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KRM Ayurveda

• KRM Ayurveda is coming out with an initial public offering (IPO) of 57,40,000 shares in a price band of Rs 128-135 per equity share. 
• The issue will open on January 21, 2026 and will close on January 23, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Nexgen Financial Solutions.
• Compliance Officer for the issue is Pooja Garg.

Profile of the company

KRM Ayurveda, established in 2019, is operating a network of hospitals and clinics across multiple cities in India as well as marked its presence in abroad through telemedicines consulting and sales. Presently, the company runs 6 Hospitals and 5 Clinics at different locations in the country. Though KRM Ayurveda started off as a kidney hospital and it continues to provide specialized treatment for kidney disorders, the company has widened its horizons in the past few years and has now evolved for various health disorders such as kidney disorder, Liver Cirrhosis, Diabetes, Fatty Liver, Arthritis etc. The company has marked its reach globally as well through Tele-Consultancy Services. Further, it focuses on specialized segments within the medical and healthcare domain that address specific health issues and challenges, such as addiction, personal care, wellness, and related areas and for that it is engaged into trading of Ayurvedic medicine, oils and supplements.

The company’s Hospitals and Clinics are equipped with the following infrastructure & facilities: Beds, including general wards and premium rooms, Panchakarma treatment units, Herbal pharmacy and medicine preparation unit, Ayurvedic diet kitchen, Consultation chambers for Vaidyas (Ayurvedic physicians), and in-house yoga and meditation hall. The company also engaged in the processing, formulation, and marketing of portfolio of Ayurvedic therapeutic and wellness products. Its product portfolio is primarily focused on addressing chronic lifestyle and metabolic disorders. The company markets its products through its network of hospitals and clinics and also provides patient access through an integrated telemedicine service, enabling remote consultations and product delivery. Its product is based on classical Ayurvedic formulations, standardized herbal extracts, controlled processing methods, and quality-assurance protocols.

Over the last three financial years, the company’s product portfolio has been concentrated around therapeutic categories such as chronic kidney disorders, diabetes and metabolic management, immunity enhancement, liver health, hypertension, urinary tract conditions, and general wellness. Each of its products is formulated using a combination of botanicals traditionally used in Ayurveda, including Gudmar, Triphala, Trikatu, Shilajit, Gokshura, Punarnava, Giloy, Kutki, Sarpagandha, and Ashwagandha, among others. The selection and proportion of herbs are aimed at achieving therapeutic benefits.

Proceed is being used for:

• Capital expenditure for construction and development of telemedicine operational facilities
• Purchase of CRM Software and Hardware Infrastructure
• Human Resources
• Repayment/Prepayment of loan
• Meeting working capital requirements of the company
• Meeting general corporate purposes 

Industry Overview

India’s healthcare sector is one of the country’s largest and most diverse industries, encompassing a range of services such as hospitals, medical devices, clinical trials, telemedicine, medical tourism, health insurance, and medical equipment. This sector has experienced rapid growth, driven by improved coverage, enhanced services, and increased investments from both public and private sectors. The healthcare system in India is divided into public and private components. Amid this expansion, the popularity of Ayurvedic treatments has soared, driven by growing demand for holistic and natural healing methods. With increasing awareness of its benefits and government support through initiatives like the Ministry of AYUSH, Ayurveda is gaining significant traction. The Indian healthcare industry has experienced remarkable growth between 2016 and 2023, with its market size escalating from $110 billion in 2016 to $372 billion in 2023. In just a year, the industry grew by $50 billion, from $160 billion in 2017 to $280 billion in 2020, reflecting a rapid expansion. 

The Ayurvedic infrastructure sector presents a compelling landscape for investment, driven by Ayurveda's growing global recognition as a traditional medical system in over 30 countries. This expanding acceptance fuels the demand for Ayurvedic products and services, creating numerous opportunities for businesses within the industry. The significant surge in Micro, Small, and Medium Enterprises (MSMEs) within the AYUSH sector, evidenced by a near 40% increase from August 2021 to January 2023, underscores the industry's dynamism and potential for further growth. This rapid expansion of MSMEs translates to increased innovation, greater accessibility of Ayurvedic solutions, and a broader market reach, ultimately amplifying the investment opportunities available in this promising sector. The AYUSH sector in India has grown significantly in recent years, becoming an important part of the country's economy and job market. AYUSH includes traditional forms of medicine such as Ayurveda, Yoga, Unani, Siddha, and Homeopathy. This sector encompasses hospitals, clinics, wellness centers, research, herbal products, education, and holistic health practices. This growth is driven by greater awareness, the rising demand for natural therapies, and government support for traditional medicine. In India, the AYUSH healthcare system is divided into public and private sectors.

The demand for Ayurvedic treatment and services in India has seen significant growth in recent years, driven by a rising consumer preference for natural, holistic, and preventive healthcare. As people become more conscious of the side effects of conventional pharmaceuticals, Ayurveda’s emphasis on balancing the body, mind, and spirit has gained strong appeal. Ayurvedic treatments, such as Panchakarma (detoxification therapies), herbal remedies, massage therapies, and dietary consultations, are increasingly sought after for their ability to address chronic ailments, improve overall well-being, and enhance immunity. This demand is fuelled by greater awareness through digital media, traditional knowledge revival, and the global wellness movement, with Ayurveda being recognized as a viable alternative for managing stress, anxiety, and lifestyle diseases. Additionally, the growing focus on organic and chemical-free products contributes to the increasing demand for Ayurvedic services. Furthermore, wellness tourism has expanded the reach of Ayurvedic therapies, with people traveling to India specifically to undergo these treatments, further enhancing the sector’s appeal. Government initiatives, such as promoting AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) and the establishment of dedicated wellness centres, have also played a pivotal role in supporting and boosting the growth of Ayurvedic services in India. 

Pros and strengths

Skilled Ayurvedic physicians: The company employs a dedicated team of 31 qualified Ayurvedic physicians who have obtained formal qualifications such as Bachelor of Ayurvedic Medicine and Surgery (BAMS) from accredited institutions recognized by statutory bodies like the Central Council of Indian Medicine (CCIM). These physicians bring knowledge of Ayurvedic principles and clinical expertise, ensuring authenticity and efficacy in all treatments provided.

Certified therapists ensuring treatment quality: The company has a team of 59 certified Ayurvedic therapists who have undergone training and certification programs covering traditional therapies such as Panchakarma, Abhyanga, and other specialized Ayurvedic treatments. These certifications ensure that therapists are skilled in both theoretical knowledge and practical application, adhering to quality standards and patient safety protocols.

Centralized GMP-certified production: The company’s Ayurvedic medicines are produced in a centralized processing unit that is certified under Good Manufacturing Practices (GMP) as prescribed by the Drugs and Cosmetics Act, 1940 and Rules, 1945, specifically under Schedule T which governs Ayurvedic medicine production. This GMP certification ensures that the manufacturing processes maintain stringent hygiene, sanitation, and quality standards to guarantee the purity, safety, and efficacy of the products. Its facility complies with quality control protocols including raw material verification and batch traceability, all overseen by technical staff. This centralized GMP-certified production not only aligns with national regulatory standards set by the Ministry of AYUSH and the Central Drugs Standard Control Organization (CDSCO) but also enhances the company’s capacity to meet domestic and international quality expectations in its customer base.

Risks and concerns

Geographical revenue concentration in North India: A significant portion of the company’s revenue is derived from operations in North India, particularly from its two flagship hospitals located in Gurugram and Delhi, which have been operational for over two years. These two hospitals contribute a substantial share to its overall business performance and are critical to its current revenue structure. As a result, its financial results are highly dependent on the continued success, growth, and uninterrupted operations of these facilities. Despite having a presence across eight states in India, its revenue remains geographically concentrated. Specifically, the states of Delhi and Haryana alone contributed 68.44%, 56.39%, 50.93% and 60.86% of its total revenue from operations for the financial period ending September 30, 2025 and financial year ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively. This concentration indicates a significant reliance on a limited number of locations and increases its exposure to regional risks.

Dependence on insurance providers and third-party payers: A significant number of patients availing its hospital services do so through insurance providers, either via cashless arrangements or reimbursement modes. This reliance on third-party payers exposes the company to ongoing negotiations and pressures from such payers to reduce healthcare costs. These dynamics have resulted, and may continue to result, in lower reimbursement rates for its services, which could adversely impact its overall revenue and profitability. If the company is unable to mitigate these risks or successfully adapt to these changes, its financial condition and results of operations could be materially and adversely affected.

Limited bargaining power due to concentrated supplier base: In the ordinary course of its operations, the company has historically relied on a limited number of suppliers. The company has done 89.53%, 85.34%, 73.64% and 76.50% of its purchase from top 10 suppliers during the financial years ended September 30, 2025, FY25, FY24, and FY23 respectively. This supplier concentration exposes the company to risks related to the continuity, quality, and pricing of supply. Any disruption, delay, or deterioration in the quality of products or services provided by these suppliers, or any adverse changes in the commercial terms offered by them, could materially affect its operational efficiency and profitability. Dependence on a concentrated supplier base further limits its negotiating power and increases vulnerability to supply chain interruptions arising from factors such as financial distress of the supplier, regulatory actions, natural disasters, or geopolitical events. Consequently, any significant disruption in its supply chain could have a material adverse effect on its business, financial condition and results of operations.

Outlook

KRM Ayurveda is operating a network of hospitals and clinics across multiple cities in India as well as marked its presence in abroad through telemedicines consulting and sales. It manufactures Ayurvedic products, herbal and botanical remedies, medicines, supplements and possibly skin care / wellness related items. The company has centralized GMP-certified production of Ayurvedic medicines ensuring purity and efficacy. On the concern side, a significant portion of the company’s revenue is derived from patients who avail its hospital services through insurance providers. Any adverse change in the relationship with such insurers, delay in settlement of claims, or reduction in reimbursement rates may materially and adversely affect its business, financial condition, results of operations, and cash flows. Moreover, majority of the company’s state wise revenues from operations for the last 3 years is majorly derived from its Top 2 States. Any adverse developments affecting its operations in this state could have an adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 57,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 73.47 crore to Rs 77.49 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 7,655.27 lakh whereas in FY24 it was Rs 6,715.57 lakh representing an increase of 13.99%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 1,212.52 lakh and for the year ended March 31, 2024 it was Rs 341.36 lakh representing an increase of 255.20%.

The company intends to expand its geographical footprint by deepening its presence in existing markets and entering new domestic and international territories. Presently, it operates a network of 6 hospitals and 5 clinics, primarily concentrated in North India. To achieve its expansion goals, the company has initiated feasibility studies for setting up new hospitals in Tier-II cities such as Jaipur and Lucknow, where demand for quality healthcare is increasing. Internationally, it has commenced telemedicine consulting services catering to patients in the United State of America, which has helped establish its brand presence overseas. Further, the company is in the process of obtaining NABH accreditation for two of its hospitals and intend to extend the certification to all operational facilities in a phased manner.

Aritas Vinyl

• Aritas Vinyl is coming out with an initial public offering (IPO) of 79,83,000 shares in a price band of Rs 40-47 per equity share. 
• The issue will open on January 16, 2026 and will close on January 20, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 4.00 times of its face value on the lower side and 4.70 times on the higher side.
• Book running lead manager to the issue is Interactive Financial Services.
• Compliance Officer for the issue is Shikha Makhija.

Profile of the company

Aritas Vinyl is engaged in manufacturing of technical textile, such as “Artificial leather” also known as PU Synthetic leather and PVC-coated leather, using the latest technology known as Transfer Coating Technology. PVC leather, also known as polyvinyl chloride leather, is a type of synthetic leather made by coating a fabric typically polyester or cotton - with a layer of PVC (polyvinyl chloride) offering a soft, flexible, and alternative to genuine leather. It is designed to mimic the appearance and feel of genuine leather offering a range of additional benefits that make it ideal for various commercial and industrial applications. PVC-Coated Leather: Manufactured by coating fabric with polyvinyl chloride, providing enhanced durability, water resistance, and affordability. 

