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Laser Power & Infra

• Laser Power & Infra is coming out with a 100% book building; initial public offering (IPO) of 3,65,51,722 shares of face value Rs 5 each in a price band Rs 203-214 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 9, 2026 and will close on July 13, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 40.60 times of its face value on the lower side and 42.80 times on the higher side.
• Book running lead managers to the issue are IIFL Capital Services and ICICI Securities. 
• Compliance officer for the issue is Debendra Banthiya.  

Profile of the company 

The company is an integrated manufacturer of power cables, conductors and other specialised products and components to the power transmission and distribution industry in India. With an established operating history spanning over three decades, it has built a strong reputation for delivering high-quality products tailored to the evolving needs of its clients and tailor-made for their projects. In furtherance of its forward integration strategy, in the year 2015, it strategically expanded its business by entering the engineering, procurement, and construction (EPC) segment in power distribution sector, focusing on rural electrification projects, power distribution infrastructure development, and installation of substations, among other turnkey solutions.

Its Manufacturing units adhere to stringent quality control measures and international standards, ensuring the delivery of high-quality products. It strives to deliver customized and innovative products with speed and quality service. Its Manufacturing Units are certified for ISO 9001, ISO 14001 and ISO 45001 standards. Its Manufacturing Units are equipped with modern machinery and testing systems conforming to Bureau of Indian Standards (BIS) and other international benchmarks.

The company has built long-standing relationships with key public sector and private clients. It serves a number of reputed government authorities including Indian Railways, various distribution companies. It also supplies conductors, power cables to some of the private EPC players. Its diverse customer base also includes international clients which include government owned and controlled electricity companies, public enterprises and utilities, in Africa, Bangladesh, Bhutan and Nepal.

Proceed is being used for: 

• Pre-payment or re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The Indian electrical wires and cables, power conductors, and signal cables industry has witnessed significant growth in recent years, driven by increasing demand from various sectors such as infrastructure, construction, and telecommunications. As the country continues to urbanize and industrialize, the need for reliable and efficient electrical infrastructure has become paramount. This section provides an assessment of the Indian electrical wires and cables, power conductors, and signal cables industry.

In FY25, cables and wire market were valued at around Rs 1,408 billion, up from Rs 787 billion in FY20, registering a CAGR of 12.3%. This notable surge can be primarily attributed to a remarkable growth of High Voltage (HV) & Extra-High Voltage (EHV)- Above 33 KV cables and Elastomeric Cables also known as rubber cables, are a type of electrical cable that uses an elastomer (a flexible, rubber-like material) for insulation and/or sheathing, which have registered exponential growth on the back of increased expansion of transmission lines and electrification initiatives in rural areas. Other cable categories contributing substantially to the accelerated market growth include PVC Control Cables & Instrumentation, building wires, and switchboard cables, driven by pickup in construction activities in both commercial and residential sectors post COVID-19.

The exports of wire and cables grew to around Rs 145 billion in FY25, marking a substantial increase from Rs 49 billion in FY20 and registering a CAGR of 24.4%. This growth can be principally attributed to heightened international demand stemming investments in transmission projects by organizations like International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD). Some of the key export partners for wires and cables in FY25 include Saudi Arabia, USA, UAE, UK, Australia, etc. Export destinations for wires and cables among African countries was led by Nigeria, South Africa, Liberia, Tanzania, Kenya etc.

Pros and strengths 

Established track record with marquee customer base: The company has a diverse customer base comprising power utilities and government authorities such as Indian Railways, various DISCOMS including TP Central Odisha Distribution, TP Western Odisha Distribution, TP Northern Odisha Distribution, TP Southern Odisha Distribution, among others and private sector players, international clients which include government owned and controlled electricity companies, public enterprises and electricity boards. It supplies its products to various governmental agencies, based on a pre-qualification process and grant of approval by these governmental agencies. Pre-qualification requirements include past experience in supply to such entities, ability to meet specific technical requirements, financial strength and the price competitiveness of its product offerings.

Strategic partnerships and collaboration with international players: Its key strength is its ability to form strategic alliances with leading global innovators to enhance its technological capabilities and market responsiveness. It has entered into a strategic manufacturing agreement with TS Conductor Corp, a U.S.-based company renowned for its transmission technology, to become qualified to manufacture conductors using composite core technologies. Through this partnership, it has expanded its manufacturing portfolio to include a broad range of advanced conductors such as AECC, HTLS conductors, ECO conductors, AL-59 AAC, and ACSS.

Robust execution capabilities, with a track record of executing and handling complex EPC projects successfully: With its experience of more than a decade in the EPC industry, particularly in the rural electrification for power projects and installation of substations, it has developed an established track record of efficient project management and execution experience, involving trained and skilled manpower, efficient deployment of equipment and an in-house integrated model. Its integrated approach involving manufacturing, logistics, in-house engineering, and on-ground execution has enabled it to deliver complex turnkey assignments across India in a timely and cost-effective manner.

Strong manufacturing capabilities: The company has developed strong in-house manufacturing capabilities supported by strategically located, production facilities that enable it to manufacture a diversified portfolio of products efficiently and at scale. Its manufacturing infrastructure serves as a key differentiator in terms of integration, automation, scale, and geographical advantage. These facilities are located in close proximity to key ports like Kolkata and Haldia, and raw material sources, including key aluminium and copper suppliers, allowing for time and cost-efficient procurement, reduced logistics costs, and faster turnaround times for both domestic and export orders. The proximity to critical inputs such as iron ore, chrome ore, and manganese ore further enhances its operational efficiency.  The company also has an established in-house compounding facility for insulation, sheathing and semi-conductive materials which are used across power cables and conductor. Its integrated operations reduce reliance on third-party suppliers, thereby enhancing supply security for critical inputs and mitigating risks associated with price and supply volatility.

Risks and concerns

Heavy reliance on top 10 customers: The company derives a significant portion of its revenue from its top 10 customers. Its business largely depends on its top 10 customers which contributed 72.14%, 68.87% and 53.37% of its Revenue from Operations in Fiscals 2026, 2025 and 2024. Loss of all or a substantial portion of sales to any of its top 10 customers, in particular for any reason (including, due to loss of contracts or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these customers), could have an adverse impact on its business, results of operations, financial condition and cash flows.

Power cables and conductors drive majority of revenue: The sale of power cables and conductors manufactured by the company contributes a significant portion of its revenue from operations, accounting for 72.70% in FY26, 72.25% in FY25, and 87.43% in FY24. The cables and conductors market is dependent primarily on governments planned expenditure on building new transmission and distribution networks or upgrading existing transmission and distribution networks. Accordingly, its cables and conductors business may be affected by a reduction in budgetary allocation in transmission and distribution networks or cancellation or interruption of transmission and distribution related projects. Any decrease in revenue or margins from its cables and conductors business, including due to the abovementioned factors, may also have an adverse effect on its business, cash flows, results of operation and financial position.

Fluctuating raw material prices could impact earnings: The company’s operations are dependent upon the prices and availability of the primary raw materials that it requires for the production of its aluminium conductors and power cables. The primary raw materials used by the manufacturing segment of its business are aluminium, steel, copper, XLPE and PVC compound. In the Fiscals 2026, 2025 and 2024, It has experienced fluctuations in the cost of raw materials, including due to changes in prices on various commodity stock exchanges and other market-driven factors. While it monitors such price movements, its purchase orders with customers generally include a price escalation mechanism, which provides for adjustments in pricing based on changes in the cost of key raw materials. If it is unable to pass on cost increases to its customers or are unsuccessful in managing the effects of raw material price fluctuations, which could materially and adversely affect its business, financial condition, results of operations and cash flow.

Dependence on limited suppliers raises raw material supply risk: The company depends on a limited number of suppliers and it usually does not enter into long term supply contracts with any of the raw material suppliers and typically place orders with them in advance of its anticipated requirements. The absence of long-term contracts at fixed prices exposes it to volatility in the prices of raw materials that it requires and it may be unable to pass these costs to its consumers. It also faces a risk that one or more of its existing suppliers may discontinue their supplies to it, and any inability on its part to procure raw materials from alternate suppliers in a timely manner, or on terms acceptable to it, may adversely affect its operations.

Outlook  

Laser Power & Infra is one of the leading players among power cable and conductor manufacturers. The company is a registered supplier to Indian Railways, accredited by the Research Design & Standard Organization (RDSO), and one of the largest approved vendors of PVC insulated armoured unscreened underground power cables, quad cables for signal and telecommunication (S&T) installations, and PVC insulated armoured unscreened underground railway signalling cables, signalling control, quad and power cables, based on the capacities of these products, among the approved vendors in East India. On the concern side, it faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect its business, financial condition and results of operations.

The issue has been offering 3,65,51,722 shares in a price band of Rs 203-214 per equity share. The aggregate size of the offer is around Rs 742.00 crore to Rs 782.21 crore based on lower and upper price band respectively. On performance front, total income decreased by 9.44%, from Rs 2592.53 crore for Fiscal 2025 to Rs 2347.89 crore for Fiscal 2026. Its profit for the year increased by 42% from Rs 106.75 crore for Fiscal 2025 compared to Rs 151.59 crore for Fiscal 2026.

Meanwhile, its diverse and evolving product portfolio has been a key driver for its revenue expansion and market differentiation. It continues to prioritize diversification across its offerings to minimise dependence on any single product and to provide a broad range of solutions tailored to the evolving needs of its clients across the power and infrastructure sectors. In line with the strategy of product expansion, it has introduced a range of advanced and specialized conductors, including ACSS conductors, AECC conductors, MVCC conductors, and AL-59 AAAC conductors. These additions not only enable it to cater to niche and high-performance market segments but also support its efforts to enhance product margins and global reach.

Devson Catalyst 

• Devson Catalyst is coming out with an initial public offering (IPO) of 35,88,000 shares in a price band of Rs 112-118 per equity share.
• The issue will open on July 09, 2026 and will close on July 13, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.20 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is JJ IPO Advisors.
• Compliance officer for the issue is Zalak Ankitkumar Shah.

Profile of the company

Devson Catalyst is an ISO 9001:2015 and ISO 45001:2018 certified company and an indigenous manufacturer of catalysts, adsorbents and ceramic balls used as key materials in various industrial processes. It operates a manufacturing facility in Gujarat with an annual production capacity of around 6,205.00 metric tons. Its products are used to improve process efficiency and facilitate removal of impurities from gases and liquids across various industrial applications. 

It primarily manufactures: i) Catalysts, which enable chemical reactions to occur faster and more efficiently without being consumed during the process. ii) Adsorbents, which are used for removal of impurities such as moisture, dust and other undesirable components from gases and liquids. iii) Ceramic balls, which act as support media in industrial reactors and towers, helping in catalyst bed support, uniform distribution of gas or liquid flow and protection of catalysts from pressure or flow variations. 

Its products are supplied to customers operating in industries such as oil and gas refineries, petrochemicals, steel, fertilizers and other industrial processing sectors. These products play an important role in enhancing process efficiency, improving operational reliability and supporting sustainable industrial practices. It caters to customers in both domestic and international markets. Its manufacturing operations are carried out at its facility located at Phase II, Ambawadi, GIDC, Wadhwan City, Surendranagar, Gujarat. The facility has the machinery and infrastructure required for manufacturing activities, and it follows standard operating procedures and internal quality checks to maintain consistency of output.

Proceed is being used for:

• Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit.
• Funding the working capital requirements of the company.
• General corporate purposes.

Industry overview

The Indian industrial catalyst industry plays a foundational role in the country’s economic and manufacturing ecosystem, supporting some of the most strategically important value chains, including Oil & Gas, Petrochemicals, Steel, Fertilizers, and others. Catalysts are substances that accelerate chemical reactions, enhance product yield and quality, reduce energy consumption, and enable environmentally cleaner industrial operations without being consumed in the process. In modern industrial production, catalysts are not optional inputs; they are mission-critical performance materials that determine efficiency, sustainability, and economic viability. 

