M&B Engineering 

• M&B Engineering is coming out with a 100% book building; initial public offering (IPO) of 1,77,65,523 shares of Rs 10 each in a price band Rs 366-385 per equity share.
• Not less than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not more than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on July 30, 2025 and will close on August 1, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 36.6 times of its face value on the lower side and 38.5 times on the higher side.
• Book running lead managers to the issue are Equirus Capital and DAM Capital Advisors.
• Compliance Officer for the issue is Palak Dilipbhai Parekh.

Profile of the company

The company is one of India’s leading Pre-Engineered Buildings (PEBs) players. Its business is structured into (a) Phenix division which provides comprehensive solutions for PEBs and complex structural steel components; and (b) Proflex division which provides self-supported steel roofing solutions. It offers its customers comprehensive turn-key solutions which include project design, engineering, manufacturing and erection in accordance with customer requirements across industrial and infrastructure segments. It has delivered solutions for its customers engaged in diverse sectors including general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles, and railways.

Its Phenix Division (i) provides comprehensive solutions for PEBs which includes estimation, designing, engineering and manufacturing of PEBs and their components within the controlled environment of its Manufacturing Facilities, which are then supplied, installed and erected under its team’s supervision at its customers’ manufacturing sites; and (ii) manufactures complex structural steel components for its customers across a variety of end-user industries for projects including the construction of bridges, flyovers, power plant structures and other industrial applications. Through the Proflex Division, it manufactures and installs self-supported steel roofings for projects across India.

Its manufacturing infrastructure is complemented by its stringent quality and safety standards and processes which are evidenced by its ISO certification. Its domestic presence is anchored by its marketing head office in Ahmedabad which is complemented by a strategic network of regional offices or representatives stationed in key cities across India including Mumbai, Chandigarh, Jaipur, Lucknow, Rajkot, Surat, Nagpur, Pune, Hyderabad, Delhi, Chennai and Bengaluru. Its representatives situated in various regions serve as marketing agents, facilitating business development activities for the company.

Proceed is being used for:

• Funding the capital expenditure requirements for the purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at its Manufacturing Facilities.
• Investment in information technology (IT) software upgradation by the company.
• Re-payment or pre-payment of term loans, in full or in part, of certain borrowings availed by the company.
• General corporate purposes.

Industry Overview

Pre-engineered construction has emerged as an innovative building method due to rapid growth of automation in the construction industry. Furthermore, shortage of skilled labour, combined with the inherent advantages of these structures in terms of speed, cost-effectiveness, and environmental impact, is significantly propelling their popularity in the construction sector. Pre-engineered structures/units are more eco-friendly than traditionally constructed ones and provide common benefits such as reduced material wastage, enhanced quality control, and improved onsite safety. The controlled manufacturing process minimises material wastage, promoting sustainable building practices, while rigorous quality control ensures consistent and durable structures.

Pre-engineered buildings were introduced in India during the late-1990s/2000s with the onset of India’s economic growth post liberalisation in 1991. However, the acceptance among consumer verticals began in early-2000 with good growth during 2005- 2010. Pre-engineered buildings started gaining prominence following a strong fixed capital formation in India and increased adoption by customers. This period of high growth saw new players enter the fray. With the slowdown of India’s economic growth, the Indian pre-engineered buildings industry stagnated between 2010 and 2015. Post that, the industry saw good adoption but suffered some slowdown as capex declined during the pandemic, leading to a drop in revenue in fiscal 2021.

The industry expanded at a CAGR of around 8.3% over fiscals 2019 and 2025, growing from Rs 130 billion in 2019 to Rs 210 billion in fiscal 2025, driven by increased construction investments and growing awareness of PEB and its advantages. The medium-term outlook is optimistic, with the industry expected to clock a CAGR of 9.5-10.5% between fiscals 2025 and 2030 to Rs 330-345 billion, supported by investments in the industrial and infrastructure sectors, such as warehouses and logistics as well as expressways (wayside amenities and toll plazas).

Pros and strengths

One of the leading players in terms of installed capacity in the domestic PEB industry: The company is one of India’s leading PEBs players (installed capacity being greater than 100,000 MTPA). The company has installed capacity of 103,800 MTPA related to PEB structures and 1,800,000 square metres per annum for Self-Supported Roofing solutions as on March 31, 2025. It has been able to achieve such leadership position by leveraging on its comprehensive suite of services and integrated manufacturing facilities, ability to deliver solutions, strong focus on customer service and its well-established track record of over 9,500 projects undertaken for execution.

It provides a wide range of specialised products and services: As an integrated manufacturing partner providing ‘design-led-manufacturing’ solutions to its customers, it provides designs, engineering solutions, manufacturing and testing to ensure that its structures meet robust standards in reliability, safety and performance. At the core of its operations, it specializes in innovative design, manufacturing and installation of pre-engineered metal buildings, complex structural steel components and self-supported steel roofing. Combining the strengths of its Phenix and Proflex divisions, it has the flexibility to cater to requirements of diverse set of its customers, ranging from small scale projects to large scale projects. It offers solutions to its customers which can range from simple PEB structures as may be required for a warehousing application to complicated constructions as demonstrated by the PEB installation with a retractable (openable) roof structure which it delivered for a Kolkata based shipyard.

Experienced and dedicated promoters and professional management team with domain knowledge: It is led by experienced Promoters in the PEB and structural steel industry and the self-supported steel roofing industry. Its Promoters are actively involved in the critical aspects of its business including business development, engineering, manufacturing operations, quality assurance, marketing and finance. Its organizational structure is designed to support seamless scaling and adaptation to market changes. It has specialized teams for each division of Phenix and Proflex, led by experienced professionals in key areas such as plant operations, quality control, sales and marketing, procurement and finance, which enables it to be well-equipped to respond to evolving industry demands and opportunities. Its Promoters, together with its Key Managerial Personnel, Senior Management Personnel and dynamic Board, with their hands-on management approach ensure that strategic initiatives are effectively implemented across the organization. The depth and breadth of its management teams’ expertise is pivotal in navigating the complexities of its business landscape.

Strategically located manufacturing facilities for PEBs: The company has installed capacity of 103,800 MTPA related to PEB structures and 1,800,000 square metres per annum for Self-Supported Roofing solutions as on March 31, 2025. The cost of transportation of PEB components constitutes a part of the overall pricing of the project. It has two manufacturing facilities at Sanand, Gujarat and Cheyyar, Tamil Nadu for the manufacturing of PEBs and complex structural steel components. Its Sanand Facility is strategically located to cater to the customers in Western India, Northern India and Central India, as well as by close connectivity to ports in the state of Gujarat while its Cheyyar Facility is well placed to cater to the requirements of potential customers in South India. The Sanand and Cheyyar Facilities are equipped with equipment and systems which include high precision CNC machinery, plasma cutting torches, oxy acetylene cutting torches, beam welding machines, online shot blasting and painting systems, sheet profiling machine and integrated purlin forming and painting lines.

Risks and concerns

Majority portion of revenues from design, manufacture and installation of PEB: Its design, manufacture and installation of pre-engineered buildings have been largely driven by its track record of meeting customer specifications, quality standards and its long-term relationship with its customers. It cannot assure that the demand for its pre-engineered buildings will be sustained at the same levels in the future. As a result of any adverse changes in demand by its customers and/or any unfavourable change in government policies which may affect such demand, the revenues derived from its manufacture of PEBs could be lower than its expectations. This could have a material adverse effect on its business, financial condition, results of operations and prospects.

Depends on few customers: It derives a portion of its revenue from operations from few customers and repeat orders from customers groups which it identifies as orders placed by customer groups that have placed orders with the company previously. It has historically been dependent, and expects to depend, on such customers groups and on repeat orders, for a portion of its revenue and the loss of any them for any reason (including due to loss of, or termination of existing arrangements, limitation to meet any change in quality specification, customization requirements, or change in construction technology; disputes with a customer; adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship or change in business practices of its customers) could have a material adverse effect on its business, results of operations, financial condition and cash flows.

Dependent on third-party contract labourers: Its operations are dependent on a large pool of contract labour and an inability to access adequate contract labour at reasonable costs may adversely affect its business prospects and results of operations. It enters into arrangements with contractors for the recruitment of contract labour as per its requirements for a fixed period of time. There is no assurance that it may be able to renew these arrangements on a timely basis or at all. It does not have direct control over the timing or quality of the services and supplies provided by such third parties. Contractors hired by the company may be unable to provide the requisite manpower on a timely basis, or at all, or may be subjected to disputes with their personnel, which, in turn, may affect production at its Manufacturing Facilities and timely delivery of its products to its customers. Any disruption to the supply of such labour for its Manufacturing Facilities or customer sites or its inability to control the composition and cost of its contract labour could adversely affect its business, results of operations, financial condition and cash flows.

Stiff competition: Its pre-engineered buildings business and its self-supporting steel roofing business may face competition in its business from both domestic as well as international companies. Few of its competitors may win market share from the company by providing lower cost solutions to its customers, with or without adversely affecting their profit margins or by offering technologically advanced products or services. Even if its offerings address industry and customer needs, its competitors may be more responsive to these needs and more successful at selling their products. If it is unable to provide its customers with superior products and services at competitive prices or successfully market those services to current and prospective customers, it could lose customers, market share or be compelled to reduce its prices, thereby adversely affecting its business, results of operations and financial condition.

Outlook

M&B Engineering is engaged in the business of Pre-Engineered Metal Buildings (PEB), Structural Steel, Self-Supported Steel Roofing and Components thereof. It offers its customers comprehensive turn-key solutions which include project design, engineering, manufacturing and erection in accordance with customer requirements across industrial and infrastructure segments. On the concern side, its business is dependent upon its ability to manage its Manufacturing Facilities, which are subject to various operating risks. Any malfunction or breakdown of its machinery, its equipment, its IT systems or any other part of its manufacturing processes or systems may entail repair and maintenance costs and cause delays in its operations.

The issue has been offering 1,77,65,523 shares in a price band of Rs 366-385 per equity share. The aggregate size of the offer is around Rs 650.22 crore to Rs 683.97 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 24.34% from Rs 7,950.60 million in Fiscal 2024 to Rs 9,885.54 million in Fiscal 2025. Moreover, restated profit after tax for the period increased by 68.84% to Rs 770.47 million for Fiscal 2025 from Rs 456.34 million for Fiscal 2024.

Meanwhile, the company intends to explore and consider opportunities that can create synergies between the target companies and it and are in line with its growth strategy. It intends to selectively pursue opportunities that will consolidate its market leadership position, enhance its financial position, expand its existing product and service portfolio and increase its distribution network, customers and geographical reach. Its efforts at diversifying into newer categories of its existing business or into new domestic or international markets may be facilitated by investing in similar business opportunities or making acquisitions of existing brands or businesses with manufacturing facilities, market share or growth potential, whose operations, resources, capabilities and strategies are complementary to its existing business.

Kaytex Fabrics

• Kaytex Fabrics is coming out with an initial public offering (IPO) of 38,78,400 equity shares in a price band Rs 171-180 per equity share.
• The issue will open on July 29, 2025 and will close on July 31, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 17.10 times of its face value on the lower side and 18.00 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance Officer for the issue is Rubina Mahajan.

Profile of the company

Kaytex Fabrics is a fast-fashion fabric solutions and manufacturing company, combining technology, design, and traditional craftsmanship to deliver textile and fashion products. It manages the entire process - from yarn to finished fabric production - ensuring quality and the ability to quickly adapt to changing market demands. It specializes in creating fabrics from a variety of fibres, including cotton, viscose, modal, acrylic, nylon, linen, and polyester. Its focus on digital printing - allows it to create customizable designs suited to the fastpaced nature of the fashion industry.