The company is selling its products to distributors, wholesaler and manufacturers, and also exporting to other country like Greece, Oman, UAE, Sri Lanka, USA and also to SEZ. Traditionally Natural Leather or animal leather is procured by killing Animals and has caused Animal activist to express a huge concern. Synthetic Leather is widely replacing traditional leather. Synthetic Leather is economical, durable, requires low maintenance and easy fabric to work with. Its products come in variety of colour, texture and patterns which find application in a wide range of products in different industry such as seat covers, door covers, dashboards, shoe uppers, shoe lining and insoles, sandals, furnishing and Upholstery, purses, bags and briefcases, diary covers and stationery items, garments, belts, wallets etc. The Key features of PVC Leather are Durability, Waterproof & Easy to Clean, Cost-Effective, Customizable, Eco-conscious Options, etc. Mostly the applications of PVC Leather are Furniture & Upholstery, Automotive, Footwear, Fashion Accessories, Healthcare & Hospitality and Marine & Outdoor Uses. It can produce PVC Coated Leather fabric customized to client specifications, including shade, embossing patterns, and prints, with fabric thickness ranging from 0.35 mm to 6 mm.

The company’s manufacturing facility is situated in Ahmedabad, admeasuring approximately 6,067 square meters, with an installed production capacity of around 7.8 million meters per year, allowing it to effectively meet a wide range of client demands. Additionally, its facility is equipped with an in-house testing laboratory, ensuring consistent monitoring and control over the quality of its products. It continuously engaged in product development based on the samples or specifications received from its existing and potential customers. Its quality control and quality assurance team carry out various technical and manual tests to its finished products to ensure they do not suffer rejections, thereby ensuring defect free quality products for its customers and generating value for it. Further, it also undertakes product testing especially, durability testing in its in-house accredited lab. Its quality assurance and quality control department has enabled it to expand its business in domestic and international market.

Proceed is being used for:

• Capital expenditure for solar power project
• Working capital
• General corporate purpose 

Industry Overview

The Indian market for technical textiles is the 5th largest in the world continuously expanding at a CAGR of 8-10% per annum, over the past 5 years at $21.95 billion in 2021-22. The production of technical textiles accounted for $19.49 billion and imports accounted for $2.46 billion. The Technical Textile segment accounts for around 15% of the overall textile and Apparel market in India and is significant in terms of employment and investment. High-performance textiles, also known as technical textiles, are used in a variety of industries, including agriculture, medicine, building infrastructure, automotive, aerospace, sports, protective gear, packaging, and so on. The demand for these products is driven by a country's development and industrialization. Given the rate at which emerging economies are industrializing, the market for technical textiles is expected to grow in parallel with global industrial growth. In the last few years, the Indian market for technical textiles has expanded dramatically, due to applicable innovations and increased public knowledge of technological textiles. The technological textile business in India has enormous potential and is a rising sector that will contribute considerably to the development of a new and developed India by 2047.

Meanwhile, the leather industry has a significant impact on the Indian economy. It is among the top ten foreign exchange earners in the country. Indian cattle & buffalo population accounts for 20% and the goat & sheep population of the country accounts for 11% of the world’s total. This places it in a dominant position in terms of affluent raw material availability. With the leather industry being among the oldest trade in the country, India has strong skilled manpower and innovative technology. The country has a strong and eco-sustainable tanning base and modern manufacturing units. It also has strong support from the leather, chemical and auxiliary industries. The industry employs about 4.42 million people in the country. It is a prominent source of employment in the rural parts of India with women employed at about 30% in the sector.

India is the second-largest exporter of leather garments, the third-largest exporter of saddlery & harnesses and the fourth-largest exporter of leather goods in the world. The garments sector accounted for 7.62% of the country’s total leather exports in FY25 (April-December). Out of the total leather and leather products exported out of India, the footwear segment accounts for the majority of exports, with FY25 (April-December) exports valued at Rs 1,26,902 crore ($1.51 billion). Footwear (Leather Footwear, Footwear Components & Non-Leather Footwear) holds the major share of 51.9% in the total export of leather and leather products with an export value of $598.58 million. During FY25 (April-December), the total export of leather products to the USA was valued at Rs. 6,870 crore ($795.55 million), an increase of 16.30% YoY. During the same period, Germany and the UK imported leather and leather products worth Rs 3,567 crore ($413.08 million) and Rs. 2,888 crore ($334.44 million) from India, respectively. 

Pros and strengths

Quality & Customization: The company is ISO 9001:2015 and IATF 16949:2016, certified for quality management system standard, to comply with the norms of International Standards. It strives hard to maintain quality standards of its product. Quality assurance and quality control are integral part of its manufacturing operations. It caters to specific client requirements, ensuring bespoke texture, color, pattern and feel of the product. It customizes the product as per the specific requirement of its client. Quality is an ongoing process of building and sustaining relationship. Its testing laboratory is equipped with necessary infrastructure to test raw material and finished goods. Keeping in view of the expectations of its customers for the quality of its products, it takes special care from procuring raw material to packing of finished goods.

Fully integrated manufacturing plant set up at a strategic location: The company’s manufacturing facility near Ahmedabad is well equipped with the machineries and infrastructure for the production of technical textile, such as “Artificial leather” also known as PU Synthetic leather and PVC-coated leather. Its state-of-the-art manufacturing facility Utilizing the transfer coating technology and techniques to produce its final products efficiently, safely, and with high quality. It has an integrated automated and efficient production process whereby it will have complete control over final products, quality, cost and output time, it is able to offer competitive pricing without compromising on quality. Its ability to scale production ensures that it meets both small and large client demands promptly. Its facility is designed with ‘Zero Liquid Discharge Solution’, where no industrial waste water is discharged into surface waters, thereby minimizing environmental pollution.

Enhanced production capacity within a span of three years: The company has started the Manufacturing in the financial year 2022 with an installed Capacity of 42 lakhs meters per year. In the very first year it has utilized 50% of installed capacity and in the next year it has utilized almost 85% of the installed capacity. In the short span of time, it has started production smoothly and the products are also well accepted by the market. In this year of operation i.e. In Fiscal 2023-24 it has increased the installed capacity from 42 lakhs meters to 78 Lakh meters by investing in the plant and machinery.

Risks and concerns

Concentration of revenues with top 10 customers: The company derived a significant portion of its revenue from key customers. The company has garnered 51.85%, 48.43%, 53.41% and 57.69% of its total revenue from top 10 customers for the period ended August 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. The loss of any one or more of such key customers for any reason including due to failure to negotiate acceptable terms of purchase order, contract renewal, negotiations, disputes with customers, adverse change in the financial condition of such customers, including due to possible bankruptcy or liquidation or other financial hardship, merger or decline in their sales, reduced or delayed customer requirements, or work stoppages could have an adverse effect on its business, results of operations and cash flows.

Limited operating history may adversely affect business performance: The company has a limited operating history in manufacturing. Established in year 2020, it started manufacturing operation from year 2021 onwards. Certain of its competitors may have a longer operating history and more experience to it in the businesses in which it operates. It may be unable to understand the nuances of the industry given its short operating history, particularly demand and supply trends and customer trends. In the event it fails to understand the market operations and risks in connection with such operations, it may have an adverse impact on its business, prospects, financial condition and results of operations.

Key supplier dependency risk: The company’s top ten suppliers contribute 74.61%, 72.99%, 53.09% and 53.30% of its total purchase of the company for the period ended March 31, 2023, March 31, 2024, March 31, 2025 and stub period ending August 31, 2025 respectively based on restated financial statement. It cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of material and ultimately its revenue and results of operations.

Outlook

Aritas Vinyl is engaged in the manufacturing and trading of technical textile, such as Artificial leather also known as PU Synthetic leather and PVC-coated leather, using the latest technology known as Transfer Coating Technology. The company has fully integrated manufacturing plant set up at a strategic location. On the concern side, the company is dependent on a few suppliers for purchases of product/service. The loss of any of these large suppliers may affect its business operations adversely. Moreover, the company’s business depends on its manufacturing facility and the loss of or shutdown of its manufacturing unit on any grounds could adversely affect its business or results of operations.

The company is coming out with a maiden IPO of 79,83,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 40-47 per equity share. The aggregate size of the offer is around Rs 31.93 crore to Rs 37.52 crore based on lower and upper price band respectively. On performance front, in the FY25, the company’s total revenue was Rs 9796.80 lakh, which is increased by 41.55% in compare to total revenue from operations of Rs 6920.94 lakh in FY24. Moreover, the company reported 2.5-fold rise in net profit at Rs 413.25 lakh in FY25 as compared to Rs 166.50 lakh in FY24.

The company will continue to focus on expanding its operations and improving operational effectiveness at its production facilities. Improved operational efficiency leads to higher production volumes and increased sales, enabling it to distribute fixed costs over a larger number of products sold, thereby boosting profit margins. The company has decided to allocate the proceeds from the issue toward installing a ground-mounted solar power plant. By utilizing alternate sources of energy will help it to reduce its annual energy costs, directly contributing to profitability and strengthening its financial performance. It continues to focus on investing in automation, modern technology and equipment to continually upgrade its products including the quality of its products to address changing customer preferences as well as to improve operational efficiency.

Armour Security (India)

• Armour Security (India) is coming out with an initial public offering (IPO) of 46,50,000 shares in a price band of Rs 55-57 per equity share. 
• The issue will open on January 14, 2026 and will close on January 19, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 5.50 times of its face value on the lower side and 5.70 times on the higher side.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance Officer for the issue is Shakshi Mishra.

Profile of the company

Armour Security (India), headquartered in New Delhi is engaged in providing comprehensive and customized Security services, Facility Management services, and Recruitment and Staffing solutions across India. Founded in 1999, the company has established itself as a service provider with over two decades of operational experience in delivering private security, housekeeping, fire-fighting, and security training solutions. The company’s offerings are designed through detailed on-site assessments and consultations to address the operational, safety, and regulatory requirements of each client.

It also specialises in providing ancillary services like event support and branding content creation, suggesting a diversified, consultancy-oriented approach. It has over twenty-five years of experience in delivering security, facility management, and staffing solutions. Its solutions streamline operations, improve deployment efficiency, and strengthen compliance outcomes. Additionally, it offers consulting and advisory services and provide self-service technologies that enable government organisations and corporate clients to migrate, automate, and manage customer-facing business processes through self-service channels. Currently, the company has a presence in over 12 states, including Delhi, Haryana, Uttar Pradesh, Maharashtra, Gujarat and Rajasthan.

It primarily caters to government departments, public sector undertakings (PSUs), development agencies, and private enterprises across India by providing security, facility management, and staffing solutions tailored to their operational, regulatory, and safety requirements. The company provides a comprehensive suite of services including security, housekeeping, integrated facility management, and manpower solutions. This diversity enables it to serve clients across commercial, industrial, residential, healthcare, education, and government sectors. By offering multiple services under one platform, the company is able to meet varied operational requirements of clients efficiently. This integrated approach enhances client retention and positions the company as a one-stop solution provider.

Proceed is being used for:

• Funding of working capital requirements of the company
• Funding capital expenditure requirements for purchasing of machinery, equipments and vehicles
• Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company
• General corporate purpose 

Industry Overview

The Indian private security market is expanding at rapid pace, expected to have an annual growth rate of 9.93%. While some major players need to comply with the Private Securities Agencies Regulation Act 2005 or the Payment of Wages Act, 1936, 65% of the market is comprised of smaller, unorganized agencies. The private security sector in India serves as a link between the government and the industry’s needs. It is India’s largest corporate taxpayer and employs over 7 million personnel, with this number growing each year. The sector is valued at approximately INR 400 billion and is expected to grow at a compound annual growth rate (CAGR) of 20%. While it has a predominant presence in Tier-I and Tier-II cities, it operates in approximately 550 districts across the country. Furthermore, initiatives like Smart Cities, “Make in India,” and “Digital India,” along with the retail boom and increasing urbanization, will necessitate significant changes in the way the industry currently operates.

Meanwhile, Recruitment and staffing services refers to industries that deal with the process of identifying, selecting and placing employees for jobs within the organizations. Some of the activities may include role profiling, candidate pooling, interviewing, and placing individuals in organizations with the right opportunities. It comprises temporary staffing, contract placements, permanent staff recruitment as well as recruitment of executives in niche areas. Recruitment and staffing market is an important facet to the economy since they link employers to employees to ensure their needs for human capital are met seamlessly. The rising youth population, combined with a high demand for cost-effective candidate recruiting, is driving market expansion. The market is growing as more modern recruiting and staffing solutions, such as applicant tracking systems and others, are adopted for cost-effective and better hiring. The increased competitiveness in all industries, which leads to improved candidate recruiting, is propelling market expansion even further. 

