FY2026	FY2025	FY2024
Sales	24.45	22.65	20.78
Expenses	21.39	19.57	17.93
Operating Profit	3.06	3.08	2.85
OPM %	12.5%	13.6%	13.7%
Other Income	0.46	0.52	0.09
Interest	0.82	0.53	0.16
Depreciation	0.09	0.10	0.09
Profit before tax	3.52	3.60	2.94
Tax %	35.4%	28.8%	24.8%
Net Profit	2.27	2.56	2.21
EPS in Rs	5.41	6.10	5.40
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Capital expenditure for setting up hotel-cum-banquet hall in Lonavala (Haveli Project)	12.7	71.3%
General corporate purposes and Issue Expenses	5.1	28.7%

1. Pind Hospitality Limited is coming out with an SME IPO of up to 18,00,000 equity shares of face value ₹10 each.
2. The entire issue comprises a fresh issue of shares with no offer-for-sale (OFS) component.
3. The primary object of the issue is to fund ₹12.6981 Crore toward capital expenditure for constructing the 'Haveli Project' (hotel-cum-banquet hall) in Lonavala.
4. 100% of the company's current restaurant revenue is concentrated in the city of Pune, Maharashtra.
5. Third-party food delivery apps contributed 78.38%, 85.19%, and 86.40% of revenue from operations in FY2026, FY2025, and FY2024 respectively.
6. Revenue from operations grew from ₹20.78 Crore in FY2024 to ₹22.65 Crore in FY2025 and ₹24.45 Crore in FY2026.
7. Restated Profit After Tax (PAT) stood at ₹2.27 Crore for FY2026 compared to ₹2.56 Crore in FY2025 and ₹2.21 Crore in FY2024.
8. The company acquired a 97.50% partnership interest in the partnership firm 'Pind Punjab' on April 29, 2024, consolidating restaurant operations.
9. Promoters Nimish Parveen Malhotra, Chirag Parveen Malhotra, and Anita Malhotra collectively hold 84.72% of pre-issue equity capital.
10. The total estimated project cost for the Haveli Project in Lonavala is ₹21.42 Crore (excluding land cost of ₹6.05 Crore already paid).
11. The company faced past instances of delayed statutory filings and unpaid statutory dues for Professional Tax, Employee Provident Fund, and ESIC.
12. The CIBIL reports of promoters reflect a 'suit filed' status, and the company experienced minor defaults/delays in term loan installment payments in FY2026.
13. The company's statutory auditors included an 'Emphasis of Matter' in their examination report regarding unpaid statutory liabilities.
14. Certain operating outlets lack key licenses/NOCs such as Health Trade License, Signage License, Fire NOC, and Environmental Clearance.
15. The post-issue paid-up capital of the company will be ₹6.00 Crore, and the post-issue market capitalisation at the upper band of ₹99 is ₹59.39 Crore.

Investor	Adj ₹	%	Date
TrishaPA	60.00	—	2023-05-04
VA Tradingventure LLPPA	60.00	0.60%	2023-05-04
Standard Capital Markets LimitedPA	60.00	2.71%	2023-06-27
Neel KamalPA	60.00	2.38%	2023-08-08
Shailendra GuptaST	96.04	0.99%	2025-10-08

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Pind Hospitality Limited Pre-IPO P/E: 18.30x (FY26 EPS ₹5.41); Post-IPO P/E: 26.12x (FY26 diluted EPS ₹3.79) at issue price ₹99	26.1	2.9	15.7	3.79	24	16.1%	9.3%	0.88x	8.0%
United Foodbrands Ltd Formerly Barbeque-Nation Hospitality Ltd; P/E negative due to net loss	—	—	-19.3	-15.13	1339	14.4%	-4.6%	—	8.6%
Speciality Restaurants Ltd Listed peer as reported in RHP	31.7	—	5.8	4.52	476	16.7%	4.3%	—	9.2%
Vikram Kamats Hospitality Ltd Formerly Vidli Restaurants Ltd; Listed peer as reported in RHP	351.4	—	0.2	0.09	56	19.9%	0.3%	—	43.9%

