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Nanta Tech

• Nanta Tech is coming out with an initial public offering (IPO) of 14,46,000 shares in a price band of Rs 209-220 per equity share. 
• The issue will open on December 23, 2025 and will close on December 26, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 20.90 of its face value on the lower side and 22.00 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Pintu Kumar Kuberbhai Chaudhari.

Profile of the company

Nanta Tech is engaged in the business of Audio Visual (AV) integration, supply and distribution of AV Products, Service Robots and Software Development related services. It provides comprehensive, end-to-end AV integration solutions which includes system design, integration and management and on-site support. The company’s diverse portfolio of customized offerings and its ability to tailor solutions of both large scale and small-scale clients to meet the specific requirements of each client have helped it to build a loyal customer base across a broad spectrum of industries. The company is offering its customized solution to various sectors such as corporates, education, hospitality and manufacturing industry and others. Its offerings play a vital role in driving digital transformation across sectors.

In addition to providing AV integration services, the company is actively involved in the direct selling and distribution of a wide range of AV products. These include, but are not limited to indoor and outdoor active LED screens, professional display screens (both touch and non-touch), digital signage displays, digital podiums, video conferencing cameras, processors, media players, speakers, microphones, amplifiers, unified communication (UC) devices as well as mounts, cables, and other related accessories. This segment comprises of procuring AV and networking products from both domestic and international vendors based on its specifications for further sale including sale under its brand “NANTA”.

Further, the company is also engaged in the procurement of service robots from various vendors as per its specifications. Once the required software is installed, the robots are thoroughly tested, branded, marketed, and sold to the end customer under its brand “ALLBOTIX”. As part of its service offerings, it provides robots on a demo basis to its clients for various events. This initiative allows it to enhance client experiences. Accordingly, the brands “NANTA” and “ALLBOTIX” are positioned to serve distinct market segments, each addressing specific customer requirements and expectations. Additionally, the company is also providing software development services whereby its in-house team designs and develops customized software across various domains, including robotics, AI tools, mobile applications, portals, and websites. Its holistic approach ensures seamless integration between digital platforms and physical communication systems, enhancing productivity, collaboration, and business growth.

Proceed is being used for:

• Funding capital expenditure requirements of the company towards setting up an experience centre cum product display area
• Funding working capital requirements of the company
• General corporate purpose

Industry Overview

The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. India's IT sector witnessed a 16% YoY growth in hiring in April, driven by factors such as artificial intelligence (AI) adoption, cloud modernisation, and the expansion of Global Capability Centers (GCCs). India’s first made-in-India graphics processing units (GPUs) are expected to be ready for technology demonstrations by the end of 2025. Production readiness is projected for 2029 under the Rs. 10,372 crore ($1.21 billion) IndiaAI Mission. As innovative digital applications permeate sector after sector, India is now prepared for the next phase of growth in its IT revolution. India is viewed by the rest of the world as having one of the largest Internet user bases and the cheapest Internet rates, with 76 crore citizens now having access to the Internet. The current emphasis is on the production of significant economic value and citizen empowerment, thanks to a solid foundation of digital infrastructure and enhanced digital access provided by the Digital India Programme.

the Indian IT industry’s revenue touched $227 billion in FY22, a 15.5% YoY growth and was estimated to have touched $245 billion in FY23. Mid-tier Information Technology (IT) companies have reported stronger growth than their larger counterparts in FY25, demonstrating their ability to effectively navigate an uncertain macroeconomic environment. The challenge, however, remains whether they can sustain this momentum in FY26. India's IT exports are projected to reach Rs 17,95,920 crore ($210 billion) in FY25, with the US market recovering, European demand weakening, and a 5-6% growth anticipated in FY26, alongside the opportunities and challenges posed by generative AI. The government has inked an agreement with Paytm (One97 Communications Ltd) under which the company would provide mentorship, infrastructure support, market access, and funding opportunities to start-ups. The system infrastructure software market in India is expected to reach a projected revenue of Rs. 178 million ($20,823.6 million) by 2030. A compound annual growth rate of 9.2% is expected of India system infrastructure software market from 2023 to 2030. 

Meanwhile, Sales of industrial robots in India reached a new record of 4,945 units installed. This is an increase of 54 percent compared to the previous year (2020: 3,215 units). In terms of annual installations, India now ranks in tenth position worldwide. These are findings of the report World Robotics, presented by the International Federation of Robotics (IFR). The automotive industry remains the largest customer for the robotics industry in India with a share of 31% in 2021. Installations more than doubled to 1,547 units (+108%). The general industry in India is led by the metal industry with 308 units (-9%), the rubber and plastics industry with 246 units (+27%) and the electrical/electronics industry with 215 units (+98%). 

Pros and strengths

Wide product portfolio having applications across various customer segments: The company is engaged in the business of Audio Visual (AV) integration, supply and distribution of AV Products, Service Robots and Software Development related services. It is offering its customized solution to various sectors such as corporates, education, hospitality and manufacturing industry and others. Its offerings play a key role in driving digital transformation across sectors. It prides itself on delivering consistent quality, which is central to sustaining customer trust and long-term engagement. Its strength lies in its ability to adapt and customize offerings based on industry specific needs giving it a distinct competitive advantage.

Strong network of dealer and distribution channel: The company has appointed various distributors who majorly keeps stock for it and is given annual targets and responsibilities to grow its brand across the nation responsible for range of functions like procurement, logistics, technical support, and marketing of the company. Currently, it has appointed 8 dealers and distributors. Further, for ease of doing business and communication with its clientele over different regions, these dealers also represent the company and engage with them as and when required by it.

Having required certifications and approvals of end users: The company holds certifications including ISO 9001:2015, ISO 160001:2017, FCC QVA, UL (safety standards), and CE QVA, ensuring it follows industry standards in its operations. These certifications confirm that it maintains quality management systems, which help it to deliver reliable products, improve customer satisfaction, and build long-term brand loyalty. Its technical team carefully evaluates each software solution, whether it's a custom application, a portal, or another system, by detecting bugs, testing performance under load, and reviewing ease of use. It uses both manual testing and automation tools, including user traffic simulations, to check stability and performance. This process is particularly important for ERP and MIS systems, which handle critical data and complex business operations.

Risks and concerns

Loss of major customers could adversely affect operations: The company is highly dependent on certain customers for a substantial portion of its revenues. The company has garnered 91.95%, 80.58% and 85.12% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations. Further pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase its prices, which in turn may materially adversely affect its business, results of operations and financial condition.

High dependence on a single geographic region: The company’s revenue is heavily reliant on its operations within certain geographical regions. The company has garnered 87.67%, 92.42% and 88.30% of its total revenue from customers located in Gujarat in FY25, FY24 and FY23 respectively. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance. Additionally, any disruption, breakdown or shutdown of its operating facilities concentrated in Gujarat, may also have a material adverse effect on its business, financial condition, results of operations and cash flow.

Limited control over supplier branding and innovation: Maintaining, developing, and enhancing brands, as well as retaining customers, involves several critical factors, such as increasing brand awareness through brand-building initiatives and ensuring customer satisfaction with quality customer service. If global suppliers/manufacturers cannot adapt to technological advancements or the growing popularity of alternative products, their products may become obsolete. To remain competitive, global suppliers/manufacturers need to develop, test, manufacture, and commercialize new products promptly. Since it does not manufacture the products, it cannot assure that these global suppliers/manufacturers will effectively promote, develop their brands, or maintain product quality. If these brands fail to launch new products or innovate to meet evolving customer demands, the demand for their products may decline.

Outlook

Nanta Tech specializes in Audio Visual (AV) integration, AV product supply and distribution, service robots, and software development. The company offers end-to-end AV solutions, including system design, integration, management, and on-site support, tailored to meet the needs of clients across corporates, education, hospitality, manufacturing, and other sectors. The company has wide product portfolio having applications across various customer segments. It has strong network of dealer and distribution channel. On the concern side, the company is highly dependent on certain customers for a substantial portion of its revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations. Moreover, the company’s business is dependent on global suppliers/manufacturers effectively maintaining, promoting or developing their brands and maintaining standard quality products including launching new AV (Audio-Video) products and service robots at regular intervals.

The company is coming out with a maiden IPO of 14,46,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 209-220 per equity share. The aggregate size of the offer is around Rs 30.22 crore to Rs 31.81 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations has increased by 92.64% from Rs 2,659.62 lakh in Fiscal 2024 to Rs 5,123.56 lakh in Fiscal 2025. Moreover, the company reported a net profit of Rs 475.81 lakh attributable to owners in FY25, marking a growth of 83.51% from Rs 259.28 Lakhs in Fiscal 2024.

The company only provides services and supplies products in domestic market. Majority of its sales is derived from the state of Gujarat. The company has generated sales of 87.67%, 92.42% and 88.30% from Gujarat out of its revenue from operations during financial year ended March 31, 2025, 2024 and 2023. Through further diversification of its operations geographically, it aims to mitigate risks associated with operating in limited regions and safeguard against fluctuations arising from business concentration in limited geographical areas. It intends to appoint dealers and distributors across India which will enable it to reach its customers faster by reducing transportation time, optimise inventory and limit trade over-dues. As part of its expansion strategy, the company intend to enter in the international markets. The company will conduct a thorough market analysis which will identify promising international markets, taking into account factors such as size, growth potential, and cultural nuance. This will enable it to tailor its offerings to meet local preferences and expectations. Adapting its products to align with local preferences, establishing strategic partnerships, and executing localized marketing campaigns will contribute to enhancing its brand’s appeal.

Bai-Kakaji Polymers

• Bai-Kakaji Polymers is coming out with an initial public offering (IPO) of 56,54,400 shares in a price band of Rs 177-186 per equity share. 
• The issue will open on December 23, 2025 and will close on December 26, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 17.70 of its face value on the lower side and 18.60 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance Officer for the issue is Dheerajkumar Pannalal Tiwari.

Profile of the company

Bai-Kakaji Polymers is primarily engaged in the business of manufacturing of PET preforms, Plastic caps and closures. These are important parts of packaging used in many consumer products. The company’s product portfolio includes specialized closures such as Alaska closures (Commonly used in packaged drinking water), Carbonated Soft Drinks (CSD) cap (1881 neck finish), and wide range of PET preforms designed for different bottling needs. The company’s products find diverse applications across various industries including packaged drinking water, carbonated beverages, juices and dairy products.

The company started its business in 2013 with a single machine for manufacturing of plastic closures. Over the years, it expanded its operations by adding more machines and increasing its production capacity. Currently, it uses modern machines such as SACMI Continuous Compression Molding, ASB Preform Molding and HUSKY Pet Injection Molding machines from globally renowned OEMs to make closures and PET preforms. All its products go through strict quality checks to make sure they meet the required standards. In recent years, the company has grown into a larger company focused on making PET bottle caps in different shapes, sizes, and colors, along with cap handles used in many applications. During the six months ended September 30, 2025, its sales were primarily concentrated in Maharashtra, Karnataka, Gujarat, Uttar Pradesh, Kerala, and Andhra Pradesh together contributing 92.94% of total revenue and highlighting its strong presence in western and southern India.

The company also offer shrink and adhesive films to support its existing customers with a complete packaging solution. These films are in high demand, especially in industries that need strong and reliable packaging. Shrink film, made from LDPE (Low-Density Polyethylene), is mostly used for wrapping products together like bottles of water, soft drinks, or energy drinks. It is commonly used for secondary or tertiary packaging and is a cheaper alternative to corrugated boxes. For the six months period ended September 30, 2025, its revenue from sale of products stood at Rs. 16,094.73 lakh of which revenue from Pet preforms, Plastic closures, Shrink film and other products contributed 65.28%, 26.27%, 7.27% and 1.17% respectively.

