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Paluck Technologies

• Paluck Technologies is coming out with an initial public offering (IPO) of 68,76,000 shares in a price band of Rs 46 - 48 per equity share.
• The issue will open for subscription on August 28, 2026 and will close on September 01, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 4.60 times of its face value on the lower side and 4.80 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance officer for the issue is Sumit Kumar.

Profile of the company

Paluck Technologies was originally founded in 2009 by Navin Katiyar as a proprietorship firm under the name of Sarika Katiyar, engaged in providing diesel generator services. Over the years, the company has evolved into a diversified engineering services and infrastructure support organisation, with operations spanning Automobile & Engineering Services, Logistics & Equipment Rental, Telecom Engineering. It has built and maintains a robust portfolio serving both corporate and retail clients across sectors with high growth potential. Its focus is to deliver best-in-class solutions through strong OEM partnerships, geographic advantage, and a multi-segment operational model.

In the Construction Equipment Rental segment, it provides end-to-end concrete transportation, infrastructure equipment rental, and RMC plant setup services. With a substantial asset base comprising 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, it caters to leading infrastructure developers, EPC contractors, and cement manufacturers across key infrastructure development regions including Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir. The Logistics and Fleet Management division supports infrastructure and construction logistics through its owned fleet of over 190 specialized vehicles including transit mixers, logistic trucks and pump units. The vehicles are managed through an integrated digital system connected with ERP, SAP, and GPS tracking solutions.

Within the Telecom Engineering Services vertical, company has established itself as a trusted implementation and maintenance partner for major telecom operators. It executes contracts awarded by leading telecom OEMs and has a proven track record of managing many telecom sites across India, it supports network expansion, upgrade, and maintenance programs across multiple telecom circles. Additionally, it operates as an Authorized Service Center and Dealership for prominent OEMs. It provides servicing of diesel and gas generators, including the supply and installation of dual-fuel conversion kits and retro emission control devices (RECDs) compliant with NGT norms. It also undertakes authorized service center and dealership for commercial vehicle and two-wheeler including maintenance services and spare parts distribution in the State of Haryana. These dealerships reflect the company's strong OEM alignment and capability to serve a wide customer base with trusted and compliant solutions.

Proceed is being used for:

• Funding capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets ensuring compliance with prevailing environmental standards 
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company
• Funding the working capital requirement of the company 
• General corporate purpose 

Industry overview

The Machinery Rental and Leasing Market size is estimated at $136.12 billion in 2025, and is expected to reach $175.14 billion by 2030, at a CAGR of 5.17% during the forecast period (2025-2030). The market is primarily driven by several key factors. The escalating focus on infrastructure development globally, coupled with the increasing integration of automation within construction and manufacturing processes, significantly propels market growth. In regions like the Asia-Pacific, government-led road development initiatives contribute substantially to the expansion of the road construction machinery rental sector. Moreover, there's a growing demand for environmentally friendly machinery due to regulatory pressures for reduced emissions, prompting manufacturers to explore electric and hybrid alternatives over traditional equipment. This shift towards greener solutions presents opportunities for innovation and development within the market.

India has to enhance its infrastructure to reach its 2025 economic growth target of $5 trillion. Infrastructure is a key enabler in helping India become a $26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. Prime Minister Narendra Modi also recently reiterated that infrastructure is a crucial pillar to ensure good governance across sectors. Meanwhile, the global logistics market size was valued at $5.65 Trillion in 2024. Looking forward, the industry is projected to reach $8.07 Trillion by 2033, exhibiting a CAGR of 4.02% during 2025-2033. In 2024, Asia Pacific emerged as the leading region in the industry, accounting for over 48.7% of the market share. The growth of the market is mainly due to the rise of online shopping, the need for quicker delivery services, wider use of technologies like the Internet of Things (IoT), a stronger push for eco-friendly transport options, growing global trade, and improvements in roads, ports, and warehouses that support smoother logistics operations.

Meanwhile, the global automotive repair and service market size reached $714.51 billion in 2024. Looking forward, the market is expected to reach $1,052.50 billion by 2033, exhibiting a growth rate (CAGR) of 4.18% during 2025-2033. Asia Pacific currently dominates the market, holding a market share of over 34.3% in 2024. Rising vehicle sales worldwide, the implementation of stringent government regulations, and the integration of artificial intelligence (AI) represent some of the key factors increasing the automotive repair and service market share. Further, India is the world’s second-largest telecommunications market with a total telephone subscriber base stood at 1,203.69 million and has registered strong growth in the last decade. The Indian mobile economy is growing rapidly and will contribute to India’s Gross Domestic Product (GDP).

Pros and strengths

Pan-India telecom engineering services with strong OEM relationships: The company has entered into annual contracts with all major telecom OEMs, under which it executes network strengthening, capacity enhancement, and upgradation projects across various telecom circles. In addition, it is actively involved in Base Transceiver Station (BTS) and Optical Fiber Cable (OFC) maintenance services for a government-owned operator. It has a wide geographical presence, serving clients across multiple telecom zones including Kolkata, Bihar, Odisha, Jharkhand, Uttar Pradesh (East and West), Uttarakhand, Madhya Pradesh, Gujarat, Rajasthan, Maharashtra, Punjab, Haryana, Delhi-NCR, and Tamil Nadu. This strategic pan-India footprint and long-standing relationships with OEMs reinforce its position as a trusted and reliable telecom engineering services partner.

Large construction equipment rental fleet in North India: It operates one of the largest construction equipment rental fleets in North India, catering to renowned infrastructure giants. The business encompasses end-to-end concrete transportation and supply, equipment rental services for residential, commercial, and public infrastructure projects, and a fleet comprising 92 transit mixers, 13 concrete pumps, and 23 logistics trucks. The company operates across Delhi NCR, Rajasthan, Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir, and Odisha.

Diversified business operations: The company has a diversified engineering services and infrastructure support platform, with operations spanning Automobile & Engineering Services, Logistics & Equipment Rental, and Telecom Engineering. Its diversified business model, long-standing relationships with industry leaders, and presence across key geographies provide a strong foundation for sustainable growth and value creation in India’s evolving infrastructure and energy ecosystem.

Risks and concerns

Substantial portion of revenues derives from key customers: A significant portion of its revenues is derived from a few large customers. For the eleven months period ended February 28, 2026, its top 1 customer accounted for 8.29%, its top 5 customers accounted for 26.98% and its top 10 customers accounted for 44.73% of its revenue from operations. In addition, its top 10 customers accounted were 59.59%, 61.41% and 65.56% of its revenue from operations for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Such concentration of its business on a limited number of customers increases the potential volatility of its results and exposes it to customer-specific risks.

Dependence on infrastructure and construction sector performance: The company’s revenues are closely tied to the performance of the infrastructure and construction sectors, which are cyclical in nature, and downturns in these sectors due to economic slowdowns, reduced government spending, or regulatory changes could lead to underutilization of assets, reduced margins, and adverse impact on its overall financial condition. The infrastructure and construction sectors are highly dependent on government budgets, interest rates, and overall economic conditions. Any slowdown in the economy, fiscal tightening, or shift in government priorities away from infrastructure can reduce capital spending, directly affecting demand for its services and products.

Fleet maintenance, downtime and operational risks: A significant portion of its business relies on its fleet of trucks, transit mixers, and equipment such as concrete pumps. These assets must remain in continuous use to achieve optimal financial returns. Any unexpected downtime due to breakdowns, accidents, or delays in repair and maintenance directly affects execution schedules and customer commitments. Accidents or damage to equipment may result not only in direct financial loss but also in liability towards third parties, regulatory penalties, and increased insurance premiums. In some cases, prolonged downtime can force it to hire third-party equipment at higher costs, further reducing margins. Additionally, if demand slows due to sectoral downturns, parts of its fleet may remain underutilized, leading to higher per-unit costs and inefficiency. Over the long term, inability to maintain high utilization rates reduce its competitiveness and profitability, while repeated operational disruptions can damage customer confidence and its market reputation.

Outlook

Paluck Technologies is engaged in the business of providing automobile and engineering services, along with logistics and equipment rental services, catering to diverse industry requirements. The company plays a pivotal role in the implementation and maintenance of telecom infrastructure for major telecom equipment manufacturer (OEMs). In the Indian telecom ecosystem, network operators typically outsource supply and services to OEMs for end-to-end activities such as network rollout, upgradation, and maintenance. On the concern side, its operations require significant working capital because expenses for fuel, spare parts, consumables, employee costs, and fleet maintenance must be incurred well before payments are realized from customers. Many of its clients, particularly government entities and large infrastructure contractors, typically have long payment cycles. This timing mismatch exposes it to liquidity risk.

The company is coming out with a maiden IPO of 68,76,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 46 - 48 per equity share. The aggregate size of the offer is around Rs 31.63 crore to Rs 33.00 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 2.06% from Rs 10,073.54 lakh in Fiscal 2024 to Rs 10,281.00 lakh in Fiscal 2025. Net profit after tax increased 180.60% from Rs 343.33 lakh in Fiscal 2024 to Rs 963.38 lakh in Fiscal 2025.

Meanwhile, the company is scaling its Ready-Mix Concrete (RMC) operations, backed by a Rs 20+ crore order book and ongoing contracts. Plans are underway to install 2-4 new RMC plants to meet rising demand. With 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, 7+ years of industry experience, and a 192 skilled workforce, the company is well-positioned to drive growth and improve operational efficiency in this segment. Going forward, North India represents a significant opportunity for growth, especially in the automotive component and servicing segment. The company intends to deepen partnerships with Original Equipment Manufacturers (OEMs), set up authorized service centers in industrial belts, offer value-added services including diagnostics, emission control, and after-market solutions.

ESDS Software Solution

• ESDS Software Solution is coming out with a 100% book building; initial public offering (IPO) of 1,76,47,058 shares of face value Rs 1 each in a price band Rs 408-429 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 August 28, 2026 and will close on September 1, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 408 times of its face value on the lower side and 429 times on the higher side.
• Book running lead managers to the issue are DAM Capital Advisors and Systematix Corporate Services.
• Compliance officer for the issue is Prasad Deochand Deokar. 

Profile of the company

ESDS Software Solution is an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider in India. It is one of the only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. It offers a comprehensive platform of cloud infrastructure and software solutions consisting of (i) infrastructure as a service (IaaS), which is broadly divided into colocation and data centre services, cloud services and cloud computing, (ii) managed services, and (iii) software as a service (SaaS), which allows to provide well-architected cloud-adoption solutions to its customers aimed at reducing their cost while providing security, flexibility, scalability and reliability. The company was one of the first cloud service providers in India to offer community cloud services, provided on a multi-tenant model to a group of organizations with similar business models and requirements, such as data privacy, security, compliances and regulatory requirements.

The company provides its services to a diverse range of end-user industries and customers, comprising: (i) banking, financial services and insurance companies (BFSI); (ii) public sector entities, including central, state, and local government departments, public sector undertakings (PSUs), government agencies, and institutions that procure products or services for administrative, infrastructure, or public service purposes (Government); (iii) and businesses and enterprises not included in BFSI or Government (Enterprises).

Proceed is being used for: 

• Purchase and installation of cloud computing and other equipment and infrastructure for its relevant data centres 
• General corporate purposes

Industry overview

The IT/ITES industry in India continues to be a key pillar of economic growth, exports, innovation, and employment. The sector is increasingly driven by demand for artificial intelligence (AI), cloud computing, digital engineering, cybersecurity, data analytics, and platform-based services, as enterprises globally accelerate technology-led transformation initiatives. India has also strengthened its position as a preferred destination for Global Capability Centers (GCCs), engineering R&D, and high-value digital services. India’s technology industry is expected to cross $315 billion by 2026 and contribute 10% towards the country’s GDP. Direct employment in the sector is projected to reach approximately 6 million professionals in FY 2026, with a net addition of around 135,000 jobs over the previous year.

The growing demand for digital services is a crucial factor driving the expansion of data centres in India. The proliferation of smart devices, increased use of digital payments, and the shift towards cloud-based solutions have significantly increased the need for data storage capabilities. The data centre market in India is valued at Rs 114 billion for FY 2026 and has grown at a CAGR of 20.39% from FY 2020 to FY 2025. The market in the future is expected to grow at a CAGR of 20.70% from Rs 114 billion in FY 2026 to Rs 242 billion in FY 2030. As of 31st March 2026, the total data centre installed capacity in India is 1,545 MW.

Indian software development market has demonstrated significant growth over the past few years, particularly following a boom in the IT industry in 2021. During FY 2020 to FY 2026, the market revenues increased from Rs 2,695 billion to Rs 3,961 billion, reflecting a CAGR of 6.63%. This steady growth trajectory highlights the industry’s resilience and adaptability amid global economic fluctuations. During the forecasted period, software development industry in India is poised for robust expansion. Projections indicate that the market will continue to grow at a CAGR of 8.95%, increasing from Rs 3,961 billion for FY 2026 to an estimated Rs 5,581 billion by the end of FY 2030.

