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Vaibhav Vyapaar

• Vaibhav Vyapaar is coming out with an initial public offering (IPO) of 77,96,000 shares in a price band of Rs 51-54 per equity share.
• The issue will open for subscription on October 13, 2026 and will close on October 15, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 5 and is priced 10.20 times of its face value on the lower side and 10.80 times on the higher side.
• Book running lead manager to the issue is Getfive Advisors.
• Compliance officer for the issue is Aditya Singh Solanky.

Profile of the company

Vaibhav Vyapaar is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI). It provides unsecured personal loans to salaried individuals and self-employed individuals through its fully digital lending platform, both on a direct lending and co-lending basis. In parallel, it also generates revenue by offering its application and technology services to other NBFCs. Its operating model enables credit access, particularly first-time borrowers, including lower-income salaried professionals.

The company operates through its mobile application, which support loan origination, due diligence and underwriting process along with documentation, disbursal, and repayment. The company’s digital infrastructure uses verification and technology-enabled tools that facilitate credit assessment, credit decisioning and risk evaluation.

The company offers personal loans under the brand “LoanFront”, through Mobile application namely “LoanFront- Personal Loan App” which provides credit facilities to retail customers. Alongside its direct lending portfolio, it also participates in co-lending arrangements other NBFCs, wherein loans are originated, underwriting process along with documentation, and services. The company’s lending operations are focused on meeting the credit requirements of salaried individuals and self-employed borrowers across urban and semi-urban regions of India.

Proceed is being used for:

• Augment the capital base of the company
• General corporate purpose

Industry Overview

India’s banking sector stands as a pillar of the nation’s economic progress, playing a vital role in mobilising capital, expanding credit access, and driving financial inclusion. While it continues to navigate challenges such as regulatory shifts, rising operational costs, and growing competition from fintech players, the sector is simultaneously embracing opportunities brought by digital innovation, structural reforms, and evolving customer needs. From UPI’s global reach to a surge in fintech investments andgrassroots financial schemes like Jan Dhan Yojana, India’s banking landscape is undergoing a dynamic transformation, laying the groundwork for a more inclusive, tech-driven, and resilient financial ecosystem.

Indian Fintech industry is estimated to be at Rs 12,99,450 crore ($150 billion) by 2025. India has the third largest FinTech ecosystem globally. India is one of the fastest-growing Fintech markets in the world. There are currently more than 2,000 DPIITrecognized Financial Technology (FinTech) businesses in India, and this number is rapidly increasing. The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level five in the Faster Payments Innovation Index (FPII). India’s Unified Payments Interface (UPI) has also revolutionized real-time payments and strived to increase its global reach in recent years.

Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth in the banking sector. All these factors suggest that India’s banking sector is poised for robust growth as rapidly growing businesses will turn to banks for their credit needs. The advancement in technology has brought mobile and internet banking services to the fore. AI and automation are demonstrating unprecedented value while Blockchain has sparked innovation throughout the business landscape and is poised to continue in doing so. The banking sector is laying greater emphasis on providing improved services to their clients and upgrading their technology infrastructure to enhance customer’s overall experience as well as give banks a competitive edge.

Pros and strengths

Technology-enabled digital lending platform: The company interacts with customers through its application and over time, the company has gained knowledge of market conditions and economic patterns, which assists in assessing the financial needs of individuals across different geographies. This enables the company to offer products aligned with customer requirements, income patterns and cash-flow characteristics. The company has established a technology-enabled digital lending platform, LoanFront, through which it undertakes customer acquisition, digital onboarding, credit assessment, loan origination, servicing and collections. Since the commencement of its operations, it has focused on expanding its customer base through digital channels while developing operational capabilities to support the origination and servicing of retail lending products.

Integrated digital platform supporting the lending lifecycle: The company operates a digital lending platform, “LoanFront,” managed by the company. The platform is used to maintain a customer database and record funds disbursed to different categories of borrowers. The system is designed in line with RBI digital lending guidelines. The company has purchased a proprietary technology platform, LoanFront, which is continuously developed by its internal team, which supports the management of the lending lifecycle, including customer acquisition, digital onboarding, Know Your Customer (KYC) verification, credit assessment, loan origination, documentation, disbursement, servicing, collections and portfolio monitoring.

Technology-enabled underwriting and risk management framework: The company follows an underwriting policy supported by models to evaluate borrower creditworthiness and assess repayment capacity. The risk evaluation framework includes checks, analysis and credit insights, and is used for lending decisions. The company has implemented risk management practices, including portfolio monitoring, review of credit policies, and mechanisms and follow-ups for repayments. These measures are used in managing portfolio quality and default risk. Its lending operations are supported by a technology-enabled underwriting and risk management framework designed to facilitate customer onboarding, credit assessment, fraud monitoring, loan servicing and portfolio monitoring. Its proprietary technology platform integrates various stages of the lending lifecycle through automated workflows, enabling consistent evaluation of loan applications in accordance with its internal credit policies.

Risks and concerns

Geographical concentration of lending operations: The company’s lending operations are spread across multiple states in India; however, a substantial portion of its AUM is concentrated in certain states. Consequently, its business performance is exposed to risks associated with regional economic conditions, changes in local regulations, natural calamities, adverse weather conditions, disruptions in business activities, political developments, changes in borrower behaviour, competitive intensity, and other factors affecting such geographies. Majority of its revenue comes from the state of Uttar Pradesh, West Bengal, Gujarat, Delhi and Bihar. Any decrease in demand for its unsecured loan products, could adversely affect its business, financial condition, cash flows, results of operations and prospects.

Unsecured lending exposing the company to credit risks: The company offers unsecured personal loans to salaried individuals and self-employed individuals. Its customers may be economically less stable than large corporates and as a result, it is more vulnerable to customer default risks including delay in repayment of principal or interest on its loans. Although it employs a data-driven approach to assess the creditworthiness of its customers and have its own customized due diligence and credit analysis procedures, there can be no assurance that these measures are adequate to ensure a lower delinquency rate. Any increase in defaults or its inability to recover outstanding dues may have a material adverse effect on its business, financial condition, cash flows and results of operations.

Dependence on third-party technology providers: The company’s digital lending operations are significantly dependent on third-party software vendors and service providers for critical functions such as customer onboarding, identity and document verification, credit bureau checks, account aggregation, payments, disbursals, communications and collections. Any disruption, failure, security breach, regulatory non-compliance or unavailability of such services could adversely affect its operations, delay loan processing and materially impact its business and financial performance.

Outlook

Vaibhav Vyapaar is a Non-Banking Financial Company providing unsecured personal loans to salaried and self-employed individuals through its fully digital lending platform. The company is having technology-driven digital lending platform. It has focus on underserved and first-time borrowers. On the concern side, the company faces risks arising from geographical concentration of its lending portfolio, borrower defaults on unsecured personal loans and dependence on third-party technology providers. Regional economic disruptions or declining demand in key states may adversely affect its AUM and revenue. Higher loan delinquencies or failure to recover outstanding dues could impact asset quality and financial performance.

The company is coming out with a maiden IPO of 77,96,000 equity shares of face value of Rs 5 each. The issue has been offered in a price band of Rs 51-54 per equity share. The aggregate size of the offer is around Rs 39.76 crore to Rs 42,10 crore based on lower and upper price band respectively. On performance front, revenue from operations increased to Rs 3,679.94 lakh in FY26 from Rs 2,504.86 lakh in FY25, demonstrating a significant growth of 46.91%. Moreover, profit after tax was at Rs 197.10 lakh in FY26 as compared to Rs 147.97 lakhs in FY25.

Meanwhile, the company invest to upgrade the features of its Mobile Application to enhance operational efficiency, expand customer reach, and deliver an underwriting and lending experience. By adopting a digital loan origination platform, it has streamlined the borrowing process, making it faster, more transparent, and accessible to customers across income segments. Technology-enabled credit assessment tools enable assessment of borrower creditworthiness, even for individuals with limited or no credit history, thereby fostering financial inclusion. The processes like digital KYC and online document verification significantly reduce turnaround time and improve accuracy in customer onboarding. Further, the company has creditworthiness verification using Credit Bureau data to generate reports that supports decision-making. By adopting a digital loan origination platform, the company has streamlined the borrowing process, making it faster, more transparent, and accessible to customers across income segments, for creditworthiness verification it is using Credit Bureau data to generate reports that supports decision-making.

Ravita Engineering Services

• Ravita Engineering Services is coming out with an initial public offering (IPO) of 1,03,62,000 shares in a price band of Rs 105- 112 per equity share.
• The issue will open for subscription on October 13, 2026 and will close on October 15, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 5 and is priced 21.00 times of its face value on the lower side and 22.40 times on the higher side.
• Book running lead manager to the issue is Vivro Financial Services.
• Compliance officer for the issue is Shah Kinjal Nitinkumar.

Profile of the company

Ravita Engineering Services is an engineering solutions company engaged in engineering, procurement, installation and commissioning (EPIC) of heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, air flow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis for diverse commercial and industrial establishments including offshore rigs, platforms and other installations. It also provides comprehensive operation and maintenance (O&M) services for both projects executed by it and systems installed by third-party solution providers.  

It operates across three primary business segments, namely onshore, offshore, and data centre engineering. Its onshore operations cater to industrial plants, commercial buildings, and utility infrastructure, while offshore operations involve HVAC and mechanical systems for offshore oil and gas platforms and marine assets. In the data centre segment, the company provides precision cooling systems, including Computer Room Air Handler (CRAH)/ Computer Room Air Conditioners (CRAC) units, chillers, and cooling towers, supporting continuous operations.

The company’s service portfolio includes turnkey electro-mechanical project execution, HVAC services, automation and control solutions, operations and maintenance services, and integrated facility management. The company serves multiple end-use industries, including refinery, oil and gas, mining, defence, data centres, and marine. It operates with a workforce of over hundreds of personnel and follows a business model that includes project execution along with long-term O&M contracts.

Proceed is being used for:

• Meeting long-term working capital requirements of the company.
• Funding capital expenditure requirements of the company towards purchase of certain heavy equipment.
• General corporate purposes.

Industry overview

The HVAC EPCIC market in India has demonstrated steady growth over the past few years, supported by expanding infrastructure development, increasing industrial investments, and rising demand for climate control solutions across commercial and industrial sectors. This growth has been primarily driven by rapid expansion in sectors such as commercial real estate, pharmaceuticals, electronics manufacturing, and large industrial facilities, all of which require integrated HVAC project execution capabilities. In addition, the increasing scale and complexity of projects have encouraged project owners to adopt Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contracts that offer a single-point responsibility structure for project delivery. 

Looking ahead, the HVAC EPCIC market is expected to witness strong expansion as infrastructure investments continue to accelerate across multiple sectors of the Indian economy. This growth outlook is supported by increasing investments in data centers, industrial manufacturing facilities, commercial buildings, and energy infrastructure, all of which require sophisticated HVAC systems and integrated project execution capabilities. Additionally, the rising adoption of energy-efficient building standards, increasing demand for precision cooling solutions, and the expansion of high-technology industrial sectors are expected to further strengthen the demand for EPCIC-based HVAC project delivery models in the coming years. 

Meanwhile, India’s data center industry is witnessing strong growth, driven by rapid digitization, rising internet and data consumption, cloud adoption, and increasing demand for secure and reliable digital infrastructure. Development is concentrated in major hubs such as Mumbai, Bengaluru, and NCR due to strong connectivity, power availability, and ecosystem readiness, while emerging locations like Hyderabad, Chennai, Pune, and Kolkata are also gaining traction. Data centers have extensive HVAC infrastructure and require intensive O&M to ensure 24x7 uptime, leading to high-value and long-term maintenance contracts. The sector is supported by improving policy focus, greater enterprise adoption of cloud and AI workloads, and rising investments by both established operators and new entrants, positioning India as a key growth market for data center capacity expansion over the medium term. 

