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Excelsoft Technologies

• Excelsoft Technologies is coming out with a 100% book building; initial public offering (IPO) of 4,38,59,648 shares of 10 each in a price band Rs 114-120 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on November 19, 2025 and will close on November 21, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 11.40 times of its face value on the lower side and 12.00 times on the higher side.
• Book running lead manager to the issue is Anand Rathi Advisors. 
• Compliance Officer for the issue is Venkatesh Dayananda.

Profile of the company

Excelsoft Technologies is a global vertical SaaS company focused on the learning and assessment market. The global SaaS market has seen rapid growth, with vertical SaaS emerging as a dominant trend that promises specialized, industry-tailored solutions. This shift has positioned vertical SaaS to grow at an even faster pace than general SaaS, with estimates suggesting that vertical SaaS could account for nearly 50% of the SaaS market by 2030. With over two decades of experience, the company provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide. Its platforms are cloud-based with open and industry standards compliant APIs, ensuring scalability across organizations and users. Security and performance are core to its product offerings.

The company’s focus is on assessment market through its AI based Assessment & Proctoring Solutions. Qualifications and certification bodies, awarding and credentialing bodies, admission tests councils, corporates & government entities use its Saras eAssessment platform and easyProctor remote proctoring product to deliver high-stakes examinations and tests to their end users. Certification agencies such as The Chartered Quality Institute uses the platform to create and deliver online certification exams. For Pearson Professional Assessments Limited, its Company provides a comprehensive assessment platform using which large scale online, high stakes assessments are delivered in organisations including Government Agencies and Universities. Qualifications agencies such as Training Qualifications UK (TQUK) and AQA Education and higher education agencies such as Colleges of Excellence (Saudi Arabia) as well as school assessment boards use the assessment platform to create a variety of examinations on the platform and deliver them online. This includes question creation, test construction, delivery, marking, report generation and smart analytics.

Its learning systems offerings encompass a suite of platforms & solutions that help publishers manage digital online learning solutions including subscription management, digital asset management and analytics. Its SARAS Learning Management Systems (LMS), EnablED is the Learning Experience Platform (LXP) and digital interactive book system, OpenPage, provide learning support for various academic institutions & corporations for training, learning & development requirements. Publishers such as Ascend Learning LLC and Pearson Education Group use its learning platform to create learning programs and deliver them to end users in the academic sector. Excel Public School in India uses the learning platform and LearnActiv K-12 Learning Solutions products.

Proceed is being used for:

• Funding of capital expenditure for purchase of land and construction of a new building located at Hootagalli Village, Kasaba Hobli, Mysore Taluk, Mysore District
• Funding of capital expenditure for upgradation and external electrical systems of its existing facility at Mysore District, Karnataka
• Funding upgradation of the company’s IT Infrastructure (Software, hardware and Communications & Network Services)
• General Corporate purposes

Industry Overview

Software as a Service (SaaS) is a software distribution model in which a cloud provider hosts applications and delivers them to end-users via the internet. Unlike traditional software, which typically requires on-premises installation and upfront purchasing, SaaS allows users to access applications over the internet on a subscription basis. This model is powered by cloud computing, with software hosted on remote servers managed by a service provider, enabling users to leverage advanced technology without extensive infrastructure or maintenance. SaaS has found applications across diverse sectors, transforming business operations in industries such as finance, healthcare, education, and retail. In finance, SaaS solutions provide secure platforms for transaction processing and customer service management. In healthcare, SaaS enables secure data sharing, telemedicine, and patient management, while in education, it supports virtual learning and administrative functions. The global SaaS market was valued at $261.10 billion in 2024 and is expected to reach $733.72 billion by 2030, growing at a CAGR of 18.79% during the forecast period.

SaaS is transforming the banking, financial services, & insurance (BFSI) industry by offering scalable, flexible, and cost-efficient solutions that address the unique challenges of this sector. SaaS has become a cornerstone of innovation in the retail and e-commerce industries, providing businesses with the tools to scale efficiently, adapt to changing consumer behavior, and offer personalized, omnichannel experiences. Similarly, SaaS-based solutions in the healthcare industry aid in delivering scalable, cost-effective, and innovative solutions that improve patient care, streamline operations, and enhance data management. With robust market growth, increasing demand for digital healthcare services, and advances in cloud-based technologies, the future of SaaS in healthcare is promising. SaaS solutions have increased efficiency, collaboration, and real-time data-driven decision-making in the manufacturing industry. The integration of advanced technologies such as AI, IoT, and big data analytics is playing a pivotal role in reshaping manufacturing processes.

The global SaaS market has seen rapid growth, with vertical SaaS emerging as a dominant trend that promises specialized, industry-tailored solutions. Unlike horizontal SaaS, which offers generalized software applicable across various industries (such as CRM or project management software), vertical SaaS is customized for specific industries, addressing the unique needs of specific sectors. This approach allows companies to maximize efficiency, streamline workflows, and achieve industry-specific compliance, making vertical SaaS solutions particularly attractive to enterprises that require specialized functionalities. As more industries move toward digital transformation, companies seek cloud-based solutions that align with their distinct requirements. This shift has positioned vertical SaaS to grow at an even faster pace than general SaaS, with estimates suggesting that vertical SaaS could account for nearly 50% of the SaaS market by 2030. 

Pros and strengths

End-to-end expertise in learning and assessment: The company offers products and services that encompass the entire lifecycle of learning and assessment which are feature-rich, versatile and have the ability to work across the spectrum of organisations. It has expertise across the value chain of product and services in the field of learning and assessment market. It brings years of its product development and implementation experience aided by a thorough understanding of customer requirements thus envisioning, building and implementing suitable solutions in the education, training and learning space. By engaging with business leaders in a consultative approach to understand their business workflows and requirements right from the solution inception stage, it looks to create effective technology driven solutions for its customers and come up with the right blend of product that they may need. It develops and implements products that are built on the foundation of sound engineering principles, architecture best practices and user-centric design which are adept at understanding its client’s business requirements and implementing scalable, secure, reliable, and cost-effective cloud-based solutions.

Strong and long-term global customer relationships: Long-term relationships with customers are a critical strength for any business, offering significant competitive advantages and fostering sustainable growth. When managed effectively, these relationships can contribute to stable revenue streams, brand loyalty, and global market presence. This stability allows for better financial planning, forecasting, and resource allocation. One of its strengths is its long-term relationship with its global customers. Unwavering focus on customer relationships and its ability to think alongside them enables it to add value at every step of its engagement with them. Being sensitive to customer objectives, empathizing with customer’s end users, understanding customer pain points coupled with its consulting and solution design abilities takes it to the next level of partnership with its customers. The company has its clientele spread across various parts of the globe including but not limited to countries like USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE and Canada. Most of its global customers have been associated with it for long duration. This is because of the trust that they have on its products and services over the years. Its products and services have ensured that it maintains a healthy and long-term trustworthy business relations with its global customers ensuring a growth to its business and global footprint.

Worldwide operations with focus on scalable learning solutions: The company has its subsidiaries located in UK, USA, Singapore and India, along with its presence in Dubai catering to customers across such jurisdictions. The ability to serve global clients and deliver fully compliant digital learning solutions is a significant strength for any organization, especially in the rapidly evolving education and corporate training sectors. As businesses and educational institutions look to digital learning to upskill employees, engage learners, and comply with various regulations, offering solutions that are both scalable across geographies and fully compliant with global standards is a key competitive advantage. The demand for upskilling and reskilling is a significant trend reshaping the global Learning & Development (L&D) market, driven by rapid technological advancements, shifting workforce needs, and evolving business models.

Right-fit solutions through technological flexibility: Flexibility to work with diversified technologies to provide the right-fit solution, driven by agile methodologies, is a powerful strength for any organization, especially in today’s rapidly evolving technological landscape. The company’s solutions are built after a thorough requirement gathering exercise based on which, it configures and customises the platform to meet specific customer requirements. The platform is comprehensive with support to variety of question types, workflows, testing algorithms, grading schemes, report formats etc. This comprehensive feature set coupled with the customizability enables it to provide right-fit solutions for a wide range of assessments such as admission tests, certification exams, skills assessments, test preparation, K-12 formative exams and university summative exams.

Risks and concerns

Customer concentration risk in key industry verticals: A substantial portion of the company’s customers are concentrated in a few specific industry verticals, namely the publishers and certification & testing agency verticals. In the three months period ended June 30, 2025 and Fiscals 2025, 2024 and 2023, 78.03%, 78.00%, 67.07%, and 70.03% of its revenue was derived from contracts with its customers in these verticals alone. The company’s business growth largely depends on continued demand for its services from customers in these industry verticals. A downturn in any of its targeted industry verticals, a slowdown or reversal of the trend to outsource IT services in any of these industries or the introduction of regulations that restrict or discourage companies from outsourcing could result in a decrease in the demand for its services and adversely affect its business, financial condition and results of operations.

Significant exposure to a limited number of key customers: The company is dependent on its key customers for a significant portion of its revenues. Its top 5, top 10 and top 20 customers contributed to 66.12%, 76.58% and 89.44%, respectively, of its revenue from operations in Fiscal 2025. Any decrease in revenues from any of its key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.

Significant geographic concentration risk in the U.S. market: The company’s business subjects it to risks in multiple countries where subsidiary companies and its customers are situated. It has derived 60.61%, 3.11%, 24.09% of its revenue for the three months period ended June 30, 2025, 60.45%, 3.19%, 21.47% of its revenue for Fiscal 2025, 55.00%, 10.05%, 19.98% of its revenue for Fiscal 2024 and 63.12%, 8.17%, 15.42% of its revenue for Fiscal 2023 from clients located in the United States of America, Singapore and the United Kingdom, respectively. As the company is highly dependent on generating revenue from clients located in the United States of America, any adverse developments in this market may result in the company losing customers in the United States of America, which could adversely affect its business and results of operations.

Potential adverse impact from inability to retain or attract customers: The company’s ability to retain the customers is heavily dependent upon various factors including its reputation and its ability to maintain a high level of service quality including its satisfactory performance for the customers. During the three months period ended June 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 it has lost 2, 6,12 and 15 number of customers forming 2%, 8%, 13% and 16% of its total customer base, respectively. Any failure by it to retain or attract customers may impact its business and revenues.

Outlook

Excelsoft Technologies is a global vertical SaaS company specialising in the learning and assessment market. The company provides AI-powered applications, test and assessment platforms, online proctoring solutions, learning experience platforms, student success platforms, and digital eBook platforms. The company has expertise in product engineering, development and implementation across assessments, digital learning & information management systems with robust product capabilities. On the concern side, the company’s revenues are highly dependent on a limited number of industry verticals, and any decrease in demand for outsourced services in these industry verticals could reduce its revenues and adversely affect its business, financial condition and results of operations. Moreover, the company is highly dependent on generating revenue from clients located in the United States of America, any adverse developments in this market may result in the company losing customers in the United States of America, which could adversely affect its business and results of operations.

The issue has been offering 4,38,59,648 shares in a price band of Rs 114-120 per equity share. The aggregate size of the offer is around Rs 500.00 crore to Rs 526.32 crore based on lower and upper price band respectively. Minimum application is to be made for 125 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 17.65% from Rs 1,982.97 million in Fiscal 2024 to Rs 2,332.91 million in Fiscal 2025, an increase of Rs 349.94 million. Moreover, the company recorded an increase of 172.02% in its profit for the year from Rs 127.53 million in Fiscal 2024 to Rs 346.91 million in Fiscal 2025, an increase of Rs 219.38 million.

Currently, the company has its clientele spread across various parts of the globe across various countries including but not limited to countries like USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE, Italy and Canada. As an emerging market, its strategy is to reach out to more geographies across the globe and create a more diversified clientele. As a team, it studies the pattern and the growth of the industry wherein the company operating and analyse the untapped market wherein it has a potential to enter and sustain the stiff competition. Based on such study and research by its team, it intends to shortlist and explore the possible opportunities available in specific untapped geographies, keeping in mind the ease of setting up a business, accessibility, client outreach, availability of human resource and financial viability. Its strategy is to ensure that it enhances its revenue from its already existing customers by catering to their ever evolving needs and also to ensure that it reaches out to new customers across the globe to increase its clientele by expanding its presence into the existing geographies and also enter into newer potential geographies.

Capillary Technologies India

• Capillary Technologies is coming out with a 100% book building; initial public offering (IPO) of 1,55,16,760 shares of 2 each in a price band Rs 549-577 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on November 14, 2025 and will close on November 18, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 274.50 times of its face value on the lower side and 288.50 times on the higher side.
• Book running lead managers to the issue are JM Financial, IIFL Capital Services and Nomura Financial Advisory and Securities (India). 
• Compliance Officer for the issue is Gireddy Bhargavi Reddy.

Profile of the company

Capillary Technologies India is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions primarily to Enterprise Customers (defined as customers contributing more than Rs 4.00 million in revenue from operations in the six-month period ended September 30, 2025 and September 30, 2024 and Rs 8.00 million in revenue from operations in a Fiscal) globally to develop loyalty of their consumers and channel partners. As of September 2025, based on benchmarking with its peer group and the breadth of its offerings, it stands out as one of the global leaders in loyalty and engagement management.

The company is among one of the few players in the loyalty management space that offer end-to-end loyalty solutions. The company’s diversified product suite which includes its advanced loyalty management platform (Loyalty+), connected engagement platform (Engage+), predictive analytics platform (Insights+), rewards management platform (Rewards+) and customer data platform (CDP) allow its customers to run end-to-end loyalty programs, get a comprehensive view of consumers and offer unified, cross-channel strategies that deliver a real-time omni-channel, personalized, and consistent experience for consumers. Its solutions assist customers in generating engagement, drive conversions and boost repeat sales.

