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Shilp Gravures has informed that it enclosed a Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026, received from MUFG Intime India, Registrar and Share Transfer Agent of the Company.

The above information is a part of company’s filings submitted to BSE. 

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.