Category: LISTED IPO

Excelsoft Technologies

Unlocking the Potential: A Comprehensive Look at the Excelsoft Technologies IPO

A New Chapter: Excelsoft Technologies Enters the Public Arena

The Indian stock market is abuzz with the impending Initial Public Offering (IPO) of Excelsoft Technologies Limited. As a prominent player in the global vertical SaaS space, specializing in learning and assessment, Excelsoft is set to offer its shares to the public. This blog post aims to provide an in-depth analysis of the company, its IPO details, financial health, and the potential opportunities it presents to investors.

Understanding Excelsoft Technologies: The EdTech Innovator

Founded in 2000, Excelsoft Technologies has carved a niche for itself by delivering cutting-edge, AI-powered solutions in the learning and assessment market. The company’s comprehensive suite of products addresses diverse educational and corporate training needs across the globe.

What Does Excelsoft Offer?

**AI-Powered Applications:** Enhancing learning experiences and assessment methodologies.
**Test & Assessment Platforms:** Robust solutions for conducting examinations and evaluations.
**Online Proctoring Solutions:** Ensuring integrity and fairness in remote assessments.
**Learning Experience Platforms (LXP) & Student Success Platforms:** Tailored support for academic institutions and corporations.
**Digital eBook Platforms:** Modernizing content delivery and consumption.

Global Reach and Diverse Clientele

With operations spanning India, Malaysia, Singapore, the UK, and the USA, Excelsoft collaborates with over 200 organizations, impacting more than 30 million learners worldwide. Their impressive client roster includes leading educational publishers, universities, schools, government bodies, defense organizations, and large enterprises.

Key Product Segments:

**Assessment & Proctoring Solutions:** Featuring SARAS e-Assessments and EasyProctor.
**Learning & Student Success Systems:** Including SARAS Learning Solutions, OpenPage, EnablED, CollegeSparc, and LearnActiv for K12.

Unpacking the IPO: Key Details at a Glance

The Excelsoft Technologies IPO is a Book Built Issue, aiming to raise a significant capital of ₹500.00 crores.

Issue Structure:

**Fresh Issue:** 1.50 crore shares, aggregating to ₹180.00 crores.
**Offer for Sale (OFS):** 2.67 crore shares, aggregating to ₹320.00 crores.

IPO Snapshot:

Detail	Information
Issue Price Band	₹114 to ₹120 per share
Face Value	₹10 per share
Lot Size	125 Shares
Total Issue Size	4,16,66,666 shares (up to ₹500.00 Cr)
Listing At	BSE, NSE
Issue Type	Book Building IPO

Investor Reservation:

Investor Category	Shares Offered
Qualified Institutional Buyers (QIB)	Not more than 50% of the Net Offer
Retail Individual Investors (RII)	Not less than 35% of the Net Offer
Non-Institutional Investors (NII)	Not less than 15% of the Offer

Investment Snapshot: Lot Size & Categories

Understanding the lot size is crucial for potential investors. The minimum bid is for 125 shares, with bids accepted in multiples thereof.

Minimum and Maximum Investment:

Investor Type	Lots (Min/Max)	Shares (Min/Max)	Amount (Min/Max, based on upper price)
Retail Investor	1 / 13	125 / 1,625	₹15,000 / ₹1,95,000
Small HNI (sNII)	14 / 66	1,750 / 8,250	₹2,10,000 / ₹9,90,000
Big HNI (bNII)	67+	8,375+	₹10,05,000+

Financial Health Check: A Look at Excelsoft’s Performance

Evaluating a company’s financial performance is paramount before considering an investment. Excelsoft Technologies has shown consistent growth in recent periods.

Restated Consolidated Financial Information (Amounts in ₹ Crore):

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	478.34	470.49	421.03	436.13
Total Income	60.28	248.80	200.70	197.97
Profit After Tax (PAT)	6.01	34.69	12.75	22.41
Net Worth	375.95	371.29	297.30	278.08
Total Borrowing	37.82	26.59	76.73	118.09

**Analysis:** The company has demonstrated healthy revenue growth, with a 24% increase between FY24 and FY25. More notably, profit after tax (PAT) surged by 172% in the same period, indicating improved profitability. A positive trend is the significant reduction in total borrowing over the years, strengthening the balance sheet.

Key Performance Indicators (KPIs) as of March 31, 2025:

Metric	Value
Return on Equity (ROE)	10.38%
Return on Capital Employed (ROCE)	16.11%
Debt/Equity Ratio	0.05
PAT Margin	14.87%
EBITDA Margin	31.40%
Market Capitalization	₹1,381.01 Cr.
Pre IPO EPS	₹3.47
Post IPO EPS (annualized Jun 30, 2025)	₹2.09
Pre IPO P/E (x)	34.62
Post IPO P/E (x) (annualized Jun 30, 2025)	57.46

Vision for Growth: Objectives of the Issue

Excelsoft Technologies plans to utilize the net proceeds from the IPO to fuel its strategic growth initiatives:

**Expansion of Infrastructure:** Funding capital expenditure for land purchase and construction of a new building at their Mysore Property (₹719.66 Million).
**Facility Upgradation:** Investing in upgradation, including external electrical systems, of their existing facility in Mysore (₹395.11 Million).
**IT Infrastructure Enhancement:** Funding upgradation of the company’s IT infrastructure, including software, hardware, communications, and network services (₹546.35 Million).
**General Corporate Purposes:** Supporting various other corporate needs.

The Driving Force: Promoters and Their Stake

The promoters of Excelsoft Technologies Limited are Pedanta Technologies Private Limited, Dhananjaya Sudhanva, Lajwanti Sudhanva, and Shruthi Sudhanva. Their commitment to the company’s vision is evident in their substantial holdings:

**Promoter Holding Pre-Issue:** 94.60%
**Promoter Holding Post-Issue:** The post-issue holding will be calculated based on the equity dilution from the fresh issue.

Strategic Outlook: An Analytical Perspective

A balanced view considering both internal capabilities and external market dynamics can help in assessing the investment proposition.

Category	Key Aspects
Strengths	Deep expertise in product engineering and implementation in EdTech SaaS. Strong, long-term relationships with global customers. Compliance-driven digital learning and assessment solutions. Flexibility with diversified technologies and agile methodologies. Robust operating parameters and experienced management.
Weaknesses	Potential for intense competition in the rapidly evolving EdTech landscape. Reliance on key clients, making revenue somewhat concentrated. Need for continuous innovation to stay ahead of technological changes.
Opportunities	Expanding global EdTech and corporate learning market. Growing demand for AI-powered and online proctoring solutions. Geographic expansion and diversification of client base. Further development and enhancement of SaaS product offerings.
Threats	Aggressive competition from existing players and new entrants. Changes in educational policies or regulatory frameworks. Economic slowdowns impacting spending on education and corporate training. Data privacy and security concerns for online platforms.

Navigating Your Application: How to Participate

Investors interested in applying for the Excelsoft Technologies IPO can do so online using either UPI or ASBA (Applications Supported by Blocked Amount) methods.

Applying through a Broker (Example: Zerodha):

Many popular brokerage platforms offer a seamless IPO application process. For instance, customers can apply online via their brokerage console using UPI as a payment gateway.

Log in to your broker’s platform (e.g., Zerodha Console).
Navigate to the ‘Portfolio’ section and find the ‘IPOs’ link.
Locate ‘Excelsoft Technologies IPO’ and click the ‘Bid’ button.
Enter your UPI ID, desired quantity, and bid price.
Submit your IPO application.
Approve the mandate request that appears in your UPI App (e.g., Google Pay, PhonePe, BHIM) to finalize the payment block.

Always ensure your Demat and Trading account details are up-to-date before applying.

Key Dates for Your Calendar: The IPO Timeline

Mark these important dates to ensure you don’t miss any critical steps in the Excelsoft Technologies IPO process:

Event	Date
IPO Open Date	Wednesday, November 19, 2025
IPO Close Date	Friday, November 21, 2025
Cut-off time for UPI mandate confirmation	5 PM on Friday, November 21, 2025
Tentative Allotment Finalization	Monday, November 24, 2025
Initiation of Refunds	Tuesday, November 25, 2025
Credit of Shares to Demat Account	Tuesday, November 25, 2025
Tentative Listing Date	Wednesday, November 26, 2025

IPO Timeline Progress:

Initializing…

Connect for More Information

For further inquiries or official communications regarding the Excelsoft Technologies IPO, you may refer to the contact details:

Company Contact:

**Excelsoft Technologies Ltd.**
1-B, Hootagalli Industrial Area, Mysuru, Karnataka, 570018
Phone: +91 821 428 2247
Email: ipo@excelsoftcorp.com
Website: excelsoftcorp.com

IPO Registrar:

**MUFG Intime India Pvt.Ltd.**
Phone: +91-22-4918 6270
Email: excelsofttechnologies.ipo@linkintime.co.in
Website: linkintime.co.in/Initial_Offer/public-issues.html

November 13, 2025

Gallard Steel Limited

Gallard Steel IPO: Forging a Path in the Engineering Sector

The Indian stock market is abuzz with the upcoming Small and Medium Enterprise (SME) Initial Public Offering (IPO) of Gallard Steel Limited. This exciting opportunity invites investors to be part of a company deeply rooted in manufacturing engineered steel castings for critical sectors like Indian Railways, defense, and power generation. Let’s delve into what makes Gallard Steel a potential contender in the market and what investors need to know.

Unveiling Gallard Steel Limited: The Company Profile

Established in 2015, Gallard Steel Limited has carved a niche for itself in the manufacturing of high-quality engineered steel castings, including mild steel, SGCI, and low alloy castings. Their expertise lies in delivering ready-to-use components, assemblies, and subassemblies to vital industries across India.

Core Business and Product Portfolio

Gallard Steel is a key supplier for a diverse range of applications. Their product offerings include:

Steel Components: Manufacturing both unmachined and machined steel parts for various industrial applications.
Railway Specific Components: Specializing in components for railway traction motors and bogie assemblies, essential for locomotive functionality.
Defense Sector Solutions: Producing critical parts like cradle assemblies, recoiling cylinders, and trunnion housings for defense applications.
Power Generation Sub-Assemblies: Developing guide vanes, bush housings, and fork systems for thermal and hydro turbines.
Industrial Machinery Parts: Supplying high-temperature resistance liners for heavy industrial machinery and equipment.
Rebonded Foam: Beyond steel, they also produce recycled foam used in furniture, mattresses, and various industrial products, showcasing a diversified approach.

Strategic Advantages

The company highlights several strengths that contribute to its market position:

Integrated Manufacturing: Boasting in-house manufacturing facilities, which ensures better quality control and operational efficiency.
Broad Customer Base: Serving a diverse set of clients across various critical industries.
Extensive Market Reach: Possessing a wide geographical presence within India.
Rigorous Quality Assurance: Implementing stringent quality control mechanisms to uphold standardized product quality.

Decoding the Gallard Steel IPO: Essential Details

The IPO window for Gallard Steel is approaching. Here’s a concise overview of the key dates, issue specifics, and what it means for potential investors.

IPO Timeline: Mark Your Calendars

Staying updated on the key dates is crucial for any investor.

Event	Date
IPO Open Date	November 19, 2025 (Wednesday)
IPO Close Date	November 21, 2025 (Friday)
Anchor Bid Date	November 18, 2025 (Tuesday)
Tentative Allotment Finalization	November 24, 2025 (Monday)
Initiation of Refunds	November 25, 2025 (Tuesday)
Credit of Shares to Demat Account	November 25, 2025 (Tuesday)
Tentative Listing Date (BSE SME)	November 26, 2025 (Wednesday)
UPI Mandate Confirmation Cut-off	5 PM on November 21, 2025 (Friday)

IPO Progress Bar:

IPO Open Allotment Listing

Opening Soon

Note: The progress bar indicates the IPO stage relative to its entire timeline. This is a tentative schedule and dates are subject to change.

Issue Structure and Pricing

The Gallard Steel IPO is structured as a book-built issue.

Particular	Detail
Face Value	₹10 per share
Issue Price Band	₹142 to ₹150 per share
Total Issue Size	25,00,000 shares (aggregating up to ₹37.50 Cr)
Fresh Issue	25,00,000 shares (₹37.50 Cr)
Listing At	BSE SME
Book Running Lead Manager	Seren Capital Pvt.Ltd.
Registrar	Ankit Consultancy Pvt.Ltd.
Market Maker	Asnani Stock Broker Pvt.Ltd.

Minimum Investment and Lot Size

Investors need to be aware of the minimum application requirements.

Investor Category	Lots	Shares	Amount (at upper price band)
Individual Retail Investor (Min)	2	2,000	₹3,00,000
Individual Retail Investor (Max)	2	₹3,00,000
S-HNI (Min)	3	3,000	₹4,50,000
S-HNI (Max)	6	6,000	₹9,00,000
B-HNI (Min)	7	7,000	₹10,50,000

Note: The minimum investment for retail investors is significantly higher than mainboard IPOs due to the nature of SME IPOs.

Objectives of the Public Issue

Gallard Steel Limited intends to utilize the net proceeds from the IPO for key strategic initiatives:

Funding capital expenditure towards the expansion of its existing manufacturing facility and the construction of an office building (approx. ₹201.37 Million).
Repaying a portion of certain existing borrowings of the company (approx. ₹70 Million).
General corporate purposes.

