Category: SME IPO

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

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

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

Finbud Financial Services Limited

Finbud Financial Services IPO: A Deep Dive for Investors

Finbud Financial Services IPO: Your Gateway to India’s Lending Sector Growth

The Indian financial services sector is a dynamic landscape, constantly presenting new avenues for growth and investment. Finbud Financial Services Limited is preparing for its significant debut on the NSE SME platform, opening a fresh opportunity for investors to engage with the flourishing loan aggregation segment. This detailed blog post aims to provide a comprehensive analysis of the Finbud Financial IPO, equipping you with essential insights to inform your investment considerations.

Finbud Financial Services: An Overview of Operations

Incorporated in July 2012, Finbud Financial Services Limited functions as a pivotal loan aggregation platform across India. Its core business involves seamlessly connecting individuals with an array of banks and non-banking financial companies (NBFCs) to facilitate diverse loan requirements, including personal, business, and home loans. The company’s revenue model is based on earning commissions from its lending partners upon the successful disbursement of loans, solidifying its role as a key facilitator in the credit market.

Key Services Provided:

Loan Offer Comparison: Finbud empowers customers by enabling them to effectively compare various loan offers from multiple lenders, assisting them in identifying optimal solutions.
Personalized Product Recommendations: The company offers tailored advice to customers, guiding them towards loan products that best align with their individual financial needs and circumstances.
Comprehensive Documentation Support: Finbud simplifies the often intricate loan application process by providing thorough assistance with all necessary documentation.

Diverse Product Offerings:

Personal Loans: Primarily serving salaried individuals, these unsecured loans typically average around INR 10 lakhs and represent a significant revenue stream, largely driven by its extensive agent network.
Business Loans: Unsecured loans specifically designed for Small and Medium Enterprises (SMEs), with an average size of INR 20 lakhs, contributing substantially to the company’s overall revenue.
Home Loans: Secured loan options for both individuals and SMEs, catering to property purchases or mortgage-backed financing needs.

As of July 31, 2025, Finbud Financial Services operates with a dedicated workforce of approximately 276 employees, highlighting its operational scale and commitment to service delivery.

Competitive Advantages:

Extensive National Agent Network: A broad network spanning across India provides the company with deep market reach and widespread customer access.
Robust Digital Lending Platform: A sophisticated technological infrastructure ensures efficient, scalable, and user-friendly operations.
Comprehensive Loan Portfolio: Offering a wide spectrum of loan products allows the company to cater to a diverse range of customer needs.
Strategic Lender Alliances: Strong partnerships with various lending institutions enhance its ability to provide competitive and flexible offerings.
Data-Driven Operational Excellence: Effective utilization of data analytics for precise customer profiling and streamlined loan approvals improves efficiency and manages risk.

IPO Highlights: What Investors Need to Know

The Finbud Financial IPO is structured as a book-built issue, aiming to raise ₹71.68 crores. This entire amount constitutes a fresh issue of shares, meaning the proceeds will be directly infused into the company to support its strategic growth and operational expansion.

Detail	Specification
Issue Type	Book Building SME IPO
Total Issue Size	50,48,000 shares (aggregating up to ₹71.68 Cr)
Issue Price Band	₹140.00 to ₹142.00 per share
Face Value	₹10 per share
Listing Platform	NSE SME
Capital Raising Method	Fresh Capital

IPO Share Allotment Categories:

The issue has a defined structure to facilitate participation from various investor segments:

Investor Category	Portion Offered
Qualified Institutional Buyers (QIB)	Not more than 50% of the Net Issue
Retail Individual Investors	Not less than 35% of the Net Issue
Non-Institutional Investors (NII)	Not less than 15% of the Net Issue
Market Maker Reservation	2,53,000 shares (aggregating up to ₹3.59 Cr)

Important Dates for the Finbud Financial IPO

Prospective investors should take note of the following tentative schedule for the Finbud Financial IPO:

Event	Date
IPO Subscription Opening Date	Thursday, November 6, 2025
IPO Subscription Closing Date	Monday, November 10, 2025
Tentative Allotment Finalization Date	Tuesday, November 11, 2025
Initiation of Refunds	Wednesday, November 12, 2025
Credit of Shares to Demat Accounts	Wednesday, November 12, 2025
Tentative Listing Date	Thursday, November 13, 2025
UPI Mandate Confirmation Deadline	5 PM on Monday, November 10, 2025

IPO Application Progress:

A visual representation of the IPO application journey (illustrative):

IPO Live (Nov 6 – Nov 10)

Investment Lot Sizes for Applicants

Investors can place bids for a minimum of 2,000 shares, and subsequent bids must be in multiples of 1,000 shares. The table below outlines the minimum and maximum investment requirements for different investor categories, based on the upper price band of ₹142 per share:

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount	Maximum Lots	Maximum Shares	Maximum Amount
Individual Retail Investors	2	2,000	₹2,84,000	2	2,000	₹2,84,000
Small High Net-worth Individuals (S-HNI)	3	3,000	₹4,26,000	7	7,000	₹9,94,000
Big High Net-worth Individuals (B-HNI)	8	8,000	₹11,36,000	–	–	–

Analyzing Financial Performance and Valuation

A thorough examination of Finbud Financial Services’ financial performance offers vital clues into its operational effectiveness and growth trajectory. The company has showcased consistent revenue growth and significant improvements in its profitability metrics.

Restated Consolidated Financial Results (Amount in ₹ Crore):

Period Ended	31 Jul 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	76.12	68.93	44.97	27.47
Total Income	85.82	223.50	190.28	135.57
Profit After Tax (PAT)	3.33	8.50	5.66	1.83
EBITDA	5.87	14.66	10.59	4.23
Net Worth	39.31	35.98	11.79	6.13
Reserves and Surplus	25.31	21.98	11.77	6.12
Total Borrowing	20.48	18.51	12.43	7.40

Note: The company reported a 17% increase in revenue and a substantial 50% rise in profit after tax (PAT) between the fiscal years ending March 31, 2025, and March 31, 2024.

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

KPI	Value
Return on Equity (ROE)	23.61%
Return on Capital Employed (ROCE)	32.11%
Debt/Equity Ratio	0.51
Return on Net Worth (RoNW)	23.61%
PAT Margin	3.81%
EBITDA Margin	6.57%
Price to Book Value	5.53
Market Capitalization	₹270.50 Cr

Equity Valuation Metrics:

Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS)	₹6.07	₹5.24
Price-to-Earnings (P/E) Ratio	23.42x	27.08x

Note: Pre-IPO EPS is calculated based on pre-issue shareholding and the latest fiscal year earnings (FY25). Post-IPO EPS considers post-issue shareholding and annualized FY25 earnings.

Leadership and Promoter Shareholding

The company is led by its promoters, Parth Pande, Vivek Bhatia, and Parag Agarwal, who play a crucial role in steering its strategic direction and fostering growth.

Holding Type	Percentage
Promoter Holding Pre-Issue	64.92%
Promoter Holding Post-Issue	(To be determined based on equity dilution post-IPO)

Utilization of IPO Proceeds: Objectives of the Issue

The net proceeds generated from this IPO are strategically allocated to various key growth initiatives, aimed at bolstering Finbud Financial Services’ market presence and expanding its operational capabilities:

S.No.	Objective of the Issue	Expected Amount (₹ in crores)
1	Meeting Working Capital Requirements	20.90
2	Investment in Wholly-Owned Subsidiary (LTCV Credit Private Limited)	15.00
3	Funding for Business Development and Marketing Campaigns	17.75
4	Prepayment or Repayment of Specific Existing Borrowings	4.03
5	General Corporate Purposes	(Allocation of Remaining Funds)

Strategic Outlook: A Comprehensive SWOT Analysis

A detailed SWOT analysis helps in understanding the internal capabilities and external market dynamics that could influence Finbud Financial Services’ future trajectory and investment appeal.

