Studio LSD

• Studio LSD is coming out with an initial public offering (IPO) of 1,37,50,000 equity shares in a price band Rs 51-54 per equity share.
• The issue will open on August 18, 2025 and will close on August 20, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 2 and is priced 25.50 times of its face value on the lower side and 27 times on the higher side.
• Book running lead manager to the issue is Corpwis Advisors.
• Compliance Officer for the issue is Kiran Parmanand Goklani.

Profile of the company

Studio LSD where LSD stands for Laxmi Saraswati and Durga, is a multimedia production house specialising in original and captivating stories, partnering with artists from the film and televisions industry. The company is involved in every aspect of the content-making process, from idea to distribution and financing the projects, hiring actors and crew members, scouting locations, creating sets, managing the budgets, and overseeing the entire production and post-production process.

The company has gained prominence within the television industry, particularly in producing soap opera content. It is always committed to delivering quality television programs and have effectively carved out a niche for itself across multiple television channels. Its expertise lies in crafting compelling narratives and engaging storylines that captivate audiences, in the competitive world of soap opera production. Across various television channels, the company has consistently produced shows, showcasing its expertise in storytelling and entertainment. The company operates as a full-fledged production house, specializing in developing a wide array of show concepts through collaboration with its talented team and network of skilled scriptwriters.

Its promoters, Prateek Sharma and Parth Shah, creates original and modern concepts across various genres, meeting audience expectations while preserving the essence of episodic storytelling. This commitment to creativity with traditional narrative roots helps in consistently delivering content that resonates with modern viewers.

Proceed is being used for:

• Capital expenditure
• Working capital requirements
• General corporate purposes

Industry Overview

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. The increasing availability of fast and cheap internet, rising incomes, and increasing purchases of consumer durables have significantly aided the industry. India’s media and entertainment industry are unique as compared to other markets. The industry is well known for its extremely high volumes and rising Average Revenue Per User (ARPU). This significantly aided the country’s industry and made India leading in terms of digital adoption and provided companies with uninterrupted rich data to understand their customers better. India has also experienced growing opportunities in the VFX sector as the focus shifted globally to India as a preferred content creator.

The country's entertainment and media industry is expected to see a growth of 9.7% annually in revenues to reach $73.6 billion by 2027. India internet users are expected to reach 900 million by 2025, from ~622 million internet users in 2020, increasing at a CAGR of 45% until 2025. The advertising-based video on demand (AVoD) segment is expected to rise at a CAGR of 24% to reach $2.6 billion by 2025. Further, Revenue of the Indian video OTT market that is dominated by players such as Amazon Prime Video, Netflix and Disney+ Hotstar is set to double from $1.8 billion in 2022 to $3.5 billion by 2027. The Indian media and entertainment industry is anticipated to reach $24-100 billion by 2030. Within the M&E sector, TV remained the largest segment and posted a CAGR of 7% to Rs 84,700 crore ($12.01 billion) in 2023. The Indian mobile gaming market is poised to reach $7 billion, in value, by 2025.

The India M&E sector is set for substantial growth, with a projected 10.2% increase, reaching Rs. 2,55,000 crore ($30.8 billion) by 2024 and a 10% CAGR, hitting Rs 3.08 trillion ($37.2 billion) by 2026. The Indian media and entertainment sector posted a robust 19.9% growth in 2022 and crossed the Rs 2 lakh crore ($24 billion) mark in annual revenue for the first time led by a sharp jump in the digital advertising mop-up. India's media and entertainment industry is the fifth largest market globally and is growing at the rate of 20% annually. India’s Media and Entertainment Industry is expected to grow 10.2% to reach Rs. 2,55,000 crore ($30.72 billion) by 2024, then grow at a CAGR of 10% to reach Rs 3,08,000 crore ($37.11 billion) by 2026.

Pros and strengths

Comprehensive production capabilities: The company manages the entire production process in-house, from concept development and pre-production planning to post-production and final delivery. This integrated approach allows for greater control over quality, timelines, and budget management, distinguishing it from competitors who may outsource some production phases.

Diverse content portfolio: The company produces a diverse range of content, including episodic dramas, reality shows, and special event programming. This diversity not only caters to varied audience preferences but also mitigates risks associated with fluctuations in genre popularity or viewer demographics.

Strategic partnerships: Collaborations with renowned artists, celebrities, and production houses enhance its creative capabilities and market reach. These partnerships strengthen its competitive position by expanding audience appeal and leveraging shared expertise.

Risks and concerns

Maximum revenue comes from limited customers: The company has established and will continue to focus on strengthening long-standing relationships with its customers across the end use industries that it caters to. However, the company is dependent on certain customers who have contributed a substantial portion of its total revenue from operations. The company has garnered 93.03%, 100% and 100% from its top 5 customers in FY25, FY24 and FY23 respectively. There is no guarantee that it will retain the business of its existing key customers or maintain the current level of business with each of these customers, the loss of these customers or a loss of revenue from these customers may materially affect its business, financial condition, results of operations and cash flow.

Depend on relationships with production house, channels and serial director: The company generates projects through its relationship with production house, channels and serial directors and other industry participants. The company's ability to generate projects largely depends on these relationships. If the company fails to nurture or sustain these connections, it could struggle to secure new projects or fail to capitalize on emerging opportunities. This could significantly hinder business growth, as the company may be unable to access necessary resources or collaborations for creating and distributing content. Furthermore, inability to develop new relationships with industry players could stifle innovation, limit access to key partnerships, and restrict its ability to expand its project pipeline. Over time, this could have a substantial negative impact on its company’s long-term financial health, prospects, and overall operational performance. In short, the company’s business model is highly dependent on these relationships, and any disruption could have material consequences for its financial stability.

Require additional working capital in the future: The company’s business requires additional amount of working capital and major portion of its working capital is utilized towards employee cost, hiring talents, studio rentals and equipment rentals. Its growing scale and expansion, if any, may result in increase in the quantum of current assets. Its inability to maintain sufficient cash flow, credit facility and other sourcing of funding, in a timely manner, or at all, to meet the requirement of working capital or pay out debts, could adversely affect its financial condition and result of its operations. Further, it has high outstanding amount due from its debtors which may adversely affect its cash flows and its business operations.

Outlook

Studio LSD is a multimedia production house specializing in original content for television and OTT platforms, known for innovative storytelling and high-quality, genre-defining shows across India, focusing on captivating digital series with a strong creative vision. The company has comprehensive production capabilities with diverse content portfolio. On the concern side, the company’s business is significantly dependent upon a few customers and the loss of, or a significant reduction in the award of contracts by such customers could adversely affect its business. Moreover, the company is dependent on its relationships with production house, channels and serial directors and other industry participants to exploit its serial content.

The company is coming out with a maiden IPO of 1,37,50,000 equity shares of Rs 2 each. The issue has been offered in a price band of Rs 51-54 per equity share. The aggregate size of the offer is around Rs 70.13 crore to Rs 74.25 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations has increased by 1.95% from Rs 10,247.54 lakh for FY 2023-24 to Rs 10,447.81 lakh for FY 2024-25. The increase in revenue was majorly because of increase in number of episodes of serials/soaps. Moreover, profit after tax has increased by 7.03% from Rs 1,090.37 lakh for FY 2023-24 to Rs 1,167.00 lakh for FY 2024-25.

The company differentiates itself by focusing on delivering creative and quality content fostering a culture of innovation and creativity. The company is partnering with leading OTT platforms for direct-to-digital releases, bypassing traditional broadcasting models. Exploring revenue-sharing arrangements for streaming rights instead of outright content sales and identifying niche content segments (regional, genre-based, or premium content) to create a strong foothold in the digital space. Going forward, the company is expanding into the music business by developing and distributing original music content across digital streaming platforms like Spotify, Apple Music, YouTube Music, and others. It is also leveraging YouTube and social media platforms for music video distribution and audience engagement.

Gem Aromatics

• Gem Aromatics is coming out with a 100% book building; initial public offering (IPO) of 1,41,63,430 shares of Rs 2 each in a price band Rs 309-325 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 19, 2025 and will close on August 21, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 154.50 times of its face value on the lower side and 162.50 times on the higher side.
• Book running lead manager to the issue is Motilal Oswal Investment Advisors.
• Compliance Officer for the issue is Pooja Padam Bhandari.

Profile of the company

Gem Aromatics is an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and Value Added Derivatives in India with a track record of over two decades. It offers a diversified portfolio of products, ranging from the Mother Ingredients to its various Value-Added Derivatives. Its products find application across a broad spectrum of industries, such as, oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and pain management and personal care. It is one of the prominent essential oils and Value-Added Derivatives manufacturers in India, based on value and volume manufactured, specializing in products that are derived from mint and clove oil. Its track record, diverse product portfolio and brand recall has helped it to establish several leadership positions within its product portfolio, for instance, in India, it has a dominant presence in essential oil-based products and derivatives that are manufactured from mint, clove, eucalyptus oils and other essential oils.

Its in-house manufacturing and R&D capabilities have contributed towards its track record of product innovation and launches and assisted it with maintaining consistent product quality. With over two decades of experience, it has developed its expertise in advanced organic synthesis through application of complex chemistries like Grignard’s, amide coupling, Friedel-Crafts reactions, cross-coupling chemistry, photochemical reactions, and methoxylation using green chemistry. Its advanced capabilities also extend to high-pressure reactions, continuous processes, fixed-bed systems, and process automation. 

It offers 70 products across its four product categories, namely, (i) mint and mint derivatives; (ii) clove and clove derivatives; (iii) phenol; and (iv) other synthetic and natural ingredients. It is among the leading supplier in many of the product lines that it operates in. With a focus on servicing its customers and manufacturing quality products, it commenced its operation in Fiscal 1999 in the mint and mint derivative category with products like spearmint and piperita. In order to expand its product portfolio, it commenced production and sale under the clove and clove derivative category in 2009. In continuation with its focus on expanding its product portfolio, it is in the process of introducing products under the new category, being, citral.

Proceed is being used for:

• Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and its Subsidiary, Krystal Ingredients Private Limited
• General corporate purposes

Industry Overview

Specialty chemicals are value added products that are used for specific applications that often involves high R&D investment and technical know-how. There are over 40-50 value chains covering a broad spectrum of products within this industry. The capability to handle multiple value chains that overlap with one another are available only with large conglomerates, while a single or double value chain is what most medium to small scale players are efficient with. This sector is witnessing a monetary corpus towards expansion investments. India is the largest beneficiary for this segment since the US and European manufacturers are facing pressures from institutional investors to ensure supply security by focussing on China+1. This has forced several western manufacturers to re-base their supply chain away from China. Increasing labour costs and significant currency fluctuations along with the fear of resurgence of global pandemic has forced downstream industries to seek alternative manufacturing options such as India.

The Indian chemicals market is valued at $235 billion in year CY 2025e (4% share in the global chemical industry) with the commodity chemicals accounting for more than 50%. It is expected to reach $380 billion by CY 2030, with an anticipated growth of 10% CAGR. Specialty chemicals industry forms 40% of the domestic chemical market, which is expected to grow at a CAGR of around 10-12% between 2025 and 2030. India’s chemical industry is one of the most diversified globally, and the specialty chemicals segment represents a significant growth area. With the global shift towards sustainability, technological advancements, and changing market dynamics, India is uniquely positioned to capitalize on these opportunities.

The US-China Trade war led specialty chemical players to look beyond China as a raw material supplier and manufacturing hub. In order to reduce the risk in their supply chains, global companies are concentrating on a China+1 approach. Because of its cost advantage over China and its supportive laws and reforms, including the enabling of 100% FDI in the chemical industry, India is uniquely positioned to gain from the shift away from China. Indian chemicals sector is set for rapid growth, with specialty chemicals expected to be the most lucrative segment. India attracts investment as companies diversify away from China. Chemical industry revenue has been growing at an average rate of 15% in the last 5 years. The Indian chemicals sector stands out as one of the most rapidly advancing industries globally.  

Pros and strengths

Established manufacturer of specialty ingredients: The company is an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals and Value Added Derivatives in India with a track record of over two decades. Within the product categories in which it operates, it offers a diversified portfolio of products, ranging from the Mother Ingredients to its various Value Added Derivatives. In India, it has a dominant presence in essential oil-based products and derivatives that are manufactured from mint, clove, eucalyptus oils and other essential oils.