Understanding the Financial Performance of Gallard Steel

A look into the company’s financials provides insights into its growth trajectory and operational efficiency. Gallard Steel has demonstrated robust financial growth recently.

Recent Financial Snapshot (Restated Consolidated)

Period Ended	Assets (₹ Crore)	Total Income (₹ Crore)	Profit After Tax (₹ Crore)	EBITDA (₹ Crore)	Net Worth (₹ Crore)	Reserves and Surplus (₹ Crore)	Total Borrowing (₹ Crore)
30 Jun 2025	503.35	321.35	42.93	74.25	213.75	143.75	191.31
31 Mar 2025	487.73	535.24	60.67	124.72	110.28	100.82	203.79
31 Mar 2024	391.39	278.61	31.96	50.65	110.28	40.28	175.91

Analysis: Between the financial year ending March 31, 2024, and March 31, 2025, Gallard Steel Ltd. reported an impressive 92% increase in revenue and a 90% rise in profit after tax (PAT), indicating strong operational performance and growth. The June 2025 quarter also shows continued healthy profitability.

Key Performance Indicators (KPIs)

A quick look at these ratios helps assess the company’s efficiency and financial health.

KPI	Value
Return on Equity (ROE)	43.16%
Return on Capital Employed (ROCE)	26.59%
Debt/Equity Ratio	1.19
Return on Net Worth (RoNW)	35.51%
Profit After Tax (PAT) Margin	11.38%
EBITDA Margin	23.39%

Promoter Landscape and Investor Allocation

Understanding who steers the company and how shares are distributed among different investor categories is vital for evaluating an IPO.

Company Promoters

The promoters of Gallard Steel Limited are:

Zakiuddin Sujauddin
Hakimuddin Ghantawala
Kaid Johar Kalabhai
Zahabiya Kalabhai
Mariya Zakiuddin Sujauddin

Holding Type	Percentage
Promoter Holding Pre-Issue	91.14%
Promoter Holding Post-Issue	To be calculated post-dilution

Note: The post-issue promoter holding will be lower due to the dilution from the fresh issue of shares.

Investor Reservation Breakdown

The total issue of 25,00,000 shares is strategically allocated across various investor segments.

Investor Category	Shares Offered	Percentage (%)
Market Maker Shares	1,25,000	5.00%
QIB Shares Offered (Total)	11,83,000	47.32%
– Anchor Investor Shares	7,09,000	28.36%
– QIB (Ex. Anchor) Shares	4,74,000	18.96%
NII (HNI) Shares Offered	3,60,000	14.40%
Retail Shares Offered	8,32,000	33.28%
Total Shares Offered	25,00,000	100.00%

Anchor Investor Details

Gallard Steel IPO garnered significant interest from anchor investors, raising a substantial amount prior to the main subscription opening.

Particular	Detail
Anchor Bid Date	November 18, 2025
Shares Offered to Anchor Investors	7,09,000
Anchor Portion Size (In Crore)	₹10.64 crore
Lock-in Period End Date (50% shares)	December 24, 2025 (30 Days)
Lock-in Period End Date (Remaining shares)	February 22, 2026 (90 Days)

Strategic Outlook: A SWOT Analysis of Gallard Steel

To provide a holistic view, let’s consider the internal and external factors that could impact Gallard Steel’s future performance.

Strengths (Internal Positives)

Specialized Manufacturing Expertise: Deep knowledge in engineered steel castings for niche, high-demand sectors like defense and railways.
Diverse and Critical Client Base: Serving essential industries ensures steady demand and reduces dependence on a single sector.
In-house Production & Quality Control: Allows for greater control over product quality, cost, and delivery timelines.
Proven Financial Growth: Recent robust revenue and profit growth indicate operational efficiency and market acceptance.
Diversified Product Range: Beyond steel components, the inclusion of rebonded foam adds a layer of diversification.

Weaknesses (Internal Negatives)

Capital Intensive Business: Manufacturing steel castings requires significant capital investment in machinery and infrastructure.
Reliance on Specific Sectors: While diverse, a large portion of business is tied to government-driven projects (railways, defense), which can be subject to policy changes or budget fluctuations.
SME Segment Risks: Listing on BSE SME implies higher entry barriers for retail investors (due to large lot sizes) and potentially lower liquidity compared to mainboard listings.
High Promoter Holding Pre-IPO: While indicating confidence, post-IPO dilution will be a factor to watch.

Opportunities (External Positives)

“Make in India” Initiative: Government thrust on domestic manufacturing, especially in defense and railways, provides a strong tailwind.
Infrastructure Development: Ongoing and planned investments in railway expansion, power sector, and heavy engineering will drive demand for components.
Technological Advancements: Adopting new casting technologies and automation can enhance efficiency and product quality.
Export Potential: Exploring international markets for specialized steel castings could open new revenue streams.
Expansion into New Geographies/Sectors: Leveraging existing expertise to cater to other related industries.

Threats (External Negatives)

Economic Downturns: Industrial manufacturing is sensitive to economic cycles; slowdowns can impact demand.
Raw Material Price Volatility: Fluctuations in steel, energy, and other input costs can affect profitability.
Intense Competition: The steel casting industry, especially for railway and defense components, can be competitive with established players.
Regulatory Changes: Changes in environmental regulations, import/export policies, or industry-specific norms could pose challenges.
Technological Disruption: New materials or manufacturing processes could potentially displace traditional steel castings in certain applications.

Navigating the IPO Application Process

Applying for an IPO is straightforward with modern digital platforms. Here’s how you can participate in the Gallard Steel IPO.

General Application Methods

UPI (Unified Payments Interface): Many stockbrokers offer direct IPO application through their platforms using your UPI ID for payment. This is a quick and convenient method.
ASBA (Applications Supported by Blocked Amount): This method allows you to apply through your bank’s net banking portal. The application amount is blocked in your account until allotment, ensuring you don’t lose interest on the funds.

Applying through a Popular Broker (e.g., Zerodha)

For customers of brokers like Zerodha, the process is streamlined:

Log in to your broker’s Console (their back-office platform).
Navigate to the ‘Portfolio’ section and click on the ‘IPOs’ link.
Locate ‘Gallard Steel IPO’ and click the ‘Bid’ button.
Enter your UPI ID, the desired Quantity (in multiples of the lot size), and your bid Price (within the price band, or at cut-off).
Submit your IPO application form.
Crucially, open your UPI App (e.g., BHIM, Google Pay, PhonePe, or your bank’s UPI app) and approve the mandate to finalize the payment.

Evaluating the Gallard Steel IPO: A General Investor’s Perspective

Deciding whether to invest in an IPO requires careful consideration of various factors. While no specific recommendation can be given, here are points to ponder:

Growth Story: The company’s recent financial performance shows strong growth, which is a positive indicator.
Sector Potential: Its involvement in critical infrastructure, defense, and power sectors aligns with India’s long-term economic growth drivers.
Valuation: Evaluate the IPO’s price band relative to its earnings, assets, and peer companies in the market. Look for a reasonable valuation that allows for potential listing gains or long-term appreciation.
SME Segment Risks: Be mindful that SME IPOs typically come with higher investment thresholds and may have lower trading liquidity post-listing compared to mainboard IPOs.
Management and Governance: Assess the experience and reputation of the management team.
Utilization of Proceeds: How the company plans to use the IPO funds (expansion, debt reduction) can indicate future growth prospects and financial stability.

It’s always recommended to conduct your own thorough due diligence, consider your investment goals, risk tolerance, and consult with a financial advisor before making any investment decisions.

Conclusion: A Look Ahead

Gallard Steel Limited’s IPO presents an opportunity to invest in a growing engineering company with a focus on critical sectors. With its robust financial performance, diverse product portfolio, and strategic objectives for growth, it aims to strengthen its position in the market. As the IPO dates draw near, potential investors should carefully review the detailed prospectus and assess if this offering aligns with their investment strategy.

Company and Registrar Information

Gallard Steel Ltd. Contact Details

For further inquiries, you can reach out to the company directly:

Address: Flat No. 01, Sukhsneh Apartment, 168-M Khatiwala Tank, Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: https://www.gallardsteel.com/

Registrar to the Issue

For any queries regarding application, allotment, or share transfers:

Name: Ankit Consultancy Pvt.Ltd.
Phone: 0731 – 491 298 / 492 698
Email: compliance@ankitonline.com

November 13, 2025

Capillary Technologies India Limited

Unlocking Digital Loyalty: An In-Depth Look at Capillary Technologies IPO

A comprehensive analysis of Capillary Technologies India Ltd.’s journey to the stock market, exploring its offerings, financials, and investment potential.

In the rapidly evolving landscape of digital commerce and customer experience, companies like Capillary Technologies are at the forefront, helping brands build lasting relationships with their clientele. As Capillary Technologies India Ltd. prepares for its Initial Public Offering (IPO), investors have a unique opportunity to potentially participate in the growth of a leading SaaS player. This blog post delves into the essential details of their IPO, offering insights into the company’s business model, financial health, and strategic future.

Pioneering Customer Engagement: Understanding Capillary Technologies

Capillary Technologies India Ltd. stands as a prominent Software-as-a-Service (SaaS) provider, specializing in cutting-edge customer loyalty and engagement solutions. Established in 2008 and headquartered in Bengaluru, India, Capillary empowers businesses to deeply understand and effectively engage with their customers through data-driven strategies.

Core Offerings:

Loyalty Management Solutions: Tailored, scalable programs designed for large enterprises across diverse sectors such as retail, FMCG, and hospitality.
Customer Engagement & Marketing Automation: A platform that enables personalized communication through various channels like SMS, email, and push notifications.
AI & Analytics: Leveraging artificial intelligence and machine learning to provide real-time customer insights and predictive analytics.
Omnichannel CRM: Tools to ensure consistent and unified customer interactions across all online and offline touchpoints.

Capillary serves a global clientele of over 250 brands in more than 30 countries, including renowned names like Tata, Domino’s, Jockey, PUMA, and Shell. The company primarily operates on a subscription-based SaaS model, deriving revenue from software licenses, professional services, and ongoing support.

Key Business Strengths:

Recognized as a market leader in providing innovative loyalty solutions.
Offers a comprehensive suite of solutions (Loyalty+, Insights+, Engage+, Rewards+) catering to varied industry segments.
Proven capability in developing multiple loyalty programs for retailers and large conglomerates, alongside customer and fleet loyalty solutions for energy retail.
Robust, scalable cloud-based infrastructure designed for seamless integration.
Cultivates diverse, long-term customer relationships, demonstrating high net revenue retention.

Decoding the IPO Offer: Key Investment Highlights

The Capillary Technologies IPO is structured as a book-built issue, combining a fresh issuance of shares with an offer for sale (OFS).

Detail	Information
IPO Type	Mainboard IPO, Book Build Issue
Issue Price Band	₹549 to ₹577 per share
Total Issue Size	1,52,07,998 shares, aggregating up to ₹877.50 Crores
Fresh Issue	59,79,202 shares, aggregating up to ₹345.00 Crores
Offer for Sale (OFS)	92,28,796 shares, aggregating up to ₹532.50 Crores
Face Value	₹2 per share
Employee Discount	₹52.00 per share
Listing At	BSE, NSE

IPO Journey: Dates to Mark Your Calendar

Understanding the timeline is crucial for any IPO investor. Here’s a tentative schedule for the Capillary Technologies IPO:

IPO Open Date Nov 14, 2025

IPO Close Date Nov 18, 2025

Tentative Allotment Nov 19, 2025

Initiation of Refunds Nov 20, 2025

Credit of Shares to Demat Nov 20, 2025

Tentative Listing Date Nov 21, 2025

Investment Slabs: Understanding Lot Sizes and Application Amounts

Investors can bid for a minimum of 25 shares and in multiples thereafter. The following table outlines the minimum and maximum investment for various investor categories:

Application Category	Lots	Shares	Amount (at upper price band)
Retail (Min)	1	25	₹14,425
Retail (Max)	13	325	₹1,87,525
Small HNI (Min)	14	350	₹2,01,950
Small HNI (Max)	69	1,725	₹9,95,325
Big HNI (Min)	70	1,750	₹10,09,750

Financial Health Check: A Deep Dive into Performance

Capillary Technologies India Ltd. has shown a notable improvement in its financial performance recently. Analyzing the restated consolidated figures provides a clearer picture of its trajectory.

The company’s revenue saw a 14% increase, and its Profit After Tax (PAT) surged by an impressive 121% between the financial year ending March 31, 2024, and March 31, 2025.

Key Financial Figures (₹ Crore):

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	892.33	838.65	871.07	466.41
Total Income	362.56	611.87	535.44	266.25
Profit After Tax	1.03	14.15	-68.35	-88.56
EBITDA	39.82	78.57	-1.49	-58.34
Net Worth	509.38	481.42	452.13	99.75
Total Borrowing	88.94	100.09	77.17	147.47

Unpacking Key Performance Metrics (as of March 31, 2025):

Metric	Value
Return on Capital Employed (ROCE)	2.76%
Debt/Equity Ratio	0.18
Return on Net Worth (RoNW)	2.85%
PAT Margin	2.37%
EBITDA Margin	13.13%
Price to Book Value	8.87
Market Capitalization	₹4,576.09 Cr.
Pre-IPO EPS	₹1.93
Post-IPO EPS	₹0.26
Pre-IPO P/E (x)	298.93
Post-IPO P/E (x)	2214.95

The post-IPO P/E ratio appears significantly high, often indicating that the market has very high growth expectations already priced into the issue. Investors should carefully consider these valuation metrics in conjunction with growth prospects.