The company’s SaaS products enable its customers to build engaged relationship with their consumers, help them reward their consumers and offer them analysis and insights using its CDP. Leveraging its numerous application programming interfaces (APIs), its products integrate with its customers’ existing technology stack including their enterprise resource planning (ERP) systems, point of sale (POS) systems, e-commerce, social media platforms and multiple such consumer and transaction touch points in addition to seamlessly integrating with other third party data, marketing, and analytics platforms to provide extensibility of features for its customers. The scalability, architecture and security of its technology platforms allow for integration with other existing platforms such as security systems, identity verification, access management and data analytics.

Proceed is being used for:

• Funding its cloud infrastructure cost
• Investment in research, designing and development of its products and platform
• Investment in purchase of computer systems for its business
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry Overview

Software as a Service (SaaS) is a cloud-based delivery model that allows enterprises to access applications over the internet without requiring on-premises installations. Instead of purchasing and maintaining software on local servers, businesses subscribe to SaaS platforms, which are hosted and managed by third-party providers. Over the past decade, SaaS has become the default model for enterprise software across industries. The appeal is straightforward - lower upfront investment, faster deployment, regular updates, enhanced security, and minimal IT overhead. Businesses increasingly demand solutions that support distributed workforces, automate workflows, and scale with business growth.

Further, India has evolved from being a global delivery center to a hub for SaaS product innovation. What sets India apart is a combination of factors: a deep and affordable engineering talent pool, strong founder ambition, and increasing maturity in product design and global GTM strategies. Indian SaaS companies are building high-quality products at significantly lower operating costs, allowing them to serve global markets at competitive price points without compromising on quality and functionality. Indian SaaS players are increasingly adopting a “Built-for-the-World” approach, designing products from day one to serve global users across industries and geographies. These companies are prioritizing multi-tenant, API first platforms, building for scale, localization, and compliance from the outset. With lean, digital-first sales engines, they are able to acquire and support customers remotely, often without a large on-ground presence.

As the customer engagement and loyalty landscape matures, SaaS players are evolving beyond traditional models, embracing hybrid strategies that combine the scale of horizontal solutions with the depth of vertical specialization. This dual approach allows platforms to serve cross-industry loyalty needs while still offering deep, domain specific capabilities. alesforce, Atlassian, Slack, Comarch, and Capillary Technologies are strong examples of hybrid SaaS companies that combine the broad applicability of horizontal platforms with the depth of vertical solutions - offering core functionalities that scale across industries, while also providing tailored features and integrations to meet the specific needs of sectors like retail, healthcare, finance, and travel. Going forward, Hybrid SaaS platforms offer core functionalities -- such as campaign management, analytics, and omnichannel execution -- that are applicable across various industries. This horizontal scalability allows businesses to deploy solutions rapidly and cost-effectively. 

Pros and strengths

Trusted partner in loyalty solutions: As of September 2025, the company provides a comprehensive set of AI-led SaaS products for customer relationship management (CRM) and the loyalty management industry. With a decade-long track record, it has established itself as a leader in the global loyalty solutions industry in terms of email marketing tools, marketing automation platforms, loyalty solutions, rewards programs, account-based marketing tool (ABM), customer support tools, CDP, CRM and analytics / business intelligence tools. In its experience, the company creates exit barriers for customers by offering solutions that provide value and convenience. Its loyalty programs include instant rewards, personalized benefits, and robust security measures. These features make it difficult for customers to switch to competitors, as they would lose out on these incentives. This approach not only helps it to avoid losing its customers to competitors but also expands share of wallet by fostering deeper loyalty and ongoing engagement.

Comprehensive solutions for diverse segments: The company provides a full-spectrum loyalty management platform designed to address a wide range of use cases across industries. The company’s customers are offered a comprehensive view of each consumer along with their transactional and behavioral activity across channels through its underlying CDP. It helps its customers decipher real-time interactions of consumers by applying AI and ML capabilities.  Its solutions are adaptable and scalable and are used across a diverse range of industries including retail, financial services, travel, hospitality, healthcare and consumer packaged goods. Loyalty is different for different verticals. Its platform supports multiple use cases, enabling enterprises to integrate loyalty programs with their broader customer engagement strategies.

Scalable cloud-based infrastructure with seamless integration: The company’s technology infrastructure is built on a scalable, cloud-based architecture that allows its customers to process large volumes of data on a real-time basis and ensure speed and stable performance on a large scale to accommodate and support the increased complexity and diversity of their business operations. Its cloud platform is built to integrate seamlessly with the customer’s existing technology stack. It is able to integrate solutions offered by payments providers, marketing platform players, and analytics platforms with its platform. It amalgamates transactional systems that payment providers typically focus on with seamless workflow management, and AI-driven efficient data management and analytics.

Strong partnership network resulting in addition of new brands: The company has a successful track record of adding new brands through organic growth and strategic acquisitions. Its customer acquisition strategy is driven by a combination of direct sales efforts and an extensive partner network. The acquisition and integration of Persuade Group in Fiscal 2021 enabled it to enhance its capabilities and expand its reach in new verticals such as healthcare, with the notable entry of an American healthcare company that provides technology services, pharmacy care services and various direct healthcare services. Over the last three Fiscals, it has added multiple new customers including Masan Group Corporation, a Spanish multinational financial services company, a Canadian multinational banking and financial services corporation, a British multinational telecommunications company, is a retail and commercial bank in the United Kingdom, an Indian adhesives manufacturing company and an American healthcare company that provides technology services, pharmacy care services and various direct healthcare services.

Risks and concerns

Revenue dependency on limited clients: The company generated a significant portion of its revenues from a limited number of customers. Its top 5 and top 10 customers contributed to 38.60% and 55.70% of its revenue from operations in the six-month period ended September 30, 2025, and 43.35% and 58.71%, in Fiscal 2025, respectively. Any loss or reduction of business or termination of contracts from/by these customers could reduce its revenues and materially adversely affect its business, results of operations, financial condition, and cash flows.

High exposure to North American customers: The company has derived a significant portion of its revenue from customers located in North America. In the six-month period ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023 its revenue from the customers located in North America accounted for 56.01%, 57.20%, 56.59%, 48.09% and 20.00%, respectively, of its revenue from operations. Any adverse developments in North America could adversely affect its business, results of operations, cash flows and financial condition.

High exposure to select industry segments: A majority of the company’s revenues are dependent on a limited number of industry verticals. Customers in retail, healthcare, BFSI and telecommunications verticals contributed to 63.83%, 63.39%, 64.08%, 56.60% and 50.19% of its revenue from operations in six-month period ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023 respectively. Any decrease in demand for services in these industry verticals could reduce its revenues and materially adversely affect its business, results of operations, financial condition, and cash flows.

Sustained losses and future profitability risk: The company has incurred losses of Rs 68.22 million in the six-month period ended September 30, 2024 and Rs 593.78 million in Fiscal 2024 and Rs 877.19 million in Fiscal 2023 and certain of its Material Subsidiaries have also incurred losses in the past and it may experience losses in the future which could result in an adverse effect on its business, cash flows and financial condition.

Outlook

Capillary Technologies India is a leading Indian software-as-a-service (SaaS) company that specializes in customer loyalty and engagement solutions. The company has comprehensive solutions (Loyalty+, Insights+, Engage+, Rewards+) for Diverse Segments. The company has multiple loyalty program and coalitions for retailers and conglomerates. On the concern side, the company generated a significant portion of its revenues from a limited number of customers and any loss or reduction of business or termination of contracts from/by these customers could reduce its revenues and materially adversely affect its business, results of operations, financial condition, and cash flows. Moreover, the company has derived a significant portion of its revenue from customers located in North America and any adverse developments in North America could adversely affect its business, results of operations, cash flows and financial condition.

The issue has been offering 1,55,16,760 shares in a price band of Rs 549-577 per equity share. The aggregate size of the offer is around Rs 851.87 crore to Rs 895.32 crore based on lower and upper price band respectively. Minimum application is to be made for 25 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations, increased by 13.93% from Rs 5,251.00 million in Fiscal 2024 to Rs 5,982.59 million in Fiscal 2025 primarily on account of an increase in retainership and other services. Moreover, restated profit for the year was Rs 132.80 million in Fiscal 2025 as compared to a restated loss for the year of Rs 593.78 million in Fiscal 2024.

Working with partners helps it to get entry into large enterprises that are focused on digital transformation. A dedicated team is focused on building relationships with potential partners to gain access to their customer base. It is also strengthening relationships with industry analysts to increase pipeline visibility and improve New ACV contribution. Additionally, in Fiscal 2025, it has established one customer advisory board for India and Middle East and are building two more customer advisory boards to cater to South-east Asia and US/UK customers. These customer advisory boards comprise a group of selected customers who provide strategic insights and feedback to help shape its products and services. This board helps it to ensure that its solutions align with customer needs and industry trends. Members of the advisory board share their experiences, challenges, and suggestions, enabling it to continuously improve and innovate its offerings.

Fujiyama Power Systems

• Fujiyama Power Systems is coming out with a 100% book building; initial public offering (IPO) of 3,77,77,777 shares of 1 each in a price band Rs 216-228 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on November 13, 2025 and will close on November 17, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 216.00 times of its face value on the lower side and 228.00 times on the higher side.
• Book running lead managers to the issue are Motilal Oswal Investment Advisor and SBI Capital Markets. 
• Compliance Officer for the issue is Mayuri Gupta.

Profile of the company

Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. The company strives to excel in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production. Additionally, it supports robust R&D capabilities in inverter technology and provide a wide variety of solar SKUs, distinguishing the company as a well-rounded leader in the industry. The company has built a brand recall and reputation in the industry through its brands ‘UTL Solar’, which has a legacy of 29 years, and ‘Fujiyama Solar’. The company has developed four manufacturing facilities and R&D capabilities domestically, and with a consistent focus on technological development and product innovation, it has a track record of being one of the few companies in India to develop Online UPS with single card, Combo UPS along with automatic voltage regulation (AVR), high frequency online UPS and single card surface mount technology (SMT) inverter in India.

The company has created a complete ecosystem in the roof top solar industry. The company seamlessly integrate innovation, manufacturing, distribution and customer service, guided by market research, customer feedback and R&D to deliver reliable solar energy solutions. Its extensive distribution network including UTL Shoppe ensure widespread accessibility and empower local entrepreneurs to drive renewable energy adoption. Its comprehensive services such an installation, subsidy assistance, training of its dealers and technicians and post-sales support aim to ensure complete customer satisfaction. In the last three financial years and three months period ended June 30, 2025, it has sold 1,727,114 (757.37MW) solar panels, 662,393 (1,544.09 MW) solar inverters and 925,776 (1,875.10 MWh) batteries and contributed to over 1 GW+ of off-grid, on-grid, and hybrid solar rooftop installations across India.

The company has a comprehensive product portfolio in roof-top solar segment. It offers an extensive range of products including solar PCUs, solar off-grid, on-grid and hybrid inverters, solar panels, pulse width modulation (PWM) chargers and other battery chargers, lithium-ion and tubular batteries, online uninterruptible power supply systems, offline UPS systems, solar management units and solar charge controllers, among others which provides value-for-money to its customers. Further, in the EV segment, it specifically provides chargers for three-wheeler electric autorickshaws (E-Rickshaws) and lithium-ion batteries. With various combinations, it offers over 522 SKUs which can be tailored to meet the specific preferences and requirements of the customer and their location, for example its hybrid charge controller units are engineered to efficiently run direct current (DC) loads, such as with telecom equipment, and its off-grid inverters are designed for regions with limited or no access to grid power and are ideal for remote areas.

Proceed is being used for:

• Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh
• Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry Overview

India, with an installed solar capacity of 102 GW in 2024, is rapidly advancing toward its goal of 300 GW by 2030, driven by initiatives like the National Solar Mission and the Renewable Energy Development Program. The government's Production Linked Incentive (PLI) scheme supports domestic solar manufacturing, reducing dependence on imports. India’s abundant solar resources fuel growth in utility-scale projects and rooftop installations, aided by falling costs and subsidies like the Rooftop Solar Scheme Phase II, PM-KUSUM, PM Surya Ghar-Muft Bijli yojna, solar park development, and the National Wind-Solar Hybrid Policy that have laid a strong foundation for this transformation. India’s leadership in global initiatives, such as the International Solar Alliance (ISA), underscores its role in promoting solar energy globally. With strong policy support and growing domestic and international demand, India is set to shape the future of global solar energy.

India's power sector is undergoing a transformation with a focus on increased capacity and clean energy. Government initiatives like the Basic Customs Duty (BCD) on imported solar modules and the Production-Linked Incentive (PLI) scheme are boosting domestic manufacturing, driving solar capacity growth. By FY32, solar is expected to dominate the energy mix, increasing its share from 22% in FY25 to 40%, with capacity rising from 106 GW to 365 GW. Wind power will also grow significantly from 50 GW to 122 GW. This growth is supported by large-scale solar projects, policy initiatives, and a push to reduce reliance on thermal power, aligning with India’s renewable energy targets.

