Nilachal Carbo Metalicks

• Nilachal Carbo Metalicks is coming out with an initial public offering (IPO) of 66,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 85 per equity share.
• The issue will open on September 8, 2025 and will close on September 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 8.50 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sun Capital Advisory Services.
• Compliance Officer for the issue is Haraprasad Rout.

Profile of the company

Nilachal Carbo Metalicks is engaged in the business of manufacturing of Low Ash Metallurgical (LAM) Coke. The company has specialized in making Ferro Alloy Grade coke and building a long-term customer relationship with most of the top ferro chrome manufacturers in the country. The company’s owned Plant is located at Baramana, Jajpur, Odisha where it currently operates three batteries with 32 ovens in each battery (total 96 ovens) with an annual manufacturing capacity of 60,000 Metric Tonnes Per Annum (MTPA). The company also has second Plant having manufacturing facilities on leased basis from Srinivasa Coke Private Limited at Visakhapatnam, Andhra Pradesh which is having one battery with 18 ovens with the installed capacity of 18,000 MTPA. The total aggregating capacity of the company (owned + leased) is 78,000 MTPA for both the units. The company also has a tie-up for contract manufacturing for its product with Om Avi Carbon Resources Private Limited and make use of their 24,000 MTPA capacity for its use.

The company is now proposing to install one more additional battery with 36 ovens to install additional capacity of 34,400 MTPA of LAM Coke at existing vacant land available at its existing Plant at Baramana, Jajpur, Odisha. After implementation of the proposed expansion, the company’s own total capacity will be 94,400 MTPA and total capacity (including leased one) shall be 1,12,400 MTPA. The company a specialized focus on producing high-quality Ferro Alloy Grade Coke, since the company’s establishment in 2003, it has positioned itself as one of the key players in the metallurgical industry.

The company’s product portfolio includes LAM Coke, Low Phosphorus Nut Coke, Ultra Low Phosphorus Nut Coke & High Grade Coke Fines. Its owned manufacturing plants are strategically located near the Paradip Port in Odisha and the Vizag Port in Visakhapatnam, providing it with a logistical advantage for easy transportation. Furthermore, the proximity of Ferro Chrome producers within a 150-200 km radius of its at Baramana, Jajpur, Odisha, including the Kalinga Nagar Industrial Complex just 25 km away, is major industrial center of Odisha which enhances its market reach.

Proceed is being used for:

• Funding Capital expenditure for installing One Coke Oven Plant for expansion of capacity
• Funding modernization of existing plant
• General corporate purposes

Industry Overview

The country has witnessed the highest ever coal production in the year 2023-24. The all-India coal production in FY 2023-24 was 997.25 MT (Prov.). As compared to 893.19 MT during the FY 2022-23, there is a growth of about 11.65% in the FY 2023-24. CIL produced 773.64 MT, including custodian mines, against the annual target of 780.00 MT. The SCCL produced 70.02 MT of coal during 2023-24 as against the annual target of 70.00 MT. The overall demand for coal for 2023-24 was estimated at 1196.60 MT. All India coal supply in FY 2023-24 was 972.65 MT (Prov.). As compared to 877.36 MT during the FY 2022-23, there is a growth of about 10.88% in the FY 2023-24. Most of the requirement of coal in the country is met through indigenous production / supply. The focus of the Government is on increasing the domestic production of coal and to eliminate non-essential import of coal in the country.

Government has launched 'Mission Coking Coal' in August, 2021 to suggest roadmap to augment the production and utilization of domestic coking coal in India by 2030. Mission Coking Coal document has made recommendations majorly relating to new exploration, enhancing production, enhancing washing capacity, auction of new coking coal mines. Domestic raw Coking Coal production is likely to reach 140 MT [105 MT by CIL and 35 MT by allocated coking coal blocks] by 2030. Meanwhile, Low Ash Met Coke is produced by destructive distillation of coking coal in the absence/regulated presence of oxygen at high temperatures (ranging between 1100 to 1350 degree centigrade) causing the coal to soften, liquefy and then re-solidify into hard but porous lumps. Met Coke is a form of carbon along with some mineral and residual volatile material. 

For producing 181 MT steel through blast furnace route by FY 2030 as per National Steel Policy 2017, about 161 MT coking coal (10 -11 % ash) would be required. The demand for domestic coking coal would depend on whether stamp charging technology is being used before feeding coal into coke oven or not. 1) Without stamp charging demand for raw coking coal and washed coking coal (assuming 33% yield) has been estimated as 121 MT and 40 MT respectively. 2) With stamp charging demand for raw coking coal and washed coking coal (assuming 33% yield) has been estimated as 170 MT and 56 MT respectively. Therefore, coking coal washery capacity would be required to wash 121 MT and 170 MT raw coking coal under 1 and 2 respectively.

Pros and strengths

Strategic location of manufacturing facilities: The company’s manufacturing plants are strategically located near the Paradip Port in Odisha and the Vizag Port in Visakhapatnam, providing it with a logistical advantage for easy transportation. Furthermore, the proximity of Ferro Chrome producers, its primary customers within a 150-200 km radius of its plant at Baramana, Jajpur, Odisha, including the Kalinga Nagar Industrial Complex just 25 km away, which is India's largest steel hub, enhances its market reach. With this the company is concentrating on expanding the production capacity. The Coke manufactured by the company is used in Ferro Alloy Producers, allowing it a ready market.

Excellence in producing high-quality LAM Coke: The company’s excellence is consistently producing high-quality Low Ash Metallurgical (LAM) Coke. Over the years, it has established a reputation for delivering superior products that meet the stringent requirements of its customers, particularly in the ferro alloy and metallurgical industries. Its commitment to maintaining high production standards is further reinforced by its quality control laboratory, located within its manufacturing unit at Baramana, Jajpur, Odisha. This lab is specifically designed to ensure that its end products consistently meet the design specifications, size requirements, and quality standards demanded by each of its customers. With the equipped laboratory, it focuses on identifying and preventing defects, ensuring that every batch of LAM Coke meets its high-quality benchmarks.

Own fleet for Just-In-Time delivery: To ensure the efficient and timely delivery of its products, it has invested in its own fleet of transportation vehicles. This dedicated fleet is a key component of its logistics strategy, enabling it to provide Just-In-Time (JIT) delivery to its clients. Its fleet is specifically designed to meet the demands of its production schedules and customer requirements. By managing its own transportation, it can maintain proper control over the delivery process, ensuring that products are delivered promptly and reliably. This use of own fleet for transportation allows it to reduce lead times, minimize delays, and enhance overall customer satisfaction.

Risks and concerns

Maximum revenue comes from limited customers: The company derives a significant portion of its revenue from its customer, and focusing on catering them with its products is a part of its growth strategy. The company has garnered 86.28%, 86.53% and 77.18% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. The company’s customers typically have no obligation to maintain or expand their business relationship with the company. If one or more of its customers terminate their dealings with it, whether for convenience, for default in the event of a breach by it, the company’s business and results of operations could be adversely affected.

Dependent on limited number of suppliers in handling business operations: The company’s operations are dependent on the supply of raw material i.e. coking coal, which it procures from domestic importers who specialize in importing high quality coking coal from different countries. The raw material is procured on the requirement of the clients’ quality standards. This helps the company to make the finished product as per the requirement of the clients. The company has procured 87.86%, 76.50% and 89.48% of raw material from top 5 suppliers in FY25, FY24 and FY23 respectively. The loss of any significant supplier may have an adverse effect on its business, operations, financial conditions and prospects.

Stiff competition: The company operates in a highly competitive industry, where numerous players are constantly vying for market share, and its ability to succeed is heavily dependent on its capacity to compete effectively. The competitive landscape is characterized by intense rivalry, not only from established companies with significant market presence and financial resources but also from emerging players who may bring innovative products, services, or business models to the market. Failure to compete effectively could have several adverse consequences for its business. Firstly, its market share could be eroded if customers choose to purchase from competitors who may offer similar or superior products at more attractive prices, or with better service and support. This could lead to a reduction in its sales volume, ultimately affecting its revenue and profitability.

Outlook

Nilachal Carbo Metalicks is engaged in the production of high-quality, low-sulfur metallurgical coke. Their product range includes nut coke, blast furnace coke, foundry coke, and low-phosphorus coke fines, catering to various industrial applications. The company has strategic location of manufacturing facilities. The company has excellence in producing high-quality LAM Coke. On the concern side, the company derives a significant portion of its revenues from a limited number of customers. The loss of any significant clients may have an adverse effect on its business, financial condition, results of operations, and prospects. Moreover, the company is heavily dependent on limited number of suppliers in handling its business operations. The loss of any significant supplier may have an adverse effect on its business, operations, financial conditions and prospects.

The company is coming out with an IPO of 66,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 85 per equity share to mobilize Rs 56.10 crore. On performance front, revenue from operations had decreased by 23.99%, from Rs 26,510.68 lakh in Fiscal 2024 to Rs 20,151.20 lakh in Fiscal 2025. Moreover, the company’s profit after tax had decreased by 11.39% from Rs 1,581.81 lakh in the Fiscal 2024 to Rs 1,401.57 lakh in Fiscal 2025.

The company’s strategy focuses on enhancing its current production facility to better meet customer demands and boost operational efficiency. As part of its expansion plan, the company will install one additional battery with 36 ovens, increasing its capacity by 34,400 MTPA. This expansion, coupled with investments in cutting-edge equipment and advanced automation technologies, will modernize its new expansion facility processes and improve product quality. By implementing lean manufacturing principles, it aims to streamline operations, reduce waste, and enhance productivity. Expanding production capacity and optimizing resource allocation will help it to meet rising demand, while strengthening its quality control measures will ensure that all products consistently meet its high standards. Additionally, it is committed to improving energy efficiency and sustainability by adopting energy-saving technologies and reducing emissions. This comprehensive enhancement strategy will maximize the potential of its facility, support long-term growth, and reinforce its leadership in the industry.

Krupalu Metals

• Krupalu Metals is coming out with an initial public offering (IPO) of 18,72,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 72 per equity share.
• The issue will open on September 8, 2025 and will close on September 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 7.20 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance Officer for the issue is Pooja Gupta.

Profile of the company

Krupalu Metals is engaged in the manufacturing of wide range of brass and copper products. The company specializes in producing brass and copper sheets and strips, metal components, and providing various job work services. These metal components include cutting components, inserts, pipe fittings, profiles, terminals, electrical components, bus bars, and many other customized products. In addition to its manufacturing capabilities, the company also trades raw materials, ensuring that it has access to a diverse range of metal products to meet the specific requirements of its customers across different industries.

The factory and registered office of the company is situated in Jamnagar, Gujarat. The premises, where the company's operations are based, are under a 99-year lease agreement between the Gujarat Industrial Development Corporation (GIDC) and Krupalu Metals Pvt Limited. This lease agreement is renewable with mutual consent between both parties, providing the company with long-term stability in terms of its manufacturing operations.

With over 13 years of experience in manufacturing and supplying metal sheets and components, its promoters bring deep industry knowledge and expertise to the company. Their understanding of market trends and demand has enabled the company to meet the needs of a wide array of industries. This industry insight, combined with the dedication of the company's skilled workforce, has allowed Krupalu Metals to expand significantly in its field. The company’s growth is a direct result of the dynamic leadership and strategic vision of its promoters and directors, who continue to guide the company toward greater success.