India’s rise as a major hub for refining, chemicals, and pharmaceuticals has fundamentally strengthened its catalyst consumption profile. Growing domestic energy needs, shifts toward cleaner fuels, large-scale petrochemical integration, and continuous expansion of fertilizer capacity have all contributed to sustained demand. Over the last decade, increasing emphasis on environmental compliance, fuel quality upgradation, BS-VI emission norms, and green energy transition policies has further accelerated the adoption of advanced adsorbents, guard bed catalysts, and reactor media including activated alumina, molecular sieves, inert ceramic balls, and catalyst carriers. 

The outlook for India’s industrial catalyst industry is strongly positive, underpinned by rapid expansion across its key end use sectors and the nation’s broader industrial transformation. The chemical industry, valued at $220 billion in 2024 and projected to reach $380-400 billion by 2030, will continue to be one of the largest demand centers for catalysts, driven by investments in petrochemicals, specialty chemicals, and performance materials. Parallel growth in the pharmaceutical sector, expected to reach $130 billion by 2030, will sustain demand for high-performance catalysts used in complex synthesis reactions, process intensification, and yield optimization. Similarly, the automotive industry’s ambition to achieve $145 billion in auto component production and reach 7.5 million vehicle units by 2030 will expand the market for advanced emission-control and fuel-efficiency catalysts, especially with tightening regulatory norms.

Pros and strengths

Indigenous manufacturer of Catalysts, Adsorbents and Ceramic Balls in India: It is an indigenous integrated manufacturer of catalysts, adsorbents and ceramic balls based in Gujarat, India. It manufactures a comprehensive range of products used across the value chain, including catalysts, adsorbents and ceramic balls, catering to various industrial applications. Its products are used by customers operating in industries such as oil and gas refining, petrochemicals, steel and fertilizers. It currently has an installed manufacturing capacity of around 6,205.00 MT per annum. It uses modern plant and machinery like Rotary Dryer, Band Dryer Cum Calciner, Flash Calciner for efficient manufacturing of its products. It provides a tailor-made products as per requirements of the customers.

Well-positioned in an industry with several entry barriers: The catalyst and adsorbents industry is highly regulated, and suppliers must meet stringent regulatory and technical prequalification criteria before being considered. This involves comprehensive technical evaluations, commercial scrutiny, and financial assessments of the vendor. Even after initial prequalification, approvals are often order-to-order, requiring audits, compliance checks, and repeated documentation. These processes are time-consuming and resource-intensive, making it extremely difficult for new entrants to secure initial contracts. Established suppliers benefit from long-standing approvals and trust, which gives them a strong competitive edge.

Strategically located manufacturing facilities with capabilities to handle multiple products lines: Its manufacturing activities are carried out at its plant located at Phase II, Ambawadi, GIDC, Wadhwan City, Surendranagar, Gujarat, with a total area of 11,619.06 sq. mtrs. Further, it proposes to expand its manufacturing facility at Industrial Plot Nos. 259, GIDC Estate, Wadhwancity, Surendranagar, Gujarat, with a total area of 3,223.00 sq. mtrs. Its facility benefits from its location within an industrial region, providing access to a well-established network of raw material suppliers, logistics service providers, and skilled labours, which supports smooth procurement, production planning, and timely delivery. The facility also has good connectivity through road, rail, and port networks and is located near National Highway 48, enabling efficient transportation to major cities in Gujarat and Maharashtra. This connectivity supports timely fulfilment of both domestic and export orders.

Risks and concerns

Dependent on limited number of suppliers for key raw materials: Alumina-based materials, zeolite and molecular sieve materials, metal oxides (and related precursors), and other chemicals are the principal raw material used in its manufacturing operations. Its ability to remain competitive and maintain cost efficiency is therefore closely linked to its ability to procure such key raw materials in adequate quantities, at acceptable quality standards, and on commercially viable terms. A significant portion of its raw material procurement is sourced from a limited supplier base. In Fiscal 2026, 2025, and Fiscal 2024, the cost of raw materials procured from its top 10 suppliers represented 75.82%, 86.74%, and 82.85% of its total raw material cost, respectively. Accordingly, any adverse development affecting these suppliers could disrupt its procurement and production planning.

Significant portion of its revenue derived from key customers: A substantial portion of its revenue from operations is derived from top ten customers, including large customers in the oil & gas, refining, petrochemical, steel and fertilizer value chains that procure catalysts, adsorbents and ceramic balls for critical process units. The absence of long-term contracts with its customers exposes it to a significant risk of customer attrition and challenges in relation to production planning. It drives a significant portion of its revenue from a limited number of customers. For the Fiscals 2026, 2025 and 2024, revenue from its top ten clients constituted 76.03%, 67.57% and 63.87%, of its revenue from operations, respectively. It is dependent on a limited number of key customers, and the loss of one or more of these customers could adversely affect its business, results of operations, cash flows and financial condition.

Business depends on successfully winning competitive tenders: It participates in competitive tender processes, which require compliance with prescribed technical, financial, and eligibility criteria. While factors such as its track record, technical expertise, execution capabilities, financial strength, and reputation are considered by awarding authorities, there can be no assurance that it will consistently satisfy such criteria or continue to be awarded contracts in the future. In most cases, tender awards are determined based on price competitiveness among pre-qualified bidders. It faces competition from various Indian and international participants, several of whom may possess greater financial resources, longer operating histories, or enhanced technical capabilities. A sustained inability to secure an adequate number of new contracts may adversely affect its revenues, cash flows, and profitability. Tendering processes, particularly those initiated by government or government-controlled entities, may also be subject to delays, changes in eligibility conditions, or cancellations. In certain situations, even where it is the sole bidder, tenders may be cancelled or re-tendered, which may disrupt its anticipated order pipeline.

Outlook

Devson Catalyst is primarily engaged in the business manufacturing of catalysts, Adsorbents, ceramic balls and related products. The company has presence in both domestic and international market. Its financial stability and positive cash flow from operations enable it to meet the present and future requirements of its customers. This also helps strengthen trust and engagement with its customers in relation to its capabilities and capacities, thereby increasing customer retention. On the concern side, its export business, is dependent on overseas distributors, and any disruption in its engagement with such distributors could adversely affect its revenues and results of operations. Further, its dependence on imported raw materials for certain requirements may expose it to supply disruptions, cost escalation and regulatory changes, which could adversely affect its operations and financial performance.

The company is coming out with a maiden IPO of 35,88,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 112-118 per equity share. The aggregate size of the offer is around Rs 40.19 crore to Rs 42.34 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 5,577.59 lakh as against Rs 5,319.21 lakh for FY24-25, an increase of 4.86%. Profit after tax for the FY25-26 was at Rs 1,252.09 lakh against profit after tax of Rs 767.23 lakh in FY24-25, an increase of 63.20%.

Meanwhile, it intends to continue to expand its customer base by leveraging its relationship with its existing customers in India and overseas, while simultaneously pursuing opportunities to develop new relationships by expanding the array of its existing products that it supplies to its customers and gain new customer contracts by developing products aligned with their needs. It aims to continue to maintain its track-record of repeat orders from its existing customers as well as expand and strengthen its relationships as part of its organic growth efforts. Going forward, its diverse portfolio of products from Ceramic Balls, Catalyst and Adsorbent strategically positioned it in the catalyst and adsorbent industry in the domestic and international markets. Its diversified product portfolio comprising of whole value chain of catalysts and adsorbent industry provides it a significant opportunity to explore new product segment. It has developed several products over the years, for catalysts. It developed Chloride Guard Catalyst, Sulphur Guard, Claus Catalyst, Hydrotreating Catalysts and Reforming Catalysts, for adsorbent. It developed Activated Alumina and Molecular Sieves and for Ceramic balls it developed Ceramic & Alumina Balls and Ceramic Tower Packing.

Happy Steels

• Happy Steels is coming out with an initial public offering (IPO) of 37,88,000 shares in a price band of Rs 62 -66 per equity share.
• The issue will open on July 09, 2026 and will close on July 13, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 6.20 times of its face value on the lower side and 6.60 times on the higher side.
• Book running lead managers to the issue are Share India Capital Services and Master Capital Services.
• Compliance officer for the issue is Isha Ghai.

Profile of the company

Happy Steels is an integrated manufacturer of Safety-Critical, Forged and Machined Transmission and Driveline components for On-highway vehicles, Off-highway vehicles, EV and Defence applications. The company’s product portfolio consists of wide range of Axles, Long Spline Shafts, Spindle and other related components that are critical of vehicle performance and safety. Over the years, the company has developed strong capabilities in manufacturing safety-critical, high strength and load-bearing components through a combination of forging, precision machining, and stringent quality control processes that are supplied to original equipment manufacturers (OEMs) and Tier-I suppliers in India and overseas.

Its manufacturing operations are supported by an integrated process covering raw material procurement, forging, heat treatment, machining, gear cutting, drilling, surface hardening, grinding, inspection and packing. These capabilities enable it to manufacture components with defined mechanical properties, dimensional accuracy and consistency, in line with customer specifications.

Its operations are engineering-driven and include capabilities such as reverse engineering of components, process design, validation and quality control. It works closely with its customers at various stages of the product lifecycle, including design finalisation, process development and serial production. Its in-house facilities for forging, machining, heat treatment and testing allow it to maintain control over quality parameters and production timelines.

Proceed is being used for:

• Capital expenditure towards purchase of additional plant and machinery for its existing manufacturing unit
• Repayment/ Prepayment of term loans to banks
• General corporate purpose

Industry overview

India has emerged as the fastest-growing economy in the world in recent years. Rising incomes, higher infrastructure spending, and supportive manufacturing incentives have together accelerated the automobile sector, making it a critical pillar of India’s growth story. This surge in demand has also encouraged the expansion of original equipment and auto component manufacturers, helping India build strong expertise in this space and enhancing global demand for Indian vehicles and components.

The Indian auto component industry recorded a turnover of Rs 6,73,000 crore ($78.74 billion) in FY25, registering a CAGR of 14% between FY20 and FY25. The sector is projected to achieve exports worth Rs 8,54,700 crore ($100 billion) by 2030, underscoring its global competitiveness. In FY25, exports stood at Rs 1,95,726 crore ($22.9 billion). North America remained the largest export destination with a 32% share, recording 8.4% growth, while Europe, with a 29.5% share, registered a 2.1% decline. Asia accounted for 26% of exports and witnessed robust growth of 15.1%. The key export items included drive transmission and steering, engine components, body and chassis parts, suspension systems, and braking components.

The Indian automobile sector recorded an inflow of huge investments from domestic and foreign manufacturers. Foreign Direct Investment (FDI) inflow in the sector stood at Rs 2,59,753.31 crore ($39.14 billion) between April 2000-June 2026 which is 5% of the total FDI inflows in India during the same period. The Government has reaffirmed its commitment towards EVs and its mission for 30% electric mobility by 2030. Budget announced customs duty exemption on the import of capital goods and machinery required for the manufacture of lithium-ion batteries that typically power EVs.

Pros and strengths

Integrated manufacturing enabling diversified product offerings with enhanced value addition: Its integrated manufacturing framework encompasses multiple stages of production, including raw material procurement, forging, heat treatment, precision machining, surface hardening, inspection and packing. This end-to-end integration enables it to exercise control over critical manufacturing parameters throughout the production cycle. By managing these processes in-house, it is able to manufacture a diversified range of transmission and driveline components across different sizes, specifications and applications. Integrated operations support the manufacture of both standardised and application-specific products, while enabling higher levels of value addition through controlled metallurgy, dimensional accuracy and surface characteristics.