Pros and strengths 

The company is leading player offering end-to-end cloud, managed services, data centre infrastructure and software solutions in India: Among the Indian players, it was one of the early adopters of cloud technology in India, establishing its first data centre in Nashik, Maharashtra during 2010 and launching cloud services in 2011 (which was launched as eNLight Cloud and rebranded as SWARAJ Cloud). Recognising the need for holistic solutions, it introduced end-to-end offerings integrating infrastructure, managed services, and application support. Among the leading players in the cloud, managed services, data centre infrastructure and software solutions, it is one of the only two players providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. Its ability to offer end-to-end cloud, data centre and software solutions has enabled the company to focus on its Revenue Retention Rates as a larger share of existing customers increase their service scope to include its comprehensive range of IaaS, SaaS and managed services. This is reflected in its Revenue Retention Rates and by the split of customers who are availing the comprehensive product and service suite versus those engaging with the company for standalone services.

Comprehensive Security-as-a-Service framework: As a cybersecurity partner, it delivers Security as a Service (SECaaS) solutions to enterprises, BFSI institutions, and government organisations. Its Security Operations Centre (SOC) actively monitors and mitigates cyber threats, ensuring operational resilience and regulatory compliance. With more than 123 customers onboarded across more than 7,175 devices as at June 30, 2026, its security information and event management (SIEM) programs analysed more than 5,143 security alerts in the period from January 1, 2026 to June 30, 2026. As organisations increasingly adopt SECaaS, several BFSI institutions and enterprises have engaged it for the provision of cybersecurity solutions as standalone services. Its comprehensive security framework, encompassing SIEM, endpoint security, vulnerability management, and incident response, provides scalable and cost-efficient protection against evolving cyber risks.

It has long-term relationships with well-established banks and other businesses: As a result of its diversified product offering and clientele, it is able to cater to a wide range of industries. It has long-standing relationships with over 100 banks and well-established businesses, including STPI. It has been able to steadily increase the ageing of its customer relationships, with customers having a relationship of more than three years rising from 49.28% to 65.60%, and those with a relationship of more than five years increasing from 23.25% to 47.75% from Fiscal 2024 to Fiscal 2026. This reflects its ability to foster long-standing partnerships, driven by its diversified and end-to-end offerings that cater to evolving digital transformation needs.

AI-driven innovations and patented technology: The company holds commercial patents for its SWARAJ software, which intelligently identifies customer requirements and applies vertical and diagonal scaling technologies, which enable dynamic resource allocation for cost-effective and efficient cloud performance. It is engaged in the development and commercialisation of AI and ML driven systems for cloud environments. In November 2025, it launched a fully managed GPUaaS, allowing its customers across industries to create customised, high-performance AI environments, on a large scale, at global standards. These services empower developers and enterprises to build, train, and deploy AI models quickly for applications such as computer vision, natural language processing, and predictive analytics. In India, adoption of these platforms is accelerating as organisations aim to speed up innovation cycles without heavy capital investment in infrastructure. The market for cloud GPU in India was estimated at around $67.31 million in Fiscal 2025 and is projected to reach around $513.67 million by Fiscal 2030, reflecting a CAGR of around 50.15% over the period.

Risks and concerns

Loss or reduction in revenue from key clients could adversely impact business: A substantial portion of its operating revenue is derived from a top ten clients. The company’s top 10 customers contributed 45.36%, 49.34%, and 37.38% of its revenue from operations for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Furthermore, its reliance on any individual client for a significant portion of its revenues may give that client a certain degree of leverage when negotiating pricing and the other terms and conditions of the agreement(s) between the company and that client. The loss of any of its top clients for Fiscal 2026, or a significant decrease in the revenue it receives from them, could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant portion of assets pledged in favour of lenders: A substantial portion of its assets are hypothecated or mortgaged in favour of lenders as security for some of its borrowings. As at March 31, 2026, 2025 and 2024, the total value of its hypothecated current assets as a percentage of its total current assets was 96.72%, 88.96% and 84.84%, respectively, and the total value of its mortgaged property, plant and equipment as a percentage of its total property, plant and equipment was 18.89%, 27.05% and 56.62%, respectively. Its lenders may enforce the security in the event of its failure to service its debt obligations, which could adversely affect its business, financial condition, results of operations and cash flows.

Reliance on government contracts and projects: The company has earned revenue from government and quasi-government clients and private sector clients that assist in the execution of government IT projects. Its revenue, directly or indirectly, from government entities and government projects represented 27.37%, 29.52%, and 34.04% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any changes in government policies or budgetary allocations or its ability to satisfy eligibility and selection criteria in relation to outsourcing of services may adversely affect its business, financial condition, results of operations and cash flows.

Significant dependence on single UAE-based client: Its revenue from its top client in Fiscal 2026, a UAE company, represented 15.93% of its revenue from operations. The war between Israel and the United States on the one hand and Iran on the other has had a material adverse effect on the UAE’s economy. If the war was to continue, it could continue to have a material adverse effect on the UAE’s economy and thereby adversely affect the business, financial condition, results of operations and cash flows of its top client for Fiscal 2026. A material decreases in the revenue it earns from this client would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

ESDS Software Solution is engaged in providing IT enabled services (Infrastructure as a service, software as a service and managed services) and supply of IT enabled products closely connected with the rendering of the IT enabled services. In addition to its standalone operations, the company conducts certain business activities through its subsidiaries, which support its domestic and international expansion strategy. On the concern side, it derived 43.88%, 56.36% and 49.59% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from Infrastructure as a Service (IaaS). If there is any decline in demand for IaaS or it is unable to maintain its existing market share in this sector, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The issue has been offering 1,76,47,058 shares in a price band of Rs 408-429 per equity share. The aggregate size of the offer is around Rs 720.00 crore to Rs 757.06 crore based on lower and upper price band respectively. Minimum application is to be made for 34 shares and in multiples thereon, thereafter. On performance front, its total income increased by 27.62% from Rs 3,766.41 million in Fiscal 2025 to Rs 4,806.52 million in Fiscal 2026. Its profit for the year increased by 117.26% from Rs 556.12 million in Fiscal 2025 to Rs 1,208.23 million in Fiscal 2026.

Meanwhile, it plans to increase such technical collaboration with third parties, including collaborations that allow it to offer complete digital transformation solutions to customers. Additionally, it aims to enhance its ecosystem by expanding its strategic alliances with companies with expertise in robotic process automation, business intelligence, AI/ML and the internet of thing. In addition, it is planning to open two new data centres: one in Kolkata, West Bengal, which it expects to be operational in the third quarter of Fiscal 2027; and one in Sahibabad, Uttar Pradesh, which it expects to be operational in the first quarter of Fiscal 2028.

Complete Sports and Management India

• Complete Sports and Management India is coming out with an initial public offering (IPO) of 55,50,000 shares in a price band of Rs 128 - 135 per equity share.
• The issue will open for subscription on August 28, 2026 and will close on September 01, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Manali Jain.

Profile of the company

Complete Sports and Management India is engaged in the business of sourcing, trading and distribution of a diversified portfolio of amusement and leisure equipment. It also provides installation, commissioning, maintenance and related advisory and consulting services. It operates across the amusement, entertainment and leisure infrastructure value chain and provides solutions to customers for the development and operation of entertainment destinations. 

It procures amusement and entertainment equipment from domestic and international manufacturers and suppliers for distribution and installation in India and overseas. Its customer base includes family entertainment centres (FECs), clubs, hotels, resorts, corporate clients and residential developments. Its product portfolio comprises bowling solutions, arcade games, soft play areas and indoor play structures, trampoline parks, laser tag systems, bumper cars, go-karting systems, debit card and cashless gaming systems, as well as related spares, consumables and accessories. It also provides customised amusement and entertainment solutions based on the specific requirements of its customers, including considerations relating to available space, budget, operational requirements and target demographics. 

The company is the authorised distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia. It entered into a distributorship agreement with Brunswick Bowling & Billiards Corporation for the territory of India on January 1, 2010, pursuant to which it was appointed as its authorised distributor in India. Subsequently, on August 28, 2025, its distributorship was expanded to include the territories of Singapore, Malaysia and Indonesia, further strengthening its presence across South and Southeast Asia. Through this strategic association with Brunswick Bowling products LLC, it provides comprehensive bowling solutions, including design and layout consultation, supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats. Its bowling solutions cater to a diverse customer base, including bowling centres, family entertainment centres, clubs, hotels, shopping malls and integrated leisure and entertainment destinations.

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards the purchase of gaming equipment and other capital equipment, including computers, printers and software, equipment and tools, and CCTV and safety equipment, for its existing warehouse located at Bhiwandi, Maharashtra.
• Funding the capital expenditure requirements of the company towards the setting up of the ‘Duckpin - The Bowling Bistro’ entertainment centre in Mumbai, Maharashtra.
• 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

Indoor Amusement Centers (IACs) are organized, indoor leisure and entertainment facilities designed to offer a wide range of recreational experiences within a controlled and weather-independent environment. Typically located within shopping malls, mixed-use developments, or standalone urban facilities, IACs cater to diverse age groups, including children, teenagers, families, and young adults. Their core objective is to provide safe, immersive, and repeat-visit entertainment, making them an important component of modern urban leisure infrastructure. From a services perspective, Indoor Amusement Centers provide paid entertainment access through multiple formats, such as time-based play passes, pay-per-use rides, memberships, and group packages. Services often extend beyond pure play to include birthday party hosting, school and corporate group bookings, curated food and beverage offerings, and retail or redemption counters. Increasingly, IACs also integrate technology-enabled experiences such as virtual reality (VR), augmented reality (AR), interactive gaming, and digital ticketing systems to enhance customer engagement and operational efficiency. 

The Indian indoor amusement center market has transitioned from a niche entertainment segment to a more organized and scalable leisure industry over recent years. The sector has benefited from increasing formalization of entertainment formats, improved safety and quality standards, and greater participation from organized operators and real estate developers. Indoor amusement centers are increasingly positioned as professionally managed leisure assets with standardized offerings, clearer monetization models, and growing acceptance across urban consumer segments, supporting steady and sustained market expansion. 

The market size increased from Rs 34.8 billion in FY 2021 to Rs 50.9 billion in FY 2025, registering a CAGR of 10.0% over the period. Year-on-year growth remained consistent, with the market expanding to Rs 37.9 billion in FY 2022, Rs 41.3 billion in FY 2023, and Rs 45.0 billion in FY 2024, reflecting a gradual recovery and scale-up phase. The steady progression in market value indicates improving capacity utilization, higher revenue realization per center, and increased rollout of new formats, rather than short-term or volatile growth patterns. The market is projected to grow from Rs 50.9 billion in FY 2025 to Rs 93.7 billion by FY 2030, implying a CAGR of 13.0% over FY 2025-30. Annual market additions are expected to accelerate in absolute terms-from Rs 6.6 billion between FY 2025 and FY 2026 to nearly Rs 10.8 billion between FY 2029 and FY 2030-indicating increasing scale and momentum as the industry matures.

Pros and strengths

Exclusive distributorship for Brunswick Bowling products in India: It is an authorised distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia and Indonesia. It entered into a distributorship agreement with Brunswick Bowling Products LLC on January 1, 2010, pursuant to which it was appointed as its authorised distributor for India. Subsequently, on August 28, 2025, the scope of its distributorship was expanded to include Singapore, Malaysia and Indonesia. This expansion has enabled it to extend its distribution and project execution capabilities across additional markets in South and Southeast Asia. Through its association with Brunswick Bowling Products LLC, it provides comprehensive bowling solutions covering design and layout consultation, equipment supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats.

Comprehensive end-to-end amusement and entertainment solutions platform: It operates as an integrated provider of amusement and leisure solutions, with capabilities spanning multiple stages of an entertainment project, including sourcing, distribution, installation, testing and commissioning, operations management, maintenance and advisory and consulting services. Its business is principally organised across two verticals: i) distribution, supply and installation of amusement and entertainment solutions; and ii) consultancy and management services. Under its distribution, supply and installation vertical, it sources and distributes a diversified portfolio of amusement and entertainment equipment to a range of customers, including club houses, corporate clients, family entertainment centres (FECs), hotels, residential complexes and resorts. Under its consultancy and management services vertical, it provides advisory and consulting services and undertakes management contracts relating to the establishment and operation of entertainment facilities.

Experience across diverse leisure and hospitality segments: It has developed experience in catering to customers across a diversified range of segments within the leisure and hospitality industry, including club houses, corporate clients, family entertainment centres, hotels, residential complexes and resorts. Its experience across these segments has enabled it to develop an understanding of varying customer requirements, operating environments, space configurations, customer profiles and project-specific considerations, which supports its ability to provide solutions aligned with the requirements of different customer segments.

