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RFBL Flexi Pack 

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

Profile of the company

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

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

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

Proceed is being used for:

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

Industry Overview

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

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

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

Pros and strengths

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

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

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

Risks and concerns

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

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

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

Outlook

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

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

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

Goldline Pharmaceutical 

• Goldline Pharmaceutical is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 41-43 per equity share. 
• The issue will open on May 12, 2026 and will close on May 14, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 4.1 times of its face value on the lower side and 4.3 times on the higher side.
• Book running lead manager to the issue is Cumulative Capital.
• Compliance Officer for the issue is Ruchi Sanket Modi.

Profile of the company

Goldline Pharmaceutical is engaged in the business of marketing pharmaceutical products under the brand name ‘Goldline’. Its product portfolio is organized into five distinct segments: Goldline Pharma, Goldline Cardinal, Goldline Aayushman, Goldline InLife, and Goldline Wellness. The pharmaceutical products marketed under the ‘Goldline’ brand are not manufactured by the company. Instead, it enters into contractual arrangements with third-party manufacturers, who produce the products based on its market research, demand analysis, and specifications. These contractual arrangements ensure that all products meet the requisite quality standards and regulatory norms.

The products are marketed and sold exclusively under the ‘Goldline’ brand. Its customers primarily comprise distributors, who further supply to retailers and wholesalers, forming the main channel of distribution to the end-users. Presently, it maintains contractual arrangements with 15 manufacturers and 8 distributors, ensuring a stable supply chain and consistent market presence.

Under the third-party manufacturing model, the primary responsibility and product liability in respect of each formulation rests with the respective manufacturer. The manufacturer is solely responsible for ensuring that products are manufactured in compliance with the Drugs and Cosmetics Act, 1940 and the rules made thereunder, and that such products always conform to the specifications prescribed under the applicable pharmacopoeia standards. Notwithstanding the above, as a responsible organisation operating in the pharmaceutical sector, the company accords highest priority to addressing any quality-related concerns or complaints pertaining to products marketed under its brand.

Proceed is being used for:

• Repayment of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

Indian pharmaceutical industry is known for its generic medicines and low-cost vaccines globally. Transformed over the years as a vibrant sector, presently Indian pharma ranks third in pharmaceutical production by volume. The Pharmaceutical industry in India is the third largest in the world in terms of volume and 14th largest in terms of value. The pharma sector currently contributes to around 1.72% of the country’s GDP. The Indian pharmaceuticals industry is expected to grow 9-11% in the financial year 2024.

In FY23, the Indian pharma market saw a year-on-year growth of nearly 5%, reaching $49.78 billion. During FY18 to FY23, the Indian pharmaceutical industry logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. Major Segments of the Pharmaceutical Industry are Generic drugs, OTC Medicines and API/Bulk Drugs, Vaccines, Contract Research & Manufacturing, Biosimilars & Biologics. Market size of India pharmaceuticals industry is expected to reach $65 billion by 2024, $130 billion by 2030 and $450 billion market by 2047. India is 3rd largest market for APIs globally, 8% share in the Global API Industry, 500+ different APIs are manufactured in India, and it contributes 57% of APIs to the prequalified list of the WHO. Pharmaceutical is one of the top ten attractive sectors for foreign investment in India. The pharmaceutical exports from India reach more than 200 nations around the world, including highly regulated markets of the USA, West Europe, Japan, and Australia.

The Government has put in place an investor-friendly Foreign Direct Investment (FDI) policy to promote investment in the sector. 100% foreign investment is allowed under automatic route in Medical Devices. In pharmaceuticals, up to 100% FDI in greenfield projects and up to 74% FDI in brownfield projects is allowed under the automatic route. Foreign investment beyond 74% in brownfield projects requires Government approval. After the abolition of the Foreign Investment Promotion Board (FIPB) in May 2017, the Department of Pharmaceuticals has been assigned the role to consider the foreign investment proposals under the Government approval route.

Pros and strengths

Asset-light business model and competitive products: The business model focuses on sourcing products of required quality through a manufacturer based on relationships with manufacturing partners. This allows for scaling operations without incurring capital expenditure on manufacturing facilities. The company operates on an asset-light business model, avoiding heavy investment in physical assets such as plants and machinery. This model supports capital efficiency, allows for expansion into new markets and distribution channels, and facilitates better cash flow management and lower risk.

Scalable business model: The business model is customer-centric and order-driven, requiring optimal utilization of resources, ensuring quality supply, and achieving economies of scale. Growth is supported by relationships with pharma manufacturers and the development of new markets and products by understanding customer needs and expanding the distribution network. The business model allows for scalability.

Wide and diverse range of product offerings: The company offers a range of products across Goldline Pharma, Goldline Cardinal, Goldline Aayushman, Goldline InLife, Goldline Wellness. Products are manufactured through contract manufacturing based on demand estimation and client requirements. The Company has the resources, experience, and network to introduce additional products.

Risks and concerns

Dependence on Goldline Pharma and Goldline Cardinal segments: The Company significantly depends on the Goldline Pharma and Goldline Cardinal segments for its revenue generation. The Goldline Pharma segment contributed 46.63%, 48.18%, 43.56%, and 51.53% to the Company’s revenue from operations during the nine months ended December 31, 2025, Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively, while the Goldline Cardinal segment contributed 26.46%, 24.64%, 28.36%, and 29.15%, respectively. Any reduction in demand for Goldline Pharma and Goldline Cardinal products could materially and adversely affect the company’s business, results of operations, and financial condition.

Dependence on limited geographies for revenue: It operates in limited geographies for a significant portion of its revenue. Its operations are based out of limited region like Maharashtra, Madhya Pradesh, Odisha, Jharkhand, Tamil Nadu, Rajasthan, Bihar, Chhattisgarh, Uttar Pradesh and Goa. The company derives a significant portion of its revenue from Maharashtra and Madhya Pradesh. Maharashtra contributed 44.36%, 47.54%, 50.50%, and 50.82% to the company’s total revenue as of December 31, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, respectively, while Madhya Pradesh contributed 26.51%, 28.75%, 26.08%, and 22.02%, respectively. Its geographic concentration may have a have a material adverse effect on its business, results of operations and financial condition.

High working capital requirements: Its business requires significant amount of working capital and major portion of its working capital is utilized towards inventories and trade receivables. Its growing scale and expansion, if any, may result in increase in the quantum of current assets. Its inability to maintain sufficient cash flow, credit facility and other sources of funding, in a timely manner, or at all, to meet the requirement of working capital or pay out debts, could adversely affect its financial condition and result of its operations. Further, it has high outstanding amount due from its debtors which may result in a high risk in case of non-payment by these debtors. In case of any such defaults from its debtors, may affect its business operations and financials.

Outlook

Goldline Pharmaceutical is engaged in the business of marketing pharmaceutical products under the Goldline brand. Its products are divided into five categories: Goldline Pharma, Goldline Cardinal, Goldline Aayushman, Goldline InLife, and Goldline Valiente. Its primary customers are distributors, who are further categorized as retailers and wholesalers. These distributors serve as the key channel through which its products reach the end-users. On the concern side, it relies entirely on third-party contract manufacturers for the manufacturing of its pharmaceutical products, and any failure or inability of such manufacturers to meet quality, regulatory, delivery or capacity requirements could adversely affect its business, results of operations and financial condition. Further, its business largely depends on the performance of its marketing team. 

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 41-43 per equity share. The aggregate size of the offer is around Rs 11.07 crore to Rs 11.61 crore based on lower and upper price band respectively. On performance front, during Fiscal 2025, revenue from operations stood at Rs 2,805.57 lakh, compared to Rs 2,356.60 lakh in Fiscal 2024, representing a 19.05% jump. The Profit After Tax (PAT) for Fiscal 2025 reached Rs 283.22 lakh, marking an increase from Rs 180.40 lakh in Fiscal 2024, up by 57%.

Meanwhile, it considers efficient inventory management as key to the part of its business. Its inventory management processes include product allocation and store planning based on an assessment of sales potential and requirements. It has strict inventory management and monitoring systems, in order to manage an appropriate level of inventory for each of its products, to ensure sufficient supply. It plans its inventory procurement by forecasting demand for QoQ based on its targeted sales and inventory turnover and also based on its previous quarter’s demand analysis. It generally endeavors to maintain inventory levels in line with customer demand. It continuously looks for opportunities to optimize its supply chain network as well as warehouse processes to optimize its efficiency and productivity. It relies on third party agencies logistics vehicles to transport the products. Additionally, it has contracts with third-party agencies specializing in logistics and courier services, including to ensure smooth and timely transportation of its products.

Simca Advertising 

• Simca Advertising is coming out with an initial public offering (IPO) of 31,71,600 shares in a price band of Rs 174- 183 per equity share. 
• The issue will open on May 08, 2026 and will close on May 12, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 17.40 times of its face value on the lower side and 18.30 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance Officer for the issue is Pooja Sanjiv Hindia.

Profile of the company

Simca Advertising is in the business of providing advertising services, with a focus on Out of Home (OOH) media in Mumbai and Maharashtra. It offers a range of OOH advertising solutions that help brands reach people in public spaces. These include hoardings, gantries, bus side and back panels, bus shelters, kiosks, utilities, and vinyl signage. It works across different advertising formats and locations to help its clients communicate with their target audiences. By understanding different audience groups and their habits, it plans and executes campaigns that match the client’s goals and budgets. Its services include selecting the right locations and creating media plans that aim to deliver value and reach. It supports clients with end-to-end OOH campaign execution, helping them use public space as a communication channel to increase awareness and visibility.

The sites are primarily operated under lease or sub-lease arrangements from the promoters and third-party owners. The strategic placement of these media sites across the city enables consistent visibility and audience reach, making Mumbai its core operational geography for outdoor advertising. It serves a diversified client base across multiple sectors, including advertising agencies, entertainment, real estate, fashion and lifestyle, insurance, and government organizations. This sectoral diversity provides the company with broad market exposure, reduces dependence on any single industry, and enables consistent demand for advertising services across economic cycles.

Further, it is an ISO 9001:2015 certified company. It focuses on maintaining consistent quality across all services. The company follows processes to ensure accurate execution, timely delivery, and cost-effective outcomes. In addition to media placements, it also works to understand each client’s business goals, market conditions, and target audience. Based on this understanding, it then develops communication strategies that align with client needs. These strategies may include outdoor advertising, digital elements, or multi-channel campaigns. The aim is to help clients increase visibility and achieve measurable business outcomes.

Proceed is being used for:

• Purchase and installation of LED (light-emitting diode) screens
• Funding for strategic collaboration with Capital World Media Services (CWM) for monetization of 20 LED digital advertising screens
• Funding its incremental working capital requirements 
• General corporate purposes.

Industry Overview

The advertising industry in India is experiencing dynamic growth, driven by evolving consumer behaviour, rapid digitalization, and an increasingly competitive market landscape. Traditional media such as television, print, and outdoor advertising continue to hold relevance, especially in regional markets, while digital platforms are rapidly transforming the way brands engage with audiences. The rise of social media, mobile internet penetration, and content consumption in regional languages have significantly expanded the reach and influence of advertising campaigns. Sectors like consumer goods, e-commerce, telecommunications, and financial services are major contributors to ad spending, leveraging both traditional and digital channels to connect with diverse consumer segments. 