Pros and strengths

Comprehensive electro-mechanical engineering capabilities: It provides comprehensive electro-mechanical engineering solutions through two distinct but complementary service offerings, namely EPIC services and O&M services. Its ability to offer both project execution services and post-installation support enables it to address client requirements across multiple stages of the asset lifecycle and positions the company as an integrated solutions provider in the electro-mechanical segment.

Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts: The company benefits from a balanced revenue mix derived from (i) short-to-medium cycle EPIC projects and (ii) multi-year O&M services contracts across multiple end-user industries and geographies. This mix provides both growth opportunities and revenue stability by allowing it to participate in project-led execution opportunities while also maintaining recurring service income from long-term maintenance engagements.

Large engineering workforce enabling fast deployment, multi-site coverage and manpower scalability: It maintains a large engineering workforce comprising technical and skilled professionals deployed across project sites and O&M services contracts. Size of its in-house workforce is a key operational strength and enables it to mobilise teams rapidly, respond promptly to client requirements and undertake execution projects simultaneously across multiple sites. This also supports better supervision, improved control over execution quality and timelines, and reduced dependence on external manpower for critical project and maintenance activities.

Risks and concerns

Business growth depends on ability to successfully win competitive bids: It provides engineering solution on HVAC systems, temperature control systems and other allied electro-mechanical equipment, at offshore and on-shore sites as well as the data centre industry. A large portion of its contracts are awarded through competitive tendering processes, and its continued growth depends on its ability to successfully bid for and obtain work orders awarded by clients. The competitive dynamics of the industry may exert pressure on profit margins. As a significant number of contracts are awarded through competitive bidding process, there is an inherent risk of not winning bids in a highly competitive environment. Its inability to qualify for, secure, or successfully execute new contracts could have a material adverse effect on its business, financial condition, results of operations, growth prospects and cash flow stability.

Geographical concentration of operations in Western India: The company’s operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, Gujarat and territorial waters of India, which together contributed to 59.12%, 86.96%, 84.18%, and 100.00% of its revenue from operations for the three-month period ended June 30, 2026, and Fiscals 2026, 2025, and 2024 respectively. Any adverse development in these regions could materially affect its business and growth prospects. 

Dependence on third-party OEMs for critical components: It relies on third-party Original Equipment Manufacturers (OEMs) for supply of critical hardware components and server infrastructure, required for development, deployment and maintenance of its HVAC solutions and project executions. Its ability to procure these components in a timely and cost-effective manner is essential to meet project deadlines and client expectations. Any increase in costs from OEMs or non-availability of such equipment, due to factors such as supply chain disruptions, raw material price volatility, changes in trade policies or currency fluctuations could lead to cost overruns, thereby adversely impacting project margins and overall financial performance. 

Outlook

Ravita Engineering Services is engaged in providing turnkey electro-mechanical engineering services for industrial, offshore, and data center environments. It has developed deep operational expertise in managing HVAC and electro mechanical systems across adverse environments such as offshore oil and gas platforms, defense facilities and data centres. On the concern side, it is dependent on contract labour largely for its onshore and data centre related work orders and any disruption to the supply of such contract labour for its projects or its inability to control the composition and cost of its contract labour could adversely affect its business, results of operations, financial condition and cash flows. Also, it may be subject to labour unrest and increased employee costs, which may adversely impact its business and results of operations.

The company is coming out with a maiden IPO of 1,03,62,000 equity shares of face value of Rs 5 each. The issue has been offered in a price band of Rs 105-112 per equity share. The aggregate size of the offer is around Rs 108.80 crore to Rs 116.05 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 155.62% from Rs 10,861.27 lakh in Fiscal 2025 to Rs 27,763.29 lakh in Fiscal 2026. Profit after tax increased 137.10% from Rs 1,182.70 lakh in Fiscal 2025 to Rs 2,804.16 lakh in Fiscal 2026.

Meanwhile, it intends to expand its business operations by targeting new industry verticals such as luxury hospitality, shipyards, pharmaceuticals, biotechnology, sophisticated manufacturing facilities, airports and data centres, which require advanced and reliable HVAC and electro-mechanical solutions, as well as the importance of timely execution and sustained maintenance support. Going forward, it intends to selectively expand into niche engineering projects and also diversify into allied infrastructure sectors, including electro-mechanical systems, power systems and refrigeration systems, where it identifies favourable demand conditions, technical adjacency and attractive business opportunities.

HD Fire Protect

• HD Fire Protect is coming out with a 100% book building; initial public offering (IPO) of 2,62,84,500 shares of face value Rs 5 each in a price band Rs 258-271 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 October 13, 2026 and will close on October 15, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 5 and is priced 51.60 times of its face value on the lower side and 54.20 on the higher side.
• Book running lead managers to the issue are Ambit, IIFL Capital Services and Anand Rathi Advisors.
• Compliance officer for the issue is Sundaram Balasubramanian Iyer. 

Profile of the company

HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio spanning water, foam, and gas-based fire suppression systems, which are also generally known as firefighting products. It develops majority of its products in-house with proprietary designs to meet national and international standards, serving high-hazard industrial applications as well as residential and commercial sectors. The company was second-largest manufacturer of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2025 and the largest exporter by value (equipment) in Fiscal 2025. It has export sales in 49 countries as of the three months period ended June 30, 2026 and more than 90 countries as of Fiscal 2026. With more than three decades of experience, it has established itself as a globally recognized and reliable brand.

As of June 30, 2026, its offerings are spread across 8 product categories, namely - (a) sprinklers, alarm valves and accessories, (b) deluge valves, deluge skids and pre-action systems, (c) foam equipment and suppression systems, (d) monitors and monitor nozzles, (e) systems valves and accessories, (f) water spray nozzles, (g) custom engineered systems, and (h) gas suppression systems, covering a wide spectrum of (a) industrial end use in sectors such as industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others; and (b) residential and commercial end use in sectors such as hospitality, healthcare, retail, education, banking and warehousing. It is also empanelled with various customers across sectors where it has presence.

It operates two manufacturing facilities in Maharashtra, Jalgaon MIDC and Thane MIDC, spanning a combined area of 8.50 acres. It has expanded the capacity of its Jalgaon facility, with one unit for manufacturing and another for a dedicated fire test laboratory, industrial warehouse and R&D centre, admeasuring 2.50 acres, and are also constructing a warehouse at Wagle Estate, Thane, admeasuring 0.50 acres, which is expected to be completed by November 2026. In addition to its in-house production, it also undertakes contract manufacturing of off-the-shelf products as well as white labelling to cater to diverse customer requirements. In Fiscal 2026, it supplied its fire protection equipment and systems to 2,066 customers. it supplied its fire protection equipment and systems across 49 countries in the three-month period ended June 30, 2026, and across more than 90 countries between inception and March 31, 2026. This international reach is supported by a distributor-led supply chain for international markets and a stockist model for India.

Proceed is being used for: 

• Carrying out the offer for sale of equity shares of face value of Rs 5 each by the promoter selling shareholders
• Achieving the benefits of listing the equity shares on the Stock Exchanges

Industry overview

The Indian fire protection equipment market expanded at a CAGR of 12% between fiscals 2020 and 2026 to Rs 109 billion, outperforming the global fire protection equipment market in terms of growth rate (7% CAGR between 2020-2025), and is expected to clock a CAGR of 10-12% between fiscals 2026 and 2031 to reach Rs 175-195 billion. The market comprises both international and domestic players. International players include Bosch, Gunnebo, Honeywell, Johnson Controls, Siemens, Victaulic and Viking, while domestic players include Ceasefire Industries, De's Technico, Firetech Equipment & Systems, Fluid Pumps & Equipment, HD Fire Protect, Newage Fire Fighting Company, Safex Fire Services and Vimal Fire Controls. The fire detection segment is traditionally dominated by international brands owing to wider presence across the detection value chain, while the fire suppression segment has large and small domestic players operating in commoditised products such as fire extinguishers.

In fiscal 2026, the fire suppression system segment (fire sprinklers, hydrants, deluge valves, gas-based systems, foam equipment & suppression systems, etc) accounted for 75% of the total market and was valued at Rs 82 billion, while the fire detection segment (fire alarms and panels, smoke detectors, heat detectors, etc) formed 25% and was valued at Rs 27 billion. Between fiscals 2026 and 2031, the fire suppression segment is expected to clock 11.0-13.0% CAGR to reach Rs 135-155 billion, with a 75-80% share of the overall fire protection equipment market in India. India has witnessed significant growth in the fire protection equipment manufacturing sector in recent years, driven by increasing demand from various industries, government regulations and rising awareness about fire safety. Accordingly, players are expanding their existing manufacturing facilities in India to increase production capacity and cater to incremental demand. Manufacturers are investing in research and development to develop new and innovative fire protection products such as advanced fire detection systems and suppression systems.

Further, infrastructure related construction capex in India is estimated to have increased by 1.4-1.6 times from Rs 37-39 trillion over fiscal 2022 to 2026 to reach Rs 55-58 trillion between fiscals 2027 and 2031, mainly driven by increased spending on infrastructure projects such as roads and railways, supported by both central and state government investments. Within infrastructure, construction expenditure in metro projects is expected to reach Rs 2.2-2.4 trillion during fiscal 2027 to fiscal 2031, up 1.6-1.7 times over fiscal 2022 to fiscal 2026, garnering the second-largest share in urban infrastructure investments, which includes construction-intensive mass rapid transit system (MRTS), bus rapid transit system (BRTS), water supply and sanitation (WSS) projects, smart cities and related infrastructure development. Hence, overall increase in the construction capex of the infrastructure segment, including in segments such as power, warehouse and cold storage, metros and airports, which require comprehensive fire protection infrastructure, will drive demand for fire protection equipment. 

Pros and strengths 

Strong technical expertise and entry barriers: The company has a business legacy of over 36 years, with its fire protection equipment and systems exported to more than 90 countries. It has developed technical expertise, robust manufacturing capabilities and a global presence in the fire protection equipment industry, which is characterised by substantial and enduring entry barriers. These entry barriers arise from a combination of factors, including the requirement for specialised and internationally recognised product certifications (such as UL Listed, FM Approved, ASME U Stamp, and CE Marking), each of which certifications typically, often require 6-24 months for new product lines. Added to this are stringent regulatory compliance requirements across jurisdictions, long product development and testing cycles, and complex, capital-intensive manufacturing processes.

Diversified fire protection solutions across industries: The company offers a comprehensive portfolio of fire protection equipment and systems, covering water, foam, and gas-based suppression technologies. As of June 30, 2026, its equipment and systems span eight product categories namely - (a) sprinklers, alarm valves and accessories, (b) deluge valves, deluge skids and pre-action systems, (c) foam equipment and suppression systems, (d) monitors and monitor nozzles, (e) systems valves and accessories, (f) water spray nozzles, (g) custom engineered systems, and (h) gas suppression systems and have been supplied to over 90 countries across sectors including industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others.

Diversified customer base and industry exposure: The company has built a robust and diversified customer base of over 905 clients across India and international markets, with long-standing relationships spanning industrials, heavy engineering, aerospace, oil & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres, warehousing amongst others. The company’s broad sectoral and geographical distribution reduces its dependence on any single client or industry, enhancing its resilience against regional and industry-specific downturns. For instance, in the event of a slowdown in certain metropolitan regions such as Delhi NCR due to regulatory restrictions on new building permits or delays in environmental clearances, it continues to secure orders from ongoing infrastructure and industrial projects in other states, thereby ensuring business continuity.

Vertically integrated manufacturing capabilities: The company is a vertically integrated manufacturer with in-house capabilities spanning the entire value chain, from research and development to designing, casting, machining, assembly, testing, painting, and quality control. Critical processes such as foundry operations are carried out internally, ensuring that every stage of production is managed under one roof. This integration enables it to maintain greater control over product quality, reduce lead times, and ensure strict compliance with global standards. It operates one such vertically integrated manufacturing facility in Jalgaon, Maharashtra and serve a diversified base of over 905 customers as of the three months period ended June 30, 2026. This integration enables greater control over product quality, lead time, and compliance across all stages of production.

