Cenlub Industries Ltd. Share Price

Spectraa Technology Solutions

• Spectraa Technology Solutions is coming out with an initial public offering (IPO) of 36,03,600 shares in a price band of Rs 112-118 per equity share.
• The issue will open for subscription on September 17, 2026 and will close on September 21, 2026.
• The shares will be listed on SME 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 Indcap Advisors.
• Compliance officer for the issue is Mona Poddar.

Profile of the company

The company provides engineering, designing, fabrication, installation, commissioning and decommissioning greenfield and brownfield projects across various industries which include, Breweries (Craft and Microbreweries), Distilleries, Food and Beverages, Malt Spirit and Blending, Extraction Plants, FMCG (Fast Moving Consumer Goods) and Pharmaceuticals. It undertakes projects with full responsibility from design to handover, build key equipment in-house, use standardized modules and appropriate designs, and deploy project teams across client sites, which helps it delivers on schedule, cut rework, and control costs. 

Over the last 17 years, it has built systems compliant with ISO 9001:2015 to design, develop, fabricate and expand various process plants which are customized to customer specifications. Its scope covers entire spectrum i.e., engineering, fabrication, installation, commissioning and decommissioning across various industries, which include, Breweries (Craft and Microbreweries), Distilleries, Food and Beverages, Malt Spirit and Blending, Extraction Plants, FMCG and Pharmaceuticals. It has two manufacturing facilities located at Bengaluru and Jaipur with an aggregate built up area of 33,214.75 square feet. It strengthens delivery reliability by dual-sourcing critical items and building local vendor bases around both hubs, aligning procurement with engineering and site schedules to support staged and split dispatches. It has installed rooftop solar capacity of 100 kWp at its Malur plant (30 kw), Jaipur plant (50 kw) and registered office (20 kw). This rooftop solar capacity installation helps it in reducing its power cost.

Proceed is being used for:

• Capital expenditure at Jaipur manufacturing facility
• Repayment of term loans availed by the company
• Meet the working capital requirements
• General corporate purposes
• Offer expenses

Industry overview

The India Beer and Malt-Spirit Equipment Market is witnessing robust growth, driven by evolving consumer preferences, premiumization trends, expanding raw material capacity, and government policy support for the broader alcoholic beverages industry. Equipment in this segment primarily includes brewing systems, fermentation tanks, malting units, filtration systems, bottling/canning/labeling machines, and automation technologies. These systems are essential for the production of beer, whisky, gin, rum, and other malt-based spirits, ensuring both quality consistency and scalability. 

The India beer and malt spirit equipment market was valued at $165.09 million in 2018, grew to $204.08 million in 2024, and is projected to reach $302.28 million by 2032. This steady growth highlights the combined impact of rising beer consumption, the expansion of microbreweries, and the increasing demand for premium malt spirits. The Brew Kettle segment is projected to grow at a CAGR of 5.6%, making it the fastest-growing equipment category. This growth is driven by the rising craft beer culture, increasing demand for energy-efficient brewing systems, and the adoption of modern kettles that support flexible recipes and sustainability initiatives.

The India Beer and Malt-Spirit Equipment Market is significantly restrained by the high capital investment required to set up modern breweries and distilleries. Advanced equipment such as malting machines, mash and lauter tuns, brew kettles, heat exchangers, fermentation tanks, and distillation units represents a substantial upfront cost. For instance, a small-to-medium brewhouse setup can range from Rs 25 - Rs 50 lakh, fermentation tanks cost around Rs 10 - Rs 30 lakh, and packaging equipment may require Rs 10 - Rs 50 lakh. For emerging craft breweries and SMEs, these costs can be prohibitive, limiting their market entry and expansion capabilities.

Pros and strengths

Geographical advantage of two manufacturing facilities: The company operates two manufacturing facilities - one in Bengaluru and one in Jaipur. The Bengaluru facility is strategically located to serve customers in and around southern India while the Jaipur facility eases it to cater to customers in and around Western and Northern India. The commissioning of its Jaipur facility in 2023 has shortened lead times, reduced freight and site mobilisation time, and in turn improved after-sales response for customers. Access to multiple road, air, and port routes from both sites allows it to select the closest viable corridor for domestic and export legs, and a two-region setup provides operating continuity.