	FY2026	FY2025	FY2024
Sales	1798.95	1007.77	2408.87
Expenses	1626.86	953.15	2279.90
Operating Profit	172.09	54.61	128.96
OPM %	9.6%	5.4%	5.3%
Other Income	51.84	42.95	27.81
Interest	115.16	78.86	41.78
Depreciation	10.72	3.69	3.18
Profit before tax	223.92	97.56	156.77
Tax %	17.0%	43.0%	—
Net Profit	185.76	55.65	93.70
EPS in Rs	16.74	6.27	6.04
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by our Company	100.0	20.0%
Investment in wholly owned Material Subsidiaries (Runwal Residency Private Limited and Evie Real Estate Private Limited) for repayment/ pre-payment of borrowings	225.0	45.0%
Funding acquisitions of future real estate projects and general corporate purposes	175.0	35.0%

1. Promoted by Subodh Subhash Runwal, who brings over 31 years of experience in the real estate development sector.
2. Initial Public Offer consists of a Fresh Issue of equity shares aggregating up to ₹5,000.00 million with a face value of ₹2 per share.
3. Ranked 3rd in Mumbai in new launches (2.33% market share) and unit sales (2.46% market share) between January 2023 and March 2026.
4. Maintains leadership in the Eastern Suburbs (1st in sales with 7.88% market share) and Kalyan-Dombivli (1st in launches with 11.41% market share) submarkets.
5. Extensive experience in developing integrated townships spanning over 250 acres in Dombivli (Runwal Gardens and Runwal MyCity).
6. Expanding geographically across MMR into South Mumbai (7 Mahalaxmi), Western Suburbs (Bandra, Khar), and second-home corridors near Alibaug.
7. Demonstrated strong financial recovery in FY26 with Revenue from Operations reaching ₹17,989.49 million and Restated Net Profit of ₹1,857.63 million.
8. EBITDA margin stood at 19.44% in FY26, up from 17.87% in FY25 and 8.37% in FY24.
9. Allotted 6,341,436 equity shares to HDFC Capital Affordable Real Estate Fund - 3 on August 28, 2026, upon conversion of 1,500 CCDs.
10. Employs an asset-light expansion model through Joint Development Agreements (JDAs), Development Agreements (DAs), and Joint Ventures (JVs).
11. Has formed strategic institutional partnerships with international and domestic investors including Nishi-Nippon Railroad, Genkai Capital, HDFC Capital, and Nexus Select Trust.
12. Net Proceeds from the IPO will be utilized towards debt repayment (₹1,000 Cr for parent and ₹2,250 Cr for material subsidiaries) and funding future project acquisitions.
13. Consolidated borrowings stood at ₹29,091.28 million as of March 31, 2026, with a Net Debt to Equity ratio of 3.29x.
14. Faces significant tax disputes, including an ongoing Section 74 CGST Show Cause Notice demanding ₹1,890.68 million regarding revenue recognition timing.
15. Committed to ESG standards with IGBC Platinum pre-certification for 7 Mahalaxmi, USGBC Gold LEED pre-certification for Runwal BKC, and GRESB certification for Runwal Bliss Phase 3.

Investor	Adj ₹	%	Date
HDFC Capital Affordable Real Estate Fund - 3PA	342.49	4.83%	2026-08-28

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Runwal Enterprises Limited Post-IPO P/E: 21.54x (FY26 diluted EPS ₹14.16); Pre-IPO P/E: 18.22x (FY26 EPS ₹16.74) at issue price ₹305.	21.5	5.0	27.2	14.16	1799	19.4%	10.3%	3.29x
Oberoi Realty Limited	25.9	3.6	14.0	68.96	6009	60.8%	—	0.15x
Lodha Developers Limited	33.4	4.9	14.7	34.25	16676	32.2%	—	0.31x
Godrej Properties Limited	27.5	2.7	9.6	61.42	5131	55.8%	—	0.34x
Sunteck Realty Limited	21.1	1.2	5.6	13.94	1124	31.1%	—	0.06x
Keystone Realtors Limited	57.0	1.6	3.3	6.21	2634	7.8%	—	0.35x
Prestige Estates Projects Limited	51.7	3.8	8.0	27.76	12685	33.3%	—	0.67x
Kalpataru Limited	57.7	1.4	1.9	4.76	3436	6.5%	—	2.15x

