Swastika Castal

• Swastika Castal is coming out with an initial public offering (IPO) of 21,64,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 65 per equity share.
• The issue will open on July 21, 2025 and will close on July 23, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.50 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Horizon Management.
• Compliance Officer for the issue is Mukesh Khanna.

Profile of the company

Established in 1996, Swastika Castal commenced operations with the object of business of aluminium casting by setting up a foundry, which was a very unique concept at that time. Presently the company has advanced machining, inspection and testing facilities in India which is backed with an efficient team of metallurgists and professionals. The company now supplies the casting as original equipment (ready to use component) to reputed Companies in India and also exports to parts of Europe, and U.S.A.

The company has established itself as a leader in aluminum casting and manufacturing through its diverse production capabilities. It employs several specialized casting processes to meet varying industrial requirements. Their sand-casting operations handle High weight and Integrated casting production, capable of manufacturing components up to 250 kgs. This traditional method excels in creating complex shapes and intricate designs using specially prepared casting sand moulds, making it particularly effective for one-off productions.

The company specializes in providing advanced facilities for quality control and precision measurement, ensuring the highest standards across diverse industries. It utilizes helium gas leak detectors to identify and locate even the smallest leaks in systems or components. Helium, with its small atomic size and inert properties, is an ideal tracer gas for leak detection, allowing it to ensure the integrity of critical products such as vacuum chambers, valves, and hermetic seals. It also offers X-ray and ultrasound testing, which are outsourced to highly specialized partners to guarantee the most accurate results. These non-destructive testing methods are essential for inspecting internal structures of materials. X-ray testing identifies defects such as cracks or voids, while ultrasound testing uses high-frequency sound waves to detect subsurface flaws or measure material thickness.

Proceed is being used for:

• Capital expenditure for plant & machinery and construction of shed & building
• Working capital requirements
• General corporate purpose

Industry Overview

India is the second largest Aluminium producer, among top-10 producer in refined copper and 4 largest iron ore producer in the world. Continued growth in production of iron ore in the current financial year reflects the robust demand conditions in the user industry viz. steel. Coupled with growth in aluminium and copper, these growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery. In the non-ferrous metal sector, primary aluminium production in FY 2024-25 (April- December) posted a growth of 1.6% over the corresponding period last year, increasing to 31.56 lakh ton (LT) in FY 2024- 25 (April- December) from 31.07 LT in FY 2023-24 (April- December).

Aluminium casting represents a sophisticated manufacturing process where molten aluminium is carefully poured into precisely engineered molds, enabling the creation of intricate and complex components essential for various high-performance industries, including automotive manufacturing, aerospace applications, and renewable energy systems. The global aluminium casting market is experiencing unprecedented expansion, primarily propelled by increasing demand for lightweight yet durable materials in the rapidly growing electric vehicle (EV) sector and the expanding renewable energy infrastructure. This growth trajectory is particularly pronounced in India, where rapid industrialization and the dynamic evolution of the automotive sector are creating substantial opportunities for market acceleration and technological advancement.

In 2022, the die casting segment was the largest revenue generator, and is anticipated to grow at a CAGR of 5.4% during the forecast period. Die casting is one of the aluminium casting processes where molten metal is forced under high pressure into the mold cavity. This mold cavity is made by using hardened tools steel dies that have a specific shape and size of the desired casting. Generally, die castings are made from non-ferrous metals such as zinc, magnesium, lead, and others. They are used to manufacture a wide range of consumer, commercial, and industrial products such as automobiles, toys, electronic devices, and others. Moreover, the increasing establishment of industries in both developed and developing economies may enhance the demand for die casting for producing various instruments, measurement vessels, and other industrial machinery parts. This is anticipated to increase the adoption of die casting among the growing industrial facilities; thus, fueling the market growth. 

Pros and strengths

Diverse product offerings: The ability to cater to various industries with a broad product portfolio ensures resilience and adaptability to changing market demands.

Global reach: Established export channels to Europe, and the U.S.A. position the company to capitalize on growing international demand for high-quality aluminum castings.

Commitment to quality: Rigorous quality control and testing processes build customer trust and satisfaction, reinforcing the company's reputation as a reliable supplier.

Risks and concerns

Maximum revenue comes from limited customers: Substantial portion of the company’s revenues are dependent on few customers. The company has garnered 92.03%, 93.55%, and 97.70% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Any perceived decline in its quality standards, growing competition and any change in demand may adversely affect its ability to retain or acquire customers and consequently affect its financials. It cannot assure that it shall generate the same quantum of business, or any business at all from its top customers, and any loss of business from one or more of them may adversely affect its revenues and results of operations.

Rely significantly on some suppliers for the supply of raw materials: The company obtains its raw materials such as aluminium and aluminium alloys from fixed suppliers in the domestic market. It procures the raw materials required for its business pursuant to the issue of the purchase orders. The company procures 70.34%, 94.70% and 90.80% of its raw material from top 5 suppliers in FY25, FY24 and FY23 respectively. If these suppliers are unable or unwilling to supply raw materials on time or otherwise fail to meet its requirements, its business will be harmed. An inability to procure the desired quality, quantity of its raw materials and components in a timely manner and at reasonable costs, or at all, may have a material adverse effect on its business, results of operations and financial condition.

Dependent on only one manufacturing facility: The company has only one manufacturing facility, located at Vemardi Road, Karjan, Vadodara, Gujarat. As a result, any local social unrest, natural disaster, or breakdown of services and utilities in that area could have a material adverse effect on the business, financial position, and results of its operations. Its manufacturing facility is subject to operating risks, such as the breakdown or failure of equipment, power supply or processes, performance below expected levels of output, efficiency, obsolescence, labour disputes, strikes, lock-outs, non-availability of services of its external contractors, etc. In the event that it is forced to shut down its manufacturing facility for a significant period of time, it would have a material adverse effect on its earnings, its other results of operations, and its financial condition as a whole.

Outlook

Swastika Castal is engaged in the business of aluminum casting. The company operates primarily in the manufacturing sector, focusing on producing high-quality aluminum castings through processes such as sand, gravity, and centrifugal casting. The company has an in-house heat treatment facility, ensuring superior quality, efficiency, and cost-effectiveness with precise control over mechanical properties and dimensional stability. On the concern side, substantial portion of the company’s revenues are dependent on few customers and the loss of, or a significant reduction in purchases by any one or more such customers could adversely affect its financial performance. Moreover, the company relies significantly on some suppliers for the supply of its raw materials. If these suppliers are unable or unwilling to supply raw materials on time or otherwise fail to meet its requirements, its business will be harmed.

The company is coming out with an IPO of 21,64,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 65 per equity share to mobilize Rs 14.07 crore. On performance front, the company’s total revenue increased by 29.79% to Rs 3,031.28 lakh for fiscal year ended March 31, 2025 from Rs 2,335.46 lakh for fiscal year ended March 31, 2024. Net Profit has increased by Rs 198.51 lakh and 305.50% respectively from profit of Rs 64.98 lakh in the fiscal year ended March 31, 2024 to profit of Rs 263.49 lakh in the fiscal year ended March 31, 2025.

The company is strategically positioned for diversification and growth within the aluminum casting industry due to a combination of its market positioning, technological capabilities, and operational efficiencies. By leveraging its strategic market presence, technological advancements, and operational capabilities, company is well-positioned to explore new markets, diversify its product offerings, and maintain a competitive edge in the aluminum casting industry.

Savy Infra and Logistics

• Savy Infra and Logistics is coming out with an initial public offering (IPO) of 58,32,000 equity shares in a price band Rs 114-120 per equity share.
• The issue will open on July 21, 2025 and will close on July 23, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.40 times of its face value on the lower side and 12.00 times on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance Officer for the issue is Sneha Shah.

Profile of the company

Savy Infra and Logistics is an Engineering, Procurement and Construction (EPC) company focused on earthwork and foundation preparation for infrastructure projects such as road construction, embankments, sub-grade preparation, granular sub-bases, and bituminous or concrete surfaces. Over the years, the company has gradually expanded from supplying quartzite for infrastructure projects to providing a range of services, including excavation, grading, utility work, and paving. Initially focused on earthwork and foundation activities, it has also extended its expertise to managing the logistics of excavated materials, ensuring their efficient transportation and disposal. Its approach has evolved to offer integrated solutions across the infrastructure, steel and mining sectors, maintaining a focus on providing reliable and efficient civil engineering services that meet the needs of its clients.

The company’s EPC projects include earthwork services which involve moving and shaping large volumes of soil and other materials, creating a strong and reliable base for buildings, roads, or other infrastructure. Additionally, its services also cover demolition, where it safely and efficiently dismantles existing structures to clear space for new projects. It rents advanced machinery, including rock breakers, heavy excavators, and cutting-edge blasting technology. It utilizes mechanical excavators for efficient excavation and manage all related processes, such as shoring, strutting, side protection to prevent collapses, and slush removal. It also handles the carting away and disposal of excavated materials.

As part of its logistics segment, the company offers Full Truck Load (FTL) services to clients in the infrastructure, steel and mining sectors. Its FTL services involve the efficient and reliable movement of large volumes of freight from one location to another, tailored to meet the unique needs of each client. It ensures point-to-point delivery, meaning that the freight is transported directly from the client’s designated starting location to the final destination without intermediate stops or transfers. This minimizes handling, reduces the risk of damage, and ensures timely delivery.

Proceed is being used for:

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

Industry Overview

India’s Capital Goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles, and consumer durables. India has a competitive advantage in terms of manufacturing costs, market knowledge, technology, and innovation in various engineering sub-sectors. India has one of the largest road networks (12,349 kms) comprising expressways, national, state highways, district and village roads. India’s national highway network grew by nearly 49% from 97,830 km in 2014- 15 to 146,145 km at the end of January 2024. The pace increased from 12.1 km a day in 2014-15 to 28.30 km per day in FY23. The government has set a target of constructing 10,000 km of national highways (NHs) in 2025-26. Increasing construction of roads and highways all over the country as a source of development in the state is further responsible for the future growth of the India construction market in the upcoming 5 years.

In FY25 (until December), exports of engineering goods reached at Rs 7,61,343 crore ($87.22 billion). The production of the Capital Goods Sector rose from Rs. 2,29,533 (US$ 27.58 billion) crore in 2014-15 to Rs. 4,29,001 crore ($51.55 billion) in 2023-24. Imports of Electrical Machinery in India increased to $12.30 billion in FY24. The Indian electrical equipment industry comprises of two broad segments, Generation equipment (boilers, turbines, generators) and Transmission & Distribution (T&D) and allied equipment like transformers, cables, transmission lines, etc. The sector contributes about 8% to the manufacturing sector in terms of value, and 1.5% to overall GDP. Incentives for capacity addition in power generation will further increase the demand for electrical machinery.

The India Construction Equipment Market size is estimated at Rs 69,046 crore ($7.91 billion) in 2025 and is expected to reach Rs 1,02,827 crore ($11.78 billion) by 2030, at a CAGR of 8.3% during the forecast period (2025-2030). The construction equipment industry is expected to sell 165,097 units by 2028. Indian auto components industry, which accounts for 2.3% of India’s GDP currently, is set to become the 3rd largest globally by 2025. Export of engineering goods is expected to reach $200 billion by 2030. The Ministry of Road Transport and Highways plans to construct around 13,814 km of national highway construction in FY 2024 and a network to two lakh km by 2025. India’s earthmoving and construction equipment (ECE) industry has enjoyed strong growth over the last seven years due to rapid economic development, and it has become the third largest construction equipment market in the world. Construction Equipment sales grew by 26% YoY to 135,650 units in FY24. With development of infrastructure, demand for construction equipment and other machinery is expected to rise significantly. 

Pros and strengths

Asset light business model: The company strategically outsource its trucking, machinery and equipment needs to third party contractors, ensuring its focus on execution of projects and not having its significant capital blocked in assets which ensures operational flexibility to adapt to different needs of variety of customers. It also leverages this arrangement to reduce risks attached to breakdown, theft to affect its operational efficiency and focus on timely execution of its projects.