India OOH (Out-of-Home) Advertising Market Revenue Share by Cities in 2024, segmented across Tier I, Tier II, and Tier III cities. Tier I cities clearly lead the market, contributing a dominant 71.4% of the total revenue. This significantly outweighs the shares of Tier II (20.1%) and Tier III cities (8.5%), emphasizing the concentration of advertising investments in major metropolitan hubs. The vast infrastructure, dense population, and higher brand presence in Tier I cities make them the most lucrative for OOH advertising. In comparison, Tier II cities show moderate participation, generating around one-fifth of the revenue. While their share is far behind Tier I, it is still noteworthy, indicating growing advertiser interest fuelled by urbanization, increasing consumer spending, and improving transit networks. Tier III cities lag considerably, contributing under 10% of the revenue. Despite being the smallest segment, their share suggests a slow but emerging recognition of potential in smaller towns and rural markets, driven by expanding infrastructure and rising rural engagement. Overall, the data highlights a significant urban skew in OOH advertising, with Tier I cities at the forefront, but also underscores the emerging role of Tier II and Tier III cities as potential future growth areas as advertisers seek to tap into India’s expanding urban and semi-urban markets.

India’s advertising market is set for strong growth, fuelled by increasing digital adoption, evolving consumer behaviour, and rising brand investments. The sector is expanding across digital, television, print, and outdoor advertising, with digital emerging as the key driver due to growing internet penetration, smartphone usage, and the e-commerce boom. Industries such as FMCG, retail, automotive, Banking, Financial Services, and Insurance (BFSI), and real estate are ramping up their ad spends, integrating AI-driven marketing, influencer collaborations, and programmatic advertising to enhance engagement. The market is expected to grow from Rs 1,020.97 billion in CY 2024 to Rs 1,830.05 billion by CY 2031, at a CAGR of 8.7% (CY 2024F- CY 2031F), reflecting consistent investment across multiple channels. With increasing demand for personalized and data-driven advertising strategies, businesses are shifting towards digital platforms, OTT media, and targeted campaigns. Additionally, government initiatives like Digital India and the growing consumption of regional content are further driving expansion. The rise of AI-powered and immersive advertising solutions is set to shape the future landscape, ensuring sustained long-term growth for India’s advertising industry.

Pros and strengths

Established market presence and media network in OOH Advertising: The company has built a presence in the OOH advertising industry with years of experience in executing high-impact, result-oriented campaigns across industries. It has successfully managed advertising campaigns, leveraging its expertise and market insights. Originally founded as a Mumbai-based media asset management company, it has expanded its operations and now manages a portfolio of over 100 media assets across key locations in Mumbai. With a planned and diverse media network, it provides brands with advertising opportunities that ensure maximum visibility and audience engagement. Its portfolio includes billboards, hoardings, transit media, and digital advertising spaces placed in high traffic locations such as busy roads, railway stations, metro hubs, airports, commercial districts, and shopping centres. These placements allow brands to reach a wide audience, including commuters, pedestrians, and travellers, ensuring strong and repetitive brand recall. 

Strong partnerships, industry collaborations and competitive market advantage: It collaborates with corporate brands, advertising agencies, event organizers, and government bodies to deliver advertising solutions. The company works with media buying firms for campaign execution and partners with municipal corporations and city councils for advertising space allocation, ensuring visibility and impact. It provides constant brand exposure through its network of billboards, transit ads, and digital signage across high-traffic locations. Unlike online ads, which can be skipped, blocked, or ignored, outdoor advertising remains continuously visible, reinforcing brand messaging and consumer recall. With a presence in the market, it strategically places advertisements in commercial districts, transportation hubs, highways, retail centres, and residential areas, ensuring brands reach engaged audiences. By leveraging both traditional and digital out-of-home advertising, it provides a platform for businesses to enhance brand awareness and drive consumer engagement.

Cost-effectiveness, ROI for advertisers along with brand awareness and consumer recall: There is stronger advertiser confidence and higher ROI with improved measurement tools, greater transparency, and the ability to track campaign performance in real-time. Sectors like real estate, fintech, FMCG, and e-commerce are increasing their OOH spends, seeing it not just as a branding tool but also as a medium that can support performance marketing goals. Digital billboards provide a higher return on investment by enabling multiple advertisers to use the same space through rotating ads and dynamic content. It enables more precise targeting through location-based advertising and programmatic buying, ensuring that ads are relevant to specific consumer segments, thus improving overall effectiveness and return on investment. Overall, the Indian OOH industry is evolving rapidly, with digital transformation, transit media expansion, and programmatic advertising playing pivotal roles. The increasing adoption of data-driven campaigns and audience-targeting techniques is expected to further boost the effectiveness and return on investment of OOH advertising in India.

Risks and concerns

Dependence on leased media sites: The company does not own any advertising media structures, such as hoardings or billboards, and instead operates entirely through leased or sub-leased sites. These media sites are primarily acquired from third-party vendors, including a related proprietorship firm of its Promoter, Fahim Batliwala from which the company sources a significant portion of its inventory through exclusive leasing arrangements. As a result, its ability to carry out business operations is inherently dependent on the continuity and commercial viability of these lease contracts. Any change in the terms of these lease arrangements - such as non-renewal, early termination, escalation of rentals, or disputes with lessors - could disrupt the availability of media inventory and adversely impact its revenue generation. In particular, if a substantial portion of its leased sites are discontinued, it may be challenging to secure alternate sites in similarly strategic or high-traffic locations, resulting in potential loss of business, reduced advertiser interest, or reputational impact. 

Dependence on timely collection of receivables for operational liquidity: A considerable portion of its current assets is comprised of trade receivables resulting from services rendered to its customers, including advertisers and advertising agencies. Given the nature of the Out-of-Home (OOH) advertising business, where billing cycles are typically milestone - or campaign-based, there is often a time lag between the delivery of services and the actual receipt of payment. These receivables are subject to agreed credit periods, which vary based on client type, campaign value, and contractual terms. In practice, however, collection timelines may extend beyond the agreed credit periods due to internal processes of clients, delays in approvals, disputes relating to campaign execution, or issues in documentation. In some cases, government or institutional clients may also follow extended procurement and payment cycles. This delay in collections can result in working capital mismatches, forcing it to rely on internal accruals or short-term external borrowings to meet its operational requirements, including lease payments, fabrication costs, and servicing contracts. 

Concentration of procurement among key vendors: It is dependent on key vendors and service providers for several of its primary requirements, such as flex and vinyl printing, LED display panels, steel and metal fabrication, site maintenance, and allied installation services, which are critical for execution and upkeep of its outdoor media assets. For Nine months period ended December 31, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten suppliers accounted for around 63.88%, 72.54%, 57.06% and 63.59% of total services availed. A substantial portion of its procurement is from a few key vendors, and any disruption in the availability of such services or materials from them could adversely impact its operations and business if it is unable to replace such vendors in a timely manner.

Outlook

Simca Advertising operates in the advertising industry with a focus on Out of Home (OOH) media services. With several years of experience, it has developed a diverse portfolio offering advertising solutions to brands across different sectors. Its services include outdoor media formats such as hoardings, gantries, bus side panels, bus back panels, bus shelters, kiosks, utilities, and vinyl signage. It delivers outdoor advertising solutions that ensure maximum reach, brand recall, and measurable ROI - making it a choice for businesses looking to maximize their marketing budget. On the concern side, Out-of-Home Advertising business is dependent on availability of space or sites for publishing of ads. Any significant increase in the prices of such ad space or sites or non-availability of such ad space or sites may adversely affect its business and results of operations. Further, its operations are concentrated in Mumbai Metropolitan Region (MMR), and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 31,71,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 174-183 per equity share. The aggregate size of the offer is around Rs 55.19 crore to Rs 58.04 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 7,494.46 lakh whereas in FY24 it was Rs 4,930.50 lakh representing an increase of 52.00%. Moreover, net profit after tax for the year ended March 31, 2025, stood at Rs 997.52 lakh and for the year ended March 31, 2024 it was Rs 577.58 lakh representing an increase of 72.71%.

As part of its long-term growth strategy, the company plans to expand beyond its current focus on OOH advertising by diversifying into a broader range of integrated advertising and marketing services. This strategic direction is aimed at offering a full-service media and brand communication platform to existing and new clients, thereby increasing the company’s share of client media spends and strengthening its competitive positioning. Going forward, it aims to expand its media asset base through the acquisition of additional hoarding and billboard sites. This includes securing display rights or long-term usage agreements for locations with significant vehicular and pedestrian traffic, as well as sites located in areas identified for future commercial and infrastructure development. Further, it aims to strengthen its market presence and diversify its revenue opportunities through strategic partnerships and collaborations with external stakeholders. These initiatives are designed to enhance campaign reach, enable integrated service offerings, and support broader engagement within the communities in which the company operates.

Recode Studios

• Recode Studios is coming out with an initial public offering (IPO) of 28,22,400 shares in a price band of Rs 150-158 per equity share.
• The issue will open on May 05, 2026 and will close on May 07, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 15 times of its face value on the lower side and 15.80 times on the higher side.
• Book running lead manager to the issue is Seren Capital.
• Compliance Officer for the issue is Mukta Ahuja.

Profile of the company

Recode Studios is a beauty and personal care (BPC) company operating in the beauty, cosmetics and personal care segment in India. Its business primarily involves the branding, procurement and distribution of beauty and personal care products under the ‘Recode’ brand. It operates through an omnichannel distribution network, which comprises Company-Owned Company-Operated (COCO) retail stores, Franchisee-Owned Franchisee-Operated (FOFO) stores, third-party e-commerce platforms and its proprietary website and mobile application.

It offers a diversified portfolio of products across make-up, skincare, body care and beauty accessories, catering to a wide range of consumer preferences and usage occasions. The company offers around 350+ Stock Keeping Units (SKUs) across multiple categories and price points. Its product portfolio includes face make-up, eye make-up, lip makeup, face and body care products and beauty accessories.

Its omnichannel distribution model enables it to distribute its products through both offline and online channels, allowing customers to purchase its products through physical retail outlets as well as digital platforms. Offline distribution is carried out through a combination of COCO stores, which are directly operated by the Company and FOFO stores, which are operated by independent franchise partners. Online distribution is undertaken through its own website (shop.recodestudios.com) and mobile application (Recode Studios), as well as through third-party e-commerce marketplaces such as Amazon, Nykaa, Myntra and Flipkart.

Proceed is being used for:

• Funding of capital expenditure towards setup of a new warehouse at Ludhiana, Punjab
• Marketing and advertisement expenses towards enhancing the awareness and visibility of its brand
• Utilization towards working capital requirements
• General corporate purposes

Industry overview

The Indian cosmetics industry is among the fastest-growing consumer sectors, supported by strong domestic demand, rising disposable incomes, urbanization, and increasing beauty and wellness awareness. India ranks among the leading emerging markets globally, recognized for its herbal, natural, and ayurvedic formulations, which are gaining international acceptance. The country hosts more than 5,000 domestic companies along with global brands operating through subsidiaries, partnerships, and joint ventures. India’s beauty and personal care supply chain benefits from a robust manufacturing ecosystem, readily available raw materials, and a growing base of OEMs/ODMs catering to domestic and global brands. Manufacturers source key inputs such as oils, waxes, fragrances, surfactants, and botanical extracts from both local suppliers and international markets.

The breakdown of the Cosmetics market highlights clear consumer preferences and evolving demand patterns. Skincare (39%) dominates as the largest category, reflecting consumers’ increasing focus on self-care, wellness, and long-term skin health. Rising awareness of sun protection, anti-aging solutions, and the use of natural and dermatologically tested products has positioned skincare as the strongest growth driver. Hair care (21%) ranks second, supported by consistent daily use and innovation in herbal, organic, and specialized products like anti-dandruff and colour protection. Makeup (17%) retains its aspirational appeal, with growth coming from younger consumers, urban working populations, and the influence of social media and beauty influencers.

The Indian cosmetics industry, valued at $15.19 billion in 2024, continues to demonstrate strong momentum and resilience, driven by structural growth factors such as rising disposable incomes, rapid urbanization, changing lifestyle patterns, and heightened beauty and grooming awareness. With increasing participation of both domestic and global brands, the market is projected to expand at a CAGR of 6.21%, reaching around $27.75 billion by 2034. The ongoing digital revolution, widespread use of ecommerce platforms, and growing influence of social media have significantly altered consumer purchasing behaviour, leading to deeper penetration across urban, semi-urban, and rural markets.