Wide product range with continuous product development and R&D capabilities: The company has a wide and differentiated product category, which includes 70 products as of March 31, 2025, and is spread across its four product categories, namely, (i) mint and mint derivatives; (ii) clove and clove derivatives; (iii) phenol; and (iv) other synthetic and natural ingredients. It also has established manufacturing capabilities for new product categories like citral and are in the process of expanding its production capabilities in the same by expanding the capacity of its Dahej Facility. It has developed advanced processes for producing downstream products using Citral as a base through its dedicated R&D Facility.

Long standing relationship with well-established customers: The formulated flavours and fragrance/ F&F blends segment is dominated by global suppliers as this segment requires considerable investment in Research and product development. Intellectual property safeguarding, loyal customer base, strong branding is some of the major requirements apart from R&D in this segment, which act as major entry barriers for new players. FMCG companies risk losing customers in the event of any change in fragrance or flavour profile of the product. Thus, once on boarded and having delivered results as a supplier, FMCG companies are reluctant to change suppliers. In over two decades of its operations, it has established long-standing relationships with several well established Indian and global customers such as Colgate-Palmolive (India), Dabur India, Patanjali Ayurved, SH Kelkar and Company etc. There is substantial presence of the company in the oral care segment with customers such as Colgate, Dabur, Patanjali.

Strategically located Manufacturing Facilities: One of the primary raw materials which is Natural Mint oil is available in abundance in India. Its Budaun Facility is located in the heart of the Mint cultivation belt of India which includes Mentha Arvensis, Piperita, Spearmint and Mentha Citrata (Bergamot Mint) (species of flowering plant in the Mint family). Its Silvassa Facility is strategically located close to Jawaharlal Nehru Port in Nhava Sheva, Maharashtra and help reduce time for export shipments. This also reduces its import costs for raw materials that are imported from Indonesia, Germany, China, Rwanda and Madagascar. The company’s Dahej Facility will provide it access to phenol, with one of the largest suppliers of phenol in the vicinity. The Dahej Facility has an already established effluent discharge eco-system which will provide it in effectively discharging effluents that may be generated in manufacturing of certain products. The Dahej Facility is strategically located close to Mumbai-Delhi Expressway and Jawaharlal Nehru Port, Hazira.

Risks and concerns

Maximum revenue comes from limited customers: The company has derived 56.06%, 52.19% and 65.81% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The loss of all or a significant portion of sales to any of its top 10 customers, for any reason (including the loss of contracts or inability to negotiate favourable terms, failure to meet their quality specification, technological changes, a decline in market share of these customers in their respective industries or high growth segments, disputes with these customers, adverse changes in their financial condition, insolvency or bankruptcy of these customers, decrease in their sales, facility closures, any action undertaken by the government affecting business of these customers, or labour strikes affecting their production), could have an adverse impact on its business, financial condition, results of operations, and cash flows.

Substantial revenue comes from the mint and mint derivatives product category: The company relies substantially on revenue generated from the sale of mint and mint derivatives product category. The company has derived 69.12%, 72.89% and 69.98% of its total revenue from mint and mint derivatives product category in FY25, FY24 and FY23 respectively. Any reduction in demand for products under the mint and mint derivatives product category may adversely affect its revenues and profitability.

Significant dependence on top 10 suppliers for supply of raw materials: The company is significantly dependent on its top 10 suppliers for supply of raw materials, with whom it does not have long-term contracts for the purchase of raw materials. The company has procured 52.92%, 68.61% and 51.76% of its total raw material from top 10 suppliers in FY25, FY24 and FY23 respectively. The loss of all or a significant number of its top 10 suppliers, for any reason (including the inability to negotiate favourable terms, failure to meet its quality specification, disputes with these suppliers, adverse changes in their financial condition, insolvency or bankruptcy of these suppliers, any action undertaken by the government affecting business of these suppliers, or labour strikes affecting their production), could have an adverse impact its business, financial condition, results of operations, and cash flows.

Substantial working capital requirements: The company requires a significant amount of working capital to finance the purchase of raw materials and the performance of manufacturing and other work before payment is received from clients. The company’s working capital requirements may increase if the payment terms in its agreements include reduced advance payments or longer payment schedules for its customers or increased advance payments or shorter credit period from its suppliers. These factors may result, or have resulted, in increases in the amount of, its receivables, short-term borrowings and working capital funding. As on June 30, 2025, it had total outstanding borrowings of Rs 2,598.42 million. Additionally, its inability to obtain adequate amount of working capital at such terms which are favourable to it and in a timely manner or at all may also have an adverse effect on its financial condition.

Outlook

Gem Aromatics manufactures speciality ingredients, including essential oils, aroma chemicals, and Value-Added Derivatives in India, with over two decades of experience. The company offers various products, from Mother Ingredients to Value-Added Derivatives. The company has wide product range with continuous product development and R&D capabilities. It has long-standing relationship with well-established customers in India and globally. On the concern side, the company derives a significant portion of its revenue from its top 10 customers. The loss of any of these customers may adversely affect its revenues and profitability. Moreover, the company derives a substantial portion of its revenue from the mint and mint derivatives product category. Any reduction in demand for products under the mint and mint derivatives product category may adversely affect its revenues and profitability.

The issue has been offering 1,41,63,430 shares in a price band of Rs 309-325 per equity share. The aggregate size of the offer is around Rs 437.65 crore to Rs 460.31 crore based on lower and upper price band respectively. Minimum application is to be made for 46 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 11.38% to Rs 5,039.53 million in Fiscal 2025 from Rs 4,524.52 million in Fiscal 2024. Moreover, the company’s profit for the increased by 6.55% to Rs 533.84 million for Fiscal 2025 from Rs 501.04 million for Fiscal 2024.

The company intends to streamline its operations and enhance its manufacturing capacity and further widen its product portfolio by adding products such as safranal and damascene under its new product category, being citral. It will have one of the largest capacities of about 500 MT for cooling agents in India as part of its planned expansion. For the same, it is in the process of expanding the capacity of its Dahej Facility. It continues to focus on further integrating its operations and benefit from economies of scale and improve operating margins. The company is focussed on adopting the best practices and standards across its manufacturing facilities, drawing on its management’s expertise and experience. The management team closely oversees its operational performance against established and target metrics and take appropriate action as required. By planning for a high utilization rate and with the commissioning of additional capacities it strives to continue reducing its cost of production and achieving economies of scale.

Shreeji Shipping Global

• Shreeji Shipping Global is coming out with a 100% book building; initial public offering (IPO) of 1,62,98,000 shares of Rs 10 each in a price band Rs 240-252 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 19, 2025 and will close on August 21, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 24.00 times of its face value on the lower side and 25.20 times on the higher side.
• Book running lead managers to the issue are Beeline Capital Advisor and Elara Capital (India).
• Compliance Officer for the issue is Archanaba Krunalsinh Gohil.

Profile of the company

Shreeji Shipping Global provides shipping and logistic solution for dry bulk cargo at various Ports and Jetties at India and Sri Lanka. As of March 31, 2025, the company has fleet of more than 80 vessels (consisting of barges, mini bulk carriers (MBCs), tug boats and floating cranes) and more than 370 earthmoving equipment (consisting of material handling machines, excavators, pay loaders, tippers including trailers, tankers and other vehicles) in services of its clients. It has a legacy of more than three decades in the shipping and logistic industry with prominent experience in cargo handling, transportation, fleet chartering and equipment rentals and other ancillary services.

The company offers comprehensive shipping and logistic solutions for dry bulk cargo, including cargo handling and transportation services. Under its cargo handling segment, it provides STS (Ship to Ship) Lighterage, Stevedoring and other port services including cargo management services. Further, as a part of logistic supply chain, it also provides transportation services for dry bulk cargo including port to premise drop-off and vice versa. 

The company’s prolong experience in the shipping and logistic industry and wide network of transportation and distribution model helps it to deliver its solutions to customers engaged across various industries. It primarily caters to its customers in various sectors including Oil and Gas, Energy and Power, Fast Moving Consumer Goods (FMCG), Coal and Metal Industry. Its complete integrated end to end shipping and logistic services provides its customers with a preferable option of single-window solutions thereby negating the need to approach multiple service providers at different levels in the chain of shipping and logistic services. Further, its integrated service model provides it with greater business opportunities from its customers involving wide range of services, contributing to its revenue and profitability.

Proceed is being used for:

• Acquisition of Dry Bulk Carriers in Supramax category in the secondary market (Acquisition of Vessels)
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company
• General corporate purposes

Industry Overview

Logistic industry is a backbone of the economy, providing efficient and cost-effective transportation of good from the point of origin to that of consumption and a critical component to support economic growth. The sector provides livelihood to over 22 million people and improving the sector would have a cascading effect on the country's exports growth. Growth in volume of freight movement from major manufacturing segments such as cements, metals, retail, auto, textiles, pharma, and consumer goods, determine growth of logistics services. Traditionally, purview of logistics services meant inclusion of transportation only. However, with increased global trade and movement of goods across the world, it has evolved to integrate several functions in to one. These include fleet logistic operation, storage, and warehousing (CWC, SWC, CFD, IFS, Logistics parks), and other value-added services like Packaging, Labelling, and assembling; Express Service; Tracking and tracing, amongst other. However, transportation accounts for a major part of logistics services.

The boom in e-commerce has led to increased demand for efficient logistics solutions, particularly in last-mile delivery and rural expansion. This trend opens substantial investment opportunities in warehousing, transportation, and technology-driven solutions. Government initiatives and major infrastructure projects such as Bharatmala and Sabarimala, aim to streamline operations and improve connectivity. Technological advancements, including IoT, AI, blockchain, and automation technologies such as drones and driverless vehicles, are revolutionizing logistics operations by enhancing efficiency and reducing costs. India's logistics market is estimated to have valued at USD 317 Bn in 2024. The sector contributes 5% to India's GDP and employs approximately 22 Mn people, underscoring its significant role in the national economy.

Meanwhile, the Indian port sector is on a robust growth trajectory, underpinned by the nation's burgeoning economy, rising industrialization, and government initiatives to enhance trade facilitation. The substantial growth from 1,540 MMT in FY24 to 2,849 MMT by FY30 is projected, implying a CAGR of 10.8%. This robust growth signifies a positive outlook for the sector and its pivotal role in India's economic development. Several factors are propelling the growth in cargo handled volume at Indian ports. Firstly, the government's emphasis on infrastructure development, including port modernization and expansion, is enhancing port capacity and efficiency. Secondly, the 'Make in India' initiative is stimulating domestic manufacturing and exports, leading to increased cargo movement. Thirdly, the growing e-commerce sector is driving demand for efficient logistics and port services. Lastly, India's strategic geographic location as a trade and transit hub is attracting significant cargo volumes.

Pros and strengths

Prominent player in integrated shipping and logistic service provider in India: The company provides shipping and logistic solution for dry bulk cargo at various ports and jetties in India and Sri Lanka. As of March 31, 2025, it has fleet of more than 80 vessels (consisting of barges, mini bulk carriers (MBCs), tug boats and floating cranes) and more than 370 earthmoving equipment (consisting of material handling machines, excavators, pay loaders, tippers including trailers, tankers and other vehicles) in services of its clients. It has a legacy of more than three decades in the shipping and logistic industry with prominent experience in cargo handling, transportation, fleet chartering and equipment rentals and other port services. The company is one of the prominent player in integrated shipping and logistic solution provider for dry bulk cargo handling at all-weather and seasonal ports at India and Sri Lanka.

Established cargo handling operations for Dry Bulk Cargo: Its cargo handling business, which is its largest business operation, can be categorised into the following: (i) STS (Ship-to-Ship) Lightering services; (ii) Stevedoring services; and (iii) Other port services including cargo management services. Currently, it operates in both, all-weather ports and seasonal ports in India and Sri Lanka. Though it is actively engaged in the major ports such as Kandla, it primarily operates in non-major ports and jetties ports specifically those ports having major tidal variations and draft restrictions. It handles a large variety of dry bulk cargo including coal, clinker, salt, iron-ore, pet coke, sulphur, limestone and other commodities. For the Fiscal 2025, Fiscal 2024, and Fiscal 2023, it handled cargo of 15.71 MMTs, 13.78 MMTs, and 13.87 MMTs, respectively, as part of its cargo handling business.