Integrated business operations: The company offers comprehensive earthwork and logistics solutions as a core part of its integrated EPC services. It manages the entire process, starting from ground excavation to the removal of soils, fines, and hard rocks. By combining earthwork and logistics, it creates a streamlined process that supports smooth project execution while ensuring compliance with required standards. It ensures that all excavation and material handling operations are carried out efficiently, meeting quality standards and project timelines.

Strong financial performance: In FY24-25, the company delivered strong financial results with a revenue from operations of Rs 28,339.05 lakh and a profit after tax of Rs 2,387.79 lakh. Currently, it is managing 12 ongoing projects worth over Rs 20,142 lakh. Its order book comprised of upcoming projects aggregating to Rs 23,056 lakh. It has been able to achieve and maintain such an Order Book positions due to continued focus on its core areas and its technical expertise and timely execution and completion of its projects.

Risks and concerns

Maximum revenue comes from limited customers: The company is currently dependent on a limited number of customers for a significant portion of its revenues. The company has garnered 74.90%, 94.94% and 98.14% of its of its total revenue from top 5 clients in FY25, FY24 and FY23 respectively. The company typically does not have firm commitment in the form of long-term agreements with most of its customers and instead rely on purchase orders. Since, it is dependent on some of its customers for a substantial portion of its business, the loss of any one of such key customers or a substantial reduction in demand from such key customers could have material adverse effect on the business, financial condition and result of operations.

Geographical constrain: The company started its business operations primarily in the state of Odisha and expanded its operations in the states of Maharashtra, Gujarat, Odisha, Kerala and thereafter to states of Telangana, Andhra Pradesh, Chhattisgarh, Delhi etc. However, its projects have historically been concentrated in the state of Gujarat, Maharashtra and Andhra Pradesh and any changes affecting the policies, laws and regulations or the political and economic environment in the region may adversely impact its business, financial condition and results of operations.

Dependent on limited number of suppliers for raw materials supply: The company is dependent on limited number of suppliers and contractors for supply of key raw materials, equipment, trucks and manpower. The company has procured 90.28%, 74.69% and 86.46% of its raw material supply from top 10 suppliers in FY25, FY24 and FY23 respectively. The company has not made any long term supply arrangement with its suppliers. In an eventuality where its suppliers and contractors are unable to deliver it the required resources in a time-bound manner it may have a material adverse effect on its business operations and profitability.

Outlook

Savy Infra and Logistics is an EPC company specializing in earthwork and foundation preparation for infrastructure projects, including road construction, embankments, sub-grade preparation, and surface paving. The company has asset light business model coupled with strong financial performance. On the concern side, the company derives a majority of portion of its revenue from few customers related to infrastructure, steel and mining industry and loss of such customers may have an adverse impact on its business, financial condition and results of operations. Moreover, the company’s revenues are significantly dependent on a single business segment i.e. the services of EPC. Consequently, any downturn in sales within this segment would significantly hamper its operations and profitability.

The company is coming out with a maiden IPO of 58,32,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 114-120 per equity share. The aggregate size of the offer is around Rs 66.48 crore to Rs 69.98 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations in the financial year 2024-25 amounted to Rs 28,339.05 lakh. This represents Rs 18,179.73 lakh or 178.95% increase compared to the previous financial year's revenue from operations of Rs 10,159.32 lakh. The Profit After Tax (PAT) for the financial year 2024-25 reached Rs 2,387.79 lakh, marking an increase from Rs 986.66 lakh in the financial year 2023-24. In the financial year 2024-25, PAT constituted 8.41% of the total revenue, in contrast to 9.71% in the fiscal year 2023-24.

The company operates an asset light business model where it offers specialized services by renting trucks and drivers and managing the execution of transportation. This approach allows it to avoid the challenges of owning trucks, manpower issues, theft, accidents, and maintenance. By focusing on execution, it minimizes costs related to interest, depreciation, and asset ownership, which helps improve its profit margins. Going forward, the company plans to enter the green logistics sector by introducing electric vehicle (EV) solutions, which will significantly cut operational costs and meet the growing demand for sustainable transportation. Its EV trucks will reduce fuel expenses by around 80%, offering a substantial cost advantage that directly improves its bottom line and enhances profitability. This cost reduction allows it to operate more efficiently while maintaining competitive pricing.

Monika Alcobev

• Monika Alcobev is coming out with an initial public offering (IPO) of 57,91,200 equity shares in a price band Rs 271-286 per equity share.
• The issue will open on July 16, 2025 and will close on July 18, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 27.10 times of its face value on the lower side and 28.60 times on the higher side.
• Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
• Compliance Officer for the issue is Kalpesh Himmatram Ramina.

Profile of the company

Monika Alcobev is a leading player in the imported liquor sector, offering a diverse portfolio of premium and luxury alcoholic beverages. The company specialises in importing, sales, distribution, and marketing for luxury spirits, wines, and liqueurs throughout India and the Indian Subcontinent including Travel Retail Duty Free Shop. It provides complete supply chain solution through its robust distribution network. Founded by Bhimji Nanji Patel and under the leadership of its Managing Director, Kunal Bhimji Patel, the company has consistently worked towards reshaping the alcoholic beverage landscape.

The company holds exclusive selling rights to more than 70 renowned global brands for India and Indian Subcontinent countries and is responsible for their strategic brand development and market expansion. The company offers a comprehensive operational framework to its partner brands, which includes managing the entire supply chain process, starting with import, followed by sales & distribution across the region. Additionally, the company handles pricing, strategic planning, brand development, and marketing to ensure that each brand effectively reaches its target audience and achieves growth in the Indian market and Indian subcontinent market. Its diversified product portfolio includes iconic names such as Jose Cuervo (Tequila), Bushmills (Irish Whisky), Remy Martin (Cognac), Cointreau (Liqueur), Choya (Liqueur) and Belenkaya (Vodka), all brands with a legacy of excellence.

The company operates both domestically within India and internationally across countries in Indian Subcontinent region, including Nepal, Sri Lanka and the Maldives. Domestically, the company has an extensive reach, with distribution capabilities across more than 20 states and Union Territories in India. This broad distribution network allows the company to cater to a diverse and expansive customer base, ensuring that premium alcoholic beverages are accessible in various markets across the country. Internationally, the company leverages its infrastructure to serve key Indian Subcontinent markets, bringing world-class products to regions with rapidly growing demands for luxury spirits and wines.

Proceed is being used for:

• Funding working capital requirements of the company
• Pre-payment or repayment of certain outstanding borrowings availed by the company from Banks/ Financial Institutions
• General corporate purposes

Industry Overview

India remains a predominantly distilled alcohol market, with over 82% of recorded pure alcohol consumption attributed to distilled spirits. This contrasts sharply with developed nations, where undistilled alcoholic beverages such as beer and wine collectively hold a larger market share than spirits. Despite the rising acceptance of beer and wine in India, distilled spirits continue to dominate overall alcohol consumption. In the beer category, strong beer maintains a significant share of total consumption, while in the wine segment, fortified wines with higher alcohol content account for a substantial portion of the market. The Indian alcoholic beverage market has experienced steady growth, expanding at a CAGR of 8.0% since FY 2019 and reaching a valuation of Rs 3,25,500 crore. in FY 2024. This market is projected to grow at a CAGR of 9.2%, reaching Rs 5,04,900 crore by FY 2029. The distilled alcohol segment, which has grown at a CAGR of 7.8% since FY 2019, stands at Rs 2,66,910 crore in FY 2024 and is anticipated to expand at a CAGR of 8.4% to reach Rs 3,98,871 crore by FY 2029.

The Indian alco-beverage market is categorized into four key segments: popular, prestige, premium, and luxury. As of FY 2024, the value segment comprising popular and prestige categories dominates the market, contributing 91% of total sales, while the premium and luxury segments account for the remaining 9%. However, the market is witnessing a gradual shift towards premiumization, driven by factors such as a growing legal drinking-age population which stands at 951 mn., rising disposable incomes, and increasing urbanization. By FY 2029, the share of the premium and luxury segments is expected to rise to 10%, outpacing the growth of the value segment. These high-end categories are projected to expand at CAGRs of 16.7% and 11.5%, respectively, reaching a combined market size of Rs 50,000 crore.

The Indian alco-beverage market has exhibited steady volume growth, expanding at a CAGR of 2.7% since FY 2019 to reach 1,157 million cases in FY 2024. This growth trajectory is expected to accelerate, with the market projected to expand at a CAGR of 4.3%, reaching approximately 1,429 million cases by FY 2029. The distilled segment remains the dominant contributor, accounting for 66% of total alco-beverage consumption in FY 2024. However, its growth has been relatively moderate, with a CAGR of 1.5% from FY 2019. Over the next five years, this segment is anticipated to grow at an improved CAGR of 3.7%. Conversely, the undistilled segment has outpaced the growth of distilled beverages, recording a CAGR of 5.3% from FY 2019. This trend is expected to continue, with the undistilled segment projected to expand at a CAGR of 5.5% until FY 2029, surpassing the growth rate of distilled spirits. The increasing acceptance of beer and wine, along with evolving consumer preferences and premiumization trends, is expected to drive this accelerated expansion. 

Pros and strengths

Bonded Warehouses ensuring supply-chain efficiencies: The company’s strategic Bonded Warehouses across four India states i.e. Maharashtra, Delhi, Haryana and Karnataka offers a range of key advantages that significantly boost the company’s operational efficiency and competitive edge. Being part of Bonded Warehouses gives it access to speedy delivery of cargo, one-stop for customs clearance capability; integrated solutions, such as packing management, sorting, inspection, re-invoicing, strapping and kitting, assembly of complete and semi-knocked down kits, and certain taxation benefits.

Offers a diverse portfolio of premium and luxury alcoholic beverages: The company has diverse and strategically curated portfolio of alcoholic beverages of over 70 brands in its portfolio across various categories. Some of its products include Jose Cuervo (Tequila), Bushmills (Irish Whisky), Remy Martin (Cognac), Cointreau (Liqueur), Choya (Liqueur), Laurent-Perrier (Champagne) and Belenkaya (Vodka) all brands with a legacy of excellence spanning centuries. The company is one of the key players in India's imported spirits market present across multiple categories. It is the top importer in the rum segment with a commanding 12.3% market share. It holds a 19.0% share in tequila imports, marking its strong position amid growing demand for premium agave-based spirits. It also commands a 7.5% share in liqueurs imports, underscoring its rising influence in niche and indulgent segments.

Exclusive selling rights for various premium and luxury spirits: The company is a leading player in the imported liquor sector, offering a diverse portfolio of premium and luxury alcoholic beverages. The company holds exclusive selling rights for over 70 global brands in India and Indian Subcontinent regions and is responsible for strategic brand development and market expansion. The company provides its partner brands with a comprehensive operational framework, encompassing import, distribution, pricing, strategy, sales, and marketing. Its collaborations support it in driving higher consumption, tapping into underserved urban and affluent segments, and achieving accelerated, sustainable growth in both domestic and regional markets.

Risks and concerns

Maximum revenue comes from few customers: The company generates a significant portion of its revenue from, and are therefore dependent on, certain key customers for a substantial portion of its business. The company has garnered 64.16%, 63.09% and 79.37% revenue from top 10 customers in FY25, FY24 and FY23 respectively. Since, the company significantly dependent on certain key customers for a significant portion of its sales, the loss of any one of its key customers, a significant reduction in demand from such customers or the downturn in business by such customers could have an adverse effect on its business, results of operations and financial condition. It may continue to remain dependent upon its key customers for a substantial portion of its revenues.

Substantial revenue comes from sales of whisky and tequila: The company is substantially dependent on the sales of its whisky and tequila which generated 71.97%, 65.77% and 59.33% of its revenue from operations, Fiscals 2025, 2024 and 2023. Its ability to further grow its business will depend on various factors, many of which are beyond its control. Further, since launching new products is a continuous process which its management evaluates on a regular basis for which no Board approval is sought or required under applicable laws. Any reduction in sales of whisky and tequila could have material adverse effect on its business, financial condition, results of operations and prospects.