Safety-Critical and Load-Bearing Products: The company manufactures components that are vital to vehicle performance and safety, serving automotive, defence, EV and off-highway applications. It manufactures safety-critical and load-bearing components that perform essential functions within vehicle driveline, axle and suspension systems. These components are directly involved in the transmission of torque, support of vehicle loads and maintenance of vehicle stability, and therefore play a vital role in overall vehicle performance and operational safety. Its products are designed to operate under high mechanical stresses, cyclic loading and demanding service conditions, including heavy payloads, variable terrains and continuous operation. Accordingly, its products require controlled forging, heat treatment and precision machining processes to achieve defined mechanical properties, dimensional accuracy and durability.

Quality assurance and standards: Its quality management systems are designed to ensure that products consistently meet customer specifications, applicable regulatory requirements and automotive industry standards. The company maintains a robust quality assurance system that encompasses multiple inspection and testing procedures throughout the manufacturing process to ensure compliance with stringent technical and quality standards.

Risks and concerns

Heavy reliance on top 10 customers: The company’s top ten customers contribute majority of its revenues from operations. Its top ten customers have contributed 67.47%, 72.17% and 81.14% of its revenue from operations for financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively based on Restated Financial Statements. Further, it does not have long-term firm commitment agreements or exclusive supply contracts with its customers. Its customers generally source components based on their current requirements and may reduce, defer or discontinue purchases at their discretion, without obligation to maintain historical order volumes. Any decline in demand from one or more customers or a shift in their sourcing strategy could have an adverse impact on its revenues, cash flows and operational performance.

High dependence on top 10 suppliers: A significant portion of its purchases is sourced from a limited number of suppliers, with its top ten suppliers. Its top ten suppliers accounted for around 91.73%, 96.04% and 92.08% of its total purchases for the financial years ended March 31, 2026, 2025 and 2024, respectively, based on its Restated Financial Statements. Also, it does not have long-term or firm commitment arrangements with any of its suppliers. Any disruption in supplies, deterioration in relationships, or inability of such suppliers to meet its requirements on commercially acceptable terms could adversely affect its production schedules, operating margins and business operations.

Volatility in raw material and energy costs may impact margins: Its manufacturing operations require continuous procurement of raw materials such as steel bars and other allied inputs, as well as significant consumption of power, fuel and oils for operating its forging, machining and heat treatment processes. Prices of these inputs are subject to volatility driven by factors including domestic and international demand-supply dynamics, availability of raw materials, fluctuations in commodity and energy markets, changes in government policies, duties and import regulations, transportation and logistics costs and macroeconomic conditions.

Outlook

Happy Steels is engaged in the manufacturing and sales of different types of Automative parts. The company’s product portfolio consists of wide range of axles, long spline shafts, spindle and other related components that are critical of vehicle performance and safety. The company has established long-term relationships with several customers, including OEMs and Tier-I suppliers, supported by its focus on consistent quality, timely delivery and ability to manufacture products across multiple specifications. On the concern side, as its business is concentrated among a limited number of suppliers, it may experience a reduction in purchases or disruption in operations if its losses one or more of these suppliers due to disputes, regulatory restrictions, financial difficulties or other reasons. Further, a portion of its revenue is derived from its growing export operations that are concentrated in select overseas markets, particularly Indonesia, and are subject to risks arising from changes in international trade policies, government regulations and geopolitical developments.

The company is coming out with a maiden IPO of 37,88,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 62-66 per equity share. The aggregate size of the offer is around Rs 23.49 crore to Rs 25.00 crore based on lower and upper price band respectively. On performance front, total income for the FY 2026 stood at Rs 9657.31 lakh whereas in FY 2025 the same stood at Rs 8252.43 lakh representing an increase of 17.02%. Its profit after tax for the year increased from net profit of Rs 234.19 lakh in FY 2025 to net profit of Rs 710.23 lakh in FY 2026.

Meanwhile, the company intends to selectively expand its export footprint for certain products, subject to customer qualification, regulatory compliance and logistics feasibility. Export markets provide opportunities for diversification of revenue streams and alignment with global supply chain sourcing trends, while maintaining a balanced mix between domestic and international customers. It intends to optimise its product mix by allocating manufacturing capacity based on value contribution, production complexity and volume visibility. Products that combine higher volumes with efficient cycle times and process stability are prioritised for continuous production, while higher-value components are scheduled to optimise machine utilisation and reduce changeover inefficiencies.

Kusumgar

• Kusumgar is coming out with a 100% book building; initial public offering (IPO) of 1,63,41,209 shares of face value Rs 1 each in a price band Rs 398-419 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 8, 2026 and will close on July 10, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 398 times of its face value on the lower side and 419 times on the higher side.
• Book running lead managers to the issue are Axis Capital, IIFL Capital Services and Motilal Oswal Investment Advisors.
• Compliance officer for the issue is Devanand Parshottam Mojidra.  

Profile of the company 

Kusumgar is a manufacturer of woven, coated and laminated synthetic fabrics, referred to as engineered fabrics. It offers engineered fabrics and solutions focusing on polyamides and polyester filaments and polyurethane chemistry that cater to the high-performance requirements of its customers. Its expertise is manufacturing fabrics where critical performance parameters include tensile strength, tear strength, abrasion resistance, comfort, airpermeability, and water proofing, among others. 

The company has leveraged its process knowledge and product development expertise to manufacture unique fabric configurations to build a niche around synthetic functional and performance fabrics, addressing growing demand in the aerospace and defence, industrial and automotive, and outdoor and lifestyle segments. In recent years, the company has built on its expertise and industry knowledge to expand into manufacturing finished products for aerospace and military applications, such as parachute systems, stealth solutions, and rapid deployment systems.

The engineered fabrics industry is an industry that requires precision and a high level of technical know-how. It leverages its technical strengths and partnerships to focus on high-technology applications. Its business model drives profitable growth, and it is poised for continued growth, driven by exports, global supply chain shifts, modernisation and indigenisation of military equipment, expanded product lines and technological innovations. It manufactures products primarily for four market segments: (i) Aerospace and Defence Fabrics; (ii) Aerospace and Defence Solutions; (iii) Industrial and Automotive Fabrics; and (iv) Outdoor and Lifestyle Fabrics, each of which has high entry barriers

Proceed is being used for: 

• The object of the offer is to carry out the offer for sale of equity shares of face value of Rs 1
• Achieving the benefits of listing the equity shares on the stock exchanges

Industry overview

Engineered fabrics are a subset of technical textiles, which are advanced textiles designed to deliver functional performance rather than just aesthetic appeal, serving specific industrial, commercial, and protective needs. Amongst the different categories of technical textiles, engineered fabrics are specially developed and custommade textiles designed through advanced manufacturing techniques to meet specific functional requirements and, beyond functionality, are created for enhanced performance in specialised applications. They are characterised by superior properties such as durability, moisture resistance, breathability, flexibility, and high tensile strength. Engineered fabrics are also different from conventional fabrics, which are created with aesthetic appeal and comfort as the primary considerations.

India’s engineered fabrics industry, as measured by domestic consumption (including imports) and excluding exports, was valued at Rs 558.8 billion ($6.3 billion) in Fiscal 2020 and reached Rs 990.0 billion ($11.2 billion) in Fiscal 2026, growing at a CAGR of 10.0% during Fiscal 2020-2026. The market is expected to grow further and reach a value of Rs 1,864.7 billion ($21.1 billion) by Fiscal 2031, registering a CAGR of 13.5% during Fiscal 2026-2031. In Fiscal 2026, the industrial and automobile segment dominated the Indian engineered fabrics industry, as measured by domestic consumption (including imports) and excluding exports, with a 56.6% share, followed by the outdoor and lifestyle segment at 32.6%, and the defence and aerospace segment at 5.9%. By Fiscal 2031, the industrial and automobile segment is projected to rise to 57.8.8%, while the outdoor and lifestyle segment is expected to account for 27.9%, and the defence and aerospace segment to 7.8%.

The Indian engineered fabrics industry, as measured by domestic consumption (including imports) and excluding exports, is growing through strong government policies, R&D advancements in high-speciality fabrics, an expanding global market (due to factors including the diversification of supply chains by major manufacturers), increased adoption of sustainable, high-tech textiles and the diversification of supply chains by major manufacturers. Standardisation and quality control measures are also driving domestic production and export competitiveness, while India leverages the China+1 strategy to position itself as a reliable alternative manufacturing hub for global buyers seeking supply chain diversification.

Pros and strengths 

Technical capabilities allow to develop and supply unique solutions for customers: The company offers synthetic engineered fabrics and solutions that cater to the high-performance requirements of its customers. It has strategically focused on building a niche around synthetic functional and performance fabrics, addressing growing demand in the aerospace and defence, industrial and outdoor sectors. Its core expertise lies in working with polyamide and polyester filaments and polyurethane chemistry. Its most salient technical strengths are: (i) its light fabrics made of fine denier yarns; (ii) its ability to handle Nylon 6 and Nylon 66; (iii) its complex fabric engineering; (iv) its coating and lamination capabilities; and (v) its integrated fabric value chain.

Long-standing relationships with key customers: The company has long-standing relationships with its key customers, which allows it to increase its wallet share. In Fiscal 2026, its top six customers accounted for Rs 3,330.34 million, or 49.35%, of its revenue from contracts with customers.

Its track record has given it access to technology and markets through partnerships: The company has partnerships which increase the value of its business by creating moats around business opportunities. These relationships also help ensure a continuous stream of opportunities. Through licensing and co-development arrangements, it gains access to proprietary technologies and specialized know-how that accelerate its product development cycles and allow it to participate in the programs of its partners which are often global in scope and highly sophisticated. These partnerships enhance its credibility with both government and private sector customers, opening doors to new tenders and programs that may otherwise be inaccessible to other players.

It operates in markets with high entry barriers: Since 1970, it has developed and manufactured over 1,000 unique engineered fabrics. Market entry barriers for its products are high and include (i) technical knowledge, (ii) long product approval cycles, (iii) customized solutions, (iv) partnerships with leading brands and manufacturers, (v) customer loyalty for life-preserving features, and (vi) manufacturer size and infrastructure.

Risks and concerns

Dependent on Aerospace and Defence Fabrics, Aerospace and Defence Solutions, and Industrial and Automotive Fabrics segments: The company is highly dependent on its Aerospace and Defence Fabrics, Aerospace and Defence Solutions, and Industrial and Automotive Fabrics segments. The company derived 31.67%, 24.43% and 22.97% of its revenue from contracts with customers for Fiscal 2026 from its Aerospace and Defence Fabrics, Industrial and Automotive Fabrics, and Aerospace and Defence Solutions market segments, respectively. If there is any decline in demand for aerospace and defence fabrics, industrial and automotive fabrics, and aerospace and defence solutions, it could have a material adverse effect on its business, financial condition, results of operations and cash flows

Significant revenue contribution from top 10 customers: The have derived and expect to continue to derive a significant portion of its revenue from its top 10 customers, which exposes it to customer concentration risks. The company's top ten customers contributed 59.52%, 84.69%, and 80.18% of its revenue from contracts with customers for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The company generally does not have long-term agreements with its customers and it did not have long-term agreements with any of its top 10 customers for Fiscals 2026, 2025 or 2024. As a result, its top customer generally varies from year to year, leading to volatility in its top customer contribution. Any decrease in sales to such customers or the loss of such customers could have an adverse effect on its business, results of operations, financial condition and cash flows.

Export revenue vulnerable to global market risks: The company’s exports to international markets accounted for 39.99%, 23.22% and 25.62% of revenue from contracts with customers for Fiscals 2026, 2025 and 2024, respectively. As an exporter, it is particularly exposed to risks arising from changes in government regulations or policies affecting international trade. For Indian exporters, higher tariffs could dampen business sentiment and reduce international demand for manufactured products. Countries impose, modify, and remove tariffs and other trade restrictions in response to a diverse array of factors, including global and national economic and political conditions, which make it impossible for the company to predict future developments regarding tariffs and other trade restrictions. Any changes in government regulations or policies affecting international trade or any downturn in the macroeconomic environment or geopolitical risks in India, the United States or the European Union may have an adverse effect on its business, results of operations and financial condition.

