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Vedant Poly Fabs

• Vedant Poly Fabs is coming out with an initial public offering (IPO) of 60,30,000 shares in a price band of Rs 88-94 per equity share.
• The issue will open on November 2, 2026 and will close on November 4, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.80 times of its face value on the lower side and 9.40 times on the higher side.
• Book running lead manager to the issue is Affinity Global Capital Market.
• Compliance Officer for the issue is Sourindra Nath Mukherjee.

Profile of the company

Vedant Poly Fabs is engaged in the manufacturing of flexible packaging materials and operate as a business-to-business (B2B) supplier to customers across India. The company’s product portfolio includes multilayer Low-Density (LD) films such as 3-layer and 5-layer films, shrink films, barrier films, printed laminates, and milk and oil pouches. These products are used for packaging applications across industries, including food and beverages and other consumer products.

The company manufactures products based on customer specifications, including size, thickness, material composition and printing requirements. Its operations are carried out through multiple stages such as extrusion, printing, lamination, slitting and pouching at its manufacturing facility. The company’s facility is equipped with the necessary machinery to undertake these processes within its premises, including multilayer extrusion machines and printing machines such as CI (Central Impression) flexo and rotogravure. This enables it to carry out manufacturing activities in an integrated manner and cater to varied product requirements.

The company’s products are supplied to customers for packaging and distribution of their products across various industries. Its business model involves direct interaction with customers to understand their packaging requirements. It generally receives orders through verbal communications from customers and undertakes manufacturing based on the specifications communicated by them, including product dimensions, material composition, printing requirements, quantities and delivery schedules. 

Proceed is being used for:

• Meeting the working capital requirements 
• Prepayment or repayment of all or a portion of certain secured or/and unsecured outstanding borrowings availed by the company 
• Funding capital expenditure for purchase and installation of plant and machinery at its existing manufacturing facility 
• General corporate purpose
• Meeting the offer expenses

Industry Overview

The India packaging market size is valued at $101.12 billion in 2025 and is forecast to reach $169.73 billion by 2030, advancing at a 10.73% CAGR. The India packaging market is shifting from commodity containers to technology-enabled solutions as Extended Producer Responsibility (EPR) rules demand 30% recycled content in rigid plastics by 2025 and 60% by 2029. Quick-commerce operators in tier-1 cities, rising exports of generic medicines, and consumer preference for sustainably sourced materials are expanding the India packaging market into new substrates, barrier coatings, and distribution models. Capital flows are accelerating as private equity groups finance consolidations that help converters fund automation, closed-loop recycling, and advanced analytics. Paperboard and compostable films are winning share as multinationals align procurement with global decarbonization targets, while domestic brands adapt pack formats for rural cold-chain gaps and multilingual labelling. Competition is also intensifying in bottle-to-bottle PET where joint ventures between global resin majors and local recyclers are scaling facilities close to Western and Southern manufacturing hubs.

The India Flexible Packaging Market size is worth $20.41 billion in 2025, growing at an 11.46% CAGR and is forecast to hit $35.11 billion by 2030. The increasing demand for lightweight and convenient packaging solutions is a primary driver, as consumers seek products that are easy to handle and store. Rising consumer awareness of sustainability issues has also led to a preference for eco-friendly packaging options. Technological advancements in the packaging industry have significantly improved shelf life and product protection, making flexible packaging more attractive to manufacturers. Flexible plastic packaging dominates India's plastic packaging market, comprising 75% of total usage. The FMCG sector prefers this packaging type for its versatility and cost-effectiveness. Small-scale manufacturers, focusing on cost, produce diverse multi-layered packaging compositions. This results in a wide range of non-recyclable flexible packaging entering the market.

In 2025, the global mono-material packaging market is valued at $4.9 billion and is likely to reach $7.8 billion by 2035, growing at a CAGR of 4.8%. This expansion underscores increasing demand for recyclable, low-complexity packaging formats. The mono-material packaging market is reshaping packaging systems globally, with current adoption rates reflecting changing priorities. In flexible packaging, mono-materials now account for 28-32% of the market, becoming the top choice for brands moving away from complex laminates. The food sector shows 22-25% uptake, especially for dry goods and dairy, while consumer goods reach 18-20%, driven by premium segments. Notably, mono-materials make up 35-40% of new packaging developments worldwide. Europe leads with 50-55% market presence, while North America follows at 35-40%. Asia’s 20-25% share is expanding quickly, supported by supply chain shifts. Growth continues at 14-16% annually, with mono-materials expected to dominate 60% of eco-friendly packaging by 2030. Advances in high-performance mono-material films and recycling technologies are accelerating this shift, alongside stricter regulations and corporate environmental goals. 

Pros and strengths

Integrated manufacturing operations: The company carries out its manufacturing operations at its in-house facility, where multiple stages of the production process are undertaken within its premises. These include extrusion of films, printing, lamination, slitting and rewinding. Undertaking these processes within a single facility enables it to coordinate production activities across different stages and align them with customer requirements. It also allows it to manage the flow of materials from initial processing to final finished products in a structured manner. The company’s integrated manufacturing setup supports monitoring and control across production stages and enables it to plan and execute production in accordance with customer specifications.

Quality control mechanism: The company’s manufacturing operations are supported by an in-house laboratory equipped with various testing instruments for evaluating the quality and performance of its products. It undertakes quality checks at various stages of the manufacturing process, including in-process checks and testing of semi-finished and finished products, in accordance with internal standards and applicable industry requirements.

Diversified product portfolio and product development capabilities: The company manufactures a range of flexible packaging products, including multilayer LD films, printed laminates and pouches, which are used across various packaging applications in industries such as food and beverages and other consumer products. The company’s product portfolio enables it to cater to varied customer requirements across applications and reduces dependence on any single product category. It undertakes product development based on customer specifications, including introduction of new designs and product variations in terms of size, thickness, material composition and printing.

Risks and concerns  

High dependence on key raw material suppliers: The company is dependent on its key suppliers for uninterrupted supply of Raw-Materials. The company has procured 77.03%, 49.06% and 26.46% of its raw material from top 5 suppliers in FY26, FY25 and FY24 respectively. Any shortfall in the supply of its raw materials, or an increase in its raw material costs and other input costs, may adversely affect the pricing and supply of its products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company.

Dependence on limited number of customers: The company has derived a substantial portion of its revenue from a limited number of key customers. Its top ten customers have contributed 79.33%, 69.64%, 30.15% and 13.49% of its total sales for the financial period April 01, 2026- June 30, 2026 and for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 on Restated Standalone Basis. The loss of any significant customers may have a material and adverse effect on its business and results of operations.

Geographical concentration of revenue in West Bengal: Significant portion of the company’s revenue is concentrated in West Bengal. The company has garnered 95.81%, 96.80%, 97.90% and 98.64% of its total revenue from West Bengal for the financial period April 01, 2026- June 30, 2026 and for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively. Any factors relating to political and geographical changes, growing competition and any change in the demand for its service by customers of these states may adversely affect its ability to retain them. The company cannot assure that it shall generate the same quantum of business, or any business at all, from these states, and loss of business from one or more of them may adversely affect its revenues and profitability.

Outlook

Vedant Poly Fabs is engaged in the manufacturing of flexible packaging materials for businesses across India. The company operates as a B2B supplier and offers a diverse range of packaging products, including 3-layer and 5-layer LD films, shrink films, barrier films, printed laminates, and milk and oil pouches, catering to industries such as food & beverages and other consumer goods. The company has integrated manufacturing operations and has diversified flexible packaging product portfolio. On the concern side, the company faces risks arising from its significant dependence on a limited number of key suppliers and customers, exposing it to potential supply disruptions, rising input costs and loss of revenue. Further, its revenue concentration in West Bengal exposes it to regional, political and competitive risks. Any adverse developments in these areas may negatively impact its business operations, financial condition and profitability.

The company is coming out with a maiden IPO of 60,30,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 88-94 per equity share. The aggregate size of the offer is around Rs 53.06 crore to Rs 56.68 crore based on lower and upper price band respectively. On performance front, the revenue from operations for Financial Year 2025-26 stood at Rs 11,513.91 lakh as against Rs 8,102.12 lakh in Financial Year 2024-25, representing an increase of 42.11%. Moreover, the company’s reported PAT of Rs 1,096.62 lakh in FY 2025-26, marking an increase of 140.45% compared to Rs 456.06 lakh in FY 2024-25.

Meanwhile, the company supplies its products directly to customers without reliance on intermediary distributors or agents. This enables it to engage directly with customers, understand their requirements and align its offerings accordingly. The company’s direct sales model supports better coordination in relation to product specifications and order execution, and enables it to respond to customer requirements in a timely manner. The company has developed business relationships with several of its customers over the years and receive repeat orders from such customers based on their packaging requirements. The company’s direct interaction with customers enables it to understand their requirements and support timely execution of orders.

Maxwell Engineering Solutions

• Maxwell Engineering Solutions is coming out with an initial public offering (IPO) of 36,48,000 shares in a price band of Rs 150-158 per equity share.
• The issue will open for subscription on October 30, 2026 and will close on November 03, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 15.00 times of its face value on the lower side and 15.80 times on the higher side.
• Book running lead manager to the issue is JDA Capital Services.
• Compliance officer for the issue is Krati Gupta.

Profile of the company

Maxwell Engineering Solutions is a precision engineering company engaged in the business of manufacturing, trading and servicing of critical components for underwater pelletizing systems. It manufactures pelletizing die plates, pelletizing blades/knives, blade holders/cutter hub, tapped driving bush for underwater pelletizing systems and other spare items. To support its future growth and enhance its manufacturing capabilities, it commenced operations at the company-owned manufacturing facility situated at Waghodia GIDC, Vaghodia, Vadodara, Gujarat with effect from July 01, 2025 and has gradually transitioned manufacturing operations from its earlier leased facility situated at GIDC, Makarpura, Vadodara, Gujarat, India. This expansion is expected to strengthen its production capabilities, improve operational efficiencies and progressively reduce its dependence on trading activities. 

It also undertakes customized manufacturing based on customer specifications and offer its products on a white-label basis, enabling customers to market such products under their own brands while leveraging its manufacturing expertise. The company has entered into agreements with selected job workers to carry out specific processes related to its manufacturing operations. Under these arrangements, the company supplies the required raw materials, while the job workers undertake operations such as machining, fabrication, welding, painting and other ancillary activities. It also outsources works requiring heat treatment, hardening, coating wherever required as it doesn't have the in-house facilities and to keep its manufacturing process clean, non-polluting with zero emissions.

It also offers services, including refurbishing & repair services, intermediary support & management consulting. Its refurbishment services for used die plates help customers significantly reduce costs while improving product efficiency. Additionally, it acts as an intermediary between CJTEK and third parties for the marketing and supply of CJTEK components. It also provides management consulting services for identifying and developing new customer relationships. It also represents CJTEK in exhibitions and markets its product. It also undertakes selective trading of complementary components such as blades/knives, driving bushes, blade holders and related items to meet customer requirements and provide comprehensive solutions. Its manufacturing facility is equipped with modern precision machining equipment and in-house testing facilities to support the manufacture of high-quality precision-engineered components. Its products cater to applications across polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries.

Proceed is being used for:

• Financing the capital expenditure requirement towards Purchase of new machineries, lab equipment & other utilities for its manufacturing facility
• Financing the capital expenditure requirement for construction of new office building and manufacturing facility
• Repayment / prepayment, in full or part, of certain outstanding borrowings availed by the company
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

Engineering is the largest industrial sector in India and accounts for 3.53% of the country's Gross Domestic Product (GDP). The country's engineering sector comprises manufacturing iron, steel, related products, non-ferrous metals, industrial machinery, automobiles, auto components, and other engineering products. The key goods exported under the industrial machinery category are IC (Internal combustion) engines and parts, industrial machinery for dairy, food processing, textiles, industrial machinery like boilers, parts, machinery for injecting moulding, valves, and ATMs. India became a permanent Washington Accord (WA) member in June 2014. It is now part of an exclusive group of 17 countries that are permanent signatories of the WA, an elite international agreement on engineering studies and the mobility of engineers.