Proceed is being used for:

• Repayment and/or pre-payment, in full or part, of borrowing availed by the company
• Funding capital expenditure for the installation of additional plant & machinery
• Funding capital expenditure for setting up a solar power project 
• General corporate purpose

Industry Overview

The Indian plastic industry is one of the leading sectors in the country’s economy. The history of the plastic industry in India dates to 1957 with the production of polystyrene. The consumption of plastics in India has significant regional variation, with Western India accounting for 47%, Northern India for 23%, and Southern India for 21%. The end-use sectors of automotive, packaging (including bulk packaging), plastics applications, electronic appliances, etc., account for the majority of consumption in Northern India and are located mostly in Uttar Pradesh and Delhi-NCR. However, other regions, including Rajasthan, Punjab, Haryana, Uttarakhand, J&K, and Himachal Pradesh, are anticipated to see growth in plastic processing due to increasing feedstock supply and a greater focus on the manufacturing sector. Plastic materials, which were almost unknown until the 1920s, are now found in almost every facet of contemporary life, from the microchips in computers to the bags used to carry groceries. Plastic is essentially a set of materials, not just one, which is why it seems that it may be utilised almost anywhere. There are a vast variety of plastic material types, and many of them, like polyethylene, PVC, acrylic, etc., have efficient and adaptable qualities.

Often known as Polyethylene Terephthalate (PET), is the primary material used to make plastics in category one. Because of its vast utility, it is ranked first. Due to its powerful ability to stop oxygen from getting in and tainting the goods within, it is mostly used for food and beverage packaging. The plastics industry is currently home to about 50,000 industries, most of which are micro, small, and medium-sized enterprises (MSMEs). These enterprises contribute Rs 3.5 lakh crore ($42.89 billion) to India's economy and employ more than 50,000 people. The country recycles plastic at a rate of 60%, which is higher than that of developed nations.

Under the plastic park schemes, the Government of India provides funds of up to 50% of the project costs or a ceiling cost of Rs 40 crore ($5 million) per project. Government initiatives like “Digital India”, “Make in India”, and “Skill India” will also boost India’s Plastic industry. For instance, under the “Digital India” program, the government aims to reduce the import dependence on products from other countries, which will lift the local plastic part manufacturers. The government also launched a program for building Centres of Excellence (CoEs) to develop the existing petrochemical technology and promote the research environment pertaining to the sector in the country. This will aid in promoting and developing new applications of polymers and plastics in the country. Additionally, about 23 Central Institute of Plastics Engineering & Technology (CIPET) have been approved to accelerate financial and technological collaboration for promoting skills in the chemicals and petrochemicals sector. 

Pros and strengths

In-house manufacturing facilities: The company is an ISO 9001:2015 certified company engaged in the manufacturing of PP/HDPE caps and closures through compression and injection moulding, as well as manufacture of Pet preforms by injection moulding, packing & dispatch for use in food and beverage industry. All its manufacturing operations are currently carried out at its 33,000 square meter facilities located in Latur, Maharashtra. Its infrastructure is equipped to manage the entire production lifecycle starting from product design to production, testing of finished goods and packaging. Its dynamic setup enables it to maintain stringent quality control, ensure operational efficiency, and achieve cost benefits compared to competitors who relies on outsourcing or job work arrangements. Its in-house capabilities support faster turnaround times, greater flexibility in meeting customer specifications, and better control over consistency and output quality.

Widespread reach in domestic market: The company has built a strong and reliable presence in the domestic market, which remains its primary area of operation. Its deep understanding of local customer needs and market trends has helped it to maintain consistent growth and trust across the country. In addition to its domestic success, the company has also started exploring opportunities in international markets. Though its global presence is still growing, it reflects the quality and potential of its products on a wider scale.

Long standing association with customers: The company focuses on building sustained and long-term relationships with its clients and consistently strives to meet customer needs by offering products that are in demand. Since it primarily operates under a B2B business model, its existing clients often provide mandates for ongoing services. The company’s established relationships and goodwill serve as a competitive advantage in acquiring new clients and expanding business with existing ones. During the period ended September 30, 2025, it sold its products to 822 customers, out of which it received repeat orders from approximately 164 customers over the last four years.

Risks and concerns

Exposure to demand, pricing and competition risks in PET Preforms: The company has generated a significant portion of its revenue from its key product i.e. Pet Preforms which contributed 65.28% of its revenue from product sales for the six month period ended September 30, 2025 amounting to Rs 10,506.62 lakh, and 67.44% of its revenue from product sales in Fiscal 2025 amounting to Rs 21,933.04 lakh. Any decline in the sales of Pet Preforms on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply of such products may adversely affect its business, results of operations and financial condition. It cannot assure that it will be able to maintain the same levels of sales for Pet Preforms product in the future. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for its key product may adversely impact its business prospects and financial performance.

Exposure to regional risks due to revenue concentration in Maharashtra: The company generates its major turnover from the State of Maharashtra. For the period ended September 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024 & March 31, 2023, it derived major portion of its revenue from the state of Maharashtra i.e. 65.23%, 75.58%, 76.44% and 73.65% of total revenue from operations, respectively. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

Dependence on key suppliers in limited geographic locations: The company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw materials. For the period ending September 30, 2025 and financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, purchases from its top ten suppliers amounted to Rs 10,724.44 lakh, Rs 23,554.48 lakh, Rs 17,255.15 lakh and Rs 19,959.68 lakh respectively which represented 95.85%, 86.17%, 71.36% and 88.05% respectively of its total raw material purchases. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.

Outlook

Bai-Kakaji Polymers is an Indian company engaged in the manufacturing and trading of a wide range of plastic and polymer-based products. The company focuses on producing high-quality plastic granules i.e., PET preforms, Plastic caps and closures that cater to various industrial applications, particularly in packaged drinking water, carbonated beverages, juices & dairy products. In-house manufacturing facilities with widespread reach in domestic market. On the concern side, the company has generated its major portion of turnover 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. Moreover, the company derived a significant portion of its revenue from the sale of its key product i.e. Pet Preforms. Any decline in the sales of its key product could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 56,54,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 177-186 per equity share. The aggregate size of the offer is around Rs 100.08 crore to Rs 105.17 crore based on lower and upper price band respectively. On performance front, the revenue from operation of the company increased to Rs 32,592.92 lakh in FY25 as against Rs 29,481.45 lakh in the FY24, representing an increase of 10.55%. Moreover, the company reported restated profit after tax for the financial year 2024-25 of Rs 2,590.40 lakh in comparison to Rs 1,143.95 lakh in the financial year 2023-24.

The company is committed to making continuous investments to achieve higher levels of excellence in its products and to meet the diverse requirements of its clients. The company has upgraded its machinery and equipment with modern technology to enhance efficiency and quality. It intends to continue investing in the up gradation and modernization of its infrastructure and technology to support and sustain its growth in the future. Further, the company has acquired the business of Bai Kakaji Industries from its proprietor Kiran Mundada through a Business Transfer Agreement effective from March 1, 2025. This strategic acquisition creates significant synergies for the company, enabling it to expand its operational capacity and better meet the evolving needs of its clients. It also enhances its market presence and aligns with its long - term growth objectives.

Apollo Techno Industries

• Apollo Techno Industries is coming out with an initial public offering (IPO) of 36,89,000 shares in a price band of Rs 123-130 per equity share. 
• The issue will open on December 23, 2025 and will close on December 26, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.30 times of its face value on the lower side and 13.00 times on the higher side.
• Book running lead manager to the issue is Beeline Capital Advisors.
• Compliance Officer for the issue is Alpeshkumar Kanubhai Parmar.

Profile of the company

Apollo Techno Industries is a manufacturer specializing in trenchless technology and foundation equipment for the construction industry. The company’s product line-up includes Horizontal Directional Drilling (HDD) Rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs and Spare parts. The Horizontal Directional Drilling rigs are primarily utilized for the installation of essential utilities such as gas pipelines, water supply lines, sewer lines, optical fibre cables, and electrical conduits. The Diaphragm Drilling Rigs are designed for constructing foundations for deep basements, retaining walls in railway, airports and metro stations, as well as developments along riverfronts. The Rotary Drilling Rigs are employed for creating foundation piles necessary for high-rise buildings and bridges. It also provides warranties, on-site support and technical training to ensure its customers are well-equipped to utilize its machinery effectively.

The company’s organization has experienced growth, driven by ongoing improvements and customer support. It operates on an SAP ERP system, which enhances its manufacturing processes. The company is committed to delivering quality products and it strives to maintain the highest standards in every aspect of its operations. The company is accredited with quality management system certification of ISO 9001:2015.

With in-house design and engineering capabilities, the company is able to offer a broad spectrum of products and solutions that emphasize quality to its clients. As of June 30, 2025, the company has a team of 5 members in its design department. This strategic focus has enabled it to expand its business both domestically and internationally. In addition to its manufacturing capabilities, it also provides refurbishment services for used machines at its factory. This comprehensive approach not only enhances its product offerings but also reinforces its commitment to sustainability and customer satisfaction in the construction equipment market.

Proceed is being used for:

• Meeting working capital requirements of the company
• General corporate purpose

Industry Overview

Indian construction equipment industry is the world’s third-largest, next only to China and the U.S, transforming India’s infrastructure growth. The construction equipment industry in India is experiencing significant growth, driven by various factors including urbanization, government infrastructure investments, and technological advancements. Infrastructure development is the foundation of the construction sector, which is supported by strategic government investment and active private sector participation, leading to widespread expansion of critical sectors. The construction equipment industry in India is poised for substantial growth driven by infrastructure investments, urbanization trends, and technological advancements. Despite the availability of multiple types of equipment deployed in construction activity, a construction project is incomplete without drilling equipment. Drilling equipment plays a crucial role in construction, particularly in foundation engineering, road construction, and various infrastructure projects. The types of drilling equipment vary widely, each designed for specific applications and geological conditions.

Horizontal directional drilling (HDD) is a sophisticated trenchless technology used primarily for installing underground pipelines, conduits, and cables with minimal surface disruption. This method is particularly advantageous in urban environments or areas with existing underground utilities. HDD is used when trenching or excavating is not practical. The tools and techniques used in HDD process are an outgrowth of the oil well drilling industry. HDD is characterized by its ability to create horizontal boreholes beneath obstacles like roads, railroads, and rivers without the need for extensive excavation. Moreover, Diaphragm wall drilling rigs are specialized machines used in the construction of diaphragm walls, which are reinforced concrete structures cast into the ground for various applications such as foundation support, excavation support, and cutoff walls. Diaphragm walls have become a standard method in specialist foundation engineering, acting as retaining structures, cut-off walls, foundation elements with structural function.

The Indian construction equipment market is navigating a complex landscape characterized by high maintenance costs, increasing demand for rentals, regulatory pressures, supply chain challenges, and competition from imports. Addressing these threats will require strategic planning, investment in technology, and a focus on building a skilled workforce to sustain growth in this dynamic industry. Going forward, the Indian government's incentives for promoting construction encompass a range of financial support mechanisms, regulatory simplifications, and initiatives focused on sustainability and skill development. These measures aim to stimulate growth in the construction sector, enhance infrastructure development, and promote affordable housing while addressing environmental concerns. As these incentives continue to evolve, they play a crucial role in shaping the future landscape of India's construction industry. 

Pros and strengths

Focus on quality and customer service: For the company, quality is of utmost importance. It is accredited with quality management system certification of ISO 9001:2015. Delivering quality products is not only a measure of its success, but also a reflection of its commitment to excellence. With a team of skilled professionals, the company has built a history of delivering products that are worth their value and meet the high standards of quality. It ensures that every product it manufactures passes strict quality checks before it reaches its clients. It never compromises on quality, and always strive to deliver products that exceed its clients' expectations.

Strong market presence driven by customer-centric approach: The company prioritizes understanding and addressing its customers' diverse product needs, fostering long-term relationships and enhancing customer retention. This strong foundation has given it a competitive advantage in acquiring new customers and expanding its market presence. The company’s domestic sales footprint spans multiple states, with Gujarat consistently leading in contributions. As of June 30, 2025, Gujarat accounted for 39.05% of its total domestic sales, followed by Delhi at 12.70%, and Haryana at 12.06%. Its existing relationship with its customers represents a competitive advantage in gaining new customers and increasing its business.