Operational capabilities of its own fleet: The company has a fleet of self-propelled barges, mini bulk carriers, motor tugs, and floating cranes to efficiently meet its customer needs. Its in-house logistics capabilities, include material handling machines, excavators, pay loaders, tippers, trailers, and tankers. As of March 31, 2025, it had 94 permanent employees for repair, maintenance, mechanics and engineers to maintain its fleet and equipment. It conducts in-house maintenance and preventive maintenance of its fleet of vessels and earthmoving equipment. It also outsources certain maintenance activities including vehicles and machines covered by warranty.

Long-term institutional customer relationships in key sectors: It primarily caters to the customers in various sectors including Oil and Gas, Energy and Power, Fast Moving Consumer Goods (FMCG), coal and metal industry. The company’s business is conducted on a business-to-business basis. For the Fiscal 2025, 2024, and 2023 it has served 106, 102, 96 customers, respectively. Its long-standing relationships are largely attributable to its integrated services which allow it to cater to its customers’ complex requirements with operational efficiency and cost-effectiveness. While it has diversified customer base across multiple industry verticals including Oil and Gas, Energy and Power, Fast Moving Consumer Goods (FMCG), Coal and Metal Industry, it depends on certain customers that contribute significantly to its revenue from operations.

Risks and concerns

Maximum revenue comes from limited customers: The company derives a significant portion of its revenue from operations from its top 10 customers, with its top 10 customers contributing 64.12%, 68.79%, and 75.87% of its revenue from operations in the Fiscal 2025, Fiscal 2024, and Fiscal 2023 respectively. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations, cash flows and financial condition.

Significant portion of cargo handling operations is conducted through Non-Major Ports: The company’s significant portion of cargo handling operations is conducted through Non-Major Ports, accounting for 13.09 MMTs, 11.32 MMTs and 11.03 MMTs out of total volumes of 15.71 MMTs, 13.78 MMTs and 13.87 MMTs, for Fiscal Years 2025, 2024 and 2023, respectively. Any adverse changes in their regulatory, political, or operational environment may impact its business, financial condition, or results of operations.

Business is subject to seasonal fluctuations: The company’s business experiences a significant concentration of revenue in the second half of a fiscal, with a majority portion of its annual revenue generated during this period. Its business is exposed to seasonal fluctuations, particularly due to its operations at seasonal ports such as Magdalla and Hazira, etc. The first half of its fiscal year coincides with the monsoon season, which may result in a slowdown of operations and revenue generation compared to the second half. During the monsoon, operations at certain seasonal ports are suspended, potentially adversely affecting its business operations and financial performance.

Significant competition from domestic and international shipping and logistic players: The global shipping and logistics Industry is characterized by a complex interplay of consolidation and fragmentation. While the top tier is dominated by a handful of large carriers, controlling a significant portion of the market, the industry also comprises a multitude of smaller players catering to niche segments. Entry barriers into the Indian shipping and logistics industry are substantial, primarily due to the large capital investments required for vessel acquisition, port infrastructure, and operational expertise. However, regional players and specialized carriers have carved out niches, adding to the industry’s complexity. Key factors shaping competition in the Indian shipping industry include government policies, infrastructure development, trade volumes, fuel costs, and environmental regulations. Despite challenges, the sector presents opportunities for growth due to India’s strategic positioning in the maritime trade and increasing global trade with developed and emerging countries. 

Outlook

Shreeji Shipping Global is a shipping and logistics company focusing on dry-bulk cargo. It primarily focuses on non-major ports and jetties, especially along the west coast of India and Sri Lanka. The company is prominent player in integrated shipping and logistic service provider in India. Also, it has established cargo handling operations for Dry Bulk Cargo. On the concern side, the company derives significant portion of its revenue from operations from its top 10 customers and loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations, cash flows and financial condition. Moreover, the company faces significant competition from domestic and international shipping and logistic players which may lead to a reduction in its market share, which in turn may adversely affect its business, results of operations, financial condition and cash flows.

The issue has been offering 1,62,98,000 shares in a price band of Rs 240-252 per equity share. The aggregate size of the offer is around Rs 391.15 crore to Rs 410.71 crore based on lower and upper price band respectively. Minimum application is to be made for 58 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations decreased by 16.88% to Rs 6,076.13 million in Fiscal 2025 from Rs 7,310.03 million in Fiscal 2024. Moreover, the company’s profit for the year increased by 13.43% to Rs 1,412.37 million in Fiscal 2025 from Rs 1,245.12 million in Fiscal 2024.

As the competition in shipping and logistic solution industry has steadily increased over the past decade, the need of integrated and value-added services to the customers is required in order to optimise costs, improve time management, reduce supply chain complexities and improve quality control and traceability. It intends to work on offering services that enhance customer experience and can be more efficiently adopted by customers, while maintaining its focus on increasing its operating margins by creating operational efficiencies. It provides its customers with value-added services at various stages in the logistics value chain such as cargo handling, customs clearance, storage management, stevedoring, and transportation, equipment rental. Additionally, usage of heavy assets such as reach barges, mini bulk carriers, floating cranes, motor tugs, tippers, material handling machines and excavators facilitates loading, unloading and handling cargo, which improve its end-to-end capabilities.

Patel Retail

• Patel Retail is coming out with a 100% book building; initial public offering (IPO) of 95,20,000 shares of Rs 10 each in a price band Rs 237-255 per equity share.
• Not more than 30% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 25% of the issue will be available for the non-institutional bidders and the remaining 45% for the retail investors.
• The issue will open for subscription on August 19, 2025 and will close on August 21, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 23.70 times of its face value on the lower side and 25.50 times on the higher side.
• Book running lead manager to the issue is Fedex Securities.
• Compliance Officer for the issue is Prasad R Khopkar.

Profile of the company

Patel Retail is primarily engaged as a retail supermarket chain operating in tier-III cities and nearby suburban areas, with focus on “value retail”, offering food, non-food (FMCG), general merchandise and apparel catering to the needs of the entire family. Incorporated in Fiscal 2008, the company started its first store under the brand “Patel’s R Mart” at Ambernath, Maharashtra and since, its operations are spread across the suburban area of Thane and Raigad district in Maharashtra. As on May 31, 2025, it operates and manages forty-three stores, with a Retail Business Area25 of approx. 1,78,946 sq.fts.

With its objective to increase margin and to promote its brand “Patel’s R Mart”, it launched its private label goods comprising of Pulses (Patel Fresh) and spices (Indian Chaska), which it buys in bulk quantities and package and brand after its quality checks and inspections at its processing and packing facility at Ambernath, Maharashtra (Facility 1), and men’s wear (Blue Nation), home improving products (Patel Essentials), ready-to-cook / instant mix (Patel Fresh), ghee and papad (Indian Chaska) which it buys from third party vendors under its brands. Since incorporation in Fiscal 2008, the company has increased its store offerings and as on May 31, 2025 it offers around 38 product categories with over 10,000 product SKUs in its stores.

Further, by capitalizing its sourcing strength it ventured into export of staples, groceries, pulses, spices and pulps. It exports these products under its brand Patel Fresh & Indian Chaska and also that of the brand of its customers from its Manufacturing Facilities. Furthermore, it also undertakes domestic and export trading of assorted/ mix container of food and non-food products, such as FMCG goods, household items, kitchen appliances, etc. from reputed third-party brands and also into bulk trading of agri commodities such as, rice, sugar, pulses, edible oil etc. It has exported to over thirty-five countries during the disclosed financial period.

Proceed is being used for:

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

Industry Overview

The Indian retail industry is a key driver of the Indian economy, and its contribution is significant in terms of value and its share in country’s total workforce. It contributed around 10% to the country’s total GDP and employs around 8% of the total workforce. The sector is growing at a brisk pace fuelled by the rapid urbanization, a growing middle class, steady increase in national wages and disposable incomes, and expanding consumer spending. The Indian retail sector, valued at $1,260 billion in 2024, is expected to grow steadily, reaching $1,300 billion by 2025 and further expanding to $1,890 billion by 2030 and $2,000 billion by 2033. This translates to a robust CAGR of approximately 7% during the 2024-2030 period, driven by rising consumer demand, urbanization, and increasing penetration of organized retail formats. Post 2030, the growth is projected to moderate, with the sector anticipated to reach $2,000 billion by 2033, marking a CAGR of around 2% over 2030-2033. This growth trajectory underscores the sector's resilience and long-term potential amid evolving consumption patterns.

India’s food retail market has undergone a significant transformation over the past decade and is projected to reach approximately $850 billion by 2025. This growth has been propelled by rising per capita income, rapid urbanization, the emergence of dual-income households, and the expansion of modern trade channels such as cash-and-carry formats and e-commerce platforms. The country supports a vast distribution network with over 12 million grocery stores and more than one million wholesalers and distributors, catering to the needs of retail, food processing, and food service sectors. The country’s demographic dividend coupled with the higher investment and the favourable regulatory framework are expected to continue fuelling the food and grocery growth in India which is projected to grow 10% CAGR between 2022-2030. The increasing consumption of processed foods, rising demand of quality goods and services, premiumization trends and wider access to rural market will continue to push the Indian food and grocery retail market.

The Indian retail industry has undergone a remarkable evolution since the liberalization of the economy in 1991, marked by significant developments in organized retail. While various retail models have emerged, 'value retail' continues to hold allure for consumers, especially in the grocery segment, which constitutes nearly 63% of the country's retail consumption. Initially all supermarkets were concentrated in metropolitan areas due to higher population density, greater purchasing power, and the presence of infrastructure and amenities conducive to large-scale retail operations. However, supermarkets recognized the potential for growth beyond metros and leveraged their strengths in offering a modern shopping experience, diverse product range, and competitive pricing to attract consumers. Thus, supermarkets successfully expanded their footprint to smaller towns and cities, reflecting a strategic response to market dynamics and consumer demand.  

Pros and strengths

Deep knowledge and understanding of optimal product assortment and inventory management using IT systems: Under its retail business, the company sells a wide range of goods and merchandise across its product categories i.e. Food, Non-Food (FMCG), general merchandise and apparels. For instance, each of its retail stores offer over 10,000 SKUs. It focuses on using its deep knowledge of the clusters and regions in which it operates to customise its product assortment in each store keeping in mind local demands and preferences. It also continuously focuses on enhancing the goods and merchandise it carries. It has benefitted from its in-depth understanding of local needs and its ability to respond quickly to changing consumer preferences. This has been achieved in part due to its advanced IT systems. It uses its IT systems for procurement, sales and inventory management which enables it to identify and quickly react to changes in customer preferences by adjusting its products available, brands carried, stock levels and pricing in each of its stores and effectively monitor and manage the performance of each of its stores.

Steady footprint expansion using a distinct store acquisition strategy and ownership model: The company’s business has grown steadily in recent years, primarily through expansion of its store network from one store in Fiscal 2008 to 42 stores as of March 31, 2025 across 16 cities/ suburban areas within the Thane and Raigad District in the state of Maharashtra. It has expanded its footprint using a cluster-based approach. It has strengthened its existing presence in locations where it operates by opening new stores within a radius of a few kilometers of its existing stores. This has ensured the creation of a cluster of stores within a region in which, the company has developed a better understanding of local needs and preferences and enabled it to tailor its offering.

Strong logistics and distribution network: The company’s distribution and logistics network comprises one Distribution Centre at Ambernath, Maharashtra for catering to its retail business. Besides, it has its own fleet of 18 trucks, which helps it to transport and deliver its products in a cost and time efficient manner. Further, it also uses service of third-party transport service provider for completing its last mile delivery, such as delivery to its customers’ door step. The company’s distribution and logistics set up is well networked and allows it to fulfil the store requisition within short time period of generation and receipt of order, which has helped it to optimize in-store availability of merchandise and minimize transportation costs. Its distribution centre situated at Ambernath, Maharashtra, forms the backbone of its supply chain to support its retail store network which is within a radius of 60 kms.

