizations and from households due to an increase in the disposable income available with the Indian middle class. It intends to grow its presence with Government organizations leveraging on Government outsourcing initiatives, public-private partnership ventures requiring such services, particularly in the infrastructure sector, and tenders from large governmental and public sector enterprises. Growth in the Indian economy, would result in a corresponding growth in demand for its services, due to the increase of business operation and growth in the scale of operations across geographies in India which would result in increase in demand across its nation-wide network. It also intends to grow its services of e-surveillance, security & monitoring and facility management services to households and the residential sector.

Studds Accessories

• Studds Accessories is coming out with a 100% book building; initial public offering (IPO) of 77,86,120 shares of 5 each in a price band Rs 557-585 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 October 30, 2025 and will close on November 3, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 111.40 times of its face value on the lower side and 117.00 times on the higher side.
• Book running lead managers to the issue are IIFL Capital Services and ICICI Securities.
• Compliance Officer for the issue is Asha Mittal.

Profile of the company

Studds Accessories is the largest two-wheeler helmets player in India in terms of revenue in Fiscal 2024 and also the world’s largest two-wheeler helmet player by volume in Calendar Year 2024. It is an established manufacturer with nearly five decades of experience. As on March 31, 2025, its Manufacturing Facilities I, II and III have a combined annualised capacity of producing 9.04 million units. It sold around 7.40 million helmets in Fiscal 2025. Its ‘SMK’ brand was launched in 2016 and is being successfully sold in India and exported to overseas market. Both of its brands, namely, Studds and SMK, have been marketed and sold in more than 70 countries as of August 31, 2025.

It designs, manufactures, markets and sells two-wheeler helmets under the ‘Studds’ and ‘SMK’ brands and other accessories (such as two-wheeler luggage, gloves, helmet locking device, rain suits, riding jacket and eye wear) under its ‘Studds’ brand. Its products are sold Pan-India and in more than 70 countries internationally, with its key export markets situated across Americas, Asia (excluding India), Europe and rest of the world. It also manufactures helmets for Jay Squared LLC, which are sold under the “Daytona” brand in the United States of America, as well as for O’Neal under their branding, supplying to markets in Europe, United States of America and Australia.

The company is focused on capturing the opportunity for two-wheeler helmets globally which is estimated to grow at a CAGR of 5.10% in value terms between calendar year 2024 to calendar year 2029 primarily fuelled by increasing urbanization, rising disposable incomes, heightened safety awareness, and government regulations mandating helmet use. Safety remains the cornerstone of its product philosophy, driving its efforts to meet rigorous safety standards while ensuring style, design, utility and quality. It is focused on positioning SMK as an aspirational brand, that appeals to the safety-conscious preferences of its customers in India and globally, while also catering to diverse price points and design sensibilities.

Proceed is being used for:

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 5 each by the Selling Shareholders
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry Overview

India has shown various moderations across domains of economy, geopolitics, and environment in the last few years. Regarding the Indian automobile industry, the two-wheeler (2Ws) segment takes the largest chunk of the pie, with around 77% share of the total domestic sales volume. The two-wheeler industry has three sub-segments namely, Motorcycles, Scooters, and Mopeds. The two-wheeler industry experienced a robust domestic sales growth of 9.1% year-on-year in FY25 compared to FY24. With the introduction of new models and attractive promotional offers, demand increased, especially in rural areas, fostering improved market sentiments. This uptick in demand was accompanied by heightened customer walk-ins and an overall positive market response. Additionally, recently announced GST rate cuts on two-wheelers coupled with better stock availability compared to the previous year and a favourable reception to newly launched entry-level products have set an optimistic tone for the upcoming festive season.

The two-wheeler segment takes the largest chunk of the pie in the Indian automobile industry, with around 75% share in the total domestic sales volume. The two-wheeler (2W) industry has three segments namely, Motorcycles, Scooters, and Mopeds. The contribution of sales of motorcycles is the highest at 62% followed by scooters and mopeds at 35% and 3% in FY25 respectively. The two-wheeler domestic sales volume is expected to grow by 7-9% in FY26 after healthy growth in last 2 years with new model launches, upcoming festivals, wedding season, and ease in supplies of chips and semiconductors. the two-wheeler auto domestic sales are expected to grow with a CAGR of 5%-6% over the period of FY25-30. The growth is expected to be led by improving rural and urban demand and increasing demand for electric two-wheelers.

India is one of the largest two-wheeler helmet market. The Indian two-wheeler helmets market experienced a 4.4% CAGR in unit sales from CY19 to CY24, driven by factors such as growing urbanization, rising disposable incomes, increased safety awareness, and the enforcement of government regulations mandating helmet use. The market is anticipated to expand at a CAGR of 6.1% in volume and 8.7% in value between CY24 and CY29, owing to factors such as the market nearing saturation in urban areas, a slower pace of income growth, stable regulatory enforcement, and a shift in consumer focus from basic safety to higher-quality, feature-rich helmets. The mandatory helmet requirement for pillion riders could also lead to a notable increase in demand, resulting in more steady growth in the coming years. Additionally, inflationary pressures, growing consumer awareness of premium helmet brands, and a shift toward high-quality, certified helmets are expected to further drive price growth in the coming years. The premium helmet market is estimated to be around 7-8% of the total helmet market in value terms and this share is likely to grow to 10% by FY29. 

Pros and strengths

Largest domestic player of two-wheeler helmets: The company is the largest two-wheeler helmets player in India in terms of revenue in Fiscal 2024 and also the world’s largest two-wheeler helmet player by volume in Calendar Year 2024. It is an established manufacturer with nearly five decades of experience. It sold around 7.40 million helmets in Fiscal 2025. Its strong market positions in the helmet and motorcycle accessories industry are a reflection of approximately five decades of industry experience, continuous product improvement development, focus on safety, quality and understanding the aspirational needs of its target customers. Over the last 50 years, it has developed the Studds brand as a trusted brand amongst its customers by focusing on incorporating the advanced head gear protection technology in its products and by ensuring compliance with stringent quality and safety standards.

Advanced manufacturing and D&D capabilities with vertically integrated operations: The company’s vertically integrated business model gives it the control over its processes from raw material procurement, design, production and marketing to distribution and sales and also its ability to respond to changing market trends and iterate prototypes with faster turnaround time, thereby reducing time to market and enabling faster product and design development cycles. The company has developed its manufacturing processes based on its nearly five decades of production experience and gradually created extensive vertical integration which has allowed it to have better control over the quality of its products. Its vertically integrated manufacturing processes such as production of expanded polystyrene liners (EPS Liners), in-house helmet liners stitching facility, in-house decal facility, in-house mold making shop and design centre and an in-house helmet testing laboratory, enable it to become cost efficient in relation to third party manufacturing and allows it to have greater control over quality and safety at each stage of the manufacturing process.