In-house engineering and design capabilities: The company develops components and processes through its in-house design and manufacturing capabilities, producing products as per the market requirements and specifications. Its in-house engineering and design capabilities enable it to offer quality products. As of June 30, 2025, it has a team of 5 members in its design department. Its design team is trained on software tools such as computer-aided design tools, which further enhance the design and development processes that it utilizes. Since its incorporation, the company’s in-house engineering and design capabilities have enabled it to continuously enhance, its existing products while driving the development of new ones.

Risks and concerns

Concentration of revenues across key accounts: The company generates a significant portion of its revenues from, and are therefore dependent on, certain customers for a substantial portion of its business. The company’s business is dependent on few numbers of clients. Its Top 10 customers contributed 67.01%, 58.03%, 54.36% and 57.35% of revenue from operations for the three months period ended on June 30, 2025 and the financial years ended on March 31, 2025, 2024 and 2023, respectively. The loss of any of these clients could have an adverse effect on its business, financial condition, results of operations and cash flows.

Concentration of operations in select Indian states: The company’s revenue from operation is concentrated in India more particularly in few selected States as substantial part of its revenue is generated from the India i.e. Rs 2,225.82 lakh, Rs 7,487.61 lakh, Rs 5512.43 and Rs 6839.27 lakh, constituting 90.69%, 75.52%, 79.92% and 95.35% of the total revenue from operations for the three months period ended on June 30, 2025 and the financial year ended March 31,2025, 2024 and 2023, respectively. Such concentration of revenue in few selected states may have an adverse effect. An economic slowdown or change of laws or regulations, particularly in relation to Construction Equipment Industry in these states may have a significant adverse impact on its business, financial condition, cash flows and results of operations.

Risk arising from high dependence on sales of HDD machines: The company derived a substantial portion of its revenue from the sale of Horizontal Directional Drilling (HDD) machines, representing 62.69%, 59.34%, 79.41% and 97.39% of its total sale of finished goods for the three months period ended on June 30, 2025 and financial years ended on March 31, 2025, 2024 and 2023, respectively and loss of sales due to a reduction in demand for these products would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

Apollo Techno Industries is a company that operates in the manufacturing and technology sectors. The company specializes in trenchless technology and foundation equipment for the construction industry, offering products like Horizontal Directional Drilling rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs, and spare parts. The company has strong market presence driven by customer-centric approach. It has in-house engineering and design capabilities. On the concern side, geographically, the company’s revenues are highly dependent on its operations in the India more particularly in few selected States. Any adverse development affecting its operations in these regions could have an adverse impact on its business, financial condition and results of operations. Moreover, the company’s business is dependent on few numbers of clients and the loss of any of these clients could have an adverse effect on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 36,89,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 123-130 per equity share. The aggregate size of the offer is around Rs 45.37 crore to Rs 47.96 crore based on lower and upper price band respectively. On performance front, the company has reported 43.73% rise in its revenue from operations to Rs 9,914.09 lakh in FY25 as compared to Rs 6,897.67 lakh in FY24. Moreover, the company’s net profit jumped 4-fold to Rs 1,378.84 lakh in FY25 as compared to Rs 323.06 lakh in FY24.

The company will continue to enhance its operating practices and improve operational effectiveness. Improved efficiency leads to improve performance and higher sales, enabling it to reduce fixed costs and enhance profit margins. The company’s focus on economies of scale allows it to strengthen its negotiating power in procurement, further driving cost savings. The company’s gross profit margin improved from 17.77% in FY 2022-23 to 32.13% in FY 2024-25, demonstrating its ability to enhance profitability through cost efficiency. Moving forward, it will continue to enhance its operating practices and leverage economies of scale to strengthen its financial position, drive sustainable growth, and maintain a competitive edge in the market.

Admach Systems

• Admach Systems is coming out with an initial public offering (IPO) of 17,82,600 shares in a price band of Rs 227-239 per equity share. 
• The issue will open on December 23, 2025 and will close on December 26, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 22.70 of its face value on the lower side and 23.90 times on the higher side.
• Book running lead manager to the issue is Aftertrade Broking.
• Compliance Officer for the issue is Aniruddha Shrikant Deshmukh.

Profile of the company

Admach Systems is designed and build machines for the Indian and global engineering industry. It offers customized solutions tailored to meet the unique needs of various industries majorly Steel Industry, Automobile Industry, Food Industry, Tooling Industry and other Engineering Industries. The company’s areas of specialization are special purpose machines, automation, assembly machines, packaging machines, product design and robotic material handling systems. It manufactures, exports and supplies a range of customized special purpose machines.

Additionally, it provides comprehensive after-sales support, including maintenance, repair, and technical services, to ensure its products perform optimally throughout their lifecycle. It exclusively provides services for the machines manufactured and supplied by the company, both domestically and internationally. Domestic service charges are determined at the time of order finalization or as per mutually agreed terms with the customer.

The company is committed to delivering innovative, high-quality products through a strong focus on research, design, and engineering. Maintaining strict quality control is central to its operations, ensuring the reliability, durability, and safety of its products. It efficiently manages complex supply chains to source essential materials and components for manufacturing. As of March 31, 2025, more than 13 customers have been associated with it for longer than 15 years. The company has served more than 34 customers in the last one year.

Proceed is being used for:

• Funding of capital expenditure requirements of the company towards purchase of new machinery and installation cost thereon
• Funding working capital requirements of the company
• General corporate purposes

Industry Overview

India’s engineering sector stands as the backbone of its industrial prowess, playing a critical role across industries such as construction, infrastructure, consumer goods, and manufacturing. Accounting for 27% of India's total factories and representing 63% of overall foreign collaborations, the sector forms a vital part of the country's economic framework. Driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, and automobiles, the demand for engineering services continues to surge. India's competitive advantages-cost-effective manufacturing, deep market knowledge, technological expertise, and innovation capabilities-have propelled its engineering sector to remarkable growth in recent years. Strategic government initiatives have further amplified this growth, making engineering a crucial pillar of India’s economy. Engineering goods exports reached Rs 7,61,343 crore ($87.22 billion) in FY25 (until December), and $109.32 billion in FY24, with key markets including the US, Europe, and the UAE.

The Machine and Equipment Manufacturing Industry plays a crucial role in driving economic growth by producing essential machinery and equipment for various sectors. This industry supports advancements in technology and infrastructure, contributing to enhanced productivity and competitiveness. By fostering innovation and skill development, it ensures sustainable progress and resilience in the face of evolving market demands. To accelerate the advancement of the Machine and Equipment Manufacturing Industry, Development Councils have been reconstituted. These councils bring together machinery and equipment manufacturers, users, and policymakers from government departments to address various issues and make decisions aimed at sustainable growth. Additionally, the Scheme for Enhancement in the Competitiveness of the Capital Goods Sector has promoted technology upgrades, skill development, and the expansion of modern manufacturing capacities to boost industry competitiveness.

The Special Purpose Machines Market focuses on the production of customised machinery designed for specific industrial applications and processes. These machines are not included in the standard manufacturing agenda and are not available on a ready basis. Hence, this market is driven by the demand for tailored solutions that enhance efficiency and precision in manufacturing. Most of the special purpose machines are focused on automated trimming or inspection and assembling operations. As industries seek to optimise their operations, the market for these specialised machines continues to grow, supporting technological advancement and competitive edge. Special purpose machines designed to handle high-volume production maintain consistent quality, reducing human error and downtime. Their ability to perform specific, repetitive tasks at high speeds enhances overall productivity and meets the industry's demand for large-scale output. Furthermore, they contribute to cost savings by minimising labour requirements and operational inefficiencies. 

Pros and strengths

Diversified customer base: The company sells its products both in the domestic as well as international markets. In the domestic market, it sells its products to the SPEMS (Special Purpose equipment and machines), manufacturers and it supplies with installation of its products in the international market. The company has been engaged in exports of Special Purpose Machinery. The company has successfully expanded its global presence, exporting to several countries, including China, Italy, South Korea, Dubai, and Russia. Currently, the company has orders in hand are worth Rs 4,422.118 lakh.

Quality check: The company has developed quality control processes for inspecting the raw materials as well as the final products. The raw materials undergo a quality check and for this purpose it has even implemented internal procedures for procurement of the raw material as the quality of the final product is dependent on them. The company’s Units have dedicated personnel responsible for monitoring the parameters of equipment, strength of materials, reporting any irregularities in the manufacturing process and making adjustments accordingly. These multi-level quality checks ensure that it consistently provides good quality products which further enhances its brand value. The company is committed to maintain quality and at all steps from procurement till dispatch.

Experienced Promoters supported by a management and execution team: The company’s promoters have been instrumental in guiding, developing, and expanding the company. Under their leadership, it has experienced significant growth in the engineering sector since its inception. Effective leadership arises from teamwork, fostering consensus around innovative ideas and practices that enhance its competitive advantage in machine building. The company’s Promoters, Ajay Chamanlal Longani and Mahesh Chamanlal Longani, who also serve on its Board of Directors, have a solid background in engineering and manufacturing. They possess over 20 years of experience in the machine tool industry, which significantly enhances its manufacturing capabilities. Consequently, the company is guided by these promoters, who bring extensive expertise in machine design, operational efficiency, and project management within the engineering sector.

Risks and concerns

Reliance on a limited product portfolio: The company is significantly dependent on the sale of its products namely, Steel Machines, Nondestructive testing equipment and Packaging machine. The company’s aggregate revenue from sale of Steel Machines accounted for 76.11%, 88.48%, 55.13% and 33.66% of its revenue from operations for the period ended June 30,2025 and Fiscal 2025, 2024 and 2023 respectively. Failure to anticipate and adapt to changing consumer preferences or maintain product quality could harm demand for its products, weaken brand loyalty, and negatively affect its business, financial results, and cash flow.

Geographic concentration of revenue in Maharashtra: The company derive its revenue from the domestic market and substantial portion of revenue from the region of Maharashtra. Its business is geographically concentrated in certain regions especially Maharashtra, which increases its vulnerability to adverse developments in those areas, such as heightened competition, economic shifts, or demographic changes. Any adverse developments affecting its operations in this region, could have an adverse impact on its business, financial condition, results of operations and cash flows.

Revenue concentration and absence of long-term customer commitments: The company’s top ten customers have contributed 99.94%,95.03%, 97.70% & 98.60% of its revenues for the period ended June 30,2025 and for the year ended March 31, 2025, March 31, 2024, March 31, 2023 respectively based on Restated Financial Statements. Any loss of business from one or more of them may adversely affect its revenues and profitability. Further, it does not have any long-term commitments from customers and any failure to continue its existing arrangements could adversely affect its business and results of operations. The substantial portion of its revenue is currently significantly dependent on its top ten customers. Any loss of business from one or more of them may adversely affect its revenues and profitability. 

Outlook

Admach Systems is engaged in designing, manufacturing, exporting, and supplying customised special purpose machines and automation systems for the Indian and global engineering industry. Its offerings primarily cater to the steel, automobile, food, tooling, and other engineering industries. The company specializes in special purpose machines, robotic material handling systems, automation, assembly machines, packaging machines, and product design. On the concern side, the company is significantly dependent on the sale of its products namely, Steel Machines, Nondestructive testing equipment and Packaging machine. Failure to anticipate and adapt to changing consumer preferences or maintain product quality could harm demand for its products, weaken brand loyalty, and negatively affect its business, financial results, and cash flow. Moreover, the company derive its revenue from the domestic market and substantial portion of revenue from the region of Maharashtra. Any adverse developments affecting its operations in this region, could have an adverse impact on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 17,82,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 227-239 per equity share. The aggregate size of the offer is around Rs 40.47 crore to Rs 42.60 crore based on lower and upper price band respectively. On performance front, during the financial year 2024-25 the net revenue from operation of the company increased to Rs 5,335.82 lakh as against Rs 1,968.24 lakh in the Financial Year 2023-24 representing an increase of 171.10%. The increase in revenue from operations was due to increase in volume of domestic as well as export business of the company. Moreover, the company’s profit after tax for the year 2024-25 increase by 82.14% to Rs 609.81 lakh from net profit of Rs 334.80 lakh in financial year 2023-24.