Over the last five years, rooftop solar emerged as instrumental in driving global installed PV capacity growth, with its contribution rising from 37 GW (36% share) in 2018 to 105 GW (~47% share) in 2022. Rooftop systems scaled rapidly, accounting for nearly half of annual installations by 2022, underscoring their role as a key growth engine in the global shift from utility-dominated solar towards more decentralised, distributed capacity additions. India's rooftop solar PV capacity is set to witness good growth, backed by Government policies, increasing awareness in the residential and C&I segment. The MNRE’s Phase II Rooftop Solar Programme, launched in March 2019 with an outlay of Rs. 11,814 crores, provides financial assistance of up to 60% for residential grid-connected systems. The scheme also incentivizes DISCOMs for additional capacity. By FY24, cumulative capacity additions reached around 12 GW, with the segment expected to reach 90-100 GW by FY30, in line with India's goal of 500 GW of renewable energy by 2030. 

Pros and strengths

Diversified portfolio of solar products: The company is a prominent Indian company that specializes in providing solar energy solutions. It has an extensive product portfolio offering a comprehensive suite of products in the roof-top solar segment. It offers an extensive range of products including solar PCUs, solar off-grid, on-grid and hybrid inverters, solar panels, battery chargers, lithium-ion and tubular batteries, online UPS systems, offline UPS systems, solar management units and solar charge controllers, among others which provides value-for-money to its customers. Further, in the EV segment, it specifically provides chargers for E-Rickshaws and lithium-ion batteries. It offers over 522 SKUs which can be tailored to meet the specific preference and requirements of the customer and the geographical location which reduces dependency on any single product category, ensuring resilience against market fluctuations and steady revenue growth. 

Track record of technological development and product innovation: With more than 29 years of experience, more than 65 R&D professionals and more than 500 qualified engineers, as on June 30, 2025, the company has a proven track record of being an early adopter of innovative technology, implementing manufacturing processes that align with global best practices to enhance efficiency and product quality. It strives to pioneer innovative adoption of solar energy solutions. It has a track record of being one of the few companies in India to develop Online UPS with single card, Combo UPS along with AVR, High Frequency Online UPS and single card SMT Inverter in India. The company began manufacturing solar PCU in 2012 whereas online solar PCUs in 2014. The company is first Indian company to develop SMT inverter with single card in the year 2000.

Robust distribution network: The company has established a strong and widespread sales and distribution network, enabling it to reach a diverse customer base throughout the country. This robust network includes distributors, dealers and exclusive franchisee ‘Shoppes’. As on June 30, 2025, the company has 725 distributors, 5,546 dealers and 602 service engineers who travel throughout the country to serve its customers. It also offers its products in 1,100 exclusive “Shoppe”. In its exclusive UTL Solar ‘Shoppe’ franchise network in Indian cities, its customers are educated on selecting the right rooftop system and components from a single source, ensuring seamless procurement and professional installation. The Shoppe engineers and sales collection managers prior to their deployment are trained by its teams through its channel network.

Quality-centric and precision-driven large scale manufacturing infrastructure: The company operates four advanced in-house manufacturing facilities across the country. As of Fiscal 2025, its Greater Noida Facility has an available installed capacity of manufacturing 656,547 solar panels, 387,504 solar inverters and UPS, 309,504 e-Rickshaw chargers and 7,488 lithium-ion batteries. Its Parwanoo Facility has an available installed capacity of manufacturing 51,917 solar PCUs and UPS (in Fiscal 2025). Its Bawal Facility has an available installed capacity of manufacturing 439,296 tubular batteries and 195,669 solar panels (in Fiscal 2025) and its Dadri Facility, which has been commissioned on March 23, 2025, has an available installed capacity of manufacturing 20,060 solar panels (in Fiscal 2025) which is further augmented by addition of another solar panel production line on October 1, 2025 and its proposed addition of solar cell production line by January 2026. These streamlined production systems are certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health and Safety). Its manufacturing setup at Greater Noida has also been preferred by the Ministry of New and Renewable Energy (MNRE) for training members of the International Solar Alliance.

Risks and concerns

Dependence on limited geographic region for manufacturing: All of the company’s existing manufacturing facilities are located in northern India, specifically in Parwanoo (Himachal Pradesh), Greater Noida (Uttar Pradesh), Bawal (Haryana) and Dadri (Uttar Pradesh). Due to this geographic concentration, its operations are vulnerable to region-specific risks and disruptions, including but not limited to: Political or social unrest, such as protests, strikes, or regional agitations; Natural disasters, including floods, earthquakes, or extreme weather conditions; Local infrastructure disruptions (transport, power, water, logistics); Regulatory changes or local government actions; and Regional labour shortages or disruptions. Any adverse developments in the region may lead to disruptions in manufacturing, delays in shipment, increased operational costs, or damage to facilities. These factors could materially and adversely affect its production schedules, customer commitments, and overall business performance.

Exposure to import duties and international trade risks: The company imports a significant part of its raw material supply from China and it imports equipment and machinery from other foreign countries and the same is subject to certain risks. Restrictions on or import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on its products in its export markets may adversely affect its business prospects, financial performance and cash flows.

Regional revenue concentration and expansion challenges: The company derived a substantial portion of its retail sales from Uttar Pradesh and is in the process of expanding its retail network to target new customers. The company has garnered 35.61%, 32.74% and 32.74% of its total revenue from Uttar Pradesh in FY25, FY24 and FY23 respectively. Any adverse change in the demand of its products in Uttar Pradesh or failure to expand into new markets may have an adverse impact on its business, growth, financial condition, cash flows and results of operations.

Significant amount of working capital require: The company’s business requires a significant amount of working capital as there is considerable time lag between purchase of raw materials and realisation from sale of its finished goods. Thus, the company required to maintain sufficient stock to meet manufacturing requirements affecting its working capital requirements. Consequently, there could be situations where the total funds available to it may not be sufficient to fulfil its commitments, and hence it may be required to incur additional indebtedness or utilize internal accruals to meet its working capital requirements. The company’s inability to meet the working capital requirements may have an adverse effect on its results of operations.

Outlook

Fujiyama Power Systems manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. The company has robust distribution network, and post-sale service capabilities driving strong brand recognition. The company has quality-centric and precision-driven large-scale manufacturing infrastructure driving production efficiency. On the concern side, the company derived a substantial portion of its retail sales from Uttar Pradesh and is in the process of expanding its retail network to target new customers. Any adverse change in the demand of its products in Uttar Pradesh or failure to expand into new markets may have an adverse impact on its business, growth, financial condition, cash flows and results of operations. Moreover, geographical concentration of the company’s manufacturing facilities in northern India exposes it to region specific risks that could adversely affect its business, financial condition, results of operations, and cash flows.

The issue has been offering 3,77,77,777 shares in a price band of Rs 216-228 per equity share. The aggregate size of the offer is around Rs 816.00 crore to Rs 861.33 crore based on lower and upper price band respectively. Minimum application is to be made for 65 shares and in multiples thereon, thereafter. On performance front, revenue from operations increased by 66.62% from Rs 9,246.88 million for Fiscal 2024 to Rs 15,406.77 million for Fiscal 2025, primarily due to an increase in sale of its solar products and rendering of services. Moreover, restated profit for the year increased significantly by 245.09% from Rs 453.03 million in Fiscal 2024 to Rs 1563.35 million in Fiscal 2025.

In a bid to continue to maintain its market position in the domestic solar panel, solar inverter and battery manufacturing, it is constantly evaluating opportunities to strategically grow its operations. The company has continuously upgraded its existing facilities’ installed manufacturing capacity. Moreover, it plans to use the Offer Proceeds for establishing an integrated project in Ratlam, Madhya Pradesh which will more than double its current manufacturing capacity and will help it to meet the growing demand from West and South India. This proposed expansion will grow its manufacturing capacity of lithium-ion batteries by 2,000 MWh, and of solar panels and solar inverters by 2,000 MW each. Going forward, the company is focusing its growth particularly in the southern and western regions, where it aims to engage more distributors and establish exclusive retail outlets to strengthen its brand presence. Through this strategic expansion, it is positioning itself for more balanced growth, reducing the risk associated with market fluctuations, and enhancing its overall market footprint.

Tenneco Clean Air India

• Tenneco Clean Air India is coming out with a 100% book building; initial public offering (IPO) of 9,52,38,095 shares of 10 each in a price band Rs 378-397 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on November 12, 2025 and will close on November 14, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 37.80 times of its face value on the lower side and 39.70 times on the higher side.
• Book running lead managers to the issue are JM Financial, Citigroup Global Markets India, Axis Capital and HSBC Securities and Capital Markets (India). 
• Compliance Officer for the issue is Roopali Singh.

Profile of the company

Tenneco Clean Air India is part of the Tenneco Group, a U.S. headquartered key global Tier I automotive component supplier. Tenneco Group generated $16,777 million in revenue in the year ended December 31, 2024. The company’s first manufacturing plant in India was established in 1979 at Parwanoo. It manufactures and supplies critical, highly engineered and technology intensive clean air, powertrain and suspension solutions tailored for Indian OEMs and export markets. The company’s customer base spans across OEMs who use its products in: (i) passenger vehicles (PVs), (ii) commercial vehicles (CVs), which comprises commercial trucks (CTs) and off-highway vehicles (OHs), and (iii) industrial and other applications, which comprises generator sets, small commercial vehicles with gross vehicle weight of less than 3.5 tons, two wheelers and three wheelers (Industrial/Others). The company also sells to the aftermarket primarily through Motocare India (Motocare), a subsidiary of Tenneco LLC and its Group Company.

The company is well-positioned in each of its product offerings. It is the largest supplier of Clean Air Solutions to Indian CT OEMs, with a market share of 57. It is the largest supplier of Clean Air Solutions to Indian OH OEMs (excluding tractors), with a market share of 68%. The company is among the top four suppliers of Clean Air Solutions to Indian PV OEMs, with a market share of 19%. Also, the company is largest supplier of shock absorbers and struts to Indian PV OEMs, with a market share of 52%.

It operates two business divisions, Clean Air & Powertrain Solutions and Advanced Ride Technologies. The Clean Air & Powertrain Solutions division comprises: (i) Clean Air Solutions, where it designs, manufactures and sells exhaust after treatment systems, such as catalytic converters, mufflers and exhaust pipes to OEMs (Clean Air Solutions); and (ii) Powertrain Solutions, where it designs, manufactures and sells engine bearings, sealing systems and ignition products (such as spark plugs and ignition coils) to OEMs and the aftermarket under the Champion brand (Powertrain Solutions). Moreover, the Advanced Ride Technologies division designs, manufactures and sells shock absorbers, struts and advanced suspension systems under the Monroe brand to OEMs and the aftermarket (Advanced Ride Technologies). These products are used for both internal combustion engine (ICE) vehicles and electric vehicles (EVs).

Proceed is being used for:

• Carrying out the Offer for Sale of Equity Shares of face value of Rs 10 each by the Promoter Selling Shareholder
• Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Industry Overview

The Indian PV market is one of the fastest growing in the world and ranked second in terms of annual sales (after China) in 2023. However, Indian PV sector has historically seen significant periodic fluctuations in overall demand. The market is highly underpenetrated. According to CRISIL Intelligence, car penetration of 27.5 per 1,000 people in India as of fiscal 2025 was significantly lower than that of developed countries and even emerging economies such as Brazil, Russia, and Mexico, providing significant headroom for growth, especially given the expected increase in disposable income, faster economic growth, younger population, and increased focus of international OEMs. With penetration below the global average, India offers tremendous growth potential for automobile manufacturers. Moreover, the domestic Commercial Trucks (CTs) industry witnessed significant fluctuations in sales volumes over the past few years, influenced by economic cycles, regulatory changes, and external disruptions.

Meanwhile, Indian automobile industry is shifting towards low or no emission driven by government regulations and increasing need for ecofriendly vehicles. After treatment systems in a vehicle are designed to reduce emissions and pollutants released into the atmosphere. These systems are typically used with ICE vehicles, particularly diesel engines, to minimize the environmental impact of vehicle emissions. The primary goal of after treatment systems is to reduce harmful emissions such as nitrogen oxides (NOx), particulate matter (PM), carbon monoxide (CO), and hydrocarbons (HC). Hence to reduce emissions, the automotive industry is focusing on developing advanced technologies such as exhaust gas recirculation (EGR) system and selective catalytic reduction (SCR) systems that are part of the modern after treatment systems. The use of after treatment systems in construction equipment, tractors and industrial applications (gensets) is also on the rise with tightening emission regulations.

Clean air solutions market at an overall level is estimated at Rs 54,234 million in fiscal 2025. It is expected to grow at a CAGR of 8-10% between fiscal 2025 and fiscal 2030 to reach Rs 79,500-87,500 million. The market is primarily driven by strengthening emissions regulations mandating the need for more advanced after treatment systems. Clean air solutions market for PV is estimated at Rs 34,813 million in fiscal 2025. It is expected to grow at 6-8% CAGR over the fiscal 2025-30 to reach Rs 46,500-51,000 million in fiscal 2030. Passenger vehicles are expected to grow by CAGR 4-6% to reach 5.3-5.7 million units in the fiscal year 2030. As the passenger vehicle grows, the traditional ICE will continue relying on Catalytic system and rise of alternate technologies such as hybrid and CNG drives the demand for Clean air solutions. Increasing environmental awareness and fuel cost benefits are driving CNG vehicles especially in PVs, CNG vehicles require specialized TWCs optimized for methane reduction, creating a niche but growing segment of the Clean air solutions. The SCV/I market is estimated at Rs 5,606 million in fiscal 2025 while SCV market is estimated at Rs 4,105 million for the same period. The industrial category which includes Power-gen (Gas and Diesel gensets) segment stood at Rs 1,501 million with an expected CAGR of 6-8% to reach Rs 2,000-2,200 million by the fiscal year 2030. 