Diversified and sustainable order book: Its order pipeline is anchored by existing and repeat customers across breweries, distilleries, malt spirit, extraction, food and beverage, and customised processing, which supports utilisation of fabrication capacity and site teams and provides revenue visibility. As on August 25, 2026, its order book (excluding GST) stands at Rs 8,129.61 lakh. It monitors its order book by execution window as well as realization ratio to align materials, manpower, and dispatch plans with delivery milestones. Its customer base is diversified across multiple industries and geographies, ranging from craft and commercial breweries to distilleries and botanical extraction processors in India as well as select export markets, so project inflows are not dependent on a single end-market or region. It works with customers on greenfield and brownfield projects of varied sizes and scopes, which helps balance workloads through the year. Its diversified order pipeline reduces sector-specific risk and supports more predictable planning across materials, manpower, and deliveries.

Quality control and compliance: The company applies quality checks across the production lifecycle, from raw-material intake and in-process checks to assembly verification, factory acceptance testing (FAT), and documented site handover. Incoming materials are verified to specification; fabrication steps (cutting, rolling, welding, passivation) are recorded within its quality system; pressure tests and functional checks are conducted before dispatch; and site commissioning follows defined checklists and handover protocols. Conformance with applicable norms including ISO 9001:2015 supports consistent output and smoother customer audits.

Risks and concerns 

Reliance on Top 10 customers: The company derives a significant portion of its revenue from its top 10 customers, which accounted for 65.60%, 61.91%, and 72.37% of total revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The loss of, or a substantial reduction in business from any of its top customers for any reason, including termination or non-renewal of contracts, inability to agree on commercially acceptable terms, reduction in their market share, deterioration in their financial position, disputes, plant shutdowns, labour unrest, or other operational disruptions, could materially and adversely impact its business, financial condition, results of operations and cash flows.

High supplier concentration and lack of long-term agreements: The company depends on a limited number of suppliers for its raw materials. For the Fiscals 2026, 2025, and 2024, the cost of raw materials sourced from its top 10 suppliers accounted for 43.35%, 46.84% and 50.94% of its total purchases, respectively. Any disruption in supply or adverse change in supply terms it may materially affect its business. Further, it does not have long-term supply agreements with its suppliers and typically procure materials through purchase orders. As a result, it is exposed to risks of supply disruption, discontinuation of supply, adverse changes in commercial terms, or failure of timely delivery. While no material disruptions, quality issues or discontinuation of supplies have occurred in the past, there can be no assurance that such instances will not arise in the future. Any delay or disruption in supply may adversely affect its production schedules and have a negative impact on its business, results of operations, financial condition and cash flows.

Significant revenue dependence on select states: The company derives a major portion of its revenue from customers located in Maharashtra, Goa, Uttarakhand, Karnataka, Uttar Pradesh, West Bengal Odisha and Sikkim. In the last three Fiscals 2026, 2025, and 2024 more than 57.89%, 69.60%, and 45.44% of its revenue from operations, respectively, was generated from customers situated in these States. Although it has not faced any material adverse impact from such concentration in the past, it cannot assure that adverse developments in these regions will not occur in the future. Any such events could materially and adversely affect its business prospects, financial condition and results of operations.

Outlook

Spectraa Technology Solutions is engaged in the business of project and process engineering. It caters to both domestic and international markets. Further, the company also provides design and engineering to Breweries & Distilleries, Spirit Bottling Plant, Microbreweries, Craft Breweries, Food & Beverage processing plants, Solvent based extraction Plants, Chemical processing plants. On the concern side, the company operates in a highly competitive market. If it is unable to respond to competitive pressures by improving its product offerings, optimizing costs, maintaining quality and strengthening its customer base, its market share may decline. Further, increased competition may lead to pricing pressures, reduced margins, longer receivable cycles, or loss of customers. Any such developments could have a material adverse impact on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 36,03,600 equity shares of face value 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 40.36 crore to Rs 42.52 crore based on lower and upper price band respectively. On performance front, its total income increased by 36.43% from Rs 7,553.06 lakh in FY 2025 to Rs 10,304.50 lakh in FY 2026. Its Profit after Tax increased by 135.18% from Rs 491.43 lakh in FY 2025 to Rs 1,155.71 lakh in FY 2026.

Meanwhile, it intends to diversify critical inputs and increase local sourcing around its Bengaluru and Jaipur manufacturing facility. The goal is steadier lead times and lower exposure to cost swings and logistics disruptions. It will dual-source key items, create framework agreements for long-lead parts, and stage time-critical inventory at both locations. Procurement plans will be aligned with engineering and site schedules so that materials arrive in the required sequence for split dispatches. It will track dual-sourced critical items as a percent of the total and supplier on-time delivery as a percent of purchase orders due. Improvements on these two indicators should translate into fewer expedites, more predictable dispatches, and tighter schedule adherence.