The facility management service market is estimated to reach a valuation of $670 billion by the year 2032, at a CAGR of 8.9% during the forecast period 2024 to 2032. Facility Management (FM) is a business function that integrates place, people, technology, and process to guarantee the physical environment's seamless functionality, comfort, safety, and efficiency. A group of upkeep services known as 'facility management services' are used by businesses and housing developments to achieve their desired goals. The rapidly expanding tourist and hospitality industries, the need to adhere to environmental and regulatory standards, and the increased demand for value-added services all contribute to the growth of the facility management services market. The goal of the facility management services is to automate the laborious and prone to error manual activities while focusing on compliance through core business expertise. 

Pros and strengths

Diversified services portfolio: One of the company’s core competitive strengths lies in its diversified service portfolio. The company issues a range of services encompassing security, housekeeping, integrated facility management, and manpower solutions. This diversity allows it to cater to a wide array of client needs, ensuring that it can address various aspects of security and facility management efficiently and comprehensively.

Technology integration: The strength of the company lies in its robust technological infrastructure, which includes an Enterprise Resource Planning (ERP) system for seamless integration of core functions, optimum use of email and communication system for efficient internal and external collaboration, and the use of smartphones to facilitate real-time communication, location sharing, and group interactions and coordination among its staff. These technological assets empower it to optimize resource management, data-driven decision-making, and communication efficiency, enhancing its overall operational capabilities and client service. 

Compliance and certifications: The company is dedicated to maintaining the quality standards in the industry. It is ISO certified reflecting its commitment towards the quality of its services. Additionally, it possesses licenses of PSARA (Private Securities Agencies Regulation Act) which exemplify its compliance with industry regulation practices. These certifications reinforce its credibility and signify its dedication to providing reliable services.

Risks and concerns

Customer concentration may impact revenue stability: The company’s business is significantly dependent on a limited set of customers. For FY 2025, its top 10 customers contributed 76.48% of revenues, while in FY 2024 and FY 2023 they contributed 74.45% and 76.88%, respectively. This concentration exposes it to the risk of reduced business in the event any of these customers terminate their contracts, reduce orders, or face financial or operational challenges. Loss of even one or two key customers could have a material adverse impact on its revenues and profitability.

Concentration of business operations in select regions: The company’s revenues are significantly concentrated across a limited number of customers and geographies, which exposes it to business and financial risks. For instance, during the six-month period ended September 30, 2025 and Fiscal 2024-25, Delhi alone contributed approximately 39.71% and 43.60%, respectively, of its total revenues, followed by Uttar Pradesh, which contributed approximately 23.91% and 22.44%, respectively. This demonstrates a significant dependence on a limited number of geographic regions.

Business dependence on successful participation in tender processes: The company’s business model heavily relies on securing clients through tender processes. If it fails to win these tenders or meet the necessary criteria, it could significantly impact on its financial performance and operational results. The competitive nature of tender processes means that there is no guarantee of success, and any failure to secure key tenders could lead to a loss of revenue and market share. Additionally, changes in tender requirements, delays in tender announcements, or increased competition could further exacerbate these risks. As a result, its dependency on tenders poses a substantial risk to its business continuity and growth prospects.

Outlook

Armour Security (India) specializes in providing a range of security services including armed guarding, manpower services, and consultancy, primarily focused on commercial and residential security needs across various sectors. The company has PAN India operations with branches in various states to navigate the ever-changing dynamics of the security market. On the concern side, the company’s top 10 customers contribute majority of its revenues, making it significantly dependent on them. Loss of any major customer or reduction in business could materially impact its revenues and profitability. Moreover, the company’s revenues are significantly concentrated across a limited number of customers and geographies, which exposes it to business and financial risks.

The company is coming out with a maiden IPO of 46,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 55-57 per equity share. The aggregate size of the offer is around Rs 25.58 crore to Rs 26.51 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 8.27%, reaching Rs 3,565.54 lakh in Fiscal Year 2025, compared to Rs 3,293.29 lakh in Fiscal Year 2024. Moreover, the company has reported 51.80% rise in net profit at Rs 397.35 lakh in FY25 as compared to Rs 261.76 lakh in FY24.

Maintaining strong and long-lasting client relationships is central to sustainable growth. The company’s CRM approach is designed to go beyond basic communication and focus on trust-building. Regular client follow-ups ensure that it is always aware of customer expectations, satisfaction levels, and emerging concerns. An organized redressal process allows it to address issues quickly and transparently, creating confidence in its responsiveness. By consistently exceeding expectations, it aims to transform satisfied clients into brand advocates, thereby generating referrals and strengthening its market reputation.

GRE Renew Enertech

• GRE Renew Enertech is coming out with an initial public offering (IPO) of 37,68,000 shares in a price band of Rs 100-105 per equity share. 
• The issue will open on January 13, 2026 and will close on January 16, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.00 times of its face value on the lower side and 10.50 times on the higher side.
• Book running lead manager to the issue is Share India Capital Services.
• Compliance Officer for the issue is Rohan Jayeshbhai Dhruve.

Profile of the company

GRE Renew Enertech is an emerging player in the field of Rooftop and ground mount solar solutions. The company is specialized in providing solar energy solutions to industrial and commercial customers. It offers green energy solutions by installing on-site solar projects. Its business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, it offers Engineering, Procurement, construction, and operation of solar projects. In this model, customers invest in the Capital Expenditure at their own and the company does Engineering, Procurement, Construction, and Operation on behalf of the client. Under the RESCO model, agreement is entered into with roof-top owners. The rooftop owners may consume the electricity generated, for which they have to pay a pre decided tariff to it as RESCO developer for the tenure of the agreement. In this model the assets (solar panels and installations) belong to the company.

Under RESCO model, the company may also develop ground mount project, in which case land for the project is owned by the company, either on freehold or leasehold, as developer of the RESCO Project. The company in the past has not developed any major ground mount project under RESCO model. However, under the RESCO Model, its object is to implement a 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant in the company. It is also an Indian manufacturer of Light Emitting Diode (LED) lighting solutions. However, since last few years the prime focus of the company is in the Solar Energy segment only. The turnover from lighting business is less than 5% of the total turnover of the company as per the last audited financial statements for the Financial Year ended March 31, 2025.

As an ISO 9001:2015 certified company, it is not only installing solar plants but also providing innovative solutions to optimize its production output. A skilled group of solar architects and engineers who create sophisticated installations as per the best practices in the industry. In this way, it endeavors to achieve the optimum efficiency of electricity generation. It also provides the maintenance services that make sure its solar investment continues to give high volumes of electricity units in the long run. Customers are trusting it with their investments, and therefore, the company is committed to being the most trusted solar installation service provider by ensuring that the projects it undertakes are completed upto the customer’s expectations.

Proceed is being used for:

• Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant
• General corporate purposes 

Industry Overview

India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low-carbon, renewable sources. India's announcement India that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.4% between FY16 and FY23. India has 125.15 GW of renewable energy capacity in FY23. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double.

Ministry of New and Renewable Energy targets 500 GW non-fossil-based electricity generation by 2030, as per the Prime Minister's COP26 announcement, with an added installation of 13.5 GW renewable energy capacity in 2023, corresponding to an investment of around Rs 74,000 crores ($8.90 billion). India’s $109.50 billion (Rs 9,22,866 crore) plan aims to expand power infrastructure, meet 458 GW demand by 2032, enhance transmission, integrate renewable energy, and boost energy security, unlocking vast untapped potential. Meanwhile, installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.29% between FY16 and FY25 (as of January 2025). India has 165.2 GW of renewable energy capacity in FY25 (as of January 2025). Further, 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 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. Solar power's share increased by 0.3% from the last quarter when it accounted for 39.5% of the total renewable capacity.

India has set a target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. Low-carbon technologies could create a market worth up to $80 billion in India by 2030. India’s target is to produce five million tonnes of green hydrogen by 2030. The Green Hydrogen target is set at India’s electrolyser manufacturing capacity is projected to reach 8 GW per year by 2025. The cumulative value of the green hydrogen market in India could reach $8 Bn by 2030 and India will require at least 50 gigawatts (GW) of electrolysers or more to ramp up hydrogen production. It is expected that by 2040, around 49% of the total electricity will be generated by renewable energy as more efficient batteries will be used to store electricity, which will further cut the solar energy cost by 66% as compared to the current cost. The use of renewables in place of coal will save India Rs 54,000 crore ($8.43 billion) annually. Around 15,000 MW of wind-solar hybrid capacity is expected to be added between 2020-25. As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%. The CEA also estimates India’s power requirement to grow to reach 817 GW by 2030. 

Pros and strengths

Existing number, visible order book and favourable national policy support: The company had an EPC project portfolio of more than 61 MW across India which combined 52+ MW of projects under ground-mounted and 9 MW+ projects in rooftop. In the Union Budget 2022-23, the government allocated Rs 19,500 crore ($2.57 billion) for a PLI scheme to boost the manufacturing of high-efficiency solar modules. India launched the Mission Innovation Clean Tech Exchange, a global initiative that will help accelerate clean energy innovation. As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%.

24/7 Premium Support System: The company has a unique way to support the client and maximize the Solar yield through its dedicated remote monitoring and analytic platform. Its continuous monitoring by the in-house O&M team enables the client to have optimum O&M cost and reduce downtime.

ESG (Environment, Social and Governance): The purpose of the company is to protect the environment by reducing carbon footprints by using more and more of the most abundant sources of energy- The SUN. The company helps to protect the environment by powering with 100% renewable energy. It can make a difference to this world, to this very earth on which it lives. The company is trying to bridge the gap by providing renewable energy solutions provider that are revolutionizing.

Risks and concerns

Adverse weather conditions could affect solar power generation: Solar power is highly dependent on weather conditions and the profitability of its operations depends not only on observed solar conditions at the project site but also on the consistency of those solar conditions. Unfavorable weather conditions might make solar power projects less effective, lower their output below their rated capacity, force the shutdown of vital equipment, make solar power projects more difficult to operate and have a materially negative impact on its projected revenues and cash flows. The installation of solar power projects could be unexpectedly delayed by persistently unfavorable weather, which could postpone project completion and have a materially negative impact on its business, financial situation, and operational results. It is confirmed that there has been no such aforesaid instance in the company in the past.

Substantial dependence on the state of Gujarat for revenue: The company’s projects mainly concentrated in one state i.e. Gujarat. The company has garnered 92.95%, 93.99%, 88.87% and 95.46% of its total revenue from the state of Gujarat for the period ended September 30, 2025 and financial year ended March 31, 2025, 2024 and 2023, respectively. Any geographical disturbance in Gujarat can heavily adversely affect its business.

Growth strategy linked to success in renewable energy bids: The company’s strategy to grow its business includes expanding and diversifying its renewable energy portfolio to include Resco and hybrid model projects for which it has to participate in bids and bid against other renewable energy players. It competes for project awards based on, among other things, pricing, technical and engineering expertise, financing capabilities, past experience and track record. The bidding and selection process is also affected by a number of factors, including those beyond its control, such as market conditions or government incentive programs. In addition, the government conducted tender processes may be subject to change in qualification criteria, unexpected delays and uncertainties. There can be no assurance that the projects for which it bids will be tendered within a reasonable time, or at all. In the event that new projects which have been announced and which it plans to bid for are not put up for tender within the announced timeframe, or qualification criteria are modified such that it is unable to qualify, its business, prospects, financial condition, cash flows and results of operations could be materially and adversely affected.

Outlook

GRE Renew Enertech is engaged in the business of solar energy solutions and LED lighting products. It offers rooftop and ground-mounted solar installations, as well as indoor and outdoor LED lighting solutions. The company, originally a manufacturer of LED lighting solutions, now primarily focuses on solar energy. The company has training and skill development programs to strengthen operation & maintenance team. On the concern side, the company’s business operations rely on consistent solar weather conditions and unfavorable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations. Moreover, it has projects mainly concentrated in one state - Gujarat. Any geographical disturbance in Gujarat can heavily adversely affect its business.

The company is coming out with a maiden IPO of 37,68,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 100-105 per equity share. The aggregate size of the offer is around Rs 37.68 crore to Rs 39.56 crore based on lower and upper price band respectively. On performance front, total revenue from operation has decreased by 7.33% from Rs 9,034.01 lakh in the financial year ended March 31, 2024 to Rs 8371.73 lakh in the financial year ended March 31, 2025. Moreover, the company recorded a decrease of 29.06% in profit after tax from Rs 990.52 lakh in financial year ended March 31, 2024 to Rs 702.64 lakh in financial year ended March 31, 2025.