Strong Pan-India and global presence: The company sells its products primarily through its extensive distributor networks, OEMs, EBO’s, online retailers, quick commerce platforms, central stores department, central police canteen and institutional customers. During the nearly five decades of operations, it has developed a widespread distributor network in India and globally that has enabled it to serve customers in over 70 countries as of August 31, 2025. As of August 31, 2025, it had tie-ups with 363 active distributors in India and sold in key export markets situated across Americas, Asia (except India) for its export operations.

Capital efficient and sustainable business model: The company has a scalable business model which relies on its brand recall, its integrated operations and its distribution network. Its brand logos are prominently displayed on its products and each product sold by it enhances its brand visibility and recall, which allows it to undertake minimal advertising expenses. The synergies from its integrated operations help it in reducing its operating expenses and enable it to upscale its operations in an efficient and seamless manner. Its large distribution network, which includes its domestic distributors, importers and two-wheeler OEMs, allows it to expand its geographical reach without incurring significant capital expenditure. Further, most of the orders placed by its distributors are backed by weekly credits and all the orders placed by its importers are usually backed by advance payments or letter of credit, which allows it to have efficient working capital.

Risks and concerns

Dependent on certain raw material suppliers: The company procured significant portion of raw material from limited suppliers. The company has procured 20.83%, 19.85% and 14.03% of its raw material supply from top 10 suppliers in FY25, FY24 and FY23 respectively. Any disruption in their operations or the inability of such suppliers to supply the raw materials in the quantities it requires, may have an adverse effect on the company’s business, results of operations and financial condition.

Significant revenue comes from exports: The company’s business and financial performance is dependent on export sales of its products across its international markets (which was 21.74%, 16.63%, 10.06% and 13.60% for the three months ended June 30, 2025 and Fiscals 2025, 2024, and 2023, respectively). Any decrease in the demand for its products in these markets or an inability to increase or effectively manage its sales to such markets may adversely affect its business, financial condition and results of operations. Further, increase in the anti-dumping duties in such countries or the entry into free trade agreements with such countries may adversely affect its business, financial condition and results of operations. 

Significant revenue comes from sale of products to OEMs and government customers: The company is dependent on sales to certain clients in the automotive segment inter-alia including Original Equipment Manufacturers (OEMs), Canteen Stores Department, Indian Naval Canteens, and the Central Police Canteens. The company has garnered 19.58%, 20.79% and 18.49% of its total revenue from sale of its products to OEMs and government customers in FY25, FY24 and FY23 respectively. The company cannot assure that it can maintain the historical levels of orders from these customers or that it will be able to find new customers in case it loses any of them. Further, major events affecting its customers, such as adverse market conditions, regulatory changes, adverse cash flows, change of management, mergers and acquisitions by customers could adversely affect its business.

Geographical constrain: The company operates four manufacturing facilities in Faridabad, Haryana, with a fifth manufacturing facility under construction in the same region. The company’s manufacturing facilities are concentrated in Faridabad, Haryana and events impacting this geographical area may disrupt its production and operations. Further, its manufacturing facilities are subject to operating risks, such as the breakdown or failure of equipment, power supply or processes, performance below expected levels of efficiency, obsolescence, labour disputes, natural disasters, industrial accidents, infectious diseases, political instability and the need to comply with the directives of relevant government authorities. Any disruption, breakdown or shutdown of its manufacturing facilities may have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

Studds Accessories is a manufacturer of two-wheeler helmets and motorcycle accessories based in Faridabad, Haryana. The company designs, manufactures, markets, and sells helmets under the “Studds” and “SMK” brands, while other accessories are sold under the “Studds” brand. The company distributes its products across India and exports to over 70 countries, including markets in the Americas, Asia (excluding India), Europe, and other regions. On the concern side, the sale of two-wheeler helmets manufactured by the company contributes a significant portion to total sales and any decrease in motorcycle sales could have an adverse effect on its business, cash flows, results of operation and financial position. Moreover, its continued operations at its manufacturing facilities are critical to its business and any disruption, breakdown or shutdown of its manufacturing facilities may have a material adverse effect on its business, financial condition, results of operations and cash flows. 

The issue has been offering 77,86,120 shares in a price band of Rs 557-585 per equity share. The aggregate size of the offer is around Rs 433.69 crore to Rs 455.49 crore based on lower and upper price band respectively. Minimum application is to be made for 25 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased 10.36% from Rs 5,290.23 million for Fiscal 2024 to Rs 5,838.16 million for Fiscal 2025. Moreover, the company’s profit for the year was Rs 696.41 million for Fiscal 2025 compared to Rs 572.26 million for Fiscal 2024.

The company is an established manufacturer with nearly five decades of experience It sells its products in more than 70 countries as of August 31, 2025. Its Manufacturing Facilities I, II and III are fully equipped with automated silicon hard coating facility for visors, sputtering and metalizing technologies available for coating visors, in-house helmet liners stitching facility, conveyorized assembly line, in-house mold making shop and design center, in house painting lines, automated fabric cutting lines and stitching lines and an in-house helmet testing laboratory certified by Vehicle Certification Agency, England (VCA). Additionally, Manufacturing Facility IV produces Expanded Polystyrene Liners (EPS Liners) and water transfer decals used for captive consumption in Manufacturing Facilities I, II and III. Its large manufacturing facilities enable it to achieve economies of scale resulting in decreased cost of production per manufacturing facilities.

Orkla India

• Orkla India is coming out with a 100% book building; initial public offering (IPO) of 2,28,43,004 shares of Rs 1 each in a price band Rs 695-730 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 October 29, 2025 and will close on October 31, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 695.00 times of its face value on the lower side and 730.00 times on the higher side.
• Book running lead managers to the issue are ICICI Securities, Citigroup Global Markets India, J.P. Morgan India and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Kaushik Seshadri.

Profile of the company

Orkla India is a multi-category Indian food company with operations spanning several decades, offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts. In Fiscal 2024, it was one of the top four companies in terms of revenue from operations among select leading spices and convenience food peers. The company’s products, under its brands MTR and Eastern, are crafted with authenticity and tradition, and are deeply rooted in the South Indian culinary heritage. The key product categories it offers are Spices (comprising blended and pure spices), and Convenience Foods (comprising ready-to-cook (RTC), ready-to-eat (RTE) foods and Vermicelli, among others).

