Sheel Biotech 

• Sheel Biotech is coming out with an initial public offering (IPO) of 54,00,000 equity shares in a price band of Rs 59-63 per equity share.  
• The issue will open on September 30, 2025 and will close on October 3, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 5.90 times of its face value on the lower side and 6.30 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance Officer for the issue is Anupam Pandey.

Profile of the company

The company is engaged in the business of growing, developing, processing, and supplying a wide range of plants for field crops, fruits, vegetables, and ornamental plants through tissue culture and organic farming. It manufactures and maintains greenhouses, offer services to farmers and provide training through Farmer Producer Organizations (FPOs). Additionally, it delivers green landscaping services to both government and private sectors. It is an ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certified company and is managed by industry experts and professionals with knowledge in the field of Biotechnology, Agriculture, Floriculture, Horticulture, Tissue Culture and Green Houses. The company is based in Delhi and has presence across India. 

Proceed is being used for:

• Meeting out the Capital Expenditure requirements of the company
• Meeting out the expenses for Working capital requirement for the company
• Meeting out the expenses for General Corporate Purpose

Industry Overview

The Indian Plant Tissue Culture (PTC) industry has exhibited rapid expansion since its commercial inception in 1987, when N.V. Thomas & Co. in Kerala pioneered large-scale tissue culture production of cardamom plants. PTC technology, a highly successful biotechnology in horticultural plant propagation, continues to offer significant outsourcing opportunities for PTC companies primarily based in Europe and the US. Due to the labor-intensive nature of PTC and the substantial role labor costs play in total production expenditures, many global firms prefer outsourcing their production activities to countries like India, where technical expertise is readily available alongside abundant, cost-efficient labor and low logistics costs. Currently, the global market for tissue cultured plants and related products is valued at approximately $15 billion, supported by over 248 commercial micropropagation companies in Western Europe and around 250 laboratories in the United States, with growing numbers in Asia and Eastern Europe. 

The availability of skilled, affordable manpower in India presents attractive prospects for international PTC companies from countries such as Israel, the USA, and the UK to establish their production units here. The synergy of quality technical support, inexpensive labor, and favorable transportation logistics continues to fuel the trend of outsourcing, making India a key hub in this growing global value chain.  Initially, Indian PTC industry units predominantly exported exotic and ornamental plantlets primarily to European markets. Presently, however, only a select number of units focus on plantlet exports, while the majority cater to the domestic market by supplying tissue cultured planting materials for fruit crops, ornamentals, and plantation sectors. Tissue culture propagation holds significant commercial promise, particularly for ornamentals, vegetables, and high-value fruit plants. The Indian government's supportive policies have been instrumental in this growth. The Ministry of Science and Technology has approved over 150 projects related to plant tissue culture across approximately 80 universities and research institutes for R&D and field demonstrations. Policy support from ministries of Commerce, Industries, and Agriculture has encouraged entrepreneurial participation, resulting in the establishment of more than 50 commercial tissue culture laboratories between 1987 and 1995, with a combined capacity generating over 210 million plants annually.

Pros and strengths

Collaboration with Dutch technology: Partnering with Dutch technology firm offers a great opportunity to benefit from their global expertise in innovation, sustainability, and advanced technology. The Netherlands is known for its strengths in areas like renewable energy, agriculture technology, water management, and smart infrastructure. Working together can help the company adopts advanced solutions that align with its goals. This collaboration provides access to new research, shared knowledge, and strong tech networks, helping the company stays competitive while supporting sustainable growth. Using this technology will improve the company’s efficiency and ensure it follows global best practices for lasting success.  

Dedicated team for procuring government tenders: The company has a dedicated team focused on identifying, applying for, and managing government tenders. This team ensures compliance with all regulatory requirements, prepares competitive proposals, and maintains strong relationships with government bodies. Their expertise helps the company secures valuable contracts, contributing to its growth and expanding its presence in government projects.

Green house facilities which protects plants from hardening: The company’s greenhouse facilities are designed to provide a controlled environment that protects plants during the critical hardening stage. These facilities shield plants from harsh weather conditions, pests, and other external factors, ensuring they grow strong and healthy. By maintaining the right temperature, humidity, and light levels, the greenhouses create an ideal setting for plants to adapt and thrive, improving their quality and survival rate. This advanced setup helps the company deliver reliable planting materials to meet the needs of its customers.

Risks and concerns

Depend on government tenders: The company heavily relies on securing government tenders, which provide essential financial support for the business operations. For FY 2024-25, 2023-24 and FY 2022-23, revenue generated from government tenders accounted for approximately 56.63%, 72.19% and 68.47% respectively. Any unavailability of these tenders or failure to successfully bid for them in the future could have detrimental effects on the company’s business, potentially leading to cash flow challenges, inability to invest in necessary resources, and diminished operational capacity.   

Seasonal fluctuations: The company’s business operations may be affected by seasonal factors such as Heavy or sustained rainfalls, flood cyclones or other extreme weather conditions, which may restrict its ability to carry on activities related to its agricultural projects, landscaping projects and fully utilize its resources. The above could result in delays or disruptions to its operations during the critical periods of its projects and cause severe damage to its premises and equipment’s. 

Depend on limited number of customers: The company depends on a limited number of customers for a significant portion of its revenues. For the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, its top ten customers accounted for approximately 28.32%, 40.33%, and 37.64%, respectively, of its revenue from operations. The loss of a major customer or significant reduction in demand from any of its major customers may adversely affect its business, financial condition, results of operations and prospects. 

Outlook

Sheel Biotech is an ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certified company in the field of Bio-technology, Floriculture, Green Houses, Organic Adoption & Certification and Turnkey Projects with its Head Office at New Delhi and regional offices all over India. The company is managed by industry experts and professionals with outstanding knowledge in the Floriculture, Horticulture, Agriculture, Biotechnology and Green Houses. The company’s Research and Development lab is duly recognized by the Department of Biotechnology (DBT), Department of Science and Technology (DST), Government of India. On the concern side, timely delivery of government projects is paramount to the company’s continued success. If it fails to meet deadlines for government projects, there is a high probability that its chances of securing future bids will substantially decrease. Such delays could negatively impact its business, financial stability, operational outcomes, and future opportunities. Also, the company requires high working capital for its smooth day to day operations of business and any discontinuance or its inability to procure adequate working capital timely and on favorable terms may have an adverse effect on its operations, profitability and growth prospects. 

The issue has been offering 54,00,000 shares in a price band of Rs 59-63 per equity share. The aggregate size of the offer is around Rs 31.86 crore to Rs 34.02 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2024-25 stood at Rs 10,227.08 lakh whereas in the financial year 2023-24, it stood at Rs 9,254.64 lakh, representing an increase of 10.51%. The restated profit after tax for the financial year 2024-2025 stood at Rs 1,063.61 lakh whereas for the financial year 2023-24, it stood at Rs. 1,047.47 lakh, representing an increase of 1.54%.

The company strives to be a provider of sustainable agricultural practices, biotechnology projects, organic farming, farmer-producer organizations, and Agro-skill development. It aims to revolutionize the farming landscape through innovation, quality, and commitment to environmental stewardship. It envisions a future where advanced agricultural practices ensure food security, improve farmer’s livelihoods, and protect the planet. By harnessing its advanced technology and fostering collaboration, it aims to create a thriving, sustainable ecosystem for current and future generations.

Munish Forge 

• Munish Forge is coming out with an initial public offering (IPO) of 77,00,400 equity shares in a price band of Rs 91-96 per equity share.  
• The issue will open on September 30, 2025 and will close on October 3, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.10 times of its face value on the lower side and 9.60 times on the higher side.
• Book running lead manager to the issue is Gretex Corporate Services.
• Compliance Officer for the issue is Sukhdeep Kaur.

Profile of the company

The company manufactures components like Flange, Scaffolding, Auto parts, Tank tracks chains, Bomb shells, Fence post and steel accessories as per customer specifications and International Standard catering to the requirements of Indian Army and various industries such as Defence, Oil and Gas, Automobile, Construction and Infrastructure. With over 40 years of legacy in precision engineering, the company has established itself as a trusted supplier in the Defence sector. Starting with a single machine shop, it has grown into a powerhouse, manufacturing critical components for the Indian Army, such as Battle Tank Track Chains and Bomb Shells. Detailed testing both in-house and at NABL-certified labs ensures that its products meet the Defence-level standards. With ongoing projects and approvals from Defence authorities, it contributes significantly to India's Defense capabilities while also serving clients across developed markets like the USA, UK, Canada, and Europe.

As part of the company’s growth strategy, the company is actively expanding into new sector like Railways, where it has recently begun registering for tenders to supply critical forged components. The Indian Railways, being one of the largest and fastest-growing rail networks, offers immense potential for growth through large-scale modernization, electrification, and expansion projects. The railway industry demands precision-engineered parts with exceptional durability, making it a natural extension of its capabilities. By participating in tenders, it aims to secure large-scale contracts that will not only enhance its business portfolio but also establish it as a reliable supplier in this sector too.

Proceed is being used for:

• Capital expenditure towards Civil construction and Capital expenditure towards purchase of additional machinery
• Repayment/pre-payment of certain debt facilities
• Working capital requirements
• General corporate purposes

Industry Overview

The Indian Construction Equipment (CE) industry demonstrated exceptional performance in FY 2023-24, recording a 26% increase in overall sales volume with total equipment sales surpassing projections to reach 135,000 units compared to 107,000 units in FY 2023. This impressive growth was driven by a 24% increase in domestic sales, rising from 99,735 units in FY 2023 to 123,660 units in FY 2024, complemented by a 49% expansion in exports, growing from 8,044 units to 11,990 units during the same period. All major equipment segments within the CE industry recorded growth during this period, with multiple factors contributing to this performance: enhanced implementation pace of infrastructure projects in the pipeline (particularly in the lead-up to General Elections), a record number of newly awarded projects, increased construction activity across multiple sectors including urban development initiatives, rural sector projects, airport development, and port expansion, as well as an upswing in mining activity. The CE industry is classified into the following categories: earthmoving equipment, concrete equipment, material handling equipment, road construction equipment, and material processing equipment. The Earthmoving Equipment and the broader CE industry continues to benefit from increased budgetary outlay on key infrastructure sectors such as roads and highways, mining and quarrying, housing and urban affairs, ports and waterways, airports, and railways.

