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Om Power Transmission

• Om Power Transmission is coming out with a 100% book building; initial public offering (IPO) of 85,75,000 shares of face value Rs 10 each in a price band Rs 166-175 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 April 09, 2026 and will close on April 13, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 16.60 times of its face value on the lower side and 17.50 times on the higher side.
• Book running lead manager to the issue is Beeline Capital Advisors.
• Compliance Officer for the issue is Hardikkumar Jitendrabhai Patel.

Profile of the company

The company is a power transmission infrastructure engineering, procurement, and construction (EPC) company. Its expertise lies in the execution of high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations and underground cabling projects delivered on a turnkey basis, encompassing design, engineering, supply, erection, installation, testing, commissioning, and comprehensive operation and maintenance (“O&M”) services. Since commencement of its operations in 2011 in the State of Gujarat, it has commissioned transmission lines, substations and underground cables, covering in aggregate over 1,000 circuit kilometers (CKM) of transmission lines and 11 substations respectively. Its EPC capabilities extend to transmission lines ranging from 11 kilovolts (kV) to 400 kV and substations up to 220 kV.

Its operations are underpinned by a strong focus on quality, safety, and environmental management. It is certified under ISO 9001:2015 (Quality Management), ISO 45001:2018 (Occupational Health & Safety Management), and ISO 14001:2015 (Environmental Management). Additionally, its technical credentials are endorsed by the ‘AA Class’ certification from GETCO, authorizing it to undertake erection of transmission lines and towers up to 400 kV and substations up to 220 kV.  In recognition of its execution capabilities and reliability, it received recognition as ‘Best EPC Company’ consecutively for two financials years i.e. 2015-17 at Gujarat Energy Transmission Corporation’s (GETCO’) Vendor Conference, reflecting its growing reputation within regional transmission utility.

Proceed is being used for:

• Funding of capital expenditure requirements of the company towards purchase of machinery and equipment
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company
• Funding long-term working capital requirement of the company
• General corporate purposes

Industry overview

India’s electricity industry is separated in three different segments: (i) Electricity Generation; (ii) Transmission; and Distribution. India’s electricity landscape is characterized by its vast, diverse, and rapidly evolving infrastructure that supports one of the world’s largest and most complex power systems. The country’s electricity ecosystem is shaped by a mixed energy basket, including thermal, hydro, nuclear, and a growing share of renewable energy sources. With growing industrialization, urbanization, and rural electrification, the demand for electricity continues to rise steadily, pushing the sector towards capacity expansion, technological upgrades, and policy reforms. India's power sector has undergone significant transformation, particularly in terms of increasing private sector participation, regulatory structuring, and focus on sustainability.

India's electricity generation performance has demonstrated a steady growth trend over recent fiscal years, reflecting expanding generation capacity alongside rising electricity demand. Total electricity generation, measured in billion units (BU), exhibited a clear upward trajectory from FY 2019 to FY 2025, registering an overall Compound Annual Growth Rate (CAGR) of 4.8%. Generation stood at 1,376 BU in FY 2019, increased marginally to 1,389 BU in FY 2020, and moderated slightly to 1,382 BU in FY 2021. A stronger recovery was observed in FY 2022, with generation rising to 1,492 BU, followed by sustained growth to 1,624 BU in FY 2023.  The transmission and distribution (T&D) network forms the backbone of India’s power sector, facilitating the reliable transfer of electricity from generation plants to distribution entities across the country. The transmission segment is crucial for ensuring seamless evacuation of power and requires continuous expansion to match the pace of generation capacity addition. A T&D system typically consists of transmission lines, substations, switching stations, transformers, and distribution lines, all of which are interconnected into a grid structure that enables uninterrupted power flow.

India aims to achieve 500 GW of renewable energy capacity by 2030, which is pivotal for its clean energy transition. This ambitious target requires significant capital investment in power infrastructure to integrate renewable sources like solar and wind into the grid effectively. The National Electricity Plan (NEP) for 2023-32 outlines a strategic roadmap for enhancing transmission systems with a total investment of Rs 9.15 trillion. around Rs 4.2 trillion is earmarked for T&D projects between 2022 and 2027, with an additional Rs 4.9 lakh crore planned from 2027 to 2032. Furthermore, the Revamped Distribution Sector Scheme (RDSS) aims to transform the distribution sector with an outlay of Rs 2.5 trillion, focusing on reducing losses and enhancing infrastructure.

Pros and strengths

Track record of execution capabilities and timely completion of projects: The company has over 14 years of experience as a Gujarat-based power transmission infrastructure EPC company, with demonstrated capabilities in delivering HV and EHV transmission lines, substations and underground cabling projects. Its expertise covers the complete EPC value chain including design, engineering, procurement, supply, construction, installation, and commissioning of transmission lines ranging from 11 kV to 400 kV, as well as substation projects ranging from 66 kV to 220 kV. Its ability to deliver projects within schedule is further supported by standardized processes, efficient resource allocation, and continuous improvement in project execution methodologies. It strategically maintains inventories, equipment and machinery close to project sites to ensure better utilization and productivity.

Strong order book across business verticals: As of December 31, 2025, its order book consisted of 58 projects aggregating to Rs 74,460.27 lakh. The growth of its order book over the nine months period ended December 31, 2025 and the last three Fiscals has contributed to the scaleup of its operations and provided revenue visibility. The consistent growth in its order book is a result of its execution track record, its focus on maintaining quality standards in its construction and project execution skills. Until Fiscal 2025, its projects were executed entirely within the State of Gujarat, where it has built a strong track record.

Strong and consistent financial performance: The significant growth of its business in the last three Fiscals has contributed considerably to its financial strength. Its revenue from operations increasing from Rs 12,023.63 lakh in Fiscal 2023 to Rs 27,943.51 lakh in Fiscal 2025, representing a CAGR of 52.45%. Its profit for the year increased from Rs 623.72 lakh in Fiscal 2023 to Rs 2,208.48 lakh in Fiscal 2025, representing a CAGR of 88.17%. For the Nine months ended December 31, 2025 and for the Fiscal 2025, 2024, 2023, its EBITDA margins were 12.38%, 12.66%, 7.85%, and 9.80%, respectively, while its net profit margins were 8.45%, 7.84%, 4.02%, and 5.12% and, respectively. During nine-months period ended December 31, 2025, its Revenue from operations, Profit after taxes and EBITDA was Rs 27,454.28 lakhs, Rs 2,336.80 lakh and Rs 3,424.45 lakh, respectively. It strives to maintain its financial position with emphasis on having a strong balance sheet. Its financial performance over the past three Fiscals has strengthened its ability to bid for and execute larger and more complex projects in the future.

Experienced promoters and senior management team: The company has achieved significant growth and strong financial performance under the leadership and guidance of its Promoters, who bring deep domain expertise and extensive experience in the power transmission infrastructure sector. Kalpesh Dhanjibhai Patel, its Chairman and Executive Director, and Kanubhai Patel, its Managing Director, are the Promoters and founding members of the company who have been on the Board since its incorporation. Together, they bring over 31 years of experience each in electronic products and power transmission infrastructure, including extensive work as electrical contractors for government and private projects involving the development, operation, and maintenance of transmission lines, substations, and underground cabling. Additionally, Kanubhai Patel was awarded the ‘Outstanding Achievement Award for Business Excellence’ in 2017 by the All-India Achievers Foundation.

Risks and concerns

High dependence on PSU contracts: The company derives a substantial portion of its business from contracts awarded by public sector undertakings (PSUs), which account for around 83.74%, 84.21%, 87.48% and 65.77% of its order book for the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any reduction in orders or adverse change in procurement policies of such PSUs, or its inability to win future bids with these entities, could materially and adversely affect its business, financial condition, cash flows, results of operations and growth prospects. In the event any one or more these customers cease to release tenders, its business may be adversely affected.

Customer concentration risk: A significant portion of its order book and revenue from operations have been attributable to, and will continue to be attributable to, certain key customers. The company is dependent on its top ten customers who contribute to more than 97.65%, 95.68%, 97.66% and 96.76% of its revenue from operations for the nine months period ended December 31, 2025 and in Fiscals 2025, 2024 and 2023, respectively and the loss of any of these customers or a significant reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.

Over-reliance on transmission line EPC business: The majority of its order book is from the transmission lines sector. The Transmission Line EPC segment is the largest contributor to the order book, accounting for 69.69% as of December 31, 2025; 47.72% in FY25; 52.48% in FY24; and 46.36% in FY23. Significant social, political, or economic changes in this sector could adversely affect its business, results of operations, financial condition, and cash flows. If it is unable to diversify and/or grow its order book by successfully securing projects in other verticals such as substation EPC projects and underground cable projects, or securing additional projects in the transmission lines sector, its business, profitability, and results of operations could be adversely impacted.

Risks associated with dependence on sub-contractors: It engages sub-contractors for various aspects of its projects, including specialized works and execution support at project sites. While sub-contracting allows it to optimize resources and manage multiple projects simultaneously, it also exposes it to risks relating to performance, quality, timeliness, pricing, and compliance by such subcontractors. Any delay, default, or deficiency in performance by sub-contractors, including failure to adhere to contractual obligations, quality standards, or applicable legal and safety requirements, could adversely affect the progress of its projects and result in cost overruns, delays in project completion, or reputational harm. Further, its ability to manage and supervise sub-contractors is subject to limitations, and despite its monitoring mechanisms, it cannot assure that sub-contractors will perform their obligations satisfactorily or within agreed timelines.

Outlook

Om Power Transmission is an Engineering, Procurement and Construction (EPC) Company offering a wide range of integrated end-to-end services including infrastructures project, power transmission and distribution, Extra High Voltage (EHV) substation including design, supply, civil works, construction, underground cabling, testing, Construction and Operation & Maintenance. On the concern side, it faces certain 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. Additionally, if any of its projects are terminated prematurely, it may not receive payments due to the company, which could adversely affect its business, financial condition and results of operation.  

The issue has been offering 85,75,000 shares in a price band of Rs 166-175 per equity share. The aggregate size of the offer is around Rs 142.34 crore to Rs 150.06 crore based on lower and upper price band respectively. Minimum application is to be made for 85 shares and in multiples thereon, thereafter. On performance front, the company’s total income increased substantially by 52.74% from Rs 18,439.45 lakh for Fiscal 2024 to Rs 28,164.77 lakh for Fiscal 2025. Its profit for the year increased by 197.94% from Rs 741.24 lakh for Fiscal 2024 to Rs 2,208.48 lakh for Fiscal 2025.

Meanwhile, it intends to continue exploring opportunities across other States in India, leveraging growth trends in the power transmission infrastructure. Its strategy is to gradually diversify its project portfolio across multiple geographies, thereby broadening its revenue base and mitigating risks associated with over-reliance on any single region. Further, it recognizes that diversification across geographies not only enables it to pursue a wider pool of tenders but also provides resilience against project-specific or state-specific risks. Supported by the expertise of its Promoters, execution capabilities, and financial strength, this strategy will enable it to capitalize on opportunities in the Indian power sector, strengthen its presence, and achieve sustainable growth over the long term.

Safety Controls & Devices

• Safety Controls & Devices is coming out with an initial public offering (IPO) of 60,00,000 shares in a price band of Rs 75-80 per equity share. 
• The issue will open on April 06, 2026 and will close on April 08, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.50 times of its face value on the lower side and 8.00 times on the higher side.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance Officer for the issue is Shiva Nigam.

Profile of the company

Safety Controls & Devices is primarily engaged in the EPC (Engineering, Procurement, and Construction) business, focusing on the installation of substations, construction of solar plants, installation of firefighting equipment. It is also undertaking some construction projects of hospitals for the Ministry of Ayush. Based in Lucknow, Uttar Pradesh, its operations are carried out as an engineering enterprise. It has experience in executing turnkey projects across multiple sectors like transmission and distribution, solar energy, EV charging infrastructure, fire protection systems and hospital construction. It has domain experience in designing, engineering, supplying, installing, erecting, testing and commissioning transmission substations while prioritizing quality, efficiency and sustainability in all its projects. 

It primarily caters to government entities and undertakings, which constitute a significant portion of its overall customer base. This includes various state and central government power utilities, private power entities, and renewable energy developers. By focusing on these sectors, it engages in projects that align with public interests and contribute to national development. The company commenced operations as a provider of design, installation and supply services for fire equipment, firefighting systems and fire alarms. Over the time, the company expanded its capabilities and diversified its portfolio to address the growing needs of other industries. While initially focused on fire protection, it transitioned into projects involving the design, engineering, supply, erection, testing, and commissioning of transmission substations, such as 220 KV GIS Substations and 400 KV AIS Substations.

In addition to its work in transmission substations, the company has also expanded into renewable energy through the construction of solar power plants on a turnkey basis. Its diversified capabilities extend into the fire protection business, ensuring the safety and regulatory compliance of industrial, commercial and residential spaces. Furthermore, the company has entered the healthcare sector, participating in the construction of hospitals under the Ministry of Ayush, thereby reinforcing its position as a versatile and reliable provider of engineering services provider across multiple sectors. The company is an ISO 9001:2015 certified, issued by Quality Control Certification accredited by AOC Middle East LLC, in compliance with the quality management system.

Proceed is being used for:

• Repayment/prepayment, in part or full of certain of its borrowings
• Funding the working capital requirements of the company
• General corporate purpose

Industry Overview

Power is among the most critical components of infrastructure, crucial for the economic growth and welfare of nations. The existence and development of adequate power infrastructure is essential for sustained growth of the Indian economy. The fundamental principle of India’s power industry has been to provide universal access to affordable power in a sustainable way. The Ministry of Power has made significant efforts over the past few years to turn the country from one with a power shortage to one with a surplus by establishing a single national grid, fortifying the distribution network, and achieving universal household electrification. India’s power sector is one of the most diversified in the world. Sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro and nuclear power, to viable non-conventional sources such as wind, solar, agricultural, and domestic waste. Electricity demand in the country has increased rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity in the country, massive addition to the installed generating capacity is required. India was ranked fourth in wind power capacity and solar power capacity and fourth in renewable power installed capacity, as of 2021. India is the only country among the G20 nations that is on track to achieve the targets under the Paris Agreement.