Proceed is being used for:

• Funding capital expenditure towards purchase of additional plant and machinery
• Meeting working capital requirements
• Meeting the issue expenses
• General corporate purposes

Industry Overview

Metals are mineral bodies that come in a variety of forms, from base metals to precious metals. Base metals are those that oxidize or corrode relatively easily. Within base metals, a distinction is made between ferrous and nonferrous metals. Ferrous metals typically iron, tend to be heavy and relatively abundant. Nonferrous metals do not contain iron in significant amounts. Generally, more expensive than ferrous metals, nonferrous metals have desirable properties such as low weight (for example, aluminium), higher conductivity (for example, copper), nonmagnetic properties, or resistance to corrosion (for example, zinc and nickel). Metal markets impact world Economy for two reasons. First, at the global level, metals are at the heart of the world economy because they are key intermediate inputs in industrial production and construction. Metal markets are thus shaped by shifts in the volume and composition of global demand and supply. As such, transformations in metal markets also signal important changes in the world economy. Second, for some countries, metal exports are a large portion of their total exports, and fluctuations in metal prices can have important macroeconomic consequences.

From an economic point of view, Iron Ore is by far the most important base metal. Steel, which is produced from iron ore, is mostly used for construction, transportation equipment, and machinery. Copper is the second-most-important base metal by value. Copper is used for construction and electrical wire. The third-most-important base metal is Aluminium and it is used in the aerospace industry as well as other industries requiring light metal. The production of Iron Ore for 2022-23 (April-March) was 257.85 Million Tonnes (MT), 1.53 per cent higher as compared to 253.97 MT in 2021-22 (April-March). The production of Iron Ore for 2023-24 (April-December) was 202.6 MT, 11.87 per cent higher as compared to 181.1 MT in 2022-23 (April-December).

The size of Indian copper industry (consumption of refined copper per annum) is around 6.6 lakh tonnes, which as percentage of world copper market is only three per cent. Sterlite Industries, Hindalco Industries and Hindustan Copper are major producers of refined copper in India. Copper production in the country increased by around 4.13 per cent to 5.55 lakh tonnes in fiscal year 2022-23 (FY23) as compared to 5.33 lakh tonnes in FY22. During April to December period of the current fiscal year, the country’s copper production stood at 3.69 lakh tonnes. Further, The Indian metal industry’s outlook looks promising in coming time in line with rise in domestic production and robust growth in the country economy. Metal can play a major role in the country's ambitious plans of self-reliant India and $5 trillion economy by 2024-25. Metal is among major focus area due to the dependence of a diverse range of sectors on its output as India works to become a manufacturing powerhouse through policy initiatives like Make in India.

Pros and strengths

Expand its product range: Expanding its product range is a strategic initiative for the company. Its fully integrated plant boasts advanced capabilities for the manufacturing of diverse Brass Products. Beyond its current offerings, it has the flexibility to leverage its plant to produce an array of products, catering to different market segments. In addition to its current focus on customer-specific products, the company is considering the diversification of its product portfolio to include items such as plumbing components, auto parts, electrical parts, and more. This expansion aligns with its commitment to adapt to market demands, enhance its competitiveness, and broaden its reach in various industries.

Competitive pricing: Maintaining competitive pricing is a fundamental strategy of the company, recognizing its pivotal role in shaping its market positioning and overall business success. In the dynamic landscape of the industry, price has a profound impact on customer preferences and market share. To stay aggressive and secure a substantial market share, it is committed to offering competitive prices to its customers. Competitive pricing allows it to effectively navigate the competitive environment by aligning its prices with or positioning them slightly below the prevailing market rates. This strategy not only attracts price-sensitive customers but also helps in retaining existing ones. By offering competitive prices, it can meet the expectations of value-conscious consumers, making its products more appealing in the marketplace.

Competitive strength: The company specializes in the manufacturing of sheets and metal components, offering a wide range of services including casting and machining to deliver good quality components. With expertise in efficiently producing complex, customized sheet metal and metal components, it ensures that every product meets the specific needs and demands of its clients. It leverages economies of scale and optimize the use of raw materials to maintain competitive pricing, allowing it to offer cost-effective solutions without compromising on quality. This approach not only enhances its market position but also drives operational efficiency across all stages of production.

Risks and concerns

Maximum revenue comes from limited customers: The company derives a significant portion of its revenue from its customer, and focusing on catering them with its products is a part of its growth strategy. The company has garnered 61.08%, 63.69% and 56.80% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. The company’s customers typically have no obligation to maintain or expand their business relationship with the company. If one or more of its customers terminate their dealings with it, whether for convenience, for default in the event of a breach by it, the company’s business and results of operations could be adversely affected.

Geographical constrain: The company conducts all of its manufacturing operations from Jamnagar, Gujarat. The geographical concentration of its operation is in Western India. Further its new expansion will also be built in Jamnagar, Gujarat. Due to the geographical concentration of its manufacturing operations and certain of its suppliers and customers in Gujarat state, its operations are susceptible to local, regional and environmental factors, such as social and civil unrest, regional conflicts, civil disturbances, economic and weather conditions, natural disasters, demographic and population changes, and other unforeseen events and circumstances. Such disruptions could result in the damage or destruction of a significant portion of its manufacturing abilities, significant delays in the transport of its products and raw materials, loss of key managerial personnel, and/or otherwise adversely affect its business, financial condition and results of operations.

High working capital requirement: The company’s business requires significant amount of working capital and major portion of its working capital is utilized towards debtors and inventories. Its Trade Receivables for the period ended March 31, 2025, March 31, 2024 and March 31, 2023 were Rs 221.66 lakh, Rs 315.75 lakh and Rs 384.24 lakh respectively and its inventories for the period ended March 31, 2025, March 31, 2024 and March 31, 2023 were Rs 1,439.86 lakh, Rs 1,220.65 lakh and Rs 825.25 lakh respectively. The results of operations of its business are dependent on its ability to effectively manage its inventory and trade receivables. To effectively manage its trade receivables, it must be able to accurately evaluate the credit worthiness of its customers and ensure that suitable terms and conditions are given to them in order to ensure its continued relationship with them. However, if its management fails to accurately evaluate the terms and conditions with its customers, it may lead to write-offs bad debts and/ or delay in recoveries which could lead to a liquidity crunch, thereby adversely affecting its business and results of operations.

Outlook

Krupalu Metals is engaged in the manufacturing of wide range of brass and copper products. The company specializes in manufacturing brass and copper sheets, strips, and components, including inserts, pipe fittings, terminals, bus bars, and custom parts, while also offering diverse job work services. The company has strong quality assurance and standards. On the concern side, substantial portion of the company’s revenues has been dependent upon few customers/dealers. The loss of any one or more of its major customers would have a material effect on its business operations and profitability. Moreover, the geographical concentration of its manufacturing facilities in Gujarat may restrict its operations and adversely affect its business and financial conditions.

The company is coming out with an IPO of 18,72,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 72 per equity share to mobilize Rs 13.48 crore. On performance front, the net revenue from operations has increased to Rs 4,838.61 lakh in FY 2024-25, up from Rs 3,710.91 lakh in FY 2023-24, an increase of 30.39%. Moreover, the company’s net profit surged 39.02% to Rs 215.09 lakh in FY25 as compared to Rs 154.72 lakh in FY24.

The company constantly addresses the customer needs for variety of its products. Its existing client relationships help it to get repeat business from its customers. This has helped it to maintain a long-term working relationship with its customers and improve its customer retention strategy. It has a strong existing client relationship which generates multiple repeat orders. The company’s existing relationship with its clients represents a competitive advantage in achieving stable growth, gaining new clients and increasing its business.

Taurian MPS

• Taurian MPS is coming out with an initial public offering (IPO) of 24,87,200 equity shares in a price band of Rs 162-171 per equity share.
• The issue will open on September 8, 2025 and will close on September 10, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 16.20 times of its face value on the lower side and 17.10 times on the higher side.
• Book running lead manager to the issue is Gretex Corporate Services.
• Compliance Officer for the issue is Nidhi Varun Kumar.

Profile of the company

Taurian MPS is one of the growing engineering and manufacturing company. The business initially began with a focus on sand, aggregates and spare parts, catering to industries such as construction, mining, and aggregates that required these materials for various applications. Over time, the company expanded its product offerings and diversified into the supply of machines and spare parts. This shift marked a strategic transition towards becoming a more comprehensive solutions provider in the industrial sector. The company now offers not only high-quality spare parts but also a range of machinery, such as crushing and screening plants, washing plants, and spare parts. The company’s product range includes various plants under the category of crushing and screening plants, washing plants & Spare Parts, catering to various industries aggregating to minerals, metals construction, food processing industry, waste management industry and also includes crushed stone and sand. 

Additionally, company provides customized solutions where the company undertakes specific tasks such as fabricating parts, assembling machinery, and performing specialized operations based on customer requirements. By offering these services, the company helps clients with tailored solutions, ensuring that machinery is built or modified to their exact specifications. It serves a diverse customer base, from international markets to smaller local companies, offering customized solutions to meet specific industry needs.

The company is operating a manufacturing unit in Uttarakhand, covering 64,773 sq. ft. located near Bhagwanpur in District of Roorkee, Haridwar. This facility is equipped with advanced processing capabilities and experienced staff. It focuses on quality assurance through testing of both raw materials and finished goods, ensuring adherence to the better quality norms. Its presence in Uttarakhand helps it to offer fast aftersales service and spare parts support.

Proceed is being used for:

• Acquisition of machineries and equipments at existing production facility
• Acquisition of equipments under Research and Development to promote innovation
• Working capital requirements
• General corporate purposes

Industry Overview

Manufacturing is emerging as an integral pillar in the country’s economic growth, thanks to the performance of key sectors like automotive, engineering, chemicals, pharmaceuticals, and consumer durables. The Indian manufacturing industry generated 16-17% of India’s GDP pre-pandemic and is projected to be one of the fastest growing sectors. The machine tool industry was literally the nuts and bolts of the manufacturing industry in India. Today, technology has stimulated innovation with digital transformation, a key aspect in gaining an edge in this highly competitive market. India's manufacturing sector reached a 16-year high in March, with the HSBC Manufacturing Purchasing Managers' Index (PMI) rising to 59.1, driven by strong increases in output, new orders, and job creation across various goods sectors. India has the capacity to export goods worth $1 trillion by 2030 and is on the road to becoming a major global manufacturing hub.

Manufacturing exports have registered their highest ever annual exports of $447.46 billion with 6.03% growth during FY23 surpassing the previous year (FY22) record exports of $422 billion. By 2030, Indian middle class is expected to have the second-largest share in global consumption at 17%. India’s Gross Value Added (GVA) at current prices was estimated at $770.08 billion as per the quarterly estimates of the first quarter of FY24. India's e-commerce exports are projected to grow from $1 billion to $400 billion annually by 2030, aiding in achieving $2 trillion in total exports. The manufacturing sector of India has the potential to reach $1 trillion by 2025-26. The Indian startup ecosystem experienced a significant rebound, securing approximately $596 million in funding this week, marking a 226% increase compared to the previous week. This surge was driven by 23 startups, including notable deals such as Zepto raising $350 million and HealthKart securing $153 million.

India is an attractive hub for foreign investments in the manufacturing sector. Several mobile phone, luxury, and automobile brands, among others, have set up or are looking to establish their manufacturing bases in the country. The manufacturing sector of India has the potential to reach $1 trillion by 2025. The implementation of the Goods and Services Tax (GST) will make India a common market with a GDP of US$ 3.4 trillion along with a population of 1.48 billion people, which will be a big draw for investors. The Indian Cellular and Electronics Association (ICEA) predicts that India has the potential to scale up it cumulative laptop and tablet manufacturing capacity to $100 billion by 2025 through policy interventions.