Business operations require significant working capital: The company’s business operation requires significant working capital specifically for fulfilling procurement obligations of its products, payment of tax and duties levied by statutory bodies, extensive credit terms with the customers and strict credit terms of the suppliers. The working capital was funded through from internal accruals and external borrowings. However, it cannot assure that its bankers will not implement new credit policies, adopt new pre-qualification criteria or procedures, raise interest rates or add restrictive covenants in loan agreements, some or all of which may significantly increase its financing costs, or prevent it from obtaining financings totally. All of these factors may increase in working capital requirements and if it experiences insufficient cash flows to meet required payments on its working capital requirements, there may have an adverse effect on its financial condition, cash flows and results of operations.

Outlook

Monika Alcobev is an importer and distributor of luxury alcoholic beverages in India and the Indian Subcontinent. With a portfolio exceeding 70 premium brands, Monika Alcobev offers a comprehensive range of spirits, wines, and liqueurs, including renowned names like Jose Cuervo, Bushmills, and Onegin Vodka. It is one of the leading player in the imported liquor sector, offering a diverse portfolio of premium and luxury alcoholic beverages. On the concern side, the company is substantially dependent on the sales of its whisky and tequila and any reduction in sales of these products could have material adverse effect on its business, financial condition, results of operations and prospects. Moreover, the company generates a significant portion of its revenue from, and are therefore dependent on, certain key customers for a substantial portion of its business. The loss of its key customers or significant reduction in sales of, or demand for its products from its significant customers may adversely affect its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 57,91,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 271-286 per equity share. The aggregate size of the offer is around Rs 156.94 crore to Rs 165.63 crore based on lower and upper price band respectively. On performance front, the net revenue from operation of the company increased to Rs 23,614.87 lakh in FY25 as against Rs 18,920 lakh in the FY24 representing an increase of 24.81%. This was due to increase in net sales. Moreover, the company’s profit after tax for the year increased by 39.27% to Rs 2,311.35 lakh in FY25 from Rs 1,659.63 lakh in FY24.

Expanding into new product categories is a fundamental component of the company’s growth plan. By forming partnerships with both established international brands and emerging brands, the company can continuously introduce a diverse range of products to the Indian and Indian Sub-continent markets. These partnerships open avenues for it to launch products across various segments, which is crucial in addressing the wide array of consumer preferences found in these regions. Each new collaboration allows it to extend its reach by bringing in unique products that align with current market trends, whether it be premium, luxury, or emerging categories within the alcohol beverage sector.

Anthem Biosciences

• Anthem Biosciences is coming out with a 100% book building; initial public offering (IPO) of 6,28,85,959 shares of Rs 2 each in a price band Rs 540-570 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 14, 2025 and will close on July 16, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 270 times of its face value on the lower side and 285 times on the higher side.
• Book running lead managers to the issue are JM Financial, Citigroup Global Markets India, J.P. Morgan India and Nomura Financial Advisory and Securities (India).
• Compliance Officer for the issue is Divya Prasad.

Profile of the company

Anthem Biosciences is an innovation-driven and technology-focused Contract Research, Development and Manufacturing Organization (CRDMO) with fully integrated operations spanning across drug discovery, development and manufacturing. It is one of the few companies in India with integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities across drug discovery, development, and commercial manufacturing. As a one-stop service provider, it serves a range of customers, encompassing innovator-focused emerging biotech and large pharmaceutical companies globally. It is one of the youngest Indian CRDMO companies and the fastest Indian CRDMO among the assessed peers to achieve a milestone of Rs 10,000 million of revenue within 14 years of operations, reaching this milestone in Fiscal 2021. It also recorded the highest revenue growth in Fiscal 2024 to Fiscal 2025 as compared to its assessed peers in India and globally.

The company’s business comprises CRDMO services and the manufacture and sale of specialty ingredients. Its CRDMO business caters to customers in regulated markets, while its specialty ingredients business complements its CRDMO business by targeting both regulated markets (such as United States and Europe) as well as semi-regulated markets (such as India, South and Southeast Asia, Latin America and Middle East). Its specialty ingredients business enables it to draw on its technological capabilities across biology and chemistry and leverage its fermentation capacity to manufacture and commercialize specialty ingredients as an additional revenue stream.

In addition to serving large and mid-scale and pharmaceutical companies, it also serves small pharmaceutical and emerging biotech companies. While large multinational pharmaceutical companies currently dominate the global pharmaceuticals market, there is a growing prominence of small pharmaceutical and biotech companies which reflects a broader shift in the pharmaceutical industry towards novel therapies and innovation-driven growth. The market share of small pharmaceutical and biotech companies is expected to increase at a faster rate of a CAGR of 8.5% as compared to a CAGR of 4.9% for large pharmaceutical companies between 2024 and 2029.

Proceed is being used for:

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 2 each by the Selling Shareholders
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry Overview

The Indian CRDMO industry is one of the fastest-growing globally, having grown at a CAGR of 13.2% between 2019 and 2024. India is an emerging hub for pharma innovators and is gaining significant prominence due to multiple growth tailwinds in the APAC region. The Indian CRDMO is poised to grow at 13.4% CAGR between 2024 and 2029 to reach an estimated value of $15.4 billion in 2029, outpacing the global industry rate of 9.1% (2024 to 2029) and other markets such as the PRC due to the implementation of the US BIOSECURE Act, which makes India a front runner in the CRDMO outsourcing business. With multiple structural tailwinds in place and supported by the strong credentials of Indian CRO and CDMO players, India will likely garner a higher share of the global pharma outsourcing industry. The Indian CRO market grew 15.1% from $1.0 billion in 2019 to $2.0 billion in 2024, while the CDMO market grew at a CAGR of 12.6% to $6.2 billion in 2024. The Indian CRO market is forecasted to reach $3.6 billion in 2029, while the CDMO is estimated to be $11.8 billion during the same period.

Indian CRDMO industry has largely been dominated by small molecules with their proportion constituting more than 92% of the total industry in 2024. However, the salience of biologics (large molecules) in Indian CRDMOs is expected to continue to improve given higher growth rates relative to small molecules. The biologics (large molecules) segment in India grew rapidly between 2019 and 2024 at a CAGR of 23.2% to reach $0.7 billion in 2024 and is estimated to grow at 15.5% CAGR from 2024 to 2029. In the value chain functions, development and commercial manufacturing contribute to 76.8% of the Indian CRDMO market in 2024 and are expected to grow at 14.9% and 12.8% between 2024 and 2029, respectively. The growth can be attributed to significant improvements in the technical capabilities of Indian companies, which attract manufacturing outsourcing demand from global pharma companies. Indian companies are also growing their integrated offerings with an increased focus on various therapeutic segments, including biologics (large molecules).

Meanwhile, Active Pharmaceutical Ingredient (API) is any substance or combination of substances used in a finished pharmaceutical product (either small molecules or biologics (large molecules)), which is intended to furnish pharmacological activity or to otherwise have a direct effect in the diagnosis, cure, mitigation, treatment or prevention of disease, or to have direct effect in restoring, correcting or modifying physiological functions in human beings. The effectiveness and safety of a drug are closely linked to its precise API. As pharmaceutical demand rises, so does the need for APIs. The global API market was valued at $285.2 billion in 2024 and is projected to reach $399.9 billion by 2029, driven by increased drug consumption, including biologics (large molecules) and small molecules. 

Pros and strengths

Offers comprehensive one-stop service capabilities across the drug life cycle: The company offers a comprehensive, integrated and highly customizable range of CRDMO services across the NCE and NBE lifecycle, from target identification and lead selection to preclinical development, supporting its customers by manufacturing development batches of molecules used for clinical (Phase I, II, III) trials, and by offering commercial manufacturing. It is one of the few Indian companies with integrated NCE and NBE capabilities across all three segments of drug discovery, development and manufacturing. It is also the only CRDMO in India among the assessed peers with a strong capability in both small molecules and biologics (large molecules).

Innovation-focused approach has enabled it to offer a spectrum of technologically advanced solutions: Since its inception in 2007, the company’s core focus has been to adopt a culture of innovation across its business practices and work towards building unique advanced technological capabilities. It is one of the few Indian companies which focuses on new biologics (large molecules) platforms and it offers a wide range of technology capabilities for drug development relative to its assessed peers focusing on biologics, including biotransformation, flow chemistry, RNAi platforms, and fermentation-based manufacturing. Its CRDMO platform comprises 5 main modalities (RNAi, ADC, peptides, lipids and oligonucleotides) and 4 manufacturing capabilities (custom synthesis, flow chemistry, fermentation and biotransformation). It is the only CRDMO in India among the assessed peers with a strong capability in both small molecules and biologics (large molecules).

Differentiated business model catering to the needs of small pharmaceutical and emerging biotech companies: While large multinational pharmaceutical companies currently dominate the global pharmaceuticals market, there is a growing prominence of small pharmaceutical and biotech companies which reflects a broader shift in the pharmaceutical industry towards novel therapies and innovation-driven growth. The market share of small pharmaceutical and biotech companies is expected to increase at a faster rate of a CAGR of 8.5% as compared to a CAGR of 4.9% for large pharmaceutical companies between 2024 and 2029. Small pharmaceutical and biotech companies are typically characterized by their innovative approaches to drug development and grow faster than large pharmaceutical companies, enabled by substantial venture capital funding.

Wide specialty ingredients portfolio: In its specialty ingredients business, it has leveraged its technological capabilities across biology and chemistry and developed and commercialized specialty products, serving as a complementary revenue stream. The specialty ingredients market is broadly divided into biosimilars which includes microbial and mammalian, vitamin K2, probiotics, peptides, industrial enzyme, protease, serratiopeptidase, nutritional actives and, vitamin analogues. Its specialty ingredients business demonstrates its technological capabilities as it often involves the use of complex methods. For instance, it successfully produced and commercialized natural Vitamin K2 (Menaquinone-7) through an innovative biotransformation process, combining chemical synthesis and fermentation. Its specialty ingredients portfolio includes Fermentation Products, Probiotics, Enzymes, Nutritional Actives, Vitamin Analogues, Biosimilars and APIs.

Risks and concerns

Maximum revenue comes from limited customers: It depends on certain key customers for a significant portion of its revenues. The company has garnered 70.92%, 65.07% and 65.80% of its total revenue from its top 5 customers in FY25, FY24 and FY23 respectively. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have a material adverse effect on its business, results of operations, financial condition and cash flows.

Business depends on the demand for its CRDMO services: The company is primarily engaged in the provision of CRDMO services. The company has garnered 81.65%, 76.31% and 76.46% of its total revenue from CRDMO services in FY25, FY24 and FY23 respectively. The company’s business from such industries may be affected by factors beyond its control. These include cost pressures, which have increased significantly per NBE or NCE, surpassing $1.0 billion per drug, success rates, and uncertainty of the drug approval process, ability to secure private equity and venture capital funding, and increased regulatory oversight. The amount that its customers spend on the development and manufacture of their products, particularly those which are outsourced, substantially impacts its revenue and profitability.

Dependent on overseas suppliers for procurement of raw material: The company is dependent on overseas suppliers, and its procurement from overseas suppliers increased from 24.60% of its total cost of materials procured in Fiscal 2024 to 48.41% of its total cost of materials procured in Fiscal 2025 primarily due to its reliance on a single-source overseas supplier in the PRC. Any price increases or interruptions of such supply from overseas sources may adversely affect its business, financial condition, results of operations and prospects.

High working capital requirements: The company has high working capital requirements and have incurred significant capital expenditure and increasing net working capital during the last three Fiscals. It may require substantial financing for its business operations and planned capital expenditure, including for the expansion of its facilities, and the failure to obtain additional financing on terms commercially acceptable to it or at all may have an adverse effect on its business, results of operations, financial condition and cash flows.