India's engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. In 2019, the government announced an investment of $1.5 trillion in infrastructure development until 2026. In the Union Budget 2025-26, the government has allocated $129.03 billion to enhance the transport infrastructure, thereby signalling the demand for engineering sector. The engineering sector is an important component of the broader manufacturing sector, and the share of engineering products in overall manufacturing output is quite significant. It is also a highly organized sector dominated by large players employing over four million skilled and semi-skilled labour. 

The government of India has implemented various export promotion schemes, such as the Zero Duty Export Promotion Capital Goods (EPCG) scheme, Towns of Export Excellence (TEE), Market Access Initiative (MAI), etc. These schemes are aimed at encouraging the exporter and to help increase the revenue from international markets. Also, schemes such as duty exemption, advance authorization, duty-free import, rebate on service tax, etc. have been implemented to ease raw material imports. The Indian Engineering Exposition (INDEE), a brand of EEPC India, is one of the largest engineering expositions in the world. Apart from the specific schemes mentioned above, the Government of India has taken several initiatives to support and enhance the competitiveness of the domestic engineering goods manufacturing firms such as the ‘Make in India’ initiative, PLI scheme for Automobile, and Auto components, PLI scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage, FAME INDIA II scheme, Capital goods scheme, Industry 4.0.

Pros and strengths

Existing client relationship: It is committed to consistently addressing its customer’s needs regarding its products. It prioritizes meeting specific customer requirements and timely order delivery as fundamental factors for the company's growth. The company has consistently strived to ensure customer satisfaction by actively taking measures to meet customer demand, ensuring timely order fulfilment, and maintaining consistent product quality. As a result, it has seen a strong client relationship that demonstrate the trust placed in it by its customers. It provides comprehensive after-sales services and assures its customers that should they encounter any quality issues with its products; it will facilitate returns.

Quality service: It believes in providing quality and timely service to its customers. It has set very high standards for itself when it comes to timelines and quality of service it provides to its customers. The stringent systems ensure that all the products reach its customers on stipulated time and there are minimum errors to ensure reduced product rejection. Its quality service has earned it a goodwill from its customers, which has resulted in customer retention and order repetition. It has also helped it to add to its existing customer base. The company focuses on maintaining the level of consistently in its service, thereby building customer loyalty for its Brand.

Well established systems and procedures: Its organization prides itself on its robust systems and procedures meticulously designed for the seamless implementation of both machinery and manpower to achieve current and long-term objectives. Through a comprehensive approach, it ensures that every aspect of production, from manufacturing to final product, is optimized for efficiency and quality. Its machinery is carefully selected and maintained to meet industry standards, enhancing productivity and minimizing downtime. Simultaneously, its workforce is trained extensively to operate these machines proficiently, fostering a culture of expertise and innovation.

Risks and concerns

Exposure to foreign exchange rate volatility: The company manufactures precision-engineered wear components and spare parts used in underwater pelletizing systems, including pelletizing die plates, pelletizing blades/knives, blade holders/cutter hubs, tapped driving bushes and other spare components, which are supplied to customers across various international markets. During period ended on July 31, 2026 and Fiscal 2026, 2025 and 2024, revenue from operations outside India accounted for 84.34%, 84.73%, 82.43% and 80.38%, respectively, of its revenue from operations. It is exposed to foreign exchange fluctuation risks due to its significant export operations and procurement of certain raw materials and traded components from overseas markets, and it does not currently enter into any hedging arrangements or derivative contracts to manage such foreign currency exposure. Any adverse movement in foreign exchange rates could materially and adversely affect its business, financial condition, results of operations and cash flows.

Significant revenue dependence on top ten customers: It is dependent on a few customers for a major part of its revenues. Its sales are concentrated to a few customers with its top 10 customers aggregating to Rs 958.49 lakh, Rs 1934.93 lakh, Rs 1613.87 lakh and Rs 742.75 lakh contributing 80.71%, 65.71%, 73.03% and 70.45%, respectively, of its revenues during the period ended on July 31, 2026 and the Fiscal years 2026, 2025 and 2024 respectively. Further it does not enter into long-term arrangements with its customers and any failure to continue its existing arrangements or maintain its relationships with such customers could adversely affect its business and results of operations, financial condition and cash flows. 

Exposure to raw material price volatility: Steel (Alloy & Stainless Steel) constitutes one of its major raw materials and forms a significant portion of its total raw material cost. Steel accounted for Rs 228.45 lakh (65.96%), Rs 98.85 lakh (37.47%), Rs 44.61 lakh (34.28%), and Rs 28.76 lakh (34.97%) of its total raw material purchases for the period ended on July 31, 2026 and for the Fiscals 2026, 2025 and 2024, respectively. It procures steel from its approved vendors primarily located in the domestic market, based on purchase orders, and it does not have any long-term purchase agreements or firm price commitments with its steel suppliers. While its reliance on domestic sourcing reduces its exposure to certain risks associated with cross-border procurement, such as import duties, foreign exchange fluctuations and international logistics disruptions, it remains exposed to fluctuations in domestic steel prices on account of factors including changes in demand-supply dynamics in the domestic steel industry, input cost pressures faced by its suppliers (such as iron ore and coal prices), changes in government policies, duties or levies applicable to steel or its inputs, and general inflationary trends in the domestic market.

Outlook

Maxwell Engineering Solutions manufactures pelletizing die plates, pelletizing blades/knives, blade holders/cutter hub, tapped driving bush for underwater pelletizing systems and other spare items. It tailors its product portfolio to meet customer specifications, offering various kind of blade holder’s / cutter hub is straight, and inclined geometry, including custom build designs for all kind of underwater pelletizers and water ring pelletizers. This customization capability ensures that resources are allocated efficiently to produce products that are in demand, maximizing profitability and minimizing waste. On the concern side, a significant portion of its revenue for the period ended on July 31, 2026 and for last three years i.e. fiscal year 2026, 2025 & 2024 are 84.34%, 84.73%, 82.43% & 80.38%, respectively, is derived from exports to international markets, including USA, Germany, Netherland, Israel Saudi Arabia, Oman, Indonesia, Japan, Luxembourg, Vietnam, Italy, Switzerland, Austria, South Africa, Australia, Thailand, etc. Accordingly, its business is significantly exposed to risks associated with international trade, cross-border logistics and changes in global economic and geopolitical conditions.

The company is coming out with a maiden IPO of 36,48,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 150-158 per equity share. The aggregate size of the offer is around Rs 54.72 crore to Rs 57.64 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 33.25% from Rs 2,209.98 lakh in Fiscal 2025 to Rs 2,944.83 lakh in Fiscal 2026. Profit after tax increased to Rs 1,186.17 lakh during fiscal 2026 from Rs 917.57 lakh during fiscal 2025, representing an increase of 29.27%.

Meanwhile, to meet the rising demand for its products, it is expanding its production capacity by investing in advanced machineries. This will enable it to scale its operations, reduce delivery times, and serve a broader range of customer needs more efficiently. Its product range includes pelletizing die plates, pelletizing blades/knives, blade holders/cutter hub, tapped driving bush for underwater pelletizing systems and other spare items used across various industrial applications. Going forward, improving efficiency is an important part of its growth plan. It is setting up a new manufacturing facility and using updated technologies to make its production process smoother, reduce waste, and improve output. These steps help it use its resources more effectively and support future growth. It also follows regular quality checks to help ensure that its products meet industry requirements. With these improvements, it aims to respond to customer needs more quickly, manage costs better, and continue offering reliable products and services.

Johnsoncab Electricals

• Johnsoncab Electricals is coming out with an initial public offering (IPO) of 28,00,800 shares in a price band of Rs 190-200 per equity share.
• The issue will open on October 30, 2026 and will close on November 3, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 19.00 times of its face value on the lower side and 20.00 times on the higher side.
• Book running lead manager to the issue is ISK Advisors.
• Compliance Officer for the issue is Toshi Rajora.

Profile of the company

Johnsoncab Electricals (JEL) is engaged in the business of manufacturing of low voltage (up to 1.1 kV) wires and cables deployed across power infrastructure including transmission and distribution, renewable energy integration, railways and allied industrial application. Its product portfolio includes Control Cables, Power cables, Industrial Single and Multicore Control Cables, Housing/ Building Wires and Special-purpose Power Cables including Welding Cable, Solar / Photovoltaic Cables, Submersible Flat Cables. It manufactures and sells its products under the name “JOHNSON CABLES”. The company holds ISO and BIS certifications, ensuring the quality standards of its products.

The company operates two manufacturing units (Unit I and Unit II) located in Mehsana, Gujarat. As of Fiscal 2026, the combined annual installed manufacturing capacity of both units is 79,950 KMS, as certified by the Independent Chartered Engineer, Raj Techno Essentials, vide its certificate dated September 15, 2026. 

The company’s manufacturing facilities are equipped with machinery for wire drawing, annealing, bunching, insulation, extrusion, testing and packaging, enabling it to manufacture wires and cables across multiple specifications. Over the years, the company has upgraded its manufacturing facilities through the installation of automatic and semiautomatic machinery and equipment to enhance its production capabilities. 

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards: (i) Construction of additional Factory Shed for expansion (ii) Plant & Machinery a) Purchase of additional plant & machinery for increasing the production capacity b) Purchase new machinery to manufacture “Paper Insulated Copper / Aluminium Conductors” c) Purchase and set up a rooftop solar power plant
• Additional Working Capital Requirement
• General Corporate Purposes

Industry Overview

The India wires and cables market size was valued at $9.32 billion in 2024. The market is projected to grow from $10.01 billion in 2025 to $17.08 billion by 2032, exhibiting a CAGR of 7.94% during the forecast period. India has observed a substantial rise in the demand for wires and cables due to the country's ambitious renewable energy goals and the growing awareness of the potential of renewable energy, such as solar and wind power. In solar power plants, photovoltaic (PV) projects require a high-quality cabling system that connects all electrical components with minimal energy loss. The significant growth of solar panels in India is creating a considerable demand for solar cables. According to industry standards, a 1 MW solar project will use about 50 km of solar cable. Considering the Indian government's target of 500 GW of non-fossil energy capacity by 2030 (of which solar accounts for the largest share, with installed solar capacity already having crossed roughly 280 GW as of 2026), India's solar cable requirement alone is set to run into several million kilometers over the current decade.

India already operates one of the world’s largest interconnected transmission networks, spanning hundreds of thousands of circuit kilometres across multiple voltage levels. According to the Ministry of Power and Central Electricity Authority data, India’s national grid now spans over 500,000 circuit kilometres of transmission lines (220 kV and above), with transformation capacity exceeding 1,400 GVA, making it one of the world’s largest synchronous power systems. At the same time, the country’s energy transition targets, including 500 GW of non-fossil capacity by 2030, are expected to significantly increase the need for transmission infrastructure capable of evacuating power from renewable generation clusters to load centres.

Going forward, Indian manufacturers have moved well beyond conventional conductor production. APAR Industries describes itself as the largest one-stop solution provider for the design, manufacturing, upgrading, and testing of conductors globally, and has executed over 165 turnkey reconductoring projects across India. The company holds around 50 per cent market share in domestic reconductoring projects, a figure that reflects both the scale of its manufacturing operations and the depth of its project execution capability. In FY2023-24, APAR expanded its manufacturing capacity for alloys, high-efficiency, and HTLS conductors from approximately 3,120 kilometres per month to 5,722 kilometres per month, a scale-up that reflects deliberate preparation for growing demand. 

Pros and strengths

Established brand recognition under the “Johnson” Brand: The company markets and sells its products under the “Johnson” brand, which has been associated with the wires and cables industry for several years. The “Johnson” brand is recognized among its customers and dealers in the markets where it operates. The continued use of the brand has supported customer acquisition, repeat business and the marketing of its product portfolio across different categories of wires and cables.

Presence across multiple end-user industries: The company's products are supplied to sectors such as power transmission & distribution, renewable energy, railways, infrastructure and industrial applications, reducing dependence on a single end-use segment.

Infrastructure & capacity: The company operates two manufacturing facilities in Mehsana, Gujarat, with an aggregate installed manufacturing capacity of 79,950 KMS per annum, supported by modern production and testing equipment that enables manufacturing across various product specifications.

Risks and concerns  

Dependence on suppliers without long-term agreements: The company has not entered into long-term agreements with most of its raw material suppliers. If the company is unable to procure adequate quantities of raw materials or at competitive prices, its business, results of operations and financial condition may be adversely affected. Any increase or fluctuation in prices of its raw materials, may have a material adverse effect on its business, results of operations and financial condition.