Pros and strengths

Comprehensive product portfolio: Taurian offers material processing equipment-including crushing, screening, washing, and Spare solutions - for industries like mining, construction, and recycling. The company’s equipment processes aggregates, minerals, sand, gravel, and recycled materials. Its crushing equipment includes jaw crushers, cone crushers, roll crushers, and impactors, available in mobile, wheel-mounted, and modular configurations to meet diverse operational needs. Its washing systems efficiently remove fines to ensure high-quality end products, and its conveying systems provide efficient material handling for large-scale operations.

Manufacturing capabilities: The company operates from factory located near Bhagwanpur in District of Roorkee, Haridwar. Companies manufacturing capabilities which offer scale, flexibility and locational advantage and also enable it to meet growing demand and produce crushers up to 800 tph. Its location allows it to hire talented engineers and offer quicker service to local customers. Its comprehensive in-house manufacturing capabilities including material inspection, cutting, machining, fabrication, assembly, and testing facilities-allow it to respond quickly to customer requirements and closely monitor product quality, production costs, and delivery schedules.

Quality control mechanism: The company employs stringent quality control across all manufacturing stages, using tools like FMEA (Failure Mode and Effects Analysis) and APQP (Advance Product Quality Planning) to anticipate quality issues. The company’s in-process control incorporates lean manufacturing and statistical process control. Rigorous inspections and testing verify performance and reliability. By integrating quality management systems and investing in employee training, it enhances its ability to deliver durable and reliable products.

Risks and concerns

Derived a significant portion of revenue from the sale of key product: The company generates a significant portion of its revenue from its key product, i.e. crushing and screening plants which contributed 90.37% of its total revenue in Fiscal 2025 amounting to Rs 6,645.14 lakh. Any decline in the sales of crushing and screening plants on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply of such products may adversely affect its business, results of operations and financial condition. It cannot assure that it will be able to maintain the same levels of sales for machines in the future. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for its key product may adversely impact on its business prospects and financial performance.

Dependent on few suppliers for purchase of product: The company is dependent on few suppliers for purchase of product. It has bought 65.42%, 64.45% and 67.54% of its products 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 of stock and ultimately its revenue and results of operations.

Geographical constrain: The company has one manufacturing unit located in Uttarakhand and any localized social unrest, natural disaster breakdown of services, or any other natural disaster in and around Uttarakhand or any disruption in production at, or disruption to power sources or any temporary shutdown of its manufacturing facility, or breakdown or failure of machinery may have a material adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Taurian MPS manufactures and supplies crushing and screening equipment for mining and construction, offering high-quality, innovative machinery for challenging terrains, emphasizing precision, performance, and customer service. The company has Comprehensive Product Portfolio with Diversified Customer Base. On the concern side, the company has one manufacturing unit located in Uttarakhand and any localized social unrest, natural disaster breakdown of services, or any other natural disaster in and around Uttarakhand may have a material adverse effect on its business, results of operations, financial condition and cash flows. Moreover, the company is dependent on few suppliers for purchase of product and loss of any of these large suppliers may affect its business operations. 

The company is coming out with a maiden IPO of 24,87,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 162-171 per equity share. The aggregate size of the offer is around Rs 40.29 crore to Rs 42.53 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by Rs 3,593.61 lakh from Rs 3,759.31 lakh for the financial year ended March 31, 2024 to Rs 7,352.92 lakhs for the financial year ended March 31, 2025, representing a growth of 95.59%. Moreover, the company’s Profit After Tax (PAT) decreased by Rs 182.19 lakh, from Rs 1,131.92 lakh for the year ended March 31, 2024 to Rs 949.73 lakh for the year ended March 31, 2025.

The company aims to grow its market presence by expanding into new areas and offering a wider range of products and services to Maharashtra, Gujarat, and Rajasthan. It will deepen its roots in these states while expanding to new territories across India. Enhancing brand visibility and sales networks will fuel its growth. Additionally, it has entered into international markets starting in year 2023, Enhancing its position as a developed and known industry player. This strategic expansion will drive its national and global success. The company is focused on increasing sales and adding new clients to build a stronger presence across India and achieve steady growth. To drive growth, it will introduce innovative product lines, seamlessly integrating with existing infrastructure. These upgrades will provide rapid value to clients with minimal investment, bolstering its competitive edge.

Vashishtha Luxury Fashion

• Vashishtha Luxury Fashion is coming out with an initial public offering (IPO) of 7,99,200 equity shares in a price band of Rs 109-111 per equity share.
• The issue will open on September 5, 2025 and will close on September 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.90 times of its face value on the lower side and 11.10 times on the higher side.
• Book running lead manager to the issue is Expert Global Consultants.
• Compliance Officer for the issue is Krupali Thakkar.

Profile of the company

Vashishtha Luxury Fashion is engaged in the business of exporting high fashion hand embroidery work, accessories & finished garments. The company is reliable name considering existence and maintaining relationship for over a decade amongst International Designers, Fashion Houses & Boutiques. The company caters to various brands and fashion houses across Europe, UK, USA, Australia, European countries & Turkey regions. Further, it also provides services in customized designs in apparel segment. It is a 100% Export House. Since inception, it is providing services to many Couture (the design and manufacture of fashionable clothes to a client’s specific requirements and measurements) and pret-a-porter (a French term that refers to clothing that is mass-produced in standardized sizes and sold in finished condition) brands from Europe, UK, USA, Australia, European countries & Turkey.

The experience and trade relations developed by its promoters and management have been one of the key instrumental factors in the growth of the company. Ravindra Dilip Dhareshivkar and Mustak Basirbhai Odiya are the Promoters of the company. They have 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. While Ravindra Dilip Dhareshivkar, with versatile prolonged experience of more than 18 years in a variety of unique and challenging developments is in charge of the overall sampling and overview of the processes, the talented fashion design graduate Mustak Basirbhai Odiya is responsible for adding the creative flair to the overall management process further to organize the entire workflow in a better way, also his skilful expertise into finance managing drives the organization to grow.

The company endeavours to satisfy customers by continuous improvement through process innovation and quality maintenance. It focuses on getting the quality product to increase customer satisfaction and develop a positive brand image in the industry. Its management and team have enabled it to maintain continuing customer relations, ensuring repeat order flows. It understands that its clients share information with it related to their designs and upcoming collection and it has always been its greatest responsibility to fulfil their confidentiality.

Proceed is being used for:

• Funding capital expenditure requirement of the company towards purchase of Embroidery Machines for expansion
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes  

Industry Overview

India is the world’s second-largest producer of textiles and garments. It is also the sixth-largest exporter of textiles spanning apparel, home and technical products. India has a 4.6% share of the global trade in textiles and apparel. India is the world's 3rd largest exporter of Textiles and Apparel. The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $350 billion by 2030, with exports expected to reach $100 billion. Global apparel market is expected to grow at a CAGR of around 8% to reach $2.37 trillion by 2030 and the Global Textile & Apparel trade is expected to grow at a CAGR of 4% to reach $1.2 trillion by 2030. The textiles and apparel industry contributes 2.3% to the country’s GDP, 13% to industrial production and 12% to exports. The textile industry has around 45 million workers employed in the textiles sector, including 3.5 million handloom workers. During FY24, the total exports of textiles (including handicrafts) stood at $35.9 billion. India ranks among the top five global exporters in several textile categories, with exports expected to reach $65 billion by FY 2026.

The size of India’s textile market stood at $223 billion in 2021, growing at a CAGR of 10.23% from 2016. The textile industry in India is predicted to double its contribution to the GDP, rising from 2.3% to approximately 5% by the end of this decade. The Indian textiles market is expected to be worth $350 billion by 2030. India’s textile and apparel exports to the US, its single largest market, stood at 32.7% of the total export value in FY24. India is the world’s largest producer of cotton. Agriculture ministry projected cotton output for 2023-24 at 32.3 million bales. Natural fibres are regarded as the backbone of the Indian textile industry, which is expected to grow from $138 billion to $195 billion by 2025. The cotton production in 2023-24 is estimated to be 316.57 lakh bales (LB) with 75.76 LB in Maharashtra, 19.29 LB in Karnataka and 15.64 LB in Madhya Pradesh.

Indian textile sector is likely to witness significant growth in the coming years driven by rising demand, easing inflation, and the festive and wedding seasons. The increasing preference for affordable, trendy fashion clothing that mimics high-fashion designs is expected to be the primary revenue driver in the coming time. The budget announced an outlay of Rs 5272 crore (Budget Estimates) for the Ministry of Textiles for 2025-26 will strengthened India’s position as a global textile hub. Further, the Government approved setting up of 7 (Seven) PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield sites with world class infrastructure including plug and play facility with an outlay of Rs 4,445 crore for a period of seven years upto 2027-28, it is envisaged that each park will lead to an investment (both foreign and domestic) of about Rs 10,000 crore, benefiting the local economy and textile ecosystem.

Pros and strengths

Consistency in quality: The company adheres to strict quality standards in its manufacturing unit to ensure that its products meet customer requirements. These standards maintain quality consistency by employing trained staff and providing adequate premises and equipment for manufacturing. It works closely with its customers and have the capability to understand and convert their ideas into creations. Its in-house design team continuously explores new techniques of embellishment and develops embroidery collections each season to present to its clients globally.

Customer centric business model: The company focuses on achieving customer satisfaction. Understanding the consumer is a key skill required for success in this business. Its progress will largely depend on its ability to address and exceed customer expectations. It regularly assesses changing customer preferences and redesign its products by exploring new trends. It maintains a library of thousands of designs exported throughout the year. To run a successful export business, it aims to offer new designs to its clients whenever they require garments or accessories.

Scalable business model: The company’s business model is order driven and comprises of optimal utilization of its in-house processing facilities, and achieving consequent economies of scale. This business model has proved successful and scalable for it in the last few financial years. The business scale generation is basically due to the potential development and possibilities of new markets both international and domestic, by adopting aggressive marketing of the product, innovation in the product range and by maintaining the consistent quality and keeping up the trust of its clients. 

Risks and concerns

Maximum revenue comes from limited customers: The company’s top ten customers contribute 74.38%, 74.02% and 89.80% of its revenue from operations for the financial year ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. The loss of a significant client would have a material adverse effect on its financial results. The company cannot assure that it can maintain the historical levels of business from these clients or that it will be able to replace these clients in case it loses any of them. Furthermore, major events affecting its clients, such as bankruptcy, change of management, mergers and acquisitions could adversely impact its business.

Limited operating history: The company has very limited operating history from which investors can evaluate its business, future prospects and viability. Investors must consider its business and prospects in light of the risks and difficulties it faces as an early-stage company with a limited operating history and should not rely on its past results as an indication of its future performance. In addition, it may face challenges in planning and forecasting accurately as a result of its limited historical data and inexperience in implementing and evaluating its business strategies. The company’s inability to successfully address these risks, difficulties and challenges as a result of its inexperience and limited operating history may have a negative impact on its ability to implement its strategic initiatives, which may have an adverse effect on its business, prospects, financial condition and results of operations.