India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low-carbon, renewable sources. India's announcement India that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.4% between FY16 and FY23. India has 125.15 GW of renewable energy capacity in FY23. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. With the increased support of the Government and improved economics, the sector has become attractive from an investor’s perspective. As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role.

India has set a target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. Low-carbon technologies could create a market worth up to $80 billion in India by 2030. India’s target is to produce five million tonnes of green hydrogen by 2030. The Green Hydrogen target is set at India’s electrolyzer manufacturing capacity is projected to reach 8 GW per year by 2025. The cumulative value of the green hydrogen market in India could reach $8 billion by 2030 and India will require at least 50 gigawatts (GW) of electrolyzers or more to ramp up hydrogen production. It is expected that by 2040, around 49% of the total electricity will be generated by renewable energy as more efficient batteries will be used to store electricity, which will further cut the solar energy cost by 66% as compared to the current cost. The use of renewables in place of coal will save India Rs 54,000 crore ($8.43 billion) annually. As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%. The CEA also estimates India’s power requirement to grow to reach 817 GW by 2030.

Pros and strengths

Technical Expertise: With experience in executing projects up to 400kV AIS substations, it is positioned to compete for tenders and projects at the highest capacity levels in the industry. This capability distinguishes it from major multinational competitors in the engineering and power sectors, enabling it to capitalize on lower overhead costs to improve its potential for securing high-value contracts. Owing to its technical expertise, it qualifies to participate in aggregate tenders of considerable financial value at any given time. 

Well established association with Government entities: The company caters to a varied clientele, including public sector undertakings. Its relationship with these clients is established based on its competitive strength, service offerings and successful executed projects. A significant portion of its revenue is generated from the government awarded contracts and it intends to continue pursuing such projects through the tendering process to further expand its business operations.

Good relationship with OEMs and suppliers: It maintains established relationships with suppliers, dealers, and certain Original Equipment Manufacturer (OEMs). These relationships have enabled the procurement of quality products at competitive rates, allowing it to submit competitive bids and secure contracts. These advantages have proven beneficial thus far, with the expectation of continued benefits as it pursues larger opportunities moving forward.

Risks and concerns

Reliance on government projects: The company’s operations rely on government entities and undertakings. Any delays in project approvals, changes in government policies, budget constraints, or shifts in political or administrative priorities may affect its revenue stream. Over reliance on government contracts exposes it to fluctuations in public sector spending priorities, impacting project volumes. Changes in policies, particularly in sectors like renewable energy (e.g., solar plants) or healthcare initiatives under the ‘Ministry of Ayush’ could affect the availability of new contracts. Additionally, delays in obtaining regulatory approvals or ensuring compliance with environmental regulations may lead to project delays and cost overruns, impacting its financial performance. 

Business concentration in Uttar Pradesh and associated risks: The company operates its business operations from its registered office situated at Uttar Pradesh. These states contribute to a substantial portion of its revenues for the period ended January 31, 2026 and for the year ended March 31, 2025 and financial year ended on March 31, 2024, March 31, 2023. Any factors relating to political and geographical changes, growing competition and/or any change in demand may adversely affect its business. It cannot assure that it will generate the same quantum of business, or any business at all, from these states, and loss of business from one or more of them may adversely affect its revenues and profitability.

Dependence on key sectors and expansion-related challenges: The company's reliance on specific sectors, such as power (including sub-stations and solar plants), makes it vulnerable to downturns or reduced government spending in these industries, which could negatively affect its revenue. Additionally, its transition from a fire protection services provider to a broader EPC contractor, expanding into transmission, distribution, solar energy, and other infrastructure sectors, introduces risks related to managing multiple industries. This diversification may strain its resources and challenge its ability to maintain specialized expertise across all areas, potentially impacting operational efficiency and project execution. 

Outlook

Safety Controls & Devices is primarily engaged in the EPC business, focusing on the installation of substations, construction of solar plants, installation of firefighting equipment. Currently, it is also undertaking some construction projects of hospitals for the Ministry of Ayush. It has experience in executing turnkey projects across multiple sectors like transmission and distribution, solar energy, EV charging infrastructure, fire protection systems and hospital construction. It has an ISO 9001:2015 certified, issued by Quality Control Certification accredited by AOC Middle East LLC, in compliance with the quality management system. On the concern side, it depends on certain customers who have contributed a substantial portion of its total revenue from operations. Its top 10 clients contributed 100.00%, 100.00%, 99.91% and 99.83% of its total revenue for the period ended January 31, 2026 and in the fiscal year 2025, 2024 and 2023, respectively. The loss of a significant client or clients would have a material adverse effect on its financial results. Further, it operates in a competitive industry and as such it may not be successful in bidding for and winning bids for various projects to grow its business, which may have a material adverse effect on its business, financial condition, results of operations and prospects.

The company is coming out with a maiden IPO of 60,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 75-80 per equity share. The aggregate size of the offer is around Rs 45 crore to Rs 48 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 10,256.03 lakh whereas in FY24 it was Rs 4,471.15 lakh representing an increase of 129.38%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 899.05 lakh and for the year ended March 31, 2024 it was Rs 400.82 lakh representing an increase of 124.30%.

The company is planning to expand its footprint into other renewable energy areas, such as wind energy, hydrogen production, and battery energy storage systems. This diversification aligns with its mission to contribute to a greener future while capitalizing on emerging opportunities in the renewable energy landscape, thereby strengthening its position as a leader in sustainable energy solutions. Going forward, it intends to cater to the increasing demand of its existing customers and also increase its existing customer base by enhancing the distribution reach of its products in different parts of the country. Having its footprint in almost all the states it is easier for it to reduce its transaction costs and grab many opportunities. Further, it has expanded its portfolio to include Hybrid Substations. Hybrid substations integrate Air-Insulated Switchgear (AIS) and Gas-Insulated Switchgear (GIS) technologies, combining the benefits of both systems. Key components such as Circuit Breakers (CBs), Current Transformers (CTs), and Isolators are combined into a compact unit, utilizing SF6 gas for both insulation and arc interruption. This design improves operational efficiency and reduces land requirements.

Vivid Electromech

• Vivid Electromech is coming out with an initial public offering (IPO) of 23,52,000 shares in a price band of Rs 528-555 per equity share. 
• The issue will open on March 25, 2026 and will close on March 30, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 52.8 times of its face value on the lower side and 55.5 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance Officer for the issue is Chaitali Rajesh Shah.

Profile of the company

The company is an ISO 9001:2015 certified manufacturer of Low-Voltage (LV) and Medium-Voltage (MV) electrical panels and automation systems. The company is engaged in panel manufacturing and system integration, offering electrical and automation solutions that cover engineering, design, fabrication, assembly, testing, and commissioning of control and automation systems. Its products are intended for applications in power distribution, load management, process control, and industrial automation across multiple sectors.

It manufactures a range of LV electrical panels, including Power Control Centre (PCC) Panels, Intelligent Motor Control Centre (IMCC) Panels, Soft Starter Panels, Motor Control Centre (MCC) Panels, DG Synchronisation Panels, Power Distribution Boards and Units, Automatic Power Factor Correction (APFC) Panels, Variable Frequency Drive Panel, PLC Automation system and Outdoor Panels. Its MV electrical panel product range covers 3.3 kV to 33 kV panels and includes specialised products such as 11 kV DG Synchronisation Panels, Control and Relay Panels, 11kV/33kV Vacuum Circuit Breaker and Vaccum Contactor Panels, Ring Main Gear Panel and MV Automatic Power Factor Correction (APFC) Panels. All its products are type-tested in accordance with applicable standards including IEC 61439-1 & 2, IEC 61641, and IEC 62271-200. In addition to its manufacturing operations, it is engaged in the trading of certain electrical goods, GI Sheet and busducts. It also provides installation, testing and commissioning services tailored to specific customer requirements.

Its products cater to sectors such as Data Centre & Technology, Infrastructure, Construction & Real Estate including Metro Projects, Solar & Renewable Energy, Industrial Manufacturing and Machinery etc. It maintains OEM associations with ABB, Lauritz Knudsen Electrical & Automation (LK), and Schneider Electric. It is licensed by ABB India to manufacture and integrate ArTu K low-voltage switchboards using ABB components. 

Proceed is being used for:

• Funding the capital expenditure requirements towards setting up of a new manufacturing unit.
• Repayment of certain borrowings availed by the company.
• Meeting working capital requirements
• General corporate purpose

Industry overview

India’s Capital Goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others. Capital Goods sector contributes 1.9% to overall India’s GDP. The heavy engineering and machine tools sector is a vital component of the capital goods industry. The electrical equipment market share in India is expected to increase from $52.98 billion in 2022 to $125 billion by 2027, implying a robust CAGR of 11.68%. India’s Engineering Research and Development Services market size is estimated at Rs 11,42,819 crore ($133.71 billion) in 2025 and is expected to reach Rs 18,62,391 crore ($217.90 billion) by 2030, at a CAGR of 10.26% during the forecast period (2025-30).

The Government’s ‘Vision Plan 2030’ proposed an action plan to become a manufacturing and export hub for construction equipment and propel the development of world-class infrastructure in the country. The Indian electrical equipment market is set to experience significant growth in the coming years, with a forecasted incremental growth of Rs 6,44,533 crore ($76.24 billion) at a compound annual growth rate (CAGR) of 14.3% from FY24 to FY28. India switchgear market size was estimated at $9.75 million in 2022 and is expected to grow at CAGR of 7.12% reaching a value of $18.23 million by 2029.

Pros and strengths

Integrated manufacturing facilities: It operates fully integrated manufacturing units in Navi Mumbai and Pune, covering over 34000 sq. ft. These facilities enable it to carry out the entire production process in-house including design, engineering, fabrication, assembly, wiring, and testing. This setup allows it to maintain consistent product quality, reduce turnaround time, and adapt to specific client requirements. Its equipment includes CNC turret punching machines, CNC bending machines, PU gasketing machines, a powder coating plant, CNC busbar bending machines, and CNC busbar punching machines, supporting precise and efficient operations. It also undertakes in-house testing to ensure compliance with industry standards. In-house manufacturing reduces dependence on third-party vendors and allows greater control over production timelines and quality.

Diverse product portfolio with wide geographic reach: Its product offerings include LV and MV electrical switchboards and automation systems for industrial and infrastructure applications across India and selected international markets. The LV electrical panel product range comprises PCC Panels, IMCC Panels, Soft Starter Panels, MCC Panels, DG Synchronisation Panels, Power Distribution Boards and Units, APFC Panels, Variable Frequency Drive Panel, PLC Automation system and Outdoor Panels. It also manufactures MV panels comprising up to 3.3 kV to 33 kV panels and includes specialised products such as 11 kV DG Synchronisation Panels, Control and Relay Panels, 11kV/33kV Vacuum Circuit Breaker and Vaccum Contactor Panels, Ring Main Gear Panel and MV Automatic Power Factor Correction (APFC) Panels. It provides both standard and customised panels based on client specifications. Its products are deployed in segments such as Data Centre & Technology, Infrastructure, Construction & Real Estate including Metro Projects, Solar & Renewable Energy, Industrial Manufacturing and Machinery etc. Its distribution footprint spans in more than 15 Indian states, with limited exports to international clients.

Commitment to quality control and safety: It maintains quality control and safety procedures across all stages of its manufacturing operations, from procurement of raw materials to final inspection and dispatch. Its operations are ISO 9001:2015, ISO 14001: 2015 and ISO 45001: 2018 certified, and its products are fully type-tested in accordance with standards such as IEC 61439-1 & 2, IEC 61641 and IEC 62271-200. Its inhouse testing facilities are equipped with a 6000 Amp current Primary Injection Test setup, High Voltage Test Kits (75KV, 5KV and 2.5KV), Winding Resistance Meter, Contact Resistance Meters, Conductivity Meter, CT Polarity Test Kit, Coat Gauge etc. It also operates a powder coating lab equipped for surface treatment testing. It carries out quality control through inspections, testing, and documentation to ensure compliance with specifications and consistency in performance.

Risks and concerns

Supply chain disruption risk due to supplier and regional concentration: The company is dependent on a limited number of suppliers located within a concentrated geographical region for the supply of its raw materials, and it does not have long-term agreements with most of its suppliers. Its top 10 suppliers accounted 73.13%, 73.00% 67.35% and 73.27% of its total purchases for the period ended September 30, 2025, and for the period ended March 31, 2025, March 31, 2024 and March 31, 2023, respectively. Further, a significant portion of its raw material purchases are concentrated in the state of Maharashtra, which accounted for 61.10%, 52.36%, 61.48% and 62.15% of its total purchases for the period ending September 30, 2025 and in Fiscals 2025, 2024 and 2023, respectively. Any adverse political, social, economic, or environmental developments in Maharashtra including labor unrest, civil disruptions, natural disasters, transportation strikes, or changes in state policies could disrupt its supply chain. Such disruptions may result in shortages of raw materials, production delays, increased logistics and transportation costs, and difficulties in meeting customer demand, all of which may adversely affect its business operations and reputation.