Risks and concerns

Significant revenue exposure to international markets: The company’s products are sold to customers in India and overseas to over 90 countries, with Middle East and Rest of Asia being few of the key markets. As a result, the company is subject to several legal, regulatory, and compliance requirements across jurisdictions, including import-export regulations, local product certifications, and foreign currency controls. It generated 32.78%, 34.69%, 36.24% and 33.33%, of its revenue from operations from outside India for the three months period ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Any adverse changes in the conditions affecting the industries in global markets in which its products are supplied, including its key markets such as Middle East and Rest of Asia, could materially adversely affect its business, results of operations, financial condition, cash flows and future prospects.

Reliance on a limited number of suppliers: As of the three months period ended June 30, 2026 and Fiscals 2026, 2025 and 2024, the company’s top 10 suppliers contributed to 59.28%, 47.76%, 42.90% and 35.59% of the Total Expenses, respectively. It relies on a limited number of third-party suppliers to meet its raw material and contract manufactured goods requirements, and it does not have any long-term purchase agreements or firm commitments with its suppliers. As a result, any loss of or reduced support from one or more such suppliers could adversely impact its business, results of operations, and financial condition.

Geographical concentration of manufacturing facilities: The company’s manufacturing facilities are located in Maharashtra, India, and it is dependent on them for a 61.02%, 63.49%, 65.80% and 67.94%, of its Revenue from Operations for the three months period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively, which exposes its operations to potential geographical concentration risks arising from local and regional factors and any disruption, breakdown or shutdown of its facilities may adversely affect its business, results of operations, financial condition, cash flows and future prospects.

Dependence on repeat customers without long-term contracts: The company has garnered 79.76%, 85.20%, 86.30%, and 88.05% of its revenue from operations has been from repeat customers, for the three months period ended June 30, 2026, Fiscals 2026, 2025, and 2024, respectively. Further, it relies on short-term work orders and do not have long-term contracts or exclusivity arrangements with its customers which exposes it to demand volatility, procurement risks, and customer concentration, which may adversely affect its business, financial condition, results of operations, and cash flows.

Outlook

HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. The company has strong product certification and quality track record. It also has advanced design, manufacturing and R&D capabilities. On the concern side, the company faces risks arising from supplier concentration, geographical dependence on manufacturing facilities in Maharashtra, and reliance on repeat customers. The absence of long-term supplier agreements, customer contracts and exclusivity arrangements exposes it to supply disruptions, operational uncertainties and demand volatility. Any adverse developments in these areas could materially affect its business, financial condition, results of operations and cash flows.

The issue has been offering 2,62,84,500 shares in a price band of Rs 258-271 per equity share. The aggregate size of the offer is around Rs 678.14 crore to Rs 712.31 crore based on lower and upper price band respectively. Minimum application is to be made for 55 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 13.05% to Rs 4,892.81 million for Fiscal 2026 from Rs 4,327.99 million for Fiscal 2025. The growth was primarily attributable to sustained demand in the domestic market, with regulatory compliance requirements supporting higher sales volumes. Moreover, the company’s profit after tax for the period increased by 6.61% to Rs 1,167.86 million for Fiscal 2026 from Rs 1,097.18 million for Fiscal 2025.

Going forward, the company’s strategy is to build and expand this portfolio across priority markets, creating a strong foundation of proprietary technologies that safeguard its differentiated solutions. By securing patents in multiple jurisdictions, it is not only enhancing its ability to commercialize globally but also ensure exclusivity in key product categories where performance, reliability, and compliance are paramount. This approach reinforces its leadership in fire protection technologies by protecting innovations that improve safety and operational efficiency, while also reducing the risk of imitation. The strength of its intellectual property provides it with a durable competitive advantage, instils confidence among customers and partners, and supports long-term growth by enabling it to deliver advanced, reliable, and compliant solutions across global markets.

R.K. Fashion Accessories 

• R.K. Fashion Accessories is coming out with an initial public offering (IPO) of 42,67,200 equity shares in a price band of Rs 77-82 per equity share. 
• The issue will open on October 5, 2026 and will close on October 07, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.70 times of its face value on the lower side and 8.20 times on the higher side.
• Book running lead manager to the issue is Affinity Global Capital Market.
• Compliance Officer for the issue is Ravi Kumar Bahl.  

Profile of the company 

R.K. Fashion Accessories is a Kolkata-based company involved in the manufacturing through contract manufacturers and wholesale distribution of imitation jewellery, along with the trading of branded cosmetics. The company produces and distributes a variety of handcrafted jewellery items that incorporate elements of traditional design alongside contemporary styles. Its operations focus on supplying products to various market segments through both wholesale channels and direct sales, supporting a diversified business model within the fashion and personal care sectors.

The company’s product portfolio comprises a wide range of gold plated, stone studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings to dailywear jewellery. These products are designed to cater to the requirements of customers across age groups, socio-economic status levels, and also allows it to cater to the needs of its customers at all stages of their lives, where it attempts to target customers at earlier stages of their life cycles and hence meet their jewellery needs over time.

The company has purchased a property on Rash Behari Avenue, Kolkata which is under construction, with an increased focus on catering to B2C customers. The property has been established to strengthen the company’s retail presence and expand its reach among individual consumers in Kolkata. It is placing greater emphasis on the B2C segment in regions where the concentration of its existing B2B customers is comparatively lower, thereby enabling itself to diversify its customer base and enhance market presence within the city.

Proceed is being used for:

• Meeting the working capital requirements
• Financing the establishment of new plating facility at Baruipur, Kolkata West Bengal; proposed New B2B showroom in Ezra Street Kolkata; Interior and furnishing of B2C Showroom in Rash Behari Avenue Kolkata; and inventory cost for the proposed new showroom and stores. 
• General corporate purpose
• Meeting the Offer expenses

Industry Overview

The Indian jewellery industry is one of the most culturally entrenched and economically significant sectors in the country. Valued at $90-91 billion in 2025, the Indian jewellery market size is projected to reach $150 billion by 2033 at a CAGR of 5.2-6.3%. The sector contributes 7% to India’s GDP and 15% of total merchandise exports, establishing itself as a critical pillar of the nation’s economic growth. A major structural shift is underway in the Indian jewellery industry, with organized vs unorganized jewellery market India dynamics changing rapidly. Organized retail is increasing its share to 36-38% in FY25 from just 22% in FY19. This transition, supported by regulatory reforms such as hallmarking and GST impact on jewellery, alongside evolving consumer preferences for branded jewellery, is reshaping the competitive landscape and unlocking investment opportunities in Indian jewellery for well-positioned players. India’s domestic jewellery market, valued at over Rs 5 trillion, reflects a blend of traditional craftsmanship and modern retail formats. The Gold jewellery market in India dominates the landscape with a commanding 80-85% share, while studded jewellery, including diamonds, accounts for the remaining 15-20%. Fine jewellery represents nearly 90% of the overall market, underscoring its strong cultural and investment relevance. At the same time, non-gold categories are emerging as a key Indian jewellery market trend, with this segment projected to expand at a CAGR of 18.8% between FY23 and FY28, to reach $19 billion.

India Costume Jewelry Market was valued at $2.07 Billion in 2025 and is expected to reach $2.68 Billion by 2031 with a CAGR of 4.45% during the forecast period. The India costume jewelry market is experiencing significant growth, fueled by increasing fashion awareness, rising disposable incomes, and shifting consumer preferences toward trendy, affordable accessories. Costume jewelry offers a cost-effective alternative to traditional jewelry, appealing particularly to younger consumers and working women seeking style without high investment. The expansion of e-commerce platforms, social media influence, and celebrity endorsements further drive demand. Additionally, the growing popularity of fusion wear and western fashion styles has contributed to the rising acceptance of costume jewelry across urban and semi-urban regions. Local artisans and small-scale manufacturers also play a key role in market development. One of the primary drivers of the India costume jewelry market is the increasing fashion consciousness among consumers, especially among younger demographics. 

Pros and strengths

Blending Heritage with Contemporary Jewellery: The company operates a production facility staffed by a team of skilled artisans and craftsmen, many of whom possess generational knowledge and experience in traditional Bengali jewellery-making techniques. The company is in the production of 24-carat gold-plated copper jewellery and American Diamond pieces, integrating traditional craftsmanship with elements of modern design through artisans. This blend allows for the creation of products that reflect cultural authenticity while aligning with contemporary aesthetic preferences. One of its key competitive strengths is its ability to operate as a hyperlocal jewellery company. It endeavors to cater to its customers’ unique preferences, which often vary significantly by geography and micro market, through its local market expertise and region-specific marketing strategy and advertising campaigns. It engages local artisans to manufacture jewellery (based on its specifications) that is suited to local tastes in the markets in which it operates.

Efficient B2B Support and Retention of Customers: The company supports B2B operations through a structured service framework that includes the assignment of dedicated relationship managers to individual clients, enabling direct communication and more streamlined coordination. Order processing is handled with attention to promptness, aiming to reduce delays and ensure that clients receive their shipments in a timely manner. It offers flexible payment terms, which are structured to accommodate the varying financial and operational needs of different business partners. These combined practices are designed to foster continuity in client relationships and contribute to the overall ease of doing business. As a result of these measures, the company has maintained a client retention rate of over 90%, indicating a sustained pattern of repeat business and ongoing commercial engagement across its network of boutique owners, local retailers, and export merchants. 

Multi-Platform E-Commerce Strategy: The brand ‘Manikya Jewellery’, under RK Fashion Accessories, has established a notable presence across various online channels, including prominent ecommerce platforms as well as its dedicated official website. This multi-platform strategy allows the brand to reach a wide and diverse customer base, expanding its market access beyond traditional retail boundaries. This sustained performance in the online domain contributes to the overall growth of the company and reinforces its position within the digital retail landscape of fashion jewellery.

Risks and concerns 

Significant portion of revenue comes from Eastern part of India: The company is generating sales from certain Eastern States (Bihar, Jharkhand, Odisha and West Bengal) in India to generate a significant portion of its revenue. These states are providing 76%-92% of total revenue in the last 3 financial years (2025-26, 2024-25 and 2023-24) and for the stub period April to June 30, 2026. This concentration of revenue implies that a substantial portion of the company's business operations and financial performance is tied to the economic conditions, consumer behavior, and market dynamics of these specific regions. Any adverse event or change in circumstances within these eastern states, such as economic downturns, regulatory changes, shifts in consumer preferences, or competitive pressures, could potentially impact the company's ability to maintain its revenue levels.

Depends on certain key customers: The company derives a substantial portion of its revenue from a limited number of key customers. Its top ten customers have contributed 19.17% 15.15%, 20.24% and 21.61% of its total sales for the stub period April to June 30, 2026 and for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024 respectively on restated basis. The average customer relationship period with consistent customers is 4.77 years. The customers are concentrated that could expose the company to the risk that the loss of, or a significant reduction in orders from, any of these key customers could result in a decline in sales, disrupt cash flow, and hinder the company’s ability to sustain operations effectively. Such a loss may further compound the risk that could arise from factors like changes in customer preferences, price sensitivity, competition or even economic downturns that affect customer budgets. 

Require significant amount of working capital: The company’s business operations require a significant amount of working capital, primarily to finance its inventory and maintain a high trade receivable cycle, including the purchase of raw materials and fund blocked in trade receivables respectively. The company’s working capital for financial years ended on March 31, 2024, March 31, 2025, March 31, 2026 and stub period ended June 30, 2026 stood at Rs (77.01) lakh, Rs 142.99 lakh, Rs 748.21 lakh and Rs 974.81 akh respectively, which is showing continuous increase. In the event, the company is unable to source the required amount of working capital, it might not be able to efficiently satisfy the demand of its clients in a timely manner or at all. Even if it is able to source the required amount of funds, it would be difficult for it to assure that such funds may or may not be sufficient to meet its cost estimates, which could have adverse effect on its financial conditions and results of operations. 