Rely on a small number of suppliers for raw material needs: The company is dependent on a few suppliers for procuring the raw material for supply of its products. For the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten suppliers accounted for approximately 98.64%, 91.78% and 64.50% of its total purchases. The company has developed a robust network chain with its suppliers which has ensured a consistent and reliable flow of goods thereby reducing the risk of stockouts, disruption in supply chain and quality issues. Any failure of the supplier to deliver the raw materials in the necessary quantities or to adhere to delivery schedules or specified quality standards and technical specifications would adversely affect its business operations and its ability to deliver orders on time and at the desired level of quality. As a result, it may lose customers and incur liabilities for failure to execute orders, which could have a material adverse effect on its business financial condition and results of operations.

Outlook

Vashishtha Luxury Fashion is engaged in the business of exporting high fashion hand embroidery work, accessories & finished garments. The company is a 100% Export House serving fashion brands in Europe, the UK, USA, Australia, and Turkey, offering customized apparel designs for couture and pret-a-porter segments. The company has customer centric business model with smooth flow of operations. On the concern side, the company is dependent on few numbers of customers for its sales and loss of any of these large customers will significantly affect its revenues and profitability. Moreover, the company has a limited operating history and may be subject to risks inherent in early-stage companies, which may make it difficult for investors to evaluate its business and prospects. 

The company is coming out with a maiden IPO of 7,99,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 109-111 per equity share. The aggregate size of the offer is around Rs 8.71 crore to Rs 8.87 crore based on lower and upper price band respectively. On performance front, the company's revenue from operations for the financial year 2024-25 was Rs 1,063.10 lakh. This represents a 48.97% increase compared to the previous financial year's revenue from operations of Rs 713.62 lakh. Moreover, the company has reported 345.85% rise in Net profit at Rs 142.36 lakh in FY25 as compared to Rs 31.93 lakh in FY25.

The company proposes to increase its marketing efforts in exporting by exploring new markets and also maintain and establish relationship with customers. Enhancing its presence in additional regions will enable it to reach out to a larger population. Further, the company maintains long term relationship with its customers in terms of increased sales. It aims to achieve this by value adding value to its customers through innovation, quality assurance and timely delivery of its products. Going forward, the company has an experienced team for taking care of its day-to-day operations. It will consistently put efforts to transform its employees into an outstanding team of empowered professionals which helps in further accelerating the wheels of development in the company.

Karbonsteel Engineering

• Karbonsteel Engineering is coming out with an initial public offering (IPO) of 37,29,600 equity shares in a price band of Rs 151-159 per equity share.
• The issue will open on September 8, 2025 and will close on September 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 15.10 times of its face value on the lower side and 15.90 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance Officer for the issue is Siddhi Bharatbhai Parmar.

Profile of the company

Karbonsteel Engineering is a structural engineering and fabrication company engaged primarily in the design, fabrication and assembly of heavy and precision steel structures, customized to meet clients’ requirements across various industrial and infrastructure segments. It has delivered structural engineering and fabrication solutions in diverse sectors including steel plants, railway bridges, oil & gas plants, refineries, chemical plants and other industrial units. Its fabricated structures form an integral part of the construction, expansion or modernization of industrial and infrastructure projects, including industrial plants, high rise buildings, railway bridges and other large-scale developments. Its structural engineering and fabrication solutions can broadly be classified into four verticals i.e. Heavy Steel Fabricated Structures, Precision Fabricated Steel Structures or Technological Structures, Steel Bridge Structures for High-Speed Rail Projects and Pre-Engineered Buildings. 

The company has two manufacturing facilities located at (i) Umbergaon, District Valsad, Gujarat, and (ii) Khopoli, District Raigad, Maharashtra, dedicated to the manufacturing of heavy and precision steel fabricated structures, PEBs and steel bridge structures, with a combined installed capacity of 36,000 MT per annum. Its Umbergaon facility commenced operations in 2017, while its Raigad facility has been operational since 2014. Both manufacturing facilities are ISO 9001:2015 certified for Quality Management Systems and ISO 14001:2015 certified for Environmental Management Systems.

Its Umbergaon facility is located on a land parcel admeasuring approximately 8.56 lakh sq. ft (79,532 sq. meter), which includes a covered production area and open space for material storage and handling. Additionally, its manufacturing unit in Khopoli, Raigad, Maharashtra, is situated on a land area of over 56,084 sq. ft., also comprising a covered production area and open space for material storage and handling. Together, these facilities span around 9.12 lakh sq. ft. A part of its manufacturing facility at Umbergaon Valsad, Gujarat, specifically Plot No. 17, Om Industrial Park, Near Coastal Road, GIDC, Umbergaon, Gujarat is approved under RDSO (Research Designs and Standards Organization) under the Ministry of Railways, India, for the fabrication of steel bridge girders, including composite and other steel plate girders.

Proceed is being used for:

• Funding of capital expenditure towards expansion of existing Umbergaon facility through construction of new sheds
• Repayment of a portion of certain borrowings availed by the company
• Utilization towards working capital requirements
• General corporate purposes

Industry Overview

Structural steel is a high-performance construction material specifically designed for use in the construction of buildings, bridges, and various other infrastructure projects where high strength-to-weight ratio is desired. It comes in various shapes such as I-beams, angles, channels, hollow structural sections (HSS), and plates, all of which are standardized to ensure uniformity in size, shape, chemical composition, and mechanical properties. Structural steel is renowned for its strength-to-weight ratio, making it both strong and lightweight, a crucial characteristic for supporting large structures with minimal material use. It also exhibits excellent ductility, which allows it to bend and deform under stress without breaking, making it capable of withstanding bending, stretching, and other dynamic forces during construction and use.

The growth forecast for structural steel is promising, driven by increasing demand in infrastructure development, commercial construction, and industrial projects. As economies around the world continue to expand, the need for durable, high-quality steel for buildings, bridges, and industrial facilities is expected to rise. Technological advancements in fabrication methods, such as the use of CAD, BIM, and CNC machinery, are also enhancing the precision and efficiency of production, further boosting the market. Additionally, the growing trend toward sustainable construction practices, including the use of corrosion- resistant and energy-efficient steel, is likely to contribute to the continued growth of the structural steel sector.

Driven by growth in priority industries and favorable mega-strategies, the Indian manufacturing industry has expanded into new regions and market segments. Building on the advantages of a skilled labor force and low labor costs, the manufacturing industry is also benefitting from higher capital expenditure and increased mergers and acquisitions (M&A) activity, resulting in an increase in manufacturing output and, hence, an increase in export contribution. Considering the above development, heavy steel structural demand is expected to remain robust translating in increasing metal structured activity in the country to fulfill expanding demand from infrastructure projects and industrial projects. The expanding metal and manufacturing industries, expanding automotive and aerospace sectors, and rising R&D expenditures are expected to drive the Indian market for metal structural. The steel structural industry is also growing because of government policies that aid the industry.

Pros and strengths

Capabilities to execute large-scale industrial and infrastructure projects: The company has undertaken the fabrication and supply of 10,000 MT of steel bridge structures for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project, India's first bullet train corridor, as a sub-contractor to a leading infrastructure and engineering company. Its past track record also covers structural engineering and fabrication projects for variety of other sectors, including steel plants, oil & gas plants, refineries, chemical plants, high-rise buildings and industrial units. These projects demand strict dimensional accuracy, quality-controlled welding, and specialized surface treatments to meet essential operational and safety standards.

In-House manufacturing and testing capabilities: It operates through two manufacturing facilities located at (i) Umbergaon, District Valsad, Gujarat and (ii) Khopoli, District Raigad, Maharashtra, with a combined installed fabrication capacity of 36,000 MT p.a. Its Umbergaon facility, located on a land parcel admeasuring around 8.56 lakh sq. ft (79,532 sq. meter) which includes covered production area and open space for material storage and handling has an installed fabrication capacity of 30,000 MT p.a. and is equipped with a range of fabrication and testing equipment, enabling it to efficiently meet project specifications. This includes CNC drilling machine, beveling machine, end milling machine, stud welding machines, EOT cranes, hydraulic mobile cranes, air compressors, CNC Cutting Machines of both types i.e. Oxy Fuel & Plasma Cutting, Airless Painting machine and GMAW welding machines.

Strong relationship with customers: Some of the company’s esteemed customers include Arcelor Mittal Nippon Steel India Limited, Tata Projects Limited, John Cockerill India Limited, Ray Engineering Private Limited, JSW Severfield Structures Limited and Panametrics Engineering Private Limited. Maintaining strong relationship with its key customers is an integral part of its business strategy and plays a crucial role in the sustainability and growth of its operations. The company has been able to retain a number of its customers for a long period of time ensuring uninterrupted supplies of its solutions to them, which is demonstrated from the percentage of revenue the company derived from repeat customers. 

Risks and concerns

Maximum revenue comes from limited customers: The company’s top ten customers contribute 99.30%, 90.16% and 94.36% of its revenue from operations for the financial year ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. Such concentration of the company’s business on a limited number of clients and projects increases the potential volatility of its results and exposes it to individual contract risks. It cannot assure that it will be able to maintain historical levels of project orders from its existing clients or replace them with new clients in the event of any loss of business. The loss of any significant customer may have a material and adverse effect on the company’s business and results of operations.

Geographical constrain: The company manufactures fabricated structures and other products from its two Manufacturing Facilities, located in Umbergaon, Gujarat and Khopoli, Maharashtra. Due to the geographic concentration of its Manufacturing Facilities, its operations are susceptible to local and regional factors, such as economic and weather conditions, natural disasters, political, demographic and population changes and other unforeseen events and circumstances. Such factors could result in the damage or destruction of a significant portion of its manufacturing abilities and/or otherwise materially adversely affect its business, results of operations, financial condition and cash flows.

Huge working capital requirement: A significant amount of working capital is required to finance the purchase of raw materials, equipment, mobilization of resources and other work on projects before payment is received from clients. Many of the company’s contracts follow milestone based payment structures, with a portion of the contract value retained by clients as security until the completion of defect liability periods, which typically range from 6 to 18 months. These retention amounts can create cash flow mismatches, requiring it to rely on external borrowings to fund operations, increasing its financing costs. Any delays in client payments, retention money, or extended credit terms may strain its liquidity, increase financing costs and impact profitability.

Outlook

Karbonsteel Engineering is an engineering solutions provider, specializing in designing, manufacturing, and supplying high-quality products across various industries. The company provides structural engineering and fabrication solutions for steel plants, railway bridges, oil & gas plants, refineries, and other industries, supporting construction, expansion, and modernization of large-scale projects. The company has advanced in-house manufacturing and testing capabilities. On the concern side, the company’s business is substantially dependent on certain key customers; from whom it derives a significant portion of its revenues. The loss of any significant customer may have a material and adverse effect on its business and results of operations. Moreover, its business is working capital intensive and delays in client payments, retention money, or extended credit terms may strain its liquidity, increase financing costs and impact profitability. 

The company is coming out with a maiden IPO of 37,29,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 151-159 per equity share. The aggregate size of the offer is around Rs 56.32 crore to Rs 59.30 crore based on lower and upper price band respectively. On performance front, the company has reported 25.06% rise in revenue from operations at Rs 27,305.35 lakh in FY25 as compared to Rs 21,833.76 lakh in FY24. Moreover, the company’s net profit surged 50.23% to Rs 1,415.93 lakh in FY25 as compared to Rs 942.49 lakh in FY24.