Regional disruptions in Gujarat may adversely impact manufacturing facilities: All six of its manufacturing facilities are in Gujarat. 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 changes and other unforeseen events and circumstances. Further, any such adverse development affecting continuing operations at its manufacturing facilities could result in significant loss due to an inability to meet production schedules, which could adversely affect its business, results of operations, financial condition and cash flows. 

Outlook  

Kusumgar is a specialist in the engineered fabric industry with a history of successfully delivering bespoke solutions to customers. The company manufactures specialised products using advanced technical processes, making it difficult to replicate comparable products. The company has been a pioneer in the engineered fabrics industry for certain unique fabric configurations, such as parachute fabric. Kusumgar is also recognised as one of the major players in military parachute fabrics outside the United States and China, and as one of the major manufacturers domestically of high-performance technical fabrics for parachutes, heddle belts and spindle tapes, with a limited number of companies selling such products in comparable quantities. On the concern side, in order to get better pricing by buying in larger volumes, it generally buys the primary materials it needs from a few suppliers. For Fiscal 2026, its cost of materials consumed purchased from its top 10 suppliers represented 51.42% of its cost of materials consumed. It has not entered into long-term agreements with these suppliers and if any of its top 10 suppliers ceased selling it the materials it requires in the quantities it needs, and it was unable to find a supplier to replace it, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The issue has been offering 1,63,41,209 shares in a price band of Rs 398-419 per equity share. The aggregate size of the offer is around Rs 650.38 crore to Rs 684.70 crore based on lower and upper price band respectively. On performance front, its revenue from operations decreased by 11.17% to Rs 6,920.03 million for Fiscal 2026 from Rs 7,789.97 million for Fiscal 2025. Its profit for the year decreased by 12.31% to Rs 982.00 million for Fiscal 2026 from Rs 1,119.88 million for Fiscal 2025.

Meanwhile, the company will continue to invest in its capabilities and people to support growth, research and development, and efficiency improvement. It will continue to recruit new industry and product-related experts and to promote its culture of continuous improvement and relentless innovation. This new expertise will combine with its existing teams to enhance research and development efforts leading to new products, novel product-specific technologies and increased conversion rates. It outsources certain processes, including weaving, knitting, finishing and fabrication, wherever there is limited differentiation. It will continue to use such outsourcing where feasible and economical to improve the efficiency of its own assets. It will continue to update its machines to the best technology available and to automate wherever possible.

IC Electricals Company

• IC Electricals Company is coming out with an initial public offering (IPO) of 48,39,600 shares in a price band of Rs 94-99 per equity share.
• The issue will open on July 03, 2026 and will close on July 07, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.40 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Nexgen Financial Solutions.
• Compliance officer for the issue is Subodh Kumar.

Profile of the company

IC Electricals Company is involved in the business of manufacturing of electronic equipment for Railways Application. It provides advanced engineering solutions to Indian Railways. It offers a wide range of electronic products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, compliant with the latest technical standards. It also manufactures key railway components including alternators, traction motors, and permanent magnet alternators with controllers. These products are engineered to meet stringent industry standards, and its team works closely with clients to develop tailored solutions that ensure high performance, reliability, and compliance across various rail applications. Its revenues are generated exclusively from manufacturing activities, value-added operations, and its Contract Division. It procures raw materials and components, undertakes in-house manufacturing and value-addition processes, and supplies finished or value-added products to its customers. Further, the Contract Division undertakes execution of contracts and forms part of its service operations.

Additionally, it provides services for turnkey railway electrification projects, encompassing the design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substation systems. It also has approved supplier registrations from various professional directorates of Ministry of Railway (Research, Design & Standards Organisation). In the railway industry, its products contribute to enhancing operational efficiency, safety, and reliability across various systems. Its electronic solutions support critical on-board functions by ensuring reliable power regulation, lighting, control, and monitoring, thereby improving performance and safety in railway coaches. Its electrical components help maintain continuous traction and auxiliary functions essential for smooth rail operations. Additionally, its turnkey electrification capabilities ensure seamless implementation of high-voltage railway infrastructure, playing a key role in the modernization and expansion of India's rail network.

With its in-house design capabilities, the company leverages its expertise in railway engineering and electrical systems to deliver. It primarily operates on a Business-to-Government (B2G) model, with the majority of its revenue derived from delivering its services to government department and ministries such as Ministry of Railways. It has been accredited as an ISO 9001:2015 certified company. It prioritizes the implementation and maintenance of a robust Quality Management System, ensuring its products adhere to the quality and reliability standards.

Proceed is being used for:

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

Industry overview

Currently, India is undergoing a digital revolution leading to a surge in the consumption of electronic devices in India. This growth is mainly attributed to the increasing middle-class population, rising disposable incomes, and declining electronics prices in the country. Major Government initiatives such as ‘Digital India’, ‘Make in India’, and supportive policies including a favourable FDI Policy for electronics manufacturing have simplified the process of setting up manufacturing units in India. India's railway sector, being one of the largest and busiest in the world, has seen significant advancements in the adoption of electrical and electronic equipment to enhance locomotive performance, safety, and operational efficiency.

With the increasing electrification of the railway network, the focus has shifted toward advanced electrical and electronic systems in railway locomotives. The integration of advanced electronics in locomotives is becoming increasingly critical, as railroads modernize. These systems empower train engineers to efficiently monitor and control locomotive performance, leading to enhanced operational efficiency, safety, and reliability. The key electronic systems in modern locomotives optimize performance by leveraging real-time data and sophisticated controls, ensuring peak functionality and minimizing operational disruptions.

Amid disruptions in global supply chains due to recent geopolitical shocks, Indian Railways has adopted a proactive approach towards strengthening domestic capacity. Local sourcing of railway components plays a key role in building resilient domestic supply chains, ensuring smoother operations within the sector. Around 80-85% of the components for Vande Bharat trains have been sourced from domestic suppliers. Domestic private players in the railways component manufacturing industry have stepped up to utilise this opportunity. Telangana became home to India's largest private rail manufacturing in June.

Pros and strengths

Strong focus on research & development: Its dedicated R&D team focuses on two strategic areas: developing new product lines and continuously enhancing the quality and performance of existing offerings. Their efforts have been instrumental in reducing costs through initiatives such as designing products that are adaptable for both domestic and international markets, improving the quality and reliability of its current products, and implementing innovative manufacturing and operational processes. These initiatives have significantly minimized resource wastage across its operations and improved overall cost efficiency, generating substantial benefits for the company as a whole. 

Well-equipped manufacturing facilities: The company’s manufacturing infrastructure is based in Haridwar, Uttarakhand, and is well-equipped with the latest technological advancements. It has implemented highly efficient operational processes, which significantly reduce overall manufacturing time and help ensure the timely delivery of its products.

Extensive sales & service network: It maintains a comprehensive sales and service network across India, coordinated through its central sales office in Delhi. A dedicated service center or service representative is present in every state capital, ensuring that customer queries and service requirements are attended to within 24 hours. This enables minimal downtime and helps it maintain high levels of customer satisfaction with its products and after-sales support. Its marketing and sales department comprises six employees, who are supported by a wide network of engineers across various regions to provide effective sales assistance and prompt service support.

Risks and concerns

Significant revenue and operation dependence in Uttarakhand: The company operates its business operations from its registered office and manufacturing facility. Although, its business operations span various regions across India, State of Uttarakhand contributes to a substantial portion of its revenues. The State of Uttarakhand is accounted for around 59.01%, 53.89% and 59.17% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any factors relating to political and geographical changes, growing competition, economic downturn, natural disasters and any change in demand may adversely affect its business. It cannot assure that it shall generates the same quantum of business, or any business at all, from this state, and loss of business from this state could adversely affect its revenues and profitability.

Reliance on Government railway contracts: Its business is substantially dependent on contracts awarded by the Ministry of Railways and its affiliated entities, including Indian Railways, its zonal railways, public sector undertakings and other government organisations associated with the Ministry. It is engaged in the manufacturing of Power Electronics, Instrumentation and Distribution Systems, Microprocessor-Based Control Systems for Railway applications, Rotating Machines and Railway Electrification, and its primary customers include Indian Railways and other railway contractors. It also holds approved supplier registrations with various professional directorates under the Ministry of Railways, including the Research Designs & Standards Organisation (RDSO). The Government contracts are accounted for around 82.01%, 81.50% and 67.74% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.

Dependent on third parties for the supply of raw materials: The raw material costs are subject to fluctuations. There can be no assurance that strong demand, capacity limitations or other problems experienced by its suppliers will not result in occasional shortages or delay in their supply of raw materials. If it experiences a significant or prolonged shortage of raw materials from any of its suppliers and it cannot procure the raw materials from other sources, it will not be able to fulfill product delivery schedules on time, which would adversely affect its sales, margins and customer relations. Further, in the absence of any long-term supply agreements, it cannot assure that a particular supplier will continue to supply raw materials to it in the future. In the event the prices of such raw materials were to rise substantially, it may find it difficult to make alternative arrangements for suppliers of its raw materials, on the terms acceptable to it, which could materially affect its business, results of operations and financial condition. 

Outlook

IC Electricals Company is involved in the business of providing advanced engineering solutions to Indian Railways. It offers a broad range of electronic products such as regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, and vigilance control devices, compliant with the latest technical standards. It maintains a comprehensive sales and service network across India, coordinated through its central sales office in Delhi. A dedicated service center or service representative is present in every state capital, ensuring that customer queries and service requirements are attended to within 24 hours. This enables minimal downtime and helps it maintain high levels of customer satisfaction with its products and after-sales support. On the concern side, its projects are generally assigned to its organization upon fulfillment of specified pre-qualification prerequisites and subsequent engagement in a competitive tendering procedure. Any failure to secure new projects or premature termination of contracts awarded to it could potentially have adverse repercussions on both its business operations and financial standing.

The company is coming out with a maiden IPO of 48,39,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 94-99 per equity share. The aggregate size of the offer is around Rs 45.49 crore to Rs 47.91 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 14,392.78 lakh as against Rs 12,148.16 lakh for FY24-25, an increase of 18.48%. Profit after tax for the FY25-26 was at Rs 1,402.45 lakh against profit after tax of Rs 928.26 lakh in FY24-25, an increase of 51.08%.

It is focusing on the rail contracts division as the Indian Government is committed to modernizing its railway infrastructure through several key initiatives aimed at upgrading the existing system and enhancing service quality. These initiatives include a drive toward 100% railway electrification, improvements to existing lines to support higher speeds and better passenger facilities, and significant expansion of the railway network with new lines. Additionally, there is a focus on introducing and expanding a high-speed train network connecting major cities across India, along with the development of dedicated freight corridors to reduce cargo transportation costs. Its contracts division is actively managing a strong portfolio of projects in line with these developments. Further, its business strategy focuses on capitalizing on markets where DC traction motors remain prevalent, such as the USA, Canada, Brazil, Mexico, and several African countries. In these regions, a significant portion of DC traction motor work is still performed manually, presenting a competitive advantage that it aims to leverage.

Knack Packaging

• Knack Packaging is coming out with a 100% book building; initial public offering (IPO) of 2,71,16,191 shares of face value Rs 10 each in a price band Rs 161-170 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 1, 2026 and will close on July 3, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 16.10 times of its face value on the lower side and 17.00 times on the higher side.
• Book running lead managers to the issue are Systematix Corporate Services, IDBI Capital Markets & Securities and Pantomath Capital Advisors. 
• Compliance officer for the issue is Saloni Ghanshyambhai Hurkat.  