Purpose of the Public Offering: What Will the Funds Be Used For?

The net proceeds from Capillary Technologies’ IPO are intended to fuel strategic growth initiatives and strengthen its operational capabilities. The key objectives include:

Cloud Infrastructure Cost: Funding of ₹120.00 crores to enhance and scale the company’s cloud infrastructure.
Product Development: An investment of ₹151.54 crores in research, designing, and development of new products and platform enhancements.
Computer Systems: Allocation of ₹10.32 crores for the purchase of necessary computer systems for business operations.
Inorganic Growth: Funding for unidentified acquisitions and general corporate purposes, signifying a flexible approach to market expansion.

Founders’ Vision: Promoter Stake & Company Leadership

Capillary Technologies International Pte Ltd and Aneesh Reddy Boddu are the driving forces behind the company, serving as its promoters. Their commitment is reflected in their significant shareholding:

Promoter Holding Pre-Issue: 67.90%
Promoter Holding Post-Issue: This figure will be adjusted based on the equity dilution from the fresh issue.

Who Gets What? IPO Allocation Categories

The Capillary Technologies IPO has specific reservation categories for different types of investors:

Investor Category	Shares Offered
Qualified Institutional Buyers (QIB)	Not less than 75% of the Net Offer
Retail Individual Investors (RII)	Not more than 10% of the Net Offer
Non-Institutional Investors (NII)	Not more than 15% of the Net Offer

Investor Category Bidding Limits:

Application Category	Maximum Bidding Limits	Bidding at Cut-off Price Allowed
RII	Up to ₹2 Lakhs	Yes
Small NII (sNII)	₹2 Lakhs to ₹10 Lakhs	No
Big NII (bNII)	> ₹10 Lakhs	No
Employee	(Up to ₹2 Lakhs, sometimes with discount)	Yes
Employee + RII/NII	(Combined limits apply)	Yes for Employee and RII/NII portions

Strategic Outlook: A SWOT Analysis

A thorough SWOT analysis helps to understand the internal and external factors that could influence Capillary Technologies’ future performance.

Strengths:

Market Leadership: Strong position in the loyalty and customer engagement SaaS segment.
Comprehensive Product Suite: Diverse offerings covering loyalty, analytics, and omnichannel CRM.
Global Client Base: Established relationships with over 250 brands across 30+ countries.
AI-Driven Insights: Leveraging advanced analytics for deeper customer understanding.
Financial Turnaround: Significant growth in revenue and PAT in the latest financial year, reversing previous losses.

Weaknesses:

High Valuation: The very high Post-IPO P/E ratio suggests significant future growth is already factored into the price, potentially limiting immediate upside.
Dependency on SaaS Subscriptions: Revenue heavily reliant on recurring subscriptions, susceptible to client churn.
Historical Losses: Prior financial years (2023, 2024) saw significant losses, though recent trends are positive.

Opportunities:

Digital Transformation Trend: Growing demand for enhanced customer experience solutions globally.
Geographic Expansion: Potential to deepen presence in existing markets and enter new ones.
Inorganic Growth: IPO funds allocated for acquisitions indicate a strategy for rapid expansion.
Upselling/Cross-selling: Opportunities to expand services to existing large client base.

Threats:

Intense Competition: Facing strong competition from both global and domestic SaaS players in customer loyalty and CRM.
Data Privacy Regulations: Evolving global data privacy laws can impact data collection and usage, potentially increasing compliance costs.
Economic Volatility: Downturns could lead to reduced spending by client companies on loyalty programs.
Technological Obsolescence: Rapid advancements in technology necessitate continuous investment in R&D to stay competitive.

Simplified Application Process: A Guide for Investors

Applying for an IPO has become increasingly convenient. Most leading brokers offer an online application process. For instance, if you are a customer of a popular broker, you can typically apply using UPI as a payment method.

General Steps for Online IPO Application (e.g., via a popular brokerage platform):

Log in to your broker’s platform (e.g., their console or trading app).
Navigate to the ‘IPO’ section, usually found under ‘Portfolio’ or ‘Invest’.
Locate the ‘Capillary Technologies IPO’ and click on the ‘Bid’ or ‘Apply’ button.
Enter your UPI ID, desired quantity of shares (in multiples of the lot size), and the price. You can bid at the cut-off price if applying as a retail investor.
Submit your IPO application form.
Finally, approve the mandate request on your UPI payment app (like BHIM, Google Pay, or through your bank’s net banking app) before the cut-off time.

Tip: Always ensure you have sufficient funds in your bank account linked to your UPI ID to avoid application rejection.

Connecting with Capillary: Company & Registrar Details

For any queries related to the company or the IPO process, here are the relevant contact details:

Capillary Technologies India Ltd. Contact:

Address: #360 bearing PID No 101, 360, 15th Cross Rd, Sector 4, HSR Layout, Bengaluru, Karnataka, 560102
Phone: +91 80 4122 5179
Email: investorrelations@capillarytech.com
Website: http://www.capillarytech.com/

IPO Registrar:

The registrar is responsible for managing the IPO allotment process and investor queries.

Name: MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: capillarytechnologies.ipo@in.mpms.m
Website: https://linkintime.co.in/Initial_Offer/public-issues.html

Investor Sentiment: What Are Experts and Members Saying?

Gathering diverse perspectives is crucial before making an investment decision. At the time of this analysis, various market participants are evaluating the Capillary Technologies IPO.

While official brokerage recommendations might vary, early sentiment from individual investors often leans towards a cautious approach, considering the high post-IPO valuation.
Some market observers highlight the company’s strong position in a growing market and its recent positive financial trends as compelling factors.
Others advise careful consideration of the competitive landscape and the sustainability of its growth trajectory.

Recommendation: It is always advisable for potential investors to conduct their own due diligence, review the Red Herring Prospectus (RHP) thoroughly, and consider consulting with a financial advisor to align the investment with their personal financial goals and risk tolerance.

November 13, 2025

Fujiyama Power Systems Limited

Powering Up for Tomorrow: A Deep Dive into Fujiyama Power Systems IPO

The renewable energy sector is buzzing, and a new player is set to make its mark on the public markets. Fujiyama Power Systems, a company deeply rooted in India’s booming solar industry, is preparing for its Initial Public Offering (IPO). This much-anticipated event offers investors a chance to participate in a company poised for growth within the critical clean energy landscape. Let’s explore what Fujiyama Power Systems brings to the table and what this IPO means for potential investors.

Understanding Fujiyama Power Systems: Company Profile

Established in 2017, Fujiyama Power Systems Limited has rapidly emerged as a significant player in the rooftop solar sector. The company specializes in manufacturing a diverse range of products and offering comprehensive solutions for on-grid, off-grid, and hybrid solar systems. Their commitment to reducing reliance on third-party OEMs has led to an extensive product portfolio of over 522 unique stock-keeping units (SKUs), encompassing essential solar components like inverters, panels, and batteries.

Extensive Reach and Operational Excellence

Robust Distribution: Fujiyama boasts a strong distribution network, comprising over 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, ensuring wide market penetration and tailored customer solutions.
Dedicated Service: With more than 602 qualified service engineers, the company provides crucial maintenance and technical support, bolstering customer satisfaction and trust.
Diverse Product Portfolio: Their offerings span solar PCUs, various inverter types (off-grid, on-grid, hybrid), solar panels, charge controllers, lithium-ion and tubular batteries, UPS systems, and solar management units.
Manufacturing Prowess: The company operates four state-of-the-art manufacturing facilities located in Greater Noida, Parwanoo, Bawal, and Dadri, all certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 for quality, environmental, and occupational health and safety management, respectively.
Global Footprint: Beyond India, Fujiyama exports its products to international markets, including the USA, Bangladesh, and the UAE, highlighting its growing global presence.

Key Strengths Driving Growth

Quality-Centric Manufacturing: A large-scale, precision-driven manufacturing infrastructure ensures high production efficiency and product quality.
Strong Brand Recognition: A robust distribution and post-sale service network has fostered strong brand loyalty and recognition.
Technological Innovation: A proven track record of continuous technological development and product innovation keeps them competitive.
Comprehensive Solar Solutions: Their diverse product range positions them as a leader in the rooftop solar segment.
Experienced Leadership: The company benefits from experienced promoters, a seasoned senior management team, and a dedicated employee base.

IPO at a Glance: Key Details

The Fujiyama Power Systems IPO is a book-built issue structured as a combination of a fresh issue and an offer for sale (OFS).

Detail	Description
IPO Type	Book Built Issue
Total Issue Size	3,63,15,789 shares (₹828.00 Crores)
Fresh Issue	2,63,15,789 shares (₹600.00 Crores)
Offer for Sale (OFS)	1,00,00,000 shares (₹228.00 Crores)
Face Value	₹1 per share
Price Band	₹216 to ₹228 per share
Minimum Lot Size	65 shares
Listing At	BSE, NSE
Book Running Lead Managers	Motilal Oswal Investment Advisors Ltd., SBI Capital Markets Ltd.
Registrar	MUFG Intime India Pvt.Ltd.

Promoters and Shareholding

The key individuals behind Fujiyama Power Systems are Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar. Their commitment to the company is reflected in the shareholding structure:

Pre-Issue Promoter Holding: 99.67%
Post-Issue Promoter Holding: 87.88%

IPO Journey: Key Dates to Remember

Mark your calendars! The Fujiyama Power Systems IPO has a specific timeline for subscription, allotment, and listing.

Event	Date
IPO Open Date	Thursday, November 13, 2025
IPO Close Date	Monday, November 17, 2025
Tentative Allotment Date	Tuesday, November 18, 2025
Initiation of Refunds	Wednesday, November 19, 2025
Credit of Shares to Demat	Wednesday, November 19, 2025
Tentative Listing Date	Thursday, November 20, 2025
UPI Mandate Confirmation Cut-off	5 PM on Monday, Nov 17, 2025

IPO Progress Tracker

IPO Open (Day 1)

(Note: The progress bar above represents the status on the IPO opening date. It will advance as the IPO proceeds through its timeline.)

Investing in Fujiyama: Understanding Lot Sizes

Investors can apply for a minimum of 65 shares and in multiples thereafter. The IPO caters to various investor categories: Retail Individual Investors (RII), Small Non-Institutional Investors (sNII), and Big Non-Institutional Investors (bNII).

Investor Category	Lots (Min/Max)	Shares (Min/Max)	Amount (Min/Max at Upper Price)
Retail Investor (Min)	1	65	₹14,820
Retail Investor (Max)	13	845	₹1,92,660
sNII (Min)	14	910	₹2,07,480
sNII (Max)	67	4,355	₹9,92,940
bNII (Min)	68	4,420	₹10,07,760

IPO Reservation Structure

Qualified Institutional Buyers (QIB): Not more than 50.00% of the Net Issue
Retail Individual Investors (RII): Not less than 35.00% of the Net Issue
Non-Institutional Investors (NII): Not less than 15.00% of the Net Issue

Analyzing Fujiyama’s Financial Performance

Fujiyama Power Systems has demonstrated robust financial growth, showcasing a healthy trajectory in its revenue and profitability.

Financial Snapshot (Amounts in ₹ Crore)

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,243.88	1,013.96	609.64	514.56
Total Income	597.79	1,550.09	927.20	665.33
Profit After Tax (PAT)	67.59	156.34	45.30	24.37
EBITDA	105.89	248.52	98.64	51.60
Net Worth	464.34	396.82	239.54	193.08
Total Borrowing	432.83	346.22	200.19	211.14

Between March 31, 2024, and March 31, 2025, Fujiyama Power Systems recorded an impressive 67% increase in revenue and a substantial 245% surge in Profit After Tax (PAT). This indicates strong operational efficiency and market demand for its products.

Key Performance Indicators (KPIs) as of March 31, 2025

KPI	Value
Return on Equity (ROE)	39.40%
Return on Capital Employed (ROCE)	41.01%
Debt/Equity Ratio	0.87
PAT Margin	10.15%
EBITDA Margin	16.13%
Market Capitalization	₹6,986.17 Cr.

The high ROE and ROCE indicate efficient capital utilization, while a Debt/Equity ratio of 0.87 suggests a manageable debt load relative to equity. The healthy PAT and EBITDA margins reflect the company’s operational profitability.

Earnings Per Share (EPS) and Price-to-Earnings (P/E)

Metric	Pre-IPO	Post-IPO
EPS (Rs)	5.58	8.82
P/E (x)	40.85	25.84

Strategic Utilization of IPO Proceeds

Fujiyama Power Systems intends to deploy the net proceeds from its IPO for strategic initiatives aimed at bolstering its manufacturing capabilities and strengthening its financial position.

New Manufacturing Facility: A significant portion of the funds (₹180.00 Crores) will be allocated towards establishing a new manufacturing facility in Ratlam, Madhya Pradesh, to expand production capacity.
Debt Management: ₹275.00 Crores will be utilized for the repayment and/or prepayment of existing outstanding borrowings, reducing financial liabilities.
General Corporate Purposes: The remaining funds will be used for general corporate needs, providing flexibility for business operations and future growth initiatives.