Strengths:

Broad Market Reach: An expansive agent network facilitates deep penetration into diverse geographical markets across India.
Advanced Digital Infrastructure: A robust and efficient digital lending platform underpins seamless operations, scalability, and enhanced customer experience.
Diverse Product Portfolio: Offering a wide range of personal, business, and home loans caters to a varied customer base and ensures diversified revenue streams.
Strategic Partnerships: Strong collaborations with numerous lending institutions provide flexibility and competitive offerings to clients.
Data-Driven Efficiency: Effective use of data analytics for customer profiling and loan approvals optimizes processes and helps in mitigating risks.
Consistent Financial Growth: A track record of sustained growth in both revenue and profit after tax in recent financial periods.

Weaknesses:

Revenue Concentration Risk: Reliance on commission-based revenue from lenders means profitability can be sensitive to shifts in lender policies or market conditions.
Intense Competition: Operating in a highly competitive sector with well-established banks and rapidly expanding fintech firms.
Regulatory Compliance: Subject to an evolving regulatory framework in the financial sector, which may impact operational agility.
High Minimum Investment for Retail: The minimum application amount for retail investors (₹2.84 lakhs) for an SME IPO might limit broader individual participation.
Potential Liquidity Concerns: As an SME IPO with a market capitalization of ₹270.50 Cr, liquidity post-listing might be lower compared to mainboard IPOs.

Opportunities:

Expanding Indian Credit Market: The growing demand for both retail and SME loans in India, fueled by rising incomes and economic activity, presents significant growth avenues.
Digital Adoption Trends: Increasing digital literacy and smartphone penetration offer extensive opportunities for scaling digital lending services.
Untapped Market Segments: Potential for expansion into semi-urban and rural areas where the demand for accessible financial services is steadily growing.
Service Diversification: Scope to introduce new financial products or supplementary services beyond core loan aggregation.
Strategic Subsidiary Investments: Investment in LTCV Credit Private Limited, a wholly-owned subsidiary, could unlock new synergistic growth paths.

Threats:

Economic Downturn Risks: An economic slowdown could lead to reduced loan demand and an increase in default rates, adversely affecting revenue and asset quality.
Competitive Pressure: Aggressive strategies from new market entrants and existing players could intensify competition and compress profit margins.
Technological Disruption: Rapid advancements in financial technology necessitate continuous investment in innovation to maintain a competitive edge.
Interest Rate Volatility: Fluctuations in interest rates can influence borrower demand and lender profitability, indirectly affecting commission earnings.
Cybersecurity and Data Breaches: As a digital platform handling sensitive financial data, the company faces inherent risks associated with data security and cyber threats.

Company and Registrar Contact Information

For any further information regarding Finbud Financial Services Limited or the IPO process, please refer to the following contact details:

Company Contact Details:

Finbud Financial Services Ltd.
No.10, 1st Floor, 6th Main, 9th Cross
Jeevan Bhima Nagar, Bangalore Urban, Karnataka, 560075
Phone: +91 98862 32323
Email: cs@financebuddha.com
Website: https://www.financebuddha.com/

IPO Registrar Details:

Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php

Navigating Your IPO Application

Applying for an Initial Public Offering is typically a streamlined process through most brokerage platforms. Investors can usually submit their applications online using payment methods like UPI or ASBA (Application Supported by Blocked Amount).

To apply, access the IPO section within your brokerage account, select the desired IPO, input your UPI ID, specify the quantity of shares, and confirm your bid. Remember to approve the mandate request on your UPI payment application before the stipulated cut-off time. It is highly recommended that all prospective investors thoroughly review the Red Herring Prospectus (RHP) for comprehensive details about the company and the issue before making any investment decision.

Disclaimer: This content is intended purely for informational and educational purposes. It should not be considered as financial, investment, or trading advice. Investing in IPOs carries inherent market risks. Prospective investors are strongly advised to conduct their own thorough research, perform due diligence, and consult with a certified financial advisor before committing to any investment.

November 2, 2025

Safecure Services Limited

Navigating the Safecure Services Ltd. IPO: An Investor’s Guide

The Indian market is constantly buzzing with new investment opportunities, and Small and Medium Enterprise (SME) IPOs are increasingly drawing attention from astute investors. Safecure Services Ltd., a prominent player in the security and facility management sector, is set to launch its public offering. This blog post delves into the essential details of the Safecure IPO, offering a comprehensive analysis to help you understand this upcoming investment prospect.

About Safecure Services: A Snapshot

Established in 2012, Safecure Services Limited has carved a niche for itself as a leading provider of integrated security and facility management solutions across India. The company prides itself on offering a diverse array of services, catering to a wide spectrum of clients from private and public sectors to financial institutions and multinational corporations. Headquartered in Thane, Maharashtra, Safecure boasts a pan-India presence with 12 offices, ensuring localized and high-quality service delivery. As of August 31, 2025, the company commands a dedicated workforce of 1,849 employees.

Core Service Offerings:

Security Solutions: Encompassing manned guarding, event management, and ATM security, augmented by advanced technology-backed services.
E-Surveillance & Monitoring: Specializing in electronic security, alarm monitoring, and responsive services for ATMs and bank branches.
Facility Management: Providing comprehensive housekeeping, repair & maintenance for ATMs, and other essential business support services.
Corporate Interior Fit-outs: Delivering tailored interior solutions for corporate environments.

Distinctive Strengths:

A diversified portfolio of services mitigating reliance on a single revenue stream.
An experienced team of professionals with deep industry knowledge and a proven track record.
Strategic integration of advanced technology in its security offerings.
Extensive operational reach with a strong pan-India presence.
A robust and diverse customer base spanning various sectors.

Safecure’s Public Offering: Key Information

The Safecure Services IPO is structured as a fixed price issue, making it a straightforward investment proposition for potential subscribers. Below are the core details of this upcoming market event:

Particular	Detail
Issue Type	Fixed Price Issue
Face Value	₹10 per share
Offer Price	₹102 per equity share
Total Issue Size	30,00,000 equity shares, aggregating up to ₹30.60 Crores
Issue Type	Entirely a Fresh Issue of shares
Listing Platform	BSE SME

IPO Journey: Key Dates and Timeline

Event	Date
Offer Opening Date	October 29, 2025 (Wednesday)
Offer Closing Date	October 31, 2025 (Friday)
Tentative Allotment Finalization	November 3, 2025 (Monday)
Initiation of Refunds	November 4, 2025 (Tuesday)
Shares Credited to Demat Account	November 4, 2025 (Tuesday)
Tentative Listing Date	November 6, 2025 (Thursday)

IPO Process Visual Progress

Offer Opens

Offer Closes

Allotment

Listing

*The visual above illustrates the sequential stages of the IPO process.

Investment Details and Share Allocation

Application Lot Sizes:

Investors have the option to bid for a minimum of 2,400 shares, and thereafter in multiples of 1,200 shares. The financial outlay for different investor categories is as follows:

Investor Category	Minimum Lots	Minimum Shares	Minimum Investment (₹)
Individual Investor (Retail)	2	2,400	2,44,800
High Net Worth Individual (HNI)	3	3,600	3,67,200

Category-wise Share Reservation:

Investor Category	Percentage of Net Issue
Retail Individual Investors	50%
Non-Institutional Investors (NII)	50%

Strategic Utilization of Fresh Issue Proceeds

Safecure Services Ltd. intends to deploy the net proceeds from this IPO for several strategic purposes aimed at strengthening its financial footing and supporting future growth:

Partial or full repayment/pre-payment of certain company borrowings: Approximately ₹4.75 Crores.
Partial or full repayment/pre-payment of borrowings by its wholly-owned subsidiary, facilitated through internal loans from the company: Approximately ₹3.50 Crores.
Meeting the working capital requirements of the company: Approximately ₹13.00 Crores.
Addressing general corporate objectives: Approximately ₹4.50 Crores.