Profile of the company 

The company is one of the leading, integrated, innovation-oriented, export led and sustainable oriented packaging solutions provider, offering a diverse range of packaging solutions, including Printed and Laminated Woven Polypropylene (PLWPP) bags and PLWPP Pinch Bottom bags that are customized, high-strength packaging solutions for a wide range of sectors, including food products and pet foods. Its solutions enhance brand visibility on packaging, reduce the risk of counterfeiting, and improve operational performance.

The company is also one of the early movers in the manufacturing of Biaxially Oriented Polypropylene (BOPP)/ PLWPP bags, and the first company in India (and Asia) to provide laser cut and easy-open feature integrated into their PLWPP pinch bottom bags. With a legacy of over two decades of its Promoters, it offers a wide array of bulk packaging solution which has been developed over the decades through technological enhancements and industry experience. It also provides add-on solutions such as circular & back seam construction, half, full & register window, zig-zag cut, heatcut & bladecut etc., providing customers with enhanced and customized packaging options. Its diverse range of packaging solutions along with customised add-ons, makes it a one stop solution for its customers.

The company has been serving top brands under a B2B2C model, including household Indian names such as Baba Agro Food, Drools Pet Food, Ebro India, Laxmi Protein Products, Mosaic India, KRBL, Shriram Woven Sacks and DCM Shriram, as well as international brands across 71 countries like Cristo S.A., Sacos y Empaques Internacionales S.A. de C.V., Cargill and Repi Soap and Detergent PLC. These brands use its 5kg to 50kg packaging solutions, to offer their products which are typically in powder or granule form, to their respective customers. The key industries which it serves include grains and pulses - rice, dal, lentils, etc., flour & spices, sugar, salts, fruits & nuts, animal & pet foods, agriculture, seeds, charcoal, detergents powders & granules, fertilizers, chemicals, cement, tile adhesives, building materials, mineral bags etc.

Proceed is being used for: 

• Partial funding of capital expenditure towards setting up of new manufacturing facility at Borisana situated at Kadi, Mehsana, Gujarat (Project Site)
• General corporate purposes 

Industry overview

The Indian flexible packaging market, one of the fastest growing globally, has seen a surge in demand for PLWPP bags due to their cost-effectiveness and adaptability. These bags are crafted by laminating a BOPP film onto woven polypropylene fabric, creating a robust packaging solution that combines the strength of woven polypropylene with the high-quality printability and moisture resistance of BOPP film. These bags are widely used for packaging commodities like rice, wheat, pulses, fertilizers, cement, and pet food, catering to both domestic and export markets.

The PLWPP bulk bags (5-50kg) market was valued at Rs 25.0 billion in FY2024 and Rs 28.6 billion in FY2025 and is expected to reach Rs 50.0 billion by FY2029, expanding at a CAGR of 15.0% during the given period. This CAGR growth of 15% is fuelled by a combination of factors, including the current low market base of Rs 25.0 billion in FY2024, which sets the stage for high percentage growth. The industry is also maturing, with increasing awareness among manufacturers and end users about the functional and branding advantages of PLWPP bags. The PLWPP bags (5-50kg) can be preferred choice across industries where product protection, branding, and transportation efficiency are essential. With the Indian market's increasing emphasis on packaging innovation and sustainability, the demand for these versatile bags continues to grow in both domestic and international markets.

The PLWPP bags are emerging as a reliable packaging solution for highly automated manufacturing and packaging operations. Their consistent dimensions, high tensile strength, and durability make them well-suited for high-speed machinery, helping to reduce jams, misfeeds, and line stoppages. Features such as easy mouth opening, pre-gusseted, perforated, or micro-punched to facilitate air release, and strong sealing capabilities ensure efficient filling and secure closure, even under demanding conditions. The laminated finish enhances stacking strength and pallet stability, while the ability to print high-resolution barcodes and traceability data supports digital inventory systems.

Pros and strengths 

Focus on operational efficiency through integrated and digitised processes: The company has adopted a structured and technology-driven approach to manage supply chain, procurement, and production functions to support operational efficiency and cost control. Knack Galaxy, its proprietary solution, is central to this, which integrates and tracks critical business functions in real-time such as procurement, production, dispatch, and logistics management. It is designed to serve customers through order and delivery tracking, internal teams via resource planning and monitoring, and suppliers through seamless coordination of incoming materials.

Capability to deliver complex product design with accuracy: The company has developed capabilities in engineering and manufacturing product designs that involve a high degree of complexity, technical precision, and process consistency. These capabilities cover a range of design and production aspects, including bag construction techniques, multi-layer lamination, and the incorporation of add-on features such as valve closures, integrated handles, various perforation patterns, and custom structural formats as per product requirements. Its bags can be fully customized with all available add-on features to meet specific client requirements.

Customer-centric custom packaging solutions: The company works with customers to convert basic inputs into complete packaging solutions. Typically, customers provide only the type of material to be packed such as rice, wheat, or lentils and the required weight range, generally between 5kg and 50kg. Its in-house design team then develops bag designs that align with the customer’s branding and technical requirements, moving from concept to design in a structured manner. It also offers support in cylinder printing services. In cases where customers manage the procurement and development of printing cylinders, it assists by ensuring that their approved designs are adapted for accurate printing. Its team aligns the artwork with technical specifications to help achieve consistent and reliable print outcomes. This process enables customers to focus on their core business while it manages the design and technical aspects of packaging development.

Presence across Indian and global market catering to various industries: The company operates across both domestic and international markets, enabling it to serve a wide range of customers across geographies and industries. Its international presence is supported by its wholly owned Subsidiary, Knack Packaging SA (RF) Proprietary in South Africa. For March 31, 2026, its revenue from operations was distributed between export and domestic sales, contributing around 56.30% and 43.70% respectively. It serves a diverse customer base across various end-use industries, including pulses, rice, lentils, fertilizers, pet food, etc. These industries are primarily B2C in nature, and demand trends in these sectors influence packaging requirements. Its offerings span across different products, substrates, applications, and geographies, with no material dependency on any single customer or segment. This diversification reduces concentration risk and contributes to a more balanced revenue profile.

Risks and concerns

High dependence on top 10 suppliers: It is significantly dependent on its top 10 suppliers for raw materials, with whom it does not have long-term contracts for the purchase of raw materials and it purchases such raw materials and inputs on spot order basis. The company's top ten suppliers accounted for 86.21%, 73.51% and 76.99% of its total raw material purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any delay or default in payment of its suppliers will affect its manufacturing schedule and consequently its business operations.

Top 10 customers account for over 40% of revenue: The company derives a substantial portion of its revenue from operations from its top 10 customers. The company's top ten customers contributed 40.87%, 43.91% and 44.16% of its revenue from operations for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Further, it does not have any contractual arrangements with its top 10 customers and neither of these customers are related parties. Therefore, its inability to retain them may have an adverse impact on its business, results of operations and financial performance.

Dependence on US market: The company derived 23.66% of its revenue from operations from customers in the United States (US) during Fiscal 2026. Any adverse situation in the United States, including any breakdown in India-US bilateral relations may adversely affect its business, results of operations, and financial condition Accordingly, a significant proportion of its business operations and financial outcomes is directly linked to the performance and stability of the US market. This concentration subjects its business to risks specific to these regions, including political, economic, regulatory and logistical challenges. 

Single-region manufacturing concentration risk: Its manufacturing facilities are concentrated in a single region domestically i.e., Gujarat, which are critical to its business operations. The concentration of its manufacturing facilities in a single region exposes it to various risks arising out of concentration of such facilities in one particular state and any significant social, political or economic disruption, or natural calamities or civil disruptions in this region, or changes in the policies of the state or local governments of this region or the Government of India, could require it to incur significant capital expenditure and change its business strategy. Any shutdown of its manufacturing facilities due to adverse conditions in the state of Gujarat or other reasons may adversely affect its business, financial condition, results of operations, cash flows and future business prospects.

Outlook  

Knack Packaging is engaged in the manufacturing and export of PP/HDPE Woven Sacks and BOPP Laminated PP Woven Bags. It is the first company in India (and Asia) to provide laser cut and easy-open feature integrated into their PLWPP pinch bottom bags. They cater to a variety of end user segments, including grains and pulses like rice, dal, lentils, etc., flour & spices, sugar, salts, fruits & nuts, animal & pet foods, agriculture, seeds, charcoal, detergents powders & granules, fertilizers, chemicals, cement, tile adhesives, building materials, mineral bags etc. On the concern side, it faces significant competition from domestic and international packaging businesses (including players from both organized and unorganized sector). Increased competition from existing manufacturers (belonging primarily, from the organized sector) and new entrants in the packaging market in India or outside India may cause it to lose or fail to attract new consumers, maintain existing customers and result in an overall reduction in its market share. If its competitors’ production capacity surpasses it’s in terms of quality or performance or competitive pricing, its market share, profitability and results of operations may be adversely impacted.

The issue has been offering 2,71,16,191 shares in a price band of Rs 161-170 per equity share. The aggregate size of the offer is around Rs 436.57 crore to Rs 460.98 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 11.80% from Rs 736.49 crore in Fiscal 2025 to Rs 823.43 crore in Fiscal 2026. Restated Profit for the year increased by 25.62% from Rs 73.81 crore in Fiscal 2025 to Rs 92.72 crore in Fiscal 2026.

Meanwhile, as a part of its commitment, it plans to expand into new product segments, such as Modern Trend Packaging to drive growth and increased market penetration. By leveraging its market expertise, it aims to introduce new-aged product applications that meet evolving customer needs including PLPE Pinch Bottom Bag, Zipper Pinch bottom Bag, Easy Carry Handle Block Bottom Bag, Corner Seal Block Bottom Bag and Easy open Block Bottom Bag. In addition, the company is planning to increase its presence in PLWPP bags (more than 50kg) market as well.

Seemax Resources

• Seemax Resources is coming out with an initial public offering (IPO) of 14,00,000 shares in a price band of Rs 134-141 per equity share.
• The issue will open on June 30, 2026 and will close on July 02, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 13.40 times of its face value on the lower side and 14.10 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Pankaj Kewalramani.

Profile of the company

Seemax Resources business model is structured to serve a broad spectrum of industries, including automotive, steel, glass, cement, textiles, engineering goods, warehousing and logistics, retail and e-commerce, ports and shipping, construction and infrastructure, as well as aviation and railways. Each of these sectors has distinct requirements for efficient material movement and handling, and it designs its solutions to address their specific operational needs. Its operations are classified under the following verticals:

i) Rental Solutions: It provides Rental Solutions for Material Handling Equipment (MHE) with a distinctive focus on comprehensive maintenance services and trained operator support. Unlike plain rental offerings, its model integrates Annual Maintenance Contracts (AMC), preventive servicing, and on-call technical support to ensure that every piece of equipment remains in peak condition throughout the rental tenure. It provides material handling solutions across sectors and companies who need to offload their material handling tasks. It offers material handling equipment and deploying its well skilled operators & maintenance team to take care of its customer's material handling needs. Its fleet includes battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), and reach trucks, which are widely deployed across sectors such as manufacturing, warehousing, logistics, ports, construction, and industrial infrastructure. In addition to reliable equipment, it also makes available experienced operators, ensuring safe handling practices, compliance with safety norms, and maximized operational efficiency at client sites.

ii) Trading in MHE: Alongside its rental services, it is engaged in the trading of Material Handling Equipment (MHE), enabling customers to purchase equipment that matches their operational requirements and financial plans.