Risks and concerns

Significant revenue derives from Brunswick bowling equipment: It is the exclusive distributor of Brunswick bowling product LLC in certain jurisdictions, and revenues generated from Brunswick bowling equipment accounted for 50.21%, 34.42% and 50.67% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any loss of exclusivity, deterioration in its relationship with Brunswick, or disruption in the supply of Brunswick products could materially and adversely affect its business, financial condition, results of operations and cash flows.

Business substantially dependent on demand from family entertainment centres: Its business is substantially dependent on demand from family entertainment centres, which accounted for 87.47%, 73.77% and 78.70% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and on its ability to maintain long-term relationships with customers in its key end-user segments. Any adverse developments affecting such customer segments or relationships could materially and adversely affect its business, financial condition, results of operations and cash flows.

Complete Sports and Management India is engaged in the business of trading of amusement equipment and services regarding installation, testing & commissioning, operations & maintenance, consulting and technical support. It has established and maintained business relationships with several internationally recognized manufacturers and suppliers of amusement and entertainment equipment, including Brunswick Bowling Products LLC, Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega. These relationships enable it to access a diversified range of amusement and entertainment equipment sourced from manufacturers across multiple jurisdictions. On the concern side, a substantial portion of its revenue from operations is geographically concentrated in Maharashtra, Karnataka and Telangana, which collectively contributed 78.57%, 60.95% and 55.44% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It also derives a portion of its revenue from export sales to a limited number of international jurisdictions. Any adverse developments affecting these geographies could materially and adversely affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 55,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 71.04 crore to Rs 74.93 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 2.91% from Rs 11,034.57 lakh in Fiscal 2025 to Rs 11,356.02 lakh in Fiscal 2026. Profit after tax increased 57.35% from Rs 1,140.94 lakh in Fiscal 2025 to Rs 1,795.32 lakh in Fiscal 2026.

Meanwhile, it has historically been engaged in the distribution, installation, commissioning, maintenance and consultancy of amusement and gaming equipment. As part of its long-term growth strategy and with a view to increasing its participation across the amusement equipment value chain, it proposes to commence the assembly and integration of amusement games at its existing warehouse facility located at E-8, Gala No. 19 & 20, Bhiwandi, Maharashtra. Going forward, strengthening its core distribution and consulting capabilities is a key component of its growth strategy. It intends to deepen its relationships with existing customers and selectively expand the range of products and services offered to them. By leveraging its experience in the amusement and leisure industry, operational capabilities and consulting expertise, it seeks to provide solutions across various stages of the lifecycle of entertainment and leisure facilities, including equipment selection, facility planning, installation, commissioning, operational support and maintenance, as applicable to the requirements of individual projects.

Priority Jewels

• Priority Jewels is coming out with a 100% book building; initial public offering (IPO) of 45,75,000 shares of face value Rs 10 each in a price band Rs 190-200 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 August 28, 2026 and will close on September 1, 2026.
• The shares will be listed on BSE as well as NSE.
• 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 Mefcom Capital Markets.
• Compliance officer for the issue is Aakriti Bhushan. 

Profile of the company

Priority Jewels is engaged in designing, manufacturing and sale of a wide range of light-weight, affordable diamond-studded gold and platinum fine jewellery. It sells directly to independent jewellers and jewellery chains in India as well as select international markets. It supplies its products to jewellery chains, including CaratLane Trading, Kalyan Jewellers India, Reliance Retail, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri and Senco Gold. Its ability to blend craftsmanship with innovation has enabled to establish long-standing relationships with major Indian retail jewellery players, reinforcing its position as a trusted supplier to its customers. Its manufacturing process begins with designing and then involves rapid prototyping, model making, mould making, waxing, casting, sprue grinding, filing, polishing, stone setting, final polishing, rhodium plating, and quality control.

Its portfolio primarily comprises daily wear jewellery, including rings, earrings, pendants, neckwear, bracelets and occasion couture jewellery, all of which are developed using contemporary design approaches and modern manufacturing techniques. It also manufactures lab-grown diamond jewellery based on specific orders received from its customers. Its product portfolio is centred on light-weight, affordable, daily wear pieces that are crafted for a wide audience across the country. By focusing on innovative designs, modern aesthetics and functionality, it uniquely positions its offerings to target growing demand from a diverse consumer base with rising disposable incomes and preferences for designer jewellery that reflect both style and practicality.

Proceed is being used for: 

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

Industry overview

The Indian gems and jewellery industry is a significant pillar of the national economy, contributing around 7% to the country’s GDP and around 15% of total merchandise exports. The sector is expected to grow steadily, driven by domestic consumption and international demand. India is the largest diamond-cutting and polishing hub globally, producing nearly 90% of the world’s polished diamonds by volume. The industry comprises various segments, including gold jewellery, diamond jewellery, coloured gemstones, and diamond studded gold jewellery, with gold jewellery dominating the market. Gold plays a vital cultural and religious role in India, symbolizing prosperity and wealth, and is an essential part of weddings, festivals, and other ceremonies. Geographically, the manufacturing base is concentrated in key states like Maharashtra, Gujarat, and Tamil Nadu.

The Indian Gems and Jewellery industry has historically been highly fragmented, dominated by small, family-owned and unorganised jewellers, particularly in Tier-II, Tier-III cities and rural markets. A large portion of jewellery purchases have traditionally been relationship-driven, with consumers preferring trusted local jewellers for customised designs, credit flexibility, and assured purity. Industry estimates suggest that the unorganised segment accounted for nearly 70–75% of the market a decade ago, though its share has been gradually declining. In CY25, the domestic gems and jewellery industry have reached at around Rs 9,998.17 billion, with a CAGR of 11.21% during CY20–CY25. Further, the gems and jewellery market is expected to grow at a CAGR of 12.82% between CY25 and CY30P. The long-term demand prospects for the sector are supported by a growing working population, higher disposable income, easier access to credit, and improved living standards.

The Government of India, along with all the stakeholders of the Gems and Jewellery sector, are well committed to aggressively promoting exports, identifying challenges, and addressing them with necessary interventions, assisting exporters, especially SME units and exploring new markets while consolidating existing ones. With rapid growth prospects, the government of India has also declared the Gems and Jewellery sector as one of the focus areas for export promotion. With such continuous government support, the superior quality of Indian manufacturers has enabled the Indian gems & jewellery trade market to penetrate markets like the USA, UAE, Hong Kong, Israel, Switzerland and Belgium. The UAE market is the largest destination for Indian gems and jewellery exports, accounting for a 31% share of India’s exports in FY26.

Pros and strengths 

Diversified product portfolio supported by design capabilities and customer-centric approach: The company offers a broad and evolving range of jewellery products within the aspirational yet affordable segment, including rings, earrings, pendants, neckwear, bracelets, and traditional pieces such as mangalsutras. Its product portfolio is designed to cater to a wide spectrum of customer preferences, price points, and usage occasions, encompassing both contemporary and traditional styles suitable for daily wear. Its product development is supported by its in-house design capabilities. Its design team develops new products and helps differentiate its offerings. By working closely with clients, it develops bespoke products using its in-house design capabilities to meet their unique requirements. Its understanding of customer preferences is based on ongoing market research and insights into evolving lifestyle trends. This enables it to develop and introduce jewellery that appeals to a broad consumer base, including those whose preferences are driven by design value over metal value, across different age groups and geographies, particularly in urban and semi-urban markets.

Integrated manufacturing facilities and established operational systems: The company operates integrated manufacturing facilities strategically located in MIDC and SEEPZ, Mumbai. The MIDC facility, established in 2008, spans 19,008.79 square feet and incorporates advanced casting and CAD/CAM technology, including 3D printing capabilities for direct casting wax patterns and 3D models. This technological edge reduces production timelines by bypassing traditional mold-making steps. To meet increasing overseas demand, it established a second manufacturing unit in 2012 at Gems & Jewellery Complex-I, SEEPZ SEZ, Andheri East, Mumbai, spanning 6,821.84 square feet. As of June 30, 2026, its operations are supported by 211 permanent and 245 contractual employees. its integrated manufacturing facilities enable to control costs, maintain quality control, and improve its profit margins.

Longstanding relationships with customers: Its longstanding customer base is a key competitive strength, built over decades of consistent service delivery and value creation. The company has established relationships with a diverse group of customers who have repeatedly chosen its products, with it consistently receiving orders from some of its customers on a year-on-year basis. These relationships have been built through its service commitments, product quality and responsiveness to evolving customer needs. Some of its relationships with its longstanding customers extend to around 8-16 years. Its customer relationships provide a stable recurring revenue stream and offer valuable insights into evolving market needs, allowing it to continually refine its offerings. These relationships also contribute to high customer retention, underscore its ability to maintain strong relationships and create barriers to entry for competitors, thereby strengthening its position in the industry.

Strong presence across domestic and international markets: Its geographical customer distribution as of June 30, 2026, spans India and key global markets. Its customers are located in markets across 18 states and 3 union territories in India and 8 countries outside India. It has established a presence across both domestic and international markets, reflecting its understanding of diverse customer needs and global industry dynamics. As of June 30, 2026, its geographical revenue distribution spans India and key global markets, mitigating its reliance on any single geography and providing it with market insights. Its diversified geographical presence positions to capture emerging opportunities, reduce market concentration risk, and ensure stable revenue streams.

Risks and concerns

Dependence on limited number of key customers: A substantial portion of its operating revenue is derived from a top ten customers in the gems and jewellery industry. The company’s top 10 customers contributed 53.19%, 47.92%, 52.95%, and 57.72% of its revenue from operations for the three months ended June 30, 2026, Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. There can be no assurance that it will continue to derive significant revenue from these customers. The loss or reduction of sales to any of its key customers, whether due to the termination or non-renewal of contracts, inability to negotiate acceptable renewal terms, loss of market share of these customers, changes in product quality specifications, technological advancements, disputes, mergers or decline in their sales, reduced or delayed customer orders, store closures, labour strikes, or other work stoppages, could materially and adversely affect its business, operating results, financial condition, and cash flows.

Volatility in raw material prices and availability: The company relies on the timely procurement of raw materials, including gold, diamonds, platinum, and precious or semi precious stones, to manufacture its jewellery products. The non-availability or high cost of gold, diamonds, precious and semi-precious metals and stones may have an adverse effect on its business, results of operations, financial condition and prospects. The cost of raw materials and components consumed as a percentage of its total expenses, for the three months ended June 30, 2026 and Fiscals 2026, 2025, and 2024 was 108.13%, 92.53%, 85.41%, and 86.37% respectively. Further, it does not have long term agreements for supply of its raw materials. Any disruption in the timely procurement of these materials from its existing vendors, or a failure to source suitable alternatives on acceptable terms, could adversely impact its production schedules, increase its costs, and materially affect its business and financial condition.

High dependence on export sales: A significant portion of its revenue is derived from export sales, which exposes its business to risks inherent in international markets. For the three months ended June 30, 2026 and Fiscals 2026, 2025, and 2024, export sales accounted for 49.56%,49.13%, 36.41%, and 42.33%, respectively of its revenues. Its export sales are subject to adverse developments in the international markets where it supplies its products - including vulnerability to changes in laws, policies and regulatory changes, economic slowdowns, political environment, currency fluctuations, and geopolitical instability - that could reduce demand for its products and disrupt its supply chains. Additionally, compliance with export norms, and customs-related uncertainties could adversely affect its financial condition and results of operations.

Geographic concentration: The company is significantly dependent on its customers located in Maharashtra. For the three months ended June 30, 2026 and Fiscals 2026, 2025, and 2024, it derived 58.19%, 69.13%, 74.48%, and 70.73%, of its total domestic revenue from sales in Maharashtra. Due to a significant concentration of its revenues in Maharashtra, it is highly impacted by risks specific to geographies/regions in Maharashtra, such as civil unrest as well as other adverse social, economic and political events in these regions, natural disasters, regional conflicts, and other unforeseen events and circumstances. If any of these risks materialise or if there is a significant downturn in these states, its results of operations and future profitability could be adversely impacted.

Outlook

Priority Jewels is primarily into manufacturing diamond studded jewellery with manufacturing set up in Mumbai. The jewellery is marketed all across India and in the Middle East Countries as well as Western Countries. Its portfolio primarily comprises daily wear jewellery, including rings, earrings, pendants, neckwear, bracelets and occasion couture jewellery, all of which are developed using contemporary design approaches and modern manufacturing techniques. On the concern side, it purchased 59.40% of its total raw materials and other components from its top 10 suppliers for the three months ended June 30, 2026 of which, its top 3 suppliers contributed towards 34.85%, and its top 5 suppliers contributed 43.44%, of its total purchases of raw materials and other components. A continued dependence on a concentrated supplier base may adversely affect its ability to manage its supply chain efficiently and could have a material adverse effect on its business, results of operations, cash flows, and financial condition.