The company's strategy is attentive towards introducing new product designs to cater to the requirements of its customers as well as garnering the attention of new customers. This helps in strengthening the relationship with the existing customer network through a wide range of products while also onboarding new customers from untapped geographies. Identifying and developing new products and designs is a continuous exercise that its management team engages into as there is an immense demand in the global markets for unique designs, good quality and competitively priced products. Further, the company’s ability to enter into new customer relationships has been critical to its growth. Certain of its customers are part of large groups with operations across geographies and legal entities. It also intends to continue to leverage its products and its long-term relationships and credentials with its existing customers and referrals from such customers to further develop and strengthen its customer base. There are certain geographies including India and other countries where it is underpenetrated on automotive components and will strive to improve its market share in such geographies.

Sundrex Oil Company 

• Sundrex Oil Company is coming out with an initial public offering (IPO) of 37,50,400 shares in a price band of Rs 81-86 per equity share. 
• The issue will open on December 22, 2025 and will close on December 24, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.10 of its face value on the lower side and 8.60 times on the higher side.
• Book running lead manager to the issue is Affinity Global Capital Market.
• Compliance Officer for the issue is Akansha Lakhani.

Profile of the company

Sundrex Oil Company prides itself as one well-established ISO 9001:2015 certified public limited company catering to lubrication needs of industries across India and foreign countries (Nepal, Bhutan, Bangladesh and UAE). The company is a manufacturer and wholesaler of lubricants, greases, and a wide range of industrial products, serving both B2B and B2C markets across India. The company’s revenue profile is predominantly concentrated in the Business-to-Business (B2B) segment, which accounts for approximately 99% of the total revenue whereas the remaining 1% of revenue is generated from the Business-to-Customer (B2C) segment. Its portfolio includes the production of industrial lubricant, automotive lubricant, and specialty products (co). It is manufacturer of high-performance lubricants, greases, metalworking fluids, bituminous products, IS: 335 Certified Transformer Oils, and other specialized formulations.

Its lubricant business focuses primarily on the production and sale of various industrial lubricants including hydraulic oils, transmission oils, and gear oils, which are essential for various industrial machinery applications. These products contribute significantly to its revenue, reflecting the breadth and demand for its offerings. In addition to manufacturing products under its own brand, it offers contract manufacturing services, including toll blending and contract packaging. These services allow businesses to outsource the production of lubricants and oils tailored to their specific formulations, removing the need for investments in blending facilities, raw materials, and operational overheads.

The company also provides private labeling services, enabling companies to market and sell premium-quality products under their own brand name. This approach offers a cost-effective way for businesses to expand their product portfolios without investing in in-house product development, manufacturing infrastructure, or inventory management. By utilizing its expertise and facilities, its clients can focus on their branding and distribution strategies while ensuring high-quality and consistent products for their customers.

Proceed is being used for:

• Meeting the working capital requirements
• Meeting capital expenditure
• Prepayment and repayment of all or a portion of certain secured and unsecured loan
• General corporate purpose 
• Meeting offer expenses

Industry Overview

India Industrial Lubricant Market was valued at $7.25 Billion in 2024 and is expected to reach $9.22 Billion by 2030 with a CAGR of 4.28% The growth in manufacturing and heavy industries significantly drives the demand for high-quality lubricants. As production facilities expand and infrastructure projects increase, the need for reliable lubricants to maintain machinery performance becomes more pronounced. Government initiatives like Make in India and investments in infrastructure are contributing to the expansion of the industrial sector, thereby indirectly boosting the demand for lubricants. However, fluctuations in raw material prices, such as crude oil, can impact lubricant pricing, affecting market stability and profitability. The rise of bio-based and synthetic lubricants presents competition to traditional mineral oils, compelling existing players to innovate and adapt. Despite these challenges, the Indian industrial lubricant market is expected to continue its growth trajectory. This growth will be driven by ongoing industrial development, technological advancements, and a shift toward more sustainable and efficient lubricants. Government support for industrialization is likely to further shape the future dynamics of the market.

The India Automotive Lubricants Market size is estimated at 100 Million tons in 2024, and is expected to reach 150 Million tons by 2029, growing at a CAGR of 2% during the forecast period (2024-2029). In 2020, COVID-19 negatively impacted the automotive lubricants market in India. However, the market has now been estimated to have reached pre-pandemic levels and is forecast to grow steadily in the future. The rise in the number of passenger cars in the nation is the major factor driving the demand for automotive lubricants during the forecast period. On the other hand, the growing penetration of electric cars is likely to slow the growth of the market. The engine oil product type was the most popular in the market, and this is likely to stay the case over the next few years. In the future, the market is likely to benefit from the opening of new manufacturing plants and the increased capacity of the plants that are already there.

As a result of the emerging economy and spreading urbanization, there is a constant hike in consumers’ disposable income. Additionally, given to modernization and willingness to own a personal vehicle have been powering automotive sales in the country. As a result of rising disposable income and a hike in living standards, surging automotive sales have been driving the market, as lubricants play a vital role in the smooth working of engines and vehicles. Their characteristics of durability, vehicle protection, reduction of friction between the engine parts, and more are essential to extend vehicle life, especially regularly further expanding the industry.

Pros and strengths

In-House manufacturing & state-of-the-art quality control: The company operates an in-house manufacturing plant with a production capacity of 100 KL per day for white oil, 60 KL per day for lubricants, and 9 MT per day for greases on a double-shift schedule. This is supported by a fully-equipped laboratory featuring 50 instruments to test various parameters for quality control. Currently, with the plant operating at approximately 45% of its capacity, there is significant potential for growth in sales, allowing the company to scale up operations and respond swiftly to market demands without any capacity limitations.

Strategic location advantage: The company has strategically located its factory in Howrah, West Bengal, offering several advantages in terms of accessibility and logistics. This prime location provides easy connectivity to major transportation networks, facilitating efficient distribution and reducing lead times. Additionally, Howrah's proximity to key industrial hubs and ports enables the company to tap into a vast market and enhance its supply chain capabilities.

Export potential: The connectivity of Haldia and Kolkata Ports to major international shipping lanes significantly boosts the company’s export potential. These ports enable efficient access to markets in Southeast Asia, the Middle East, and other regions, allowing the company to capitalize on the growing demand for high quality lubricants and specialty oils. The ports' infrastructure supports both large bulk shipments and smaller, specialized consignments, making them well-suited for the company’s diverse product range. The location offers excellent road connectivity to neighbouring countries like Bangladesh, Bhutan, and Nepal, ensuring low transit times and reduced costs for regional exports.

Risks and concerns

Reliance on a limited number of customers: The company’s business is dependent on a few customers and the loss of, or a significant reduction in orders by such customers could adversely affect the business. The top ten customers have contributed 46.98%, 41.70%, 35.81% and 52.12% of the total sales for the stub period ended June 30, 2025 and for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 on Restated Consolidated Basis. Revenues from any of its particular customers may vary significantly from period to period, depending on the nature of ongoing orders and the implementation schedule for such orders. Its success lies in the strength of their relationship with the customers who have been associated with it. Dependence on a concentrated customer base presents ongoing vulnerability, as the loss of any major customer regularly poses a risk of significant declines in sales, disruptions in cash flow, and challenges to maintaining effective operations.

Risk of operational disruption due to supplier dependence: The company procures supply of raw materials from various approved suppliers depending upon the price and quality of raw materials. The company has procured 86.20%, 83.26% and 86.19% of its raw material from top 5 suppliers in FY25, FY24 and FY23 respectively. Raw materials are subject to supply disruptions and price volatility caused by various factors such as commodity market fluctuations, the quality and availability of raw materials, currency fluctuations, consumer demand, changes in government policies and regulatory sanctions. Any disruption of supply of raw materials from these suppliers will adversely affect its operations.

High revenue concentration in Eastern India: While the company operates on a PAN-India basis, a significant portion of the revenue is concentrated in a few key states, primarily in the eastern region of India, including West Bengal, Jharkhand, and Odisha. Over the past three financial years (2022-23, 2023-24 and 2024- 25) and for the stub period ended June 30, 2025 these states have consistently contributed approximately 84% - 93% of its total revenue. This concentration exposes the company to potential adverse effects on overall revenue and profitability. Factors such as political or geographical changes, heightened competition, regulatory amendments, or shifts in customer preferences within these regions could significantly affect the demand for the products. Due to its proximity to the production facility the revenue is concentrated mainly in West Bengal and few eastern states. Any loss of business from these states may adversely affect their revenues and profitability.

Outlook

Sundrex Oil Company is a manufacturer and wholesaler of high-performance industrial and automotive lubricants, greases, and specialty products serving industries in India and neighboring countries. The company's product portfolio includes industrial lubricants, automotive lubricants, and specialty products. The company has in-house manufacturing & state-of-the-art quality control. The company is focused on vertical integration and product line expansion. On the concern side, the company’s business is substantially dependent on certain key customers, from whom it derives a significant portion of the revenue. The loss of any significant customer may have a material and adverse effect on the business and results of operations. Moreover, the company’s business is highly dependent on their suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of the raw materials, or an increase in the raw material costs and other input costs, may adversely affect the pricing and supply of the products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company.

The company is coming out with a maiden IPO of 37,50,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 81-86 per equity share. The aggregate size of the offer is around Rs 30.38 crore to Rs 32.25 crore based on lower and upper price band respectively. On performance front, revenue from operation for Financial Year 2024-25 stood at Rs 6,719.68 lakh as against Rs 4,831.36 lakh in financial year 2023-24. This significant increase of 39.08% is majorly due to cumulative growth in production and sales in domestic and export along with more focus on PSU supply. Moreover, the company had reported net profit after tax of Rs 544.46 lakh in FY2025 compared to Rs 256.50 lakh inFY2024, an increase of 112.27%.

The company is taking a strategic, multi-step approach to stabilize its revenue and expand its market presence. Further, it has introduced automotive lubricants as part of its product portfolio where it is going direct to consumers in B2C mode, helping to tap into the consistently high-demand automotive sector. It is diversifying its customer base by targeting industries like manufacturing and automotive that are less impacted by seasonal fluctuations. The company is increasing the number and variety of its products to better meet the diverse needs of these sectors. It is expanding into geographic regions that experience fewer seasonal slowdowns, reducing the risk of localized market instability. Together, these initiatives aim to create more stable revenue streams and ensure year round financial consistency, even though it has not previously faced significant seasonal challenges.

Dachepalli Publishers

• Dachepalli Publishers is coming out with an initial public offering (IPO) of 39,60,000 shares in a price band of Rs 100-102 per equity share. 
• The issue will open on December 22, 2025 and will close on December 24, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.00 of its face value on the lower side and 10.20 times on the higher side.
• Book running lead manager to the issue is Synfinx Capital.
• Compliance Officer for the issue is Anand Joshi.

Profile of the company

Dachepalli Publishers is an established content-based educational publishing house dedicated to serving the K-12 segment across CBSE, ICSE, and State Board curriculums. It provides high-quality textbooks along with partnering with various schools ranging from the capacity of 100 to 50,000 students as a comprehensive academic support system. The company’s integrated content and support services are designed to empower educators, streamline academic delivery, and enhance student learning outcomes across all grade levels.

Founded in 1998 by Vinod Kumar Dachepalli and Rushikesh Dachepally as a private limited entity, Dachepalli Publishers Limited traces its roots back to a modest bookstall established by their forefather in the early 1900s. Initially focused on retailing textbooks and magazines, the business gradually evolved to meet the growing educational needs of the region, expanding into publishing Urdu textbooks, diaries, and eventually comprehensive academic content. With over a century of legacy in the book trade, the Dachepalli name has become deeply trusted and widely recognized across the states it operates in. This longstanding presence gives it a significant edge in building credibility and fostering long-term relationships with schools, educators, and retailers alike. 