Proceed is being used for:

• Funding capital expenditure towards purchase of material handling equipment
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding the long-term working capital requirements of the company
• General corporate purposes

Industry overview

The India material handling equipment market size reached $10.57 Billion in 2024. Looking forward, IMARC Group expects the market to reach $22.48 Billion by 2033, exhibiting a growth rate (CAGR) of 8.08% during 2025-2033. The India material handling equipment market is driven by rapid industrialization, expanding manufacturing activities, government initiatives like the Production-Linked Incentive (PLI) scheme, rising e-commerce logistics, and increasing infrastructure development, all contributing to higher demand for advanced automation, efficient warehousing solutions, and technologically upgraded handling systems across industries.

The manufacturing sector is the backbone of India's economy, and its expansion has a direct impact on the demand for material handling equipment. The Gross Value Added (GVA) in manufacturing surged by 26.6% in 2021-22 compared to the earlier year, reflecting a robust recovery after the pandemic. These sectors were propelled by industries like basic metals, refined petroleum products, drugs and pharmaceuticals, automobiles, food products, and chemicals, which all contributed around 56% to the overall GVA in manufacturing. The rise in manufacturing production requires effective material handling solutions to deal with higher production levels, reduce operations, and provide timely delivery. 

The development of infrastructure in India has been the mainstay of economic development, with tremendous investments in upgrading transportation, logistics, and manufacturing facilities. Building strong infrastructure has been the government's priority, and as a result, there is high demand for material handling equipment to facilitate construction and the subsequent use of these facilities. The capital goods industry, which includes material handling equipment, has been aided by production-linked incentive (PLI) programs in industries such as automobiles and electric vehicles (EVs). Indirectly, these programs promote demand for capital goods through their focus on manufacturing excellence and expanding capacity. Incidentally, industries for heavy electrical and power equipment, earthmoving and mining equipment, and process plant equipment jointly contribute to 85% of India's entire capital goods export, demonstrating the strength of the sector. Also, the Index of Industrial Production (IIP), which captures the performance of different industrial sectors, has been positive. The Office of the Economic Advisor, Ministry of Commerce and Industry, started compiling and publishing the IIP, covering major industries that contribute a large share of total production. A rise in the IIP reflects higher industrial activity, which translates to greater demand for material handling solutions to control the movement of goods within and among facilities.

Pros and strengths

Comprehensive rental solutions with value-added services: Its rental solutions go beyond plain equipment leasing by integrating AMC-backed maintenance contracts, preventive servicing, and on-call technical support, along with the deployment of skilled and trained operators. This holistic model ensures that equipment remains in peak condition, minimizes downtime, enhances safety compliance, and drives higher productivity for clients, positioning it as a reliable long-term partner rather than just an equipment lessor. 

Skilled and dedicated workforce: Its people are its biggest strength. It prioritizes hiring individuals with relevant technical expertise and industry knowledge, and further strengthen their capabilities through structured training programs that not only meet but exceed industry standards. It focuses on continuous learning, safety, creating a motivated team that delivers reliable service. By retaining skilled employees, It ensures higher efficiency, stronger client trust, and long-term business growth.

Quality assurance of its services: Quality assurance is at the core of its operations and reflects its commitment to building and sustaining long-term client relationships. Safety and skill development are top priorities, and all ground staff, including operators and support personnel, undergo structured induction training conducted by its in-house team. These programs cover equipment handling, safety protocols, maintenance standards, and site-specific procedures. In addition, periodic refresher and need-based training sessions are conducted to keep its workforce aligned with evolving industry practices and client expectations. This structured and ongoing framework enhances technical competence, safety awareness, and operational efficiency, ensuring reliable performance, minimal downtime, and consistent client satisfaction across its rental solutions. 

Risks and concerns

Dependent on third-party suppliers for its operations: Its business model is substantially dependent on sourcing Material Handling Equipment (MHE), including battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), reach trucks, and related consumables such as batteries and spare parts, from third-party suppliers for its rental operations. For its trading activities, it is restricted to sourcing equipment only through its authorised dealership arrangement with a reputed global manufacturer. It is heavily reliant on a limited supplier base, with its top ten suppliers contributing 89.22%, 98.47%, 98.29% and 91.09% of its total purchases for the period ended December 31, 2025 and for the Financial Years ended March 31, 2025, 2024 and 2023, respectively, based on its Restated Financial Statements. This high concentration exposes it to significant risks relating to availability, pricing, quality, and continuity of supply. Any disruption in the supply chain arising from delays in production, logistics constraints, geopolitical developments, or other external factors could adversely impact its ability to fulfil client requirements, resulting in delays, loss of revenue, and deterioration of client relationships. 

Significant portion of its revenue derived from key clients: It drives a significant portion of its revenue from a concentrated base of clients. For the period ended December 31, 2025 and The Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023, revenue from its top ten clients constituted 79.72%, 79.21%, 85.04% and 71.10%, of its total revenue from operations, respectively. This reliance on a relatively small group of clients exposes it to client concentration risk. The loss of one or more of these clients, a reduction in the volume of business they conduct with it, or adverse changes in their procurement strategy could materially and adversely affect its revenues and profitability. Factors such as shifts in client preference, increased competition, changes in outsourcing policies, pricing pressure, contract non-renewals, or internal restructuring at the client level could result in a significant reduction or cessation of business from these key clients.

Revenue dependence on its operations in Gujarat: Its revenues are significantly concentrated in the state of Gujarat. For the period ended December 31, 2025 and for the years ended March 31, 2025 2024 and 2023, revenue from Gujarat contributed Rs 1,106.69 lakh (96.32%), Rs 1,363.69 lakh (94.58%), Rs 1,042.82 lakh (91.94%) and Rs 1,061.47 lakh (94.03%) of its revenue from operations respectively. Such concentration exposes it to risks arising from adverse developments in this region, including increased competition, economic downturns, regulatory changes, or demographic shifts in Gujarat. Any negative event affecting customer demand, supply chain logistics, or local business conditions in this region could materially and adversely impact its business, results of operations, and financial condition.

Outlook

Seemax Resources is primarily engaged in the supply and service of Material Handling Equipment (MHE). Through its authorised dealership relationships with reputed international manufacturers, it ensures that the Material Handling Equipment (MHE) it supplies are certified for quality and safety, compliant with international standards, and deliver reliable high performance. This trusted sourcing framework strengthens its credibility in the industry and reinforces customer confidence in its offerings. On the concern side, it operates in a business segment that is highly dependent on technically skilled personnel, including equipment operators, operations and logistics staff, sales professionals, and maintenance technicians. The availability of trained manpower in the material handling equipment industry is limited and highly competitive, and it is required to consistently invest in recruitment, training, and retention strategies to meet its operational requirements across geographies. Its continued success is significantly reliant on its ability to attract and retain experienced professionals who possess deep industry knowledge and technical expertise. Increased attrition or failure to retain such key personnel may result in disruptions in its operations, reduced service quality, higher training and onboarding costs, and potential delays in project execution, which could adversely impact its revenues and profitability.

The company is coming out with a maiden IPO of 14,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 134-141 per equity share. The aggregate size of the offer is around Rs 18.76 crore to Rs 19.74 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 1,441.86 lakh as against Rs 1,134.24 lakh for FY23-24, an increase of 27.12%. Profit after tax for the FY24-25 was at Rs 223.71 lakh against profit after tax of Rs 142.61 lakh in FY23-24, an increase of 56.87%.

It constantly seeks to enhance its addressable markets through its rental service model. Its focus is on increasing market share by catering to clients across different parts of India. It is exploring expansion into high-growth corridors that align with its business model and offer strong demand potential. By leveraging its market presence and service capabilities, it aims to penetrate newer regions and attract new clients. Going forward, it plans to consistently invest in expanding the size and variety of its equipment fleet to serve a larger client base. A broader and more diverse fleet will allow it to respond quickly and efficiently to client requirements, improve asset availability, and enhance deployment efficiency across multiple geographies. This also enables it to customize rental solutions, reduce downtime through quicker equipment turnaround, and commit to higher uptime for long-term rental contracts.

Teja Engineering Industries

• Teja Engineering Industries is coming out with an initial public offering (IPO) of 16,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 220 per equity share.
• The issue will open on June 30, 2026 and will close on July 2, 2026.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 22.00 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Deepak Kumar Laddha.

Profile of the company

The company provides services across Operation & Maintenance (O&M) including Annual Maintenance Contracts (AMC), Erection & Commissioning (E&C) including project works, installation of stainless-steel tubing, Overhauling, Decommissioning & Recommissioning. It also undertakes instrument calibration, nondestructive thickness testing of pressure vessels, and testing and servicing of safety relief valves (SRVs). It operates in the Oil & Gas, Power, and Energy sectors, supporting OEMs, CNG compressor packagers, and public sector undertakings involved in gas distribution and energy infrastructure. With a network extending across India, it provides technical knowledgeable manpower and execution support for CNG stations, gas compression plants, and natural gas distribution terminals. The company’s role is to ensure smooth and efficient operation of energy infrastructure, though it does not manufacture equipment itself.

Its workforce of 1994 is deployed across client sites to deliver Operations & Maintenance, Erection & Commissioning, installation, overhauling, and recommissioning services. Its main area of service is O&M. The company has expanded its services to 15 states: Gujarat, Maharashtra, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa (UT), Madhya Pradesh, Rajasthan, Odisha, West Bengal, Bihar, Tripura and Jharkhand its work includes Erection, Installation, Testing, Commissioning, Operation and maintaining, natural gas compression stations to ensure smooth and reliable operations. This allows it to handle projects of different scales and requirements effectively. It has completed over 300 CNG compressor station projects and manages O&M services for more than 550 units pan India. Its expertise spans the entire lifecycle of gas and energy projects from commissioning to operation and maintenance enabling it to effectively support customers in the City Gas Distribution (CGD) sector.

The company is proud to hold the PESO certification under the SMPV (U) Rules, 2016, specifically Rule 18, for conducting the testing of Safety Relief Valves (SRV) and Pressure Safety Valves (PSV). This certification, issued by the Petroleum and Explosives Safety Organization (PESO), is a testament to its technical competence, compliance with safety standards, and commitment to excellence in the field of natural gas and energy sectors. It is an authorized service provider in India for renowned international company that manufactures safety relief valves (SRVs). The certification & authorization ensures that its testing and inspection processes adhere to stringent safety and quality regulations of environment, enabling it to provide reliable and efficient services to its clients.

Proceed is being used for:

• Funding capital expenditure requirements for the purchase of equipment/machineries
• Funding the working capital requirements of the company
• General corporate purpose

Industry overview

The services sector is not only the dominant sector in India’s GDP but has also attracted significant foreign investment, has contributed significantly to exports, and has provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction. To enhance India's commercial services exports, share in the global services market from 3.3% and permit a multi-fold expansion in the GDP, the government is also making significant efforts in this direction.

The Government of India recognises the importance of promoting growth in the services sector and provides several incentives across a wide variety of sectors like health care, tourism, education, engineering, communications, transportation, information technology, banking, finance, and management among others. The Indian services sector was the largest recipient of FDI inflows worth Rs 7,47,413 crore between April 2000-December 2024. India is expected to receive over Rs 52,32,600 crore in alternative investments over the next three years, significantly boosting the startup ecosystem. India's services exports surged 13.6% on-year to a record Rs 33,09,638 crore in FY25. 

Pros and strengths

Extensive Pan-India Presence of the company enabling wide market access and service coverage to its Business:  A major strength of its business is its presence across Gujarat, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa (UT), Madhya Pradesh, Rajasthan, Odisha, West Bengal, Bihar, Jharkand, Dadra Nagar Haveli (UT), Assam and Maharashtra. This pan-India presence is not only a measure of its reach but also a reflection of its ability to mobilize manpower, resources, and technical expertise across diverse regions. Its teams are deployed at client sites, such as CNG stations, gas compression plants, and group gathering stations, ensuring operations and maintenance activities are performed in line with client expectations and regulatory requirements. The ability to execute projects and provide O&M services simultaneously in several states showcases the scalability of its business model. It also provides resilience, as its operations are not dependent on a single geography. This wide footprint strengthens its reputation as a capable and dependable service provider for critical infrastructure in the Oil & Gas and energy sectors.