Pros and strengths

Omnichannel presence integrating offline and online platforms: The company has an integrated omnichannel presence comprising COCO stores, FOFO stores, and digital sales channels including its proprietary website, mobile application and third-party e-commerce marketplaces such as Amazon, Flipkart, Myntra and Nykaa. This structure allows the company to distribute its products through multiple sales channels while maintaining uniformity in branding, product assortment and pricing. The company operates three COCO stores and twenty-one FOFO stores, and its products are also sold through its website, mobile application and multiple third-party e-commerce platforms. COCO stores are directly managed by the company, while FOFO stores are operated by franchise partners. The company’s omnichannel presence enables it to distribute its products through both physical retail outlets and digital sales channels as part of its overall distribution framework.

Diverse product range across beauty and personal care categories: The company offers a diverse product portfolio across beauty, cosmetics, skincare, body care and beauty accessories. The company offers approximately 350+ SKUs across multiple categories and price points. The Company’s product offerings include products used for regular personal care as well as products intended for use by make-up professionals. The portfolio includes face make-up products such as foundation, compact, concealer, primer, contour, blush, highlighter and setting or grip sprays; eye make-up products such as eyeliner, mascara, kajal, eyeshadow, eyebrow pencils and glitter pigments; and lip make-up products including lipsticks, lip gloss, lip crayons, lip oil and lip liners. The company also offers face and body care products, including face wash, cleanser, toner, serum, moisturizer, face gel, sunscreen, scrub, masks, body lotion, shower gel, hand cream and body oil, as well as beauty accessories such as brushes, sponges, applicators and cosmetic tools. 

Digital reach and online customer engagement: The company has developed an online presence through its website and social media platforms, which are used for customer interaction and engagement. The Company’s official Instagram handle had around 4,57,000 followers. The company’s website serves as an interface for customers accessing information relating to its beauty, cosmetics and personal care products. Customer interactions on the website are monitored using third-party analytics tools. The company’s website, social media platforms and third-party e-commerce marketplaces form part of its online interface with customers.

Risks and concerns

High dependence on Face Make-Up category: A significant portion of its revenue is derived from the Face Make-Up category, which includes products such as foundations, primers, concealers and related face cosmetics. Over recent periods, revenue from the Face Make-Up category has increased as a proportion of its overall revenue from operations, contributing 19.04% in FY 2022-23, 44.94% in FY 2023-24, 52.32% in FY 2024-25 and 69.97% during the period April 2025 to December 2025. As a result, its financial performance is materially dependent on sustained demand for products in this category, and any decline in demand for products in this category could adversely affect its business, financial condition and cash flows.

Rapidly changing consumer preferences: It operates in the beauty, cosmetics and personal care (BPC) segment in India, which is characterised by frequent changes in consumer preferences, evolving beauty and wellness trends, continuous product innovation and highly competitive intensity. Demand for products in this segment is influenced by several factors, including changing fashion and beauty trends, perceived product efficacy and safety, seasonal demand patterns, pricing dynamics, brand perception, social media influence and the introduction of new products by competitors. Consumer preferences in the BPC segment are difficult to predict and may change rapidly. If it fails to anticipate or respond in a timely and effective manner to such changes, or if its products do not gain consumer acceptance, demand for its products may decline. Any misjudgement in demand forecasting or product planning may result in excess or obsolete inventory, increased discounting or promotional expenses, pressure on margins, or write-offs, which could adversely affect its financial performance.

Absence of long-term agreements: The company does not have long-term agreements with its customers, and its revenues are significantly dependent on recurring orders from its B2B and online customers. Its sales are driven by recurring purchase orders from its B2B customers, franchise partners, as well as direct-to-consumer (D2C) sales through online marketplaces and its own website. It does not have long-term commitments or contractual arrangements that guarantee fixed volumes or assured revenue streams. Consequently, its ability to sustain and grow its business depends on the frequency, size and continuity of orders from these customers. There can be no assurance that such customers will continue to place orders with it at similar levels, on the same terms, or at all. Any reduction, modification, delay, or cancellation of orders by such customers may adversely impact its revenues and cash flows.

Outlook

Recode Studios is engaged in the business of beauty and cosmetics products. It offers a diversified portfolio of products across make-up, skincare, body care and beauty accessories, catering to a wide range of consumer preferences and usage occasions. The company offers around 350+ SKUs across multiple categories and price points. Its product portfolio includes face make-up, eye make-up, lip makeup, face and body care products and beauty accessories. On the concern side, its dependence on a limited number of third-party manufacturers, and adverse changes in commercial terms, regulatory compliance or operational continuity at such manufacturers, may adversely affect its business, financial condition and results of operations. Further, its reliance on online retail channels and third-party e-commerce platforms exposes it to risks relating to platform policies, pricing pressures, customer reviews and rapid amplification of adverse publicity, which could adversely affect its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 28,22,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 150-158 per equity share. The aggregate size of the offer is around Rs 42.34 crore to Rs 44.59 crore based on lower and upper price band respectively. On performance front, the total income for FY2024-25 stood at Rs 4,793.88 lakh, compared to Rs 3,693.45 lakh in FY 2023-24, reflecting a growth of 29.79%. Profit After Tax (PAT) for the year ended March 31, 2025 stood at Rs 330.29 lakh, as compared to Rs 27.43 lakh for the year ended March 31, 2024.

Meanwhile, the company’s business strategy includes increasing its physical retail presence primarily through the addition of franchise operated retail outlets across various regions in India. The company operates a network of 19 franchise-operated retail stores across multiple states in India and also operates 3 company-managed retail stores. The company may consider expanding its franchise network in additional regions of India, including southern and eastern regions where its current retail presence is relatively limited, subject to the identification of suitable franchise partners, market assessment, and other commercial considerations. The company’s approach to franchise expansion is intended to leverage the local market knowledge of franchise partners while maintaining standardized branding and operating frameworks. The evaluation of potential franchise locations is undertaken based on factors such as local market conditions, consumer demand, accessibility and logistics considerations.

Value 360 Communications

• Value 360 Communications is coming out with an initial public offering (IPO) of 42,54,000 shares in a price band of Rs 95-98 per equity share.
• The issue will open on May 04, 2026 and will close on May 06, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.80 times on the higher side.
• Book running lead manager to the issue is Horizon Management.
• Compliance Officer for the issue is Bhakti Sharma.

Profile of the company

Value 360 Communications operates on a highly scalable, asset-light business model that combines recurring retainer-based revenue with project-based fees for specialized campaigns. At its core, its segments follow a retainer-driven approach, ensuring a steady and predictable revenue stream through long-term client relationships in PR, crisis communication, investor relations, and digital PR solutions.

V360 Group’s operations are segmented into two synergistic business streams. The first, is Value 360 Communications, its PR communications vertical, encompasses investor relations, crisis communication and reputation management, digital PR solutions, and end-to-end campaign management. This segment reflects the dynamic evolution of the PR landscape - from traditional media relations to a digitally transformed environment where data-driven, real-time engagement is paramount. Over the years, the company has been the foundational pillar of V360 group and has built a strong competitive position benefitting from long-term client relationships and a predictable revenue structure.

The second segment, Popkorn PR Plus Communication (Popkorn) is the digital ads and content solutions business, is equally robust. It includes brand strategy and positioning, social media strategy and management, content creation and production, influencer marketing and collaborations, digital advertising and performance marketing, as well as website and app development. Complemented by offerings in experiential marketing, on-ground activations, retail and packaging design, and media planning and buying, this suite of services is increasingly critical for companies across India seeking to engage a digital savvy audience and drive market performance.

Proceed is being used for:

• Funding the working capital requirements towards enabling the strategic growth initiatives.
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.
• Funding the capital expenditure towards infrastructure and cutting-edge technology for expansion into content production verticals.
• Investment in influencer marketing platform, Irida Interactive (ClanConnect) and expanding ownership to fulfil potential acquisition in the near future.
• General corporate purposes.

Industry Overview

The Indian advertising market reached around Rs 1,50,000 crore in 2025, growing at 13.5% year-on-year, significantly outpacing nominal GDP growth. Growth was primarily driven by digital media, particularly e-commerce and performance-led advertising. The market is expected to sustain steady expansion, supported by structural shifts toward digital and data-led monetisation, with total advertising continuing to grow in line with the broader M&E sector, which is projected to reach Rs 3.3 trillion by 2028. In terms of contribution towards digital advertising spend by sector, FMCG leads India’s digital advertising landscape, accounting for around 32% of total digital ad spends, followed by e commerce at 22%. Sectors such as consumer durables, automotive and pharmaceuticals contribute around 5% each. BFSI, while showing strong momentum driven by digital banking, payments and insurance adoption, currently accounts for around 3% of total digital advertising spend. Telecom contributes about 4%, reflecting ongoing investments in data-led customer acquisition and service-led engagement.

The Indian public relations (PR) industry has emerged as a dynamic and rapidly growing segment of the broader communications and media landscape. With FY23 revenues estimated at Rs 2,500 crore, India’s PR industry accounted for 17% of the Asia-Pacific PR market, marking a steady increase from 15.4% in 2022. This growth trajectory is significantly ahead of global trends, with India’s PR sector expanding nearly four times faster than the global PR industry’s growth rate of 5% in 2023. Over the past decade, the Indian PR industry has achieved a compound annual growth rate (CAGR) of 12.8%, underpinned by the increasing sophistication of PR strategies, a growing emphasis on business outcomes, and the integration of technology driven solutions. The industry is expected to maintain double-digit growth, with revenues projected to reach Rs 4,570 crore by FY30 at a CAGR of 9%.

Artificial intelligence is redefining the creative landscape in advertising by enabling faster, scalable, and more cost-efficient production of high-quality marketing content. AI-driven solutions are now central to digital and television advertising workflows-automating creative tasks such as scriptwriting, ad copy, video generation, localization, and voice synthesis. These capabilities are powered by advanced generative AI models that support multi-format, multilingual, and hyper-personalized content delivery for diverse audience segments. Organizations deploying AI content tools report efficiency gains of 10-20x in production timelines while significantly lowering dependency on large creative teams and external agencies. AI also facilitates creative testing and personalization at scale, allowing advertisers to launch regionally nuanced campaigns across geographies, languages, and platforms with minimal turnaround time.

Pros and strengths

Established industry reputation and client credibility: The company is one of only two Indian PR firms to be recognized among the Top 250 Global PR Firms by Provoke Media, a testament to its excellence in strategic communications. Its credibility is reinforced by long-standing relationships with marquee Indian and global brands, including Kia, Experion, Ab Inbev, MaanSarovar, Yellow Fertility, House of Khemani and Cash Karo, among others. Additionally, its work has been recognized through multiple campaign awards and industry accolades, further cementing its position as a trusted leader in PR and integrated marketing.

Pioneers in capitalizing on industry-leading growth trends: The company has consistently been at the forefront of industry innovation, making strategic investments in AI-powered technology platforms to stay ahead of emerging trends. As an early mover in influencer marketing, it invested in ClanConnect, an AI-driven platform that optimizes influencer brand collaborations through data and automation. In 2023, it further expanded its footprint with the development of Hubscribe, an Integrated Content Publishing and Monetization platform for independent creators. These investments leverage AI and automation to enhance campaign effectiveness, brand engagement, and content monetization, reinforcing its commitment to technology-driven growth.