As of 2025, the company’s portfolio features over 600 titles distributed under six prominent brands: Dachepalli publishers Limited, Apple Book Company, Orange Leaf Publishers, Pelican Publishing House, Sangam Publishing House, and School Book Company. Alongside printed materials, it provides schools with curriculum-aligned digital resources at no additional cost. Upon purchasing its textbooks, schools gain access to a range of educational tools-including instructional videos, a test generator, and other academic software-installed directly within their premises. This approach not only helps schools become digitally empowered with tailored technology but also allows them to avoid the high costs of third-party software. Because its digital tools are designed exclusively to complement its textbooks, schools that enroll on its platform tend to maintain their partnership with it for 3 to 4 years, benefiting from a seamless and integrated academic ecosystem.

Proceed is being used for:

• Part financing the requirement of working capital
• Repayment of certain borrowing availed by the company, in part or full
• Meeting general corporate purposes

Industry Overview

Growth of the publishing market in India is driven by emerging technologies and adaptations to consumers’ changing behavior and this benefits Indian Media and content ecosystem greatly. The market covers various forms of newspapers, journals, books, magazines and eBooks. Dramatic changes have been brought to publishing practices by digital technologies, making publishing material more accessible and providing a lively variety of materials to audiences. With proliferation of literacy, increased regional language content choices, and focus on mobile and digital platform, the India’s publishing market has witnessed major development. It is obvious that there is still some growth, yet the sector is not altogether without problems, especially the financial strain of print production, and the need to enhance its online platform. Publishing industry is growing, catering to demand for education, entertainment and information across a broad cross section of people.

The India Publishing Market size is expected to grow at a significant CAGR of 5.8% during the forecast period 2025-2031.The rapid growth in internet connectivity and smartphone usage has played a major role in the growth of digital publications for the India Publishing Market. Since its adoption and expansion of e-learning sites, more readers were gained and the reach of the market was increased online. Increasing demand for books in their local languages has also helped in market development to reach the extensive community of regional audiences in India. Increased demand for published goods has been attributed to the government programs on literacy and education. New developments in digital practices and new ways of content production are hugely supporting the Indian publishing industry in developing a growth potential and modern outlook. All these factors contribute to India Publishing Market growth.

The India Publishing industry is poised for substantial growth in both traditional and digital segments. Increased innovation in digital storytelling and interactive publishing will redefine content consumption habits. Eco-friendly printing solutions and digital-first approaches will likely dominate future trends, aligning with global sustainability goals. Educational content will see exponential growth as digital and mobile platforms continue to penetrate underserved regions. However, the market must address content piracy, accessibility barriers, and regulatory compliance to maximize its potential. Publishers adopting cutting-edge technologies and creating scalable models will position themselves for success in this rapidly shifting industry landscape. 

Pros and strengths

Consumer-Centric Educational Content: The company provides educational content for ICSE, CBSE, and State Board schools across India, supporting students throughout their academic journey. Its content is rooted in a consumer-centric philosophy, continuously evolving based on direct feedback from students, educators, and schools. The company works closely with various contractual experienced authors, ensuring that its textbooks and digital resources are both academically rigorous and classroom-relevant. The company’s author engagement begins with a structured and merit-driven selection process. Authors are encouraged to submit a comprehensive book proposal along with sample chapters that demonstrate their subject knowledge, pedagogical approach, and suitability for the target market.

Strong market position in the k-12 education segment: The company holds a strong and sustained position in the Indian K-12 education sector, with 100% of its revenue derived from the sale of educational content and curriculum-aligned titles across this segment. The company’s reach spans CBSE, ICSE, and various State Board-affiliated schools, with a particularly deep-rooted presence in South India. Its content portfolio, historically anchored in high-quality print publications, has progressively evolved to include digitally integrated learning solutions through WeStudy, its educational technology suite. Installed directly within school premises, WeStudy provides access to a wide range of digital tools such as video lessons, test generators, and interactive resources that are specifically aligned with its textbooks. This approach allows schools to adopt modern, cost-effective educational technology without relying on expensive third-party platforms.

Established network for content development and in-house printing: The company has developed a well-integrated and efficient ecosystem for both content creation and book production, supported by a trusted network of experienced authors, content writers, and subject matter experts. The company’s editorial team works closely with these professionals to ensure that every title is pedagogically sound, curriculum-aligned, and reflective of current educational trends across the K-12 segment. Once the content is finalized, its in-house design team enhances each title with a strong visual layout to ensure clarity, engagement, and ease of learning for students. What truly sets it apart is its comprehensive in-house printing infrastructure, which allows it to maintain complete control over quality, cost, and turnaround times.

Risks and concerns

Geographical concentration risk of manufacturing operations: The manufacturing operations of the company are carried in the state of Telangana. Due to the geographical concentration of its manufacturing operations in Telangana, its operations are susceptible to local, regional and environmental factors, such as social and civil unrest, regional conflicts, civil disturbances, economic and weather conditions, natural disasters, demographic and population changes, and other unforeseen events and circumstances. Such disruptions could result in the damage or destruction of a significant portion of its manufacturing abilities, significant delays in the transport of its products and raw materials, loss of key managerial personnel, and/or otherwise adversely affect its business, financial condition and results of operations.

Printing and binding outsourcing risk: In Fiscal 2025, the company handled over 85% of its printing and binding requirements in-house at its printing facilities located in Telangana. The company outsources the printing and binding of its remaining products which is currently handled by various vendors. From time to time, its outsourced printing requirements may increase in future due to any unanticipated disruptions in its operations and due to certain rush printing jobs required during peak season. The company’s gross margins may be adversely affected if its outsourcing requirements increase for these or other reasons. In addition, any disruption or delay in the printing and binding of its products by third parties for any reason could materially adversely affect its business, results of operation, cash flows and financial condition.

Academic cycle-driven seasonality in K-12 business: The sale of the company’s books under the K-12 business are linked to the academic cycle, and is, therefore, seasonal in nature. In the K-12 segment, majority of the sale starts with the beginning of the new academic year i.e. first and fourth quarter. In addition, the working capital cycle for publishing and printing tends to be unduly high at the fiscal year end on account of high sales in the specific quarter, which comes down significantly in the subsequent periods. The company’s sales seasonality in its K-12 segment materially affects its operating revenue, margins and cash flows from period to period. Accordingly, the company’s operating revenues and margins may be higher during one quarter of the year as compared to another quarter. As a result, its period-on-period data regarding its operating revenue, margins and cash flows may not be comparable for any future fiscal periods.

Outlook

Dachepalli Publishers is a company engaged in the publishing industry in India. The company primarily focuses on the publication of educational content, including textbooks, reference books, and other academic materials catering to various school and college-level curricula. The company has strong market position in the K-12 education segment. It has established network for content development and in-House printing. On the concern side, the company’s business operations are majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on its revenue and results of operations. Moreover, the company relies on third parties for the printing and binding of a portion of its content and any increase in price by vendor for job work or any bad quality work can adversely affect its business and result of revenue, profit and operations.

The company is coming out with a maiden IPO of 39,60,000 equity shares of face value Rs 10 each. The issue has been offered in a price band of Rs 100-102 per equity share. The aggregate size of the offer is around Rs 39.60 crore to Rs 40.39 crore based on lower and upper price band respectively. On performance front, the company’s total revenue has increased by 25.64% to Rs 6389.92 lakh for fiscal 2025 from Rs 5086.07 lakh for fiscal 2024. Moreover, profit after tax has increased by 127.85% in the FY25 to Rs 756.24 lakh from Rs 331.90 lakh in the FY24.

As the education sector rapidly evolves, the company is committed to integrating advanced technology solutions that enhance teaching and learning experiences. Its strategy is to deliver comprehensive, end-to-end educational content through both print and digital media, ensuring that it caters to the changing preferences of schools, educators, and students. It is continuously adopting state-of-the-art educational technologies to improve the accessibility, interactivity, and adaptability of its content. These solutions support blended learning environments, making it easier for educators to deliver lessons and for students to engage with content both inside and outside the classroom. Its digital learning tools are designed to offer clear explanations, curriculum mapping, assessments, and personalized learning paths -- helping schools stay ahead in today’s tech-enabled education landscape. To complement this, the company also provides training and support to its partner schools and educators, ensuring they can effectively integrate and maximize the value of its digital offerings. Its strong distribution network and long-standing relationships with schools give it a unique advantage in promoting the adoption of these solutions at scale.

EPW India

• EPW India is coming out with an initial public offering (IPO) of 32,79,600 shares in a price band of Rs 95-97 per equity share. 
• The issue will open on December 22, 2025 and will close on December 24, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 5 and is priced 19.00 of its face value on the lower side and 19.40 times on the higher side.
• Book running lead manager to the issue is Getfive Advisors.
• Compliance Officer for the issue is Deepika Gupta.

Profile of the company

EPW India is an IT electronics refurbishing company providing refurbished electronics by using two different Supply chain method (Direct to consumer and Business to Business) at significant prices as compared to new products. The company’s business model encompasses end to end reverse supply chain for IT assets. It involves procuring used IT assets (laptops, desktops, Chromebook and peripherals), refurbishing them to as close to new condition, and selling them directly to end use customers - businesses or retail. Currently, the company sells IT products like laptops, desktops, Chromebook, monitors, and accessories (keyboards, mouse, etc.) through its own shops and website.

To support the operational activity of refurbishment of IT products, the company has established an in-house repair and renewal facility located at A.C.C. structure Plot No. 30/P, Survey No. 460/2. This facility, equipped with modern technology, covers an area of 4,500 sq. feet. The company has a team of 32 technicians dedicated to refurbishing laptops and other IT products, ensuring smooth and efficient operational process for the company.

The company carries out a 15 - 20 days refurbishment process for used laptops that begins with acquiring and inspecting devices, followed by sorting and grading them based on condition. All data is then securely erased, and thorough hardware testing identifies the faulty parts if any, which are then replaced. The laptops undergo deep cleaning and physical restoration before software installation and activation. After quality checks and testing, the products are then, packaged, and send to the shops or listed for sale on website of the company. Finally, the laptops are sold and delivered with after-sales support and warranty, ensuring quality, affordable refurbished IT products while promoting sustainability.

Proceed is being used for:

• Meeting the working capital requirement
• Repayment of banking facilities availed by the company
• General corporate purpose

Industry Overview

The refurbished electronics sector is one of the fastest-growing segments within the broader technology and sustainability domains. It combines elements of circular economy practices, responsible consumption, and technological innovation to create meaningful change. With rising electronic waste (e-waste) globally and growing concerns over environmental degradation, refurbishing electronics is no longer just a cost-saving alternative - it is a necessity for building a more sustainable future. The sector addresses two critical global challenges: reducing the digital divide and minimizing environmental impact. The industry operates across a wide ecosystem that includes IT asset disposition (ITAD) providers, authorized refurbishers, recyclers, and e-waste logistics companies. Products ranging from laptops and desktops to tablets, monitors, and accessories are given a new lease of life through certified processes involving testing, repair, and upgrades. These devices are then resold at affordable prices, making technology accessible to students, small businesses, rural populations, and others traditionally underserved by the mainstream tech market.

The refurbished electronics market size worldwide was valued at US$ 48.29 billion in 2023, which is expected to expand at a CAGR of 10% to reach US$ 94.10 billion by 2030. North America has been a significant player and the largest market for refurbished electronics, primarily because of its well-developed e-commerce infrastructure, techsavvy population and consumer awareness of sustainability. Europe is the second largest market for refurbished electronics, and it has gained traction due to stringent regulations promoting sustainable practices and consumer protection. Asia-Pacific is the third largest market, and it is growing significantly in the refurbished electronics market, driven by a large population, increasing urbanisation, and rising smartphone ownership. Countries like India, South Korea and China have posted a rise in demand for refurbished smartphones and other electronic devices, serving the budget-conscious consumers.

India's refurbished laptops and desktops, along with e-waste recycling and management, are poised for significant growth, driven by increasing e-waste generation, regulatory advancements, and rising demand for affordable and sustainable computing solutions. As digital infrastructure expands and sustainability becomes a national priority, this sector is expected to play a pivotal role in resource conservation, job creation, and environmental protection. In conclusion, the refurbishment of laptops and desktops and e-waste recycling and management in India are set to experience significant growth, driven by increasing e-waste generation, supportive regulatory frameworks, and a shift towards a circular economy. These developments present opportunities for businesses and stakeholders to engage in sustainable practices that contribute to environmental conservation and economic development. 