The company ensures to maintain strong relationships with Suppliers and clients and work closely with them to understand their views and expectations and obtain feedback on its deliveries to further align its project execution, marketing and pricing strategies with demand. It intends to continue to provide high-quality deliveries to its customers and grow its business by leveraging its strengths. Going forward, the company intends to cater to the increasing demand of its existing clients and also to increase its existing customer base by enhancing its geographical reach. Enhancing its presence in additional regions will enable it to reach out to a larger market and have direct access to the suppliers and clients which will allow it to have a better understanding of their concept and ideas. Further, the company maintains long-term relationships with its customers. It aims to achieve this by maintaining the high quality of O & M Services, and Customer Support.

Amagi Media Labs

• Amagi Media Labs is coming out with a 100% book building; initial public offering (IPO) of 5,07,32,430 shares of 5 each in a price band Rs 343-361 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on January 13, 2026 and will close on January 16, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 68.60 times of its face value on the lower side and 72.20 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services and Avendus Capital.
• Compliance Officer for the issue is Sridhar Muthukrishnan.

Profile of the company

Founded in 2008, Amagi Media Labs is a software-as-a-service (SaaS) company that connects media companies to their audiences through cloud-native technology. Its platform helps content providers and distributors upload and deliver video over the internet (commonly known as streaming) through smart televisions, smartphones and applications, instead of traditional cable or set top box services. It also helps to monetize such content through targeted advertising services for advertisers. Its technology has enabled the streaming of marquee events, such as the 2024 Paris Olympics, Union of European Football Association (UEFA) football tournaments, the Academy of Motion Picture Arts and Sciences Awards (commonly known as the ‘Oscars’), and the 2024 U.S. Presidential debates.

The media and entertainment (M&E) industry is undergoing a structural shift towards a “new video economy”, led by the transition from traditional cable television to video delivery over the internet. This shift is driven by changing viewer preferences, as audiences now expect to be able to access content anytime and on any device, including smartphones, smart TVs and other internet-connected platforms. Its cloud-based platform is designed to help media companies respond to the operational and business challenges of the new video economy. This platform integrates production, preparation, distribution and monetization workflows into a single window, allowing customers to reduce complexity, improve operational efficiencies and increase their content revenue.

The company’s business is organized across three key divisions; Cloud Modernization, Streaming Unification, and Monetization and Marketplace. These divisions are designed to address a specific set of challenges faced by stakeholders in the media and entertainment industry. Further, the company provide integrated solutions that help content providers, distributors, and advertisers to manage, deliver, and monetize video content across the OTT and internet-based video industry. its unified platform supports the entire content lifecycle, from video preparation and channel management to delivery, advertising, and analytics. This helps customers reduce infrastructure costs, improve operational efficiency, and scale across geographies and digital platforms.

Proceed is being used for:

• Expenses towards technology and cloud infrastructure
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry Overview

Broadcasting and streaming, a vital part of the M&E industry, have transformed the way viewers access and engage with content. These segments play a crucial role in content distribution, catering to evolving consumer preferences and technological advancements. The M&E industry is a vast and ever-evolving sector that shapes how viewers consume information, engage with content, and experience storytelling. The global M&E market was valued at Rs 200.9 trillion ($2.4 trillion) in Calendar Year 2019 and grew to Rs 251.1 trillion ($3.0 trillion) in Calendar Year 2024, at a CAGR of approximately 4.4% over Calendar Year 2019 to 2024, and is expected to reach Rs 301.3 trillion ($3.6 trillion) by Calendar Year 2029P. Within this expansive industry, the broadcasting and streaming segment (including advertising revenue) is projected to grow at a CAGR of 4.5% from Calendar Year 2024 to Calendar Year 2029P. With an approximately 16.6% share of the total M&E industry in Calendar Year 2024, it continues to play a pivotal role in shaping content consumption patterns and redefining viewer engagement.

One of the major benefits of shifting from on-premises infrastructure to cloud-based solutions is cost savings, with an estimated approximately 35-50% reduction in total cost of ownership over a five-year period. This substantial saving is primarily driven by lower capital and operating expenditures in cloud-based models. These estimates assume a total of approximately 45 channels, a 1+1 redundancy model to ensure infrastructure reliability, and human capital costs that only account for personnel required to maintain the operations centre. The SAM for global cloud broadcasting software grew from approximately Rs 81.9 billion (approximately $1.0 billion) in Calendar Year 2019 to approximately Rs 142.5 billion (approximately $1.7 billion) in Calendar Year 2024, at a CAGR of approximately 11.7%. The market is projected to reach approximately Rs 213.5 billion (approximately $2.6 billion) by Calendar Year 2029P, at a CAGR of approximately 8.4% over Calendar Year 2024 to Calendar Year 2029P. This growth is driven by increased demand for live streaming, cloud-based video services, a global surge in digital media consumption, and the need for scalable, secure, and real-time content delivery mechanisms among broadcasters.

With the increasing complexity of content creation, production, distribution, and monetization, M&E, companies are turning to specialized, integrated tools that solve industry-specific needs rather than relying on generic solutions. While horizontal SaaS platforms cater to a wide range of industries with broad-based functionalities, vertical SaaS is designed to address the nuanced workflows, compliance requirements, and complex operational challenges of a specific sector, in this case, the video content ecosystem. This targeted approach often results in higher product relevance, quicker adoption, and deeper penetration within the industry. Vertical SaaS platforms are not only better aligned with the day-to-day realities of content providers and distributors but also are able to evolve more quickly with industry trends, making them indispensable partners rather than just software vendors.

Pros and strengths

One-stop glass-to-glass solutions provider: The company offers comprehensive “glass-to-glass” (camera-to-screen) technology solutions that span the entire video value chain, from live content production and preparation to distribution and monetization. Its platform enables media companies to modernize their infrastructure, streamline operations, and unlock new revenue opportunities. Its cloud-native, data-driven technology helps customers transition from legacy on premise infrastructure to agile, scalable cloud-based systems. By doing so, customers are able to reduce operational costs, increase flexibility, and achieve greater reach across platforms and geographies.

Positioned within a three-sided marketplace to leverage strong network effects: The company operates at the intersection of content providers, distributors, and advertisers, serving a three-sided marketplace through its integrated, cloud-based solutions. The company’s network-driven model creates a flywheel effect. Content providers choose it for the broad reach it offers through its distributor network. As more content providers join, it is able to attract additional distributors seeking to expand their content libraries and increase viewer engagement. This larger audience, in turn, draws more advertisers, leading to increased ad revenues. These revenues flow back to content providers, enabling further investment in content creation and creating a cycle of growth and value creation across the ecosystem.

Proprietary, award-winning technology platform with artificial intelligence capabilities: Artificial intelligence is beginning to enable a significant shift in the media industry, enabling a high degree of automation and efficiency across the media and entertainment value chain. Given its platform-centric approach to media solutions, it is integrating artificial intelligence across its solutions to provide a unified experience across the platform. It refers to its artificial intelligence offerings as ‘Amagi INTELLIGENCE’ and are embedding both predictive and generative AI across the video value chain, from scheduling of content to ad monetization and data analytics.

Trusted by global customers with long-term relationships: As of September 30, 2025, the company served a diverse and global customer base of over 400 content providers, over 350 distributors and over 75 advertisers. As of September 30, 2025, it worked with more than 45% of the top 50 listed ‘media and entertainment’ companies by revenue (which comprise companies with a presence in streaming and broadcasting and excluding companies which are exclusively only into print media, outdoor advertising and content creation). The company has developed a structured and tested migration model to transition media customers from on-premise infrastructure to cloud-based workflows. This approach has helped its traditional broadcaster customers modernize their operations efficiently and at scale. It has maintained long-term and growing engagements with content providers, distributors and advertisers, average term of its relationships with its ten largest customers, as of September 30, 2025, being 4.00 years. The company has also not observed customer churn within its ten largest customers by revenue from operations for the six months ended September 30, 2025 and 2024 and the last three Financial Years.

Risks and concerns

Customer concentration risk impacting revenue stability: The company is dependent on certain key customers for a significant portion of its revenue from operations, with its largest, five largest and ten largest customers contributing to 14.06%, 30.94% and 40.19%, respectively, of its revenue from operations for the six months ended September 30, 2025 and 11.41%, 23.65% and 33.74%, respectively, of its revenue from operations for the Financial Year 2025. The loss of one or more of its key customers or an inability to replace such customers could adversely affect its business, results of operations, financial condition and cash flows.

High exposure to the United States for revenue generation: The company’s business and revenue from operations are highly concentrated in the United States. The company garnered 72.86%, 72.64% and 77.65% of its revenue from United States in FY25, FY24 and FY23 respectively. Any adverse changes in the geopolitical, economic or regulatory environment of the United States could adversely affect its business, results of operations, financial condition and cash flows. Additionally, the company’s business is exposed to risks arising from trade policy shifts, sanctions, export control measures and protectionist legislation in the United States, such as the imposition of tariffs, which could increase the cost of its services or restrict access to certain technologies and customers. While its services are not currently subject to tariffs imposed by the United States, the current trade environment continues to evolve, and future changes in policy or new measures affecting technology or digital services could increase its costs or affect the competitiveness of its offerings. Further, geopolitical tensions between the United States and other countries, such as China or Russia, or uncertainties arising from changes in U.S. administration policies could affect global economic stability, the global availability of cloud infrastructure and the operations of its customers.

Revenue concentration in the streaming unification business: A large portion of the company’s revenue from operations is attributable to its streaming unification division. This business division involves offering integrated technology solutions to media companies for the efficient delivery of video content across multiple digital platforms such as subscription video on demand (SVOD), advertising video on demand (AVOD), and free ad-supported television (FAST). Its streaming unification business division faces several operational risks. Rapid technological advancements in the streaming industry require continuous innovation and substantial investment in its technology infrastructure. Any delay or failure in developing new products or enhancing existing services to meet evolving customer demands and technological standards could lead to the loss of key customers or market share.

Rising employee costs could adversely affect profitability: The company’s employee benefits expense was Rs 3,856.88 million, or 53.40% of its total expenses and 54.72% of its revenue from operations for the six months ended September 30, 2025, and was Rs 6,948.10 million, or 54.50% of its total expenses and 59.76% of its revenue from operations for the Financial Year 2025. Increases in employee costs, including on account of increased competition or other factors, could adversely affect its business, results of operations, financial condition and cash flows.

Outlook

Amagi Media Labs is engaged in cloud-based broadcast and connected TV technology. Founded in 2008 and headquartered in Bengaluru, India, Amagi provides end-to-end solutions for content creation, distribution, and monetisation across traditional TV and streaming platforms. The company is positioned within a three-sided marketplace to leverage strong network effects. On the concern side, the company is dependent on certain key customers for a significant portion of its revenue from operations. The loss of one or more of its key customers or an inability to replace such customers could adversely affect its business, results of operations, financial condition and cash flows. Moreover, the company’s business and revenue from operations are highly concentrated in the United States, and any adverse changes in the geopolitical, economic or regulatory environment of the United States could adversely affect its business, results of operations, financial condition and cash flows. 

The issue has been offering 5,07,32,430 equity shares in a price band of Rs 343-361 per equity share. The aggregate size of the offer is around Rs 1740.12 crore to Rs 1831.44 crore based on lower and upper price band respectively. Minimum application is to be made for 41 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 32.24% to Rs 11,626.37 million for the Financial Year 2025 from Rs 8,791.55 million for the Financial Year 2024. Moreover, its restated loss for the year to Rs 687.14 million for the Financial Year 2025 from loss of Rs 2,450.01 million for the Financial Year 2024.

The company is focused on extending its product leadership through sustained investment in technology and innovation. It continues to invest meaningfully in research and development to enhance the performance, scalability, automation, user experience, and integration capabilities of its platform. Its goal is to strengthen its position as the “industry cloud” for the video category of the media and entertainment industry by expanding its existing solution portfolio and addressing emerging customer needs. Further, the company is focused on integrating artificial intelligence and machine learning capabilities across its cloud-native platform to improve operational efficiency, enhance content value, and accelerate automation across the media value chain. It intends to leverage AI as a core, embedded capability to enhance each of its solutions. It intends to use Amagi INTELLIGENCE, its in-house developed AI initiative, to streamline content operations, reduce manual effort, and improve decision-making across production, preparation, distribution, and monetization. The company’s current AIdriven capabilities include automated content scheduling and ad yield optimization, both of which help customers scale operations and maximize revenue with minimal manual intervention.