The Indian defence sector is undergoing a structural transformation driven by sustained capital expenditure, targeted policy reforms, and a strategic push for self-reliance in defence manufacturing. The Government of India has steadily increased budgetary allocations towards defence, with a sharp focus on capital procurement and indigenous production. The Union Budget for FY 2023–24 allocated Rs 1.62 lakh crore towards capital outlay for the armed forces, representing approximately 30% of the total defence budget. Over the past few years, procurement categories such as Buy (Indian- IDDM) and Buy (Indian) have gained precedence, in line with the Ministry of Defence’s stated objective of enhancing domestic value addition and reducing import dependency. The Defence Acquisition Procedure (DAP) 2020 provides a comprehensive framework to encourage indigenous design, development, and manufacturing of defence platforms and systems. Complementing this, the introduction of the Positive Indigenisation List--comprising components and subsystems earmarked for domestic procurement--has facilitated greater participation from Indian private and MSME manufacturers. Two defence industrial corridors, established in Uttar Pradesh and Tamil Nadu, are expected to create a comprehensive manufacturing ecosystem supporting critical defence platforms and assemblies. Private sector participation in India’s defence manufacturing ecosystem has expanded substantially, aided by reforms such as the corporatisation of the Ordnance Factory Board into seven autonomous Defence Public Sector Undertakings (DPSUs), liberalisation of foreign direct investment (FDI) norms, and implementation of the Defence Acquisition Procedure (DAP) 2020. 

Pros and strengths

Quality assurance and control: The company follows a stringent three-tier quality assurance system--Incoming, In-Process, and Outgoing--to ensure that every product meets the highest quality standards and customer specifications prior to dispatch and installation. As an ISO 9001:2015 certified company, it is committed to delivering consistent quality and reliability. Its comprehensive testing protocols include Micro and Macro analysis, visual inspection, mechanical testing, life expectancy assessments, insulation resistance checks, operational performance tests, continuity verification, and temperature and strength evaluations. These thorough procedures reinforce its dedication to producing safe, durable, and high-performance products. 

Relationship with customers: The company has a proven track record of building and maintaining strong, long-lasting relationships with its clients and suppliers. It prioritizes trust, clear communication, and collaboration in every interaction with its clients. Its dedication in providing service and support has enabled it to establish a reputation for reliability, integrity, and excellence in the industry. These strong relationships are essential for its continued success and growth. 

Diversified business model: The company's diversified business model provides a strong foundation for long-term success. By offering a wide range of products across various market segments, it mitigates risks and capitalize on growth opportunities. Its global footprint spans infrastructure projects, including pipes and flanges, scaffolding and clamps, and GET (Ground Engaging Tools), in the United States, Canada, India, the United Kingdom, Saudi Arabia, and the Middle East. In the defence industry, it offers tanks parts and bomb shells in India. Additionally, it serves the automotive and tractor OEM market in India. This diversification enables it to adapt to changing market conditions and pursue new growth avenues in both established and emerging markets. 

Risks and concerns

Dependent on few numbers of customers: The company is dependent on few numbers of customers for sales. The company’s top ten customers contribute 78.09%, 80.51% and 87.18%, its total revenue from operations for financial year ended March 31, 2025, 2024 and 2023, respectively. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. Any decline in its quality standards, growing competition and any change in demand may adversely affect its ability to retain them.

Maintains high inventory levels: The company currently maintains a high level of inventory to support its operations. However, if there is a significant shift in the business model or a change in market demand, there is a risk that the existing inventory may become obsolete or unsellable. This could result in the need to scrap or write off a substantial portion of the inventory, leading to financial losses. Additionally, carrying high levels of inventory ties up working capital, reducing liquidity and potentially increasing storage costs. 

Dependent on certain key suppliers: The company relies on a limited number of suppliers for the procurement of critical raw materials, components, and subcontracted assemblies necessary for its manufacturing operations. The top ten suppliers accounted for 87.89%, 94.83%, and 93.03% of its total purchases for the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. Any interruption in the operations of such suppliers due to financial, regulatory, logistical, or operational challenges, or any deterioration in its relationship with them, may disrupt its production schedule and impair timely fulfillment of customer orders. 

Outlook

Munish Forge is dedicated manufacturer of different types of flanges, Scaffolding components like coupler, ledger, steel pack, Adjustable props & jacks and Ground Engaging Tools, Under Chassis Suspension parts, Jacks, Tractors parts, track chains, bomb shells and fence post, as per customer specifications and International Standard catering to the requirements of various industries such as Defense, Oil and Gas, Tractor, Automobile, Agriculture implements, Construction and Infrastructure. The company’s design centre is equipped with the 3D software, Cad/Cam etc. A skilled team of technicians enables it to continuously improve its manufacturing processes. At every stage of production, from raw material procurement to final product testing, it exercises controls to ensure compliance with international quality standards and meet customer requirements. On the concern side, the company’s business depends heavily on various technology systems ranging from automated machines and software used in production, to systems that help it manage inventory, orders, and customer relationships. If any of these systems fail or stop working properly due to technical issues, power outages, or cybersecurity threats it could disrupt its operations. Even a short disruption in production or communication systems could lead to delays, reduce its efficiency, or affect the quality of its output. 

The company is coming out with a maiden IPO of 77,00,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 91-96 per equity share. The aggregate size of the offer is around Rs 70.07 crore to Rs 73.92 crore based on lower and upper price band respectively. On performance front, the company’s total Income increased from Rs 16,158.08 lakh for the financial year ended on March 31, 2024 to Rs 17,863.38 lakh for the financial year ended on March 31, 2025 showing a growth of 10.55%. The company’s Profit After Tax (PAT) increased from Rs 469.78 lakhs for the financial year ended on March 31, 2024, to Rs 1,436.92 lakh for the financial year ended on March 31, 2025.  

The company has identified the railway sector as a strategic growth avenue, given the Government of India’s continued investment in infrastructure, modernization, and domestic manufacturing. It has initiated the registration process with relevant railway authorities to become eligible for government tenders. Upon successful registration and securing of contracts, it plans to commence manufacturing of buffer and Disc as per tender specifications. This will not only diversify its revenue streams but also enable it to enter a long-term, regulated, and infrastructure-driven sector.

Greenleaf Envirotech

• Greenleaf Envirotech is coming out with an initial public offering (IPO) of 16,10,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 136 per equity share.
• The issue will open on September 30, 2025 and will close on October 6, 2025.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 13.60 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Sheetal Pareek.

Profile of the company

The company is majorly engaged in providing engineering, procurement, construction (EPC) and turnkey solutions for Wastewater Treatment Projects (WWT) specifically in Sewage Treatment Plants (STPs) and Effluent Treatment Plants (ETPs) catering to private and public sectors. Its scope of services covers different stages of the WWT project lifecycle from design engineering, procurement, supply, installation, testing, commissioning and project management. It also provides operations and maintenance (O&M) and annual maintenance contract (AMC) services for WWT projects on standalone basis.

The company also provides environmental laboratory and consulting services through a dedicated facility located in Surat, Gujarat. Its laboratory is duly recognized under the Environment (Protection) Act, 1986 and operates in compliance with applicable regulatory standards. The laboratory is staffed with a team of qualified professionals including quality manager, technical manager, laboratory chemists, microbiologist and field chemists, who is responsible for testing and analysis. 

It provides comprehensive environmental testing and reporting services for industrial and infrastructural facilities by analysing environmental parameters that impact air, water, soil and noise, enabling clients and regulatory authorities to assess compliance, identify risks and implement corrective actions where necessary. It is also recognized by the Gujarat Pollution Control Board as a Schedule II Environmental Auditor for carrying out the Environmental Audit under their environment audit scheme. The company also provides fire and safety services where it supplies and refill fire extinguisher for its clients. It also provides annual maintenance contracts for such services in industries and commercial complexes.

Proceed is being used for:

• Funding of capital expenditure of the company towards purchase of civil machines and equipments
• Funding of capital expenditure of the company towards purchase of laboratory equipments
• Repayment or prepayment, in full or in part, of borrowings availed by the company from banks, financial institutions and non-banking financial companies
• Funding working capital requirements of the company
• General corporate purposes

Industry Overview

Water and wastewater management is a promising subsector in India’s environmental technology segment. India’s demand for water is projected to be twice as much as the available supply by 2030. To overcome these challenges, public and private sector facilities have ambitious plans to develop comprehensive water and wastewater treatment and distribution infrastructure. Demand for high-end treatment technologies is growing in India. According to a 2022 Frost & Sullivan report, the Indian water and wastewater treatment market will likely reach $2.08billion by 2025 from $1.31 billion in 2020, registering growth at a compound annual growth rate (CAGR) of 9.7 percent. The report also ranked India as the sixth largest market for environmental technologies in the world, with sub sector rankings of second for water/wastewater management.

The private sector power, food and beverage, chemicals, pharmaceuticals, refineries, and textiles industries prefer advanced treatment technological systems such as reverse osmosis membranes for treating their wastewater. These water treatment markets are gradually shifting from chemical treatment and demineralization plants to membrane technology. The concept of wastewater recycling and zero dischargesystems is becoming more widely accepted as new technologies such as sequencing batch reactor (SBR) and membrane bioreactor (MBR) based treatment gain in adoption.

India’s engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles, and consumer durables. India has a competitive advantage in terms of manufacturing costs, market knowledge, technology, and innovation in various engineering sub-sectors. India’s engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to India’s economy.

Pros and strengths

In-House project execution, designing and engineering capabilities: It has an in-house team comprising qualified engineers, project supervisors, technical officers and quality control personnel for execution and operations and maintenance of WWT projects. Its internal project execution team is responsible for converting conceptual ideas into detailed, actionable project plans. Clients typically share the broad scope and technical specifications of the project, based on which its engineering team undertakes the preparation of comprehensive structural and architectural designs, process flow diagrams, and technical documentation. These design deliverables are created during the initial project stages ensuring key technical domains such as process design and description, hydraulic load calculations, structural design and component detailing, selection and layout of electromechanical systems and adherence to design codes and safety standards.

Quality certification and quality assurance: Maintaining high quality standards is a key focus area for the company and it is accredited with ISO certifications namely ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety Management) for providing services in the field of environmental monitoring, laboratory, audit and legal consulting, execution of EPC turnkey projects, operation and maintenance of water and waste water treatment plants and firefighting system solutions.

Environmental Laboratory Services: The company has its in-house environmental laboratory which it to provide environmental testing, analysis and reporting services. Its laboratory is located at Surat, Gujarat. Its environmental laboratory services cover the monitoring and analysis of various environmental parameters across the domains of air, water, soil and noise pollution. It provides these services to support environmental compliance, pollution control and sustainability initiatives across a diverse range of industries including chemical manufacturing, infrastructure, engineering and urban utilities. Its laboratory is equipped with necessary instrumentation and testing equipment required to perform high-accuracy, time-bound analyses in line with both client and regulatory requirements.