Pros and strengths

Wide range of products: The company provides a wide variety of refurbished laptops to suit the needs of different customers - including students, working professionals, businesses, schools, and those looking for budget-friendly options. The company offers laptops, desktop, Chromebook and other peripherals from various well-known brands, with different features and price ranges, from basic models to high-performance machines. This helps it to serve a broad market and keep its customers satisfied by offering the right laptops for their specific needs, whether it’s for studying, office work, gaming, or everyday use.

Warranty service: The company provides a warranty on all its refurbished products, which helps build trust and confidence among customers. If any issue arises during the warranty period, it offers support or replacements as needed. This service ensures customer satisfaction and encourages long-term relationships with its buyers. The issuer company provides a one year limited warranty on all eligible refurbished desktops and laptops sold by them. The warranty covers manufacturing defects, hardware malfunctions, and non-functionality arising under normal usage conditions. It includes repair or replacement of defective hardware parts with new or refurbished parts of equivalent quality, at no additional cost to the customer. The standard service time for warranty claims is 7-10 business days from the receipt of the defective product, subject to availability of parts. Exclusions from warranty include damages caused due to accident, misuse, unauthorized repairs, software issues, consumables, and normal wear and tear.

Multiple sales channels and model: The company generates its revenue from online and offline channels. Further, it sells its refurbished products through its own shops located in different regions, which helps it to reach more customers and understand local needs better. Having stores in various areas also reduces its dependence on any single shop and allows it to serve customers more quickly and increase its presence in the market. This mix of sales channels helps it to connect with different types of customers and enable it to operate through both B2B and B2C models.

Risks and concerns

Procurement of IT supplies and regulatory constraints: The company’s purchases of IT Supplies are not highly concentrated, with its top 10 suppliers accounting for 56.26% of its total IT Supplies purchases for the period ended on September 30, 2025. However, its ability to remain competitive, manage costs, and sustain profitability depends significantly on its ability to maintain a stable, adequate, and timely supply of IT Supplies at commercially acceptable prices. The company does not have long-term supply agreements with its suppliers, which subjects it to risks such as price fluctuations, supply constraints, and changes in supplier terms. Further, the Ministry of Commerce has imposed a restriction on the import of used computers and computer peripherals, including laptops and refurbished/ reconditioned spares for use in the domestic market. This restriction further limits the availability of cost-effective IT Supplies, making it vulnerable to supply-side pressures and price volatility.

Outsourced logistics operations and execution risks: The company’s business operations are dependent on third-party transportation and logistics partners for the delivery of raw materials and supplies as well as for dispatching refurbished products to customers, including managing reverse logistics for returns. It currently does not have long-term agreements in place with these logistics’ providers, and its engagements are generally on a need-based or short-term basis. While it has not encountered any major disruptions in logistics support during the past three financial years, its operations remain exposed to the risk of potential delays or failures by these service providers to execute deliveries or returns in a timely manner. Any operational difficulties, lack of availability, or unwillingness of these third-party logistics providers to service its requirements could adversely impact its supply chain, customer experience, and overall ability to meet business targets and projections. Such disruptions may, in turn, have a material adverse effect on its business, operations and financial performance.

Seasonal concentration of demand and event-related risks: The company’s business is subject to seasonality as it sees higher demand of its products from its customers during the festive seasons which generally starts from Dusshera/ Diwali/ Christmas/ New Year onwards and higher demand from SME clients in month of February and March. Accordingly, its results of operations and financial condition in one quarter/ period may not accurately reflect the trends for the entire financial year and may not be comparable with its results of operations and financial condition for other quarters/periods. Additionally, any significant event such as unforeseen economic slowdown, political instabilities or epidemics during these peak seasons may adversely affect its business and results of operations.

Outlook

EPW India is an IT electronics refurbishing company providing affordable refurbished laptops, desktops, Chromebook, monitors, and accessories through both B2B and direct-to-consumer channels. The company procure laptops, desktops, Chromebook, and peripherals, refurbishing them to new condition, and reselling them directly to end use customers. The company has wide range of products coupled with reliable warranty service. On the concern side, the company’s business model is highly dependent on a reliable and efficient supply chain for the procurement of used laptops, components and other materials necessary for the refurbishment process. Any disruption in this supply chain may have a significant negative impact on the company’s operations, production schedules, and financial performance. Moreover, the company’s business is working capital intensive, and any shortfall in meeting its working capital requirements may adversely impact its operations, growth plans, and financial condition.

The company is coming out with a maiden IPO of 32,79,600 equity shares of face value Rs 5 each. The issue has been offered in a price band of Rs 95-97 per equity share. The aggregate size of the offer is around Rs 31.16 crore to Rs 31.81 crore based on lower and upper price band respectively. On performance front, the company’s total revenue has increased almost three-fold to Rs 5,187.54 lakh for fiscal 2025 from Rs 1,853.24 lakh for fiscal 2024. Moreover, profit after tax has increased over five and a half fold in the FY25 to Rs 413.25 lakh from Rs 74.06 lakh in the FY24.

The company carries out refurbishment activities entirely through its in-house team, without engaging third-party contractors. This in-house model ensures cost optimization, skill enhancement, and quality control across all operations. To improve efficiency and accelerate the refurbishment process, the company has strengthened its workforce by hiring additional technicians and quality assurance personnel. This expansion has enhanced the company’s capability to manage higher refurbishment volumes while maintaining consistency in quality and reducing overall operational costs.

Gujarat Kidney and Super Speciality

• Gujarat Kidney and Super Speciality is coming out with a 100% book building; initial public offering (IPO) of 2,20,00,000 shares of 2 each in a price band Rs 108-114 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 December 22, 2025 and will close on December 24, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 54.00 times of its face value on the lower side and 57.00 times on the higher side.
• Book running lead manager to the issue is Nirbhay Capital Services.
• Compliance Officer for the issue is Niki Paresh Tiwari.

Profile of the company

Gujarat Kidney and Super Speciality is one of the regional healthcare companies located in the central region of state of Gujarat and operate a chain of mid-sized multispeciality hospitals, providing integrated healthcare services, with a focus on secondary and tertiary care. The company on a consolidated basis, operate seven multispeciality hospitals and four pharmacies operating within its Hospitals, Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital Private Limited (Bharuch), M/s. Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), Ashwini Medical Centre (Anand), Ashwini Medical Store (Anand) and Apex Multispeciality & Trauma Center (Bharuch) with a total bed capacity of 490 beds, approved bed capacity of 445 beds and operational bed capacity of 340 beds. It endeavours to address all the needs of its patients through its healthcare services.

The company categorizes its healthcare services as secondary services (which are surgical services) and Tertiary Services (which are super speciality surgical services). The company’s hospitals are providing integrated diagnostic services, either in-house, and pharmacies that cater to its patients. It has strategically focussed on the relatively underpenetrated healthcare market in the state of Gujarat, India where it has presence in four cities, which has provided it an understanding of regional nuances, patient culture and the mindset of medical professionals and where there is under-penetration of quality and affordable healthcare services.

The company endeavours to provide quality and affordable healthcare services to all its patients, and it on a proforma consolidated basis have 670 employees, 89 full-time consultants, and 238 visiting consultants as of November 12, 2025. It wholly owns some of the hospitals but manage the operations of each of its hospitals through a separate professional management team. Each of its hospitals is managed by a Chief Operating Officer, who is responsible for supervising day to day functioning. This structure provides it with greater control over its hospitals and helps it to deliver quality healthcare services.

Proceed is being used for:

• Proposed acquisition of “Parekhs Hospital Private Limited” at Ahmedabad
• Part payment of purchase consideration for the already acquired hospital i.e. “Ashwini Medical Centre”
• Acquisition of additional shareholding in its subsidiary namely “Harmony Medicare Private Limited” at Bharuch
• Funding of capital expenditure requirements of the company towards setting up of a new hospital exclusively for women’s health care in Vadodara;
• Buying robotics equipment for its hospital Gujarat Kidney & Super Speciality hospital at Vadodara location
• Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company 
• Funding inorganic growth through unidentified acquisitions and General Corporate Purposes

Industry Overview

The Healthcare industry comprises of following broad segments - Healthcare Delivery (Hospitals), Pharmaceuticals, Diagnostics, Medical Equipment & Supplies, Health Insurance, Telemedicine, and Medical Tourism. Healthcare Delivery (Hospitals) is the largest segment, within the healthcare industry, accounting for about 80% share in total industry by value. The hospital sector forms the core part of Indian healthcare industry, which also include medical devices, clinical trial, medical tourism, telemedicine, health insurance and medical equipment. Hospitals is the largest segment and in the total healthcare market. Indian hospital industry witnessed significant growth, increasing from Rs 2,400 billion in FY 2016 to Rs 5,800 billion in FY 2023, further, it is estimated to have risen by 12% in FY 2024, reaching approximately Rs 6,496 billion. Growth in the patient base due to changes in lifestyle, increase in non-communicable diseases, growing elderly population, high discretionary income, and increasing penetration of health insurance schemes is expected to propel the healthcare delivery sector in the country during the coming decade.

India's healthcare sector stands at the forefront of a transformative era, offering landscape rich with opportunities across providers, payers, and medical technology. In response to heightened competition, businesses are keenly exploring the latest dynamics and emerging trends that promise positive impacts on their operations. Notably, the cornerstone of this growth lies in the hospital sector, according to the industry it is estimated to generate an annual turnover of nearly Rs 6,496 billion in FY 2024 and is projected to reach nearly Rs 8,200 billion by FY 2026. There are a few aspects within the hospital sector that are expected to drive growth in the coming years - including telemedicine, e-health services, and the medical tourism market. The National Digital Health Blueprint, spanning the next decade, holds the potential to unlock incremental economic value exceeding $200 billion for the healthcare industry in India.

The projected population increase from 121.1 crores to 151.8 crores by 2036, coupled with an aging demographic and a rise in non-communicable diseases (NCDs), highlights the evolving healthcare landscape. Challenges posed by NCDs and the increasing demand for elderly care services underscore the need for comprehensive and responsive healthcare systems. Furthermore, health challenges among the youth, ranging from malnutrition to lifestyle-related issues, contribute to the complex healthcare scenario. Additionally, the increasing geriatric population significantly fuels demand for tertiary healthcare services. Lifestyle changes, cost-effective lifesaving drugs, and improved healthcare accessibility are pivotal factors propelling this growth. Access to a vast population base and improved affordability, fueled by rising urbanization and income levels, further strengthens the demand for high-quality healthcare facilities. The penetration of health insurance, initiatives like AB-PMJAY, and a positive trend in health insurance coverage signify a transformative shift in healthcare accessibility. Overall, these factors, coupled with the incidence of lifestyle diseases and the rise of medical tourism, collectively shape a robust trajectory for the hospital industry in India.  

Pros and strengths

Asset light business model with focus in central region of Gujarat: The company operates through using leased property in Gujarat Multispeciality Hospital in Godhra and Gujarat Kidney and Superspeciality Hospital in Vadodara. In the past, it had acquired operational control in Raj Palmland Hospital Private Limited in Bharuch, M/s Surya Hospital and ICU in Borsad, Gujarat Surgical Hospital in Vadodara and Harmony Medicare Private Limited in Bharuch through acquisition of 51%, 90%, 90% and 51% holding respectively. Such acquisition of holding had allowed it to operate hospital without investing in land and building, medical equipment and necessary furniture and fixtures.

Ability to attract, retain skilled and experienced quality medical professionals: The company maintains its standard of quality healthcare services by consistently employing and engaging a diverse pool of talented doctors, nurses and paramedical professionals. The company’s multi-disciplinary approach, combined with its high-volume tertiary care model, and its focus on teaching and research, has helped it to attract and retain talented doctors and other healthcare professionals. In Financial year ended March 31, 2025 and June 30, 2025, in the company the attrition ratio for full time doctors (who work as consultants at its hospital) was ranging from 2.40% and 2.99% respectively, the attrition ratio for visiting doctors was ranging from 2.10% and Nil respectively and the attrition ratio for nurses (who work as consultants at its hospital) was 0.85% and Nil, respectively, in the same periods.