Pros and strengths

Market leading supplier of critical, highly engineered and technology intensive clean air, powertrain and suspension solutions to leading Indian and global OEMs: The company supplies critical, highly engineered and technology intensive clean air, powertrain and suspension solutions tailored for Indian OEMs and export markets, with leading market shares across several automotive industry sub-segments in terms of revenue by vehicle segment for Fiscal 2025. In terms of value (revenue) in Fiscal 2025, the company is the largest supplier of Clean Air Solutions to Indian CT OEMs with a market share of 57%, the largest supplier of Clean Air Solutions to Indian OH OEMs (excluding tractors) with a market share of 68% and among the top four suppliers of Clean Air Solutions to PV OEMs with a market share of 19%. The company is also the largest supplier of shock absorbers and struts to Indian PV OEMs with a market share of 52% in terms of value (revenue) in Fiscal 2025.

Strategically diversified portfolio of proprietary products and solutions well positioned to capture market and industry trends: The company offers a diversified range of customized and proprietary products and solutions for each industry sub-segment including exhaust after treatment systems such as catalytic converters, mufflers and exhaust pipes, engine bearings, sealing systems, spark plugs, shock absorbers and struts and advanced suspension systems. In addition to supplying OEMs, the company generates revenue from the aftermarket and exports, traditionally counter-cyclic revenue streams. As different geographies experience economic cycles at different points of time as opposed to concurrently, it pursues export opportunities to other Tenneco Group companies and OEMs. This revenue structure reduces the impact of downturns in the automotive industry and promotes stability and resilience in its financial performance.

Innovation-focused approach aided by its ability to leverage Tenneco Group’s global R&D initiatives: The company is committed to innovation, supported by its R&D capabilities and the ability to leverage Tenneco Group’s global R&D initiatives and product portfolio. As of June 30, 2025, Tenneco Group is the owner of more than 5,000 active patents and patent applications worldwide and more than 7,500 active trademarks worldwide. Its R&D initiatives, driven by its technical team often in close collaboration with its customers, develop innovative, cost-effective and customized systems and solutions. Currently, the company has nine designs registered under Class 12 - 16 of the Designs Act 2000 and one patent registered under the Patents Act, 1970 in India.

Flexible and automated manufacturing footprint of 12 strategically located plants: The company has 12 manufacturing facilities across seven states and one union territory in India, comprising seven Clean Air & Powertrain Solutions facilities and five Advanced Ride Technology facilities, as of June 30, 2025. The company’s facilities are strategically located in key automotive OEM hubs in India such as Maharashtra, Tamil Nadu, National Capital Region (NCR) and Gujarat. This geographic diversity allows it to serve major automotive markets across India while optimizing freight and logistics cost, providing its clients with timely and reliable access to its products. The company’s facilities are equipped with advanced technologies and quality production processes, including automated production processes with remote diagnostics, robotic cells, and laser markings for product traceability. Its assembly lines are digitized for efficient inspection and recording.

Risks and concerns

Operational dependence on Tenneco Group: The company dependent on entities in the Tenneco Group for its operations, such as the license to use Tenneco Group’s brands and patented designs, technical know-how, purchase of certain parts and materials, and R&D. Any adverse change in its relationship, including the termination of its License Agreement, could have an adverse impact on its business, reputation, financial condition, and results of operations.

High exposure to domestic automotive sector performance: The company derived a significant portion of its revenue from operations, i.e. 81.35%, 83.44%, 82.04%, 83.87% and 83.06% in the three months ended June 30, 2025 and June 30, 2024 and in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, from the passenger vehicle (PV) and commercial vehicle (PV) sectors in India. Any adverse changes in these sectors in India could adversely impact its business, results of operations and financial condition.

Dependent on limited customer base: The company’s top ten customers (based on Fiscal 2025) contributed 80.57%, 82.32%, 81.54%, 83.92% and 77.79% of its revenue from operations in the three months ended June 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. If one or more of these customers chooses not to source products from it, its business, financial condition and results of operations may be adversely affected.

Reliance on key suppliers for critical components: The company is dependent on a limited number of suppliers to procure its raw materials and certain components (such as pressed parts, electrodes and bimetal strips). In the three months ended June 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023 its purchases of raw materials from its top ten suppliers for the respective periods/Fiscals contributed to 31.54%, 31.22%, 30.18%, 39.52%, and 42.47% of its raw material purchases (net), respectively. For certain of its components such as pressed parts, electrodes and bimetal strips, it is dependent on a single supplier. Interruptions in the supply of raw materials and components could adversely affect its ability to manufacture its products, execute its projects and consequently its business and results.

Outlook

Tenneco Clean Air India is a subsidiary of Tenneco Inc., a global leader in designing and manufacturing clean air and powertrain products for automotive applications. The company operates within the Clean Air division, focusing on emission control technologies for both light and commercial vehicles. The company is market leading supplier of critical, highly engineered and technology intensive clean air, powertrain and suspension solutions to leading Indian and global OEMs. It has strategically diversified portfolio of proprietary products and solutions well positioned to capture market and industry trends. On the concern side, the company dependent on entities in the Tenneco Group for its operations, such as the license to use Tenneco Group’s brands and patented designs, technical know-how, purchase of certain parts and materials, and R&D. Moreover, the company garnered maximum revenue from limited customers and if one or more of these customers chooses not to source products from it, its business, financial condition and results of operations may be adversely affected.

The issue has been offering 9,52,38,095 shares in a price band of Rs 378-397 per equity share. The aggregate size of the offer is around Rs 3600.00 crore to Rs 3780.95 crore based on lower and upper price band respectively. Minimum application is to be made for 37 shares and in multiples thereon, thereafter. On performance front, the company’s total income decreased by 10.94% to Rs 49,314.45 million in Fiscal 2025 from Rs 55,373.88 million in Fiscal 2024, primarily due to a decrease in its revenue from operations of 10.56% to Rs 48,904.30 million in Fiscal 2025 from Rs 54,676.12 million in Fiscal 2024 driven by a decrease in substrate revenue by 57.44%, partially offset by an increase in VAR of 2.61%. Moreover, the company’s restated profit for the year in Fiscal 2025 increased by 32.72% to Rs 5,531.43 million from Rs 4,167.87 million in Fiscal 2024.

The company’s Clean Air Solutions business is strategically positioned to capitalize on increasingly stringent global and regional emission standards. With its diversified end-market spanning CVs and PVs and increasing CPV trends, the company is well-positioned to sustain its growth irrespective of evolving electrification in PVs / CVs. Going forward, the company plans to target key OEMs across all end markets with modular and standardized emission control solutions that are compliant with BS7, CAFE norms, TREM V, CPCB and CEV. The company’s strategy involves early engagement with both Indian and global OEMs to offer Clean Air Solutions products compliant with future standards. By tailoring global technologies to India-specific needs, it expects this strategy to enable faster time to market and strengthen its market position.

Workmates Core2Cloud Solution

• Workmates Core2Cloud Solution is coming out with an initial public offering (IPO) of 34,23,600 equity shares in a price band of Rs 200-204 per equity share. 
• The issue will open on November 11, 2025 and will close on November 13, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 20 times of its face value on the lower side and 20.40 times on the higher side.
• Book running lead manager to the issue is Horizzon Management.
• Compliance Officer for the issue is Purbali Saha.

Profile of the company

The company is a cloud and digital transformation company, dedicated to helping enterprises modernize, secure, and scale their digital core. It delivers a full spectrum of cloud and cloud-centric services - spanning workload assessment, seamless migration, application modernization, and end-to-end managed services - in strategic collaboration with Amazon Web Services (AWS). Its solutions are designed not only to move businesses to the cloud but to enable them to unlock the full potential of digital transformation and Generative AI with agility, security and scale.

It's comprehensive range of services enables it to partner with customers throughout their entire cloud and digital transformation journey, now further strengthened by the growing adoption of AI and Generative AI technologies into cloud technology. Its engagement typically begins with a thorough assessment of the customer’s existing IT landscape to understand their business needs and readiness for the cloud. It then designs and executes a seamless migration and implementation plan that ensures minimal disruption and maximum value. Post-migration, it helps customers modernize their applications to fully leverage cloud-native capabilities, improving agility, scalability, and performance. Beyond the initial transformation, its managed services provide continuous monitoring, optimization, security, and compliance support ensuring customers derive ongoing value, efficiency, and innovation from their cloud environment. This end-to-end capability positions it not just as a service provider for one-time migrations, but as a long-term digital partner driving sustainable growth and transformation for its clients.

In addition to its core cloud services, it offers integration of cybersecurity solutions of third-party OEMs into cloud to ensure that its customers’ digital environments remain secure, compliant, and resilient. As businesses increasingly rely on cloud platforms, protecting sensitive data and ensuring secure operations has become critical. It integrates leading cybersecurity tools and best practices into every stage of the cloud journey covering threat detection, data protection, access control, and compliance so that customers can operate confidently in a secure digital environment.

Proceed is being used for:

• Prepayment or repayment of secured loan availed by the company from Banks 
• Funding of working capital requirements
• General corporate purposes

Industry Overview

The Cloud Computing Market size is estimated to reach $0.79 trillion in 2025, and is expected to reach $1.69 trillion by 2030, at a CAGR of 16.4% during the forecast period (2025-2030). The increasing global demand for cloud computing is driven by emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML). The growing focus on customer-centric applications to enhance consumer satisfaction also contributes to these technologies' rise. Cloud-based infrastructure provides flexible and on-demand resource access, supporting new digital business solutions. This technology is beneficial for enterprise resource planning (ERP), online transaction processing (OLTP), and supply chain management (SCM) across various sectors. 

As of FY23, the IT industry contributed 7.5% to India's GDP, with projections indicating it could reach $350 billion by 2026, accounting for 10% of the country's GDP. The industry added 2,90,000 new jobs in FY23, bringing the total workforce to 5.4 million people. In FY22, India's IT sector generated $227 billion in revenue, a 15.5% year-on-year growth, and is estimated to have reached $245 billion in FY23. According to a 2021 AWS survey, India is expected to see a ninefold increase in digitally skilled workers by 2025, requiring around 3.9 billion digital skill training sessions. By 2026, India will need 30 million digitally skilled professionals. 

Cloud Computing Services provide the new model of offering services (Platform as a Service (PaaS), Infrastructure as a Service (IaaS), Software as a Services (SaaS) and Storage as a Service (STaaS) to the users at fast pace which is also cost effective. In order to utilise and harness the benefits of Cloud Computing, Government of India has embarked upon an ambitious initiative - ‘GI Cloud’ which has been named as 'MeghRaj'. This initiative is to implement various components including governance mechanism to ensure proliferation of Cloud in the government. The focus of this initiative is to accelerate delivery of e-services in the country while optimizing ICT spending of the Government.

Pros and strengths

Customer satisfaction and long-standing relationships: It has built enduring partnerships with clients across industries by consistently delivering value through reliable service, bespoke cloud solutions, and timely execution. Its client relationships are strengthened by proactive engagement, regular senior management reviews, and direct support from its implementation teams. These relationships foster trust and recurring business, enabling cross-sell and up-sell opportunities across service lines and geographies. The confidence its customers place in it is reflected in case studies and references included in this document.

Scalable, Capital-Efficient business model: Its cloud-focused, asset-light model enables it to scale rapidly while maintaining financial discipline. It is demonstrated the ability to efficiently onboard new customers, execute high-quality projects, and manage costs- resulting in profitable growth. Its model is powered by:  A highly skilled cloud delivery team; Deep specialization in AWS and cloud-native technologies; Integration of cybersecurity and Gen AI into mainstream services; and A balanced GTM strategy targeting both SMBs and large enterprises.

Cross-Industry, Borderless service capability: The company has no industry or regional restrictions in its service delivery model. Its cloud and digital offerings are relevant across all verticals-including BFSI, healthcare, manufacturing, media, IT/ITES, education, and government. This breadth of applicability has led to a diverse and de-risked revenue mix across customers and geographies. India’s rich base of SMBs and cloud talent gives it a competitive advantage in delivery and cost efficiency, while its increasing focus on export revenue helps it taps into international opportunities and expand its global presence.

Risks and concerns

Dependent on a few customers: The substantial portion of its revenue is significantly dependent on certain key customers. For instance, its top five customers for the five months period ended August 31, 2025 and financial years 2024-25, 2023-24 and 2022-23 accounted for 51.69%, 51.02%, 53.09% and 38.15% of its revenue from operations for the respective period/financial years. its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its key customers, acceptance of the provisional order, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Rely heavily on usage of cloud space: Its operations rely heavily on the consistent availability of cloud services. Any disruption in cloud usage could hinder its supply chain efficiency. Suppliers may face delays in delivering essential materials to the company. Similarly, its ability to fulfill customer orders could be compromised. This may lead to longer lead times and missed delivery commitments. Increased reliance on alternative logistics may raise transportation costs. Higher operational expenses could impact overall profitability. System outages could also affect inventory management and tracking. Continuity in cloud service is therefore critical to its business functions. Any significant disruption poses a risk to smooth and cost-effective operations.