Karbonsteel Engineering is engaged in the fabrication and supply of steel bridge structures for railway projects, including high-speed rail projects. The company’s manufacturing facility at Umbergaon, Valsad, Gujarat is approved by the Research Designs and Standards Organization (RDSO) under the Ministry of Railways, India, for the fabrication of steel bridge girders, including composite girders and steel plate girders. As part of its strategy to strengthen its presence in the railway infrastructure segment, the company proposes to establish a dedicated manufacturing shed at its Umbergaon facility to focus exclusively on railway projects. This dedicated shed will be utilized for the fabrication of Foot Over Bridges (FOBs), Road Over Bridges (ROBs) and steel bridge girders, with provisions for raw material storage, processing, fabrication, assembly and dispatch in a designated area. Establishing dedicated infrastructure for railway projects will support its efforts to increase its participation in this segment and align its capacities to cater to future opportunities in the railway infrastructure sector in India.

Sharvaya Metals

• Sharvaya Metals is coming out with an initial public offering (IPO) of 30,00,000 equity shares in a price band of Rs 192-196 per equity share.
• The issue will open on September 4, 2025 and will close on September 9, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 19.20 times of its face value on the lower side and 19.60 times on the higher side.
• Book running lead manager to the issue is Expert Global Consultants.
• Compliance Officer for the issue is Nishi Dilip Porwal.

Profile of the company

Sharvaya Metals is engaged in the business of providing Aluminium products to both domestic and international customers. The company has been in existence for more than 10 years and it has started its manufacturing unit in the year 2017. The company has its extensive product range, which includes the manufacturing of Aluminium Alloyed Ingots, Aluminium Billets, Aluminium Slabs, Aluminium Sheets, Aluminium Circles and Electric Vehicle (EV) battery housing, also known as a battery case or battery enclosure, that protects the battery cells from damage and provides structural support. Its products find application across various industries including cookware, consumer appliances, electric vehicle, LED, aviation, defence, automotive, extrusions, constructions etc. It operates its manufacturing unit located in Ahmednagar, Maharashtra. Its manufacturing unit is strategically located with availability of transportation, skilled labor, water, electricity etc.

The company’s manufacturing unit provides products to its customers as per defined industry standard. It provides tailor made products also as per customer requirements. The company has experience of meeting critical and stringent requirements of its customers like manufacturing aluminium alloyed ingots required for high pressure die castings, billets required for aluminium extrusions industry and aluminium sheets & circles required primarily for utensils and cookware industry. Its unit is supported by infrastructure for storage of raw materials, manufacturing of its products, storage of finished goods, together with quality control and R&D laboratory.

The company is focused at consistently expanding its product portfolio by developing new designs. The company works closely with its customers to obtain their insights and feedback about the upcoming trends in the industry which enables it to develop and improve its products to fulfil the requirements of the market. These products are designed to cater to various applications, specifically focusing on meeting the requirements of the automobile, engineering, and electric vehicle sectors. Presently, the company is serving to customers from OEM suppliers in cookware industries, whereas in the automobile sector it is directly supply to tier one vendors and aluminium ingots for LED lights manufacturing companies.

Proceed is being used for:

• Meeting working capital requirements
• Funding capital expenditure for Civil construction and electrification
• Funding capital expenditure for purchase of Plant and Machinery
• General corporate purposes  

Industry Overview

Aluminium industry is one of the leading segments of the Indian economy and is expected to play a significant role in its future growth. Aluminium is one of the lightest metals in the world and as a result it is used widely in the production of multiple products. This metal has a shiny silver colour and it is malleable meaning it can be bend without breaking. Aluminium is produced industrially by electronic reduction of alumina through a smelting process termed as the Hall Heroult process. It can be estimated that there are around 4000 companies involved in the downstream Indian aluminium industry, 39 although if very small units are counted they are likely to be more. The downstream sector comprises manufacturers of both intermediate products - such as rods and bars, plates and slabs, wire rods and wires, castings and forgings - and further value added products like foils and custom made sheets, tubes and pipes, profiles and structures for a variety of uses, door and window frames, stranded wires and cables, solar panel frames and mountings, kitchen utensils, vehicle wheels and auto components, apart from a host of other items; some downstream processing involves upto the intermediate stage and, in certain cases, even beyond.

Aluminium demand is forecast to grow by 33.3 Mt in the following decade, going from 86.2 Mt in 2020 to 119.5 Mt in 2030. Around 37% of this growth is expected to come from China, followed by 26% from Asia ex. China, 15% from North America and 14% from Europe. The highest growth in terms of absolute demand will come from the Transportation sector which, driven by decarbonization policies and the shift from vehicles powered by traditional fossil fuels to electric vehicles (EVs), will go from consuming 19.9 Mt of aluminium in 2020 to consuming 31.7 Mt in 2030. Most of this growth will come from China (33%), North America (22%) and Europe (19%). In the second part of the following decade, CRU expects governments to start gradually phasing out subsidies that currently support growth in EV sales, which will lead to the cost of EVs vs ICEs to become a key factor for the industry.

Aluminium consumption from the Packaging sector will increase from 7.2 Mt in 2020 to 10.5 Mt in 2030, driven mainly by the rise in popularity of canned drinks in North America, Europe, and China. The surge of demand for canned drinks in recent years, and the subsequent demand of aluminium from the Packaging sector, has been fuelled by the emergence of new products as well as a strong consumer preference for packaging options that are environmentally friendly. This is strongly linked to the negative perception that consumers in Western economies have of PET and other plastics that normally compete with aluminium in this space. Due to this dynamic, it is especially relevant for the aluminium industry to focus on looking after aluminium’s public perception as a green, recyclable material with a low carbon footprint.

Pros and strengths

Fully integrated manufacturing facility: The company’s manufacturing unit is fully integrated and self-sufficient. The raw materials and consumables are readily available. Further, all other utilities like fuel, power and human resources have posed no hurdle till date. All the equipment required for manufacturing the products like aluminium alloyed ingots, aluminium billets, aluminium circles etc. are in place. It continuous endeavour to maintain the requisite infrastructure and technological up gradation for the smooth running of the manufacturing process as well as to cope with the changing market demand situation. It strives to keep itself technologically upgraded with the latest technology machines and infrastructure.

Multi-product portfolio: The company’s long-term objective is to be one-stop shop to its customers for all non-ferrous metal products. It has been expanding and broad basing its product portfolio and it currently produces large range of aluminium products. Thus, it has a multi-product portfolio and has the ability to adjust to needs of its customers. It maintains cordial relationships with its customers by strategically aligning its offerings with their requirements. The company’s track record of delivery of quality products and established technical expertise has strengthening the relationships with its customers and gaining increased business from them.

Optimal utilization of resources: The company constantly endeavours to improve its service process and will increase its procurement process to optimize the utilization of resources. It has invested significant resources and intend to further invest in its existing Supplier Relationship, Experienced Management Team, Existing Client Base, Optimal Utilization of Resources activities to develop customized systems and processes to ensure effective management control. It regularly analyzes its existing policies to be carried out for operations of the company which enable it to identify the areas of bottlenecks and correct the same. This helps it in improving efficiency and putting resources to optimal use. 

Risks and concerns

Maximum revenue comes from limited customers: The company’s top three customers contribute 91.04%, 93.74%, and 79.73% of its total sales for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. It presently does not have any long-term or exclusive arrangements with any of its customers and it cannot assure that it will be able to sell the quantities it has historically supplied to such customers. The company’s customers may also cancel purchase orders at short notice or without notice, which could have an impact on its inventory management. In the event of frequent cancellations of purchase orders, the same could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Geographical constrain: The company has only one production unit that is located in Ahmednagar. Its manufacturing operations and consequently its business is dependent upon its ability to manage the unit, which are subject to operating risks, including those beyond its control. In the event of any disruptions at its unit, due to natural or man-made disasters, workforce disruptions, delay in regulatory approvals, fire, failure of machinery, lack of continued access to assured supply of electrical power and water at reasonable costs, changes in the policies of the states or local government or authorities or any significant social, political or economic disturbances or civil disruptions in and around Ahmednagar, Maharashtra its ability to manufacture its products may be adversely affected.

High working capital requirement: The company’s working capital requirements for Financial Year 2026 are estimated at Rs 4,254.32 lakh. An amount of Rs 900.00 lakh in Financial Year 2026 toward working capital requirements will be funded out of the Offer Proceeds, whereas the balance, would be arranged from its internal accruals and/or loan funds. If the company experiences insufficient cash flows to meet required payments on its working capital requirements, there may be an adverse effect on the results of its operations.

Outlook

Sharvaya Metals is specialized in manufacturing, supplying, and exporting of aluminum products, including alloyed ingots, billets, slabs, sheets, and electric vehicle battery enclosures. The company has fully integrated manufacturing facility. It also has multi-product portfolio. On the concern side, the company is dependent on a few customers for a major part of its revenues. Further, it does not enter into long-term arrangements with its customers and any failure to continue its existing arrangements could adversely affect its business and results of operations. Moreover, the company has only one production unit that is located in Ahmednagar and any localized social unrest, natural disaster or breakdown of services could have material adverse effect on its business and financial condition. 

The company is coming out with a maiden IPO of 30,00,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 192-196 per equity share. The aggregate size of the offer is around Rs 57.60 crore to Rs 58.80 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations for the financial year 2024-25 is Rs 11,251.66 lakh. This represents Rs 4,106.31 lakh or 57.47% increase compared to the previous financial year's revenue from operations of Rs 7,145.35 lakh. Moreover, the Profit After Tax (PAT) for the financial year 2024-25 reached Rs 1,250.93 lakh, marking an increase from Rs 153.57 lakh in the financial year 2023-24.

The company has a diversified base of customers in Indian as well as overseas countries. Its product offerings have led to consistent consumer retention. Its growth strategy in these markets will be to create strong local presence and connect and expertise with required development capabilities to exploit growth potential offered by these markets. Its strong focus will remain on acquiring new customers, retaining existing customers and offering good quality products. This will also aid it in enhancing its brand value. Enhancing its presence in additional regions will enable it to reach out to a larger population. Further, the company maintains long term relationships with its customers in terms of increased sales. It aims to achieve this by adding value to its customers through innovation, quality assurance, timely delivery, and reliability of its products.

Vigor Plast India

• Vigor Plast India is coming out with an initial public offering (IPO) of 30,99,200 equity shares in a price band of Rs 77-81 per equity share.
• The issue will open on September 4, 2025 and will close on September 9, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.70 times of its face value on the lower side and 8.10 times on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance Officer for the issue is Ajay Kumar Agrawal.

Profile of the company

Vigor Plast India was incorporated in 2014, initially focusing on the trading of PVC pipes and fittings. In the year 2020 onwards, it expanded its operations by establishing a manufacturing facility to produce Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products. The company is a manufacturer and supplier of a comprehensive range of Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC) and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products for various applications in plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management. It caters to both rural and urban markets and provides long lasting solutions for water distribution, wastewater management, and drainage. Its products, known for their durability and resistance to corrosion, are used in residential, commercial, agricultural and industrial sectors. Its focus is on delivering high-quality, efficient systems that meet the diverse requirements of its customers.

The company has received several quality certifications from the Bureau of Indian Standards (BIS) for both its products and manufacturing facility. The company’s facility complies with the ISO 9001:2005 Quality Management Standard, ensuring the consistent manufacturing, export, and supply of uPVC, cPVC, and PVC products. Additionally, the company has been awarded various IS Certifications, including IS 14735:1999 for Unplasticized PVC Injection Moulded Fittings for soil and waste discharge systems, IS 13592:2013 for Unplasticized Polyvinyl Chloride (PVC-U) Pipes for soil and waste discharge systems in buildings, IS 7834:Part I:1987 for Injection Moulded PVC Socket Fittings with solvent cement joints for water supplies, IS 4985:2021 for Unplasticized PVC Pipes for potable water supplies, IS 17546:2021 for Chlorinated polyvinyl chloride CPVC fittings for potable hot and cold water distribution supplies specification and IS 15778:2007 for Chlorinated polyvinyl chloride (CPVC) pipes for potable hot and cold water distribution supplies. These certifications demonstrate the quality and reliability of its products across various categories.