Digital textile printing referred to as direct-to-garment or digital garment printing, is a process of reproducing variety of digital images/prints on textiles and garments using specialized or modified inkjet technology. It works perfect for printing photos, detailed patterns, graphically complex designs and tonal transitions. It has a wide range of end-use applications across various fashion and apparel, home textiles, interior design, advertising and promotional materials, sportswear and active wear, accessories, industrial applications and home décor. Its advantages over conventional printing methods include: high-quality printing, customization and flexibility, time efficiency, cost-effectiveness, environmental sustainability, versatility in fabric types, consistent quality and access to global market. Digital textile printing, while still a relatively small segment, is gradually gaining traction due to design flexibility and elimination of costly screens and preparation processes, reducing production time and minimizing waste, increasing demand for digital printing significantly.

In addition to fabrics, the company has expanded into fashion products in womenswear, offering ready-to-stitch suits, co-ord sets, shawls, scarves and stoles. By combining fashion trends with craftsmanship, it creates products that meet the needs of today’s consumers. Its approach and innovativeness allow it to deliver products that cater to both brands and individual customers as per current market situation.

Proceed is being used for:

• Funding capital expenditure for construction of additional warehouse facility in Amritsar
• Funding capital expenditure for construction of dedicated sales office in Amritsar
• Funding capital expenditure towards purchase of advanced fabric processing system for its existing printing, dyeing and processing unit in Amritsar
• Funding its incremental working capital requirements
• General corporate purposes

Industry Overview

India is one of the world’s largest producers of textiles and apparels. The country is world’s largest producers of cotton and jute, second largest producer of silk, contributing to 95% of the world’s hand-woven fabric. The domestic apparel and textile industry in India contributes to around 2.3% of the country’s GDP, 13% to industrial production, and 12% to exports. India has a 4% share of the global trade in textiles and apparel, where the textile exports are at $34.07 Billion in FY2024, and is likely to reach $100 Billion by 2030. India's fabric production process is a comprehensive and multi-step procedure that transforms raw fibres into finished textiles. This industry is vital to the country's economy, leveraging both natural and synthetic fibres.

Meanwhile, digital textile printing has emerged as a revolutionary alternative. Digital textile printing was introduced in the late 1980s as a possible replacement for analog (screen) printing3 with the advent of inkjet technology and innovative ink that made it possible for printers to print directly on fabric. The Indian digital printing market, while still a relatively nascent segment, is experiencing rapid growth. In CY 2023, it generated $602.8 million in revenue, showcasing its immense potential. Digital printing offers several advantages over conventional methods, including greater design flexibility, faster turnaround times, and reduced environmental impact. As technology continues to advance and costs decrease, digital printing is poised to become increasingly prevalent across various textile applications, from apparel and home furnishings to industrial textiles. The Indian textile printing market is a significant contributor to the country's economy, with revenues steadily increasing from $47.8 billion in 2020 to $56.9 billion in 2024, exhibiting a CAGR of 4.4%. Within this expansive market, digital textile printing, while still a relatively small segment, is gradually gaining traction.

Indian textile industry is a strong, well-established sector, with multiple clusters operating across the country contributing to the supply chain effectively for many centuries. In this well-established sector, launch of digital textile printing has opened roads for many new possibilities to suit the demands and expectations of new-age apparel designers along with the preference of the present generation. The rise of fast fashion in India has created a demand for quick and flexible production processes, which digital textile printing can meet. Similarly, digital textile printing technology allows manufacturers to produce customized and on-demand textile products. Being a recent technology, digital textile printing has a contribution less than the traditional rotary printing technology, while it is expected to compete with rotary printing process by 2030.

Pros and strengths

Single stop solution for all textile needs: The company serves as a one-stop solution for all textile needs, offering a fully integrated production unit that combines advanced capabilities such as digital printing, weaving, jacquard, and embroidery. The setup of Digital Printing, Weaving, Jacquard ad Embroidery allows the company to handle every step of fabric creation in-house, ensuring quality, faster delivery, and cost-effective production. Having all these capabilities under one roof saves time, reduces costs, and ensures consistent quality. It controls the entire process, from design to finished product, giving it customers exactly what they need without relying on outside vendors. This setup allows it to deliver trendy, high-quality products quickly and efficiently, whether it’s for domestic or international markets.

Adapter of digital printing technology in its operations: The company has adopted digital printing technology as part of its operational strategy. This technology enables the creation of detailed and customizable designs on fabrics with precision and speed. Unlike traditional methods, digital printing is efficient, reduces material waste, and supports both small and large order quantities, making it suitable for the fast-moving fashion industry. This approach has helped improve its production processes and enhance its ability to respond to changing trends and customers’ requirements, allowing it to offer textile solutions aligned with market needs.

Well established distribution network: It has built a strong and efficient distribution network that ensures its products reach customers across various markets, from Tier 1 cities to smaller towns. This network allows it to serve a wide range of customers, including wholesalers, retailers, and apparel brands, with timely and seamless delivery of fabrics and garments. Its ability to maintain a consistent supply across geographies strengthens its market presence and supports steady growth. As on March 31, 2025, the company had 154 distributors in India which was instrumental in an effective supply-chain management and helped augment its sales across geographies. It is supported by third party distributors across geographies.

Risks and concerns

Geographical constrain: The company derived a significant portion of its revenue from its customers in Northern India. The company has garnered 89.68%, 94.81% and 91.05% its revenue from Northern India in FY25, FY24 and FY23 respectively. Due to a significant concentration of its revenues in this region, it is highly impacted by risks specific to these geographies, such as civil unrest as well as other adverse social, economic and political events in these states, natural disasters, regional conflicts, and other unforeseen events and circumstances. If any of these risks materialise or if there is a significant downturn in these states, its results of operations and future profitability could be adversely impacted.

Business is seasonal in nature: The company’s business is seasonal in nature, with higher sales volumes during specific periods, such as festive seasons, weddings, and other cultural events. As a result, its revenue and cash flows are often concentrated in certain months of the year, which could lead to fluctuations in its financial performance across different quarters. The demand for traditional Indian wear fabrics and garments, including digitally printed fabrics, jacquard suits, shawls, stoles, and sarees, tends to increase significantly during festive seasons and wedding seasons in India and other markets with a large Indian diaspora. However, during non-festive or off-peak periods, it may experience a slowdown in orders, leading to under-utilization of its manufacturing capacities, lower sales volumes, and reduced profitability in those periods.

No long-term agreements with a majority of its customers: The company’s top 15 and top 20 customers contribute a significant portion of its revenue from operations. Its failure or inability to continue such relationship for any reason (including, due to failure to negotiate acceptable terms or adverse change in the financial or economic conditions) could have a material adverse impact on its business, results of operations, financial condition and cash flows. Additionally, as it does not bind a majority of its customers to any long-term agreements specifying a certain volume of business required to be transacted between it, the company’s customers may terminate their relationship with it, with or without cause, with no advance notice and without compensation. Consequently, there is no commitment on the part of the customer to continue to place new purchase orders with it and as a result, its sales from period to period may fluctuate significantly.

Outlook

Kaytex Fabrics Limited is a fast-fashion manufacturer that combines technology, creative design, and craftsmanship to deliver high-quality textiles. The company specializes in fabrics from diverse fibres like cotton, viscose, and polyester. The company is single stop solution for customers enabled by an integrated unit with multiple capabilities across digital printing, weaving, jacquards, and embroidery. On the concern side, the company’s revenue from operations from domestic sales from its customers in Northern India, which exposes it to risks specific to these Indian geographies and market. Moreover, its business is seasonal in nature, which could adversely affect its financial performance.

The company is coming out with a maiden IPO of 38,78,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 171-180 per equity share. The aggregate size of the offer is around Rs 66.32 crore to Rs 69.81 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 22.29% to Rs 15,278.73 lakh for Fiscal 2025 from Rs 12,494.14 lakh for Fiscal 2024. Moreover, the company incurred a profit of Rs 1,690.47 lakh during the Fiscal 2025, as compared to a profit of Rs 1,130.80 lakh during the Fiscal 2024.

Digital textile printing referred to as direct-to-garment or digital garment printing, is a process of reproducing variety of digital images/prints on textiles and garments using specialized or modified inkjet technology. It works perfect for printing photos, detailed patterns, graphically complex designs and tonal transitions. As part of the company’s future growth strategy, it is committed to significantly expanding its digital printing capabilities to meet the evolving demands of the industry. Digital printing represents a transformative technology in textile manufacturing, offering unparalleled precision, customization, and efficiency. This expansion will enable it to produce vibrant, high-quality designs on a wide range of fabrics, aligning with the fast-changing trends of the global fashion market.

Laxmi India Finance

• Laxmi India Finance is coming out with a 100% book building; initial public offering (IPO) of 1,60,92,195 shares of Rs 5 each in a price band Rs 150-158 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 July 29, 2025 and will close on July 31, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 30.00 times of its face value on the lower side and 31.60 times on the higher side.
• Book running lead manager to the issue is PL Capital Markets.
• Compliance Officer for the issue is Sourabh Mishra.

Profile of the company

Laxmi India Finance is a non-deposit taking non-banking financial company focused on serving the financial needs of underserved customers in India’s lending market. As on March 31, 2025, its operational network spans across 158 branches in rural, semi-urban and urban areas in the states of Rajasthan, Gujarat, Madhya Pradesh, Chhattisgarh and Uttar Pradesh. The company has the widest reach in Rajasthan in terms of being the company with highest number of branches amongst its peers for the period ending FY25. It has recorded second highest return on net worth in FY25 among the peers compared. Its product portfolio includes MSME loans, vehicle loans, construction loans and other lending products catering to the diverse financial needs of its customers. Its MSME lending fuels economic growth and promotes financial inclusion by supporting small businesses and entrepreneurs, with over 80% of its MSME loans qualifying as Priority Sector Lending under RBI guidelines.

It has leveraged technology across its operations and throughout the customer life cycle, including loan origination, underwriting, collections, post- disbursement monitoring and customer service. The share of retail credit in total systemic credit has been steadily increasing from 21.6% in FY19 to a projected 32.1% in FY25. This growth reflects the rising demand for consumer loans, including home loans, personal loans, and auto loans, driven by factors such as increased income levels, higher consumer spending, and greater access to financing. This favorable market environment, combined with its technology-driven approach, positions it well to capitalize on the growing demand for retail and MSME credit.

It has diversified sources of funding and have access to funds from 47 lenders, including 8 public sector banks, 10 private banks, 7 small finance banks, 22 non-banking financial companies and financial institutions as of March 31, 2025. It raises debt through several instruments such as term loans from public sector banks and private banks, non-convertible debentures (NCDs), working capital demand loans and overdrafts against fixed deposits. It caters to a diverse customer base across various demographics, income levels, occupations, geographic regions, and credit histories. As on March 31, 2025 its customer base includes 37.10% of first-time borrowers, demonstrating its focus on financial inclusion and providing opportunities for underserved population.

Proceed is being used for:

• Augmentation of its capital base to meet its future capital requirements towards onward lending

Industry Overview

The Non-Banking Financial Companies (NBFCs) sector in India plays a crucial role in the financial ecosystem of the country. The sector has undergone remarkable growth, establishing itself as a significant player within the country's financial landscape. Non-Banking Financial Companies have emerged as critical pillars of financial support for a significant segment of the population, including Small and Medium Enterprises (SMEs) and those historically underserved by traditional banking institutions. Displaying impressive agility and efficiency, NBFCs have adeptly catered to the diverse financial needs of borrowers, leveraging their widespread geographical presence, deep understanding of various financial requirements and prompt processing times. NBFCs are increasingly adopting digitisation to enhance operational efficiency, elevate customer experiences, drive cost savings and ensure compliance with regulatory standards. Despite facing stiff competition from public and private sector banks and Microfinance Institutions (MFIs) across market share, customer acquisition, asset quality and technological innovation, NBFCs have spearheaded innovative digital initiatives.

The asset quality of NBFCs sector improved in FY24, indicating effective resolution of bad assets. Gross non-performing assets (GNPA) ratio was 3.5 per cent, while net non-performing assets (NNPA) ratio was 1.1 percent in FY24.  This trend continued in the first half of financial year 2025 (H1FY25), with gross NPA ratio declining to 3.4 per cent while net NPA ratio remained 1.1 per cent at end-September 2024, reflecting a consistent focus on risk management and operational efficiency.  Besides, at end-March 2024, the NBFC sector maintained capital to risk-weighted assets ratio (CRAR) of 26.9 per cent, well above the regulatory requirement. Under the SBR, NBFCs [except core investment companies (CICs)] in the upper layer are required to maintain common equity tier 1 capital (CET 1) of a minimum of 9 per cent of risk-weighted assets, within the overall CRAR of 15 per cent. At end-September 2024, CRAR of the sector stood at a comfortable level of 26.1 per cent.