INDO SMC

• INDO SMC is coming out with an initial public offering (IPO) of 61,71,000 shares in a price band of Rs 141-149 per equity share. 
• The issue will open on January 13, 2026 and will close on January 15, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 14.10 of its face value on the lower side and 14.90 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance Officer for the issue is Avani Patel.

Profile of the company

INDO SMC is an ISO 9001:2015 certified company mainly engaged in the design and manufacturing of enclosure box for energy meters, high tension current transformer (HTCT), high tension potential transformer (HTPT), low tension current transformer (LTCT), LT/HT distribution boxes and panels, fiberglass reinforced plastic (FRP) Grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears. Its products are crafted from materials such as sheet moulding compounds (SMC), fiberglass reinforced plastic (FRP), copper, mild steel and stainless steel, etc.

The company’s business primarily comprises of (i) sheet moulding compound division, under which it manufactures enclosure box for energy meters, SMC sheet and SMC chequered plates, (ii) fiberglass reinforced plastic in which it manufactures grating plates and (iii) electrical component division where it manufactures HTCT, HTPT, LTCT, feeder pillars and other power distribution and circuit protection switchgears. The company follows Indian Standards (IS) which are IS:13410 for SMC materials and IS:14772 for enclosure. The company has in-house testing laboratories to ensure products meet quality requirements and suitable material composition.

All the incoming materials are tested, and the finished product must comply with quality standards. Along with these quality certifications quality checks, it has been certified with ISO 14001:2015 for all products which it is manufacturing and supplying to its customers. In FRP, products such as FRP pultruded products, FRP moulded gratings and FRP storage tanks, these products are customized to a variety of industrial applications. FRP is a composite material made of polymer resins reinforced with fibres like fibreglass, carbon, or aramid. This combination has many advantages, including corrosion resistance, chemical resistance, high strength, lightweight characteristics, electrical and thermal non-conductivity, and ease of manufacturing.

Proceed is being used for:

• Funding capital expenditure of the company to purchase Plant and Machinery
• Funding the working capital requirements of the company
• General corporate purposes

Industry Overview

The Sheet Molding Compound (SMC) marketplace contains composite substances crafted from a aggregate of resin, filler, and chopped fibers, commonly utilized in car, construction, and electric programs. SMC offers blessings inclusive of lightweight properties, excessive energy, corrosion resistance, and great design flexibility, making it a preferred opportunity to metals in many commercial sectors. The growing demand for long lasting and fee-effective materials in transportation, energy, and customer items is fuelling SMC adoption international. A key emerging trend in the SMC market share is the developing use of SMC in manufacturing electric powered automobile (EV) components. As the EV industry expands, automakers are more and more in search of light-weight but long-lasting materials to enhance battery efficiency and vehicle performance. SMC’s specific aggregate of high strength-to-weight ratio, corrosion resistance, and thermal stability makes it ideal for producing battery enclosures, structural panels, and underbody shields. These properties help enhance vehicle variety and safety while helping complicated design necessities.

Meanwhile, the Fiber-Reinforced Polymer Composites Market size is estimated at $79.06 billion in 2025, and is expected to reach $102.01 billion by 2030, at a CAGR of 5.23% during the forecast period (2025-2030). Rising demand for lightweight, corrosion-resistant parts in transportation, wind energy, and infrastructure continues to widen the application envelope. Bio-based resins, closed-loop recycling systems, and thermoplastic matrices are moving from pilot scale to series production, signalling a decisive shift toward circular-economy solutions. Manufacturers are investing in vertical integration to insulate against carbon-fibre price swings and to improve supply-chain resilience. Regulatory pressure in Europe to restrict landfill disposal of composites is accelerating the commercialization of recyclable thermosets and repurposed carbon fibres.

The transformer market is experiencing significant growth due to rising electricity demand, renewable energy integration, and advancements in smart grid technology. Governments worldwide are investing in grid modernization and energy-efficient infrastructure, increasing the demand for high-performance transformers. The increasing adoption of electric vehicles (EVs) and rapid urbanization further drive market expansion. Additionally, industries are upgrading outdated transformer systems to reduce energy losses and improve operational efficiency. Technological advancements, such as dry-type and eco-friendly transformers, are gaining popularity due to their low maintenance, enhanced safety, and reduced environmental impact. The shift toward digital transformers with IoT-based monitoring systems enables predictive maintenance, reducing downtime and operational costs. 

Pros and strengths

Diverse product range: The company’s diverse range of products strengthens its market position by catering to multiple industries, leveraging the versatility and durability of Sheet Moulding Compound (SMC) technology. Its range of products include electricity meter boxes, FRP (Fiber-Reinforced-Polymer) materials, and high- and low-tension capacitors, each designed to meet specific industry needs. The SMC-based electricity meter boxes offer durability and resistance to corrosion, moisture and UV radiation, making them ideal for India’s expanding electrical grid and harsh environmental conditions.

Strong manufacturing capabilities: The company’s strong manufacturing capabilities serve as a cornerstone for its competitive strength, allowing the company to meet large-scale demand while maintaining high-quality standards. The company operates with advanced production processes designed to maximize efficiency and reduce production time, which is critical for meeting the high-volume needs of utility companies, infrastructure projects, and industrial clients. The company’s facilities are equipped with the advanced machinery for SMC (Sheet Moulding Compound) production, enabling the creation of durable, precision-engineered components such as electricity meter boxes, FRP materials, and capacitors. These modern capabilities allow the company to produce products with consistent quality and scale production quickly to accommodate large orders or new product launches.

Robust quality assurance and control: The company’s commitment to quality assurance and control is cornerstone of its business operations, ensuring the delivery of high-performance and reliable products. It adheres to stringent quality standards, leveraging advanced testing facilities to conduct comprehensive checks at every stage of production. From raw material procurement to the final product, every process is meticulously monitored, supported by a skilled QA/QC team. By aligning with recognized standards and certifications, it ensures compliance with safety and performance norms. This customer-centric approach to quality not only enhances customer satisfaction but also reinforces its reputation as a trusted and reliable supplier in the industry.

Risks and concerns

Customer concentration and order cancellation risk: Maximum revenue comes from few limited customers. The company has garnered 82.94%, 65.75%, 75.92% and 87.97% of its total revenue from top ten customers for the period ended September 30, 2025 and financial year ended March 31, 2025, 2024 and 2023, respectively. It presently does not have any long-term or exclusive arrangements with any of its customers. It cannot assure that it will be able to sell the quantities it has historically supplied to such customers. In the event its competitors’ products offer better margins to such customers or otherwise incentivize them, there can be no assurance that its customers will continue to place orders with it. In addition, the company’s customers may also cancel purchase orders at short notice or without notice, which could have an impact on its inventory management. In the event of frequent cancellations of purchase orders, the same could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Dependence on key suppliers may impact raw material availability and pricing: The company procures a large portion of its raw materials from a few key suppliers, with whom it does not have any long-term supply contracts and therefore, it cannot assure that it shall always have a steady supply of raw materials at prices favourable to the company. For the period ended September 30, 2025 and financial year ended March 31, 2025, 2024 and 2023, purchases from its top ten suppliers amounted to Rs 8531.49, Rs 3,178.50 lakh, Rs 1,620.93 lakh and Rs 572.64 lakh respectively which represented 92.31%, 32.14%, 65.29% and 73.80% of its total raw material Consumed. Further, discontinuation of such supply or a failure of these suppliers to adhere to the delivery schedule or the required quality could hamper its production schedule and therefore affect its business and results of operations.

Dependence on a specific geographic region could adversely affect operations: The company derives a substantial portion of its revenue from operations in the State of Gujarat and Maharashtra. For the period ended on September 30, 2025, around 90.20% of its total revenue was generated from customers located within Gujarat and Maharashtra. Consequently, its business performance is significantly dependent on the economic and industrial conditions prevailing in this region. Any adverse developments in the State of Gujarat and Maharashtra -- including changes in government policies, political instability, natural calamities, labor unrest, or a slowdown in industrial activity -- could materially and adversely affect its operations, revenue, and profitability. Further, its overdependence on a specific geographic region limits its ability to offset regional risks through diversification. While it intends to expand its operations to other regions in India, there can be no assurance that such efforts will be successful or that revenue from other regions will mitigate the impact of any regional downturn in Gujarat and Maharashtra.

Outlook

INDO SMC is engaged in the design and manufacture of a diversified range of products catering to electrical, industrial, and infrastructural applications. The company has in-house testing laboratories to ensure products meet quality requirements and suitable material composition. It has robust quality assurance and control. On the concern side, the company is primarily dependent upon few key suppliers for procurement of raw materials. Any disruption in the supply of raw materials from such selective suppliers and geographical location could have a material adverse effect on its business operations and financial conditions. Also, its revenue is largely dependent on the orders received from the customers through competitive bidding process.

The company is coming out with a maiden IPO of 61,71,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 141-149 per equity share. The aggregate size of the offer is around Rs 87.01 crore to Rs 91.95 crore based on lower and upper price band respectively. On performance front, revenue from operations of the company for Fiscal 2025 was Rs 13,869.25 lakh against Rs 2,803.38 lakh for Fiscal 2024, reflecting a substantial increase of 394.73%. Moreover, Profit after tax for the Fiscal 2025 were at Rs 1,544.09 lakh against profit after tax of Rs 300.36 lakh in fiscal 2024, an increase of 414.08%.

The company leverages its extensive market knowledge and expertise to drive business expansion and capitalize on emerging opportunities. With a deep understanding of industry trends and customer demands, the company strategically positions itself to address evolving market needs. This approach enables the company diversify its product portfolio, explore new geographies, and penetrate untapped markets. By leveraging its experienced and qualified management and established relationships, it wants to effectively identify growth opportunities and adapts to changing dynamics, ensuring a competitive edge. This strategy not only strengthens its market presence but also fosters sustainable growth and long-term profitability.

Narmadesh Brass Industries

• Narmadesh Brass Industries is coming out with an initial public offering (IPO) of 8,71,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 515 per equity share.
• The issue will open on January 12, 2026 and will close on January 15, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 51.50 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Aryaman Financial Services.
• Compliance Officer for the issue is Hetal Vachhani.

Profile of the company

Narmadesh Brass Industries is engaged in manufacturing diverse range of brass products catering to both domestic and international market. Presently, the company operates through one manufacturing facility located in plot no 5, 8 & 9 at Jamnagar, Gujarat. Its manufacturing premises spans 6,293.03 sq.mtr and is equipped with the technology and also ISO 9001:2015 certified for Quality Management. Its current manufacturing setup has an installed capacity of Brass Billets of 4,320 mt per annum, Brass Rods of 4,320 mt per annum and Brass Components of 1,600 mt per annum. It also offers casting and forging services related to brass components at its manufacturing facility. It maintains complete control over the manufacturing process, with every stage - from production to quality control and dispatch taking place within its manufacturing facility.

The company’s product offering includes brass rods, brass billets, agricultural sprayer parts, garden fittings, ball valves, non-return valves (NRVs), turning components and plumbing fittings, sanitary fittings, brass compression fittings etc. Its Holding Company, Sprayking Limited is also engaged in similar line of business i.e. manufacturing brass components/ products.

The company is led by its Promoter and Director Hitesh Dudhagara and Ronak Dudhagara. Hitesh Dudhagara, being a Chartered Mechanical Engineer and Diploma in Export Management - Engineering Specializations comes with over 20 years of experience in business. Its promoters have significant industry experience and have been instrumental in the growth of the company along with it possess the expertise and vision to scale up its business.

Proceed is being used for:

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings
• Purchase of machinery and equipment
• Funding working capital requirements
• General corporate purpose

Industry Overview

The India Brass Market size is expected to grow at a significant CAGR of 4.3% during the forecast period 2025-2031. The brass market in India plays a significant role in the country's industrial landscape, driven by its versatility and utility in various sectors. Brass, an alloy of copper and zinc, is widely used in manufacturing due to its corrosion resistance, malleability, and aesthetic appeal. Key applications of brass include plumbing fixtures, electrical components, decorative items, and precision engineering. India is not only a major consumer of brass products but also a growing exporter, supported by a robust manufacturing base and skilled labor. The market is influenced by factors such as industrial growth, urbanization, and demand from end-user industries.

Investment opportunities in the India brass market are abundant, particularly in the manufacturing and export sectors. With India being one of the largest producers of brass components, there is a strong demand for modernized production facilities and advanced machinery to meet international standards. Exploring value-added segments such as brass fittings, sanitary components, and customized hardware offers lucrative possibilities for manufacturers and investors alike. Furthermore, government initiatives focused on 'Make in India' and the push for local manufacturing create an encouraging environment for both domestic and foreign investments. Companies that prioritize sustainability, innovation, and cost efficiency are well-positioned to capitalize on the growing opportunities in this evolving market.