Revenue dependence on key customers and absence of long-term contracts: The company derives a significant portion of its revenue from a limited number of customers, with its top 10 customers contributing 57.02%, 69.90%, 55.12%, and 62.08% of total sales for the period ended September 30, 2025 and for Fiscal 2025, 2024, and 2023, respectively.  Its reliance on a limited number of customers exposes it to risks arising from order reductions, delays, cancellations, or changes in terms by these customers. The loss of one or more of these customers, or a significant decline in the volume of business from them, may adversely impact its revenues and profitability. Further, it does not have any long-term commitments from customers and any failure to continue its existing arrangements could adversely affect its business and results of operations.

Dependence on demand from key industries: Its business is dependent on demand from key industries such as electrical, infrastructure, renewable energy, and manufacturing. It manufactures LV and MV electrical panels and automation systems, which are used across various sectors including Data Centre & Technology, Infrastructure, Construction & Real Estate including Metro Projects, Solar & Renewable Energy, Industrial Manufacturing and Machinery etc. The demand for its products is closely linked to the growth, investment cycles, and regulatory environment of these industries. Accordingly, any downturn in these sectors, whether due to reduced project activity, economic slowdowns, delays in infrastructure execution, regulatory changes, funding constraints, or supply chain disruptions, could adversely affect its order inflows, revenues, and profitability.

Outlook

Vivid Electromech is engaged in the business of manufacturing electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors]. On the concern side, its business is significantly dependent on the availability and cost of key raw materials such as CRCA sheets, GI sheets, aluminum, copper, and switchgears. Volatility in their prices or disruption in supply may adversely affect its business, financial condition, results of operations, and cash flows. Further, its business is dependent on the continuous and efficient operation of its manufacturing units.

The company is coming out with a maiden IPO of 23,52,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 528-555 per equity share. The aggregate size of the offer is around Rs 124.18 crore to Rs 130.54 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2024-25 stood at Rs 15577.05 lakh whereas in financial year 2023-24 the same stood at Rs 8954.83 lakh representing an increase of 73.95%. The company reported Restated profit after tax for the financial year 2024-25 of Rs 2024.40 lakh in comparison to Rs 428.00 lakh in the financial year 2023-24, marking an increase of 372.99%.

Meanwhile, the company’s strategy focuses on building and maintaining long-term and cordial relationships with both its customers and suppliers. Consistent and timely delivery of quality products and services has helped it gains customer confidence and repeat business. Its long-standing engagement with suppliers contributes to the stability of its supply chain and procurement processes. Furthermore, retention of experienced employees supports operational continuity and efficiency, which in turn strengthens its relationships across the value chain. Moreover, it seeks to enhance its business operations by expanding its customer base through marketing initiatives. Its marketing approach is based on understanding customer requirements and providing products in line with industry standards. It also uses the Government e-Marketplace (GeM) portal and other digital platforms to reach a wider customer base and increase visibility of its electrical control panels and automation solutions. Its marketing efforts are focused on highlighting product features such as safety, reliability, and efficiency to potential customers.

Emiac Technologies

• Emiac Technologies is coming out with an initial public offering (IPO) of 32,40,000 shares in a price band of Rs 93-98 per equity share. 
• The issue will open on March 27, 2026 and will close on April 8, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.3 times of its face value on the lower side and 9.8 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Shivani Gupta.

Profile of the company

Emiac Technologies is an AI- based, technology and digital solutions company committed to empowering brands with useful digital marketing services. Its combined approach enables organizations to scale, improve operations, and build a lasting and sustainable digital presence. With a comprehensive suite of services spanning content creation, branding & online reputation management, digital marketing, and technical services & business automation, it serves as a one-stop partner for brands seeking long-term growth and digital transformation. It works closely with its clients to understand their business goals, challenges, and future potential, and then provide tailored solution that help them achieve their objectives.

The company is certified with ISO 10002:2018, ISO 9001:2015 and ISO/IEC 27001:2022. It is offering tailored solutions across a diverse range of sectors such as digital marketing, BFSI, Healthcare, IT & Technology, Education, Automobile etc. It bridges the gap by combining artificial intelligence, automation, and actionable insights with a human touch and creative thinking to deliver performance-driven marketing tailored for the digital age.

With a wide service offering and content at its core, it crafts digital strategies that support business outcomes. Its expertise covers marketing funnels, automation ecosystems, platform development, media planning and brand storytelling, allowing it to deliver connected and strong campaigns across both online and offline platforms. Whether it’s building awareness, improving conversion, or scaling operational efficiency, it has provided effective solutions for its clients by managing campaigns with clear reach, engagement, and ROI. 

Proceed is being used for:

• Funding requirement towards Purchase of computers, laptops, other related accessories, purchase of software subscriptions and cloud hosting
• Funding Working Capital Requirements 
• Hiring of Manpower in the company
• Branding, Advertisement and Marketing activities
• General corporate purpose

Industry overview

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. The increasing availability of fast and cheap internet, rising incomes, and increasing purchases of consumer durables have significantly aided the industry. India’s media and entertainment industry are unique as compared to other markets. The industry is well known for its extremely high volumes and rising Average Revenue Per User (ARPU). 

India is rapidly emerging as a global creative powerhouse, driven by its talent pool, cultural richness, and technological advancements. Indian advertising revenues is projected to grow at a CAGR of 9.4% to reach Rs 1,58,000 crore ($19.2 billion) in FY28, which is 1.4x the global average of 6.7%. The Indian media and entertainment sector posted a robust 19.9% growth in 2022 and crossed the Rs 2 trillion ($24 billion) mark in annual revenue for the first time led by a sharp jump in the digital advertising mop-up. 

India's digital landscape is undergoing a significant transformation driven by the rise of its creator economy. In 2024, the projected revenue in the Digital Media market in India is expected to reach $10.07 billion. It is expected to contribute 38% to the overall advertising industry in India, on par with television. The OTT segment is likely to grow at a remarkable CAGR of 14.1% to reach Rs 21,032 crore ($2.55 billion) in 2026. Subscription services, which accounted for 90.5% of revenue in 2021, are projected to account for 95% of revenue by 2026.

Pros and strengths

Diverse client base spread across various industries: Owing to its diverse service portfolio, its client base is also diversified and spread across various geographies and industries. Its end-to-end solutions and integrated service offerings have allowed it to follow a horizontal marketing approach in its business operations. Its steady efforts and specific services have helped it in achieving a diversify clientele spread across inter alia, Digital marketing, BFSI, Healthcare, IT & Technology, Education, Automobile and many more industries. In additional to multiple industries, it offers its services across multiple geographies, as well. To reach a wider global audience, it offers its content services in various vernacular language, enabling brands to communicate across global and regional markets.

Recurring and non-recurring, repeat revenues from long standing client relationships: The company has long-standing relationships with its client. Its broad range of services offerings helps it to cross-sell to its existing customers as well as to acquire new client. It also conducts regular senior management reviews with its key client to engage with them for feedback and future opportunities. It combines its comprehensive range of service offerings with industry-specific needs to provide tailored solutions to its client across business verticals, industries and geographies. Its commitment to client satisfaction enables it to strengthen its relationships.

Transparent & Scalable Pricing Models: It recognises that different clients have different growth journeys. The company offers retainer models for long-term partnerships, project-based pricing for campaign-specific needs, and performance-linked models for ROI-driven clients. This flexibility means startups, SMEs, and enterprises alike can work with the company at a scale that suits them. All pricing is transparent, with no hidden costs. For growth-stage companies, its performance-linked models ensure they only pay in proportion to results achieved. For enterprises, its retainer structures allow predictable budgeting. This flexibility has helped the company to maintain long-term client relationships.

Risks and concerns

Heavy reliance on 10 customers: The company is highly dependent on certain key customers for a substantial portion of its revenues. Its top 10 customers contributed 79.07%, 76.64%, 61.78%, and 49.28% of its total revenue for the period ended September 30, 2025, and for the years ended 2024-25, 2023-24, and 2022-23, respectively. Hence, the loss of any of top clients, reduction in their marketing activities allocation to it, or failure to replace them could have a material adverse effect on its business, revenue growth, results of operations, cash flows, and reputation.

Absence of long-term contracts increases revenue volatility risk: The company operates predominantly on an order-to-order basis in the content creation and digital marketing industry. It has not entered into long-term contracts with any of its clients. The sales of its services to its customers are undertaken through purchase orders executed by its customers which are then fulfilled by the company. As a result, its revenue is subject to fluctuations depending on the timing, scale, and continuity of advertising campaigns initiated by individual clients. In the absence of long-term contractual commitments, clients may reduce, postpone, or cancel their advertising spend without incurring significant financial penalties. This exposes it to the risk of revenue volatility, especially in periods of economic slowdown, budget constraints, or shifts in marketing strategies. Its dependence on repeat business from a set of clients also means that any adverse change in the relationship with a key client could have a material impact on its financial performance.

Dependence on top 10 suppliers: The company relies on a limited number of suppliers for certain specific requirements in the course of its business, including technology tools, publishing networks, and platform-based solutions that complement its core offerings. While it does not maintain or own any proprietary media inventory, it leverages its partnerships with publishers, influencers, and automation platforms to deliver services that support content marketing, link building, digital campaigns, and business process automation. Its top 10 suppliers accounted for 90.01%, 84.43%, 69.56%, and 56.35% of its total purchases for the period ended September 30, 2025, and for the financial years 2024-25, 2023-24, and 2022-23, respectively. Any disruption or change in terms with these suppliers could impact its ability to deliver services, affecting its business, financial condition, and results of operations.

Outlook

Emiac Technologies is engaged in the business of providing services relating to Digital content writing, Digital Marketing and sale and services of softwares. It is an AI-driven, technology-enabled digital solutions company committed to empowering brands with scalable and results-oriented digital services. Its integrated approach enables organizations to scale efficiently, optimize operations, and build a strong and sustainable digital presence. On the concern side, its revenue is reliant on its operations within certain geographical regions. Any region-specific developments such as economic downturns, regulatory changes, or competitive pressures may impact its revenue and business performance. Further, its dependence on third-party platforms poses operational and financial threat to the company.  It works with multiple clients and delays or defaults in their payments could disrupt its cash flows. This may impact its working capital and profitability.  

The company is coming out with a maiden IPO of 32,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 93-98 per equity share. The aggregate size of the offer is around Rs 30.13 crore to Rs 31.75 crore based on lower and upper price band respectively. On performance front, revenue from operations has increased by 273.37% from Rs 531.80 lakh in Fiscal 2024 to Rs 1,985.62 lakh in Fiscal 2025. In Fiscal 2025, the company reported a net profit of Rs 421.37 lakh attributable to owners, marking an increase from Rs 83.58 Lakh in Fiscal 2024.

Its clients use services as strategic tools to pursue their growth motive. It aims to strengthen and grow its existing client relationships by becoming a strategic, long-term partner across their spectrum of digital needs. At the same time, it is actively targeting new client acquisition across emerging sectors particularly those seeking scalable, AI-led, and influencer-first digital strategies. It is enhancing its business development and marketing efforts to convert prospective clients into long-term partners. This dual approach of retaining and expanding enables it to reduce client concentration risk, increase average billing per account, and build a more diversified and sustainable revenue base.

Highness Microelectronics

• Highness Microelectronics is coming out with an initial public offering (IPO) of 18,06,000 shares in a price band of Rs 114-120 per equity share. 
• The issue will open on March 24, 2026 and will close on March 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.40 times of its face value on the lower side and 12.00 times on the higher side.
• Book running lead manager to the issue is Fintellectual Corporate Advisors.
• Compliance Officer for the issue is Preeti Paresh Rathi.

Profile of the company

Highness Microelectronics is an ISO 9001:2015 and ISO 13485:2016 certified company, engaged in the design, development, integration, assembly and manufacture of digital-imaging solutions. The company operates in two main categories namely ‘Off the Shelf Products’ and ‘Market Specific Solutions / Project’. Under ‘Products’ category, it offers Flat Panel Displays like Thin Film Transistor (TFT) and Liquid Crystal Display (LCD) module, Display Controllers, Electrolumiscent Displays, Vacuum Fluorescent Displays, Touch Screens, Cable Assembly & Harness, Backlight Drivers & Inverters and ‘Display-Enhancement solutions. 

Further under ‘Display-Enhancement Solutions’, it undertakes value addition process to ruggedize Commercial off the Shelf (COTS) displays; these value addition processes include Backlight enhancement for High-Brightness for Outdoor & Direct-Sunlight readability, Wide-Operating Temperature for extreme-climatic conditions, Electro-Magnetic Interference (EMI) shielding for mission critical operations, Night Vision Compatibility (‘NVIS’), Optical-Bonding , Vandal-Proofing as well as outdoor visibility, Adding cover glass to achieve Anti-Reflective, Anti-Glare, AntiFingerprint/Smudge etc. 

Its ‘Market-specific solution/ Project’ category includes Display-monitors in form factors such as Open-Frame Displays, Panel-Mount Displays, Industrial Grade Displays and Medical Grade Display Monitors. Its industry verticals for these display monitors are Industrial Automation, Medical & Healthcare, Railways (Trains & Metros and Automobiles) and Defence & Aerospace.

Proceed is being used for:

• Funding the capital expenditure towards setting up an assembly line at factory situated at TTC Industrial Area, Rabale, Mumbai.
• Funding the working capital requirement of the company.
• Repayment and/or pre-payment, in full or part, of borrowing availed by the company. 
• General corporate purpose.

Industry Overview

The Indian electronics system design and manufacturing (ESDM) sector is one of the fastest growing sectors in the economy and is witnessing a strong expansion in the country. The ESDM market in India is well known internationally for its potential for consumption and has experienced constant growth. The ESDM industry includes electronic hardware products and components relating to information technology (IT), office automation, telecom, consumer electronics, aviation, aerospace, defence, solar photovoltaic, nano electronics and medical electronics. The industry also includes design related activities such as product designing, chip designing, Very Large-Scale Integration (VLSI), board designing and embedded systems. With various government initiatives aiming to boost domestic manufacturing, India has already started witnessing initial movement with increased production and assembly activities across products such as mobile phones and other consumer electronics. 