Analyzing Safecure’s Financial Health

A glance at Safecure Services Ltd.’s financial statements reveals a trajectory of consistent growth. Between FY2024 and FY2025, the company reported a robust 16% increase in revenue and an 8% rise in Profit After Tax (PAT), indicating healthy operational expansion and profitability.

Financial Aspect (₹ Crore)	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	54.61	53.07	37.48	30.94
Total Income	18.36	73.27	63.06	47.74
Profit After Tax (PAT)	1.99	6.16	5.69	3.98
Net Worth	22.94	20.93	15.00	9.33
Total Borrowing	19.52	20.55	14.30	11.51

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

These metrics offer deeper insights into the company’s efficiency and valuation:

Metric	Value
Return on Equity (ROE)	28.86%
Return on Capital Employed (ROCE)	22.48%
Debt to Equity Ratio	0.98
Profit After Tax Margin	8.26%
EBITDA Margin	17.00%
Price to Book Value	4.79x
Market Capitalization	₹102.41 Crores

Earnings and Valuation Ratios:

Metric	Pre-Offer	Post-Offer
Earnings Per Share (EPS)	₹8.75	₹7.92
Price to Earnings (P/E) Ratio	11.66x	12.88x

*The Pre-Offer EPS is calculated based on pre-issue shareholding and FY2025 earnings. The Post-Offer EPS is based on post-issue shareholding and annualized earnings up to June 30, 2025.

Leadership and Ownership Structure

Shailendra Mahesh Pandey is recognized as the promoter of Safecure Services Ltd., holding a significant stake in the company. The ownership structure pre and post the IPO is as follows:

Promoter Holding	Percentage
Pre-Issue	94.33%
Post-Issue	66.14%

Key IPO Intermediaries:

Book Running Lead Manager: Sun Capital Advisory Services Pvt.Ltd. (Oversees the entire IPO process, from drafting the prospectus to marketing the issue).
Registrar: MUFG Intime India Pvt.Ltd. (Responsible for managing application processing, allotment, and crediting shares to investor demat accounts).
Market Maker: Giriraj Stock Broking Pvt.Ltd. (Plays a crucial role in providing liquidity for the shares post-listing, especially for SME IPOs).

Strategic Insights: Strengths, Weaknesses, Opportunities, and Threats (SWOT)

Strengths:

Comprehensive Service Portfolio: Safecure’s blend of security, e-surveillance, facility management, and interior fit-out services offers a robust business model with diverse revenue streams.
Experienced Leadership: The company benefits from a seasoned team with deep domain expertise, translating into efficient operations and strategic growth.
Technology-Driven Approach: Integration of advanced technology, particularly in e-surveillance, gives Safecure a competitive edge in a rapidly evolving market.
Extensive Geographic Footprint: A well-established pan-India presence enables the company to cater to a broad clientele and explore new market opportunities effectively.
Diverse Client Base: Serving a mix of public and private sector entities, including MNCs, demonstrates market acceptance and reduces client concentration risk.

Weaknesses:

Capital Intensive Operations: Scaling up security and facility management services often requires substantial capital, which could be a challenge without continuous funding.
Dependency on Manpower: With a large employee base, the company faces considerable human resource management challenges, including recruitment, training, and potential impacts from labor regulation changes.
SME Listing Limitations: Listing on the SME platform might lead to lower trading volumes and investor visibility compared to main board listings, potentially affecting liquidity.
Competitive Landscape: The security and facility management industry is highly fragmented with numerous players, leading to intense competition that could impact pricing power and margins.

Opportunities:

Growing Demand for Integrated Services: The market for holistic security and facility management is on an upward trend, driven by corporate needs for efficiency and consolidated solutions.
Further Technological Adoption: Opportunities exist to integrate cutting-edge technologies like AI and IoT to enhance service delivery, automate tasks, and create innovative offerings.
Urbanization and Infrastructure Growth: Increased urban development and government-led infrastructure projects across India present significant avenues for expansion.
Geographic and Vertical Expansion: The company can leverage its existing infrastructure to penetrate deeper into underserved regions or expand into new industry verticals.

Threats:

Intense Price Competition: Aggressive pricing strategies from competitors, including unorganized players, could squeeze profit margins.
Evolving Regulatory Environment: Changes in labor laws, security standards, or data privacy regulations could increase compliance costs and operational complexities.
Economic Volatility: An economic downturn could lead to reduced corporate spending on non-core services like facility management and security, affecting revenue.
Technological Disruption by Competitors: Failure to keep pace with rapid technological advancements by rivals could erode market share and competitive advantage.

Guidance for Prospective Investors

Participating in an IPO, especially one on the SME platform, requires a well-informed approach. Consider the following points before making an investment decision:

Conduct Comprehensive Research: Always thoroughly review the company’s offer document to understand its business model, financial performance, risks, and proposed utilization of funds.
Market & Industry Analysis: Evaluate the growth potential and competitive dynamics of the security and facility management sector in India.
Financial Prudence: Analyze the company’s financials, including revenue growth, profitability, and key ratios, to gauge its operational efficiency and financial stability.
Risk Awareness: Be cognizant of the inherent risks associated with SME listings, which may include lower liquidity and higher volatility compared to main board IPOs.
Application Procedure: The application process for IPOs is typically facilitated through your demat and trading account provider. Investors can usually submit their bids using UPI or ASBA payment mechanisms, following the specific instructions provided by their respective brokerage platforms.

Conclusion: Assessing the Safecure Opportunity

Safecure Services Ltd.’s forthcoming IPO represents an interesting opportunity to potentially invest in a growing entity within India’s vital security and facility management industry. The company exhibits a robust business model characterized by a diversified service portfolio, extensive operational reach, and a history of consistent financial performance. The strategic allocation of IPO proceeds towards debt reduction and working capital enhancement is expected to bolster its financial health. However, as with any investment, it is crucial for prospective investors to conduct their own thorough due diligence, weigh the risks against the potential returns, and consider consulting with a qualified financial advisor to align the investment with their personal financial goals and risk appetite.

Connect with Safecure Services Ltd.

Registered Office: Office No. 5, 5th Floor, Building No 6 Old 9,12,14, News No 62, 66, 69, Opp Pleasant Park, Mira Road, Behind Jhankar, Thane, Maharashtra, 401107
Phone: +91 99678 81047
Email: secretarial@safecure.in

IPO Registrar Contact Details:

Registrar: MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: safecure.smeipo@linkintime.co.in

October 27, 2025

Shreeji Global FMCG Limited

Charting the Course: A Deep Dive into Shreeji Global FMCG Ltd.’s Upcoming SME IPO

Unveiling Shreeji Global FMCG Ltd.: A Dive into the Business

In the vibrant and ever-evolving Indian consumer market, Shreeji Global FMCG Ltd. is preparing to make its public debut on the NSE SME platform. This company operates in the essential Fast-Moving Consumer Goods (FMCG) sector, specializing in a diverse array of food products that cater to daily household needs. With its brand “SHETHJI,” Shreeji Global has carved a niche in providing high-quality ground and whole spices, various seeds, grains, pulses, and flours.