	FY2026	FY2025	FY2024
Sales	1678.98	1507.57	1129.78
Expenses	1575.57	1438.16	1082.15
Operating Profit	103.41	69.41	47.63
OPM %	6.2%	4.6%	4.2%
Other Income	6.40	9.64	7.75
Interest	42.96	32.67	22.10
Depreciation	20.59	14.73	9.60
Profit before tax	109.81	73.65	56.16
Tax %	27.2%	18.6%	25.8%
Net Profit	79.89	59.94	41.67
EPS in Rs	14.91	11.39	7.91
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	Sponge Iron: 66,000 MTPA; MS Billets: 3,57,060 MTPA; TMT Bars: 3,01,950 MTPA
Utilisation (FY2026)	87.8%
Post-Expansion	Sponge Iron: 1,48,500 MTPA; MS Billets: 4,12,500 MTPA; TMT Bars: 3,46,500 MTPA
Capex Outlay	₹348.1 Cr
Completion	December 2027
Notes	Project includes new kiln, structural mill, rolling mill, epoxy-zinc coating plant, shredder unit, continuous casting machines, and 25.20 MW hybrid wind-solar power plant.

Purpose	₹ Cr	%
Funding capital expenditure requirements towards expansion of manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant	226.3	78.0%
Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company	7.7	2.7%
General corporate purposes	56.0	19.3%

1. Vertically integrated steel producer operating two plants in Gujarat at Samakhiyali and Viramgam with captive power plants.
2. Integrated power infrastructure of 50.3 MW total capacity including 20 MW captive power (coal & WHR) and 30.3 MW hybrid solar-wind power plants.
3. TMT bar manufacturing capabilities range from 8 mm to 40 mm in grades Fe500, Fe500D, Fe550, Fe550D, and CRS variants.
4. Recipients of 4-star and 5-star (highest rating) Green Steel Certifications from the National Institute of Secondary Steel Technology (NISST).
5. Revenue from operations grew at a CAGR of 21.91% from ₹1,129.78 Cr in FY24 to ₹1,678.98 Cr in FY26.
6. Restated PAT grew at a CAGR of 38.47% from ₹41.67 Cr in FY24 to ₹79.89 Cr in FY26.
7. EBITDA margin improved steadily from 7.02% in FY24 to 7.75% in FY25 and 9.94% in FY26.
8. Major capacity expansion underway at Samakhiyali to increase Sponge Iron to 1,48,500 MTPA, MS Billets to 4,12,500 MTPA, and TMT Bars to 3,46,500 MTPA.
9. Undertook Pre-IPO Placement of 18,38,000 equity shares at ₹270 per share aggregating to ₹49.63 Cr in September 2025.
10. Entered into a 3-year Manufacturing Partner Agreement with JSW One Distribution Limited (JODL) in April 2025 for contract manufacturing.
11. High geographical concentration risk with 97.74% of revenue in FY26 derived from the state of Gujarat.
12. Customer concentration risk with top 10 customers contributing 50.62% of revenue from operations in FY26.
13. The Income Tax Department conducted search and seizure operations at company and promoter premises in January 2023; tax appeals are currently pending.
14. Pending Special Leave Petition (SLP) in the Supreme Court regarding auction sale confirmation of a manufacturing asset acquired via DRT proceedings.
15. Fresh issue proceeds of ₹226.33 Cr allocated towards funding capital expenditure for manufacturing facility expansion and hybrid renewable power plant.

Investor	Adj ₹	%	Date
Patel FarukPP	270.00	1.30%	2025-09-26
Patel Yash ChandrakantPP	270.00	0.31%	2025-09-26
Sangitaben Chandrakant PatelPP	270.00	0.31%	2025-09-26
Rushabh Pravinchandra ShahPP	270.00	0.17%	2025-09-26