Indian Non-Banking Financial Companies sector’s outlook is optimistic in coming future, driven by an anticipated easing of regulatory pressures and a favorable interest rate environment. Reduction in the repo rate is likely to help NBFCs reduce borrowing costs, pass it on to the customers potentially increasing credit demand. As a result of lower borrowing costs, the system’s liquidity may increase, influencing purchases and leading to an increase in manufacturing activities and overall economic growth. Further, India’s economic growth and rising per capita income are expected to drive growth in financial requirements, opening new avenues of growth for NBFCs. Also, increased formalization and urbanization will present opportunities for the sector. The sector remains well-positioned to leverage its fundamentals and capitalise on emerging opportunities in a gradually stabilizing economic environment. Besides, margins of industry are likely to improve in coming future as the asset quality of sector improved in first half of financial year 2025, reflecting a consistent focus on risk management and operational efficiency. 

Pros and strengths

Focus on MSME financing: Over the last three Fiscals 2025, 2024 and 2023 the revenues generated from MSME financing constituted 80.96%, 75.37% and 83.64%, respectively. The company’s MSME financing vertical represented 76.34%, 73.94% and 76.16% of its overall AUM for the Fiscals 2025, 2024 and 2023, respectively. It caters to diverse business requirements and provides support to entrepreneurs. The MSME loans sanctioned by it typically varies in the range of Rs 0.05 million to Rs 2.5 million and are secured by mortgage of residential or commercial property. The relatively smaller ticket size of financing which is secured by tangible assets facilitates mitigation default risk. As on March 31, 2025, it had 18,596 MSME customers, and its secured MSME loans have an average LTV ratio of 43.79%.

Access to diversified sources of capital and effective cost of funds: The company’s well-diversified funding profile underpins its liquidity management system, credit rating and brand equity. It has historically secured, and seek to continue to secure, cost effective funding through a variety of sources, including public sector banks, private sector banks, small finance banks, other non-banking financial institutions, together with NCDs and direct assignment of loans. Also, it has established strong relationships with its lenders which has enabled it to maintain an average tenure of 4+ years with its top 5 lenders, secure repeat funding from 80% of lenders, and increase credit limits by 7.20% YoY with its top 5 lenders.

Comprehensive credit assessment: The company has a credit assessment and risk management framework to identify, monitor and manage risks inherent in its operations. Credit management is crucial to its business given its focus on underserved financial segment. As a lender, its lending decisions are contingent on its evaluation of the ability of the individual and the business to service the loan, and the basis for such assessment is a combination of credit history and present cash flows. The company’s risk management committee has developed comprehensive risk management policies, addressing credit risk, market risk, liquidity risks and operational risks. It has implemented stringent credit quality checks and customized operating procedures that exist at each stage for comprehensive risk management.

Hub and Branch model streamlines operations: The company operates on a hub and branch business model, strategically designed to enhance efficiency, reduce costs, and expand its reach. This model serves as the backbone of its operations, enabling it to optimize resources, improve customer service, and tap into underserved markets. At the core of its structure are hub (disbursement) branches, which serve as hubs for files can be checked and disbursement advice raised. Each hub facilitates disbursement of surrounding branches. This increase efficiency with time and reduce operational cost to serve branch customers. These hub branches are equipped with key decision makers, including credit managers, business development managers, operations teams, and collections teams. Strategically located in rural and semi-urban areas, these branches focus on sourcing new loans and providing doorstep services to customers.

Risks and concerns

Dependent on its top 10 lenders for a significant portion of borrowings: The company is dependent on its top 10 lenders for a significant portion of its borrowings. The company has borrowed 53.94%, 62.27% and 52.30% from top 10 lenders in FY25, FY24 and FY23 respectively. It cannot assure that it will be able to maintain the liability profile and business levels, or that it will be able to significantly reduce their concentration in the future. As on March 31, 2025 the amounts raised by way of secured non-convertible debentures comprised 2.41% of its total borrowings, which are taken on high rate of interest ranging from 11.49% to 15.04% which may adversely impact the cost of borrowing and lead to increased cash outflows.

Majority of its AUM are concentrated in the north-western region: Its business is heavily concentrated in the north-western region of India, with a significant majority of its Assets Under Management (AUM) and branches located in the state of Rajasthan. The remaining branches are spread across the states of Gujarat, Madhya Pradesh, Chhattisgarh and Uttar Pradesh. This geographic concentration exposes it to regional economic, social, and political risks that could adversely affect its business, cash flows, and results of operations.

Operate in a highly regulated industry: It operates in a highly regulated industry and it has to adhere to various laws, rules and regulations. The company has a certificate of registration from the RBI to operate as a NBFC-ICC, categorized as a NBFC-Middle Layer and is regulated by the RBI. Accordingly, legal and regulatory risks are inherent and substantial in its business. As it operates under registrations obtained from the applicable regulators, such as RBI, it is subject to actions that may be taken by such regulators in the event of any non-compliance with any applicable policies, guidelines, circulars, notifications and regulations issued by the relevant regulators. Any failure or alleged failure to comply with the applicable laws, regulations or requirements could subject it to increased costs, inspection, audit and enforcement actions by the relevant authority; suspension and revocation of the relevant license or approval.

Rely on it credit ratings to access debt markets and financial institutions: Credit ratings reflect an independent agency’s assessment of its financial stability, operational performance, strategic positioning, and ability to fulfil its obligations. The company being NBFC is heavily dependent on its ability to raise funds from the debt markets and other financial institutions. The cost and availability of capital depends in part on its short-term and long-term credit ratings. As of March 31, 2025, and for the previous three Fiscals, its credit ratings have not been downgraded. While its credit rating has improved to ‘A- with a positive outlook’ by Acuite Ratings, it cannot guarantee that its credit ratings will improve in the future. If it was to experience a downgrade, it could lead to higher borrowing costs and limit its access to capital and debt markets, ultimately harming its net interest margin and overall business operations.

Outlook

Laxmi India Finance is engaged in the business of Non-Banking Financial Company. The company offers MSME loans, vehicle loans, construction loans, and other lending products, supporting small businesses and entrepreneurs, with over 80% of MSME loans qualifying as Priority Sector Lending. The company’s Hub and Branch model streamlines operations, reduces costs, and increases customer accessibility, driving business growth and market expansion. On the concern side, majority of the company’s Assets Under Management (AUM) are concentrated in the north-western region of India and any adverse developments in this region could have an adverse effect on its business, cash flows and results of operations. Moreover, it operates in a highly regulated industry and changes in the laws, rules and regulations applicable to it may adversely affect its business, financial condition and results of operations.

The issue has been offering 1,60,92,195 shares in a price band of Rs 150-158 per equity share. The aggregate size of the offer is around Rs 241.38 crore to Rs 254.26 crore based on lower and upper price band respectively. Minimum application is to be made for 94 shares and in multiples thereon, thereafter. On performance front, the company’s total revenue from operations increased by 41.92% to Rs 2,457.13 million for Fiscal 2025 from Rs 1,731.37 million for Fiscal 2024, primarily due to an increase in interest income to Rs 2,313.12 million for Fiscal 2025 from Rs 1,647.85 million for Fiscal 2024. Moreover, the company’s profit for the year increased by 60.25% to Rs 360.05 million for Fiscal 2025 from Rs 224.68 million for Fiscal 2024.

The company recognizes the potential for cross-selling opportunities between its business verticals. By targeting its existing customer base, it can enhance customer relationships through diversified product offerings, increased revenue, improved customer retention rates, and reduced customer acquisition costs. This strategic approach enables it to leverage its existing customer relationships, build trust, and deliver financial solutions. It intends to maximize its existing branch network’s potential to expand its customer base and increase its gross loan portfolio. As of March 31, 2025, its gross loan portfolio per branch stood at Rs 80.82 million. It aims to increase its gross loan portfolio per branch through cross-selling additional loan products to its existing customers, acquisition of new customers through existing branches and the increasing loan ticket sizes to low-risk, existing customers.

Umiya Mobile

• Umiya Mobile came out with an initial public offering (IPO) of 37,70,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 66 per equity share.
• The issue has opened on July 28, 2025 and will close on July 30, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.60 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Vinay B Karkera.

Profile of the company

Umiya Mobile, established in 2012, is a player in the multi-brand retail sector, specializing in the sale of smartphones, mobile accessories, and consumer durable electronic products, etc. Over the years, the company has built a reputation as a trusted retailer offering a wide array of products from some of the global brands. Its product range includes the latest smartphones from Apple, Samsung, Realme, Xiaomi, Oppo, Vivo, Motorola, Google Pixel, Infinix etc. It also offers consumer electronics, such as Smart TVs, Air Conditioners, Refrigerators, Coolers, and more, from brands like Sony, LG, Panasonic, Godrej and others.

The company operates a total of 149 stores across the state of Gujarat and 69 stores in Maharashtra and in One Union Territory of Dadra and Nagar Haveli and Daman and Diu, providing it with a widespread geographic presence and accessibility to a large customer base. In line with its commitment to making its products accessible to a broader customer base, it offers credit/EMI facilities to customers through tie-ups with credit houses like banks and financial institutions. These financing options make it easier for customers to purchase quality mobile phones and electronics, enhancing the overall shopping experience and increasing accessibility.

To foster long-term relationships with its customers, it also provides after-sales services for mobiles and other consumer durables. These services are available at both its owned stores and retail outlets, ensuring that its customers can rely on it for maintenance, repairs, and support after their purchase. Furthermore, it ensures that all electronic products come with warranties from the respective manufacturers. In the event of a defect, it has established a seamless process with its suppliers to ensure that customers receive free replacements or servicing, further reinforcing its commitment to quality and customer satisfaction.

Proceed is being used for:

• Repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• General corporate purposes

Industry Overview

Electronics industry is the world’s largest and fastest growing industry and is increasingly finding application in all sectors of the economy. The government’s support for the electronics industry has been strong, with numerous conducive policies. The government of India is focusing on manufacturing electronics hardware within India, which seems to be the conceptual origin for both the Make in India and the Digital India programmes. These initiatives encourage domestic manufacturing and exports across the electronics system design and manufacturing (ESDM) value chain. Today India’s production of electronics is estimated at $90 billion and export is estimated to be $23 billion.

India has emerged as the second largest manufacturer of mobile phones in the world. Over 200 units are manufacturing cellular mobile phones and parts / components thereof in the country, up from only 2 units in 2014. The domestic demand is almost completely being met out of domestic production. India which was importing 90 per cent of its mobile phones till 2014 is now catering to 97 per cent of all mobile phones that are consumed in India. The electronics sector of India contributes around 3.4% of the country’s Gross Domestic Product (GDP). The government has committed nearly $17 billion over the next six years across various incentive schemes to grow the industry. The Government of India has also worked on making the county investor-friendly and has been laying out the red carpet for manufacturing companies. By 2026, India has laid out a goal of $300 billion of manufacturing and $120 billion of exports.

India sets ambitious targets, aiming to produce 1 billion mobile handsets valued at $190 billion by 2025, including 600 million handsets worth $110 billion earmarked for exports. Segmenting the ESDM sector into electronics systems and electronics design, its value stood at $90 billion in FY19. Notably, over 90% of global semiconductor companies have established R&D centers in India, contributing approximately $2.5 billion in revenue and generating 600,000 jobs. Positioned as one of the largest consumer electronics markets in the Asia Pacific Region, India is committed to achieving $300 billion in electronics manufacturing and $120 billion in exports by 2025-26. 