Risks and concerns

Depend on top 10 customers: It depends on certain key customers for its revenues. For the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, its top ten customers accounted for approximately 77.55%, 94.93%, and 94.12%, respectively, of its revenue from operations. It depends on a limited number of customers, which exposes us to a high risk of customer concentration. Its key customers are from its WWT and O&M business services. A decrease in the revenues it derives from them could materially and adversely affect its business, results of operations, cash flows and financial condition.

Dependent on few suppliers for purchases: The company is dependent on few suppliers for purchases of raw materials. For the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, purchases from the company’s top 10 suppliers accounted for approximately 65.99%, 42.78%, and 44.98%, respectively, of the total cost of goods sold (COGS). The loss of any of these such suppliers may affect its business operations. It also depends on third-party contractors, labour suppliers in certain aspects of its operations and unsatisfactory services provided by them or failure to maintain relationships with them could disrupt its operations.

Maximum revenue comes from private sector customers: Its revenue is primarily dependent on contracts from private sector clients. For the financial years ended March 31, 2025, 2024 and 2023, its revenue from private sector clients constituted 93.79%, 85.01%, and 89.95% of its total revenue from operations, respectively. It derives a substantial portion of its revenue from private sector customers and any adverse developments in the private sector could adversely affect its business, financial condition and results of operations.

Outlook

Greenleaf Envirotech is primarily engaged in the business of Construction of Water Treatment Plant. The company also provides environmental laboratory and consulting services through a dedicated facility located in Surat, Gujarat. The company also provides fire and safety services where it supplies and refill fire extinguisher for its clients along with annual maintenance contracts for such services in industries and commercial sites. On the concern side, it sources its majority of the raw materials from selected states within India i.e., Gujarat, Maharashtra, West Bengal and Rajasthan. Any adverse developments affecting its procurement in these regions could have an adverse impact on its revenue and results of operations. 

The company is coming out with an IPO of 16,10,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 136 per equity share to mobilize Rs 21.90 crore. On performance front, the company’s revenue from operations has increased by 19.53% from Rs 3,250.32 lakh in Fiscal 2024 to Rs 3,885.21 lakh in Fiscal 2025. Net profit after tax of the company has increased from Rs 227.72 lakh in Financial Year 2024 to Rs 469.66 lakh in Financial Year 2025.

Meanwhile, its primary focus is to expand its capabilities and experience by selectively pursuing larger projects in the STP and ETP segments of WWT projects. As on the date, it has executed projects with a higher range of 32 MLD in STP segment and up to 6 MLD in ETP segment. Its strategy is to enhance its technical and financial eligibility to qualify for higher-value and large-capacity tenders across India. Further, its in-house environmental laboratory offers a range of services including testing of water, wastewater, ambient air, stack emissions, and soil, among others. it intends to enhance its lab infrastructure by acquiring additional advanced equipments, thereby expanding its capabilities to include gas composition analysis reports, pollutant concentration reports, particulate matter concentration reports, meteorological reports and weather pattern trend analysis, thereby expanding its capabilities.

Om Metallogic 

• Om Metallogic is coming out with an initial public offering (IPO) of 25,98,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 86 per equity share. 
• The issue will open on September 29, 2025 and will close on October 1, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 8.60 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Corporate Makers Capital.
• Compliance Officer for the issue is Prachi Gupta. 

Profile of the company

Incorporated in 2011, Om Metallogic is an aluminium recycling company, primarily engaged in processing aluminium-based metal scrap to manufacture aluminium alloys in the form of ingots. The versatile properties of aluminium and its alloys, results in it being used in automobiles Industry. Aluminium alloys are used in mostly automobiles components due to its stiffness, corrosion resistance and excellent strength to weight ratio.

Its manufacturing facility has accreditations such as ISO 9001:2015 for quality management systems. Its manufacturing unit is situated in an area of 33600 sq. feet at Ballabhgarh, Haryana, India, and has 5,280 Ton per Annum installed capacity for processing aluminium scrap. Its manufacturing facility is strategically located near to majority of its customers’ manufacturing facilities allowing it to optimise its deliveries, reduce lead times and facilitate greater interaction with its customers.

Its Promoters have been instrumental in the business growth of the company and are actively engaged in corporate strategy and planning. The company is promoted by Manish Sharma and Seema Sharma who were the subscribers to the memorandum of Association at the time of Incorporation of the company, they are also the Executive Directors of the Company. Its promoters are the guiding force behind the strategic decisions of the company and under their guidance, the company has been able to successfully execute its business strategies over the years.

Proceed is being used for:

• Financing the Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility
• To part finance the requirement of working capital
• Repayment/pre-payment, in full or in part, of certain borrowings availed by the company
• Meeting General corporate purposes

Industry Overview

The India Aluminium Market, valued at $13.77 billion in 2024, continues to demonstrate strong growth potential with a projected CAGR of 6.27% through 2030. The demand for aluminium remains robust across key industries such as automotive, construction, electrical, and packaging, driven by its lightweight, high-strength, and corrosion-resistant properties. In FY 2025, the automotive sector sustained its trajectory as a major growth driver. The transition toward electric vehicles (EVs) significantly accelerated the use of aluminium in lightweight structures and battery enclosures. With India aiming to achieve 30% EV penetration by 2030, the demand for aluminium-intensive components is expected to grow steadily. 

Aluminium is 100% recyclable and consumes 95% less and releases 95% less greenhouse gases as compared to primary aluminium and there is no loss of properties or quality during the recycling process. Products of aluminium, such as, UBC (Used Beverages Can), aluminium foils, plates and automotive components can be easily recycled, thereby, saving energy and reducing greenhouse emissions. Aluminium recycling process is less capital intensive than primary metal production as the process requires only 5% of energy, i.e.,13-15 thousand units of power for producing one tonne of aluminium through primary route.

Recycling of aluminium saves about 6 kg of bauxite/kg and 14 kWh of electrical energy /kg of primary aluminium. Besides, it keeps the emission levels of greenhouse gases as low as 5% from the actual emission experienced during primary production. Further, recycling facilitates reduced stress on the use of bauxite and thereby preserving about six lakh tonnes of bauxite resources every year.

Pros and strengths

In-house manufacturing facility supported by technology driven process: It presently carries all its manufacturing operations through its production facility located at Haryana, India, which has 5,280 Ton per Annum installed capacity for processing aluminium scrap. It has been able to setup an efficient, technology driven manufacturing process that has helped it to manufacture its products in accordance with the requirements and specifications of its customers in a cost-effective manner. Its infrastructure in the manufacturing facility gives it the flexibility to process various types of metal scrap, and manufacture alloys in line with the required composition and also enables it to process and utilize various types of scrap. 

Long-standing relationship with customers: It serves a client base of manufacturers to automotive and ancillaries units, and other units engaged in manufacturing or distribution of aluminium products. It generally does not enter into long term agreements with its customers; however, it has developed long-standing relationships with these customers. Maintaining strong relationships with its key customers is essential to its business strategy and to the growth of its business. Owing to its strong customer relationships and product quality, it has been able to retain a number of its customers for a long period of time ensuring uninterrupted supplies of its products to them. 

Focus on quality and timely delivery: It stresses on and constantly strives to maintain and improve its quality. Its focus on quality and innovation helps it to complete in the segment it deals. Intensive care is taken to determine the standard of every material/ product dispatched. Further, as a certification of the quality assurance, the company has received ISO 9001:2015 for quality management systems. Its focus on quality of products has enabled it to sustain its business model to benefit its customers.

Risks and concerns

Dependent on few customers: For the period ended March 31, 2023, March 31, 2024 and March 31, 2025, its revenue from operations from its top 10 customers contributed to 95.79%, 99.33% and 98.74% respectively of its revenues from operations. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Geographical constrains: For the financial year ended March 31, 2025, its revenue from its customers situated in Delhi, Haryana and Uttar Pradesh contributed 2.55%, 96.36% and 1.10% respectively of its revenue from operations. It generates major domestic sales through its customers situated in Haryana. Its 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.

Dependent upon steel and automotive-parts industry: Its revenues are significantly dependent on the performance of the steel sector and automotive sector. Any material change in these factors resulting in significant reduction in vehicle sales and production could have a significant negative effect on the demand for its products. Any downturn or cyclical fluctuation in both these sectors could reduce the demand for its products which can adversely impact its business, results of operations, cash flows and financial condition. Further, the automotive industry tends to be affected directly by trends in the general economy.

Outlook 

The company is engaged in the business of Processing of Aluminium based Metal Scarp to Manufacture Aluminium Alloys in the form of Ingots. Its manufacturing facility has accreditations such as ISO 9001:2015 for quality management systems. On the concern side, the company is dependent on third party transportation providers for the delivery of its input materials and products and any disruption in their operations or a decrease in the quality of their services could affect the company's reputation and results of operations. Moreover, the company requires significant amounts of working capital for a continued growth. its inability to meet its working capital requirements may have an adverse effect on its results of operations. 

The company is coming out with an IPO of 25,98,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 86 per equity share to mobilize Rs 22.35 crore. On performance front, its revenue from operations increased by 55.65% to Rs 5,999.62 lakh for the financial year 2024-25 from Rs 3,854.50 lakh for the financial year 2023-24. Its profit after tax increased by 100.99% to Rs 221.60 lakh for the financial year 2023-24 from Rs 110.25 lakh for the financial year 2022-23.

Meanwhile, a key strategy for increasing and growing its business is to increase the strength of its relationship with its existing customers, reaching out for new customers & widen its customer base. Its strategy is to widen its customer base geographically as well as demographically. It intends to continue to invest in its existing services so as to provide better experiences to its existing clients and also provide services for increasing the client base of the company. Moreover, it will continue to focus on further increasing its operations and improving operational effectiveness at its production facility.

B.A.G. Convergence

• B.A.G. Convergence is coming out with an initial public offering (IPO) of 56,00,000 equity shares in a price band of Rs 82-87 per equity share. 
• The issue will open on September 30, 2025 and will close on October 3, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.20 times of its face value on the lower side and 8.70 times on the higher side.
• Book running lead manager to the issue is Inventure Merchant Banker Services.
• Compliance Officer for the issue is Kriti Jain. 

Profile of the company

The company was founded with the vision of becoming a key player in the digital media space. Started its journey in 2007 with the launch of its first website, news24online.com. Soon after, the company introduced a Hindi version, hindi.news24online.com, to cater to a wider audience. Expanding into the entertainment space, it launched e24bollywood.com, covering Bollywood news and updates. In the beginning, it relied on Google AdSense for ad revenue, but as it grew, content aggregators like Times Internet (TIL), Daily hunt and direct clients including government agencies helped it generate additional income and build its brand recognition over a period. 