Dependence on a limited number of customers for revenue: The company is dependent on certain customers who have contributed a substantial portion to its total revenue from operations. The company has garnered 66.24%, 51.87% and 28.18% of its revenue from top 10 customers in FY26, FY25 and FY24 respectively. There is no guarantee that it will retain the business of its existing key customers or maintain the current level of business with each of these customers. The loss of these customers or a loss of revenue from sales to these customers may materially affect its business, financial condition, results of operations and cash flow.

High geographical concentration may adversely affect business operations: The company generates its major portion of sales from its operations in certain geographical regions especially Gujarat. The company has garnered 70.91%, 70.50% and 77.43% of its total revenue from Gujarat in FY26, FY25 and FY24 respectively. Any adverse developments affecting its operations in Gujarat could have an adverse impact on its revenue and results of operations.

Outlook

Johnsoncab Electricals is engaged in the manufacturing of low-voltage wires and cables rated up to 1.1 kV and markets its products under the brand name “JOHNSON CABLES”, catering to power infrastructure, renewable energy, railways and industrial applications. The company has consistent growth in revenue from operations and continued investment in manufacturing infrastructure. It has product innovation supported by intellectual property. On the concern side, the company derives a significant portion of its revenue from operations in Gujarat, indicating limited geographical diversification. Any adverse developments or business disruptions in the region may materially affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 28,00,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 190-200 per equity share. The aggregate size of the offer is around Rs 53.22 crore to Rs 56.02 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations had increased by Rs 7068.28 lakh or 50.56%, from Rs 13,979.13 lakh in Fiscal 2025 to Rs 21047.41 lakh in Fiscal 2026. The growth in revenue from operations is driven by increase in Installed capacity and actual production. Moreover, the company’s profit after tax had increased by Rs 795.51 lakh or 145.58%, from Rs 546.44 lakh in Fiscal 2025 to Rs 1341.95 lakh in Fiscal 2026.

Meanwhile, the company caters to customers in both the government and private sectors. It procures business through participation in tenders, vendor approval processes and direct customer engagements. This diversified approach to customer acquisition enables it to participate in opportunities across different customer segments. Further, the company focuses on product innovation to strengthen its product offerings. It owns an Indian patent titled 'An Improved Three Core Double Insulated Flat Electrical Cable for Submersible Pump', which was granted on February 8, 2023 and is valid up to June 30, 2042, subject to payment of the prescribed renewal fees. The patent is registered in the name of the company and demonstrates its focus on developing innovative product for specialized applications. The company’s patented product strengthens its product portfolio and differentiates its products in the submersible cable segment.

Vectras Enprocon 

• Vectras Enprocon is coming out with an initial public offering (IPO) of 50,52,000 shares in a price band of Rs 99-105 per equity share.
• The issue will open for subscription on October 30, 2026 and will close on November 3, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.90 times of its face value on the lower side and 10.50 times on the higher side.
• Book running lead manager to the issue is Beeline Capital Advisors.
• Compliance officer for the issue is Arpit Nikunjbhai Thakkar. 

Profile of the company 

The company is Gujarat based Engineering, Procurement and Construction (EPC) company operating in the Midstream and Downstream segment of Oil & Gas Industry. It is an Oil & Gas infrastructure service provider having presence in multiple states, focused on laying pipeline networks and combined station works along with construction of associated facilities. It provides integrated solutions to the Oil & Gas sector, which includes (i) Combined station works (ii) Midstream and downstream pipeline projects and related facilities, and (iii) Other allied services. Under the leadership of its experienced and first-generation promoters, it has established a strong track record in delivering comprehensive EPC services in Oil & Gas industry such as design, engineering, procurement, construction, testing and commissioning of Oil & Gas stations and cross-country pipelines, spur pipelines, city gas stations and related civil and mechanical works.

The company cater to a diverse client base comprising oil and gas companies including, public sector and private sector companies. Its execution track record, growing revenues, and increasing order inflows highlight its ability to scale and deliver on technically challenging projects. It is committed to adhering to the highest standards of quality, safety, and sustainability. Its operations comply with ISO 9001:2015 (Quality Management), ISO 45001:2018 (Occupational Health & Safety), and ISO 14001:2015 (Environmental Management), ISO 27001:2022 (Information Security Management System) certifications. 

Proceed is being used for: 

• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company
• Funding long-term working capital requirement of the company
• General Corporate Purposes

Industry overview 

Construction sector is one of the major segments that drives an economy. Construction sector includes a broad spectrum of activities including planning & design to actual construction. The sector is broadly divided into two: real estate construction and Industrial & infrastructure construction. Growth in the number of construction projects creates the demand for a myriad range of products and services. These include project management services, EPC/EPCM services and architecture consulting services, to name a few. EPC is a prominent form of contracting agreement in the construction industry. Companies that deliver EPC Projects are commonly referred to as EPC Contractors. Today, EPC contracting is the most sought method of executing projects globally. EPC is a contract under which the project is executed under a single point responsibility of a contractor. EPC contracts are pivotal agreements in the construction industry, designed to streamline project execution by transferring substantial project risks from the owner to the contractor. These contracts encompass the full scope of project responsibilities, including design, procurement, and construction, ensuring a single point of accountability for the project’s completion. The construction sector is a key component of the Indian economy with linkages across more than 200 plus sub sectors. Construction, the second largest economic activity in India (after agriculture) contributes around 9.1% to the national GDP. 

About oil & gas industry, India is currently the 3rd largest energy and oil consumer in the world, after China and US. According to IEA’s report under the stated policy scenario, India's oil consumption is projected to rise significantly by 50% by 2030, compared to a global demand increase of only 7%. India's oil consumption is expected to grow from 4.8 million barrels per day (mbd) in 2019 to 6.7 mbd in 2030. For natural gas, the country's consumption is projected to double from 64 billion cubic meters (BCM) in 2019 to 115 BCM in 2030. India’s oil consumption grew to 5.4 mbd while natural gas consumption stood at 60 BCM at the end of 2023. As of April 2025, India holds the position of the fourth-largest refining capacity globally, following the United States, China, and Russia. Pipelines are essential for transporting oil, gas, and water across India, offering safe, reliable, and cost-effective transport compared to road and rail. They ensure a continuous supply of resources to refineries, industries, and power plants, aiding in uninterrupted production and electricity generation. Pipelines have lower maintenance needs and energy consumption, leading to reduced transportation costs and economic benefits. 

Pros and strengths 

Track record of timely completion of complex projects: The company is Gujarat based Engineering, Procurement and Construction (EPC) company operating in the Midstream and Downstream segment of Oil & Gas Industry. The company’s track record showcases its ability to capitalize on its design, engineering capabilities and management capabilities, and robust internal systems. Its workforce, complemented by its ability to leverage its experience in executing projects in timely manner provides it with a significant advantage as compared to other players in industry. Its ability to achieve successful and timely delivery of projects is a result of several factors including standardized processes, immediate mobilisation, efficient allocation of resources improving productivity and pursuit of continuous improvement in project design and execution. In cross country pipeline projects, it maintains its inventory and machineries on strategic location near project sites to ensure better utilisation of resources. 

Strong execution capabilities: The company has built in-house capabilities through its teams across design, operations, finance, and human resources. These teams work in close collaboration, enabling it to deliver projects with efficiency, quality, and speed. Its senior management, provides strategic direction in assessing opportunities, planning, and executing projects--both ongoing and under bidding. This integrated approach allows it to manage complex projects seamlessly while maintaining operational ease. The company is committed to executing each project in line with the scope of work defined in customer contracts while maintaining the quality and standards. While projects from public sector typically come with predefined specifications, a significant portion of its business is derived from private customers, where it works closely with them to align design and execution with their requirements. 

Experienced management team with significant industry experience: The company’s Promoters and senior management team possess significant experience in the Oil & Gas EPC sector. Its Promoters, Naynesh Kanubhai Patel and Maheshkumar Gopalbhai Patel, bring with them over 17 years and 16 years of industry experience respectively, and continue to provide strategic guidance that drives its growth and helps it capture new opportunities. Supporting them is a team of Key Managerial Personnel and senior executives with diverse experience across finance, compliance, project management, and engineering. The collective knowledge and execution capabilities of its leadership team enable it to effectively assess opportunities, anticipate industry trends, and align its project execution with evolving customer needs. 

Risks and concerns 

Significant revenue dependence on top 10 customers: The company’s top 10 customers contributed 97.29%, 92.27%, 96.04% and 97.84% of its revenue from operations in the six -months period ended September 30, 2026 and the financial year 2026, 2025 and 2024, respectively. A significant portion of its revenues is derived from repeat business or contracts awarded by these customers. Any loss, reduction or delay in orders, deterioration in their financial health, or adverse change in its relationships with such customers may materially affect its revenues, cash flows and results of operations. In addition, a concentration of receivables from these customers may expose it to collection risks.

Significant working capital requirements: Typically, projects in the Engineering Procurement & Construction (EPC) for Oil & Gas industry which the company undertakes are working capital intensive in nature and require it to obtain financing through various means. The successful operation of its business heavily relies on significant working capital, which is essential for various aspects, including financing project operations, inventory management and the purchase of materials and may continue to be so in future also. It typically relies on internal accruals as well as credit facilities from banks and vendor financing to provide for its working capital arrangements. As on September 30, 2026, its total short-term borrowings stood at Rs 2,648.38 lakh.

Dependent on EPC business verticals: The company’s revenue from operations is substantially concentrated in its EPC business verticals: Combined Oil and Gas stations works. It may face reduction in revenue of Combined Oil and Gas stations works under EPC segment, owing to factors such as reduced demand for its services, increased competition, loss of market share, macro-economic conditions in its key markets or the markets of its key end-customers and changes in government policies and regulations. Any of these factors may have an adverse effect on its business prospect.

Outlook 

Vectras Enprocon is a Gujarat-based Engineering, Procurement and Construction (EPC) company operating in the midstream and downstream segments of the Oil & Gas industry. The company specializes in laying pipeline networks, building combined stations, and constructing related facilities across multiple states in India. The company has developed strong capabilities in designing, engineering, procuring, constructing, testing, and commissioning Oil & Gas pipelines and stations. The company serves both public and private oil and gas companies and maintains ISO certifications for quality, safety, environmental, and instrumentation standards. On the concern side, the company’s business model is substantially dependent on the timely and cost-effective execution of Oil and Gas EPC projects, for both private and public sector clients. The timely delivery of these projects is subject to various execution-related challenges, including site readiness, engineering complexities, supply chain delays, availability of manpower, third-party service provider performance and any other unforeseen events or conditions beyond its control.

The issue has been offering 50,52,000 shares in a price band of Rs 99-105 per equity share. The aggregate size of the offer is around Rs 50.01 crore to Rs 53.05 crore based on lower and upper price band respectively. On performance front, the company’s total income increased by 48.88% to Rs 11,990.09 lakh in Financial Year 2025-26 from Rs 8,053.29 lakh in Financial Year 2024-25. The company’s profit for the year increased by 51.78% to Rs 1,543.27 lakh in FY2025-26 from Rs 1,016.77 lakh in FY2024-25.

Meanwhile, to drive sustained growth, the company remain focused on strengthening long-term client relationships while expanding its customer base. Its strategy emphasizes consistent delivery, responsiveness to evolving requirements, and a commitment to value-driven solutions. It aims to attract new clients, enhance its market presence, and reinforce its position in the pipeline infrastructure and allied services. Besides, the company has established a reputation for successfully delivering complex projects within defined timelines and quality parameters. Its strategy is to continue strengthening its execution capabilities with a focus on timely delivery, operational efficiency, and client satisfaction. 

HGS (India)

• HGS (India) is coming out with an initial public offering (IPO) of 28,80,000 shares in a price band of Rs 114-120 per equity share.
• The issue will open on October 30, 2026 and will close on November 3, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.40 times of its face value on the lower side and 12.00 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance Officer for the issue is Shruti Gupta.

Profile of the company

HGS (India) (HGSI) was established in 1986 in technical and financial collaboration with Geosource Inc USA, to manufacture geophone strings, seismic cables & connectors. When Geosource Inc was bought out by HGS Inc USA, Geosource India Limited changed its name to HGS (India). The company is engaged in the business of manufacturing geophones, geophone strings, seismic cables, geophysical connectors, and parts and accessories for geophysical equipment for the seismic industry within the energy and geoscience sectors. Its products are used in the acquisition of seismic data and are integral to recording and transmitting ground vibration signals for the processing, interpretation, and analysis of subsurface geological structures.