Track record of operating and financial performance and growth: The company has a consistent track record of expanding its operations. Pursuant to its super-speciality offerings, the company has been able to minimise its concentration risk due to diversified revenue portfolio. As part of its expansion strategy, it focuses on quick break-even, likely profitability and high return on capital before it constructs or acquire hospitals. In addition to these financial metrics, it focuses on densely populated regions, while determining its expansion plans.

Accreditation of its hospital facilities: The company’s facilities in Gujarat Kidney and Superspeciality Hospital in Vadodara and Raj Palmland Hospital in Bharuch have received accreditations, from the National Accreditation Board for Hospitals and Healthcare Providers (the “NABH”). This accreditation is testament to its focus on the quality of medical services and reflects its strong commitment to work towards better health and cure of its patients and their care.

Risks and concerns

High dependence on a single hospital and region: The company’s revenues are significantly dependent on its Gujarat Kidney Hospital in Vadodara, Gujarat. Further, majority of the Hospitals of the company, entities controlled by the company and its Subsidiaries are located in the central Gujarat. Any impact on the revenues of its Gujarat Kidney Hospital or any change in the economic or political circumstances of western India or particularly in or around Vadodara or Central Gujarat, could materially affect its business, financial condition and results of operations.

Limited greenfield project experience of promoter and management: The company is relatively new to Greenfield projects, which involve the planning, development, and execution of new facilities, such as hospitals and other infrastructure. However, one of the promoters and Managing Director Pragnesh Bharpoda has a limited experience in execution of greenfield project i.e. construction of Gujarat Kidney and Super Speciality Hospital. These greenfield projects inherently carry risks, including delays in construction, cost overruns, and challenges in meeting regulatory and operational requirements. Due to its limited experience, it may encounter difficulties in completing these projects on time and within budget, which could have a negative impact on its financial performance, business operations, and overall reputation.

Impact of healthcare professional attrition on operations: The company’s operations depend on the skills, efforts, ability and experience of its healthcare professionals including doctors and nurses at its Hospitals. In the event, the company is unable to attract or retain professionals, quality of services may be impacted, thereby resulting in a loss of revenue from operations. There is no assurance that the attrition amongst its healthcare professionals will not increase in the future. The company’s doctors work with it as consultants under various arrangements including on a fixed fee basis (fixed monthly remuneration) and pay-for-services model (remuneration is calculated based on number of visits and other services provided and does not include any fixed monthly remuneration), and are permitted to practice outside of its Hospital beyond the committed business hours and to work at Hospitals that compete with the company. Any future inability to attract/ retain such professionals will adversely affect its business, financial condition and results of operations.

Competition from large hospital chains and regional players: The company operates in a competitive environment. In most markets, it competes with hospitals, clinics, diagnostic chains, and dispensaries of varying sizes and specialties. The company’s competitors also include healthcare facilities owned or managed by government agencies and trusts, which may be able to obtain financing or make expenditure on more favourable terms than private healthcare facilities such as the company. It competes on the basis of factors such as its speciality and other service offerings, quality and selection of healthcare professionals, affordability, quality of care, technology, quality of facilities, patient satisfaction, brand and reputation. It faces competition from players which operate in the same region as the company. It also faces competition mainly from hospital chains who provide secondary and tertiary healthcare services (across a myriad of specialties).

Outlook

Gujarat Kidney and Super Speciality specializes in providing multispeciality healthcare services, including secondary and tertiary care, across multiple locations in Gujarat. The company has track record of operating and financial performance and growth. On the concern side, the company’s revenues are significantly dependent on its Gujarat Kidney Hospital in Vadodara, Gujarat. Further, majority of the Hospitals of the company, entities controlled by the company and its Subsidiaries are located in the central Gujarat. Any impact on the revenues of its Gujarat Kidney Hospital or any change in the economic or political circumstances of western India or particularly in or around Vadodara or Central Gujarat, could materially affect its business, financial condition and results of operations. 

The issue has been offering 2,20,00,000 in a price band of Rs 108-114 per equity share. The aggregate size of the offer is around Rs 237.60 crore to Rs 250.80 crore based on lower and upper price band respectively. Minimum application is to be made for 128 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased 742.89% from Rs 477.43 in Fiscal 2024 to Rs 4024.21 lakh in Fiscal 2025. Moreover, it recorded an increase in its profit for the year to Rs 949.94 lakh in Fiscal 2025 compared to profit after tax of Rs 171.40 lakh in Fiscal 2024.

The company continuously evaluate inorganic opportunities as and when they are available. It evaluates opportunities, that are strategically aligned, to its growth and complements its existing offerings and are value accretive. This shall help it to grow and improve its visibility and its operational parameters. It may pursue selective acquisitions and strategic alliances in its focus on micro-markets that provide it to access to better infrastructure, high-value technological and operational capabilities, industry knowledge and geographical reach, and allow it to expand its patient base and service offerings. Further, the company intends to leverage its experience to successfully identify, execute and integrate new opportunities that may arise in the future. In addition, the company has also entered into operations and maintenance arrangements with a corporate to manage their occupational health centres.

Phytochem Remedies (India)

• Phytochem Remedies (India) is coming out with an initial public offering (IPO) of 39,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 98 per equity share.
• The issue will open on December 18, 2025 and will close on December 22, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 9.80 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Mefcom Capital Markets.
• Compliance Officer for the issue is Namrata Paliwal.

Profile of the company

Phytochem Remedies (India) is one of the leading manufacturers of high-quality corrugated boxes including printed, rolls, pads, sheets etc., offering customized packaging solutions to meet the specific requirements of its clients. The company specialises in manufacturing corrugated boxes and supplies to various sectors. Incorporated in 2002, the company initially focused on development and planning, with manufacturing operations commencing in 2014. Since then, the company has grown significantly and leveraging its state-of-the-art manufacturing facilities.

The company operates from its strategically located manufacturing units in Bari Brahmana, Jammu, which provide significant logistical advantages. Over the year, the company has expanded its reach and built a strong regional presence in Jammu, India while also establishing a marketing and distribution network across multiple states.

With a strong focus on innovation and customer satisfaction, the company has built a reputation for delivering durable and cost effective packaging solutions. It operates in two units at Bari Brahmana, Jammu, with Unit 1 having a total allocated area of 43,360 Sq. Ft. and Unit 2 having an allocated area of 1,73,440 Sq. Ft. Currently, Unit 1 is utilizing approximately 12,000 Sq. Ft. and Unit 2 is utilizing approximately 55,000 Sq. Ft. of total area of respective units. Out of the total land area, approximately 15,000 Sq. Ft. in Unit 1 and around 75,000 Sq. Ft. in Unit 2 remain unutilized and shall be used for the construction and installation of new manufacturing machineries to accommodate both present and future expansion.

Proceed is being used for:

• Funding capital expenditure requirements for the purchase of equipment/machineries
• Funding capital expenditure requirements towards civil construction
• Repayment/pre-payment, in full or in part, of certain borrowings availed by the company
• General corporate purpose

Industry Overview

Corrugated boxes serve as an essential component of rigid packaging, widely adopted for secondary and tertiary packaging needs. Their importance lies not just in structural protection but also in cost-effectiveness, recyclability, and ease of handling. Corrugated boxes are indispensable in transporting goods across long distances, particularly in the context of India's growing e-commerce and organized retail landscape. Widely used across key industries including Fast-moving consumer goods (FMCG), pharmaceuticals, electronics, agriculture, food and beverages and retail for shipping and warehousing. They are used for packaging a variety of commodities including textiles, fruits, vegetables, potteries, electronics, chemicals and pharmaceuticals. Serve as the primary secondary and tertiary packaging medium, offering stackability, shock resistance, and branding flexibility. The procedure of lining, laminating or coating the boxes can assist them to withstand moisture and other harmful elements, protecting the quality and longevity of the product. Enable cost optimization in packaging and distribution, especially for mass-volume manufacturers and exporters.

India’s packaging industry is witnessing robust growth, driven by the rapid expansion of end-user sectors such as food processing, healthcare, fast-moving consumer goods, electronic-commerce, and beauty & personal care. Increasing urbanization, rising disposable incomes, evolving consumer preferences, and technological advancements are fueling demand for innovative, sustainable, and smart packaging solutions. The food & beverage segment, in particular, is benefiting from the growing popularity of ready-to-eat meals and eco-friendly packaging. Meanwhile, the healthcare sector is increasing demand for safe and compliant pharmaceutical packaging, and the fast-moving consumer goods (FMCG) and beauty sectors are pushing innovations in premium and functional packaging. The rise of e-commerce is further amplifying the need for secure and efficient packaging formats across the board.

The rapid growth of these end-user industries is directly driving the expansion of the corrugated boxes market in India. With the food processing industry projected to reach $700 billion by 2030 and the food & beverage packaging sector set for significant growth, the demand for cost-effective, recyclable, and sturdy packaging is rising sharply. Corrugated boxes, known for their durability and environmental friendliness, are increasingly preferred for the transport and storage of processed and ready-to-eat food products. Similarly, India's healthcare sector, reached $638 billion by FY 2025, is driving demand for reliable packaging solutions that meet regulatory and safety standards.

Pros and strengths

Well established manufacturing facility with a focus on sustainability and readiness for expansion and technology advancement: Over the past six months, ending September 30, 2025, there has been a notable improvement in the capacity utilization of its corrugated box production. The actual production on an annualised basis has increased from 50.54% in FY 23-24 to 68.98% till September 30, 2025. This marks a positive trend, indicating a more efficient use of its production capacity. More importantly, strength of the company lies in its ability to scale and expand its operations in line with growing market demand. The company currently has approximately 90,000 square feet of unutilized land across both its manufacturing units, providing it with ample space for future growth. This available land gives it the flexibility to expand production capacity and introduce new production lines. The land is strategically positioned for both operational and logistical efficiencies, allowing it to respond to changing market needs. The company’s readiness for expansion is backed by a robust growth strategy, ensuring that it can effectively capitalize on emerging business opportunities and meet the demands of a rapidly evolving marketplace. This forward-looking infrastructure investment positions it to continue on its path of growth while meeting the evolving needs of its customers.

Well-diversified product portfolio with wide industry applications: The company is confident in its ability to offer a comprehensive range of customized packaging solutions designed to meet the specific needs of its diverse customer base. The company’s product range includes corrugated boxes in a variety of flute combinations such as A, B, C, AB, AC, and BC. In addition to this, the company provides printed corrugated boxes, combining the protective qualities of regular boxes with custom branding, as well as corrugated rolls, which offer flexible and lightweight protection for wrapping and cushioning items during transit. Its corrugated pads and sheets offer additional reinforcement used by the industry for stabilizing products and preventing damage in shipping and storage. This wide selection allows it to cater to industries ranging from retail and electronics to food, pharmaceuticals, and more. It works closely with its clients to understand their unique packaging requirements, ensuring that each product is designed for optimal durability, strength, and cost-efficiency. Whether its clients are looking for robust, heavy-duty packaging or cost-effective, lightweight solutions, its ability to offer tailored products has established it as a trusted and flexible packaging partner across various sectors.

Strategic geographical location: Both the company’s manufacturing units are strategically located within the Bari Brahmana Industrial Complex, Jammu, India one of the most well-connected industrial hubs in the region. This prime location offers seamless access to key infrastructure facilities, including fire stations, police stations, water supply systems, telecommunication networks, and banking facilities. The proximity to essential services ensures that its operations run smoothly, with minimal disruptions, while providing it with immediate access to logistical support. Additionally, the location’s well-developed transportation infrastructure allows it to efficiently manage the supply chain, reduce lead times, and quickly fulfill customer orders. This logistical advantage is a key enabler of its ability to respond swiftly to market demands, enhancing its overall operational agility and efficiency.