The issue has been offering 45,75,000 shares in a price band of Rs 190-200 per equity share. The aggregate size of the offer is around Rs 86.92 crore to Rs 91.50 crore based on lower and upper price band respectively. Minimum application is to be made for 75 shares and in multiples thereon, thereafter. On performance front, Total revenue increased by 23.67%, rising from Rs 4,358.65 million in Fiscal 2025 to Rs 5,390.26 million in Fiscal 2026. Its profit after tax rose by 67.88%, from Rs 105.12 million in Fiscal 2025 to Rs 176.48 million in Fiscal 2026. 

Meanwhile, its strategy is focused on reinforcing existing customer relationships. It plans to increase recurring sales and scale its business engagements with current clients, while actively diversifying its client base by targeting untapped domestic and international markets. To support this objective, it is leveraging its design capabilities and market intelligence to ensure that its product offerings remain aligned with evolving customer preferences and industry trends. For example, during Fiscal 2025, it successfully added 5 new corporate clients, demonstrating its capacity to attract new business. To mitigate dependency on a limited number of clients, it aims to expand its customer base by increasing its participation in premier jewellery exhibitions, including IIJS Signature and IIJS Premier, and attending international trade shows to identify emerging trends and foster business relationships. These initiatives are intended to improve customer retention, support revenue growth, and strengthen its position in the market.

Kwick Forensic Solutions

• Kwick Forensic Solutions is coming out with an initial public offering (IPO) of 56,41,600 shares in a price band of Rs 85 - 90 per equity share.
• The issue will open for subscription on August 27, 2026 and will close on August 31, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.50 times of its face value on the lower side and 9.00 times on the higher side.
• Book running lead manager to the issue is Corporate Capitalventures.
• Compliance officer for the issue is Selvakumar Krithika.

Profile of the company

Kwick Forensic Solutions provides end-to-end products, solutions, tools and technologies for forensic sciences, fingerprint science, cyber/digital forensics, social-media analytics and big-data analytics, with a focus on Total Evidence Management and Law-Enforcement solutions across India. The company supplies crime scene investigation products and solutions, conducts product demonstrations and awareness programmes on evidence-management best practices, and maintains a sales and marketing presence across major states in India, serves a mix of Government and private sector customers including police departments, forensic laboratories, fingerprint bureaus and training institutes and other customers nationwide.

It is a quality-focused company and maintains standards from procurement to delivery. For forensic products sourced from OEMs, the R&D team reviews client requirements, follows SOPs, and checks all materials received. In the case of Mobile CSI Vehicles (MCSIV), the operations team supervises fabrication and kit installation. For handheld devices developed and assembled by it the R&D team conducts necessary tests i.e Visual Inspection, Functional Testing and Performance testing to ensure performance and compliance. 

Both R&D and Operations teams work together to ensure adherence to its quality management systems as well as statutory and regulatory requirements. Quality has always been a core focus area for the management, as evidenced by its multiple internationally recognized certifications and accreditations. The company holds ISO 9001:2015 (Quality Management Systems), ISO 14001:2015 (Environmental Management Systems), ISO/IEC 20000-1:2018 (IT Service Management), and ISO/IEC 27001:2022 (Information Security Management Systems) certifications, and is registered with MSME (Micro, Small and Medium Enterprises), DSIR (Department of Scientific and Industrial Research), and NSIC (National Small Industries Corporation).

Proceed is being used for:

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

Industry overview

The crime scene investigation (CSI) landscape in India is evolving with increasing collaboration between traditional law enforcement agencies and modern forensic institutions. State police forces remain the primary first responders, responsible for securing and documenting crime scenes. However, the competitive dynamic is shaped by the growing involvement of specialized investigative wings such as the Central Bureau of Investigation (CBI) and state-level Criminal Investigation Departments (CIDs), which bring advanced protocols and investigative frameworks. This shift has created a layered ecosystem where local police focus on primary evidence handling, while specialized units ensure adherence to national and international standards. In the forensic investigation landscape, competition arises from the network of state and central Forensic Science Laboratories (FSLs), which vary in their infrastructure and capacity. Central bodies like the Central Forensic Science Laboratory (CFSL) under the Directorate of Forensic Science Services (DFSS) are positioned as benchmarks of quality and technical expertise, while state FSLs often grapple with resource and manpower limitations. The resulting disparity has spurred demand for efficiency and innovation, creating an environment where better-equipped laboratories set competitive standards that others must align with to maintain credibility. 

Alongside government institutions, private forensic consultancies and accredited laboratories are steadily gaining traction in India. These entities compete by offering faster turnaround times, specialized expertise in niche areas such as digital forensics or DNA profiling, and customized services for both legal and corporate investigations. Their presence challenges traditional state-led systems by providing alternative, often more agile, solutions to evidence analysis. However, they also face scrutiny regarding admissibility of evidence in court and compliance with regulatory frameworks, which places them in a competitive balancing act against public institutions. 

The technology landscape further adds to the competitive equation. Adoption of advanced techniques such as 3D crime scene reconstruction, AI-driven facial recognition, and biometric verification is reshaping how evidence is processed and interpreted. Multinational technology providers, domestic startups, and public research institutions are competing to supply tools and platforms that enhance investigative capabilities. This competition is driving innovation, reducing dependency on manual processes, and fostering a more technologically integrated crime and forensic investigation ecosystem in India.

Pros and strengths

Tie-ups and strategic relationship with the global leaders: Over the years, it has established strong standing long relationships with several leading OEMs including Sirchie (USA), Thermo Fisher Scientific, Invitrogen, Rapiscan Systems, Smallpond, MHC Hardware Software Trading LLC, Seratec and others. It typically engages with these suppliers on a deal-to-deal basis, ensuring flexibility and responsiveness to market opportunities. In addition, it is dealing with OEM through the long-term non-exclusive distribution agreement or through Purchase orders with OEM’s for the supply of their products, further strengthening its position in the market. These collaborations empower it to secure superior-quality equipment’s and components at scale, enabling not only substantial cost savings but also ensuring a consistent and reliable supply chain. By aligning itself with reputable OEMs, it defenses its position in the market, elevating its capacity to deliver excellent products with efficiency. This strategic synergy with OEMs not only strengthens its procurement capabilities but also enhances its overall competitiveness in the industry.

Quality assurance and quality certification: It is a quality-focused company and maintains standards from procurement to delivery. For forensic products sourced from OEMs, its R&D/technical team reviews client requirements, follows documented SOPs, and conducts incoming inspections to confirm that materials conform to agreed specifications. For Mobile CSI Vehicles, its operations team supervises fabrication, electrical/IT integration, and installation of scientific kits, followed by pre-dispatch checks and client acceptance procedures. For its in-house handheld devices, Chamber & Cabinet, the R&D team conducts defined qualification/validation tests - such as Visual Inspection, Functional Testing and Performance testing prior to release to ensure performance and compliance. Both R&D and Operations teams work together to ensure adherence to its quality management systems as well as statutory and regulatory requirements. Quality has always been a core focus area for the management, as evidenced by its multiple internationally recognized certifications and accreditations. The company holds ISO 9001:2015, ISO 14001:2015, ISO 200001:2018, ISO 27001:2022 certifications, and is registered with MSME, DSIR, and NSIC.

Niche market segments: Its business operates in a specialized segment where there are no competitors in a listed space with a similar end-to-end offering. The industries it serves primarily include government departments, authorities, and law enforcement agencies. Over the decades, it has cultivated strong, long-term relationships within these sectors, earning a reputation as a trusted supplier. This established trust and past experience of serving the industry from a decade make it preferable choice for the projects, creating significant barriers to entry for new competitors.

Risks and concerns

Significant revenue concentration in Bihar and Gujarat: Its products and services across the four business segments are significantly concentrated in specific geographic markets, primarily the states of Bihar and Gujarat. In Fiscal Years 2026, 2025 and 2024, its revenue contribution from Bihar was 9.02%, 21.80% and 34.53%, respectively, and from Gujarat was 29.39%, 20.07% and 22.77%, respectively, of its total revenue from operations. Any adverse developments in these regions may materially impact its business, financial condition, results of operations, and cash flows.

Risk of technological obsolescence and changing customer requirements: Its business model requires it to consistently innovate, develop, and enhance its products and services to meet evolving customer requirements, technological advancements, and industry standards. The forensic technology and solutions sector is dynamic, where customer expectations are continually changing, and rapid product obsolescence is a possibility. Any inability to anticipate market trends, allocate sufficient resources for research and development, or successfully introduce upgraded products may limit its ability to compete effectively. Further, if its newly developed or enhanced products fail to achieve customer acceptance, or if there are delays, defects, or deficiencies in product performance, it may adversely affect its brand reputation, customer relationships, and revenue generation. 

Revenue reliance on government entities: The company derives 55.22%, 78.91% and 86.98%, in FY 2026, 2025 and 2024 revenue from business transactions with government entities or agencies. Any change in the governments in the markets in which it operates, change in policies and/or its inability to recover payments therefrom in a timely manner or at all, would adversely affect its operations and revenues which in turn would adversely affect its profitability.

Outlook

Kwick Forensic Solutions is primarily engaged pan India in Business of modernization of Police Departments involved in crime scene investigations and specialises in evidence identification, collection, digitization using scientific kits and user-friendly handheld devices. Its understanding of client requirements, combined with its technical knowledge and experience of project execution, reinforces its competitive advantage. By consistently delivering tailored solutions and maintaining proactive engagement, it continues to strengthen its position in this niche market, ensuring sustainable growth and long-term client loyalty. On the concern side, its purchases of goods represented 85.01%, 81.75%, and 54.76% of its total expenditure and represented 70.44%, 67.72%, and 48.03% of its revenue from operations in Financial Years 2025-2026, 2024-25 and 2023-24, respectively. Any adverse change in the supply availability or pricing of goods procured by it may negatively impact its business, results of operations, cash flows, and financial condition.

The company is coming out with a maiden IPO of 56,41,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 85-90 per equity share. The aggregate size of the offer is around Rs 47.95 crore to Rs 50.77 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 62.57% from Rs 6,502.69 lakh in Fiscal 2025 to Rs 10,571.28 lakh in Fiscal 2026. Profit after tax increased 57.81% from Rs 855.94 lakh in Fiscal 2025 to Rs 1,350.77 lakh in Fiscal 2026.

Meanwhile, a significant portion of its revenue has historically been derived from the states of Bihar and Gujarat. It has been actively working towards reducing this concentration risk by expanding its presence across other regions of India. It is actively mitigating this concentration risk by expanding into other regions through on-ground workshops and training programs and targeted business development. Going forward, in addition to its efforts in hardware development, it is actively taking steps in software innovation aligned with the requirements of BNSS 2024 and other laws. From the start of F.Y 2025-26, its dedicated R&D team are developing a range of software solutions - ‘E-Forensics’, each designed with specific functionalities to support law enforcement and forensic departments. These software tools are tailored to assist police officers and forensic professionals in evidence collection, as well as in training methodologies for accurate and efficient evidence-gathering techniques.

Lumino Industries

• Lumino Industries is coming out with a 100% book building; initial public offering (IPO) of 8,97,43,588 shares of face value Rs 5 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 August 27, 2026 and will close on August 31, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 15.60 times of its face value on the lower side and 16.40 times on the higher side.
• Book running lead managers to the issue are Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital.
• Compliance officer for the issue is Vivek Jain. 

Profile of the company

Lumino Industries is a product-driven integrated engineering, procurement and construction (EPC) player in India, with strong focus on manufacturing and supplying conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India. The company is also manufacturing high-temperature low-sag (HTLS) conductors used in distribution and transmission lines in India. By leveraging its experience of more than three decades in the power transmission and distribution industry, it has developed a product driven business model focused on designing, engineering, manufacturing and distributing specialised products used in a wide range of power transmission and distribution, industrial applications, electrical wiring, renewable energy projects, communication systems, electrical panels and railway networks applications.

The company supplies conductors, power cables and other specialised products to large EPC players. The company also cater its products to international clients, which include government owned and controlled electricity companies, public enterprises and electricity boards, in countries such as United States of America, Mali, Burkina Faso, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. Further, in line with its product-driven strategy and integrated operations, it also supplies products for captive consumption in the EPC projects executed by the company.

Its integrated operations ensure captive consumption of a portion of its specialised products and reduces external dependence, driving consistency in demand and enhancing revenue stability. The captive consumption of its products helps it in ensuring stable and predictable sales, while also streamlining production planning and reducing inventory risks. Similarly, by manufacturing critical products and components in-house, it has developed a reliable and uninterrupted supply chain for its EPC projects, reducing dependency on external vendors and mitigating risks associated with procurement delays or price volatility. The integrated operations enhance its project execution capabilities by allowing it to meet product specifications, while deriving cost efficiencies through economies of scale. Its distinct product driven business model improves its bidding capabilities for EPC projects (by minimizing external costs and maximizing operational flexibility) and enables it to improve its receivable cycle and overall profitability.