The ESDM industry includes electronic hardware products and components relating to information technology, office automation, telecom, consumer electronics, aviation, aerospace, defence, solar photovoltaic, nano electronics and medical electronics. The industry also includes design related activities such as product designing, chip designing, Very Large-Scale Integration board designing and embedded systems. The ESDM market in India is anticipated to increase at a CAGR of 16.1% between FY19 and FY25 owing to strong demand, supportive government policies and increased digitalisation. India's electronics industry is targeting a manufacturing output of Rs 43,10,000 crore ($500 billion) by FY30 which requires a fivefold increase in production. This growth is also expected to create 12 million jobs by FY27. The total budgetary allocation for the MeitY in the Union Budget FY26 stood at Rs 26,026 crore ($3.08 billion), reflecting an 18.64% increase over the budget estimates of FY25. India's remarkable advancement in electronics exports, which have now secured a position among the top three globally. During FY25 the exports of electronic goods were recorded at Rs 3,25,479 crore as compared to Rs 2,46,011 crore in FY24.

India’s domestic investment outlook for FY26 and beyond remains strong, supported by sustained economic expansion, steady policy momentum, and improving investor confidence. The government’s continued push through initiatives such as ‘Make in India’, ‘Aatmanirbhar Bharat’, and the Production-Linked Incentive (PLI) schemes is expected to drive capacity creation and strengthen industrial output. Emerging sectors such as semiconductors, renewable energy, electric mobility, and advanced manufacturing are likely to see significant investments over the next few years, reflecting India’s growing importance in global supply chains. The country’s stable macroeconomic fundamentals and rising private sector participation are also expected to keep investment activity buoyant in FY26. 

Pros and strengths

Quality standards and ISO certified organization: Its strength is in providing quality services to its clients. It is an ISO 13485:2016 and ISO 9001:2015 certified by British Standards Certification and Inspection Council (BSCIC) for the manufacturing products. All its products undergo quality and test checks in accordance with established Standard Operating Procedures (SOPs), ensuring they meet the standards and guarantee customer satisfaction. This process helps it deliver products without defects. Its quality departments at manufacturing sites are fully equipped to perform comprehensive testing in compliance with ISO standards. 

Weather-resistant display solutions: The company has developed durable products designed to perform in the demanding environments. It developed products designed to withstand harsh conditions, including displays and controllers built to endure heavy vibrations, extreme temperatures, and rainy environments. Its commitment to quality ensures that these solutions continue to operate smoothly, providing consistent results under challenging circumstances.

Key customers base: The company has built a strong reputation, which has played a key role in retaining its valued clients. Its ongoing relationships with existing customers foster repeat business and serve as a competitive advantage in attracting new clients and expanding its reach. The long-term connections it has cultivated with major customers have been vital to its growth. Over the years, it has developed a solid and loyal customer base, and while it don’t have formal long-term agreements in place, many customers continue to return. This consistent support has been instrumental in strengthening its business over time. 

Risks and concerns

Dependence on key customers and revenue concentration: It specializes in the design, development, integration, assembly, and manufacturing of digital imaging solutions. Its offerings are categorized into two primary segments namely products and market-specific solutions. While its customer base may vary yearly, a substantial portion of its revenue is derived from its top 10 customers. Consequently, its business performance and financial health in any given fiscal year are closely linked to the contributions of these key clients. Its top 10 clients contributed 82.43%, 84.51%, 72.01% and 54.86% of its total revenue for the period ended December 31, 2025 and in the fiscal year 2025, 2024 and 2023, respectively. The loss of one or more of these customers, or a reduction in the revenue generated from them, could have a material adverse effect on its business, financial condition, operating results, and cash flows.

Reliance on China-based imports and associated market risks: The company sources a substantial portion of its raw materials from international markets, with significant imports from China, based on considerations such as quality, pricing, inventory requirements, and credit terms. This sourcing strategy enables it to leverage geographical advantages, ensuring consistent quality and timely delivery. For the period ended December 31, 2025 and financial years ended March 31, 2025, 2024, and 2023, imported raw materials constituted 92.94%, 89.68%, 84.41%, and 88.38% of its total purchases, respectively. Such geographical concentration of its business in the said region heightens its exposure to adverse developments related to competition, trade war, imposition of tariff on imports, as well as economic and demographic changes in these regions, which may adversely affect its business prospects, financial conditions and results of operations.

Exposure to demand fluctuations in industrial automation industry: It caters to market specific solutions to various industries such as Health & Medicare, Railways, Industrial Automation and Defence & Aerospace and substantial portion of its revenue concentrated from Industrial Automation Industry in which it offers Industrial Displays to be deployed for applications such as Textile Spinning & Weaving Machines, Automotive manufacturing lines, Computer Numatics Controls (CNC) etc. For the period ended December 31, 2025 and financial years ended March 31, 2025, 2024, and 2023, the Industrial Automation Industry constituted 4.57%, 49.45%, 48.95%, and 34.97% of its total sales, respectively. The loss of any major customer within that segment could adversely affect its revenue and profitability. 

Outlook

Highness Microelectronics is an ISO 9001:2015 and ISO 13485:2016 certified company, engaged in the design, development, integration, assembly and manufacture of Digital-Imaging Solutions. The company operates in two main categories namely ‘Off the Shelf Products’ and ‘Market Specific Solutions / Project’. Under ‘Products’ category, it offers Flat Panel Displays like Thin Film Transistor (TFT) and Liquid Crystal Display (LCD) module, Display Controllers, Electrolumiscent Displays, Vacuum Fluorescent Displays, Touch Screens, Cable Assembly & Harness, Backlight Drivers & Inverters and ‘Display-Enhancement solutions. On the concern side, its revenue is mainly concentrated in few key states, which collectively contribute a substantial portion of its total income. Consequently, any unfavorable economic, regulatory, or operational changes in these key regions could significantly affect its business performance, revenue streams, and overall financial outcomes. Moreover, its business is dependent on the efficient functioning of its manufacturing facilities, and any obsolescence, damage, theft, breakdown, or failure to properly repair and maintain its machinery may adversely affect its operations, cash flows, financial condition, and results of operations.

The company is coming out with a maiden IPO of 18,06,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 114-120 per equity share. The aggregate size of the offer is around Rs 20.59 crore to Rs 21.67 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 1,40,737.82 thousand whereas in FY24 it was Rs 1,07,046.22 thousand representing an increase of 31.47%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 25,226.00 thousand and for the year ended March 31, 2024 it was Rs 23,879.62 thousand representing an increase of 5.34%.

The company intends to leverage its manufacturing expertise and strong quality control processes to expand its product range across Industry Automation, Healthcare, Railways, and Defense. As part of this strategy, it is enhancing its capabilities to produce a diverse mix of both new and existing products, enabling it to secure more orders from current and potential customers. Going forward, it is committed to continuously enhancing its quality control processes to deliver top-tier products. Upholding high-quality standards is essential to meet both customer expectations and regulatory requirements. By regularly assessing product quality and implementing timely improvements, it ensures these standards are maintained. Further, the company intends to maintain strong relationships with its suppliers, customers, and employees.

Amir Chand Jagdish Kumar (Exports)

• Amir Chand Jagdish Kumar (Exports) is coming out with a 100% book building; initial public offering (IPO) of 2,18,90,547 shares of face value Rs 10 each in a price band Rs 201-212 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 March 24, 2026 and will close on March 27, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 20.10 times of its face value on the lower side and 21.20 times on the higher side.
• Book running lead managers to the issue are Emkay Global Financial Services and Keynote Financial Services.
• Compliance Officer for the issue is Sadhna Khurana.

Profile of the company

Amir Chand Jagdish Kumar (Exports) is a processor and exporter of basmati rice and other FMCG products in India. Leveraging the extensive expertise of its Promoters, the company benefits from over four decades of experience in the basmati rice industry in India. The company is one of the few Indian companies with fully integrated operations with a presence across the basmati rice value chain, with operations that include procurement, storage, processing, marketing and sales. In addition, the company has also diversified into FMCG products, offering staples and essential kitchen supplies such as aata, maida, sooji, besan, salt and sugar, it markets its products under its flagship registered and trademarked brand ‘AEROPLANE’, with more than 40 different subbrands for various products, including without limitation, ‘Aeroplane La-Taste’, ‘Aeroplane Classic’, ‘Ali baba’, ‘World Cup’ and ‘Jet’.

Its products are broadly categorized into two segments: (i) rice and (ii) FMCG. The products in its rice segment comprise of basmati rice and other specialty rice, such as kolam rice, sona masuri, idli rice and ponni rice. It derives a majority of its revenue from its basmati rice products. Basmati rice, famous for its aroma and long grains, is a premium variety and one of the most prized varieties of rice.  Leveraging its existing market presence, distribution networks, quality control expertise, procurement efficiencies and brand recognition, it has recently expanded into FMCG products. Products in its FMCG segment comprise of kitchen essential supplies, including wheat flour (atta), refined wheat flour (maida), gram flour (besan), instant phirni, idli rice flour, salt, semolina (sooji) and sugar.

Its products are sold through its distributors to the end customers and also directly by it to institutional consumers, retail chains and through the company’s website, other e-commerce sites and quick commerce channels. It has also established a strong sales and distribution network in its international markets and in India, which has enabled it to cater and service the consumer demand. 

Proceed is being used for:

• Funding working capital requirements
• General corporate purposes

Industry overview

India's agricultural landscape is characterized by cultivation of wide range of crops, catering to domestic consumption and international trade. Among these crops, rice holds a significant share of 35%. India is a major player in the global rice market as an exporter. Basmati rice, famous for its aroma and long grains, is one of the most prized varieties, with significant exports. Basmati rice from India has been granted a Geographical Indication (GI) tag, recognizing its unique identity and ensuring protection against counterfeit products in international markets. The GI tag covers Basmati rice grown in specific regions of Punjab, Haryana and Delhi.

India, being the leading exporter of Basmati Rice to the global market, exported 60,65,500 MT of Basmati Rice (increased by 16% as against the previous year) to the world for the worth of Rs 50,312 crore/ $5,944 million. during the year 2024-25. During the year 2023-24, the country exported 52,42,000 MT of Basmati Rice (increased by 15% as against the previous year) to the world for the worth of Rs 48,389.20 crore/ $5,837.12 million), with increased year-on-year percentage share of countries like Iraq, Oman, UK, Qatar, Saudi Arabia, USA and Kuwait. Similarly, during the year 2022-23, the country exported 45,58,972 MT of Basmati Rice (increased by 15% as against the previous year) to the world for the worth of Rs 38,524.10 crore/ $4,787.50 million.

In FY25, India’s rice production was around 149 million tonnes, and basmati rice production was around 1 million tonnes. Out of which, nearly two-thirds of the Basmati rice sold domestically is still distributed in loose form. As per industry sources, only around 19% of the urban households opt for packaged Basmati rice, indicating significant untapped potential for growth within the packaged segment of the domestic market. Governments worldwide are working to ease trade regulations, stabilise exports, and adopt climate-resilient agricultural practices to strengthen food security and enhance market competitiveness. A key focus is on developing high-yield and disease-tolerant rice varieties to counter the impact of climate change. Sustainable farming methods such as direct-seeded rice (DSR), precision agriculture, and organic cultivation are gaining prominence to conserve water, improve soil fertility, and boost productivity. 

Pros and strengths

One of India’s leading producers and exporters of basmati rice: The basmati rice industry in India is predominantly organized, with around 30-40% of production being managed by major players. It, through its Promoter, launched its anchor brand, ‘Aeroplane’, in India over 40 years ago, which serves as its primary identity in the market. In order to meet a varied range of customer needs in the market, its brand has been expanded through more than 40 different sub-brands, including without limitation, ‘Aeroplane La-Taste’, ‘Aeroplane Classic’, ‘Ali baba’, ‘World Cup’ and ‘Jet’. Despite low advertising and marketing expenses incurred during the past three years, it ranks 3rd among its peers. It is among the few Indian branded rice processors who have ventured into FMCG staples. Furthermore, it is able to sell its products directly to end-customers via its D2C operations, whether through its sales team or through the company’s website.

Strong procurement capabilities and location advantage: Its network of procurement agents spread across the basmati paddy producing regions of northern India enables it to effectively procure quality paddy at competitive prices in a timely manner. It has developed an effective procurement strategy and mechanism through its well-established relationships with procurement agents as well as the knowledge and experience of its Promoters and the senior management regarding basmati paddy production areas, cultivation cycles and practices followed by farmers. Its large operations, effective procurement mechanism and timely payment to procurement agents have over the years enabled it to establish significant goodwill among the procurement agents. Its manufacturing and processing facilities are strategically located in the states of Punjab and Haryana and its packaging facility is located in New Delhi, in close proximity to the basmati paddy producing regions of northern India, including the basmati paddy mandis in the states of Haryana, Punjab and Madhya Pradesh. This strategic location minimizes transit time for shipments and enhances its operational efficiency.

Integrated operations with well-established quality control system and modern equipment:  The company is one of the few Indian companies with fully integrated operations with a presence across the basmati rice value chain, with operations that include procurement, storage, processing, packaging, branding, marketing and distribution. Such integration provides it with several competitive advantages and allows it to benefit from economies of scale, facilitate efficient supply chain and inventory management and maintain greater control on the quality of its products. Its well-established quality control system spans across procurement, processing and delivery of its products. Its quality control procedures include both internal processes wherein in-process sampling is undertaken at each stage, as well as external checks, through verification of goods prior to dispatch. The company uses modern equipment in its manufacturing process. In particular, its Unit I is equipped with automated machinery imported from Japan, Germany and the United States. Its Unit II is equipped with automated machinery imported from Japan. These automated machinery streamlines various stages of production, from cleaning and dehusking to polishing, grading, sorting and packaging.

