Latest Stock Market News

Yaashvi Jewellers

• Yaashvi Jewellers is coming out with an initial public offering (IPO) of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share.
• The issue will open on May 25, 2026 and will close on May 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 8.3 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Kalu Ram Kumawat.

Profile of the company

Yaashvi Jewellers is engaged in manufacturing and trading of a wide range of jewellery with major product portfolio being gold jewellery in 9K, 14K, 18K, 20K, and 22K, focusing on affordability and quality. It is mainly engaged in machine made gold chains, which form the core of its product portfolio and are used in various jewellery designs. Alongside manufacturing, it trades in studded gold and fashion silver jewellery, diamond jewellery, gold bullion, and also offer customized jewellery for clients. 

It manufactures the finished gold jewelleries from the raw gold i.e. bullions and required consumables and further supply these products to dealers, showrooms, and small jewellery shops in the wholesale quantities as well as in retail. Its core specialisation is in the manufacturing of machine-made gold chains which forms the major part of its product portfolio. Machine made gold chains are used in multiple formats, from being used as chain to be worn directly as final product or be used as part of larger jewellery such as mangalsutra, bracelets, ankelets, earrings etc where it forms the base of the jewellery piece or used to provide the design element. Machine-made gold chains are lightweight and can be crafted in a wide variety of designs and thicknesses, making them suitable for diverse customer needs. 

Primarily, it caters to B2B customers. Over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers. It provides an extensive range of jewellery designs of plain gold, the jewelleries studded with cubic zircon and / or coloured stones/ studded with American diamonds, named and fashion silver jewelleries, made to match the different needs and tastes of its customers. Its business model is designed to ensure seamless operations from sourcing gold bullion from DGFT-nominated vendor and other bullion dealers, which is then transformed into jewellery post passing the quality check from authorised hall marking centres. It adheres to applicable quality control measures to ensure that every piece of jewellery meets the expected standards of craftsmanship and purity. Various quality control practices are followed from the time of receiving the gold bullion to manufacturing of the final product, at each stage of the process, supervision of the quality metrics is taken care of. Its production team is responsible for detailed product supervision. Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity.

Proceed is being used for:

• Funding working capital requirements of the company 
• Repayment/ prepayment of certain borrowings availed by the company 
• General corporate purposes 

Industry Overview

India's Gems and Jewellery sector is a significant contributor to the economy, playing a crucial role in exports, employment, and overall GDP. The industry is well-positioned with a strong domestic market and an expanding international presence. As of March 2024, India's gold and diamond trade contributed around 7% to GDP. It accounted for 15.7% of India’s merchandise exports. The sector provides employment to around 5 million individuals. India's gems & jewellery market was $78.50 billion in FY21. In 2022, India's gems & jewellery sector contributed 4.3% to global jewellery exports. Expected export growth to $100 billion by 2027. The diamond jewellery market is projected to expand to $177 billion by 2031.

Gold holds a significant cultural and economic position in India, making the country one of the largest consumers of gold globally. India accounts for around 25% of the world’s gold demand, primarily driven by weddings, festivals, and traditional investment preferences. Despite limited domestic production, the country remains highly dependent on imports to meet its gold demand. In response, the government has introduced policy measures, including import duty revisions, to regulate gold inflows and enhance economic stability.

India’s gold imports surged in April 2024 to $3.1 billion, over three times the value recorded in April 2023 ($1 billion), driven by higher global gold prices (+16.8%) and increased demand. In FY 2023-24, gold imports rose by 17.2% to 795.3 tonnes, reflecting sustained domestic appetite. The import of gold bars grew by 78.29% in April-June 2024, while gold Jewellery imports skyrocketed by 250.91% over the previous year. This sharp rise is influenced by geopolitical instability and the RBI’s diversification strategy to hedge against inflation and currency risks.

Pros and strengths

Diversified product portfolio: Its product profile includes traditional, contemporary and combination designs across jewellery lines, and price points. The gold, and other jewellery inventory in its display outlet reflects the customer preferences and designs. It focuses on design and innovation, its ability to recognize consumer preferences and market trends, the intricacy of its designs and the quality and finish of its products are its key strengths. Its products are suitable for daily wear, party wear and festive wear. While its focus is on manufacturing and caters to B2B customers, over the last year it has also expanded into the retail segment to offer a diverse range of products to B2C customers.

Integrated manufacturing facility: The company is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. As of March 31, 2026 it has an installed manufacturing capacity of 1,100.00 kg per annum. The manufacturing facility has an area admeasuring 1,092 sq. metres. and is taken on lease by it. Its manufacturing facility is equipped with the necessary equipment, such as Induction Melting Furnace, Wire Drawing Machine, Chain Making Machine, Laser Welding Machine and other handling equipment, to support a seamless manufacturing process. By following necessary safety standards and conducting safety meetings, it tries to keep its workplace safe.

Commitment to quality and hallmarked jewellery assurance: Its products are hallmarked by the Bureau of Indian Standards (BIS), providing assurance of purity and authenticity. It is committed to maintaining high-quality standards across all its products by implementing strict quality control measures. Its Jewellery is hallmarked, ensuring purity and authenticity, and it guarantees time-bound delivery of its products. Its transparent pricing policies, customer-friendly approach, and assurance of quality have helped it build a trusted and reputable brand in the Jewellery industry. 

Risks and concerns

High dependence on key suppliers for raw materials: It depends on few suppliers for its raw materials required for its operations and it has not entered into any long-term agreements. For the financial year ended March 31, 2026, March 31, 2025, and March 31, 2024, its top ten suppliers accounted for around 86.57%, 82.78%, and 88.12% of total purchases respectively. Any delays, interruptions or reduction in the supply of raw materials to manufacture its products and any abrupt fluctuations in the prices of its raw materials may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.

Dependence on a single product category: Majority of its revenue is generated from manufacturing and sale of plain gold chains. Its revenue from this segment, contributed 65.57%, 66.29% and 53.76% of its total revenue from operations for the financial year ended March 31, 2026, 2025 and 2024, respectively. Its revenues may be adversely affected on account of any downward trend in the demand. The demand and sale of its products depend on various factors such as its ability to respond to change in market trends, end-customer preferences, the availability of alternate metals, increase in imitation jewellery, economic changes, regulatory challenges, shortage of skilled labour, disputes with its clients, etc.

Highly competitive and fragmented market: Competition in the Indian jewellery industry is significant. It operates in highly competitive and fragmented markets and competition in these markets is based primarily on market trends, pricing and customer preferences. The players in the jewellery sector in India often offer their products at highly competitive prices and many of them are well established in their local markets. Some of its competitors may be larger than it in terms of business volume and may have greater capital, technical capabilities and financial and other resources than it which may enable them to secure opportunities at lower prices or to otherwise incentivize the buyers. In addition, its competitors that are smaller specialized entities may compete effectively against it in a particular region based on price, size and established regional trust with the local customers.

Outlook

Yaashvi Jewellers is primarily engaged in the business of manufacturing of wide range of gold jewelleries which includes 9K, 14K, 18K, 20K, and 22K plain gold jewellery, focusing on affordability without compromising on quality. It has an equipped gold jewellery manufacturing facility situated at Jaipur, Rajasthan. It has built long-standing relationships with a wide base of customers across the domestic jewellery market, enabling it to effectively cross-sell its products while also attracting new clients. On the concern side, its revenue is heavily reliant on its operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance. Additionally, it is subject to risks associated with expansion into new geographies. Further, under-utilization of its existing manufacturing facility and an inability to effectively utilize its manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance. For the financial year ended March 31, 2024, March 31, 2025 and March 31, 2026, the overall capacity utilisation was 18.07%, 28.57% and 53.09%, respectively which is under-utilized.

The company is coming out with an IPO of 52,86,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 83 per equity share to mobilize Rs 43.88 crore. On performance front, its revenue from operations increased by 47.93% to Rs 29,722.65 lakh for FY25 from Rs 20,093.00 lakh for FY24. Profit after tax has increased by 475.48% to Rs 1,128.23 lakh for FY 2025 from Rs 196.05 lakh for FY 2024.

To cater to the growing demand from its existing customers, to meet requirements of new customers and to achieve the expanded capacities, recently, it has set up its first retail showroom, spread across 9,800 sq. mtrs., at Brijpuri Yojna, Jagatpura, Jaipur. Its investment in infrastructure will enable it to cater to the growing demand from its customers and help it expand its customer base and increase its revenue from operations. Going forward, it intends to repay cash credit facility to improvise its debt equity ratio and also this will help the company to obtain working capital loans / term loans for expansion in future which will improve its operational efficiency. Further, it also plans to keep participating in international jewellery exhibitions that will further amplify brand visibility, attract potential buyers, and drive sales growth to open new markets for it.

SMR Jewels

• SMR Jewels is coming out with an initial public offering (IPO) of 49,80,000 shares in a price band of Rs 128-135 per equity share. 
• The issue will open on May 26, 2026 and will close on May 29, 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 Wealth Mine Networks.
• Compliance officer for the issue is Sangita Rajpurohit.

Profile of the company

The company specializes in Designer Heritage Jewellery that blends the richness of India’s cultural and artistic traditions with modern aesthetics. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. Each piece is created with its own storytelling, carrying cultural meaning, emotional value, and artistic expression. Its Theme-Based Designer Heritage Jewellery draws inspiration from mythology, spirituality, and cultural narratives. Collections include designs inspired by Radha-Krishna, Buddha, and other revered icons, celebrating India’s legacy of storytelling and devotion. These creations connect deeply with customers who view jewellery as more than ornamentation, but as a symbol of heritage, identity, and spirituality.

Alongside Designer Heritage Jewellery, the company also creates Nature-Inspired Jewellery, where designs are influenced by elements of the natural world such as flowers, leaves, vines, animals, and seasonal motifs. These pieces highlight harmony between nature and artistry, offering jewellery that represents freshness, beauty, and universal appeal. The company further specialises in Traditional Jewellery, which includes Jadtar Jewellery, Meenakari Jewellery, Polki Jewellery and Bridal Festive & Bridal Jewellery. In addition to these categories, its portfolio also includes Daily Wear Jewellery designed with simplicity, comfort, and durability for everyday use.

In addition to its diverse product portfolio, it also provides customisation services that allow customers to personalise jewellery designs as per their unique preferences. It specialises in recreating traditional and ancestral ornaments with modern styling, ensuring that timeless heritage is preserved while reflecting contemporary aesthetics. These value-added services not only enable customers to express their individuality but also ensure that jewellery retains its emotional and cultural relevance across generations.

Proceed is being used for:

• Funding capital expenditure requirements towards construction of jewellery studio
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding long-term working capital requirement
• General corporate purposes

Industry overview

India’s gold and diamond trade contributed around 7% to India’s Gross Domestic Product (GDP). The Gems & Jewellery sector has employs around 5 million. Based on its potential for growth and value addition, the Government declared the Gems & Jewellery sector as a focus area for export promotion. The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market. The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or the Government of India.