Over a few years, the company has constantly adapted to technological advancements to stay relevant in the competitive market and shifting user preferences. Initially, its websites were desktop-focused, but with the rise of smartphones and mobile internet, it shifted its focus to mobile users. Google’s move to mobile-first indexing made this shift even more important. It also developed mobile apps viz. News24, E24 to offer a more personalised experience to its readers. The transition from 2G to 5G has allowed it to create more mobile-friendly content and quickly connect with its audience. 

The company specialises in digital content creation, producing text, audio, video, and infographics that are carefully crafted to meet the needs of its audience. Its focus is on delivering authentic, reliable content that resonates with its readers and viewers. It covers a wide range of categories to server that people are interested in, including Current Affairs (both in India and globally), Sports, Infotainment, Automobiles, Techno gadgets, Health and Spirituality. Its primary goal is to stay relevant and provide timely updates across these categories, ensuring that it always keep its audience informed and engaged. 

Proceed is being used for:

• Expansion of existing business
• Acquisition/ production of content
• Brand building expenses
• General corporate purposes

Industry Overview

The Indian Media and Entertainment (M&E) sector has demonstrated a remarkable recovery and transformation in the wake of the COVID-19 pandemic. The industry's resurgence has been fueled by a combination of rapid digital growth, innovative advertising strategies, and consumer-driven content preferences. One of the most significant trends in the Indian M&E sector is the increasing dominance of digital media. The rapid proliferation of affordable smartphones, cheaper data plans, and improved internet connectivity have played a crucial role in the rise of digital media consumption. OTT platforms have significantly transformed the Indian M&E landscape, providing a diverse range of content that caters to audiences across different regions and demographic segments. The OTT market is estimated to experience double-digit growth in the coming years, with India positioned as one of the fastest-growing OTT markets globally. The growth of OTT platforms is further highlighted by India’s internet consumption patterns, with consumers increasingly shifting away from traditional TV viewing to embrace on-demand digital content. India’s burgeoning middle class, young population, and deepening internet penetration have all contributed to the expansion of OTT platforms. Moreover, the introduction of low-cost mobile data plans from telcos has accelerated the adoption of OTT services, making streaming content accessible to millions of users. Advertising remains one of the most critical drivers of growth in the Indian M&E industry. 

In 2023, advertising accounted for approximately 55% of the total growth in the industry, with increased spending across digital platforms, including social media, OTT, and e-commerce channels. India’s diverse linguistic and cultural landscape has created a growing demand for regional and local content. With increasing internet penetration in Tier II and Tier III cities, Indian audiences are showing a strong preference for content in their native languages. As a result, regional content consumption in India has seen exponential growth in recent years, influencing the broader M&E sector. The demand for regional content is expected to continue growing, driven by the increasing availability of highspeed internet in rural and semi-urban areas. This trend underscores the importance of localising content, not only by language but also by cultural relevance, themes, and storytelling styles. The future of the Indian M&E sector lies in leveraging the synergy between creativity and technology. Continued investment in digital infrastructure will be crucial to support the increasing demand for high-quality digital content. Enhancing broadband connectivity, particularly in rural areas, will be a key factor in ensuring that digital media reaches a wider audience. 

Pros and strengths

Leadership position: News24 and E24, both owned by BAG Films and Media, are prominent channels in their respective fields, with News24 delivering trusted news and E24 focusing on Bollywood and entertainment. News24 is known for its timely, reliable news coverage across both national and regional levels, with a strong presence in Hindi-speaking regions, while E24 keeps viewers entertained with the latest celebrity gossip, interviews, and film updates. Both channels have successfully expanded their reach beyond TV through BAG Convergence, building a solid digital presence on platforms like YouTube, Facebook, and Instagram. This blend of credible news, engaging entertainment, and robust digital growth makes News24 and E24 standout brands that connect with large, diverse audiences across India. 

Experienced promoter and senior management team: The company has a qualified management team, with industry experience in the services it offers. Its strong Promoter background and an experienced senior management team have helped it to offer high standards of customer service and support to its end customers. Its stable, senior management team has helped it successfully implement its development and operating strategies and provide quality service to its customers over the years.

Business partnerships: Business partnerships are a great way for the company to expand its reach. It entered into an agreement in the past with Eterno Infotech (Dailyhunt), Times Internet (TIL), Taboola, Facebook, Google, Inshorts, Shareit for publicizing its contents. It has recently signed an NDA with Samsung for CTV and in talks with some big OTT players. These partners are in the field of content aggregation and monetisation. By teaming up with other businesses, it can distribute its content across various platforms, reaching new and diverse audiences. These collaborations enable it to share content in different formats, such as text, audio, and video, catering to various preferences.

Risks and concerns

Process of content development is expensive, time-consuming: The company’s content development entails a costly, intricate, and time-consuming process, necessitating a prolonged period for the realization of the investment made. For FY 2024-25, 2023-24 and FY 2022-23, the Programming & Content Expenses & Advertisement is Rs 981.21 lakh, Rs 755.84 lakh and Rs. 993.08 lakh respectively. The expenditure associated with these initiatives may negatively impact the company’s operating results if not balanced by corresponding and timely increases in revenue. The termination of a content development, in which it has invested significant resources, may negatively impact its prospects, and fail to yield any return on investment. Consequently, this could adversely affect its business, operating results, and financial condition. 

Require to obtain copy rights license from authors/producers/image owners: The company’s business requires it to obtain copy rights license from the authors/producers/image owners etc. and the failure to obtain licenses or authorisation in a timely manner may lead to striking down of the content and litigation which may adversely affect its business operations. Further the ownership of various Works is sometimes difficult to determine and may be disputed. Plagiarism, copyright violations and piracy are major challenges in its business.  In the June 2023, YouTube has done copyright strikes in the past on its news videos. This had impacted its business from YouTube channel and accordingly its FY 2024 revenue from YouTube channel came down by 9.70% as compared to FY 2023. 

Business is working capital intensive: The company needs to continuously invest in people and infrastructure to grow its business. Its business requires significant amount of working capital and major portion of its working capital is utilized towards credit offered to its customers and Inventories of content it expects to utilise for longer period. Its, Trade Receivables for the financial year ended March 31, 2025 were Rs 1405.30 lakh and its Inventories during the same period were Rs 176.54 lakh. The company’s inability to maintain an optimal level of working capital required for its business may impact its operations adversely.

Outlook

B.A.G. Convergence is a dynamic force in the realm of Digital Convergence. It specialises in assisting broadcasters to seamlessly transition from traditional media platforms to the digital sphere, empowering them to thrive as digital publishers. The company is committed to empowering its clients with the tools, knowledge, and support they need to thrive in the digital age. Its mission is not just to facilitate a transition but to enable a transformation, helping broadcasters unlock new opportunities and reach audiences in ways never before possible. On the concern side, the company’s top ten customers contribute to a substantial portion of its revenues from operations. If there is a reduction in demand for its products or services from these major clients, it could have a negative impact on its business, financial performance, and overall financial health. The company’s B2B operations are subject to high volatility. Its inability to maintain an optimal level of working on the platforms of digital giants such as YouTube and Google and on the platforms created in-house may impact its operations adversely. 

The issue has been offering 56,00,000 shares in a price band of Rs 82-87 per equity share. The aggregate size of the offer is around Rs 45.92 crore to Rs 48.72 crore based on lower and upper price band respectively. On performance front, the revenue from operations for the FY 2024 is Rs 2991.71 lakh as compared to Rs 3,563.35 lakh during the FY 2025 showing an increase of 19.11% during FY 2025. Profit after Tax (PAT) increased from Rs 805.23 lakh for the FY 2024 to Rs 940.66 lakh in FY 2025.

The company aims to expand by launching new digital channels, including custom Content Management System (CMS), websites, and mobile apps, which will significantly enhance the company's presence in the digital ecosystem. This CMS will be created and managed inhouse by the company itself. The company will focus is on creating a CMS tailored to editorial requirements and business needs of its clients. This includes integrating AI-driven features for generating Meta Titles, Meta Descriptions, and internal linking, along with ensuring SEO optimization for all articles. Additional enhancements and integrations will be implemented as per ongoing requirements of its clients. 

Advance Agrolife 

• Advance Agrolife is coming out with a 100% book building; initial public offering (IPO) of 1,92,85,720 shares of Rs 10 each in a price band Rs 95-100 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 30, 2025 and will close on October 3, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 10.00 times on the higher side.
• Book running lead manager to the issue is Choice Capital Advisors.
• Compliance Officer for the issue is Nisha Gupta.

Profile of the company

Advance Agrolife is an agrochemical company engaged in manufacturing a wide range of agrochemical products that support the entire lifecycle of crops. Its products are designed for use in the cultivation of major cereals, vegetables, and horticultural crops across both agri-seasons (Kharif and Rabi) in India. As on the date of March 31, 2025, the company has received 410 generic registrations comprising of 380 Formulation Grade registration and 30 Technical Grade registration for the agrochemicals.

The company’s major product portfolio includes insecticides, herbicides, fungicides, plant growth regulators. It also manufactures other agrochemical products such as micro-nutrient fertilizers and bio fertilizers. Further, the company manufactures Technical Grade and Formulation Grade agrochemicals products through its integrated Manufacturing Facilities. Technical Grade refer to the raw, unprocessed forms of active ingredients used in the production of agrochemical formulations such as pesticides, herbicides, fungicides, and fertilizers (Technical /Technical Grade). Formulations Grade are finished products that combine active ingredients, which target pests, weeds, or plant diseases, with additives that enhance performance, stability, and usability (Formulations/Formulation Grade). These components are carefully blended in specific proportions to achieve well-defined target characteristics, ensuring effective crop protection solutions. It manufactures formulation grade agrochemical in various forms such as water dispersible granules (WDG), suspension concentrate (SC), emulsifiable concentrate (EC), capsule suspension, Wettable Powder (WP), etc.

The company’s products are primarily sold domestically through direct sales to corporate customers on B-2-B basis, across the country, particularly in 19 states and 2 union territories. In addition to serving domestic market, its products were also exported to 7 countries including UAE, Bangladesh, China (including Hong Kong), Turkey, Egypt, Kenya and Nepal during the Fiscal 2025, Fiscal 2024 and Fiscal 2023.

Proceed is being used for:

• Funding working capital requirements of the company
• General corporate purposes 

Industry Overview

Agrochemicals (Crop protection products) are designed to protect crops from insects, diseases and weeds. They do so by controlling pests that infect, consume or damage crops. Uncontrolled pests significantly reduce the quantity and quality of food production. The Food and Agriculture Organization (FAO) estimates that up to 40% of food crops are lost due to plant pests and diseases annually. Furthermore, food crops must compete with 30,000 species of weeds, 3,000 species of nematodes and 10,000 species of plant-eating insects. Agrochemicals are the last and one of the key inputs in agriculture for crop protection and better yield. Notably, India is in top 5 global producer of agrochemicals. 