Wide distribution network in India enabling to efficiently penetrate major markets: The company has a pan-India presence with its extensive sales and distribution network that allows it to target a wide range of consumers and ensure effective penetration of its products and marketing campaigns. Its business is primarily driven by its business-to-consumer (B2C) operations, wherein its products reach its consumers through its extensive distribution network. Its B2C operations comprise of general trade channels, modern trade channels and e-commerce channels. It services its general trade channel via its distributors. Other than B2C operations, it also sells its products directly to end-customers through its D2C operations, which mainly comprise sales to institutional customers, such as hotels, hospitals, flight, caterers, etc., through its sales team and to end-consumers through the company’s website.

Risks and concerns

Dependence on procurement agents for raw material sourcing: The company relies on procurement agents to procure sufficient raw materials of the desired quality for its processing requirements. Pursuant to legislations enacted by the state governments, only licensed agents that are authorized to procure paddy from mandis, can procure such paddy directly from farmers. It holds the requisite license to procure paddy from mandis and do procure part of its raw materials directly from mandis through its internal procurement personnel. However, due to the large volume of its raw materials procurement, it also relies on third-party procurement representatives and agents for procurement of raw materials from mandis. As of February 28, 2026, its procurement network included over 325 procurement agents spread across the states. Further, it does not have long-term contracts with its procurement agents and engage them by way of purchase orders. Any failure on the part of such agents to procure, in a timely manner, the desired quality and quantity of raw materials at commercially favourable terms, may adversely affect its operations.

Revenue dependence on top 10 customers: It relies and expects that it will continue to be reliant on its top 10 customers for a substantial portion of its revenue. The company is significantly dependent on its top 10 customers, which contributed 45.03%, 47.81%, 43.08%, and 47.91% of its revenue from operations for the six-month period ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively. The loss of any of its top 10 customers for any reason including due to limitation to meet any change in quality specification, change in technology; regulatory changes, disputes with a customer; adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship or a reduction in the demand for its products by any of its top customers could have a material adverse effect on its business, results of operations, cash flows and financial condition.

Heavy reliance on rice products for revenue: The company derives a substantial majority of its revenue from the sale of rice products. It is significantly dependent on this segment, which contributed 99.39%, 99.07%, 99.04%, and 98.73% of its revenue from operations for the six-month period ended September 30, 2025, and for Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Any decline in demand for rice products could adversely impact the company’s business, financial condition, results of operations, and cash flows.

Price volatility in basmati rice industry: The basmati rice industry is cyclical and is dependent on the basmati harvest, which occurs generally from September to January, although the specific months may vary each year depending on weather and other unpredictable factors. Its major raw material procurement generally beings in September and continues until March of the following year. However, the raw materials purchased is processed throughout the year. Following processing, there is a long period before the basmati rice is ready for sale. This is a unique feature of the basmati rice processing industry, where the quality of basmati rice being processed improves with age. Due to the higher market price of aged basmati rice, a significant amount of time passes between when it purchases raw materials and sells finished basmati rice. Depending on the market segments of its finished products, its raw materials, namely basmati paddy and unfinished rice is aged between 3 to 24 months. Its average holding period for raw materials is approximately nine months. During this period of aging, the price of basmati rice may fluctuate. Basmati rice is subject to price fluctuations due to weather, natural disasters, domestic and foreign trade policies, shifts in supply and demand and other factors beyond its control. Any decrease in the market price of Basmati rice between purchasing raw materials and selling Basmati rice may adversely affect its financial condition.

Outlook

Amir Chand Jagdish Kumar (Exports) is a processor and exporter of basmati rice and other FMCG products in India. It caters to domestic and export markets and have a pan-India presence with extensive sales and distribution network that allows it to target a wide range of consumers and ensure effective penetration of its products and marketing campaigns. A significant portion of its revenue from operations is generated from export sales, with a focus on Middle East. On the concern side, a significant portion of its income is derived from its export of basmati rice, which may be dependent on the policies passed by the Government of India and the governments of the countries where it exports and any unfavorable change in such policies may adversely affect its business. further, its relationship with its distributors is critical to its business. It does not enter into long-term arrangements with its distributors, and it cannot assure that it will be able to sell the quantities it has historically supplied, which could have an adverse impact on its sales, business growth and prospects, results of operations and financial condition.

The issue has been offering 2,18,90,547 shares in a price band of Rs 201-212 per equity share. The aggregate size of the offer is around Rs 440 crore to Rs 464.08 crore based on lower and upper price band respectively. Minimum application is to be made for 70 shares and in multiples thereon, thereafter. On performance front, its revenue from operations grew by 29.18% from Rs 15,495.24 million in Fiscal 2024 to Rs 20,016.47 million in Fiscal 2025. Restated profit after tax increased by 100.04% from Rs 304.05 million in Fiscal 2024 to Rs 608.22 million in Fiscal 2025

Meanwhile, it has presence in most of the metros, tier 1 and tier 2 cities across India. It intends to continue to increase the penetration of all its products in the Indian market to establish a greater presence. In particular, it plans to prioritize geographical expansion in tier 3 and tier 4 cities. Simultaneously, it intends to increase its market share in tier 1 and tier 2 cities across India. To increase penetration of its products under general trade channel, it intends to appoint new distributors, particularly distributors in tier 3 and tier 4 cities, to widen its distribution network geographically. It intends to increase the number of its distributors in India from over 431 as at February 28, 2026 to over 700 by the end of Fiscal 2028. To further its reach under modern trade channel, it intends to partner with additional retail players (including smaller retail chains) and HORECA players, particularly in tier 3 and tier 4 cities.

Powerica

• Powerica is coming out with a 100% book building; initial public offering (IPO) of 2,93,39,170 shares of face value Rs 5 each in a price band Rs 375-395 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 March 24, 2026 and will close on March 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 75 times of its face value on the lower side and 79 times on the higher side.
• Book running lead managers to the issue are ICICI Securities, IIFL Capital Services and Nuvama Wealth Management.
• Compliance Officer for the issue is Anita Praful Renuse.

Profile of the company

The company is an integrated power solutions provider specializing in diesel generator sets (DG sets), for both primary and standby applications. As one of the original equipment manufacturers (OEMs) for Cummins India, it has maintained a relationship with them for over four decades. It commenced its DG sets business in 1984, and subsequently expanded its generator set portfolio to include medium speed large generators (MSLG) in 1996. It continues to develop this segment through a collaboration with HD Hyundai Heavy Industries Co., (Hyundai), on a non-exclusive basis.

By integrating its DG set and MSLG offerings, it provides a comprehensive range of generator sets with capacities ranging from 7.5 kVA to 10,000 kVA, designed to meet the distinctive requirements of diverse industries and applications. Its generator set business comprises of DG sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and certain allied business activities (Generator Set Business).

Building on its experience in the Generator Set Business, it entered the wind power sector in 2008 as an independent power producer (IPP). Subsequently, it developed capabilities as an engineering, procurement and construction (EPC) contractor as well as an operation and maintenance (O&M) service provider for balance of plant (BoP). Its operations in the wind power sector includes developing and operating IPP projects as well as undertaking EPC and O&M activities for BoP primarily within the wind power industry (Wind Power Business).

Proceed is being used for:

• Prepayment/repayment of certain outstanding borrowings availed by the company, in part or full
• General corporate purposes

Industry overview

The DG operates by converting mechanical energy into electrical power through a coordinated system of key components. The internal combustion engine burns diesel to produce mechanical energy, an alternator and transmits rotational speed to a synchronous generator. the synchronous generator converts this mechanical input into electrical energy. India’s DG industry is deeply interlinked with the country’s industrialization, urban expansion, and digital infrastructure development. The chart below shows overall performance of DGs in FY2025, with total market size across key regions in FY2025 to be around Rs 14,449 crore. Similarly, the market size in FY2023 & FY2024 were Rs 10,521 crore & Rs 13,202 crore respectively. Demand was primarily fuelled by infrastructure development, telecom expansion, IT/data centres, commercial growth, and the continued need for power reliability in Tier II and Tier III cities. The overall market grew with 25% in FY2024 compared to FY2023.

MSLG sets are critical for delivering base load/continuous duty application/standby power to India’s industrial and strategic sectors during power outages. Operating at 500–1000 revolutions per minute (RPM), these generators deliver power outputs of 3 megawatts (MW) to 10 MW units or multiple thereof. They utilize diesel, natural gas, or dual-fuel systems to drive an internal combustion engine, producing electricity via an alternator. Designed for rapid response, MSLG sets start within 20-45 seconds, ensuring reliability in emergencies. Their robust design suits India’s diverse conditions, from coastal humidity to inland heat. With fuel efficiency of 190 GMS per kilowatt-hour (kWh) and a lifespan of upto 200,000 hours (20-25 years with maintenance).

India stands 3rd globally in Renewable Energy (RE) Installed Capacity, 4th in Wind Power capacity and 3rd in Solar Power capacity. Despite strong capacity additions, there is huge untapped potential for RE installations in India. India’s renewable energy market has been driven by the solar and wind energy fuels while the balance comprises of small hydro and biopower. The renewable energy capacity (excluding hydro) in India stood at 172 GW, registering a growth of 13.8% CAGR between fiscals 2019-2025. Further as of September 2025, renewable energy capacity (excluding hydro) in India stood at 197 GW. Solar power grew at CAGR of 24% between fiscal 2019-2025, increasing from 29 GW in fiscal 2019 to around 106 GW in fiscal 2025. It further increased by 22 GW in H1 fiscal 2026. While in the same duration, wind grew 6% CAGR going from around 36 GW in fiscal 2019 to 50 GW in fiscal 2025 and further to 53 GW in H1 fiscal 2026.

Pros and strengths

Established position in the generator set market: The company has been engaged in the business of DG sets, since its incorporation in 1984. It is present across a wide suite of DG sets across low horsepower (LHP), medium horsepower (MHP) and high horsepower (HHP), with capacities ranging from 7.5 kVA to 3,750 kVA. it conducts its DG set business by way of manufacturing, marketing and supply, installation, testing and commissioning (SITC) of the sets and also undertake the related on-site works. It is one of the OEMs for Cummins and have maintained a relationship with them for over four decades. In order to widen its offerings in the Generator Sets Business, it expanded into the MSLG business in 1996. As part of the MSLG business offerings, it currently provides pre-purchase consultancy, design and engineering, sale, and O&M services integrated with Hyundai-made MSLG sets, with capacities ranging from 3,000 kVA to 10,000 kVA single unit which can be configured in multiples for parallel operation at base load power stations. With this, its generator set product capacity now ranges from 7.5 kVA to 10,000 kVA.

Strong technical and execution capabilities: Its capabilities are built on a foundation of strong technical expertise and execution prowess. With cutting-edge technology, and a skilled workforce, it excels in designing, developing, and delivering quality products. Its technical capabilities encompass advanced manufacturing processes, precision engineering, and rigorous quality control measures, ensuring consistency, reliability and innovation in every product. It has recruited skilled manpower, implemented systems and procedures and acquired machinery to manufacture quality DG sets in order to meet the requisite standards. Its factories have computerized numerical control (CNC) systems for punching, bending, and fabrication of steel metal components required for the acoustic enclosures of generator sets to meet regulations. It has developed in-house mechanical engineering skills to design as well as facilities to undertake fabrication of structures.

Large and diversified customer base: The company has a large and diversified customer base in India. Its DG set customers operate across diverse sectors, including commercial (hospitality, healthcare, banking and financial services industry - banks, education, residential and other real estate), infrastructure (retail infrastructure, logistics, railways and metros), manufacturing (industrial, process industries, dairy), agriculture (including cold storage and aquaculture), information technology/data centres, government and defense, and rentals. Over the years, the company has leveraged its experience of being a supplier of DG sets to provide turnkey and customized solutions to develop customized products for its customers leading to mutually beneficial relationships with them. The company has also been able to generate repeat business from its clients, which not only illustrates customer satisfaction, but also healthy customer relationships.

Collaborations and alliances with established industry players: The company has formed alliances with established players in their respective fields in order to remain competitive, grow in a dynamic industry landscape and to enhance its technical capabilities. It continues to maintain strong and enduring relationships with Cummins, Hyundai, GE Vernova and Vestas. Its ability to forge these alliances is a testament to its credibility, reputation, and market standing forged through years of delivering value, fostering trust, and demonstrating technical capabilities. Its associations with such renowned enterprises demonstrate the enduring confidence these established players have in its capabilities and commitment to quality. Some of these relationships have also helped it to enhance its technical capabilities. With the help of its associations and relationships, it has evolved its BoP technology to meet the requirements and specifications of internationally acclaimed OEMs.

Risks and concerns

Significant dependence on generator set business: The company is significantly dependent on its Generator Set Business, which contributed 80.50%, 85.00%, 86.30%, and 82.79% of its revenue from operations for the six-month period ended September 30, 2025, and Fiscals 2025, 2024 and 2023, respectively. its reliance on the long-established Generator Set Business significantly increases its exposure to sector-specific and product specific risks. The relative scale of the Generator Set Business compared to the Wind Power Business means that even as the latter grows, any negative impact on the former is unlikely to be sufficiently offset by wind operations. Accordingly, any negative developments affecting its Generator Set Business could have a material adverse impact on its business, financial condition, results of operations and prospects.

Revenue and cash flow dependence on PPAs: The company is dependent on its existing power purchase agreements (PPAs) to ensure the sale of electricity generated from its wind power projects and the stability of its revenue streams. Its ability to generate revenue and maintain cash flows relies on these long-term arrangements with its off-takers. While its PPAs are generally long-term in nature, there are still risks to which it is exposed. For instance, its PPAs may not fully match the economic life of all its projects, and unforeseen events, such as changes in off-taker creditworthiness, regulatory developments or market conditions, could affect their performance. Furthermore, the terms of its PPAs may expose it to certain risks that may affect its future results of operations and cash flows.