The company’s business model encompasses both domestic sourcing and international imports. They bring in agro-commodities like Madagascar Cloves, Coriander seeds from UAE, Desiccated Coconut from Sri Lanka, and various spices from Vietnam, which are then processed at their state-of-the-art facilities. Their distribution network is extensive, serving individual traders, small enterprises, and large corporate entities alike.

Shreeji Global FMCG boasts two strategically located manufacturing and processing units in Rajkot and Morbi, regions known for their agricultural produce and industrial infrastructure. This strategic positioning, coupled with a wide-ranging product portfolio, experienced leadership, and a diversified customer base, underpins its strong competitive advantage in a dynamic market.

The Investment Opportunity: IPO at a Glance

Shreeji Global FMCG’s Initial Public Offering (IPO) is a book-built issue aiming to raise ₹85.00 crores. This offering consists entirely of a fresh issue of 68,00,000 equity shares.

Key IPO Details:

Issue Price Band: ₹120 to ₹125 per equity share
Face Value: ₹10 per share
Minimum Lot Size: 1,000 shares
Minimum Retail Investment: ₹2,50,000 (2,000 shares, based on upper price band)
Listing Platform: NSE SME

Understanding the Application Lot Sizes:

Investor Category	Minimum Lots	Minimum Shares	Minimum Amount
Individual Investors (Retail)	2	2,000	₹2,50,000
Small High Net-worth Individuals (sHNI)	3	3,000	₹3,75,000
Big High Net-worth Individuals (bHNI)	9	9,000	₹11,25,000

IPO Journey: Key Dates to Remember

For prospective investors, understanding the IPO timeline is crucial for planning their application and tracking the listing process.

Event	Date (Tentative)	Status
Anchor Investor Bid Date	Nov 3, 2025	Completed
IPO Open Date	Nov 4, 2025	Ongoing
IPO Close Date	Nov 7, 2025	Upcoming
Allotment Finalization	Nov 10, 2025	Expected
Initiation of Refunds	Nov 11, 2025	Expected
Credit of Shares to Demat Account	Nov 11, 2025	Expected
Listing Date	Nov 12, 2025	Expected

Subscription Breakup: Who Gets What?

The IPO allocation is structured to ensure participation from various investor categories. Anchor investors have already committed ₹14.53 crore, securing 17.09% of the total issue.

Investor Category	Shares Offered	Percentage (%)
Market Maker Portion	3,40,000	5.00%
Qualified Institutional Buyers (QIB)	19,38,000	28.50%
– Anchor Investors	11,62,000	17.09%
– QIB (Ex-Anchor)	7,76,000	11.41%
Non-Institutional Investors (NII/HNI)	13,56,000	19.94%
Retail Individual Investors (RII)	31,66,000	46.56%
Total Shares Offered	68,00,000	100.00%

Financial Health Check: A Glimpse at the Books

A strong financial track record is often a key indicator of a company’s potential. Shreeji Global FMCG Ltd. has demonstrated consistent growth in its recent financial performance.

Key Financial Highlights (₹ Crore):

Period Ended	Total Income	Profit After Tax (PAT)	Net Worth
Aug 31, 2025 (5 months)	251.18	9.20	38.76
Mar 31, 2025	650.85	12.15	29.56
Mar 31, 2024	588.99	5.47	17.22
Mar 31, 2023	468.70	2.05	9.01

Performance Indicators (as of March 31, 2025):

Return on Equity (ROE): 51.74%
Return on Capital Employed (ROCE): 32.07%
Debt/Equity Ratio: 1.03
PAT Margin: 1.87%
Market Capitalization: ₹284.50 Crores

The company’s revenue increased by 11% and profit after tax (PAT) surged by 122% between the fiscal years ending March 31, 2024, and March 31, 2025, showcasing robust growth.

Utilizing the Capital: Objectives of the Issue

The funds raised through this IPO are earmarked for strategic expansion and operational enhancements, crucial for sustaining the company’s growth trajectory.

Planned Utilization of Net Proceeds:

Funding capital expenditure for new factory premises (₹5.67 Crores).
Investment in plant and machinery, and establishing cold storage facilities (₹29.01 Crores).
Capital expenditure for solar power installation for internal consumption (₹4.05 Crores), highlighting a commitment to sustainable practices.
Meeting working capital requirements (₹33.54 Crores) to support scaling operations.
General corporate purposes, providing flexibility for strategic initiatives.

Behind the Scenes: Promoters & Supporting Cast

The leadership and operational support are critical to any company’s success. Shreeji Global FMCG Ltd. is guided by its promoters and supported by key intermediaries for its IPO.

Promoter Group & Holding:

The company is promoted by Jitendra Kakkad, Vivek Kakkad Tulshidas Kakkad, and Dhruti Kakkad.
Pre-Issue Promoter Holding: 99.99%
Post-Issue Promoter Holding: 70.12%

Key IPO Intermediaries:

Book Running Lead Manager: Interactive Financial Services Ltd.
Registrar to the Issue: MUFG Intime India Pvt.Ltd.
Market Makers: Svcm Securities Pvt.Ltd. and B.N.Rathi Securities Ltd.

Company Contact Information:

Shreeji Global FMCG Ltd.

The Spire, Office No. 1205, 150 Feet Ring Road, Near Ayodhya Circle, Rajkot, Gujarat, 360006

Phone: +91 96242 26111

Email: cs@shreejifmcg.com

Strategic Outlook: A SWOT Analysis

Analyzing a company’s Strengths, Weaknesses, Opportunities, and Threats provides a holistic view of its market position and future potential.

Strengths:

Strong Brand Presence: Established brand “SHETHJI” in the market.
Diverse Product Portfolio: Wide range of food products including spices, grains, and flours.
Strategic Location: Manufacturing facilities in key agro-industrial hubs (Rajkot and Morbi).
Robust Growth: Significant increase in revenue and profit after tax in recent years.
Experienced Management: Guided by a team of seasoned promoters.

Weaknesses:

Commodity Price Volatility: Dependence on agro-commodities makes it susceptible to price fluctuations and supply chain risks.
Intense Competition: Operates in a highly competitive FMCG sector with numerous organized and unorganized players.
SME Listing Liquidity: SME platform might offer lower trading liquidity compared to mainboard exchanges.

Opportunities:

Expanding Market: Growing demand for quality Indian spices and food products globally.
Organized Retail Growth: Increasing penetration of organized retail and e-commerce in India.
Capacity Expansion: Utilizing IPO funds for expanding manufacturing capabilities and cold storage.
Sustainable Practices: Investment in solar power for operational cost efficiency and environmental responsibility.

Threats:

Regulatory Changes: Potential impact from evolving government policies on agriculture, food processing, and trade.
Economic Downturns: Reduced consumer spending during economic slowdowns could affect sales.
Brand Loyalty Challenges: Maintaining and growing brand loyalty in a highly competitive sector.

Making an Informed Decision

The Shreeji Global FMCG IPO presents an opportunity to invest in a growing player within the essential FMCG sector, driven by a diversified product range and strategic operational advantages. The company’s recent financial performance indicates a positive trajectory, and the planned utilization of IPO proceeds aims to further strengthen its infrastructure and market presence. As with any investment, it’s essential for potential investors to thoroughly evaluate all aspects, including market conditions, the company’s financials, and their personal investment goals, before making a decision. Engaging with market research and financial advisors can provide further clarity.

October 25, 2025

Game Changers Texfab Limited

Game Changers Texfab Ltd. IPO: A Deep Dive into the Upcoming Market Opportunity

Game Changers Texfab Ltd. IPO: Unlocking Investment Potential

The Indian stock market is buzzing with activity, and a fresh opportunity is on the horizon. Game Changers Texfab Ltd., a prominent player in the fabric supply chain, is set to launch its Initial Public Offering (IPO). This blog post delves into the specifics of this offering, providing potential investors with a comprehensive overview of the company, its financial health, and the investment considerations. Whether you’re a seasoned investor or new to the IPO landscape, understanding these details is crucial for making informed decisions.