Company Analysis: A SWOT Perspective

A comprehensive look at Fujiyama Power Systems through a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can offer valuable insights for potential investors.

Strengths

Extensive and diversified product portfolio in the growing rooftop solar segment.
Robust manufacturing infrastructure with multiple certified facilities.
Strong distribution and service network across India and international presence.
Consistent track record of revenue growth and significant profit margin expansion.
Experienced management and strong promoter commitment.

Weaknesses

Dependence on government policies and incentives for the solar sector, which can be subject to change.
Capital-intensive nature of manufacturing and expansion could lead to higher debt if not managed efficiently.
The solar market is competitive, potentially leading to pricing pressures.

Opportunities

Growing demand for renewable energy solutions globally and within India.
Government push for solar energy adoption and ‘Make in India’ initiatives.
Technological advancements in solar power leading to more efficient and cost-effective products.
Expansion into new geographical markets and product lines (e.g., energy storage solutions).

Threats

Intense competition from domestic and international players.
Volatility in raw material prices (e.g., silicon, lithium).
Disruptions in global supply chains.
Rapid technological obsolescence requiring continuous R&D investment.
Economic downturns affecting consumer and industrial spending on capital goods.

How to Participate in the IPO

For those interested in applying for the Fujiyama Power Systems IPO, the process is largely online and streamlined through various brokerage platforms.

Demat and Trading Account: Ensure you have an active Demat and Trading account with a SEBI-registered broker.
Online Application: Most brokers offer a seamless online IPO application process through their platforms. You can typically find the IPO section within your broker’s dashboard or app.
Payment Methods:
- UPI (Unified Payments Interface): Many brokers facilitate IPO applications using UPI as a payment gateway. You’ll need to enter your UPI ID and approve the mandate on your UPI app.
- ASBA (Applications Supported by Blocked Amount): This method is available through the net banking portal of your bank. The application amount remains blocked in your account until allotment.
Fill Details: Enter the desired quantity (in multiples of the lot size), bid price (within the price band, or at cut-off for retail investors), and confirm your application.
Monitor Allotment: After the application window closes, you can check the allotment status on the registrar’s website or through your broker.

Investor Considerations

Investing in an IPO requires careful consideration. While Fujiyama Power Systems operates in a high-growth sector with strong financials, it’s essential to:

Review the Red Herring Prospectus (RHP): Thoroughly read the official RHP for detailed company information, risk factors, and financials.
Assess Market Conditions: Consider the broader market sentiment and the performance of the renewable energy sector at the time of the IPO.
Long-Term vs. Short-Term: Determine your investment horizon. IPOs can offer listing gains, but true value often unfolds over the long term.
Risk Tolerance: Understand that all investments carry risks. Evaluate if this IPO aligns with your personal risk tolerance.

Concluding Thoughts

Fujiyama Power Systems IPO presents an interesting opportunity in India’s rapidly expanding renewable energy market. With solid financials, a diversified product portfolio, extensive distribution, and strategic plans for growth, the company appears well-positioned. However, as with any investment, prudence is key. Potential investors should conduct their own due diligence and consider consulting a qualified financial advisor before making any investment decisions.

This blog post is for informational purposes only and does not constitute investment advice.

November 10, 2025

Tenneco Clean Air India Limited

Tenneco Clean Air IPO: Your Guide to the Latest Automotive Sector Offering

Tenneco Clean Air IPO: Navigating Your Investment Path

The Initial Public Offering (IPO) market is bustling, offering investors a chance to partake in the growth stories of promising companies. One such opportunity is on the horizon with the Tenneco Clean Air India Ltd. IPO. This blog post aims to provide a thorough breakdown of this offering, helping you make an informed decision.

About the Issuer: Tenneco Clean Air India Ltd.

Tenneco Clean Air India Limited, established in 2018, is a crucial subsidiary of Tenneco Inc., a global leader in designing and manufacturing advanced clean air and powertrain products for the automotive industry. In India, the company is at the forefront of providing cutting-edge exhaust and after-treatment systems, essential for vehicle manufacturers to comply with stringent emission standards like Bharat Stage VI.

Their extensive product line includes catalytic converters, diesel particulate filters (DPFs), mufflers, and various exhaust components. With 12 manufacturing facilities across India, the company effectively supports major OEMs and Tier 1 customers. Tenneco Clean Air is committed to sustainability and innovation, leveraging global R&D to develop proprietary, modular, and customized solutions tailored for the Indian market.

Key Offerings & Strengths:

**Clean Air & Powertrain Solutions:** Focuses on emission control and engine performance.
**Advanced Ride Technologies:** Designs and manufactures shock absorbers, struts, and sophisticated suspension systems.

Competitive Advantages:

Market leadership in highly engineered clean air, powertrain, and suspension solutions for Indian and global OEMs.
A strategically diversified portfolio of proprietary products aligned with industry trends.
Innovation-driven approach, utilizing Tenneco Group’s global R&D for localized product development.
Flexible and automated manufacturing capabilities across 12 strategically located plants, supported by a localized supply chain.

Decoding the Tenneco Clean Air IPO: Key Insights

This upcoming IPO is a significant event for investors looking into the automotive components sector. Here’s a snapshot of the core details:

Detail	Information
Issue Type	Book Building Issue
Offer Type	Entirely an Offer for Sale (OFS)
Total Issue Size	₹3,600.00 Crores
Number of Shares	9,06,80,101 equity shares
Face Value	₹10 per share
Price Band	₹378.00 to ₹397.00 per share
Listing At	BSE, NSE

Your IPO Journey: Key Dates at a Glance

Timing is crucial in the IPO process. Mark these important dates for the Tenneco Clean Air IPO:

IPO Open
Nov 12, 2025

IPO Close
Nov 14, 2025

Allotment Finalized
Nov 17, 2025

Tentative Listing
Nov 19, 2025

Investment Tiers: Understanding Lot Sizes

The IPO offers different investment categories, each with specific lot sizes to accommodate various investor profiles:

Application Category	Lots (Min)	Shares (Min)	Amount (Min)	Lots (Max)	Shares (Max)	Amount (Max)
Retail Individual Investors (RII)	1	37	₹14,689	13	481	₹1,90,957
Small HNI (sNII)	14	518	₹2,05,646	68	2,516	₹9,98,852
Big HNI (bNII)	69	2,553	₹10,13,541	–	–	–

(Amounts based on the upper price band of ₹397 per share)

IPO Allocation Structure

The shares in the IPO are reserved for different investor categories as follows:

**Qualified Institutional Buyers (QIB):** Not more than 50% of the Offer
**Retail Individual Investors (RII):** Not less than 35% of the Offer
**Non-Institutional Investors (NII):** Not less than 15% of the Offer

Promoter Stakes: A Glimpse into Ownership

The promoters of Tenneco Clean Air India Limited are Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd, and Tenneco LLC. Their shareholding pattern indicates confidence in the company’s future:

Category	Promoter Holding
Pre-Issue	97.25%
Post-Issue	74.79%

Financial Health Check: A Deep Dive

Analyzing a company’s financial performance is paramount before investing. Here’s how Tenneco Clean Air India Ltd. has performed:

Period Ended (₹ Crore)	30 Jun 2025 (Q1 FY26)	31 Mar 2025 (FY25)	31 Mar 2024 (FY24)	31 Mar 2023 (FY23)
Assets	2,918.77	2,831.58	2,136.26	2,429.65
Total Income	1,316.43	4,931.45	5,537.39	4,886.96
Profit After Tax (PAT)	168.09	553.14	416.79	381.04
EBITDA	228.88	815.24	612.09	570.63
Net Worth	1,250.38	1,255.09	1,116.59	1,378.82
Total Borrowing	0.86	–	–	–

The company demonstrated strong profit growth with PAT rising by 33% between FY24 and FY25, despite a modest decrease in revenue in the same period. The Q1 FY26 numbers also indicate continued profitability.

Performance Metrics: What the Numbers Say

Key financial ratios offer deeper insights into the company’s efficiency and profitability (as of March 31, 2025):

Metric	Value
Return on Equity (ROE)	42.65%
Return on Capital Employed (ROCE)	56.78%
Return on Net Worth (RoNW)	46.65%
PAT Margin	11.31%
EBITDA Margin	16.67%
Price to Book Value (P/BV)	12.77
Market Capitalization	₹16,023.09 Cr.

Valuation Highlights:

Metric	Pre IPO	Post IPO
EPS (Rs)	13.71	16.66
P/E (x)	28.97	23.83

(Pre-IPO EPS based on FY25 earnings and pre-issue shareholding; Post-IPO EPS based on annualized Q1 FY26 earnings and post-issue shareholding)

SWOT Analysis: A Holistic View

Strengths:

**Market Leadership:** Strong position in critical automotive components like clean air and suspension solutions.
**Technological Edge:** Leverages global R&D from Tenneco Group for advanced and customized products.
**Diversified Portfolio:** Caters to both light and commercial vehicles with proprietary solutions.
**Robust Manufacturing:** Strategically located, flexible, and automated facilities across India.
**Strong Financials:** Consistent profitability with healthy PAT growth.

Weaknesses:

**Offer for Sale (OFS):** The entire issue is an OFS, meaning no fresh capital directly flows into the company for business expansion.
**Revenue Decline:** A slight decrease in total income from FY24 to FY25, which warrants observation.
**Reliance on Automotive Sector:** Performance is closely tied to the cyclical nature and regulatory changes within the automotive industry.

Opportunities:

**Stricter Emission Norms:** Growing demand for advanced emission control technologies (e.g., Bharat Stage VI and beyond).
**OEM Growth:** Expansion of the Indian automotive sector and increased vehicle production.
**Export Potential:** Opportunity to expand global footprint beyond supporting Indian OEMs.
**Electric Vehicle (EV) Transition:** While current products are ICE-focused, the company’s R&D capabilities might allow adaptation or diversification into EV components over time.

Threats:

**Intense Competition:** Presence of both domestic and international players in the automotive components market.
**Technological Disruption:** Rapid advancements in automotive technology, especially in alternative propulsion systems, could impact existing product lines.
**Economic Slowdown:** A downturn in the broader economy could impact vehicle sales and, consequently, demand for components.
**Regulatory Changes:** Sudden shifts in government policies or trade agreements could affect operations and profitability.

Investment Objectives of the IPO

Since the Tenneco Clean Air IPO is entirely an Offer for Sale, the primary objective is to allow the existing shareholders (promoters) to divest a portion of their stake. The company itself will not receive any proceeds from this issue. This provides liquidity to the selling shareholders and can help in broad-basing the public shareholding in the company, which often contributes to better corporate governance and market perception.

Expert Perspectives & Outlook

Consensus View:

Market observers note that Tenneco Clean Air India Ltd., a subsidiary of the renowned Tenneco group, benefits from a strong legacy and leadership in the clean air and advanced automotive components sectors. The company has demonstrated positive growth in its financial performance. While the issue appears to be priced at a reasonable valuation based on its latest financials, the long-term prospects seem bright given its strong market position and innovative approach. Investors with a medium to long-term horizon may consider this offering.

Applying for the Tenneco Clean Air IPO

Interested investors can typically apply for IPOs through various online platforms offered by stockbrokers. The process generally involves:

**Accessing the IPO Section:** Log in to your stockbroker’s trading platform (e.g., website or mobile app) and navigate to the IPO application section.
**Selecting the IPO:** Find “Tenneco Clean Air IPO” from the list of current offerings.
**Entering Bid Details:** Specify your UPI ID (for ASBA through UPI) or net banking details, the number of lots you wish to apply for, and your bid price (either the cut-off price or within the price band).
**Submitting Application:** Confirm and submit your IPO application.
**Approving Mandate:** For UPI applications, approve the payment mandate via your UPI app (e.g., BHIM, Google Pay, PhonePe, or bank’s UPI app) before the cutoff time.

Essential Contacts & Information

Registrar Information:

The registrar for the IPO plays a crucial role in managing the application and allotment process. For Tenneco Clean Air IPO, the registrar is:

**MUFG Intime India Pvt.Ltd.**
**Email:** tennecocleanair.ipo@in.mpms.mufg.com

Guiding the Issue: Lead Managers:

The IPO is managed by a consortium of experienced lead managers:

JM Financial Ltd.
Citigroup Global Markets India Pvt.Ltd.
HSBC Securities & Capital Markets (India) Pvt.Ltd.
Axial Capital Pvt.Ltd.

Company Contact Details:

For any direct inquiries to the company, here are the contact details:

**Address:** RNS2, Nissan Supplier Park SIPCOT Industrial Park, Oragadam Industrial Corridor Sriperumbudur Taluk, Kancheepuram, Tamil Nadu, 602105
**Email:** TennecoIndiaInvestors@tenneco.com
**Website:** http://www.tennecoindia.com/

Frequently Asked Questions (FAQs)

Here are some common questions prospective investors might have:

**What is an Offer for Sale (OFS)?** In an OFS, existing shareholders sell their shares to the public. The company does not receive any proceeds from the issue.
**How can I check my IPO allotment status?** Once the allotment is finalized, you can check your status on the registrar’s website or your broker’s platform.
**What is the cut-off time for UPI mandate confirmation?** Typically 5 PM on the closing day of the IPO subscription (Nov 14, 2025).
**When will the shares be credited to my Demat account?** Tentatively, by Tuesday, November 18, 2025.