Pros and strengths

Multi-brand retailing and partnership opportunities: The company offers a wide range of products, including the latest smartphones from Apple, Samsung, Realme, Xiaomi, Oppo, Vivo, Motorola, Google Pixel, Infinix, and more. It also offers consumer electronics, such as Smart TVs, Air Conditioners, Refrigerators, Coolers, and more, from brands like Sony, LG, Panasonic, Samsung, Godrej, Bajaj, and others. Additionally, it provides small vendors with the opportunity to sell its products under various brand names, including Umiya, My Phone, and Phone Plus, once they meet specific criteria set for all brands. This approach makes it affordable for smaller businesses to partner with a well-established company without requiring large upfront investments, while also benefiting from competitive pricing, flexible terms, and the backing of Umiya's reputable brands.

Widespread distribution network: It sells its products through a total of 149 stores across the state of Gujarat and 69 stores across Maharashtra and in One Union Territory of Dadra and Nagar Haveli and Daman and Diu, offering mobile phones, allied accessories, and other consumer durable home appliances. Out of these, 20 stores are owned stores, while 199 stores follow the retail outlet model. These stores are spread across 26 cities in Gujarat and 17 cities in Maharashtra and in One Union Territory of Dadra and Nagar Haveli and Daman and Diu. Its extensive network ensures a broad geographical presence, covering a wide range of cities in both Gujarat and Maharashtra.

Strategic location and facilities: Its retail stores are located in busy, popular areas, making it easy for customers to visit at any time of the day, whether on weekdays or weekends. Each store has a product display section where customers can try out products before buying them, ensuring they feel confident in their purchase. These carefully selected locations and the chance to test products help it to attract a wide range of customers and provide them with an excellent shopping experience.

Risks and concerns

Major revenue comes from Gujarat: The company generates major portion of sales from State of Gujarat. The company has garnered 93.38%, 100.00% and 100.00% of its revenue from Gujarat in FY25, FY24 and FY23 respectively. Such geographical concentration of its business in this region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations.

Dependent on few numbers of suppliers for purchase of products: The company’s top ten suppliers contribute to 57.10% (Rs 33,657.54 lakh), 62.48% (Rs 27,324.74 lakh) and 72.89% (Rs 23,649.63 lakh) of its total purchases for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. The goods are procured depending on the availability and favourable terms. It cannot assure that it will be able to get the same quantum of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations.

Business is subject to seasonal and cyclical volatility: It offers products at its stores that its consumers require, and its success is dependent on its ability to meet its consumers’ requirements. The retail consumer spending is heavily dependent on the economy and, to a large extent, on various occasions such as festivals like Diwali, Navratri, Raksha Bandhan etc., seasonal changes, weddings, etc. Any year also has phases of lean sales. It has historically experienced seasonal fluctuation in its sales, with higher sales volumes associated with the festive period in the third quarter of each Financial Year. It has also seen higher sales volume of products in a certain season. These seasonal variations in consumer demand subject its sector to a considerable degree of volatility.

Outlook

Umiya Mobile is a Rajkot-based retailer offering mobile phones, accessories, and home appliances. The company offers smartphones from Apple, Samsung, Realme, Xiaomi, and more, plus consumer electronics like Smart TVs, ACs, refrigerators, and coolers from Sony, LG, Panasonic, Godrej, etc. The company has multi-brand retailing and partnership opportunities with widespread distribution network. On the concern side, the company is dependent on few numbers of suppliers for purchase of products. Loss of any of these large Suppliers may affect its business operations. Moreover, it generates its major portion of sales from operations in certain domestic market. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company came out with an IPO of 37,70,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 66 per equity share to mobilize Rs 24.88 crore. On performance front, revenue from operations increased by 33.15%, rising from Rs 45,148.40 lakh in fiscal 2024 to Rs 60,116.87 lakh in fiscal 2025. This growth was primarily driven by the company’s strategic expansion, which included the opening of new retail stores by broadening its presence in diverse locations. Moreover, the company reported a net profit of Rs 566.24 lakh in fiscal 2025, an increase from Rs 234.94 lakh in fiscal 2024.

The company currently sells through 219 stores spread across Gujarat, Maharashtra and Union Territory of Dadra and Nagar Haveli and Daman and Diu. Its plan is to improve the sales by opening retail stores in Tier 2 and Tier 3 towns. This will enable it to grab better market size. The market for its products is highly competitive on account of both the organized and unorganized players. Its market goodwill is significantly dependent on brand recall and its ability to compete effectively would significantly depend on its ability to promote and develop its brand. It proposes to increase the number of dealers in order to broaden its reach. Greater visibility of its brand would ensure brand retention in the minds of the customers and would in effect further enhance its reach.

Aditya Infotech

• Aditya Infotech is coming out with a 100% book building; initial public offering (IPO) of 2,02,18,748 shares of Rs 1 each in a price band Rs 640-675 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on July 29, 2025 and will close on July 31, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 640 times of its face value on the lower side and 675 times on the higher side.
• Book running lead managers to the issue are ICICI Securities and IIFL Capital Services.
• Compliance Officer for the issue is Roshni Tandon.

Profile of the company

Aditya Infotech offers a comprehensive range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its ‘CP PLUS’ brand which has strong recall value. In addition, it offers solutions and services such as fully integrated security systems and Security-as-a-Service directly and through its distribution network who address the requirements of end-customers engaged in a broad range of sectors such as banking, insurance, real estate, healthcare, industrial, defence, education, hospitality, manufacturing, retail and law enforcement.

The company’s business is primarily classified as: (i) manufacturing and trading activities; and (ii) trading activities. Its manufacturing and trading activities include the manufacture and sale of its CP PLUS products and the provision of after-sales services in relation to the CP PLUS products sold by it, while its trading activities are limited to distribution of products of Dahua. It was assigned the ‘CP PLUS’ brand in 2014 with the aim of providing wider access to cost-effective security and surveillance products, solutions and services.

Its product portfolio, including products that it sources from third parties, deploy wide variety of security technologies such as artificial intelligence (AI) and machine learning (ML) to deliver Edge-based AI analytics, all developed in house by its dedicated research and development (R&D) team, integrated Internet of Things (IoT) ecosystem for connected and smart homes as well as a number of cloud services, including health monitoring systems (HMS) and attendance management systems (AMS). Its product line comprises high definition (HD)-analog cameras, digital video recorders (DVRs), internet protocol (IP) network cameras, network video recorders (NVRs), biometric products, access control products, mobile surveillance solutions, body-worn cameras, thermal cameras, temperature screening solutions, interactive displays, routers, cables, power supplies (SMPS), racks and other accessories and products. It also partners with other companies and government agencies to develop indigenized innovations including Indian-made Systems on Chips (SoCs) and thermal cameras.

Proceed is being used for:

• Prepayment and/or repayment of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry Overview

The global video surveillance and security market has experienced a significant transformation, marked by the adoption of advanced technologies (like artificial intelligence), integration with complementary security systems, and a shift towards service-based models. The developments have led to more intelligent, efficient, and comprehensive surveillance solutions catering to the evolving security needs of diverse end-users, driving robust growth and innovation in the industry. Video surveillance has been in use for over two and half decades now. While some countries like China have been the largest users of video surveillance/CCTV systems, the United Kingdom (UK) was among the first countries to have widely adopted CCTV surveillance. It is estimated that around 5,238 cameras were already in use in the UK across 167 different schemes by 1997.

India is one of the fastest growing major economies in the world. There has been significant focus from the government on infrastructure with initiatives like Smart Cities, Digital India, PM Gati Shakti Scheme, Bharatmala Scheme, etc. Security and safety remain critical in any of these initiatives and hence the installation of video surveillance systems is important. The private sector, enterprises and businesses, deploy CCTV systems for not just surveillance but also for other use cases like people counting, energy management, automatic number plate recognition, etc. From close to $1.0 Billion in Fiscal 2020, the video surveillance market in India reached $1.3 Billion in Fiscal 2025 with growth until 2030 estimated at CAGR 16.46%.

India, as one of the prominent economies in South Asia, has experienced a significant rise in the adoption of video surveillance systems. With a growing emphasis on enhanced security, crime prevention, and response mechanisms, individuals, organisations, and authorities have started to leverage video surveillance as a key tool to ensure personal and public safety. Increasing incidents of terrorism and rising crime figures have created the need for advanced security measures, leading to an uptick in the deployment of surveillance technology across the country. In India's current security systems landscape, video surveillance has become indispensable. The market has witnessed a shift from traditional analog cameras to IP/network-based cameras, driven by technological advancements. Currently, most of the video installations are noticed in west, south and north India, however the eastern part of India, while still developing, presents high potential for growth in the video surveillance market. 

Pros and strengths

Largest Indian player in the growing Indian security and video surveillance market: The company is the largest provider of video security and surveillance products, solutions and services in India in terms of revenues, with a market share of 20.8% in Fiscal 2025. Its suite of security-related service offerings and end-to-end solutions enables its customers across India to meet their security and surveillance requirements and to save operational and administrative costs in managing diverse security requirements, thereby facilitating efficient problem-solving.

Pan-India sales, distribution and service network: It attributes the scale of its operations to its Pan-India sales and distribution network that it has continued to expand since it commenced operations. It has the widest Pan-India reach within the video surveillance market ecosystem. Its products are sold in over 550 cities and towns and it operates through a network of 41 branch offices and 13 RMA centres across India, all as of March 31, 2025. It sold its surveillance products through its network of over 1000 distributors in tier I, tier II and tier III cities, and over 2,100 system integrators in Fiscal 2025.

Comprehensive portfolio of electronic security and surveillance products: The company’s 'CP PLUS' and ‘Dahua’ brands are amongst the prominent brands for CCTV and security products in India in terms of diversity of offerings as of March 31, 2025. Its comprehensive range of security products, and solutions include CCTV cameras such as smart home IoT cloud cameras, network and HD analog cameras, digital video recorders and network video recorders, mobile and onboard surveillance, body-worn cameras, thermal cameras and temperature screening solutions, explosion-proof cameras, integrated central command and control software, AI/ deep learning-based video analytics solutions, access control, time-attendance solutions, biometric products, video doorbells and video door-phones, HMS, AMS, interactive displays, monitors, SD Cards, as well as other accessories and products including cabling, racks, storage solutions and customized solutions.

Advanced manufacturing and research and development capabilities: The company had established India's largest CCTV manufacturing facility in Tirupati, Andhra Pradesh which has now relocated to Kadapa, Andhra Pradesh. It was the first player in the security and surveillance industry to localize production in India. The Kadapa Facility is spread over 204,157.36 square feet, with over 3,200 personnel (consisting of contractual and on-roll employees) deployed on-site as of March 31, 2025. Its manufacturing capabilities are supported by a well-developed supply chain, with a focus on sourcing from within India. Further, its manufacturing capabilities are augmented by an in-house R&D team comprising 86 employees as of March 31, 2025, which focusses on innovation through its research and development center in Noida, Uttar Pradesh. The infographic sets forth key aspects of its R&D operations.

Risks and concerns

Maximum revenue comes from sale of products supplied by Dahua: A significant portion of its revenue from operations is generated from sale of products supplied by Dahua which contributed to 24.65% of its revenue from operations in Fiscal 2025. Any disruption in the supply of products for sale by Dahua at commercially viable terms, or demand thereof, may adversely affect its business, results of operations, cash flows and financial condition. Further, its distribution agreements with Dahua have certain restrictive covenants and can be terminated without cause, which could negatively impact its business, results of operation and financial condition.

Import parts and materials primarily from China: The company imports a portion of its parts and materials primarily from China. It therefore depends on the economic and political conditions of this country. Negative incidents involving these regions may materially impede its supply chain and operations. Further, while there have been no such instances in the three preceding Fiscals, any imposition of import restrictions, change in geopolitical relationships or other circumstances affecting its ability to import parts and materials could require it to identify alternative sources of these parts and materials.

Geographical constrain: The company has one manufacturing facility, located in Kadapa, Andhra Pradesh, owned and operated by its Material Subsidiary, AIL Dixon. Its business is dependent on its ability to efficiently manage its manufacturing facility and the operational risks associated with it, including those beyond its reasonable control. Due to the geographic location of its manufacturing facility, its operations are susceptible to local and regional factors, such as civil unrest as well as other adverse social, economic and political events in Andhra Pradesh, weather conditions, natural disasters, regional conflicts and other unforeseen events and circumstances.