In Spices, its key products include: (a) Sambar Masala, Chicken Masala, Puliogare Masala, Rasam Masala and Meat Masala, among others, in blended spices; and (b) Chilli, Kashmiri Chilli, Turmeric, Coriander and Cumin, among others, in pure spices. Its Convenience Foods products simplify the cooking process and enable quick meal preparation through products such as Gulab Jamun mix, Rava Idli mix, 3-Minute Poha and Dosa mix. Its portfolio comprises approximately 400 products across these categories, as of June 30, 2025, and it sold around 2.3 million units on average every day as of June 30, 2025.

The company through its brands, MTR and Eastern, has a deep understanding of local flavours and a strong commitment to quality that has resulted in the current scale, particularly in the core markets of Karnataka, Kerala, Andhra Pradesh and Telangana. Its multi-category product portfolio is manufactured across its owned manufacturing facilities in India as well as contract manufacturing facilities in India and in the UAE, Thailand and Malaysia. The manufacturing facilities in India are in proximity to key raw material sourcing areas, ensuring reduced lead times and inbound transportation costs. The location of its manufacturing facilities, combined with its extensive distribution network, facilitates efficient consumer reach in its core markets, driving overall supply chain efficiency.

Proceed is being used for:

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 1 each by the Selling Shareholders
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry Overview

The Indian packaged food market was estimated at Rs 10,180 billion in Fiscal 2024, reflecting a CAGR of 10.8% vs Fiscal 2019. The high growth is driven by rising disposable incomes, urbanisation, lifestyle changes, nuclearisation, and a growing workforce, particularly among women. The packaged food market remains stable throughout the year, as demand is primarily driven by regular consumption rather than seasonal fluctuations. Packaged food in India, a growing opportunity indicated by rising per capita spend Annual per capita spend on all categories of packaged food was Rs 7,000 in India in Fiscal 2024. In Fiscal 2020, this was Rs 4,650, which was significantly lower than China at Rs 16,000 and the USA at Rs 1,12,500, indicating substantial growth potential for the packaged food industry as the Indian market matures. India’s packaged food market entered a high-growth phase between Fiscal 2019-24, mirroring China’s high growth trajectory.

India, often referred to as the 'Land of Spices', is the world's largest producer, consumer, and exporter of spices. It contributes nearly 70% of global spice production by volume and accounts for approximately 43% of global spice exports by value as of Fiscal 2024. With diverse agro-climatic conditions and strong domestic and international demand, the country cultivates approximately 75 of the 109 spice varieties listed by the International Organization for Standardization (ISO). These include, but are not limited to, chilli, turmeric, coriander, black pepper, cardamom, and cumin. In addition, India exports spices to over 180 countries. States such as Karnataka, Rajasthan, Andhra Pradesh, Telangana, Madhya Pradesh and Gujarat are key contributors with approximately 80% of India’s total spice production by volume in Fiscal 2024. 

The Indian spices market has grown at a 11.5% CAGR approximately to Rs 1,230 billion in Fiscal 2024 vs Fiscal 2019 and is expected to grow to Rs 2,080 billion in Fiscal 2029. The projected high growth rate of the spices market can be attributed to various growth drivers, including increasing population, rising disposable income, increasing urbanisation, rapidly growing e-commerce/quick-commerce platforms, need for convenience and the growing trend of spices being used for their medicinal properties and as functional foods. The packaged spices market constitutes a 40% share of the domestic spices market and was valued at Rs 345 billion in Fiscal 2024. This market has grown at a CAGR of approximately 13.3% since Fiscal 2019 and is projected to reach Rs 615 billion by Fiscal 2029, representing a 45% share. The slightly lower growth rate of 12.3% between Fiscal 2024 and Fiscal 2029 can be attributed to the current deflationary trend in the pure spices segment, and negligible price growth in the blended spices category. The shift towards the packaged market is influenced by factors on both the demand and supply sides. 

Pros and strengths

Category market leader with the ability to build and scale household food brands: Leading brands have built significant market shares in packaged spices market of South India, highlighting its strong brand equity. The spice blends offered under the MTR brand are designed for vegetarian cuisine, while Eastern’s blends are crafted predominantly for non-vegetarian cuisines. Its market position is further built on its deep understanding of local tastes and products tailored to suit regional preferences. Its product portfolio caters to local tastes by offering a range of local dishes within its core markets. The company through its brands, MTR and Eastern, has a deep understanding of local flavours and a strong commitment to quality that has resulted in the current scale, particularly in the core markets of Karnataka, Kerala, Andhra Pradesh and Telangana.

Multi-category food company with a focus on product innovation: It continuously innovates around its offerings to meet evolving customer needs. It does this through a combination of enhancing recipes, creating different product formats, and implementing novel preparation methods, among other approaches. For instance, the company launched (a) MTR Minute Fresh batters, as a more convenient addition to its existing range of Dry Mixes; (b) Ready-to-Eat range of sweets as an extension of its existing range of Sweet Mixes; and (c) 3-Minute Breakfast range as an expansion of convenience offerings to its existing breakfast range. The company has also ventured into new cuisine spaces such as Pan-Asian cuisine, with a range of blended spices and cooking pastes under its new brand “Wok N Roll” which was launched in January 2025.

Extensive distribution infrastructure with deep regional network and wide global reach: The company has an extensive Pan-India distribution network with 834 distributors and 1,888 sub-distributors across 28 states and six union territories, 42 modern trade partners and six e-commerce and quick commerce partners. The company’s brands, MTR and Eastern, are the most widely distributed brands in Karnataka and Kerala for spices. Out of the universe of around 300,000 retail outlets selling blended spices in Karnataka and around 74,500 in Kerala, its brands have a presence in 67.5% and 70.4% of the outlets, respectively versus an industry average of 30-40%. In combination with significant marketing investments over the years and extensive distribution, MTR and Eastern have reached nine out of 10 households through at least one of its products in Karnataka and Kerala respectively (for January 2024-December 2024, based on the share of households consuming at least one of its products at least once a year).

Efficient, large-scale manufacturing with stringent quality control and a robust supply chain: It manufactures its multi-category products in modern and flexible manufacturing facilities, powered by a robust supply chain across sourcing and distribution. As of June 30, 2025, it operated nine manufacturing units in India, with a total installed capacity of 182,270 TPA. The company has continually upgraded its manufacturing capabilities over the years to improve efficiency, productivity, quality and safety. Its key manufacturing facilities in Bommasandra, Bengaluru, are largely automated, from the process of receiving materials to conveying, supervisory control and data acquisition-enabled processing, and primary and secondary packaging. It has also implemented Internet of Things (IoT) enabled manufacturing in its key facilities in Bommasandra, Bengaluru, integrating IoT sensors with critical machinery and enabling online tracking of production data.