India’s Gems & Jewellery market size was at $78.50 billion in FY21. Growth in exports is mainly due to revived import demand in the export market of the US and the fulfilment of orders received by numerous Indian exhibitors during the Virtual Buyer-Seller Meets (VBSMs) conducted by GJEPC. In FY25, India's Gems & Jewellery exports stood at Rs 2,43,162 crore ($28.50 billion). In March 2025, India's Gems & Jewellery exports stood at Rs 2,20,379 crore ($25.82 billion).

In the coming years, growth in the Gems & Jewellery sector would largely be contributed by the development of large retailers/brands. Established brands are guiding the organised market and are opening opportunities to grow. Increasing penetration of organised players provides variety in terms of products and designs. Also, the relaxation of restrictions on gold import is likely to provide a fillip to the industry. The improvement in availability along with the reintroduction of low-cost gold metal loans and likely stabilisation of gold prices at lower levels is also expected to drive volume growth for jewellers over the short to medium term.

Pros and strengths

Specialisation in designer Heritage Jewellery and diversified Portfolio: The company is uniquely positioned in the jewellery industry through its focus on Designer Heritage Jewellery, which blends India’s cultural, mythological, and artistic traditions with modern aesthetics. Each piece carries its own storytelling value, making jewellery not merely ornamental but also a symbol of heritage, identity, and spirituality. Alongside heritage collections, it offers a wide and diversified product portfolio that caters to multiple customer segments across geographies. Its extensive range—necklaces, chokers, malas, pendant sets, bangles, kadas, patlas, rings, earrings, hair accessories, matha patti, tikka, nose pins, payal, and kandora (waist belts) - allows to serve diverse occasions, from weddings and festivals to milestone events and daily wear.

Strong in-house design capabilities and innovation focus: Its in-house design team plays a central role in conceptualisation, CAD modelling, and product development. By drawing inspiration from mythology, spirituality, nature, and global fashion trends, its designers ensure that every collection remains both culturally rooted and contemporary. This innovation-led approach, combined with customisation services and a growing digital presence on platforms such as Instagram and WhatsApp, allows to stay aligned with evolving consumer tastes. By blending heritage artistry with modern styling, it creates jewellery that resonates across diverse age groups and customer segments, ensuring relevance for traditional buyers as well as trend-conscious customers.

Established artisan network and dual-phase manufacturing model: It has built long-standing relationships with highly skilled artisans across India. Its dual-phase outsourcing model separates mould creation from artisanal enhancements, ensuring structural precision, intricate detailing, and confidentiality of its original designs. To further strengthen consistency and protect its creative processes, it has entered into exclusive long-term agreements with its network of job workers and artisans, who are committed to working only with SMR Jewels. This exclusivity ensures quality, timely execution, and scalability while preserving the authenticity of craftsmanship.

Risks and concerns

High revenue concentration from top ten customers: The company may continue to derive a material portion of its revenue from its top ten customers and its financial dependence on its top ten customers poses a potential risk. Its top ten customers contribute 60.46%, 62.43%, 61.34% and 51.89% of total revenue for operation for the period ended December 31, 2025 and year ended March 31, 2025, 2024 and 2023 respectively. A reduction in business from these top ten customers or any other major clients could have negative implications for both its revenue and profitability. Accordingly, its continued dependence on a limited number of customers represents a material risk, and any adverse development in relation to these customers could have a significant negative effect on its business, results of operations, and financial condition.

Revenue dependence on 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 73.31%, 74.37%, 71.33% and 30.86% of its total revenue from operations respectively. Such concentration exposes 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. 

Fluctuations in Gold Prices: Gold is the primary raw material for its jewellery, along with precious and semi-precious stones, mani-moti, and gemstones. Gold prices are inherently volatile and are influenced by global commodity markets, currency fluctuations, monetary policies, inflation trends, and investor sentiment. Any significant increase in gold prices may raise its cost of goods sold, force it to increase product prices, and potentially reduce consumer demand. Conversely, any decline in gold prices could adversely affect the value of its existing inventory purchased at higher prices, thereby impacting its margins and profitability. Its inability to effectively manage the risks associated with gold price fluctuations may materially and adversely affect its business, results of operations, and financial condition.

Outlook

SMR Jewels is primarily engaged in manufacturing, trading and job work of jewellery and other accessories/products. The company sells and trades its manufactured and traded jewellery and other accessories/products through wholesale and retail outlet. Its jewellery reflects intricate craftsmanship, heritage artistry, and traditional motifs, while incorporating contemporary styles to suit the evolving tastes of today’s customers. On the concern side, the jewellery industry is highly sensitive to evolving consumer preferences, which are influenced by fashion trends, cultural shifts, disposable income levels, weddings, festivals, and seasonal variations. These preferences can change rapidly, and demand for specific jewellery styles, designs, or product categories may vary from period to period. If it is unable to anticipate, adapt to, or respond effectively to such changes, it may face reduced sales, excess or obsolete inventory, loss of market relevance, and lower profitability.

The company is coming out with a maiden IPO of 49,80,000 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 63.74 crore to Rs 67.23 crore based on lower and upper price band respectively. On performance front, revenue from operations grew from Rs 12,452.30 lakh in FY 2023-24 to Rs 26,325.18 lakh in FY 2024-25, representing a robust growth of 111.41% year-on-year. Profit After Tax (PAT) surged to Rs 1,041.23 lakh in FY 2024-25 as against Rs 384.51 lakh in FY 2023-24, registering an impressive growth of 170.79%.

As part of its growth strategy, it places strong aim on expanding and refreshing its design portfolio to stay aligned with evolving consumer preferences and industry trends. In the past year alone, it has developed over 500 distinct designs, each with unique concepts and creative themes. This continuous addition of new designs ensures freshness, variety, and wide appeal across regions, occasions, and customer segments. To complement its design expansion, it follows a disciplined inventory management approach that balances innovation with efficiency. Its collections are regularly reviewed, replenished, and curated to provide customers with a wide and appealing selection, while also recreating and enhancing past curations to maintain relevance. This integrated approach prevents monotony, supports timely responsiveness to changing market demand, and helps it sustains profitability by reducing inefficiencies.

M R Maniveni Foods

• M R Maniveni Foods is coming out with an initial public offering (IPO) of 52,00,000 shares in a price band of Rs 51-52 per equity share. 
• The issue will open on May 22, 2026 and will close on May 26, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.10 times of its face value on the lower side and 5.20 times on the higher side.
• Book running lead manager to the issue is CapitalSquare Advisors.
• Compliance officer for the issue is Krishnamachari Ramu.

Profile of the company

The company has an established track record of over 15 years in the food industry, specializing in the milling, processing, and supply of pulses, primarily urad dal and toor dal. It commenced operations in 2010 with a focus on milling urad dal and trading a diversified range of products including urad dal, toor dal, moong dal, kabuli channa, green gram dal, coriander seeds, rice, and chillies. This product diversification enabled to serve a wider customer base, strengthen its presence in the pulses segment, and build industry experience across multiple categories.

In the initial years, milling was carried out through manual processes for urad dal. In 2022, recognizing the increasing demand for urad dal, it transitioned to automation by installing advanced automatic machinery requiring minimal human intervention. This enhanced production efficiency, consistency, and quality assurance. In 2023, it further expanded its operations by introducing the milling of toor dal through a semi-manual process, blending traditional methods with selective mechanization to retain flexibility in operations.

Its business model is predominantly business-to-business (B2B). It supplies its processed pulses to large-format retailers, wholesalers, and e-commerce platforms, who subsequently serve the end consumers. This model enables it to maintain long-term institutional relationships, achieve bulk supply efficiencies, and benefit from consistent demand visibility. Its competitive advantage lies in delivering clean, well-milled, and contamination-free products that align with stringent customer expectations on quality and hygiene.

Proceed is being used for:

• Funding Capital expenditure requirements towards construction of factory
• Funding Capital expenditure requirements towards purchase of plant and machinery
• General corporate purpose

Industry overview

India is the fifth largest economy in the world and expected to be the fastest-growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The food processing sector has become a key contributor to India's economy over the past few years, thanks to progressive policy measures by the Ministry of Food Processing Industries (MoFPI). The sector has performed exceptionally well with an impressive average annual growth rate of 7.3% from 2015 to 2022. It has significantly contributed to Gross Domestic Product (GDP), employment, and investment. 

India is one of the largest populated countries in the world and is expected to continue having one of youngest populations in the world till 2030. The growing consumption of food is expected to reach $1.2 trillion by 2025-26, owing to urbanization and changing consumption patterns. The processed fruits and vegetables industry was valued at $15.4 billion in 2019. With heightened consumer awareness during lockdowns, there's increased demand for processed foods, especially in RTE/RTC, dairy, and fruit and vegetable segments.

The Indian food processing sector offers a promising growth journey ahead and presents several opportunities with the sector being recognised as a key priority industry under the “Make in India” initiative. The MoFPI has undertaken several initiatives aimed at enhancing infrastructure and fostering food processing industries to stimulate investment in this domain. The Indian Government has sought to involve multiple stakeholders to improve interactions between farmers, processors, distributors, and retailers to establish strong supply chains linking farmers to processing and marketing to empower them with nearby grading and storage facilities which will enhance the value of their products.

Pros and strengths

Longstanding presence in the pulses industry: The company has been active in the pulses industry for more than 14 years. Since its incorporation in 2010, it has been engaged in the milling, processing, and supply of pulses, beginning with urad dal and gradually expanding into toor dal and other related products. Over this period, it has moved from small-scale manual processing to the establishment of automated and semi-manual facilities, which has given it exposures to different stages of operational growth.

Scalable business model: Its business model has been structured to be inherently scalable, allowing it to expand operations without proportionate increases in cost or complexity. The scalability is supported by a combination of automated and semi-manual milling facilities, a diversified procurement framework, and a business-to-business (B2B) distribution model. On the production side, the automation of urad dal processing has enabled to enhance efficiency, reduce dependence on manual intervention, and improve consistency in quality. This facility allows it to increase production volumes in response to demand growth with limited incremental costs. At the same time, the semi-manual facility for toor dal provides operational flexibility, enabling it to adjust production schedules and output to align with variations in raw material availability and customer demand. Together, these facilities provide both scale and adaptability.

Focused on milling of dal: The company has a clear focus on the milling and processing of pulses, primarily urad dal and toor dal. Over the years, this specialization has enabled it to build technical know-how, operational efficiencies, and process consistency in dal milling. By concentrating on a defined product range, it has been able to streamline procurement, production, and quality control processes, which supports reliable supply and standardized product quality. It is significantly dependent on the sale of urad dal and toor dal. For Financial Year 2025, Financial Year 2024, and Financial Year 2023, its revenue from operations attributable to the sale of these two products accounted for approximately 99.91%,97.41%, and 97.56%, respectively. This product concentration has allowed it to align its operations and resources closely with customer demand in these categories and strengthen its position in the dal segment.