Diversified product portfolio: Under its retail business, the company’s principle nature of business is to procure everyday use products from reputed brands / manufacturers and provide the same to end consumers through its network of retail stores. Further, it also sells food products such as whole spices, powder spices, wheat flour and refined wheat flour, pulses, mango pulp, staples and groceries and home improving products under its own brands Indian Chaska, Patel Fresh and Patel Essentials through its network of retail stores and also through wholesalers, retailers both in the domestic and export market. Further, it is also engaged in trading of food and non-food products of reputed third-party brands and also in unbranded bulk quantity. Further, these products are available in different varieties.

Risks and concerns

Do not manufacture some of its products in own facilities: The company does not manufacture some of its products such as papad, ghee, asafoetida (hing) etc. in its own Facilities. It procures them from third party manufacturers. It has limited influence and control over the manufacturing processes and quality control measures implemented by these manufacturers. Further, it may face increased costs if such third-party manufacturers raise their prices. This could result in decreased profit margins and adversely affect its business, results of operations, financial condition and cash flow.

Geographical constrain: All the company’s retail stores are concentrated in the state of Maharashtra, more particularly within the Thane and Raigad district. In the Financial Years 2024-25, 2023-24 and 2022-23, its revenue from Retail sales accounted for Rs 36,886.98 lakh, Rs 28,972.19 lakh and Rs 26,655.66 lakh, representing 44.95%, 35.58% and 26.17% of its revenue from operations, respectively. Any adverse developments affecting its operations in such region, could have an adverse impact on its retail business, financial condition, results of operations and cash flows.

High debt equity ratio: The company has a high debt equity ratio and may face certain funding risks. Its debt-to-equity ratio for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 1.34, 1.97 and 2.54, respectively. Any further increase in borrowings may have a material adverse effect on its business, financial condition and results of operations. Further, if it does not generate sufficient amount of cash flow from operations, its liquidity and ability to service its indebtedness could be adversely affected.

Significant amount of working capital requirement: As on May 31, 2025, the company had sanctioned facilities aggregating Rs 21,766.68 lakh, including non-fund-based limit and outstanding facilities aggregating Rs 16,506.62 lakh, including non-fund based limit. The retail industry is working capital intensive and incurs lot of fixed expenditures for operation of stores and maintenance of inventory levels. The company intends to continue growing by setting up additional stores. All these factors may result in increase in the quantum of current assets. Further, its business requires significant working capital in connection with its manufacturing operations, including financing its inventory, purchase of raw materials which may be adversely affected by changes in terms of credit and payment. 

Outlook

Patel Retail is a retail supermarket chain that operates primarily in tier-III cities and nearby suburban areas. The stores offer a wide range of products, including food, non-food (FMCG), general merchandise, and apparel. The company has steady footprint expansion using a distinct store acquisition strategy and ownership model. It has strong logistics and distribution network with own fleet of 18 trucks. On the concern side, all its retail stores are concentrated in the state of Maharashtra, more particularly within the Thane and Raigad district. Any adverse developments affecting its operations in such region, could have an adverse impact on its retail business, financial condition, results of operations and cash flows. The company has a high debt equity ratio and may face certain funding risks. Any further increase in borrowings may have a material adverse effect on its business, financial condition and results of operations.

The issue has been offering 95,20,000 shares in a price band of Rs 237-255 per equity share. The aggregate size of the offer is around Rs 225.62 crore to Rs 242.76 crore based on lower and upper price band respectively. Minimum application is to be made for 58 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 0.80% from Rs 81,418.83 lakh in Fiscal 2024 to Rs 82,069.29 lakh in Fiscal 2025. Moreover, the company’s profit after tax for the year increased by 12.18% from Rs 2,253.34 lakh in Fiscal 2024 to Rs 2,527.81 lakh to Fiscal 2025. 

The company intends to further enhance its position in the retail business in Maharashtra by increasing its market penetration and expanding its store network in the state. As on May 31, 2025, its stores are located across 17 cities / suburbans area within the Thane & Raigad District of Maharashtra. It plans to deepen its store network in the western suburban area of the MMR such as Mira Road, Bhayander, Virar, Vasai and also in the municipal region of Pune, Maharashtra following its cluster-focused expansion strategy. Selection of suitable locations for its stores has been critical to its expansion plans. It aims to enter into target markets to take advantage of the opportunities offered by these under-served regions and actively search for suitable locations. It follows a cluster approach and target densely-populated neighbourhoods and residential areas with a majority of lower-middle, middle and aspiring upper middle class consumers.

Mahendra Realtors & Infrastructure

• Mahendra Realtors & Infrastructure is coming out with an initial public offering (IPO) of 58,17,600 equity shares in a price band Rs 75-85 per equity share.
• The issue will open on August 12, 2025 and will close on August 14, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.50 times of its face value on the lower side and 8.50 times on the higher side.
• Book running lead manager to the issue is Fast Track Finsec.
• Compliance Officer for the issue is Niharika Kothari.

Profile of the company

Mahendra Realtors & Infrastructure is engaged in providing a wide variety of services including but not limited to structural repairs, rehabilitation, retrofitting, water proofing, corporate interior, build-operate-transfer (bot) projects, maintenance, construction, infrastructure restoration etc.

The company has undertaken several Structural repairs projects for various government departments and public sectors organizations, for example, Structural Repairs projects at CIDCO Vashi Railway Station and Belapur Railway Station undertaken by deploying various latest innovative techniques viz. Polymer Modified Mortar, micro concrete, Injection Grouting, Texture, Huge waterproofing with heat insulation etc., structural repairs at Ghatkopar wherein Structural Stability Certificate was issued by IIT Bombay, in which Steel Jacketing was carried out along with Fabre wrapping, External Repairs, Retrofitting and Restoration works at SBI Harbour heights etc. 

Further, the company has successfully completed various corporate interior projects at IIT Bombay, Airport Authority of India, VVIP Circuit house, Pune, SVP Hospital at Ahmedabad and likewise other major projects. It has an overall track record of completion of more than 200 projects for over 50 clients and an average rate of completion of projects within the allotted time.

Proceed is being used for:

• Meeting working capital requirements of the company
• Meeting general corporate purposes
• Meeting issue expenses

Industry Overview

India’s high growth imperative in 2023 and beyond will significantly be driven by major strides in key sectors with infrastructure development being a critical force aiding the progress. Infrastructure is a key enabler in helping India become a $26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increasing efficiency and costs. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from the Government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. The infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development. In other words, the infrastructure sector acts as a catalyst for India’s economic growth as it drives the growth of the allied sectors like townships, housing, built-up infrastructure, and construction development projects. To meet India’s aim of reaching a $5 trillion economy by 2025, infrastructure development is the need of the hour.

In the Interim Budget 2024-25, capital investment outlay for infrastructure has been increased by 11.1% to Rs 11.11 lakh crore ($133.86 billion), which would be 3.4 % of GDP. As per the Interim Budget 2023-24, a capital outlay of Rs 2.55 lakh crore ($30.72 billion) has been made for the Railways, an increase of 5.8% over the previous year. Starting with 6,835 projects, the NIP project count now stands at 9,142 covering 34 sub-sectors, as per news reports. Under the initiative, 2476 projects are under the development phase with an estimated investment of $1.9 trillion. Nearly half of the under-development projects are in the transportation sector, and 3,906 are in the roads and bridges sub-sector. During FY 2023-24, the Total revenue of Indian Railways stands at $28.89 billion (Rs 2.40 lakh crore) as on 15th March. Last year on 15th March, total Revenue was $26.84 billion (Rs 2.23 lakh crore).

With a 37% increase in the current fiscal year, capital expenditures (capex) are on the rise, which bolsters ongoing infrastructure development and fits with 2027 goals for India's economic growth to become a $5 trillion economy. In order to anticipate private sector investment and to address employment and consumption in rural India, the budget places a strong emphasis on the development of roads, shipping, and railways. Global investment and partnerships in infrastructure, such as the India-Japan forum for development in the Northeast are also indicative of more investments. These initiatives come at a momentous juncture as the country aims for self-reliance in future-ready and sustainable critical infrastructure. Further, India being a developing nation is set to take full advantage of the opportunity for the expansion of the infrastructure sector, and it is reasonable to conclude that India's infrastructure has a bright future ahead of it.

Pros and strengths

Established reputation: It is a critical strength for a company because it fosters trust, attracts customers and partners, enhances employee satisfaction and provides a buffer during difficult times, all of which contributes to the long-term success and stability of the business. The company’s strong track record and experience in delivering successful government projects helps in building trust amongst customers.

Strong network: The company has established strong relationships and connections within government agencies and with industry partners. These relationships provide critical advantages in securing contracts, gathering market intelligence, navigating the procurement process, and fostering collaboration with other entities. The network plays a key role in helping the company to identify opportunities, enhance their reputations and build long-term business growth in the government sector.

Financial Stability: The company has ability to maintain solid financial health, ensuring it has the necessary resources to invest in projects, manage operational costs, and endure economic fluctuations or unexpected financial challenges. In the context of government contracting, financial stability is a critical strength that enables companies to meet the demand of large, often long-term government contracts, as well as adapt to the complexities and uncertainties inherent in these contracts.

Risks and concerns

Maximum revenue comes from limited customers: The company has garnered 81.29%, 70.65% and 86.62% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. 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 them. The loss of one or more of these significant 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.

Geographical constrain: The company presently has a concentration of customer base and revenue majorly in the state of Maharashtra. The revenue earned in the state in March 2025, March 2024, and March 2023 is Rs 12047.27 lakh (96.55%), Rs 8946.38 lakh (88%) and Rs 4,769.49 lakh (76%) respectively. It is aware that if a company's customer base is heavily concentrated in a specific region, it becomes more vulnerable to economic changes, local market conditions, or geopolitical events that may affect that particular area. Further, economic downturns could disproportionately impact the purchasing power of customers in that region.

Top ten suppliers contribute significant part of its purchases: The company’s top ten suppliers contributed approximately 42.94%, 39.03% and 41.01% of its total purchases for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 based on Restated Financial Statements. However, its top suppliers may vary from period to period depending on the demand-supply mechanism and thus the supply process from these suppliers might change as it continues to seek more cost effective suppliers in the normal course of business. Since its business is concentrated among relatively few significant suppliers, it could experience a reduction in its purchases and business operations if it loses one or more of these suppliers, including but not limited on account of any dispute or disqualification.

Outlook

Mahendra Realtors & Infrastructure provides various services, including Structural Repairs, Rehabilitation, Retrofitting, Waterproofing, Corporate Interiors, BOT Projects, Maintenance, Construction, and Infrastructure Restoration. The company has established reputation contributing to the long-term success and stability of the business. It specializes in procurement, ensuring compliance, managing risks, controlling budgets, and meeting deadlines and quality standards by adhering to ISO. On the concern side, the company’s top 10 customers contribute more than 50% of the revenue in the all three financial years. The loss of any one or more of its major customers would have a material adverse effect on its business, cash flows, results of operations and financial condition. Moreover, the geographical concentration of its customer base may restrict its operations and adversely affect its business, results of operations, and financial conditions in the future.

The company is coming out with a maiden IPO of 58,17,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 75-85 per equity share. The aggregate size of the offer is around Rs 43.63 crore to Rs 49.45 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased 22.94% to Rs 12,477.18 lakh in FY25 as compared to Rs 10,148.98 lakh in FY24. Moreover, the company reported 28.40% rise in its net profit at Rs 1,486.63 lakh in FY25 as compared to Rs 1,157.83 lakh in FY24.

The company sees substantial growth potential within its current client base. It is adding more verticals to cater its clients and also venture into waste field. It plans to use its industry expertise, deep understanding of its target sectors, and strong client relationships to expand its current services and venture into new areas and industries. To achieve this, it will further develop its management teams embedded within client organizations by focusing on leadership development, skill enhancement, and alignment with client-specific goals. To support this, it engaged an Organizational Development Coach to train its employees, enhancing their skills and driving business growth while fostering closer ties and identifying fresh business prospects.

Regaal Resources

• Regaal Resources is coming out with a 100% book building; initial public offering (IPO) of 2,99,99,520 shares of Rs 5 each in a price band Rs 96-102 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 12, 2025 and will close on August 14, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 19.20 times of its face value on the lower side and 20.40 times on the higher side.
• Book running lead managers to the issue are Pantomath Capital Advisors and Sumedha Fiscal Services.
• Compliance Officer for the issue is Tinku Kumar Gupta.