Dependence on DG Set market in key southern and western states: Its Generator Set Business is heavily dependent on the performance of the diesel generator set market in southern India and western India, particularly the markets in the states of Maharashtra, Karnataka, Tamil Nadu and Kerala, and any adverse changes in the conditions affecting these markets could adversely affect its business, results of operations and financial condition. In Fiscal 2025, the southern region accounted for 29.95% and the western region for 20.03% of the LHP DG sets market by volume. The southern region represented 28.23% of volumes for MHP DG sets, largely driven by strong information technology, manufacturing, and urban development activity in cities such as Bengaluru, Chennai, and Hyderabad. The western region accounted for 23.62% of the MHP DG sets market by volume, supported by a robust industrial base in states such as Maharashtra and Gujarat. Consequently, it cannot assure that the demand for its products in the states of Maharashtra, Karnataka, Tamil Nadu and Kerala will grow, or will not decrease, in the future.

Risk from absence of long-term contracts: The company generally does not have long-term agreements with a majority of its customers or suppliers in its Generator Set Business, which exposes it to risks arising from fluctuating demand and supply relationships. This lack of long-term commitments exposes it to the risk of variations in customer demand and supply arrangements, which could lead to fluctuations and uncertainties in its Generator Set Business. Furthermore, certain of its agreements with key customers in its Generator Set Business have onerous terms which could result in termination if breached which in turn could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

Powerica is an integrated power solutions provider specialising in diesel generator sets (DG sets), medium speed large generators (MSLG), and related services. Its comprehensive product range spans capacities from 7.5 kVA to 10,000 kVA, serving the primary and standby power needs of varied industries. Leveraging its expertise, it expanded into the wind power sector in 2008 as an independent power producer and have since developed capabilities as an engineering, procurement, and construction contractor, as well as an operation and maintenance service provider for balance of plant. On the concern side, it is heavily dependent on the performance of the generator sets and wind power industry and the performance of the end-user industries for generator sets. Any adverse changes in the conditions affecting the generator sets and wind power industry or the end-user industries in which its generator sets customers operate can adversely impact its business, financial condition, results of operations, cash flows and prospects. Further, it faces high competition from conventional and other clean energy producers and any failure to respond to market changes in the power backup or renewable energy industry could adversely affect its business, cash flows, financial condition and results of operations.

The issue has been offering 2,93,39,170 shares in a price band of Rs 375-395 per equity share. The aggregate size of the offer is around Rs 1,100.22 crore to Rs 1,158.90 crore based on lower and upper price band respectively. Minimum application is to be made for 37 shares and in multiples thereon, thereafter. On performance front, its revenue from operations increased by 20.06% from Rs 2,210.00 crore in Fiscal 2024 to Rs 2,653.27 crore in Fiscal 2025. It recorded a restated profit after tax of Rs 175.83 crore for Fiscal 2025 as compared to Rs 226.11 crore for Fiscal 2024 reflecting a decline of 22.24%.

Meanwhile, it aims to capitalize on opportunities from central and state government agencies and public utilities through strategic bidding, leveraging its experience in executing wind power projects. Its focus on prudent bidding and financial discipline enables it to achieve targeted internal rates of return, driving sustainable growth. To maintain this momentum and meet its return expectations, it will continue to deploy a focussed approach, underpinned by thorough due diligence and data-driven analysis of potential projects. This disciplined strategy would allow it to navigate the market effectively and optimize returns. It intends to use economies of scale to continue to negotiate better prices of the turbines as well as supply of material and equipment for the BoP and operations and maintenance terms from its vendors. It also seeks to enhance its project execution capabilities to control cost of BoP and optimize the output of projects. At the project execution stage with multiple projects, it expects to reduce cost of manpower, infrastructure and resources.

Sai Parenteral's

• Sai Parenteral's is coming out with a 100% book building; initial public offering (IPO) of 1,08,19,170 shares of face value Rs 5 each in a price band Rs 372-392 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 March 24, 2026 and will close on March 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 74.40 times of its face value on the lower side and 78.40 times on the higher side.
• Book running lead manager to the issue is Arihant Capital Markets.
• Compliance Officer for the issue is Shivali Aggarwal.

Profile of the company

The company is a diversified pharmaceutical formulations company with capabilities in research, development and manufacturing. It is in the business of (i) Branded Generic Formulations and (ii) Contract Development and Manufacturing Organisation (CDMO) products and services for the domestic and international markets. The company’s portfolio includes formulation products across various therapeutic areas like cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, vitamins, minerals and supplements (VMS), analgesics, and dermatology with offerings across dosage forms such as injectables, tablets, capsules, liquid orals and ointments. In the injectables segment, it has capabilities in sterile manufacturing for critical care and antibiotics, which are delivered through dry powder injections, pre-filled syringes, ampoules, and vials.

Branded Generic Formulations are those off-patent pharmaceutical products that are produced and sold by the company under its own brand names. it manufactures and sells Branded Generic Formulations to a diverse customer base, including central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market. It started its export business in Fiscal 2023 after acquiring two internationally accredited manufacturing units in Hyderabad, Telangana. It exports its products to the Regulated and Semi-Regulated Markets of Australia, New Zealand, Southeast Asia, Middle East and Africa through distributors.

The company’s CDMO business includes product development, which involves designing and developing new pharmaceutical products, validation batches i.e. trial runs conducted to ensure consistent manufacturing quality, stability studies, which assess drug performance under various conditions, dossier compilation, which involves preparing and compiling documents required for product approvals, international regulatory filings which involves submission to regulatory authorities in a particular jurisdiction to register or sell a drug/medicine and commercial manufacturing.

Proceed is being used for:

• Capacity expansion and upgradation of manufacturing facilities
• Establishment of a new R&D Centre
• Repayment / prepayment of certain outstanding borrowings
• Working capital requirements
• Repayment of bridge loan and term loan availed for investment in wholly owned subsidiary, Sai Parenterals Pte (Singapore), in relation to the acquisition of Noumed Pharmaceuticals Pty (Australia)
• General corporate purposes

Industry overview

The Indian pharmaceutical industry is the world’s third largest by volume and was estimated at $62 billion in 2025. It is expected to grow at a CAGR of 11.2% to reach $146 billion by 2033. The industry can be broadly classified into formulations and bulk drugs. Formulations can further be divided into domestic formulations and export formulations, both having almost an equal share in the market. At present, generic drugs constitute a large part of Indian exports. The pharmaceutical market in India is dominated by generics, which account for around 90% of drug consumption in the country in terms of value.

India has a large and increasing patient pool with a high disease burden of communicable and non-communicable diseases, thereby providing a large market for the sale of drugs. For example, India contributes 15% of the global burden for highly prevalent diseases (respiratory infections, cardiovascular, diabetes, cervical cancer). The primary drivers of chronic diseases are social shifts, rapid urbanisation, detrimental physical environments, and unhealthy lifestyles. India is expected to undergo rapid urbanisation, with nearly an additional 50 million people expected in urban areas between 2023 and 2027. A sizable working-age group, coupled with this swift urbanisation process, contributes to a sedentary lifestyle, consequently elevating the risk of chronic diseases.

The Indian pharmaceutical sector benefits from policies such as the Production-Linked Incentive (PLI) scheme, which has an outlay of around Rs 2,300 crore in 2025-26 budget, aimed at enhancing the manufacturing ecosystem for essential drugs and boosting exports. In the budget 2025-26, the government allocated around Rs 1,460 crore to develop bulk drug parks, intending to reduce dependency on imports for critical APIs and intermediates. Additionally, the notification of the Revised Schedule M Guidelines by the Government of India on December 28, 2023, is set to bring Indian pharmaceutical regulations at par with global standards.

Pros and strengths

Diversified generic formulations player with an established track record: The company was incorporated in 2001 and initially focused on manufacturing parenteral (injectables) formulations, reporting annual revenue of around Rs 8.6 million by the time the current management assumed leadership in 2016. Since then, the company has undergone a steady expansion across business verticals, geographical markets, and customer segments and achieved revenue of operations of Rs 1,631.05 million in Fiscal 2025. This growth has been driven by operational efficiency and strategic diversification of product offerings and consistent focus on strengthening its market presence. The company has transitioned from manufacturer of parenteral formulations to a diversified formulations business with capabilities spanning across multiple dosage forms, including injectables, tablets, capsules, liquid orals and ointments.  

Strong focus on CDMO business: The company has commenced engagements with domestic CDMO customers in Fiscal 2022 and expanded its CDMO operations to international markets in Fiscal 2023, supported by the acquisition of two internationally accredited Manufacturing Facilities i.e. Unit III and IV which enabled its entry into the Regulated and Semi-Regulated Markets. These acquisitions not only expanded its product portfolio but also led to establishment of a dedicated FR&D facility enhancing its ability to deliver end-to-end development and technical services. The acquisition of Noumed will further strengthen its CDMO business, particularly in the OTC segment. As of December 31, 2025, it had active CDMO engagements with international and domestic pharmaceutical companies. Several of these relationships are supported by long-term supply contracts, reflecting the trust placed in its manufacturing and regulatory compliance capabilities.

Well-established distribution network in India and overseas: The company has an established presence in the institutional markets, supported by the experience of its promoters and its wholly owned subsidiary, Revat Laboratories. Its institutional business spans multiple Indian states, contributing to growing visibility and recognition within this segment. It participates in procurement tenders issued by central and state government agencies for the supply of both high-value and high-volume pharmaceutical formulations. It supplies to various state procurement agencies, as well as to multiple locations under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) and ESI hospitals across India.

Track record of value-accretive acquisitions: The company has adopted a targeted acquisition strategy to strengthen its manufacturing, technological, and CDMO capabilities and geographical presence in the Regulated Markets and Semi-Regulated Markets expand its manufacturing base. In Fiscal 2022 and Fiscal 2023, it completed two key asset acquisitions to expand its regulatory reach, facilitate faster dossier filings and shorten its time from R&D to commercialisation: TGA-Australia approved facility at IDA Bhongir, Telangana, accredited with PIC/S standards (Unit-III); and WHO-GMP certified unit at IDA Bollaram, Hyderabad, accredited with PIC/S standards (Unit-IV). Following these acquisitions, production at both these manufacturing facilities has shown robust growth, reflecting its ability to integrate acquired assets and match capacity with increasing demand in domestic and international markets.

Risks and concerns

Significant Dependence on injectables and tablets revenue: The company is a diversified pharmaceutical formulations company with capabilities in research, development, and manufacturing. It has been significantly dependent on its Injectables and Tablets product segments. Revenue from Injectables contributed 25.54%, 44.78%, 47.64%, and 92.03% during the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Revenue from Tablets contributed 59.53%, 36.23%, 37.10%, and 3.52% during the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Any reduction in demand for these key product segments may adversely affect its business, financial condition, results of operations, and cash flows.

Supplier concentration and raw material cost volatility: Majority of its key raw material purchases, being APIs, excipients and intermediates, are sourced from a diversified supplier base, and it does not enter into is not any long-term contractual agreements with them. Purchases from its top 10 suppliers amounted to 77.81%, 82.70%, 58.81%, and 73.04% of total raw material purchases during the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Any reduction of supplies or discontinuation of supplies from its top suppliers could have a material adverse effect on its business, financial condition, results of operations and cash flows. Any fluctuation in prices of its raw materials may have a material adverse effect on its business, results of operations, prospects and financial condition.

Customer concentration risk in key business segments: Its business is dependent on the sale of products to a limited number of customers for a significant portion of its revenues. Revenue contribution from the Top 5 customers stood at 52.65%, 58.62%, 70.29%, and 56.60% for branded generic formulations, and 27.75%, 19.02%, 10.70%, and 4.75% for CDMO products and services during the six-month period ended September 30, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. If its top customers or a number of its top customers in any of its business verticals cease to purchase products from the company, its business, results of operations and financial condition could be adversely affected.

Dependence on government tenders and public health schemes: The company supplies both high-value and high-volume pharmaceutical formulations to central and state government agencies, pharmaceutical companies, public and private hospitals and super stockists in the domestic market. Its domestic Branded Generic Formulations business spans across India, contributing to growing brand visibility and recognition within this segment. It participates in procurement tenders issued by central and state government agencies for the supply of its products. It supplies to various state procurement agencies, including those of Andhra Pradesh, Telangana and Rajasthan, and to various locations under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) and ESI Hospitals across India. Any reduction in the budgetary allocation or support to public health schemes by the Central and/or the State Governments may have a significant impact on the price and volume of tenders and the supply requirements under these tenders that may be issued by government authorities/bodies resulting in slowdown or downturn in its business prospects.

Outlook

Sai Parenteral's, through its subsidiaries, carries out contract research and manufacturing activities for customers engaged in pharmaceutical industries. The company is in the business of (i) Branded Generic Formulations and (ii) CDMO products and services for the domestic and international markets. The company’s portfolio includes formulation products across various therapeutic areas like cardiovascular, neuropsychiatry, anti-diabetic, respiratory health, antibiotics, gastroenterology, VMS, analgesics, and dermatology with offerings across dosage forms such as injectables, tablets, capsules, liquid orals and ointments. On the concern side, the company success depends significantly on its ability to successfully commercialize its products under development in a timely manner. The development and commercialization process for new products is time-consuming, costly and involves a high degree of business risk. Due to the prolonged period of time for developing a new product, delays associated with regulatory approval process as well as competitive factors, it may invest resources in developing products that may not be successful commercially, which could have an adverse effect on its business, results of operations and financial condition.