Risks and concerns

Dependence on third-party suppliers for raw materials: Its business depends significantly on the uninterrupted supply and availability of quality black gram and raw pigeon pea, which it primarily procures through agents and local suppliers. It has long-standing relationship with its suppliers. However, in the usual course of business, it does not enter into any contracts for the supply of its black gram and raw pigeon pea, i.e., contractual arrangements with the third-party suppliers or local maize harvesting farmers. The absence of any contracts at fixed prices exposes it to volatility in the prices of black gram and raw pigeon pea that it requires, and it may be unable to pass these additional costs onto its customers, which may reduce its profit margins. Any fluctuations in the prices of its raw material may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.

High dependence on top 10 customers: The company is significantly dependent on a limited number of customers for a substantial portion of its revenue. It has long-standing relationships with its customers. However, the company, in the usual course of business does not have any long-term contracts with its customers and it relies on purchase orders for delivery of its products. The company derives a significant portion of its revenue from its top 10 customers, which contributed 59.91% of total revenues in FY23, 67.68% in FY24, 75.34% in FY25 and 74.50% for the period ended December 31, 2025. The loss of one or more of these customers, or a significant reduction in the business received from them, could materially and adversely affect its revenues, profitability, and cash flows.

Dependent on Toor Dal and Urad Dal sales: The company is significantly dependent on the sale of Toor Dal and Urad Dal. For the period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, its revenue from operations attributable to the sale of these two products accounted for around 98.88%, 99.91%, 97.41% and 97.56%, respectively. Any reduction in consumer demand for Toor Dal or Urad Dal may adversely affect its revenues and profitability. Further, any disruption in the supply chain for these products, such as delays in procurement, seasonal fluctuations, logistical bottlenecks, or quality issues, may impact its ability to meet customer demand, resulting in potential loss of sales and reputational harm.

Outlook

M R Maniveni Foods is engaged in the production and wholesale supply of high-quality pulses, mainly Urad Dal and Toor Dal. This product diversification enabled to serve a wider customer base, strengthen its presence in the pulses segment, and build industry experience across multiple categories. Its business model is predominantly business-to-business (B2B). On the concern side, its operations are highly dependent on the uninterrupted supply of black gram and raw pigeon pea, primarily Toor dal and Urad dal. Any shortage, delay, disruption in supply, or significant volatility in their prices may materially and adversely affect its manufacturing operations, profitability, working capital requirements, and overall financial condition. It is also highly dependent on its existing milling facility located in Thiruvallur, Tamil Nadu, and any slowdown, interruption, shutdown or under-utilization of this facility may adversely affect its business.

The company is coming out with a maiden IPO of 52,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 51-52 per equity share. The aggregate size of the offer is around Rs 26.52 crore to Rs 27.04 crore based on lower and upper price band respectively. On performance front, total income for the financial year 24-25 stood at Rs 20,352.15 lakh whereas in financial year 23-24 the same stood at Rs 15,499.73 lakh representing an increase of 31.31%. Net profit after tax for the financial year 2024-25 increased by 89.28% to Rs 412.67 lakh as compared to Rs 218.02 lakh in financial year 2023-24.

Meanwhile, the company intends to raise funds for the automation of its toor dal plant. The proposed automation is expected to enhance production efficiency, improve consistency in output, and reduce milling costs, thereby enabling to scale operations more effectively. This initiative is part of its long-term growth strategy to strengthen its milling capabilities and improve margins. In addition, the company is analyzing opportunities in international markets. After undertaking detailed demand and cost–benefit analysis, it plans to explore exports of toor dal and urad dal. Entry into global markets is expected to diversify its revenue base, reduce dependence on domestic demand, and establish its presence in new geographies.

Autofurnish

• Autofurnish is coming out with an initial public offering (IPO) of 35,61,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 41 per equity share.
• The issue will open on May 21, 2026 and will close on May 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 4.1 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance Officer for the issue is Srishti Narang.

Profile of the company

Autofurnish operates primarily in the B2B segment and the entire revenue has been derived solely from the B2B segment, engaged in the design, manufacturing, marketing and sale of automobile accessories, with a core product line that includes body covers and foot mats for both cars and two-wheelers. The company’s revenue from manufacturing activities, as disclosed above, is inclusive of revenue generated from its design segment. Mainly its products are marketed under the brand name ‘Autofurnish’, and ‘Mototrance’ catering to a wide range of industries. 

Its team works closely with clients to develop customized products that meet specific design requirements. Its manufacturing facilities are certified under ISO 9001:2015, ISO 14001:2015, ISO 50001:2018, ISO 45001:2018, ISO 26262-1:2011, IATF 16949:2016 and Good Manufacturing Practices (GMP), reflecting its commitment to quality, safety, and sustainability. Over time, it has evolved into a one-stop solution for automotive accessories, offering a diverse product portfolio that combines both manufacturing and trading. 

Its wholly owned subsidiary, Golden Mace is engaged in trading of automotive accessories and focuses on the B2C segment through online platforms such as Flipkart, Amazon, Zepto and its website. Over the years, it has not only maintained strong relationships with its existing customers but also expanded its customer base, increasing from approximately 53 customers in Fiscal 2024 to approximately 106 customers in Fiscal 2025.

Proceed is being used for:

• Purchase and installation of machinery
• Funding the working capital requirements of the company
• General corporate purposes 
• Issue expenses

Industry Overview

The Indian automobile industry has historically been a good indicator of how well the economy is doing, as the automobile sector plays a key role in both macroeconomic expansion and technological advancement. The two-wheelers segment dominates the market in terms of volume, owing to a growing middle class and a huge percentage of India’s population being young. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles. Future market growth is anticipated to be fuelled by new trends including the electrification of vehicles, particularly three-wheelers and small passenger automobiles. 

The automotive components industry experienced a 11% YoY growth, reaching Rs 3.32 lakh crore ($38.4 billion) in the first half of FY25. India has become the fastest-growing economy in the world in recent years. This fast growth, coupled with rising incomes, a boost in infrastructure spending and increased manufacturing incentives, has accelerated the automobile industry. The two-wheeler segment dominated the automobile industry because of the Indian middle class, with automobile sales standing at 23.85 million units in FY24. Significant demand for automobiles also led to the emergence of more original equipment and auto components manufacturers. As a result, India developed expertise in automobiles and auto components, which helped boost international demand for Indian automobiles and auto components. Hence, the Indian automobile industry has a considerable impact on the auto component industry.

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. The Bharat New Car Assessment Program (BNCAP) will not only strengthen the value chain of the auto component sector, but it will also drive the manufacturing of cutting-edge components, encourage innovation, and foster global excellence. The Government of India’s Automotive Mission Plan (AMP) 2006-26 has been instrumental in ensuring growth for the sector. The Indian automobile industry is expected to achieve a turnover of $300 billion by 2026 by expanding at a CAGR of 15% from its current revenue of $74 billion. 

Pros and strengths

Wide range of products: The company is engaged in the design, manufacturing, marketing and sale of automobile accessories, with a core product line that includes body covers and foot mats for both cars and two-wheelers. The company offers plenty of choices for customers under one roof such as interior and exterior accessories to car care items. It manufactures wide range of products for bike and car accessories. Its products are marketed under the brand name ‘Autofurnish’, and ‘Mototrance’ catering to a wide range of industries.

Use of technology: By adding the latest technology in its products, Autofurnish improves quality and performance, attracting modern and tech-savvy buyers. Its manufacturing facilities are certified under ISO 9001:2015, ISO 14001:2015, ISO 50001:2018, ISO 45001:2018, ISO 26262-1:2011, IATF 16949:2016 and Good Manufacturing Practices (GMP), reflecting its commitment to quality, safety, and sustainability.

Customized products: The company provides special, tailor-made accessories that meet specific customer needs, helping it stands out from others.

Risks and concerns

Significant revenue dependence on top customers: Significant proportion of its total revenue comes from its top 10 customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations. For the period ended December 31, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten customers accounted for around 48.84%, 66.78%, 94.22% and 95.59% of its total revenue. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.

Revenue reliance on Delhi region: It generates its revenue from various states across India; however, a major proportion of its revenue from operations comes from the State of Delhi. In the event of a regional slowdown in the economic activity in Delhi or any other developments including political unrest, disruption or sustained economic downturn or natural calamities in those regions affecting the ability of its merchants to continue their operations within their respective communities, or that make or products in these states less available or attractive and beneficial to the customer, it may experience an adverse effect on its financial condition and results of operations, which are largely dependent on the performance, geo political and other prevailing conditions affecting the economies of the state.

Heavily dependent on the performance of the automobile sector: Its auto-components business is heavily dependent on the performance of the Automobile Sector particularly, passenger vehicle, commercial vehicles and auto parts market in India. Consequently, any fluctuation in the performance of these markets directly impacts the demand for its products. A decline in demand, or developments that make the sale of components in these markets less viable, may adversely affect its revenues and profitability. The automotive market is affected by, amongst other things, changes in government policies, economic conditions, demographic trends, employment and income levels and interest rates, which may negatively affect the demand of its products which may materially adversely affect its business, results of operations and financial condition.

Outlook

Autofurnish is engaged in the design, manufacturing, marketing and sale of automobile accessories, with a core product line that includes body covers and foot mats for both cars and two-wheelers. It offers plenty of choices for customers under one roof such as interior and exterior accessories to car care items. On the concern side, it relies entirely on its distributor network for the sale of its products, and the absence of formal agreements with distributors may adversely affect its business, results of operations, and financial condition. Further, its business depends on the availability and cost of key raw materials such as synthetic fabrics, foams, leatherette, metals, rubber, adhesives, and packaging materials, which are essential for the manufacturing of automobile accessories. The prices of these materials are influenced by factors such as domestic and international demand-supply conditions, foreign exchange fluctuations, inflationary trends, and changes in government policies or environmental regulations.

The company is coming out with an IPO of 35,61,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 41 per equity share to mobilize Rs 14.60 crore. On performance front, its revenue from operations increased by 109.68% to Rs 3,336.01 lakh for FY25 from Rs 1,591.00 lakh for FY24. Profit after tax has increased by 115.22% to Rs 350.49 lakh for FY 2025 from Rs 162.85 lakh for FY 2024.

The company intends to strategically tap into international markets to expand its customer base and enhance its global footprint. As of now, the specific markets for such expansion have not been identified. Going forward, it plans to leverage its in-house R&D capabilities to develop new products that have good growth and profitability potential. In addition to enhancing its existing product offerings, it plans to expand into new segments. Further, the company intends to continue pursuing strategic acquisitions and investments. It selectively evaluates potential targets and partners to complement its existing operations and expand its business.