Scalable business model with synergistic service offerings: Its asset-light and scalable business model positions it for sustainable growth, allowing it to expand efficiently without heavy infrastructure investments. Its business is structured around two synergistic verticals: i) PR Communications: Encompassing investor relations, crisis communication, reputation management, digital PR solutions, and full-scale campaign management. This segment reflects the industry's evolution from traditional PR to data-driven, digital-first storytelling. ii) Digital Ads and Content Solutions: Covering brand strategy, social media management, influencer marketing, content production, performance marketing, website and app development, experiential marketing, retail and packaging design, and media planning and buying. The synergies between these segments enable effective cross-selling, driving higher client engagement and revenue per customer. By integrating public relations, digital marketing, influencer marketing, and advertising solutions, it delivers holistic, multi-channel campaigns aligned with evolving consumer behaviour and media consumption trends.

Risks and concerns

Risks associated with innovation and change in digital media: The digital marketing landscape is evolving at a rapid pace, subjecting the company to risks associated with technological advancements, regulatory changes, and shifts in consumer behaviour. As new digital platforms and advertising channels emerge, established practices may quickly become obsolete, necessitating continuous adaptation and investment in new technologies. The company’s marketing tech capabilities, including media tracking, social listening, and digital media buying, may face disruption from innovative competitors and evolving industry standards. Furthermore, regulatory and data privacy reforms could impose additional compliance burdens, thereby increasing operational costs. Moreover, the speed of change in digital channels may outpace the company’s ability to respond effectively, potentially leading to lost market opportunities. Strategic missteps in adapting to these changes could adversely affect brand positioning and market share. The competitive intensity in the digital space may also force the company to lower its pricing or reallocate budgets, thereby impacting profitability.

High dependency on public relations service segment for revenue: The company derives a substantial portion of its revenue from the Public Relations (PR) segment. For the ten months ended January 31, 2026, and for FY 2025, FY 2024 and FY 2023, the PR segment contributed 86.53%, 85.92%, 86.89% and 92.23% of its total revenue from operations, respectively. In comparison, its Digital Advertising and Content Solutions and others segment contributed only 13.47%, 14.08%, 13.11% and 7.77% during the corresponding periods. This high dependence on the PR segment exposes it to sector-specific risks such as reduction in client PR budgets, changes in customer preferences, or a slowdown in demand for PR services. Any adverse developments in the PR industry could materially impact its business operations, cash flows, and profitability. While it has undertaken initiatives to grow its Digital Advertising and Content Solutions segment, there can be no assurance that these efforts will reduce its dependency on the PR segment or achieve the desired level of revenue diversification in the future.

Dependence on customer acquisition and retention: To sustain or increase its revenue, it must add new customers and encourage existing customers to allocate a greater portion of their marketing spend to it. As its industry matures and competitors introduce lower cost or differentiated products or services, its ability to sell its solution could be impaired. Even after a successful marketing campaign or series of campaigns with an existing customer, it frequently must compete to win further business from that customer. It may reach a point of saturation where it cannot continue to grow its revenue from existing customers because of, among other things, internal limits that they may place on their advertising budgets for digital media, particular digital marketing campaigns, local advertising or a particular provider. If it is unable to attract new customers or obtain new business from existing customers, its revenue, growth and business will be adversely affected.

Outlook

Value 360 Communications is mainly in the business of PR services & Digital Communications. It offers a comprehensive suite of strategic communication services, including Investor Relations, Crisis Communication, Reputation Management, Digital PR Solutions, and End-to-End Campaign Management. The company is a recognised brand in strategic communications with a global reputation, and it has strong client relationship across Indian and international brands. On the concern side, expansion into AI-led creative content production and media buying introduces significant operational, financial, and execution risks, including capital strain, integration challenges, potentially disrupting profitability and operational efficiency. Further, its international expansion plans to Middle East and North Africa (MENA) expose it to several risks, including regulatory complexities, foreign exchange fluctuations, and geopolitical uncertainties. Entering new markets may require significant investments, with no assurance of immediate returns.

The company is coming out with a maiden IPO of 42,54,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-98 per equity share. The aggregate size of the offer is around Rs 40.41 crore to Rs 41.69 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 5,457.41 lakh whereas in FY24 it was Rs 5,059.24 lakh representing an increase of 7.87%. Moreover, net profit after tax for the year ended March 31, 2025, stood at Rs 579.32 lakh and for the year ended March 31, 2024 it was Rs 412.49 lakh representing an increase of 40.44%.

To capitalize on the growth opportunities in the South and West, it plans to strengthen its regional presence, particularly in key cities such as Bangalore, where it already has an established office. By expanding its footprint in these high-growth regions, it aims to service a wider client base and capture a larger share of the regional PR market. This strategy will also enable it to better serve its existing clients with localized expertise and tailored solutions. Going forward, it has launched an AI Powered Creative Studio, in collaboration with filmmaker and generative-AI pioneer Vivek Anchalia, integrating prompt based content generation, personalized storytelling, and scalable production pipelines. This AI studio complements its human-led brand strategy and storytelling expertise, enabling hyper-personalized, cost-efficient campaigns across digital and traditional channels. Further, it is expanding beyond traditional revenue streams by embedding itself in the Indian startup growth story, positioning V360 as a strategic partner in high-potential businesses. As early adopters of innovative models like PR for Equity, it is accelerating client acquisition while fostering long-term partnerships that grow alongside emerging ventures.

OnEMI Technology Solutions 

• OnEMI Technology Solutions is coming out with a 100% book building; initial public offering (IPO) of 5,69,08,923 shares of face value Rs 1 each in a price band Rs 162-171 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 April 30, 2026 and will close on May 5, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 162 times of its face value on the lower side and 171 times on the higher side.
• Book running lead managers to the issue are JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets and Centrum Broking.
• Compliance Officer for the issue is Shraddha Patangia.

Profile of the company

OnEMI Technology Solutions operates through its ‘Kissht’ brand and is a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. It provides swift, accessible and personalized credit solutions to support its customers throughout their financial journeys. It uses various online and offline channels to acquire customers, including through digital marketing on search engines and social media platforms, partnerships with small businesses (shop owners and retail outlets), and collaborations with e-commerce players and loan aggregators. It also acquires customers organically through word of mouth. Each channel significantly contributes to the growth of its customer base, thereby creating a resilient and scalable customer acquisition model.

Kissht offers an end-to-end digital experience covering KYC, credit assessment, loan disbursal, and collections, serving young, digitally savvy customers with growing credit needs. It focuses on the mass market segment, that faces significant challenges in availing MSME loans, primarily due to inefficient processes across customer journey often resulting in longer turnaround times. Kissht’s digital processes have reduced personal loan TAT from weeks to minutes, ensuring rapid, scalable, and efficient credit delivery through a fully digital journey from application to repayment tracking.

Kissht stands out with a diversified sourcing strategy, leveraging digital marketing, merchant partnerships, aggregators, and exclusive branches. Kissht is one of the few new-age digital lending players that is deploying ‘credit QR’ based offline-to-online (O2O) customer acquisition model in India. Kissht’s strong customer retention, driven by exceptional service, reflects high loyalty and effective lifecycle management. Its expanding Loan Against Property (LAP) and personal loan offerings, robust tech infrastructure, and strong brand position it for sustained leadership in India’s digital lending space.

Proceed is being used for:

• Augmenting the capital base of its subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of its subsidiary, Si Creva’s, business. 
• General corporate purposes

Industry overview

India's banking and financial sector is swiftly adopting technology for more efficient digital services. Rising financial and digital literacy is empowering users to confidently embrace various digital payment methods, including real-time bank-integrated payment systems, internet and mobile banking, Point-of-Sale (PoS) terminals, UPI and Mobile wallets. This integration of financial services with Digital Public Infrastructure (DPI) has significantly boosted the speed and reach of digital financial services nationwide. 

India’s retail lending sector is witnessing accelerated growth yet remains significantly underpenetrated compared to developed economies. India’s household credit-to-GDP rose from 41.5% in 2021 to 45.56% in Q32025, but remains well below the USA (68.0%) and UK (73.9%), indicating substantial headroom for expansion. India’s credit penetration remains modest among emerging markets, clearly indicating that India offers significant headroom for growth, especially in retail and MSME lending. This presents a strong opportunity for technology-led FinTech platforms to capitalize on this gap through faster and more inclusive credit delivery.

Digital lending platforms are reshaping credit delivery by leveraging AI, big data, and automation to streamline the entire process from application, loan contract execution to disbursement eliminating paperwork and infrastructure. They offer fast, paperless, and accessible credit, improving efficiency, accuracy, and inclusion, especially for collateral-free personal and working capital loans suited to digital channels. FinTech, as a subset, powers this transformation through tools like AI-driven credit scoring, automated underwriting, and APIs. These innovations enable faster decisions, better user experiences, real-time insights, and scalable servicing. While FinTech also supports payments and insurance, its core strength lies in building the tech foundation for efficient, inclusive lending.

Pros and strengths

Large customer base acquired through a diversified multi-channel acquisition strategy: As of December 31, 2025, it had 63.73 million registered users and served 11.17 million customers, driven by its efficient multi-channel acquisition strategy, which combines online and offline channels. It engages digitally active users through targeted campaigns on search engines, social media and affiliate platforms. Simultaneously, its offline-to-online (O2O) model uses ‘credit QR’ installations at small merchant outlets to onboard customers on its mobile application. In the nine months ended December 31, 2025, its network included 52,396 active merchants, facilitating credit QR-led customer acquisition. The API-first architecture of its mobile application allows it to integrate with these platforms, embedding its credit solutions into high-traffic marketplaces and expanding its presence within India’s growing embedded finance ecosystem. Further, it also acquires customers because of its brand presence in the market, which is supported by its association with former Indian cricketer, Sachin Ramesh Tendulkar.

Driving asset quality through advanced and comprehensive risk management: Since commencing operations in 2016, it has built a data-first architecture that integrates machine learning (ML) across its risk, credit and collection workflows. its systems continuously learn from each interaction, thereby improving fraud detection, credit assessment and borrower behavior modelling over time. As of December 31, 2025, its underwriting processes are supported by a team of 42 data scientists. This team operates a scalable ML infrastructure, enabling rapid development and deployment. It leverages 39 specialized sub-models, as of December 31, 2025, that are trained on a diverse and evolving dataset. This allows for more accurate risk assessment and tailored credit decisions beyond traditional credit scores. Its data-driven infrastructure has enabled it to scale into borrower segments that were traditionally underserved by conventional lenders, while maintaining an asset quality across economic cycles.

Access to diversified and scalable funding sources: Its Assets Under Management (AUM) is built on a balanced funding framework, comprising on-book and off-book loans. On-book loans are originated and managed through its wholly-owned Subsidiary, Si Creva, which is an RBI regulated and registered middle-layer NBFC. Off-book loans are executed in collaboration with leading financial institutions. Its diversified funding model enhances its capital efficiency, supports scalable growth and enables it to serve a wider customer base across risk profiles.

Scalable, cloud-native and AI-built technology platform integrated across all key functions: It has adopted a technology-first approach across the entire lending lifecycle, i.e., from the initial stages of customer acquisition and digital onboarding to credit underwriting, loan disbursal, post-disbursal servicing and collections. It leverages advanced ML algorithms, AI models and cloud-native infrastructure to build and operate a modern, scalable and secure lending platform. Further, as of December 31, 2025, 331 employees (constituting 16.91% of its total employees) were engaged in product, engineering and technology-related functions. 

Risks and concerns

High dependence on unsecured loans: It offers a wide range of financial products including unsecured loans (personal loans) and secured loans (loan against property (LAP)) A significant portion of its AUM consists of unsecured loans (94.23% and 98.15% of its total AUM as of December 31, 2025 and March 31, 2025, respectively). Any decrease in demand for its financial products, particularly its unsecured loan products, could adversely affect its business, financial condition, cash flows, results of operations and prospects. A decrease in demand for its products can arise from factors beyond its control, such as economic slowdown in India, a rise in unemployment, regulatory hurdles, competition and customer-specific factors. Further, unsecured loans inherently carry a higher risk profile, as the absence of collateral increases the likelihood of non-recovery in the event of borrower default.