Proceed is being used for: 

• Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company
• Capital expenditure by the company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility 
• General corporate purposes

Industry overview

Electrical wires and cables are essential components used for transmitting electricity, data, or signals. While a wire typically consists of a single conductor, a cable is an assembly of one or more conductors, often insulated and bundled together. There are various types and varieties of cables, each designed to perform a specific function. Classification is based on the core structure of the conductor metal (majorly copper and aluminium), number of cores, type of insulation material and arrangement, etc.

In FY26, cables and wire market was valued at around Rs 1,618 billion, up from Rs 787 billion in FY20, registering a CAGR of 13%. This notable surge can be primarily attributed to a remarkable growth of High Voltage (HV) & Extra-High Voltage (EHV)- 33 kV and above cables and Elastomeric Cables also known as rubber cables, are a type of electrical cable that uses an elastomer (a flexible, rubber-like material) for insulation and/or sheathing, which have registered exponential growth on the back of increased expansion of transmission lines and electrification initiatives in rural areas. Other cable categories contributing substantially to the accelerated market growth include PVC Control Cables & Instrumentation, and building, driven by pickup in construction activities in both commercial and residential sectors. Additionally, the expansion is also driven by higher production volumes and elevated realizations due to rising commodity prices. 

Looking ahead, the wires and cables market to grow at a CAGR of 13-14% between FY26 and FY31, reaching Rs 2,980 billion - Rs 3,120 billion by FY31. This robust growth will be driven by substantial investments in distribution networks under the Revamped Distribution Sector Scheme (RDSS) in the lower voltage segment, as well as investment plans by Central Transmission Utility (CTUIL), the Inter-State Transmission System (ISTS), and the Green Energy Corridor (GEC) in the high voltage segment. Along with this, over long-term investment in building & construction is projected to increase at an average annual rate of 3-5% between fiscal years 2027 and 2031, in line with the growth in residential demand.

Pros and strengths 

Company is a growing player in the power EPC industry: The company is a product-driven integrated EPC player in India, with strong focus on manufacturing and supplying high-quality conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India. It commenced its operations in 1989 as a power conductor and cables manufacturer. In 2007, it identified a strategic opportunity to enhance its value chain through integration and started participation in execution of EPC projects by leveraging its product-driven approach and using the products captively manufactured by the company. This strategic shift has allowed it to leverage its manufacturing capabilities more effectively by integrating its manufacturing operations with its EPC business. Its Manufacturing and EPC segments are complimentary to each other, allowing it to bid at more competitive rates and shorten the execution timelines, while providing a market for captive consumption of its in-house manufactured products.

Cost efficient and unique business model with complimentary and integrated business segments: The integration of its Manufacturing and EPC business segments through its product-driven strategy and leveraging the synergy of its business segments is the cornerstone of its success. The integration of its two business segments allows it to streamline processes, reduce costs, and optimize resource utilization, creating a strong competitive advantage. Its product-driven strategy ensures captive consumption of a substantial portion of its specialised products in the EPC projects undertaken by the company, which reduces external dependence, driving consistency in demand and enhancing revenue stability. In Fiscal 2026, 23.08% of the specialised products used in the EPC projects were manufactured by it in-houses. By aligning production output with project requirements, it minimizes excess inventory and optimizes resource utilization, leading to more efficient production cycles and reduced operational costs. This strategic synergy not only improves cost efficiencies but also strengthens supply chain resilience, enabling it to achieve better economies of scale, maximize profitability, and ensure long-term growth.

Well-developed and integrated manufacturing facilities with extensive product range: Its manufacturing facilities are critical to its product-driven business model and enable it to manufacture high-quality products in an efficient manner, which can be used in a captive manner in the EPC projects undertaken by the company. Its manufacturing facilities allow it to maintain and ensure that the specialized products used in the EPC projects executed by it adheres to high quality standards. It operates two manufacturing facilities in India and four warehouses to support its manufacturing facilities. Its manufacturing facilities enables it to manufacture its diversified products efficiently. These facilities are accredited to Indian and international standards, and capable of precision manufacturing its range of products. its products cater across industries and have a wide range of power transmission and distribution, industrial applications, electrical wiring, renewable projects, communication systems, electrical panels and railway networks applications. Apart from power generation, transmission, and distribution industry it also caters to industries like renewable energy, railway electrification, and other infrastructure projects.

Strong strategic alliances and partnerships with prominent international companies: One of its key strengths is its ability to identify, develop and forge strategic alliance and partnership with leading international company. It considers that such alliance and partnership will allow it to leverage the combination of its partners’ technologies with its project management, engineering and construction capabilities as well as its knowledge of the market and customers in order to provide effective solutions for clients. The company has entered into a strategic collaboration with CTC Global Corporation (“CTC”) for the manufacture, sale and distribution of aluminium conductor composite core (“ACCC”) conductors. This strategic collaboration enhances its product portfolio and enables it to cater to the evolving requirements of the power transmission sector. Additionally, it has entered into a joint venture agreement dated January 27, 2023 with SMC Infrastructure Private Limited, to carry out the water EPC related projects including engineering and/or contract works jointly in the name of Lumino SMC JV.

Risks and concerns

Significant dependence on top ten customers, primarily government authorities: The company derives a significant portion of its Revenue from Operations from its top ten customers which are state and central government authorities and thus it is majorly dependent on these state and central government authorities. Revenue from its top 10 customers comprise a significant portion of its Revenue from Operations (46.52% for the Fiscal 2026, 80.33% for the Fiscal 2025 and 90.78% for the Fiscal 2024). It cannot assure that it will be able to maintain or increase business from these customers. While it has not faced any instances of complaints or cancellation/termination of contracts from its top 10 customers during the Fiscals 2026, 2025 and 2024, any such cancellation/termination or failure by the company to retain these top 10 customers in the future may have an adverse effect on its business, results of operations, financial condition and cash flows. In addition, any factors or events which adversely affect the business or operations of its key customers could in turn adversely affect its business, if its sale of products to these customers decrease.

Revenue concentration in Cables and Conductors business: The sale of cables and conductors manufactured by the company contributes a significant portion to its Revenue from Operations. For the Fiscals 2026, 2025, and 2024, respectively, its Revenue from Operations from the Manufacturing segment (i.e. revenue from sale of conductors and cables) has contributed to 69.74%, 64.96% and 65.60% of its Revenue from Operations. Any adverse development in its performance in the manufacturing business could have an adverse effect on its business, cash flows, results of operation and financial position.

Reliance on key suppliers for raw material requirements: The company relies on a limited number of parties for the supply of its raw material. Its top 10 suppliers contributed to 87.50%, 87.86%, and 85.67% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. If one or more of its suppliers ceases supply to the company for reasons including due to commercial disagreements, insolvency of the supplier or supply chain issues, it may be unable to source its raw materials from alternative suppliers on similar commercial terms or within a reasonable timeframe. This may adversely impact its production and eventually its business, results of operations, financial conditions and cash flows. In such a scenario, it may also breach contractual terms of delivery and installation which it has entered into with its customers, which may have an adverse impact on its results of operations, financial conditions and cash flows.

Geographical concentration of manufacturing facilities and warehouses: The company has two operational manufacturing facilities and four warehouses, all situated in Howrah, West Bengal. The concentration of its manufacturing facilities and warehouses in West Bengal exposes it to risks and adverse events specific to the state. These regional risks include disruptions to infrastructure, natural disasters, workforce disruptions, changes in general economic conditions, civil unrest, the regulatory environment, and local government policies, amongst others. Any such disruptions in the future could adversely affect its business, results of operations, financial condition, and cash flows.

Outlook

Lumino Industries is engaged in the manufacturing and selling of cables and conductors. The company is also manufacturing HTLS conductors used in distribution and transmission lines in India. The company supplies conductors, power cables and other specialised products to large EPC players. On the concern side, it faces competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect its business, financial condition and results of operations.

The issue has been offering 8,97,43,588 shares in a price band of Rs 78-82 per equity share. The aggregate size of the offer is around Rs 700.00 crore to Rs 735.90 crore based on lower and upper price band respectively. Minimum application is to be made for 182 shares and in multiples thereon, thereafter. On performance front, its total income increased by 7.33%, from Rs 19,466.81 million for Fiscal 2025 to Rs 20,893.13 million for Fiscal 2026. Its restated profit for the year increased by 28.42% from Rs 1,245.86 million for Fiscal 2025 to Rs 1,599.99 million for Fiscal 2026.

Meanwhile, its strategic move to expand its business scope and as well provide it a platform to directly supply and implement its in-house manufactured conductors has allowed it to participate in large electrification projects. The electrification projects have proved to be a high-margin business model and further enabled it to capture more value by offering end-to-end solutions. This strategic shift has strengthened its market presence, diversified its revenue streams, and increased profitability by ensuring a consistent demand for its products and also helping it to participate in the growing infrastructure and energy sectors. The company aims to enhance its value proposition to its customers by expanding its product portfolio and introducing new product lines through product development and innovation. Further, it intends to expand its production capabilities for helping it to deepen its pan-India and global presence. Its new under-construction manufacturing facility located in Ranihati, Howrah, West Bengal, will help it in expanding its product portfolio and further strengthen its manufacturing capabilities by manufacture of wide range of cables and conductors.

Sumax Engineering

• Sumax Engineering is coming out with an initial public offering (IPO) of 52,87,200 shares in a price band of Rs 95 - 101 per equity share.
• The issue will open for subscription on August 25, 2026 and will close on August 28, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 10.10 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Prateek Nahata.

Profile of the company

Sumax Engineering is engaged in both the manufacturing and trading of a diverse range of products tailored for the Automotive OEM (Original Equipment Manufacturer) Market and Auto Refinish Market. Its manufacturing division specializes in producing high-quality adhesive tapes and die-cuts, rubbing and polishing compounds, buffing pads, reflective tapes and printing solutions, domes and graphics, as well as an extensive range of car care products. These offerings are designed to meet industry standards and provide reliable solutions for automotive applications.

In addition to manufacturing, its trading segment supplies a variety of essential products, including electrical and pneumatic tools, abrasive sheets, discs, and rolls, body shop consumables, retail products and accessories, and aerosol products. Through its all-inclusive portfolio, it aims to deliver innovative and high-performance solutions that cater to the evolving demands of both automotive manufacturers and the aftermarket industry. Further, it has ventured into a new product, namely Paint Protection Film (PPF), a transparent thermoplastic polyurethane film applied to the painted surfaces of vehicles. PPF is designed to protect the vehicle’s paint from stone chips, scratches, stains, minor abrasions and exposure to environmental elements, thereby helping maintain the vehicle’s exterior paint protection and surface finish. 

Its products adhere to both national and international quality standards and are widely used in the automotive industry and commercial applications. It offers customization options to meet the diverse requirements of its clients. Its manufacturing processes comply with ISO 9001:2015 and IATF 16949:2016 certifications, ensuring the highest quality, safety, and environmental standards. By utilizing premium-grade raw materials, it maintains consistency and reliability in its products. Each product undergoes a rigorous quality control and testing process before reaching the market, guaranteeing superior performance and compliance with industry standards. 

Proceed is being used for:

• Funding of capital expenditure towards construction of proposed manufacturing unit I at Plot No-E-185, RIICO IND Area Karoli Teh Tapukara, Rajasthan.
• Funding of capital expenditure towards construction of proposed manufacturing unit II at Plot No. P 32 Street No. B, Sector 11, Model Economic Township, Village - Nimana, Tehsil Badli, District - Jhajjar, State Haryana.
• Funding working capital requirements of the company.
• General corporate purposes.

Industry overview

India has become the fastest-growing economy in the world in recent years. This fast growth, coupled with rising incomes, a boost in infrastructure spending and increased manufacturing incentives, has accelerated the automobile industry. The two-wheeler segment, driven largely by the expanding middle class, continues to dominate the market, with sales reaching 19.6 million units in FY25. This surge in demand has also encouraged the expansion of original equipment and auto component manufacturers, helping India build strong expertise in this space and enhancing global demand for Indian vehicles and components. The industry is now witnessing a shift towards electrification, though internal combustion engine (ICE) vehicles continue to dominate. The auto component industry has become a vital segment of the economy, spanning large corporations to micro enterprises across manufacturing clusters nationwide. It accounted for 2.3% of India’s GDP in FY25 and provided direct employment to over 1.5 million people, a figure expected to rise as the sector’s GDP contribution reaches 5-7% by 2026. India’s auto-component industry is poised to reach $200 billion by 2030, supported by its cost competitiveness, skilled workforce, and growing domestic demand.