Risks and concerns

Dependent on few suppliers for raw materials: The company is dependent on its top ten suppliers which contributed to 37.9% in the three months ended June 30, 2025 and 33.7% of total purchases in Fiscal 2025 for raw materials. Any loss of suppliers or interruptions in the timely delivery of supplies could have an adverse impact on its business, financial condition, cash flows and results of operations.

Significant revenue comes from outside India: The company derived a portion of its revenue from sale of products to customers outside India (20.4% and 20.6% in the three months ended June 30, 2025 and in Fiscal 2025). Its inability to effectively manage its exports or comply with regulations in countries to which it exports, may adversely affect its business, financial condition, cash flows and results of operations.

Geographical constrain: The sale of its products is concentrated in South India contributing to 70.0% and 70.2% of its revenue from sale of products in the three months ended June 30, 2025 and in Fiscal 2025, respectively. Additionally, eight of its nine owned manufacturing facilities and 15 of its 18 contract manufacturing facilities in India are located in South India, as of June 30, 2025. As a result, it may be adversely affected by unfavourable events affecting this region.

Huge working capital requirement: Its operations require a significant amount of working capital, including to finance the purchase of raw materials, maintenance of adequate levels of inventory and execution of manufacturing processes. Any inability to source the required amount of working capital for addressing any production needs, may lead to under-production, decreased revenues and a dissatisfied customer base. Further, any delay in processing of payments by its customers may increase its working capital requirement. In the event a customer defaults in making payments for an order on which it has devoted significant resources, it could affect its profitability and liquidity and decrease the capital reserves that are otherwise available.

Outlook

Orkla India is an Indian food company, offering a diverse range of food products, from breakfast to lunch and dinner, snacks, beverages, and desserts. It has a collection of iconic Indian heritage brands - MTR Foods, Eastern Condiments, and Rasoi Magic. The company has extensive distribution infrastructure with deep regional network and wide global reach. It also has Large-scale manufacturing with stringent quality control and a robust supply chain. On the concern side, the company derived a portion of its revenue from sale of products to customers outside India. Its inability to effectively manage its exports or comply with regulations in countries to which it exports, may adversely affect its business, financial condition, cash flows and results of operations. Moreover, the company is dependent on its top suppliers for raw materials and any loss of suppliers or interruptions in the timely delivery of supplies could have an adverse impact on its business, financial condition, cash flows and results of operations. 

The issue has been offering 2,28,43,004 shares in a price band of Rs 695-730 per equity share. The aggregate size of the offer is around Rs 1587.59 crore to Rs 1667.54 crore based on lower and upper price band respectively. Minimum application is to be made for 20 shares and in multiples thereon, thereafter. On performance front, the company’s total revenue from operations increased by 1.60% to Rs 23,947.10 million in Fiscal 2025 from Rs 23,560.10 million in Fiscal 2024. Moreover, the company’s restated profit for the year increased by 13.0% to Rs 2,556.9 million in Fiscal 2025 compared to Rs 2,263.3 million in Fiscal 2024.

The company determined to drive growth in its core markets of Karnataka, Kerala, Andhra Pradesh and Telangana by leveraging favourable market conditions, which include the shift towards packaged products, the importance of regional and authentic flavours, and consumers’ focus on health and convenience. Of the Indian domestic spices market, the packaged spices market constitutes a 40% share, valued at Rs 345 billion as of Fiscal 2024. This market has grown at a CAGR of approximately 13.3% since Fiscal 2019 and is projected to reach Rs 615 billion by Fiscal 2029, representing a 45% share. It also intends to grow revenues and solidify its leadership by increasing household penetration and purchasing frequency, in doing so capturing market share from the domestic unorganised sector.

Game Changers Texfab

• Game Changers Texfab is coming out with an initial public offering (IPO) of 53,76,000 equity shares in a price band of Rs 96-102 per equity share. 
• The issue will open on October 28, 2025 and will close on October 30, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.60 times of its face value on the lower side and 10.20 times on the higher side.
• Book running lead manager to the issue is Corpwis Advisors.
• Compliance Officer for the issue is Nikunj Gupta.

Profile of the company

Game Changers Texfab is engaged in finding the finest fabric material as per customer specifications and sourcing them from the right suppliers, ensuring the right material solutions. ‘Sourcing of Fabrics’ refers to the process of selecting and procuring raw materials for textile production, which includes identifying suppliers, negotiating prices, and ensuring the quality and sustainability of the fabrics. The company deals with variety of fabrics but specializes in women's wear fabrics and technical textiles fabrics, including outdoor and PVC-coated fabrics for a variety of uses such as awnings, outdoor furniture upholstery, tarpaulins, sports goods, tents, etc.

To strengthen its sourcing operations, the company manages a network of over 10 sourcing offices, ensuring access to a range of daily as wells as premium fabrics at competitive prices. It has two comprehensive retail experience stores which double up as sampling centres through which it offers a wide range of fabric materials. In these stores, it features both Ready-made and semi-stitched garments. Additionally, it offers Made to Measure garments with in-store customization and fabric value additions tailored to meet its customers' specific preferences. Apart from its offline presence, it also has its online platform, featuring over 10,000 designs and a network of over 500 diverse suppliers, to support export houses, boutiques in creating unique samples for its clientele.

Also, in order to eliminate the need for capital-intensive machinery or owned production facilities, the company operates through a Deemed Manufacturing model, wherein it has a network of six deemed manufacturing units. ‘Deemed Manufacturing Model’ refers to a business arrangement where it outsources its manufacturing activities to a third-party manufacturer, without owning or operating any manufacturing facility. In this model, the third-party manufacturer is responsible for the production of goods on behalf of the company. Operating on this model makes it asset light and gives it the ability to be agile by on-boarding new production facilities based on changing needs and trends. This allows it to reduce the costs associated with owning and managing manufacturing facilities, while still benefiting from the production capacity and expertise of the manufacturer to scale operations without investing in costly infrastructure.

Proceed is being used for:

• Working capital requirements
• Capital expenditure
• General corporate purposes and unidentified inorganic acquisitions 

Industry Overview

India’s textiles sector is one of the oldest industries in the Indian economy, dating back to several centuries. The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, with the capital-intensive sophisticated mills sector at the other end. The fundamental strength of the textile industry in India is its strong production base of a wide range of fibre/yarns from natural fibres like cotton, jute, silk, and wool, to synthetic/man-made fibres like polyester, viscose, nylon and acrylic. The decentralized power looms/ hosiery and knitting sector form the largest component of the textiles sector. The close linkage of textiles industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles makes it unique in comparison to other industries in the country. India’s textiles industry has a capacity to produce a wide variety of products suitable for different market segments, both within India and across the world.