The company’s product portfolio includes Geophone Elements precision-engineered for high-resolution surveys, including ultrasensitive models for passive monitoring. Alongside these, it manufactures custom-configured Geophone Strings tailored for land and marsh environments. Beyond core sensor technology, its offerings span the full spectrum of seismic accessories. This includes Seismographs & Accelerographs, Seismometers, Seismic System Cables, Panel-mount Connectors, Battery Chargers and equipment like Weight Drops and Pig Tracking Systems. This wide range ensures seamless client compatibility across diverse field operations. The company manufactures its products under the brand name 'HG' that sets the standard for quality and reliability. Over the years, it has also invested in backward integration where it focuses on critical component manufacturing with multiple extrusion and cable lines to meet wire and cable requirements and 16 Injection Moulding Machines to manufacture components internally. This vertical integration ensures absolute quality control over every input used in their final assemblies.

It manufactures its products utilizing raw materials like: engineered plastic granules, copper, brass, aluminium and stainless steel and mild steel and special conductors designed to meet the operational and quality standards of its vast product-line. The company’s products are custom-developed to satisfy specific customer requirements. Its solutions are utilized extensively in Oil & Gas Exploration, Defence Research, Mineral Exploration, Vibration Monitoring, Geophysical Seabed Surveys, Earthquake Seismology, and Applied & Academic Research industries & Institutes. Beyond seismic data acquisition systems, it also manufactures cables and connectors for resistivity meters and radar equipment. As a One-Star Export House, the company maintains a broad global client base across the United States, Germany, Sweden, Switzerland, Estonia, Slovakia, Netherlands, South Africa, Saudi Arabia, Australia, Spain, United Kingdom, Norway, Ukraine, Brazil, Canada, Indonesia, Denmark, UAE and many other nations. Its primary focus is delivering integrated services to global seismic contractors and major oil companies. 

Proceed is being used for:

• Funding the capital expenditure towards replacement of plant and machinery for its existing manufacturing facility at Manesar, Gurugram
• Funding the capital expenditure towards Backward Integration for setting up in-house gold-plating facility
• Funding the capital expenditure towards Infrastructural development of building on 2d Floor at its existing manufacturing facility at Manesar, Gurugram
• Pursuing unidentified acquisitions and general corporate purpose

Industry Overview

In recent years, the Government of India has undertaken a series of transformative initiatives to boost hydrocarbon exploration across both conventional and frontier basins. Strategic campaigns such as the National Seismic Programme (NSP) have enabled extensive 2D seismic data acquisition in underexplored basins, laying the ground work for more informed bidding and exploration. Complementing this, Mission Anveshan was launched as an infill seismic campaign to sharpen subsurface imaging and fill critical data gaps. A major game changer has been the opening up of previously restricted No-Go offshore areas, unlocking nearly 99% of India’s Exclusive Economic Zone (EEZ) for E&P activities. To support data-driven exploration, the National Data Repository (NDR) has been a key enabler by providing centralized access to India’s geoscientific data. The upcoming launch of NDR 2.0, with improved interface and analytical capabilities, is set to further empower operators and investors. Together, these efforts reflect a coherent national strategy to unlock the full potential of India’s sedimentary basins and attract sustained investment in exploration.

India's sedimentary basins have proven petroleum systems. The country is one of the 171 petroleum provinces independently mapped by U.S. Geological Survey (USGS) in 2012. The basin area occupies 50% of country's onland area and 73% of country's offshore within Exclusive Economic Zone (EEZ). With 26 sedimentary basins mapped and assessed, India has discovered petroleum of 12.0 billion tonnes of oil equivalent and undiscovered risked potential of 12.9 billion tonnes of oil equivalent. While this is an estimate of conventional petroleum occurrence, unconventional petroleum exists in form of coal seam gas, shale plays, tight plays, basement fractures and gas hydrate. Sedimentary basins are divided into three categories mapping conventional resources and following the rationale of Petroleum Resources Management System (PRMS).

With the objective for complete appraisal of India's sedimentary basins, Government of India, over the past decade has been implementing various data acquisition campaigns through extensive seismic surveys both onland and offshore. As a result, 79.5% basin area are now appraised for some meaningful subsurface analysis. For more insights of hydrocarbon play systems, four stratigraphic wells are planned for drilling and further, all forms of hydrocarbon resources are now drawn up for re-assessment through expert consultancy. A country-level plan is chalked out to bring out hydrocarbon potential and their maturity in a holistic manner for a realistic assessment of fossil-fuels, to optimally align with the energy transition initiatives. With a futuristic view, the current version portrays a succinct treatise of India's sedimentary basins in terms of basic geology, brief exploration history, present status and data availability. The sub-chapters are segregated into three clusters aligned with major geological provinces (East Coast, West Coast and Other Onland basins) focusing on the upcoming Hydrocarbon Resource Assessment Study (HRAS 2025). 

Pros and strengths

Wide range of seismic data acquisition equipment: The company offers a comprehensive range of products for the seismic industry within the energy and geoscience sector. Its core offerings encompass geophones, seismic cables, and connectors essential for high-precision data acquisition. Beyond sensor technology, its portfolio includes accessories and systems such as seismographs, seismometers, magnetometers, and specialized heavy-duty equipment like weight drops and pig tracking systems. By addressing the entire seismic value chain from field data capture and signal transmission to power management, it enables customers to source compatible, integrated equipment from a single platform. This holistic approach significantly improves operational efficiency while reducing procurement complexity.

Strong manufacturing expertise supported by specialized equipment: The company possesses around 40 years of manufacturing experience, inherited from foundational partnerships with a global Company Geosource Inc. (USA). The company is equipped with in-house capabilities of developing and manufacturing geophones, geophone strings, seismic cables, geophysical connectors, and parts and accessories for geophysical equipment for the seismic industry. The company’s manufacturing activities are characterized by tight dimensional tolerances, consistent material properties, and high levels of assembly accuracy to ensure accurate detection and transmission of subsurface vibration signals, capital investment, dependence on instrumentation, software, and skilled manpower allow it to consistently provide quality products. The company’s core manufacturing capabilities include Precision Geophone Element Assembly, Wire and Cable Extrusion, Injection Moulding (Vertical and Horizontal), Coil Winding and Magnetizing, Automated and manual assembly and testing.

Long-term customer engagement and stable order flows: The company has developed long-standing and stable relationships with customers engaged in seismic surveys, exploration activities, and geoscience applications, primarily through consistent product quality, manufacturing reliability, and technical dependability. As a manufacturer of critical seismic equipment including geophones, seismic cables, connectors, and related accessories its products are integral to customers’ field operations, where performance failures can directly impact data quality and project outcomes. The company’s manufacturing processes are aligned with customer’s technical requirements, enabling repeat orders for standardized products as well as continued engagement for customized assemblies and specialized equipment. These long-term customer relationships provide the company with stable order flows, improved production planning visibility, and lower customer acquisition costs.

Risks and concerns  

Significant revenue concentration and customer dependency: The company’s business is dependent on the sale of its products to certain key customers and it does not have any long-term contracts with any of these customers. The company has garnered revenue of 90.05%, 72.58%, 56.24% and 61.24% from top 10 customers for the period ended April 30, 2026 and Fiscal 2026, Fiscal 2025 and Fiscal 2024. The loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Potential business impact of manufacturing equipment failures: The company’s business is dependent on its manufacturing facility and the company is subject to certain risks in its manufacturing process. Obsolescence, destruction, theft, breakdowns of its major plants or machineries or failures to repair or maintain the same or technology failures could disrupt its operations and have a material adverse effect on its business, results of operation or financial condition.

Significant revenue concentration in key product categories: The company derives a significant portion of its revenue from the sale of its key product i.e. Geophones Strings/Harness and Seismic Cables. The company’s revenue from operations during the stub period ended on April 30, 2026 and in last three financial years Fiscal 2026, 2025 and 2024 are significantly dependent on its revenue from sales of Geophones Strings/Harness which represented 58.25%, 66.29%, 51.15% and 66.98% of its revenue from operations and revenue from sales of Seismic Cables which represented 39.41%, 20.39%, 26.95% and 23.06% of its revenue from operations during the said periods. An inability to anticipate or adapt to evolving upgradation of the required products or inability to ensure product quality or reduction in the demand of these products may adversely impact its revenue from operations and growth prospects.

Outlook

HGS (India) manufactures geophones, geophone strings, seismic cables, connectors and accessories used in seismic data collection and geophysical equipment. Established in technical and financial collaboration with Geosource Inc., USA, the company operates under the “HG” brand. The company offers a diverse range of geophones, seismic cables, connectors and geophysical equipment for multiple industries. It has specialised engineering and manufacturing capabilities for precision components and customised products. On the concern side, the company derives a portion of its revenues from exports and are subject to risk of international trade in multiple countries including Netherlands where its wholly owned subsidiary is located. Moreover, the impact of the USA- Iran War, Russian invasion of Ukraine, the Israel-Hamas war and the Iran-Israel conflict on the global economy is uncertain, but may prove to negatively impact its business and operations.

The company is coming out with a maiden IPO of 28,80,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 114-120 per equity share. The aggregate size of the offer is around Rs 32.83 crore to Rs 34.56 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company reported a sales decrease of 7.98% from Rs 4907.98 lakh in FY25 to Rs 4516.41 lakh in FY26, primarily driven by an 8.35% decrease in sale of Finished goods from Rs 4811.91 lakh in FY25 to Rs 4410.10 lakh in FY26. Moreover, profit after tax for FY26 increased to Rs 1164.03 lakh as compared to Rs 1050.55 lakh in the financial year FY25.

Meanwhile, the company seeks to leverage its capabilities, including its manufacturing facility and quality control practices, to further expand its product portfolio. By developing upgraded technological advanced products, the company can successfully expand its product offerings to larger customer base. Recently, the company developed the HG-5VHS (Very High Sensitivity) and HG-2 (Low Frequency) advanced sensors and launched them in the first round of commercialization. In addition, it intends to continue to focus on its ability to customize its products according to the specific requirements of its customers and broaden its portfolio.

Antala Industries

• Antala Industries is coming out with an initial public offering (IPO) of 34,82,000 shares in a price band of Rs 63-67 per equity share.
• The issue will open for subscription on October 29, 2026 and will close on November 02, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.30 times of its face value on the lower side and 6.70 times on the higher side.
• Book running lead manager to the issue is Vatsa Capital Venture.
• Compliance officer for the issue is Divya Jain.

Profile of the company

Antala Industries is engaged in the business of manufacturing, processing, printing, laminating and supplying a comprehensive range of industrial and commercial packaging products. The company specializes in the manufacture of BOPP bags, BOPP Printing Roll, BOPP lamination Roll, PP woven bags, PP Woven Fabrics Roll. The company provides customized packaging solutions to customers operating across various sectors such as food processing, fertilizers, chemicals, cement, seeds, etc. Its packaging products are designed to provide strength, durability, moisture resistance, enhanced shelf appeal and high-quality printability, enabling customers to effectively package, transport and market their products. 

It operates an integrated manufacturing facility located at Rajkot, Gujarat, equipped with extrusion, coating and lamination, rotogravure printing, roll-to-roll multi-colour printing, stitching and finishing infrastructure. The integrated nature of its operations enables it to undertake the process in-house, beginning from printing, lamination, cutting, stitching, finishing and packaging of the final product. This integrated manufacturing setup allows the company to maintain quality standards, optimize production efficiencies and deliver customized packaging solutions in a timely manner. It possesses capabilities in multicolour rotogravure and flexographic printing, enabling it to offer visually appealing and brand-focused packaging solutions tailored to customer specifications. Its design and product development capabilities assist customers in enhancing product visibility and brand recognition through innovative packaging formats and customized printing solutions. 

The company places significant emphasis on quality control and customer satisfaction and undertakes manufacturing processes in accordance with established quality management practices. It also maintains high standards of product quality, operational efficiency and customer service through continuous process improvements and adherence to quality assurance systems. Further, the company also holds certifications such as ISO 9001:2015, ISO 14001:2015, ISO 22000:2018 and ISO 45001:2018 reflecting Quality Management System, driven by its commitment to deliver work that meets project-specific standards and specifications for materials, workmanship and timelines. The company, under the management of Promoters having nearly three decades of experience in the packaging industry, is engaged in the manufacturing of woven packaging products and BOPP products for various industrial and commercial applications.