Profile of the company

Regaal Resource is one of the largest manufacturers of maize based specialty products in India, in terms of crushing capacity, with a total installed crushing capacity of 750 tonnes per day (TPD). It manufactures: (i) Native maize starch and modified starch - a plant-based natural starch that is produced from maize; (ii) Co-products - includes gluten, germ, enriched fiber and fiber; and (iii) Value added products - food grade starches such as maize flour, icing sugar, custard powder and baking powder.

The company is headquartered in Kolkata and its manufacturing plant with zero liquid discharge (ZLD) maize milling plant (Manufacturing Facility) spread across 54.03 acres is located in Kishanganj, Bihar. The company strategically situated its plant in Bihar since it is one of India's major hubs for maize cultivation. It is the first maize milling company to have established its plant in Kishanganj district of Bihar which is the maize catchment area and has a bumper harvest in Rabi season (i.e. an increase of in maize production from 91,680 MT in Fiscal 2023 to 417,511 MT in Fiscal 2024) which ensures smooth supply of maize during the season. The strategic location of its Manufacturing Facility is heightened by the proximity to its market for the sale of its products i.e., the East and North India, its key export markets i.e. Nepal and Bangladesh - the Nepal and Bangladesh borders are only 24 kms and 235 kms by road from its Manufacturing Facility.

The company sources maize directly from the cultivators, through aggregators, with whom it has long-standing relationships and from traders in Bihar and West Bengal amongst other sources. It is the only maize milling plant in Bihar. This gives it a significant competitive advantage. Establishing direct relation with farmers ensures smooth supply of raw material and this direct procurement strategy also aids in lowering procurement cost and getting access to good quality material. Diversifying its sources of maize ensures that it is not overly dependent on any one source, it is able to negotiate the best available rates and have access to an uninterrupted supply of raw material thereby enabling it to de-risk its supply chain.

Proceed is being used for:

• Repayment and/ or pre-payment, in full or in part, of its certain outstanding borrowings availed by the company
• General Corporate Purposes

Industry Overview

Maize production in India rose by 12.2% in FY2025, owing to improved seed availability, expansion of storage and marketing infrastructure, rising public-private partnerships, and conducive agricultural subsidies. The index number for maize production crossed 200 in FY2022 and also recorded a consistent rise between FY2020 and FY2023. Maize is an important crop in India responsible for the employment of over 650 million farmers. As of Local Marketing Year 2022/23 (November 2022 to October 2023), India is the sixth1 largest maize producer globally. India’s maize production grew at a CAGR of 7.3% between FY2020 and FY2025, rising from 28.8 million tonnes to 42.3 million tonnes. The annual increase in production in FY2025 stood at 12.2%, primarily driven by a significant number of farmers choosing to plant maize instead of pulses and cotton, in response to a delayed and slow-progressing monsoon. In order to meet the country’s domestic demand, India will need to increase its maize production by 10 million tonnes over the next five years compared to FY2023’s 38.1 million tonnes. To meet this target, India must systematically channel investments into its national maize supply chains and distribution networks.

Maize is the largest crop in the Feed grain segment in India. Maize prices were below Rs 2,000 per quintal in commercial markets till 2022-23 but have crossed Rs 2,000 / quintal mark in 2023-24. For 2025-26 the minimum support price for maize is Rs 2,400/quintal which is Rs 175 more than the last year price. Wholesale prices for maize have seen a wide variation, ranging from Rs 1,769 /quintal in January 2019 to Rs 2,151/ quintal in June 2025. In January 2025, the wholesale maize prices recorded peak values of Rs 2,333/quintal. High prices are attributed to increased activity in both procurement and ethanol production in country.

Maize has emerged as important crop in the non-traditional regions i.e., peninsular India. State like Madhya Pradesh which ranks 1st in both area (2.31 Mn ha) and production (6.71 Mn tons) has much lower productivity (2.9 Mn/Ha) compared to states of, Tamil Nadu (5.48 Mn/ha) and West Bengal (6.94 Mn/ha). Bihar and West Bengal is amongst one of the traditional maize producing state. According to third advance estimates published in May 2025 by Department of Agriculture & Farmers Welfare, Madhya Pradesh is the largest producer of Maize in India. It contributed 14.83% of the total Maize production in India. The other top 3 maize producing states of India are Bihar, Madhya Pradesh and Tamil Nadu. In Bihar, districts of Saran, Siwan, Gopalganj, East Champaran, West Champaran, Sheohar, Sitamarhi, Madhubani, Darbhanga, Muzaffarpur, Vaishali, Samastipur and Begusarai are majorly the maize growing districts. High seed replacement rates for Rabi Maize in Bihar helps in above average productivity of state in maize cultivation. 

Pros and strengths

Strategic locational advantage of its Manufacturing Facility close to raw material and end consumption markets: The company is strategically located in the heart of one of India’s largest maize growing hubs i.e. in Kishanganj district in Bihar, which is one of the top 3 maize cultivating states in India. Its Manufacturing Facility is also strategically located 21 Km from the West Bengal border which is also a key area for maize cultivation and 209 Km from Assam border. In 2024-2025, the predominant maize growing states that contributed more than 80% of the total maize production are Madhya Pradesh (15.87%), Karnataka (14.57%), Bihar (11.58%), Maharashtra (11.52%), Telangana (7.12%), West Bengal (6.57%), Rajasthan (6.36%), Tamil Nadu (6.24%), Andhra Pradesh (4.66%) and Uttar Pradesh (4.02%). Bihar and West Bengal are traditional maize producing states in the country. The Seemanchal and Koshi regions of Bihar have become major hubs for maize farming in recent years. Maize has replaced other crops as the main cash crop for farmers in the Seemanchal districts of Bihar such as Purnea, Kishanganj, Araria, and Katihar.

Efficient procurement strategy aided by multifaceted raw material sourcing avenues: The company has over the years honed its procurement strategy and managed to diversify its sourcing of its key raw material i.e. maize from multiple sources. Its raw material sourcing strategy entails it in procuring maize primarily from the sources i.e. Farmers / cultivators through aggregators; Traders in Bihar and West Bengal; and Agri-distribution companies. Diversifying its sources of maize ensures that it is not overly dependent on any one source, it is able to negotiate competitive rates and have steady supply of raw material. It primarily sources its maize requirements from traders, the majority of whom are based in Bihar and West Bengal. In addition to traders, it also procures maize from agri-distribution companies and directly from farmers or cultivators through aggregators.

Sustainability driven Manufacturing Facility with high levels of utilization: One of the key areas of its focus since inception has been its Manufacturing Facility and wet milling process. It has continuously improved and upgraded its Manufacturing Facility and enhanced and streamlined its wet milling processes which is also reflected in its high levels of capacity utilization. Its Manufacturing Facility also has a total installed co-generation power plant of 7.1 MW which allows it to be self-sufficient to a large extent for its power needs. Its co-generation boiler and power plant (Power Plant) is a dual feed plant (i.e. a Power Plant that can utilise either coal or husk for power generation) for captive power generation and utilisation. This co-generation plant not only ensures a steady power supply, reducing dependence on external sources, but also enhances operational efficiency by utilizing the pressure and temperature differential between steam production and steam utilisation points. This process optimizes resource use, lowers production costs, and minimizes environmental impact by allowing use of sustainable fuel sources like husk. By generating electricity and thermal energy simultaneously, the cogeneration plant supports its commitment to sustainability.

Diversified portfolio of products catering to wide range of industries: Over the years, it has diversified its product range and manufacture an assorted range of maize based speciality products. It continually diversifies its product bouquet. Its diversified product bouquet i.e. native maize starch finds application across varied industries such as food & beverage, textile, paper, adhesive sectors. Starch is used as a binder and filler for tablets and capsules, as well as to strengthen ice cream cones, give cloth weight, and increase the quality of paper for writing and printing.

Risks and concerns

Purchase majority of maize from top 10 vendors: A few select vendors/suppliers constitute a vast majority of its total purchase of maize. It also sources maize directly from the cultivators, through aggregators, with whom it does not have long-term contracts or arrangements. The company has purchased 94.53%, 93.70% and 83.43% of total maize from top 10 vendors in FY25, FY24 and FY23 respectively. Its inability to maintain its relationship with its existing top 10 vendors of maize and/or failure to procure maize from vendors and suppliers on favourable terms may have an adverse effect on its revenue, results of operation and would have an impact on its financial condition.

Geographical constrain: The company operates from one manufacturing facility situated at Kishanganj, Bihar. Its manufacturing operations are exposed to operating risks such as failure of equipment, power supply interruptions, labour disputes, natural disasters and industrial accidents. The occurrence of any of these risks could affect the company’s operations by causing production at its manufacturing unit to shut down or slowdown. Although it has installed a duel feed co-generation plant and boiler (i.e. a power plant that can utilise either coal or husk for power generation) and the company takes reasonable precautions to minimize the risk of any significant operational problems at its facility, it cannot assure that one or more of the factors mentioned above will not occur, which could have a material adverse effect on the company’s results of operations and financial condition.

Significant revenue comes from top 10 customers: The company caters to diverse set of customers, however, its top 10 customers contribute to a significant portion of its sales. The company has garnered 45.46%, 50.32% and 55.11% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The loss of such customers or a substantial reduction in purchases by such customers will have a material adverse impact on its business, results of operations and financial condition.

Business operations require significant working capital: The company’s business operations are subject to significant working capital requirements. Currently, it meets its working capital requirements through a mix of internal accruals and working capital facilities from lenders. While its internal accruals, working capital facilities availed from its lenders and others will be sufficient to address its working capital requirements, it cannot assure that it will continue to generate sufficient internal accruals and, or, be able to raise adequate working capital from lenders to address its future needs. Further, while there have been no instances in Fiscal 2025, Fiscal 2024, and Fiscal 2023, wherein the company was unable to meet its working capital requirement, any inability to meet its present working capital requirements or its enhanced working capital requirements will have an adverse impact on its results of operation, business and financial condition. 

Outlook

Regaal Resources manufactures maize specialty products in India, with a crushing capacity of 750 tonnes per day. The company has efficient procurement strategy aided by multifaceted raw material sourcing avenues. It has diversified product portfolio serving various industries, well-positioned to leverage industry trends. On the concern side, purchase of maize from its top 10 vendors constituted more than 83% of its total cost of purchase of maize, in each of the financial periods disclosed, and it typically does not enter into long-term contracts or arrangements with such vendors. Any loss of such vendors/suppliers or any increase in the price could have adverse impact on its business and revenue. Moreover, the company operates from one manufacturing facility situated at Kishanganj, Bihar. The loss, shutdown or slowdown of operations at the company’s facility could have a material adverse effect on the company’s results of operations and financial condition.

The issue has been offering 2,99,99,520 shares in a price band of Rs 96-102 per equity share. The aggregate size of the offer is around Rs 288.00 crore to Rs 306.00 crore based on lower and upper price band respectively. Minimum application is to be made for 144 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 52.52% from Rs 6,000.23 million in Fiscal 2024 to Rs 9,151.61 million in Fiscal 2025 primarily on account of an increase in sale of products from Rs 5,906.63 million to Rs 8,980.22 million. Moreover, the company’s profit after tax for the year increased by 115.28% from Rs 221.42 million in Fiscal 2024 to Rs 476.68 million to Fiscal 2025.

The company manufactures variety of modified starch products such as white dextrin and yellow dextrin, oxidized starch and edible starch. It proposes to add modified starch products such as cationic starch, carboxyl methyl starch, Indian Pharmacopoeia grade starch and pregel starch. Modified starch is a crucial and useful ingredient found in manufacturing ready-to-eat food products. The growth of modified starch market is anticipated due to rising consumer demand for processed foods, paper, textile and chemicals industry over the coming years. Along with ready to eat products, modified starch is utilized in a wide range of industries, including pharmaceuticals, paper, cosmetics, personal care, and textiles due to its varied technical properties. The personal care and cosmetics industries use modified starch as a versatile additive. Manufacturers are investing in technology and research for use of organic ingredients like modified starch, as the demand for natural products has grown over the past few years, which is expected to fuel product demand in the coming years.