Depend on a limited number of suppliers for parts, materials and products: The company depends on a limited number of suppliers for the procurement of parts and materials required for its manufacturing operations and products for sale to customers. It sources parts such as chips, lenses, printed circuit board components, housing and sensors for it manufacturing operations from a combination of domestic and foreign suppliers from China. The company has procured 95.38%, 94.02% and 93.02% of parts and materials required for its manufacturing from top 10 suppliers in FY25, FY24 and FY23 respectively. If the company is unable to retain its key suppliers on commercially favourable terms, it may have to seek alternative suppliers as replacements which may result in increased costs, impact quality and cause delays in its manufacturing and sale schedules, which in turn could adversely affect its business, results of operations and reputation.

Outlook

Aditya Infotech manufactures and provides video security and surveillance products, solutions and services under the brand name 'CP Plus'. It is largest Indian player in the growing Indian security and video surveillance market focusing on commercial and consumer segments with strong brand recall. The company has comprehensive portfolio of electronic security and surveillance products, solutions and services, providing end-to-end security solutions across verticals. On the concern side, the company depends on a limited number of suppliers for parts, materials and products. Any interruption in the availability of parts, materials and products could adversely affect its business, results of operations, cash flows and financial condition. Moreover, it imports a portion of its parts and materials primarily from China. Any restrictions on imports or fluctuation in global commodity prices that affect its parts and materials could adversely affect its business, results of operations, cash flows and financial condition.

The issue has been offering 2,02,18,748 shares in a price band of Rs 640-675 per equity share. The aggregate size of the offer is around Rs 1294.00 crore to Rs 1364.77 crore based on lower and upper price band respectively. Minimum application is to be made for 22 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 11.84% from Rs 27,824.26 million in Fiscal 2024 to Rs 31,118.72 million in Fiscal 2025 primarily on account of an increase in operating revenue. Moreover, restated profit after tax increased to Rs 3,513.69 million in Fiscal 2025 compared to Rs 1,151.72 million in Fiscal 2024.

The Government of India has introduced a comprehensive regulatory framework mandating cybersecurity certifications from Government-approved laboratories for all internet-connected CCTV devices sold in India, regardless of their country of origin, with an effective deadline of April 9, 2025. This regulatory development aligns with its long-standing commitment to secure, reliable, and indigenously manufactured surveillance solutions. Some of its product lines are STQC certified, and as such, compliant with the stringent cybersecurity protocols, positioning it to benefit from the evolving regulatory landscape. This framework will provide an impetus to domestic manufacturers of surveillance solutions, including the company, and it remains poised to leverage this opportunity to expand its market share. Its integrated manufacturing operations, robust R&D capabilities, and commitment to quality position it to benefit from this transformation and support the Government’s vision of a self-reliant, secure digital ecosystem.

Repono

• Repono is coming out with an initial public offering (IPO) of 27,79,200 equity shares in a price band Rs 91-96 per equity share.
• The issue will open on July 28, 2025 and will close on July 30, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.10 times of its face value on the lower side and 9.60 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance Officer for the issue is Mistry Jinesh Deepakkuma.

Profile of the company

Repono specialized in offering warehousing and liquid terminal services to India's oil and petrochemical sector. It provides a 360-degree solution for the storage of critical petroleum products. It provides its clients consultancy, engineering, Operation and Maintenance (O&M) and value-added logistics services. It serves some of the top Oil and Petrochemical Companies in India, the company has been recognised as one of the leading service providers for the warehousing and oil terminating sector in India. It provides regular consulting services to a large German petrochemical company, is the world’s largest FFS machinery supplier.

The company is providing series across the Oil value chain. It is doing O&M of the (a) Crude Oil Terminal facility for one of the government-owned enterprise engaged in oil sector. It is also handling (b) Petro, Diesel, ATF and Ethanol for from one of the largest crude oil and natural gas producer. It also handles the very prestigious off-site terminal for Public Sector Enterprise. It is also into O&M of petrochemical warehousing and its customers are belonging to crude oil and natural gas industry, Public Sector Enterprise and others.

The company is doing the O&M of the FFS packaging line. FFS is the most advanced polymer packaging machine in the world. The company provides O&M service of the FFS bagging line in India which gives them edge over their competitors. The company has also forayed into the O&M of the Lube Oil Blending plant and warehousing for IOCL at Chennai. IOCL’s Lube Plant at Chennai is Asia’s largest Lube Oil plant and one of the most prestigious projects in the Lube oil sector in India.

Proceed is being used for:

• Funding capital expenditure towards purchase of forklift, hand pallet trolley, reach stacker
• Funding of capital expenditure requirements of the company towards set up of warehouse racking system
• Funding towards the development of software for warehouse management
• Funding the working capital requirements of the company
• General corporate purpose

Industry Overview

The warehousing, industrial, and logistics (WIL) sectors are projected to be crucial for attaining India's vision of being a $5 trillion economy by FY25. The expansion of this industry is likely to be aided by a robust economy, government efforts to improve infrastructure, and a favourable business environment. Increasing consumerism and a huge consumer base are fostering the growth of retail and e-commerce in India. The Indian retail sector's market size is predicted to increase at a CAGR of 9% between 2019 and 2030, totaling more than $1.8 trillion. Large international funds and corporations have invested in warehousing developers and operators to grow their reach and geographical footprint, which are the sector's key differentiators.

The Government of India has taken many initiatives to strengthen the sector's infrastructure, including the establishment of dedicated freight corridors and the extension of road and rail networks, to improve connectivity and decrease travel times. Another critical governmental intervention has been the sector's digital transformation, projects such as Digital India, Bharat Net, and the National Logistics Portal would aid in the industry's digitization. Furthermore, the government has announced the establishment of logistics parks and warehouses across the country to provide appropriate storage facilities for enterprises. The warehouse sector has grown rapidly in recent years, fuelled by the expansion of e-commerce, solid infrastructure, the adoption of GST, and the advent of organized retail. The recently implemented National Logistics Policy intends to reduce India's logistics costs from the double digits of GDP to the single digits by 2030. 

The warehousing and logistics industry in India is a dynamic and rapidly growing sector that is expected to play an increasingly important role in the country's economy. Despite some challenges, the sector is well-positioned for long-term growth and presents exciting opportunities for investors and businesses. With the government's focus on improving infrastructure and the rise of e-commerce, the sector is expected to be a key driver of economic growth in the country. Moreover, with the increasing adoption of technology and the government's push for a digital economy, there is also significant potential for logistics players to leverage data analytics, artificial intelligence, and machine learning to improve operational efficiency and enhance customer experience. There are also opportunities for foreign investment as international companies look to tap into India's growing logistics market. The government has made it easier for foreign companies to invest in the sector by allowing 100% foreign direct investment in logistics parks and warehouses.

Pros and strengths

Domain expertise: The company takes utmost pride in serving its clients by leveraging on its domain expertise. Having immense knowledge and experience of the industry, the company understands the nitigrities of the industry and works towards offering the best solution. Its team members have worked in some of the top multinational companies in India and abroad in leadership roles. It understands its client’s product, business cycle, HSE requirements etc. which today enables it to provide them a solution which is closer to their business.

Integrated solutions: It is the company in India and amongst the very few in the world to provide Designing to EPC to commissioning and operations solutions. It brings its expertise of operations of warehouse into the designing and engineering of the warehouse and vice versa.

Scalable services: It render services that can be scaled to the needs of customers. Based on the industry requirement and consignment size, it customize solutions to meet their expectations. The company is capable of providing personalized solutions to fulfil the demands of its client and contribute towards building and optimizing their supply chain.

Risks and concerns

Maximum revenue comes from limited customers: The company has garnered 82.45%, 76.36% and 90.41% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. While it typically has long-term relationships with its customers, it has not entered into long-term agreements with its customers and the success of its business is accordingly significantly dependent on it maintaining good relationships with its customers and suppliers. The actual sales by the company may differ from the estimates of its management due to the absence of long-term agreements. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Highly depends on its few key suppliers: The company depends on a few suppliers for procurement of services, FY 2024-25, FY 2023-24 and FY 2022-23 contributed for 96.76%, 100% and 98.74% respectively of its services. It has not entered into long-term contracts with its suppliers and prices are normally based on the quotations it receives from various suppliers. Since it has no formal arrangements with its suppliers, they are not contractually obligated to supply their services to it and may choose to sell their services to its competitors. Since its suppliers are not contractually bound to deal with it exclusively, it may face the risk of its competitors offering better terms to such suppliers, which may cause them to cater to its competitors alongside the company.

Geographical constrain: Majority of the company’s revenue is generated form Karnataka, Punjab and Gujarat i.e., Rs 120797.83 thousands which constituting 90.98% of total revenue for operation for the year ended on March 31, 2025. Such concentration of revenue in Karnataka, Punjab and Gujarat may have an adverse effect. Further, drastic change in Taxes and other levies imposed by State Government of Karnataka, Punjab and Gujarat as well as other financial policies and regulations, political and deregulation policies, if changed, could harm business and economic conditions. However, the composition and revenue generated from various states might change as it continues to add new customers in the different parts of India.

Outlook

Repono is a warehousing and logistics company in India, specializing in storage solutions for the oil and petrochemical sectors. The company offers a comprehensive range of services, including warehousing, secondary transportation, and logistics support, catering to industries such as petrochemicals, oil & gas, lube oil, and specialty chemicals. The company has a strong partnership network coupled with customer-centric approach. On the concern side, the company is dependent on a few numbers of customers for revenue from operation. The loss of any of these large customers may affect its revenues and profitability. The company highly depends on its few key suppliers. The company has not entered into long-term agreements with its suppliers. In the event it is unable to procure adequate services at competitive prices its business, results of operations and financial condition may be adversely affected.

The company is coming out with a maiden IPO of 27,79,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 91-96 per equity share. The aggregate size of the offer is around Rs 25.29 crore to Rs 26.68 crore based on lower and upper price band respectively. On performance front, revenue from operations increased by 50.31%, from Rs 340,058.58 thousand in FY24 to Rs 511,154.64 thousand in FY25. This growth was driven by increased scale of operations, execution of new high-value contracts, and continued expansion into new geographies. Moreover, profit after tax increased 23.12%, from Rs 41,821.63 thousand in FY24 to Rs 51,490.41 thousand in FY25.

The company serves all the major Oil, Gas and Petrochemical companies in India. The company would further extend will leverage its solid standing with client and maximize the business potential with them. Like for HPCL Mittal, the company is handling their Polymer Warehousing but Crude oil and Petroleum terminal is still not with it. The company will focus on adding new products like, Fertilizer, Cement, Agro Chemicals etc., which similar skill sets as Oil and Petrochemicals in its portfolio. Going forward, the company plans to add Two Million Square foot warehouses across India for chemical and petrochemical product. It already has about 0.2 million square foot and will be rapidly expanding the footprint.

Sellowrap Industries

• Sellowrap Industries is coming out with an initial public offering (IPO) of 36,48,000 equity shares in a price band Rs 79-83 per equity share.
• The issue will open on July 25, 2025 and will close on July 29, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.90 times of its face value on the lower side and 8.30 times on the higher side.
• Book running lead manager to the issue is Gretex Corporate Services.
• Compliance Officer for the issue is Shrushti Jignyanshu Gandhi.

Profile of the company

Sellowrap Industries is a manufacturing company, headquartered in Mumbai, specializing in the production of customized components for the automotive, non-automotive and white goods industries. Operating in the B2B sector, it offers both adhesive and non-adhesive processed components, delivering solutions that emphasize quality, cost-efficiency, and maximum customer value.

The company has been serving major Original Equipment Manufacturers (OEMs) in India and abroad, by manufacturing components from a wide range of foam and plastic grades. Under the leadership of Sushil Kumar Poddar and Saurabh Poddar, with 32 and 18 years of experience respectively, the company continues to achieve robust growth by integrating innovation, operational efficiency and a customer-centric approach.