Dependent on few key suppliers: It procures services from various suppliers. For the period ended on August 31, 2025, financial years 2024-25, 2023-24 and 2022-23, purchases from its top five suppliers amounted to Rs 3,396.26 lakh, Rs 7,068.82 lakh, Rs 3,396.04 lakh and Rs 1,921.94 lakh respectively, which represented 86.86%, 98.14%, 99.67% and 99.11% of its total services purchased, respectively, for the said period. It does not have any long-term supply contracts with these suppliers and therefore, it cannot assure that it shall always have a steady supply of products and services at prices favorable to the company. Any delay, interruption or reduction in the supply of products and services may adversely affect its business, results of operations, cash flows and financial conditions.

Outlook

Workmates Core2Cloud Solution is a cloud and digital transformation company, dedicated to helping enterprises modernize, secure, and scale their digital core. It delivers a full spectrum of cloud and cloud-centric services - spanning workload assessment, seamless migration, application modernization, and end-to-end managed services - in strategic collaboration with AWS. On the concern side, its revenues are highly dependent on clients located in India. Any decline in the economic health of India could adversely affect its business, financial condition and results of operations. Further, it is dependent on its ability to develop new services and products, and enhance its existing services and products. If its products and services do not gain market acceptance, its operating results may be negatively affected.

The company is coming out with a maiden IPO of 34,23,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 200-204 per equity share. The aggregate size of the offer is around Rs 68.47 crore to Rs 69.84 crore based on lower and upper price band respectively. On performance front, total revenue increases by Rs 5,485.71 lakh and 102.48%, from Rs 5,352.94 lakh in the fiscal year ended March 31, 2024 to Rs 10,838.65 lakh in the fiscal year ended March 31, 2025. Moreover, the Profit after Tax have been increased by 160.39% from Rs 534.85 lakh in the fiscal year ended March 31, 2024 to Rs 1,392.71 lakh in the fiscal year ended March 31, 2025.

The company’s business strategy is anchored in the rapidly evolving cloud ecosystem driven by global digital transformation, widespread internet and mobile usage, and the growing demand for scalable infrastructure and data-driven innovation. It focuses on delivering specialized Cloud and Cloud-related services, including migration, modernization, managed services, and the integration of cybersecurity and Gen AI to address real business outcomes for its clients. Its strategy is designed to strengthen its market position, drive sustainable growth, and deliver consistent value across customer segments and geographies.

PhysicsWallah

• PhysicsWallah is coming out with a 100% book building; initial public offering (IPO) of 33,79,37,152 shares of 1 each in a price band Rs 103-109 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on November 11, 2025 and will close on November 13, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 103.00 times of its face value on the lower side and 109.00 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, J.P. Morgan India, Goldman Sachs (India) Securities and Axis Capital.
• Compliance Officer for the issue is Ajinkya Jain.

Profile of the company

PhysicsWallah offers test preparation courses for competitive examinations, and other courses such as for upskilling. its channels of delivery include (i) online, which includes its social media channels, website and apps; (ii) tech-enabled offline centers (where its faculty conducts live classes in a physical center); or (iii) hybrid centers (its two-teacher model where a student attends a live online classes at a physical center and can benefit from another faculty that is present at the center to resolve questions and participate in revision classes). Among the top 5 education companies in terms of revenue in India, it is the largest in India in terms of student community, with its main YouTube channel, 'Physics Wallah-Alakh Pandey' having 13.7 million subscribers as of July 15, 2025. Its YouTube community had 98.80 million subscribers as at June 30, 2025 and grew at a CAGR of 41.80% between Fiscals 2023 and 2025. It also has a significant offline presence among education companies in India in terms of offline revenue. The company is also among the top-five education companies in terms of revenue in India and are one of the fastest-growing companies in terms of revenue growth during Fiscals 2023 to 2025.

The company has sought to cultivate its student community by offering quality education. It provides content using engaging and tech-enabled pedagogy (which means teaching methodologies). Further, a large portion of its materials and courses are available in an open access or free format on its 207 YouTube channels (as at June 30, 2025), with an option for students to sign up for free or paid courses on its website or its mobile applications (apps). Among the top 5 test preparation companies in terms of revenue as of Fiscal 2024, Some of its paid test preparation courses focusing on Joint Entrance Examinations (JEE, an entrance exam of engineering colleges in India), National Eligibility cum Entrance Test (NEET, an entrance test for medical colleges in India) and civil service examinations such as Union Public Service Commission (UPSC) examinations, have the most affordable prices in India as at July 2025.

The company started its operations by offering courses online and have expanded to multiple channels of delivery - online, offline and hybrid. This gives students the flexibility to choose their preferred mode of study. For the three months ended June 30, 2025 and Fiscal 2025, it had 2.10 million and 4.13 million Unique Transacting Users (Online Channel), and 0.33 million and 0.33 million student enrolments in its offline centers, respectively. It operated 303 Total Offline Centers as at June 30, 2025, and its Total Offline Centres grew at a CAGR of 165.92% between Fiscals 2023 to 2025. It aims to leverage its proprietary technology stack to provide content at scale, integrate new offerings successfully, and offer tech-backed tools to students and teachers for planning coursework, solving questions, grading tests, leading to efficient pedagogy.

Proceed is being used for:

• Capital expenditure for fit-outs of new offline and hybrid centers of the company
• Expenditure towards lease payments of existing identified offline and hybrid centers operated by the company
• Investment in its Subsidiary, Xylem Learning Private Limited for expenditure toward i) capital expenditure for fit-outs of new offline centers of Xylem (New Xylem Centers) and ii) lease payments for Xylem’s existing identified offline centers and hostel
• Investment in its subsidiary, Utkarsh Classes & Edutech Private Limited for expenditure towards lease payments for Utkarsh Classes’ existing identified offline centers
• Expenditure towards server and cloud related infrastructure costs
• Expenditure towards marketing initiatives 
• Acquisition of additional shareholding in its Subsidiary, Utkarsh Classes & Edutech Private Limited
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Industry Overview

India’s education market is poised for significant growth, driven by a young population, growing middle-income households that prioritize education as essential spending, and the rapid expansion of digital infrastructure. With a projected market size of Rs 24-26 trillion ($300-310 billion) by Fiscal 2030, the sector remains one of the fastest growing segments of the economy. Tier 2 and beyond cities, comprising 43% of the market in Fiscal 2025, with their share projected to increase to 46% by Fiscal 2030 are the key drivers of this growth. India has one of the world’s largest education systems with ~1.5 million schools as of Fiscal 2024 and 45,000 colleges, and 1,100 universities as of Fiscal 2022. Government initiatives such as NEP 2020, the Samagra Shiksha Scheme, PMKVY, NEAT, RUSA, and Skill India, supported by an education budget of Rs 1,240 billion in Fiscal 2025 (2.6% of the total budget), are encouraging hybrid education models, inclusivity, and publicprivate partnerships. 

The market is shaped by five key segments - Pre-K, K-12, higher education, test preparation, and upskilling. Among these, K-12 and higher education dominate in scale, while test preparation and upskilling are witnessing rapid growth. Intense competition for limited seats drives demand for test preparation, with hybrid models enhancing affordability, access, and personalized learning. Upskilling demand is propelled by service sector growth, talent shortages, and rapid industrial changes, with affordability and self-paced flexibility widening market reach. Online penetration in education remains low but is expanding, with penetration increased from 2% in Fiscal 2022 to 4% in Fiscal 2025, and projected to reach 7% by Fiscal 2030, driven by increasing internet penetration, affordable data plans, and the adoption of hybrid models. 

Online education is breaking geographical barriers, enabling students in Tier 2 and beyond cities to access high quality resources and experienced educators. Personalized learning solutions powered by AI and adaptive technologies ensure tailored instruction, enhancing learning outcomes. Evolution of hybrid mode of education is also creating great impact on the education landscape by democratizing access, increasing flexibility of choice and customization for students, addressing teacher shortage by allowing remote access to teachers seamlessly. As India’s education ecosystem evolves, it not only serves as a catalyst for socio-economic mobility but also positions the country as a global hub for skilled talent. Success in this space requires scalable technology, omnichannel strategies, and models that integrate affordability, personalization, and accessibility. India’s education sector’s growth offers significant investment opportunities, with potential for both domestic and international expansion. Stakeholders who leverage scalable technology, omni-channel approaches, and affordability-focused models will be well-positioned to capitalize on this dynamic and evolving market. 

Pros and strengths

Presence across a large number of education categories in India: As at June 30, 2025, the company offered courses across 13 Education Categories which increased from six Education Categories as at March 31, 2023. Through its wide course offerings, it intends to be present across a student’s learning journey from early education to competitive examinations for university admissions, public administration jobs and professional qualifications, and also assist them with professional skills development. It offers a variety of courses for engineering and medical entrance examinations for undergraduate admissions in India (JEE, NEET) through its online, offline and hybrid channels. Students can start preparing for these competitive examinations for undergraduate studies in India while they are in school (classes six to 10) through its “Foundation” courses. The company offers its courses through multiple channels - (i) online; (ii) offline centers; or (iii) hybrid centers. Among the top 5 education companies in terms of revenue in India, it operates India’s largest online student community, with its main YouTube channel, 'Physics Wallah-Alakh Pandey' having 13.7 million subscribers as of July 15, 2025.

Proprietary technology-stack enhances students’ learning experience: Supported by a technology and product team, which consisted of 548 employees as at June 30, 2025, the company has built a flexible and scalable learning management system (LMS) technology stack, while ensuring enhancement of student experience at scale and maintaining the quality of pedagogy. By enabling system stability, its technology ensures that it delivers its offerings across multiple channels while handling large student Batches. It leverages AI, big data and machine learning to generate data insights which allow it to innovate new offerings and continuously improve its existing offerings. It also offers other tools such as “AI Sahayak” which is an AI backed goal-setting and progress-tracking tool, serving as a personalized smart companion for students in course management and revision. For teachers, the company has launched “TeacherX” for teachers to initiate and manage live classes without external tech support, and “PW Drona” which provides teachers an overview of student performance, monitoring, syllabus & schedule tracking.

Specialized faculty members across categories: As at June 30, 2025, the company had 6,267 Total Faculty Members (including employees and consultants) which primarily includes teachers, question/doubt resolution faculty and content development team. Its pool of faculty members ensure that it has specialists across multiple disciplines and functions related to academics. It has a defined structure with faculty members assigned to different functions with demarcated responsibilities. For example, the company has separate faculty for creating study material, for in-class teaching, for solving questions and for preparing exam papers. This structure helps it to respond to student needs and implement checks and balances.

It had 4.46 million Total Number of Paid Users in Fiscal 2025: For Fiscal 2025, the company had 4.46 million Total Number of Paid Users which grew at a CAGR of 59.19% between Fiscals 2023 and 2025 and in the three months ended June 30, 2025 it had 2.43 million Paid Users which increased from 1.87 million Paid Users in three months ended June 30, 2024. The company’s founders started “Physics Wallah” with an aim to increase the accessibility of education at affordable prices by leveraging technology. It has cultivated its student community by offering quality education and content, using engaging and tech-enabled pedagogy. It has a strong and growing community which is supported by its ability to convert an engaged digital community into paying users. Among the top 5 education companies in terms of revenue in India, it operates India’s largest online student community, with its main YouTube channel, “Physics Wallah-Alakh Pandey' having 13.7 million subscribers as of July 15, 2025.

Risks and concerns

Dependence on key education categories for user enrolments: 26.64%, 15.63%, 12.33% and 17.61% of its Number of Unique Transacting Users (Online Channel) are enrolled for courses across NEET, JEE, Other government examinations and Foundation Education Categories for the three months ended June 30, 2025. The company’s failure to offer these Education Categories or increase enrolments across its other Education Categories could have an adverse impact on its operations and cash flows.

Sustained losses may adversely impact financial stability: The company has incurred restated loss for the period/year of Rs 1,270.09 million, Rs 718.12 million, Rs 2,432.58 million, Rs 11,311.30 million and Rs 840.75 million for the three months ended June 30, 2025 and June 30, 2024, and Fiscals 2025, 2024 and 2023, respectively, and have had negative net worth as at March 31, 2024 and negative EBITDA in Fiscal 2024 and the three months ended June 30, 2025. If it is unable to generate adequate revenue growth and manage its expenses and cash flows as it grows, it may continue to incur losses in the future, which may negatively affect its financial condition.

Geographical constrain: The company derived a significant portion of its offline revenue from the offline centers located in the Indian cities of Delhi NCR, Patna in Bihar, Kota in Rajasthan, Calicut in Kerala, Lucknow in Uttar Pradesh and Kolkata in West Bengal. Any failure to expand its network of offline centers could expose it to concentration risks which could impact its business and operations.

Seasonal fluctuations in enrolments and revenue: The company’s operations are influenced by seasonality, with student enrolments closely linked to the timing of school board examinations and competitive examinations for university admissions, as well as the release of examination results. Enrolments typically increase from March to August, coinciding with the start of the academic year for test preparation courses for examinations such as JEE, NEET, UPSC examinations, and GATE. As a result, its collections are highest during this period of the fiscal year, and the majority of its revenue is recognized during the second and third quarters of the fiscal year.

Outlook

Physicswallah is an edtech company offering test preparation courses for various competitive examinations like JEE, NEET, UPSC, etc. and upskilling courses like Data science and analytics, banking and finance, software development, etc. The company has 4.46 million Total Number of Paid Users in Fiscal 2025, grew at a CAGR of 59.19% from fiscal 2023 to 2025. It has presence across a large number of education categories in India with courses offered through multiple channel. On the concern side, the company has a limited operating history of less than six years, particularly in its offline and hybrid channels of delivery, and its business has experienced rapid growth in recent years. The company’s failure to continue increasing its offline and online services could adversely impact its business, operations, cash flows and financial condition. Moreover, the company has less control on the operations of some of its offline centers which are operated under franchisee arrangements, which may have a material negative effect on its reputation, business, cash flows and financial condition.