Company Profile: Game Changers Texfab Ltd. Unveiled

About the Enterprise

Established in 2015, Game Changers Texfab Pvt. Ltd. operates as a supply chain orchestration company, primarily focusing on the fabric industry through its B2B marketplace, TradeUNO Fabrics. The company excels in sourcing high-quality fabrics, meticulously selecting suppliers, negotiating competitive prices, and ensuring both quality and sustainability for textile production. By leveraging an asset-light model, the company efficiently manages its operations without owning manufacturing units.

Diverse Product Portfolio & Business Segments

Game Changers Texfab boasts an extensive product range, featuring over 10,000 designs categorized by fabric type, print, pattern, occasion, color, and specialized collections. Their offerings include a wide array of fabrics like Cotton, Silk, Satin, catering predominantly to women’s wear, alongside technical textiles for outdoor and PVC-coated applications.

The company’s operations span across multiple segments:

B2B Segment: Facilitating businesses in sourcing fabrics, even in smaller quantities, by consolidating orders to meet Minimum Order Quantity (MOQ) requirements. They partner with garment manufacturers, designers, and export houses through a network of over 10 sourcing offices.
B2C Segment: Addressing the demand for personalized, high-quality fabrics directly to individual customers under the “TradeUNO” brand, with new collections regularly launched.
Made-to-Measure Garments: Under the ‘Fall in Love’ brand, they offer customizable made-to-measure garments, complete with embroidery and embellishment services.
Online Sales: Their e-commerce platform, tradeuno.com, serves as a vital channel connecting with a diverse audience, offering quality fabrics and personalized services.

Distinct Competitive Strengths

The company attributes its market position to several key strengths:

Deemed Manufacturing capabilities through strategic partnerships.
Robust International Tie-ups enhancing sourcing and market reach.
Advanced Technology Integration for streamlined operations and customer experience.
Proactive Designer On-boarding Initiatives fostering innovation.
Well-established Digital Commerce Arrangements for widespread accessibility.
Strong Boutique Partnerships expanding their distribution network.

Decoding the IPO: Investment Details

The upcoming IPO of Game Changers Texfab Ltd. is a book-built issue valued at ₹54.84 crores. This offering is entirely a fresh issue, comprising 0.54 crore shares, aiming to raise capital for the company’s growth initiatives.

Key Offer Details

Particular	Detail
IPO Open Date	October 28, 2025
IPO Close Date	October 30, 2025
Face Value	₹10 per share
Issue Price Band	₹96 to ₹102 per share
Lot Size	1,200 Shares
Total Issue Size	53,76,000 shares (aggregating up to ₹54.84 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME

Subscription Allocations

The issue has been structured to cater to various investor categories:

Investor Category	Shares Offered	Percentage (%)
Market Maker Portion	2,70,000	5.02%
Qualified Institutional Buyers (QIB)	25,51,200	47.46%
Anchor Investor Shares	15,30,000	28.46%
QIB (Excluding Anchor)	10,21,200	19.00%
Non-Institutional Investors (NII/HNI)	7,66,800	14.26%
Retail Individual Investors (RII)	17,88,000	33.26%
Total Shares Offered	53,76,000	100.00%

Anchor Investor Insights

Game Changers Texfab IPO successfully raised ₹15.61 crore from its anchor investors, demonstrating early institutional confidence.

Particular	Detail
Anchor Bid Date	October 27, 2025
Shares Offered to Anchor Investors	15,30,000
Anchor Portion Size (in Cr.)	₹15.61
Anchor Lock-in Period (50% shares) End Date	November 30, 2025 (30 Days)
Anchor Lock-in Period (Remaining shares) End Date	January 29, 2026 (90 Days)

Investment Lot Structure

Investors can apply for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter. The following table illustrates the minimum and maximum investment for different investor categories:

Investor Category	Lots	Shares	Amount (at upper price band)
Retail Individual Investor (Min)	2	2,400	₹2,44,800
Retail Individual Investor (Max)	2	2,400	₹2,44,800
Small HNI (Min)	3	3,600	₹3,67,200
Small HNI (Max)	8	9,600	₹9,79,200
Big HNI (Min)	9	10,800	₹11,01,600

Understanding the Timeline: Key Dates

Staying informed about the critical dates is essential for any IPO application. Here is a tentative schedule for the Game Changers Texfab IPO:

Event	Date	Progress
IPO Open Date	Tuesday, October 28, 2025
IPO Close Date	Thursday, October 30, 2025
Tentative Allotment Finalization	Friday, October 31, 2025
Initiation of Refunds	Monday, November 3, 2025
Credit of Shares to Demat Account	Monday, November 3, 2025
Tentative Listing Date	Tuesday, November 4, 2025

Financial Overview: Game Changers Texfab Ltd.

A thorough examination of a company’s financial performance is paramount before considering an investment. Game Changers Texfab Ltd. has demonstrated notable growth in recent fiscal years.

Performance Snapshot (Amount in ₹ Crore)

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	52.25	51.32	41.37	21.82
Total Income	24.11	115.59	97.86	100.58
Profit After Tax (PAT)	4.27	12.07	4.27	0.53
EBITDA	6.05	18.59	6.73	1.26
Net Worth	25.27	21.01	8.94	4.67
Total Borrowing	9.88	5.66	5.54	6.46

The company’s revenue increased by 18% and Profit After Tax (PAT) rose significantly by 183% between the financial year ending March 31, 2024, and March 31, 2025. However, it’s worth noting the increase in total borrowing as of June 30, 2025.

Key Financial Metrics (KPIs)

As of March 31, 2025, the company’s market capitalization stands at ₹182.51 Crores. Here are some key performance indicators:

KPI	Value
Return on Equity (ROE)	80.59%
Return on Capital Employed (ROCE)	65.97%
Debt/Equity Ratio	0.27
Return on Net Worth (RoNW)	80.59%
PAT Margin	10.44%
EBITDA Margin	16.09%
Price to Book Value	6.08

Valuation Multiples

Metric	Pre-IPO	Post-IPO
Earnings Per Share (EPS)	₹9.64	₹9.54
Price/Earnings (P/E) Ratio	10.58x	10.70x

*Note: Pre-IPO EPS is based on pre-issue shareholding and FY25 earnings. Post-IPO EPS is based on post-issue shareholding and annualized FY25 (June 30, 2025) earnings.*

Strategic Outlook: A SWOT Analysis

A comprehensive analysis of a company’s internal and external factors is crucial. Below is a SWOT analysis for Game Changers Texfab Ltd.:

Strengths:
- Robust B2B marketplace with strong supply chain orchestration.
- Extensive product catalog (over 10,000 designs) and diverse fabric types.
- Strategic international tie-ups and technology integration.
- Growing B2C presence with ‘TradeUNO’ and ‘Fall in Love’ brands.
- Asset-light business model allowing for flexibility and scalability.
Weaknesses:
- Reliance on third-party suppliers for fabric sourcing.
- Increased total borrowings in recent periods.
- Absence of own manufacturing facilities, potentially limiting direct control over production.
Opportunities:
- Expanding demand in the B2C segment for customized and high-quality fabrics.
- Potential for inorganic acquisitions as stated in IPO objectives.
- Growth in e-commerce and digital commerce channels for textiles.
- Leveraging technology further for enhanced supply chain efficiency.
Threats:
- Operating in a highly competitive and fragmented textile market.
- Vulnerability to fluctuations in raw material prices and supply chain disruptions.
- Changing fashion trends and consumer preferences.
- Economic downturns impacting discretionary spending on textiles.