India, the world’s fourth-largest producer of crop-protection chemicals, stands as a foundation of the global agricultural landscape, trailing only the USA, Japan, and China. Contributing to 14% of the global market share, India’s crop-protection industry not only bolsters the nation’s economy but also drives growth in its agricultural sector. By enhancing crop yields and minimizing losses, the sector plays a pivotal role in meeting the food demands of both domestic and international markets. During 2019-2024, the market size of the global crop protection & nutrition industry grew at a CAGR of 6.2% on account of continuous growth in agricultural activities. After a steady growth till 2022, the industry observed a decline of about 2.4% in 2023 due to factors such as a slowdown in global demand, higher energy prices, and erratic monsoons. However, it is estimated to have grown by 2.2% y-o-y in 2024. The expansion will be attributed to the continuous upgrading of products and the development of technology and economic developments.

Further, Pesticides, also called agrochemicals, are used in agriculture to support the growth and safety of plants, protect crops from pests, and increase the yields of crops. They also protect crops from insects, diseases, and weeds. The mentioned benefits are the primary reasons that have supported the growth of this industry globally over the years. In addition to this, the sufficiency of global food production in the world to meet the requirements of the increasing world population has also been supporting the market of the pesticides industry globally. Moreover, the above-mentioned factors are expected to continue to provide support to the global pesticides industry. Thus, this market is expected to register a growth of around 6% during 2023-2029 and is likely to reach approximately $96,606 million by 2029.

Pros and strengths

Established, integrated manufacturing setup at strategic location: The company has three Manufacturing Facilities spread across a cumulative 49,543.35 sq.m of land at Jaipur, Rajasthan, having total annual installed capacity of 89,900 MTPA. Its Manufacturing Facilities are equipped with advanced machinery and equipment that enable the production of both Technical and Formulations while optimizing operational efficiency. The automation and technology integrated into its Manufacturing Facilities reduce manual intervention, enhance consistency, and productivity in manufacturing. This streamlined approach allows it to maintain cost efficiency, improve output quality, and scale production effectively to meet market demand.

Diversified product portfolio of agrochemical products: The company is a B2B agrochemical company engaged in the manufacturing of a diverse range of agrochemical products that support the entire crop lifecycle. Its products are used in the cultivation of major cereals, vegetables, and horticultural crops across both Kharif and Rabi seasons in India. It manufactures both Technical Grade and Formulation Grade agrochemical through its integrated Manufacturing Facilities. The company’s product portfolio includes insecticides, herbicides, fungicides, plant growth regulators and other products such as micro-nutrient fertilizers and bio fertilizers. The company’s diverse product portfolio, encompassing a wide range of agrochemical solutions, enables it to meet the evolving needs of its corporate customers while staying aligned with shifting market trends and regulatory requirements.

Track record of healthy growth: The company has demonstrated consistent growth in terms of revenues and profitability. Onwards year 2008, the company has demonstrated consistent growth in terms of revenues and profitability. Its revenue from operations has grown from Rs 26.37 million in Fiscal 2008 to Rs 5,022.60 million in Fiscal 2025 registering a CAGR of 36.18% in the last 17 years. Similarly, its profit after tax has grown from Rs 0.23 million in Fiscal 2008 to Rs 256.38 million in Fiscal 2025, registering a CAGR of 51.09% in the last 17 years. The significant growth of its business during the last three Fiscals have contributed significantly to its financial strength.

Established customer base and strong relationships: The company has established strong customer relations in the course of over 23 years of operating experience. One of the key factors differentiating it from its competitors is the quality of its products and customer centric approach of offering products meeting the customers’ specifications. This approach has helped it to not only grow its business but has also nurtured and expanded its market presence in the industry in which it operates. During Fiscal Years 2025, Fiscal 2024, and Fiscal 2023, the company served over 849, 1,194 and 1,135 corporate customers, respectively. Among these, approximately 94 customers have been with it for over 3 years, and 26 customers for over 5 years.

Risks and concerns

Maximum revenue comes from limited customers: A major portion of the company’s revenue from operations is dependent upon a limited number of customers. The company has garnered 69.47%, 54.91% and 46.44% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Geographical constrain: The company’s Manufacturing Facilities, Registered Office and Corporate Office are located in Jaipur in the state of Rajasthan, India, whereas a majority of its revenue from operations are generated from key agricultural belt states of India, including Rajasthan, Punjab, Uttar Pradesh, Haryana, Madhya Pradesh, and Gujarat which exposes its operations to potential geographical concentration risks arising from local and regional factors which may adversely affect its operations and in turn its business, results of operations and cash flows.

Dependent on few suppliers for raw material supply: The company depends on a few suppliers for the supply of raw materials. The company has procured 54.25%, 57.14% and 56.27% of its total raw material from top 10 suppliers in FY25, FY24 and FY23 respectively. Any failure to procure such raw materials from these suppliers may have an adverse impact on its manufacturing operations and results of operations.

Business is sensitive to weather patterns, seasonal factors and climate change: The company’s business performance is closely linked to weather conditions and seasonal trends that directly affect the agrochemical industry. Events such as droughts, floods, cyclones, unseasonal rainfall, pest infestations, and other natural disasters can influence the incidence of crop diseases and pest outbreaks, which in turn drive the demand for crop protection products. Adverse weather conditions, particularly drought, may result in reduced crop sowing and lower yields, leading to a decline in demand for its products. Such variability may cause significant year-on-year fluctuations in sales across different geographies.

Outlook

Advance Agrolife is engaged in the manufacturing of a wide range of agrochemical products that support the entire lifecycle of crops. The company's products are used in cultivating major cereals, vegetables, and horticultural crops across both Kharif and Rabi seasons in India. The company has diversified product portfolio of agrochemical products. The company has established customer base and strong relationships. On the concern side, a major portion of the company’s revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows. Moreover, the company is dependent on a few suppliers for the supply of raw materials. Any failure to procure such raw materials from these suppliers may have an adverse impact on its manufacturing operations and results of operations. 

The issue has been offering 1,92,85,720 shares in a price band of Rs 95-100 per equity share. The aggregate size of the offer is around Rs 183.21 crore to Rs 192.86 crore based on lower and upper price band respectively. Minimum application is to be made for 150 shares and in multiples thereon, thereafter. On performance front, revenue from operations increased 10.17%, from Rs 4,558.99 million in Fiscal 2024 to Rs 5,022.60 million in Fiscal 2025. Moreover, profit for the year increased 3.66%, from Rs 247.32 million in Fiscal 2024 to Rs 256.38 million in Fiscal 2025.

The company intends to focus on expanding its customer base, deepen relationships with existing customers by improving its existing products, and also increasing the number of products that it manufactures. The company aims to continue to maintain a strong track record of repeat orders from its existing customers as well as expand and strengthen its relationships as part of its organic growth efforts. Although its revenue from operations has grown between Fiscal 2023 and Fiscal 2025, it has been predominantly focused on the domestic market with small exports contribution. It aims to leverage its product portfolio, customer acceptance in domestic markets and its presence in export markets to expand into new international markets. Further, with its Manufacturing Facilities along with Proposed Facility and capabilities, it also intends to continue focus on increasing its domestic wallet share with existing customers and establish relationships with new customers.

Dhillon Freight Carrier

• Dhillon Freight Carrier is coming out with an initial public offering (IPO) of 14,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 72 per equity share.
• The issue will open on September 29, 2025 and will close on October 1, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.2 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance Officer for the issue is Sneha Agarwal.

Profile of the company

Founded in 2014, the company is engaged in providing logistics solutions to businesses, particularly road transportation. It is goods transport agency providing Parcel/Less than Truck-Load (LTL), Contract Logistics and Fleet Rental/Fleet Leasing services to different industries. It serves both B2B and B2C customers. It is an ISO 9001:2015 certified service provider who handle client requirements in a professional manner to ensure the highest degree of customer satisfaction.

Since inception, it has consistently been providing solutions powered by its own fleet vehicles. Its present in-house fleet strength is about 62 vehicles. The company operates majorly across West Bengal, Bihar, Delhi and Uttar Pradesh, providing reliable and efficient logistics solutions to businesses nationwide. As on date, it operates through an established network of 22 booking offices, pickup facilities, warehouses, delivery offices and through agency network etc.

Proceed is being used for:

• Purchase of goods transportation vehicles and its fabrication 
• General corporate purposes
• Meeting the issue expenses

Industry Overview

Logistics Industry is crucial to both enterprises and the economy. In today's interconnected world, shipping and logistics are at the heart of the economy, acting as vital gateways for international trade and business. A nation with a strong and effective logistics sector offers an efficient forward and reverse flow of goods and services, which eventually translates to fast-paced growth. The Indian logistics industry includes all inbound and outbound components of the manufacturing and service supply chains. Significant factors that will increase the demand for India's logistics sector include the country's anticipated GDP growth of $26 trillion by fiscal year 2048 ($6 trillion by 2030) and its objective to accelerate merchandise exports to $1 trillion by 2030.

The Indian logistics market, valued at $107.16 billion (Rs 9 trillion) in FY23, is projected to grow significantly, reaching $159.54 billion (Rs 13.4 trillion) by FY28, with a compounded annual growth rate (CAGR) of 8-9%, according to a recent report by Motilal Oswal. This growth is driven by structural shifts, technological advancements, and government initiatives focused on reducing logistics costs and improving infrastructure. The National Logistics Policy, unveiled in September 2022, aims to optimize India’s logistics landscape by increasing the share of railways in freight movement, currently at 18%, through developing dedicated freight corridors (DFCs), enhancing road infrastructure, and expanding inland waterways.

The uneven distribution of modes of transport has resulted in low operational efficiency, causing the GOI to launch a number of logistics-specific programmes, including GatiShakti and the National Logistics Policy. These initiatives seek to improve India's logistics sector by making it more environmentally friendly, agile, transparent, and integrated. The logistics management regimen is capable of overcoming infrastructural disadvantages in the short term while providing cutting-edge competitiveness in the long term. Physical transporters that execute their business processes manually and offline can use various technologies such as AI, Big data, and IoT to improve their service and compete in an international market by delivering real-time and end-to-end connections.