The sector is projected to achieve exports worth Rs 8,54,700 crore ($100 billion) by 2030, underscoring its global competitiveness. In FY25, exports stood at Rs 1,95,726 crore ($22.9 billion). North America remained the largest export destination with a 32% share, recording 8.4% growth, while Europe, with a 29.5% share, registered a 2.1% decline. Asia accounted for 26% of exports and witnessed robust growth of 15.1%. The key export items included drive transmission and steering, engine components, body and chassis parts, suspension systems, and braking components. India's auto component exports are projected to reach $70-100 billion by FY30, driven by rising demand for electric vehicle (EV) technologies and global supply chain diversification. Indian SMEs could capture $20-30 billion of this opportunity by leveraging cost advantages and high-quality standards.

India’s auto components industry has significantly expanded its market share, driven by rising automobile demand from the growing middle class and strong global exports. The sector has attracted both Indian and international players and is broadly classified into organised and unorganised segments. While the unorganised sector primarily caters to the aftermarket with low-value items, the organised sector focuses on supplying high-value precision instruments to Original Equipment Manufacturers (OEMs). India’s automobile production further highlights the scale of demand that supports the component industry. In FY26 (April-September), domestic sales stood at 1,02,36,639 units for two-wheelers, 20,51,082 units for passenger vehicles, 4,63,502 units for commercial vehicles, and 3,94,450 units for three-wheelers. In FY26 (April-September), the total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle was 1,65,34,997 units. In FY25, domestic OEM supplies accounted for about 54% of the industry’s turnover, followed by the domestic aftermarket at around 10% and exports at 19%. Supplies to OEMs stood at Rs 5,70,000 crore ($66.69 billion), reflecting a 10% YoY growth, while the aftermarket segment was valued at Rs 99,948 crore ($11.6 billion), recording a 6% increase over FY24. India's Automotive Mission Plan 2047 aims to boost vehicle production to 50 million by 2030 and 200 million by 2047, positioning India among the top two global auto producers. It prioritizes sustainable vehicle production with hydrogen, electric, CNG, and biogas, while not curbing petrol or diesel vehicles immediately.

Pros and strengths

Comprehensive product range: Its product portfolio has evolved in recent years as it has diversified into new categories of products to support its diverse base of customers. Its portfolio now encompasses a broad spectrum of industrial specialty adhesive tapes, it creates a range of tapes such as Automotive Masking Tape, PVC Fine Line Tape, Acrylic Foam Tape, Duct Tape, and more, designed to withstand tough conditions and help to streamline production. Rubbing and Polishing Compounds are vital for restoring a vehicle's finish. Rubbing Compounds remove deep scratches and imperfections, while Polishing Compounds smooth out fine marks, leaving a glossy, flawless surface. It also specializes in producing products to specific customer requirements and uses, such as rubbing and polishing compounds, car care products, polishing and buffing pads, reflective tapes, and printing domes and graphics. Through the provision of such a wide range of products, it is able to satisfy the diverse needs of various customer segments in sectors like automotive, where accuracy and quality are paramount.

Strong industry relationships: Strong industry relationships are fundamental to the company’s success in supplying automotive OEMs, where the highest standards of quality, precision, and reliability are required. By consistently meeting these demands, it reinforces its reputation for excellence in the automotive sector. Its long-term partnerships with OEMs enhance its credibility and foster trust, enabling close collaboration to address evolving market needs and drive innovation. Its adaptability to emerging technologies, such as electric vehicle components and advanced manufacturing processes, further strengthens these relationships. These collaborations create opportunities for joint ventures, shared research and development, and alignment with OEMs on sustainability initiatives. As a result, it positions itself as a trusted partner, delivering customized solutions with precision and ensuring on-time delivery - critical for the seamless operation of OEM production lines.

Advanced in-house processing facilities focused on cost competitiveness: Its production facilities are equipped with cutting-edge machinery and technology, meeting the highest standards required in the automotive OEM industry. It adheres to rigorous hygiene and safety protocols, ensuring that the integrity of its products is maintained throughout the entire manufacturing process. Its investment in advanced manufacturing capabilities allows it to streamline processes, minimize waste, and enhance resource utilization, driving down operational costs without compromising quality. Furthermore, its in-house teams play a key role in maintaining high efficiency and strict quality control, enabling it to rapidly implement design improvements and optimize manufacturing processes. This flexibility, coupled with its quality management systems, allows it to effectively manage costs while delivering custom solutions tailored to its clients' needs in the automotive sector. By maintaining strict control over product development, quality assurance, and manufacturing costs, it empowers itself to efficiently meet customer demands and maintain competitive advantage in the market. 

Risks and concerns

Exposure to raw material price fluctuations: The prices of its primary raw materials, including those imported for the production of Adhesive Tapes, Polishing and Buffing Pads, Rubbing and Polishing Compounds have been volatile. It sources raw materials such as Jumbo Rolls, Solvents, Skins, Heat Film and Velcro for its manufacturing operations from a combination of domestic and foreign suppliers. The cost of raw material consumed represented 36.57%, 43.26% and 44.29% of its total revenues in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Raw materials used in the manufacturing of Adhesive Tapes, Rubbing and Polishing Compounds, and Buffing Pads are global commodities, and their prices tend to be cyclical, fluctuating in response to global market conditions. Its raw materials are imported from China, Japan, Portugal, Taiwan, United States of America, Spain, Thailand, South Korea, Vietnam, Germany, Malaysia and Turkey. If the costs of these raw materials rise due to factors such as rise in input and commodity prices or shortages in supply, and it is not able to recover these costs through cost saving measures elsewhere or by increasing the prices of its products, its results of operations could be adversely affected. Duty changes (by the Indian government and exporting countries) can result in price fluctuations, and hence volatility in demand. In the event prices for these raw materials subsequently decline there can be no assurance that it will be able to price its products based on the material costs it actually incurred.

High dependence on customers in the automotive industry: It relies heavily on customers in the automotive industry. In the fiscal years 2026, 2025 and 2024 sales of products and services to Automotive Industry suppliers accounted for 100% for each year respectively. A loss of business or a significant reduction in the volume of sales from customers in the automotive industry, if not adequately replaced with new customers or business opportunities, could have a substantial negative effect on its overall business operations, financial condition, and long-term profitability. This could lead to a decline in revenue, reduced market share, and challenges in maintaining a stable financial performance. Its dependence on customers in the automotive industry makes it vulnerable to fluctuations in their performance, both globally and within India. This industry is often directly impacted by changes in general economic conditions and various other factors. Any disruption that alters the way this industry operates could negatively affect some of its customers, particularly if they are unable to adapt to and address these changes effectively.

Substantial portion of revenues derives from key customers: Its key customers operate primarily in the Automotive Industry two-wheeler, passenger vehicle. Its business relies heavily on a few key customers who contribute 55.59%, 46.43% and 43.92% of its total sales in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Its key customers operate primarily in the four-wheeler and two-wheeler vehicle industries. Since it is dependent on certain key customers for a significant portion of its sales, the loss of any of such customers or experience a decrease in demand from them whether due to contract losses, delays in fulfilling existing orders, unsuccessful negotiations, disputes, loss of market share, or a downturn in their business-its operations could be significantly impacted. If not suitably replaced with another customer, such changes could negatively affect its business, financial health, and overall performance.

Outlook

Sumax Engineering is engaged in the manufacturing and trading of a comprehensive range of high-performance automotive solutions, including adhesives, polishing compounds, power tools, and body shop consumables, serving both the Automotive OEM and Auto Refinish markets. It offers tailored product designs, sizes, and providing unmatched flexibility to meet the evolving needs of its clients. This flexibility allows it to develop solutions that seamlessly match its clients' unique requirements, boost product appeal, and meet precise functional needs. On the concern side, the majority of its product sales and services is concentrated in the region of Tamil Nadu and Haryana. For the Fiscal 2026, Fiscal 2025 and Fiscal 2024 its revenue from sale of products and services in Tamil Nadu and Haryana accounted for a total of 48.79%, 47.97% and 48.48% of its revenue from operations, respectively. Any adverse developments affecting its sales in these regions could have an adverse impact on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 52,87,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-101 per equity share. The aggregate size of the offer is around Rs 50.23 crore to Rs 53.40 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 1.07% from Rs 14,612.60 lakh in Fiscal 2025 to Rs 14,769.06 lakh in Fiscal 2026. Profit after tax increased 27.82% from Rs 998.16 lakh in Fiscal 2025 to Rs 1,275.86 lakh in Fiscal 2026.

Meanwhile, it constantly endeavours to improve manufacturing process and will increase manufacturing activities to optimize the utilization of resources. It has invested significant resources and intends to further invest in its activities to develop customized systems and processes to ensure effective management control. It regularly analyses its existing policies for providing its products which enables it to identify the bottlenecks and correct the same. This helps it in improving efficiency and putting resources to optimal use. Going forward, setting up a new manufacturing plants/units is a strategic initiative to enhance production capabilities and address growing market demands. The facility will be outfitted with advanced machinery and cutting-edge technology to enhance production speed, reduce lead times, and improve overall product quality. By adopting lean manufacturing practices and incorporating automation, the plant will optimize efficiency while minimizing waste.

Annu Projects

• Annu Projects is coming out with a 100% book building; initial public offering (IPO) of 1,76,83,000 shares of face value Rs 10 each in a price band Rs 94-99 per equity share. 
• Not more than 10% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 40% of the issue will be available for the non-institutional bidders and the remaining 50% for the retail investors.
• The issue will open for subscription on August 25, 2026 and will close on August 28, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 9.40 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Mefcom Capital Markets.
• Compliance officer for the issue is Charumita Bhutani. 

Profile of the company

The company is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical, gas pipeline vertical and railway signalling vertical. It is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. 

Over the years, it has gained expertise in laying the overhead and underground utilities infrastructure, and have laid (i) more than 26,200 kms of optical fibre cable(s) (OFC(s)) network and maintenance of more than 62,800 km of OFC networks in telecom infrastructure; (ii) more than 298 kms of sewerage pipes, construction and maintenance of sewerage treatment plant, construction of pumping stations, laying of house service connections in the sewerage infrastructure vertical; and (iii) more than 537 kms of MDPE laying of 20 millimeter (mm) to 125 mm diameter, 38,300 number of Galvanized Iron Pipes (GI) for domestic gas connections in the gas pipeline vertical across 4 states in India, namely; Bihar, Uttar Pradesh, Odisha, and Jharkhand. The company currently classify its business primarily under the Telecom Infrastructure, Sewerage Infrastructure, Gas Pipeline, and Railway Signalling verticals.

Its business is complemented by its quality and safety standards and processes, as evidenced by its ISO certifications including ISO 9001:2015 and 45001:2018. It is also committed to ensuring compliance with all applicable health and safety regulations, as well as other statutory and regulatory requirements governing its operations. In line with industry practices, it has implemented technological solutions at its project sites and undertake regular monitoring and close supervision to maintain a safe working environment.

Proceed is being used for: 

• Funding capital expenditure requirements of the company for purchase of machinery or equipment
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The Engineering, Procurement, and Construction (EPC) industry in India is a cornerstone of the nation’s infrastructure development, playing a key role in sectors such as energy, transportation, water management, and industrial projects. The EPC model involves a single entity managing the design, procurement of materials, and construction of a project, delivering a functional facility to the client. This integrated approach ensures efficiency, quality, and accountability. The telecommunications sector plays an important role in the Indian economy as it contributes to the economic growth and GDP and generates revenue for the government. There has been growth in the last few years in the telecom sector on the back of strong consumer demand and supportive policies by the government. For instance, the services of the telecom sector are available to consumers at an affordable rate due to fair competition and a proactive regulatory framework by the government. As of March 2026 India, has the world’s second largest subscriber base of 1.33 billion second to China. It jumped to 45th rank in 2025 from 67th in 2021 in the Network Readiness Index, an index published by Portulans Institute, an independent non-profit research and educational institute based in Washington DC which maps the network readiness landscape of 130 plus economies based on their performance in four areas - Technology, People, Governance, and Impact.

India is the world’s most populous country with 1.46 billion people. Out of this, 63.1% of the population lives in rural areas and 36.9% are connected to the urban centres according to United Nations.  At this current growth rate, the urban population is estimated to reach 951 million by 2050 which will represent 50% of the country’s population will be in urban cities. This unsustainable increase in urban population exerts enormous pressure on city planners, especially for provisioning utility services, particularly water supply, sewerage, storm water drainage and solid waste management.

Natural Gas being a clean energy is used for multiple purposes in India. Natural gas production in FY26 stood at 34,326 MMSCM, indicating a decline of 3.60% from FY25. India's domestic natural gas production reduced due to a considerable decrease in output from production sharing contract/joint venture (PSC/JV) fields. As of YTD27, the natural gas production stood at 5,543 MMSCM.  Companies producing Natural Gas use certain quantity of gas for their own use as internal consumption and the rest of the gas is used as a part of technical requirement. After the usage of Natural Gas for their own requirement and internal consumption, the net production for sale of gas to consuming sectors like power, fertilizer, CGD, refinery, petrochemicals etc. was almost 98.6% of the gross production in the month of May 2026.