The company’s manufacturing facility, which also serves as its registered office, is strategically located in Dared, Gujarat, enabling it to streamline operations and maintain close oversight of its production processes. Here, it uses fully automated equipments to produce quality products. This helps it to ensure that every product meets the required standards consistently and efficiently. This approach allows it to enhance efficiency, minimize human error, and ensure that each product is manufactured with precision and quality. Its dedicated team plays a crucial role in maintaining these standards. It includes skilled workers, operators, packing supervisors, QC officers, and production managers, all of whom bring professional expertise to their respective roles. Their collective efforts ensure that every step of the production process - from raw material handling to packaging - is carefully monitored to maintain product integrity and quality. In addition, it has an in-house laboratory at its Dared facility to perform quality checks throughout the manufacturing process. The lab is equipped with the latest tools and technology, allowing it to conduct thorough tests and stay up-to-date with industry standards and advancements.

Proceed is being used for:

• Repayment of certain secured borrowings availed by the company
• Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat
• General corporate purposes  

Industry Overview

The Indian plastic industry is one of the leading sectors in the country’s economy. The history of the plastic industry in India dates to 1957 with the production of polystyrene. Since then, the industry has made substantial progress and has grown rapidly. The industry is present across the country and has more than 2,500 exporters. It employs more than 4 million people in the country and constitutes 30,000 processing units; among these, 85-90% belong to small and medium enterprises. India manufactures various products such as plastics and linoleum, houseware products, cordage, fishnets, floor coverings, medical items, packaging items, plastic films, pipes, raw materials, etc. The country majorly exports plastic raw materials, films, sheets, woven sacks, fabrics, and tarpaulin. The Government of India intends to take the plastic industry from a current level of Rs 3,00,000 crore ($37.8 billion) of economic activity to Rs 10,00,000 crore ($126 billion) in four-five years.

In FY25 (until January 2025), India’s plastic exports stood at Rs. 89,296 (US$ 10.34 billion). During this period, the exports of plastic films & sheets, FIBC woven sacks woven fabrics & tarpaulin and Packaging items - flexible rigid grew by 19.6%, 17.2%, and 10.1%, respectively, over the same period last year. The cumulative exports of plastics and related materials during FY23 were valued at $11.96 billion. This was a 10.4% decrease from FY22 exports valued at $13.35 billion. Plastic raw materials were the largest exported category and constituted 27.76% of the total exports in FY23; it recorded a growth of 21.5% over the previous year. Plastic films and sheets were the second largest category, comprising 15.13% of the total exports, but declined by 10.6% over the previous year. In June 2024, the exports of plastics and linoleum from India were valued at $980.8 million.

The Plastic Export Promotion Council (PLEXCONCIL) has set a target to increase the plastic exports of the country to $25 billion by 2027. There are multiple plastic parks that are being set up in the country in a phased manner that will help improve the plastic manufacturing outputs of the country. Under the plastic park schemes, the Government of India provides funds of up to 50% of the project costs or a ceiling cost of Rs 40 crore ($5 million) per project. The government also launched a program for building Centres of Excellence (CoEs) to develop the existing petrochemical technology and promote the research environment pertaining to the sector in the country. This will aid in promoting and developing new applications of polymers and plastics in the country. Additionally, about 23 Central Institute of Plastics Engineering & Technology (CIPET) have been approved to accelerate financial and technological collaboration for promoting skills in the chemicals and petrochemicals sector.

Pros and strengths

Wide range of products to serve its customer base: The company offers an extensive range of pipes and fittings designed to meet the varied needs of its customers across multiple sectors, including residential, commercial, and industrial applications. This wide array of products not only enhances its ability to cater to a broad customer base but also allows it to provide customized solutions, ensuring that it can meet specific client requirements efficiently. Its comprehensive range of products allow it to effectively address the diverse requirements of its end customers and enable its distributors/dealers to source most of their plumbing and allied building materials requirements directly from a single source. The diversity in its product line enables it to mitigate risks associated with demand fluctuations in any single product category, thereby contributing to its overall market resilience and sustained growth.

The brand image is a reflection of its commitment to quality and reliability: The company’s products are sold under the brand “Vigor” and logo. Over time, the company has worked to establish a strong and identifiable brand presence in the market. A key aspect of this visibility is its collaboration with a brand ambassador, whose association with its brand plays a significant role in increasing awareness and reinforcing its position in the market. It focuses on consistently delivering products that meet or align with customer expectations, which has contributed to the development of a loyal customer base and a respected reputation within the industry. This ongoing commitment to quality, paired with the endorsement of its brand ambassador, helps foster customer loyalty and enhance retention. It also provides it with a competitive edge, enabling it to attract new customers and expand into emerging markets. The credibility of the “Vigor” brand is a fundamental aspect of its market positioning. By maintaining a strong and trusted brand, it is better able to navigate the competitive landscape, support its growth strategies, and capitalize on opportunities for expansion.

Commitment to quality and standards: The company is certified under ISO 9001:2015 Quality Management Standard as manufacturer, exporter and supplier of PVC, cPVC and uPVC Pipes and fittings. Further, the company also holds various IS Certifications. These certifications demonstrate the quality and reliability of its products across various categories. It is dedicated to delivering cPVC, uPVC and PVC products which adhere to stringent quality standards from the onset of its manufacturing process. Its commitment extends from the careful selection of raw materials to the precise execution of manufacturing procedures. The company’s rigorous quality assurance measures and process controls help it to prevent defective products from reaching its customers. 

Risks and concerns

Significant revenue comes from limited customers: The company’s top ten customers (dealers/distributors) have contributed 27.10%, 35.69% and 39.65% of its revenues for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 based on Restated Financial Statements. However, its top customers may vary from period to period depending on the demand and thus the composition and revenue generated from these customers might change as it continues to add new customers in the normal course of business. Since its business is concentrated among relatively few significant customers, it could experience a reduction in its results of operations, cash flows and liquidity if it loses one or more of these customers or the amount of business, it obtains from them is reduced for any reason, including but not limited on account of any dispute or disqualification.

Geographical constrain: The company’s operations are geographically concentrated with all its warehouses currently located in the state of Gujarat. While it has a distribution network that spans 25 states and union territories across India, the absence of warehouses in other regions could present logistical challenges. This concentration poses risks related to increased transportation costs, delivery delays, and dependence on the efficient operation of its Gujarat-based warehouses. Any disruption in the functioning of these warehouses due to natural calamities, labour unrest, regulatory changes, or other unforeseen events may adversely affect its ability to meet the demand for its products in a timely and cost-efficient manner. While such instances have not occurred in the past, however, occurrence of such instances in the future may have an adverse effect on its financial condition and results of operations.

Stiff competition: The company operates in a competitive industry that experiences rapid technological developments and changes in customer requirements. Its competitors include the big, mid-sized, and several smaller local competitors in the geographic markets in which it operates. The company may face competition from companies that grow in size or scope as the result of strategic mergers or acquisitions, which may result in larger competitors with significant resources that benefit from economies of scale and scope. Such events could have a variety of negative effects on its competitive position and its financial results, including reducing its revenue, increasing its costs, and lowering its gross margin percentage.

Outlook

Vigor Plast India is engaged in the manufacturing and supplying of CPVC and UPVC pipes and fittings. The company offers a comprehensive range of products, including CPVC and UPVC plumbing pipes and fittings, SWR pipes, and PVC agricultural pipes. These products are designed for use in various applications, including plumbing, sewage, agriculture, and industrial sectors. The company has A modern, strategically located manufacturing setup enabling efficiency in cost, production, and logistics. On the concern side, the company’s top ten suppliers contribute the majority of its purchases and any loss of business with one or more of them may adversely affect its business operations and profitability. Moreover, Geographical Concentration of its warehouses in a single state may have an adverse effect on its business, results of operations and financial condition. 

The company is coming out with a maiden IPO of 30,99,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 77-81 per equity share. The aggregate size of the offer is around Rs 23.86 crore to Rs 25.10 crore based on lower and upper price band respectively. On performance front, the company has reported 7.29% rise in revenue from operation at Rs 4,557.79 lakh in FY25 as compared to Rs 4,248.08 lakh in FY24. Moreover, the company’s net profit surged 75.84% to Rs 515.06 lakh in FY25 as compared to Rs 292.91 lakh in FY24.

In a bid to optimize delivery efficiency and improve product availability, it will implement a strategic expansion of its warehouse network across key location. By having warehouses closer to major markets and distribution centers, it will significantly reduce lead times and ensure quicker response to customer demands. This will also enable it to maintain higher inventory levels, minimizing stock outs and enhancing its ability to meet fluctuating market needs. This approach not only supports improved service delivery but also reinforces its commitment to operational excellence and customer satisfaction.

Austere Systems

• Austere Systems is coming out with an initial public offering (IPO) of 28,30,000 equity shares in a price band of Rs 52-55 per equity share.
• The issue will open on September 3, 2025 and will close on September 8, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.20 times of its face value on the lower side and 5.50 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance Officer for the issue is Shampa Juneja.

Profile of the company

Founded in 2015, Austere Systems specializes in an extensive array of services, including software development, Software as a Service (SaaS), mobile application development, information technology solutions, database management, IT enabled services, training and development, web development, web and portal operations, e-commerce platforms, ERP and MIS solutions, Data Analytics and AI Services, Process automation, Digital Transformation as well as data and document management storage.

The company also engages in reselling software products and providing business process outsourcing and knowledge management solutions, alongside IT consulting and advisory services. Strategically, it focuses on global and Indian clients in which it serves both private and in government sector, in which it serves the largely underserved rural markets in India - an area often overlooked by other IT firms. By forging collaborative partnerships with state governments and gram panchayats across various regions, it is dedicated to delivering customized IT solutions that effectively address the unique needs and challenges faced by these communities. The company is an AWS public partner to provide cloud services to its clients.

The company’s Board of Directors includes a combination of management executives and directors who bring in significant technology, business consulting, business operations and management expertise. It is led by professional management team with extensive experience in the IT Services industry for vast technology-stack, in-depth understanding of managing complex projects and proven performance track record for handling big clients.

Proceed is being used for:

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

Industry Overview

The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.4% of India’s GDP in FY22, and it is expected to contribute 10% to India’s GDP by 2025. India's IT industry is likely to hit the US$ 350 billion mark by 2026 and contribute 10% towards the country's gross domestic product (GDP), Info metrics Ratings said in a report. The Indian IT industry’s revenue touched $227 billion in FY22, a 15.5% YoY growth and was estimated to have touched $245 billion in FY23. As per a survey by AWS (2021), India is expected to have nine times more digitally skilled workers by 2025. This indicates that a total of 3.9 billion digital skill trainings are expected by 2025. India will need 30 million digitally skilled professionals by 2026.