Outlook

Anthem Biosciences is an innovation-driven and technology-focused CRDMO with fully integrated operations encompassing drug discovery, development, and manufacturing processes. The company is one-stop service across the drug life cycle (discovery, development, manufacturing) for small molecules and biologics; it is India's fastest growing CRDMO. It has Specialized business model for small pharmaceutical and biotech companies, from discovery to manufacturing. On the concern side, the company’s business depends on the demand for its CRDMO services and any adverse impact on its CRDMO customers’ business or the industries in which they operate may have a material adverse effect on its business. Moreover, the company depends on certain key customers for a significant portion of its revenues and any inability to retain its key customers or decrease in revenues from any of its key customers could negatively affect its business and results of operations.

The issue has been offering 6,28,85,959 shares in a price band of Rs 540-570 per equity share. The aggregate size of the offer is around Rs 3395.84 crore to Rs 3584.50 crore based on lower and upper price band respectively. Minimum application is to be made for 26 shares and in multiples thereon, thereafter. On performance front, revenue from operations increased by 29.96% to Rs 18,445.53 million in Fiscal 2025 from Rs 14,193.70 million in Fiscal 2024. Such increase in revenue was primarily due to an increase in revenue from its CRDMO business, mainly from exports sales in the United States and European countries. Moreover, profit for Fiscal 2025 increased by 22.85% to Rs 4,512.59 million in Fiscal 2025 from Rs 3,673.10 million in Fiscal 2024.

The company intends to leverage on its technological capabilities across chemistry and biology to attract new and existing customers to secure its pipeline of future projects across the discovery and development phase. For example, it aims to expand its technological capabilities to include laboratory-scale photochemistry and electrosynthesis capabilities, which are alternative procedures for the synthesis of new complexes. Photochemistry is expected to be experimentally simpler, less expensive and more environment friendly than the thermal alternative, and electrosynthesis can help replace harmful terminal oxidizers and reducing agents produced. As a result, both technologies are expected to support its efforts to move towards greener chemistry. Going forward, the company has focused on adding new technologies and expanding them from laboratory-scale level to commercial scale cGMP manufacturing, and it intends to continue to seek ways to increase the number of its commercial scale cGMP manufacturing capabilities.

Spunweb Nonwoven

• Spunweb Nonwoven is coming out with an initial public offering (IPO) of 63,51,600 equity shares in a price band Rs 90-96 per equity share.
• The issue will open on July 14, 2025 and will close on July 16, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.00 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 Vivro Financial Services.
• Compliance Officer for the issue is Romit Ajaykumar Shah.

Profile of the company

Spunweb Nonwoven, along with its wholly owned subsidiary, Spunweb India Private Limited (SIPL), is engaged in the business of manufacturing of polypropylene spunbond nonwoven fabrics primarily used in industries such as hygiene, healthcare, packaging, agriculture and others (including roofing & construction, industrial and home furnishing). It is one of the largest manufacturers in spunbond nonwoven fabric industry in India. Its product portfolio consists of hydrophobic nonwoven fabric, hydrophilic nonwoven fabric, super soft nonwoven fabric, UV treated fabric, antistatic nonwoven fabric and FR treated fabric in the width of 1.6m, 2.6m and 3.2m with the range of 7 to 150 grams per square metre (GSM). It is also engaged in supply of various types of nonwoven fabric bags. 

The company is ISO 9001:2015 certified which ensures the products manufactured by it are reliable and consistent in quality. Its customers include manufacturers of hygiene products viz. diapers, sanitary pads and under pads, manufacturers of healthcare products viz., face masks, PPE kits, surgical gowns and other medical disposable products. Its customers also include manufacturers of packaging products viz. shopping bags, grocery bags, suit cover bags and manufacturers of agricultural products viz. fruit cover and crop cover.

It manufactures, markets and sells its products in domestic as well as international markets. In domestic market, it has catered to more than 400, 450, and 485 customers during Fiscal 2023, Fiscal 2024 and Fiscal 2025. In the international market, it has catered to more than 15, 20, and 20 customers during Fiscal 2023, Fiscal 2024 and Fiscal 2025, respectively, who are based in countries such as the United States of America, United Arab Emirates, Italy, Egypt, Saudi Arabia, Sri Lanka, Nepal, Kenya and Nigeria.

Proceed is being used for:

• Funding the working capital requirements of the company
• Investment in its wholly owned subsidiary, SIPL, for funding its working capital requirements
• Repayment, in full or in part, of certain borrowings availed by the company
• General corporate purposes

Industry Overview

The fabric industry is a vital segment of the global textile sector, encompassing the production, manufacturing, and distribution of various types of fabrics used in diverse applications. From apparel and fashion to home furnishings, industrial products, medical supplies, and more. The fabric industry plays a crucial role in supplying essential materials to numerous sectors. The industry comprises a wide range of materials, including natural fabrics like cotton, silk, and wool, as well as synthetic fabrics such as polyester, nylon, and spandex. Additionally, the non-woven fabric sector is gaining prominence due to its applications in hygiene products, healthcare, agriculture and industrial uses. The fabric industry is integral to both everyday consumer goods and specialized industrial applications, making it a cornerstone of the global economy. As consumer preferences shift toward sustainable and innovative fabrics, the industry is evolving to meet new challenges and opportunities.

Non-woven fabric is a unique textile material that is distinct from traditional fabrics, as it is produced without the typical weaving or knitting processes that interlace yarns. Instead, fibers are bonded together through mechanical, thermal, or chemical methods to create the fabric. The absence of weaving or knitting results in fabrics that are lightweight, versatile, and often produced at lower costs. This innovative approach to fabric production makes non-woven materials highly adaptable, allowing manufacturers to tailor specific properties based on the intended application. Non-woven fabric is categorized based on various bonding patterns and conveying methods. The future of the technical textile and non-woven fabric industries is closely intertwined, driven by shared growth opportunities across sectors like healthcare, hygiene, agriculture, automotive, infrastructure, and filtration.

Domestic consumption of non-woven fabric in India experienced a significant increase, rising from 548 thousand tons in CY19 to 989 thousand tons in CY23, which represents a robust CAGR of 15.9%. Concurrently, revenue from this sector grew from $1,469 million in CY19 to $2,670 million in CY23, reflecting a CAGR of 16.1%. This rapid growth can be attributed to increasing demand across key industries such as healthcare, hygiene, packaging, and automotive. The widespread adoption of non-woven fabrics for disposable hygiene products like diapers, sanitary pads, and medical supplies has played a pivotal role in this expansion. Government initiatives such as the Swachh Bharat Mission, which emphasized improved sanitation and hygiene, also significantly boosted demand for non-woven materials. Additionally, the rise of e-commerce and modernization of retail packaging further contributed to the increased consumption of non-woven fabrics. Looking ahead, domestic consumption of non-woven fabric is projected to grow at a CAGR of 11.2% from CY24 to CY29.  

Pros and strengths

One of the largest manufacturers of spunbond nonwoven fabrics in India: The company is one of the largest manufacturers in spunbond nonwoven fabric industry in India, with an installed production capacity of 32,640 MT as of FY24. The company has strong capabilities in manufacturing nonwoven fabrics, using advanced spunbond technology to deliver high-quality, innovative products across diverse industries. The company has invested in a wide range of advanced machines, enabling it to efficiently cater to various customer requirements. Its manufacturing facilities are equipped with five production lines, each dedicated to manufacture products for specific industries which ensure consistent, efficient output and seamless integration across all stages of the production process.

Tailored spunbond nonwoven fabric manufacturing for industry specific needs: The company is a comprehensive solution provider for all types of PP spunbond nonwoven fabrics manufactured using advanced spunbond technology. Its spunbond technology also enables it to consistently deliver quality products across a diverse range of nonwoven fabrics that cater to various industries such as healthcare and hygiene, packaging, agriculture, roofing & construction, industrial and home furnishing, which allows it to offer customized, quality fabric solutions tailored to the unique requirements of each industry. In the healthcare and hygiene industry, its products are used in the production of sanitary pads, diapers, and other hygiene products, meeting the increasing demand for personal care solutions.

Advanced spunbond technology along with cleanroom technology for manufacturing process: The company is using SS and SSS advanced spunbond technology in manufacturing nonwoven fabrics. SS refers to twolayer spunbond nonwoven fabric in which the upper and lower layers are manufactured using spunbond technology. SSS refers to a three-layer spunbond nonwoven fabric where three separate layers are formed through application of spunbond technology during the manufacturing process. Spunbond technology is an efficient process for producing nonwoven fabrics that are strong, lightweight and cost-effective. It allows for customization in colours and weight while ensuring good breathability. It also uses advanced cleanroom HVAC systems which demonstrate its commitment towards quality adherence and innovation. These systems are designed to maintain the required temperature for its manufacturing process. By adhering to strict quality requirements and utilizing modern cleanroom technology, it enhances the accuracy and reliability of its products while minimizing the risk of contamination.

Risks and concerns

Maximum revenue for SIPL comes from limited customers: The company’s subsidiary Spunweb India Private Limited (SIPL) has garnered 74.73%, 80.06% and 48.21% of its revenue from top 10 customers in FY25, FY24 and FY23 respectively. SIPL may continue to derive a significant portion of its revenues from key customers. Although the composition and mix up of its top customers varies from year to year, if any decision by one or all its customers to cease or significantly reduce their business with the company, its revenue could decline, which may have a material adverse effect on its business, results of operations, cash flows and financial condition.

Significant working capital requirements: The company’s business requires a significant amount of working capital primarily due to the time gap between purchase of raw materials and collection of receivables from customers. It is also required to maintain adequate inventory levels to meet production requirements as well as extend the credit period to customers in accordance with industry practice. As on March 31, 2025, it has a sanctioned limit for working capital of Rs 5,035.00 lakh from existing lenders, including fund-based sanction limit of Rs 4,800.00 lakh and non-fund based sanction limit of Rs 235.00 lakh. Any failure in arranging adequate working capital for its operations may adversely affect its business, results of operations, cash flows and financial conditions.

Stiff competition: The nonwoven fabric industry is highly competitive and it faces intense competition from the existing domestic and international manufacturers with a significant market presence and new entrants. These competitors offer variety of products, utilize advanced technologies and have larger production capacities, which may impact its business growth and results of operations. If the products are available at cheaper prices from existing manufacturers, it may pressurize it on pricing without compromising product quality which may put strain on its profit margin.

Outlook

Spunweb Nonwoven is a manufacturer and supplier of non-woven fabrics, primarily used for applications like doormats, bags, carpets, and tarpaulins. It is recognized for their quality control system, which includes testing, inspection, and analysis to ensure high-quality products. The company has a long-standing association with different consumers in diverse industries and geographies. It has advanced spunbond technology along with cleanroom technology for the manufacturing process. On the concern side, the company derive revenue from diversified customers whereas SIPL derives a significant portion of its revenue from a limited number of customers. Its inability to acquire new customers or loss of all or a substantial portion to any of its major customers, for any reason and/or continued reduction of the business from them, could have a material adverse impact on its business, results of operations, cash flows and financial condition. Moreover, it derives a significant portion of its revenue from operations from domestic sales which exposes it to risks specific to Indian geographies and market.

The company is coming out with a maiden IPO of 63,51,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 90-96 per equity share. The aggregate size of the offer is around Rs 57.16 crore to Rs 60.98 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 52.31% from Rs 14,861.14 lakh in financial year ended March 31, 2024, to Rs 22,635.03 lakh in financial year ended March 31, 2025, primarily on account of an increase in capacity utilization from 52.83% in Fiscal 2024 to 73.24% in Fiscal 2025. Moreover, the profit after tax increase from Rs 544.18 lakh in financial year ended March 31, 2024, to Rs 1,079.22 lakh for financial year ended March 31,2025.