Purpose of the IPO: Funds Utilization

Game Changers Texfab Ltd. proposes to strategically utilize the net proceeds from this issue to fuel its future growth and operational needs:

Funding Capital Expenditure: ₹15.00 crores.
Addressing Overall Working Capital Requirements: ₹25.50 crores.
General Corporate Purposes, including potential unidentified inorganic acquisitions.

Promoter Information & Ownership

Visionaries Behind the Venture

The company is promoted by Mr. Ankur Aggarwal, Mr. Sanjeev Goel, and Force Multiplier ECommerce Private Limited, who have been instrumental in guiding its growth and strategic direction.

Promoter Shareholding

Particular	Holding
Promoter Holding Pre-Issue	98.67%
Promoter Holding Post-Issue	To be calculated post-dilution

Essential Contacts & Support

Company Headquarters

Game Changers Texfab Ltd.
3656-P NO-21, Hathi Khanna,
Bahadur Garh Road, Delhi, New Delhi, 110006
Phone: +91 8377936803
Email: compliance@tradeuno.com
Website: http://www.tradeuno.com/

Issue Registrar

Skyline Financial Services Pvt.Ltd. is the official registrar for this IPO, responsible for managing the application and allotment process.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php

Navigating Your Application: A Step-by-Step Guide

Applying Through Online Platforms

Applying for an IPO has become streamlined through various online channels. You can submit your application using either UPI or ASBA (Applications Supported by Blocked Amount) as a payment method. ASBA applications are typically available via your bank’s net banking portal, while UPI IPO applications are facilitated by numerous stockbrokers.

General steps to apply via a brokerage platform (e.g., Zerodha, Upstox, etc.):

Log in to your broker’s trading platform (e.g., Console for Zerodha).
Navigate to the ‘IPO’ section, usually found under ‘Portfolio’ or ‘Investments’.
Locate the ‘Game Changers Texfab IPO’ and click on the ‘Bid’ or ‘Apply’ button.
Enter your UPI ID, desired quantity (in multiples of the lot size), and the bid price.
Confirm and submit your IPO application form.
Approve the mandate request that appears on your UPI app (Google Pay, PhonePe, BHIM, etc.) within the stipulated cut-off time.

The finalization of the Basis of Allotment is expected on Friday, October 31, 2025, with allotted shares being credited to your demat account by Monday, November 3, 2025.

Conclusion

The Game Changers Texfab Ltd. IPO presents an intriguing opportunity for investors looking to participate in India’s dynamic textile supply chain sector. With a strong presence in both B2B and B2C segments, coupled with an extensive product portfolio and strategic competitive advantages, the company is poised for continued growth. While financial performance shows positive trends, potential investors should consider the competitive landscape and the company’s borrowing levels. Engaging with the IPO requires careful consideration of the company’s fundamentals, future prospects, and personal risk appetite. As with any investment, thorough due diligence and understanding the market dynamics are key to making informed decisions.

October 25, 2025

Jayesh Logistics Limited

Jayesh Logistics IPO: Navigating the Path to Public Markets

An in-depth look at the upcoming SME IPO opportunity in the logistics sector.

Embarking on a New Journey: Jayesh Logistics Unveils SME IPO

The Indian capital markets are buzzing with new opportunities, and the upcoming SME IPO of Jayesh Logistics Ltd. is drawing attention. As a player in the essential logistics and supply chain sector, Jayesh Logistics aims to raise capital through its book-built issue. This offering provides retail and institutional investors a chance to invest in a company that has shown impressive growth in recent years, particularly in cross-border cargo movements.

This blog post delves into the specifics of the Jayesh Logistics IPO, offering a comprehensive analysis of the company’s operations, financial health, investment details, and potential outlook.

Meet Jayesh Logistics: A Backbone of Supply Chains

Established in May 2011, Jayesh Logistics Limited has carved a niche as a comprehensive logistics solutions provider. The company’s particular strength lies in facilitating cross-border cargo movements, especially along the vital Indo-Nepal Corridor and into the Nepalese hinterland.

Core Services:

Inland and Cross-Border Cargo Movement: Ensuring smooth transportation of goods within India and to neighboring countries like Nepal, Bhutan, and Bangladesh.
Port Handling: Efficient management of cargo loading and unloading at ports for seamless transitions between sea and land transport.
Supply Chain Management: Delivering end-to-end solutions, encompassing warehousing and distribution, to optimize goods flow.

Technology at the Core:

Jayesh Logistics leverages advanced technologies for operational efficiency. This includes GPS tracking integrated with SAP for real-time shipment visibility and fleet monitoring. Their proprietary SMART-SYS software suite, which integrates ERP, GPS/RFID, blockchain e-POD, and AI-driven CRM, automates and enhances fleet management.

Serving Diverse Sectors:

The company caters to a wide array of industries, including FMCG and Retail, Automotive and Heavy Equipment, Manufacturing and Industrial Goods, Pharmaceuticals and Healthcare, and Government and Public Sector Units (PSUs). As of April 2025, the company had 42 permanent employees.

Key Business Strengths:

Robust technological integration through an advanced logistics IT solution.
A diversified customer base spanning various industries and market segments.
A seasoned senior leadership team with extensive industry experience.

Decoding the IPO: Key Offering Details

Here’s a snapshot of the Jayesh Logistics SME IPO:

Detail	Information
Issue Type	Book Built Issue (SME IPO)
Issue Size	₹28.63 Crores (23,47,000 equity shares)
Fresh Issue	Entire issue is a fresh issuance of 23,47,000 shares
Face Value	₹10 per share
Price Band	₹116 to ₹122 per share
Listing At	NSE SME
Market Capitalization (Post-IPO)	₹106.04 Crores

Key Dates: Your IPO Timeline

Mark your calendars for these important dates in the Jayesh Logistics IPO process:

Event	Date
IPO Open Date	Monday, Oct 27, 2025
IPO Close Date	Wednesday, Oct 29, 2025
UPI Mandate Cut-off Time	5 PM on Wednesday, Oct 29, 2025
Allotment Finalization	Thursday, Oct 30, 2025
Initiation of Refunds	Friday, Oct 31, 2025
Credit of Shares to Demat	Friday, Oct 31, 2025
Tentative Listing Date	Monday, Nov 3, 2025

IPO Journey Visualized:

Open

Allotment

Listing

Oct 27 Oct 29 Oct 30 Nov 3

Understanding Investment Lots and Sizes

Investors can bid for a minimum of 2,000 shares, and thereafter in multiples of 1,000 shares. The investment structure varies across investor categories:

Investor Category	Application Lots	Shares	Amount (at upper price band)
Individual Investors (Retail) – Minimum	2	2,000	₹2,44,000
Individual Investors (Retail) – Maximum	2	2,000	₹2,44,000
Small HNI (Minimum)	3	3,000	₹3,66,000
Small HNI (Maximum)	8	8,000	₹9,76,000
Big HNI (Minimum)	9	9,000	₹10,98,000

Investor Categories and Share Allocation:

The total issue of 23,47,000 shares is distributed among different investor categories as follows:

Investor Category	Shares Offered	Percentage of Total Issue
Market Maker Shares	1,20,000	5.11%
Qualified Institutional Buyers (QIB)	11,12,000	47.38%
Non-Institutional Investors (NII / HNI)	3,35,000	14.27%
Retail Individual Investors (RII)	7,80,000	33.23%
Total Shares Offered	23,47,000	100.00%

Financial Health Check: Analyzing the Numbers

Jayesh Logistics has demonstrated significant financial growth. The company’s revenue increased by 27% and Profit After Tax (PAT) surged by 128% between the financial years ending March 31, 2024, and March 31, 2025. This strong performance indicates a company on a growth trajectory.