Proceed is being used for:

• Meeting the working capital requirements.
• Meeting the requirements of capital expenditure towards purchase of machinery.
• General corporate purposes.

Industry overview

India’s plastic industry has evolved into a dynamic and globally competitive sector, supported by strong institutional frameworks such as the Plastic Export Promotion Council. Over the decades, the industry has transitioned from a nascent manufacturing base to a key contributor to India’s industrial ecosystem, demonstrating resilience and adaptability, including during periods of global disruption. It plays a significant economic role through large-scale manufacturing, extensive MSME participation, and substantial employment generation. The sector is also highly export oriented, supplying a diverse range of plastic products to over 200 countries, thereby strengthening India’s position in global trade. Its contribution extends beyond exports to include technological advancement, supply chain development, and reinforcing the global presence of ‘Made in India’ products. 

India’s plastics exports are well diversified across global markets, with a strong concentration in a few key destinations. In FY2024-25, total exports stood at $12,500.69 million, with the USA emerging as the largest importer, accounting for $2,499.51 million (20.00%) of total exports. This was followed by China ($764.67 million; 6.12%) and the UAE ($623.45 million; 4.99%), highlighting the importance of both developed and emerging markets in India’s plastics export basket. Other major destinations included the UK ($508.73 million; 4.07%) and Germany ($433.78 million; 3.47%), indicating steady demand from European economies. Additional key markets included Nepal ($321.02 million; 2.57%), Bangladesh ($298.00 million; 2.38%), and Saudi Arabia ($289.82 million; 2.32%), reflecting strong regional trade linkages in Asia and the Middle East. 

India’s plastics export sector continues to show strong and growth, supported by government initiatives and industry efforts. Plastics exports have expanded significantly from just $16.5 million at inception to over $12.5 billion, reaching more than 200 countries, reflecting India’s emergence as a reliable global sourcing hub. During April-September 2025, exports rose to $6.4 billion, registering steady growth over the previous year. The government has played a key role by promoting quality manufacturing, expanding Free Trade Agreements (FTAs), and supporting exporters through institutions like the Plastic Export Promotion Council (PLEXCONCIL), which provides market intelligence, trade facilitation, and capacity-building initiatives.

Pros and strengths

Diversified product portfolio with customization capabilities: It offers a diversified product portfolio comprising BOPP Bags, BOPP Printing Roll, BOPP Laminated Roll, PP Woven Bags and PP Woven Lamination Roll. Its manufacturing process enables it to produce packaging products with different specifications based on customer requirements across various end-user industries. 

Presence across multiple end-user industries: The company caters to customers operating in industries such as cement, chemicals, fertilizers, FMCG, textiles and other industrial packaging segments. Its presence across multiple industries enables it to serve a diversified customer base and reduces dependence on any single end-user industry. 

Customer-focused manufacturing and delivery process: Its manufacturing process is planned based on customer requirements, with coordination across production, quality control and dispatch functions. This enables it to manufacture products in accordance with customer specifications and support timely execution of orders. 

Risks and concerns

Significant revenue reliance on top ten customers: A substantial portion of its revenue is generated from its top ten customers. Its top ten customers accounted for 56.43%, and 47.43% of its revenue from operations for the period ended September 30, 2026 and for the Fiscal 2026 respectively. Its reliance on a concentrated customer base, coupled with the nature of the commoditised and highly price-sensitive market in which it operates, subjects it to risks associated with customer concentration, demand cyclicality, pricing volatility, and fluctuations in purchasing patterns. The loss of any significant customer, a reduction in order volumes, inability to maintain existing customer relationships, or adverse changes in market conditions could have a material adverse effect on its business, financial condition, results of operations, and cash flows.

Concentration of manufacturing operations at single facility: Its manufacturing facility is located in Rajkot, Gujarat, all of its production activities are concentrated in this region. As a result, its ability to manufacture products, fulfil customer orders, and maintain business continuity is significantly dependent on the continued and efficient operation of this facility. The concentration of its manufacturing operations at a single location exposes it to various regional and operational risks, including disruptions arising from natural disasters, extreme weather conditions, fire, industrial accidents, power outages, equipment failures, labour shortages or disputes, transportation and logistics disruptions, civil disturbances, public health emergencies, acts of terrorism, war, or other unforeseen events beyond its control, any of which could adversely affect its business and financial performance.

Exposure to raw material price volatility: Its manufacturing operations are significantly dependent on the continuous and timely availability of key raw materials, primarily Polypropylene (PP) granules, LDPE granules, Granules Fillers, BOPP films and PP woven fabrics. These materials constitute a substantial portion of its overall operating costs, and any increase in their prices or disruption in their supply may have an adverse impact on its cost structure, production schedules and profitability. The prices of these raw materials are largely influenced by factors beyond its control, including fluctuations in crude oil and petrochemical prices, changes in global and domestic demand and supply, capacity constraints at manufacturing facilities, import and export restrictions, transportation and logistics costs, currency exchange rate movements, inflationary pressures, changes in government policies and other macroeconomic or geopolitical developments. 

Outlook

Antala Industries is engaged in the business of manufacturing, processing, printing, laminating and supplying industrial and commercial packaging products. It has developed business relationships with its customers and suppliers over the years. These relationships support the procurement of raw materials on a need basis and facilitate continuity in manufacturing and supply operations. On the concern side, it primarily operates without long-term customer agreements, and the absence of binding purchase commitments, coupled with intense competition and price sensitivity, may result in customer attrition, reduced order volumes, increased pricing pressure, and revenue volatility, which could materially and adversely affect its profitability and financial performance.

The company is coming out with a maiden IPO of 34,82,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 63-67 per equity share. The aggregate size of the offer is around Rs 21.94 crore to Rs 23.33 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 48.84% from Rs 3,184.99 lakh in Fiscal 2025 to Rs 4,740.47 lakh in Fiscal 2026. Profit after tax increased 133.21% from Rs 181.65 lakh in Fiscal 2025 to Rs 423.63 lakh in Fiscal 2026.

Meanwhile, the packaging industry continues to evolve based on changing customer preferences, industry requirements, and market trends. It seeks to monitor these developments and align its products and operations with evolving market needs. This helps it respond to changing market conditions, meet customer requirements, and explore new business opportunities. Going forward, it focuses on understanding the requirements of its customers and providing packaging solutions that meet their specific needs. It understands their expectations and offers products with the required specifications, quality, and timely delivery. It leads strong customer relationships supports repeat business and long-term growth.

Bombay Coated and Special Steels

• Bombay Coated and Special Steels is coming out with a 100% book building; initial public offering (IPO) of 2,34,68,846 shares of face value Rs 10 each in a price band Rs 78-82 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 29, 2026 and will close on November 2, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 7.80 times of its face value on the lower side and 8.20 on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Sonam Dilipkumar Gupta. 

Profile of the company 

The company is a steel processing centre engaged in the business of converting steel coils into value-added processed steel products. Its core competencies include precision slitting, cut-to-length processing, shearing, and embossing of steel coils into slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks (collectively referred to as Processed Steel Products). It caters to a diversified customer base comprising Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs).

The company, being a Steel Processing Centre (SPC), operates as an intermediary between primary steel producers and end-users by providing value-added processing services. For the home and commercial appliances sector, it processes coated steel coils and hot-rolled steel coils into Processed Steel Products used in the manufacture of various appliances. For the general engineering sector, it undertakes specialized processing of non-coated and galvanised plain coils into blanks, used in automotive manufacturing, pharmaceutical cleanroom infrastructure, electrical equipment, and ventilation systems. In addition to manufacturing Processed Steel Products, it also performs logistics and inventory management functions. By maintaining adequate inventory levels and offering just-in-time delivery solutions, it ensures timely and efficient supply of processed steel products to customers across urban as well as remote locations, thereby enhancing supply chain efficiency and cost optimization. Since 2021, the company has been an authorised service partner of JSW Steel Coated Products and/or its holding Company (JSWSCPL), pursuant to an agreement for the regular supply of steel coils. It procures steel coils from JSWSCPL as well as other suppliers and process them using advanced engineering techniques and high-precision machinery to manufacture Processed Steel Products. Its long-standing and strong supplier relationships ensure stability and reliability in sourcing, enabling it to efficiently and consistently meet customer requirements. 

The company is a multi-location steel processing centre with manufacturing facilities located at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. Its facilities are equipped with steel processing infrastructure, including slitting lines, cut-to-length lines, shearing lines, and embossing lines, designed to achieve operational precision and efficiency. These manufacturing facilities are spread across four strategically located sites in India, aggregating a total area of 42,209 square meters, and are ISO 9001:2015 certified for the processing, marketing, and supply of Processed Steel Products. Further, its Ghiloth facility in Rajasthan and Sri City in facility Andhra Pradesh has been recognized as a GEM4 certified green facility.

Proceed is being used for:

• Repayment/pre-payment, in full or in part, of certain borrowings availed by the company
• Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services
• General corporate purposes

Industry overview

As a fundamental component in various manufacturing processes, Steel serves as the cornerstone for national economic growth. The steel sector is frequently regarded as a barometer of economic advancement due to its essential contributions to infrastructure and industrial expansion within a nation. Additionally, initiatives such as joint ventures and 100% foreign direct investment (FDI) have propelled substantial investments into India's steel sector. Steel industry growth contributes to all aspects of the economy, including GDP, industrial, and infrastructural development. As of FY27 (April-June 2026, provisional), India's installed steel production capacity stood at 222 MTPA (Million Tonnes Per Annum), making it the second-largest steel producer and the second-largest consumer of finished steel globally, with domestic consumption reaching 164 MT in FY26. This growth stems from the domestic availability of key raw materials such as iron ore, cost-effective labour, and strong demand from sectors like construction, consumer durables, capital goods, railways, real estate and automobiles. Additionally, India’s extensive coastline has facilitated both exports and imports, positioning the country as a major player in the global steel industry.

In CY25, India’s per capita finished steel consumption stood at 109.2 kg, well below the global average of 209 kg. To address this gap, the Government of India, under its Atmanirbhar Bharat vision, introduced the National Steel Policy 2017. The policy targets a steel-making capacity of 300 MT by CY30 and aims to raise per capita steel consumption to 160 kg. These goals highlight the sector’s untapped domestic potential and its critical role in driving India’s future economic growth. India has attracted substantial investment into its steel sector through initiatives such as joint ventures and 100% foreign direct investment (FDI). These efforts have accelerated the industry's expansion and integration into global value chains. India has become a key player in the global steel industry, securing its position as the second-largest steel producer as well as consumer in the world. This ascent is driven by strategic initiatives and a robust focus on domestic demand, particularly in sectors like construction and infrastructure. In recent years, India has consistently increased its steel production, achieving remarkable growth. The combination of proactive industrial policies, a growing economy, and significant investments have created a favourable landscape for the steel sector to flourish. To strengthen the steel industry, the Indian government has implemented several key reforms, including the Production Linked Incentive (PLI) Scheme for specialty steel and the Domestic Manufactured Iron & Steel Products (DMI&SP) policy. These initiatives aim to enhance competitiveness, reduce reliance on imports, and encourage local manufacturing. 

Pros and strengths 

Established relationship with JSWSCPL Steel for supply of Steel Coils: The company has been an authorised service partner of JSW Steel Coated Products and/or its holding Company (JSWSCPL) since 2021. Pursuant to this arrangement, JSWSCPL supplies steel coils, including galvanised plain, colour-coated and galvalume coils, which are used as raw material in its manufacturing operations. These steel coils are processed at its facilities through slitting, cut-to-length, shearing and embossing operations using precision machinery and technology. Such processing activities constitute a core component of its business operations. JSWSCPL also provides technical assistance to ensure compliance with prescribed product specifications and performance requirements during the processing of blanks and sheets. Further, quality control procedures jointly established with JSWSCPL and aligned with its benchmarks are implemented across its operations to ensure consistency, traceability and adherence to applicable industry standards. In addition to JSWSCPL, it has sourcing arrangements with other steel suppliers. Collectively, these arrangements enable regular procurement of steel coils, access to technical inputs and consistency in input quality. Customers with specific requirements for coated steel products are serviced under the authorised service partner arrangement, under which steel coils procured from JSWSCPL are processed at its manufacturing facilities using high-precision equipment.