The company’s strategy for expanding the manufacturing of nonwoven fabrics focuses on broadening its presence across diverse industries and geographies while continuing to deliver quality products. It has successfully penetrated multiple industries including healthcare and hygiene, packaging, agriculture, roofing & construction, industrial and home furnishing. Its advanced SS and SSS spunbond technology have enabled it to offer strong, lightweight, and cost-effective materials tailored to the unique needs of these industries. Geographically, it has established a strong presence in key markets across Asia-Pacific, the United States of America, Europe, the Middle East & Africa ensuring its products reach a broad customer base in both developed and emerging economies.

Smartworks Coworking Spaces

• Smartworks Coworking Spaces is coming out with a 100% book building; initial public offering (IPO) of 1,48,88,691 shares of Rs 10 each in a price band Rs 387-407 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 10, 2025 and will close on July 14, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 38.70 times of its face value on the lower side and 40.70 times on the higher side.
• Book running lead managers to the issue are JM Financial, BOB Capital Markets, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Punam Dargar.

Profile of the company

Smartworks Coworking Spaces is an office experience and managed Campus platform. As of March 31, 2024, it was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. It has leased, and it manages a total SBA of 8.99 million square feet as of March 31, 2025. It strives to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office experience vis-a-vis traditional workspaces, with access to enhanced services and amenities. Landlords, especially passive and non-institutional, benefit from the transformation of their bare shell properties into ‘Smartworks’ branded, fully serviced managed Campuses.

It focuses on mid-to-large Enterprises and has built a growing Client base, which includes Indian corporates, MNCs operating in India and startups. It equips its Campuses with modern and aesthetically pleasing designs using its extensive design library, integrated proprietary technology solutions and amenities such as cafeterias, sport zones, Smart Convenience Stores, gymnasiums, creches and medical centres. Some of these amenities take care of the daily needs of the employees of its Clients, and some are aspirational in nature, leading to collaborative workspace and team building. These aspects are likely to enhance well-being, fostering a vibrant and engaging work atmosphere.

As on June 30, 2025, the company has signed term sheets with Landlords in Gurugram for a Centre with a total SBA of 450,000 square feet under the variable rental business model, of which SBA of 33,504 square feet has been operationalised pursuant to agreements entered into by the company with the Landlord and each of the respective clients. It has also taken on lease two Centres in Singapore with a total SBA of 35,036 square feet and serves 83 Clients as on June 30, 2025. Singapore has emerged as one of the preferred locations for corporate headquarters with the highest number of completed regional headquarters in the past 10 years in Asia Pacific (2014 - 2023). Its presence in Singapore provides it the opportunity to explore further business opportunities in both India and Singapore.

Proceed is being used for:

• Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed by the company
• Capital expenditure for fit-outs in the New Centres and for security deposits of the New Centres (Capex)
• General corporate purposes

Industry Overview

Flexible workspace solutions primarily refer to fully furnished and serviced real estate offerings provided by Flexible Workspace Operators to end users with potential flexibilities built-in around aspects including but not limited to space design, tenure, area, location, and product. Multiple leading operators have also now developed the capability to offer multiple value-added and ancillary products and services. End users may consider one or the other kind of flexible workspace solution for a diverse set of use cases. The popularity and adoption of flexible workspace solutions has witnessed an increase amongst both startups and corporate enterprises, owing to their increasing use cases and constant innovations by leading Flexible Workspace operators. Flexible workspace solutions are becoming an integral part of the modern work culture, catering to diverse working styles and introducing flexibility to the commercial office market.

The flexible workspace stock in India stands over 96 Mn sq. ft. as of Q1 CY2025. While over 88 Mn. sq. ft. of this flexible workspace stock is spread across key tier 1 markets of India, demand for flexible workspaces in NonTier 1 cities has also been growing. The top 10 operators (by portfolio size in area Mn sq. ft., Q1 CY 2025) collectively contribute to majority of the total Pan India flexible workspace stock. Tier 1 cities account for over 88 Mn sq. ft. of the total flexible workspace stock in India as of Q1 CY 2025. The flexible workspace stock across tier 1 markets is forecast to keep growing at least in the near term in response to end user demand. The flexible workspace stock in Non-Tier 1 cities is also forecast to grow further to cater to the anticipated end user demand for office spaces in these cities owing to factors such as hybrid and distributed work policies being implemented by organizations, increased focus on employee wellbeing & retention by organizations, access to the skilled talent pool at competitive costs, improving infrastructure & connectivity and the relatively lower cost of living and cost of real estate in these cities.

India has witnessed growth in demand for flexible workspaces. Flexible workspace stock addition by operators has witnessed growth over the years and approximately 18 - 22 Mn sq. ft. of stock was added in 2024. The share of flexible workspaces stock in Non-SEZ occupied office stock across Tier I cities increased from 7% -9% Pre 2020 to 14% -16% by the end of CY2024. Features and benefits such as flexibility, capital efficiency, cost optimization, employee well-being and operational outsourcing are some of the key demand drivers of Flexible workspace solutions amongst both startups and enterprises. Through a widespread network of centres across the country and with the assistance of various in- house or aggregator owned hybrid digital products, leading flexible workspace operators may possess the ability to support various organizations in a more effective implementation of their hybrid and distributed working policies. 

Pros and strengths

Market leadership backed by scale and steady growth: As of March 31, 2024, it was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. It has a total of four lease signed centers in India above 0.5 million square feet in size, with the largest center of approximately 0.7 million square feet. located in Vaishnavi Tech Park in Sarjapur, ORR in Bengaluru. The company draws strength from its scale of operations and steady growth, leading to industry leadership. Over the last eight years, it has established a Pan-India ‘Smartworks’ brand with proven expertise in managing workspaces.

Ability to lease entire/ large properties in key clusters in India: The company’s ability lies in partnering with Landlords, especially passive and non-institutional, to lease and transform entire/ large properties across India’s key clusters into amenities rich ‘Smartworks’ branded Campuses. As of March 31, 2025, it is present across 14 Indian cities and in Singapore. The 28 key clusters identified across Tier 1 cities account for around 80% of total flexible workspace stock in these cities. It focuses on leasing entire/ large, bare shell properties in prime locations from Landlords and transform them into fully serviced, aesthetically pleasing and tech-enabled Campuses with daily-life and aspirational amenities.

Focus on acquiring Enterprise Clients with higher Seat requirements: The company caters to the needs of all team sizes, from under 50 to over 6,300 Seats, with a specific focus on mid and large Enterprises that typically have a requirement of over 300 Seats. Its ability to serve their customised infrastructure and operational requirements make it a suitable partner for them. Its largest Client deal size was over 6,300 Seats in Fiscal 2025, over 4,800 Seats in Fiscal 2024, and over 3,500 Seats in Fiscal 2023, demonstrating its value proposition and focus on serving large Enterprises.

Execution capabilities backed by cost efficiencies, effective processes and technology infrastructure: The company’s commercial model and standardised operations resonate with the price-conscious ethos of the Indian market. It standardises designs, uses modular and reusable fit-outs, achieves economies of scale and leverages proprietary technology in its facility build out and operations. It offers superior office experiences with aesthetically pleasing designs, by understanding its Clients’ functional requirements and preferences to offer customised solutions. It also ensures that its Clients get superior workspaces that adapt to their evolving needs. Since in flexible workspace solutions the upfront capital required to build the facility is usually invested by the operator, flexible workspace solutions can support the end user in circumventing the need for upfront capital investment in their office fit outs. This may provide an option for end user organizations to allocate the same capital towards their core business activities or another purpose of choice.

Risks and concerns

Maximum revenue comes from Pune, Bengaluru, Hyderabad and Mumbai: As on March 31, 2025, it has leased 50 Centres across 15 cities such as Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida and Chennai with 203, 118 Capacity Seats. The top four cities in which it operates, namely, Pune (Maharashtra), Bengaluru (Karnataka), Hyderabad (Telangana) and Mumbai (Maharashtra) constituted 75.19%, 80.07% and 77.85% of its Rental Revenue for the Fiscals 2025, 2024 and 2023, respectively. If it is unable to retain its Clients in its Centres located in the top four cities due to various factors such as increased competition or reduction in demand, it will lead to a decrease in its revenue and growth, which will have an adverse effect on its business, results of operations and financial condition.

Maximum revenue comes from Clients who typically require over 300 seats: It typically focus on mid-to large Enterprise Clients whose workspace needs exceed 300 Seats, often across multiple Centres and cities, across India and 63.44%, 59.98% and 55.85% of its Rental Revenues for the Fiscals 2025, 2024 and 2023, respectively was generated from Clients with over 300 Seats. Such Clients, given the nature of their requirement of large workspaces, often have a better negotiating ability and may dictate some of the key commercial terms including pricing. Additionally, it may not be able to successfully identify or source Clients with such workspace requirements at favourable commercial terms or at all. There may not be enough Clients with large workspace requirements to take up its offerings or adequate demand in the segment of Clients with such large workspace requirements.

Certain portion of rental revenue is derived from a limited number of Clients: A certain portion of its Rental Revenue is derived from a limited number of Clients including Enterprise Clients and multi-city Clients. The company is dependent on its top 20 Clients, as well as Enterprise Clients and multi-city Clients for its Rental Revenue. If such Clients prematurely terminate their agreements with it or does not renew their agreements or if it fails to retain such Clients, it may not be able to successfully identify and/or on-board Clients with similar workspace requirements and at favourable commercial terms or at all. If any of the top 20 Clients prematurely terminate their agreements with the company or do not renew their agreements or if it fails to retain such Clients, its business, revenues, cash flows, results of operations, and financial condition may be adversely affected.

High debt-equity ratio: The company’s debt-equity ratio (no. of times) was 2.90, 6.87 and 8.84 for the Fiscals 2025, 2024, and 2023, respectively. A high debt-equity ratio increases the risk of a credit default by the company and could magnify the impact of any increase in the cost of borrowings. A high debt-equity ratio adversely affects its ability to obtain loans from lenders at acceptable commercial terms or at all which in turn may impact its ability to maintain its current growth and adversely affect its business, results of operations and financial condition.

Outlook

Smartworks Coworking Spaces is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments with aesthetic designs and essential amenities to meet the specific needs of enterprises and their employees. The company focus is on acquiring Enterprise Clients with higher Seat requirements as well as emerging mid-to-large Enterprises and growing with them. The company’s risk-mitigating strategy allows it to build a financially stable business model. On the concern side, the company derived 75.19% of its Rental Revenue in FY25 from its Centres located in Pune, Bengaluru, Hyderabad and Mumbai. Any adverse developments affecting such locations and Centres could have an adverse effect on its business, results of operations and financial condition. Moreover, it has substantial capital expenditures and may require additional financing to meet those requirements. Its inability to obtain financing at favourable terms, or at all, may have a material adverse effect on its financial condition, results of operations and cash flows.

The issue has been offering 1,48,88,691 shares in a price band of Rs 387-407 per equity share. The aggregate size of the offer is around Rs 576.19 crore to Rs 605.97 crore based on lower and upper price band respectively. Minimum application is to be made for 36 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 32.20% to Rs 13,740.56 million for Fiscal 2025 from Rs 10,393.64 million for Fiscal 2024. This increase was primarily due to an increase in revenue from lease rentals. However, the company has reported a net loss of Rs 631.79 million as compared to a net loss of Rs 499.57 million.

The company has leased and it manages a total SBA of 8.99 million square feet as of March 31, 2025. It has primarily employed a straight lease model. Its scale has allowed it to establish its brand and industry leadership. As it moves forward, it aims to strategically expand into the variable rental and management contract models as well. In the variable rental model, capital expenditure costs are borne by it, however rental obligations only start once it has leased the respective portion of the space to its Clients. Client security deposits and Landlord contributions on building improvements offset capital expenditure cost, making it a capital efficient strategy. The variable rental model will further de-risk its business and eliminate occupancy-related risks while yielding better unit economics.

Asston Pharmaceuticals

• Asston Pharmaceuticals is coming out with an initial public offering (IPO) of 22,41,000 equity shares in a price band Rs 115-123 per equity share.
• The issue will open on July 9, 2025 and will close on July 11, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.50 times of its face value on the lower side and 12.30 times on the higher side.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance Officer for the issue is Vandana Mishra.