Conclusion: Weighing Your Investment

The Tenneco Clean Air India Ltd. IPO presents an intriguing opportunity in the dynamic automotive components sector. With its strong parentage, market leadership in critical segments, and promising financial growth, the company appears well-positioned for the future. While the entire issue is an Offer for Sale, the underlying business fundamentals and industry trends, particularly the increasing focus on emission control, offer a compelling narrative.

As with any investment, it’s crucial to conduct your own due diligence, consider your personal financial goals, and consult with a financial advisor. Understanding the company’s strengths, weaknesses, opportunities, and threats, alongside its valuation, will equip you to make a well-informed decision for your portfolio.

November 10, 2025

PhysicsWallah

PhysicsWallah IPO: Your Guide to the EdTech Giant’s Market Debut

PhysicsWallah IPO: Decoding the EdTech Juggernaut’s Public Offering

The Indian stock market is buzzing with anticipation as PhysicsWallah (PWL), a prominent name in the edtech sector, prepares to launch its Initial Public Offering (IPO). This guide delves into the specifics of PWL’s public issue, offering insights into the company, its financials, the IPO structure, and what it could mean for investors.

Unveiling PhysicsWallah: An EdTech Powerhouse

PhysicsWallah has emerged as a significant player in the online education landscape, primarily focusing on test preparation for highly competitive examinations like JEE, NEET, and UPSC. Beyond these, the company has diversified into upskilling courses covering areas like Data Science & Analytics, Banking & Finance, and Software Development.

PWL’s innovative approach combines online learning platforms (social media channels, website, and apps) with a growing network of tech-enabled offline and hybrid centers. This blend has positioned them among India’s top five edtech companies by revenue, boasting an impressive 13.7 million subscribers on YouTube as of July 15, 2025.

Company Snapshot: Key Highlights

**User Base:** 4.13 million unique transacting online users and 0.33 million students enrolled in offline centers.
**Average Collection per User:** ₹3,930.55 as of June 30, 2025.
**Course Diversity:** Offers multiple courses across 13 distinct education categories.
**Physical Presence:** Operates 303 offline centers as of June 30, 2025.
**Human Capital:** Supported by 6,267 faculty members and a total of 18,028 employees.
**Content Library:** Has published 4,382 educational books.

The PhysicsWallah IPO Journey: Dates to Remember

Mark your calendars for the key dates surrounding the PhysicsWallah IPO. Understanding this timeline is crucial for potential investors to plan their application process effectively.

Event	Date
IPO Open Date	Tuesday, November 11, 2025
IPO Close Date	Thursday, November 13, 2025
Cut-off time for UPI Mandate Confirmation	5 PM on Thursday, November 13, 2025
Tentative Allotment Finalization	Friday, November 14, 2025
Initiation of Refunds	Monday, November 17, 2025
Credit of Shares to Demat Accounts	Monday, November 17, 2025
Tentative Listing Date	Tuesday, November 18, 2025

IPO Timeline Progress

Here’s a visual representation of the IPO timeline, indicating the current stage of the PhysicsWallah IPO.

IPO Announced

Understanding the PhysicsWallah IPO Structure

The PhysicsWallah IPO is a book-built issue, combining fresh equity issuance with an offer for sale (OFS). This structure aims to raise capital for the company’s growth initiatives while also providing an exit opportunity for existing shareholders.

Aspect	Detail
Issue Type	Bookbuilding IPO (Mainboard)
Total Issue Size	31,92,66,054 shares (aggregating up to ₹3,480.00 Crores)
Fresh Issue	28,44,03,669 shares (aggregating up to ₹3,100.00 Crores)
Offer for Sale (OFS)	3,48,62,385 shares (aggregating up to ₹380.00 Crores)
Face Value	₹1 per share
Price Band	₹103 to ₹109 per share
Employee Discount	₹10.00 per share
Listing At	BSE, NSE

Investment Lot Size and Categories

Investors interested in the PhysicsWallah IPO must bid for a minimum of 137 shares and in multiples thereafter. The investment requirements vary across different investor categories.

Application Category	Lots	Shares	Amount (at upper price band)
Retail Individual Investor (Min)	1	137	₹14,933
Retail Individual Investor (Max)	13	1,781	₹1,94,129
Small HNI (Min)	14	1,918	₹2,09,062
Small HNI (Max)	66	9,042	₹9,85,578
Big HNI (Min)	67	9,179	₹10,00,511

Investor Reservation Breakdown

The IPO has specific reservation quotas for different investor segments, ensuring broad participation.

Investor Category	Shares Offered (Net Offer)
Qualified Institutional Buyers (QIB)	Not less than 75%
Retail Individual Investors (RII)	Not more than 10%
Non-Institutional Investors (NII)	Not more than 15%

Financial Performance and Valuation Insights

A look into PhysicsWallah’s financial health provides a clearer picture of its growth trajectory and current standing ahead of the IPO.

Restated Consolidated Financials (Amounts in ₹ Crore)

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	5,075.67	4,156.38	2,480.74	2,082.18
Total Income	905.41	3,039.09	2,015.35	772.54
Profit After Tax (PAT)	-127.01	-243.26	-1,131.13	-84.08
EBITDA	-21.22	193.20	-829.35	13.86
Net Worth	1,867.92	1,945.37	-861.79	62.29
Total Borrowing	1.55	0.33	1,687.40	956.15

PhysicsWallah has demonstrated significant revenue growth, with its total income increasing by 51% from FY2024 to FY2025. Notably, the company also saw its losses narrow substantially, with Profit After Tax (PAT) improving by 78% in the same period. While still reporting losses, the trend shows a positive move towards profitability.

Key Valuation Metrics (as of March 31, 2025)

Key Performance Indicator	Value
Return on Net Worth (RoNW)	-12.50%
PAT Margin	-8.43%
EBITDA Margin	6.69%
Price to Book Value	14.10
Market Capitalization	₹31,526.73 Cr.
EPS (Pre IPO)	₹-0.93
EPS (Post IPO)	₹-1.76
P/E (Pre IPO)	-116.86x
P/E (Post IPO)	-62.06x

It’s important to note the negative P/E ratios, indicating that the company is currently not profitable. This positions PWL as a growth-oriented investment, where potential returns are tied to future profitability and market expansion.

Promoters and Shareholding

PhysicsWallah is spearheaded by its visionary founders, Alakh Pandey and Prateek Boob. Their leadership has been instrumental in the company’s rapid growth.

**Pre-Issue Promoter Holding:** 81.64%
**Post-Issue Shareholding:** The total equity dilution from the fresh issue and offer for sale will lead to a revised, lower promoter holding percentage post-IPO, reflecting broader public ownership.

Objectives of the IPO: Fueling Future Growth

The capital raised through the PhysicsWallah IPO is strategically allocated to support various growth and operational objectives, reinforcing the company’s expansion plans.

**Expansion of Offline Presence:** Capital expenditure for new offline and hybrid centers for PhysicsWallah and its subsidiary Xylem.
**Lease Payments:** Funding lease payments for existing identified offline/hybrid centers of PhysicsWallah, Xylem, and Utkarsh Classes & Edutech.
**Infrastructure Enhancement:** Investment in server and cloud-related infrastructure to bolster digital capabilities.
**Marketing Initiatives:** Significant allocation towards marketing to expand brand reach and user acquisition.
**Strategic Acquisitions:** Funding the acquisition of additional shareholding in Utkarsh Classes & Edutech Private Limited, and pursuing other unidentified inorganic growth opportunities.
**General Corporate Purposes:** Covering general operational and administrative expenses.

Strategic Analysis: SWOT for PhysicsWallah

A comprehensive look at PhysicsWallah’s strengths, weaknesses, opportunities, and threats provides a balanced perspective for potential investors.

Strengths

**Strong Brand Recognition & Reach:** Impressive 13.7 million YouTube subscribers and a vast paid user base (4.46 million, growing at 59.19% CAGR).
**Hybrid Learning Model:** Effective integration of online platforms with 303 tech-enabled offline/hybrid centers, catering to diverse student needs.
**Diverse Course Offerings:** Presence across 13 education categories, from competitive exam prep to professional upskilling.
**Robust Technology Stack:** Proprietary technology enhances student learning experience and engagement.
**Experienced Leadership:** Led by visionary founders and a strong management team.
**Dedicated Faculty & Content:** Specialized faculty and well-planned curriculum ensure quality education.

Weaknesses

**Current Unprofitability:** The company is currently operating at a loss, reflected in negative PAT and P/E ratios, which might deter risk-averse investors.
**High Competition:** Operates in a fiercely competitive edtech market with numerous established and emerging players.
**Reliance on Online Platforms:** Susceptible to internet connectivity issues, data privacy concerns, and rapid technological shifts.
**Significant Marketing Expenditure:** A large portion of IPO proceeds is earmarked for marketing, indicating the high cost of customer acquisition in the sector.
**Integration Challenges:** Potential challenges in seamlessly integrating acquired entities like Xylem and Utkarsh.

Opportunities

**Growing EdTech Market:** The Indian edtech sector continues to expand rapidly, driven by digital adoption and demand for quality education.
**Expansion into New Segments:** Potential to further diversify into new educational categories or geographical markets.
**Upskilling Demand:** Rising demand for professional upskilling and reskilling courses provides a significant growth avenue.
**Hybrid Model Scaling:** Further scaling of the hybrid model can tap into a wider demographic, especially in tier-2 and tier-3 cities.
**Inorganic Growth:** Strategic acquisitions can consolidate market position and expand service offerings.

Threats

**Intensifying Price Wars:** Aggressive pricing strategies from competitors could impact revenue and profitability.
**Regulatory Changes:** Evolving government regulations and policies concerning online education could affect operations.
**Talent Retention:** Attracting and retaining top faculty and tech talent in a competitive environment.
**Shifting Market Preferences:** Rapid changes in student preferences and learning methodologies.
**Economic Downturns:** Macroeconomic factors impacting disposable incomes could reduce spending on discretionary education.

Registrar and Lead Managers

For any queries related to the IPO process, allotment, or share transfer, the Registrar plays a crucial role. The public offering is managed by a syndicate of reputable financial institutions.

**Registrar:** A leading independent service provider specializing in IPO management.
**Lead Managers:** A consortium of prominent investment banks with extensive experience in capital markets.

Conclusion: A Glimpse into the Future of Learning

The PhysicsWallah IPO presents an intriguing opportunity to invest in a rapidly evolving edtech sector. While the company currently grapples with profitability, its impressive growth in user base, diverse offerings, and strategic expansion plans highlight its potential as a long-term growth story.

Prospective investors should carefully evaluate the company’s financial trends, the competitive landscape, and the inherent risks associated with growth-stage companies. For those with a long-term investment horizon and a tolerance for risk, PhysicsWallah’s market debut could be a noteworthy entry into the future of education.

November 10, 2025

Workmates Core2Cloud Solution Limited

Workmates Core2Cloud IPO: Navigating Opportunities in Cloud Transformation

In an era defined by rapid digital transformation, cloud computing has emerged as the backbone of modern businesses. Companies worldwide are embracing cloud solutions to enhance efficiency, scalability, and innovation. Against this dynamic backdrop, Workmates Core2Cloud Solution Limited is poised to make its debut on the public markets with an SME Initial Public Offering (IPO). This blog post delves into the details of this upcoming IPO, offering insights for potential investors looking to understand the company’s journey and future prospects.

Understanding Workmates Core2Cloud Solution Limited

Headquartered in Kolkata, India, Workmates Core2Cloud Solution Limited stands out as an AWS Premier Consulting Partner, a testament to its expertise and commitment to delivering cutting-edge cloud solutions. Since its inception in 2018, the company has rapidly established itself as a go-to partner for businesses seeking robust and scalable cloud infrastructure.

Core Service Offerings:

Cloud Migration & Managed Services: Guiding businesses through seamless transitions to AWS and ensuring optimal performance post-migration.
DevOps & Automation: Streamlining development cycles with CI/CD pipelines and automated infrastructure.
Cybersecurity & Analytics: Fortifying cloud and hybrid environments with advanced security, coupled with powerful data insights.
Application Development: Crafting bespoke application solutions tailored to specific client needs.
SAP Infrastructure Support: Specialised expertise in migrating and managing SAP workloads on AWS.
Emerging Technologies: Venturing into the future with services in IoT, Blockchain, Artificial Intelligence/Machine Learning (AI/ML), Virtual Reality (VR), and Augmented Reality (AR).

With a track record of completing over 350 projects for more than 200 clients across diverse sectors including finance, healthcare, retail, and e-commerce, Workmates Core2Cloud has demonstrated significant operational strength and client satisfaction. As of March 31, 2025, the company boasted a dedicated team of 129 professionals.

Key Strengths Powering Growth:

Strong customer satisfaction and enduring client relationships.
A foundation built on experienced promoters and visionary leadership.
An inherently scalable and capital-efficient business model.

The Public Market Debut: IPO Overview

Workmates Core2Cloud’s IPO is a book build issue designed to fuel its ambitious growth plans. The offering combines fresh issuance of shares with an offer for sale, allowing both fresh capital infusion and partial exit for existing shareholders.