Pros and strengths 

Project management with integrated execution capabilities: Its growth is attributable to its business model of careful selection and execution of its projects. This model has facilitated optimum efficiency and improved profitability over the years. It has implemented project management skills for planning, monitoring, and execution, which enhance resource optimization and cost control. Owning and maintaining a modern equipment fleet and use of technology for its projects ensures better control over execution in terms of cost and quality. Its project execution capabilities are further strengthened by its team of experienced personnel, who bring industry-specific expertise and technical proficiency, enabling it to navigate complex project requirements efficiently. Additionally, it has established relationships with local partners and vendors, which provide it with logistical advantages, better access to resources, and deeper market insights.

Strong order book: The company is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. In the industry where it operates, the Order Book is commonly recognized as a vital indicator of future business performance. Alongside maintaining a robust Order Book, it prioritizes securing notable projects that offer the potential for attractive margins or carry considerable prestige, thereby further strengthening its corporate reputation. By broadening both its specialized expertise and its diversified order book across multiple sectors, it is able to target a broader array of lucrative project tenders. This strategic diversification enables it to maximize its overall business volume and significantly enhance its profit margins. Owing to its growing expertise across these infrastructure verticals, supported by a strong Order Book, strengthens its ability to deliver complex projects efficiently and meet the evolving requirements of its customers. As on June 30, 2026, the company has 23 ongoing projects with an aggregate Order Book value of Rs 10,050.55 million. Additionally, the company had an Order Book of Rs 9,386.53 million, Rs 4,796.73 million and Rs 7,077.65 million during Fiscals 2026, 2025, and 2024, respectively with a Book-to-Bill Ratio of 3.89 times, 2.66 times and 4.60 times during the respective periods.

Established expertise in engineering, procurement and commissioning projects with special focus on underground and overhead utilities infrastructure: Leveraging its expertise of over two decades, it has developed project execution proficiency and have diversified revenue generation capabilities from the telecom infrastructure, sewerage infrastructure and gas pipeline verticals. It has been able to achieve this through its engineering capabilities by leveraging its in-house design and engineering team which comprises of qualified engineers and technicians. The company has established capabilities in telecom infrastructure deployment, restoration and network operations across multiple states in India. It has executed OFC network installation works in the high-altitude regions of East Sikkim under the Network for Spectrum (NFS) Project and contributed to the rollout of approximately 6,000 km of OFC network across six geographies. With its experience in managing infrastructure projects, it has developed deep insights into project risks, regulatory requirements, and operational challenges. This expertise enables it to adopt a strategic approach for bidding, ensuring competitive yet viable proposals. Its proficiency in contract management helps it to mitigate potential risks, and its project execution capabilities ensure timely and cost-effective delivery.

Strong and consistent financial performance: Since Fiscal 2024, it has consistent record track of profitability. Its revenue from operations has grown at a CAGR of 25.16% from Rs 1,539.82 million in Fiscal 2024 to Rs 2,412.48 million in Fiscal 2026, demonstrating growth in its financial performance in recent years, and positioning it for future growth and further diversification of its customer base and offerings.

Risks and concerns

Revenue dependency on telecom and sewerage infrastructure verticals: The company derives more than 90.00% of its revenue from operations from its telecom infrastructure and sewerage infrastructure verticals. Its Telecom Infrastructure vertical contributed 41.50%, 33.81%, and 52.78% of its revenue from operations during Fiscals 2026, 2025, and 2024, respectively, while its Sewerage Infrastructure vertical contributed 52.67%, 61.26%, and 38.54%, respectively. Its business is concentrated in telecom infrastructure and sewerage infrastructure verticals and depends on the growth of these sectors and the general economic growth in India. Any slowdown in telecom sector, sewerage sector or decrease in demand of any services provided by the company could materially and adversely impact its business.

Dependence on Government projects may adversely affect business: The company is dependent on and derived 57.09%, 64.99% and 60.88% of its revenue from operations, during Fiscals 2026, 2025 and 2024, respectively, from government sector entities based on competitive bidding that exposes us to risks inherent in doing business with them, which may adversely affect its business, results of operations and financial condition. Also, its business depends on number of projects awarded to the company. In case, it fails to secure awards of new projects, it will impact its business, results of operations and financials.

Reliance on top ten customers: The company is dependent on its top ten customers in respect of its business. Its top 10 customers contributed to 97.96%, 98.25% and 95.90% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. Loss of one or more key customers for any reason, such as failure to submit or win bid for the projects, disputes, changes in policies, failure to tie-up with appropriate bidding partner, customers’ adverse financial changes like bankruptcy, mergers, delayed requirements, or work stoppages, could negatively impact its business, operations, and financial conditions.

Loss of key suppliers could adversely affect business: The company is dependent on its top ten suppliers for supply of materials. Its top 10 suppliers contributed to 67.92%, 69.23%, and 72.48% of its revenue from operations during Fiscals 2026, 2025 and 2024, respectively. The loss of one or more key suppliers for any reason, such as an inability to negotiate acceptable purchase terms, dispute, suppliers’ adverse financial changes like bankruptcy, mergers, declining sales, delayed supplies resulting in work stoppages, could negatively impact its business, operations, and financial conditions.

Outlook

Annu Projects is primarily engaged in the design, development, implementation, Operations and maintenance of infrastructure projects across multiple sectors such as telecom network, sewerage and Gas pipeline infrastructure. It is one of the diversified companies in the EPC sector, involved in fields ranging from fiber optics to sewerage projects and also undertakes gas pipeline projects. On the concern side, its business is relatively concentrated in the States of Bihar, Jharkhand, Goa, West Bengal and Madhya Pradesh which contributed more than 70.00% of its revenue from operations for the Fiscals 2026, 2025 and 2024. Any adverse development in such parts of India may adversely affect its business, results of operations and financial condition.

The issue has been offering 1,76,83,000 shares in a price band of Rs 94-99 per equity share. The aggregate size of the offer is around Rs 166.22 crore to Rs 175.06 crore based on lower and upper price band respectively. Minimum application is to be made for 151 shares and in multiples thereon, thereafter. On performance front, its total income increased by 34.13% to Rs 2,445.87 million in Fiscal 2026 from consolidated amount of Rs 1,823.54 million in Fiscal 2025. The company recorded a profit after tax of Rs 330.27 million for the Fiscal 2026 compared to consolidated amount of Rs 211.04 million in Fiscal 2025.

Meanwhile, the company remains committed to maintaining cost efficiency throughout project execution. Cost management plays a vital role in its project execution strategy. By implementing budgeting, closely monitoring expenditures, and optimizing resource allocation, it ensures that each phase of the project is delivered within budget without compromising on quality. It engages with a diverse and reliable network of vendors, which enables it to flexibly scale its resources based on project requirements and utilize its assets optimally. During project monitoring reviews, it closely tracks their progress and assess overall project budgets to ensure financial discipline and alignment with cost objectives.

Madhur Knit Crafts

• Madhur Knit Crafts is coming out with an initial public offering (IPO) of 53,26,800 shares in a price band of Rs 95 - 100 per equity share.
• The issue will open for subscription on August 24, 2026 and will close on August 27, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 10.00 times on the higher side.
• Book running lead manager to the issue is SKI Capital Services.
• Compliance officer for the issue is Nikita Tayal.

Profile of the company

Madhur Knit Crafts is a Ludhiana-based textile manufacturing company engaged in the production of fabrics and garments, with a primary focus on consumer textile products such as blankets. The company commenced its commercial operations in 2013 and has since evolved into a diversified textile manufacturer with integrated operations across the value chain. 

The company operates a fully integrated yarn-to-cloth manufacturing model, enabling end-to-end value addition from yarn processing to finished products. Its manufacturing facility is equipped with advanced machinery supporting processes such as knitting, dyeing, printing, brushing, and finishing, ensuring consistent product quality and operational efficiency. The infrastructure includes modern systems designed to enhance production capacity while reducing reliance on manual processes. 

Strategically located in Ludhiana, a key textile hub, the company benefits from proximity to raw material suppliers, skilled labor, and established logistics networks, facilitating efficient procurement and distribution. While the company has ventured into technical textiles, including specialized fabric applications, its core revenue continues to be driven by traditional textile products. The company also emphasizes sustainability through initiatives such as an in-house effluent treatment plant for wastewater management, reflecting its commitment to environmentally responsible manufacturing practices.

Proceed is being used for:

• Funding capital expenditure for the purchase of Solar panel. 
• Working capital requirement of the company. 
• Prepayment or repayment of a portion of certain outstanding borrowings availed by the company. 
• General corporate purposes. 
• Issue related expenses.

Industry overview

India’s textile industry is one of the oldest and most diverse sectors of the economy, with a strong presence across the entire value chain, from natural fibres such as cotton, silk, wool, and jute to man-made fibres like polyester and viscose. The industry spans both traditional handloom segments and modern, capital-intensive manufacturing units, with the decentralized power loom and knitting sectors forming a significant portion. Its close linkage to agriculture and rural employment makes it a critical contributor to inclusive economic growth. 

The sector contributes around 2.3% to India’s GDP, 13% to industrial production, and 12% to exports, while directly employing over 45 million people. India is among the leading global textile exporters, with exports of around $34-36 billion annually, and is positioned to expand further with growing demand in both domestic and international markets. The industry is largely MSME-driven, with nearly 80% of capacity spread across small and medium enterprises. 

Growth in the sector is supported by rising disposable incomes, increasing demand for affordable and fashionable apparel, and expanding end-use industries such as housing, healthcare, and hospitality. The domestic textile and apparel market is projected to grow at a CAGR of around 10%, reaching $350 billion by 2030, while global opportunities remain strong. Government initiatives such as 100% FDI under the automatic route, Production Linked Incentive (PLI) schemes, PM MITRA parks, and the National Technical Textiles Mission are driving modernization, investment, and export competitiveness. The technical textiles segment, in particular, is emerging as a key growth area, supported by innovation, policy support, and increasing application across industries. 

Pros and strengths

Vertically integrated manufacturing operations: The company operates a fully integrated manufacturing facility that brings together all major textile processing stages, knitting, dyeing, printing, stentering, brushing, raising, and finishing, within a single production hub. This integrated setup allows the company to manage the manufacturing process in-house, reducing dependency on external vendors, supporting production timelines, and enabling customization for made-to-order and technical textile products. 

Robust supplier and distribution network: It has cultivated a strong supplier base within Ludhiana and other textile-producing states, enabling consistent access to high-quality yarn and greige fabric. On the distribution side, the company maintains a broad B2B network of dealers, wholesalers, and institutional. A limited retail footprint for finished products like blankets further enhances market coverage. This dual-channel structure ensures wide geographical reach and revenue diversification.

Order-based and demand-driven production model: It follows a made-to-order production strategy, wherein manufacturing is initiated only upon receipt of confirmed customer orders. This approach minimizes overproduction and avoids excess inventory, leading to efficient use of raw materials and optimized working capital deployment. The alignment of procurement and production with actual market demand ensures high resource utilization and better financial control, particularly during peak or seasonal cycles.

Risks and concerns

Majority of revenue derives from few customers: A significant portion of its revenue is concentrated among a few customers, with the top 10 customers together contributing 34.14% of total revenue in February 28, 2026, 34.15% in Fiscal 2025, 41.45% in Fiscal 2024, and 48.50% in Fiscal 2023. This customer concentration underscores the importance of maintaining strong relationships with its key clients. Any loss or reduction in business from these customers, or changes in their purchasing patterns, could materially impact its revenue, profitability, and overall financial performance.

Geographical concentration of raw material procurement in Punjab: The company sources a significant portion of its raw materials from the state of Punjab, accounting for 99.26% of total procurement in February 28, 2026, 52.37% in Fiscal 2025, 52.21% in Fiscal 2024, and 64.13% in Fiscal 2023. This high geographical concentration exposes it to risks arising from regional economic, political, or environmental developments. Any adverse events in Punjab, such as supply disruptions, natural disasters, regulatory changes, or logistical challenges, could materially impact the company’s operations, production schedules, and financial performance. The company’s reliance on a single region for a major portion of its raw material requirements increases its vulnerability to such regional risks. 

Geopolitical conflicts and supply chain disruptions: Ongoing geopolitical conflicts and related tensions may adversely affect its business, results of operations and financial condition. Any escalation of such conflicts may lead to an increase in raw material prices, freight costs, insurance costs, fuel costs, power costs and other operating expenses. If input costs increase, it may not be able to pass on such increases to its customers fully or in a timely manner due to competitive pressure, fixed-price orders or weak demand. This may adversely affect its margins and profitability. Further, any disruption in logistics or supply chains may delay procurement of raw materials or delivery of finished products, which could impact its production schedules, customer relationships, working capital requirements, cash flows and overall financial condition.