Meanwhile, the Crop Sprayer Market Size was estimated at $3332.6 billion in 2024. The Crop Sprayer industry is projected to grow from 3472.57 in 2025 to 5239.96 by 2035, exhibiting a compound annual growth rate (CAGR) of 4.2 during the forecast period 2025 - 2035. Technological advancements are reshaping the Crop Sprayer Market, enhancing efficiency and precision in application. North America remains the largest market, driven by robust agricultural practices and investment in modern equipment. The Asia-Pacific region is emerging as the fastest-growing market, fuelled by increasing food production demands and agricultural modernization. The rising awareness of pest management and regulatory support for sustainable agriculture are key drivers propelling market growth.

Pros and strengths

Well Equipped manufacturing facility: The company currently operate through one brass products manufacturing facility. The integrated nature of its manufacturing facility has resulted in the control over all aspects of its operations (with the exception of sourcing of primary raw materials) as well as operating margins, thereby enabling it to focus more on quality and create multiple products for sale across the value chain. It primarily focuses on manufacturing three main products, Brass Rods, Brass Billets and Brass Valves. Integration practices in its production process from Brass Rods to Brass Billets and various brass products have allowed it to be flexible with its production, and be able to alter its products as per the customer’s specific requirements as well as change its product mix to cater to the continuously evolving market conditions while insulating it from price of raw materials which has resulted in optimization of its operating margins.

Location of its manufacturing facility: The company’s manufacturing facility and warehouse is located in two plots attached to each other at Jamnagar, Gujarat. Its manufacturing premises span 6,293.03 sq.mt and total premises (incl manufacturing and warehouse) span 12,299.34 sq. mt in Gujarat and are equipped with the technology. Its presence in this location allows it to have easy access to raw materials and end users both which helps it to overcome entry barriers in comparison with its competitors. Its facility has proper infrastructure with good conditions of road and transport facility and availability of water and power supply. Labours are sourced easily from nearby area as these facilitate it to fetch them as per its work load in factory. This lowers its transportation costs and provides it with logistics management and cost benefits, thereby improving its operating margins.

Diversified product portfolio: The company’s products primarily comprise of Brass Rods, Brass Billets, Brass Components which amounts to 97.10% 96.52%, 92.98% and 98.28% of total revenue from operations excel operating income for the period ended September 30, 2025 and F.Y 2024-25, 2023-24 and 2022-23 respectively, as per its Restated Financial Statements. Brass valves are sold under its brand. The company’s diversified product range has resulted in a diversified product mix, which has reduced its dependency on a particular product and de-risked its revenue streams.

Risks and concerns

High dependence on a limited number of customers: The company’s top customers may vary from period to period depending on the demand and thus the composition and revenue generated from these customers might change as it continues to add new customers in normal course of business. The company has garnered 84.59%, 87.59%, 80.52% and 81.20% of its total revenue from top ten customers for the period ended September 30, 2025 and financial year 2024-25, 2023-24, 2022-23 respectively. Since its business is dependent among few significant customers, it could experience a reduction in its results of operations, cash flows and liquidity if it loses one or more of these customers or the amount of business it obtains from them is reduced for any reason.

Customer concentration and revenue volatility risk: Majority of revenue contribution comes from the Gujarat, Maharashtra and Delhi which contributed 91.85% 73.06%, 94.29%, 95.89% of its revenue from products in for the period ended September 30, 2025 and financial year 2024-25, 2023-24, 2022-23 respectively. Further, the company has not entered into any agreement with its customers for long term sales. The company has also generated export income in the above periods but it cannot assure that it will be able to generate income through this channel in the future. Any change in governmental policies or occurrence of natural disasters in any of this states/ union territory may impact its business, results of operations and cash flows.

Limited operating history may impact assessment of future growth and profitability: The company has limited operating history from which one can evaluate its business, future prospects and viability. The future revenues and profitability of the company is difficult to estimate and could fluctuate significantly and as a result the price of the Equity Shares the company may remain volatile. Further the business prospects of the company must be considered in light of the risks and uncertainties in respect of Brass industry. Although the partnership firm has retained the growth path in past years, and the company will continue to undertake all possible steps towards the growth path, but there is no assurance that this growth will be met successfully in future.

Outlook

Narmadesh Brass Industries is a modern brass manufacturing company based in Jamnagar, Gujarat. Their in-house processes ensure tight control over quality, from production to dispatch. The company is a well-equipped, ISO-certified manufacturing facility located in the brass-rich hub of Jamnagar ensures efficiency and supply chain advantages. On the concern side, the company derive a significant portion of its revenue from the sale of brass rods and brass billets and any reduction in demand or in the manufacturing of such products could have an adverse effect on its business, results of operations and financial condition. Moreover, it is dependent on a few suppliers for supply of raw materials and any major disruption to the timely and adequate supplies of its raw materials could adversely affect its business, results of operations and financial condition.

The company is coming out with an IPO of 8,71,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 515 per equity share to mobilize Rs 44.87 crore. On performance front, the company’s revenue from operations has increased by 11.20% to Rs 8,772.09 lakh in FY25 from Rs 7,888.45 lakh in FY24. Moreover, the profit after tax has decreased by 19.35% from Rs 709.61 lakh for FY24 to Rs 572.30 lakh for FY25.

The company currently operates through one brass products manufacturing facility at Gujarat. It intends to add machines for manufacturing of brass components that will enable it to manufacture precision components which are used in products with stringent safety requirements. Currently, it manufactures normal components, with addition of such precision components it will be able to cater to demand and requirements of products that need to undergo higher safety and quality requirements. This would benefit it in the form of technological advancements, enhance precision and accuracy, reduced production times, increase productivity along with giving it competitive edge. Revenue contribution from components will enable to overall increase its profit and operating margin and also, it intends to focus on sales growth in its brass components products. To meet the growing demand for its products, the company plans to augment its manufacturing capabilities by adding new machinery at its manufacturing facility. This strategic investment will enable it to increase its production capacity, improve operational efficiency, reduce costs, and drive business growth.

Avana Electrosystems

• Avana Electrosystems is coming out with an initial public offering (IPO) of 59,70,000 shares in a price band of Rs 56-59 per equity share. 
• The issue will open on January 12, 2026 and will close on January 14, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 5.60 of its face value on the lower side and 5.90 times on the higher side.
• Book running lead manager to the issue is Indcap Advisors.
• Compliance Officer for the issue is Amrutha Naveen.

Profile of the company

Avana Electrosystems is a manufacturer of customised Control and Relay Panels ranging from 11kv to 220kv for Power System Monitoring, Control and Protection Applications Transmission Lines, Power Transformers, Bus Bar, Capacitor Bank, etc, for both indoor and outdoor usage, MV and LV Panels, Protection Relays and Substation Automation Systems. These panels are used across various sectors and industries to facilitate the transmission and distribution of electrical power such as in solar power plants, wind power farms, other power generation plants, power transmission stations, electricity board sub-stations, power utilities companies etc.

It also manufactures relays, which is a device used in electrical systems to detect faults and protect equipment by analysing electrical parameters and executing protective actions. The company is an ISO 9001:2015 certified company and its current product portfolio may be categorized as: i) High Voltage and extra high voltage systems which includes conventional and BCU based Control and Relay Panels for SCADA & Substation Automations Systems, Feeders / Line Protection Panels, Transformer Protection Panels, Bus-Bar Protection Panels and Capacitor Bank Protection Panels; ii) Medium voltage systems which include indoor and outdoor type control and relay panels for feeder protection panels, bus coupler panels and transformer protection panels; iii) Low Voltage Systems for AC Distribution Box, DC Distribution Box, On-load tap Changer Panels and Metering Panels; and iv) Protection Relays and Electromechanical Relays.

The company has two manufacturing units and both its manufacturing units are equipped with necessary infrastructure, a team of engineers and technicians who have expertise in the areas of Design, Manufacturing, Testing and Commissioning of Control and Relay Panels, Switchgear Panels, Protection Relays and Automation Panels for system voltage for power system applications. Its customer mix primarily include governmental power utilities and private sector energy producers. It has its presence across India. It has commenced export of its products to one customer in Kuwait in the Fiscal year 2025-2026.

Proceed is being used for:

• Capital expenditure towards civil construction, internal electric work and internal plumbing to set up an Integrated manufacturing unit
• Meeting working capital requirements of the company
• General corporate purposes
• Meeting offer expenses

Industry Overview

The rockstar of a circuit breaker, an orchestra of electrical disconnects, fuses with circuit breaking, isolating and de-energising electrical equipment, allowing work to progress by clearing faults downstream - presenting ‘Switchgears’, indispensable not only in transmission and distribution of power but wherever there is a need to access and control electricity; and now, with recent indications, adding monitoring and signalling too as becoming integral parts of switchgears. India currently represents about 7.2% of the total manufacturing segment in India’s GDP and 45% share in the capital goods sector. The switchgear industry in India manufactures the A to Z of circuit breakers from bulk oil, minimum oil, air blast, vacuum and sulphur hexafluoride all these as per standard specifications in the entire voltage range from 240V to 800 KV. IEEMA’s two dedicated divisions, the Low Voltage Switchgear Division and the High & Medium Voltage Switchgear Division, represent this segment of the industry, producing and supplying switchgear and related items needed by the power industry and the industrial sector.

India’s low-voltage switchgear industry has been experiencing a positive trajectory in recent years, with a growth rate of 13% over last year (FY22-23). It is driven by several factors, such as industrial growth, increasing demand for electricity, infrastructure development, and government initiatives focused on energy, efficiency and renewable energy. Rapid growth in the power distribution sector and infrastructure development, renewable energy integration, smart grid initiatives with integration of smart monitoring and control equipment are expected to fuel the growth of the India Switchgear market for the next 6-7 years.” The switchgear industry in India plays a crucial role in the electrical power generation, transmission and distribution sectors. However, the switchgear industry is well supported by new emerging markets like solar, hydrogen, battery storage and EV.

The preceding analysis and projections lead to conclusions and recommendations that can be considered by policymakers engaged in different aspects of electricity system planning, regulation, and policy. India’s government policies provide a favourable environment for the growth of the switchgear industry by promoting domestic manufacturing, renewable energy adoption, electrification and smart infrastructure. The combination of the Make in India initiative, ambitious renewable energy targets, smart grid developments, and rural electrification programs will fuel demand for modern switchgear solutions. The Make in India policy and the Quality Control Order have encouraged global and domestic manufacturing companies to establish manufacturing facilities in India, thereby enhancing production capabilities, reducing costs, and improving the quality of locally manufactured switchgear products. It has also attracted foreign direct investment (FDI) into the sector, helping India become a manufacturing hub for electrical equipment. 

Pros and strengths

Customisation & multi - product portfolio: The company provides a comprehensive range of custom-built Control and Relay Panels ranging from 11kv to 220kv. These panels are used across various sectors and industries to facilitate the efficient transmission and distribution of electrical power such as in solar power plants, wind power farms, other power generation plants, power transmission stations, electricity board sub-stations, power utilities companies etc. It also has comprehensive range of relays which are used in electrical systems to detect faults and protect equipment by analysing electrical parameters and executing protective actions.

In-house R&D Team: The company is equipped with an in-house Research and Development facility which has a team of 9 Engineers, firmware and software developers. Its R&D teams help it to bring out innovation in its existing products. It also obtains third party validation and type test its products at approved laboratories across India for compliance with specific international standards (IEC). It also obtains feedback from its customers and improve its products. These R&D activities carried out by the company are operational in nature and form part of the normal course of business.

Quality standard certifications & quality tests: The company’s customisation and product quality helps it to retain existing customers, onboard new customers and build brand image. It practices quality checks which include inspection of materials, before they enter the production floor for production, initial testing, final testing and pre dispatch check. The company also has in-house testing lab which tests on various parameters as per quality requirements of customers. Its products are tested as per IEC Standards at NABL accredited laboratories as per utility norms. Some of its customers also require it to test its products at their site and it conducts such quality checks by deputing its testing team its manufacturing facility located at Peenya Industrial Estate, Bengaluru is having ISO 9001:2015 certification for its Quality Management Systems.