High geographic concentration in southern and western India: A significant portion of its AUM is attributable to the southern and western regions of India (35.00% and 26.47%, respectively, of its AUM in the nine months ended December 31, 2025 and 32.91% and 29.07%, respectively, of its AUM in Fiscal 2025). Any adverse changes in these regions including due to social, political, economic or regulatory factors or natural calamities or civil disruptions, may interrupt its operations or affect its ability to provide services to its customers in a timely manner. Any decrease in AUM contribution by these regions may have an adverse effect on its business, financial condition, cash flows and results of operations.

Dependence on third-party and open-source software: It relies on third-party software and technology services (including cloud infrastructure and payments/fintech service providers such as AWS, FinBox, Juspay, etc) pursuant to the terms of its agreements with such providers. It also uses open-source software, libraries and components (including those used in connection with PHP, Go and Python). Certain open-source licenses, including copyleft licenses, may impose obligations on it if it distributes, convey or otherwise provides software incorporating such open-source components to third parties (and, in certain cases, where users interact with such software over a network), including requirements to provide source code for the relevant components and/or license modifications or derivative works under the same license terms. Its inability to use software licensed from third parties could adversely affect its ability to sell its offerings and subject it to possible litigation, which may adversely affect its business, financial condition, cash flows, results of operations and prospects.

Heavy reliance on NBFC subsidiary: Its on-book loans are originated and managed through its wholly-owned Subsidiary, Si Creva, which is an RBI regulated and registered middle-layer NBFC Consequently, its growth, asset quality and liquidity are closely linked to its Subsidiary’s ability to maintain its regulatory standing, capital adequacy, access to funding, credit ratings and risk management. Any adverse regulatory action, change in RBI regulations applicable to middle-layer NBFCs, increase in capital or provisioning requirements could restrict its Subsidiary’s lending capacity and profitability and, in turn, its own. Further, any deterioration in its Subsidiary’s portfolio quality, governance, compliance with KYC/AML and digital lending norms or information security could impair origination, increase credit costs and adversely impact cash flows.

Outlook

OnEMI Technology Solutions and its Subsidiary are engaged in the business of (i) providing financial technology solutions to enable use of instant EMI / instalment solutions to consumers, and in providing the technology platform to enable the above, (ii) providing customer acquisition services and loan origination services to financiers/lending partners. It is also engaged in the business of providing personal loans by using digital lending applications viz; ‘Kissht’ and ‘Pay with Ring’ which are owned by the Group and lending activities in the form of providing Loan Against Property. On the concern side, it operates in a highly competitive industry. Further, the regulatory framework governing the online fintech industry is also developing and may change drastically in the near future. Any significant change to its business model may not achieve expected results and may have a material and adverse impact on its financial condition and results of operations. It is therefore difficult to effectively assess its future prospects. The risks and challenges it encounters or may encounter in this emerging, dynamic and competitive market may have an impact on its business, financial condition, cash flows, results of operations and prospects.

The issue has been offering 5,69,08,923 shares in a price band of Rs 162-171 per equity share. The aggregate size of the offer is around Rs 921.92 crore to Rs 973.14 crore based on lower and upper price band respectively. Minimum application is to be made for 87 shares and in multiples thereon, thereafter. On performance front, total income decreased by 20.44% from Rs 17,003.02 million in Fiscal 2024 to Rs 13,526.88 million in Fiscal 2025. Profit for the year decreased by 18.59% from Rs 1,972.90 million in Fiscal 2024 to Rs 1,606.21 million in Fiscal 2025.

Meanwhile, it is focused on increasing engagement with its existing customer base while expanding its reach through its diversified sourcing channels such as fintech aggregators, digital marketplaces and offline merchant networks. By strengthening partnerships and onboarding new collaborators across these platforms, it aims to enhance reach, improve conversion rates and attract customers. To maximize customer value, it will broaden its product suite with higher ticket sizes, flexible and longer tenures, competitive interest rates and secured lending solutions. it aims to grow alongside its customers as their financial profiles evolve. These efforts are supported by its comprehensive marketing and brand-building initiatives, including strategic campaigns with public figures, such as Sachin Ramesh Tendulkar, its current brand ambassador, for brand visibility, trust and organic acquisition. Additionally, it will leverages advanced analytics and data-driven marketing to personalize communication and deepen customer engagement.

Amba Auto Sales and Services

• Amba Auto Sales and Services is coming out with an initial public offering (IPO) of 48,24,000 shares in a price band of Rs 130-135 per equity share.
• The issue will open on April 27, 2026 and will close on April 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 13.00 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 Capitalsquare Advisors.
• Compliance Officer for the issue is Chetan Kumar Hiralal Solanki.

Profile of the company

The company operates as an authorised dealer of Bajaj Auto and LG Electronics India under the brand name Amba Bajaj and Amba LG Best Shop (LG Best Shop), respectively. It has a presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs (including sales of spare parts, lubricants and accessories) and facilitation of the sales of third-party financial and insurance products.

Additionally, in consumer electronics, it offers a diversified range of products including air conditioners, televisions, washing machines, refrigerators and small appliances. It has established its market presence in Bengaluru, Karnataka with more than two decades of experience having commenced its business operations as a proprietary concern by setting up its first dealership for two wheelers sales and service. Over the years it has expanded its operations and has acquired dealership for Three-Wheeler, KTM (Sports Motorcycles) & Chetak as well from Bajaj Auto.

Currently, it is an authorised dealer of 4 out of 5 product segments of Bajaj Auto, which includes Motorcycles, KTM, Chetak and Three-Wheeler. It prioritized strengthening its market position in existing regions rather than expanding into new territories. This focused approach has enabled it to establish the company’s brand presence across Bengaluru and build closer connections with the customers while enhancing its understanding of market segments and consumer preferences.

Proceed is being used for:

• Funding capital expenditure for setting up new showrooms and renovating existing ones
• Meeting the working capital requirements of the company
• General corporate purpose

Industry Overview

India’s automobile industry stands as one of the most vital pillars of its economy, consistently ranking among the top contributors to the country's manufacturing output, employment generation, and export earnings. As one of the world’s largest automobile markets by volume, India holds a prominent position in the global automotive landscape, particularly in the two-wheeler and three-wheeler segments. The diversity and depth of India’s automobile sector-from mass-market motorcycles and scooters to CVs and emerging electric mobility solutions-provide it with a competitive edge in both domestic and international markets. India’s automobile ecosystem is vast and multifaceted, catering to a wide spectrum of mobility needs across the country. From the bustling metro cities where passenger cars dominate the urban landscape to rural and semi-urban regions where two-wheelers and three-wheelers serve as essential means of transport, the industry plays a critical role in enabling access, connectivity, and livelihood. With the continuous rise in urbanization, aspirations for personal mobility, and growth in e-commerce and logistics, the demand for diverse vehicle types has accelerated significantly. This has positioned India not only as a manufacturing powerhouse but also as a consumption-driven auto market. The India Two-Wheeler Market was estimated at around 17.97 million units in FY 2024, rising to 18.21 million units in FY 2025, and is projected to reach 20.22 million units by FY 2033, representing a Compound Annual Growth Rate (CAGR) of 1.32% during the 2025-2033 period.

India’s electronics manufacturing sector is heavily dominated by mobile phones, which contribute nearly half of the industry’s total output value. In FY 2023-24, the segment generated about $51.00 billion, a significant increase from the previous year, underscoring India’s rise as the second-largest mobile phone producer globally. This growth is largely driven by robust domestic demand, a thriving export market, and strong government support through initiatives such as the PLI scheme. Consumer electronics, including televisions, audio systems, and related accessories, form the second-largest segment, benefiting from rising household incomes, urbanization, and lifestyle upgrades. Industrial electronics and electronic components have also emerged as key pillars, indicating that India’s manufacturing capabilities are diversifying beyond consumer-focused products into areas like automation, infrastructure, and component localization. Other segments such as automotive electronics and strategic electronics are witnessing accelerating demand, propelled by the expansion of electric mobility and defense manufacturing. Niche areas like IT hardware, wearables and hearables, LED lighting, and telecom equipment, though smaller in share, are fast-growing due to technological innovation and evolving consumer preferences. The Indian consumer electronics market was valued at Rs 3,499.84 billion in FY 2024 and is estimated Rs 4,110.32 billion and is projected to reach Rs 14,876.60 billion by FY 2033, expanding at a compound annual growth rate (CAGR) of 17.44% during the forecast period (FY 2024-FY 2033).

India's automobile industry is on the cusp of a transformative decade, driven by rapid electrification, proactive government policies, rising consumer demand, and technological disruption. As the sector evolves from traditional manufacturing to a mobility-centric ecosystem, it is expected to play a pivotal role in achieving India’s economic, environmental, and industrial development goals. Increased localization, private investments, and digital integration will further propel the sector’s global competitiveness. While, India’s consumer electronics industry is entering a pivotal growth phase, shaped by rising income levels, deepening digital penetration, evolving consumer preferences, and supportive government policies. As the industry transitions from traditional appliances to a smart, connected ecosystem, it is expected to play a critical role in driving India’s digital economy, manufacturing expansion, and export competitiveness. Rapid urbanization, proliferation of ecommerce, and increased focus on domestic production through schemes like PLI will accelerate growth across categories such as smartphones, smart TVs, wearables, and home automation devices.

Pros and strengths

Strategically located logistics and warehousing facilities: The company operates within the local limits of Bengaluru, with a network of multiple showrooms and service centers that provide customers with convenient access to its products and after-sales services. This widespread presence enhances customer reach and service efficiency. In addition, the company operates a strategically located godown aggregating to 20,000 sq. feet, enabling it to maintain adequate inventory levels to meet ongoing demand. As a result, the company recorded an inventory has been 82 days of average cost of sale during in the last financial year 2025 & 75 days during the period ended December 31, 2025. The company estimates holding days to be 75 days in Fiscal 2026, Fiscal 2027 & Fiscal 2028, reflecting effective inventory management practices.

Diversification in product and services: The company operates across multiple segments within the automobile industry, catering to a diverse and expansive customer base. Its product portfolio comprises a wide range of Stock Keeping Units (SKUs), including electric vehicles (EVs), sports bikes, motorcycles, auto rickshaws, and the Qute quadricycle. This diversified offering allows the Company to serve varying customer preferences across both individual and commercial vehicle categories. In addition to product sales, the company provides comprehensive after-sales services, which include routine vehicle servicing, facilitation of third-party insurance, and assistance with vehicle financing options. These value-added services enhance the overall customer experience and contribute to sustained brand loyalty.

Long-term relationship with its OEMs: Its primary original equipment manufacturer(s) (OEMs) are Bajaj Auto for vehicles and LG Electronics for electronic appliances. Its Promoter and the company have nurtured and sustained a long-standing business relationship with Bajaj Auto for more than two decades. This association has been built on trust, consistent performance, and mutual growth. Over this period, Bajaj Auto has duly acknowledged its role and contribution towards augmenting the overall sales of Bajaj Auto’s products in its operating regions. Its relationship with Bajaj Auto has enabled it to expand its operations across diverse business segments, build and strengthen a large and loyal customer base, diversify its product portfolio (SKUs) to address evolving consumer preferences, and drive sustainable growth by aligning its strategies with market developments and industry trends. Furthermore, its relationship with Bajaj Auto has provided it with the ability to capitalize on emerging opportunities in the automotive and allied sectors, thereby enhancing its competitive positioning and contributing to long-term value creation for its stakeholders.