IPO Feature	Details
Issue Type	SME Book Build Issue
Total Issue Size	₹69.84 Crores
Fresh Issue Component	₹59.34 Crores (0.29 crore shares)
Offer for Sale (OFS) Component	₹10.50 Crores (0.05 crore shares)
Face Value	₹10 per share
Price Band	₹200.00 to ₹204.00 per share
Minimum Lot Size	600 shares
Listing Exchange	BSE SME

IPO Journey: Key Dates and Timeline

Understanding the IPO schedule is crucial for potential investors. Here’s a tentative timeline for the Workmates Core2Cloud IPO:

Event	Date (Tentative)
IPO Opening Date	Tuesday, November 11, 2025
IPO Closing Date	Thursday, November 13, 2025
Allotment Finalization	Friday, November 14, 2025
Initiation of Refunds	Monday, November 17, 2025
Credit of Shares to Demat Account	Monday, November 17, 2025
Listing Date	Tuesday, November 18, 2025

IPO Application Period Progress:

Application Period Underway

(Note: The progress bar visually represents the ongoing application window for the IPO.)

Investment Structure: Lot Sizes and Categories

The IPO categorizes investors into different groups, each with specific minimum and maximum investment limits:

Investor Category	Lots	Shares	Amount (at upper price band ₹204)
Individual Investors (Retail) – Minimum	2	1,200	₹2,44,800
Individual Investors (Retail) – Maximum	2	1,200	₹2,44,800
Small HNI (sNII) – Minimum	3	1,800	₹3,67,200
Small HNI (sNII) – Maximum	8	4,800	₹9,79,200
Big HNI (bNII) – Minimum	9	5,400	₹11,01,600

Strategic Allocation: How Shares are Distributed

The total 34,23,600 shares offered in the IPO are strategically distributed among various investor categories:

Investor Category	Shares Offered	Percentage (%)
Market Maker Portion	1,71,600	5.01%
Qualified Institutional Buyers (QIB)	16,22,400	47.39%
– Anchor Investor Portion	9,60,000	28.04%
– QIB (Excluding Anchor)	6,62,400	19.35%
Non-Institutional Investors (NII)	4,89,600	14.30%
– Big NII (> ₹10L)	3,26,400	9.53%
– Small NII (< ₹10L)	1,63,200	4.77%
Retail Individual Investors (RII)	11,40,000	33.30%
Total Shares Offered	34,23,600	100.00%

Anchor Investor Segment:

Workmates Core2Cloud successfully raised ₹19.58 crores from anchor investors on November 10, 2025. Anchor investors play a crucial role in building confidence in the IPO. Their shares are subject to lock-in periods: 50% for 30 days (ending December 14, 2025) and the remaining 50% for 90 days (ending February 12, 2026).

Driving Forces: Promoters and Shareholding

The leadership of Workmates Core2Cloud is spearheaded by a team of experienced individuals:

Debasish Sarkar
Prajnashree Mohapatra
Shilpa Mohta
Anindya Sen
Anjali Awasthi
Anirban Dasgupta
Kamal Nath

Their collective vision and expertise have been instrumental in the company’s growth trajectory.

Shareholding Stage	Percentage (%)
Promoter Holding Pre-Issue	98.10%
Promoter Holding Post-Issue (Calculated)	76.01%

Financial Health and Growth Trajectory

Workmates Core2Cloud has demonstrated impressive financial performance, reflecting its strong market position and operational efficiency. The company has shown consistent growth in both its top and bottom lines.

Period Ended	Assets (₹ Cr)	Total Income (₹ Cr)	Profit After Tax (PAT) (₹ Cr)	EBITDA (₹ Cr)	Net Worth (₹ Cr)	Total Borrowing (₹ Cr)
August 31, 2025	69.44	59.55	7.22	10.62	30.10	8.68
March 31, 2025	62.16	108.39	13.93	19.05	22.89	8.79
March 31, 2024	24.57	53.53	5.35	7.70	8.96	–
March 31, 2023	11.14	29.14	1.86	2.70	3.61	–

Notably, between March 31, 2024, and March 31, 2025, the company’s total income surged by 102%, and its profit after tax (PAT) saw a significant increase of 160%, indicating robust expansion and profitability.

Valuation Metrics: A Deeper Look

Evaluating key performance indicators (KPIs) provides a snapshot of the company’s financial health and valuation attractiveness.

Key Performance Indicator (as of Mar 31, 2025)	Value
Return on Equity (ROE)	67.44%
Return on Capital Employed (ROCE)	64.61%
Debt/Equity Ratio	0.38
Return on Net Worth (RoNW)	60.85%
PAT Margin	12.85%
EBITDA Margin	17.58%
Price to Book Value	8.92
Market Capitalization	₹263.54 Cr.

Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS)	₹13.91	₹13.41
Price-to-Earnings (P/E) Ratio	14.66x	15.21x

The company exhibits strong profitability metrics like high ROE and RoNW, paired with a manageable debt-to-equity ratio. While the post-IPO EPS shows a slight dilution, the P/E ratio remains competitive within the sector, reflecting a potentially attractive valuation for investors.

Strategic Outlook: A SWOT Perspective

Analyzing Workmates Core2Cloud through a SWOT (Strengths, Weaknesses, Opportunities, Threats) lens helps gauge its potential in the dynamic cloud computing landscape.

Strengths:

Premier AWS Partnership: A strong affiliation with Amazon Web Services provides a competitive edge and access to a vast ecosystem.
Diverse Service Portfolio: Comprehensive offerings from migration to emerging technologies cater to a broad client base.
Proven Client Relationships: A history of successful projects and satisfied clients indicates robust business development capabilities.
Experienced Management: Leadership with deep industry knowledge and strategic vision drives company growth.
Scalable Business Model: Cloud consulting naturally allows for scalable operations without heavy capital expenditure.

Weaknesses:

Competitive Market: The cloud solutions space is highly competitive with numerous domestic and international players.
Reliance on a Single Cloud Provider: While a strength, a significant dependency on one cloud provider (AWS) could pose a risk if market dynamics or partnership terms shift.
Talent Acquisition and Retention: High demand for specialized cloud professionals can lead to challenges in attracting and retaining skilled talent.
Project-Based Revenue: Revenue can be subject to fluctuations depending on the volume, timing, and size of new projects.

Opportunities:

Accelerated Cloud Adoption: India’s rapidly expanding digital economy promises sustained growth in cloud services demand across industries.
Emerging Technologies Integration: Strong potential in integrating AI/ML, IoT, and Blockchain solutions with existing cloud platforms.
Market Expansion: Opportunities to target new geographies and niche industry sectors within India.
Upselling and Cross-selling: Expanding service offerings to existing clients to increase revenue per client.

Threats:

Technological Obsolescence: Rapid advancements in cloud technology necessitate continuous adaptation and investment in R&D to remain competitive.
Economic Slowdown: Broader economic downturns can lead to reduced IT spending by businesses, impacting project pipeline and revenue.
Data Security & Privacy Concerns: Evolving cybersecurity threats and stringent data regulations pose ongoing compliance and operational challenges.
Intensified Competition: New entrants and aggressive strategies from existing players could erode market share and pricing power.

IPO Objectives: What’s the Capital For?

The company intends to strategically utilize the net proceeds from this IPO for the following key objectives:

Debt Reduction: A significant portion will go towards prepayment or repayment of secured loans from banks/financial institutions, strengthening the balance sheet.
Working Capital Enhancement: Funding working capital requirements to support day-to-day operations and fuel future growth initiatives.
General Corporate Purposes: Allocating funds for various strategic needs, including business development, marketing, and operational expenses.

Applying for the IPO: A General Guide

Potential investors interested in participating in the Workmates Core2Cloud IPO can typically apply through two primary methods:

ASBA (Application Supported by Blocked Amount): This method allows you to apply directly through your bank’s net banking portal. The application amount is blocked in your bank account until allotment, ensuring funds are available but not debited immediately.
UPI (Unified Payments Interface): Many brokerage platforms offer UPI as a convenient payment gateway for IPO applications. You submit your bid through your broker’s platform and then authorize the mandate via your UPI app.

Ensure your Demat and Trading accounts are active and linked before applying.

Connect with Workmates Core2Cloud

For further inquiries or information, you may reach out to the company or its associated intermediaries:

Company Address: Flat 7, 3rd Floor, 3A, Rammohan Mullick Garden Lane, Kolkata, West Bengal, 700010
Phone: + 91 33 450 8492
Email: cs@cloudworkmates.com
Company Website: http://www.cloudworkmates.com/

IPO Registrar: MUFG Intime India Pvt.Ltd.

Lead Manager: Horizon Management Pvt.Ltd.

Market Maker: Giriraj Stock Broking Pvt.Ltd.

Conclusion

The Workmates Core2Cloud IPO presents an intriguing opportunity to invest in a growing player within India’s dynamic cloud computing sector. With a robust service portfolio, strong financial growth, and a clear vision for expansion, the company aims to capitalize on the increasing demand for cloud transformation.

As with any investment, it is essential for prospective investors to conduct thorough due diligence, carefully review the prospectus, and consider their individual risk appetite and financial goals. Consulting with a qualified financial advisor can provide personalized insights tailored to your investment strategy.

November 10, 2025

Emmvee Photovoltaic Power Limited

Emmvee Photovoltaic IPO: Illuminating Your Investment Portfolio?

The renewable energy sector is experiencing a significant boom, driven by global sustainability goals and supportive government policies. India, with its ambitious clean energy targets, is at the forefront of this green revolution. In this vibrant landscape, a major player is set to enter the public markets: Emmvee Photovoltaic Power Ltd. Their upcoming Initial Public Offering (IPO) presents a unique opportunity for investors to be part of India’s solar growth story. Let’s delve deep into the details of this promising IPO and assess its potential.

Understanding Emmvee Photovoltaic Power Ltd.: A Solar Innovator

Established in March 2007, Emmvee Photovoltaic Power Limited has positioned itself as an integrated solar PV module and cell manufacturer. The company is a key contributor to India’s renewable energy infrastructure.

What They Do

Specializes in manufacturing solar PV modules and cells.
Their diverse product portfolio includes advanced bifacial and mono-facial TOPCon modules and cells, alongside Mono PERC modules.

Manufacturing Prowess

As of May 31, 2025, Emmvee boasts an impressive solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
Operates four manufacturing units spread across two locations in Karnataka, covering 22.44 acres.
Their solar cell manufacturing unit in Dobbaspet, Bengaluru, Karnataka, stands as one of India’s largest TOPCon solar cell facilities by capacity.

Clientele & Market Presence

Serves a broad customer base, including Independent Power Producers (IPPs), commercial and industrial (C&I) sector entities, and Engineering, Procurement, and Construction (EPC) service providers in both public and private sectors.
Notable clients include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, and others.
In the financial year 2023-2024, the company successfully served 525 customers, showcasing strong market penetration.
Employs 611 full-time professionals as of March 31, 2025.

The Emmvee Photovoltaic IPO at a Glance

Detail	Information
IPO Open Date	November 11, 2025
IPO Close Date	November 13, 2025
Issue Price Band	₹206 to ₹217 per share
Face Value	₹2 per share
Lot Size	69 Shares
Total Issue Size	₹2,900.00 Crores (13,36,40,552 shares)
Issue Type	Book Building IPO
Listing At	BSE, NSE

Key Dates for Your Calendar: Emmvee Photovoltaic IPO Timeline

Understanding the timeline is crucial for any IPO applicant. Here are the key dates for Emmvee Photovoltaic IPO:

Event	Date	Progress
IPO Open Date	Tue, Nov 11, 2025	0% Open
IPO Close Date	Thu, Nov 13, 2025	0% Close
Tentative Allotment	Fri, Nov 14, 2025	0% Allotted
Initiation of Refunds	Mon, Nov 17, 2025	0% Refunded
Credit of Shares to Demat	Mon, Nov 17, 2025	0% Credited
Tentative Listing Date	Tue, Nov 18, 2025	0% Listed

* The progress bars are dynamic and will update as the IPO dates approach and pass, showing current status.

Decoding the IPO Structure: Issue Size, Price, and Lot Details

Issue Specifics

The total issue size is ₹2,900.00 crores, comprising 13,36,40,552 shares.
This includes a fresh issue of 9,87,95,483 shares, aggregating up to ₹2,143.86 crores.
An Offer for Sale (OFS) of 3,48,45,069 shares, aggregating up to ₹756.14 crores, is also part of the issue.

Investment Brackets: Retail, S-HNI, B-HNI

Investors can bid for a minimum of 69 shares and in multiples thereof. Here’s a breakdown of the minimum and maximum investment for different investor categories:

Application Category	Lots	Shares	Amount (at upper price band)
Retail (Min)	1	69	₹14,973
Retail (Max)	13	897	₹1,94,649
Small HNI (Min)	14	966	₹2,09,622
Small HNI (Max)	66	4,554	₹9,88,218
Big HNI (Min)	67	4,623	₹10,03,191

Reservation Structure:Qualified Institutional Buyers (QIB): Not less than 75% of the Net Issue
Retail Individual Investors (RII): Not more than 10% of the Net Issue
Non-Institutional Investors (NII): Not more than 15% of the Net Issue

Financial Health Check: Emmvee Photovoltaic’s Performance

A look at the company’s financials reveals robust growth and improving profitability, positioning it well in the competitive solar sector.