The issue has been offering 1,08,19,170 shares in a price band of Rs 372-392 per equity share. The aggregate size of the offer is around Rs 402.47 crore to Rs 424.11 crore based on lower and upper price band respectively. Minimum application is to be made for 38 shares and in multiples thereon, thereafter. On performance front, its revenue from operations increased by 6.08% to Rs 1,631.06 million for Fiscal 2025 from Rs 1,537.61 million for Fiscal 2024. Its profit for the period increased by 71.76% to Rs 144.54 million in Fiscal 2025 from Rs 84.15 million in Fiscal 2024.

Meanwhile, its CDMO expansion strategy is centred on offering integrated, end-to-end services across the product lifecycle, covering formulations development, clinical and stability studies, regulatory submissions, validation batches and commercial manufacturing. These services are offered across a range of dosage forms and therapeutic areas and are aligned with customer requirements in both Regulated and Semi-Regulated Markets. To support this strategy and leverage the global CDMO opportunity, it aims to expand its customer base in the injectables segment by targeting Regulated and Semi-Regulated Markets. it also intends to add new customers and deepen existing relationships with its customers in the oral solid dosage forms. Investments in capacity enhancement, regulatory upgrades, and new product development will underpin these efforts.

Speciality Medicines

• Speciality Medicines is coming out with an initial public offering (IPO) of 23,50,000 shares in a price band of Rs 117-124 per equity share. 
• The issue will open on March 20, 2026 and will close on March 24, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.70 times of its face value on the lower side and 12.40 times on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance Officer for the issue is Anita Kumawat.

Profile of the company

The company is engaged in the business of marketing and distribution of finished formulations of specialty pharmaceutical products, comprising of high-cost oral and injectable medications used in the treatment of complex and chronic medical conditions in therapeutic areas like oncology, immunology, neurology and rare diseases. It offers a diverse portfolio of specialty pharmaceutical products, focusing on various therapeutic areas such as oncology, immunology, neurology, and rare diseases. Its products which are offered in such areas are available in a wide range of dosage forms like Tablets, Capsules, Cream, Syrups, Eye Drops, Gel, Infusion, Inhalation, Inhaler, Injection, Nasal Spray, Ointment, Ophthalmic, Oral Solution, Oral Suspension, Sachet and Suspension. It operates through two integrated business models: i) Manufacturing, through contract manufacturing basis, of approved finished formulations and distribution internationally and ii) Marketing and distribution of specialty pharmaceutical products sourced from manufacturers. 

Under its contract manufacturing arrangement, its contract manufacturer based in India is responsible for the manufacturing of speciality pharmaceutical formulations. These formulations are either approved or currently undergoing the approval process with the relevant health authorities in the target countries. Once the necessary regulatory approvals are obtained, it initiates its role as the distributor for these products. Its responsibilities include overseeing the marketing and distribution of the approved specialty pharmaceutical products across multiple international markets. Under its other business model, it operates as a distributor of specialty pharmaceutical products sourced from manufacturers. Its role focuses on the procurement, warehousing, and wholesale distribution of these medicines to a wide network of healthcare providers and retailers. It ensures smooth supply chain operations and timely delivery across various regions. Its services are centred on maintaining consistent product availability and supporting its customers through reliable and efficient distribution. 

Through this dual-model approach, the company effectively distributes and markets specialty pharmaceutical products across India and overseas, maintaining a strong focus on quality and regulatory compliance. It has established its presence in international markets through products that are either registered or in the process of registration in countries which includes Jordan, Ethiopia, Uganda, Peru and Namibia. It has, through its distributions, established good relationship with its customers spreading across more than 20 states of India and more than 35 countries all over the world. 

Proceed is being used for:

• Setting up of Research and Development (R&D) Centre in Gujarat
• Product registration in international markets and product development for sale in international markets.
• Funding for marketing and promotional activities
• Meeting working capital requirements
• General corporate purpose.

Industry Overview

India’s pharmaceutical industry is one of the most significant contributors to the national economy and a key player in the global healthcare landscape. The country ranks third globally in pharmaceutical production by volume and 14th by value and is widely recognized as the ‘Pharmacy of the World’ owing to its large-scale production and export of affordable, high-quality generic medicines and vaccines. India is the largest provider of generic drugs globally, accounting for around 20% of the global supply by volume and contributes over 60% of the global vaccine demand. As of 2024, India is home to over 3,000 pharmaceutical companies and more than 10,000 manufacturing facilities, including the highest number of USFDA-compliant plants outside the United States. This has positioned the country as a critical part of the global pharmaceutical supply chain, especially for regulated markets such as the United States, European Union, and Japan. The Indian pharmaceutical sector is evolving from a volume-driven industry to a value-based, innovation-led sector. There is a rising focus on complex generics, specialty drugs, biosimilars, and novel drug delivery systems, particularly in therapeutic areas such as oncology, cardiology, anti-diabetics, and central nervous system (CNS) disorders. Increasing investments in research and development (R&D), combined with strategic global partnerships and acquisitions, are enabling Indian pharmaceutical companies to enter higher-margin and technologically intensive product segments.

The Indian pharmaceutical industry offers a broad and diversified production mix across multiple therapeutic categories, catering to both domestic consumption and export markets. The production pattern in FY25 indicates a strong emphasis on traditional medicine, infectious disease treatment, and chronic condition management, showcasing the industry’s evolving response to healthcare needs. Ayurvedic and Homeopathic Medicaments constituted the largest share of production at 24.8%, highlighting the rising consumer preference for traditional healthcare solutions and continued government support for AYUSH-based formulations. Antibiotics, API & Formulations represented 18.8% of total production, reinforcing India’s role as a major global supplier of critical antimicrobial agents. Anti-retroviral Drugs for HIV Treatment accounted for 14.0%, underlining India’s contribution to affordable therapies for communicable diseases, particularly for developing countries. Anti-pyretic, Analgesic and Anti-inflammatory APIs & Formulations contributed 8.1%, reflecting widespread demand for pain and fever management therapies. Capsules accounted for 6.1%, showcasing the demand for flexible and efficient oral dosage forms. Vaccines for Veterinary Medicine contributed 5.3%, pointing toward a growing emphasis on animal health and veterinary pharmaceutical production. Antidiabetic Drugs (4.7%), API & Formulations of Vitamins (4.3%), and Medical/Surgical Accessories (3.6%) indicate increased demand driven by lifestyle-related health conditions and improvements in healthcare infrastructure. Other significant categories include Steroids and Hormonal Preparations (including anti-fungal) at 3.7%, IV Fluids at 1.5%, and Anti-cancer Drugs for Chemotherapy at 1.2%. Smaller production volumes are observed in niche therapeutic segments such as Anti-psychotic Drugs (0.5%), Antituberculosis Medicines (0.4%), Antiseptics and Disinfectants (0.9%), and API for Lipid-Lowering Agents (0.1%), indicating selective or demand-driven manufacturing in these areas.

The Indian pharmaceutical industry is poised for significant growth in the coming years, driven by several key factors. The Indian pharmaceutical industry is estimated to reach $53.78 billion in FY 2025. Looking ahead, the industry is projected to grow at a Compounded Annual Growth Rate (CAGR) of 9.53%, reaching a market size of $58.90 in FY 2026 and $84.77 billion by 2030. The sector has demonstrated consistent growth, driven by increasing healthcare expenditure, expansion of insurance coverage, a rising burden of chronic and lifestyle diseases, and the growing penetration of specialty and high-value therapies. The government’s support through initiatives like the Production-Linked Incentive (PLI) scheme has been instrumental in enhancing domestic manufacturing capabilities. In the fiscal year 2024-25, the pharmaceutical sector received around 70% of the total incentive disbursements under the PLI schemes, highlighting the government’s focus on boosting domestic manufacturing in this key industry. Technological advancements are also playing a crucial role. The integration of artificial intelligence (AI) in drug discovery and development is enabling more personalized and efficient healthcare solutions. Furthermore, the commercialization of weight-loss drugs and the increasing demand for oncology treatments are opening new market avenues.

Pros and strengths

Diversified global presence: Its business is diversified in terms of geographies within the pharmaceutical industry. It has established its presence in both India and international markets, including countries like Bolivia, Cambodia, Italy, Latvia, Lithuania, Poland, Georgia, United Kingdom, Guyana, Brazil, Trinidad & Tobago, Armenia, Saudi Arabia, Belarus, UAE, Jordan, Oman, Kuwait, Bahrain, Turkey, DR Congo, Mali, Senegal, Uganda, Bangladesh, Malaysia, Philippines, Singapore, Vietnam, Thailand, Fiji, Japan, Ghana, Kenya, Myanmar, and Peru. It is actively focusing on adding more international markets to its portfolio. This diversified revenue base enables it to mitigate the risk of income concentration by spreading revenue across multiple sources, thereby opening new opportunities for growth.

Quality assurance: The quality is an ongoing process of sustaining existing and developing new relationships. It has obtained ISO 9001:2015 Certification for its Quality Management System from QVA Certification, SW Washington, D.C. 20202. Additionally, it ensures that its third-party manufacturing facilities are accredited with the necessary accreditation and provide quality output for its customers. It sets very high standards for itself regarding the timelines and quality of service it provides to its customers. Its stringent systems ensure that all products reach its customers on time and with minimal errors, reduce product rejection. Its commitment to quality service has earned it goodwill from its customers, resulting in customer retention and repeated orders. It has also helped it expand its customer base. It has developed internal procedures for checking client orders at each stage, from customer order to delivery. The company focuses on maintaining consistency in its services, thereby building customer loyalty for its brand.

Diversified product portfolio: Its product portfolio is diversified within the pharmaceutical sector, encompassing a broad range of therapeutic segments and dosage forms. It offers formulations across therapeutic categories such as anti-infectives, gastroenterology, cardiology, diabetology, dermatology, gynaecology, neurology, etc. Its offerings include tablets, capsules, liquids, injectables, ointments, creams, and sachets, catering to a wide variety of patient needs. This diversity allows it to serve a broad customer base and respond effectively to evolving market demands. A balanced product mix not only strengthens its market presence but also reduces dependency on any single therapeutic area, ensuring sustainable growth and stability in its revenues.

Risks and concerns

Revenue concentration risks from top customers: Reliance on a limited number of customers for its business may generally involve several risks. The company depends on top 10 customers for a significant portion of its revenues from operations which contributed 79.56%, 74.90%, 61.36% 70.86% of its revenue from operations, respectively in a period ended October 31, 2025 and in the fiscal year 2025, 2024 and 2023. While it has developed relationships with certain of its customers, there can be no assurance that its significant customers in the past will continue to place orders or maintain the current level of business with it in the future. In order to retain some of its existing customers, it may also be required to offer terms to such customers which may place restraints on its resources. The loss of one or more of these significant customers or a significant decrease in business from any such key customer, whether due to circumstances specific to such customer or adverse market conditions affecting the pharmaceutical industry or the economic environment generally, may materially and adversely affect its business, results of operations and financial condition.

Risks associated with product development and expansion into new markets: One of the objectives of this issue is to get product development activities from third party service providers. This initiative is aimed at expanding its product portfolio, entering new therapeutic segments, and enhancing its market presence in both regulated and semi-regulated international geographies. The development of new products is subject to number of risks including, but not limited to, its failure to get developed products that meet market demands and market requirements, its failure to meet competition and its failure to comply with applicable regulations. In addition, its new products may require significant expenditure for development and roll out and may take substantial management time. Further, its investments in new products may be less profitable than what it has experienced historically or estimated, may be loss-making, may consume substantial financial resources and/or may divert management’s attention from existing operations, all of which could materially and adversely affect its business, results of operations and financial condition.

Supply chain risks and volatility in raw material prices: It relies on third-party suppliers for the raw materials required to produce its products from third party manufacturer. Since it does not have control over raw material costs, any increase in prices may not always be absorbed or passed on to customers. Such fluctuations can directly impact its margins, profitability, and overall business performance. The timely availability of good-quality raw materials with its suppliers at reasonable prices is critical for its operations. Any delay in sourcing, or a supplier’s inability to deliver materials on time, could disrupt production and deliveries, potentially leading to loss of customers and revenue.

Outlook

Speciality Medicines is engaged in the business of marketing and distribution of finished formulations of specialty pharmaceutical products, comprising of high-cost oral and injectable medications used in the treatment of complex and chronic medical conditions in therapeutic areas like oncology, immunology, neurology and rare diseases. It offers a diverse portfolio of specialty pharmaceutical products, focusing on various therapeutic areas such as oncology, immunology, neurology, and rare diseases. Its products which are offered in such areas are available in a wide range of dosage forms like Tablets, Capsules, Cream, Syrups, Eye Drops, Gel, Infusion, Inhalation, Inhaler, Injection, Nasal Spray, Ointment, Ophthalmic, Oral Solution, Oral Suspension, Sachet and Suspension. On the concern side, it has material exposure to foreign exchange related risks since a portion of its revenue from operations are in foreign currency, including the US Dollar. The exchange rate between the Indian Rupee and foreign currencies, primarily the USD, has fluctuated in the past and its results of operations have been impacted by such fluctuations in the past and may be impacted by such fluctuations in the future. Moreover, being a pharmaceutical company, it operates in a highly regulated and controlled industry environment. Its business is dependent on approvals from relevant regulatory and health authorities. Any delay or failure to obtain or renew such required regulatory approvals, registrations or any change in the regulatory environment in relation to marketing its products in regulated markets may significantly impact its business and strategy affecting its overall profitability.

The company is coming out with a maiden IPO of 23,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 117-124 per equity share. The aggregate size of the offer is around Rs 27.50 crore to Rs 29.14 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 5,827.14 lakh whereas in FY24 it was Rs 2,752.48 lakh representing an increase of 111.71%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 860.82 lakh and for the year ended March 31, 2024 it was Rs 293.36 lakh representing an increase of 193.43%.