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
German Green Steel and Power Limited Post-IPO P/E: 13.11x (FY26 diluted EPS ₹10.60 based on expanded post-issue capital); Pre-IPO P/E: 9.32x (FY26 EPS ₹14.91) at upper price band ₹139	13.1	1.8	18.9	14.91	1679	9.9%	4.8%	0.79x
Beekay Steel Industries Ltd Metrics sourced from RHP peer table for FY26	22.5	0.5	3.5	18.94	1175	8.0%	3.1%	0.32x
Gallantt Ispat Limited Metrics sourced from RHP peer table for FY26	27.8	4.1	14.6	20.07	4419	16.2%	11.0%	0.17x
Kamdhenu Limited Metrics sourced from RHP peer table for FY26	14.6	2.9	19.8	2.72	763	13.2%	10.3%	0.00x
MSP Steel & Power Limited Metrics sourced from RHP peer table for FY26	61.6	1.9	3.3	0.56	2843	2.7%	1.2%	0.30x
VMS TMT Limited Metrics sourced from RHP peer table for FY26	8.9	1.0	9.2	4.95	839	7.2%	2.5%	1.00x

	FY2026	FY2025	FY2024
Sales	60.53	50.04	34.10
Expenses	50.36	42.85	32.70
Operating Profit	10.17	7.19	1.40
OPM %	16.8%	14.4%	4.1%
Other Income	3.46	0.76	0.67
Interest	0.58	0.43	0.27
Depreciation	0.09	0.06	0.08
Profit before tax	13.64	7.94	2.06
Tax %	25.1%	26.6%	28.2%
Net Profit	10.22	5.83	1.48
EPS in Rs	9.40	5.36	1.36
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Funding working capital requirements	30.0	80.2%
General Corporate Purposes	—	—%

1. Incorporated in 2007, converted into a public limited company in June 2026, operating in IT infrastructure and system integration.
2. Empanelled as a National Level System Integrator with BSNL and a Business Partner with RailTel Corporation of India.
3. Holds Infrastructure Provider Category-I (IP-I) registration from DoT, allowing leasing/renting of fiber optic infrastructure.
4. Certified with ISO 9001:2015 for quality management and ISO/IEC 27001:2022 for information security management systems.
5. Offers turnkey solutions across networking, AV/display, cybersecurity, AI lab setups, and data center infrastructure.
6. Revenue from operations grew from ₹34.10 Cr in FY24 to ₹50.04 Cr in FY25 and ₹60.53 Cr in FY26 (CAGR of 33.24%).
7. Restated PAT expanded significantly from ₹1.48 Cr in FY24 to ₹5.83 Cr in FY25 and ₹10.22 Cr in FY26.
8. EBITDA margin improved from 6.56% in FY24 to 16.30% in FY25 and 21.97% in FY26 due to focus on higher-margin service projects.
9. Return on Net Worth (RoNW) stood at 38.48% in FY26, compared to 35.70% in FY25 and 14.09% in FY24.
10. High customer concentration with top 10 clients contributing 94.19% of total operating revenue in FY26.
11. 73.10% of FY26 revenue was derived from government bodies and public sector undertakings via tender bidding.
12. Significant geographical concentration with Bihar (43.30%), Odisha (20.16%), and West Bengal (16.58%) generating 80.04% of FY26 revenue.
13. Working capital intensive business model with trade receivables accounting for 90.83% of FY26 revenue and collection days extending to 280 days.
14. Experienced negative cash flow from operating activities of -₹6.77 Cr in FY26 due to working capital lockup in receivables.
15. Public issue consists of a Fresh Issue of up to 34,00,000 Equity Shares and an Offer for Sale of up to 4,58,000 Equity Shares by Promoter Vineet Kumar Gupta.

Investor	Adj ₹	%	Date
Jitendra Kumar ShawST	100.00	—	2026-06-01
Rajat ProsadST	100.00	—	2026-06-01
Raju MondalST	100.00	—	2026-06-01
Subha NandiST	100.00	—	2026-06-01
Rohit MidhaST	100.00	—	2026-06-01

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Bench Mark Infotech Services Limited Post-IPO P/E: 15.36x (based on FY26 post-issue diluted EPS ₹7.16); Pre-IPO P/E: 11.70x (based on FY26 EPS ₹9.40) at upper issue price ₹110	15.4	4.5	38.5	7.16	61	22.0%	16.9%	0.10x	21.0%
Dynacons Systems & Solutions Ltd	26.6	1.1	26.9	66.64	1424	10.6%	6.0%	0.75x	12.4%
Xtranet Technologies Limited	50.9	6.8	30.0	10.40	365	17.5%	11.2%	0.63x	32.3%
Esconet Technologies Limited	15.7	17.2	7.7	4.66	354	3.4%	1.7%	0.17x	53.9%