Growth Trajectory

Emmvee Photovoltaic Power Ltd. has demonstrated remarkable financial performance, with revenue increasing by 147% and profit after tax (PAT) soaring by 1177% between the financial year ending March 31, 2024, and March 31, 2025.

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets (₹ Cr)	4,347.72	3,913.94	2,189.99	840.79
Total Income (₹ Cr)	1,042.22	2,360.33	954.44	644.37
Profit After Tax (₹ Cr)	187.68	369.01	28.90	8.97
EBITDA (₹ Cr)	347.38	721.94	120.44	56.27
Net Worth (₹ Cr)	718.79	531.41	162.77	133.97
Total Borrowing (₹ Cr)	2,032.11	1,949.69	1,441.30	519.62

Key Financial Metrics (as of March 31, 2025)

Indicator	Value
Return on Equity (ROE)	104.60%
Return on Capital Employed (ROCE)	23.33%
Debt/Equity Ratio	3.63
Return on Net Worth (RoNW)	69.44%
PAT Margin	15.80%
EBITDA Margin	30.91%
Price to Book Value	24.25
Market Capitalization	₹15,023.89 Cr.
EPS (Pre IPO)	₹6.22
EPS (Post IPO, Annualized June 30, 2025)	₹10.84
P/E (x) (Pre IPO)	34.92
P/E (x) (Post IPO, Annualized June 30, 2025)	20.01

* Pre IPO EPS is based on Pre-issue shareholding and FY25 earnings. Post IPO EPS is based on Post-issue shareholding and annualized Q1 FY26 earnings.

Why This IPO? Objectives Behind the Issue

The company intends to utilize the net proceeds from the IPO for the following key objectives:

Debt Reduction: A significant portion, ₹1,621.29 crores, will be allocated towards repayment or prepayment, in full or part, of certain outstanding borrowings and accrued interest. This move is expected to strengthen the company’s balance sheet and reduce its financial leverage.
General Corporate Purposes: The remaining funds will be deployed for general corporate activities, which typically include working capital requirements, strategic investments, and other business growth initiatives.

The Faces Behind the Vision: Promoter Details and Holding

The promoters play a pivotal role in guiding a company’s vision and growth. For Emmvee Photovoltaic Power Ltd., the promoters are:

Manjunatha Donthi Venkatarathnaiah
Shubha Manjunatha Donthi
Suhas Donthi Manjunatha
Sumanth Manjunatha Donthi

Promoter Shareholding

Holding Stage	Shareholding Percentage
Pre-Issue Shareholding	100.00%
Post-Issue Shareholding	~85.73%

Evaluating the Opportunity: A Comprehensive Analysis

Let’s conduct a deeper analysis into the company’s strengths, potential challenges, growth avenues, and external factors.

Strengths

Market Leadership: Positioned as a significant integrated solar PV module and cell manufacturer in India.
Quality & Track Record: A proven track record in delivering high-quality solar PV modules.
Technological Edge: An early adopter and leader in leveraging higher efficiency TOPCon cell technology.
Operational Excellence: Advanced manufacturing units ensure efficient and sustainable operations.
Robust Customer Base: Strong relationships with a diverse clientele and a substantial order book.
Experienced Leadership: Guided by an experienced promoter-led senior management team.
Strong Financial Growth: Demonstrated exceptional growth in revenue and profit after tax.

Areas for Improvement (Potential Weaknesses)

High Debt-to-Equity Ratio: While the IPO aims to address this, a high Debt/Equity ratio (3.63 as of March 31, 2025) indicates significant reliance on borrowed capital. Investors should monitor the effective utilization of IPO proceeds for debt reduction.
Capital Intensive Industry: The solar manufacturing sector requires substantial ongoing capital expenditure for expansion and technological upgrades, which could impact free cash flow.

Growth Prospects (Opportunities)

Expanding Renewable Energy Market: India’s strong focus on renewable energy, supported by government initiatives like PM-Kusum and PM-Surya Ghar, provides a vast growth runway.
Technological Advancements: Continuous innovation in solar technology (like TOPCon cells) offers opportunities for higher efficiency and cost reduction, which Emmvee is already leveraging.
Export Potential: As global demand for solar energy rises, the company has potential to expand its market beyond India.
Reduced Interest Burden: Utilizing IPO proceeds for debt repayment will improve financial flexibility and potentially boost profitability by reducing interest expenses.

Potential Risks (Threats)

Intense Competition: The solar manufacturing sector is highly competitive with both domestic and international players.
Regulatory and Policy Changes: Dependence on government policies, subsidies, and incentives makes the company vulnerable to changes in the regulatory landscape.
Raw Material Price Volatility: Fluctuations in the prices of key raw materials like polysilicon can impact production costs and profit margins.
Technological Obsolescence: Rapid advancements in solar technology could render existing technologies less competitive over time, requiring continuous investment in R&D.

How to Participate: Applying for the Emmvee Photovoltaic IPO

If you are considering investing, applying for the IPO is a straightforward process.

Application Process via Popular Platforms

You can apply for the Emmvee Photovoltaic IPO online through either UPI or ASBA. Most leading stockbrokers facilitate IPO applications. Here’s a general outline:

Log in to your chosen broker’s platform (e.g., Zerodha Console, Upstox, Angel One).
Navigate to the IPO section.
Find the ‘Emmvee Photovoltaic IPO’ and click to bid.
Enter your UPI ID, desired quantity (in multiples of the lot size), and the bid price. For retail investors, bidding at the cut-off price is often recommended.
Submit your application.
Approve the mandate on your UPI app (Google Pay, PhonePe, BHIM, etc.) before the cut-off time (5 PM on Nov 13, 2025).

Reservation Structure for Bidding

Application Category	Maximum Bidding Limits	Bidding at Cut-off Price Allowed
Retail Individual Investor (RII)	Up to ₹2 Lakhs	Yes
Small Non-Institutional Investor (sNII)	₹2 Lakhs to ₹10 Lakhs	No
Big Non-Institutional Investor (bNII)	Above ₹10 Lakhs to NII Reservation Portion	No
Employee	Up to ₹5 Lakhs	Yes
Employee + RII/NII	Employee limit: Up to ₹5 Lakhs; RII limit: Up to ₹2 Lakhs; NII: sNII > ₹2 lakhs and up to ₹10 lakhs and bNII > ₹10 lakhs	Yes for Employee and RII/NII portions

Important Contacts & Key Intermediaries

Company Contact Details

Address: 13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/

Registrar to the Issue

Name: Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/

Book Running Lead Managers

JM Financial Ltd.
IIFL Capital Services Ltd.
Jefferies India Pvt.Ltd.
Kotak Mahindra Capital Co.Ltd.

Final Thoughts: Is Emmvee Photovoltaic a Bright Investment?

Emmvee Photovoltaic Power Ltd.’s IPO enters the market at an exciting time for the renewable energy sector. The company’s strong manufacturing capabilities, early adoption of advanced technology, diversified customer base, and impressive financial growth present a compelling investment thesis. The objective of using a significant portion of the IPO proceeds to reduce debt is a positive sign, indicating a commitment to strengthening its financial foundation.

However, potential investors should also consider the inherent risks associated with the industry, such as intense competition, raw material price volatility, and the need for continuous technological innovation. While the issue appears to be priced considering its growth trajectory and market position, a thorough evaluation of personal investment goals and risk appetite is always advisable. For those looking to invest in a company with a strong foothold in India’s expanding solar energy landscape, Emmvee Photovoltaic could indeed offer a radiant opportunity for medium to long-term growth.

November 10, 2025

Mahamaya Lifesciences Limited

Decoding the Mahamaya Lifesciences IPO: A Comprehensive Investor Guide

Discover key insights and potential opportunities in the upcoming Mahamaya Lifesciences SME IPO.

A Glimpse into Mahamaya Lifesciences: Pioneering Crop Protection

Mahamaya Lifesciences Limited, established in 2002, is a prominent player in the agrochemical sector. The company is actively involved in the manufacturing, registration, and export of advanced crop protection products and bio-products essential for managing crop and soil health. Their mission is to empower the farming community by enhancing productivity through innovative solutions.

With a strategic focus on pesticide formulations, Mahamaya Lifesciences supplies bulk products to both Indian agrochemical giants and multinational corporations. They meticulously import researched molecules, secure registrations from the Central Insecticides Board, and then market these as technical and value-added formulations.

Global Reach and Product Spectrum

The company boasts a growing international footprint, with active markets spanning countries like the Dominican Republic, Egypt, Ethiopia, Jordan, UAE, and Turkey, offering both high-quality products and essential data support for registrations.

Their extensive product portfolio includes:

Bulk Formulations: Acetamiprid, SP Buprofezin, SC Emamectin benzoate, SG Imidacloprid, SC Paraquat Dichloride.
Technical Sales: Acetamiprid Technical 99% Min, Atrazine Technical 95% Min, Imidacloprid Technical 95% Min, Emamectin Benzoate Technical 95% Min.
Branded Offerings: Popular own-branded products like MAYAMRIT GR, MAYAMRIT SL, MAYAGIBB, UCHIT EW 370.
Export Formulations: Products such as Wiper (Sulphur 80% WDG), Lancha (Pendimethalin 50% EC), Tolfen (Tolfenpyrad 15% EC), Typic (80% Sulphur WG).

Core Strengths

A seasoned management team comprised of industry experts.
Proven capability to introduce crucial products tailored for Indian agriculture.
Successful development of export avenues for their product range.
Demonstrated ability to build and strengthen brands.
Robust and cordial relationships with raw material suppliers.
A strong commitment to sustainability driven by innovative approaches.

Key Investment Highlights: Mahamaya Lifesciences IPO

Mahamaya Lifesciences is set to launch a book build SME IPO to fuel its growth initiatives. Here’s a detailed look at the issue specifics:

Detail	Description
Issue Type	Book Build Issue (SME IPO)
Total Issue Size	₹70.44 Crores
Fresh Issue	0.56 crore shares (₹64.28 Crores)
Offer for Sale (OFS)	0.05 crore shares (₹6.16 Crores)
Face Value	₹10 per share
Price Band	₹108.00 to ₹114.00 per share
Listing At	BSE SME
Registrar	Kfin Technologies Ltd.
Lead Manager	Oneview Corporate Advisors Pvt.Ltd.
Market Maker	Mansi Share & Stock Broking Pvt.Ltd.

IPO Application Timeline

Here’s a snapshot of the important dates for the Mahamaya Lifesciences IPO:

Event	Date	Progress
IPO Open Date	Tuesday, November 11, 2025
IPO Close Date	Thursday, November 13, 2025
Tentative Allotment Finalization	Friday, November 14, 2025
Initiation of Refunds	Monday, November 17, 2025
Credit of Shares to Demat	Monday, November 17, 2025
Tentative Listing Date	Tuesday, November 18, 2025

*Progress bar is illustrative and shows the sequence of events.

Investor Categories and Application Details

The Mahamaya Lifesciences IPO has a structured allocation for different investor segments:

Investor Category	Shares Offered	Percentage
Market Maker	3,09,600	5.01%
Qualified Institutional Buyers (QIB)	29,28,000	47.39%
- Anchor Investor	17,52,000	28.36%
- QIB (Ex-Anchor)	11,76,000	19.03%
Non-Institutional Investors (NII/HNI)	8,82,000	14.27%
- bNII (> ₹10L)	5,88,000	9.52%
- sNII (< ₹10L)	2,94,000	4.76%
Retail Individual Investors (RII)	20,59,200	33.33%
Total Shares Offered	61,78,800	100.00%

Anchor Investor Details

Mahamaya Lifesciences has successfully secured ₹19.97 crore from anchor investors on November 10, 2025. This segment plays a crucial role in building investor confidence.

Shares Offered to Anchors: 17,52,000
Anchor Portion Size: ₹19.97 Crores
Lock-in Period for 50% Shares: Ends December 14, 2025 (30 Days)
Lock-in Period for Remaining Shares: Ends February 12, 2026 (90 Days)

Lot Size and Investment Requirements

Investors can subscribe in lots, with each lot comprising 1,200 shares. The minimum and maximum investment details are as follows:

Investor Category	Lots	Shares	Amount (at upper price band)
Retail (Minimum)	2	2,400	₹2,73,600
Retail (Maximum)	2	2,400	₹2,73,600
S-HNI (Minimum)	3	3,600	₹4,10,400
S-HNI (Maximum)	7	8,400	₹9,57,600
B-HNI (Minimum)	8	9,600	₹10,94,400

Financial Performance and Valuation Insights

Understanding a company's financial health is critical for any IPO investment. Mahamaya Lifesciences has demonstrated impressive growth in recent fiscal periods.

Growth Trajectory (Financials in ₹ Crores)

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	218.87	188.35	112.07	77.88
Total Income	84.04	267.17	162.83	137.40
Profit After Tax (PAT)	4.10	12.94	5.22	3.75
EBITDA	8.04	24.64	13.36	8.91
Net Worth	53.50	49.42	24.66	19.44
Total Borrowing	57.72	58.11	54.63	24.37

Notably, the company's revenue increased by 64% and profit after tax (PAT) surged by 148% between the financial years ending March 31, 2024, and March 31, 2025, signaling strong operational efficiency and market demand.