The company plans to continue expanding its sales by registering additional new products in domestic and international markets. Its growth strategy will vary by country, depending on specific regulatory requirements. It may either form strategic partnerships with companies with a strong local presence or appoint local distributors for its sales and marketing efforts. Going forward, it plans to set up an R&D centre to transform from pure marketing organisation into an innovation driven speciality pharmaceutical company at Valsad, Gujarat. Further, it intends to invest in its in-house technical capabilities to develop customized systems and processes, ensuring effective management control over its critical resources for optimal utilization.

Tipco Engineering India

• Tipco Engineering India is coming out with an initial public offering (IPO) of 68,03,200 shares in a price band of Rs 84-89 per equity share. 
• The issue will open on March 23, 2026 and will close on March 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.40 times of its face value on the lower side and 8.90 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Kirti Jain.

Profile of the company

Tipco Engineering India is engaged in manufacturing and supplying a comprehensive range of machinery such as bead mill, batch type bead mill, lab bead mill, horizontal bead mill, vertical bead mill, Tungsten Carbide Pin-Type Bead Mill, Disc Type Horizontal Bead Mill, Dyno Mill, Lab Dyno Mill, Pug Mill, Attritor Mill, Lab Attritor Mill, Basket Mill, Combined Pin and Disc Type Bead Mill, Ceramic Bead Mill, Lab High-Speed Disperser, High-Speed Disperser, Twin-Shaft Disperser, Triple-Shaft Disperser, Vacuum High-Speed Disperser, Fixed Type Disperser, Platform Type Disperser, In-Line Homogenizer, In-Tank Homogenizers, High Shear In-Tank Homogenizer, Liquid Powder Mixing Machine, and Sigma Mixer. It is serving industries such as Paint and Coatings, Chemical, Chemical, Printing and packaging, Metal industry, construction and infrastructure. It offers machineries mainly across three different series (categories) i.e., Mill Series, Disperser Series and Homogenizers Series.

The company carries out its operations from its registered office and manufacturing unit situated at Sonipat, Haryana, India. Its manufacturing unit is equipped with sufficient machinery and fabrication equipment such as 20 Hp Refurbishment Vector Drive, Bandsaw Metal Cutting Machine 9', CNC turning center model puma 3100 uly, CNC turning machine, Horizontal CNC Lathe Machine, Horizontal Turning Center Machine, JFY Brand CNC Laser Cutting Machine Sheet, Polishing Machine Model XYD, CNC Turning Centre, Welding Machine ARC 400 Pro, Welding Machine and Double Vanguard Turning Machine. Majority of its operations are carried out in-house with a team of skilled workforce and engineers. Its manufacturing unit is equipped with advanced Quality Assurance Systems that guarantee the highest standards for both incoming materials and finished products.

It is certified with quality standards, including ISO 9001:2015 and ISO 45001:2018. Drawing on years of practical field experience, it has developed wide range of products that satisfy the demands of modern flow control in industry. Quality & Reliability is an Integral part of its practice and culture that guides its actions to deliver Products and Services that are safe. It continuously strives to improve its processes, ensuring that every product and service it provides adheres to quality standards. Its dedicated team emphasizes quality management, testing, and continuous feedback loops to guarantee that its solutions are safe, dependable, and compliant with international standards. Its commitment to quality and reliability underpins every aspect of its business, fostering partnerships built on trust and excellence. In addition to its manufacturing activities, the company is engaged in trading of ancillary products aligned with its core manufacturing operations, including procurement and supply of such items to clients. It also offers comprehensive services which includes construction, erection and dismantling work, installation & commissioning charges etc.

Proceed is being used for:

• Repayment/prepayment of all or certain of its borrowings availed of by the company
• Funding working capital requirement of the company
• General corporate purposes

Industry Overview

Manufacturing is emerging as an integral pillar in the country’s economic growth, thanks to the performance of key sectors like automotive, engineering, chemicals, pharmaceuticals, and consumer durables. The Indian manufacturing industry generated 16-17% of India’s GDP pre-pandemic and is projected to be one of the fastest growing sectors. The machine tool industry was literally the nuts and bolts of the manufacturing industry in India. Technology has stimulated innovation with digital transformation a key aspect in gaining an edge in this highly competitive market. Technology has encouraged creativity, with digital transformation being a critical element in gaining an advantage in this increasingly competitive industry. The Indian manufacturing sector is steadily moving toward more automated and process-driven manufacturing, which is projected to improve efficiency and enhance productivity. The HSBC India Manufacturing PMI edged up to 58.2 in April 2025 from 58.1 in March, slightly below the flash estimate of 58.4, marking the strongest sector improvement in ten months.

India has the potential to become a global manufacturing hub for wind power components. India is well-positioned to cater to 10% of the global wind energy demand by 2030, leveraging its manufacturing capacity, technology, and global reputation. India is rapidly positioning itself as a global manufacturing hub, especially in electronics, fuelled by supportive policies and a skilled workforce. Value addition in electronics has risen from 30% to 70% and is projected to touch 90% by FY27. With 17% of the nation’s GDP and over 27.3 million workers, the manufacturing sector plays a significant role in the Indian economy. Through the implementation of different programmes and policies, the Indian government hopes to have 25% of the economy’s output come from manufacturing by 2025. India now has the physical and digital infrastructure to raise the share of the manufacturing sector in the economy and make a realistic bid to be an important player in global supply chains.

India is an attractive hub for foreign investments in the manufacturing sector. Several mobile phone, luxury, and automobile brands, among others, have set up or are looking to establish their manufacturing bases in the country. The manufacturing sector of India has the potential to reach Rs 87,57,000 crore ($1 trillion) by FY26. The implementation of the Goods and Services Tax (GST) will make India a common market with a GDP of Rs 2,95,35,800 crore ($3.4 trillion) along with a population of 1.48 billion people, which will be a big draw for investors. One of the initiatives by the Government of India's Ministry for Heavy Industries & Public Enterprises is SAMARTH Udyog Bharat 4.0, or SAMARTH Advanced Manufacturing and Rapid Transformation Hubs. This is expected to increase competitiveness of the manufacturing sector in the capital goods market. With impetus on developing industrial corridors and smart cities, the Government aims to ensure holistic development of the nation. The corridors would further assist in integrating, monitoring, and developing a conducive environment for the industrial development and will promote advance practices in manufacturing.

Pros and strengths

Wide range of products: It offers a wide range of products designed to meet diverse customer needs. For any company, innovation and technical progress are key factors for its success in the long term. It constantly encourages its people to innovate and develop new products for catering to demands of its customers. It is engaged in manufacturing and supplying a comprehensive range of machinery such as bead mill, batch type bead mill, lab bead mill, horizontal bead mill, vertical bead mill, Tungsten Carbide Pin-Type Bead Mill, Disc Type Horizontal Bead Mill, Dyno Mill, Lab Dyno Mill, Pug Mill, Attritor Mill, Lab Attritor Mill, Basket Mill, Combined Pin and Disc Type Bead Mill, Ceramic Bead Mill, Lab High-Speed Disperser, High-Speed Disperser, Twin-Shaft Disperser, Triple-Shaft Disperser, Vacuum High-Speed Disperser, Fixed Type Disperser, Platform Type Disperser, In-Line Homogenizer, In-Tank Homogenizers, High Shear In-Tank Homogenizer, Liquid Powder Mixing Machine, and Sigma Mixer. It strives to provide high-quality options across various product range. Its extensive selection ensures that customers can find everything they need in one convenient place, backed by excellent service and competitive prices.

Repeat orders from customers: It has a continuing relationship with key Customers & Suppliers. These long-standing relationships are result of its commitment to quality, timely delivery, promptness and customised solution in payments and adaptability. Its business and growth are significantly dependant on its ability to maintain the customer relationship. Having many years of experience in the industry and being able to identify these players would give it a competitive advantage in the business segment. For the period ended December 31, 2025 and for the last three Fiscals i.e.,2025, 2024 and 2023, its top 10 customers were 75.80%, 78.83%, 76.94% and 60.97% of total revenue from operations. Also, when there is a customer complaint, the product is tested once again and on testing the product, the report generation of the testing, results into a positive one and the complaint is resolved satisfactorily, which it believe have been established and are strengthened by the dedicated infrastructure and its ability to meet customers’ requirements for customized products.

Manufacturing setup under one roof: Its manufacturing unit is equipped with sufficient machinery and fabrication equipment. Majority of its operations are carried out in-house with a team of skilled workforce and engineers. Its manufacturing unit is equipped with advanced Quality Assurance Systems that guarantee the highest standards for both incoming materials and finished products. It is equipped with each stage processing equipment and machines due to which its manufacturing process underscores its commitments to efficiency, quality, and innovation. Its custom build order management software facilitates swift workflows for its valuable corporate clients, empowering them to efficiently track the progress of their orders. The facility under one roof brings efficiency, control, supply assurance and large-scale supplies that are crucial to meet the demands of its customers. It also helps in commanding better management oversight, security of precious metal due to reduced movement and most importantly controlling the manufacturing process loss. This enables it to control costs and increase its profit margins and gives it a competitive advantage.

Risks and concerns

Revenue concentration among key clients: The company depends on top 10 customers for a significant portion of its revenues from operations which contributed 75.80%, 78.83%, 76.94% and 60.97% of its revenue from operations, respectively in a period ended December 31, 2025 and in the fiscal year 2025, 2024 and 2023, Also, the company in the usual course of Business does not have any long-term contracts with its customers and it relies on purchase orders for delivery of its products and its customers may cancel or modify their orders, change quantities, delay or change their sourcing strategy. Loss of one or more of its top customers or a reduction in their demand for its products or reduction in revenue derived from them may adversely affect its Business, Results of Operations and Financial Condition. 

Impact of industry downturns on business operations: It is dependent on the performance of industries viz. Paint and Coating, Constructions and Infrastructure and metal which totally contributed 72.50%, 88.79%, 88.47%, and 70.33% of its revenue from operations in the period ended December 31, 2025 and in the fiscals 2025, 2024 and 2023 respectively in which its customers operate and fluctuations in the performance of such industries may result in a loss of such customers, a decrease in the volume of work it undertakes or the price at which it offers its services. These industries may be sensitive to factors beyond its control, including general economic conditions such as consumer demand, consumer confidence, inflation, employment and disposable income levels, interest rate levels, demographic trends, technological changes, increasing environmental, health and safety regulations, government policies, political instability and fuel prices. A loss of, or a significant decrease in business from top customers could materially and adversely affect its business, results of operations and financial condition.

High reliance on top suppliers for procurement: Its business operations rely significantly on the continuous and timely supply of raw materials from top one supplier, top 5 and top 10 suppliers, Also, it does not have continuing and exclusive supply agreement with them. Its purchases of stock-in-trade from top 10 suppliers are 71.61%, 59.93%, 56.66% and 67.83% in period ended December 31, 2025 and in fiscal years 2025, 2024 and 2023 respectively, accordingly, this exposes it to a concentration of purchases from top 10 suppliers and also, any interruptions or discontinuation of same will adversely impact its overall performance and profitability.

Outlook

Tipco Engineering India is engaged in manufacturing and supplying a comprehensive range of plants and machinery such as bead mill, batch type bead mill, lab bead mill, horizontal bead mill, vertical bead mill, Tungsten Carbide Pin-Type Bead Mill, Disc Type Horizontal Bead Mill, Dyno Mill, Lab Dyno Mill, Pug Mill, Attritor Mill, Lab Attritor Mill, Basket Mill, Combined Pin and Disc Type Bead Mil, etc. It is serving industries such as Paint and Coatings, Chemical, Printing and packaging, Metal industry, construction and infrastructure and machinery and equipment. It offers its plants and machineries mainly across three different series (categories) i.e., Mill Series, Disperser Series and Homogenizers Series. On the concern side, it generates its majority of the sales from domestic market of which major portion of sales from its operations is generated from certain geographical regions especially, Uttar Pradesh, Rajasthan and Haryana which totally contributed 60.95%, 73.03%, 81.86% and 65.46% for the period ended December 31, 2025 and for the fiscals 2025, 2024 and 2023 respectively and minority portion of sales is from international market. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 68,03,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 84-89 per equity share. The aggregate size of the offer is around Rs 57.15 crore to Rs 60.55 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 13,313.78 lakh whereas in FY24 it was Rs 10,122.60 lakh representing an increase of 31.53%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 1,561.04 lakh and for the year ended March 31, 2024 it was Rs 844.52 lakh representing an increase of 84.84%.

The company is focusing on expanding its export business to account for of its total revenue. This requires identifying and entering new international markets, enhancing its product offerings to meet diverse global demands, and building strong relationships with overseas partners. By streamlining its export processes, investing in targeted marketing campaigns, and ensuring compliance with international standards, it aims to increase its global footprint and maximize revenue from exports. This focused approach will not only diversify its income streams but also position it competitively in the global marketplace. This approach seeks to stimulate economic growth, strengthen the trade balance, and elevate global competitiveness. Going forward, it intends to repay certain amount of its loans to improvise its debt equity ratio and also this will help the company to obtain working capital loans / term loans for expansion in future which will improve its operational efficiency. Further, repayment of loans and borrowings will reduce burden of repayment of loans repayable on demand and enhance its financial stability and reduce long term liabilities. Further, it aims to accelerate the development of innovative products and enhance overall quality. It has entered into a Business Cooperation Agreement on April 10, 2024 with a German Company. This combines expertise from diverse teams to drive research and development, streamline processes, and deliver superior solutions to meet evolving market demands. Through shared resources and knowledge, the collaboration aims to foster innovation, ensure rigorous quality standards, and achieve sustainable growth for all stakeholders.