	FY2026	FY2025	FY2024
Sales	510.38	395.02	379.76
Expenses	575.22	453.75	427.67
Operating Profit	-64.84	-58.73	-47.91
OPM %	-12.7%	-14.9%	-12.6%
Other Income	27.28	11.75	4.98
Interest	2.09	1.65	2.15
Depreciation	13.30	11.16	7.83
Profit before tax	-37.56	-120.59	-45.76
Tax %	—	—	—
Net Profit	-45.51	-126.31	-51.30
EPS in Rs	-1.32	-3.04	-1.26
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Funding a portion of marketing and business promotion expense of the Marketplace business	132.0	46.0%
Funding technology infrastructure costs for the Marketplace business	50.0	17.4%
Funding inorganic growth through acquisitions and general corporate purposes	105.0	36.6%

1. AceVector Limited operates three distinct e-commerce growth engines: Snapdeal (B2C value marketplace), Unicommerce (B2B SaaS enablement), and Stellaro Brands (B2C consumer brands).
2. The public offer comprises a Fresh Issue of up to ₹2,870.00 million and an Offer for Sale (OFS) of up to 41,562,500 Equity Shares of face value ₹1 each.
3. Promoters of the company are Kunal Bahl, Rohit Kumar Bansal, and Starfish I Pte. Ltd. (a subsidiary of SoftBank Group Corp.).
4. Unicommerce eSolutions Limited is a material listed subsidiary (listed on BSE and NSE in August 2024) in which AceVector holds a 25.90% direct equity stake.
5. In FY2026, Snapdeal derived 95.45% of its Net Merchandise Value (NMV) from lifestyle categories, with 83.75% of delivered units priced below ₹599 and 82.22% coming from non-metro cities.
6. In May 2026, the company completed a Pre-IPO Placement of 3,611,110 Equity Shares at ₹36.00 per share, aggregating to ₹130.00 million from Ajay Kumar Aggarwal and Singularity Growth Opportunities Fund II.
7. Net proceeds from the fresh issue will fund marketplace marketing & business promotion (₹1,320.00 million), marketplace technology infrastructure (₹500.00 million), and inorganic acquisitions/general corporate purposes.
8. Restated Consolidated Revenue from Operations grew 29.20% YoY to ₹5,103.81 million in FY26, up from ₹3,950.19 million in FY25 and ₹3,797.61 million in FY24.
9. The company reported a restated consolidated net loss of ₹455.06 million in FY26, narrowing from a net loss of ₹1,263.06 million in FY25 and ₹512.97 million in FY24.
10. In May 2026, the company issued 500 unrated, unlisted, secured, redeemable NCDs aggregating to ₹500.00 million at an interest rate of 14.50% p.a. to Arvesta Financial Services Private Limited.
11. Unicommerce acquired a controlling stake in Shipway Technology Private Limited in FY2025, adding courier aggregation (Shipway) and marketing automation (Convertway) to its SaaS suite.
12. Snapdeal operates a zero-inventory, 3PL-led asset-light logistics model serving 18,972 pin codes across India without owning warehousing facilities or delivery fleets.
13. Statutory auditors issued a modification in FY26 regarding managerial remuneration of ₹1.50 million in excess of statutory limits in a subsidiary, alongside audit trail modifications for accounting software.
14. Pre-Offer Equity Shares outstanding total 454,499,270 shares of face value ₹1 each.
15. Consolidated Net Worth stood at ₹1,020.81 million as of March 31, 2026, translating to a Net Asset Value (NAV) per share of ₹2.21.

Investor	Adj ₹	%	Date
Ajay Kumar AggarwalPP	36.00	—	2026-05-25
Singularity Growth Opportunities Fund IIPP	36.00	—	2026-05-25

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
AceVector Limited Post-IPO P/E is not ascertainable due to restated loss in FY26 (Basic & Diluted EPS -₹1.32). P/B is 14.48x at upper price band ₹32 based on NAV of ₹2.21. P/E at issue price.	-24.2	14.5	-59.5	-1.32	510	-3.1%	-8.9%	0.00x	29.2%
FSN E-Commerce Ventures Limited (Nykaa) Listed peer sourced from RHP p. 153	462.5	64.8	13.9	0.70	10022	7.5%	—	—	—
Brainbees Solutions Limited (FirstCry) Listed peer sourced from RHP p. 153	—	1.9	-2.9	-2.90	8548	5.7%	—	—	—
Meesho Limited Comparative industry player sourced from RHP p. 154	—	22.4	-30.9	-3.11	12626	-11.0%	—	—	—