Outlook 

R.K. Fashion Accessories, founded in 2004, conducts its business operations out of Kolkata, West Bengal, India. It manufactures, supply, trade, and export items like Ladies Choker Set, Ladies Fancy Earrings, Ladies Brass Fancy Earrings, Ladies Finger Ring, Ladies Chur Bangles, and more. With more than 20 years of experience, it has a strong market reputation and years of experience. Over the years, it has adapted to changing market trends and customized its range accordingly. This has helped it stay abreast of the latest market trends. Through its dedication, it has amassed a huge client base from all over the world. On the concern side, the company’s business is both manpower and machine intensive. Any disruption in manpower availability, including employee attrition, labour shortages, work stoppages, or industrial relations issues, could adversely affect its processing schedules, delivery timelines, and overall operational efficiency. 

The company is coming out with a maiden IPO of 42,67,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 77-82 per equity share. The aggregate size of the offer is around Rs 32.86 crore to Rs 35 crore based on lower and upper price band respectively. On performance front, total Income of the company stood at Rs 3,154.16 lakh for the Financial Year 2025-26 as against Rs 1,782.25 lakh in financial year 2024-25, representing an increase of 76.98%. For the FY26, the company reported a Profit After Tax (PAT) of Rs 628.69 lakh, marking an impressive increase of 214.80% compared to Rs 199.72 lakh in FY25 driven by strong revenue growth and improved operational efficiency.

Meanwhile, the company engages to introduce new product lines that align with current fashion trends and customer preferences. It places an importance on monitoring changes in consumer behavior and industry developments in order to adapt its product range accordingly. This process involves identifying emerging styles, materials, and design elements that resonate with the target market. By incorporating these findings into its product development cycle, it aims to maintain alignment between its offerings and prevailing market demand, supporting continued relevance in the competitive landscape of fashion jewellery.

SJP Ultrasonics 

• SJP Ultrasonics is coming out with an initial public offering (IPO) of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share.
• The issue will open on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.70 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Khandwala Securities.
• Compliance Officer for the issue is Jamshed Kokab Khan.

Profile of the company

SJP Ultrasonics is an end-to-end plastic joining and automation solution providers, offering specialised solutions mainly in the Automotive industry and industries related to Medical, Electrical, Electronics, Textile, FMCG, Toys, Gift & Stationery, Food & Packaging, Defence & Educational Institutes. Its expertise lies in technical innovation by manufacturing machinery, tools and automated processes for its customers, offering targeted solutions in various industries. Owing to its customised offerings, the company has curated the following major revenue streams and business segments: i) Plastic joining solutions, ii) Industrial automation and iii) Laser technology solutions.

Over the years, it has designed a distinctive integrated procurement system, by developing association with international manufacturers engaged in manufacturing of ultrasonic plastic welding equipment. Through its association with renowned manufacturers, it has the capabilities of coordinating and procuring Ultrasonic welding machines & Vibration welding machines for its customers within the timeline prescribed. Its long-standing association with international manufacturers helps it in unlocking key competencies to deliver the project from conceptualization to completion, increases cashflow within the company and gives it control over the quality of the equipment that it manufactures and supplies to its customers. It has over the years employed and groomed design and engineering team to design tools and machinery and conduct a detailed feasibility study of the capex plan of its customers. Its design team has the ability of creating an adaptable design of the desired machinery that encompasses future production planning, while meeting the implementation and qualification requirement of its customers. Its designs also assist its customers in ensuring compliance with the requirements of the leading and renowned end users and achieve efficient and less rejection in their manufacturing operations.

Since incorporation, it has been the company’s vision and focus to manufacture and supply superior quality products to its customers, which has enabled it to expand its business operations. It ensures quality checks through in-process inspections carried out by line operators and supervisors, monitoring critical parameters, identification of deviations and timely corrections. To ensure quality management of equipment and materials procured, the purchase department conducts assessment of vendors at regular intervals and inspections of equipment and materials on receipt from such vendors. The sale of its products and services is majorly made to manufacturers engaged in various industries, which makes its model business to business (B2B) in nature. Owing to the diverse application of its products and services, it has a track record of serving various industries, such as automotive, medical, electrical, electronics, gift and stationery, textile, food cutting, agriculture, defence, educational institution, furniture, among others. Its diverse customer base and product portfolio enables it to cater to multiple industries on a pan-India basis. 

Proceed is being used for:

• Funding capital expenditure towards the purchase of machineries 
• Funding working capital requirements of the company
• General corporate purpose

Industry Overview

India’s industrial automation solutions industry is expected to witness robust growth beyond FY 2026, driven by broader adoption across diverse sectors and increasing digital maturity among mid-sized enterprises. While core industries like automotive, electronics, and pharmaceuticals have already established automation as a strategic pillar, emerging sectors such as FMCG, textiles, food processing, and intralogistics are now accelerating adoption to enhance productivity and maintain competitiveness. The next phase of growth will be marked by demand for scalable and cost-effective automation platforms tailored for Indian manufacturing conditions, especially among MSMEs. India’s industrial automation solutions industry is projected to grow from $19.40 billion in FY 2026 to $29.43 billion by FY 2029, registering a strong CAGR of 14.9%. This robust growth reflects the accelerating adoption of automation technologies across manufacturing and infrastructure sectors, driven by digital transformation, rising demand for productivity, and increasing integration of smart systems. 

A key driver of this growth is the shift toward intelligent, decentralized systems that integrate AI, IoT, edge computing, and advanced analytics for real-time decision-making and predictive maintenance. As the country deepens its focus on electronics and semiconductor manufacturing, the need for high-precision automation tools like collaborative robots, vision systems, and motion controls - will intensify. Additionally, increased emphasis on sustainability and energy efficiency is pushing industries to invest in smart automation for monitoring resource consumption and reducing carbon footprints. Altogether, the market is expected to grow not only in size but also in sophistication, positioning India as a future-ready, automation-driven manufacturing hub. 

Meanwhile, Plastic Welding, also known as plastic joining, is a process of permanently bonding two thermoplastic parts by applying vibrations, heat, pressure or combination of any of them to their contact surfaces until they soften and fuse. Once the material cools and fuses, it forms a solid joint capable of withstanding physical stress, environmental exposure, and internal pressure, making it a reliable method for various engineering applications. The principle behind plastic welding relies on raising the temperature of the polymer just enough to enable the molecular chains from both parts to interlock without degrading the material’s integrity. A range of welding methods is available based on part geometry, material type, and production scale. Commonly adopted techniques include ultrasonic welding, laser welding, vibration welding, infrared welding, hot plate welding, and spin welding each tailored to different performance needs. For instance, laser and infrared welding allow for non-contact and precise joins, while vibration and hot plate welding are used for larger surface areas or thick-walled components.

Pros and strengths

Long standing relations with raw material and equipment suppliers: It has developed and maintained cordial relationships with raw material and equipment suppliers over the years. These long-standing associations have resulted in consistent supply and access to quality inputs. Its long-term associations reduce supply chain disruptions and ensure uninterrupted availability of raw materials and equipment, which is critical for smooth operations and meeting customer commitments. Its suppliers understand its business and quality standards, which ensures compliance with its specifications and performance benchmarks. Its established supplier network supports it in scaling up efficiently by ensuring the timely availability of increased quantities of materials resources. These longstanding relationships are built on mutual trust, sustained business volume, and consistent performance, and they play a critical role in enabling it to maintain operational efficiency, ensure product quality, and respond swiftly to market demand.

Provides a diverse range of specialised plastic products across varied industry segments: Its capacity to continuously diversify and develop its products, effectively supported by its strategically located manufacturing unit and branch offices, enables it to launch and market new products aligned to evolving consumer preferences. Its products broadly include plastics welding machines & tools, Industrial automation machines and laser technology machines, which cater to a diverse range of industries.

Quality standard certifications & quality tests: It has obtained ISO 9001: 2015 certification for manufacture and supply of plastic welding machines. Its products undergo stringent quality tests to meet industry standards before they are delivered to its clients. It undertakes various tests on the raw materials, semi-finished products and finished products. Additionally, it also undertakes trial runs on the equipment procured or manufactured by it in its manufacturing unit. These tests ensure that its products meet the industry standards required by its clients for safety, durability and environment. Wherever required by its clients, it also obtains third party testing on the products or obtains industry standard tests certificates from its suppliers for the raw materials used by it for specific products.

Risks and concerns

Revenue reliance on plastic joining solutions and industrial automation segments: It generates a significant portion of its revenue from providing solutions under two business segments viz., Plastic Joining Solutions and Industrial Automation which have contributed Rs 1,235.53 lakh aggregating to 46.52% and Rs 1,340.52 lakh aggregating to 50.48%, respectively, of its revenue for financial year ended March 31, 2026. Any decline in the revenue generated from these two segments on account of any reason including increased competition, pricing pressures or fluctuations in the demand for or supply may adversely affect its business, results of operations and financial condition. It cannot assure that it will be able to maintain the same levels of revenue generated from providing Plastic Joining Solutions and Industrial Automation in the future. Any inability on its end to anticipate and adapt to technological changes or evolving consumer preferences and/or any decrease in the demand for these solutions may adversely impact its business prospects and financial performance.

High revenue concentration among limited number of customers: A significant portion of its revenue is generated from its limited number of large customers. Its significant portion of revenue comes from top ten customers which contributed 55.28%, 54.46%, and 42.57% of its revenue from operations for the Fiscal 2026, 2025 and 2024, respectively. If it is unable to maintain its relationship with such customers or if there is a reduction in their demand for its services/ products, its business, results of operations and financial condition will be materially and adversely affected. Further, these large customers exercise substantial negotiating leverage with it, which could adversely impact its results of operations. 

Exposure to raw material costs and procurement risks: Cost of Materials consumed and purchases in stock in trade aggregated to 50.19%, 38.34% and 48.48% of revenue from operations for Financial Year ended March 31, 2024, March 31, 2025 and March 31, 2026 respectively. It is vulnerable to the risk of rising and fluctuating prices of raw materials which are determined by demand and supply conditions in the global and Indian markets. Any unexpected price fluctuations after placement of orders, shortage, delay in delivery, quality defects, or any factors beyond its control may result in an interruption in the supply of such materials and adversely affect its business, financial performance and cash flows. 

Outlook

SJP Ultrasonics is engaged in manufacturing of ultrasonic plastic welding equipment. It provides comprehensive start to finish solution like design, selection of appropriate plastic raw material, manufacturing of suitable welding technology machine & tools, installation, testing, commissioning, management and operational support for a wide range of customers primarily in the automotive industry and secondary in Medical, FMCG, White Goods, Textile, Electrical and Electronics, Toys and Stationery, Gift and Packaging, Food, EMS and Agriculture industry. On the concern side, it generates its considerable portion revenue from the state of Maharashtra. For the financial year ended March 31, 2024, March 31, 2025, and March 31, 2026 it derived considerable portion of its revenue from the state of Maharashtra i.e. 31.60%, 53.90% and 44.05% of total revenue from operations, respectively. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations.

The company is coming out with an IPO of 35,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share to mobilize Rs 23.45 crore. On performance front, its revenue from operations increased by 26.12% to Rs 2,655.77 lakh for FY 2026 from Rs 2,105.73 lakh for FY 2025. Profit after tax has increased by 25.65% from Rs 417.25 lakh for FY 2025 to Rs 524.26 lakh for FY 2026.

Meanwhile, it intends to enhance its in-house manufacturing capabilities and increasing production efficiency by purchasing Milling Machines, CNC Lathe Machine, Compressor, CNC Bandsaw Machine, Overhead Crane, 6 Axis Robot, Co2 Laser Cutting Unit, Computers, NX Softwares, Solid Works Software, Diesel Generator, CMM Machine, Vibration Welders, Laser Plastic Welder to improve production throughout, enhanced product quality and increased operational capacity. Going forward, its strategy for expanding its customer base in the Industry Automation and Plastic Joining Solutions focuses on leveraging its marketing expertise, industry relationships and comprehensive understanding of the industry in which it operates. Its marketing efforts are driven by the consistent efforts of its Promoters and marketing team who oversee the marketing and sales of its products and possess a deep understanding of its customers’ requirements and the customization they need.