Risks and concerns

Revenue dependence on top customers: A significant portion of the company’s revenue from operations is derived from a limited number of customers, exposing it to customer concentration risk. For the period ended September 30, 2025 and the financial years ended March 31, 2025, 2024, and 2023, revenue from operations generated from its top 5 customers accounted for 38.79%, 22.42%, 22.76%, and 36.01% of its total revenue from operations, respectively. Revenue from operations from its top 10 customers represented 52.00%, 31.50%, 37.07%, and 47.91% for the period ended September 30, 2025 and the financial years ended March 31, 2025, 2024, and 2023 respectively. Any adverse change in the business relationship with one or more of its top 5 and top 10 customers, including a reduction in order volume, changes in contract terms, delayed payments, or termination, could materially and adversely affect its revenue, cash flows, and overall financial performance.

Revenue vulnerability to geographical concentration: A major portion of the company’s revenue from operations is derived from three states (Madhya Pradesh, Maharashtra and Karnataka) and the combined revenue from the three states accounted for 48.33%, 66.42%, 61.58% and 44.02% of its total revenue from operations for the period ended September 30, 2025 and the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. As a result, its business is significantly exposed to the regional economic, political, and environmental conditions in these geographies. Any adverse development in Madhya Pradesh, Maharashtra and Karnataka, such as economic downturn, changes in regulatory or governmental policies, disruptions in local infrastructure, natural disasters, or socio-political unrest, could materially and adversely affect its revenue from operations, limit customer demand, or impact its ability to execute existing contracts, thereby affecting its financial performance and growth prospects.

Impact of supplier reliance on operations and financial performance: The company’s reliance for raw materials/components is highly dependent on a few limited numbers of suppliers and the loss of one or more such suppliers, the deterioration of their financial condition or prospects, or higher demand from its competitors could adversely affect its supplies from these suppliers. The company procured 57.71%, 58.83%, 57.69% and 60.44% of its raw material from its top 10 supplier for the period ended September 30, 2025 and the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. Any adverse change in its business relationship with one or more of its top 10 suppliers, including a reduction in materials supplied, changes in supply terms, changes in payment terms, or termination of its orders, could materially and adversely affect its revenue, cash flows, and overall financial performance and also expose it to risks of supply disruptions, pricing volatility which may adversely impact its production schedules and financial performance.

Outlook

Avana Electrosystems is engaged in manufacturing of customised Control and Relay Panels. The company operates two manufacturing units in Peenya Industrial Estate, Bengaluru, Karnataka, specializing in industrial production and advanced engineering solutions. The company has Strong customer relationships and wide customer base. It has quality standard certifications & quality tests. On the concern side, the company derived a significant portion of its revenue from operations from limited number of customers, and the loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Moreover, a significant portion of its revenue from operations is generated from three states (Madhya Pradesh, Maharashtra and Karnataka). Any adverse development affecting its business operations in these regions could have a negative impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 59,70,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 56-59 per equity share. The aggregate size of the offer is around Rs 33.43 crore to Rs 35.22 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased 16.04% to Rs 6,148.58 lakh in FY25 from Rs 5,298.77 lakh in FY24. Moreover, the company reported 20% rise in net profit at Rs 831.23 lakh in FY25 as compared to Rs 402.41 lakh in FY24.

The company has two functional manufacturing units which are equipped with necessary infrastructure, a team of engineers and technicians who have experience in the areas of Design, Manufacturing, Testing and Commissioning of Control and Relay Panels, Switchgear Panels, Relays and Automation Panels for system voltage for power system applications. Both these units have a combined total area of 12,500 sq. ft, with an installed capacity of 70,000 units in Unit I for protection relays and 600 units in Unit II for control and relay panels and are currently operating at optimum capacity. As on March 31, 2025, its facilities were operating at 94.06% capacity for Unit I and 87.16% capacity for Unit II. Both of its existing manufacturing units are leased on a leave and license basis. The total area of both these units is fully utilised and further capacity expansion is not possible. In view of the growth in revenue recorded over the past three financial years, and in anticipation of continued demand driven by infrastructure expansion and industrial growth, the company plans to relocate both the existing units to a single new integrated manufacturing unit.

Defrail Technologies

• Defrail Technologies is coming out with an initial public offering (IPO) of 18,60,800 shares in a price band of Rs 70-74 per equity share. 
• The issue will open on January 09, 2026 and will close on January 13, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.00 of its face value on the lower side and 7.40 times on the higher side.
• Book running lead manager to the issue is Nexgen Financial Solutions.
• Compliance Officer for the issue is Vaibhav Sharma.

Profile of the company

Defrail Technologies is engaged in the business of manufacturing rubber parts & components including Rubber Hose and Assemblies, Rubber Profiles and Beadings and Rubber Moulding parts. Its Products have diverse application across different industries including Automotive, Railways and Defence. It assists clients in selecting the right type of product for their applications while also providing design and customization options according to the intended use.

The company operates with two manufacturing plants located at Neemka, Tigaon Road, Ballabgarh, Faridabad, Haryana and Plot No 180 Sector 24 Faridabad, Haryana, spanning a total area of 2420 sq. yards and 4833.33 sq. yards respectively. It is Capable of producing Variety of rubber products available in different size and specification as per the requirement of customer including but not limited to Diesel and petroleum Hose Pipe, LPG Hose pipe, Nylon Tubes, Rubber Gaskets, Rubber Grommets, Air intake Hose, Aluminium Window Rubber beading, Black EPDM Rubber Profiles, Rubber Sponges Profiles and many more.

The company’s products are manufactured from various raw material which includes Acrylonitrile Butadiene Rubber, Chloroprene Rubber, Ethylene Propylene Diene Rubber Monomer, Acrylonitrile Butadiene Rubber, Chloro Sulphonated Pole and Chlorinated Polyethylene. Following production, its products undergo through examination, testing and evaluation to ensure compliance with client’s specifications and industry standards. Its manufacturing unit is equipped with advanced machineries, such as high Cold Feed Extruders, Knitting Machines, Autoclaves / Vulcanizers, Braiding Machines etc.

Proceed is being used for:

• Capital expenditure
• General corporate purposes

Industry Overview

Indian rubber sector is a vital part of the national economy, serving as a key raw material supplier for numerous industries, most notably the automotive sector.  The industry manufactures a vast array of products, including automotive parts, tyres, footwear, and industrial goods, supporting sectors like the auto and healthcare industries and contributing to rural employment. Cultivation is primarily concentrated in traditional states like Kerala and Tamil Nadu, but is expanding in the non-traditional Northeast region, driven by favorable growth policies and industry structure. Through a strong export market for raw materials and finished products, the Indian rubber industry generates substantial export revenue, boosting the nation's foreign exchange reserves. There is a growing trend towards the development of eco-friendly rubber products, influenced by consumer awareness and government policies promoting sustainable practices. The sector is experiencing robust growth, driven by domestic and international demand, particularly from the automotive industry, and is a major employer with a wide range of products from tires to industrial goods. Despite consistent growth, the sector faces challenges such as a domestic consumption deficit, leading to import reliance, and raw material price volatility.

Rubber consumption serves as a direct indicator of the extent of rubber-based industrialization. Although India is the world’s second-largest consumer of natural rubber, its per capita rubber consumption is only about 1.2 kg, significantly lower than China’s 6.5 kg and the global average of 3.6 kg. Rubber end-products span over 50,000 items, catering to diverse industries such as transport, healthcare, households, sports, and entertainment. Promoting rubber consumption is essential for the holistic development of the rubber industry value chain. India’s synthetic rubber (SR) production continues to demonstrate steady growth, reaching 579,857 tonnes in 2024-25, up from 546,565 tonnes in 2023-24, a year-on-year increase of 6.1%. While this marks a slower pace than the 16.9% growth observed the previous year, it still indicates a healthy expansion of domestic SR manufacturing capabilities. In terms of composition, styrene butadiene rubber (SBR) accounted for 53.1% and polybutadiene rubber (PBR) for 22.8% of total SR production during 2024-25. These figures represent a slight shift from 2023-24, where SBR and PBR held shares of 54.7% and 24.5% respectively, suggesting a gradual diversification within synthetic rubber variants.

Indian rubber sector is poised for significant growth in the coming years, driven by increasing domestic consumption from booming automotive, construction, and healthcare industries, government initiatives like the FAME scheme, and expanding natural rubber cultivation in the Northeast and other regions. Indian rubber market is projected to experience a Compound Annual Growth Rate (CAGR) of approximately 3.9% between 2025 and 2033, growing from a 2024 market size of roughly $3.85 million to an estimated $5.53 million by 2033. The Rubber Board and the ATMA are implementing projects like INROAD to boost cultivation in Northeast India, while also focusing on improving productivity and quality for growers. The push for domestic self-reliance, alongside increased demand from sectors like the automotive industry, creates a promising outlook for the Indian natural rubber market despite existing consumption-production gaps. India is also advancing its rubber industry through innovative initiatives like the iSNR, INR Konnect, and mRube platforms, aligned with the National Rubber Policy 2019. These efforts aim to increase domestic production, enhance sustainability, and ensure global competitiveness while tackling challenges like compliance with EUDR and expanding market access. 

Pros and strengths

RDSO approved vendor status: The company has been granted approval by the Research Designs & Standards Organization (RDSO) approved vendor, effective July 8, 2024, for the manufacturing and supply of Air Brake Hose Coupling, Brake Pipe, and Feed Pipe. This approval allows it to participate in the supply chain of Indian Railways, providing access to a large and structured market. It also enhances its credibility as a qualified supplier, strengthens its position in competitive tenders, and facilitates opportunities for technical collaboration. Additionally, compliance with RDSO standards underscores its commitment to manufacturing products that contribute to the safety and reliability of railway operations.

Diversified product range: The company manufactures a wide range of rubber components used across the Automobile, Railways, and Defence sectors. The product portfolio comprises items such as hoses, seals, gaskets, bellows and molding components. This diversification across multiple sectors enables it to generate revenue from multiple sectors, reducing reliance and dependency on any single industry and limiting exposure to sector-specific risks.

In-house testing and R&D centre: The company operates an equipped Testing Laboratory and Research & Development (R&D) Centre that supports the design, development, and testing of its products. This infrastructure enables it to conduct product testing to verify that manufactured products are in line with customer specifications and requirements. The R&D Centre focuses on continuous product improvement, allowing it to develop new products and refine existing products in response to evolving market needs and technological advancements. This approach to R&D and testing helps the company in assessing their products' performance and durability under real-world conditions.

Risks and concerns

Limited supplier base may impact operational continuity: The company’s top 10 suppliers contribute a significant portion of its raw material. The company has procured 81.56%, 85.45%, 88.68% and 94.74% of its raw material supply from top 10 suppliers in FY25, FY24, FY24 (Sole Proprietorship) and FY23 (Sole Proprietorship). Though it has not faced any difficulties in procuring the raw material in the last three preceding financial years and there were no past instances where it has experienced any losses due to loss of any vendor/ supplier. However, it cannot assure that it will not face any such situations in the future, or the procurement of raw material will be on commercially viable terms. Furthermore, any dispute with any of the suppliers may damage its relationship with existing and potential suppliers, and in any such event its operations will be adversely affected. Further it will also affect its profitability and reputation in the market.

Loss of any key customer could materially adversely affect the business: The company is dependent on a limited number of customers for a significant portion of its revenues. The company has garnered 98.73%, 98.80% and 99.75% of its total revenue from top 10 customers in FY25, FY24 (Sole Proprietorship) and FY23 (Sole Proprietorship). The company’s business is substantially dependent on a limited number of clients for a significant portion of its revenue. Such reliance on a concentrated client base increases the volatility of its financial results and exposes it to risks associated with individual contracts. Any inability to achieve expected profitability, or losses incurred on these large contracts, could adversely affect its business, financial condition, and results of operations. Furthermore, the loss of a key client, or failure to comply with the terms of a purchase order, may result in a reduction of future business from such clients, which could materially impact its revenue and overall performance.

Revenue concentration in Haryana increases regional risk exposure: The company operates its business operations from its registered office and manufacturing facility. Although, its business operations span various regions across India, State of Haryana contributes to a substantial portion of its revenues. The company has garnered 90.22%, 100%, 85.78% and 91.02% of its revenue from State of Haryana in FY25, FY24, FY24 (Sole Proprietorship) and FY23 (Sole Proprietorship). Any factors relating to political and geographical changes, growing competition, economic downturn, natural disasters and any change in demand may adversely affect its business. It cannot assure that it shall generate the same quantum of business, or any business at all, from this state, and loss of business from this state could adversely affect its revenues and profitability.