With manufacturing facilities operating at Gurugram, Ranipet, Kancheepuram, and Pune spread across around 5 acres of cumulative production area. Its manufacturing units are equipped with latest technology and backed by centralized R&D centers and warehouses, ensuring that its products consistently meet global quality standards. Its R&D laboratory is dedicated to the continuous innovation of new products through rigorous testing and chemical experimentation. The laboratory, serving as an industrial plant, enables it to test processes and techniques before full-scale production, ensuring operational efficiency and product excellence.

Proceed is being used for:

• Capital expenditure towards purchase of plant & machinery, infrastructure development and other auxiliary equipment’s
• Funding the working capital requirements of the company
• General corporate purposes

Industry Overview

The automotive component industry is an important sector of the Indian economy and a major foreign exchange earner for the country. There are around 400 major players in the auto component sector. Most of them are distributed in the north, south, and western parts of India around major Automotive Vehicle Manufacturers (AVMs). These AVMs contributed largely towards the development of component suppliers through technical and or financial collaborations. The automotive component industry manufactures a wide range of parts including castings, forgings, finished, semifinished components, assemblies, and subassemblies for all types of vehicles produced in India. Presently, the Indian automotive component industry is highly fragmented. This industry can be divided into the organized and the unorganized categories of manufacturers. The organized component manufacturers supply components to at least one of the Original Equipment (OE) vehicle manufacturers. They also have access to technology due to their tie-ups with some of the foreign collaborators or through associate AVM.

The automobile component industry turnover stood at Rs 6.14 lakh crore ($74.1 billion) during FY24, registering a revenue growth of 9.8% as compared to FY23. Domestic OEM supplies contributed ~54% to the industry’s turnover, followed by domestic aftermarket (10%) and exports (18%), in FY24. The component sales to OEMs in the domestic market grew by 8.9% to Rs 5.18 lakh crore ($62.4 billion). The aftermarket for auto components grew by 10.0% during FY24 reaching Rs 9.38 lakh crore ($11.3 billion). Over FY16 to FY24, the automotive components industry registered a CAGR of 8.63%, reaching $74.1 billion in FY24. The auto component industry exported $21.2 billion and imported $20.9 billion worth of components during 2023-24, resulting in the trade surplus of $300 million.

The domestic Passenger Vehicle (PV) market is expected to expand by six to nine percent in the current fiscal year compared to the previous year. In concrete numbers, the PV sector is projected to achieve sales of 4.2 million units in the ongoing financial year. The number of charging stations stood at 1,800 in March 2021 and is expected to reach 4 lakh by 2026. This would make it easier for the auto component industry to take advantage of the EV opportunity and expertise in EV components manufacturing, thus helping India on a global scale. The Indian government is exempting imports of capital goods and machinery essential to produce lithium-ion cells used in EV batteries from customs duty. This, coupled with the shift in global supply chains, will help the Indian global automotive component trade to expand 4-5% yearly to $80 billion by 2026. Moreover, the Indian auto component industry is the third largest in the world.

Pros and strengths

Focus on quality control, safety and Zero Defects: The company’s focus on quality and safety has solidified its reputation in the automotive industry. As of now, the company takes immense pride in maintaining a track record of zero defects in its products and no customer complaints. This commitment to precision is the result of rigorous quality control measures and meticulous attention to every detail during the manufacturing process. Its dedication to producing defect-free, reliable, and performance components underscores its role in ensuring customer satisfaction and trust.

Comprehensive portfolio: It takes pride in offering a comprehensive portfolio of performance components designed to meet the specific needs of both automotive and non-automotive industries. Its product range includes innovative solutions such as Plastic Injection Moulded Parts, Polyurethane Foam Moulding (PU Foam), Foam Components, Stickers and Labels, Screen Sealing Parts, EPP Parts and Other Customized Solutions. Each product is engineered for performance, durability, and functionality, addressing a variety of applications across diverse sectors.

Integrated manufacturing facility: Its manufacturing facilities are designed to meet the standards of quality, efficiency, and technological advancement, ensuring that it consistently deliver products to its customers. Spanning around 5 acre strategic automotive hubs in NCR, Maharashtra and Tamil Nadu, its facilities are strategically located near major OEMs and Tier-1 customers, enhancing operational efficiency and reducing lead times. These plants are equipped with machinery and technology, enabling precision production and meeting the stringent requirements of the automotive industry.

Risks and concerns

Maximum revenue comes from few customers: The company derives a significant portion of its revenue from a concentrated group of top customers, with its top 10 customers contributing a major share of its gross sales for the financial years ending March 31, 2025, March 31, 2024 and March 31, 2023. This heavy reliance on a limited customer base presents a risk of revenue volatility. The loss of one or more of these key customers, or a reduction in the volume of business due to reasons such as non-renewal of arrangements, disputes, adverse economic conditions, changes in customer supply chain strategies, or a shift to competitors, could significantly impact its business operations, financial condition, and cash flows.

Higher debt-equity ratio: The company has higher debt-equity ratio which requires significant cash flows to service its debts obligations. The company has a debt equity ratio of 0.81, 0.96 and 1.11 in FY25, FY24 and FY23 respectively. The company’s ability to meet its debt service obligations and repay its outstanding borrowings will depend primarily on the cash generated from its business, which depends on the timely repayment by its customers. Its financing agreements and instruments contain certain restrictive covenants that limit its ability to undertake fund raising activities, any of which could adversely affect its business, results of operations and financial condition.

Automotive Industry is highly competitive with limited market players: The automotive industry where price competitiveness is crucial for retaining key customers and expanding its market share. To secure bulk orders, it may need to offer price reductions or discounts on certain products. While such strategies can help increase overall sales volume, they may also compress profit margins, potentially impacting on its financial stability and future growth prospects. At times, it is required to reduce prices to retain key customers or expand its market share within existing client relationships. However, any reduction in its product prices impacts on its profit margins, potentially leading to material adverse effects on its financial condition, operational results, and long-term business prospects.

Outlook

Sellowrap Industries engages in the manufacturing of components for the automotive and white goods sectors. The company provides adhesive and non-adhesive components, focusing on quality, cost-efficiency, and customer value. The company focuses on quality control, safety and Zero Defects. The company has portfolio of components for automotive and non-automotive industries. On the concern side, the company depends on a limited number of customers for a significant portion of its revenues. The loss of a major customer or significant reduction in demand from any of its major customers may adversely affect its business, financial condition, results of operations and prospects. Moreover, the company has higher debt-equity ratio which requires significant cash flows to service its debts obligations, and this, together with the conditions and restrictions imposed by its financing arrangements, fluctuations in the interest rates may limit its ability to operate freely and grow its business.

The company is coming out with a maiden IPO of 36,48,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 79-83 per equity share. The aggregate size of the offer is around Rs 28.82 crore to Rs 30.28 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased from Rs 13,802.40 lakh for the financial year ended on March 31, 2024 to Rs 16,245.01 lakh for the financial year ended on March 31, 2025 representing a rise of 17.70%. Moreover, its profit after tax for the year increased from Rs 594.52 lakh for the financial year ended on March 31, 2024, to Rs 997.16 lakh for the financial year ended on March 31, 2025, representing an increase of 67.73%.

The company’s expansion strategy focuses on a combination of organic growth and inorganic growth through strategic partnerships and joint ventures. Collaborating with companies that offer complementary strengths allows it to scale operations quickly, broaden its market reach, and unlock new growth opportunities. These alliances help it to maximize synergies, improve overall performance, and reinforce its industry leadership. Its geographical expansion efforts prioritize penetrating underserved regions to expand its footprint and connect with new customer segments. By customizing its marketing and product strategies to meet the unique demands of these areas, it aims to capture untapped market share. This localized approach strengthens its presence, drives sustained growth, and positions it to achieve long-term market success.

Shree Refrigerations

• Shree Refrigerations is coming out with an initial public offering (IPO) of 93,86,000 equity shares in a price band Rs 119-125 per equity share.
• The issue will open on July 25, 2025 and will close on July 29, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 2 and is priced 59.50 times of its face value on the lower side and 62.50 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance Officer for the issue is Ashvini Ghanashyam Godbole.

Profile of the company

Shree Refrigerations is engaged in the business of manufacturing Chillers, refrigeration and air conditioning appliances and other parts of Heating, Ventilation, Air Conditioning (HVAC) Industry, offering array of advanced systems and equipment to industries majorly in domestic market. Its collection of products serves multiple industries including Automotive, Marine, Print Media, Chemical, Pharma and General engineering sectors. It is also actively involved in the manufacturing of marine chillers, having approved supplier registrations from various professional directorates of Indian Navy (Directorate of Electrical Engineering and backed by Directorate of Quality Assurance - Warship Projects).

In the automotive industry, its products help to maintaining optimal temperature control in various systems. In the marine sector, they ensure crew comfort and operational efficiency on ships and marines and also support maintaining the electronic warfare systems to be at optimal operating temperature. Its systems also play a vital role in maintaining environmental conditions in the print media, chemical, and pharmaceutical industries, where temperature regulation is crucial for product quality, safety.

Its product range includes Chillers, Test Equipment, Marine HVAC & R Systems, and Printing Chillers, among others. It also provides value-added fabrication services, offering customized solutions to the engineering industry. Its team works closely with clients to develop engineered components that meet the quality standards. With its in-house design capabilities and technical collaborations with entities, it leverages its knowledge in refrigeration and HVAC systems to deliver state-of-the-art solutions. It has been accredited as an ISO 9001:2015 certified company. It prioritizes the implementation and maintenance of a robust Quality Management System, ensuring its products adhere to the quality and reliability standards.

Proceed is being used for:

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

Industry Overview

The global HVAC systems market was estimated at $241.52 billion in 2024 and is projected to reach $445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. This growth is propelled by energy efficiency regulations and government incentives for smart and sustainable HVAC systems. Technological advancements, including IoT-enabled monitoring, AI-driven optimization, and integration with renewable energy systems, are further encouraging system upgrades and new installations. Asia Pacific dominated the global HVAC systems market with the largest revenue share of 46.8% in 2024. This is attributed to rapid urbanization, population growth, and expanding middle-class housing, particularly in China, India, and Southeast Asia. Rising temperatures and increasing adoption of air conditioning in residential and institutional settings are driving volume sales. The market in India, specifically, is projected to expand at a significant CAGR of 8.2% over the forecast period.

The Indian HVAC market is segmented by product type into heating equipment, ventilation equipment, and air conditioning equipment. This segmentation reflects the diverse climatic conditions across India and the varying demands for temperature control and air quality solutions in different applications. The growth of each product segment is influenced by factors such as urbanization, industrialization, energy efficiency regulations, and consumer preferences. The Indian HVAC sector is experiencing significant expansion, fueled by rapid urbanization, increasing disposable incomes, and evolving climatic conditions. Government initiatives like 'Make in India' and 'Atmanirbhar Bharat', along with Production Linked Incentive (PLI) schemes, are contributing to the growth of an energy-efficient HVAC market. The HVAC market, along with intelligent building solutions, is projected to reach Rs 1,78,000 crore (or $21.5 billion) in India by 2028. The India HVAC Market reached $9.1 billion in 2023 and has a projected CAGR of 14.5% during the forecast period of 2025-2029.

Meanwhile, the Indian marine HVAC market is a growing segment within the broader marine industry, influenced by the country's extensive coastline and increasing maritime activities. The Marine HVAC market in India was valued at $862.77 million in 2023 and the total Marine HVAC revenue is expected to grow at a CAGR of 3.45% from 2024 to 2030, reaching nearly $1093.98 million. India is recognized as the fastest-growing market in the Asia- Pacific region for marine HVAC. The global HVAC, marine HVAC, and shipping industries face unprecedented challenges and opportunities in 2025. Global supply chain disruptions, changing carrier alliances, and geopolitical conflicts continue to strain operations, while workforce shortages and rising equipment costs create additional complexity. Going forward, Companies that embrace digital transformation, invest in skilled workforce development, and prioritize customer service excellence will thrive in this evolving landscape.