Risks and concerns

Limitations on market expansion due to dealership agreements: Its business operations and growth prospects are significantly influenced and restricted by the terms of its dealership and distribution agreements with its OEMs. Under the dealership agreement executed with Bajaj Auto, it is permitted to operate only within the territory of Bengaluru, Karnataka, and can expand into new territories solely if allotted by the OEMs. These agreements typically authorize it on a non-exclusive and non-transferable basis within specified geographical areas. Consequently, its ability to grow into new markets depends on the discretion of its OEMs. Furthermore, there is no guarantee that its OEMs will not impose additional onerous restrictions, conditions, or performance targets in future agreements or during the renewal process, which could have negative impact on its operational flexibility and profitability.

Heavy reliance on Karnataka market conditions for business stability: The company's entire revenue is currently concentrated and derived from its dealership operations located exclusively in the state of Karnataka, with a primary focus on the city of Bengaluru. This significant geographical concentration of all its automotive (Bajaj Auto) and consumer electronics (LG Electronics) dealership operations heightens its exposure to adverse developments related to regulation, as well as economic, demographic, social, and political changes specifically within Karnataka and the Bengaluru metropolitan area. In the event of a slowdown in the economic activity in Karnataka, or any other adverse developments including, but not limited to, natural disasters (such as prolonged droughts or severe flooding which Bengaluru has experienced), widespread infrastructure disruptions, significant political unrest, civil disturbances, or sustained economic downturn affecting the state's economy, it could experience a material adverse impact on its business, results of operations, and financial condition. Its success is largely dependent on the performance and prevailing conditions affecting the economies of Bengaluru and the broader state of Karnataka.

High dependence on key suppliers: The company heavily relies on external suppliers i.e. its OEMs for the procurement of products required in its operations. Its top 10 suppliers contributed 98.90%, 95.57%, 94.88% and 93.50% of its total purchases for the period ended December 31, 2025 and in the fiscal year 2025, 2024 and 2023, respectively. Any delay, disruption, or failure on the part of these suppliers to deliver products in a timely manner, whether due to logistical issues, financial constraints, regulatory changes, or other unforeseen circumstances could materially impact its business operations. Such disruptions may lead to production delays, increased costs, loss of customer confidence, and reputational damage, which may negatively impact its profitability and financial performance.

Outlook

Amba Auto Sales and Services operate as an authorised dealer of Bajaj Auto and LG Electronics India under the brand name Amba Bajaj and Amba LG Best Shop (LG Best Shop), respectively. It has a presence across the automotive retail value chain, including sales of new vehicles, aftersales service and repairs (including sales of spare parts, lubricants and accessories) and facilitation of the sales of third-party financial and insurance products. Additionally, in consumer electronics, it offers a diversified range of products including air conditioners, televisions, washing machines, refrigerators and small appliances. On the concern side, the automotive industries are sensitive to changing economic conditions and various other factors. Any decline in demand in the products offered by the company, their parts, accessories or related hardware by individuals or entities may adversely impact its business prospects and results of operations. Further, any termination of existing dealership agreements or closure of its showrooms, retail outlets, or service centres, due to various unforeseen circumstances, and any restrictions on opening of new showrooms, retail outlets, or service centers may have a material adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 48,24,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 130-135 per equity share. The aggregate size of the offer is around Rs 62.71 crore to Rs 65.12 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 24,236.65 lakh whereas in FY24 it was Rs 21,122.82 lakh representing an increase of 14.74%. Moreover, net profit after tax for the year ended March 31, 2025, stood at Rs 777.61 lakh and for the year ended March 31, 2024 it was Rs 288.67 lakh representing an increase of 169.38%.

The company aims to strengthen its brand positioning as a premium destination for consumer electronics and home appliances by delivering an exceptional customer experience. This is achieved through live product demonstrations, thoughtfully curated product displays, and personalized consultations that help customers make informed purchasing decisions. Going forward, to foster long-term customer loyalty, the company implements robust after-sales service programs and loyalty initiatives. Additionally, the company has forged strategic alliances with financial institutions to offer attractive EMI schemes, as well as with the dealer for co-branded marketing campaigns. By utilizing advanced data analytics, the company continuously optimizes its product assortment and tailored promotions to meet evolving customer preferences, thereby enhancing both operational efficiency and customer satisfaction. Further, it derives significant brand value from its association with LG Electronics engaged in the manufacturing of consumer electronics and home appliances. By offering products from globally recognized brands, it is able to leverage their reputation for quality, innovation, and reliability, thereby enhancing customer trust and strengthening its own market positioning.

Adisoft Technologies

• Adisoft Technologies is coming out with an initial public offering (IPO) of 43,08,000 shares in a price band of Rs 163-172 per equity share. 
• The issue will open on April 23, 2026 and will close on April 27, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 16.3 times of its face value on the lower side and 17.2 times on the higher side.
• Book running lead manager to the issue is HEM Securities.
• Compliance Officer for the issue is Vaibhav Nandkumar Salunke.

Profile of the company

The company is an Industrial Digital Automation Solutions provider, engaged into the business of designing, developing, procurement, assembling, testing, installation, commissioning & providing engineering services related to Automated assembly lines, Material handling machines, Robotic work cells (e.g., pick-and-place, sealing applications) and Special Purpose Machinery designed to address customer-specific operational requirements. Its services include application of digital technologies and control systems to automate industrial processes, by integrating the shop floor equipments and processes with the IT Layer, thereby, reducing or eliminating human intervention. 

It provides customized automation solutions primarily to Automobile manufacturers, Automotive OEMs and component/subcomponent manufacturers that require establishment, expansion, upgradation, modification, repair or reconfiguration of existing production lines, or operational set-up. A significant portion of its assignments involves productivity enhancement initiatives, where automation is leveraged to reduce manual dependency, improve process consistency, facilitates data handling and optimize takt times. 

The company also provides Service support for repair or restoration of the machine as required by the Customer. Company warrants that any material or component shall be repaired or replaced, if found defective, within a period of twelve months from the date of installation and commissioning. Such support services may be provided free of cost or on a chargeable basis, in accordance with the terms and conditions specified in the relevant Purchase Order (PO). In addition to standard repair and replacement services, the company also provides lifecycle support services including system upgrades, retrofitting, Annual Maintenance Contracts (AMC), on-site installation & commissioning & troubleshooting by deputation of engineering team, skilled operators and technician. Further, for Automated Products traded by the Company (i.e., products supplied by the Company), the Company undertakes to replace any Product found to be defective within a period of twelve months from the date of sale.

Proceed is being used for:

• Repayment and/or pre-payment, in full or part, of borrowing availed by the company 
• Funding the capital expenditure requirements towards setting up of a new factory unit
• Meeting working capital requirements 
• General corporate purpose 

Industry overview

The Indian automobile industry has long been a reliable barometer of economic performance, given its critical role in both macroeconomic expansion and technological advancement. Within the sector, the two-wheeler segment dominates in terms of volume, driven by a growing middle class, a predominantly young population, and rising demand from rural markets. Demand for commercial vehicles has also strengthened, supported by the expansion of logistics and passenger transportation services. Market growth is expected to be shaped by emerging trends such as vehicle electrification, particularly in three-wheelers and small passenger cars. 

India has also established itself as a prominent auto exporter with strong growth prospects in the near future. Automobile exports rose 19% in FY25 to over 5.3 million units, led by robust demand for passenger vehicles, two-wheelers, and commercial vehicles in global markets. Complementing this momentum, government initiatives such as the Automotive Mission Plan 2026, the scrappage policy, and the production-linked incentive (PLI) scheme are expected to position India as a global leader in both the two-wheeler and four-wheeler markets.

The automobile industry in India benefits from factors such as the availability of skilled labour at low cost, robust R&D centres, and affordable steel production. It also provides significant investment opportunities and generates both direct and indirect employment for skilled and unskilled workers. The electric vehicle (EV) sector alone is projected to create five crore jobs by 2030, underscoring its potential as a major driver of employment and growth. To support this expansion, the Ministry of Heavy Industries (MHI) has extended the tenure of the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components by one year. The scheme now offers incentives on determined sales over five consecutive financial years from 2023-24 to 2027-28, with disbursements in the subsequent year.

Pros and strengths

Well-established design & development capabilities: A key strength of its business lies in its in-house design and development capabilities. Its engineering team is responsible for the complete design lifecycle, including mechanical and electrical system design, control architecture, and simulation of site requirements during the conceptualization stage. The team translates functional requirements into scalable and modular automation architectures to meet the specific operational needs of its customers. Advanced software tools such as E-PLAN, SolidWorks, AutoCAD, and ZW Cad are used to prepare designs with precision and consistency. As of January 31, 2026, its Design and Development function comprises 49 professionals, who support the timely delivery of customer-specific automation solutions. In-house design capabilities enable it to conduct multiple design iterations efficiently, maintain quality control, and respond promptly to changes in customer requirements or project specifications.    

Integrated in-house assembling and testing infrastructure: Its business operations are fully in-house located in MIDC Bhosari, Pune. The facility is equipped with the necessary tools, machines, fixtures, and testing equipment, including handheld multi-meters and continuity testers, to support assembly and quality assurance of automation systems. The plant layout is optimized for assembling with co-located inventory to minimize material movement and non-value-added time. By keeping these functions under one roof, it is able to directly control the quality of its products, reduce delays and ensure that customer requirements are met reliably. This infrastructure not only makes its business operations more efficient but also gives confidence to its customers that it can deliver consistent and quality solutions on time.

Enduring relationships with customers across geographies: Over the years it has established a diversified customer base. The experience and rapport of its management with customers play an instrumental role in creating, maintaining and expanding the customer base for the company. Timely delivery and quality of products has helped it retains its customers and is instrumental in expanding its customers across diversified geographies. The company has diversified revenue from multiple geographical locations across various states in India. Currently, it markets its products to more than 10 states within India and gradually it intends to expand its business operations to other geographical locations as well. Its presence in multiple geographies not only helps it in expanding its customer base but also helps by keeping itself in tune with the latest technological advancements.

Risks and concerns

Dependent on top 10 customers: Its business is dependent on the sale of its services to certain key customers. The top 10 customers consistently contributed a substantial share of revenue, accounting for 70.18% in the period ending October 31, 2025, and 74.09%, 75.13%, and 77.19% in FY 2025, FY 2024, and FY 2023, respectively. The substantial portion of its revenues has been dependent upon few customers. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition results of operations, cash flows and future prospects of the company.

High dependence on automotive sector: It is significantly dependent on the performance of the automotive sector in India for the sale of its automation solutions. Its revenue from automotive sector clients during the period ended October 31, 2025 and Fiscal Years 2024-25, 2023-24 and 2022-23 constituted 59.95%, 78.61%, 72.48%, and 64.32% of its revenue from operations, respectively. Any reduced demand in the automotive segment, deterioration in the automotive market, uncertainty, or changes in regulations, customs, taxes, or other restrictions affecting the automotive market, particularly in India, could adversely impact its business, operations and financial condition.  

Dependent on limited number of suppliers: The company is dependent on limited number of suppliers, within limited geographical locations for procurement of raw materials. For the period ended October 31, 2025 and Fiscal year 2025, Fiscal 2024 and Fiscal 2023, purchases from its top ten suppliers amounted to Rs 3703.24 lakh, Rs 7135.20 lakh, Rs 6524.09 lakh and Rs 4533.70 lakh respectively, which represented 81.07%, 76.57%, 85.54% and 77.72% of its total raw material purchases, respectively, for the said period. It does not have any long-term supply contracts with these suppliers and therefore, it cannot assure that it shall always have a steady supply of raw material at prices favourable to the company. Any delay, interruption or reduction in the supply of raw materials required for its products may adversely affect its business, results of operations, cash flows and financial condition.