Financial Snapshot (Restated Consolidated):

Particulars	30 Jun 2025 (₹ Cr)	31 Mar 2025 (₹ Cr)	31 Mar 2024 (₹ Cr)	31 Mar 2023 (₹ Cr)
Assets	65.22	58.88	47.52	21.86
Total Income	25.25	112.03	88.30	60.37
Profit After Tax (PAT)	2.02	7.20	3.16	1.09
EBITDA	4.30	16.93	10.40	4.78
Net Worth	19.35	17.33	8.02	4.86
Reserves and Surplus	13.01	10.99	7.46	4.30
Total Borrowing	29.65	27.99	27.10	12.19

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

KPI	Value
Return on Equity (ROE)	56.77%
Return on Capital Employed (ROCE)	27.23%
Debt/Equity Ratio	1.61
Return on Net Worth (RoNW)	56.77%
PAT Margin	6.43%
EBITDA Margin	15.13%
Price to Book Value	4.47
Earnings Per Share (EPS) – Pre IPO	₹11.34
Earnings Per Share (EPS) – Post IPO	₹9.29
P/E Ratio (Pre IPO)	10.75x
P/E Ratio (Post IPO)	13.13x

The high ROE and RoNW indicate efficient use of shareholder funds, while the Debt/Equity ratio of 1.61 suggests a moderate level of reliance on borrowed capital, which is common in asset-heavy logistics operations but warrants careful consideration.

The Driving Force: Promoter Strength

The promoters of Jayesh Logistics Ltd. are Sanjay Kumar Kundaliya, Navita Kundaliya, Bishnu Kumar Bajaj, Rashmi Bajaj, and RHMB India Private Limited (formerly known as Active Commotrade Private Limited). Their experience and vision are crucial for the company’s strategic direction.

Promoter Holding:

Holding Status	Percentage
Pre-Issue Promoter Holding	97.57%
Post-Issue Promoter Holding	71.22%

The dilution in promoter holding post-issue is a natural outcome of raising fresh capital and is a common aspect of IPOs.

Fueling Future Growth: Objectives of the Issue

The net proceeds from the IPO are earmarked for strategic investments to bolster the company’s operations and expansion plans:

Fleet Expansion: Funding the purchase of side wall trailers (₹88.48 million) to enhance logistics capacity.
Working Capital: Meeting the company’s working capital requirements (₹112.38 million) to support day-to-day operations and growth.
Technology Enhancement: Funding the implementation of Phase 2 of the Smart Logistics Application (₹7.15 million) for continued technological advancement.
General Corporate Purposes: Utilizing remaining funds for general business needs and strategic initiatives.

Strategic Outlook: A SWOT Analysis

To provide a balanced perspective, let’s look at the Strengths, Weaknesses, Opportunities, and Threats for Jayesh Logistics.

Strengths:

Strong technological foundation with integrated IT solutions (SMART-SYS, GPS, SAP) enhancing operational efficiency.
Specialized expertise in cross-border logistics, particularly the Indo-Nepal corridor, offering a competitive advantage.
Diversified client portfolio across various key industries reduces dependence on any single sector.
Experienced leadership and management team guiding strategic growth.
Impressive recent financial performance, with significant revenue and profit growth.

Weaknesses:

Relatively small post-IPO paid-up equity capital, which might suggest a longer gestation period for significant returns.
The substantial year-on-year jump in profitability could raise questions about sustainability or one-time factors.
High debt-to-equity ratio, while not uncommon in the sector, indicates financial leverage that needs careful monitoring.
Potential dependency on specific geographical corridors (e.g., Indo-Nepal) for a significant portion of its business.

Opportunities:

Robust growth in India’s logistics sector, driven by e-commerce, manufacturing, and infrastructure development.
Increasing demand for technology-driven, integrated supply chain solutions.
Government initiatives to improve logistics infrastructure and cross-border trade facilities.
Potential for expanding service offerings or geographical reach beyond current core areas.

Threats:

Intense competition from established players and other emerging logistics firms.
Volatility in fuel prices can significantly impact operating costs and profitability.
Regulatory changes in cross-border trade and transportation could affect operations.
Economic downturns or geopolitical tensions affecting trade volumes.
Potential challenges in talent acquisition and retention in a competitive industry.

A Deeper Dive: Thoughts on Valuation

When evaluating an SME IPO, valuation is a critical factor. Based on the recent financial performance, the issue appears to be priced at a level that factors in much of its recent growth. While the company has demonstrated impressive bottom-line jumps, investors should assess if these growth rates are sustainable in the long term, especially within a competitive landscape.

The relatively small post-IPO paid-up equity capital is also a characteristic to consider, as it might imply a longer period for the company to mature and deliver significant returns. Investors who are well-informed, comfortable with higher risk, and have a medium-term investment horizon may find this offering worth exploring.

Important Facilitators of the IPO

Understanding the key entities involved in an IPO process is crucial.

Lead Manager: Indcap Advisors Pvt.Ltd.
Registrar: Kfin Technologies Ltd. (Responsible for allotment process, refunds, and share credit to demat accounts.)
Market Maker: Giriraj Stock Broking Pvt.Ltd. (Plays a crucial role in providing liquidity post-listing on the SME platform).

Company Contact Details:

Address: 1, Crooked Lane, 3rd Floor, Room no. 322, Kolkata, West Bengal, 700069
Phone: +91 90387 09000
Email: info@jayeshlogistics.com
Website: https://www.jayeshlogistics.com/

Registrar Contact Details:

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

Final Thoughts for Potential Investors

The Jayesh Logistics SME IPO presents an opportunity to invest in a growing logistics company with a strong technological backbone and a focus on crucial cross-border trade routes. The company’s recent financial performance has been robust, indicating operational efficiency and market demand for its services.

However, as with any SME IPO, it carries inherent risks, including market volatility, liquidity concerns, and the need for a thorough understanding of the business model. Prospective investors are strongly encouraged to conduct their own due diligence, evaluate the company’s fundamentals against their investment objectives, and consider the insights provided here as part of a broader research effort before making any investment decisions.

Stay informed, invest wisely.

October 25, 2025

Sihora Industries Limited

Unlocking Investment Potential: A Deep Dive into Sihora Industries’ Upcoming SME IPO

The Indian stock market is buzzing with activity, and the Small and Medium Enterprises (SME) segment continues to offer promising opportunities for investors seeking growth. Among the latest contenders to enter this exciting arena is Sihora Industries Ltd. with its upcoming Initial Public Offering (IPO). This blog post offers a comprehensive analysis of Sihora Industries’ IPO, providing potential investors with crucial details, financial insights, and a balanced perspective to aid their investment decisions.

Understanding Sihora Industries: Business at a Glance

Established in 2023, Sihora Industries Limited is a specialized manufacturer and seller of a diverse range of textile products. Their expertise spans narrow woven fabrics, intricate lace, vibrant digitally printed fabrics, woven labels, tapes, zippers, elastics, and a growing portfolio in technical textiles for both fashion and industrial applications.

Core Product Portfolio:

Lace
Rapier Looms (used for Label production)
Needle Looms
Zippers
Elastics

The company also has an exciting pipeline of new products, including PP – FDY Niwar Tape and specialized zippers. Sihora Industries operates an integrated manufacturing facility in Surat, Gujarat, a renowned textile hub. This facility handles end-to-end processes from yarn processing to finishing, blending modern technology with traditional craftsmanship.