Q-Line Biotech

• Q-Line Biotech is coming out with an initial public offering (IPO) of 62,53,200 shares in a price band of Rs 326- 343 per equity share. 
• The issue will open on May 21, 2026 and will close on May 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 32.60 times of its face value on the lower side and 34.30 times on the higher side.
• Book running lead managers to the issue are Hem Securities and Share India Capital Services.
• Compliance officer for the issue is Akhand Pratap Singh.

Profile of the company

Q-Line Biotech is engaged in the business of developing, manufacturing and marketing of diverse range of reagents (including kits and POC devices) & consumables and manufacturing, importing, distribution/supply of diagnostic equipment for different diagnostic healthcare needs. The company supplies diagnostic equipment and In-Vitro Diagnostics (IVD) products for different diagnostic healthcare needs since 2013 directly or through its distributor/s majorly to diagnostic service providers, hospitals and medical colleges. The company has established its brands over a period of 12 years through its experience, R&D, manufacturing capabilities and quality assurance. 

Its key manufacturing segments include indigenous manufacturing of reagents including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids) and supplying/ manufacturing of in-vitro diagnostics (IVD), Pathology equipment’s & devices. Further during the Covid-19 pandemic, the company diversified its focus and with the technical collaboration of third-party institutes and through its own R&D team developed a range of Covid testing kits viz. RT-PCR Kits, RNA Extraction Kits, VTM Kits etc.

It is research driven company engaged in developing and manufacturing a wide range of reagents formulations used across various IVD and diagnostic needs. It leverages its R&D capabilities to develop and manufacture a portfolio of differentiated reagent formulations /products. Further, for its certain Class of Reagent & equipment’s and devices manufacturing business, the company has entered into technical collaboration with certain international companies. 

Proceed is being used for:

• Meeting working capital requirements
• Repayment of certain borrowing availed by the company, in part or full
• General corporate purpose

Industry overview

The IVD market serves as a critical component of healthcare infrastructure, facilitating early disease detection and accurate diagnosis. With the increasing demand for timely and precise medical testing, IVD has become crucial in clinical decision-making, directly influencing treatment outcomes. The market segments are based on usability and application, offering a comprehensive range of diagnostic solutions tailored to varying medical requirements. While the sector has been expanding at a steady pace, segments such as immunochemistry, clinical chemistry, hematology, and molecular diagnostics continue to gain traction, driven by technological advancements and a gradual transition toward automation and point-of-care testing.

The India IVD market has experienced dynamic shifts, primarily driven by the COVID-19 pandemic. The market surged from $1,481 million in CY20 to $2,142 million in CY21 due to increased testing demand, followed by a sharp decline in CY22 and CY23 due to a high base from COVID-19 testing, which was not sustainable for continued growth, along with reduced pandemic-related testing. The market recorded a recovery, increasing from $1,511 million in CY24 to $1,677 million in CY25, supported by healthcare awareness and the prevalence of chronic diseases, and is projected to grow at a CAGR of up to 12.2%, reaching $2,978 million by CY30. This growth is likely to be driven by development of testing facilities and the rising burden of lifestyle diseases. With a steady demand for preventive healthcare, the market is expected to continue growth momentum, solidifying its critical role in India's healthcare sector.

The Indian government has taken several initiatives to strengthen the IVD industry, recognizing its critical role in disease detection, monitoring, and healthcare management. The COVID-19 pandemic highlighted the importance of robust diagnostic capabilities, prompting regulatory reforms, financial incentives, and policy support to enhance domestic manufacturing and innovation. These efforts aim to reduce dependency on imports, promote indigenous production, and make high-quality diagnostic solutions accessible and affordable. 

Pros and strengths

Established manufacturing capabilities: Its dedicated R&D division of 19 scientists and engineers drives prototyping and product validation, allowing it to move innovative solutions. By leveraging a global vendor-sourcing network and strategic tie-ups with different academic and research institutes, it continually reverse-engineer its components, refine its formulations, and optimize manufacturing processes. This concerted effort is reflected in its R&D spend which is around 1% of its revenue, underscoring its management’s commitment to sustained innovation. It operates four manufacturing facilities, three of which are located in Lucknow, Uttar Pradesh and one in the Bawana Industrial Area, Delhi. Its operations, raw-material sourcing, packaging and transportation practices, and SOP-driven process controls enable it to uphold margins and deliver consistent product quality.

Diversified product portfolio with focus on IVD industry: Over the years, it has developed a diversified product portfolio in the IVD industry which include reagents, point of care devices and kits used in Clinical Chemistry, Coagulation, Haematology, HPLC, Rapid/Elisa, molecular etc, diagnostic instruments, equipment’s, consumables and services. It is currently marketing these products in around 26 states and Union Territory with specific focus on Utter Pradesh, Rajasthan, Madhya Pradesh, Kerala and Odisha. It focuses on products which are identified based on research, analysis of market trends and demand trends in the regions, it caters. 

Widespread distribution network with a presence across all four regions: It maintains a comprehensive marketing and distribution infrastructure to support sales and service for its customers, complemented by its distributor network for efficient logistics and supply chain management. As of March 31, 2026, its field operations comprise 103 sales personnel and 35 service engineers, ensuring market coverage and customer support. Its sales representatives regularly visit laboratories, hospitals, institutions, clinical research organizations, and distributor facilities to promote its product portfolio and ensure adequate stock availability of its brands. It prioritizes building relationships with its customers and distributors, for its business growth and market penetration. Its presence enables it to provide timely technical support, conduct product demonstrations, deliver application training, and maintain strong customer engagement across its target markets. Its integrated approach to sales and service ensures customer satisfaction and supports the expansion of its market reach.

Risks and concerns

Dependence on third-party suppliers for critical raw materials and machineries: It is relying on the third-party suppliers/vendors for the supply of certain of its raw materials. A few of the raw material that it uses for manufacturing of reagent and ‘Selectra’ machines include ‘Power supply pt535, Data cable tree, Pannel PC, Power cable tree pro m’, Antigen, Antibody, Enzymes subtracts and Bulk reagents, consumables, lab chemicals and packaging materials. The suppliers of these raw material and machine equipment’s are located both in India and outside India. It also imports its raw material and machine components from the countries like Sweden, France, Spain, China, Netherlands, Hongkong, Republic of Korea. Any delay, interruption or reduction in the supply of its raw materials, trade goods from its suppliers and manufacturers both domestic and imported, or an increase in the costs of such raw materials, trade goods may adversely impact the pricing and supply of its products and have an adverse effect on its business, financial condition, cash flows and results of operations.

Reliant on agreements with the European companies: The company is dependent on agreements entered into with European companies, a third-party service provider, for the manufacturing of its machines and reagents, which is critical to its business operations these parties also supply a significant portion of its raw material. The agreement enables to utilize the technical expertise, infrastructure, and manufacturing capabilities of these companies for the timely and quality production of machines and reagents required for its operations. This agreement is valid for a specific term and is subject to renewal upon its expiry. The average tenure for majority of the Technology Transfer Agreement’s (TTS) is 10 years. While it has maintained a long-standing relationship, there can be no assurance that the agreement will be renewed on the same or more favourable terms, or at all. Any delay or failure in renewing this agreement, or entering into a new agreement on commercially acceptable terms, could lead to significant disruption in its supply chain and production schedules.

High dependence on North India and Uttar Pradesh: It is currently catering to 25 states and union territories in India, as of December 31, 2025, but a significant portion of its operations are concentrated in the states of Uttar Pradesh and Union territory of Delhi in North India. It derived 81.75%, 80.51%, 78.24% and 77.93% of its revenue from operations from Northern region for the period ended December 31, 2025, for the financial years 2025, 2024 and 2023 respectively. It also derived 75.12%, 72.25%, 65.95% and 68.51% of its revenue from operations from the state of Uttar Pradesh for the period ended December 31, 2025, for the financial years 2025, 2024, and 2023 respectively. In the event of any regional slowdown in the economic activity in North India, or any other developments including political or civil unrest, disruption or sustained economic downturn that reduce the demand for its products in the Northern region, which could adversely affect its business, results of operations and financial condition.

Outlook

Q-Line Biotech is engaged in the business of manufacturing, trading and distribution of Reagents, medical equipment for its customers located in India and outside India. Its key manufacturing segments include indigenous manufacturing of reagents including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids) and supplying/ manufacturing of in-vitro diagnostics (IVD), Pathology equipment’s & devices. On the concern side, its business is dependent on the sale of its products through distributors which also include its group entity POCT services. The loss of any of these distributors or third parties for any reason may adversely affect the marketing and distribution of its products and could negatively impact its business, results of operations, financial conditions and cash flows. It is also dependent on certain key suppliers to procure a significant portion of its Raw material for production of reagents and for traded machines.

The company is coming out with a maiden IPO of 62,53,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 326-343 per equity share. The aggregate size of the offer is around Rs 203.85 crore to Rs 214.48 crore based on lower and upper price band respectively. On performance front, its total income has increased by 56.25% to Rs 32258.42 lakh in fiscal 2025 from Rs 20644.81 lakh in Fiscal 2024. The profit after tax of the company increased from Rs 3444.47 lakh in the Fiscal 2024 to Rs 2813.09 lakh in the Fiscal 2025 representing a decrease of 18.33%

Meanwhile, it has expanded its product portfolio across segments. It has consistently endeavoured to diversify its portfolio of products to cater to changing customer requirements across various segments and geographies. Its experience and expertise of around 15 years in the industry helps it to capitalise on new opportunities offered by its customers. It intends to continue strengthening its existing product portfolio and diversifying into new products with potential for growth and profitability within its existing product groups and across new applications. It continually strives to increase its market share by adding more products and distributors/retailers, laboratories, Hospital etc enabling it to achieve its higher sales targets from both existing and new customers/markets. Furthermore, it aims to expand its product portfolio to include reagents, consumables, and instruments category, by focusing on introducing new range of products. Through new range of products, it expects to increase its share and repeat orders from existing consumers and also to attract new consumers.

Bio Medica Laboratories

• Bio Medica Laboratories is coming out with an initial public offering (IPO) of 37,72,000 shares in a price band of Rs 132-139 per equity share.
• The issue will open on May 21, 2026 and will close on May 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 13.20 times of its face value on the lower side and 13.90 times on the higher side.
• Book running lead manager to the issue is Narnolia Financial Services.
• Compliance officer for the issue is Pratiksha Bhandari.

Profile of the company

Bio Medica Laboratories is engaged in the manufacturing of Pharmaceutical Parenteral Formulations. It manufactures generic drugs in the form of injectables namely Liquid Injections and Dry Powder Injections. These injectables are available in both single dose and multi dose forms, catering both human and veterinary needs. Its products address a wide range of medical needs and preferences. 

The company operates on a B2B business model through contract manufacturing and does not deal directly with the end users. The company manufacture formulations for various companies according to their specific requirements and specifications for the type of formulation needed. Additionally, it enters into agreements with them, allowing their name and address to be displayed on the packaging as ‘Technical Collaborator’ or ‘marketed by’ alongside the company’s name as the manufacturer.