The IT industry added 4.45 lakh new employees in FY22, bringing the total employment in the sector to 50 lakh employees. India’s technology industry is on track to double its revenue to $500 billion by 2030. Direct employment in the IT services and BPO/ITeS segment is estimated to reach 5.4 million in FY23 with an addition of 290,000 people. The IT-BPM services revenue reached $194 billion in FY21. In 2022, the Indian domestic IT & Business Services market was valued at $13.87 billion and recorded a 7.4% year-over-year (YoY) growth as compared to 7.2% in 2021.

IT sector for excelling in its competitive strength with zero government interference. He further added that service exports from India had the potential to reach $1 trillion by 2030. Spending on information technology in India is expected to reach $144 billion in 2023. The cloud market in India was expected to grow three-fold to $7.1 billion by 2022 with the help of growing adoption of big data, analytics, artificial intelligence and the Internet of Things (IoT), according to Cloud Next Wave of Growth in India report. India’s digital economy is estimated to reach $1 trillion by 2025. Artificial Intelligence (AI) is expected to boost India's annual growth rate by 1.3% by 2035, according to NITI Aayog. The Karnataka government signed three MoUs worth $13.4 million to help the state's emerging technology sector.

Pros and strengths

Global and domestic client base from different set of industries: With over a hundred clients worldwide, the company takes pride in maintaining strong client connections. Its steady track record of successful project execution and client satisfaction makes it as a trusted technological partner. The company’s business approach, which is based on technical competence, results-oriented solutions, flexibility, and open communication, is critical to its success. Cross-domain competencies enable it to deliver bespoke solutions that are matched with client needs, resulting in measurable ROI.

Comprehensive service and in-house product portfolio: The company’s extensive service portfolio includes web-application development, real store operation applications, proof of concepts, RFP creation, process automation, manual and automation testing, cloud computing, and platform deployment. This wide array of offerings enables the company to meet diverse technological needs, providing tailored solutions that drive business efficiency and innovation. The company’s in-house products further enhance its service portfolio, demonstrating the company’s commitment to providing specialized solutions for various industries. These products include the Election Monitoring System, Retail PoS Software & Mobile Application used at HAFED stores, Litigation Management System, and Social Media Tracing -D2P2 analysis (Descriptive/Diagnostic & Predictive/Perspective). Each product is designed to address specific business challenges, offering robust and innovative tools that help organizations streamline operations, improved decision-making, and achieve their strategic goals.

Scalable business model: The company’s business model is highly scalable due to its dual revenue streams from multiple service-driven offerings, in-house products. The service-driven revenue comes from providing tailored IT solutions to clients across various industries, allowing the company to adapt to the specific needs of different markets. In India, particularly in rural areas, company's service-driven approach involves collaborations with state governments and gram panchayats to implement IT solutions that cater to local needs. Globally, this model can be replicated in other regions, scaling its service offerings to meet diverse demands. 

Risks and concerns

Maximum revenue comes from limited customers: The company’s top ten customers contribute 55.49%, 74.69%, and 77.34% of its total sales for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Its business heavily relies on its customer base, and the potential loss of any of its customers could have a negative impact on its sales and, consequently, its overall business and financial performance. If it was to lose one or more of its significant or key customers or experience a reduction in the volume of business they provide, it could result in adverse consequences for its business, financial health, and cash flow.

Dependent upon the experience and skill of management team: The company is dependent on a highly qualified, experienced and capable management team for design and execution of its projects. Its ability to meet continued success and future business challenges depends on its ability to attract, recruit and retain experienced, talented and skilled professionals. The loss of the services of its key personnel or its inability to recruit or train sufficient number of experienced personnel or its inability to manage the attrition levels in different employee categories may have an adverse effect on its financial results and business prospects.

Length of sales cycle may fluctuate significantly: Implementing its products and any related services may entail a significant commitment of resources by prospective customers, accompanied by the risks and delays frequently associated with significant technology implementation projects. Such delays and fluctuations could cause its revenues and results of operation to fluctuate significantly across time periods, and it may not be able to adjust its costs quickly enough to offset such lower revenues, potentially adversely impacting its business, operating results and financial condition.

Outlook

Austere Systems is a software development company specializing in IT services and solutions for startups and enterprises. The company specializes in software development, SaaS, mobile apps, IT solutions, database management, training, e-commerce, ERP, AI services, process automation, digital transformation, and data/document management. The Company ensures businesses stay competitive by rapidly adapting to and leveraging the latest technological advancements. The company has comprehensive service and in-house product portfolio. On the concern side, the length of the company’s sales cycle may fluctuate significantly and depends on several external factors which may result in significant fluctuations in its revenue. Moreover, the company may face difficulty in hiring skilled staff for its smooth operations. 

The company is coming out with a maiden IPO of 28,30,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 52-55 per equity share. The aggregate size of the offer is around Rs 14.72 crore to Rs 15.56 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for Fiscal year 2025 was Rs 18,62,051.23 hundreds as against Rs 18,56,571.23 hundreds for Fiscal year 2024, a marginal increase of 0.30% in revenue from operations. This increase was due to more workflow from existing clients and acquisitions of new clients. Moreover, profit after tax for the Fiscal 2025 were at Rs 4,01,325.53 hundreds against profit after tax of Rs 4,14,526.71 hundreds in Fiscal 2024, a decrease of 3.18%. This decrease was due to increase in finance cost and increase in other expenses.

The company has built strong ties with its clients throughout the years. It focuses on researching and consulting with customers to better understand their behaviour, preferences, and trends. It feels that this provides it a unique perspective on its engagements. It aspires to become an integral part of its customer’s growth plan, providing services across many touchpoints and projects. It aims to create innovative solutions and products for undeserved industries and untapped markets like rural governments. It aims to provide specialized services for each stage of the software product life cycle to support customers throughout the whole development process. In addition, it wants to provide its clients with onsite professional services and advising to help them as they roll out their products to end consumers. It wants to expand its business partnerships with worldwide companies to better serve local clients.

Goel Construction Company

• Goel Construction Company is coming out with an initial public offering (IPO) of 38,08,000 equity shares in a price band of Rs 250-263 per equity share.
• The issue will open on September 2, 2025 and will close on September 4, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 25.00 times of its face value on the lower side and 26.30 times on the higher side.
• Book running lead manager to the issue is Srujan Alpha Capital Advisors.
• Compliance Officer for the issue is Surbhi Maloo.

Profile of the company

Goel Construction Company is construction contractors having experience in construction of industrial plants and infrastructure projects. Its primary focus and strength has been deeply rooted in construction of Cement Plant, Power Plant and Dairy Plant and other industrial plants. Its focus is on delivering construction services, ensuring quality, timely execution and adherence to project specifications. Its understanding of industrial construction requirements of its clients, its commitment to safety, and the ability to manage complex projects, fosters long term relationship with its clients.

Over the years, the company has strengthened its execution capabilities and developed managerial expertise in handling large-scale assignments, gradually shifting its focus toward executing complete construction projects. One of its initial projects undertaken in Rajasthan had a project value of Rs 159 lakh, whereas a project awarded to it in 2024 in Madhya Pradesh has a project value of Rs 17,200.33 lakh. This growth highlights its increasing capacity to undertake entire projects independently.

The company has successfully expanded its geographical footprint, with a presence in the states of Rajasthan, Andhra Pradesh, Haryana, Gujarat, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Punjab, Maharashtra, Karnataka and Uttar Pradesh.

Proceed is being used for:

• Capital expenditure towards purchase of additional equipments and fleets
• Repayment / prepayment of certain outstanding borrowings availed by the company
• General corporate purpose  

Industry Overview

The construction sector encompasses a broad range of activities involved in the planning, design, development, and maintenance of buildings and infrastructure. This includes residential, commercial, and industrial structures, as well as roads, bridges, railways, ports, airports, water supply systems, and energy facilities. It plays a foundational role in national development by creating the physical framework necessary for economic activity, public services, and improved quality of life. The sector is supported by a wide network of industries providing raw materials, equipment, and services, making it one of the most interconnected and influential components of the economy. The construction sector serves as a vital pillar of the Indian economy, with extensive linkages spanning over 250 ancillary industries such as cement, steel, paints, bricks, tiles, and more. It ranks as the second-largest economic activity in the country after agriculture, contributing an estimated 9.1% to the national Gross Value Added (GVA) in FY 2025, according to data from the Ministry of Statistics and Programme Implementation (MoSPI). When combined with outputs from real estate services and ownership of dwellings, the broader construction ecosystem contributes approximately 14.3% to the total GVA at constant prices.

As the Indian economy continues to expand, rising disposable incomes are driving increased demand for residential, commercial, and retail spaces, thereby fuelling construction activity across various segments. A strong economic outlook also attracts both domestic and foreign investments in infrastructure sectors such as power generation, transportation, and industrial development, resulting in substantial construction contracts and further strengthening the industry. The growth of key sectors including IT, e-commerce, and manufacturing is generating demand for specialized facilities such as commercial offices, warehouses, and production units, further accelerating construction momentum. Consequently, India’s construction market is projected to become the second largest globally by 2030, with the sector’s Gross Value Added (GVA) anticipated to reach INR 20.7 trillion, growing at a CAGR of 5.8% between FY 2025 and FY 2030.

Additionally, United Nations projections estimate India’s population will reach 1.64 billion by 2047, with 51% residing in urban areas. This demographic shift, driven by a young population migrating to cities, will intensify demand for housing, student accommodation, and rental properties. It will also necessitate significant investments in essential infrastructure such as schools, healthcare facilities, and public transport systems. Recognizing that quality infrastructure is vital for sustained economic growth, the government continues to prioritize infrastructure development through initiatives such as Smart Cities, with a focus on sustainable urban planning, improved public amenities, and efficient waste management. The construction sector is therefore poised for strong growth, supported by increased government budget allocations and major infrastructure programs including the National Infrastructure Pipeline (NIP), PM Gati Shakti, Smart Cities Mission, Swachh Bharat Mission, and metro rail projects.

Pros and strengths

Project management and execution capabilities: The company has established a track record in executing a diverse range of construction projects.in the last 4 years, it has successfully completed over 19 projects and are currently have 14 ongoing projects. Its clientele includes corporate entities, cooperative societies, and other organizations. Its experienced management and execution teams have played a key role in strengthening its project execution capabilities. Over the years, the company has developed expertise in across various phases of the project life cycle including tendering, procurement, execution and successful completion. This has enabled it to handle projects of varying complexities, ensuring adherence to technical specifications and contractual obligations.

Long standing relationships with customer: It has established long term relationships with its customers and has been providing services to some of its customers for several years. The company’s reputation for completing projects in a timely manner and its focus on quality has helped it to build strong relationships with its customers. As a result of its long-standing relationships with its customers, it is well equipped to retain its presence in the market and build upon these relationships to increase its order book and reach out to new customers.

Strong order book providing revenue visibility: The order book represents the total value of unexecuted portions of awarded contracts, providing an indication of future revenue potential and project commitments. The company’s Order Book was Rs 45,320.92 lakh as of March 31, 2023, Rs 54,730.89 lakh as of March 31, 2024, and Rs 43,848.81 lakh as of March 31, 2025. The company’s order book-to-revenue from operations ratio was 0.74 times, 1.42 times and 1.67 times for Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Additionally, as on June 30, 2025, it has received Letter of Acceptance (LOA) for 1 additional project with a total contract value of Rs 19,176.10 lakh, bringing its closing order book to Rs 59,660.28 lakh. The company has expanded its ability to bid for a wider range of projects, which has led to increased business volume and profitability. Over the years, both the size and value of the projects the company undertake have grown. 