Outlook

Adisoft Technologies is engaged into the business of designing, developing, procurement, assembling, testing, installation, commissioning & providing engineering services related to Automated assembly lines, Material handling machines, Robotic work cells (e.g., pick and- place, sealing applications) and Special Purpose Machinery designed to address customer-specific operational requirements. Its services include application of digital technologies and control systems to automate industrial processes, by integrating the shop floor equipments and processes with the IT Layer, thereby, reducing or eliminating human intervention. On the concern side, it operates through its Assembly unit located at Pune, Maharashtra. Due to the geographical concentration of its business operations in Pune district, its operations are susceptible to local, regional and environmental factors, such as social and civil unrest, regional conflicts, civil disturbances, economic and weather conditions, natural disasters, demographic and population changes, and other unforeseen events and circumstances.

The company is coming out with a maiden IPO of 43,08,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 163-172 per equity share. The aggregate size of the offer is around Rs 70.22 crore to Rs 74.10 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2024-25 stood at Rs 13301.68 lakh whereas in Financial Year 2023-24 the same stood at Rs 10413.76 lakh representing an increase of 27.73%. The company reported Restated profit after tax for the financial year 2024-25 of Rs 1611.08 lakh in comparison to Rs 1175.57 lakh in the financial year 2023-24.

Meanwhile, maintaining quality in automation solutions is a key strategic focus for the Company. It recognizes that the reliability and performance of technology are important factors in the automation industry, directly impacting customer satisfaction, system performance, and long-term customer relationships. Its approach to quality is based on established business processes, continuous monitoring, and timely corrective action. Systematic quality review mechanisms are implemented across the project lifecycle, including design validation, component inspection, system-level testing, and customer acceptance procedures. Further, it has applied for ISO 9001:2015 certification and are currently aligning its operations with the prescribed Quality Management System (QMS) requirements to enhance process standardization, operational efficiency, and customer satisfaction.

Leapfrog Engineering Services

• Leapfrog Engineering Services is coming out with an initial public offering (IPO) of 3,84,84,000 shares in a price band of Rs 21-23 per equity share.
• The issue will open on April 23, 2026 and will close on April 27, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 1 and is priced 21 times of its face value on the lower side and 23 times on the higher side.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance Officer for the issue is Sneha Hegde.

Profile of the company

Leapfrog Engineering Services (LESL) is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. It is an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. With over 20 years of a strong, customer -focused approach and a continuous quest for outstanding quality, it has unmatched capabilities across Electrical, Instrumentation, Automation, Fire Protection, Modular Substation and Project Execution. 

It has built a reputation for its expertise in developing large - scale projects including refineries, early productions facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals and fertilizers. Its expertise spans a wide range of engineering solutions, making it a versatile and comprehensive service provider in the industry. It caters to a highly diversified client base, delivering tailored solutions across numerous sectors. Its operations extend across multiple states within India and reach internationally, serving clients in many countries around the globe. 

This extensive geographical reach, combined with its broad spectrum of services, enables it to address complex engineering challenges with precision and efficiency. Whether domestically or internationally, its commitment to quality and innovation has allowed it to build strong, lasting relationships with clients from various industries, reinforcing its reputation as a trusted partner in delivering cutting-edge engineering solutions. It aims to leverage the strength of its brands to offer a diverse range of services tailored to its customers' needs. By continuing to grow its brands, deepening its understanding of customer requirements, and fostering strong client relationships, it is well-positioned to expand its footprint in the engineering solutions market.

Proceed is being used for:

• Funding capital expenditure for setting up of assembling unit 
• Meeting working capital requirements 
• Meeting the issue expenses 
• General corporate purposes 

Industry Overview

The engineering goods export of India had a share of 25.22% out of the total exports during the financial year 2023-24 from the country, as the exports jumped to $109.22 billion as compared to $106.93 billion during the last financial year 2022-23. In FY25 (until June 2024), the exports of engineering goods stood at $27.66 billion. The impressive growth in Engineering Goods exports in recent years has largely been due to the zero-duty Export Promotion Capital Goods (EPCG) scheme of the Ministry of Commerce & Industry which forms part of the Foreign Trade Policy (FTP) of the Government of India. Exports of capital goods contributed about half of the total engineering exports from India. Primary iron, steel, and its products exports accounted for 21.63%, while non-ferrous metals and products exports contributed 12.61% of India's engineering goods exports in 2022-23. 17.53% was composed of exports of industrial machinery, 10.24% of exports of electrical machinery, 20.31% of auto and auto parts, and the remaining 17.68% by miscellaneous items, including exports of aircraft, spacecraft and parts and ships, boats, and floating structures. The iron, steel, and products exports of India were valued at $23.16 billion in 2022-23, witnessing a decline in growth of 27% over the previous year. Among the key products exported from non-ferrous metals and products made of non-ferrous metals, aluminum and products exports were the highest at $8.87 billion in 2022-23 declining by 17.5% over the previous year. Industrial machinery recorded exports of $18.77 billion, while electrical machinery exports were valued at $10.97 billion in 2022-23. 

India exports engineering products to the following regions: ASEAN, North-East Asia, Africa, EU, North America, CIS, Latin America, South Asia, Africa, Middle East, West Asia, etc. The top five Indian engineering goods importing countries were the USA, the UAE, Germany, Italy, and Singapore with a share of 17.44%, 4.61%, 3.68%, 3.67%, and 3.42%, respectively, in 2022-23 out of the 25 countries recorded positive cumulative growth in engineering exports during April-March 2022. India's engineering exports continued their year-on-year growth for the second consecutive month into January 2024 with a 4.20% increase. The expansion in January 2024 was attributed to increased shipments of Iron & Steel, Aircrafts, spacecraft and parts, Copper and copper products, and Electric machinery. Additionally, heightened demand from South Asia, the European Union, and North America contributed to this growth. The share of the top 25 importing nations of India's engineering goods accounted for 75.9% of India's total engineering exports in 2022-23. This significant share is evidence of the dependence of India's engineering exports on the traditional markets. Italy, the UAE, and the USA were the top three importers of Indian Iron and Steel during 2022-23, whereas the USA, Germany, and the UAE were the top three importers of India's 'Products of Iron and Steel' during the same period as compared to 2021-22. 

The government of India has implemented various export promotion schemes, such as the Zero Duty Export Promotion Capital Goods (EPCG) scheme, Towns of Export Excellence (TEE), Market Access Initiative (MAI), etc. These schemes are aimed at encouraging the exporter and to help increase the revenue from international markets. Also, schemes such as duty exemption, advance authorization, duty-free import, rebate on service tax, etc. have been implemented to ease raw material imports. The Indian Engineering Exposition (INDEE), a brand of EEPC India, is one of the largest engineering expositions in the world. Apart from the specific schemes mentioned above, the Government of India has taken several initiatives to support and enhance the competitiveness of the domestic engineering goods manufacturing firms such as the ‘Make in India’ initiative, PLI scheme for Automobile, and Auto components, PLI scheme for National Programme on Advanced chemistry cell (ACC) Battery Storage, FAME INDIA II scheme, Capital goods scheme, Industry 4.0. The Government of India, along with the Engineering Export Promotion Council, frequently organizes the International Engineering Sourcing Show (IESS) with the main objective of promoting India's image and providing a platform for Indian exporters to showcase their strengths and capabilities in an emerging market. This has become a unique platform between Indian and overseas engineering firms with B2B meets, thematic seminars and exclusive country and state sessions, bilateral forums. 

Pros and strengths

Strong order book: In its industry, the Order Book serves as a key indicator of future performance, as it reflects a portion of its anticipated revenue streams. It has consistently achieved and maintained a robust Order Book by focusing on its core competencies and successfully securing new projects across diverse segments. Its order book includes a diverse range of projects across multiple states in India and international markets. As of December 31, 2025, the company has an outstanding order book of Rs 40,026.96 lakh, comprising domestic orders worth 2,656.06 lakh and export orders worth Rs 37,370.90 lakh. Further January 01, 2026 onwards, the company has received orders of Rs 2,028.04 lakh comprising domestic order worth Rs 1,987.99 lakh and export orders worth Rs 40.05 lakh totalling to outstanding order book of Rs 42,055.00 lakh. This clientele includes a mix of globally recognized corporations, renowned Indian industrial entities, and government-owned enterprises, reflecting the company’s strong market presence and credibility. 

Its strong global presence: Over the past decade, the company has successfully delivered over 14 projects in Kuwait, further establishing its strong reputation within the industry. These projects showcasing its expertise and ability to provide tailored, reliable solutions to meet the unique demands of client. The completion of these projects has not only demonstrated its technical proficiency but also underscored its commitment to delivering excellence and ensuring client satisfaction in every aspect of its work. Throughout this period, it has actively expanded its presence in international markets, with a particular focus on the Middle East. Its operations in this region have been a pivotal driver of its growth, contributing significantly to its overall revenue and positioning us as a trusted partner for large-scale engineering, procurement, construction, and commissioning projects. The Middle East’s dynamic and evolving market offers vast opportunities, and its strategic focus in this region has allowed it to capitalize on these opportunities, fostering long-term business relationships and achieving sustained success. 

Diversified Portfolio across various market segment: Its business operates with remarkable stability, unaffected by seasonal fluctuations, due to its highly diversified portfolio. It serves a wide array of market segments, including Oil & Gas, Metals & Minerals, Mining, Pharmaceuticals, Power, Telecommunications, and Food Processing. This extensive diversification ensures that downturns in one sector are offset by stability and growth in others, thereby maintaining consistent revenue streams and overall business performance. Additionally, its strong presence in both domestic and international markets further enhances its resilience. By operating across multiple geographical regions, it mitigates the risks associated with political instability, socio economic changes, and geographical uncertainties. This global footprint allows it to leverage opportunities in various markets, adapt to different regulatory environments, and balance regional economic cycles. As a result, its business remains robust and less susceptible to localized disruptions. 

Risks and concerns

Risk associated with competitive bidding and dependence on joint venture partnerships: EPCC projects are typically awarded to it through a competitive bidding process, where it must meet stringent technical and financial criteria. Factors such as project experience, technical expertise, service quality, and financial resources significantly influence its ability to secure contracts. However, it cannot guarantee that it will consistently meet these qualifications, either independently or with joint venture partners. Even when it does qualify, projects are often awarded based on bid competitiveness, and preparing and submitting bids involves non-reimbursable costs. There is no certainty that projects for which it is prequalified will result in awards, nor that it submitted bids will be selected. In instances where it does not meet qualification standards independently, it partners with third parties, although forming such alliances comes with its own risks. It may face challenges in finding suitable joint venture partners or may be unable to attract partners who view it as their partner of choice, potentially limiting its opportunities to bid on large-scale projects. Additionally, the failure or disqualification of a partner could affect its bids and project success, possibly leading to unforeseen expenses or even losses. 

Dependence on Middle Eastern markets for export revenue: The company’s export revenue is significantly concentrated in Middle Eastern markets, with Kuwait being a primary contributor. This reliance exposes it to regional economic fluctuations, political instability, and regulatory changes that could disrupt its revenue flow from these key markets. Any downturn or unexpected policy shift in these countries such as new import restrictions, currency instability, or trade barriers could immediately impact its financial stability. Additionally, regional geopolitical tensions or economic sanctions could affect its ability to trade or increase the cost and complexity of doing business in these markets, further impacting profitability.

Dependence on major customers: Its business is dependent on a few customers and the loss of, or a significant reduction in orders by such customers could adversely affect its business. For the nine months period ended December 31, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, its top ten customers accounted for approximately 91.37%, 85.49%, 98.81% and 99.32% of its revenue from operations. Revenues from any of its particular customers may vary significantly from reporting period to reporting period, depending on the nature of ongoing orders and the implementation schedule for such orders. The efficiency of the sales and marketing network is critical to success of the company. 