The company holds Good Manufacturing Practices (GMP) certificate issued by Food & Drugs Administration, Madhya Pradesh, for complying with established GMP standards and guidelines. The company maintain stringent quality control standards throughout the entire manufacturing process. This ensures that its products consistently meet relevant quality standards before they reach the market. It also possesses a Good Laboratory Practices (GLP) certificate issued by the Food & Drugs Administration, Madhya Pradesh, demonstrating its commitment in maintaining standards of quality and compliance in laboratory operations. Its in-house laboratory is equipped with various instruments, such as HPLC (HighPerformance Liquid Chromatography), GC (Gas Chromatography), UV-Vis (Ultraviolet-Visible Spectrophotometer), polarimeter, and other advanced equipments and instruments. This comprehensive array of tools enables to conduct a wide range of tests and analyses efficiently and accurately.

Proceed is being used for:

• Meeting out the repayment of loan
• Enhancement of its existing production capabilities by setting up of new manufacturing facility at the existing premises
• Meeting out the General Corporate Purposes 

Industry overview

India’s pharmaceutical industry is one of the most significant contributors to the national economy and a key player in the global healthcare landscape. The country ranks third globally in pharmaceutical production by volume and 14th by value and is widely recognized as the ‘Pharmacy of the World’ owing to its large-scale production and export of affordable, high- quality generic medicines and vaccines. India is the largest provider of generic drugs globally, accounting for around 20% of the global supply by volume and contributes over 60% of the global vaccine demand. As of 2024, India is home to over 3,000 pharmaceutical companies and more than 10,000 manufacturing facilities, including the highest number of USFDA-compliant plants outside the United States.

The Indian pharmaceutical industry was valued at $49.10 Billion in FY 2024. Looking ahead, the industry is projected to grow at a Compounded Annual Growth Rate (CAGR) of 9.53%, reaching a market size of $84.77 billion by 2030. The sector has demonstrated consistent growth, driven by increasing healthcare expenditure, expansion of insurance coverage, a rising burden of chronic and lifestyle diseases, and the growing penetration of specialty and high-value therapies. This growth trajectory reflects strong domestic demand, increasing exports, government policy support under initiatives like the Production Linked Incentive (PLI) scheme, and deeper integration of technology and digital healthcare models across the pharmaceutical value chain.

The pharmaceutical sector operates within a dynamic environment shaped by evolving healthcare needs, increasing access to medical services, supportive policy initiatives and ongoing advancements in technology and research. Structural improvements in healthcare infrastructure and greater integration across the value chain continue to strengthen the industry’s operating landscape. These conditions collectively enable sustained expansion and create a favourable outlook for the sector.

Pros and strengths

Quality assurance: The company holds Good Laboratory Practice (GLP) and Good Manufacturing Practices (GMP) Certificate from the Food & Drug Administration in Indore, Madhya Pradesh. With its own in-house Quality Control team, the company ensures testing of both raw materials and finished goods. Its laboratory is equipped with adequate technology and staffed by qualified personnel who can handle timely quality checks. This comprehensive testing process assures that all the products manufactured by the company meets relevant quality standards and adhere to regulatory requirements. This approach ensures that every aspect of the manufacturing and quality control processes is assessed and optimized to deliver consistent and reliable results. The company’s commitment to quality is further reinforced by its additional certification.

Multi-product capability and diversified product portfolio: The company offers a comprehensive range of products, including generic drugs, branded pharmaceuticals, over the counter (OTC) products, and other medications. The company manufacture 71 types of formulations/ products based on the orders received from customers. Further, it produces multiple products using a combination of processes in its manufacturing facility. The flexible manufacturing infrastructure and diverse product portfolio allows the company to cater to various market segments and respond effectively to changing market demands.

Established client relationship: The company has established client relationships from whom it receives orders on a regular basis. Its existing relationships with its clients represent a competitive advantage in gaining new clients and growing its business. it is able to foster long-term relationships with its clients by understanding their needs and preferences. As it continues to strengthen these relationships, it is focused on improving its products and finding new ways to grow in both existing and emerging markets.

Risks and concerns

Revenue concentration from top customers: The company derives a significant portion of its revenues from a limited number of clients. Significant revenue from a limited number of clients increases the potential volatility of its results and exposure to individual contract risks. The company’s top 10 customers contributed 76.45%, 75.11%, 53.95% and 50.86% of revenue from operations in the financial year ended November 30, 2025, FY25, FY24 and FY23, respectively. It is dependent on a limited number of clients for a significant portion of its revenues, and the loss of any key client could adversely affect its business, financial condition and results of operations.

Dependent on third-party transportation: The company success depends on the supply and transport of the various raw materials required for its manufacturing facility and of its finished products from its manufacturing facility which are subject to various uncertainties and risks. The company do not completely depend on its own transportation facility and are majorly dependent on third-party transportation providers for the delivery of its products. While transportation restrictions, if any, could have an adverse effect on supplies and deliveries to and from its customers and suppliers. In addition, raw materials and finished products may be lost or damaged in transit for various reasons including occurrence of accidents or natural disasters. There may also be a delay in delivery of raw materials and products which may also affect its business and results of operations negatively.

Failure to maintain product quality standards: As a pharmaceutical manufacturer, it is subject to strict regulatory oversight and must comply with Good Manufacturing Practices prescribed by WHO, DCGI, and other authorities. It is accountable for product quality throughout its shelf life. Any post-market issues-such as contamination, regulatory re-review, side effects, or product recalls-can reduce demand and damage its reputation. If its products fail to meet required standards, it may incur costs for replacement and testing. Manufacturing or quality issues can lead to negative publicity, legal claims, and loss of customer trust, impacting its business and financial health. further, it does not carry product liability insurance. Any manufacturing or quality control problems may damage its reputation for high quality products and expose to litigation or other liabilities, which could adversely affect its financial results.

Outlook

Bio Medica Laboratories is engaged in the of manufacturing of Pharmaceutical Parenteral Formulations. It manufactures generic drugs in the form of injectables namely Liquid Injections and Dry Powder Injections. These injectables are available in both single dose and multi dose forms, catering both human and veterinary needs. Its products address a wide range of medical needs and preferences. On the concern side, its existing manufacturing facilities are concentrated in a single region i.e., Industrial Area, Indore, Madhya Pradesh and the inability to operate and grow its business in this particular region may have an adverse effect on its business, financial condition, results of operations, cash flows and future business prospects. Further, its inability to adopt new technologies could adversely affect its business, results of operations, cash flows and financial condition.

The company is coming out with a maiden IPO of 37,72,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 132-139 per equity share. The aggregate size of the offer is around Rs 49.79 crore to Rs 52.43 crore based on lower and upper price band respectively. On performance front, the total Income for FY25 stood at Rs 3,832.50 lakh whereas in FY24 it was Rs 1,534.42 lakh representing an increase of 149.77%. The profit after tax for the period ended March 31, 2025 stood at Rs 979.49 lakh whereas in the financial year 2024 it was at Rs 249.87 lakh representing an increase of 292.00%.

Meanwhile, the company is committed to expanding and upgrading its manufacturing facilities to support both existing and new formulations and the meet the demand in the pharmaceutical sector. its strategy involves enhancing its current manufacturing infrastructure by installing advanced plants, machinery, and ensuring all required infrastructure aligns with the World Health Organization (WHO) standards. The primary objective of this expansion is to increase its production capacity and improve its current capacity utilization. By investing in state-of-the-art equipment and expanding its manufacturing capabilities, it will be better positioned to meet the rising demand, particularly in the pharmaceutical injectable sector. This upgrade will also enhance its overall operational efficiency, enabling it to cater to a broader range of market needs and ensure the highest quality standards for its products.

Vegorama Punjabi Angithi

• Vegorama Punjabi Angithi is coming out with an initial public offering (IPO) of 49,84,000 shares in a price band of Rs 73-77 per equity share. 
• The issue will open on May 20, 2026 and will close on May 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.30 times of its face value on the lower side and 7.70 times on the higher side.
• Book running lead manager to the issue is corporate makers capital.
• Compliance officer for the issue is Yashi Goyal.

Profile of the company

Vegorama Punjabi Angithi is a Delhi-based food services company renowned for its pure vegetarian offerings under its flagship brand, Punjabi Angithi. Its business model includes dine-in restaurants, cloud kitchens, and outdoor catering services.  Initially, the company operated as a cloud kitchen and takeaway service provider, focusing on delivering high-quality vegetarian North Indian and other cuisines directly to customers' homes. By 2020, it established itself as one of the prominent players in the cloud kitchen segment, successfully fulfilling thousands of orders across multiple outlets. In 2021, it expanded its operations by including ‘corporate thali services’ targeting bulk orders from the corporates. This marked its entry into institutional catering, diversifying its revenue streams beyond the traditional cloud kitchen and takeaway model. Further in 2022, after shifting its business model from a HUF Firm to a Private Limited Company, it also introduced compact catering solutions for smaller events such as ‘office parties, team lunches, and home gatherings’, offering flexibility and affordability while further expanding its reach in the catering market. Finally, in 2024, it opened its first fine dining restaurant, offering a premium dining experience with varied dishes, elegant presentation, and impressive ambience.

The fine dining model allowed its brand to tap into an upscale customer demographic providing an immersive dining experience that showcases Vegorama Punjabi Angithi’s rich heritage. The company is an evolving brand in the Indian food industry, known for its rich vegetarian North Indian and other cuisines. Since its establishment in 2014, the company has grown from a cloud kitchen and take away service provider to a multi-vertical segment, catering to the diverse customer needs. The brand has successfully adapted to changing market trends, offering a range of services from corporate catering to fine dining experiences.

It is committed to delivering high-quality, flavor-full and affordable multi-cuisine food, ensuring an authentic and immersive dining experience while maintaining operational efficiency and customer satisfaction. Its core values revolve around authentic taste, quality, and affordability ensuring that every customer enjoys a memorable meal. With its unique recipe blend, operational efficiency and customer-centric approach, it is well-positioned for continued growth and success in the competitive Indian food industry. The brand’s future strategies focus on expanding its fine dining and corporate catering services, leveraging digital transformation through online platforms to expand customer base and provide home delivery services, and entering new markets to further solidify its position as a key player in the industry.

Proceed is being used for:

• Capital expenditure for construction of banquet and fine dine restaurant
• Capital expenditure for construction of centralized kitchen
• Capital expenditure for roll out new cloud kitchens
• Capital expenditure for upgradation of the existing cloud kitchen equipment
• General corporate purposes

Industry overview

The food service industry in India is one of the country’s most dynamic and rapidly evolving sectors, driven by a young population, rising disposable incomes, and changing consumer lifestyles. Eating out is no longer limited to special occasions it's becoming a regular part of urban life, especially among millennials and Gen Z. The industry spans a broad spectrum, including quick-service restaurants (QSRs), casual and fine dining establishments, cafes, food courts, and a booming food delivery ecosystem powered by digital platforms.