Icodex Publishing Solutions

• Icodex Publishing Solutions is coming out with an initial public offering (IPO) of 41,20,800 equity shares in a price band Rs 98-102 per equity share.
• The issue will open on August 11, 2025 and will close on August 13, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.80 times of its face value on the lower side and 10.02 times on the higher side.
• Book running lead manager to the issue is Indcap Advisors.
• Compliance Officer for the issue is Mohini Ajay Talhar.

Profile of the company

Icodex Publishing Solutions was incorporated in 2018 with a focus to provide software products to the scholarly and academic publishing industry. Since inception, the company is engaged in the business of Software Product Development for Scholarly Publishing. The company’s Software products help in publication of research papers, studies and academic articles; that help researchers, academicians, and scholars in their field of work. It specializes in a developing and providing publishing products and software, which support the publishing process, i.e., from manuscript preparation till print and digital content distribution.

The company also provides Business Process Management services that support the publishing process with activities like Quality assurance checks, editorial services and back-end support to its Global Publishing Client. The company also provides IT support services which includes installation of all kinds of hardware and peripherals and back-end support.

The company operates as a software service provider for a Global Publishing Company (Client) headquartered in the United States (US) that provides content and services for research, education and professional development. The Client publishes books, journals, reference works and other materials in print and online in scientific, technical, medical and scholarly fields. Its software service includes providing various software to the authors, publishers and peer reviewers in the publishing ecosystem using which all the three stakeholders can ease their individual level of work in the publication of ultimate articles and/or research papers vide reduction in time and ease of use.

Proceed is being used for:

• Capital expenditure for a) Purchase of new office premises; and b) Purchase of hardware for new office
• Working capital requirements of the company
• General corporate purposes

Industry Overview

The publishing market size is forecast to increase by $19.37 billion at a CAGR of 1.2% between 2023 and 2028. The market is experiencing significant shifts, driven by several key trends. The increasing demand for diversity in content reflects a growing recognition of the importance of representation and inclusivity. The India publishing market is a rapidly growing and lucrative industry. It is estimated to grow at a CAGR of 10.3% during the forecast period 2020-2026. The Indian publishing sector has been in existence for centuries, and continues to be an important part of the cultural landscape today. Traditional publishing houses in India have seen significant growth over recent years due to the increased demand for books in regional languages as well as a rise in digital content consumption across various platforms such as e-books, videos, audio books etc., which are made available online through major Indian publishers like Amazon Kindle, Flipkart Books, among others.

The last few decades have witnessed an unprecedented use of technology and the recent advent of artificial intelligence tools marks a paradigm shift in the Printing Revolution pioneered by Gutenberg almost 500 years ago. It has radically transformed the traditional methods of printing, publishing and distribution of work and has given new dimensions to the knowledge and creative economy. Hence, the book publishing and reading landscape has significantly transformed the way it read, write, publish and distribute its publications. The digital landscape while on one hand opens up new avenues for distributors and authors to directly interact with the readers, it presents an ambivalent situation for the publication houses leaving them with no alternatives but to adapt and evolve with the digital era.

The Digital transformation for sure has revolutionized the traditional method of business and is encouraging the companies to try the untested waters. The huge paradigm shift that it is witnessing has led to numerous experiments and explorations in the eBook market. With unprecedented penetration of the internet and accessibility of smart phones, the dynamics of publishing and reading has completely changed and now with the advent of artificial technology it is witnessing new platforms for online reading every day. The Launch of Kindle by Amazon, Nook by Barnes & Noble and Sony eReader goes on to substantiate this. The traditional role of publishers in processing and distributing the content has also been modified in the current era where they are now entrusted with the task of managing and distributing the content on digital platforms as well. Additionally, it opens up new avenues for them to generate income by adopting strategies such as putting a single chapter for sale or incorporating advertisements between chapters.

Pros and strengths

Domain expertise: The company has a thorough understanding of the publishing industry ecosystem and its products are designed in a manner that addresses the concerns of the stakeholders. Its employees are from technical backgrounds who design its products with a deep understanding of researchers’ needs, ensuring tools that effectively support their publishing journey. It has analysed feedback from various authors, enabling it to tailor solutions that directly enhances the user experience.

End to end publishing solution provider in the publishing ecosystem: Its End-to-End Publishing Workflow Solutions are a significant strength, ensuring a seamless, efficient, and integrated publishing experience. By providing a comprehensive suite of services that span the entire publishing lifecycle - from manuscript submission to final publication - it enables publishers to manage their workflow effortlessly. One of its key offerings in this space is its HTML-based publishing platform, which simplifies the production process while ensuring high-quality outputs for both print and digital formats. This platform supports seamless integration with various stages of publishing, such as content creation, editing, peer review, layout, and distribution.

Technology focussed business model: The company prioritizes superior quality by employing the latest technology and a fast-track development approach. Its use of agile methodologies and cutting-edge technology ensures efficient execution and adaptability. This dedication has led to its products being rated well by researchers during the last three years in author satisfaction surveys. 

Risks and concerns

Maximum revenue comes from limited customers: The company is dependent on few customers who have contributed to a substantial portion of its total revenue from operations. Till March 31, 2024, the business of the company was entirely dependent on a single Client, however, in order to mitigate this risk of revenue concentration, it has from FY 2024-25 started making domestic sales to few more clients. There is no guarantee that it will retain the business from its existing key customers or maintain the current level of business with each of these customers. Reliance on a limited number of customers may involve several risks. These risks may include, but are not limited to, reduction, delay or cancellation of orders from its key customers or failure to negotiate favourable terms. Loss of any of these customers will have a material adverse effect on its business, financial condition, results of operations and future prospects.

Substantial portion of revenues is dependent on a Global Publishing Company based in USA: The company has historically derived a significant portion of its revenues from a Global Publishing Company based out of USA. Revenue from operations from this USA based client amounted to Rs 912.21 lakh, Rs 1040.07 lakh, Rs 953.67 lakh for the financial years ended March 31, 2025, March 31, 2024 & March 31, 2023 respectively, and represented 41.70%, 100.00%, & 100.00% of its revenue from operations, in such years, respectively. Consequently, in the event of any economic slowdown and/or any other factor affecting the economy of USA may have an adverse impact on its business. The company is highly dependent on provision of service to Global Publishing Company based out of United States of America. In case of any change in the Government regulations and policies vis-a-vis supply of services to USA its resultant service will be hampered which may have a material adverse effect on its business, profitability and results of operations.

High working capital requirement: The company’s business demands working capital requirements. In case there are insufficient cash flows to meet its working capital requirement or it is unable to arrange the same from other sources or there are delays in disbursement of arranged funds, or it is unable to procure funds on favorable terms, it may result into its inability to finance its working capital needs on a timely basis which may have an adverse effect on its operations, profitability and growth prospects. It intends to continue growing by expanding its business operations. This may result in increase in the quantum of its current assets. Its inability to maintain sufficient cash flow, credit facility and other sources of fund, in a timely manner, or at all, to meet the requirement of working capital could adversely affect its financial condition and result of its operations.

Outlook

Icodex Publishing Solutions is engaged in the business of Software Product Development for Scholarly Publishing. The company develops software products that assist in publishing research papers and academic articles, supporting the entire process from manuscript preparation to print and digital content distribution. The company has end-to-end publishing solution provider in the publishing ecosystem. It has technology Focused business model. On the concern side, the company is highly dependent on few customers for its business and revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations of the company. Substantial portion of its revenues is dependent on a Global Publishing Company based out of United States of America (USA). Any economic slowdown and/or any other factor affecting the economy of USA may have an adverse impact on its business.

The company is coming out with a maiden IPO of 41,20,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 98-102 per equity share. The aggregate size of the offer is around Rs 40.38 crore to Rs 42.03 crore based on lower and upper price band respectively. On performance front, the company has reported 110.35% rise its revenue from operations at Rs 2,187.74 lakh in FY25 as compared to Rs 1,040.07 lakh in FY24. Moreover, the company has reported 103.68% rise in its net profit at Rs 895.62 lakh in FY25 as compared to Rs 439.70 lakh in FY24. 

The company aims to bridge the infrastructure gap in Indian Research Publishing. India, despite its global reputation as a hub for services, has long struggled to establish itself as a leader in scholarly publishing. Unlike international institutions, Indian universities, research societies, and academic institutions lack the necessary infrastructure and advanced technology to create and sustain globally reputed journals. As a result, Indian researchers, including students, PhD scholars, and professional researchers, often find themselves aspiring to publish their work with international publishers, perceiving it as a mark of prestige. This reliance on external platforms underscores a critical gap: Indian institutions are not equipped to support their researchers effectively, limiting their ability to build and manage globally recognized journals. The company aims to transform this narrative by providing Indian institutions with cutting-edge technology that empowers them to become self-reliant in research and publishing. Its flagship solutions - iCAPP and PaperPerfect - are designed to address the core challenges faced by Indian researchers and institutions, enabling them to compete on a global stage.

BlueStone Jewellery and Lifestyle

• BlueStone Jewellery and Lifestyle is coming out with a 100% book building; initial public offering (IPO) of 3,06,05,729 shares of Rs 1 each in a price band Rs 492-517 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 August 11, 2025 and will close on August 13, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 492.00 times of its face value on the lower side and 517.00 times on the higher side.
• Book running lead managers to the issue are Axis Capital, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Paras Shah.

Profile of the company

BlueStone Jewellery and Lifestyle offers contemporary lifestyle diamond, gold, platinum and studded jewellery under its flagship brand, BlueStone. The company is a digital first direct-to-consumer (DTC) brand focussed on ensuring a seamless omnichannel experience for customers and are the second largest digital-first omni-channel jewellery brand in India, in terms of revenues in Fiscal 2024. It retails its products through its website www.bluestone.com and its mobile application available on iOS and Google Play Store, in addition to its Pan-India network of stores. It is among the few Leading Jewellery Retailers with a Pan-India presence with 275 stores across 117 cities in 26 States and Union Territories in India, as of March 31, 2025 servicing over 12,600 PIN codes across India.

The BlueStone brand was launched in 2011 and has over the years grown to become a leading brand among Leading Jewellery Retailers. As a design-led brand, it offers a variety of designs across various price points tailored to various occasions and customer preferences. It focuses on designing jewellery for women, men and couples between the ages of 25 to 45 years who value unique designs, modern styles and have a tendency to discover brands through social media or online channels. Its wide range of product offerings includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains cater to diverse customer segments and are retailed at varied price points. As of March 31, 2025, it had 91 collections (defined as a set of jewellery designs created with a specific theme) of jewellery products.

It offers customers an omni-channel experience with an endeavour to ensure a smooth and consistent shopping experience across various touchpoints. Its omni-channel approach caters to customers’ preferences and convenience and endeavours to ensure that the purchase of jewellery is a personalized and intimate experience. In its experience, an omni-channel approach allows customers to have a cohesive shopping experience by offering them the ability to browse its products online, get assistance in-store, and make purchase decisions either online or at its stores in-person. Building a true omni-channel experience in the jewellery sector is difficult when compared to other retail sectors with a moderate internet penetration in India (defined as categories with an internet penetration in the range of 5% - 22% of total retail sales in Fiscal 2025). It is among the few Pan-India players that have successfully developed a true omni-channel presence.

Proceed is being used for:

• Funding working capital requirements
• General corporate purposes

Industry Overview

India’s jewellery market has traditionally been fragmented, with a substantial portion dominated by small and independent retailers. However, recent years have seen a significant shift towards a more organised structure, particularly in urban areas where chain stores have gained a notable market share. This shift is primarily driven by consumer preferences for standardised products, transparent pricing, and enhanced shopping experiences. The Indian jewellery market showcases distinctive regional preferences. The southern states form most of the sales and are followed by the west, north and east. Southern states contribute to approximately 41% of the total jewellery sales and are a major jewellery hub home to over 2 lakh traditional local goldsmiths and jewellers. Here, consumers prefer traditional 24 and 22-carat plain yellow gold jewellery. The preference is mostly for temples, kemp, and antique jewellery. However, consumers in the Northern and Western regions prefer light-weight studded jewellery (Studded jewellery refers to jewellery pieces that prominently feature gemstones or precious stones).