Long-standing relationships with customers, including OEMs and ODMs: The company has established long-standing relationships with a diverse set of customers. Its focus on quality, value proposition, timely delivery of its products and the price competitiveness of its offerings has enabled it to maintain long-term relationships with its customers. Its customer base includes several OEMs and ODMs in India, such as Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast, EPack Durable, Kruger Ventilation Industries (India), Elegant Coatings and Magnum MI Steel. Further, these customers operate across diverse end-use sectors, including consumer durables and home appliances, electrical equipment and components, automotive and auto components, HVAC and refrigeration, electronics and electrical manufacturing services, industrial engineering and capital goods, steel processing and metal fabrication, infrastructure, renewable energy and power equipment, FMCG and packaging, as well as general manufacturing and industrial trading enterprises. 

Integrated and advanced steel processing infrastructure: The company has established an integrated and advanced steel processing infrastructure comprising high-precision slitting, cut-to-length, shearing and embossing lines. Its machinery and equipment have been procured from a mix of reputed domestic manufacturers and international suppliers based in South Korea, Turkiye and China. All its manufacturing facilities are ISO 9001:2015 certified, reflecting standardized processes and consistent quality control. The integrated processing capability enables it to manufacture and supply a wide range of ready-to-use Processed Steel Products tailored to customer-specific technical, dimensional and surface finish requirements, strengthening its position as a reliable processing partner for OEMs and ODMs in the Home & Commercial Appliances and General Engineering sectors. 

High entry barriers driven by authorised supplier arrangements, capital intensity and customer approvals: The company is engaged in the processing of coated steel coils and hot rolled steel coils into slit coils and blanks/sheets for the Home and Commercial Appliances sector, including air conditioners, home and commercial refrigeration, washing machines and water heaters. It also processes non-coated steel coils and galvanised plain coils into blanks/sheets for the General Engineering sector, including applications in automobiles, pharmaceutical clean rooms, electrical components and air ventilation systems. Its customers, including OEMs and ODMs, require processed steel products conforming to precise technical specifications linked to their end-use applications. Vendor onboarding by OEMs and ODMs involves detailed technical evaluations, quality audits and validation processes, conducted directly or through appointed technical consultants.

Risks and concerns 

Substantially dependent on single supplier: JSW Steel Coated Products and/or its holding Company (JSWSCPL), for the supply of steel coils, which constitute a key raw material for its operations. For the three months period ended June 30, 2026, and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, it sourced approximately 85.13%, 86.65%, 90.61% and 84.58%, respectively, of its total steel coil requirements from JSWSCPL. This high level of supplier concentration exposes it to significant risks, and any disruption in the supply of steel coils from JSWSCPL could materially and adversely affect its business, results of operations and financial condition. Further, as an authorised service partner of JSWSCPL, it is subject to restrictions relating to the procurement of galvanized plain coils/sheets and corrugated/profiled sheets, colour-coated coils/sheets and corrugated/profiled sheets, and galvalume plain coils/sheets and corrugated/profiled sheets from suppliers other than JSWSCPL. These restrictions limit its ability to diversify its supplier base for such steel products. 

Significant revenue dependence on top 10 customers: The company derived 73.54% and 71.33%, 67.44% and 67.43% of its revenue from its top ten customers for three months period ended June 30, 2026, and for the Fiscals 2026, 2025 and 2024, respectively. It is dependent on limited number of customers for majority of its revenue from operations, which expose it to a high risk of customer concentration. In the three months period ended June 30, 2026, it has served total of 178 customers and in the Fiscal 2026, Fiscal 2025 and Fiscal 2024, it has served 261, 252 and 225 customers, respectively. It cannot assure that it will be able to maintain historical levels of business with its key customers or reduce customer concentration in the future, which may adversely affect its business prospects and financial performance.  

Significantly dependent on performance of certain end-use sectors: The company’s business is significantly dependent on the performance of certain end-use sectors, particularly the Home & Commercial Appliances sector, which contributed 89.93%, 86.54%, 81.80% and 77.41% of its revenue from sale of products for the three months period ended June 30, 2026, and for Fiscals 2026, 2025 and 2024, respectively. Any adverse developments, slowdown, reduced demand, or cyclicality affecting this sector could have a material adverse effect on its business, results of operations, financial condition and cash flows. Further, the performance of these end-use sectors in India may be impacted by factors distinct from those affecting similar sectors in other geographies. Its revenues are directly dependent on production levels, capacity utilization and inventory management practices of manufacturers operating in these sectors, both domestically and globally. 

Business requires significant working capital: The company’s business requires significant amounts of working capital, including for the procurement of raw materials and components and for the processing and manufacture of its processed steel products, prior to receiving payments from its customers. Its working capital requirements may increase if its contractual or sales arrangements do not provide for advance payments or where payments are required to be made only upon delivery of the final products. Further, its working capital requirements may also increase if it undertakes a higher volume of orders as a result of the growth of its business. 

Outlook

Bombay Coated and Special Steels is a steel processing centre engaged in converting steel coils into value-added processed steel products for Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). The company specialises in precision slitting, cut-to-length processing, shearing and embossing of steel coils to manufacture slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks. Its products serve multiple end-use industries, including home and commercial appliances, automotive and auto components, electrical equipment, pharmaceutical cleanroom infrastructure, ventilation systems and general engineering. In addition to processing steel coils, the company provides logistics and inventory management services and supports customers through just-in-time delivery solutions. On the concern side, the company’s debt-to-equity ratio is relatively high, reflecting its significant dependence on borrowings to fund its operations and growth initiatives. It does not have agreements with its customers that obligate them to purchase or place orders with it on a long-term basis. Besides, its business is capital intensive and requires substantial capital expenditure for the establishment, expansion and maintenance of its steel processing facilities, including investments in plant and machinery, processing lines and related infrastructure.  

The issue has been offering 2,34,68,846 shares in a price band of Rs 78-82 per equity share. The aggregate size of the offer is around Rs 183.06 crore to Rs 192.44 crore based on lower and upper price band respectively. Minimum application is to be made for 182 shares and in multiples thereof thereafter. On performance front, the company’s total income 19.95% to Rs 12,698.25 million for Fiscal 2026 from Rs 10,586.45 million for Fiscal 2025. The company’s profit after tax increased by 6.51% from Rs 286.72 million for Fiscal 2025 to Rs 305.39 million for Fiscal 2026.

Meanwhile, the company intends to expand its customer base and increase its market share across the industries it serves by diversifying its end-user segments and strengthening its presence in non-seasonal product categories. It also intends to strengthen and expand its geographical presence across domestic and international markets with a view to diversifying its revenue base and mitigating risks associated with dependence on any single geography. 

Ajwa Projects 

• Ajwa Projects is coming out with an initial public offering (IPO) of 18,74,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 203 per equity share.
• The issue will open on October 28, 2026 and will close on October 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 20.30 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance Officer for the issue is Jatin Mansukhbhai Vaghasiya.

Profile of the company

Ajwa Projects is engaged in a diversified portfolio of industrial services that span fabrication, piping, erection, pressure equipment, prefabricated structures, maintenance & mechanical services, and civil construction works. Its role begins where it undertakes the core execution and manufacturing activities that convert approved plans into functional industrial assets. Through these activities, the company plays a critical role in creating and sustaining industrial and infrastructure facilities across sectors.

Fabrication forms a central part of its business and constitutes one of the most important areas of its operations. It is engaged in the machining, welding, and assembling of raw materials such as steel and other structural components into finished parts and sections as per client specifications. Its fabrication scope is broad and covers multiple categories of work. In structural fabrication, it manufactures technological frameworks, industrial buildings, girders, heavy modules, platforms, and crane girders that are critical for plant construction and infrastructure projects. In equipment fabrication, its activities include pressure vessels, boilers, heat exchangers, tanks, chimneys, ducts, ladles, and blast furnace components, which are widely used in process industries such as steel, power, oil and gas, and refineries. It also fabricates specialised components such as dish ends, crowns, petals, and customised parts, including diesel engine components for railway applications that require a high degree of precision and strict compliance with industry standards. As fabrication work forms the base for subsequent erection and installation, this area of its operations plays a pivotal role in ensuring the overall readiness, reliability, and quality of the industrial assets delivered by the company. 

It also provides erection services, which constitute an important area of its operations and one of the most critical stages in the industrial project lifecycle. These services cover the on-site installation, alignment, and integration of fabricated structures, equipment, and piping systems, all executed in accordance with client-approved designs and specifications. Erection requires handling and positioning of heavy structures, assembling of large equipment modules, and connecting auxiliary systems, often within complex and high-risk industrial environments. As the final step linking fabrication to operational readiness, this work demands strict adherence to safety norms, precise execution, and careful coordination with other site activities. Through these services, the company enables the transition of fabricated components into stable, functional, and compliant industrial assets, thereby playing a vital role in the completion and commissioning of projects across sectors such as oil & gas, refineries, power plants, steel plants, bridges, and large infrastructure works. Erection is not only about placing components but about ensuring stability, safety, and operational readiness. Any gap at this stage can delay or disrupt an entire project, making it one of the most sensitive and high-responsibility activities in the lifecycle of industrial facilities.

Proceed is being used for:

• Capital expenditure requirements towards acquisition of equipment, transport vehicle/assets.
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
• Funding working capital requirement.
• General corporate purposes.

Industry Overview

The India structural steel fabrication market is influenced by the growth of the construction and infrastructure sectors in the country. Structural steel fabrication is an essential process in building construction, bridge construction, and industrial projects. As India witnesses rapid urbanization and increased investments in infrastructure development, the demand for structural steel fabrication has surged. Structural steel offers numerous advantages, including high strength-to-weight ratio, design flexibility, and ease of construction, making it a preferred choice for modern construction projects. The need for efficient and cost-effective construction solutions has further driven the adoption of structural steel fabrication in India.

The fabrication market was valued at around $21.8 billion in 2024 and is projected to reach $32.6 billion by 2031, growing at a CAGR of 5.9% during the forecast period. The market is witnessing sustained growth due to rising demand for precision manufacturing, advanced metal structures, and increased adoption of automation in industrial sectors. Sectors such as automotive, aerospace, construction, and energy are contributing significantly to the need for fabricated metal parts and assemblies. 

The India metal fabrication market is driven by the growth of various end-use industries, including automotive, construction, aerospace, and consumer goods. Metal fabrication involves the cutting, bending, welding, and assembling of metal components to create finished products. As these industries witness continuous growth and technological advancements, the demand for metal fabrication services has increased. The need for customized and precision-engineered metal components has also propelled the market’s growth. Additionally, the expansion of manufacturing activities and the trend towards outsourcing metal fabrication services have contributed to the market`s expansion in India.

Pros and strengths

Comprehensive portfolio with sectoral diversity: It offers an integrated portfolio of services that includes fabrication, piping, erection, pressure equipment, prefabricated structures, maintenance & mechanical services, and civil construction works. This diversified mix enables it to participate across multiple phases of the industrial and infrastructure project lifecycle from foundations and structural works to installation, commissioning, and maintenance. Over the years, it has successfully executed assignments across industries such as oil & gas, refineries, petrochemicals, steel, power, cement, fertilizer, nuclear, bridges, metro rail, and bullet train infrastructure. This sectoral reach, combined with its service depth, enhances its ability to handle complex assignments and contribute to industries of strategic and national importance.

Flexible execution model (on-site and off-site): Its operations are adaptable, with works carried out either in its fabrication workshops under controlled conditions or directly at client sites, depending on project requirements. This dual capability enables it to handle a variety of assignments from prefabricated modules manufactured off-site to large-scale civil and erection works executed at project locations. 

Quality and safety framework: Quality and safety form an integral part of its operations, embedded into every stage of the project lifecycle. From procurement of raw materials to fabrication, erection, and final handover, its works are subject to systematic inspections and checks. Processes such as non-destructive testing (NDT), pressure testing, PSV calibration, and trial runs ensure that each output meets the required specifications and industry codes. To reinforce this approach, the company has implemented globally recognised systems and is certified under ISO 9001:2015 for Quality Management and ISO 45001:2018 for Occupational Health and Safety. These certifications reflect its structured way of working, where reliability, compliance, and workplace safety are prioritised as essential elements in every project it undertakes. 