Pros and strengths

Customization of products: The company provides customized products to meet the specific needs of its customers. Its engineering team design AC plants, HVAC solutions, electrical control panels, and printing chillers. Their experience allows it to provide personalized solutions that match each project's requirements. This customization sets it apart and shows its commitment to meeting its clients' unique needs.

Wide range of products: The company offers a wide range of products to meet the diverse needs of its customers across various industries. Its product line includes chillers, marine chillers and refrigeration plants, and their components, condensing units, test equipment, HVAC & R systems, as well as printing chillers. It manufactures high-quality refrigeration equipment for the Indian Navy and produce chillers for the chemical and pharmaceutical sectors. Additionally, it is also involved in value-added fabrication for engineering industries. By offering a wide range of products, it creates an economic buffer and consistently generate returns.

Quality standards and ISO certified organization: The company’s strength lies in delivering quality services to its clients. It is certified as an ISO 9001:2015 organization and have further certifications from the Directorate of Quality Assurance (Warship Project) and the Directorate of Electrical Engineering, Ministry of Defence (Navy), for quality product manufacturing. Its products undergo 100% rigorous testing in its fully equipped QA laboratory, matching global standards. It ensures quality in design, engineering, and manufacturing, adhere to strict business principles, and comply with all statutory and voluntary requirements, ensuring customer satisfaction. Its quality departments conduct thorough testing following Customer Approved Testing Protocol.

Risks and concerns

Major revenue comes from limited clients: The company has garnered 91.64%, 95.71% and 89.69% of its total revenue from top 10 clients in FY25, FY24 and FY23 respectively. As its business is currently concentrated among relatively few significant customers, it may experience reduction in cash flow and liquidity and its business would be negatively affected if it loses one or more of its major customers or if the amount of business from one or more of them is significantly reduced for any reason, including as a result of a dispute with or disqualification by a major customer.

Procure major raw material from limited suppliers: The company has procured 51.79%, 69.15% and 81.17% of its raw material from top 10 suppliers in FY25, FY24 and FY23 respectively. It cannot assure that it will not face any such situations in the future, or the procurement of raw material will be on commercially viable terms. Furthermore, any dispute with any of the suppliers may damage its relationship with existing and potential suppliers, and in any such event its operations will be adversely affected. Further it will also affect its profitability and reputation in the market.

Top 3 states contribute major revenue: The company operates its business operations from its registered office situated in Karad, Maharashtra. However, its business operations span various regions across India. The company garnered significant revenue from top three states i.e. Maharashtra, Uttar Pradesh and Goa. Any factors relating to political and geographical changes, growing competition and any change in demand may adversely affect its business. It cannot assure that it shall generate the same quantum of business, or any business at all, from these states, and loss of business from one or more of them may adversely affect its revenues and profitability.

Outlook

Shree Refrigerations is engaged in the manufacturing of HVAC systems, including air and water-cooled condensing units, chillers, and spray dampening systems. The company offers chillers, test equipment, marine HVAC systems, and printing chillers, along with customized fabrication services, collaborating with clients to develop engineered components that meet quality standards. The company has wide range of products. It has a strong leadership and experienced management. On the concern side, the company depends on a limited number of customers for a significant portion of its revenues. The loss of a major customer or significant reduction in demand from any of its major customers may adversely affect its business, financial condition, results of operations and prospects. Moreover, its top 10 suppliers contribute a significant portion of its raw material and any dispute with one or more of them may adversely affect its business operations.

The company is coming out with a maiden IPO of 93,86,000 equity shares of Rs 2 each. The issue has been offered in a price band of Rs 119-125 per equity share. The aggregate size of the offer is around Rs 111.69 crore to Rs 117.33 crore based on lower and upper price band respectively. On performance front, the company has reported 22.94% rise in revenue from operations at Rs 9872.70 lakh in FY25 as compared to Rs 8030.55 lakh in FY24. Moreover, the company’s net profit surged 17.48% to Rs 1354.66 lakh in FY25 as compared to Rs 1153.06 lakh in FY24.

The company is planning to use its manufacturing and quality control strengths to grow its product range. It aims to improve its capabilities to produce a mix of new and existing products. This will help it to get more orders from its current and new customers. Its goal is to create, produce, and deliver these products according to customer needs, leading to more growth and profits. Good relationships with its suppliers and customers are essential for the company's growth. Its dedicated and timely delivery of products has helped it to build strong relationships with its existing customers over the years. Establishing strong relationships with suppliers is key to improving supply chain performance, reducing costs, and enabling its business to grow and develop.

Patel Chem Specialities

• Patel Chem Specialities is coming out with an initial public offering (IPO) of 70,00,000 equity shares in a price band Rs 82-84 per equity share.
• The issue will open on July 25, 2025 and will close on July 29, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 8.20 times of its face value on the lower side and 8.40 times on the higher side.
• Book running lead managers to the issue are Cumulative Capital and Unistone Capital.
• Compliance Officer for the issue is Sonalkumari Yadav.

Profile of the company

Patel Chem Specialities operates in the field of specialty chemicals, particularly focusing on the production of cellulose-based excipients. It manufactures a diverse range of products that are critical to various industries, including pharmaceuticals, food & beverages, cosmetics, and numerous industrial applications. These chemicals are fundamental in the formulation of essential products such as tablets, food additives, personal care items, and industrial formulations. Its products play vital roles as binders, disintegrants, thickeners, stabilizers, and gelling agents, each serving a specialized function across multiple sectors.

Since inception, the company manufactures Carboxymethyl Cellulose Sodium (Sodium CMC), Microcrystalline Cellulose (MCC), Carboxymethyl Cellulose Calcium (CMC Calcium), Croscarmellose Sodium (CCS), Sodium Starch Glycollate (SSG), and Sodium Monochloro Acetate (SMCA). With a commitment to quality and innovation, it has successfully established a strong global presence, exporting its products to over 15 countries, including the USA, Germany, UK, Japan, China, Australia, and many more. Its expertise in producing high-quality excipients has enabled it to carve out a niche in the cellulose-based chemicals market, driven by its adherence to international quality standards such as US-DMF, GMP, ISO 9001:2015 etc.

The company offers a diverse range of cellulose-based chemicals, each serving specialized functions across various industries. Sodium CMC, a versatile product, is used as a thickener, binder, and gelling agent in pharmaceuticals, food & beverages, cosmetics, and industrial applications such as oil drilling, under the brand “Rheollose”. Microcrystalline Cellulose (MCC) is valued in pharmaceuticals and food & beverages as a bulking agent, texturizer, and binder, with products branded as “Hindcel”. Sodium Starch Glycollate (SSG) serves as a disintegrant in tablets, available in corn (BlowTab C) and potato-based (BlowTab P) variants. Croscarmellose Sodium and Calcium CMC, powerful super disintegrants, are marketed as “Disolwell” and “Swellcal”, respectively. Additionally, Sodium Monochloro Acetate (SMCA) is a key raw material for its products and has applications in drug production and nutritional products.

Proceed is being used for:

• Funding capital expenditure requirement of the company towards; setting up plant at Indrad, Mahesana for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG) - Corn Starch Base & Potato Starch Base and Calcium Carboxymethylcellulose (CMC)
• General corporate purposes

Industry Overview

Indian chemical and petrochemical sector is one of the crucial sectors, contributing positively to economic growth and regional development, as it is the mainstay of industrial and agriculture development in the country, providing building blocks for downstream and upstream related industries like textiles, paper, fertilizers, pharmaceuticals and others. Besides, it occupies a central position in meeting the basic needs and improving the standard of living of the people.  The industry is a knowledge intensive as well as capital-intensive industry and occupies a pivotal position in meeting basic needs and improving quality of life. It is one of the largest sectors in India, encompassing a diverse range of chemicals, petrochemicals, specialty chemicals, agrochemicals, and more. The sector provides millions of jobs directly and indirectly, with large employment in production, R&D, logistics, and sales, in both urban and rural areas.

The future outlook for Indian chemical and petrochemical sector is bright, supported by strategic investments, a focus on sustainability, and strong domestic demand. Make in India and Aatmanirbhar Bharat initiatives are likely to boost domestic production and also increase the demand for chemicals and petrochemicals. Such significant measures are expected to transform India into a global manufacturing hub for chemicals and petrochemicals, and help realize the vision of the country becoming a $5 trillion dollar economy. Further, demographic dividends, an export demand and enabling government initiatives are the key growth drivers for the industry. Government initiatives to curb low-cost and substandard imports will also act as growth enabler for the industry. The availability of a competent workforce at a competitive cost will contribute to the reduction in overall expenses and increasing profit margins. 

By embracing innovation, leveraging renewable resources, and advancing green chemistry, the industry will not only see improvement in their profitability but will also contribute to national economic growth, ensuring a prosperous and sustainable future for generations to come. The domestic market is becoming more dependent on imports to meet demand, which has been seen with the imports exceeding the exports, pointing to a trade deficit in chemicals and petrochemicals. This gives domestic manufactures opportunity to boost their production to meet higher consumption needs in the country. However, the risks such as trade tensions and geopolitical uncertainties may hamper growth of the sector, with firms heavily reliant on exports could face heightened profitability pressure, amid the imposition of high reciprocal tariffs by the US.

Pros and strengths

Strong product portfolio: It manufactures a range of products in the pharmaceutical excipient segment. Its product portfolio presently comprises 5 excipients (SSG, CCS, Calcium CMC, Sodium CMC and MCC) and 1 fine chemical (SMCA) which are marketed domestically and exported. It supplies its products to more than 15 countries, including both direct and indirect exports. It continuously focuses on developing new products within its existing segments, including niche products developed with specific applications or taking customer specifications in view.

Strong global presence: The company is very aggressive in promoting its range of products in the domestic & international market through participating in frequent visits to customers, marketing & advertising at relevant platforms. The company shall focus on expanding its geographical reach in maximum countries by exploring unexplored potential & assured promotional venues. With the help of its quality products, it has been able to create a long-standing market presence in India and internationally. It caters to various end users, merchants and exporters. It exports its products to over 15 countries, including USA, Germany, UK, Japan, China, Australia, and many more.

Continuous innovation and quality consistency: It is a research-driven company, dedicated to innovation and excellence in every aspect of its operations. Its well-established R&D facility at the Vatva unit, equipped with advanced chemical and analytical laboratories, focuses on creating processes that improve efficiency and reduce costs. Product and process innovations are essential for its growth and actively engage with customers to understand their unique needs. This collaborative approach allows it to deliver tailored solutions in a timely and effective manner, strengthening its role as a trusted partner. Additionally, the company aims to continually enhance its formulation and application expertise, driven by its technical R&D team.

Risks and concerns

Maximum revenue comes from sales in few states: The company’s domestic sales are dependent on the top 3 states including Gujarat, Maharashtra, West Bengal. It generated almost i.e. 65.97%, 60.74% and 64.72% of the total domestic sales for the financial years ended 2025, 2024 and 2023 respectively. Such concentration of revenue in above states may have an adverse effect. Further, drastic change in taxes and other levies imposed by state government as well as other financial policies and regulations, political and deregulation policies, if changed, could harm business and economic conditions. However, the composition and revenue generated from various states might change as it continues to add new customers in the different parts of India.

Significant purchase depends on few states and single country: The company’s domestic purchases are dependent on the top 3 states including Gujarat, Maharashtra, Delhi and all of its imports are done from China. The company purchased almost i.e. 65.42% and 69.58%, 67.11% of the total purchases from domestic market for the financial years ended 2025, 2024 and 2023 respectively and imported almost i.e. 34.58%, 30.42% and 32.89% of total purchases for the financial years ended 2025, 2024, and 2023 respectively. From the above domestic purchase, 94.34%, 95.43% and 92.33% were purchased from Gujarat, Maharashtra and Delhi for FY 2025, FY 2024 and FY 2023 respectively. Such concentration of purchases in above states and China may have an adverse impact on its business. Further, drastic change in taxes and other levies imposed by state government and government of China as well as other financial policies and regulations, political and deregulation policies, if changed, could harm business and economic conditions.