The Indian food service industry is witnessing robust growth, fuelled by rapid urbanization, rising disposable incomes, evolving consumer lifestyles, and a growing preference for dining out and convenience-based food consumption. According to the National Restaurant Association of India (NRAI) and Indian Food Services Report (IFSR) 2024, the industry is valued at Rs 5,69,487 crore in FY 2024 and is projected to expand to Rs 7,76,511 crore by FY 2028, registering a compound annual growth rate (CAGR) of 8.1%.

The food service industry has undergone a dramatic transformation in recent years, propelled by digital innovation, changing consumer preferences, and a dynamic competitive landscape. Central to this evolution are three pivotal stakeholders’ food aggregators, cloud kitchens, and restaurants whose roles, interactions, and strategies are redefining how food is accessed, prepared, and delivered. Understanding the qualitative dynamics among these stakeholders provides a deeper insight into the structural shifts and emerging opportunities in the modern food ecosystem.

Pros and strengths

Prominent location of cloud kitchens/ fine dine restaurant: Its team identifies prominent location and conducts feasibility study on the prospective location for the opening of its cloud kitchens / fine dine restaurant. It has a comprehensive location selection process which comprises factors like visibility, presence of competition, footfall of prospective customers or riders in vehicles, etc. Depending on such research and factors, it moves ahead and develop its cloud kitchens and Fine Dine Restaurant.

Recognised brand in the food industry: The company stands out as the growing brands in the food industry. Its rapid expansion and strong brand presence are driven by a commitment to authentic flavors, exceptional service and a customer-centric approach. With a growing network of cloud kitchens/ fine dine restaurant, it has successfully positioned itself as a preferred choice for experiencing vegetarian cuisines. Its ability to adapt to evolving consumer preferences while maintaining high-quality standards has fueled its growth and reinforced its reputation as a trusted name in the industry.

Attractive offering at competitive prices based on constant menu innovation and customer focus: The company is dedicated to provide a great quality food experience with a diverse and creative menu at affordable prices. Its commitment to constant menu innovation ensures that it offers fresh, flavourful dishes while maintain authenticity and high-quality standards. By prioritizing customer preferences and evolving with market trends, it creates offerings that cater to a wide audience, delivering both value and satisfaction. Its ability to combine great taste with affordability makes it a popular choice and a trusted brand in the food industry.

Risks and concerns

Dependent upon online food platforms: Substantial portion of its revenues has been dependent upon online food platforms. For the period ended December 31, 2025, the company delivered orders aggregating to Rs 9,656.75 lakh from online platforms which accounted for around 91.93%, of its revenue from operations. However, the loss of any significant orders through such online platforms would have a material effect on its financial results. Its business from customers based on online food platforms is dependent on quality of its food products and its ability to deliver their orders on time, there can be no assurances that such customers will continue to order food from the company in the future on commercially acceptable terms or at all. The loss of any one or more of its major customer or online food platforms would have a material effect on its business operations and profitability.

Significant dependence on top customers could weigh on operations: Its revenues have been significantly dependent on few customers. For the period ended on December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, its revenue from operations from its top 10 customers contributed to 92.85%, 92.57%, 95.36% and 99.91% respectively of its revenues from operations as per its Restated Financial Statements. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Rising LPG prices and supply disruptions may impact profitability: The company is engaged in the restaurant and food service business and is dependent upon uninterrupted availability of LPG and other fuel sources for preparation of food items across its restaurant operations. The availability and pricing of LPG in India is influenced by various factors beyond its control, including international crude oil prices, geopolitical developments, war-like situations, sanctions imposed on oil and gas producing nations, disruptions in global shipping and logistics, government regulations, allocation policies, transportation constraints and fluctuations in domestic supply and demand. Any disruption, shortage or significant increase in the prices of LPG and other fuel sources used in its cloud kitchen/ restaurant operations, including due to geopolitical tensions or war-like situations in major oil producing regions such as Iran and the Middle East, may adversely affect its business, operations and profitability. 

Outlook

Vegorama Punjabi Angithi is engaged in the business of operating restaurants and follows a cloud kitchen model. Its business model includes dine-in restaurants, cloud kitchens, and outdoor catering services. The company operates through a cluster-based expansion strategy, establishing strongholds in locations like Noida, Gurgaon, South Delhi, East Delhi, and Dehradun. Its focus on handcrafted recipes, hygienic kitchens have positioned it as a trusted name in North Indian and Indo-Chinese vegetarian cuisine. On the concern side, its significant operations are geographically located in one area i.e. Delhi NCR and any localized social unrest, natural calamities, etc. could have material adverse effect on business and financial operations. Additionally, its significant operations are geographically located in one area i.e. Delhi NCR and any localized social unrest, natural calamities, etc. could have material adverse effect on business and financial operations.

The company is coming out with a maiden IPO of 49,84,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 73-77 per equity share. The aggregate size of the offer is around Rs 36.38 crore to Rs 38.38 crore based on lower and upper price band respectively. On performance front, total income has increased from Rs 6,636.80 lakh for year ended March 31, 2024 to Rs 10,205.79 lakh in year ended March 31, 2025 with a resultant increase of 53.78% in year ended March 31, 2025. Net Profit after tax increased from Rs 464.14 lakh in year ended March 31, 2024 to Rs 822.04 lakh in year ended March 31, 2025 with a resultant increase of 77.11% in year ended March 31, 2025.

Meanwhile, it strictly adheres to industry quality standards, which has been instrumental in maintaining and enhancing its brand image in the market. Its ability to maintain and improve the quality of food it offers to customers which enables it to generate stable revenue and minimize customer complaints. It is now focusing on enriching the overall customer experience, aiming to elevate engagement and satisfaction levels. It is very particular and stringent about hygiene of it processes. Its dedicated efforts towards the quality helped it gains a competitive advantage over others. Its quality dishes have earned the company a goodwill from its customers, which has resulted in repeated customer in its business segment comprising of corporates and families.

Harikanta Overseas

• Harikanta Overseas is coming out with an initial public offering (IPO) of 26,70,000 shares in a price band of Rs 91- 96 per equity share.
• The issue will open on May 20, 2026 and will close on May 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.10 times of its face value on the lower side and 9.60 times on the higher side.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Swati Malu.

Profile of the company

Harikanta Overseas is engaged in the manufacturing of Synthetic textile fabrics. Its product portfolio includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber. It primarily caters fabric to women’s wear, producing fabrics for sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas. Although its fabrics have multiple end uses, the majority of them are utilized in the manufacturing of different types of sarees.

With the objective of broadening business horizons and accessing international markets, the Promoters incorporated the company on October 22, 2018. This marked a milestone in their entrepreneurial journey, creating a platform for global trade. The company commenced exports of products such as Ikat fabrics and Dhupion fabrics, which not only reinforced its market presence but also expanded its customer base beyond India. 

This step diversified the group’s business portfolio and placed it on a path of growth with an emphasis on global expansion. With the objective of supplying products to overseas customers, it has set up a manufacturing unit at Surat, Gujarat. Its current manufacturing facility is spread across 953.93 sq. mtrs. at Sai Ram Industrial Estate-2, Bamroli Gam, Bamroli, Surat, Gujarat. 

Proceed is being used for:

• Capital expenditure for factory premises  
• Capital expenditure for plant and machineries   
• Working capital  
• General corporate purposes 

Industry Overview

India’s textiles sector is one of the oldest industries in the Indian economy, dating back to several centuries. The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, with the capital-intensive sophisticated mills sector at the other end. The fundamental strength of the textile industry in India is its strong production base of a wide range of fibre/yarns from natural fibres like cotton, jute, silk, and wool, to synthetic/man-made fibres like polyester, viscose, nylon and acrylic. The decentralised power looms/ hosiery and knitting sector form the largest component of the textiles sector. The close linkage of textiles industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles makes it unique in comparison to other industries in the country. India’s textiles industry has a capacity to produce a wide variety of products suitable for different market segments, both within India and across the world.

The Indian Textile and Apparel Industry is valued at over $100 billion, employing over 45 million people and accounting for 14% of the country's industrial production. India is a global leader in producing several textile products, such as being the second biggest producer of silk, cotton and Multimode Fibre (MMF). It is also a world leader in jute production, accounting for nearly 70% of global production. Additionally, based on capacity, the country has the second largest vertically integrated production base after China. This leadership position gives the country significant advantages, such as manufacturing strength across the value chain and a huge raw material base. The value chain includes weaving, spinning, garmenting and processing.

The Textile Ministry’s allocation increases by 19%, rising from Rs 4,417.03 crore ($512 million) in 2024-25 to Rs 5,272 crore ($611 million) in 2025-26, reflecting the government’s commitment to addressing long-standing challenges and unlocking new growth opportunities. A five-year Cotton Mission is launched with an allocation of Rs 600 crore ($69.6 million) to boost extra-long staple (ELS) cotton productivity through science and technology support. The initiative promotes global agronomy best practices and clean cotton production to secure a steady raw material supply, reduce imports, enhance competitiveness, and improve farmer incomes. Two types of shuttles-less looms - Rapier looms (below 650 m/min) and Air Jet looms (below 1,000 m/min) - are fully exempted from customs duty (reduced from 7.5% to nil) to lower production costs and modernize technical textiles.

Pros and strengths

Efficient production process: Its production processes form a key part of its operations and contribute to profitability and the ability to timely meet customer requirements. The processes cover all stages of manufacturing, starting from the procurement of raw materials to the production of finished fabrics. This includes planning and scheduling of production, allocation and management of resources, machine operation, and monitoring of output at each stage. Workflow management ensures that production tasks are carried out efficiently, while quality checks at defined stages maintain product consistency. It also monitors delivery schedules to ensure timely dispatch of products to customers. These processes enable it to manage pricing, maintain product standards, and meet delivery commitments, which support customer retention and help sustain its position in the market.

Global reach and export capability: The company exports its products to markets in Thailand, Bahrain, Singapore and Cambodia, with its primary export product being Ikat fabrics. In FY25, revenue from exports, including merchant exports, accounted for 64.04% of its total operating revenue. These international markets provide it with opportunities for expansion and grow its sales. As its presence is already in different regions, it reduces its reliance on single regional market and helps it in diversifying its business. This global reach ensures that the company can grow and seize opportunities in various economic climates.

Customization and flexibility: Its capability of customization and flexibility is one of the competitive strengths that differentiate it from its competitors. As consumer demand evolves, the ability to adapt and provide tailor-made solutions is crucial for meeting diverse customer needs. It excels in offering customized fabrics and flexible production options to its customers which help it build strong relationships with clients, command higher price points, and position itself as a partner to its customers. Its flexible production systems help it in handling turnarounds efficiently by streamlining workflows, using advanced machinery, and employing skilled labor. This agility enables it to serve both high-volume clients and those who require smaller, more specialized orders, thus broadening its market reach.