Risks and concerns

Maximum revenue comes from limited customers: Maximum revenue of the company comes from few customers. The company has garnered 95.69%, 97.23% and 99.66% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Such concentration of the company’s business on selected projects or clients may have an adverse effect on its results of operations. It cannot assure that it can maintain the same levels of business from its highest revenue contributing clients. Furthermore, events such as adverse market conditions, any restructuring or changes in the regulatory regime, could adversely affect its clients and consequently impact its business.

Business is subject to seasonal variations: The company’s construction work is subject to seasonal variations. For example, it typically experiences, slower work progress in monsoon season as compared to rest of the year. Due to these factors, comparisons of revenue and operating results between the same periods within a single year, or between different periods in different fiscals, are not necessarily meaningful and should not be relied on as indicators of its performance. It accounts for this seasonality in work progress and cash flow projections. However, it cannot assure that in future, it will always be able to accurately forecast its project schedule. If its estimates materially differ from actual work progress, it may experience either delay or halt in project completion, which in turn could adversely affect its business, results of operations, financial condition and prospects.

Stiff competition: The company operates in a competitive environment. The principal factors affecting competition include: price; customer relationships; technical excellence or differentiation; service quality; health, safety and environmental standards and practices; financial strength; breadth of technology and technical sophistication and risk management awareness and processes. The level of competition also varies depending on the sector or business vertical, as well as the size, nature and complexity of the project and the geographical region in which the project is to be implemented. There can be no assurance that it can continue to effectively compete with its competitors in the future, and the failure to compete effectively could have a material adverse effect on its business, financial condition and results of operations. Moreover, the competitive nature of the industry may result in lower prices for its services and decreased gross profit margins, either of which may materially adversely affect its profitability.

Outlook

Goel Construction Company is a construction and infrastructure company with a strong presence across multiple sectors. The company is engaged in civil and structural works, with expertise spanning cement plants, dairies, hospitals, steel, power plants, pharmaceuticals, and institutional projects. It has strong project management and execution capabilities. It also has long-standing customer relationships across multiple sectors. On the concern side, the company derives a significant portion of its revenues from a limited number of clients. The loss of any significant clients may have an adverse effect on its business, financial condition, results of operations, and prospects. Moreover, the company’s reliance on raw material suppliers for its business operations exposes it to a variety of risks which could materially disrupt its operations.

The company is coming out with a maiden IPO of 38,08,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 250-263 per equity share. The aggregate size of the offer is around Rs 95.20 crore to Rs 100.15 crore based on lower and upper price band respectively. On performance front, the company’s revenue from Construction Works increased by 52.72%, to Rs 58,911.18 lakh in Financial Year ended March 31, 2025 from Rs 38,573.37 lakh in Financial Year ended March 31, 2024. Other operating revenue increased by 167.54% to Rs 87.27 lakh in Financial Year ended March 31, 2025 from Rs 32.62 lakh in Financial Year ended March 31, 2024. The company’s revenue from operation consists of revenue from Construction Works and Other operating revenue. Moreover, the company recorded an increase of 69.25% in profit after tax from Rs 2,264.33 lakh in Financial Year ended March 31, 2024 to Rs 3,832.25 lakh in Financial Year ended March 31, 2025.

The company plans to continue on acquiring key equipment and fleet necessary for efficient project execution. Ownership of these assets enables their continuous and timely availability, contributing to operational efficiency and cost management. In line with this objective, the company has invested a total of Rs 4,315.39 lakh in equipment and fleet expansion over past three financial year ended March 31, 2023, 2024 and 2025. These investments highlight its focus on strengthening its equipment and fleet base to support operational efficiency, meet project demands, and ensure the timely completion of ongoing and future projects. To support its growth and expansion plans, the company intends to utilise a portion of Net Proceeds towards the acquisition of equipment and fleet from preferred vendor and brands and continue with its strategy of investing in equipment and fleet.

Optivalue Tek Consulting

• Optivalue Tek Consulting is coming out with an initial public offering (IPO) of 61,69,600 equity shares in a price band of Rs 80-84 per equity share.
• The issue will open on September 2, 2025 and will close on September 4, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.00 times of its face value on the lower side and 8.40 times on the higher side.
• Book running lead manager to the issue is Share India Capital Services.
• Compliance Officer for the issue is Shraboni Chatterjee.

Profile of the company

Optivalue Tek Consulting is a global technology consulting firm, founded in 2011 and headquartered in India, with offices in the USA and Australia. It specializes in digital transformation, enterprise modernization, and cloud adoption. Technology is the foundation of innovation and growth in the company. It partners with product and service companies worldwide to architect, design, and implement scalable enterprise solutions.

The company aims to work with efficiency, quality, and top-tier tech solutions. The company started the operations more than a decade back by providing Managed Services to leading Telecom companies. It was one of the implementers of Telecom OSS (Operational Support System)/BSS (Business Support System) Applications. Application & Process Integration for the Various Clients.

The company is promoted by Ashish Kumar on June 27, 2011, with over a decade of experience and a global presence spanning industries like Retail, Telecom, Banking, High Tech, and Energy, the company is positioned to offer a wide range of tailored, high-quality IT solutions. As of March 31, 2025, its team consists of 70 full-time employees, bringing extensive expertise that makes it a trusted partner in delivering innovative software solutions and consulting services worldwide. Additionally, the company has around 70-80 employees working with it on a contractual basis.

Proceed is being used for:

• Capital Expenditure for i) meeting the expenses for development of new products; and ii) Expenditure for setup of branch office at Bangalore by leasing a co-working space
• Capital expenditure towards upgrading the existing IT hardware and software for the company
• Meeting working capital requirements
• General corporate purposes

Industry Overview

The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.5% of India’s GDP in FY23, and it is expected to contribute 10% to India’s GDP by 2025. As innovative digital applications permeate sector after sector, India is now prepared for the next phase of growth in its IT revolution. India is viewed by the rest of the world as having one of the largest Internet user bases and the cheapest Internet rates, with 76 crore citizens now having access to the Internet. The current emphasis is on the production of significant economic value and citizen empowerment, thanks to a solid foundation of digital infrastructure and enhanced digital access provided by the Digital India Programme. India is one of the countries with the quickest pace of digital adoption. This was accomplished through a mix of government action, commercial innovation and investment, and new digital applications that are already improving and permeating a variety of activities and different forms of work, thus having a positive impact on the daily lives of citizens.

The Indian IT industry’s revenue touched $227 billion in FY22, a 15.5% YoY growth and was estimated to have touched $245 billion in FY23. The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from $124.7 billion last year. The Indian software product industry is expected to reach $100 billion by 2025. Indian companies are focusing on investing internationally to expand their global footprint and enhance their global delivery centres. The data annotation market in India stood at $250 million in FY20, of which the US market contributed 60% to the overall value. The market is expected to reach $7 billion by 2030 due to accelerated domestic demand for AI. India's IT industry is likely to hit the $350 billion mark by 2026 and contribute 10% towards the country's gross domestic product (GDP).

India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from $124.7 billion last year. India’s public cloud services market grew to $3.8 billion in the first half of 2023, expected to reach $17.8 billion by 2027. By 2026, widespread cloud utilisation can provide employment opportunities to 14 million people and add $380 billion to India's GDP.

Pros and strengths

Solutions are robust, trusted & industry proven: The company’s business offers a comprehensive range of solutions, including Data Integration, Telecommunications, DevOps, Web/Mobile & App Development, Cloud Solutions, Data Engineering, Data Science, Digital Engineering & Leadership, Data & Generative AI, and IP Accelerators & Investments. It provides end-to-end solutions, encompassing software, services, and ongoing support. This approach not only attracts new customers but also fosters repeat business from existing ones.

Quality service: The company provides quality and timely service to its customers. It has a set of standards for itself when it comes to timeliness and quality of service it provides to its customers. The stringent systems ensure that all the products reach its customers on stipulated time and there are minimum errors to ensure reduced product rejection. It has developed internal procedure of checking the client orders at each stage from customer order to closer of the service. The company focuses on maintaining the level of consistently in its service, thereby building customer loyalty for its brand.

Advanced technologies: The company’s products are built on latest and advanced software technologies with Micro-services based development. The products are highly flexible, scalable & robust. Some of the software technologies used are Java, Hadoop, Spark, Kafka, Springboot, Golang, Python, and ReactJS etc. 

Risks and concerns

Maximum revenue comes from limited customers: A significant portion of its revenue is derived from a limited number of customers, the majority of whom are system integrator clients for whom it executes projects as a subcontractor or service provider. The company has garnered 67.84%, 91.32% and 83.08% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. It cannot assure that it can maintain the same levels of business from its highest revenue contributing clients. Furthermore, events such as adverse market conditions, any restructuring or changes in the regulatory regime, could adversely affect its clients and consequently impact its business.

Dependent on government and government-funded entities for certain portion of revenue: The company will derive a certain portion of its revenue from business transactions and associations with government departments, agencies, and government-funded entities. These transactions are subject to risks inherent in dealing with governmental authorities, including, but not limited to, changes in government policies, reduction in budgetary allocations, delays in project approvals or payments, and potential preference given to public sector or local competitors. Moreover, government entities may have the right to unilaterally terminate contracts or modify terms, and are often subject to procedural delays and extended payment cycles, which could adversely impact the company’s working capital and liquidity position. Any material reduction in orders or delays in payments from such entities, or any adverse policy developments affecting the sectors in which these government entities operate, could adversely affect the company’s business, financial condition, results of operations and cash flows.

Working capital requirements: The company’s business demands working capital requirements. The company’s working capital requirement was Rs 2734.09 lakh, Rs 1069.35 lakh and Rs 831.06 lakh for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2024 respectively. 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 favourable 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.

Outlook

Optivalue Tek Consulting is a technology consulting company specializing in enterprise modernization and digital transformation solutions. The company offers various services, including data integration, cloud solutions, DevOps, AI-driven analytics, telecommunications solutions (BSS/OSS transformation), web and mobile app development, and digital engineering. The company has latest software technologies with microservice-based development. The company’s solutions are robust, trusted & industry-proven. On the concern side, the company derives a significant portion of its revenues from a limited number of clients. The loss of any significant clients may have an adverse effect on its business, financial condition, results of operations, and prospects. Moreover, dependence on government and government-funded entities may adversely impact its business and financial performance.

The company is coming out with a maiden IPO of 61,69,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 80-84 per equity share. The aggregate size of the offer is around Rs 49.36 crore to Rs 51.82 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 53.39% to Rs 5,607.85 lakh for the financial year 2024-25 from Rs 3,656.04 lakh for the financial year 2023-24. Revenue from operation increased primarily because of increase in Professional consultancy and additional sale of goods as compared to previous financial year. Moreover, profit for the year increased 120.98%, to Rs 1,213.90 lakh for the financial year 2024-25 from Rs 549.16 lakh for the financial year 2023-24.

The company intends to start operations in drone analytics as part of its business strategy to continue to stay relevant in its business operations. The integration of advanced technologies with drones, locomotives, and surveillance systems, alongside existing assets, offers the potential for centralized management and efficient monitoring across large and complex environments, such as the Railways and Defence sectors. This integration enables real-time data collection, predictive analytics, and streamlined decision making - crucial elements for managing operations at scale. The market for drone analytics integrated with large-scale operations is still in its early stages, with few companies providing solutions that combine drones with advanced data analytics and AI for real-time monitoring and predictive management. It can create its position in the drone analytics space by offering solutions that not only address an existing gap but are also working for future advancements.