The issue has been offering 33,79,37,152 shares in a price band of Rs 103-109 per equity share. The aggregate size of the offer is around Rs 3480.75 crore to Rs 3683.51 crore based on lower and upper price band respectively. Minimum application is to be made for 137 shares and in multiples thereon, thereafter. On performance front, the company’s total income increased by 50.80% to Rs 30,390.89 million in Fiscal 2025 from Rs 20,153.48 million in Fiscal 2024, primarily due to an increase in its revenue from operations, which rose by 48.74% to Rs 28,866.43 million in Fiscal 2025 from Rs 19,407.10 million in Fiscal 2024. Moreover, the company’s restated loss for Fiscal 2025 was Rs 2,432.58 million in Fiscal 2025, as compared to net loss of Rs 11,311.30 million in Fiscal 2024.

The company intends to continue investing in developing tech-backed tools and services to support a student’s education journey for superior outcomes which attracts them to its ecosystem. For example, the company is developing “AI NCERT” - a tool to convert National Council of Educational Research and Training (“NCERT”) textbooks, which are books prescribed by the Central Board of Secondary Education for school students in India and also used for JEE and NEET studies, into an interactive format. It is in the process of developing an AI powered personalized study path to support students plan their studies, analyse their results and map their progress. Such initiatives will help the company to grow its student community further and foster a sense of trust in its brand. It intends to further invest in expanding the capacity of its cloud architecture to handle more students, teachers and content.

Mahamaya Lifesciences

• Mahamaya Lifesciences is coming out with an initial public offering (IPO) of 61,78,800 equity shares in a price band of Rs 108-114 per equity share. 
• The issue will open on November 11, 2025 and will close on November 13, 2025.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.80 times of its face value on the lower side and 11.40 times on the higher side.
• Book running lead manager to the issue is Oneview Corporate Advisors.
• Compliance Officer for the issue is Shilpi Bhardwaj.

Profile of the company

Mahamaya Lifesciences specializes in the manufacturing of pesticide formulations and supply bulk formulations catering to both Indian agrochemical companies, as well as multinational corporations (MNCs). It began its journey by focusing on import and registration of vital pesticide molecules (Technical) that were not produced domestically in India. It imported these molecules after lot of product research and worked on registering them with the Central Insecticides Board and Registration Committee (CIBRC) under the Department of Agriculture, Government of India. After successful registration it marketed these molecules both as technical and as value added end use formulations for both domestic manufacturers and MNCs.

Since its inception in 2002, the company has expanded from the sale of technical to companies, to establishing its own manufacturing facility/plant for formulations in December 2021, located at Dahej, Gujarat. From this manufacturing facility, it produces and sells bulk formulations, branded products (own brand products), and export them to customers. Domestically, it markets its own branded products across states such as Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana through a well-established dealer network. Internationally, it exports its products to countries including the Dominican Republic, Turkey, Egypt, and the UAE, ensuring full adherence to all manufacturing and compliance standards.

The company, backed by over three decades of experience from its promoters, and senior managerial personnel possesses a deep understanding of both Technical and formulation supplies, which are essential to the pesticide industry. It specialises in safer environment friendly products. With its research and development capabilities, it identifies the latest, safer molecules, conduct field trials at State Agricultural Universities and carry out toxicology and chemistry studies at CIBRC approved laboratories. It invests in registration of new molecules, which are, once approved and registered are distributed within India. With an advanced formulation plant, the company supplies products across the country and has marketing agreements with multinationals corporations.

Proceed is being used for:

• Purchase of equipment for existing formulation plant
• Funding capital expenditure towards setting up of a new technical manufacturing plant
• Construction of warehouse building and purchase of machinery
• Funding working capital requirement of the company
• General corporate purposes

Industry Overview

India's agrochemical industry has experienced remarkable growth in recent years. It has established itself as a key player in the global market. With a strong focus on partnerships and regulatory compliance, India is set to address both domestic agricultural needs and global challenges effectively. The country's increasing income levels and youthful population are driving a consumption-driven economy. This leads to increased demand across various sectors. This situation enables Indian manufacturers to offer competitive pricing for generic agrochemicals. Thus, attracting global attention and driving export volumes. India's reputation for cost effectiveness and product quality positions it as a preferred destination for agrochemical manufacturing. The 'Make in India' initiative by the government has also played a crucial role in advancing the agrochemical industry by promoting domestic manufacturing, reducing regulatory barriers and facilitating infrastructure development.

Additionally, initiatives like Aatmanirbhar Bharat Abhiyan highlights the importance of self-reliance and resilience in key sectors like agrochemicals. This aims to reduce dependency on imports and enhance competitiveness. The proposed production-linked incentive system for the agrochemical sector is also expected to further boost domestic manufacturing, create employment opportunities and elevate the country’s global competitiveness. India's strict laws and regulations regarding chemical manufacturing, particularly fertilisers and pesticides, have earned global recognition. Mandated by the Insecticides Act of 1968 and The Insecticide Rules of 1971, India implements meticulous checks and balances before releasing pesticides into the market. Overseen by the Central Insecticides Board and Registration Committee, operating under the Industries (Development and Regulation) Act of 1951, ensures adherence to global standards. Such adherence to strict regulations not only ensures the safety of humans and animals but also builds trust among consumers worldwide. This reinforces India's reputation as a reliable source of high-quality agrochemicals

India's agrochemical exports are projected to exceed Rs 80,000 crore ($9.61 billion) over the next four years, contingent upon a supportive industry environment. Agrochemical exports reached Rs 43,223 crore ($5.50 billion) in the 2022-23 fiscal year, surpassing domestic consumption. To achieve this growth, the report emphasizes the need for government action, including streamlining licensing processes, enhancing storage and sales infrastructure, incentivizing biopesticide production, and simplifying the registration of new products. ACFI also advocates for trade agreements with countries that have relaxed maximum residue level (MRL) norms and suggests reducing the Goods and Services Tax (GST) on agrochemicals from 18% to 5%. Despite being the fourth-largest global producer of agrochemicals, India still relies heavily on imports, particularly from China. The report notes that India's agrochemical usage is lower than the global average, with just 400 grams per hectare compared to 2.6 kg per hectare worldwide. The 'Make in India' initiative is a crucial opportunity to address these challenges and position India as a global agrochemical manufacturing and export hub. 

Pros and strengths

Capability to introduce vital products for Indian Agriculture: The company is leveraging its strength in identifying the products and markets ahead of the curve and registering them thereby gaining an early mover advantage. This strategy provides it with a market edge of 4-5 years compared to competition. With the vast experience of promoters, it is able to identify and introduce vital products into the market as Technical and Formulations. The products that were not manufactured in India are imported after registration by generating necessary data as required by CIBRC. Some of the products currently under registration include Flonicamid, Spinosad, Pymetrozine, Spirotetramat. Products like Spirotetramat and Spinosad are known for safer to environment, users and crops. Additionally, it has introduced Norwegian seaweed extract based Bio-stimulants formulations.

Development of export opportunities of products: Over the past decade, the company has made investment in registering its products with trusted partners globally. Currently, it has active registration countries like in Dominican Republic, Egypt, Ethiopia, Jordan, UAE, and Turkey. Many companies prefer partners who can supply high quality products along with data support for registration of the product in their respective countries. To meet this demand, the company is investing in generating data that can be utilised across the multiple markets, giving it competitive advantage over other exporters. The key strategies for expanding exports include participating in international exhibitions such as CAC (China International Agrochemical & Crop Protection Exhibition), ACE (AgroChemEx), and ICSCE (International Crop Science Conference and Exhibition) where it can connect with potential partners and explore new business opportunities.

Established distribution network across various geographies through many dealers: It markets, sells, and distributes its diverse range of products to farmers across India through an established distribution network of dealers spread across in various states. Its network consists of more than 310 dealers, many of whom are actively purchasing and distributing its products as of June 30, 2025. This dealer network spans eight Indian states, including, Punjab, Haryana, Maharashtra, Rajasthan, Uttar Pradesh, Gujarat, Telangana and Andhra Pradesh as of June 30, 2025.

Risks and concerns

Maximum revenue comes from limited customers: The company derived maximum revenue from limited customers. Its top ten customers constituted 71.35%, 76.26%, 83.14% and 71.12% of its total sales for the period ended June 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024, March 31, 2023 respectively. Absence of large number of customers and reliance on smaller customers base for its business may generally involve several risks. These risks may include, but are not limited to, reduction, delay or cancellation of orders, failure to negotiate favourable terms with customer, the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Unfavourable global weather patterns may have an adverse effect on export business: As the company primarily serve the agriculture sector, its export business is sensitive to global weather conditions that impact crop patterns, including extreme events such as droughts and natural disasters. Growing concerns about the effects of carbon dioxide and other greenhouse gases on global temperatures, weather patterns, and the frequency and intensity of extreme weather events could further increase these risks. Adverse weather conditions can also lead to fluctuations in commodity prices, influencing grower’s decisions on what crops to plant and in what quantities, which could, in turn, affect the demand for its products. Therefore, any unfavourable weather patterns may negatively impact its business, operational results, and financial condition. The loss resulting from shutdown of operations at its manufacturing facility could have an adverse effect on the company.

Rely on its distribution network to sell products to the farmers: The company relies to a significant extent on the relationships it has with its third-party dealers for its branded business, as they lay a significant role in enhancing customer awareness of its products and maintaining its brand names. As of June 30, 2025, it had more than three hundred and ten dealers. It may not be able to effectively manage its existing distribution network as it does not have any long-term contracts with any of its dealers. It is also exposed to the risk of its dealers failing to obtain requisite licenses and selling permissions or adhering to the standards in respect of sales and after-sales service in their direct contacts with customers, which in turn could adversely affect its customers perception of its brands and products and brand revenues. It seeks to increase the penetration of its products by expanding its distributor network targeted at different customer groups and geographies. There can be no assurance that it will be able to successfully identify or appoint new dealers. If it is unable to effectively manage its distribution network, its brand business, financial and results of operations may be adversely affected.

Outlook

Mahamaya Lifesciences is engaged in manufacturing, registration and export of finest crop protection products and bioproducts for crop & soil health management and to help the farming community for more productivity. The company has capability to introduce vital products for Indian Agriculture. The company also has ability to develop brands. On the concern side, majority of revenue comes from few customers and absence of large number of customers, dependence on few customers and creating a customer concentration risk which may have an adverse impact on its business operations and financial performance. Moreover, the company relies on its distribution network to sell its products to the farmers and any failure to effectively manage its distribution partners could hamper its business, financial and its results of operations. 

The company is coming out with a maiden IPO of 61,78,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 108-114 per equity share. The aggregate size of the offer is around Rs 66.73 crore to Rs 70.44 crore based on lower and upper price band respectively. On performance front, revenue from operations stood at Rs 26,414.86 lakh in FY25 as compared to Rs 16,157.08 lakh in FY24, representing significant increase of 63.49%. Moreover, the profit after tax for the financial year ending March 31, 2025 stood at Rs 1,294.31 lakh in comparison to profit after tax of Rs 521.86 lakh in the financial year ending March 31, 2024.

The company has set up manufacturing facility in Dahej, Gujarat, to meet the increasing domestic and international demand for its formulated products. To cater to this rising demand, the company continuously strive to add more and more products to its portfolio based on its own market assessment of demand and supply position of these products. It has obtained registrations for vital molecules for local manufacturing in India and plan to expand its existing formulation facility and to establish a new agrochemical technical manufacturing facility in its existing plant situated at Dahej. This will reduce its dependence on other manufacturers, enhancing profit margins by addressing both domestic and export market requirements for formulated products. The establishment of this technical manufacturing facility will strengthen its ability to produce agrochemicals for the Indian market, complementing its formulation business and supporting its export operations thereby enhancing profit margins.

Emmvee Photovoltaic Power

• Emmvee Photovoltaic Power is coming out with a 100% book building; initial public offering (IPO) of 14,07,76,698 shares of Rs 2 each in a price band Rs 206-217 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on November 11, 2025 and will close on November 13, 2025.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 2 and is priced 103.00 times of its face value on the lower side and 108.50 times on the higher side.
• Book running lead managers to the issue are JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital Company.
• Compliance Officer for the issue is Shailesha Barve.

Profile of the company

The company is primarily a solar module manufacturer and is the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. As of June 30, 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. In addition, it is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (TOPCon) technology to manufacture solar cells, and is among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. It is currently in the process of adding a 2.50 GW solar PV module production capacity line, and it intends to add a 6.00 GW integrated solar cell and solar PV module production capacity, pursuant to which it aims to increase its solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first half of Fiscal 2028.

The company’s product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (Mono PERC) modules. Its ability to leverage TOPCon technology enhances the quality, efficiency, and performance of its solar PV modules.

The company has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (ALMM) issued by the Ministry of New and Renewable Energy, Government of India (MNRE) from time to time, which allows it to supply its solar PV modules for government and government assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers. It has a 5.1% market share in terms of ALMM enlisted module manufacturing capacity as of May 2025.