The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $350 billion by 2030. Moreover, India is the world's 3rd largest exporter of Textiles and Apparel. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contributes 2.3% to the country’s GDP, 13% to industrial production and 12% to exports. The textile industry in India is predicted to double its contribution to the GDP, rising from 2.3% to approximately 5% by the end of this decade. India is the world’s largest producer of cotton. In the first advances, the agriculture ministry projected cotton output for 2023-24 at 32.3 million bales. The total availability of cotton in the 2023-24 season has been pegged at 34.6 million bales, against 31.1 million bales of domestic demand, including 28 million bales for mills, 1.5 million for small-scale industries, and 1.6 million bales for non-mills. Cotton production in India is projected to reach 7.2 million tons (43 million bales of 170 kg each) by 2030, driven by increasing demand from consumers. It is expected to surpass $30 billion by 2027, with an estimated 4.6-4.9% share globally.

The future of the Indian textiles industry looks promising, buoyed by strong domestic consumption as well as export demand. India is working on various major initiatives to boost its technical textile industry. Owing to the pandemic, the demand for technical textiles in the form of PPE suits and equipment is on the rise. The government is supporting the sector through funding and machinery sponsoring. The technical textiles market for automotive textiles is projected to increase to $3.7 billion by 2027, from $2.4 billion in 2020. Similarly, the industrial textiles market is likely to increase at an 8% CAGR from $2 billion in 2020 to $3.3 billion in 2027. The overall Indian textiles market is expected to be worth more than $209 billion by 2029.

Pros and strengths

Deemed manufacturing: The company currently has six deemed manufacturing units which strengthen its operations allowing it to leverage external production capacities while maintaining control over quality and reducing overhead costs. Operating on a deemed manufacturing model also supports an asset-light approach, minimizing capital investments while ensuring flexibility and scalability in production.

International tie-ups: It has formed strategic tie-ups with two international companies to source and supply high quality technical fabrics. These partnerships help the company meet the growing demands of Indian buyers for advanced textiles, expanding product offerings and staying competitive in a specialized market.

Retail and online expansion: Channelize growth by expanding retail sales of garments and fabrics through both physical stores and online platforms. This dual approach increases accessibility for customers, diversifies revenue streams, and capitalizes on the growing demand for e-commerce.

Risks and concerns

Maximum revenue comes from limited customers: The company’s top five customers contributed 48.09%, 47.12%, 63.53% and 36.08% of its total sales while its top ten customers contributed 78.88%, 71.29%, 78.81% and 52.66% of its revenues for the period ended June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023. The company could experience a reduction in its results of operations, cash flows and liquidity if it loses one or more of these customers or the amount of business it obtains from them is reduced for any reason, including but not limited on account of any dispute or disqualification.

Dependent on few suppliers for majority of purchases: The company’s top five suppliers contributed 74.96%, 42.25%, 43.59% and 34.77% of its total purchases while its top ten suppliers contributed 92.00%, 66.33%, 60.84% and 50.40% of its total purchases for the period ended June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023. Since its business is concentrated among relatively few significant suppliers, the company could experience a reduction in its purchases and business operations if it loses one or more of these suppliers, including but not limited on account of any dispute or disqualification, however no such instances have occurred in the past.

Geographical constrain: The company derived a significant portion of its revenue from its customers in Haryana. The company has garnered 72.75%, 66.66% and 59.23% of its total revenue from the state of Haryana in FY25, FY24 and FY23 respectively. Due to a significant concentration of its revenues in this state, the company is highly impacted by risks specific to this geography, such as civil unrest as well as other adverse social, economic and political events in this state, natural disasters, regional conflicts, and other unforeseen events and circumstances. If any of these risks materialise or if there is a significant downturn in this state, its results of operations and future profitability could be adversely impacted.

Outlook

Game Changers Texfab specializes in sourcing high-quality fabrics based on customer specifications, selecting suppliers, negotiating prices, and ensuring fabric quality and sustainability for textile production. The company offers a variety of fabrics, specializing in women's wear and technical textiles, including outdoor and PVC-coated fabrics for applications like awnings, furniture upholstery, tarpaulins, sports goods, and tents. On the concern side, the company’s top customers contribute significant portion in the revenue and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, the company’s top suppliers contribute majority of its purchases and any loss of business with one or more of them may adversely affect its business operations and profitability. 

The company is coming out with a maiden IPO of 53,76,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 96-102 per equity share. The aggregate size of the offer is around Rs 51.61 crore to Rs 54.84 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations surged 18.11% to Rs 11,556.31 lakh in FY25 as compared to Rs 9,784.38 lakh in FY24. Moreover, the company has reported almost three-fold rise in net profit at Rs 1,206.51 lakh in FY25 as compared to Rs 426.72 lakh in FY24.

Looking ahead, the company plans to expand its footprint by opening six new stores in Tier 1 and Tier 2 cities, including Noida, Chandigarh, Delhi, Ahmedabad, Lucknow and Pune incorporating all the features of their existing stores that is an experience centre, a sampling office, dedicated tailoring & Value-added service area, and an office space. Additionally, the company also aims to introduce dedicated designer rooms, allowing designers to engage directly with customers and provide customized services aligned with their preferences. These strategically located stores will serve as platforms for business growth, offering customers a unique shopping experience with the latest designs and trends. In parallel, the company is also focusing on expanding its online presence to reach a broader audience, ensuring a seamless and convenient shopping experience for customers nationwide. This dual approach will drive both offline and online growth, enhancing its brand visibility and accessibility.

Jayesh Logistics

• Jayesh Logistics is coming out with an initial public offering (IPO) of 23,47,000 equity shares in a price band of Rs 116-122 per equity share.
• The issue will open on October 27, 2025 and will close on October 29, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.60 times of its face value on the lower side and 12.20 times on the higher side.
• Book running lead manager to the issue is Indcap Advisors.
• Compliance Officer for the issue is Shekhar Pareek.

Profile of the company

Jayesh Logistics is a service provider in the logistics and supply chain management industry, primarily providing freight services using road transportation like trucks and railways and non-freight services; like loading and unloading, truck on hire also known as Truck Forwarding Note “TFN”, custom clearance, and machinery on hire, to over 200 clients from various industries such as iron and steel, infrastructure equipment, cement, heavy industrial machinery, engineering, construction machinery and more. “The company handles both domestic and cross-border consignments. The company also provides non-freight support which enables it to address various supply chain requirements of its clients and provide them with end-to-end solutions. It is an ISO 9001:2015 and ISO 14001:2015 certified company, which emphasizes its quality management systems and environmental management respectively. It has been awarded with various awards as a road transport operator.

The company's operations are supported by an in-house fleet of 95 heavy material and cargo handling trucks as on April 03, 2025. Having owned trucks ensures better control over transportation services and reliability in cargo handling. Its fleet encompasses trucks with various types of design, size, and capacity. The diversity of its fleet of vehicles allows it to cater to a wide range of consignments. To cater to this wide range of consignments and excessive demand during a particular season, it also connects and uses third-party truck operators to utilize their vehicles on a need basis.