Business is subject to extensive regulation: The company operates in a highly regulated industry and its operations are subject to extensive regulation in each market in which it does business. Its business operations require it to comply or obtain and renew certain approvals, licenses, registrations and permits, some of which may expire and for which it may have to make an application for obtaining the approval or its renewal. It will be applying for certain approvals relating to its business. Furthermore, in certain markets where it markets and sells its products, regulatory authorities must grant approval for its manufacturing facilities and products before they can be marketed, regardless of whether they have already received approval in India or elsewhere. A majority of these approvals require renewal from time to time. There can be delays in obtaining required clearances from regulatory authorities after applications are filed. This could materially and adversely affect its business, financial condition, and results of operations.

Outlook

Patel Chem Specialities is engaged in the manufacturing and exporting pharmaceutical excipients and specialty chemicals. The company’s manufacturing facility covers 7,000 square yards, with a capacity of over 7,200 MT annually for pharmaceutical excipients, featuring departments for storage, production, R&D, quality control, packaging, and warehousing. The company has expanded globally, serving East Asia, Europe, the Middle East, North America, and Southeast Asia, delivering high-quality products that meet international standards to lead the chemical industry. On the concern side, majority of its domestic sales for the last 3 Financial Years is dependent on few states. Any loss of business from any of these states may adversely affect its revenues and profitability. Moreover, majority of its domestic purchases and imports for the last 3 Financial Years is dependent on few states and single country. Any loss of business from any of these states and country may adversely affect its ability to procure its raw materials in time to meet its customers’ needs.

The company is coming out with a maiden IPO of 70,00,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 82-84 per equity share. The aggregate size of the offer is around Rs 57.40 crore to Rs 58.80 crore based on lower and upper price band respectively. On performance front, the company has reported a rise of 27.61% in its total revenue at Rs 10,555.19 lakh in FY25 as compared to Rs 8,271.61 lakh in FY24. The increase in operational revenue can be attributed to the better capacity utilization as a result of the additional demand for its products. Moreover, the company’s net profit surged 38.00% to Rs 1,056.54 lakh in FY25 as compared to Rs 765.62 lakh in FY24.

The company has built a presence in the specialty chemicals industry by consistently delivering high-quality products that meet international standards. It is exporting to more than 15 countries including the USA, Germany, UK, Japan, China, Australia, and many more which contribute significantly to its export sales. To further expand its global reach, it is focusing on building stronger distribution networks, advancing research and development to address diverse market needs, and exploring opportunities in new and emerging regions. These efforts are aimed at strengthening its international presence and driving growth in key global markets.

Shanti Gold International

• Shanti Gold International is coming out with a 100% book building; initial public offering (IPO) of 1,80,96,000 shares of Rs 10 each in a price band Rs 189-199 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 July 25, 2025 and will close on July 29, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 18.90 times of its face value on the lower side and 19.90 times on the higher side.
• Book running lead manager to the issue is Choice Capital Advisors.
• Compliance Officer for the issue is Vrushti Parag Shah.

Profile of the company

Shanti Gold International is one of the leading manufacturers of high-quality 22kt CZ casting gold jewellery, in terms of installed production capacity, specializing in the design and production of all types of gold jewellery. The company offers a wide range of high-quality, intricately designed pieces, including bangles, rings, necklaces, and complete jewellery sets across various price points ranging from jewellery for special occasions, such as weddings to festive and daily-wear jewellery. Founded as a partnership firm in 2003, its business was established by its Promoters, Pankajkumar H. Jagawat and Manojkumar N. Jain, who have over 20 years of experience in the jewellery industry. It currently offers wide range of designs and products of 22kt CZ gold jewellery.

It has a fully integrated in-house manufacturing setup, which enables it to exercise control over the quality of products and meet the standards expected by its customers. All aspects of design, manufacturing, and packaging have been carried out in-house, enabling it to create jewellery tailored to its clients' preferences. Its manufacturing and processing operations are carried out using machines such as casting machines, steamers, induction melter, air compressors, etc. Additionally, a significant portion of its production process relies on outsourced labour, particularly for the manual setting of stones, which requires precision and craftsmanship.

The company’s manufacturing facility spans over 13,448.86 square feet area in Andheri East, Mumbai (Andheri Manufacturing Facility), equipped to produce variety of jewellery with precision and efficiency. Presently, it has an installed manufacturing capacity of 2,700 kg per annum. It is known for its craftsmanship, innovative designs, and robust manufacturing capabilities.

Proceed is being used for:

• Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility
• Funding working capital requirements of the company
• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company
• General corporate purposes

Industry Overview

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

India's gems and jewellery market is one of the largest and most vibrant in the world, deeply embedded in the country's cultural and economic life. The market can be divided by material type, with gold, diamonds, gemstones, and other materials each playing a significant role in its diversity and value. In 2023, gold was the dominant material in India's gems and jewellery market, making up 81.8% of the total market share. It was followed by diamonds (9.7%), silver (4.6%), and other materials (3.9%). In 9MCY24, the total domestic demand for gold (including jewellery, bars, and coins) was estimated at 537 tonnes as compared to 494 tonnes in 9MCY23. In CY23, the gold demand was 761 tonnes, a decline of 1.7% y-o-y over CY22, this was primarily due to a 15% y-o-y increase in gold prices. The jewellery segment continued to be the largest contributor and accounted for 76% of the gold demand in India, while bars and coins accounted for the balance. The gold jewellery demand declined by 4.1% y-o-y in CY23. The demand was impacted due to increasing gold prices.

Meanwhile, India’s retail gems and jewellery market is experiencing significant growth, driven by changing consumer behaviours that combine traditional preferences with modern trends. This market holds deep cultural and economic importance, particularly as gold jewellery is viewed both as an investment and a symbol of status. While local, unorganized jewellers still dominate much of the industry, there is a strong trend towards organized and branded retailers. Consumers are increasingly prioritizing trust, authenticity, and certified products. A major trend is a growing demand for branded and certified jewellery, particularly among younger buyers who value authenticity and reliability. As a result, organized players are expanding, especially in tier-II and tier-III cities, where rising disposable incomes and urbanization are enhancing consumer interest in luxury and semi-luxury items. Additionally, younger demographics are driving the demand for lightweight, daily-wear jewellery that is versatile enough for both casual and formal occasions, marking a shift away from the heavy, traditional pieces that used to dominate the market.

Pros and strengths

Wide range of jewellery designs driven by team of experts: The company’s jewellery business includes the designing and production of 22 Kt CZ gold jewellery. It offers a wide range of high quality, intricately designed pieces, including bangles, rings, necklaces, and complete jewellery sets across various price points ranging from jewellery for special occasions, such as weddings to festive and daily-wear jewellery. It has primarily focused on its ability to develop and manufacture a wide variety of jewellery designs that cater to the diverse tastes of its clients.

Complete in-house manufacturing: The company has fully integrated in-house manufacturing setup, which enables it to exercise greater control over the quality of products and meet the standards expected by its customers. All aspects of design, manufacturing, and packaging have been carried out in-house, enabling it to create jewellery tailored to its clients' preferences. Its manufacturing and processing operations are carried out using machines such as casting machines, steamers, induction melter, air compressors, etc. Additionally, a significant portion of its production process relies on outsourced labour, particularly for the manual setting of stones, which requires precision and craftsmanship.

Financially stable business model: The company has organically grown its operations and has demonstrated an increase in revenues and profitability. Its focus on operational and functional excellence has contributed to its track record of healthy financial performance.

Established relations with corporate and jewellery businesses: The Indian retail sector is one of the fastest-growing sectors. It has the largest consumer base, and as a result, the industry’s market size has been increasing significantly. Further, robust demand, increasing investments, innovations, and government initiatives fuelled India’s retail growth. Over the years, the company has developed and established sustained relationships with its clients, including Corporate Clients, enabling it to effectively address the distinct needs of its clients’ segments.

Risks and concerns

Maximum revenue comes from limited customers: A significant portion of its revenue from operations is derived from a limited number of clients. The company has garnered 34.49%, 36.43% and 33.17% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The company expects that it will continue to be reliant on its top customers for the foreseeable future. There can be no assurance that its top customers will continue to place similar orders with it in the future as they had placed in the past. A significant decrease in business from such top customers, whether due to circumstances specific to such customer or adverse market conditions or the economic environment generally, may materially and adversely affect its business, results of operations and financial condition.

Maximum revenue generation is concentrated in the Southern India: A significant portion of its current presence is in the Southern Indian states of Tamil Nadu, Andhra Pradesh, Karnataka, Telangana and Kerala. The company has garnered 72.76%, 79.89% and 71.13% of its total revenue from South India in FY25, FY24 and FY23 respectively. This regional preference for gold jewellery in Southern India has significantly influenced the Company’s business strategy, market presence, and financial performance. However, its heavy reliance on these regions exposes the company to a variety of risks, including economic vulnerability of these regions, shifts in consumer behaviour, geopolitical, regulatory and local market risks such as natural disasters, infrastructure issues, or political instability, which could disrupt supply chains, operations, and sales in these regions. While it has not faced any such instances in the past, the occurrence of such events could adversely affect its business, results of operations, cash flows and financial condition.

Business is subject to significant seasonal fluctuations: The company’s business is subject to significant seasonal fluctuations, which can affect its sales, income, and overall financial performance. Historically, the demand for gold jewellery is driven by cultural events, festivals, and wedding seasons, which vary throughout the year. It generates the highest amount of revenue in the month of August followed by the month of January since the exhibition for the India International Jewellery Show is held in the months of August and January and January also marks the beginning of the wedding season in India. Further, seasonal fluctuations can also create cash flow volatility. While it may generate significant revenue during peak periods, the off-season may lead to lower sales, affecting its working capital. If it is unable to manage its cash flow effectively during slower months, it may strain its ability to meet operational expenses and fulfill obligations.

Dependent on its manufacturing capabilities at Andheri Manufacturing Facility: The company operates from its Andheri Manufacturing Facility, situated at Mumbai, Maharashtra with an area of 13,448.46 sq. ft. Its Andheri Manufacturing Facility is equipped to produce variety of jewellery with precision and efficiency. Any significant malfunction or breakdown of its equipment or machinery may involve significant repair and maintenance costs and cause delays in its operations. While there have been no such instances in the three preceding Fiscals, any such incidence in future may adversely affect its manufacturing operations and production, which may give rise to disputes with its customers and the occurrence of such events could adversely affect its business, operations, cash flows and financial condition.

Outlook

Shanti Gold International is engaged in the business of manufacturing gold jewellery. The company manufactures high-quality 22kt CZ casting gold jewellery, specialising in design and production. The company has wide range of jewelry designs driven by a team of experts. The company has complete in-house manufacturing. On the concern side, the company’s significant revenue comes from top 10 customers and any loss of one or more of its top customers could adversely affect its business, results of operations, financial condition and cash flows. Moreover, a significant portion of its business operations and revenue generation is concentrated in the Southern India. This regional concentration could expose the company to economic, cultural, geopolitical and local market risks.

The issue has been offering 1,80,96,000 shares in a price band of Rs 189-199 per equity share. The aggregate size of the offer is around Rs 342.01 crore to Rs 360.11 crore based on lower and upper price band respectively. Minimum application is to be made for 75 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations has increased by 55.52% to Rs 11,064.07 million in Fiscal 2025 from Rs 7,114.34 million in Fiscal 2024. The increase in revenue from operations is majorly attributable to increase in sale prices of gold jewellery and increase in sales volume. The company recorded an increase of 107.84% in profit after tax from Rs 268.68 million in Fiscal 2024 to Rs 558.42 million in Fiscal 2025.

The company aims to capitalize on the growth opportunities within the jewellery industry by leveraging its current scale of operations, network of suppliers, and customer base. Its experienced Promoters play a pivotal role in guiding its strategic initiatives and assisting it in capitalising on the evolving market landscape. Further, the company plans to leverage its relationships with its existing client base as a foundation for growth, while also focusing on expanding its presence with new clients, including Corporate Clients, in the near future. Tailoring the product offering in line with the market trends and customer preferences to meet the needs of large-scale clients will help it position the company as a trusted partner in the corporate sector. Through active participation in exhibitions, it intends to establish partnerships and collaborations with jewellery businesses, and expand its network and customer base.