Pros and strengths

Diverse customer base: It serves a wide range of end-market customers across multiple industries, including apparel, engineering goods, electrical hardware, footwear, paints, chemicals, agriculture, and consumer electronics. Its customer base is well-diversified, which reduces dependency on any single client for its business operations. It maintains strong, long-term relationships with many of its clients, reflected in a healthy customer retention rate. No single customer contributes a significant portion of its overall revenue, which helps ensure stability and resilience in its business model.

Diverse Fleet: Its goods transportation fleet includes 62 owned vehicles, and further it has arrangements for outsourced trucks i.e. trucks taken on hire basis, thereby providing it access to larger fleet size. Its strong relationship with single owner drivers and small fleet owners has helped it attach many vehicles to its platform which allow it as a company to remain asset light and nimble. With the help of these attached vehicles, it has ready access to a large fleet size that allows availability of vehicles at peak business time and also allows managing its freight charges.

Young & modern fleet: A young and modern fleet, specifically focusing on electric three-wheelers, positions it at the forefront of sustainable urban logistics. This approach ensures agile and efficient last-mile delivery, minimizing environmental impact with zero tailpipe emissions and reducing operating costs through lower energy consumption. Its investment in advanced EV technology and a contemporary fleet demonstrates a commitment to innovation and eco-conscious practices, appealing to environmentally aware clients. This modern fleet enhances its ability to navigate congested urban areas, delivering goods rapidly and reliably. Ultimately, deploying a young and modern EV three-wheeler fleet strengthens its brand image and fosters long-term customer loyalty in a rapidly evolving market.

Risks and concerns

Dependent on third-party service providers: The company depends on third-party vendors to procure vehicles used in its transportation and logistics operations. Although it has taken steps to reduce this dependency by acquiring its own fleet, a considerable portion of its operations continues to rely on vehicles obtained through rental or trip-based leasing arrangements. As on date, it owns 62 vehicles, of which 45 are small electric vehicles provided on rent, and the remaining 17 are medium and large vehicles directly used in its operations. Additional vehicle requirements are fulfilled through third-party leasing or per-trip rental arrangements. Due to the variable nature of these arrangements, the total number of outsourced vehicles cannot be precisely determined.

Fuel and truck hire charges on operating costs: Fuel and Truck Hire Charges are its most significant operating costs and an increase in such costs or inability to pass on such increases to its customers will adversely affect its results of operations. Its fuel, truck charges and other direct expenses for financial year ended March 31, 2025, March 31, 2024 & March 31, 2023 amounted to Rs 1,956.70 lakh, Rs 1,953.23 lakh and Rs 2,549.23 lakh respectively which accounted for 85.57%, 83.97%, and 86.62% of the total expenses for the respective period.  Its business is characterized by high Freight costs, principally due to hiring of goods transportation vehicles and trucks. 

Operate in highly competitive industry: It operates in a highly competitive industry, dominated by a large number of unorganized players. Increased competition from other organized and unorganized third party logistics providers may lead to a reduction in its revenues, reduced profit margins or a loss of market share. It competes with other goods transportation providers based on reliability, delivery time, security, visibility, and customer service. Its reputation is based on the level of customer service that it provides. If this level of service deteriorates, or if it is prevented from delivering its services in a timely, reliable, safe, and secure manner, its reputation and business may suffer. 

Outlook

Dhillon Freight Carrier is end-to-end integrated supply chain and logistics solutions provider. It is goods transport agency providing Parcel/Less than Truck-Load (LTL), Contract Logistics and Fleet Rental/Fleet Leasing services to different industries. It serves both B2B and B2C customers. On the concern side, it derives a major portion of its revenue from its logistics operations in certain geographical regions. Any adverse developments affecting its logistics operations in these regions could have a material adverse impact on its business, revenue, and results of operations. Moreover, it may not be able to acquire warehouses and other logistics facilities in desirable locations that are suitable for its expansion at commercially reasonable prices and its expansion plans may be delayed or affected by various factors. 

The company is coming out with an IPO of 14,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 72 per equity share to mobilize Rs 10.08 crore. On performance front, the company’s revenue from operations increased from Rs 2,401.79 lakh in FY 2023-24 to Rs 2,473.97 lakh in FY 2024-25, reflecting a growth of 3.01%, during the said period. The restated Profit after Tax for FY 2024-25 has been increased to Rs 172.98 lakh as against Rs 109.31 lakh in the FY 2023-24.

Meanwhile, it is focused on expanding into regions and cities with strong demand for transportation and logistics services. Its strategy includes broadening its service offerings to cater to diverse industries, cargo types, and customer segments-reducing dependence on specific markets or sectors. By enhancing its geographic presence, it aims to better serve existing customers, extend its distribution and supply reach, and gain a competitive edge. It is committed to long-term customer relationships by consistently adding value through quality assurance, timely service delivery, and a customer-centric approach. Its expansion efforts are guided by strategic risk management, addressing infrastructure challenges, regulatory complexities, and market competition to ensure sustainable growth.

Chiraharit

• Chiraharit is coming out with an initial public offering (IPO) of 1,47,96,000 equity shares of face value of Rs 1 each for cash at a fixed price of Rs 21 per equity share.
• The issue will open on September 29, 2025 and will close on October 3, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 21 times higher to its face value of Rs 1.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance Officer for the issue is Dixitula Venkata Kama Dixitulu.

Profile of the company

Chiraharit is engaged into turnkey EPC (Engineering, Procurement and Construction) projects focusing on two broad segment viz Water-based and Renewable Energy-based. With a commitment to excellence, it delivers innovative and comprehensive solutions tailored to meet the unique challenges of each project, ensuring optimal performance and sustainability. In the Water-based segment, its focus is on the efficient and reliable movement of piped water in pressurized applications. Its expertise in water movement extends across diverse sub-sectors, including piped irrigation for agriculture, drinking water supply projects for Industrial and residential townships, large-scale pressurized irrigation networks, water based solar module cleaning systems and landscape irrigation.

Its Renewable Energy-based segment is focused on the construction of Compressed Bio-Gas (CBG) plants. In this domain, it provides turnkey execution of all civil, mechanical, and pumping systems, ensuring seamless project delivery. As a recent addition to its portfolio, this segment represents its commitment to sustainable energy solutions and technical excellence.

Its expertise in water movement extends across diverse sub-sectors, including Solar Module Cleaning Systems, Irrigation Solutions for Agriculture and Landscape, Water Pipeline Solutions for Industrial and Residential Projects and supply of HDPE, UPVC, CPVC, PVC Pipes and Fittings etc. In addition to this, it also undertakes construction of Compressed Bio-Gas plants (CBG) and construction of Industrial and Residential Projects.

Proceed is being used for:

• Funding Capital Expenditure for setting up of HDPE Ball Valves and Fittings Manufacturing Unit
• Repayment and/or pre-payment, in full or part, of certain borrowings
• Meeting working capital requirements
• Meeting the issue expenses
• General corporate purposes

Industry Overview

Solar Panel Cleaning Market Size was valued at $0.8 Billion in 2022. The Solar Panel Cleaning market industry is projected to grow from $0.85 Billion in 2023 to $1.47 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024 - 2032). Growing demand for solar panels and cost-effective maintenance are the primary drivers propelling the market's expansion.

India is one of the major players in the agriculture sector worldwide and it is the primary source of livelihood for around 55% of India’s population. India has the world's largest cattle herd (buffaloes), the largest area planted for wheat, rice, and cotton, and is the largest producer of milk, pulses, and spices in the world. It is the second-largest producer of fruit, vegetables, tea, farmed fish, cotton, sugarcane, wheat, rice, cotton, and sugar. The agriculture sector in India holds the record for second largest agricultural land in the world generating employment for about half of the country’s population. Thus, farmers become an integral part of the sector to provide its with a means of sustenance.

The agriculture sector in India is expected to generate better momentum in the next few years due to increased investment in agricultural infrastructure such as irrigation facilities, warehousing, and cold storage. Furthermore, the growing use of genetically modified crops will likely improve the yield for Indian farmers. India is expected to be self-sufficient in pulses in the coming few years due to the concerted effort of scientists to get early maturing varieties of pulses and the increase in minimum support price.

Pros and strengths

Diversified service portfolio: The company's strength lies in its diversified portfolio, which encompasses a wide range of services designed to address critical needs in water management and renewable energy. Its offerings include advanced solar module cleaning systems, EPC (Engineering, Procurement, and Construction) solutions for piped water projects, various irrigation systems tailored for agricultural efficiency, the installation and setup of bio-gas plants, and civil construction projects focused on piped water infrastructure for housing townships, residential layouts, and commercial developments. This broad expertise enables it to deliver comprehensive and sustainable solutions that cater to diverse sectors, ensuring optimal utilization of resources and contributing to long-term growth.

Strong project execution capabilities: The company takes pride in its exceptional project execution capabilities, which form the backbone of its operational excellence and customer satisfaction. This strength stems from the extensive experience and unwavering commitment of its promoters, senior management, and dedicated team members. With a thorough understanding of industry dynamics and deep technical expertise, it is adept at delivering projects across every service segment within its diverse portfolio. Its systematic approach, combined with robust project management practices, project delivery adhering to quality standards, and alignment with client expectations. From initial planning to final execution, its team consistently demonstrates its ability to handle complex projects with precision and efficiency.

Commitment to quality assurance and standards: Solar module cleaning and water distribution networks are two vital segments of its operations, both of which require the highest standards of quality control to ensure optimal performance and reliability. In solar module cleaning, nonperformance of module cleaning system by way of breakdown of pipeline or pumps can result in loss of energy and revenues to the client. It designs and installs robust and predictable system to ensure that there are no break downs. Its skilled professionals follow industry best practices to ensure the highest quality in every joint, supporting the reliability of renewable energy infrastructure and safeguarding client investments. Similarly, as the company is primarily engaged in water distribution networks and irrigation products, it recognizes the immense responsibility of maintaining the highest standards of quality, given that water plays an essential lifeline for communities.

Risks and concerns

Dependent on few customers: It is dependent on and derive a substantial portion of its revenue from a limited number of customers. For the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten customers accounted for around 71.95%, 75.84% and 76.87% of its revenue from operations. Significant revenue from a few customers increases the potential volatility of its results and exposure to individual contract risks with such customers, which may have an adverse effect on its results of operations.

Geographical concentrate: Its business operations are majorly concentrated in certain geographical regions. For the financial years ended March 31, 2025, March 31, 2024, and March 31, 2023, a substantial portion of its revenue was derived from the states of Telangana, Rajasthan, Gujarat, Andhra Pradesh, and Maharashtra, contributing Rs 4,818.36 lakh, Rs 2,654.95 lakh, and Rs 2,929.23 lakh, respectively. These revenues accounted for 80.81%, 86.86%, and 89.08% of its total revenue in these periods. This geographical concentration exposes it to risks related to adverse developments, such as economic shifts, demographic changes, or competitive pressures specific to these regions, which could negatively impact its business prospects, financial condition, and results of operations.