Commitment to quality and industry accreditations: The company emphasizes maintaining consistent quality throughout all stages of its services. Its approach focuses on efficient use of resources, effective project execution, and adherence to required standards. From planning to execution, and from testing to final handover, it ensures that each step aligns with client specifications, statutory requirements, and global benchmarks. Its approach is built on three pillars: efficient use of resources, strict adherence to standards, and proactive monitoring of outcomes.

Strong customer relationships as a key business strength: The company has built a strong and diverse clientele across multiple industries and cities nationwide. Its commitment to quality service in E&C services, O&M services, and other specialized services has been instrumental in securing repeat and continuous business from existing clients while also attracting new customers. This approach has helped it establish long-term working relationships and enhance its customer retention strategy. Its Operation & Maintenance services provide a significant advantage in retaining customers, ensuring consistent engagement and ongoing service excellence. It considers its strong customer relationships a competitive edge, contributing to its sustained business growth.

Risks and concerns

High dependence on revenue from O&M services: Its significant portion of its revenue is derived from O&M services. The contribution made by the O&M services for the nine months period ended December 31, 2025 is Rs 5120.99 lakh aggregating to 94.28%, For FY 2025, contributed approximately Rs 5,166.76 lakh, aggregating to 93.57% of total revenue; for FY 2024, Rs 3645.34 lakh, aggregating to 91.099%; and for FY 2023, Rs 2,166.28 lakh, aggregating to 88.14%. Any reduction in client requirements, delay in contract renewal, increased competition, operational disruptions, or changes in market conditions affecting O&M services could materially and adversely impact its revenues, profitability, and overall business operations.

Significant revenue concentration from key customers: Its top customers contribute a significant portion of its revenue from operations. Its top 10 customers accounted for 98.95%, 99.32%, and 99.94% of its revenues during the financial year 2024-25, 2023-24 and 2022-23, respectively. Over the past three years, its top 10 customers have consistently contributed over 98% of its revenue. The loss of any of these key customers could have a significant adverse impact on its financial position. Any decline in the quality of its services or changes in demand from these customers could adversely affect its ability to retain them. It cannot assure that it will maintains the same level of business, or any business at all, from these customers. The loss of business from one or more of them could materially affect its revenues and profitability.

Dependence on skilled manpower and exposure to labour disruptions: The company’s business operations are highly dependent on skilled manpower deployed across client sites, operational facilities, and project locations. The nature of its services, including Operations & Maintenance (O&M), gas compression solutions, valve testing, and calibration, requires specialized expertise, and any inability to attract, retain, or efficiently deploy skilled personnel could adversely affect service delivery, operational efficiency, and business performance. Additionally, the company may be exposed to labour disputes, work stoppages, or strikes, which could disrupt ongoing operations.

Outlook

Teja Engineering Industries is primarily engaged in business of services of testing, calibration and O&M. It operates in the Oil & Gas, Power, and Energy sectors, supporting OEMs, CNG compressor packagers, and public sector undertakings involved in gas distribution and energy infrastructure. With a network extending across India, it provides technical knowledgeable manpower and execution support for CNG stations, gas compression plants, and natural gas distribution terminals. On the concern side, the company has to undertake the hazardous operations in carrying out the construction of CNG Gas Pump station on turnkey basis. Hazards operations can cause personal injury and loss of life, severe damage to and destruction of property and equipment, environmental damage and may result in the suspension of operations and the imposition of civil and criminal liabilities.

The company is coming out with an IPO of 16,98,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 220 per equity share to mobilize Rs 37.36 crore. On performance front, in the F.Y. 2024-25, the company’s total revenue was Rs 5,521.83 lakh, which is increased by 37.97% in compare to total revenue from operations of Rs 4,002.08 lakh in F.Y. 2023-24. Profit after tax is Rs 401.59 lakh for the F.Y. 2024-25 in compared to Rs 252.62 lakh in F.Y. 2023-24.

Meanwhile, the company will install the Gas Engine Driven Reciprocating Heavy Duty Gas Compressor packages directly at client sites. These installations will be executed under compression service agreements, wherein the company earns revenue on a per-unit basis for each cubic meter of gas compressed. Since the compressors will operate at client-provided sites, the company will not require any additional owned or leased property for installation. The compressor assets will remain the property of the company, ensuring full ownership and control while being deployed for client operations.

Kratikal Tech

• Kratikal Tech is coming out with an initial public offering (IPO) of 29,40,000 shares in a price band of Rs 128-135 per equity share.
• The issue will open on June 30, 2026 and will close on July 02, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Beeline Capital Advisors.
• Compliance officer for the issue is Anmol Gupta.

Profile of the company

Kratikal Tech is engaged in providing AI-driven, Software-as-a-Service–based cybersecurity solutions through its proprietary security software platform, supported by cybersecurity and regulatory compliance services, enabling enterprises to achieve measurable cyber risk reduction and enhanced resilience. Its People Security Management (PSM) capabilities are delivered through the proprietary Threatcop platform, which focuses on reducing human-related cyber risks, and are enhanced by technology and process security offerings delivered under the Kratikal brand. Together, these offerings provide integrated protection across the People-Process-Technology stack, supporting organizations in proactively identifying, prioritizing, and mitigating cyber risks while strengthening their overall security posture in an increasingly threat environment.

Through its services, it empowers organizations to protect their critical data, prevent cyber threats, and ensure smooth business operations. Its solutions are designed to eliminate data privacy risks, safeguarding businesses from unauthorized access and security breaches. It operates through two integrated business lines: i) AI Driven People Security Management, offered through Threatcop product suite offered under Threatcop brand (Products); and ii) Technology and Process Security Services, offered under the Kratikal brand, encompassing Vulnerability Assessment and Penetration Testing (VAPT), application and infrastructure security, red-team exercises, and governance, risk and compliance (GRC) services, all supported by its AI-driven VMDR (Vulnerability Management, Detection & Response) platform and AutoSecT (Services). This integrated model enables it to address both human-layer risks and technology- and process-layer vulnerabilities within customer environments. 

In its services portfolio, it has developed Threatcop, a people security management suite and AutoSecT, an AI-driven pentest and VMDR platform. AutoSecT autonomously scans network, cloud, web, mobile, and API assets, prioritizes vulnerabilities based on risk, and provides AI-driven patch recommendations, supported by analytics dashboards for security teams and a dedicated CISO dashboard. The platform standardizes and enables the delivery of all penetration testing reports undertaken by it, enhancing scalability, consistency, and turnaround time, while embedding its intellectual property at the core of its service offerings. It has undertaken AI driven VMDR, secure code reviews, and vulnerability assessments across diverse customer environments. Its solutions are used by a broad base of small businesses and large enterprises across sectors such as banking, financial services and insurance (BFSI), fintech, telecom, IT/ITES, healthcare, pharmaceuticals, e-commerce, and manufacturing, both in India and international markets. Kratikal is a CERT-In Empanelled Security Auditor and is widely recognized for its VAPT, compliance, and virtual CISO (vCISO) services. Additionally, it is empanelled by NSE to perform system audits for trading members.

Proceed is being used for:

• Investment in Threatcop FZ LLC, UAE and Threatcop AI Inc, USA (its subsidiaries) for expenditure towards sales & marketing activities and development of workforce resources.
• Investment in product development 
• General corporate purposes 

Industry overview

The IT-BPM (Information Technology and Business Process Management) industry encompasses a broad spectrum of services, including software development, IT consulting, infrastructure management, and outsourced business processes such as finance, human resources, and customer support. This sector plays a pivotal role in India’s economic landscape, serving as a major driver of employment, innovation, and global trade. Positioned as a global leader in outsourcing and digital services, India has built a strong reputation for delivering high-quality, cost-effective IT and BPM solutions to clients across the world. The industry not only contributes significantly to foreign exchange earnings but also underpins India’s digital transformation journey, reinforcing its stature as a strategic hub for technology and business services on the global stage. 

The Indian IT-BPM sector has considerable impact on GDP and the employment rate of the country, where exports are a major contributor to the revenue from this sector. Strong supportive government policies are augmenting the consistent growth in this sector. The Software Technology Park (STP) scheme which is a 100% export-oriented scheme for development and export of computer software, including export of professional services using communication links or physical media, makes India attractive for multinational global participants to set up its presence providing employment opportunity. In addition to STP scheme, the government prioritizes cybersecurity, hyper-scale computing, Artificial Intelligence (AI) as a technology, and blockchain technology. The country, with lowest data costs at INR10/GB (USD 0.12/GB) is complimenting for a wide customer base to use this technology, which is a big advantage to train the AI for any application.

Looking further ahead, the industry is projected to generate $308.0 billion in FY 2027, $320.0 billion in FY 2028, $335.0 billion in FY 2029, and ultimately reach $350.0 billion by FY 2030. The progressive increments highlight the resilience and global competitiveness of India's IT-BPM sector. Contributing factors include the rise of Software as a Service (SaaS), global capability centres (GCCs), and government policies supporting digital public infrastructure and innovation. This consistent upward trajectory underlines the IT-BPM industry's critical role in India’s economic growth and its strategic importance in the global digital economy.

Complete people security management platform: It offers an integrated People Security Management suite through its Threatcop product stack, designed to strengthen organisational cyber resilience by addressing human-layer risks alongside technical controls. The platform includes: i) Threatcop Security Awareness Training (TSAT), a simulation-led platform for phishing and social engineering exercises along with targeted awareness content; ii) a cyber awareness Threatcop Learning Management System (TLMS); iii) Threatcop DMARC / email authentication and anti-spoofing (TDMARC); and iv) additional people-centric security capabilities such as Threatcop Phishing Incident Response (TPIR), incident readiness, and reporting modules-enabling organisations to assess, train, protect, and continuously improve user security behaviour across functions and locations.

Real-time DMARC with sender ID visibility: Its Real-Time DMARC platform provides real-time DMARC (Domain-based Message Authentication, Reporting and Conformance) enforcement with continuous monitoring of SPF/DKIM authentication outcomes and automated policy application to reduce domain spoofing and Business Email Compromise (BEC) risk. A key differentiator is Sender ID visibility, which highlights the actual sending identity behind each message (e.g., visible ‘From’ domain vs. underlying authenticated/return-path identity and sending infrastructure), helping organisations quickly detect look-alike senders, unauthorised third-party senders, and misaligned authentication. This improves security teams’ ability to triage incidents faster, validate legitimate marketing/transactional senders, and maintain stronger control over email channels across business units and vendors.

Comprehensive coverage across security domains: It offers a wide range of cybersecurity solutions covering multiple layers of an organisation’s digital infrastructure. Its service portfolio includes vulnerability assessment and penetration testing across networks, cloud environments, web and mobile applications and APIs, as well as cloud security posture reviews, configuration assessments and application-level security testing. In addition, it provides compliance audits, governance advisory and regulatory support aligned with applicable industry standards and statutory requirements. This comprehensive coverage enables it to serve customers with varied security maturity levels, operating environments and regulatory obligations. By addressing both technical vulnerabilities and governance-related gaps, it is able to deliver integrated security solutions rather than isolated point services. This breadth of capabilities also supports cross-selling and upselling of complementary services within existing customer relationships, enhances account depth, and reduces reliance on single-service engagements.

Risks and concerns

Dependence on human capital: It has 200 employees on payroll. Being a cyber-security company, a huge percentage of its revenue is diverted towards the employee benefit expenses. Its employees are key to its success in business operations. If it experiences a slowdown or stoppage of work for any client for which it has dedicated employees, it may not be able to efficiently reallocate these employees to other clients and projects to keep their utilization and productivity levels high. Its ability to execute projects and to obtain new clients depends largely on their ability to attract, train, motivate and retain highly skilled professionals. The performance of it will be benefited on the continued service of these persons or replacement of equally competent persons from the domestic markets. It may have difficulty in redeploying and retraining its professionals to keep pace with continuing changes in technology, evolving standards and changing customer.