Risks and concerns

Dependence on client-nominated suppliers and vendors: Its business involves execution-heavy activities such as fabrication, piping, erection, pressure equipment installation, prefabricated structures, and civil works, which require a consistent supply of steel, cement, welding consumables, machinery, and other construction inputs. In most projects, key raw materials such as steel and cement are either provided directly by clients or sourced from vendors nominated by them. In certain cases, it procures materials itself, subject to client approval. Instances where it independently identifies and finalises vendors are minimal. This reliance on client-specified vendors or a limited supplier base exposes it to concentration risk. Any delay in supply, inconsistency in quality, or failure by these suppliers to deliver within agreed timelines could affect its ability to complete projects on schedule. External factors such as price fluctuations, logistics constraints, labour unrest, or regulatory changes impacting its suppliers could also disrupt availability and increase procurement costs.

Substantial geographical concentration of revenue in Gujarat: A substantial share of its revenues is generated from the State of Gujarat, contributing 96.24%, 93.96%, 80.26%, and 67.91% of its total revenues for the period ended June 30, 2026, and the financial years ended March 31, 2026, 2025, and 2024, respectively. Within Gujarat, a significant concentration of its business comes from projects located in and around Surat district. Although it has also executed projects in states such as Maharashtra, Haryana, Rajasthan, Odisha, and Bihar, its dependence on Gujarat remains high. This geographical concentration exposes it to region-specific risks, including local economic slowdowns, political or regulatory changes, natural calamities, labour unrest, or infrastructure disruptions. Any adverse development in Gujarat could disproportionately impact its revenues, profitability, and financial condition.

Exposure to client credit and default risks: Its business model is execution-driven, with payments often linked to project milestones, certifications, or extended credit terms agreed with clients. This exposes it to counterparty credit risk in the form of delayed payments or potential defaults. Given the scale and duration of its contracts, even a single large delay or non-receipt of payment could strain its cash flows, disrupt its working capital cycle, and adversely affect profitability. Further, its receivables are concentrated in industrial and infrastructure sectors, which are themselves exposed to macroeconomic and sector-specific risks such as liquidity shortages, delays in government approvals, or funding constraints. These factors may cause clients to extend payment timelines, renegotiate terms, or in adverse situations, fail to meet their obligations. While it follows internal checks for creditworthiness and maintains active monitoring of outstanding receivables, such measures cannot fully eliminate risks. Although it has not faced material payment defaults in the past, there can be no assurance that all clients will continue to honour their commitments in a timely manner. Any delay or default in receivables in the future could materially impact its cash flows, financial condition, and results of operations. 

Outlook

Ajwa Projects is engaged in the business of Fabrication, Erection and Contract work along with manpower supply services & caters to a wide range of industries such as oil & gas, petrochemicals, refineries, power generation, steel, heavy metals, cement, nuclear power, bridges, metro rail, bullet train infrastructure, and other industrial and infrastructure projects. A core strength of its business is the seamless integration of fabrication and erection. By manufacturing structural frameworks, piping, equipment, and customised components, and then undertaking their on-site installation and alignment, it delivers end-to-end execution that ensures operational readiness of facilities. On the concern side, projects in its industry are typically awarded after a competitive bidding process and satisfaction of prescribed technical and financial pre-qualification criteria. While its past track record, execution capabilities, service quality, safety standards, and financial resources are important factors in securing orders, there is no assurance that it will continue to meet such criteria for future projects. Further, once bidders qualify technically, contracts are usually awarded primarily on the basis of price competitiveness. Preparing and submitting bids involve time and cost, which are not recoverable if orders are not secured.

The company is coming out with an IPO of 18,74,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 203 per equity share to mobilize Rs 38.05 crore. On performance front, its revenue from operations increased by 31.83% to Rs 4,842.38 lakh for FY 2026 from Rs 3,673.11 lakh for FY 2025. Profit after tax has increased by 65.17% from Rs 328.29 lakh for FY 2025 to Rs 542.24 lakh for FY 2026.

Meanwhile, it has established a presence across states such as Gujarat, Maharashtra, Haryana, Rajasthan, Odisha, Bihar, and Chhattisgarh through the execution of diverse industrial and infrastructure projects. Building on this base, it plans to extend its operations into underpenetrated regions, particularly the North-Eastern and Southern states of India. This strategic expansion will enable it to access new markets, diversify its revenue streams, and reinforce its long-term growth prospects. Going forward, a portion of the offer proceeds will be used towards repayment of existing loans. This will reduce its finance costs, improve its debt-equity position, and strengthen its balance sheet. A stronger financial profile will enhance its ability to bid competitively for larger projects and secure favourable terms from clients, suppliers, and financial institutions.

Carver Roboweld

• Carver Roboweld is coming out with an initial public offering (IPO) of 35,36,000 shares in a price band of Rs 76-80 per equity share.
• The issue will open for subscription on October 28, 2026 and will close on October 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.60 times of its face value on the lower side and 8.00 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Karishma Damodarbhai Dhanak.

Profile of the company

Carver Roboweld is engaged in the manufacturing of welding consumables, including Metal Cored Wires, Welding Rods and Gauging electrodes, catering to diverse industrial applications. Over the years, it has expanded its capabilities beyond manufacturing to offer a broad portfolio of value-added engineering services, as a solution provider to the forging industry. In addition to consumable manufacturing, the company also supplies welding spare parts and accessories used for welding operations and maintenance of welding equipment. Further the company provides services such as forging die regeneration and welding robot rental services. 

Its primary manufacturing facility is located at Survey No. 98P, Near Gidc Bamanbore Estate Phase-1, Taluka Chotila, Bamanbore, Rajkot, Gujarat, India, strategically positioned to support efficient production, logistics, and access to key industrial markets. To ensure proximity to customers and timely service delivery, the company operates additional service units in Pune, Hosur, and Ludhiana, allowing it to serve major industrial companies across the country. The company focuses on delivering engineered, solutions designed to meet the increasing requirements of modern industry. Its strength lies in a team of skilled engineers and technical professionals who bring expertise, innovation, and a customer centric approach to every project.

It is ISO 9001:2015 certified for sales of welding consumables, including welding electrodes and metal cored wires, as well as for the manufacturing and supply of welding electrodes. These certifications show its commitment to using quality management systems to maintain consistency, reliability, and customer satisfaction in all its processes. Additionally, it is a Sustaining Corporate Member of the American Welding Society (AWS). This membership highlights its commitment to following international welding standards, keeping up with technological advancements, and improving its technical skills. 

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards the purchase of Welding Robots.
• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company from banks and financial institutions.
• Meeting general corporate purposes.

Industry overview

The India welding consumables market is positioned for consistent and broad-based growth throughout the forecast period (2026-2034), supported by sustained government investment in physical infrastructure, expanding industrial manufacturing, and growing clean energy fabrication requirements. Ongoing programs such as PM Gati Shakti, Bharatmala Pariyojana, and the National Infrastructure Pipeline will continue to provide a high-volume demand base for construction-segment consumables, while PLI-backed automotive and electronic manufacturing facilities deepen the requirement for precision welding materials. The market generated a revenue of $1,322.88 million in 2025 and is projected to reach a revenue of $2,220.96 million by 2034, growing at a compound annual growth rate of 5.76% from 2026-2034.

Government-led infrastructure expansion in India is a major structural driver of demand for welding consumables. Large scale national development initiatives are accelerating the construction of transportation networks, including roads, railways, ports, airports, and inland waterways. These coordinated infrastructure programs encourage integrated planning and faster project execution across multiple regions and sectors. Steel-intensive projects such as highways, bridges, flyovers, metro rail systems, and port facilities require extensive structural fabrication and metal joining. As welding plays a crucial role in assembling and reinforcing these structures, the ongoing development of infrastructure continues to generate steady and high-volume demand for welding electrodes, filler metals, and related consumables.

The India welding consumables market exhibits moderate competitive intensity, characterized by the coexistence of established multinational companies with strong technology portfolios and well-entrenched domestic manufacturers with deep distribution reach. The competitive field spans a broad product range including stick electrodes, solid wires, flux cored wires, and submerged arc welding materials, with players differentiating through application-specific product formulations, certification credentials, and nationwide dealer and distributor networks. The market has witnessed growing emphasis on digital welding solutions and sustainability-compliant product lines, reflecting the broader industry evolution toward energy-efficient and low-emission consumable technologies. Local manufacturers are gaining market share by offering competitive pricing and benefiting from shorter, more efficient supply chains. In contrast, multinational companies rely on their advanced metallurgical capabilities and strong global research and development networks to serve high specification applications in sectors such as automotive, aerospace, and energy infrastructure.

Pros and strengths

Strategically located manufacturing facility and service units: Its manufacturing facility located at Survey No. 98P, Near Gidc Bamanbore Estate Phase-1, Taluka Chotila, Bamanbore, Rajkot, Gujarat, India, positions it at a central and accessible point within India, offering significant logistical and operational advantages. Complementing this hub, it operates three service units in Pune, Ludhiana, and Hosur, strategically placed to serve regional markets efficiently. This network allows it to function as a seamless supply chain partner, ensuring quick procurement, reduced transit times, and timely delivery to customers across urban and remote locations. Its geographic presence enhances operational efficiency, supports faster response times, and contributes to cost-effective logistics, ultimately strengthening its ability to serve diverse industries across the country with reliability and agility. 

Strategic market coverage across the domestic markets: Whether supplying products or delivering services, its customer base spans across India, including states such as Karnataka, Maharashtra, Tamil Nadu, Punjab, Gujarat, Haryana, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Rajasthan, Madhya Pradesh, West Bengal, Pondicherry and Telangana. Its operations cover the western, southern, northern, and central regions of the country. This geographical presence has enabled it to cater to the growing demand from its customers. 

Focus on consistently meeting customer specifications and quality standards: The company intends to focus on adhering to the customers’ specifications and quality standards. Continuous review of products at different stages to identify any deviations from the specifications and timely corrective measures in case of quality diversion are keys for maintaining quality standards of the products. Providing the desired customer specifications and good quality products help it in enhancing customer trust and maintaining long term relationships with customers. Also, continuously meeting the customer specifications and quality standards is essential to obtain repeat orders. 

Risks and concerns

Significant revenue reliance on top ten customers: The company is dependent on limited number of customers for majority of its revenue from operations, which expose it to a high risk of customer concentration. It derived 86.73%, 80.78%, 84.77% and 73.34% of its revenue from its top ten customers for the period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024, respectively. The loss of any of these customers or reduction in business from such will have a material adverse effect on its business, financial condition, results of operations and cash flows.

Geographical concentration of revenue in key states: A substantial portion of its revenue from operations is geographically concentrated in Karnataka, Maharashtra and Tamil Nadu, which collectively contributed 85.08%, 82.33%, 86.20% and 80.33% of its revenue from operations for the Period ended June 30, 2026 and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments affecting these geographies could materially and adversely affect its business, financial condition, results of operations and cash flows.

High dependence on limited number of suppliers: Its purchases are substantially concentrated among a limited number of manufacturers and suppliers, with its top ten suppliers accounting for 90.82%, 92.43%, 94.26% and 87.15% of its total purchases for the period ended June 30, 2026 and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any disruption in its relationships with such manufacturers and suppliers could materially and adversely affect its business, financial condition, results of operations and cash flows. 

Outlook

Carver Roboweld is engaged in the manufacturing of welding consumables, including Metal Cored Wires, Welding Rods and Gauging electrodes, catering to diverse industrial applications. It owns a total of 12 welding robots, which are provided to customers on a rental basis. Customers use robots in welding operations as part of their regular business activities. Under this arrangement, it offers robot rental services that create a stable and recurring revenue stream for the company. Its robot leasing model is integrated with its manufacturing operations. Customers who lease robots from it are required to use the welding consumables manufactured by the company, including metal-cored wires. As a result, these customers become long-term and captive customers for its consumable products. On the concern side, its existing manufacturing facility is concentrated in a single region i.e., Rajkot, Gujarat and the inability to operate and grow its business in this particular region may have an adverse effect on its business, financial condition, results of operations, cash flows and future business prospects.