Dependent on a few suppliers for purchases of product/service: Its top 10 suppliers contribute majority of its supplies. In the financial years ended March 31, 2025, 2024, and 2023, the top ten suppliers accounted for around 37.23%, 59.79%, and 69.46% of total purchases, respectively. The loss of any of these large suppliers may affect its business operations. It cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations.

Outlook

The company provides turnkey and engineering solutions for irrigation systems like Drip, Sprinklers, Rain guns etc. and provide solutions for solar module cleaning systems, drinking water supply, grey water handling and bulk industrial water movement. It is engaged into turnkey EPC (Engineering, Procurement and Construction) projects focusing on two broad segment viz Water-based and Renewable Energy-based. On the concern side, its industry is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees or those of its suppliers. Moreover, the market in which the company is doing business is highly competitive on account of both the organized and unorganized players, which may adversely affect its business operation and financial condition.

The company is coming out with an IPO of 1,47,96,000 equity shares of face value of Rs 1 each for cash at a fixed price of Rs 21 per equity share to mobilize Rs 31.07 crore. On performance front, the Revenue from Operations comprising of Sale of Products and Sale of Services has increased from Rs 3,056.55 lakh in FY 2023-24 to Rs 5,962.80 lakh in FY 2024-25 i.e. revenue from operation increased by 95.08%. The restated Profit after Tax for FY 2024-25 has been increased to Rs 602.29 lakh as against Rs 60.34 lakh in the FY 2023-24.

As part of its forward-looking strategy, it is focused on integrating automation technology into the water pipeline system sector, recognizing its potential to revolutionize project execution. While this initiative is still in its early stages, it is laying the groundwork for a significant transformation in how it approaches its operations. Automation technology can streamline complex processes, enhance precision, and reduce execution time, enabling it to deliver projects with greater efficiency and consistency. To fast-track this transition, it is exploring opportunities to either acquire companies with established expertise in automation for water pipeline systems or form strategic alliances with industry leaders in this domain. By leveraging the advanced capabilities of such partners, it aims to bridge technological gaps, accelerate its adoption of automation, and position itself as innovators in the field.

Fabtech Technologies  

• Fabtech Technologies is coming out with a 100% book building; initial public offering (IPO) of 1,20,60,000 shares of Rs 10 each in a price band Rs 181-191 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 29, 2025 and will close on October 1, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 18.10 times of its face value on the lower side and 19.10 times on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance Officer for the issue is Neetu Sunil Buchasia.

Profile of the company

Fabtech Technologies is a global company headquartered in India, specializing in turnkey engineering solutions for pharmaceuticals, biotech and healthcare companies. Its footprint spans more than 62 countries Middle East, Africa, Asia, Europe, Latin America, North America, etc. The company has presence across some of the key emerging economies like Bangladesh, Egypt, Ethiopia, India, Kenya, Kingdom of Saudi Arabia, Morocco, Nicaragua, Nigeria, South Africa, Turkey, UAE, USA and Tanzania. The company provides extensive technical expertise and infrastructure to deliver comprehensive solutions for establishing aseptic manufacturing facilities, encompassing everything from design to certification. It offers comprehensive start to finish services in greenfield projects, encompassing disease identification, planning, designing, engineering, procurement, quality assurance, logistics management and installation and commissioning for a wide range of customers across various geographies, particularly key emerging economies.

Additionally, it also offers some of its engineering solutions, which majorly include, equipment procurement and supply and logistics management, on a standalone basis, either as part of greenfield or brownfield projects. In such projects, the feasibility study, design and engineering and other execution functions are undertaken by third party solution providers, and its scope is limited to equipment supply or any other services, required by its customers.

The company’s comprehensive solutions encompass the entire project lifecycle of its customers and address the three key elements in pharmaceuticals, biotech and healthcare facilities, namely, bio clean air, clean water, and process. In addition to offering targeted solutions across the value chain, it also has an established track record in executing pharmaceutical projects across a diverse range of dosage forms, encompassing, liquids, solids, and semisolids. Its turnkey engineering solutions involve an extensive range of services, viz., comprehensive market analysis that combines geographic and demographic insights to understand the current and future competitive environment, disease profiling for aligning solutions to the specific needs of the target market, designing and detailed engineering of equipment tailored to the manufacturing process and the applicable quality standards, leveraging the best technologies to enhance the efficiency, reliability, and sustainability of the projects and execution and commissioning strategy.

Proceed is being used for:

• Funding working capital requirements of the company
• Pursuing inorganic growth initiatives through acquisitions
• General corporate purposes  

Industry Overview

The Indian pharmaceutical industry is the world’s third largest by volume and was valued at Rs 4.5 trillion (including bulk drugs and formulation exports) as of fiscal 2025. The industry can be broadly classified into formulations and bulk drugs. Formulations can further be divided into domestic formulations and export formulations, both having almost an equal share in the market. At present, low-value generic drugs constitute a large part of Indian exports. India accounts for 3.5% of total drugs and medicines exported globally, and exports pharmaceuticals to more than 200 countries and territories, including highly regulated markets such as the US, the UK, the European Union and Canada. The Indian domestic formulation market has seen healthy growth in the recent times. As of FY2025, the Indian domestic formulation market contributed to approximately 2% of the total global pharmaceutical market. Indian domestic formulations market (consumption) grew at a healthy rate at a CAGR of 9% CAGR from FY2020 to FY2025.

The value chain of turnkey pharmaceutical engineering solution providers in pharmaceutical capex activities encompass a comprehensive range of stages and contributions. It usually starts with consulting/advisory services which includes thorough market research and analysis, which help in identifying specific needs, goals, and challenges. This stage also includes strategic planning and feasibility studies to ensure the viability of capex projects. Advisory services are usually followed by implementation of design and engineering expertise to develop facilities that meet regulatory requirements, industry standards and client specifications. Once the design and detailed layout are prepared, it is followed by procurement and supply chain management involving vendor selection, sourcing equipment, machinery and materials while managing contracts, deliveries and quality control. Some turnkey engineering solution providers also supply equipment, machinery and systems themselves to ensure greater control over quality and processes.

Turnkey engineering solution providers play a key role in ensuring optimal use of resources through providing comprehensive and customized solutions as per individual projects need. As integrated turnkey solution providers manage every aspect of the project from conception to completion, they ensure seamless and streamlined integration between various stages of the project, thereby increasing the chances of successful implementation. Turnkey solution providers have experienced teams that possesses extensive knowledge of various domains, which makes them more adept at handling complex challenges effectively. Additionally, as turnkey engineering solution providers operate across different geographies, they offer substantial benefits to the companies which are expanding into new regions. Their extensive experience combined with their local contacts helps pharmaceutical companies in navigating the complexities of new markets.

Pros and strengths

Key turnkey engineering solution provider: The company is a key turnkey engineering solution provider in pharmaceuticals capex space, offering comprehensive start to finish solutions encompassing designing, engineering, procurement, installation and testing of pharmaceutical equipment for a wide range of customers. It provides comprehensive start to finish execution of controlled environment infrastructure with the ability to provide end to end solution encompassing designing, engineering, procurement, installation, testing, commissioning, management and operational support for a wide range of customers primarily in the pharmaceutical, biotechnological, and healthcare sectors across geographies.

Asset-light and integrated business model: The company has adopted a scalable, asset-light and less capital-intensive business model by procuring equipment from its Related Entities and third-party equipment suppliers. Since, it procures majority of the equipment required by its customers through its Related Entities, on an arms-length basis and third-party equipment suppliers it is not required to make capital investment for setting up a manufacturing unit or heavy machinery for manufacturing the equipment supplied by the company. This asset light business model, enables it to direct all its efforts towards project execution and sales and marketing activities, while ensuring that the equipment supplied to its customers are of desired quality and delivered in a timely manner. Sourcing of equipment through its Related Entities also provides it the requisite control over the cost of equipment and the quality of the equipment installed by it in a project, thereby enabling it in achieving economies of scale.

In-house software technology capabilities: The company’s Promoters and Key Managerial Personnel, through their comprehensive experience in managing and leading pharmaceutical turnkey engineering projects, have gained insight in understanding and resolving key issues that arise while executing projects and the measures that can be adopted to reduce execution time and increase the productivity of employees. Under the guidance of its Promoters and Key Managerial Personnel, the company has developed in-house software technology capabilities that track the complete life-cycle of its projects and enable various teams to manage, supervise and control their respective responsibilities in a timely and coordinated manner.

Project execution across diverse and challenging geographies: The company is an enabler in consolidating technical knowhow and infrastructural capabilities for aseptic manufacturing and research processes in the pharmaceutical, healthcare and biotechnology sectors, in key emerging economies like Bangladesh, Egypt, Ethiopia, India, Kenya, Kingdom of Saudi Arabia, Morocco, Nicaragua, Nigeria, South Africa, Turkey, UAE, USA and Tanzania. The company has a track record of executing projects across diverse and challenging geographical landscapes. Owing to its international operations particularly in emerging economies, it has developed the capabilities of successfully delivering projects in regions where conditions are less than favourable, on account of regional conflicts, disruption in supply chains, difficulty in recruiting skilled employees, etc. It addresses and mitigates such challenges through risk assessment, comprehensive planning, and leveraging local expertise.

Risks and concerns

Substantial revenue comes from limited projects: The company is dependent upon and derive a substantial portion of its revenue from a limited number of projects, that form part of its order book. The company has garnered 56.06%, 63.17% and 74.98% of its total revenue from top 5 projects in FY25, FY24 and FY23 respectively. Cancellation of projects by customers could have a material adverse effect on its business, results of operations and financial condition.

Limited operating history: The company was incorporated in 2018, however the business of offering turnkey engineering solutions was transferred to the company from Fabtech Technologies International Private Limited (formerly known as Fabtech Technologies International Limited) (FTIPL). It has a limited operational history as a standalone unit, however for the purpose of comprehending its business model and its results of operations, the operational history of the Fabtech Group can be relied upon by the investors, while making an investment decision. Further, it has limited historical financial data, and it operates in a rapidly evolving market. As a result, any predictions about its future revenue and expenses may not be as accurate as they would be if it had a longer operating history or operated in a more predictable market.