Sollfege Smart Electronics

• Sollfege Smart Electronics is coming out with an initial public offering (IPO) of 39,60,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 55 per equity share.
• The issue will open for subscription on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 5.50 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Finshore Management Services.
• Compliance officer for the issue is Md Naim.

Profile of the company

Sollfege Smart Electronics operates in the premium segment of audio, video, home automation, smart living, lifestyle, and wellness solutions in India. The company is engaged in the distribution, integration, and implementation of technologically advanced, design-focused solutions tailored for high-end residential, commercial, and institutional spaces. Its offerings are aimed at customers who value seamless technology integration, superior performance, and refined living experiences.

The company was originally incorporated as Denn Audio Private Limited and began its operations with a primary focus on the distribution of high-end audio and video equipment. Over the years, it has evolved significantly by expanding its product portfolio, strengthening its brand identity, and diversifying into adjacent luxury technology segments. These include smart home automation, lifestyle electronics, and wellness solutions. Through continuous alignment with changing consumer preferences, rapid technological advancements, and global premium lifestyle trends, Sollfege has transitioned from being a traditional electronics distributor to a comprehensive, integrated solutions provider.

This strategic transformation has enabled the company to cater to a broader and more discerning customer base that seeks sophisticated, future-ready, and fully integrated living environments. The company’s growth trajectory is also reflected in its financial performance, with revenue from operations increasing from Rs 18.53 crore in Fiscal 2024 to Rs 22.21 crore in Fiscal 2026, demonstrating strong demand for its premium offerings and the effectiveness of its experience-driven business model.

Proceed is being used for:

• Funding capital expenditure for expansion of its retail network by launching 12 (twelve) new Showrooms
• Meeting working capital requirements
• General corporate purposes

Industry overview

India’s consumer durables market is experiencing rapid expansion, supported by rising disposable incomes, changing lifestyles, and favourable supply- and demand-side conditions. As of 2024, India has emerged as the fastest-growing major market in the world and is projected to become the fourth-largest consumer durables market by FY27. As of October 2025, India is projected to become the fourth largest market for consumer durables by FY27, with the sector growing at an 11% CAGR. The market size is expected to reach Rs. 3 lakh crore ($33.6 billion) by FY29, driven by increasing affluence, household penetration, premiumization, and technology-driven demand for smart and energy-efficient appliances.

The white goods segment is showing particularly strong momentum. As of October 2024, the Indian white goods market was valued at $11,788 million and is expected to grow significantly to reach Rs 15,86,10,300 crore ($18,100 billion) by 2030. Within this, refrigerators, washing machines, and air conditioners alone contributed revenues of Rs 1,06,208 crore ($12.12 billion), Rs 43,552 crore ($4.97 billion), and Rs 65,598 crore ($7.52 billion), respectively, in August 2025. The air conditioner segment in particular is witnessing record growth, driven by extreme heat waves and rising demand in smaller cities, with players like Blue Star projecting up to 30% growth in summer sales. The dishwasher market, though smaller, is expanding steadily, valued at Rs. 596-745 crore ($68-85 million) as of August 2025 and expected to surpass 1,85,000 units annually by 2030 at a CAGR of 3-12%.

Rural India is set to drive the next wave of growth in consumer durables, with improved electrification and better power supply expanding demand beyond metros into tier 3 and 4 towns. This widening base, coupled with rising disposable incomes, is creating strong momentum for the industry. Across categories, India’s TV production is projected to reach US$ 10.22 billion by FY26, while the headset market is expected to touch $77 million by 2027. Dishwashers are gaining traction in metros, with the market poised to cross $90 million by 2025-26. On the electronics front, India could achieve $100 billion in laptop and tablet manufacturing by 2025, and the mobile phone market is expected to generate Rs 2.4 trillion ($29.38 billion) in revenue by FY26, reinforcing India’s status as a global electronics hub.

Pros and strengths

Exclusive brand associations: The company has built strong and long-standing relationships with globally recognized brands in the audio, video, home automation, and lifestyle electronics segments. These associations enable the company to act as an authorized seller across multiple product categories, ensuring authenticity, quality, and customer confidence. Its portfolio includes premium products such as speakers, home theatre systems, sound solutions, projectors, televisions, automation systems, and lifestyle products. In addition to product access, these partnerships provide training, technical support, and marketing resources, which enhance the company’s service capabilities. Over time, these relationships have strengthened its presence in the premium segment and helped build trust among HNIs, institutions, and corporate clients who prioritize quality, reliability, and long-term support.

Single-point, end-to-end solutions: The company provides comprehensive design, installation, and integration services, positioning itself as a single point of contact for customers. Its services span the entire project lifecycle, including concept development, system design, procurement, installation, testing, and commissioning. Solutions such as home theatres, integrated audio-visual systems, smart home automation, lighting control, and lifestyle integrations are tailored to align with the architectural design and functional requirements of each project. Early-stage involvement with architects, interior designers, and developers ensures smooth integration and efficient execution. Post-installation support further enhances reliability and customer satisfaction, enabling the company to build long-term relationships.

Strong after-sales service network: After-sales service is a critical component of the company’s business model, particularly in the premium electronics segment where ongoing support is essential. The company has established a structured service network to provide timely maintenance, troubleshooting, and system upgrades. Its dedicated service team is equipped to handle both routine and complex technical issues. This support is often backed by service agreements and responsive on-call assistance, ensuring reliability and peace of mind for customers. A strong after-sales framework not only enhances customer satisfaction but also drives repeat business and referrals. The trust built through consistent service quality has been a key factor in expanding the company’s client base and strengthening its position in the market.

Risks and concerns

Geographic concentration in West Bengal: The company generates majority of its sales from its retail store in West Bengal. For the financial Years ended on March 31, 2026, March 31, 2025 and March 31, 2024, its store in West Bengal contributed to Rs 2,014.82 lakh, Rs 1,870.20 lakh and Rs 1,745.65 lakh, representing 90.72%, 89.00%, and 94.21% of its total revenue from operations, respectively. Any adverse development that affects the performance of the stores or warehouses located in this state could have a material adverse effect on its business, financial condition and results of operations.

Revenue concentration among top brands: The company derives most of its revenues from the sale of products from limited number of brands. The company has garnered 41.27%, 38.60% and 51.14% of its total revenue from top 5 Brands in FY26, FY25 and FY24 respectively. The loss of a significant brand or a number of significant brands due to any reason will result in sales getting impacted which will have a material adverse effect on its business prospects and results of operations. The company cannot assure that it will be able to maintain historic levels of business from such significant brands, or that it will be able to significantly reduce its dependence on such limited number of brands in the future.

Dependence on limited number of customers: Substantial portion of the company’s revenues has been dependent upon a few customers. The company has garnered 60.58%, 51.54% and 61.63% of its total revenue from top 5 customers in FY26, FY25 and FY24 respectively. The loss of any one or more of these major customers could have a material adverse effect on its business operations, financial condition, and profitability.

Outlook

Sollfege Smart Electronics is engaged in the distribution, integration and implementation of premium audio, video, home automation, smart living, lifestyle and wellness solutions in India. The company initially focused on the distribution of high-end audio and video equipment and has expanded its business into integrated technology solutions for high-end residential, commercial and institutional spaces. The company has exclusive brand associations with globally recognised OEM brands. It has highly trained technical teams with strong solution-integration capabilities. On the concern side, the company’s large part of revenues is dependent on top five brands. The loss of any of its major brands or a decrease in the supply or volume from such brands, will materially and adversely affect its revenues and profitability. Moreover, the company’s business operations are majorly concentrated in West Bengal as it generates majority of its retail sales from its store in West Bengal. Any adverse developments affecting its operations in West Bengal could have an adverse impact on its revenue and results of operations.

The company is coming out with an IPO of 39,60,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 55 per equity share to mobilize Rs 21.78 crore. On performance front, the company’s revenue from operations increased by 5.69% from Rs 2,101.28 lakh in Fiscal 2025 to Rs 2,220.93 lakh in Fiscal 2026. Moreover, net profit increased 3.05% to Rs 219.13 lakh in Fiscal 2026 as compared to Rs 212.65 lakh in Fiscal 2025.

Meanwhile, the company follows an experience-led sales approach through its dedicated Experience Centres and retail stores. These centres allow customers to interact with products in a real-life, fully functional environment, helping them understand the performance and integration of premium audio, video, and home automation solutions before making a purchase. Since product specifications alone are often not sufficient in the premium segment, this hands-on experience plays a key role in influencing buying decisions. Each centre is designed to replicate high-end living spaces, showcasing how technology can seamlessly integrate into modern lifestyles. The company’s sales and technical teams adopt a solution-based approach, guiding customers based on their specific requirements. This model has helped improve conversion rates, drive premium product adoption, and build stronger brand recall.

ACME India Industries

• ACME India Industries is coming out with an initial public offering (IPO) of 62,08,800 shares in a price band of Rs 186-196 per equity share.
• The issue will open for subscription on September 30, 2026 and will close on October 06, 2026.
• The shares will be listed on SME platform of BSE.
• The face value of the share is Rs 10 and is priced 18.60 times of its face value on the lower side and 19.60 times on the higher side.
• Book running lead manager to the issue is HEM securities.
• Compliance officer for the issue is Bhawna.

Profile of the company

ACME India Industries is engaged in the Indian railway rolling stock sector, focusing on the design, manufacture and warranty maintenance of railway coach interior, wherein the business is primarily operating on a tender-based. It provides turnkey furnishing solutions for the interiors of new railway coaches, refurbishment, up-gradation and conversion of old coaches and up gradation of toilet facilities within railway coaches. Additionally, it manufactures and supplies components to Indian Railways. Its services and products are designed towards comfort, safety, hygiene and functionality in line with the specific requirements of Indian Railway and its affiliates.

In the turnkey furnishing of new railway coaches, it undertakes the design and installation of interiors for various types of coaches. This includes different variants of Linke Hofmann Busch (LHB) coaches, self-propelled units such as vande bharat, self-propelled inspection coaches and overhead equipment coaches like the diesel electric tower car. It executes these projects at all major railway production facilities, including the Modern Coach Factory (MCF) in Raebareli, the Integral Coach Factory (ICF) in Chennai, and the Rail Coach Factory (RCF) in Kapurthala. In the refurbishment, upgradation and conversion of old railway coaches, it focuses on both LHB and ICF coaches. Its refurbishment operations include interior designs & redesigns, replacement of worn-out components with new upgraded materials. The typical refurbishment cycle is 10-12 years.  Refurbishment of LHB and ICF coaches is carried out at designated railway workshops.

The company is regular manufacturer and supplier of products such as Braille signage, Fibre reinforced plastic (FRP) products and sanitary ware made of aluminum polymer composite. It is regular supplier of products such as Epoxy flooring, decorative glass fabric reinforced plastic, toilet doors, intercommunication/Compartment doors, seat and berth, fire barrier decorative coating and hygiene related products such as Automatic Hygiene and Odur Control (AHOC), Soap dispenser, Automatic Odur Control (AOC) and vacuum circuit breakers.

Proceed is being used for:

• Funding to meet working capital requirements
• Repayment and/or pre-payment, in full or part, of borrowing availed by the company 
• Funding capital expenditure towards purchase of additional plant & machinery 
• General corporate purpose

Industry overview

India has one of the world’s largest railway networks and due to its socio-economic importance, the Indian government is investing heavily in the revamping of the railway overall infrastructure, making it an attractive market for investors and entrepreneurs alike. This also involves modernization of the railway coaches, including refabrication of railway furniture and other interior furnishing to raise passenger satisfaction and make their travel experience comfortable and enjoyable. The furnishing and modernization of railway coaches involved improvement and modernization of seating area in the passenger coach including seats, seats fabric (textiles, sustainable leathers, and alternative materials), ceiling, Flooring, lights, HVAC, gallery equipment, passenger infotainment system, washroom facilities, door system, safety system, fire safety and protections and others.