Profile of the company

Asston Pharmaceuticals is engaged in the manufacturing and export of both pharmaceutical formulations and nutraceutical products in domestic and various African markets. The company operates under brand “Asston”. Presently, the company is involved in the business of manufacturing and marketing of Tablets, Capsules, Oral Liquid, External Preparations (Ointment, Cream, Gel and Lotion) and Oral Powder (Sachet, Dry Syrup) etc. Apart from manufacturing products for direct sales, the company also manufactures various pharmaceutical products for different marketers on loan license or on contract manufacturing basis. Its business is primarily conducted on a principle-to-principle basis with various marketers.

Currently, it caters to multiple corporate clients on loan licence and/or contract manufacturing basis. It has its production facility at Ambernath, Maharashtra, for producing generic medicines in the tablet form and nutraceutical medicines in the tablet form, syrup and sachet form. It has a dedicated and separate floors for pharmaceutical products and nutraceutical products respectively as the norms and standards are different for both of them and are governed by FDA and FSSAI respectively. Since the FDA norms for pharmaceutical products are much more stringent, to comply with FDA standards separate guidelines are there to be followed. Facility has total production capacity of up to around 8-9 crore tablets per month.

The company produces an average of 5-6 crore tablets per month, with production capacity varying based on the weight of the medicines. Higher-weight medicines result in lower production quantities and vice versa. The syrup production capacity for nutraceuticals is approximately 37.5 kiloliters per month, while sachet production capacity ranges from 30 to 40 lakh sachets per month, depending on the powder weight per sachet. The facility is certified by relevant authorities and undergoes periodic audits by state and central FDA authorities. It includes a QA/QC unit and a warehouse for storing raw materials and finished goods in designated chambers under controlled conditions. The company engages contract manufacturers to produce generic medicines and antibiotics in various forms, including tablets, sachets, syrups, and capsules. All contract manufacturers are WHO-GMP certified to ensure their facilities and processes comply with applicable standards and industry norms.

Proceed is being used for:

• Funding capital expenditure requirements towards acquiring machinery in the manufacturing unit
• Funding the incremental working capital requirements of the company
• Repayment and/or prepayment, in part or full, of certain of its outstanding borrowings availed by the company
• General corporate purposes 

Industry Overview

India is the largest provider of generic drugs globally and is known for its affordable vaccines and generic medications. The Indian Pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving over time into a thriving industry growing at a CAGR of 9.43% since the past nine years. Turnover for 2023-24 reached Rs 4,17,345 crore. Generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics are some of the major segments of the Indian pharma industry. India has highest number of pharmaceutical manufacturing facilities that comply with the US Food and Drug Administration (USFDA) and has 500 API producers that make for around 8% of the worldwide API market.

Market size of India pharmaceuticals industry is expected to reach $65 billion by 2024, $130 billion by 2030 and $450 billion market by 2047. According to the government data, the Indian pharmaceutical industry is worth approximately US$ 50 billion with over $25 billion of the value coming from exports. About 20% of the global exports in generic drugs are met by India. Indian hospital market valued at $98.98 billion in FY23 and projected to grow by 8% CAGR and reached to $193.59 billion by FY32. India is among the top 12 destinations for biotechnology worldwide and 3rd largest destination for biotechnology in Asia Pacific. The country holds 3-5% of the global biotechnology industry pie. In 2022, India’s bio-economy was valued at $137 billion, and aims to achieve $300 billion mark by 2030.

The pharmaceutical industry in India is a significant part of the nation's foreign trade and offers lucrative potential for investors. Millions of people around the world receive affordable and inexpensive generic medications from India, which also runs a sizable number of plants that adhere to Good Manufacturing Practices (GMP) standards set by the World Health Organization (WHO) and the United States Food and Drug Administration (USFDA). Among nations that produce pharmaceuticals, India has long held the top spot. Medicine spending in India is projected to grow 912% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants, and anti-cancers, which are on the rise. 

Pros and strengths

Formulation expertise: Formulation is key in the pharmaceutical industry and ability to formulate is what decides the outcome for the company. The company has established huge foundation in formulation development across diverse range of therapeutic categories. The company has an in-house QA/QC facility that works towards enhancing the formulations. This expertise has helped the company to establish as a reliable and a partner of choice in the exports market.

Wide range of products: The company has product portfolio of over 100 registered trademarks including generic medicines, pediatric drugs, Anti TB (new to the basket) treatments and eye drops. It produces tablets, capsules, syrups, sachets, and injectables, ensuring that it caters to a wide range of healthcare needs. It offers a diverse portfolio, including tablets, capsules and syrups. This gamut of products offerings with wide diversity allows the company to address the varying demands of different markets and customers, thereby strengthening its position in the pharmaceutical industry as one stop shop for various requirements and a preferred partner of choice.

Asset light model: The company has presently outsourced manufacturing of its requirements to the 5 contract manufacturers. Hence there is no need for heavy working capital or any maintenance capex or issues pertaining to any labour unrest or drawing ire of USFDA or CDSCO (The Central Drugs Standard Control Organization) or other regulators from regulatory perspective.

Risks and concerns

Maximum revenue comes from limited customers: The company derives a significant part of its revenue from its major customers and it does not have long-term contracts with these customers other than contracts with 2 customers for one year. Its top ten customers have contributed 97.45%, 100% and 100% of its revenues for the year ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively based on Restated Financial Statements. The loss of one or more of these customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition, and cash flows.

Geographical constrain: All its manufacturing facilities are situated at Ambernath, Thane, Maharashtra resulting in concentration in a single region. The concentration in Maharashtra heightens its exposure to adverse developments related to competition, as well as economic, political, demographic, and other changes in the state of Maharashtra, which may have a material adverse effect on its business, financial condition and results of. Any localized social unrest, natural disaster or breakdown of services or any other natural disaster in and around Maharashtra or any disruption in production at, or shutdown of, its manufacturing facilities could have material adverse effect on its business and financial condition.

Dependent on third party transportation providers for delivery of raw materials: The company is 100% dependent on third party transportation providers for delivery of raw materials to it from its suppliers and delivery of its products to its customers. It has not entered into any formal contracts with its transport providers and any failure on part of such service providers to meet their obligations could adversely affect its business, financial condition and results of operation.

Outlook

Asston Pharmaceuticals is engaged in the business of pharmaceuticals, specializing in exporting healthcare products globally. The company offers a diverse range of products, including tablets, capsules, sachets, and syrups. Its product portfolio encompasses various therapeutic categories, such as analgesics, antibiotics, antifungals, vitamins, and more. The company has wide range of products coupled with formulation expertise. On the concern side, the company derives a significant part of its revenue from its major customers and it does not have long-term contracts with these customers other than contracts with 2 customers for one year. If one or more of such customers choose not to source their requirements from it, its business, financial condition, and results of operations may be adversely affected. Moreover, all its manufacturing facilities are situated at Ambernath, Thane, Maharashtra resulting in concentration in a single region and any interruption for a significant period, in these facilities may in turn adversely affect its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 22,41,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 115-123 per equity share. The aggregate size of the offer is around Rs 25.77 crore to Rs 27.56 crore based on lower and upper price band respectively. On performance front, the net revenue from operation of the company increased to Rs 2,503.92 lakh in FY25 as against Rs 1,558.62 lakh in the FY24 representing an increase of 60.65%. The increase in revenue from operations was due to increase in export business of the company. Moreover, its profit after tax for the year 2024-25 increase by 217.95% from net profit of Rs 136.03 lakh in financial year 2023-24 to net profit Rs 432.51 lakh in financial year 2024-25.

The company’s goal is to become one of the leading suppliers of pharmaceutical products globally. Currently, it serves the West African region and recognize significant demand for products like it. The company is actively pursuing opportunities to expand into higher-margin markets such as North America and Europe. The company aspires to be a leading international supplier of healthcare products by introducing a wide range of generic and branded offerings, positioning itself as a key player in the export market. Presently, it has warehouse facility for its Ambarnath facility and all its contract manufacturers also have warehouse facilities to store raw materials and finished goods at their respective locations. Going forward, it looks to augment its storage and handling capacity in order to increase its exports and market presence pan India and worldwide.

GLEN Industries

• GLEN Industries is coming out with an initial public offering (IPO) of 64,96,800 equity shares in a price band Rs 92-97 per equity share.
• The issue will open on July 8, 2025 and will close on July 10, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.20 times of its face value on the lower side and 9.70 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance Officer for the issue is Shikha Sureka.

Profile of the company

GLEN Industries is engaged in the manufacturing of diverse range of Food packaging and Service Products, primarily Thin Wall Food Containers, Polylactic Acid (PLA) Straws and Paper Straws all mainly supplied to the Hotel, Restaurant, and Café/Catering (HoReCa) sector, Beverage industry and food packaging industry. Its extensive product lineup, available in various shapes and sizes, is widely favored by sectors such as the HoReCa industry, Quick Service Restaurants (QSR), the food, beverage and dairy industry, etc.

The company’s product lineup is organized into two primary segments: a diverse range of Thin Wall Food Containers and a comprehensive selection of straws, including both PLA and Paper Straws. This structure allows it to focus on delivering high-quality solutions in each category, catering to the specific needs of its customers. Customization on standardised products can be done by way of digital printing, shrink sleeving, dry offset printing, pad printing & screen printing. Its success is driven by a highly skilled workforce and a dynamic, experienced technical team, ensuring consistent, round-the-clock performance. It maintains strict adherence to international hygiene standards and rigorous quality control measures, which, combined with its ability to meet every buyer's requirement, have enabled it to surpass the competition and earn the trust of its customers. With all operations housed under one roof, it maintains streamlined processes and a cohesive approach to delivering excellence.

Its products are manufactured in strict compliance with FSSC 22000, ISO 9001:2015, Hazard Analysis & Critical Control Point (HACCP) standards. The company is also certified for ISO 14001:2015 for Environment Management System, FSC for Forest Management Certification and SEDEX 4 Pillar for Labour Standards, Health & Safety, Environment and Business Ethics. It uses high-grade raw materials to ensure its products meet both national and international quality benchmarks. Each product undergoes a rigorous quality and testing process before reaching the market, ensuring the highest level of safety and reliability. It has been exporting its products regularly to the Europe, USA, Australia, Middle East and Africa to name a few. Its products are designed, developed and manufactured as per countries local use & preferences. Regular & repeated business from 25+ customers over the years speak volumes of its commitment towards quality & consistency.

Proceed is being used for:

• For setting up a new manufacturing facility at Jaugram, West Bengal
• General corporate purpose 

Industry Overview

Plastic packaging is at the center of a new era in the Indian packaging industry. Its versatile usage is becoming the foundation for many industries for product packaging. Compared to other packaging types, plastic packaging containers provide unique benefits, such as high impact strength, stiffness, and barrier properties, which have expanded the market for plastic packaging in recent years. The market for beverage packaging has grown significantly over the last few years in India. Rapid changes in beverage packaging trends across the country are critical for the market's growth. The new trends in the packaging of beverages focus on structural changes, as well as the development of recycled materials like post-consumer recycling, customer acceptance, safety, and new filling technologies. The development of heat-resistant PET bottles improved the preservation of several drinks. The India Plastic Packaging Market size is estimated at $21.77 billion in 2024, and is expected to reach $25.35 billion by 2029, growing at a CAGR of 3.09% during the forecast period (2024-2029).

The food industry's demand for plastic packaging is driven by the need for convenient, compact solutions, particularly with the increasing popularity of ready-to-eat meals. These meals, often packaged in sealed trays of various shapes, including round containers and salad packs, are now seeing a notable shift toward using sustainable and environmentally friendly materials. This strategic move aligns with consumer preferences for eco-conscious packaging solutions, indicating a commitment to meeting market demands and reducing environmental impact within the industry. Flexible packaging comes in various forms, such as pouches, bags, films, and wraps, allowing for versatile packaging solutions to accommodate different cuts, portion sizes, and packaging formats within the meat, poultry, and fish industries. This enables efficient packaging of a wide range of products, from whole cuts to processed items like sausages and fillets.