Outlook

Madhur Knit Crafts is engaged in the business of manufacturing of Blankets, Ready Made Garments and Knitted Cloth. It has strategically invested in state-of-the-art, high-speed textile machinery imported from technologically advanced countries such as Germany, Japan, South Korea, Taiwan, and China. These include circular knitting machines, high-pressure dyeing units, flatbed and rotary printers, stenter machines, and chemical coating units. This equipment supports mass production and the manufacture of textile products for specific performance requirements. On the concern side, it derives the majority of its revenue from the state of Punjab, contributing more than 90% of total revenue over the past three fiscal years. This significant geographical concentration exposes it to risks arising from regional economic conditions, regulatory developments, political events, natural calamities, and other localised disruptions. Any adverse developments in Punjab may materially affect its business, financial condition and operational performance.

The company is coming out with a maiden IPO of 53,26,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-100 per equity share. The aggregate size of the offer is around Rs 50.60 crore to Rs 53.27 crore based on lower and upper price band respectively. On performance front, revenue from operations increased by 58.36% from Rs 10,838.45 lakh in Fiscal 2024 to Rs 17,163.50 lakh in Fiscal 2025. Profit after tax increased over 6-fold or 547.33% from Rs 170.43 lakh in Fiscal 2024 to Rs 1,103.25 lakh in Fiscal 2025.

Meanwhile, it is pursuing expansion into the technical textiles segment, which caters to industrial applications and offers higher margin potential compared to traditional textile products. It aims to serve end-use sectors such as automotive, construction, home improvement, and healthcare, where demand for advanced performance fabrics is growing. Going forward, recognizing the opportunity in global textile demand, the company is strategically focused on reviving and expanding its fabric export operations. It plans to allocate resources toward brand repositioning, export-specific marketing campaigns, and compliance readiness for international buyers.

Hy-Tech Engineers

• Hy-Tech Engineers is coming out with a 100% book building; initial public offering (IPO) of 2,62,89,450 shares of face value Rs 5 each in a price band Rs 50-53 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 August 24, 2026 and will close on August 27, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 10.00 times of its face value on the lower side and 10.60 times on the higher side.
• Book running lead manager to the issue is New Berry Capitals.
• Compliance officer for the issue is Sai Yashwant Ranadive. 

Profile of the company

Hy-Tech Engineers is an engineering company engaged in the design, manufacture and supply of hydraulic fittings catering to diverse industrial applications, with over four decades of operational experience in the hydraulics industry. Its product portfolio comprises standard hydraulic fittings viz. DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings and conversion fittings, as well as fittings customized to customer specifications. Its portfolio consists of more than 11,000 stock keeping units (SKUs) of hydraulic fittings, serving diverse application needs across industries such as construction machinery, automotive, farming machinery, injection moulding machines and hydraulic systems. In addition, it has obtained certifications which enable it to cater to sectors such as railways and defence, thereby expanding its addressable market.

The company operate on a business-to-business (B2B) model across both domestic and international markets. Its sales approach combines direct engagement with original equipment manufacturers (OEMs) and other industrial customers as also through a network of authorized distributors and distribution partners. Direct customer engagement enables it to build long-term relationships and offer tailored solutions aligned with specific industry requirements. The company has supplied to 170 direct customers including OEMs. To complement its direct sales efforts, it leverages a network of distributors and distribution partners in India and overseas, which allows it to expand its reach to a broader customer base. The distributors typically maintain inventory in their territories, promote its products, provide after-sales support, and act as the primary interface for customers. This dual-channel distribution strategy enhances its market penetration and provides it with the opportunity to increase market share for its offerings across a wide range of industrial sectors. The company has also engaged with a non-exclusive distribution partner in Europe who is not directly involved in customer acquisition but primarily provide post-sale services, local coordination and logistics support.

Proceed is being used for: 

• Funding the capital expenditure requirements towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I
• Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The Indian hydraulic fittings market, comprising couplings, adapters, unions, plugs, sleeves and caps, has witnessed steady growth during CY21-CY25, driven by strong recovery in industrial activity following the pandemic, increasing capital expenditure on infrastructure, rising construction and mining equipment sales, higher farm mechanisation and expansion of the domestic manufacturing sector. Government initiatives such as PM Gati Shakti, National Logistics Policy, Make in India and continued investments in roads, railways, mining and urban infrastructure have supported demand for hydraulic equipment and associated fittings.

The consumption of hydraulic fittings in India's construction equipment sector is projected to increase from $116.2 million in CY21 to $300.4 million by CY31, registering a CAGR of 10% during CY21–CY25 and accelerating to 11% during CY26P-CY31P. The higher growth outlook reflects sustained investments in infrastructure, mining and urban development, coupled with increasing mechanisation across the construction industry. Earth Moving Equipment (EME) remains the largest consumer of hydraulic fittings, accounting for nearly 46% of the market by CY31 growing at a CAGR of 9% from CY26, driven by strong demand for excavators, backhoe loaders and wheel loaders. Road Construction Equipment is expected to witness steady growth, supported by continued investments in highways, expressways and rural road connectivity, while Concrete Equipment demand is projected to increase in line with expanding urban infrastructure and housing projects.

Going forward, the market is projected to witness robust growth through CY31, with couplings expected to reach $84.7 million, followed by adapter fittings ($75.3 million) and union fittings ($66.6 million). Growth is expected to be driven by continued public infrastructure spending, increasing mechanisation across agriculture and mining, expansion of domestic capital goods manufacturing, rising industrial automation and growing exports of engineering goods. In addition, the increasing preference for high-pressure, corrosion-resistant and precision-engineered hydraulic fittings to improve equipment reliability, safety and lifecycle performance is expected to support demand across all product categories over the forecast period. Overall, the market is shifting towards precision-engineered, corrosion-resistant and high-pressure hydraulic fittings, driven by increasing OEM requirements for improved durability, operational efficiency and lower maintenance costs.

Pros and strengths 

Integrated operations and product development capabilities: Its product portfolio includes more than 11,000 SKUs, comprising standard hydraulic fittings such as DIN-metric fittings, JIC flared fittings, O-Ring Face Seal (ORFS) fittings, and conversion fittings. It also has the capability to develop application-specific fittings tailored to customer specifications and applicable industry standards, with 880 new SKUs in Fiscal 2026, 1,676 in Fiscal 2025, and 2,206 in Fiscal 2024. This breadth and pace of product development demonstrates both the scale and adaptability of its operations. Its manufacturing operations encompass die-designing, forging, heat treatment, machining, plating and inspection and testing, which are primarily conducted in-house. It has in-house design capabilities that allow it to tailor products to specific customer needs, enabling it to maintain wide product range that caters to both standard and specialized applications. These capabilities enable it to meet the requirements of both large OEMs and small and mid-sized enterprises, including customers served through its distributor network demonstrates the flexibility of its operations and the inclusivity of its customer base across a broad spectrum of industries.

Diversified customer base with wide market reach: Its business model is designed to provide scalability by balancing direct engagement with customers and a distributor network. While direct sales to OEMs and other industrial users allow to customize solutions and build enduring relationships, its distributors also enable access to smaller and mid-sized industrial customers across domestic and overseas markets. It served 170 direct customers in Fiscal 2026, compared to 152 in Fiscal 2025 and 144 in Fiscal 2024, while the number of distributors and distribution partners has grown from 5 in Fiscal 2024 to 7 in Fiscal 2026. This dual channel approach provides access to diverse customer segments and reduces dependence on any single sales channel or industry vertical.

Established global presence with access to growing international markets: As of March 31, 2026, its operations span both domestic and international markets, supported by a product portfolio of over 11,000 SKUs. During the last three Fiscals, it has exported hydraulic fittings to eleven countries including the USA, Belgium, Poland, Russia, Brazil, Italy, Saudi Arabia, Hungary, UAE, Thailand and Germany. It has entered into a distribution agreement dated April 1, 2022 with its Promoter Group entity, Hy-Tech USA Inc., pursuant to which it has appointed them as the exclusive distributor of all hydraulic fittings and related equipment manufactured by it for its customers, including OEMs, in North America, Canada, and Brazil. Further, in the domestic market, its distribution network covered four states in India between Fiscal 2024 and Fiscal 2026. Its continued focus on engineering, product quality, and industry-specific requirements has enabled it to gain insights and consistently meet the varying standards of international customers and deliver application-specific solutions.

Decentralized cell-based manufacturing model: The company follows a cell-based manufacturing model, which enables it to maintain accountability, and customer focus. Under this structure, its operations are organized into smaller, self-contained cells, with certain cells aligned to specific customer requirements or product categories. Each cell functions with dedicated oversight for production, quality, and design support, which promotes ownership of outcomes, alignment with customer expectations, and consistency in delivery. This approach helps it respond flexibly to customer needs while maintaining standards of quality and reliability. Its Manufacturing Facilities operate under a decentralized accountability framework, with plant heads responsible for operational performance and supported by central teams for procurement and strategic planning. This model fosters operational agility, cost discipline, and a performance-driven culture across its manufacturing operations.

Risks and concerns

Significant revenue dependence on top customers: The company is dependent on a few customers for a major portion of its revenues with its top 10 customers contributing to 45.32%, 42.02% and 48.72% of its revenue from operations in the Fiscals 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 with such customers could adversely affect its business, financial condition results of operations and cash flows.

Dependence on overseas markets, particularly the United States: The company derives a significant portion of its revenue from operations from overseas markets out of which substantial portion is received from the sale of its products in the United States of America. It derives a significant portion of revenue from operations from exports, which accounted for 29.37%, 28.30% and 33.14% of its total revenues in Fiscal 2026, 2025 and 2024, respectively. Out of which a substantial portion was generated from the United States of America, which contributed 21.42%, 22.85% and 24.56% of its total revenues during the same period. Fluctuation in exchange rates, any adverse developments in these markets or restrained economic or political relations of India with the United States of America could adversely affect its business.

Reliance on limited number of suppliers for raw materials: The company is dependent on third party suppliers for raw materials used in its manufacturing operations. Its primary raw materials include carbon steel and stainless steel, materials which it primarily sources from local suppliers in India. The company is dependent on its suppliers for raw materials used in its manufacturing processes with its top 10 suppliers contribution to 65.61%, 54.78% and 65.49% of its total purchases in the Fiscal 2026, 2025 and 2024, respectively. Any shortages, delay or disruption in the supply of the raw materials it uses in its manufacturing process may have a material adverse effect on its business, financial condition, results of operations and cash flows. Further, Volatility in the commodity markets could impact the pricing of its raw materials. Price increases of its raw materials could materially impact its production costs and profitability and consequently have an adverse effect on its business, results of operations and financial condition.

Geographic concentration of manufacturing facilities: The company has four out of its six Manufacturing Facilities are located in the state of Maharashtra and the balance two Manufacturing Facilities located in the state of Madhya Pradesh. The Manufacturing Facilities located in Maharashtra contributed 77.64%, 77.27% and 77.43% of its revenue from operations for Fiscals 2026, 2025, and 2024, respectively. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in the state of Maharashtra or Madhya Pradesh where its other Manufacturing Facilities are concentrated could have an adverse effect on its business, results of operations and financial condition.

Outlook

Hy-Tech Engineers is engaged in the manufacturing and selling of Hydraulic fittings for auto and industrial sector. The company caters to both domestic and international markets. Its product portfolio comprises standard hydraulic fittings viz. DIN-metric fittings, JIC flared and flareless fittings, O-Ring Face Seal (ORFS) fittings and conversion fittings, as well as fittings customized to customer specifications. The company operate on a business-to-business (B2B) model across both domestic and international markets. On the concern side, its significant portion of its revenue comes from construction machinery, farming and automotive industry segments, which collectively contributed 54.82%, 52.33% and 54.55% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. It may be affected by any reduction in the demand or requirement of products in such industries which can adversely impact its business, financial condition, results of operations, cash flows and prospects.

The issue has been offering 2,62,89,450 shares in a price band of Rs 50-53 per equity share. The aggregate size of the offer is around Rs 131.45 crore to Rs 139.33 crore based on lower and upper price band respectively. Minimum application is to be made for 283 shares and in multiples thereon, thereafter. On performance front, its total income increased by 16.03%, from Rs 1,667.07 million in Fiscal 2025 to Rs 1,934.35 million in Fiscal 2026. Net profit increased by 15.15%, from Rs 196.19 million in Fiscal 2025 to Rs 225.92 million in Fiscal 2026.

Meanwhile, it aims to continuously enhance its designing and manufacturing efforts in order to control its costs and optimize its products. It intends to leverage its scale of operations, existing long-standing and strategic relationship with suppliers and enhanced backward integration measures to improve operational efficiency and reduce costs. its experienced operations team actively implements industry aligned methodologies to drive process improvements and reduce wastage, with a long-term view on profitability and environmental responsibility. In line with its sustainability goals, it has installed solar panels at the units situated at Kavathe (Maharashtra) and Shirwal (Maharashtra) as well as effluent treatment plants at all its Manufacturing Facilities, which has helped it reduces energy costs, minimize environmental impact, and enhance operational efficiency.