High working capital requirement: The company’s business is working capital intensive in nature. As of July 31, 2025, it had utilized working capital demand loans from banks amounting to Rs 1,549.13 lakh. Its ability to arrange for financing and its cost of borrowing depend on a number of factors, including general economic and market conditions, credit availability from financial institutions, the amount and terms of its existing indebtedness, investor confidence, and the continued success of current projects. If it experiences insufficient cash flows or are unable to access suitable financing to meet working capital requirements and loan repayment obligations, its business, financial condition and results of operations could be adversely affected.

Dependent on Associate companies for purchase of significant portion of equipment and materials: The company procures a significant portion of its equipment and materials from its Associate, Promoter Group entities and Group Companies. By strategically partnering with a diverse and reliable network of equipment manufacturers, the company can flexibly scale its resources based on project demands, ensuring optimal utilization of assets, and minimizing its capital expenditure. Significant dependence on related parties for purchase of its equipment may result in conflict of interest in allocating business opportunities amongst the company and its Related Entities in circumstances where its respective interests diverge.

Outlook

Fabtech Technologies is a biopharma engineering company. The company designs and delivers turnkey projects, including cleanroom facilities, modular systems, and customized engineering solutions. Moreover, the company has diversified order book across geographies, clients, and business verticals. The company has strong project execution across diverse and challenging geographies. On the concern side, as a result of its limited operating history, the company may not be able to compete successfully, and it may be difficult to evaluate its business and future operating results on the basis of its past performance. Moreover, it is dependent upon and derive a substantial portion of its revenue from a limited number of projects, that form part of its order book. Cancellation of projects by customers could have a material adverse effect on its business, results of operations and financial condition. 

The issue has been offering 1,20,60,000 shares in a price band of Rs 181-191 per equity share. The aggregate size of the offer is around Rs 218.29 crore to Rs 230.35 crore based on lower and upper price band respectively. Minimum application is to be made for 75 shares and in multiples thereon, thereafter. On performance front, revenue from operations increased by Rs 10,053.21 lakh or 44.46%, from Rs 22,613.63 lakh in Fiscal 2024 to Rs 32,666.85 lakh in Fiscal 2025. Moreover, profit for the year increased by Rs 1,923.56 lakh, or 70.67%, from Rs 2,721.74 lakh in Fiscal 2024 to Rs 4,645.30 lakh in Fiscal 2025.

The company intends to expand its integrated operations by continue building an integrated supplier base in India, United Arab Emirates, Saudi Arabia and Egypt, to ensure timely delivery of equipment, quality control through trusted procurement sources and cost effectiveness by reducing logistical costs. By enhancing its operational efficiencies, it shall be able to achieve economies of scale, better absorb its fixed costs, reduce its other operating costs and strengthen its competitive position.

Sodhani Capital

• Sodhani Capital is coming out with an initial public offering (IPO) of 21,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 51 per equity share. 
• The issue will open on September 29, 2025 and will close on October 1, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 5.10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Bonanza Portfolio.
• Compliance Officer for the issue is Renu Sharma. 

Profile of the company

Sodhani Capital is a mutual fund distributor headquartered in Jaipur, Rajasthan. Since its incorporation in March 2019, the company has undergone significant corporate evolution, culminating in its transition to public limited status on August 22, 2023. The company has built a market presence in Jaipur and surrounding areas through its core business of distribution of financial products. Their service portfolio encompasses comprehensive mutual fund schemes, with particular emphasis on systematic investment plans (SIPs).

Sodhani Capital provides service of financial products distribution to help its clients achieve their financial goals. The company's core business focuses on mutual fund distribution, serving retail investors, high-net-worth individuals (HNIs). While the business is spread across the year, it witnesses peak operations during the tax-saving season (January-March). The service offering encompasses a diverse range of mutual funds, including equity funds for long-term growth, debt funds for stability, hybrid funds for balanced returns, and ELSS for tax savings under Section 80C. A key offering is the Systematic Investment Plans (SIPs), designed to promote disciplined savings and generational wealth building through regular, structured investments. The company's competitive advantage stems from its client-centric approach and operational strength. Through its digital investment platform and mobile app, clients can seamlessly track and manage their investment. Strategic growth has been achieved through further geographic expansion into other Tier-II and Tier-III cities, following the company's transition to public limited status in 2023. This expansion has been supported by strong brand building through community engagement and financial awareness programs.

Proceed is being used for:

• Acquisition of office premises at Mumbai, Maharashtra.
• Interior work for the proposed Office premises.
• Funding expenditure towards enhancement of brand visibility.
• Development of Mutual Fund Investment Application.
• Meeting expenditure for acquiring Information Technology (Hardware including Software) infrastructure for new office premises and existing office premises.
• For meeting the issue expenses.
• General Corporate Purpose.

Industry Overview

The Indian mutual fund (MF) industry represents a vital component of the country's financial infrastructure, demonstrating remarkable resilience and growth amid market dynamics. As of June-July 2025, the total Assets Under Management (AUM) of the Indian mutual fund industry stood at approximately Rs 74.40 lakh crore. The Indian mutual fund industry is driving market expansion through comprehensive educational initiatives aimed at increasing investor awareness and participation. Through various digital platforms, financial literacy programs, and investment advisory tools currently in development, the industry is targeting significant growth metrics for 2025, including a 40% increase in retail participation, 25% growth in rural penetration, and 35% improvement in portfolio optimization. The distribution strategy encompasses a multi-channel approach, leveraging interactive webinars, virtual classrooms, and mobile learning apps with integrated analytics. This comprehensive approach ensures that educational content reaches investors across different platforms and learning preferences.

The market focus is strategically divided between first-time and rural investors, while also catering to high-net-worth and institutional clients. This dual approach helps in expanding the market while maintaining service quality across different investor segments. Performance indicators show promising results, with initiatives driving 30% higher SIP adoption, 45% investor retention, and 50% growth in digital engagement. These metrics demonstrate the effectiveness of the industry's educational and engagement strategies. The Indian mutual fund industry shows promising growth potential through 2025-26, driven by several key market factors. The growing middle-class population, rising financial literacy, increased digital adoption, and progressive regulations are creating a robust foundation for sustained growth in the sector.  Technology is playing a transformative role in the industry's evolution. Digital onboarding has achieved 80% faster processing times, while AI analytics have improved targeting efficiency by 40%. Blockchain implementation has resulted in 60% quicker settlements, demonstrating the significant impact of technological innovation on operational efficiency.

Pros and strengths

Geographic reach: Presently, the company has a strong business presence in Jaipur and surrounding areas where it conducts regular investment seminars and provides in-person consultations to clients. The company has also successfully expanded its reach through digital channels, offering comprehensive webinars and leveraging online platforms to serve investors across different regions. To strengthen its market position, the company has relationship with leading asset management companies. These collaborations enable Sodhani Capital to offer a diverse range of investment products while ensuring competitive advantages in the mutual fund distribution sector.

Comprehensive service provider network: As a distributor for AMFI-registered Asset Management Companies (AMCs), the company maintains a comprehensive service provider network supported by internal systems. The company leverages its relationship with leading mutual fund houses to offer diverse investment products across multiple segments. Its service delivery is enhanced through weekly employee training sessions and monthly performance tracking of Assets Under Management (AUM). The investment process incorporates thorough risk assessment protocols, flexible strategy development based on client risk profiles, and including regular reviews and rebalancing. This integrated approach ensures effective asset allocation aligned with client objectives while maintaining high service quality standards across its distribution network.

Quality assurance: The company maintains a robust quality assurance program focused on mutual fund distribution services. Its framework implements systematic monitoring and evaluation processes that align with SEBI guidelines and industry best practices, ensuring consistent service delivery across all client interactions. Quality control measures include comprehensive regulatory compliance checks with SEBI and AMFI norms, coupled with regular client satisfaction assessments. To maintain service excellence, it conducts systematic audits of its business processes using feedback-driven improvements to enhance service offerings. 

Risks and concerns

Operating revenues derive from mutual fund distribution business: All of the company’s operating revenues are derived from its mutual fund distribution business, through commissions from asset management companies (AMCs). Failure to attract potential customers due to market volatility, regulatory compliance challenges (e.g., SEBI’s reduction in distributor commissions), competitive pressures from direct plans and fintech platforms, technological adaptation needs, managerial effectiveness, and investor education gaps may adversely affect its revenues, business, results of operations.

Interest rate risk: Changes in interest rates can negatively affect bond prices held within mutual funds, especially for fixed-income securities. Rising interest rates typically lead to a decline in the value of existing bonds. During periods of rising interest rates, investors may become more cautious about investing in debt funds, fearing further declines in bond prices. This shift in sentiment can lead to increased redemption requests as investors seek to minimize their losses. If a substantial number of clients decide to exit their investments simultaneously, it could strain its funds’ liquidity and force it to sell assets at unfavorable prices, exacerbating losses and negatively impacting the fund’s overall performance. 

Lack of investor awareness of mutual fund: Lack of investor awareness poses a significant challenge for the company’s mutual fund distribution business, as many potential investors may not fully understand mutual funds or the associated risks. This knowledge gap can lead to misaligned expectations and investment choices that do not suit their financial goals, ultimately affecting client satisfaction and retention. If the company fails to effectively educate potential investors about the benefits and mechanics of mutual funds, it risks missing out on a substantial market opportunity. 

Outlook 

Sodhani Capital is a financial services firm based in Jaipur, Rajasthan, India. The company provides financial product distribution services, focusing on mutual funds for retail investors and high-net-worth individuals (HNIs) to help them achieve their financial goals. It maintains AMFI Registration for Mutual Fund Distribution and undergoes regular SEBI compliance audits, ensuring its services meet all regulatory requirements while demonstrating its commitment to excellence. On the concern side, the mutual fund distribution sector is characterized by intense competition, with numerous players vying for market share. This competitive landscape can significantly impact the company’s business in several ways, primarily by putting pressure on profit margins and complicating client acquisition and retention efforts. Also, market risk is a fundamental concern for mutual fund investors, as it encompasses the potential for fluctuations in the financial markets that can significantly impact the performance of mutual funds. 

The company is coming out with an IPO of 21,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 51 per equity share to mobilize Rs 10.71 crore. On performance front, total income increased by 10.09% from Rs 375.30 lakh for the Fiscal 2024 to Rs 413.15 lakh for the Fiscal 2025. The company recorded a decrease of 1.18% in its profit for the year from Rs 220.98 lakh in Fiscal 2024 to Rs 218.38 lakh in Fiscal 2025. 

Meanwhile, the company has built a strong foundation in financial services by implementing comprehensive compliance frameworks and digital infrastructure to meet SEBI's regulatory requirements. The company's hybrid service model, combining digital convenience with personalized services, has proven particularly successful in Rajasthan's Tier II and III cities, where investor awareness is growing. The company plans to expand its business operations supported by its technology integration, experienced teams, and robust corporate governance.