Its fleet operators (Drivers) are hired through a network of agents. Its agents have a huge network of drivers where availability is not a constraint, this helps it to ensure higher utilization of fleet and provide uninterrupted services wherein it does not have to worry about availability of these operators (drivers). Availability and management of these drivers is a well-known challenge across the industry as a whole and is one of the primary reasons of client dissatisfaction and consignment delays.

Proceed is being used for:

• Funding the expenditure towards purchase of side wall trailers
• Funding the working capital requirements
• Funding the implementation for phase 2 of Smart Logistics Application
• General corporate purposes 

Industry Overview

The Indian logistics industry is growing, due to a flourishing e-commerce market and technological advancement. The logistics sector in India is predicted to account for 14.4% of the GDP. The industry has progressed from a transportation and storage-focused activity to a specialised function that now encompasses end-to-end product planning and management, value-added services for last-mile delivery, predictive planning, and analytics, among other things. One of the key drivers of this expansion is projected to be the rise of India's logistics industry, which employs 22 million people and serves as the backbone for various businesses. The logistics sector in India was valued at $250 billion in 2021, with the market predicted to increase to an astounding $380 billion by 2025, at a healthy 10%-12% year-on-year growth rate. Moreover, the government is planning to reduce the logistics and supply chain cost in India from 13-14% to 10% of the GDP as per industry standards.

The Indian logistics sector stands as one of the world's largest and plays a crucial role in driving economic growth. Following a 2% contraction in FY21, the market experienced a robust post-COVID recovery in FY22, witnessing a remarkable 14% growth and reaching a value of $435 billion. As per the projections from EY, a leading global consulting firm, the logistics market in India is poised to expand further, reaching $591 billion by FY27. The report further states that in FY22, organised players represented only 5.5-6% of the logistics market segments, encompassing road transportation, warehousing, and supply chain services. However, organised players are anticipated to exhibit a notable CAGR of approximately 32% between 2022 and 2027. Consequently, their market share is expected to reach 12-15% by FY27. This transformation is expected to be led by organised players’ capacity to provide integrated services, leverage network- and scale-driven efficiencies, and make substantial investments in technology and engineering. These efforts are projected to promote their market competitiveness and capture a larger share of customer business.

As the Indian logistics industry confronts challenges, the road ahead demands strategic initiatives. Fostering technological integration, embracing sustainable practices, and fortifying last-mile connectivity are imperative. Collaborations across sectors, including the government, private enterprises, and technology providers, would be pivotal for holistic advancement. Investment in skill development and infrastructural enhancements would further propel efficiency. By navigating regulatory complexities, adopting innovative solutions, and cultivating a responsive ecosystem, India’s logistics sector can not only overcome existing challenges but also emerge as a resilient and globally competitive force, contributing substantially to the nation's economic growth in the foreseeable future.

Pros and strengths

Technological support to customers by deployment of an integrated logistics IT solution: The company’s strength lies in the development and deployment of SMART-SYS, an integrated logistics IT solution designed to address industry challenges SMART-SYS combines core operational systems, including ERP, fleet tracking (GPS/RFID), and block chain-enabled e-POD tokens, with customer-focused tools such as AI-driven CRM and third-party smart payment integrations. This system eliminates manual inefficiencies, supports real-time data tracking, and automates critical processes. Its layered implementation architecture - comprising the Activity Layer for fleet tracking and the Services Layer for advanced SAP-enabled functionalities such as invoicing, payment management, and route optimization, provides a scalable and adaptable solution tailored to the evolving needs of the logistics industry.

Varied range of end-market customers across industries and industrial sectors: The company caters to a wide range of end-market customers across various industries, industrial sectors, including Iron & Steel (both raw materials like Iron Ore, Iron Files, Coal etc.; to finished products like TMT bars, Billets, Strip Coils, Sheets etc.), Cement Industry (Limestone, Clinker, Cement), Heavy Industrial Machinery (ODC Cargo), Infrastructure Equipment, Engineering & Construction machinery. While it typically engages in long-term associations with its esteemed clientele. Its diverse customer base and strong connections with key clients are vital to its business strategy and growth.

Quality certifications: The company holds certifications for ISO 9001:2015 (Quality Management System) and ISO 14001:2015 (Environmental Management System). These certifications demonstrate quality and timeliness of its transportation services. The company’s commitment to quality has been key to sustaining and growing its business, ultimately benefiting its customers.

Risks and concerns

Maximum revenue comes from limited customers: The company’s substantial portion of revenues from operations has been dependent upon a few customers. Its top ten customers for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, accounted for 76.45%, 69.84% and 48.20% of its revenue from operations for the respective year/period. Further, its top five customers for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, accounted for 53.07%, 57.87% and 34.99% of its revenue from operations for the respective year/period. Its reliance on a limited number of customers for its business exposes it to risks like reductions in orders, delays, or cancellation of orders from its significant customers, failure to negotiate favourable terms with its key customers, or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Geographical constrain: Currently, the company delivers its services in India and Nepal. Its revenue from operations from the India - Nepal cross border movements was 92.18%, 63.53%, 68.09% and 78.96% for the period ended June 30, 2025 and the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023 respectively. It derives significant portion of its revenue from operations from Eastern India, India Nepal Corridor and Nepal hinterland. Any slowdown in business activities, industrial growth, changes in regulatory landscape, price cutting competition, availability of resources, infrastructure deterioration, political instability etc. in Eastern India, India Nepal Corridor and Nepal hinterland can have a material adverse effect on its business, results of operations and financial condition.

Dependent on few suppliers for purchases of product/service: The company’s top ten suppliers contribute 23.52%, 32.64% and 26.52% of its total cost of services consumed for the financial year ended on March 31, 2025, 2024 and 2023, respectively based on restated financial statements. Further, its top five suppliers for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, accounted for 18.39%, 28.66% and 19.90% respectively, of its revenue from operations for the respective year/period. It cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations.

Outlook

Jayesh Logistics is a comprehensive logistics solutions provider. It particularly focuses on cross-border cargo movements across the Indo-Nepal Corridor and the Nepal hinterland. The company has varied range of end-market customers across industries and industrial sectors. On the concern side, substantial portion of the company’s revenue from operations is dependent from limited number of customers, the loss of such customers, the deterioration of their financial position or prospects, or a reduction in their demand for its products could affect its business, financial position and future prospects of the company. Moreover, it generates major portion of revenue from its operations in certain geographical regions and any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations. 