Risks and concerns

Dependence on repeat orders and customer relationships: The company does not have long-term contracts or binding agreements with its major customers. It primarily operates on the basis of purchase orders, and a substantial part of its business comes from repeat orders and long-standing customer relationships. While this has provided stability in the past, it also exposes it to certain risks. Any change in the buying pattern of its end users, reduction in order volumes, delay in placing orders, or disassociation by a major customer (or multiple significant customers) could adversely impact its revenues and cash flows. If it is unable to secure new orders on a consistent basis, its operations and profitability may be materially affected.

Significant dependence on yarn and other related raw materials: Yarn, including Air Tex Yarn, Texturized Poly Yarn, TPM Poly Yarn, and other related materials, constitutes a significant portion of its total operating costs. The prices and availability of these raw materials are subject to fluctuations caused by factors beyond its control, such as demand-supply imbalances, seasonal variations, changes in government policies relating to the textile sector, imposition or revision of duties, tariffs or levies, foreign exchange fluctuations, and general economic conditions. Any significant increase in the cost of yarn or other inputs, without a commensurate increase in the selling price of its products, may adversely impact its margins and overall profitability. Its supplier base is relatively concentrated. For the period ended November 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten suppliers accounted for around 58.88%, 56.24%, 100.00% and 100.00% of total purchases. This level of concentration exposes it to procurement risks. Any disruption in supply from these key vendors, whether due to financial stress, insolvency, logistical bottlenecks, adverse weather conditions, or regulatory actions, may significantly affect its ability to maintain production schedules and meet customer demand.

Fluctuations in revenue due to seasonal sales patterns: Its business is seasonal in nature, having sizeable sales volumes during festive seasons, weddings, and other cultural events. As a result, its revenue and cash flows are often showing the good performance in certain months of the year, which could lead to fluctuations in its financial performance during different quarters. The demand for traditional Indian wear fabrics Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber fabrics tends to increase significantly during festive seasons and wedding seasons in India and other markets with a large Indian diaspora. It primarily caters to women’s wear, producing fabrics for sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas. Although its fabrics have multiple end uses, the majority of them are utilized in the manufacturing of different types of sarees. However, during non-festive or off-peak periods, it may experience a slowdown in orders, leading to under-utilization of its manufacturing capacities, lower sales volumes, and reduced profitability in those periods. 

Outlook

Harikanta Overseas is engaged in the manufacturing of Synthetic textile fabrics. Its product portfolio includes Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fiber. The company’s focus on high-quality fabrics drives customer loyalty, reinforces its market leadership, and underpins revenue growth. On the concern side, it is dependent on third party transportation service providers for delivery of raw materials from suppliers to it and delivery of finished products to its customers and business associates. Any failure on part of such transport service providers to meet their obligations could have a material adverse effect on its business, financial condition and results of operation. Further, its revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 26,70,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 91-96 per equity share. The aggregate size of the offer is around Rs 24.29 crore to Rs 25.63 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 3,517.30 lakh whereas in FY24 it was Rs 1,111.22 lakh representing an increase of 216.53%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 454.30 lakh and for the year ended March 31, 2024 it was Rs 81.98 lakh representing an increase of 454.20%.

The company intends to expand its product range and increase production capacity. In order to achieve this strategy, the company had acquired 74, Machines from the Proprietary concern of Promoters and that will help the company to avoid common purist. Going forward, it is exporting its products to Thailand, Bahrain, Singapore and Cambodia. It focuses on building long term relationships with its customers in domestic as well as international markets. Further, it plans to further reduce it manufacturing cost by developing strong relationships with suppliers, negotiating favorable contracts, and sourcing raw materials from cost-effective regions.

Teamtech Formwork Solutions

• Teamtech Formwork Solutions is coming out with an initial public offering (IPO) of 79,60,000 shares in a price band of Rs 61-63 per equity share. 
• The issue will open on May 19, 2026 and will close on May 21, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 5 and is priced 12.20 times of its face value on the lower side and 12.60 times on the higher side.
• Book running lead manager to the issue is Getfive Advisors.
• Compliance officer for the issue is Mithilesh Sharma.

Profile of the company

Teamtech Formwork Solutions operates on business-to-business (B2B) model and is engaged in the manufacturing, refurbishing and renting of modular T formwork and customised formwork system used in the construction industry. Formwork systems serve as temporary moulds that support and shape concrete which is poured into it until it attains the desired structural form (It provides support until the concrete gains enough strength to sustain its own weight and any imposed loads), making them an essential component of modern construction activities. it provides modular T formwork systems, including customised design, and technical support for projects. In addition to manufacturing new formwork systems, it also undertakes refurbishment and reconditioning of used formwork, activities enabling customers to extend product life. The company also offers a rental model, allowing customers to access formwork solutions without capital expenditure.

Presently, the company manufactures vertical modular T formwork systems which are only suitable for a wide range of vertical concrete structures. These systems are used for foundations, walls, shafts, tanks, bridges, circular walls and various other structural elements. With a balanced and versatile range of panels, its formwork can be easily adapted to diverse project layouts, configurations and cross-sections, supporting faster and more efficient construction execution. 

The company uses software licensed from third-party vendor(s) to support its design functions and routine operational activities. Among these, a formwork planning software helps the Company assess the number of panels required based on the layout or design plan provided by the client. This technological capability helps the Company provide estimations of project timelines and prepare reliable quotations, thereby enhancing operational efficiency and project planning accuracy.

Proceed is being used for:

• Funding of capital expenditure towards purchase of plant and machineries for expansion of new manufacturing unit
• Repayment/prepayment of all or certain of its borrowing availed by the company
• Meeting the company’s fresh working capital requirements in line with its projected business growth and operational needs
• General corporate purpose

Industry Overview

India's construction sector stands as a cornerstone of the nation's economic strategy, pivotal in addressing critical infrastructure needs and providing substantial employment opportunities. Infrastructure construction and real estate assets like offices, retail, housing, and data centres have been the major focus areas for both the government and the private sector. Logistics and warehousing have emerged as critical components within India's construction sector, driven by rapid urbanization and the need for efficient supply chain networks.

In the fiscal year 2024-25, the government has bolstered its capital expenditure by 11.1% to $133 billion, equivalent to 3.4% of the GDP. Such investments are poised to catalyze growth within the construction sector, fostering the development of modern infrastructure nationwide. Furthermore, government initiatives like the Pradhan Mantri Awas Yojana-Urban (PMAY-U) have marked significant progress by sanctioning 1.18 crore houses, with 86.6 lakh completed and 1.15 crore grounded for construction as of September 10, 2024. This initiative aims not only to alleviate urban housing shortages but also to enhance living standards across the country.

India's construction sector is poised for substantial growth, supported by significant government initiatives, robust investments in logistics and warehousing infrastructure, and a steadfast commitment to sustainable development. The sector's role in enhancing infrastructure, facilitating urbanization, and driving economic growth underscores its critical importance in India's broader economic strategy. The trajectory of India's construction sector reflects its integral role in shaping the country's economic landscape. With ongoing initiatives like PMAY-U, HRIDAY, etc. substantial investment commitments, a focus on sustainability through green building practices, and advancements in logistics and warehousing infrastructure, the sector is not only meeting current infrastructure demands but also setting the stage for long-term economic resilience and sustainable urban development across the nation.

Pros and strengths

Integrated Business Model: The company follows an integrated business model covering manufacturing, refurbishment and rental of modular T formwork systems. This structure enables servicing of different customer requirements at various stages of project execution. The rental and refurbishment activities support asset reuse and recurring revenue generation, while manufacturing activities support supply of new systems as per project demand.

Strong engineering and technical capabilities: The in-house engineering team undertakes formwork design, layout planning and site-level technical support. Design software is used for panel planning, quantity estimation and preparation of execution layouts. These capabilities assist in coordination with customers, preparation of project-specific solutions and planning of material deployment and timelines.

Pan-India and International market presence: The company supplies its products to customers across multiple Indian states including Telangana, Karnataka, Maharashtra, Tamil Nadu and other regions. Business growth in these regions is supported by repeat orders and customer references. The Company has also executed projects in international markets such as the UAE and Bahrain, enabling exposure to overseas project requirements.

Risks and concerns

High dependence on Standard Panel segment: A significant portion of its revenue is derived from the sale of Standard Pannel, making its business highly dependent on their demand and market performance. The Standard Panel segment contributed 65.60% in FY26, 60.24% in FY25 and 68.31% in FY24 to the company’s total revenue. Any decline in demand for new construction or infrastructure due to factors such as climatic changes, government policies, pricing pressure, competition from domestic and international players could materially and adversely impact its revenue and profitability.

Relies on third parties to acquire raw material: It relies to a certain extent on third parties for sourcing of raw material to produce the goods. Dependence on external parties for vehicles increases the likelihood of encountering service disruptions, inconsistencies in quality, and potential disputes.  its operational efficiency and financial performance depend significantly on its ability to manage inventory levels in line with market demand and consumer preferences. Further, market instability, including changes in costs may adversely impact the company's operations and financial performance. Subsequently, its inability to effectively manage inventory levels and fluctuations in prices of key components used in the process may increase its operational costs and adversely impact its business, profitability and cash flows. 

Dependence upon transportation services: The company does not have an in-house transportation facility, and it relies on third-party transportation and other logistic facilities at every stage of its business activity including for procurement of products from its suppliers and for transportation of its finished products to its customers. For this purpose, it hires services of transportation companies or sometimes it gets transportation support from its clients. However, it has not entered into any definitive agreements with any third-party transport service providers and engage them on a need basis. Additionally, availability of transportation solutions in the markets it operates in is typically fragmented. The cost of its goods carried by such third-party transporters is typically much higher than the consideration paid for transportation, due to which it may be difficult for the company to recover compensation for damaged, delayed or lost goods.  

Outlook

The Company continues to be engaged in the business of manufacturing formwork panels used in construction activities. Additionally, the Company provides formwork panels on a rental basis. It provides modular T formwork systems, including customised design, and technical support for projects. In addition to manufacturing new formwork systems, it also undertakes refurbishment and reconditioning of used formwork, activities enabling customers to extend product life. The company also offers a rental model, allowing customers to access formwork solutions without capital expenditure. On the concern side, its business is dependent on the sale of its services to certain key Industries and certain customers including its Promoter Group Companies. The negative change in industry and/or loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 79,60,000 equity shares of face value of Rs 5 each. The issue has been offered in a price band of Rs 61-63 per equity share. The aggregate size of the offer is around Rs 48.56 crore to Rs 50.15 crore based on lower and upper price band respectively. On performance front, the total income of the company has increased from Rs 3,030.75 lakh in FY 2024 to Rs 3,297.60 lakh in FY 2025, showing a growth of 8.80%. Profit after tax (PAT) stood Rs 769.47 lakh in FY 2024 as compared to Rs 783.77 lakhs in FY 2025.