Risks and concerns

Dependence on major customers for a substantial portion of revenue: The company derives 51.62% of its revenue from its top ten customers, 41.01% of its revenue is derived from its top five customers and further, its top three customers collectively accounted for approximately 31.18% of its revenue for six months ended September 30, 2025. Loss of such customers or reduction in business from such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows.

Reliance on a few key suppliers for raw material procurement: The company has relied on limited third-party suppliers and manufacturers for supply of materials required in its production process. The company’s suppliers are associated with it through purchase orders and it did not enter into any short term or long-term agreements. The company relies on such suppliers to perform their conditions and deliver adequate supplies and high quality materials and other material inputs in a timely manner. The company has procured 87.29%, 71.68% and 87.74% of its raw material from top 10 suppliers in FY25, FY24 and FY23 respectively. Any disruption in the timely procurement from its existing suppliers or a failure to source suitable alternatives on acceptable terms of material and other material inputs could adversely impact its production schedule, increase its costs and materially affect its business and financial condition.

Operational risks arising from concentration of manufacturing facilities: The company’s business is exclusively relied on its in-house manufacturing operation, which are conducted at two operational facilities located in Jammu, India. The geographic concentration of its manufacturing facilities expose it to regional risks unique to that state. These regional risks in Jammu, India include but not limited to state-specific labour laws, disruptions to infrastructure, environmental regulations, safety standard, significant natural disasters, workforce disruptions, changes in general economic conditions, civil unrest, the regulatory environment, and local government policies, among others. While it did not face any such disruptions to its manufacturing facilities that materially and adversely affected its results of operations during the Six Months ended September 30, 2025 and the last three Fiscals, any such disruptions in the future could adversely affect its business, results of operations, financial condition, and cash flows.

Outlook

Phytochem Remedies (India) is a manufacturer of corrugated boxes and corrugated board solutions, catering primarily to industries such as food & beverages, FMCG, pesticides, pharmaceuticals, and automotive, based in Jammu, India. The company has well established manufacturing facility with a focus on sustainability and readiness for expansion and technology advancement. It also has well-diversified product portfolio with wide industry applications. On the concern side, majority of revenue comes from top ten customers and loss of such customers or reduction in business from such customers, the deterioration of their financial condition could adversely affect its business, results of operations, financial condition and cash flows. Moreover, the company is significantly dependent on its customers located in a single geographical region i.e. Jammu and Kashmir. Loss of customers and revenue in Jammu, India could materially affect its business, results of operations, and financial condition.

The company is coming out with an IPO of 39,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 98 per equity share to mobilize Rs 38.22 crore. On performance front, the company’s revenue from operations surged by 11.28%, rising from Rs 3,283.23 lakh in FY 2023-24 to Rs 3,653.62 lakh in FY 2024-25. The company’s PAT increased 93.70%, from Rs 231.11 lakh in FY 2023-24 to Rs 447.67 lakh in FY 2024-25.

In response to shifting market demands and the growing emphasis on sustainable packaging, the company is significantly expanding its product portfolio to include eco-friendly and high-performance packaging solutions. It is proposing to further expand and set up its manufacturing capabilities, at same location, into oil and grease-resistant (OGR) paper, sublimation paper, technical textiles, and coated laminates. These new products provide innovative alternatives to traditional plastic-based packaging, offering superior protection while reducing environmental impact. As environmental regulations continue to tighten, and consumer demand for biodegradable options increases, its investment in water-based coatings and recyclable materials positions it as a forward-thinking leader in the packaging industry. The company is also increasing its manufacturing capabilities by installing high-graphic printing machines and automated paper bag manufacturing lines. These advancements enable it to offer customized, premium-quality printed corrugated boxes and recyclable paper bags that cater to industries such as FMCG, food services, e-commerce, and retail, where branding and sustainability are key market drivers. This strategic expansion not only meets the evolving needs of its customers but also ensures it remains competitive in the fast-changing packaging sector.

Shyam Dhani Industries

• Shyam Dhani Industries is coming out with an initial public offering (IPO) of 54,98,000 shares in a price band of Rs 65-70 per equity share. 
• The issue will open on December 22, 2025 and will close on December 24, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 6.50 of its face value on the lower side and 7.00 times on the higher side.
• Book running lead manager to the issue is Holani Consultants.
• Compliance Officer for the issue is Ambika Sharma.

Profile of the company

Shyam Dhani Industries is engaged in the manufacturing and processing of 164 type/varieties of spices such as Ground Spices, Blend Spices and Whole Spices under the brand name “SHYAM”. In addition to its spices offerings, the company is also engaged in trading and distribution of Grocery Products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek) etc. and a diverse range of Herbs and seasonings which includes Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder etc.

The company sources the raw material of spices directly from mandis and suppliers situated across India and process and manufacture them at its manufacturing facility situated at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil -- Chomu, Jaipur, Rajasthan. The company’s manufacturing facility is equipped with plant and machinery to facilitate efficient production process of cleaning, drying, grading, grinding and packaging.

The company operates across multiple sales channels, catering to both Business to Business (B2B) and Direct to Consumer (D2C) markets. In the B2B space, it serves customers through General Trade (wholesalers and distributors across India), Modern Trade (supermarkets and big retail chains), and Quick Commerce Platforms (through quick commerce apps), ensuring its products are easily accessible to consumers. The company is also involved in Private Labelling, HoReCa (Hotel, Restaurant, and Catering) sales, and Export Sales. By using its products these businesses can create custom spice blends for their own branded lines, allowing them to provide good quality ingredients and tailored solutions to meet the unique needs of professional kitchens.

Proceed is being used for:

• Funding the incremental working capital requirements of the company
• Repayment/Pre-Payment, in full or in part, of certain outstanding borrowings availed by the company
• Brand creation and marketing expenses
• Capital expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit
• Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit
• General corporate purposes

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. Production in 2022-23 stood at 11.14 million tonnes compared to 11.12 million tonnes in 2021-22. During 2022-23, the export of spices from India stood at US$ 3.73 billion from $3.46 billion in 2021-22. During 2021-22, the single largest spice exported from India was chilli followed by spice oils and oleoresins, mint products, cumin, and turmeric. 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.

India is the largest exporter of spice and spice items. During 2023-24 (until February 2024), the country exported spices worth $3.67 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 2016-17 to 2022-23, 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 2022-23, the export of turmeric, coriander, garlic, curry powder, other spices such as asafoetida, tamarind, etc., expanded both in value and volume as compared to 2021-22.

The Spices Board of India is set up for the development and global promotion of Indian spices. It acts as a link between Indian exporters and importers abroad. The main activities of the board involve promotion, maintenance and monitoring of quality, development of better production methods, guidance, financial and material support to growers, infrastructure facilitation and research. This board has been spearheading activities for the excellence of Indian spices, involving every segment of the industry. 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

Integrated pest management: The company is dedicated to providing good quality natural spices while supporting sustainable and ethical practices in the sourcing and production of its products. One of the major challenges to achieving these quality standards is the widespread overuse of chemical pesticides by farmers, due to lack of awareness and knowledge. While pesticides are intended to boost crop production, their excessive use can result in harmful residues in food, soil degradation, and adverse effects on human health, wildlife, and the broader environment.

Established manufacturing facility and integrated production with cost efficiencies: The company has Manufacturing Unit located at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil - Chomu, Jaipur, Rajasthan. Its manufacturing unit is equipped and capable of carrying out end-to-end manufacturing and processing activities. It has full-service capabilities across the product cycle including product development, raw material sourcing, mixing of ingredients according to different recipes, testing and measurement infrastructure, all under one roof to meet the requirement of its global customers. The entire process is carried out under one roof. Its dynamic setup not only gives it better control over quality but also benefits it with cost advantages compared to its competitors who resort to job work for various activities in the complete manufacturing process.

Diversified product portfolio: The company’s understanding of the consumer’s culinary taste complements its product development capabilities, which has allowed it to develop a comprehensive portfolio of a variety of spices and other products. Its product portfolio comprises various types products which includes Ground Spices like Chilli Powder, Turmeric Powder, and Coriander Powder, as well as Blended Spices such as Sambar Masala, Garam Masala, Pav Bhaji Masala, and Chole Masala. It also offers Whole Spices including Cumin Seeds, Cloves, and Black Pepper etc. and the grocery products such as Black Salt, Rock Salt, Rice Poha, Kasuri Methi (Dry fenugreek), Sabudana Soyavadi Moong Mangodi and Mishri Dana.

Risks and concerns

Significant revenue dependence on key customers: The company is dependent on and derive its 57.86 %, 56.39%, 57.92% and 45.05% of revenue from top 10 key customers for the period ended on September 30, 2025 and during the fiscal year ended on March 31, 2025, 2024 and 2023. Decreasing the revenues, it derives from them, could materially and adversely affect its business, results of operations, cash flow and financial condition.

Reliance on limited suppliers without long-term contracts: The company is dependent upon a limited number of suppliers 42.11%, 40.86%, 58.66% and 68.70% of its Total Purchases are derived from its top 10 suppliers for the period ended on September 30, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023. Further its 5.96%, 13.20%, 27.88% and 22.28% of its total purchases for the period ended on September 30, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023 are procured from its group company and members of its Promoter Group. The company does not have long-term contracts with any of its suppliers. Any disruption in the supply of raw materials or any failure of its suppliers to deliver these products in the necessary quantities or to adhere to delivery schedules, credit terms or specified quality standards and technical specifications may adversely affect its business and its ability to deliver orders on time at the desired level of quality.

Susceptibility to climatic and monsoon variability: The company’s business is heavily reliant on raw materials sourced from the agricultural industry, which is subject to various external factors, particularly weather and monsoon conditions. The geographical diversity within its country results in differing weather patterns across regions, with some areas experiencing heavy rainfall while others may suffer from drought or inadequate rainfall. Such fluctuations in weather, including abnormal monsoons or extreme weather events, can negatively affect crop yields, damage crops, and lead to an increase in raw material prices. In these circumstances, it may be forced to purchase lower-quality raw materials to meet production needs, potentially increasing production costs as it sources from alternative suppliers or regions where prices are higher. These disruptions could materially affect its results of operations, financial condition, and cash flows.

Outlook

Shyam Dhani Industries is an ISO-certified company and manufacturer, exporter, wholesaler, and supplier of Premium Spices, Spices Powder, Whole Spices, etc. The company is offering high-quality natural spices while promoting sustainable, ethical sourcing and production. It established a manufacturing facility and integrated production with cost efficiencies. On the concern side, the company’s products are semi-perishable in nature and the shelf life of its products ranges from 4-18 months. Inaccurate demand forecasting for its semi-perishable product can result in excess inventory and waste which, in turn, could have an adverse effect on its business, financial condition, results of operations and cash flows. Moreover, the company may face shortage of Raw Materials because of the seasonal nature of its purchase.

The company is coming out with a maiden IPO of 54,98,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 65-70 per equity share. The aggregate size of the offer is around Rs 35.74 crore to Rs 38.49 crore based on lower and upper price band respectively. On performance front, the company’s total revenue has increased by 15.90% to Rs 12,475.41 lakh for fiscal 2025 from Rs 10,763.63 lakh for fiscal 2024. Moreover, profit after tax has increased by 27.59% in the FY25 to Rs 804.16 lakh from Rs 630.29 lakh in the FY24.

The company will continue to focus on expanding its reach within the modern trade sector. It is working towards broadening its presence across key modern trade players, including DMart, Reliance Retail, Dealshare, and Metro Cash and Carry, with plans for a Pan-India reach. This move is aimed at further increasing its market footprint and driving revenue growth. Additionally, it has made strategic efforts to strengthen its presence on quick commerce platforms, with partnerships established with leading players such as Swiggy Instamart, Zepto, Flipkart Minutes, and BlinkIT. This will help it to increase its market presence and tap into the growing quick commerce industry in India. In line with its expansion across these segments, the company is also increasing its production capacity to meet the growing demand in the private labelling segment. This capacity enhancement will enable it to better serve its clients and ensure a steady supply of products as demand continues to rise.