The company is coming out with a maiden IPO of 23,47,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 116-122 per equity share. The aggregate size of the offer is around Rs 27.23 crore to Rs 28.63 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations surged 26.77% to Rs 11,188.21 lakh in FY25 as compared to Rs 8,825.91 lakh in FY24. Moreover, the company has reported 127.53% rise in net profit at Rs 719.74 lakh in FY25 as compared to Rs 316.33 lakh in FY24.

Building and nurturing relationships with its customers and logistics partners is crucial to the company’s success. By consistently providing dependable services, it cultivates trust and loyalty among its clients. Moreover, the company works closely with its logistics partners to optimize operations and improve efficiency, ensuring a smooth experience for its customers. Its dedication towards mutual respect and understanding enhances these relationships, fostering long-term partnerships that benefit everyone involved. Its high degree of commitment and technology-based solutions along with specialisation in movement of heavy industrial input materials over a decade, provides it with a unique positioning in the market segment.

Midwest

• Midwest is coming out with a 100% book building; initial public offering (IPO) of 44,48,821 shares of Rs 5 each in a price band Rs 1014-1065 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 October 15, 2025 and will close on October 17, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 202.80 times of its face value on the lower side and 213.00 times on the higher side.
• Book running lead managers to the issue are DAM Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors.
• Compliance Officer for the issue is Rohit Tibrewal.

Profile of the company

Midwest has a legacy of more than four decades in the dimensional natural stone (i.e., naturally occurring stones) industry with experience in exploration, development and operation of mines, stone processing and fabrication, sales, distribution and marketing of various types of natural stone. It is engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. It is India’s largest producer and exporter of Black Galaxy Granite (a variety of Granite which is sparkling with flakes of a golden hue), and held a share of approximately 64% of the Indian export market for Black Galaxy Granite in Fiscal 2025, exporting 44,992 cubic meters of Black Galaxy Granite during Fiscal 2025. 

The company is also the largest producer in Absolute Black Granite (a variety known for its remarkable surface finish) in India, both of which have high demand. Its Absolute Black Granite production accounted for 15.7% of the overall black granite production in India during Fiscal 2025. It places much emphasis on decarbonizing its operations to improve the sustainability of its business. Its mining operations are mechanized and incorporate advanced engineering and process optimization, aided by vertical integration of key operational components such as customized Diamond Wires. It beneficially leverages its experience and organizational capabilities to serve as an organized player in an otherwise unorganized sector with the objective of catering to the requirements of its customers, improving its processes, expanding its market reach and building its resource base.

The company’s existing business activities primarily comprise extracting and processing Dimensional Granite (i.e., Granite that is cut to conform to the specifications in terms of size and shape), particularly the Black Galaxy and Absolute Black varieties (Natural Stone Segment). In addition to its Natural Stone business, it also manufactures Diamond Wire, which is a precision cutting tool employed in the natural stone and construction industries to size stones and other hard substances with precision in mines and processing/ fabrication facilities (Diamond Wire Segment). While its operations in the Diamond Wire segment began with the objective of backward integration and supporting its Natural Stone Segment, at present, its operations in this segment cater both to it captive consumption as well as meeting market demand of the Indian mining and construction industry.

Proceed is being used for:

• Investment in Midwest Neostone Private Limited (Midwest Neostone), its wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant (the Phase II Quartz Processing Plant)
• Capital expenditure for purchase of electric dump trucks (Electric Dump Trucks) to be used by the company and investment in Andhra Pradesh Granite (Midwest) Private Limited (APGM), its Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks
• Capital expenditure for integration of solar energy at certain Mines of the company
• Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company and investment in APGM, by way of a loan, for pre-payment/ re-payment of, in part or full, certain outstanding borrowings of APGM
• General corporate purposes

Industry Overview

The natural and engineered stone industry encompasses the extraction, processing, and distribution of both naturally occurring stones such as granite, marble, and limestone, as well as man-made materials such as engineered quartz slabs. Natural stones are valued for their unique patterns, durability, and timeless appeal, making them a popular choice for countertops, flooring, and architectural elements. In 2023, the US produced 2.3 million metric tonne of dimension stone, according to the US Geological Survey (USGS), highlighting the significant scale of natural stone extraction. In contrast, engineered stones are manufactured by combining natural stone fragments with resins and pigments, offering durability, uniformity, and a wide range of design options. The Indian Bureau of Mines reported that domestic production of stone products, including both natural and engineered varieties, plays a substantial role in the global stone industry. The industry has seen significant growth due to advancements in quarrying and manufacturing technologies, increased consumer preference for sustainable and high-quality materials, and expanding applications in residential, commercial, and infrastructure projects. 

In India, the granite industry significantly impacts the economies of states such as Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Rajasthan. While granite is considered costly for decorative purposes domestically, its export potential surpasses its utilisation and trade within the country. The total granite resources in India stood at an estimated 46,320 million cubic metre as on April 1, 2015. In terms of classification by grade, 7% of total resources consist of black granite, while 92% consist of coloured granite. About 1% of the resources remain unclassified. The exports volume of quartzite from India increased from 102 KT in fiscal 2022 to 126 KT in fiscal 2025 whereas the exports value of quartzite increased till fiscal 2024 to Rs 1,529 million but experienced sharp decline in fiscal 2025 owing to weakening global demand. Overall, the registered a CAGR of 7.3% over fiscal 2022-2025.

Granite production increased from 17,193 KT in fiscal 2022 to 19,709 KT in fiscal 2025, clocking a CAGR of 4.7%, driven by domestic demand for granite from the building and construction industry. Rajasthan is the largest producer of granite in India, accounting for 59% (11,586 KT) of the total granite produced in fiscal 2025. Other significant granite producing states are Andhra Pradesh and Telangana, which accounted for 16% (3,237 KT) and 14% (2,801 KT), respectively, of production in fiscal 2025. Rajasthan’s share in overall granite production increased from 48% in fiscal 2022 to 59% in fiscal 2025. Granite production is projected to grow to 26,375-27,643 KT in fiscal 2030, logging a CAGR of 6.0-7.0% between fiscals 2025 and 2030. The production is expected to be driven by increased domestic demand as well as exports of granite. 

Pros and strengths

India’s largest producer and exporter of Black Galaxy Granite: Black Galaxy is available in only one village in Andhra Pradesh in the entire world. The company is India’s largest producers and exporters of Black Galaxy Granite. It has produced 66,548 cubic meters of Black Galaxy Granite during Fiscal 2025, and held a share of approximately 64% of the Indian export market for Black Galaxy block Granite during Fiscal 2025. The company operates 3 Black Galaxy Granite Mines which allowed it to export 44,992 cubic meters during Fiscal 2025. Further, the sale price for Black Galaxy Granite ranges between Rs 50,000- Rs 100,000 per cubic meter while the sale price for black Granite ranges between Rs 30,000- Rs 75,000 per cubic meter. Among all the granite categories available in India, average realizations are the highest for Black Galaxy Granite.