Outlook

Leapfrog Engineering Services is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. It is an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. Its expertise spans a wide range of engineering solutions, making it a versatile and comprehensive service provider in the industry. On the concern side, its projects are exposed to various implementation and other risks, including risks of time and cost overruns, and uncertainties, which may adversely affect it business, financial condition, results of operations, and prospects. Further, the company’s clientele comes from various Industrial Segments, such as, Power and Telecommunication, Oil and Gas, Food processing, Pharma, Metals, Minerals, Railways, Refineries, Mining etc. and therefore any downturn in these industries may adversely affect the revenue and operating profit of the company.

The company is coming out with a maiden IPO of 3,84,84,000 equity shares of face value of Rs 1 each. The issue has been offered in a price band of Rs 21-23 per equity share. The aggregate size of the offer is around Rs 80.81 crore to Rs 88.51 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 13,466.24 lakh whereas in FY24 it was Rs 15,785.42 lakh representing a decrease of 14.69%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 1,622.47 lakh and for the year ended March 31, 2024 it was Rs 1,639.27 lakh representing a marginal decline of 1.02%.

Having successfully expanded beyond the domestic boundaries of India and established a strong presence in international markets, particularly in the Middle East, it is now focused on deepening its global reach. While its core focus remains on the domestic market, it recognizes the immense potential in expanding its international footprint. As part of its growth strategy, it is actively exploring opportunities to penetrate other key markets worldwide. Going forward, in line with its commitment to scaling its brand and business, it is planning to establish a state-of-the-art assembling unit at Site No. 11 & 12, Akshya Nagar, Yelenahalli, Begur, Bengaluru, Karnataka with an estimated project cost of Rs 2,710.36 lakh. The proposed facility is a strategic move to strengthen its operational capabilities, expand its service offerings, and enhance its ability to deliver innovative engineering solutions to its customers. By setting up this facility, it aims to not only drive business growth and brand recognition but also create new business opportunities, fostering long-term prospects for its organization in the highly competitive engineering industry. Further, it recognizes the critical importance of staying at the forefront of technological innovation within its industry. Embracing cutting-edge technologies and innovative solutions is integral to its business strategy, allowing it to maintain a competitive edge and deliver superior services to its clients. To this end, it makes regular investments to upgrade its infrastructural facilities and processes, ensuring that it remains aligned with the latest industry advancements. Its commitment to modernization involves continuous research and the adoption of new technologies that are well-suited to its project requirements and client expectations.

Mehul Telecom 

• Mehul Telecom is coming out with an initial public offering (IPO) of 28,29,600 shares in a price band of Rs 96-98 per equity share. 
• The issue will open on April 17, 2026 and will close on April 21, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.60 times of its face value on the lower side and 9.80 times on the higher side.
• Book running lead manager to the issue is Cumulative Capital.
• Compliance Officer for the issue is Richie Dhrumil Vandra.

Profile of the company

Mehul Telecom is in the business of operating a multi-brand mobile retail chain offering smartphones and Other electronic products and accessories through a hybrid ‘COCO’ (Company Owned, Company Operated) and ‘FOFO’ (Franchisee Owned, Franchisee Operated) retail model. Its retail portfolio comprises products from leading smart phone and phone accessory manufacturers viz., MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Intel, Infinix, Xiaomi and other popular Brands. 

In addition to handsets, it retails connected lifestyle products and peripherals such as Air Conditioners, Refrigerators, Washing Machines, Televisions, wearables, audio devices, and power solutions like speakers, smartwatch, ear phones, head phones, tablets, mobile covers, phone chargers, screen guards, power banks, phone warranty plans, fire sticks, car holder clamps, pen drive etc. of various brands. Its stores support omnichannel checkout including UPI, mobile wallets, and integrated POS terminals. It operates under the brand name ‘Mehul Telecom’. It operates from total 80 stores across the state of Gujarat out of which 6 are COCO stores and 74 are FOFO stores. 

It focuses on offering products that meet the requirements of its customers by balancing quality and affordability, including offering flexible finance options. Drawing on the expertise of its promoters, a diverse product portfolio, its wide distribution network and focus on customer service as well as the increasing demand for smartphones and related products, it proposes to enhance its presence across Gujarat.

Proceed is being used for:

• Funding of working capital needs 
• General corporate purposes
• Issue related expenses 

Industry Overview

Electronics industry is the world’s largest and fastest growing industry and is increasingly finding application in all sectors of the economy. The government’s support for the electronics industry has been strong, with numerous conducive policies. The government of India is focusing on manufacturing electronics hardware within India, which seems to be the conceptual origin for both the Make in India and the Digital India programmes. These initiatives encourage domestic manufacturing and exports across the electronics system design and manufacturing (ESDM) value chain. India’s production of electronics is estimated at $90 billion and export is estimated to be $23 billion. Apart from policies like the Make in India initiative, the National Policy on Electronics (NPE) 2019 and Digital India, the Indian government has also backed the sector with the Electronics Development Fund (EDF), the Modified Special Incentive Package Scheme (MSIPS), the Phased Manufacturing Programme (PMP), Preferential Market Access (PMA), and by rationalising the duty structure. 

India has emerged as the second largest manufacturer of mobile phones in the world. Over 200 units are manufacturing cellular mobile phones and parts / components thereof in the country, up from only 2 units in 2014. The domestic demand is almost completely being met out of domestic production. India which was importing 90 per cent of its mobile phones till 2014 is now catering to 97 per cent of all mobile phones that are consumed in India. The electronics sector of India contributes around 3.4% of the country’s Gross Domestic Product (GDP). The government has committed nearly $17 billion over the next six years across various incentive schemes to grow the industry. The Government of India has also worked on making the county investor-friendly and has been laying out the red carpet for manufacturing companies.

India has a very strong manufacturing base for electronics components. Electronic components are considered to be the building blocks for this sector. A proper and impeccable structure of manufacturing electronic components requires a supportive ecosystem and a high capital investment. India produces high quality electronic components mainly electro- mechanical components (like printed circuit boards, connectors, etc.) and passive components (like wound components, resistors, etc.). Over the years, the active components (like integrated circuits, diodes, etc.) and the associated components (like optical disc, magnets, RF Tuners, etc.) have also witnessed its growth. India is a global R&D hub and the third largest start-up ecosystem in the world. India is home to over 1140 R&D Centres of Global MNCs employing 900,000 plus professionals. India is the preferred investment destination for electronics manufacturing given the low cost of manufacturing combined with the rapid transformation in ease of doing business. 100% FDI is allowed under the automatic route. Under Defence electronics, FDI up to 49% is allowed under automatic route and beyond 49% through government approval.

Pros and strengths

Extensive distribution network in Gujarat: Its retail footprint spans 80 locations across key districts in Gujarat, specializing in the sale of mobile handsets and accessories. This network comprises 6 COCO stores (Company and Company Operated Stores) and 74 FOFO stores (Franchise Owned and Franchise Operated Stores), spanning 15 districts. Its extensive network enables it to achieve broad geographical reach and strong positioning within the state, ensuring coverage across diverse markets. 

Comprehensive product range: The company is a multi-brand retailer offering a wide selection of smartphones and accessories from leading manufacturers such as MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Intel, Infinix, Xiaomi and other popular Brands in Gujarat. With an extensive assortment comprising around 1100 SKUs for smartphones and 500 in other accessories, it is equipped to meet a wide spectrum of aesthetic and functional preferences of its customers. 

Low capital requirements for growth: One of its key strengths lies in its low capital requirements for expansion, allowing the company to achieve sustainable growth with minimal financial outlay. By leveraging a franchise model and efficiently managing inventory and logistics, it can expand its retail footprint without significant upfront investment. This capital-efficient approach not only accelerates its market penetration but also maximizes return on investment, enabling the company to focus resources on core areas such as product innovation, customer service and brand building.

Risks and concerns

Store network optimization and performance-based rationalization: Opening and closing of stores is a regular part of the company’s business and depends mainly on the revenue generating potential of each location. Store performance is influenced by factors such as location, customer footfall, product mix, and operating efficiency. High-revenue stores are retained to strengthen its retail network, while underperforming outlets are rationalized or closed. This approach, while optimizing operations, exposes it to risks of site selection errors, demand misjudgment, and closure-related costs. Although the company has pursued consistent growth by expanding into high-potential markets and targeting diverse customer segments, there can be no assurance that newly opened stores will achieve projected performance levels or that targeted markets will deliver the anticipated returns. Frequent store closures, though intended to improve efficiency, may result in increased costs and could adversely affect profitability.

Geographical concentration risk in Gujarat: Its operations and revenues are limited to and concentrated in the geographical region of the State of Gujarat. In the State of Gujarat also its business revenue is generated mainly from two districts viz., Rajkot and Morbi i.e., Rs 12517.01 lakh, Rs 8,766.57 lakh, Rs 1,620.29 lakh, Rs 8,193.94 lakh and Rs 6,149.58 lakh constituting 82.36% , 76.38%, 81.69%, 76.43% and 76.73% of the total revenue from operations for the financial year/period ended December 31, 2025, March 31, 2025, April 21, 2024, March 31, 2024, March 31, 2023, respectively. Any adverse development affecting its operations in this region or any saturation could have an adverse impact on its business, financial condition and results of operations.

Risk of limited product diversification in the mobile phone industry: Its business operations are exclusively focused on the diversification of telecom products mainly, mobile phones, accessories and other related gadgets, which exposes it to significant risks due to lack of diversification. It operates exclusively in the mobile phone industry which is characterized by rapid technological advancements, intense competition, and frequent product obsolescence, requiring it to adapt swiftly to changing trends and consumer preferences. Additionally, its operations are subject to regulatory requirements, taxation, and consumer protection laws, any changes to which could increase its operational costs. Market saturation, economic downturns, or reduced consumer spending further pose challenges, and its limited product portfolio amplifies these risks, as any adverse developments in the mobile and accessories market could materially impact its revenues, profitability, and overall business sustainability.

Outlook

Mehul Telecom is engaged in multi-brand retail selling of Smart Phones, Other Electronic Products and Allied accessories from manufacturers like MI, Samsung, Vivo, Oppo, Realme, Nokia, OnePlus, Redmi, Nothing, Tecno, Intel, Infinix, Xiaomi and other popular brands. It is in the business of operating a multi-brand mobile retail chain offering smartphones and Other electronic products and accessories through a hybrid ‘COCO’ (Company Owned, Company Operated) and ‘FOFO’ (Franchisee Owned, Franchisee Operated) retail model. On the concern side, competition from online retailers who can offer products at competitive prices and are also able to offer a wide range of products may adversely affect its business and its financial condition, results of operations and cash flows. Further, its operations are heavily reliant on the logistics and transportation systems of the manufacturers' distributors. Any delays, disruptions, or inefficiencies in the distributors' logistics operations could significantly impact the timely availability of products it sells and could have a material adverse effect on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 28,29,600 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 96-98 per equity share. The aggregate size of the offer is around Rs 27.16 crore to Rs 27.73 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 12,088.66 lakh whereas in FY24 it was Rs 10,719.83 lakh representing an increase of 12.77%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 603.94 lakh and for the year ended March 31, 2024 it was Rs 219.46 lakh representing an increase of 175.19%.

The company is planning to establish additional 3 to 4 Company Owned Company Operated stores, capturing a larger share of the market. It aims to expand its footprint across Gujarat, specially focusing on those districts where store count is low and footfalls are high, while optimizing overhead costs, which will decrease proportionally over time. Also, it aims to expand operations to other high-potential Cities in tier II and tier III within Gujarat. Going forward, it intends to diversify its product portfolio by entering the consumer durables segment, with an initial focus on categories such as washing machines and air conditioners. This strategic expansion aims to leverage its existing brand equity, distribution network to address demand for consumer goods in India’s expanding middle-income segment. Further, it aims to strengthen brand loyalty and ensure a superior consumer experience. Its proactive approach to customer service, including regular follow-ups and feedback mechanisms, ensures that customer concerns are addressed promptly, reinforcing trust in its brand.