Proceed is being used for:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the company and its material subsidiary, EEPL
• General corporate purposes

Industry Overview

India’s electricity consumption has grown at a steady pace of 4.9% CAGR to 1,694 TWh between Fiscals 2014 and 2025, driven by economic growth, population growth, urbanisation and improved transmission and distribution infrastructure. In Fiscal 2025, power demand rose 4.2% on-year to 1,694 TWh on the back of a 6.5% GDP growth and seasonal factors. This followed growth of 7.4% in Fiscal 2024 and 9.7% in fiscal 2023. Power demand is expected to increase approximately 1.3x by 2030 from 1,694 TWh in Fiscal 2025. In Fiscal 2026, power demand is expected to increase by 2.5-3.5% on year to 1,745-1,755 BU. Meanwhile, the solar PV module manufacturing value chain encompasses five critical processes for transforming raw materials i.e., polysilicon into finished solar modules ready for electricity generation. It is a complex and globalised network, with each step contributing to the final product’s cost, performance and sustainability.

The evolution of cell technology in India has mirrored the global market. According to the module batch enlistment in the ALMMs over Fiscals 2022 to 2025, the share of Mono PERC has risen sharply from 16% in March 2022 to 63% in March 2025, with TopCon also making notable gains to reach 14% by the end of the period. Consequently, lower efficiency cells, such as Multi C-Si, have been largely phased out, with their market share dwindling to negligible levels by March 2025, down from a dominant 73% in March 2022. The shift in the technology is on account of the shift in the preference of the end-user demand. Developers are increasingly adopting the TopCon technology in solar cells due to its higher efficiency, lower cost and improved performance compared with older technologies. Thus, a shift is also witnessed in the overall industry scale, with India's solar cell manufacturing shifting significantly to TopCon between Fiscal 2020 to 2025. While mono PERC dominated cell manufacturing in the past Fiscals, the share of cell manufacturing capacities, which is either configured for TopCon or is fungible between TopCon and mono PERC, had reached an estimated 60% to 65% in Fiscal 2025.

By the end of Fiscal 2030, the domestic module and cell manufacturing industries’ nameplate capacities (rated capacity or maximum manufacturing capability) are expected to increase approximately 2 times and 4 times, respectively, from Fiscal 2025 levels. Overall, the module manufacturing space has seen announcements of over 100 GW owing to rising demand. However, with the implementation of ALMM-II from June 2026, the usable domestic manufacturing capacity for domestic consumption in applicable solar segments will be limited to the manufacturers listed in the cell list. On the other hand, large-scale wafer and polysilicon facilities are expected to be established in the country, with capacities of 35 GW to 45 GW and 15 GW to 25 GW, respectively, by Fiscal 2030. 

Pros and strengths

Second largest pure-play integrated solar PV module and cell manufacturers in India: The company is second largest pure-play integrated solar PV module and solar cell manufacturing company in India in terms of production capacity as of March 31, 2025, with a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of June 30, 2025. Its integrated manufacturing approach is a key strength of its business model, as it reduces dependency on external vendors for the supply of solar cells, optimizing its manufacturing costs and increasing the efficiency of its production process. Its integrated operations span the production cycle for solar PV modules from solar cell production to the assembly of solar PV modules, which offers it significant control over its supply chain. Its integrated capabilities also facilitate the traceability of components used in manufacturing of solar PV modules, particularly for customers with stringent quality and compliance requirements.

One of the largest solar PV module manufacturers in India: The company is one of the largest solar PV module manufacturers in India in terms of production capacity as of March 31, 2025, with a solar module production capacity of 7.80 GW as of June 30, 2025. It is an ALMM-enlisted solar PV module manufacturer, with a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025. It commenced commercial production of solar PV modules at its manufacturing unit in Bengaluru, Karnataka in 2007, namely Unit I and has rapidly expanded its production capacity in recent years. It has added three new lines for solar module production and one new line for solar cell production since Fiscal 2023, and in Fiscal 2025, it commissioned two new lines for solar module production and one new line for solar cell production, with a manufacturing capacity of 4.43 GW and 2.94 GW, respectively, at Unit III and Unit IV.

Early mover advantage in leveraging higher efficiency TOPCon cell technology: The company is one of the first companies in India to adopt higher efficiency TOPCon solar cell manufacturing, and is among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. Its 2.94 GW solar cell manufacturing unit in Dobbaspet, Bengaluru, Karnataka is one of India’s largest TOPCon solar cell manufacturing facilities in terms of installed capacity as of May 31, 2025. The company’s early adoption of TOPCon technology in India in 2024 has provided it with an early mover advantage compared to its competitors, and has supported it in establishing a strong foothold in the market. It highlights its ability to leverage advanced manufacturing techniques to improve the efficiency and performance of its solar PV modules.

Advanced manufacturing units driving efficient and sustainable operations: Currently, the company operates four manufacturing units across two locations in Karnataka. These units are strategically located to ensure connectivity to its key suppliers for procurement of materials such as junction boxes and sealants, as well as to the inland container depot in Bengaluru, Karnataka for procurement of other raw materials and equipment, each of which it helps to reduce transit time and increases operational efficiency. These units are also located within 100 kilometres of each other in Bengaluru, Karnataka, which aids in easing logistics and inventory management.

Risks and concerns

Maximum revenue comes from limited customers: The company’s business is dependent on certain key customers, with its top 10 customers contributing 93.96%, 89.52%, 84.98%, 85.82% and 80.53% of its revenue from operations in the three months ended June 30, 2025 and 2024 and in Fiscals 2025, 2024 and 2023, respectively. The loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Dependent on Indian and foreign third party suppliers for certain raw materials: The company is dependent on external third party suppliers for certain raw materials required for its manufacturing operations, and it typically sources them on a purchase order basis from such suppliers. It does not enter into formal long-term agreements with its suppliers. Consequently, its business is dependent on maintaining good relationships with its suppliers, as the absence of long term agreements may expose it to risks such as price volatility caused by various factors such as market fluctuations, currency fluctuations, climatic and environmental conditions, production and transportation cost, changes in domestic as well as international government policies, and regulatory and trade sanctions. It also remains susceptible to the risks arising out of unforeseen or unexpected price fluctuations as well as the imposition of import duties, which could result in a decline in its operating margins.

Geographical constrain: All of the company’s manufacturing units are located in the state of Karnataka. The company operates four manufacturing units across two locations in Karnataka, spread across a total land area of 22.44 acres. Given the geographic concentration of its current and proposed manufacturing operations in one state, its operations are susceptible to disruptions which may be caused by certain local and regional factors, including but not limited to economic and weather conditions, natural disasters, demographic factors, local, political, economic and social events and other unforeseen events and circumstances. While it has not faced any such instances of disruptions in the three months ended June 30, 2025 and in last three Fiscals, it cannot assure that such instances will not occur in the future. If any such disruptions occur, its operations may be affected, which could adversely affect its business, financial condition and results of operations.

High working capital requirement: The company requires working capital for its day-to-day operations, including for the procurement of raw materials and equipment from external suppliers. In addition, since a considerable period of time may pass between the purchase of raw materials and the sale of its products, it is required to maintain an adequate stock of raw materials at all times to meet its manufacturing requirements, which could increase its storage and working capital requirements. It typically relies on internal accruals and external borrowings from banks and financial institutions to meet its working capital requirements.

Outlook

Emmvee Photovoltaic Power is an integrated solar PV module and cell manufacturer. As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The company has early mover advantage in leveraging higher efficiency TOPCon cell technology. Also, the company has advanced manufacturing units which are driving efficient and sustainable operations. On the concern side, maximum revenue comes from limited customers and the loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows. Moreover, its business is dependent on the success of a limited number of products. Any reduction in demand for these products may adversely affect its revenues, financial condition and cash flows. 

The issue has been offering 14,07,76,698 shares in a price band of Rs 206-217 per equity share. The aggregate size of the offer is around Rs 2900.00 crore to Rs 3054.85  crore based on lower and upper price band respectively. Minimum application is to be made for 69 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 145.35% to Rs 23,356.13 million for the Financial Year 2025 from Rs 9,519.35 million for the Financial Year 2024. Moreover, the company reported around 13-fold jump in profit for the year of Rs 3,690.14 million for the Financial Year 2025 as compared to Rs 288.99 million for the Financial Year 2024.

The company is committed for expanding its current solar PV module manufacturing capacity to meet the increasing demand for its products from its customers. It has significantly expanded its production capacity over the years and is currently in the process of adding a 2.50 GW module production capacity line at its upcoming manufacturing Unit VI in Sulibele, Bengaluru, Karnataka, which is expected to be operational in Fiscal 2026. It also intends to add a 6.00 GW solar cell and solar PV module production capacity at a manufacturing unit in ITIR Phase - II, Bengaluru, Karnataka, which is expected to be operational in the first half of Fiscal 2028. These expansion plans are expected to increase its solar PV module production capacity to 16.30 GW and its solar cell production capacity to 8.94 GW using only TOPCon technology by the first half of Fiscal 2028. This strategy is in line with its aim to continually enhance and scale up its integrated production capabilities and maintain its competitive position among the integrated players in the solar industry in India.

Shining Tools

• Shining Tools is coming out with an initial public offering (IPO) of 15,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 114 per equity share.
• The issue will open on November 7, 2025 and will close on November 11, 2025.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 11.40 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance Officer for the issue is Sneha Dhaval Shah.

Profile of the company

Shining Tools is engaged in the designing and manufacturing of high-performance solid carbide cutting tools catering to various industries in India. Additionally, it provides reconditioning services for used tools, ensuring their extended usability and performance. With focus on innovation and precision, it specializes in producing a wide range of high-performance cutting tools, including end mills, thread mills, drills, and reamers, offering innovative tooling solutions for modern manufacturing needs. These tools are widely used in commercial metal cutting operations across multiple industries. Its cutting tools are designed for use on CNC machines such as Horizontal Machining Centres (HMCs), Vertical Machining Centres (VMCs) and turn-mill centres. They operate at high speeds and feed rates, efficiently machining a variety of metals, including solid carbide, cast iron, forgings, steel, and aluminium.

The company’s facility at Rajkot manufactures various categories of tools with diverse technical specifications in respect to shapes, geometries, step diameters, sizes, lengths, etc. and of various grades including standard, fine, ultrafine, etc. This position it as a comprehensive solution for all cutting tool requirements, backed by its technical expertise, skilled personnel, and the advanced machinery utilized in its production process. The company’s facility at Rajkot is integrated with each operation thoroughly inspected for quality through its noncontact optical CNC machines to minimise human error and also it is monitored by its experienced professionals, ensuring the product quality to meet the quality standards, precision and the specific requirements of its customers.

Apart from manufacturing standardized tools sets, the company also has capabilities to produce customized tools to its customers for their specific requirements. This is due to the trust bestowed on it by its clients and their confidence on it in getting the required tool designed and manufactured with a particular technical specification and of the desired quality in stipulated time frame. It derives significant revenue (73.19% in FY 24-25 and average around 61.76% in the last 3 financial years) from manufacturing customized tools for its clients. To cater to this segment, the company has trained professionals who use modern software packages like Walter Helitronic Tool Studio, Siemens Powershape, etc to prepare the design. Once the designing is done, tools are manufactured as per the specification and quality desired. Additionally, the company also provides regrinding, re-sharpening, and coating services of the used tools.

Proceed is being used for:

• Purchase and installation of plant and machinery for manufacturing of Carbide Precision Tools at the Existing Premises 
• Funding of working capital requirements
• General corporate purposes

Industry Overview

The Indian cutting tools market produces a wide range of tools such as saw blades, taps, reamers, hobs, chasers, broaches, rolling dies, drills, end mills, cutters, burrs, other gear cutting tools, tool bits, tips/inserts and many more. The market has witnessed an extensive growth in the last two decades. The demanded was driven by industries like construction, automotive, railway network, engineering, and defense. The reasons behind these demands are the overall growth of these secrets and increasing global competition. Among them, the major consumer of the cutting tools is the diamond cutting tool industry. India has almost 1000 manufacturing units of cutting tools. All these include the small, big, as well as medium-sized companies. The local manufacturers contribute around 45% of total production. The India machine tools market size reached $1.5 Billion in 2023. Looking forward, the market is expected to reach $3.2 Billion by 2032, exhibiting a growth rate (CAGR) of 8.2% during 2024-2032.

The demand for cutting tools has also been fueled by the increasing need for efficient and hassle-free production of components. Large manufacturing facilities are adopting cutting tools at an accelerated pace, driven by rapid advancements in production technology and emerging needs for smaller factory footprints. This has contributed to the growth of the market size and the increased adoption of cutting tools in various sectors. However, the cutting tools market faces several challenges. One of the major concerns is the reliance on cutting fluids, which are essential for cooling, lubricating, and removing chips during the cutting process. These fluids can pose health and environmental risks, as they may expose machine operators to potential health hazards. Despite these challenges, ongoing investments in research and development are leading to the creation of safer alternatives and advancements in industrial protective gear for operators. 

One of the key factors contributing to the growth of the cutting tools market in India is the increasing adoption of Computer Numerical Control (CNC) machines. CNC machines have revolutionized manufacturing by offering high efficiency, cost savings, transparency, and time efficiency. As a result, cutting tool companies have been focusing on developing and manufacturing advanced designs to meet the growing customer demands. The future of the cutting tools market in India looks promising, with the continuous growth of the manufacturing sectors across the country. As these sectors expand, the demand for cutting tools is expected to accelerate, driven by the need for efficient equipment in critical and complex machine component requirements. Over the next five years, the market share of cutting tools is projected to increase significantly, catering to the evolving needs of customers and supporting the growth of India's manufacturing industry.