Furthermore, plastic trays and containers are used in numerous industries as food containers in cafeterias, restaurants, homes, offices, etc. Food services businesses like restaurants utilize food packaging trays for takeout and delivery services, assuring food remains secure and presentable. Besides, other sectors like cafes and bakeries depend on these trays for packaging and displaying their products, improving customer convenience and appeal. The growth of e-commerce in India creates the demand for different food products. The rise of online retail sales in the county grew significantly from $87 million in 2022, and it is forecasted to reach $173 million by 2027. Growing retail online sales show that the demand for food packaging is increasing in India. Moreover, plastic bottles and containers have gained importance in the food industry due to their ability to provide longer shelf life to packaged food items.

Pros and strengths

Advanced in-house processing facilities with focus on cost competitiveness: The company’s modern production facilities are equipped with advanced and modern machineries and adhere to the highest industry standards. It maintains strict hygiene and safety protocols to ensure the integrity of its products at every stage of the manufacturing process. Its investment in advanced manufacturing facilities and cost competitiveness is driven by its commitment to customer satisfaction. It understands that affordability is a key consideration for its customers, and it continuously strives to deliver products that offer exceptional value for money. It prioritizes waste reduction, process optimization, and continuous improvement to eliminate inefficiencies and drive down costs. By minimizing waste and maximizing resource utilization, it ensures that every aspect of its operations adds value to its products without inflating costs.

Quality assurance: The company’s products are manufactured with strict adherence to globally recognized standards, including FSSC 22000, ISO 9001:2015, and Hazard Analysis & Critical Control Point (HACCP) guidelines, ensuring exceptional quality and food safety. Additionally, the company holds ISO 14001:2015 certification for Environmental Management Systems, demonstrating its commitment to sustainable practices, along with FSC certification for responsible forest management and SEDEX 4 Pillar accreditation, covering Labour Standards, Health & Safety, Environmental Responsibility, and Business Ethics. By sourcing high-grade raw materials, it ensures that its products consistently meet both national and international quality benchmarks.

Customization capabilities: It provides customizable designs, sizes, and branding options offering unparalleled flexibility to cater to the diverse and evolving needs of clients, particularly in the food service and retail sectors. This adaptability allows the company to create packaging solutions that align perfectly with their brand identity, enhance product appeal, and meet specific functional requirements. Whether it’s developing containers in unique shapes and sizes to accommodate specialized food items or incorporating logos, colors, and designs that reinforce brand recognition, customization empowers clients to differentiate themselves in competitive markets.

Risks and concerns

Dependent on external suppliers for most of its component requirements and raw materials: The company relies heavily on external suppliers for most of its machinery, components, and raw material needs. Any failure on the part of its suppliers to deliver these materials or components in the required quantities, within the agreed timelines, or in compliance with specified quality standards and technical specifications could negatively impact its operations. Such failures may hinder its ability to deliver products on time and at the desired quality levels, potentially resulting in contractual penalties, liabilities for non-performance, loss of customers, and damage to its reputation. Additionally, identifying and qualifying alternative suppliers who meet its technical and quality standards and can supply the required quantities would involve significant costs and could delay the delivery of its products. These factors could materially and adversely affect its business, financial condition, and operational results.

Depend on its manufacturing facilities in West Bengal: The company conducts its operations through its manufacturing facility situated at Howrah District in West Bengal. The concentration of all of its manufacturing operations in Howrah exposes it to adverse developments related to regulation, as well as political or economic, demographic and other changes in West Bengal as well as the occurrence of natural and man-made disasters in West Bengal, which may adversely affect business, financial condition and results of operations. Its manufacturing operations require significant labour and are also reliant on government policies in terms of taxes, duties and incentives made applicable by the state government. As a result, any unfavorable policies of the state government or state or local governments in this region, could adversely affect its business, financial condition and results of operations.

Significant revenue comes from exports: The company has historically derived a significant portion of its revenue from exporting to other countries. The company has garnered 33.48%, 32.98% and 37.27% of its revenue from exports in FY25, FY24 and FY23 respectively. Therefore, any adverse developments in the global economy or the industries in which its customers operate could have an impact on its sales from exports. From time to time, tariffs, quotas and other tariff and non-tariff trade barriers may be imposed on its products in jurisdictions in which it operates or seek to sell its products. There can be no assurance that the countries where it exports, among others, where it seeks to sell its products will not impose trade restrictions on it in future. It may also be prohibited from exporting to certain restricted countries that may be added to a sanctions list maintained by the Government of India or other foreign governments. Any such imposition of trade barriers may have an adverse effect on its results of operations and financial condition.

Outlook

Glen Industries is engaged in the manufacturing of eco-friendly food packaging and service products. The company specializes in producing thin-wall food containers and compostable straws, serving sectors such as Hotels, Restaurants, Cafes/Catering (HoReCa), the beverage industry, and food packaging. The company has advanced in-house processing facilities with focus on cost competitiveness. On the concern side, the company derives a significant portion of its revenues from exports and are subject to risk of international trade. Moreover, the company is dependent on external suppliers for most of its machinery / component requirements and raw materials.

The company is coming out with a maiden IPO of 64,96,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 92-97 per equity share. The aggregate size of the offer is around Rs 59.77 crore to Rs 63.02 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations of the company for fiscal year 2025 was Rs 17,066.09 lakh against Rs 14,450.02 lakh for Fiscal year 2024, an increase of 18.10% in revenue from operations. The increase in revenue was primarily driven by a rise in the overall production of TWC and Straws, which in turn resulted in higher sales. Moreover, profit after tax for the Fiscal year 2025 was at Rs 1,826.57 lakh against profit after tax of Rs 857.89 lakh in fiscal year 2024, an increase of 112.91%.

The company intends to continue to invest in technology infrastructure to enable further technical innovation, improve its operational efficiencies, increase customer satisfaction and improve its sales and profitability. It intends to continue to focus on optimizing and automating its manufacturing processes to improve returns in a rapidly changing technological environment. It is proposing to utilize Rs 4773.00 lakh towards expansion of its manufacturing capabilities. Further, by expanding its technological capabilities it intends to be more cost-efficient player in each of the products it manufactures. Economies of scale will also enable it to continuously improve its operational efficiencies. It will continue with this strategy of invest in expanding its technological capabilities and manufacturing capacities which will also help it in attaining cost efficiency.

Smarten Power Systems

• Smarten Power Systems is coming out with an initial public offering (IPO) of 50,00,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
• The issue will open on July 7, 2025 and will close on July 9, 2025.
• The shares will be listed on SME Platform of NSE.
• The share is priced at 10 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Arihant Capital Markets.
• Compliance Officer for the issue is Rajbir Sharma.

Profile of the company

Smarten Power Systems is engaged into designing and assembling of power back-up and advanced solar power products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers. It is also engaged in the trading of solar panels and batteries. It sells its products through its distributors within India. It also exports its products except solar panels outside India. It generates approximately 76.41% of its revenue through domestic sales and 23.59% of its revenue through exports. Currently, the company is operating in 23 states and 2 union territories within India and has also established global footprint in over 18 countries which includes Middle East, Africa, and South Asia region.

Currently, the company’s infrastructure enables the production of Home UPS systems, solar inverters, solar power conditioning units (PCUs) and solar charge controllers around 600 units per day, with the capacity to increase 1,200 units per day once the proposed facility at MET becomes operational. Its manufacturing setup is designed to handle low, medium, and high-capacity units, offering the flexibility to meet a wide range of customer needs and market demands. 

The company carries out its assembling and trading business of its products under its brand and the patent registered in the name of the company. Its products cater to a wide variety of customer segments, from individual households to large-scale commercial solar projects, providing flexibility and adaptability to evolving market needs.

Proceed is being used for:

• Purchase of movable assets of the production line of battery manufacturing unit
• Meeting the working capital requirements
• Repayment in full or in part, of its outstanding borrowings
• Funding capital expenditure requirements
• General corporate purposes

Industry Overview

The home UPS market in India was valued at $317.8 million in 2023 and is expected to grow to $493.0 million by 2032, with a compound annual growth rate (CAGR) of 5%. The home Uninterruptible Power Supply (UPS) market in India is a dynamic and rapidly evolving sector. Its growth is fueled by the increasing need for reliable power in the face of frequent outages, as well as the nation's surge in digitalisation and offsite work opportunities. India's home Uninterruptible Power Supply (UPS) market is fundamentally driven by the need for resilience against power instability. Despite rapid urbanization and economic growth, the country continues to experience frequent power supply inconsistencies, with outages being particularly prevalent in rural and remote regions where infrastructure development remains limited. This has elevated the home UPS from a convenience to an essential utility, addressing critical power needs across residential and professional spheres.

Meanwhile, Government initiatives such as the Smart City project, the development of solar parks and the solar energy subsidy scheme would further accelerate the adoption of solar installations across residential and commercial segments. Grid connected solar inverters dominate the market in 2023 owing to huge adoption across residential and commercial applications, whereas off-grid solar inverters are majorly limited to rural electrification applications. The Solar Inverters are further categorized based on - system type, technology, rated output power and its application. In terms of system type, the solar inverter is categorized into Grid Connected, Off-Grid and Hybrid Solar Inverters. Based on technology, the grid connected solar inverter is further categorized into micro, string and central inverters. Based on a comprehensive preliminary market assessment of 450 models from 25 manufacturers it was revealed that nearly 63% market share is of the models with rated output power capacity ranging from 1 kW to 10 kW. There is also a significant market share of solar inverters above 10 kW rated capacity.

India added a record 10 GW of solar capacity in Q1 2024, a nearly 400% year-over-year increase, driven by the commissioning of delayed projects as module prices fell and the Approved List of Models and Manufacturers (ALMM) order was suspended, as well as improved grid connectivity to projects previously stalled. Solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity at the end of December 2023. India added a record 18.48 GW of renewable energy capacity in 2023-24, a 21% increase over the previous year, but industry experts say at least 50 GW of annual additions are needed to meet the 500 GW target by 2030. 

Pros and strengths

Innovative product range and technological advancements: The company has built a portfolio of over 372 SKUs, offering products across five distinct categories including home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers, solar panels, and batteries. Its products cater to a wide variety of customer segments, from individual households to largescale commercial solar projects, providing flexibility and adaptability to evolving market needs. The company’s sine-wave technology gives it a distinct edge over conventional square-wave inverters. Sine-wave inverters are quieter, safer for sensitive electronics, and more efficient in managing power surges and fluctuations.

Strong research and development capabilities: The company’s success is its focus on research and development. Its R&D team consists of seven members who plays a critical role in maintaining its competitive advantage by continuously improving product quality, efficiency, and innovation. Its commitment to R&D has enabled the company to consistently deliver new product innovations and stay ahead of industry trends. Its R&D team comprises experts in power electronics, with relevant background in power conversion, inverter design, and energy storage systems and have over a decade of experience in developing efficient and reliable power systems, showcasing their technical depth and industry knowledge.

Extensive distribution and after-sales service network: The company has established a distribution network across India and internationally, ensuring its products are widely accessible in key markets. The company’s reach spans across 23 states and 2 union territories within India, supported by an extensive network that includes 380 distributors and 52 service centres catering to after sales service to resolve the complaints of the customers. It also has a reach outside India comprising of 31 distributors. Its network is its core strength, enabling the company to remain competitive with both organized and unorganized players in the power backup market.

Risks and concerns

Significant revenue comes from limited customers: The company relies on its top ten customers from whom it derives a significant portion of its revenue, contributing around 33.40%, 42.29% and 37.74% of its revenues from sale of products based on the Restated Consolidated Financial Statements for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. Its reliance on such 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 favorable 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.