From FY 2021 to FY 2026, the union budget has significantly ramped up its allocation toward railway sector. The total outlay provided for Capital Expenditure in Budget Estimate 2025-26 of Rs 2,652 billion. The Gross Budgetary Support for Railways in FY 2025-26 stands at Rs 2,520 billion, which has reduced in compare of previous year, however the budget has significantly rise from the level of Rs 1,122 billion in FY 2021. The railway will continue to utilize the money in essential infrastructure projects like rail track expansion, rolling stock procurement, electrification, signalling improvements, and station modernisation. The Government also provided for Rs 100 billion from extra budgetary resource to meet its expenses & modernize. The total outlay also includes Nirbhaya fund of Rs 2 billion and Rs 30 billion for internal resources.

In India’s evolving railway sector, the furnishing and refurbishing of passenger coaches play a crucial role in updating and maintaining the country’s extensive rail infrastructure. This industry is predominantly led by large, established companies that possess the necessary resources, state-of-the- art technology, and extensive expertise to handle significant contracts. These industry leaders are responsible for transforming outdated coaches into modern, comfortable, and efficient units that meet stringent safety and quality standards. Their work involves not only the renovation of old coaches but also the furnishing of new ones, ensuring that each coach integrates the latest advancements in technology and design to enhance passenger experience and operational performance.

Pros and strengths

Established market presence in Indian railway sector with diversified range of products and services under one roof: The company has established its presence in the Indian railway infrastructure sector, recognized for delivering comprehensive turnkey furnishing and refurbishment solutions for railway coaches. Since 2017, it is successfully completed the turnkey furnishing of 1,610 coaches; refurbished, converted, and upgraded 1,888 coaches and upgraded 10,948 toilet units. These include projects executed under both the proprietorship firm and the company). Its expertise spans 28 variants of coaches across 3 production units, 2 mid-life Rehabilitation unit and 16 zonal railways. With a dedicated workforce serving production units, workshops, and divisions of Indian Railways across India, it has built a consistent reputation within Indian Railways. it offers a diverse range of products tailored for Indian Railways coaches, including braille signage, Epoxy flooring, Decorative glass fabric reinforced plastic, sanitary ware made of aluminum polymer composite, fibre reinforced plastic (FRP), toilet doors, inter communication/compartment doors, seat and berth, fire barrier decorative coating, vacuum circuit breakers and hygiene related products such as Automatic Hygiene and Odur Control (AHOC), Soap dispenser, Automatic Odur Control (AOC).

Multiple global tie ups and representations: Over the years, the company has established tie-ups with several global firms, enabling the introduction of innovative products and services within Indian Railways and reinforcing its position in the overall ecosystem. These collaborations are instrumental in enhancing safety standards, improving passenger experiences, and modernizing railway infrastructure. The company remains committed to seeking further partnerships that align with its vision for innovation and excellence.

Fully integrated manufacturing plant set up at a favorably location: In response to the growing demand for improved product performance, functionality and timely delivery, the company has established its own in-house manufacturing capabilities. These facilities produce a variety of products for Indian Railways. It is regular manufacturer & supplier to IR for multiple products used in toilets & coach interior of passenger coaches. Products like Sidewall, ceiling, Modular Toilet, Toilet Washbasin, dustbins, braille etc. are manufactured in-house. It follows defined manufacturing practices to meet specified quality standards. It is an ISO 9001:2015 certified company from TUV Nord Group, Germany for design, manufacture, supply, trading, installation & commissioning and maintenance of exterior and interior components for passenger coaches and rolling stock. Further, it is also an ISO 15085 certified company from UK Certification & Inspection which certifies that the wielding in the railway sector of the company has been independently assessed and is compliant with the requirements for multiple manufacturing and supply components.

Risks and concerns

Significant dependence on Indian Railways for revenue and business operations: The company’s business operations and revenues are entirely dependent on the Indian Railways. The company has derived a significant portion of its revenues from the Indian Railways and for the Fiscal 2026, 2025 and 2024 the total revenue from Indian Railways was Rs 12,306.45 lakh, Rs 19,222.62 lakh and Rs 18,542.42 lakh respectively, which represents 46.77%, 91.54% and 88.00% respectively its total revenue. Any adverse change in policy of the Ministry of Railways, Government of India, “Ministry of Railways” may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations.

Dependence on limited number of suppliers for raw materials: The company depends on a limited number of suppliers for raw materials. Purchases from the top 10 suppliers represented 76.95%, 66.88% and 58.15% of the Company’s total purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The company is dependent on third-party suppliers for products used in its turnkey solutions; any deviation in the quality, timeliness, or reliability of their deliveries poses a significant risk to its project execution, customer satisfaction, and overall business reputation. It cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations.

Intense competition: The market for its products is highly competitive, with both organized and unorganized players. Key differentiators include product quality, sales and distribution network, pricing, and timely delivery. Some competitors possess greater industry experience, financial resources, and technical capabilities, enabling them to adapt more quickly to changing market conditions. Unorganized sector competitors may offer products at highly competitive prices, potentially affecting its sales volume and growth prospects. Increasing competition could lead to a decline in its market share and margins, negatively impacting its business operations and financial condition. The industry is undergoing rapid consolidation, and the combined strength of larger companies could affect its competitive position across all business areas. Additionally, acquisitions of its customers or suppliers by competitors could result in lost business, impacting its operations and financial performance. However, it does not have any direct listed peers of its business.

Outlook

ACME India Industries works in two different models: refurbishment of old coaches and interior furnishing of new coaches. In the refurbishment model, complete restructuring of the existing coaches (Conventional type NON LHB), while in the furnishing model designing entire coach interior and furnish the LHB coaches with the most advanced material and technology in production units namely MCF and ICF. The company has revenue segment includes turnkey furnishing, refurbishment, upgradation & conversion of coaches, toilet upgradation of coaches, supply-electricals and others and other services. On the concern side, a significant portion of its revenue is derived from turnkey furnishing work contracts. Any inability to anticipate or adapt to evolving product upgrades, ensure consistent product quality, or respond to a decline in demand for such products could adversely affect its revenue from operations and hinder its growth prospects.

The company is coming out with a maiden IPO of 62,08,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 186-196 per equity share. The aggregate size of the offer is around Rs 115.48 crore to Rs 121.69 crore based on lower and upper price band respectively. On performance front, total income for the financial year 2025-26 stood at Rs 26,788.72 lakh as compared to Rs 21,345.37 lakh in financial year 2024-25 representing an increase of 25.50%. Restated Profit after Tax for the financial year 2025-26 was Rs 2,433.20 lakh as compared to Restated profit after tax of Rs 1,640.03 lakh during the financial year 2024-25.

With its established expertise in turnkey furnishing for Indian Railways, it sees a natural extension of its capabilities into the repair segment. The repair market for Indian Railways is large and steadily growing, driven by the need to extend the life of existing coaches, improve passenger experience, and ensure operational safety. Every year, thousands of coaches undergo mid-life rehabilitation, periodic overhauls, and component replacements, creating a consistent and recurring demand. Leveraging its technical know-how, skilled workforce, and proven project execution strength, it is well positioned to participate in this opportunity. Expanding into this segment not only diversifies its service portfolio but also aligns with Indian Railways’ increasing emphasis on maintaining and upgrading its vast fleet. It secured initial orders worth Rs 2700 lakh, making entry in this segment.

Eventions

• Eventions is coming out with an initial public offering (IPO) of 32,30,400 equity shares in a price band of Rs 112-118 per equity share.
• The issue will open on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.20 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is Corporate Professionals Capital.
• Compliance Officer for the issue is Misha Dhawan.

Profile of the company

Eventions operates in the Meetings, Incentives, Conferences and Exhibitions (MICE) and Event Management segment and is engaged in providing services relating to the planning, coordination and execution of corporate events, conferences and related activities. These services are generally provided to corporate clients and institutions and involve coordination of venues, travel arrangements, accommodation, logistics management and on-site event execution support depending on the scope of the engagement. The company’s services are typically delivered on a project-specific basis, wherein clients engage the company for the planning and execution of particular programs or events. A portion of the company’s assignments are received through repeat engagements from existing corporate clients, where organisations periodically organise meetings, conferences and corporate events.

The company undertakes assignments of varying scale which may be organised at domestic locations across India as well as at international destinations, depending on the requirements of the client. The company operates through an asset-light execution model, coordinating with hospitality providers, destination management companies, logistics partners and event production vendors for the delivery of corporate programs across multiple locations. This operating structure enables the company to manage assignments of varying scale while maintaining operational flexibility.

During the financial Year ended March 31, 2026, 2025 and 2024 the company executed 107 successful events, individual billing value exceeding Rs 50 lakh, which represent large-scale and high-value assignments undertaken by it conducted across multiple domestic and international locations industries and has served more than 50 corporate clients. These high-value engagements demonstrate its capability to conceptualize and execute large-scale, complex events involving multi-location coordination, vendor management and customized client requirements.

Proceed is being used for:

• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company
• Investment in subsidiary
• Meeting working capital requirements
• General corporate purposes

Industry Overview

MICE is an acronym for Meetings, Incentives, Conferences and Exhibitions. The main purpose of MICE events is to create a networking platform for business, industry, government, and academic communities and engage in meaningful conversations. Generally, they bring large groups together for a specific purpose. MICE is also known as the ‘Meetings industry’ or ‘Events industry’. Established nations are mature MICE markets, hence their growth rate has stabilized but the number of conferences and exhibitions being organized by them to date is still staggering. New destinations, especially Asia-Pacific is showing tremendous growth potential. Currently, India is ranked 28 out of 94 countries with 158 meetings in the 2019 ICCA ranking of countries. To increase the share of the Indian MICE industry in the estimated global MICE business and capitalize on its natural and cultural advantages as well as its growing economy, in the year 2022 the Ministry of Tourism formulated a National Strategy for the MICE Industry.

The event management industry’s popularity in the country is growing in recent years, driven by the increasing demand for well-organised events. The rising popularity suggest that people are willing to shift from traditional ways of managing events by themselves to invest in hiring event managers. The event management industry in India is attracting foreign investment as the number of international events held in the country, such as, conferences, exhibitions and live music events, increased. The industry also receives support from the Government of India’s initiatives such as hosting meeting and events during the G20 presidency as well as from ministry of tourism initiatives in promoting MICE.

MICE infrastructure plays an important role in promoting a city/ region as a MICE destination. These are capital intensive investments and require the availability of funds at reasonable rates and a longer tenor. The Government maintains a harmonized master list of sectors, which have been recognized as infrastructure, which enables them to get financing at reasonable rates. Currently Infrastructure status has been accorded to the construction of 3 star and above Hotels located outside the cities with a population of one million and above. Ministry of Tourism will pursue to expand the list of cities for grant of infrastructure to MICE infrastructure projects such as Hotels and Resorts, Exhibition and Convention Centres etc. This will facilitate investment into MICE infrastructure, which will contribute to the growth of MICE business in the country.

Pros and strengths

Integrated service model for MICE and corporate events: The company operates across multiple segments of the events and travel services ecosystem, including Meetings, Incentives, Conferences and Exhibitions (MICE), corporate events and brand activation. This enables the company to undertake assignments involving both destination-based programs and venue-based corporate events. Corporate clients may require a combination of services such as event conceptualization, travel coordination, venue management, hospitality arrangements, logistics planning and on-site execution. The Company’s operating model enables coordination of these components within a single engagement framework, allowing clients to engage the company for multiple aspects of corporate programs. The ability to undertake different types of corporate programs under a coordinated service structure allows the company to address varied client requirements and support the execution of assignments of different scales and complexity.

End-to-end event management capabilities: The company provides services across multiple stages of the event lifecycle, including planning, coordination and execution of corporate programs. Depending on the scope of engagement, assignments undertaken by the company may involve event planning, venue identification, travel arrangements, accommodation coordination, logistics planning, vendor coordination and on-site event management. Such services enable clients to engage the company for various operational components of event execution, reducing the need to coordinate with multiple service providers. The company’s role in such assignments typically involves coordinating multiple stakeholders including hospitality providers, transport vendors, event production agencies and destination partners.