Meanwhile, the company’s business has grown primarily through repeat orders and referrals from existing clients. To increase its market coverage, the company has expanded its presence into Maharashtra, Tamil Nadu and Karnataka by developing regional marketing and customer outreach activities. The projects are spanned across various states in India. Further, the company has entered the international market by securing orders from clients in Bahrain and the UAE, which have contributed to increased utilisation of the Company’s manufacturing capacity. These projects have enabled the Company to establish a presence in the Middle East region.

RFBL Flexi Pack 

• RFBL Flexi Pack is coming out with an initial public offering (IPO) of 70,65,000 shares in a price band of Rs 47- 50 per equity share. 
• The issue will open on May 12, 2026 and will close on May 14, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 4.70 times of its face value on the lower side and 5.00 times on the higher side.
• Book running lead manager to the issue is Grow House Wealth Management.
• Compliance Officer for the issue is Uday Misal.

Profile of the company

RFBL Flexi Pack is primarily engaged in the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries. It also deals in trading of Woven Fabric Packaging Material and Polyster Laminated and other types of films. Scrap generated from business operations is further sold to business entities for their further processing and use. It operates under a Business to Business (B2B) model, catering to needs of clients who require high quality, customized packaging solutions. It specializes in the production of multilayer plastic films, by using manufacturing techniques to meet diverse packaging requirements. The key raw materials used in its production process include plastic films like Cast Polypropylene (CPP) films, Cast Polyethylene (CPE) films, BOPP Films, metallized films, laminated films etc., specialized adhesives, and inks, which are sourced from a network of reliable and reputed suppliers. Its products are engineered to issue durability, moisture resistance, barrier properties, making them highly suitable for a wide range of packaging applications. The end products find extensive usage in the packaging of goods in various industries, some of them are: Food - for packaging snacks, spices and grains etc., Pharmaceutical - for packaging of medical and healthcare products, and Home and Personal Care - for items like detergents and household consumables.

By focusing on quality, innovation, and customer centric solutions, it has built long term relationships with clients across these industries. It aims to continually enhance its production capabilities to meet the evolving needs of its clients and industry standards. The manufacturing unit and registered office of the company is situated at, Himatnagar, Gujarat, where it is engaged in the manufacturing and trading operations. Strategically positioned near the Rajasthan-Gujarat border, the location issues significant logistical advantages. Its proximity to major industrial hubs across both states ensures faster delivery timelines, reduced transportation costs, and improved supply chain efficiency. Additionally, this location facilitates better access to raw materials, skilled labour, and a broad customer base spread across western and northern India, giving it a competitive edge in servicing clients quickly and cost-effectively.

The Quality Assurance Staff inspects raw materials procured from suppliers manually on a sample basis to ascertain conformity with the prescribed specifications. Only those raw materials which meet the requisite quality standards are approved for use in production, while non-conforming materials are rejected and returned to the respective suppliers. In addition to raw material inspection, the Quality Assurance staff also performs testing of the final products before dispatch to ensure that they meet the desired functional and safety parameters. Its commitment to quality is further reinforced by the company being certified under ISO 9001:2015. The certification covers the multilayer adhesive flexible packaging material pouches, and other related flexible packaging products.

Proceed is being used for:

• Meeting capital expenditure requirements for i) Acquisition of land for establishing manufacturing facility at Survey No. 47/1 Paiki, Moje: Dhandha, Taluka Himatnagar, Sabarkanth, Gujarat admeasuring 4,502 square meters; ii) Construction and development of infrastructure and associated facilities; iii) Purchase of plant and machinery.
• Funding working capital requirements.
• General corporate purposes.

Industry Overview

The plastic films packaging industry in India represents a dynamic and indispensable segment of the nation’s broader packaging sector. It plays a crucial role in serving high-growth industries such as food and beverages, pharmaceuticals, personal and home care, FMCG, industrial chemicals, and Agri-products, by providing cost effective, durable, and efficient packaging formats. Plastic films used in packaging are primarily produced from polymers like polyethylene (PE), polypropylene (PP), polyester (PET), polyvinyl chloride (PVC), and nylon, offering a combination of flexibility, barrier properties, and mechanical strength. India’s plastic films segment includes a wide array of formats such as laminated rolls, multilayer films, stretch and shrink films, pouches, wraps, and thermoformed films. These are extensively used for packaging snacks, dairy products, ready-to-eat meals, condiments, personal care items, and over-the-counter pharmaceuticals. Their lightweight nature, customizability, shelf-life extension, and adaptability to high-speed packaging lines have made them a preferred packaging medium for both domestic consumption and export-oriented industries.

India’s plastic film packaging industry has emerged as a vital segment within the broader flexible packaging ecosystem, playing a pivotal role in the preservation, transportation, and aesthetic presentation of products across food and beverages, pharmaceuticals, FMCG, agriculture, and e-commerce. The market has shown steady growth, with its estimated value increasing from 1.93 million tonnes in FY 2025, indicating consistent demand growth across sectors. As the industry estimates, the Indian plastic film packaging market is projected to reach around 3.81 million tonnes by FY 2035, growing at a CAGR of 7.05% during the forecast period FY 2025-FY 2035. This growth trajectory is underpinned by increasing demand for hygienic, lightweight, and cost-effective packaging, rising disposable incomes, and expanding modern trade networks. Plastic films such as polypropylene (PP), polyethylene (PE), polyethylene terephthalate (PET), and PVC are extensively used for flexible laminates, barrier packaging, shrink and stretch wraps, and specialty films, making them indispensable across multiple applications. The sector is also benefitting from increased use of multilayer films and biodegradable variants in response to regulatory pressure and consumer preference for eco-friendly alternatives.

India’s strong polymer production base, government support for manufacturing (such as under the PLI scheme), and relatively lower operational costs provide a competitive advantage to domestic players. Furthermore, advancements in extrusion and co-extrusion technologies have enhanced film performance, enabling extended shelf-life, better printability, and improved recyclability. However, the industry faces critical challenges including plastic waste accumulation, lack of robust collection and recycling systems, and regulatory uncertainties surrounding single-use plastics. Moving forward, the sector's sustainability will depend on the scale-up of circular economy practices, development of recyclable mono-material films, and collaborative efforts between industry and government to build integrated waste management frameworks. Despite these hurdles, the plastic film packaging industry in India is expected to maintain its growth momentum, driven by innovation, regulatory alignment, and the evolving needs of a consumption-driven economy.

Pros and strengths

Strategic location advantage: Its factory is located at Dhandha, Himatnagar in Gujarat, in close proximity to Rajasthan a region with growing demand for flexible packaging. As Rajasthan lacks developed flexible packaging infrastructure, it benefits from strong demand and reduced competition. This geographical edge enables efficient logistics, reduced delivery timelines, and lower transportation costs, giving it a significant competitive advantage in serving clients in both Gujarat and Rajasthan.

Diversified product range: Its manufacturing setup enables it to produce a wide variety of customized packaging materials suited for different applications and industries. It works closely with customers to understand their needs and issue tailor-made packaging solutions whether it's specific design requirements, material specifications, or compliance with sustainability norms. This ability to adapt and innovate enhances customer satisfaction and market responsiveness.

Strong focus on quality assurance: Quality is the cornerstone of its operations. Its products undergo quality checks from procurement of raw materials to the final product. Its commitment is validated by the ISO 9001:2015 certification, covering multilayer adhesive flexible packaging materials and other related products.

Risks and concerns

Reliance on key customers: The company is significantly dependent on few customers for its revenue. The loss of any one or more of such customers may have a material effect on its business operations and profitability. Any failure to maintain relationships with such customers could adversely affect its revenue and financial condition. The revenue from top 10 customers contributed 99.98%, 99.25%, 87.37% and 96.41% of total revenue from operations for the period ending November 30, 2025 and financial year ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively.

Challenges from plastic waste and regulatory scrutiny: The increasing reliance of the world on plastics and their impact on the environment, could lead to promulgation of stricter government regulations and adoption of rigorous waste management rules which in turn may require it to make additional capital expenditures, incur additional expenses or take other actions in order to remain compliant and maintain its current operations. Further, certain of its products involve complex multilayer structures, which pose recycling challenges and hinder effective end-of-life management. This may attract heightened regulatory scrutiny and require it to invest in alternative materials, redesign its products, or adopt enhanced waste management processes, which could increase its costs and adversely impact its operations. 

High revenue dependence on Gujarat: Its revenue is majorly dependent from the Gujarat state only. It generated almost 100.00%, 99.26%, 90.78% and 96.77% of the total revenue from Gujarat for the period ended November 30, 2025, financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 respectively. The heavy reliance on Gujarat exposes the company to concentration risk. Clients in Gujarat state may contribute a substantial share of its revenue in the future. The loss of a major client or reduced business from significant clients in this region could have a considerable negative impact on its financials. Any adverse economic, regulatory, or business conditions in the said state could significantly impact its financial performance and overall stability. 

Outlook

RFBL Flexi Pack is primarily engaged in the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries. It also deals in trading of Woven Fabric Packaging Material and Polyester Laminated and other types of films. Scrap generated from business operations is further sold to business entities for their further processing and use. It has built strong relationships with several repeat customers due to its quality, reliability, and responsive service. Its customer centric approach and timely delivery model have led to consistent business from key clients, providing a strong foundation for future growth. On the concern side, it is dependent on its top suppliers for uninterrupted supply of Raw-Materials and purchase stock in trade. Any shortfall in the supply, or an increase in costs and other input costs, may adversely affect the pricing and supply of its products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company. Further, the introduction of alternative packaging materials caused by changes in technology or consumer preferences may affect demand for its existing products, which may adversely affect its financial results and business prospects.

The company is coming out with a maiden IPO of 70,65,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 47-50 per equity share. The aggregate size of the offer is around Rs 33.21 crore to Rs 35.33 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 13,546.06 lakh whereas in FY24 it was Rs 7,995.89 lakh representing an increase of 69.41%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 832.91 lakh and for the year ended March 31, 2024 it was Rs 578.72 lakh representing an increase of 43.92%.

It aims to maintain high-quality standards across all products by following strict quality control measures and complying with industry regulations. Continuous monitoring and process improvements help it meet customer’s expectations and regulatory requirements. Going forward, it plans to set up a new manufacturing facility using a portion of the proceeds from the Initial Public Offering (IPO). This expansion will significantly increase its production capacity, enhance its ability to meet growing customer demand, and support entry into new markets. The new facility will be equipped with modern machinery and improved infrastructure, enabling it to achieve better operational efficiency and scale. Further, it plans to adopt modern machinery and automation technologies in the new facility to increase precision, reduce manual errors, and enhance productivity. This will support consistent product quality while reducing operational costs over the long term.