Key Strengths Highlighted by the Company:

Consistent Quality Standards across products.
Strategically located manufacturing unit in Surat, Gujarat.
Experienced promoters and a skilled management team.
Efficient and smooth operational flow.
Cost-effective production methodologies.
Diversified market presence.
A scalable business model conducive to growth.

Sihora Industries IPO: Decoding the Investment Opportunity

The Sihora Industries IPO is structured as a fixed price issue, aiming to raise capital for specific growth initiatives. Here’s a summary of the essential details:

IPO Key Metric	Detail
Issue Type	Fixed Price Issue
Face Value	₹10 per share
Issue Price	₹66 per share
Total Issue Size	16,00,000 shares (aggregating up to ₹10.56 Cr)
Offer Type	Entirely a Fresh Issue
Listing Exchange	BSE SME

Important Dates for Investors:

Mark your calendars with these key dates for the Sihora Industries IPO:

IPO Open Date: October 10, 2025 (Friday)

IPO Close Date: October 14, 2025 (Tuesday)

Tentative Allotment Finalization: October 15, 2025 (Wednesday)

Initiation of Refunds: October 16, 2025 (Thursday)

Credit of Shares to Demat: October 16, 2025 (Thursday)

Tentative Listing Date: October 17, 2025 (Friday)

Lot Size & Investor Allocation:

The IPO has a fixed lot size for application, catering to both individual retail investors and High Net-worth Individuals (HNIs).

Investor Category	Shares Offered	Percentage	Minimum Investment (Retail)	Minimum Investment (HNI)
Market Maker	80,000	5.00%	–	–
Non-Institutional Investors (NII/HNI)	7,60,000	47.50%	–	3 lots (6,000 shares) = ₹3,96,000
Retail Individual Investors (RII)	7,60,000	47.50%	2 lots (4,000 shares) = ₹2,64,000	–
Total Shares Offered	16,00,000	100.00%

Sihora Industries’ Financial Health at a Glance

A thorough examination of the company’s financials is crucial for any investment decision. Sihora Industries has demonstrated growth in recent periods.

Consolidated Financial Performance (₹ in Crores):

Period Ended	Total Assets	Total Income	Profit After Tax (PAT)	EBITDA	Net Worth	Total Borrowing
31 Aug 2025	15.90	5.86	0.45	1.13	5.71	5.71
31 Mar 2025	12.65	15.06	1.87	3.29	5.26	5.14
31 Mar 2024	7.44	11.62	0.60	1.72	3.80	5.30
31 Mar 2023	8.95	12.10	0.30	1.17	0.13	3.86

Between March 31, 2024, and March 31, 2025, the company reported a significant increase in revenue by 30% and an impressive rise in Profit After Tax (PAT) by 214%. This growth trajectory, though for a relatively short period since incorporation, indicates operational efficiency and market acceptance.

Key Performance Indicators (KPIs) and Valuation:

As of March 31, 2025, Sihora Industries presents the following valuation metrics:

KPI	Value (as of Mar 31, 2025)	Pre-IPO (₹)	Post-IPO (₹)
Return on Equity (ROE)	35.60%	–	–
Return on Capital Employed (ROCE)	31.93%	–	–
Debt/Equity Ratio	0.98	–	–
Profit After Tax Margin	12.86%	–	–
EBITDA Margin	22.61%	–	–
Price to Book Value	4.68	–	–
Earnings Per Share (EPS)	–	5.02	2.01
Price/Earnings (P/E) Ratio	–	13.14	32.77

The market capitalization of Sihora Industries IPO is ₹35.16 Crore. Investors should note the change in EPS and P/E ratios post-IPO, which reflects the dilution from the fresh issue of shares.

Promoters and Capital Structure

The company is promoted by Mr. Gautam Vallabhbhai Sihora and Mrs. Priyal Gautamkumar Sihora. Their vision and leadership will be critical for the company’s future trajectory.

Promoter Shareholding:

Pre-Issue Promoter Holding: 100%
Post-Issue Promoter Holding: 69.97%

Purpose of the IPO: How Funds Will Be Used

The net proceeds from the Sihora Industries IPO are earmarked for several strategic initiatives aimed at strengthening the company’s operations and financial position:

Funding Capital Expenditure for the purchase of additional plant & machinery (₹2.00 crores).
Repayment or prepayment of existing borrowings from banks and financial institutions (₹2.58 crores).
Meeting additional working capital requirements (₹3.50 crores).
General Corporate Purposes (₹1.55 crores).

A Balanced Perspective: Market Outlook and Potential Risks

While Sihora Industries shows growth, it’s essential for potential investors to consider a broader market perspective. The textile sector, particularly narrow woven fabrics and specialized textiles, is highly competitive and often fragmented. Market observers note that the IPO appears to be priced somewhat aggressively given the company’s recent financials and the segment it operates in.

For SME IPOs, a smaller post-IPO paid-up equity capital might suggest a longer period before the company can transition to the main board exchange, if that is a future goal. Investors should be aware that SME investments typically carry a higher risk profile compared to mainboard listings.

SWOT Analysis for Sihora Industries Ltd.:

Strengths:

Integrated manufacturing facility in a key textile hub (Surat).
Diverse product range catering to fashion and industrial uses.
Demonstrated revenue and PAT growth in recent periods.
Experienced promoters and management.
Focus on quality standards and cost-effective production.

Weaknesses:

Relatively short operational history since incorporation (2023).
Dependence on the competitive and fragmented textile market.
Aggressively priced IPO based on current valuations.
Significant portion of revenue from a few key products (Viscous Suit & Rapier Lace and Border).

Opportunities:

Expansion into new product lines like PP – FDY Niwar Tape and specialized zippers.
Growing demand for technical textiles globally.
Increased focus on domestic manufacturing and ‘Make in India’ initiatives.
Leveraging Surat’s textile ecosystem for further growth and diversification.

Threats:

Intense competition from organized and unorganized players.
Fluctuations in raw material prices (yarn, chemicals, etc.).
Changes in fashion trends and technological advancements in textile manufacturing.
Economic slowdown impacting consumer spending on fashion and industrial demand.
Regulatory changes or trade policies impacting the textile industry.

How to Participate in the IPO

Applying for an IPO has become streamlined. You can typically apply online using either the UPI (Unified Payments Interface) or ASBA (Applications Supported by Blocked Amount) payment methods. Many popular stockbrokers facilitate IPO applications directly through their trading platforms or dedicated IPO sections.

Steps generally involve logging into your broker’s platform, navigating to the IPO section, selecting the desired IPO, entering your bid details (UPI ID, quantity, and price), and then approving the mandate through your UPI app or net banking portal.

Key Stakeholders and Contact Information

Company Contact Details:

Address: Plot 34/D-1, Laxminarayan, BRC Compound, Udhna, Mangrol, Surat, Gujarat, 394210
Phone: +91 98241 52000
Email: info@sihoragroup.com
Website: http://www.sihoragroup.com/

IPO Registrar:

Name: Bigshare Services Pvt.Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html

The lead manager for the issue is Sobhagya Capital Options Pvt.Ltd., and Aftertrade Broking Pvt.Ltd. serves as the market maker. These entities play crucial roles in ensuring the smooth conduct of the IPO process.

Final Thoughts for Potential Investors

The Sihora Industries SME IPO presents an opportunity to participate in a growing textile manufacturer focusing on niche segments. While the company has shown positive financial momentum, a cautious approach is often advised for SME listings, given their inherent market volatility and specific risk factors. Prospective investors are strongly encouraged to conduct their own thorough due diligence, assess their risk appetite, and consult with a qualified financial advisor before making any investment decisions. A deep understanding of the company’s business model, industry landscape, and the overall economic environment will be key to informed participation.

October 10, 2025