Key Performance Metrics and Valuation

As of March 31, 2025, the market capitalization of Mahamaya Lifesciences IPO stands at ₹266.82 Crores. Here are some key performance indicators:

KPI	Value
Return on Equity (ROE)	34.94%
Return on Capital Employed (ROCE)	23.15%
Debt/Equity Ratio	1.08
Return on Net Worth (RoNW)	26.19%
PAT Margin	4.84%
EBITDA Margin	9.22%
Price to Book Value	9.40

Earnings Per Share (EPS) and Price-to-Earnings (P/E)

Pre-IPO EPS: ₹7.29
Pre-IPO P/E (x): 15.65
Post-IPO EPS: ₹7.01
Post-IPO P/E (x): 16.25

*Pre-IPO EPS is based on pre-issue shareholding and FY25 earnings. Post-IPO EPS is based on post-issue shareholding and annualized Q1FY26 earnings.

Purpose of the Public Offering

The net proceeds from the Mahamaya Lifesciences IPO are strategically allocated to support the company's expansion and operational needs:

Equipment Purchase: ₹3.75 Crores for new equipment for the existing formulation plant.
New Manufacturing Plant: ₹29.42 Crores for capital expenditure towards setting up a new technical manufacturing facility.
Warehouse & Machinery: ₹2.53 Crores for the construction of a warehouse and purchase of machinery.
Working Capital: ₹18.00 Crores to fulfill the company's working capital requirements.
General Corporate Purposes: Allocation for general operational and strategic needs.

Promoter Insights

The promoters of Mahamaya Lifesciences Limited are Mr. Krishnamurthy Ganesan, Mrs. Lalitha Krishnamurthy, and Mr. Prashant Krishnamurthy. Their pre and post-issue shareholdings are as follows:

Promoter Holding Pre-Issue: 77.27%
Promoter Holding Post-Issue: 56.35%

*The reduction in promoter holding reflects the equity dilution from the fresh issue of shares, a common practice in IPOs to raise public capital.

Strategic Analysis: SWOT Framework

A strategic framework helps in understanding the internal and external factors influencing Mahamaya Lifesciences' business prospects.

Strengths

Experienced leadership team with deep industry knowledge.
Strong R&D capabilities for new product development and market relevance.
Established domestic and international market presence with diverse product offerings.
Significant financial growth, indicating robust operational performance.
Commitment to sustainability and innovation, aligning with global trends.

Weaknesses

Dependency on import for key molecules, exposing to currency fluctuations and supply chain risks.
Agrochemical sector is susceptible to environmental regulations and weather conditions.
Moderate debt-to-equity ratio, which investors might monitor closely for future leverage.
Being an SME IPO, it might face higher market volatility compared to larger mainboard listings.

Opportunities

Growing global demand for crop protection and bio-products, especially in emerging economies.
Utilizing IPO funds for expanding manufacturing capacity and modernizing infrastructure.
Potential for deeper market penetration in existing export geographies and venturing into new ones.
Increasing focus on sustainable agriculture worldwide creates demand for bio-solutions.
Further diversification of product portfolio to capture new market segments.

Threats

Intense competition from both domestic and international agrochemical companies.
Fluctuations in raw material prices and geopolitical instabilities.
Strict regulatory changes and evolving environmental policies could impact product approvals and sales.
Economic slowdowns affecting agricultural income and farmer purchasing power.
Development of resistance to existing pesticides, necessitating continuous innovation.

Company and Registrar Contact Information

For further inquiries, here are the contact details:

Mahamaya Lifesciences Ltd.

Address: Unit No: DPT – 033, Ground Floor, Plot No: 79 – 80, DLF Prime Tower, Block, Okhla, Phase – 1, Delhi, New Delhi, 110020
Phone: +91-1146561474
Email: cs@mahamayalifesciences.com
Website: https://www.mahamayalifesciences.com/

Registrar: Kfin Technologies Ltd.

Phone: 04067162222, 04079611000
Email: mahamaya.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

Concluding Thoughts for Potential Investors

The Mahamaya Lifesciences IPO offers an opportunity to invest in a growing agrochemical company with a solid financial track record and ambitious expansion plans. With a focus on both domestic and international markets, coupled with a commitment to innovation in crop protection and bio-products, the company positions itself as a contender in this vital sector. Prospective investors should carefully review the detailed financials, market position, and future objectives to make an informed decision aligning with their investment strategy and risk appetite. Consulting with a financial advisor is always recommended before making any investment choices.

November 4, 2025

Shining Tools Limited

Shining Tools IPO: A Deep Dive into This Precision Manufacturer's Market Debut

Unlocking Investment Potential in the Thriving Indian Manufacturing Sector

Precision and Performance: Introducing Shining Tools Ltd.

Shining Tools Limited, established in May 2013, stands as a distinguished name in the design and manufacturing of high-performance solid carbide cutting tools across India. Operating under its well-recognized "Tixna" brand, the company caters to a diverse array of industries, including automotive, engineering, aerospace, and defense.

More than just a manufacturer, Shining Tools also provides essential reconditioning services for used tools, significantly extending their usability and enhancing performance. Their expertise extends to crafting customized tools, showcasing their commitment to client-specific solutions. With an ISO 9001:2015 accreditation in Quality Management, the company's manufacturing unit in Rajkot, Gujarat, is a testament to its dedication to excellence. As of June 2025, a skilled team of 26 employees drives the company's operations.

The 'Tixna' Edge: Shining Tools' Business Strengths

Shining Tools' success is built on several foundational pillars that set it apart in a competitive market:

Advanced Manufacturing: The company leverages machine-based manufacturing tools to ensure high efficiency and precision in its production processes.
Customized Solutions: A significant strength lies in its ability to offer tailored solutions, designing and manufacturing customized tools to meet the specific requirements of its diverse clientele.
Diverse Product Portfolio: Shining Tools boasts a wide and varied range of product offerings, including end mills, drills, reamers, and thread mills, catering to numerous applications in commercial metal cutting.
Experienced Leadership & Expertise: The company benefits from experienced management and a team of technically proficient employees, ensuring robust operations and continuous innovation.
Quality Assurance: Being ISO 9001:2015 accredited underscores its commitment to maintaining high-quality standards in its products and services.

Navigating the Shining Tools IPO: Key Details

Shining Tools Ltd. is making its mark on the public markets with a fixed-price SME IPO. Here's what potential investors need to know:

Issue Size: The IPO comprises a fresh issue of 15,00,000 shares, aggregating up to ₹17.10 crores.
Issue Price: Each share is priced at ₹114.00.
Face Value: The face value of each share is ₹10.
Listing Exchange: The shares are slated for listing on the BSE SME platform.
Lead Manager: Sobhagya Capital Options Pvt.Ltd.
Registrar: Maashitla Securities Pvt.Ltd.
Market Maker: Aftertrade Broking Pvt.Ltd.

Shining Tools IPO Journey: Dates to Remember

Mark your calendars with these important dates for the Shining Tools IPO:

IPO Open Date
Nov 7, 2025

IPO Close Date
Nov 11, 2025

Allotment Finalization
Nov 12, 2025

Refunds & Demat Credit
Nov 13, 2025

Tentative Listing Date
Nov 14, 2025

Investment Demystified: Understanding Lot Sizes

For those looking to invest, understanding the minimum and maximum application sizes is crucial. The lot size for a single application is 1,200 shares.

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount (₹)
Individual Investors (Retail)	2	2,400	2,73,600
High Net Worth Individuals (HNI)	3	3,600	4,10,400

Investor Categories: How Shares Are Allocated

The total IPO shares are distributed among different investor categories as follows:

Investor Category	Shares Offered	Percentage (%)
Market Maker	75,600	5.04%
Non-Institutional Investors (NII)	7,12,200	47.48%
Retail Individual Investors (RII)	7,12,200	47.48%
Total Shares Offered	15,00,000	100.00%

A Look Under the Hood: Shining Tools' Financial Performance

Shining Tools has demonstrated robust financial growth, particularly in recent periods. The company's revenue increased by 39% and profit after tax (PAT) rose by a remarkable 86% between the financial year ending March 31, 2024, and March 31, 2025.

Period Ended	31 Jul 2025 (₹ Cr)	31 Mar 2025 (₹ Cr)	31 Mar 2024 (₹ Cr)	31 Mar 2023 (₹ Cr)
Assets	22.51	19.64	15.05	16.83
Total Income	5.42	14.77	10.60	10.46
Profit After Tax	1.47	2.93	1.58	-0.08
EBITDA	2.53	6.23	4.15	1.89
Net Worth	9.47	8.01	3.60	2.02
Reserves and Surplus	5.53	4.06	1.60	0.02
Total Borrowing	8.87	8.18	7.54	9.45

Decoding Value: Shining Tools' Key Metrics

Evaluating a company's performance involves looking at its key indicators. As of March 31, 2025, Shining Tools presents the following metrics:

Key Performance Indicator	Value
Market Capitalization	₹64.51 Cr
Return on Equity (ROE)	49.59%
Return on Capital Employed (ROCE)	29.61%
Return on Net Worth (RoNW)	36.60%
PAT Margin	27.19%
EBITDA Margin	46.86%
Price to Book Value	5.82

Earnings Per Share (EPS) and Price-to-Earnings (P/E) Ratio:

Metric	Pre-IPO	Post-IPO
EPS (Rs)	7.05	7.78
P/E (x)	16.18	14.66

Leadership & Ownership: Promoter Holdings

The company is promoted by Mr. Vipulbhai Laljibhai Ghonia and Mr. Kamalbhai Laljibhai Ghonia. Their commitment to the company is reflected in their significant shareholding, both before and after the IPO:

Holding Type	Percentage (%)
Promoter Holding Pre-Issue	96.18%
Promoter Holding Post-Issue	70.68%

Fueling Growth: What the IPO Funds Will Achieve

The net proceeds from the Shining Tools IPO are strategically earmarked to support the company's expansion and operational needs:

S.No.	Objects of the Issue	Expected Amount (₹ in crores)
1	Purchase and installation of plant and machinery for Carbide Precision Tools at Existing Premises	9.07
2	Funding of working capital requirements	3.85
3	General corporate purposes	2.48

These objectives highlight the company's focus on enhancing production capabilities and strengthening its financial base for future growth.

Strategic Outlook: A SWOT Perspective

Understanding an investment opportunity involves a comprehensive look at its internal strengths and weaknesses, and external opportunities and threats. Here's a brief SWOT analysis for Shining Tools Ltd.:

Strengths:
- Strong competitive advantages through efficient machine-based manufacturing and tailored customer solutions.
- Diverse product range catering to critical industries like automotive, aerospace, and defense.
- Experienced management team and skilled technical workforce.
- ISO 9001:2015 certification reflecting commitment to quality.
Weaknesses:
- As an SME, it may face challenges related to scale and market reach compared to larger, established players.
- Potential reliance on specific industry cycles, despite diversification.
- High minimum investment for retail investors might limit broader participation.
Opportunities:
- Growing demand in Indian manufacturing sectors, fueled by initiatives like "Make in India."
- Potential for expanding market share by leveraging customized tool offerings.
- Technological advancements in cutting tools could open new product development avenues.
- Geographic expansion beyond current operational areas.
Threats:
- Intense competition from both domestic and international manufacturers of cutting tools.
- Vulnerability to economic downturns impacting client industries.
- Fluctuations in raw material prices (e.g., carbide) could affect profitability.
- Risk of technological obsolescence if not continually innovating.

Participating in the Shining Tools IPO: Your Application Guide

For investors keen on applying for the Shining Tools IPO, the process is streamlined and primarily online. You can typically apply using either UPI (Unified Payments Interface) or ASBA (Applications Supported by Blocked Amount) through your bank's net banking portal or a brokerage platform.

Common Application Pathways:

Through Brokerage Platforms: Many popular stockbrokers facilitate online IPO applications. For instance, if you're a customer of certain prominent brokers, you can usually log into their platform, navigate to the IPO section, and submit your bid using your UPI ID for payment authorization.
ASBA via Net Banking: Most banks offer ASBA services through their net banking portals, allowing you to block the application amount in your bank account until allotment.
Consult Your Broker: It's always advisable to check with your specific bank or brokerage firm for their precise IPO application process and any specific requirements.

Connecting with Shining Tools & IPO Registrar

For official communications or inquiries regarding the company or the IPO process, here are the relevant contact details:

Shining Tools Ltd. Contact:

Address: Survey no. 63/2, Plot No. 2, Rajkot, Gondal Highway, paliya, Gondal, Gujarat, 360311
Phone: +91 9687693344
Email: cs@tixnatools.com
Website: https://www.tixnatools.com/

IPO Registrar: Maashitla Securities Pvt.Ltd.

Phone: +91-11-45121795-96
Email: shining.ipo@accuratesecurities.com
Website: https://maashitla.com/allotment-status/public-issues

Final Thoughts: A Glimmer of Opportunity?

The Shining Tools IPO presents an opportunity to invest in a growing entity within India's robust manufacturing sector. With a strong focus on high-performance carbide cutting tools, a diversified client base across critical industries, and a clear vision for utilizing IPO proceeds for expansion, the company demonstrates promising fundamentals.

While the SME segment carries its unique set of risks and rewards, Shining Tools' impressive financial growth and strong competitive strengths warrant a closer look. As with any investment, prospective participants should conduct their own thorough due diligence, consider market conditions, and consult with financial advisors to make informed decisions that align with their investment goals.

November 4, 2025