Revenue dependence on key customers: Its top ten customers contribute 31.60%, 21.89% and 25.11% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. It is engaged in the business of risk-based vulnerability management and assessment solutions, cybersecurity quantification, cyber security, and services of penetration testing services. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographical concentration risk: The company’s revenues are geographically concentrated, with the top six states Delhi, Haryana, Karnataka, Maharashtra, Tamil Nadu and Uttar Pradesh contributing majority of the total revenues during each of the periods. Its top six states contribute 63.07%, 78.71% and 78.89% of its total revenue for the financial year ended on March 31, 2026, 2025 and 2024, respectively. As a result, its business performance is dependent, to a considerable extent, on market conditions, customer demand, regulatory environment and economic activity in these regions. Accordingly, any adverse changes in market conditions, regulatory environment or economic activity in these States could have a material impact on the company’s business, results of operations and financial condition. 

Outlook

Kratikal Tech is engaged in providing AI-driven, Software-as-a-Service–based cybersecurity solutions through its proprietary security software platform, supported by cybersecurity and regulatory compliance services, enabling enterprises to achieve measurable cyber risk reduction and enhanced resilience. Its empanelment with the Indian Computer Emergency Response Team (CERT-In) represents a significant strength and provides a distinct competitive advantage, particularly in engagements with government bodies, public sector undertakings and large enterprises. This empanelment reflects its technical capabilities, process maturity and adherence to prescribed cybersecurity standards and guidelines. On the concern side, it does not successfully anticipate market needs or develop and introduce new solutions that meet users’ needs on a timely basis, it may not be able to compete effectively and its revenue, reputation, financial conditions, results of operations and cash flows may be adversely affected. Moreover, a significant portion of its revenues is generated during the last quarter of the financial year, and any delay or reduction in customer spending during this period may materially affect its annual financial performance.

The company is coming out with a maiden IPO of 29,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 37.63 crore to Rs 39.69 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 3,671.59 lakh as against Rs 2,085.09 lakh for FY24-25, an increase of 76.09%. Profit after tax for the FY25-26 was at Rs 614.25 lakh as against profit after tax of Rs 381.44 lakh in FY24-25, an increase of 61.03%.

It intends to pursue international expansion through a combination of organic initiatives and strategic arrangements, including tie-ups, acquisitions, strategic alliances, partnerships or joint ventures, where considered appropriate. In addition, it plans to strengthen its global market presence by investing in brand building, targeted advertising, marketing activities and development of workforce resources in key overseas geographies. These initiatives are aimed at expanding customer acquisition, deepening relationships with international clients and diversifying revenue streams, while leveraging its existing technical capabilities and delivery model. Going forward, it plans to strengthen its product development capabilities through ongoing investments in research and development, technology infrastructure and skilled human resources. This includes hiring and retaining experienced professionals across product engineering, cybersecurity research, artificial intelligence, cloud security and DevSecOps functions. In addition to organic investments, it may pursue selective acquisitions, strategic investments or licensing arrangements for technologies that complement and enhance its existing product portfolio.

Vinit Mobile 

• Vinit Mobile is coming out with an initial public offering (IPO) of 21,60,000 shares in a price band of Rs 150-158 per equity share. 
• The issue will open on June 30, 2026 and will close on July 2, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 15.00 times of its face value on the lower side and 15.80 times on the higher side.
• Book running lead manager to the issue is Comfort Securities.
• Compliance officer for the issue is Mansi Jain.

Profile of the company

Vinit Mobile deals in a wide range of mobile handsets of most of the major brands in India which includes Apple, One Plus, Motorola, Samsung, Vivo, Oppo, Realme and Xiaomi etc. Alongside smartphones, its stores also stock mobile related products such as tablets, data cards, and a variety of accessories like earphones, chargers, power banks, screen guards and mobile covers, all available under one roof across its retail outlets. The company follows a Company-Owned and Company-Operated (“COCO”) model, whereby its retail stores are owned and operated by the Company. Under this model, the company directly manages store operations, including recruitment and training of personnel, inventory planning and replenishment, pricing and promotional execution, and customer service procedures. The COCO model supports consistency in operating practices across its retail network.

The company has arrangements with various financial institutions, including Bajaj Finserv, HDB Financial Services, and TVS Credit, to facilitate point-of-sale financing and EMI options for customers at its stores, subject to eligibility and approval by such institutions. In addition, the company facilitates after-sales support for mobile phones and accessories through authorized service centers for warranty-related repairs or services. 

The company provides after-sales assistance to customers for mobile phones and accessories sold through its stores. Such assistance includes facilitating access to authorized service centers for maintenance, repair, or warranty-related services. All mobile phones and accessories are sold with standard manufacturer warranties. The Company coordinates with suppliers and service centers to address customer complaints relating to defective products, in accordance with applicable warranty terms. Moreover, the company provides free home delivery for selected purchases. the company also undertakes promotional schemes during festive periods, including discount and cashback-based offers, in accordance with applicable terms and conditions.

Proceed is being used for:

• The proceeds will be utilized to establish new retail stores across strategic locations to enhance market presence and drive revenue growth
• Working capital funds will support day-to-day operational requirements, including inventory, vendor payments, and other short-term financial obligations
• General corporate purposes to meet general business needs such as brand development, technology upgrades, and other strategic initiatives to support overall growth

Industry overview 

India’s rise to the world’s 2nd-largest mobile phone manufacturer. India’s mobile phone production has shown strong and sustained growth over the past few years, increasing from $30.00 billion in 2020-21 to $59.12 billion in 2024-25. This growth is expected to accelerate sharply, with production projected to reach USD 124.06 billion by 2029-30, more than doubling in five years growing at a CAGR of 15.98%. The expansion is driven by rising domestic demand, increasing exports, supportive government policies such as open network for Digital Commerce (ONDC) and India’s emergence as a major global manufacturing hub. The trend also reflects improvements in technology adoption, and investments in production infrastructure, positioning India as a key player in the global mobile phone industry.

The Mobiles phones & accessories retail distribution market ecosystem in India is undergoing a structural transformation, supported by rising smartphone adoption, improving retail penetration beyond metropolitan markets, and increasing digitalization across supply chains. Mobile accessories benefit from recurring demand, shorter replacement cycles, and strong linkage with smartphone sales, making the segment resilient and scalable. Over the medium to long term, policy support for expansion of organized retail formats, and improved access to financing are expected to enhance distribution efficiency, inventory turnover, and margin sustainability for retailers and distributors operating in this segment.

The mobile phone and accessories retail distribution market in India is entering a strong structural growth phase, supported by favorable macroeconomic trends, rising digital adoption, and sustained policy support. Increasing disposable incomes, rapid urbanization, and deeper smartphone penetration across Tier II & III cities are expanding the consumer base, while shorter handset replacement cycles are driving repeat purchases. Alongside handset growth, demand for mobile accessories - including chargers, earphones, power banks, wearables, and smart peripherals-is expected to grow at a faster pace due to higher attach rates, evolving technology standards, and rising consumer awareness around safety, performance, and brand reliability.

Pros and strengths

Company Owned Company Operated Stores: The company operates under a Company-Owned and Company-Operated (COCO) retail model, under which it owns and manages its retail outlets. This model enables the Company to directly manage store level operations, including staffing, inventory management, billing processes, and supervision across its retail network.

Strategic store locations and customer experience: The company operates retail stores across multiple locations within Surat district of Gujarat. Each store is configured to display mobile phones and accessories available for sale, allowing customers to view and examine products prior to purchase. Sales personnel at the stores assist customers by providing product-related information and facilitating the purchase process.

Innovative gift baskets to attract customers: The company offers promotional schemes at its retail outlets, which may include gift baskets provided to customers at the time of purchase during specific promotional or festive periods. Such gift baskets may include mobile accessories and other promotional items, as determined by the company from time to time.

Risks and concerns

Business is highly dependent on the brand recognition and reputation: The company is engaged in the multi-brand retail business, specializing in the sale of smartphones and allied accessories from leading global brands such as Apple, Samsung, Realme, Xiaomi, Oppo, Vivo, Motorola, Techno, Infinix, and others. Though it ais not required to promote the products of these well-known brands, it competes on price, quality services, dedication and commitment towards customers, in its industry.  Its financial performance is closely tied to the market success of the brands it sells. This success depends on various factors, including product design and features, brand identity, product quality, after-sales service, marketing strategies, public relations, and overall consumer perception. Customers who choose branded products generally expect a consistently high standard of quality and service. Any failure by these brand owners to meet those expectations whether due to product issues, poor customer experience, or negative publicity can adversely impact consumer trust. This, in turn, could negatively affect its sales, reputation, and overall business performance. 

Dependence on limited number of suppliers: The company is significantly dependent on a limited number of suppliers for the procurement of products. The company's top 10 suppliers accounted for 83.21%, 92.32%, 93.24% and 100.00% of its total purchases for the period ended December 31, 2025 and Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any disruption, delay, or termination of business relationships with one or more of these key suppliers could adversely affect its ability to maintain inventory levels, fulfill customer demand, and operate efficiently.

Dependence on Gujarat market exposes company to geographic concentration risk: The company’s operations and revenues are limited to and concentrated in the geographical region of the State of Gujarat. Revenue from operations upto December 31, 2025, are generated within Surat district of Gujarat, India only. This geographical limitation could pose challenges to its long-term growth, as the continuous addition of new stores within a confined region increases the risk of market saturation. A saturated market may lead to reduced returns, as the customer base could be spread thinly across multiple outlets, thereby impacting overall profitability. Expanding in other districts and beyond Gujarat is essential for sustainable growth but would require considerable investment, strategic planning, and operational adjustments. Inability to manage market saturation effectively or to successfully expand into new regions may hinder its scalability and negatively impact on its financial performance.

Outlook

Vinit Mobile is engaged in the multi-brand retail business, specializing in the sale of smartphones and allied accessories from leading global brands such as Apple, Samsung, Realme, Xiaomi, Oppo, Vivo, Motorola, Techno, Infinix, and others. The company follows a COCO model, whereby its retail stores are owned and operated by the company. On the concern side, its business is primarily focused on the distribution of telecom products, such as mobile devices, accessories, and related gadgets, which leaves it vulnerable to risks due to the lack of diversification in its product offerings. Further, the mobile phone and accessories market is highly dynamic, with frequent price fluctuations driven by rapid technological advancements, product launches, changes in demand, and intense competition. Sudden drops in prices, particularly for older models, can lead to inventory devaluation, adversely affecting its margins and profitability.

The company is coming out with a maiden IPO of 21,60,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 150-158 per equity share. The aggregate size of the offer is around Rs 32.40 crore to Rs 34.13 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 110.02% from Rs 2,856.32 lakh in FY 2023-24 to Rs 5,998.86 lakh in FY 2024-25. Profit for the period increased from Rs 71.99 lakh in FY 2023-24 to Rs 390.21 lakh in FY 2024-25.

Meanwhile, the company is working towards developing a multi-channel sales platform, combining in-store experience with WhatsApp commerce and online ordering. The company has initiated preliminary steps regarding this, which includes development of its own ecommerce website and has undertaken marketing initiatives via print media like advertisement in local newspapers, distribution of pamphlets and social media platforms like WhatsApp, Instagram and Facebook to engage with existing and potential customers, creating awareness about digital ordering options. The company facilitates direct customer engagement through an ‘Enquire Now’ feature embedded on each product page of its e-commerce website. This feature redirects prospective customers to the company's WhatsApp business platform, enabling real-time communication with authorized Company representatives to address specific product inquiries and requirements.