Geographical constrain: The company generates a significant portion of its revenue from the states of Haryana and Uttar Pradesh, making its business vulnerable to regional economic fluctuations and regulatory changes. Any adverse developments in these states such as economic downturns, changes in local laws, or increased competition could lead to a substantial loss of revenue. Additionally, natural disasters or unforeseen events in these regions may further disrupt its operations and impact its financial performance. This geographical concentration poses a risk to its overall business stability, and any significant loss of revenue from these key areas could have a material adverse effect on its financial condition and results of operations.

Exports is dependent on Nigeria and West Africa: The company derives a significant portion of its export revenue from Nigeria and West Africa. Any changes in foreign policies and import-export regulations can significantly impact the company’s ability to conduct international trade, affecting its export operations. Shifts in trade agreements, tariffs, quotas, and diplomatic relations between countries can lead to disruptions in supply chains, increased costs, or limited market access for exported goods. Additionally, increased trade barriers, such as higher tariffs or stricter import/export regulations, can reduce competitiveness in foreign markets, leading to lower demand for products or services. Similarly, changes in foreign policies that affect diplomatic or economic relations could create challenges in maintaining stable trade routes, payment processes, or overall business operations which could have a material adverse effect on its business, financial condition, results of operations and cash flows of the company.

Outlook

Smarten Power Systems Limited designs and assembles power backup and solar products, including Home UPS systems, solar inverters, power conditioning units, and charge controllers, and trades solar panels and batteries. The company has extensive distribution and after-sales service network. It also has vendor relationships and supply chain efficiency. On the concern side, the company’s top ten customers contribute significant revenues from operations and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, a significant portion of the company’s revenue is derived from the states of Haryana and Uttar Pradesh, and any adverse developments in these states could adversely affect its business.

The company is coming out with an IPO of 50,00,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 50 crore. On performance front, the company’s revenue from operation has increased by 3.36% from Rs 19,519.57 lakh in the fiscal year ended March 31, 2024 to Rs 20,174.85 lakh in the fiscal year ended March 31, 2025. Moreover, Net Profit has increased by 13.11% from Rs 1,129.00 lakh in the fiscal year ended March 31, 2024 to profit of Rs 1,277.04 lakh in the fiscal year ended March 31, 2025.

The company derives a significant portion of its revenues from sales of lead-acid batteries, which form a crucial component of the power backup systems installed by its customers. Currently, the company assembles Home UPS/Inverters in-house, while lead-acid batteries are sourced from external vendors. This dependency on suppliers poses challenges in terms of ensuring consistent quality, timely delivery, and cost predictability. In order to overcome this dependency and as part of its strategic growth initiatives, the company intends to enter into manufacturing of lead-acid batteries, in addition to its current operations in which it primarily procures and supplies inverter batteries.

Travel Food Services

• Travel Food Services is coming out with a 100% book building; initial public offering (IPO) of 1,91,42,985 shares of Rs 1 each in a price band Rs 1045-1100 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 7, 2025 and will close on July 9, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 1045 times of its face value on the lower side and 1100 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities and Batlivala & Karani Securities India.
• Compliance Officer for the issue is Neeta Arvind Singh.

Profile of the company

Travel Food Services is the leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge (Lounge) sectors based on revenue in Fiscal 2025, with a market share based on revenue (including Associates and Joint Ventures) of around 26% in the Indian airport travel QSR sector and approximately 45% in the Indian Airport Lounge sector in Fiscal 2025. The company’s Travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments.

It offers quick service formats adapted for the travel environment, such as fast food, cafes, bakeries, food courts, and bars, mainly within airports as well as at select highway sites in order to serve travellers’ demands for speed and convenience. It works closely with its regional Indian and international brand partners to adapt their F&B concepts for the travel environment. It achieves this by adjusting store layouts, streamlining menus, adapting merchandising and store designs, and developing travel friendly takeaway packaging, among other strategies. In addition, it has developed a portfolio of in-house brands through close collaborations between its experienced culinary, marketing and operations teams and based on its understanding of the unique needs of travellers and the travel environment.

Its F&B brand portfolio and presence across key airports in India position it well to benefit from the expected growth in the Travel QSR sector in airports in India. Such growth is supported by the rising propensity to spend on F&B, driven by increasing air travel, higher disposable income and extended dwell times during airport travel, as well as growing number of low-cost carriers (LCCs). The Indian Airport Travel QSR sector is expected to grow a CAGR of 17-19% from Fiscal 2025 to 2034, to reach a size of Rs 170-180 billion.

Proceed is being used for:

• Achieving the benefits of listing the Equity Shares on the Stock Exchanges
• Carrying out the Offer for Sale of Equity Shares by the Promoter Selling Shareholders

Industry Overview

Airport lounges offer a range of services that are designed to provide comfort and convenience to travellers. Lounges focus on providing wide range of high-quality food options along with a comfortable seating arrangement for the customer. Lounges can be broadly bundled into food and beverage, space to relax or work, and ancillary facilities such as shower, wellness services, entertainment, etc. These services can vary based on airport, airline or class of service. Lounges in India have grown significantly over the past five years, driven by the development of new operational airports, which increased to 138 as of September 2024 from 77 in FY16. Other factors such as partnerships with credit card companies and loyalty programmes have contributed to the growth as well.

Meanwhile, F&B revenue, which is the revenue earned by airports through concession agreements for operating F&B outlets, is one of the key components of the non-aeronautical revenue for airport operators. It has been growing at a healthy pace for key domestic airports. For Delhi International Airport and GMR Hyderabad International Airport, F&B revenue, which forms 8-10% of their total non-aeronautical revenue, logged a significant 15% CAGR between FY19 and FY25. The growth is attributed to increased passengers’ propensity to spend on F&B. This also shows that passengers are spending on non-travel-related activities such as eating at the airports. F&B operators at the airports have also customised their offerings as per the customer needs, in turn, enhancing passengers’ experience.

Further, Airport travel QSR and lounges are the key and fast-growing sectors in airport retail in India which together account for 35.00% (Rs 64 billion) of the total airport retail market in India as of FY25. Looking ahead, the airport travel QSR industry is expected to sustain the strong growth momentum, supported by the rising propensity to spend on F&B, driven by increasing air travel, higher disposable income, extended dwell times during airport travel, as well key supply-side factors such as customised product offerings, and improved airport infrastructure. In the long term, the industry is expected to sustain the growth momentum and register a CAGR of 17-19% from FY25 to FY34 to reach a size of Rs 170-180 billion by the end of FY34. 

Pros and strengths

Leading player in the Travel QSR and Lounge sectors in Indian airports: The company was the leading player in the Travel QSR and Lounge sectors in airports in India based on its revenue in Fiscal 2025. It operated the largest network of Travel QSRs in India, as of March 31, 2025, with 384 of its 413 operational outlets being situated in airports, and the remaining in highway sites. Also, it had a market share of around 26% based on revenue (including Associates and Joint Ventures) in the travel QSR sector in Indian airports in Fiscal 2025.

Strong expertise in handling the distinct challenges of F&B in the operationally complex and highly secure airport environment: Since the opening of its first Travel QSR outlet in 2009, it has cultivated a deep set of capabilities and processes that enable it to efficiently execute in and address the various operational challenges posed by the operationally complex and highly secure airport environment. These capabilities have been developed and honed through its 16 years of experience in the travel industry and enhance its value proposition for airport operators and the competitiveness of its bids for airport concessions. 

Diversified portfolio of partner F&B brands: Within its Travel QSR business, it represents and operates a wide range of popular international, regional Indian and in-house F&B brands. It had 90 F&B brands licensed from international and regional Indian brand partners, in addition to 37 in-house brands, as of March 31, 2025. This includes international brands such as KFC, Pizza Hut, Wagamama, The Coffee Bean & Tea Leaf, Subway and Krispy Kreme, regional Indian brands such as Bikanervala and Third Wave Coffee, and in-house brands such as Cafeccino, Curry Kitchen, Idli.com and Dilli Streat. Through its in-house brands, it customise its menu options to offer its customers additional options that appeal to local and international palates, while taking into account the requirements of airport operators. 

Deep understanding of traveller preferences: The company has introduced a number of innovative solutions within its Travel QSR and Lounge businesses that seek to address travellers’ demands for speed and convenience, while also elevating the overall travel experience for its customers and maintaining operational efficiencies. Its technological innovations have been part of its approach in addressing various pain points faced by travelers and enhancing its operational efficiency. Within select Travel QSRs located in airports, it has introduced self-ordering kiosks, online order and in-airport delivery options and contactless payment systems to accelerate customer servicing time and make ordering more convenient at select locations. Also, it installed grab-and-go fridges to provide travellers with quick pick up options at select outlets.

Risks and concerns

Maximum revenue comes from Travel QSRs and Lounges at the top 5 airports: The Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. The average remaining term of its concession agreements at its top five airports for Fiscals 2025, 2024 and 2023, is 3.47 years, as of March 31, 2025. Such concession agreements may be renewed through the tender and bidding process or through negotiations among the relevant parties. There is no assurance that it will be successful in renewing these key concessions when they expire or that they will not be subject to early termination, whether due to changes in contracting entities or otherwise. Termination of its concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue.

Depend on its relationship with its brand partners to franchise their brands: The company depend on its relationship with its brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Its brand partners may terminate their franchise agreements with it or request to amend key terms of the relevant agreements, such as increasing franchising fees or royalty fees, subject to the terms of such agreements, or opt not to renew their franchise agreements with it upon their expiry for various reasons that may be outside its control.

Derive significant revenue from Lounge services: The success of the company’s Lounge business is dependent on its long-term relationship with its Lounge Partners, comprising domestic and international airlines, card issuers and networks, loyalty partner programmes, Lounge access programmes and financial institutions. Revenue from Lounge services amounted to 44.93%, 44.65% and 46.14% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Its business may be negatively impacted if it is unable to retain its existing Lounge Partners or attract new ones.

Higher employee attrition rates: The company had employee attrition rates of 58.65%, 61.73% and 66.33% in Fiscals 2025, 2024 and 2023, respectively. It must continue to attract, motivate and retain qualified managers with the qualifications to succeed in the sectors in which it operates as well as adequate frontline staff and skilled labour to operate its outlets. Competition for qualified employees is significant, and there is a risk that it will not effectively manage employee turnover. Any organisational changes, including changes in salaries and wages and other employee benefits that are, or are perceived to be negative, could result in an increased attrition rate. The failure to effectively manage employee turnover rates could negatively impact its sales performance, increase its wage costs, and negatively affect its business, results of operations, financial condition and prospects.

Outlook

Travel Food Services is an Indian airport travel quick service restaurant (Travel QSR) and lounge. The company’s F&B brand portfolio, comprising 117 partner and in-house brands, is in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024. It is leading player in the Travel QSR and Lounge sectors in Indian airports. It has a deep understanding of traveller preferences with a focus on delivering a quality customer experience. On the concern side, the Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Termination of its concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue. Moreover, the company depends on its relationship with its brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Failure to attract new brand partners or maintain or develop existing ones could adversely affect its business, results of operations, financial condition and prospects.

The issue has been offering 1,91,42,985 shares in a price band of Rs 1045-1100 per equity share. The aggregate size of the offer is around Rs 2000.40 crore to Rs 2105.73 crore based on lower and upper price band respectively. Minimum application is to be made for 13 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 20.87% to Rs 16,877.39 million in Fiscal 2025 from Rs 13,963.22 million in Fiscal 2024. Moreover, the company’s restated profit for the year increased by 27.35% to Rs 3,796.59 million in Fiscal 2025 from Rs 2,981.20 million in Fiscal 2024.

The company generates the majority of its revenue from airports in India and plan to leverage its leadership position in the Travel QSR and Lounges sectors and its strong relationships with airport operators to expand its Lounge and Travel QSR businesses within existing airport terminals and new terminals in airports in which it is present, in addition to expanding into new airports and geographies. It strives to expand its business while delivering operational efficiency, driving earnings and generating operating cash flow. Going forward, the company plans to continue monitoring market trends and customer preferences in India, including at the regional level, and create or franchise new brands for its airport concession agreements and future bids.