Pros and strengths

Efficiency through machine-based manufacturing tools: Efficiency is at the core of its operations, driven by its advanced machine-based manufacturing tools. By leveraging cutting-edge technology, it optimizes production processes, ensuring precision and consistency in every tool it manufacture. Its machine oriented approach not only reduces human error but also enhances productivity, enabling it to meet growing market demands swiftly and cost-effectively. This efficiency allows the company to deliver high-quality, customized tools while maintaining competitive pricing.

Wide and diverse range of product offerings: The company prides itself on its wide and diverse range of product offerings designed to meet the varying needs of its customers across multiple industries. From precision cutting tools to heavy-duty machinery accessories, its extensive portfolio ensures that clients can find the right tools for any application. Its commitment to quality and innovation drives it to continually expand and enhance its product range, incorporating the latest technological advancements. This diversity not only allows it to cater to specific customer requirements but also positions it as a one-stop solution for all tool manufacturing needs, fostering long-term partnerships and customer loyalty.

Quality assurance: The company ensures each of its tools meets the quality requirements as desired by its clients. Hence to ensure such quality and its standing in the market, it has 2 Zoller make machines to inspect for the quality of each of the tools produced. One is Zoller Genius- 3s machine which does 5- axis checks while the other is Zoller Smart Check 450 machine which does 3-axis check. The more complex tools in terms of geometrics, cuts, fruits, etc undergoes quality check in 5-axis machine while lesser complex tools undergo quality check in 3-axis machine. These machines give report in terms of the technical specification of the tool and forms a major basis for its quality offering.

Risks and concerns

Maximum revenue comes from limited customers: For the period ended March 31, 2023, March 31, 2024, March 31, 2025 and July 31, 2025, its revenue from operations from its top 10 customers contributed to 43.19%, 48.51%, 56.91% and 54.80% respectively of its revenues from operations. The company’s reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Majority portion of domestic sales derived from western zone: A significant portion of its sales come from customers in Gujarat State from the western zone. The company has garnered 97.84%, 95.69% and 94.96% of its total revenue in FY25, FY24 and FY23 respectively. This geographical concentration increases its exposure to competition and potential adverse economic and demographic changes in the region, which could affect its business, financial condition and operations.

Geographical constrain: The company’s Registered office and factory and all the existing contract manufacturers facility are based in Gujrat. Thereby resulting in concentration in a single region, posing a concentration risk. The occurrence of any significant localized social unrest, natural disaster, delay in production at, or shutdown of, or any interruption, including political instability, workforce productivity issues, regulatory compliance challenges, production cost difficulties, or quality assurance concerns, along with unforeseeable events such as natural disasters or pandemics like COVID-19 in or around Gujrat, or any delay or disruption in production at its manufacturing units could significantly impact its business and financial condition. 

Outlook

Shining Tools designs and manufactures high-performance solid carbide cutting tools for various industries in India. The company offers reconditioning services for used tools, enhancing usability and performance. The company has wide and diverse range of product offerings. It also has tailored solutions to customers by offering customised tools. On the concern side, the company’s historical revenues have been largely dependent on few customers and its inability to maintain such business may have an adverse effect on its results of operations. Moreover, its manufacturing facility and its registered office is situated in Rajkot, Gujarat, resulting in concentration in a single region. Any interruption for a significant period of time, in these facilities may in turn adversely affect its business, financial condition and results of operations.

The company is coming out with an IPO of 15,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 114 per equity share to mobilize Rs 17.10 crore. On performance front, the company revenue from operations had increased by 39.88%, to Rs 1472.88 lakh in Fiscal 2025 as compared to Rs 1,052.95 lakh in Fiscal 2024. Moreover, the company reported restated profit after tax for the Fiscal year 2025 stood at Rs 293.01 lakh in comparison to net profit of Rs 157.53 lakh in the Fiscal year 2024.

The company aims to broaden and deepen its presence in its existing product portfolio. This involves enhancing its market penetration and reach for the products it currently offers. By leveraging its strengths and understanding market dynamics, it seeks to capture a larger share of the market while also strengthening its relationships with existing customers. Additionally, it will explore opportunities to expand its product offerings within its current portfolio, identifying areas for innovation and differentiation to meet evolving customer needs.

Curis Lifesciences

• Curis Lifesciences is coming out with an initial public offering (IPO) of 21,50,000 equity shares in a price band of Rs 120-128 per equity share. 
• The issue will open on November 7, 2025 and will close on November 11, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 12.00 times of its face value on the lower side and 12.80 times on the higher side.
• Book running lead manager to the issue is Finaax Capital Advisors.
• Compliance Officer for the issue is Nikhil Purohit.

Profile of the company

Curis Lifesciences is the pharma manufacturer, specializing in manufacturing of a wide range of pharmaceutical products such as tablets, capsules, external preparations, oral liquid, sterile ophthalmic ointments. The company is in business of manufacturing of pharmaceutical products. The company has three primary verticals Loan License manufacturing, Contract Manufacturing and Direct Export/Own Brand Manufacturing. 

Currently, the company’s manufacturing facility is installed with capacity to manufacture 138 crore tablets / year, 15.75 crore capsules / year, 1080 Kilolitre Oral Liquid/ year, 270 Tons external preparation / year and 45 Tons sterile ophthalmic ointment / year. In-order-to capture growing demand for pharmaceutical products in international market and to create a more responsive and cost-effective supply chain, it started its direct export/own brand manufacturing operations in year 2018-2019. Under vertical of direct exports, it exports products manufactured by it under its brand name, directly to offshore customers through multiple distributors.

The company’s business is majorly on principle to principle and product to product basis with different marketers. As at July 31, 2025, it has catered to more than 100 customers towards loan license and/or contract manufacturing activities. Further, the company has catered to 2 customers towards direct export/own brand marketing which majorly operates in Republic of Yemen and Kenya. Further, in last three financial years and stub period ended July 31, 2025, contract manufacturing and/or loan lisence activities contributes majority of its revenue from operations whereas direct export/own brand marketing contributes less than 1% of revenue from operations.

Proceed is being used for:

• Capital expenditure towards upgradation/improvement of its existing manufacturing facilities
• Capital expenditure towards construction of a storage Facility
• Pre-payment/repayment of outstanding secured loans
• Product registrations in other countries
• Funding its working capital requirements
• General corporate purpose 

Industry Overview

Indian pharmaceutical industry is the third largest pharmaceutical industry in the world by volume with a current market size of over $50 billion in 2023-24. The country exports pharmaceuticals to around 200 countries and territories in the world, including highly regulated markets such as USA, UK, European Union, Canada etc. The Indian pharmaceutical industry has played a key role in driving better health outcomes across the world by being a large and reliable supplier of affordable and high-quality generics drugs. The nation is the largest provider of generic medicines globally, occupying a 20 per cent share in global supply by volume. The vaccine industry in India has proven its capacity for manufacturing at scale (catering to more than 60 per cent of global vaccine demand). India also has the highest number of US-FDA compliant Pharma plants outside of USA and is home to more than 3,000 pharmaceutical companies with a strong network of over 10,500 manufacturing facilities as well as a highly skilled resource pool. Access to affordable HIV (human immunodeficiency virus) treatment from India is one of the greatest success stories in medicine. Because of the low price and high quality, Indian medicines are preferred worldwide, making it ‘pharmacy of the world’.

The pharmaceutical sector in India is a significant part of the nation's foreign trade and offers lucrative potential for investors. The outlook of the sector looks promising in the coming time with rise in exports of pharmaceuticals as well as various government’s schemes which will boost growth of the sector. Going forward, the growth will be supported by a focus on new product launches, pick-up in volume growth and improved demand for generics and branded products. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies. Boom in biotechnology segment, which is projected to reach $300 billion by 2030, also supporting the sector. 

The government’s PLI scheme for bulk drugs and promotion of bulk drug parks are providing much needed support to the pharmaceutical sector in the country. Recently, government launched the National Policy on Research and Development (R&D) and Innovation in Pharma-MedTech Sector and the Scheme for promotion of Research and Innovation in Pharma MedTech Sector (PRIP). Focus on certain priority areas under these schemes will help India’s pharma industry leapfrog and radically strengthen its position in the world market as innovation accounts for 2/3rd of global pharmaceutical opportunities. The scheme would help in launching of commercially viable products which will accelerate the growth of Indian pharmaceutical sector by increased revenue and creating employment opportunities.

Pros and strengths

Wide range of products: The company offers a wide range of pharmaceutical products, including Tablets, Capsules, Oral Liquids, External Preparations such as creams, gels, and ointments, as well as Sterile Ophthalmic Ointments. Currently, the company holds two manufacturing licenses - G/25/2225 and G/28/1632. The company’s comprehensive product portfolio includes a total of 943 approved products, with 745 products under License G/25/2225 and 198 products under License G/28/1632. This broad and diverse range enables it to cater to various therapeutic needs across multiple markets.

Strategic location of manufacturing facility: The company’s manufacturing facility is accredited by WHO-GMP (World Health Organization - Good Manufacturing Practices), underscoring its commitment to maintaining the quality standards. The company is also registered with several international regulatory bodies, including the Ministry of Public Health and Population of the Republic of Yemen, the Ministry of Health - Pharmacy and Poisons Board (MOH-PPB) of Kenya, the Food and Drug Administration (FDA) of the Philippines, and the National Agency for Food and Drug Administration and Control (NAFDAC) of Nigeria.

Scalable business model: The company’s business model is customer-focused and order-driven, prioritizing efficient resource utilization to ensure consistent quality and cost-effectiveness. Growth is fueled by market expansion and product innovation, guided by a deep understanding of customer needs, strong marketing capabilities, and a commitment to quality. Currently, its manufacturing facility at the company is equipped with substantial production capacity, enabling it to manufacture 138 Crore tablets, 15.75 Crore capsules, 10.80 Lakh liters of syrup, 270 tons of external preparations, and 45 tons of sterile ophthalmic ointment annually. This robust capacity supports its ability to scale operations efficiently as demand increases, while maintaining the flexibility to adapt to new market opportunities.

Risks and concerns

Maximum revenue comes from limited customers: The company is dependent on certain customers who have contributed a substantial portion of its total revenues. The company has garnered 64.65%, 78.01% and 84.83% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. The company cannot guarantee that it will continue to generate the same volume of business, or any business, from them, and the loss of one or more key customers could adversely affect its revenue and operational results.

Depends on limited number of suppliers for product procurement: The company relies on a limited number of suppliers for product procurement. The company has procured 55.60%, 32.94% and 28.76% of its total products from top 5 suppliers in FY25, FY24 and FY23 respectively. The company cannot guarantee that it will continue to receive the same volume and quality of supplies, or any supplies at all, from these suppliers. The loss of one or more key suppliers could adversely impact its stock procurement, revenue, and operational results.

Geographical constrain: The company currently operates from one Manufacturing Facility situated on leasehold basis at Sanand, Ahmedabad, in Gujarat. Any significant social, political or economic disruption or natural calamities or civil disruptions in this region or changes in the policies of these states or local governments could require it to incur significant capital expenditure and change its business strategy. Its business relies on the effective management of its manufacturing process, which is subject to various operational risks. These include political instability, workforce productivity, compliance with regulatory requirements, challenges related to production costs and yields, product quality issues, and factors beyond its control, such as equipment malfunctions, industrial accidents, power or water supply disruptions, extreme weather conditions, natural disasters, and pandemics like COVID-19. Any significant equipment failure or breakdown could result in costly repairs and delays in its operations.

Outlook

Curis Lifesciences is a pharmaceutical company that specializes in developing, manufacturing, and distributing a diverse range of products. The company manufactures pharmaceutical products globally and domestically on a loan license or contract basis, as well as for its own brand marketing. The company serves over 100 corporate clients on loan licenses or contract manufacturing and 2 clients for its own brand marketing in Yemen and Kenya. The company has wide range of products with scalable business model. On the concern side, the company relies on a limited number of customers for its sales, and the loss of any major customer could adversely impact its revenue and profitability. Moreover, the company’s manufacturing facility is concentrated in Sanand, Ahmedabad, Gujarat, exposing it to risks from economic, regulatory, political, and other regional changes, including natural disasters, which could negatively impact its business operations, financial performance, and overall condition. 

The company is coming out with a maiden IPO of 21,50,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 120-128 per equity share. The aggregate size of the offer is around Rs 25.80 crore to Rs 27.52 crore based on lower and upper price band respectively. On performance front, during FY 2024-25, revenue from operations increased to Rs 4,913.24 lakh from Rs 3,555.57 lakh in FY 2023-24. Moreover, the restated profit after tax for FY 2024-25 increased significantly to Rs 610.51 lakh as against Rs 486.70 lakh in FY 2023-24, an increase of about 25.46%.

Currently, the company’s products have presence in India as well as through merchant exports in countries like Rwanda, Myanmar, Kenya, Uzbekistan, Malawi, United Kingdom, Venezuela, Nigeria, Sierra Leone, Tazakistan, Peru, etc. Under the license number G/25/2225 and G/28/1632 from Food & Drug department for the company, product portfolio consists of total 943 products, under Form G28 now containing 198 products, and Form G25 contains 745 products. Its product portfolio is primarily focused on offering differentiated products and registered formulations based on customer’s requirements. It intends to continue to grow its sales by registering more and new products in these markets. Its growth strategy will vary from country to country depending on their specific regulatory requirements. It may either form important relationships with companies having strong local presence or alternatively appoint local distributors through which it can undertake its own sales and marketing.