The company is coming out with a maiden IPO of 35,36,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 76-80 per equity share. The aggregate size of the offer is around Rs 26.87 crore to Rs 28.29 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 8.70% from Rs 2,485.98 lakh in Fiscal 2025 to Rs 2,702.20 lakh in Fiscal 2026. Profit after tax increased 139.70% from Rs 145.13 lakh in Fiscal 2025 to Rs 347.87 lakh in Fiscal 2026.

Meanwhile, it intends to strengthen its market position by deepening its relationships with existing customers, expanding its customer base, and increasing its business across the forging and allied manufacturing industries, including automotive, engineering, heavy equipment, construction equipment, chemical, steel, and general manufacturing sectors. Its strategy is centred on providing integrated solutions comprising welding consumables, forging die regeneration services and welding robot rental services, enabling it to address multiple customer requirements through a single platform. Going forward, it intends to expand its customer base by continuously adding new customers across multiple industries that have significant welding and engineering requirements, including steel, chemical, automotive, engineering, infrastructure, heavy fabrication, capital goods and industrial manufacturing.

M. K. Sons Fine Jewels

• M. K. Sons Fine Jewels is coming out with a 100% book building; initial public offering (IPO) of 1,70,00,000 shares of face value Rs 10 each in a price band Rs 153-162 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 28, 2026 and will close on October 30, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 15.30 times of its face value on the lower side and 16.20 on the higher side.
• Book running lead manager to the issue is Aryaman Financial Services.
• Compliance officer for the issue is Pratiksha Suresh Shah. 

Profile of the company

M. K. Sons Fine Jewels is a retail-focused jewellery company engaged in the marketing and sale of a wide range of gold, diamond and Cubic Zirconia (CZ) jewellery through its own chain of retail showrooms since 2012. The company offers a diverse portfolio of contemporary and bridal designs with a focus on craftsmanship, design quality and customer-centric jewellery collections. It has established its presence in the retail jewellery markets of Maharashtra and Gujarat by expanding its retail footprint across Mumbai and Ahmedabad, two key commercial centres in Western India. The company currently operates three showrooms in Mumbai and two showrooms in Ahmedabad and has developed recognition as a regional jewellery brand in these markets. It is committed to serving the Western India market with jewellery certified by the Bureau of Indian Standards (BIS) Hallmark through its five showrooms located across Mumbai and Ahmedabad.

Over the years, the company has built a strong reputation and fostered customer trust in the region by offering high quality, culturally resonant jewellery while adhering to ethical business practices. It caters to a broad and diverse customer base that places significant importance on quality, authenticity and craftsmanship. Its inventory sourcing is guided by a data-driven approach, enabling it to effectively respond to evolving customer preferences and changing market trends. It procures its inventory from a network of suppliers located across the western region of India, primarily in Maharashtra and Gujarat, which provides flexibility in its supply chain and ensures the timely availability of products across its retail outlets. While, it does not generally enter into long-term definitive agreements with its suppliers, its procurement strategy allows it to maintain a steady and consistent flow of inventory aligned with customer demand.

Proceed is being used for:

• Funding of inventory costs towards setting up of 1 new showroom in Maharashtra (New Showroom) and expansion of existing showroom in Gujarat (Expansion)
• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company
• General corporate purposes

Industry overview

The Indian gems and jewellery industry is a significant contributor to the national economy, accounting for approximately 7% of India's GDP and around 15% of the country's merchandise exports. India remains a global leader in diamond processing, accounting for over 90% of the world's polished diamonds by volume, while also being one of the largest consumers of gold jewellery owing to its deep-rooted cultural, religious, and investment significance. The industry comprises gold jewellery, diamond jewellery, silver jewellery, coloured gemstones, and lab-grown diamonds, catering to both domestic and international markets. Key manufacturing and trading hubs are concentrated in Maharashtra, Gujarat, Rajasthan, Tamil Nadu, and West Bengal, supported by a large pool of skilled artisans and an established supply chain ecosystem.

In CY25, the domestic retail gems and jewellery industry was valued at around Rs 7,204.0 billion, with a CAGR of 10.6% during CY20–CY25. Further, the retail gems and jewellery market is expected to grow at a CAGR of 12.2% between CY25 and CY30. This growth is supported by rising gold prices (driving value growth), increasing disposable incomes, rapid urbanisation, and evolving consumer preferences towards branded and design-oriented jewellery, along with a gradual shift towards organised retail channels. The shift from unorganised to organised retail, driven by mandatory hallmarking, transparent pricing, and growing trust in branded products, is accelerating industry formalisation. Strong demand for lightweight, contemporary designs, particularly among younger consumers, along with omnichannel retail expansion, virtual try-ons, and digital engagement tools, is further enhancing market growth.

Overall, the Indian gems and jewellery industry remain well-positioned for sustained growth, supported by strong domestic demand fundamentals, increasing organised retail penetration, a skilled manufacturing base, and favourable policy initiatives. The continued shift from unorganised to organised channels, combined with evolving consumer preferences and expanding digital capabilities, is expected to drive higher levels of transparency, operational efficiency, and market consolidation over the medium to long term.

Pros and strengths 

Multi-collection jewellery portfolio: The company offers a diversified portfolio of jewellery through eleven distinct collections, each designed to cater to specific customer segments, occasions and price points. Its collections span across gold, diamond and CZ jewellery categories and are structured to address varying aesthetic preferences, usage occasions and budget considerations. Its diversified collection strategy allows it to cater to customers across lifecycle events, including weddings, festive purchases, daily wear requirements and gifting occasions. The breadth of its portfolio also enables it to address varying ticket sizes, from entry-level purchases to premium high-value jewellery. It periodically refreshes designs within each collection to align with evolving consumer preferences, seasonal trends and regional demand patterns.

Targeted marketing and promotion activities enabling increasing brand recall: Its deep understanding of local markets enables it to effectively implement its marketing strategy. Its marketing approach focuses on promotion of its products, encouraging interactive engagement with larger audience, creating awareness about its products and visibility within the target community. To further expand its reach, MK Jewels runs digital advertising campaigns across multiple platforms, targeting customers in over 18 states across India. It has engaged a third-party agency for its branding and marketing activities. This agency oversees its marketing efforts across digital platforms, including advertisements and influencer partnerships. Their responsibilities include creating and publishing social media content such as reels and photographs, coordinating campaigns, and managing the hiring of professional models.

Commitment to quality and customer satisfaction: The company is committed to excellence and continuously strive to improve its operations, focusing on quality control, inventory management, and business development. The company deals exclusively in gold jewellery certified under the hallmarking standards prescribed by the Bureau of Indian Standards (BIS). BIS hallmarking is a recognized certification mechanism in India that indicates the purity and fineness of gold jewellery. In addition, its diamond jewellery is accompanied by certification from internationally recognized gemological laboratories such as the International Gemological Institute (IGI) and/or the Gemological Institute of America (GIA), which certify the characteristics and grading of diamonds based on established parameters. To ensure the highest level of customer satisfaction, it prioritizes jewellery designs based on customer specifications. As a customer-centric company, its primary goal is to achieve utmost client satisfaction by providing top-quality products.

Strong financial results: Its financial performance has been instrumental in funding its growth plans. Its robust financial position illustrates not only the growth of its operations over the years, but also the effectiveness of allocation of its capital and strong working capital management in its business. Over the last 3 Fiscals, the company has grown its operations and has demonstrated an increase in revenues and profitability. Its revenue from operations has grown from Rs 2,173.23 million in Fiscal 2024 to Rs 3,512.80 million in Fiscal 2025 and further to Rs 5,387.36 million in Fiscal 2026. Its EBITDA has increased, from Rs 128.71 million in Fiscal 2024 to Rs 385.68 million in Fiscal 2025 and further to Rs 829.35 million in Fiscal 2026. Its profit after tax has increased from Rs 81.65 million in Fiscal 2024 to Rs 232.62 million in Fiscal 2025 and further to Rs 517.99 million in Fiscal 2026.

Risks and concerns

High geographic concentration of revenue in Ahmedabad Showrooms, Gujarat: A significant portion of its revenue comes from its showrooms in Gujarat, where its operations are heavily focused. In three-month period ended June 30, 2026 and Fiscal 2026, 2025 and 2024, its revenue from its Ahmedabad showrooms stood at Rs 694.79 million, Rs 3,661.58 million, Rs 2,710.97 million and Rs 1,625.36 million contributing to 68.49%, 67.97%, 77.17% and 74.79% of its total revenue from operations of the company. If this region or the showrooms in Gujarat face any negative developments, it could harm its business performance, growth potential, financial health, and overall profitability.

Dependence on third-party manufacturers and Karigars: Its business is significantly influenced by the availability, quality and pricing of raw materials such as gold, diamonds and other precious and semi-precious stones, which are used by its third-party manufacturers and karigars for the jewellery it procures. Although it does not manufacture jewellery itself, it relies on such third parties to source quality raw materials and supply finished products in line with its design, quality and quantity requirements. It has not entered into long-term agreements with such manufacturers and karigars, and any inability or unwillingness on their part to continue supplying it on commercially acceptable terms may disrupt its supply chain and adversely affect its operations. The prices and availability of these raw materials are subject to several external factors beyond itsus control, including global economic conditions, demand-supply dynamics, production trends, competitive pressures and regulatory policies such as import duties and restrictions.

Revenue concentration in lower-margin gold jewellery products: Its revenue is derived from the sale of gold jewellery as well as diamond and other studded jewellery. Gold jewellery typically carries lower margins compared to diamond-studded and designer jewellery, which form a key component of its higher-margin product offerings. While gold jewellery contributes significantly to its sales volumes, customer footfall and revenue stability, an increased reliance on such products may dilute its overall margin profile. Gold contributed 86.74% of total revenue from operations for the period ended June 30, 2026, 87.44% in Fiscal 2026, 84.94% in Fiscal 2025, and 89.43% in Fiscal 2024.  If it is unable to achieve or sustain an optimal product mix favouring higher-margin products, or if there is a continued or increased consumer preference for lower-margin gold jewellery, its operating margins may be compressed, which could materially and adversely affect its business, results of operations, cash flows and financial condition.

Intense competition from established national brands and regional jewellery retailers: The jewellery retail sector in India presents a competitive environment where it faces challenges from diverse market participants. Its competitors range from large national brands to smaller regional players with local footholds. Major competitors enjoy advantages including greater brand recognition, extensive marketing budgets, technological capabilities, and established supply chain networks. These players can offer better discounts and promotional campaigns due to their scale. Additionally, larger competitors may provide promotional offers to customers, particularly during festivals, which it may not be able to compete with and which could result in loss of its customers or failure to attract new customers, which could have a material adverse effect on its business, financial condition, results of operations and prospects.

Outlook

M. K. Sons Fine Jewels is engaged in the business of Retail of Jewellery through Multiple Retail Jewellery Stores and through Online Channels. The company offers a diversified jewellery portfolio comprising more than 19,442 Stock Keeping Units (SKUs), enabling it to cater to a wide range of customer preferences across multiple price points. Its jewellery collection spans various product categories including rings, earrings, necklaces, solitaires, bangles, bracelets and Mangalsutras allowing it to cater to diverse cultural occasions, gifting requirements and everyday wear needs. On the concern side, it relies entirely on third party product manufacturers and Karigars for production and manufacturing of its products, none of whom work exclusively for it, exposing it to supply disruptions, quality risks and confidentiality concerns which may adversely affect its business, results of operations and financial condition.

The issue has been offering 1,70,00,000 shares in a price band of Rs 153-162 per equity share. The aggregate size of the offer is around Rs 260.10 crore to Rs 275.40 crore based on lower and upper price band respectively. Minimum application is to be made for 91 shares and in multiples thereof thereafter. On performance front, its revenue from operations increased by 53.36% to Rs 5,387.36 million in Fiscal 2026 from Rs 3,512.80 million in Fiscal 2025. Its profit for the year increased to Rs 517.99 million in Fiscal 2026 from Rs 232.62 million in Fiscal 2025.

Meanwhile, with the continued growth in demand for gold jewellery, the company plans to expand its retail footprint through the proposed setting up of 1 new showroom in Maharashtra (New Showroom) and expansion of existing showroom in Gujarat (Expansion). Its business model requires maintaining adequate inventory levels to meet customer demand and ensure an optimal product mix across categories, including jewellery certified by the Bureau of Indian Standards (BIS) Hallmark. As it scales its operations and establish new showrooms, incremental inventory investment will be essential to sustain customer engagement, strengthen its brand presence, and drive revenue growth.