Organised retail drove approximately 37% of the Indian jewellery market in 2024. The share of organized segments in India is much lower than in global economies like China and USA, where the organised segment holds most of their respective markets. Following the trend in developed markets, the share of organised retail in India has rapidly increased in the past two decades, increasing from a meagre approximately 2% in 2000 to approximately 37% 2024. Nine out of ten top organised jewellery players have grown at over 20% CAGR between Fiscal 2021-2024. From being dominated by challenge-stricken traditional jewellers, the market is witnessing a shift after the emergence of organised retail in the form of key industry leaders providing sophisticated retail experiences across the country. Going forward, the organised segment’s contribution is projected to grow to 43%-47% of the overall jewellery market, growing at a CAGR of 16%-18% till 2029.

The growing popularity of branded jewellery signifies a maturing market. Customers are focusing not only on the intrinsic value of gemstones and metal but also on the trust, quality, and design associated with an established brand. Therefore, the branded jewellery market in India grew from Rs 1,327 billion (around $16 billion) in 2019 to Rs 2,219 billion (around $26 billion) in 2024. Between 2021 and 2024, the branded market grew at around 21% CAGR, recovering from the impact of COVID-19, with the segment’s contribution growing to approximately 35% of the overall jewellery market. With increasing consumer awareness and shifting preferences, consumers are now more inclined towards branded jewellery, which offers them better designs, higher quality, and transparency in pricing. The market is projected to grow further to Rs 5,000 billion - Rs 5,100 billion ($58 billion - $60 billion) in 2029, occupying a share of 43%-45% of the overall market.  

Pros and strengths

Second largest digital-first jewellery brands in India offering an omni-channel retail experience: The company is second largest digital-first omni-channel jewellery brands in India, in terms of revenues in Fiscal 2024. Its market share among omni-channel players in the jewellery industry was 28% - 32% in 2024. An omnichannel approach is critical, especially for high-ticket discretionary items like jewellery. These items often involve a significant investment for customers, who expect a seamless and personalised shopping experience. This strategy enhances customer convenience, showcases product quality and design, offers personalised recommendations, and builds lasting relationships, influencing customers’ willingness to invest in premium designs. Customers get the touch-and-feel benefit through offline channels, which helps drive the offline shopping experience.

In-house technology architecture driving end-to-end business operations: It uses technology to deliver a customized customer experience, improve marketing and operational efficiencies, curate store inventory and merchandising. It also leverages technology to develop new product designs that reflect customer preferences. As of March 31, 2025, its in-house technology team comprised 42 members who focus on continuously enhancing its omni-channel capabilities to help automate and improve processes. It has enhanced its online rendering of jewellery through investment in technology. In order to create meaningful customer experience, an accurate online rendering of its jewellery products is important, and in order to ensure that its customers have a smooth experience, it endeavours to provide an accurate online picture of products through its website and mobile application, including having photographs from multiple angles, a size visualisation option, a video to capture a 360-degree view of the product, and a try-at-home or videoconferencing option.

Differentiated approach to product and design: The company’s target customers are women, men and couples between the ages of 25 to 45 who value unique designs and modern styles of diamond, gold, platinum and gemstone jewellery. In its experience, these customers prefer unique and unconventional designs over traditional designs with an emphasis on individuality and self-expression reflecting their distinct personality and aesthetic sensibilities. It is able to maintain differentiation for its products given it designs all its products in-house. As a result, it is able to engage with customers at different stages of their life, with jewellery purchases resulting in increased monetization.

Pan-India presence across Tier-I, Tier-II and Tier-III Cities with Healthy Unit Economics: The company’s Pan-India store presence is an extension of its online channel and provide it with the ability to interact with its customers in person which further drives customer engagement and increases its brand visibility. It is among the few jewellery brands with a Pan-India presence The company provides a uniform view of its products across its physical stores and online channels. It operates through a combination of company stores and franchisee stores. All stores are operated by the company while certain stores are owned by franchisees. It opened its first physical store in New Delhi in 2018, and have significantly expanded its retail presence since then and as of March 31, 2025, it had 275 stores across 117 cities in 26 States and Union Territories in India, including 200 Company Stores and 75 Franchised Stores with an aggregate area of over 605,000 square feet.

Risks and concerns

Not generated any profits since inception: The company has not generated any profits since inception. It has experienced loss of Rs 2,218.37 million, Rs 1,422.36 million and Rs 1,672.44 million in Fiscal 2025, 2024 and 2023, respectively and had negative total equity of Rs 718.26 million in Fiscal 2023. Any loss or negative total equity in future periods could adversely affect its operations, financial conditions, and the trading price of its Equity Shares.

Generated a substantial portion of its sales directly from physical sales: The company’s omni-channel experience involves a confluence of online channels, such as its website and mobile application, and retail channels covering stores. Customers are able to visit any channel to experience the BlueStone brand and its products, make selections and comparisons, undertake customizations and purchase the product through their most preferred channel. This, in its experience, results in meaningful demand aggregation online, while the purchases are completed at stores. Accordingly, any adverse developments in regions where its stores are situated could deter purchases by its customers and affect its revenues.

Business is seasonal in nature: The company has historically experienced seasonal fluctuations in its sales, with higher sales volumes associated with the festive sale period in the third quarter of each Fiscal, which encompasses holidays such as Dhanteras. Similarly, it witnesses higher sales in a specific period of the first quarter during Akshay Tritiya and fourth quarter of each Fiscal. It also witnesses higher sales in the period around Valentine’s Day. It expects to continue to experience seasonal trends in its business, making results of operations variable from quarter to quarter. This variability can make it difficult to predict sales and can result in fluctuations in its revenue or profitability between periods.

Increase in material costs without a corresponding increase in its product prices: A sharp increase in the costs of materials, such as gold, diamonds, and other precious metals and stones, without a corresponding increase in the prices of its products, could significantly impact its profitability. If it is unable to pass on these increased costs to its customers through higher product prices, its gross margins may be adversely affected. This could lead to a material adverse effect on its business, financial condition, cash flows, and results of operations. Additionally, sustained increases in material costs could necessitate changes in its pricing strategy, potentially affecting its competitive position and market share.

Outlook

BlueStone Jewellery and Lifestyle manufactures and provides diamond, gold, platinum and studded jewellery under its flagship brand, BlueStone. The company has a Pan-India presence with 275 stores across 117 cities in 26 States and Union Territories in India, as of March 31, 2025, servicing over 12,600 PIN codes across India. It is leading digital-first jewellery brand in India offering an omni-channel retail experience. The company has advanced manufacturing capabilities with vertically integrated operations. On the concern side, the company has not generated any profits since inception. Any loss or negative total equity in future periods could adversely affect its operations, financial conditions, and the trading price of its Equity Shares. Moreover, the seasonality of its business affects its quarterly results and places an increased strain on its operations.

The issue has been offering 3,06,05,729 shares in a price band of Rs 492-517 per equity share. The aggregate size of the offer is around Rs 1505.80 crore to Rs 1582.32 crore based on lower and upper price band respectively. Minimum application is to be made for 29 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 39.83% from Rs 12,658.39 million in Fiscal 2024 to Rs 17,700.02 million in Fiscal 2025 primarily on account of an increase in sale of products. This has been driven by its same store sales growth in existing stores, rising vintage of stores and higher inventory, as well as addition of new stores. Moreover, the company’s loss for the year was Rs 2,218.37 million in Fiscal 2025 compared to loss of Rs 1,422.36 million in Fiscal 2024.

The integration of its online and offline channels is integral to its ability to remain connected with customers through all touchpoints in the customers’ journey. The omni-channel experience it offers customers has resulted in significant growth in its operations over the years. It intends to deepen and expand all elements of its omni-channel experience. Its focus will be to expand its network of company stores, to reduce dependencies on franchisees for capital. Going forward, the company intends to continue to expand its omni-channel presence by establishing over 290 new stores between Fiscal 2025 to Fiscal 2027. Its expansion of stores will be driven by penetration across existing cities as well as expanding geographic reach across city tiers in India. In cities where it is currently present, it intends to leverage the BlueStone brand and increase store density to further drive sales and inventory turns.

Medistep Healthcare

• Medistep Healthcare is coming out with an initial public offering (IPO) of 37,44,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 43 per equity share.
• The issue will open on August 8, 2025 and will close on August 12, 2025.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 4.30 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Fast Track Finsec.
• Compliance Officer for the issue is Sashi Kala Bhutra.

Profile of the company

Medistep Healthcare is a Pharmaceutical Company that has carved a niche in the Healthcare Industry through its in manufacturing Sanitary pads, Energy powder and trading a diverse range of pharmaceutical products, Nutraceutical products, Intimate Products and surgical products through distribution network. Its promoter’s experience and their understanding of the pharmaceutical business will enable it to continue to take advantage of both current and future market opportunities. Its promoters are actively involved in the business with continuous personal attention.

Its core business activity is divided in following category: a) Manufacturing of sanitary pad and energy powder and b) Trading & Distribution of pharmaceutical, nutraceutical, surgical and intimate Care Products. The company is consistent in supplying of quality products round the year. Its products comply with requisite safety standards. It is constantly striving to expand its line of products and it is always looking for complementary products that will add to its range of products.

The company primarily cater to the western region of India, particularly in the cities of Gujarat. Its business involves trading pharmaceutical products by acting as a supply chain consolidator, bridging the gap between distributors and retail pharmacies, medical practitioners, and other healthcare facilities. Additionally, it acts as a distributor / stockiest between manufacturers / distributors and the wholesalers / retailers for other than pharmaceutical products i.e. Nutraceutical Products, Intimate care & Hygiene products and Surgical products and Instruments. Its deliverables include logistics, inventory management, credit and delivery at cost effective prices to the customers. These are critical services that help pharmaceutical manufacturers to efficiently reach their target customers and improve their sales.

Proceed is being used for:

• Meeting capital expenditure for purchasing new plant and machineries for expansion at the existing manufacturing facility
• Meeting working capital requirements of the company
• Meeting general corporate purposes
• Meeting the issue expenses

Industry Overview

The Indian pharmaceutical industry has proved to be the major player in the domestic and international market. This supremacy has been achieved through an enduring process of manufacturing, competitive prices practice, and highly skilled staff. One of the major strategies for Indian pharma sector in terms of growth is its global expansion which is the key driver of this industry's performance. The degree to which Indian pharma progresses towards the international level depends crucially on its flexibility and robustness in the global health arena. This case study shows it the different strategies that the Indian pharmaceutical companies have been using to expand their global reach and the factors that have contributed to the expansion of the industry. The market size of the Indian pharma industry is expected to touch US$ 65 billion by 2024, $130 billion by 2030 and $450 billion by 2047.

Meanwhile, India's nutraceutical market is prepped to be a global leader at $4-5 billion. It is expected to grow approximately $18 billion by 2025. The dietary supplements market in India is valued at $3924.44 million in 2020 and reports say that it will reach $10,198.57 million by 2026 that is 22% growth rate year on year. The ongoing pandemic and the rising importance about preventive healthcare has led to the exponential growth of this sector. Indian population has begun in immunity-boosting supplements and has led to a significant shift in buying patterns and market behaviour. Vitamin capsules, chewable tablets and gummies are examples of the open-minded buying behaviour of consumers of healthcare products.

Sanitary napkins, or sanitary pads, are thin pads made of absorbent materials. They play a vital role in feminine hygiene as they soak the menstrual fluid during menstruation. A sanitary napkin contains four functional components including fluid acquisition layer, distribution component, absorbent structure and liquid impervious membrane. These napkins can be found in different sizes and shapes with varying capacities of absorption. In India, the increasing awareness about menstrual hygiene is supporting the demand for sanitary napkins. Moreover, the utilization of high-quality and environment-friendly raw materials to produce these pads is further providing an impetus to the growth of the market. The Indian sanitary napkin market size reached $758.5 million in 2023. Looking forward, IMARC Group expects the market to reach $1,659.6 Million by 2032, exhibiting a growth rate (CAGR) of 8.8% during 2024-2032.

Pros and strengths

Scalable business model: The company’s business model focuses on customers and is driven by orders. It maximizes the use of its current resources to ensure quality supply and achieve cost savings through economies of scale. It grows by developing new products and entering new markets, meeting customer needs, leveraging marketing expertise, and maintaining consistent quality. This makes its business model scalable.

Wide range of products: The company offers a range of products, including the trading of pharmaceutical and healthcare items, as well as the manufacturing of sanitary pads under the brand DRYSTEP and energy powders, VITASTEP Z.