Asset-light business model: The company follows an asset-light operating structure, under which it undertakes event assignments primarily through a network of hospitality partners, destination management companies, event production vendors and logistics service providers. This operating model enables the company to execute assignments across multiple locations without maintaining significant fixed infrastructure or owning event production assets. Instead, the company engages vendors and service partners depending on the requirements, scale and location of each assignment.

Risks and concerns

Significant revenue concentration among key customers: A significant portion of the company’s revenue is derived from a limited number of customers, many of whom engage it on a repeat basis for event management services, MICE programs, conferences, exhibitions and corporate activations. As of March 31, 2026, its top 1 customer contributed approximately 42.72%, top 3 customer contributed approximately 54.40%, top 5 customers together contributed around 64.57%, and top 10 customers accounted for about 84.59% of its total revenue from operations in FY26. Any reduction, delay, or discontinuation of business from such customers could materially affect its revenues and profitability.

Significant revenue concentration in MICE Segment: The company offers a range of services including Meetings, Incentives, Conferences and Exhibitions (MICE), corporate events, and Free Independent Traveller (FIT) services. However, a substantial portion of its revenue in recent periods has been derived from the MICE segment. For the financial years ended March 31, 2026, 2025 and 2024, revenue from MICE services contributed approximately 91.29%, 91.77% and 87.39% of its total revenue, respectively. Any adverse changes in demand for such services may impact its business, results of operations and financial condition.

High working capital requirements: The company has significant working capital requirements for its smooth day to day operations of business. Any delay in realisation of receivables, failure of clients to make timely payments, or inability to recover advances from vendors may result in liquidity constraints. Additionally, if it is unable to arrange additional working capital through internal accruals, bank facilities or other sources of funding on commercially acceptable terms, it may affect its ability to meet operational expenses, honour its obligations and pursue growth opportunities. Further, any significant increase in working capital requirements, deterioration in receivables cycle, or constraints in availability of funds may adversely affect its business operations, cash flows, financial condition and results of operations.

Outlook

Eventions is engaged in the Meetings, Incentives, Conferences and Exhibitions (MICE) and event management segment. The company provides services for planning, coordination and execution of corporate events, conferences and related activities, primarily for corporate and institutional clients. The company has asset-light business model. It has end-to-end event management capabilities. On the concern side, the company derives a significant portion of its revenues from a limited number of customers, a substantial proportion of which comprises repeat engagements, and any reduction, delay, or discontinuation of business from such customers could materially affect its revenues and profitability. Moreover, the company’s revenue is significantly derived from its MICE services, and any adverse changes in demand for such services may impact its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 32,30,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 112-118 per equity share. The aggregate size of the offer is around Rs 36.18 crore to Rs 38.12 crore based on lower and upper price band respectively. On performance front, net revenue from operations of the company for the financial year 2025-26 amounted to Rs 9,973.96 lakh, compared to Rs 8,752.97 lakh in the financial year 2024-25, representing an increase of 13.95%. Moreover, profit after tax for the financial year 2025-26 was Rs 772.01 lakh, compared to Rs 512.59 lakh in the financial year 2024-25, reflecting an increase of 45.29%.

Meanwhile, the company intends to continue strengthening its MICE (Meetings, Incentives, Conferences and Exhibitions) segment by increasing the number of destination-based corporate programs undertaken for existing and new corporate clients. Corporate organisations typically conduct periodic meetings, annual conferences, dealer or distributor meets, employee incentive travel programs and internal training events, which require coordinated arrangements relating to venues, travel, accommodation and on-site event management. These recurring business requirements provide opportunities for event management and destination travel coordination. Further, the company intends to expand the scale of such programs across domestic destinations as well as international locations. The company’s experience in coordinating destination-based events, vendor network comprising hospitality providers and logistics partners, and operational capabilities in managing travel and event logistics may support the expansion of such assignments.

TNA Solutions

• TNA Solutions is coming out with an initial public offering (IPO) of 54,08,000 shares in a price band of Rs 66-70 per equity share.
• The issue will open for subscription on September 30, 2026 and will close on October 06, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.60 times of its face value on the lower side and 7.00 times on the higher side.
• Book running lead manager to the issue is Credora Partners.
• Compliance officer for the issue is Hansa Maloo. 

Profile of the company

TNA Solutions is engaged in the manufacturing of home textile products for domestic and international customers. It manufactures a range of value-added home furnishing products including sheet sets, pillow shells/covers, towels, and top of bed products (comforters, mattress protectors, quilts) using greige fabric procured from weavers and finished fabric which it procures from mills, processing houses and stockists. Its manufacturing facility is located in Indore, Madhya Pradesh, where the procured fabric undergoes cutting, stitching, embroidery, finishing, quality assurance, packaging and dispatch as finished products. 

The company operates in the value-added segment of the home textile industry by converting processed fabrics into finished home furnishing products in accordance with customer specifications. Its manufacturing capabilities, quality control systems and product development experience enable it to cater to the requirements of domestic and international customers. It primarily manufactures products for global retailers, importers and domestic brands under its B2B manufacturing model, where products are marketed and sold under its customers' brands or in their specified label. Its focused manufacturing model enables it to concentrate on product quality, manufacturing efficiency, timely delivery and customer service while leveraging the capabilities of its processing partners for fabric processing.

The company procures greige (unprocessed) fabric from weavers and engage third party textile processing houses to undertake weaving, dyeing, printing and other wet-processing activities, while retaining ownership of the fabric throughout the process. It also procures finished/processed fabric from mills, processing houses and stockists directly. After receiving the processed/finished fabric at its facility, it carries out cutting, stitching, embroidery, finishing, quality control, packaging and dispatch. This focused positioning allows it to concentrate capital and management attention on manufacturing, quality systems and customer relationships. The substantial majority of the company’s business is presently conducted on a B2B basis, wherein it manufactures products in accordance with customer specifications, which are marketed and sold under their respective brands. It also derives revenue from business-to-consumer (B2C) channels, both online (through e-commerce marketplaces) and offline through wholesalers and retailers. It has also launched its own brand, ‘Ambra Linens’ in 2022, under which it sells home furnishing products directly to consumers. Under the ‘Ambra Linens’ brand, it markets and sells a range of home furnishing products directly to consumers through B2C channels. It sells online through ecommerce marketplaces and offline through retailers and wholesalers. 

Proceed is being used for:

• Funding of capital expenditure requirement towards civil construction of the new manufacturing unit and purchase of plant and machinery
• Funding of working capital requirements
• General corporate purposes

Industry Overview 

India’s textiles sector is one of the oldest and most diverse industries in the country, with roots stretching back centuries. It spans from traditional hand-spun and handwoven clusters to sophisticated capital-intensive mills, supported by a robust base of fibres and yarns ranging from cotton, jute, silk, and wool to polyester, viscose, and acrylic. The decentralised power loom, hosiery, and knitting segment remains the largest component, reflecting the industry’s ability to cater to multiple consumer markets. Its close linkage with agriculture, reliance on natural resources like cotton, and strong cultural heritage give the Indian textiles industry a unique identity compared to other manufacturing sectors. Over the years, India has built the capacity to serve a wide spectrum of demand, from affordable mass-market apparel to niche high-value categories, both domestically and internationally. The industry today employs more than 45 million people, underlining its role as one of the country’s largest generators of livelihoods. The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach $2.3 billion by 2030. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contribute approximately 2% of India’s GDP and about 11% of manufacturing GVA (Gross Value Added) as of February 2026. 

The India Home Textile Market size was valued at $11.18 billion in 2025 and is estimated to grow from $11.91 billion in 2026 to reach $16.76 billion by 2031, at a CAGR of 7.08% during the forecast period (2026- 2031). This rise defines the current market size trajectory of the India home textile market. Robust export contracts sustained urban disposable-income growth, and active government production incentives continue to stimulate capacity additions even as cotton-price swings and new quality-control orders compress short-term margins. Leading manufacturers modernize spinning and finishing lines to support antimicrobial, temperature-regulating, and eco-certified fabrics, a move encouraged by consumer preference for premium, sustainable products in Tier-1 and Tier-2 cities. E-commerce channels, including quick-commerce pilots in metropolitan zones, strengthen omnichannel inventory visibility, cut delivery times, and improve basket sizes through algorithmic pricing. 

Pros and strengths 

Diversified home textile product portfolio: The company’s product portfolio comprises sheet sets, pillow shells, towels and comforters, of different sizes and quality enabling it to cater to the varied requirements of customers operating in the home furnishings sector. Maintaining a range of products provides it with the opportunity to cater to a wider base of domestic and international buyers, reducing dependence on any single product category, thereby enhancing business stability and resilience. It also allows the company to capture varied consumer demand and optimize productivity.

Multi-stage in-house quality control system: Quality is embedded throughout the company’s manufacturing process, from incoming fabric inspection to final random inspection prior to dispatch. Its Quality Control System comprises incoming material inspection, first piece approval, in-process quality inspections, endline inspection, final random inspection based on AQL sampling, defect classification, CAPA, quality record maintenance and product traceability. Its structured, multi-stage quality control framework enables it to consistently manufacture products in accordance with customer specifications and meet the quality and compliance requirements of its domestic and international customers. It also holds certifications such as OEKO-Tex Standard 100, GOTS-Scope and are SCAN Compliant, Organic Compliant Walmart Approved and are assessed under the SEDEX ethical compliance framework, which enhances its credibility with quality- and compliance-conscious customers in both domestic and export markets. 

Technology-enabled, integrated operations: The company’s operations are supported by an Enterprise Resource Planning (ERP) system that integrates sales order management, procurement, inventory and warehouse management, production planning, job work tracking, quality control, dispatch planning, and management information system (MIS) reporting, providing real-time visibility of inventory, production status, dispatch schedules and operational performance to management. This system-driven approach supports disciplined planning, traceability and timely execution across its order-to-dispatch cycle.  

Risks and concerns 

Significant revenue reliance on sheeting segment: A substantial portion of the company’s revenue from operation is derived from its sheeting segment, comprising flat sheets, fitted sheets, duvet sets, in various sizes, fabrics and finishes. For Fiscal 2026, revenue from sheeting segment amounted to Rs 5,328.72 lakh, representing 50.95% of its revenue from operations. As a result, its business is dependent on the continued demand for the products in this segment. Consumer preferences in the home textile industry change over time due to factors such as design trends, color preferences, fabric choices, quality expectations, pricing, and lifestyle changes. If it is unable to accurately identify changing customer preferences or introduce changes that meet market demand on a timely basis, the demand for its products may decline. This may result in lower sales, accumulation of slow-moving or obsolete inventory, higher inventory holding costs, increased discounts to clear inventory, and reduction in its profit margins. 

High revenue dependence on B2B manufacturing segment: The company’s business is predominantly dependent on its business-to-business (B2B) manufacturing segment, under which it manufactures home textile products for domestic and international customers and brands in accordance with their specifications. During Fiscal 2026, its B2B operations contributed 99.60% of its revenue from operations, while its business-to-consumer (B2C) operations contributed 0.40% of its revenue from operations. Accordingly, its financial performance is significantly dependent on the continued demand for its B2B manufacturing operations. Its B2B business is subject to risks associated with changes in customer demand, sourcing strategies, pricing pressure, order cancellations, customer concentration, competition and general economic conditions in the domestic and international markets. Any reduction in purchase orders from its B2B customers, inability to acquire new customers or loss of existing customers could materially reduce its revenues and adversely affect its business, financial condition, results of operations and cash flows. 