Outlook

Defrail Technologies is engaged in the business of manufacturing rubber parts and components, including rubber hoses and assemblies, rubber profiles and beadings, and moulded rubber parts. Its products find applications across industries such as automotive, railways, and defence, with the company offering clients both standard products and customised solutions tailored to their operational requirements. The company is an RDSO-approved vendor, enabling it to supply products to the Indian Railways sector. The company has an in-house testing and research and development center, supporting product quality and innovation. On the concern side, the company is dependent on a limited number of customers for a significant portion of its revenues. The loss of a major customer or significant reduction in demand from any of its major customers may adversely affect its business, financial condition, results of operations and prospects. Moreover, its top 10 suppliers contribute a significant portion of its raw material. Any dispute with one or more of them may adversely affect its business operations.

The company is coming out with a maiden IPO of 18,60,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 70-74 per equity share. The aggregate size of the offer is around Rs 13.03 crore to Rs 13.77 crore based on lower and upper price band respectively. On performance front, the company’s total revenue from operations for the financial year 2024-2025 stood at Rs 6,176.78 lakh whereas for the financial year 2023-24, it stood at Rs 2,929.73 lakh representing an increase of 110.83%. Moreover, the restated profit after tax for the financial year 2024-2025 stood at Rs 351.93 lakh whereas for the financial year 2023-24, it stood at Rs 132.70 lakh representing an increase of 165.20%.

In a bid to enhance operational efficiency, the company is adopting advanced technologies and improve existing manufacturing processes. This will streamline production, reduce costs, and enhance product quality. Concurrently, it will focus on expanding its customer base by targeting new clients within India. Developing innovative products for emerging automotive applications will be a key strategy in attracting and retaining new customers, thereby driving business growth and diversification. Going forward, the company plans to continue expanding its manufacturing capabilities in order to capture future growth trends. It intends to explore opportunities to expand its operations by offering new products within its existing lines of business. Further expanding its product offerings will help it to build on existing diversification of its business.

Bharat Coking Coal

• Bharat Coking Coal is coming out with a 100% book building; initial public offering (IPO) of 46,57,00,000 shares of 10 each in a price band Rs 21-23 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 January 09, 2026 and will close on January 13, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 2.10 times of its face value on the lower side and 2.30 times on the higher side.
• Book running lead managers to the issue are IDBI Capital Markets & Securities and ICICI Securities.
• Compliance Officer for the issue is Bani Kumar Parui.

Profile of the company

The company is largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in Fiscal 2025. Its primary product is coking coal, with an estimated reserve of approximately 7,910 million tonnes, as of April 1, 2024, making it one of the largest coking coal reserve holder in India. It produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries.

The company is a wholly-owned subsidiary of Coal India Limited (CIL) and was conferred with Mini Ratna status in 2014. It was incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields. It has expanded its operations significantly over the years, with its coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, which is an increase of 32.74% over Fiscal 2022. Further, its coal production was 15.75 million tonnes in the six months period ended September 30, 2025, as compared to its coal production in six months period ended September 30, 2024, which was 19.09 million tonnes. In Fiscal 2024, it produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal, surpassing its previous records of coking coal production.

It operates across a total leasehold area of 288.31 square kilometers, covering 252.88 square kilometers of the Jharia coalfield and covering 35.43 square kilometers of the Raniganj coalfield. Its operational portfolio includes (i) opencast and underground mining projects, (ii) coal washeries; (iii) monetisation of old and idle coal washeries through the Washery Developer and Operator (WDO) route; and (iv) restoration of operations in discontinued underground mines through the Mine Developer and Operator (MDO) model. In addition, it monetize its solar power projects through a combination of self-consumption and grid injection.

Proceed is being used for:

• Carrying out the Offer for Sale of up to 465,700,000 Equity Shares of face value of Rs 10 each of the company by the Promoter Selling Shareholder
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry Overview

The main minerals mined in India are coal, iron ore, and limestone, which are intricately linked to the country's power, steel, and cement industries. Coal, the primary source of fuel for India's thermal power plants, accounts for over 75% of the country's electricity generation.21 The power sector, which is heavily reliant on coal, is also closely tied to the steel and cement industries, as electricity is a critical input for the production of steel and cement. Coal and iron ore are the bedrock of India's mineral wealth, playing a critical role in driving the nation's industrial and economic progress. These minerals not only fuel the country’s energy needs but also support the backbone of its manufacturing sector, particularly in steel production. Given India's large population (largest country by population in the world with approximately 1.44 billion people in 2024 according to IMF estimates) and rapidly growing economy (6.4% real GDP growth rate expected from CY2025 to CY2030, according to the IMF), the demand for energy is ever-increasing, making thermal coal indispensable for ensuring energy security. The importance of coal is further underscored by its widespread use in various industries, from cement to chemicals, contributing significantly to India's industrial output.

The growth in coal consumption parallels India's economic expansion over the past decade. The increased demand for energy, particularly from coal, highlights the country's industrial and infrastructural growth. As of 2024, India accounted for 14% of global coal consumption, standing as the second-largest consumer after China (which dominates with a 56% share). In terms of absolute figures, India's coal consumption, measured in EJ, has risen significantly. In 2013, India's coal consumption stood at 14.4 EJ. By 2024, this figure escalated to 23.0 EJ, underscoring a substantial increase in energy demand within the country. India’s energy landscape also heavily depends on the fossil fuel, with the country consuming about 13% of the world’s coal. Coal-based thermal power plants continue to dominate electricity generation in India, accounting for approximately 73% in Fiscal 2024. The India coal industry is highly fragmented with a presence of few large players and several medium and small players. CIL (313 operating mines) and Singareni Collieries Company Ltd (SCCL; 40 operating mines) dominates the coal production in the country with production by other captive and commercial players.

The Ministry of Coal (MoC) has set a goal to produce 1150 MMT of domestic coal by Fiscal 2026 and 1500 MMT by Fiscal 2030 to advance the vision of Atma-Nirbhar Bharat ensuring India's energy security by substituting imported coal with domestic coal. In Fiscal 2025, India produced approximately 1048 MMT coal. Going forward, the government has brought in a series of reforms and measures to address import substitution of coal. The critical points to be considered in import substitution are assured supply of quality and of quantity of coal by companies that will help in bridging the gap between the requirement and indigenous availability & to improve the quality. 

Pros and strengths

Largest coking coal producer in India with access to large reserves: The company is largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in Fiscal 2025. As of March 31, 2025, India’s total coal resource is estimated to be 389.4 billion metric tonnes, with coking coal resources amounting to 36.8 billion tonnes. It holds 7.91 billion tonnes of these coking coal resources, as of April 1, 2024, making it the only source of prime coking coal in India. With its substantial reserves, it ensures a steady supply of coking coal to meet the demands of its customers across industries such as steel plants, thermal power plants, cement manufacturers and fertilizer industry that rely on coal as a primary fuel or input. As India's largest coking coal producer, the company benefits from economies of scale, bolstered by the strategic significance of coking coal in steel production.

Strategically located mines with large washeries: The company’s mines are strategically located in the Jharia and Raniganj coalfields, which have a vast reserve of coal resources. It is a market leader in coking coal washery capacity in India, with an owned operational capacity of 13.65 million tonnes per annum. Its strategically located mines and large washeries represent a significant competitive advantage that enhances operational efficiency, reduces costs, and ensures high-quality coal production. Each of its mines have varying seams that allow for mining of different nature of coal thereby ensuring it to diversify its revenue streams from its mining operations. The company’s mines in Jharia and Raniganj coalfields are situated in regions with well-developed infrastructure and logistical networks. This geographical advantage minimizes transportation costs and time, as the mines are often located near major transportation routes, including railways and highways.

Well positioned to capitalize on demand for coking coal in India: The demand for coking coal in India stands at 67 million metric tonnes in Fiscal 2025 and is expected to reach 138 million metric tonnes by Fiscal 2035. The demand for coking coal in India is expected to rise substantially, driven by the growth of the steel and power industries. It is a well positioned to capitalize on demand for coking coal in India since the demand for coking coal in India is expected to rise, driven by the steel industry’s growth. Its large resource base strengthens its position as a major player in the Indian coking coal industry, making it less vulnerable to resource depletion.

Strong parentage of Coal India Limited: The company’s relationship with Coal India Limited provides it with a solid foundation and extensive resources that are pivotal to its success. Coal India Limited is the largest coal producing company in the world. It benefits significantly from their strategic support and vast resources. This includes access to advanced technologies, a pool of skilled professionals, and robust financial backing. These resources enable it to undertake large-scale projects with confidence, ensuring timely and efficient execution. Its ability to leverage these assets sets it apart from its competitors and positions it for continued success.

Risks and concerns

High revenue concentration risk from limited customer base: The company’s business largely depends upon its top 10 customers which accounted for 83.89%, 82.46%, 88.88%, 80.79% and 83.10% of its revenue from operations in the six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. Loss of all or a substantial portion of sales to any of its top 10 customers, in particular for any reason (including, due to loss of contracts or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these customers), could have an adverse impact on its business, results of operations, financial condition and cash flows.

Concentration of operations and revenues in coking coal: A significant portion of the company’s revenues is derived from the production of raw coking coal, which accounted for 77.20%, 74.13%, 75.72%, 75.75% and 74.79% of its revenue from operations in the six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024, and 2023, respectively. Any decline in demand for coking coal, whether due to fluctuations in global economic conditions, regulatory changes aimed at reducing carbon emissions, technological advancements in alternative materials, increased competition, or economic downturns, could adversely affect its business, results of operations, financial condition, and cash flows.

Substantial concentration of operations in specific geographic regions: As of September 30, 2025, the company operates a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines. The company’s operations are entirely concentrated in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal, which are critical sources of its coal production. This geographic concentration exposes it to significant risks, including the potential depletion of coal reserves in these regions. The coal reserves in these regions are finite and may eventually be depleted. The exhaustion of coal reserves in Jharia, Jharkhand and Raniganj, West Bengal could materially and adversely affect its business, results of operations, financial condition, and cash flows.

Disruption in vendor services could materially adversely affect operations: The company strategically collaborates with vendors to support its business activities, sourcing essential materials such as high-speed diesel and explosives, and procuring services including coal production, overburden removal, coal transportation and loading, and coal washing. It typically enters into contractual agreements with such vendors wherein the payment terms are contingent upon the volume of supply or production achieved. Any disruption in the supply of these services, whether due to vendor financial instability, operational inefficiencies, natural disasters, regulatory changes, or other unforeseen circumstances, could have a material adverse impact on its ability to conduct its exploration activities effectively and efficiently.

Outlook

Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal. The company is a wholly-owned subsidiary of Coal India Limited. It is the largest coking coal producer in India with access to large reserves. It is well-positioned to capitalise on demand for coking coal in India. On the concern side, the company’s mines and washeries are concentrated in Jharia, Jharkhand and Raniganj, West Bengal and the eventual exhaustion of coal reserves in these areas or its inability to successfully exploit existing reserves may adversely affect its business, results of operations, financial conditions and cash flows. Moreover, a significant portion of its revenues is derived from production of raw coking coal. Any decline in demand for raw coking coal could have an adverse impact on its business, results of operations, financial condition and cash flows. 

The issue has been offering 46,57,00,000 in a price band of Rs 21-23 per equity share. The aggregate size of the offer is around Rs 977.97 crore to Rs 1071.11 crore based on lower and upper price band respectively. Minimum application is to be made for 600 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations (net of levies) decreased by 3.11% from Rs 142,458.60 million in Fiscal 2024 to Rs 138,025.50 million in Fiscal 2025, primarily due to decrease in net sales and other operating revenue. Moreover, the company’s profit for the year was Rs 12,401.90 million in Fiscal 2025 compared to Rs 15,644.60 million in Fiscal 2024.

The increasing production capacity of the steel and other allied industries in India present considerable growth and expansion opportunities for coal mining companies in India. It intends to capitalize on such market opportunities by leveraging its resources to enhance its operational capacity, market presence and profitability through implementation of strategic initiatives focused on sustainable growth and increased production. Going forward, the company is aiming at identifying and continuously adding new producing patches by hiring the heavy earth moving machinery (HEMM). This approach provides quick enhancement of production capacity and replaces depleted reserves. It is also encouraging the conversion of overburden into valuable construction sand through the planned establishment of a sand extraction plant at its Damoda open cast coal project. This initiative not only optimizes resource utilization but also supports sustainable development by reducing waste and promoting eco-friendly practice.