Experienced promoters and management team: The company’s management team is experienced in the industry in which it is operating and has been responsible for the growth of its operations and financial performance. Its Promoters lead the company with their vision. It has an adequate experience in the line of the business undertaken by the company and look after the strategic as well as day to day business operations. The strength and entrepreneurial vision of its Promoters and management have been instrumental in driving its growth and implementing its strategies. Its motivated team of management complement each other to enable it to deliver high levels of clients.

Risks and concerns

Maximum revenue comes from limited customers: The company has garnered 89.32%, 68.36% and 97.30% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Geographical constrain: The company has only one manufacturing facility. Its manufacturing facility is located in Bareja, Kheda, Gujarat. As it manufactures Sanitary Pad and Energy Powder at its manufacturing unit, its business is dependent on ability to manage its manufacturing facility, which are subject to various operating risks and factors outside its control including, among others, breakdown and/or failure of equipment or industrial accidents which may entail significant repair and maintenance costs, difficulties with production costs and yields, product quality issues, disruption in electrical power or water resources, timely grant or renewal of approvals, severe weather conditions, natural disasters and outbreaks of infectious diseases, political instability, and cooperation of its employees.

Dependent on few suppliers for purchase: The company has purchased 92.98%, 95.33% and 86.63% of its total raw material from top 10 suppliers in FY25, FY24 and FY23 respectively. The company cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases and ultimately its revenue and results of operations. However, the composition and amount of purchase from these suppliers might change as it continues to seek new suppliers for its business operation for better quality and price in the normal course of business. Though it will not face substantial challenges in maintaining its business relationship with them or finding new suppliers, there can be no assurance that it will be able to maintain long term relationships with such suppliers or find new suppliers in time.

Outlook

Medistep Healthcare is a pharmaceutical company producing sanitary pads, energy powder, and various pharmaceutical, nutraceutical, intimate, and surgical products. It is committed to quality and seek to expand their product line as a public, non-government company. The company offers various products, including trading in pharmaceutical and healthcare items, manufacturing DRYSTEP sanitary pads, and VITASTEP Z energy powders. On the concern side, the company is dependent on few numbers of customers for sales. The loss of any of this large customer may affect its revenues and profitability. Moreover, the company provides its goods majorly in Gujarat, any adverse changes in the conditions affecting these regions can adversely affect its business, financial condition and results of operations.

The company is coming out with an IPO of 37,44,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 43 per equity share to mobilize Rs 16.10 crore. On performance front, total revenue from operations for the Financial Year 2024-25, stood at Rs 4965.48 lakh whereas in Financial Year 2023-24 it stood at Rs 3907.19 lakh, representing an increase of 27.09%. Moreover, the restated profit after tax for the Financial Year 2024-25, stood at Rs 414.42 lakh whereas in Financial Year 2023-24 it stood at Rs 332.75 lakh representing an increase of 24.54% in line with profit before tax. 

The company operates in a competitive industry. It faces competition in its business from large as well as mid-size corporates. It competes with its competitors on a regional or product line basis. The principal factors affecting competition in its business include relative quality, client relationships, reputation, the abilities of employees, market focus, timely delivery and price of the services and products. Its cost-effective and integrated offerings, its focus on customer satisfaction and its reliability combined with its quality consciousness provides it with competitive advantage in its business. It has strong networks of hospitals, medical practitioners, retail pharmacies and distributors/stockists. The company has a plan to manufacture different multivitamin tablets like Iron tablet, calcium tablet, B complex tablet, B12 tablet, etc. It will invest in a social media for branding and marketing. The company will utilize customer feedback and testimonials to build trust and credibility. Positive reviews and word-of-mouth recommendations can significantly influence purchasing decisions.

Star Imaging and Path Lab

• Star Imaging and Path Lab is coming out with an initial public offering (IPO) of 48,92,000 equity shares in a price band Rs 135-142 per equity share.
• The issue will open on August 8, 2025 and will close on August 12, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 13.50 times of its face value on the lower side and 14.20 times on the higher side.
• Book running lead manager to the issue is Share India Capital Services.
• Compliance Officer for the issue is Shadab Khan.

Profile of the company

Star Imaging and Path Lab operates a diagnostic testing network, NABL accredited, delivering pathology, radiology, Cardiology, and Neurology services in Delhi (B2C, B2B & B2G model), Uttar Pradesh (B2G model), and Nasik (B2G Model) regions of India. The company started its journey from 1978 as proprietorship under the name of Janta X-Ray Clinic and were providing Xray and basic pathology tests using manual methods. Over the years, it has upgraded its services, equipment, and diagnostic technologies to incorporate the latest advancements in medical science, ensuring the care and improved patient outcomes. This vision led to the establishment of Star Imaging and Path Lab Private Limited in 2004, as Private Limited entity, with a vision to offer pathology, radiology, Cardiology, and Neurology services under one roof. As part of its expansion, it acquired the businesses of Janta X-Ray Clinic, M/s Star Imaging and Path Lab, and M/s Star Health Care in 2011.

The company offers a comprehensive range of diagnostic imaging services and clinical laboratory tests, including both routine and specialized studies and profiles. These services are essential for the prediction, early detection, diagnostic screening, confirmation, and monitoring of diseases. Its diagnostic imaging and radiology services encompass X-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI) scans, ultrasounds, bone mineral densitometry, and mammography. In the pathology segment, its services include biochemistry, hematology, clinical pathology, histopathology, cytopathology, microbiology, serology, and immunology. It also operates a tele-radiology hub, which is equipped with a full suite of diagnostic imaging equipment and supported by a skilled team of radiologists. This centralized facility provides significant operational efficiencies and scalability, ensuring quality diagnostic services are delivered consistently across the network.

Proceed is being used for:

• Meeting working capital requirement
• Repayment/prepayment of certain borrowings availed of by the company
• Funding the capital expenditure towards purchase of Refurbished Medical Equipment in running facilities
• General corporate expenses
• Issue expense

Industry Overview

The diagnostic services sector plays a pivotal role in recommending essential treatments and monitoring the recovery of patients post-treatment. The industry experienced robust growth at a CAGR of 9-10% over FY17 and FY24 due to factors like increasing urbanisation, rising disposable income, increased test menu by players, increase in prevalence of non-communicable diseases which has led to a rise in healthcare demand. The diagnostics industry’s market size is poised to grow at a CAGR of 10-12% over FY24 and FY28 to Rs 1,275- 1,375 billion led by rising literacy rates and disposable income among the population, leading to increased awareness and demand for quality healthcare services, including diagnostics. Further, a rise in urbanisation, coupled with lifestyle-related diseases and aging population, will create a greater need for accurate and timely diagnostic services to identify and manage these health issues effectively. Chained diagnostic players are expected to grow at a faster rate than the overall industry between FY24 and FY28.

The pathology segment, estimated to have grown steadily at a CAGR of 8-9% over FY17 to FY24, is estimated to clock a CAGR of 9-11% over FY24 to FY28. This trajectory suggests an increasing demand for pathology diagnostic services, potentially driven by factors such as rising chronic disease prevalence and improved diagnostic technologies. Similarly, the radiology segment, estimated to have grown at a CAGR of 9.5-10.5% over FY17 to FY24, is expected to rise further at a CAGR of 11-13% over FY24 to FY28, indicating robust growth potential led by technological advancements and heightened demand for diagnostic imaging across medical specialties. Overall, the analysis underscores positive growth prospects for both pathology and radiology segments in the Indian diagnostic market, driven by evolving healthcare needs and technological innovation.

The Indian diagnostics industry is highly fragmented, given the high proportion of standalone centres and hospitals labs occupying a smaller share of the pie. Diagnostic chains are further split into regional and multi-regional chains, with regional chains accounting for the majority. The industry’s profitability is defined based on high volume of testing and optimal utilisation of labs. Given the low entry barriers and lack of a strong regulatory environment, the industry has many standalone players. This has made the industry highly competitive and fragmented, and hence, standalone diagnostic players are finding it hard to stay profitable. The standalone players also face problems in scaling up their operations on account of the large capital expenditure required for investment into technologies enabling complex radiology and pathology services.

Pros and strengths

Accurate diagnosis: Its diagnostic centers are equipped with advanced technology and medical equipment, such as MRI, CT scans, X-rays, and laboratory tests, that help provide accurate and timely diagnoses.

Specialized expertise: Many diagnostic centers employ medical professionals who specialize in various fields like radiology, pathology, and laboratory science, ensuring high-quality testing and interpretation.

Proper sample collection and processing procedures: Diagnostic centers have well-defined and standardized procedures for the collection, handling, and processing of samples (such as blood, urine, or tissue). These procedures ensure that samples are properly maintained, preventing contamination and ensuring the reliability and accuracy of test results. 

Risks and concerns

Major revenue comes from pathology and radiology services: The company offers pathology and radiology services, which have contributed significantly to its total revenue. For the past three financial years, the revenue from these services accounted for 97.42% in FY 2025, 94.44% in FY 2024 and 93.55% in FY 2023. If it faces increased competition, pricing pressures in these two key service categories, or other adverse factors, its revenue from these services could decline in the future. Any negative developments in the sales of services within these categories could impact its overall revenue, which, in turn, may have an adverse effect on its business, operations, and financial condition. While it has not experienced a decline in revenue from these segments over the past three years and the stub period, it cannot guarantee that this trend will continue.

Geographical constrain: While the company has 24 centres across the states of Delhi, Uttar Pradesh, and Maharashtra, as of March 31, 2025, a significant portion of its operations are concentrated in Delhi and Uttar Pradesh. In the event of a regional slowdown in the economic activity in Delhi and Uttar Pradesh, or any other developments including political or civil unrest, disruption, disturbance or sustained economic downturn that reduce the demand for its services in the state of Delhi and Uttar Pradesh or any changes in the policies of the state or local governments, could adversely affect its business, results of operations, cash flows and financial condition.

Dependent on third party vendors and suppliers: The company relies heavily on third-party vendors and suppliers for the procurement of testing equipment, test kits, and reagents. Any disruption in the supply chain, whether due to financial difficulties faced by suppliers, operational challenges, labor strikes, or other unforeseen events, could have a material adverse impact on its business, operations, and financial condition. However, it has entered into long-term agreements with key suppliers and vendors to help mitigate such risks and ensure continuity of supply. The non-renewal or early termination of these agreements could also result in supply chain disruptions and negatively affect its operations.

Outlook

Star Imaging and Path Lab is a healthcare company providing diagnostic services across a wide range of medical tests. The company specializes in imaging services such as X-rays, ultrasounds, CT scans, MRIs, and laboratory tests, including blood tests, urine tests, and other specialized diagnostics. The company has proper sample collection and processing procedures. On the concern side, the company significantly depend on third party vendors and suppliers to provide it testing equipment, test kits, and reagents, and any failure in procuring such equipment or recall of existing testing equipment, test kits, and reagents could adversely affect its business, results of operations and financial condition. Moreover, 100% of its revenue from operations in Fiscal 2025 was generated from Delhi and Uttar Pradesh, and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 48,92,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 135-142 per equity share. The aggregate size of the offer is around Rs 66.04 crore to Rs 69.47 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by Rs 471.60 lakh i.e. 5.99% to Rs 8,350.01 lakh for the financial year 2024-25 from Rs 7,878.41 lakh for the financial year 2023-24. Moreover, net profit after tax has increased by Rs 350.16 lakh i.e. 28.12% to Rs 1,595.54 lakh in the financial year ended March 31, 2025 from Rs 1,245.38 lakh in the financial year ended March 31, 2024. 

The company intends to continue to expand its network of diagnostic centres and services within India and in particular increase its presence in geographies where it is currently present. It intends to grow its network across all states in India by leveraging its experience of deploying and operating diagnostic centres. The scale of its operations, presence in tier II and tier III locations, ability to offer competitive pricing to customers, accuracy of diagnostic test results and service delivery including through tele-reporting coupled with brand-building activities will allow it to grow its customer base. Going forward, the government’s share within the diagnostic industry is projected to grow on account of government-led programmes, extensive PPP models to ensure higher penetration of diagnostic facilities in underpenetrated rural India and increasing focus towards healthcare at municipal corporation level.