Depends on limited number of customers: A substantial portion of the company’s revenue from operations is derived from a limited number of customers. The company’s top 10 customers accounted for 83.82%, 87.42%, and 95.84% of revenue from operations for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. The company does not have any long-term agreements with its customers and operate on a purchase order basis. Its customers may terminate their purchase orders with it, with or without cause or notice, at any time. Loss of all or a substantial portion of sales to any of its top 10 customers, for any reason, including limitation to meet any change in quality specifications, change in technology, disputes with customers, adverse change in the business and financial condition of such customers (including due to possible bankruptcy, liquidation or other financial hardship), decline in their sales, or cheaper import/purchase alternatives, could have a material adverse impact on its business, results of operations, financial condition and cash flows. 

Outlook

TNA Solutions is engaged in the manufacturing of home textile products for domestic and international customers. The company offers a diversified portfolio of home textile products, including sheet sets, pillow shells and covers, towels, and top-of-bed products such as comforters, quilts, dohars and mattress protectors. It primarily operates under a B2B manufacturing model, supplying products to global retailers, importers and domestic brands under their respective brands or specified labels. Its manufacturing facility is located in Indore, Madhya Pradesh, where it converts processed fabrics into finished home furnishing products based on customer specifications. On the concern side, the company’s significant portion of revenue from operations is derived from export sales. Adverse developments in its export markets, including changes in tariffs, foreign exchange rates, trade restrictions, geopolitical conditions or logistics availability, could materially and adversely affect its business, financial condition, results of operations and cash flows. Besides, the company’s operations require significant amount of working capital for its smooth day to day operations and continuing growth of business. 

The company is coming out with a maiden IPO of 54,08,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 66-70 per equity share. The aggregate size of the offer is around Rs 35.69 crore to Rs 37.86 crore based on lower and upper price band respectively. On performance front, total income increased by 31.28% to Rs 11,044.57 lakh in Fiscal 2026 from Rs 8,412.68 lakh in Fiscal 2025. Profit after tax increased by 43.94% to Rs 958.35 lakh in Fiscal 2026 from Rs 665.80 lakh in Fiscal 2025. 

Meanwhile, as a part of the company’s retail growth strategy, it intends to strengthen its presence in the business-to-consumer segment through both online and offline channels. It has commenced selling products directly to consumers under its owned brand, ‘Ambra Linens’. This strategy enables it to establish a direct relationship with end customers, improve brand visibility, obtain better insights into consumer preferences and expand its reach across target markets. It intends to further develop the ‘Ambra Linens’ brand by broadening its product offerings, strengthening its distribution network and increasing its presence across digital and physical retail channels.

Nityas Gems & Jewellery

• Nityas Gems & Jewellery is coming out with a 100% book building; initial public offering (IPO) of 1,44,56,000 shares of face value Rs 5 each in a price band Rs 70-75 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 September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 5 and is priced 14.00 times of its face value on the lower side and 15.00 on the higher side.
• Book running lead manager to the issue is Choice Capital Advisors.
• Compliance officer for the issue is Manvi Meet Shah. 

Profile of the company

Nityas Gems & Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India, operating through an integrated business model comprising (i) business-to-business (B2B) manufacturing and distribution to organized retailers, standalone retailers and wholesalers, to support their inventory and design requirements; and (ii) direct-to-consumer (D2C) omnichannel retail operations through its subsidiary, Ayaani Diamonds and Jewellery Private Limited (Ayaani). The company’s operations span multiple stages of the jewellery value chain, including procurement and management of raw materials, product design, manufacturing, quality control, distribution, branded retail and direct-to-consumer sales.

The company offers a range of lab-grown diamond studded gold jewellery products across categories such as rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflings and bangles, across daily wear, occasion-based, men’s jewellery and customized segments. While its product portfolio spans multiple price points and categories, it has strategically focused on the lightweight, affordable lab grown diamond-studded gold jewellery segment which caters to the growing demand for affordable luxury and daily-wear jewellery particularly among younger consumers.

Lab-grown diamond are diamonds that are created in laboratories using advanced technological processes that replicate the natural conditions under which diamonds form beneath the earth’s surface. Lab-grown diamonds have the same chemical, physical, and optical properties as mined diamonds. They are made of pure carbon, have identical crystal structures, and display the same sparkle, hardness, and durability as that of natural mined diamonds. From a visual and structural standpoint, jewellery made with lab-grown diamonds are indistinguishable from jewellery made with natural diamonds, even to trained eyes, unless examined with specialized equipment.

Proceed is being used for: 

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

Industry overview

The Indian gems and jewellery industry is a relevant sector of the national economy, contributing approximately 7% to the country’s GDP and around 15% of total merchandise exports. The sector is expected to grow steadily, driven by domestic consumption and international demand. India is the largest diamond-cutting and polishing hub globally, producing over 90% of the world’s polished diamonds. In CY25, the domestic gems and jewellery industry has reached at around Rs 9,998 billion, with a CAGR of 11.2% during CY20-CY25. Further, the gems and jewellery market is expected to grow at a CAGR of 12.8% between CY25 and CY30. The long-term demand prospects for the sector are supported by a growing working population, higher disposable income, easier access to credit, and improved living standards. 

India is a global leader in diamond processing, accounting for approximately 90% of the world’s rough diamond cutting and polishing by volume. The country has established a highly integrated value chain centred around the midstream segment, with Surat in Gujarat emerging as the world’s largest diamond processing hub. In CY25, the Indian retail diamond jewellery market has reaches at approximately Rs 623 billion, having grown at a CAGR of 6.4% during CY20-CY25. Looking ahead, the market is expected to expand at a CAGR of 2.8% over the forecast period CY25P-CY30P. This growth is driven by rising consumer preference for branded and lightweight jewellery, increasing penetration of organised retail in Tier I and Tier II cities, and growing awareness of lab-grown diamonds.

Meanwhile, Lab-Grown Diamonds (LGDs) are real diamonds that are created in laboratories using advanced technological processes that replicate the natural conditions under which diamonds form beneath the earth’s surface. Unlike imitation or synthetic stones such as cubic zirconia or moissanite, LGDs have the same chemical, physical, and optical properties as mined diamonds - they are made of pure carbon, have identical crystal structures, and display the same sparkle, hardness, and durability. Looking ahead, the LGD jewellery market is projected to reach Rs 71,890 million by CY30, indicating a robust CAGR of 15.8% from CY25-CY30P and reflecting strong growth potential. This growth is expected to be supported by evolving consumer trends, technological advancements in LGD production, and increasing penetration across tier-2 and tier-3 cities. 

Pros and strengths 

Integrated B2B and D2C business model with a growing and diversified customer base: The company operates an integrated business model comprising B2B supply of lab-grown diamond studded gold jewellery to a network of jewellery retailers comprising organized and standalone retailers and wholesalers and recently acquired D2C omnichannel retail operations through its subsidiary, Ayaani. The company’s B2B operations enable it to cater to demand from organized retailers, standalone retailers and wholesalers, including standardized as well as customized product requirements, while its D2C operations enable direct engagement with end consumers, support brand development and participation in retail-level value capture, while also providing insights into customer preferences that support its product design and development.

Manufacturing capabilities supported by in-house design and technology integration: The company’s manufacturing operations are located in Surat, Gujarat, at a facility having an area of approximately 7,000 sq. ft. and an installed production capacity of approximately 360 kg of lab-grown diamond studded gold jewellery per annum, supporting its B2B and D2C operations. The company’s operations are supported by in-house design capabilities. Designs conceptualized by its design team are subject to internal review and finalization with senior management to ensure feasibility, quality and adherence to approved specifications. It has developed a design portfolio comprising over 32,000 jewellery designs across its range of lab-grown diamond studded gold jewellery.

Well positioned to capitalize on the growth of lab grown diamond jewellery: The company is positioned to capitalize on the rapid expansion of the lab-grown diamond jewellery market, which is witnessing significant growth both globally and in India. The global LGD jewellery market has grown from $4,058 million in CY20 to $6,117 million in CY25 and is projected to reach $9,406 million by CY30. Similarly, the Indian market is projected to expand at a CAGR of 15.8% from CY25 to CY30, reaching Rs 71,890 million by CY30 from Rs 34,501 million in CY25.

Skilled in-house workforce enabling quality control and reduced dependence on external job work: The company’s manufacturing operations are supported by a skilled in-house workforce comprising 122 Karigars, who undertake manufacturing and handcrafting activities in accordance with designs, specifications and quality standards approved by the company. These Karigars operate under its direct supervision and within its established quality control framework, enabling consistency in craftsmanship and product quality. The company’s in-house Karigar base enables it to efficiently execute design-intensive jewellery requirements, including customized products for its B2B customers, while maintaining control over production timelines and manufacturing processes. The company’s reliance on in-house capabilities reduces its dependence on external job work arrangements, thereby enabling better control over quality, turnaround time and production planning.

Risks and concerns

Significant dependence on a limited number of B2B customers: The company’s revenue from operations is significantly concentrated among a limited number of B2B customers. During Fiscal 2026 Fiscal 2025 and Fiscal 2024, its top 10 customers contributed Rs 1,125 million, Rs 742.62 million and Rs 451.99 million, representing 55.49%, 76.68% and 84.24% of its revenue from operations, respectively. Any reduction in business from such customers or inability to diversify its customer base may materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.

High geographical concentration of operations: A substantial portion of the company’s revenue from operations is derived from a limited number of states in India, particularly Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra, which together contributed Rs 1725.20 million, Rs 897.85 million and Rs 506.63 million, aggregating to 85.03%, 92.71%, and 94.44% of its revenue from operations during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any adverse developments in these regions could materially and adversely affect its business, financial condition, results of operations, cash flows and prospects.

Increasing working capital requirements may impact liquidity: The company’s business is working capital intensive, and its working capital requirements have increased from Rs 67.65 million in Fiscal 2024 to Rs 449.46 million as of fiscal 2026. It intends to utilise a portion of the Net Proceeds towards funding its working capital requirements. Any inability to fund or efficiently manage its working capital could materially and adversely affect its business, financial condition, results of operations and cash flows.

Significant dependence on a limited number of suppliers: The company’s purchases are significantly concentrated among a limited number of suppliers, with its top 10 suppliers contributing 86.16%, 94.31% and 87.05% of its total purchases during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any disruption in supply or adverse changes in terms from such suppliers could materially and adversely affect its business, results of operations, financial condition and cash flows.

Outlook

Nityas Gems and Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond studded gold jewellery in India. The company operates through an integrated business model comprising B2B manufacturing and distribution to organised retailers, standalone retailers and wholesalers, along with direct-to-consumer (D2C) omnichannel retail operations through its subsidiary, Ayaani Diamonds and Jewellery. The company has robust financial performance with consistent growth. It is well positioned to capitalize on the growth of lab-grown diamond jewellery. On the concern side, the company faces significant concentration risks across its customer base, geographic markets and supplier network, with a substantial portion of revenue and purchases dependent on a limited number of customers, states and suppliers. Further, its working capital-intensive operations and increasing funding requirements may create liquidity pressures.

The issue has been offering 1,44,56,000 shares in a price band of Rs 70-75 per equity share. The aggregate size of the offer is around Rs 101.19 crore to Rs 108.42 crore based on lower and upper price band respectively. Minimum application is to be made for 200 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 109.50%, from Rs 968.45 million in Fiscal 2025 to Rs 2,028.94 million in Fiscal 2026. The increase was primarily driven by higher sales volume of lab-grown diamond jewellery, supported by growing consumer preference for sustainable and cost-effective alternatives to natural diamonds. Moreover, profit after tax increased by 127.98%, from Rs 97.88 million in Fiscal 2025 to Rs 223.15 million in Fiscal 2026.

Meanwhile, the company intends to expand and diversify its customer base with a primary focus on its B2B segment, supported by the growing acceptance of lab-grown diamond studded gold jewellery. In its B2B operations, the company aims to strengthen relationships with existing customers while onboarding new retailers and wholesalers by offering design-led, competitively priced products, ensuring consistent quality and timely delivery, and catering to both standardized and customized product requirements. It also intends to engage with established jewellery industry players who have not yet meaningfully entered the lab-grown diamond segment and position ourselves as a manufacturing partner as and when such players foray into this space. This approach is expected to support expansion of its customer base and enhance order volumes across geographies.