Presence across the entire Dimensional Granite value chain: The company’s mine to distribution capabilities span across the Dimensional Granite value chain and allow it to effectively cater to its customers’ requirements. Through its 16 operational Granite Mines, it is able to extract and supply dressed dimensional Granite blocks (in varieties such as Black Galaxy, Absolute Black and Tan Brown) to its customers. It also operates two processing facilities where smaller Granite blocks are cut and polished, rendering the Granite suitable for use in final products such as counter-tops, steps, window-sills, dining islands, facades and floor/ wall cladding. Its processing facilities enable it to enhance the recovery from extracted Granite blocks of commercial quality by allowing it to salvage rejects obtained from dressing of large-sized blocks, and produce marketable products using such rejects.

Emphasis on R&D and Technology Integration: It places emphasis on R&D, which primarily comprises (i) tracing, identifying and establishing new mineral deposits to expand its resource portfolio; and (ii) developing methods to increase operational efficiency, reduce costs and improve the quality of its products. The company has a dedicated R&D and Exploration team, comprising 8 personnel, including 6 geologists, 1 quality control specialist and 1 chemist who have, on average, 16.10 years of industry experience. Its R&D team has enabled it to undertake various business initiatives like Exploration of New Mines, Electric Squaring and Dressing Station, Electric Dump Trucks, Phasing-out Usage of Explosives etc.

Significant establishment costs with a long gestation period benefitting established players: Mining is a highly capital-intensive business involving significant expenditure at each stage of the process, namely, exploration, development, exploitation and reclamation. There is a long gestation period to transition from the exploration stage to the production stage. Further, natural stone mining is subject to extensive regulation in India, requiring mining leases and other approvals, permits and consents from government authorities which are typically granted on an exclusive basis for a period of up to 30 years, which can be extended to 50 years under the Mines and Minerals (Development and Regulations) (MMDR) Act. Further, mechanized mining requires the acquisition and deployment of highly customized and expensive machinery, technically specialized and skilled personnel with competence in various disciplines such as Geology, Mining and Engineering. It further employs complex production methods which involve a significant learning curve. Accordingly, these requirements of the Granite mining industry in India give established players a competitive advantage over new players in the industry.

Risks and concerns

Maximum revenue comes from limited customers: The company is dependent on certain key customers for a portion of its revenue from operations, with its top 10 customers contributing 63.22%, 51.21%, 48.37% and 53.51% of its revenue from operations in the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. A decrease in the revenue it earns from such customers could adversely affect its business, results of operations, cash flows and financial condition.

Significant revenue comes from China: The company derives its revenue from operations from outside India and during the three-month period ended June 30, 2025, Fiscals 2024 and 2023, more than 50% of its revenue from operations was derived from customers located in China, which acts as a global distribution hub for the Granite industry. Any adverse developments in these markets or an inability of China to continue to act as a hub to cater to the global demands, could adversely affect its business and results of operations.

Geographical constrain: The company’s Mines, Granite processing facilities, Diamond Wire manufacturing facility, Quartz Processing Plant and Registered Office are all located in the southern Indian states of Telangana and Andhra Pradesh. Further, Black Galaxy Granite, which accounted for 69.77%, 69.55%, 72.35% and 70.46% of its revenue from operations in the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively, is entirely mined from its three Mines in Chimakurthy, Andhra Pradesh. Any social, political or economic disruption or natural calamities in this region or changes in the policies of these states or local governments could lead to a disruption of its operations, which may adversely affect its business, cash flows, results of operations and financial condition.

Dependence on third party transporters: The company uses third party transporters to transport rough Granite blocks to (i) ports and stockyards, and (ii) its Granite processing facilities. Further, it relies on access to port facilities to export its products to overseas customers, primarily the port facilities located at Chennai in Tamil Nadu and Krishnapatnam, Andhra Pradesh. As of June 30, 2025, it transported 48.30% of the dressed Granite blocks through arrangements with certain third party transporters. Its top three transporters accounted for 87.38%, 86.93%, 79.53%, and 61.24%, of its expenditure on transportation for the three-month period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. Its success depends on the smooth supply and transportation of its products, which is subject to various risks, uncertainties and other hazards beyond its control such as unavailability of vessel space at the ports, port congestion, inadequate port infrastructure, accidents, adverse weather conditions, strikes and civil unrest, which could adversely affect supplies from its suppliers.

Outlook

Midwest is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. The company is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes. Midwest operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh, producing a wide range of granite varieties, including: Black Galaxy, Absolute Black and Tan Brown. Further, has identified 25 resource locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, ensuring long-term sustainability. On the concern side, the company is dependent on certain key customers for a portion of its revenue from operations and a decrease in the revenue it earns from such customers could adversely affect its business, results of operations, cash flows and financial condition. Also, the company derives its revenue from operations from outside India and during the three-month period ended June 30, 2025, Fiscals 2024 and 2023, more than 50% of its revenue from operations was derived from customers located in China, which acts as a global distribution hub for the Granite industry. Any adverse developments in these markets or an inability of China to continue to act as a hub to cater to the global demands, could adversely affect its business and results of operations. 

The issue has been offering 44,48,821 shares in a price band of Rs 1014-1065 per equity share. The aggregate size of the offer is around Rs 451.11 crore to Rs 473.80 crore based on lower and upper price band respectively. Minimum application is to be made for 14 shares and in multiples thereon, thereafter. On performance front, the company has reported 6.93% rise in revenue from operations at Rs 6261.82 million in FY25 as compared to Rs 5,856.24 million in FY24. Moreover, the company’s net profit surged 32.87% to Rs 1,332.99 million in FY25 as compared to Rs 1,003.24 million in FY24.

The company aims to cater to the growing domestic market which can complement demand patterns in international markets. For instance, while Black Galaxy Granite is sold at a premium in overseas markets as compared to the Indian market, Absolute Black Granite can serve as a lower cost alternative to Black Galaxy Granite which can be sold at competitive prices in the domestic market. The attributes of Absolute Black Granite such as high hardness, durability, resistance to weathering and low maintenance requirements, rendering it suitable for use in modern architectural coverings such as kitchen counters, flooring, bath vanities, cladding, windowsills, backsplashes, fireplaces, steps, building facades and fountains. The company is working on positioning Absolute Black Granite as an alternative to steel foundations and plinths for heavy precision machine tools where the requirements include tolerance to stress, resistance to wear and tear over a long period of time and ultra-low co-efficient of linear expansion.