	FY2026	FY2025	FY2024
Sales	170.34	142.44	138.32
Expenses	144.00	121.15	131.77
Operating Profit	26.34	21.29	6.55
OPM %	15.5%	14.9%	4.7%
Other Income	1.35	0.70	0.33
Interest	2.82	2.18	1.37
Depreciation	0.63	0.61	0.24
Profit before tax	27.69	21.99	6.87
Tax %	25.4%	25.3%	28.1%
Net Profit	20.67	16.43	4.95
EPS in Rs	12.74	45.59	13.72
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	60 MW/year Mono-PERC Solar PV Modules
Utilisation (FY2024)	23.0%
Post-Expansion	160 MW/year Mono PERC & TOPCon Bifacial Solar PV Modules
Capex Outlay	₹13.0 Cr
Completion	April 2027
Notes	Expanding Karnal facility from 60 MW to 160 MW by installing an additional 100 MW automated line for G2G TOPCon and Mono-PERC modules.

Purpose	₹ Cr	%
Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility	13.0	21.4%
Meeting incremental Working Capital requirements	29.5	48.6%
Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company	2.1	3.5%
General Corporate Expenses	—	—%

1. Initial public offering consists of a fresh issue of up to 58,90,800 equity shares and an offer for sale (OFS) of up to 7,14,000 equity shares by promoter selling shareholder Karthyayini M.
2. The equity shares are proposed to be listed on the EMERGE platform of National Stock Exchange of India Limited (NSE EMERGE).
3. Promoters of the company are Manjeet Singh, Karthyayini M, Himanshu Dalal, Mehtab Singh, and Anita Kumari, who collectively hold 99.99% of the pre-issue equity capital.
4. Objects of the fresh issue include ₹1,298.30 Lakhs for expanding manufacturing capacity to 160 MW, ₹2,950.00 Lakhs for incremental working capital, and ₹211.99 Lakhs for repayment of loans.
5. The company operationalized a new 60 MW Mono-PERC 16BB manufacturing unit in Karnal, Haryana in March 2026, after halting operations at its older 40 MW polycrystalline facility in Panchkula in August 2024.
6. Total restated revenue for FY26 stood at ₹17,034.32 Lakhs compared to ₹14,243.73 Lakhs in FY25 and ₹13,831.92 Lakhs in FY24.
7. Restated Profit After Tax (PAT) grew to ₹2,066.61 Lakhs in FY26 from ₹1,643.06 Lakhs in FY25 and ₹494.59 Lakhs in FY24.
8. Unexecuted order book stood at ₹14,021.69 Lakhs as of July 31, 2026, majorly consisting of government contracts under PM-KUSUM and state schemes.
9. Total borrowings as of March 31, 2026 stood at ₹3,612.38 Lakhs, comprising ₹911.14 Lakhs of long-term and ₹2,701.25 Lakhs of short-term debt.
10. High customer concentration risk: The top customer (HAREDA, Haryana) accounted for 50.00% of FY26 revenue, 85.15% of FY25 revenue, and 88.48% of FY24 revenue.
11. Geographical concentration: Domestic sales in Haryana contributed 52.81% of revenue in FY26, 86.15% in FY25, and 88.93% in FY24.
12. Supplier concentration: The top 10 suppliers contributed 98.00% of total raw material/consumable purchases in FY26.
13. The company issued 1,26,14,699 bonus equity shares in the ratio of 3.5:1 on June 14, 2025.
14. Restated Net Asset Value (NAV) per share was ₹28.93 as of March 31, 2026.
15. The company reported contingent liabilities of ₹2,918.32 Lakhs as of March 31, 2026, primarily in bank guarantees issued in the ordinary course of business.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Ganesh Green Bharat Limited	7.1	1.9	26.8	30.31	1064	10.4%	7.1%	0.19x
Solarium Green Energy Limited	15.0	1.9	12.6	9.81	368	8.3%	5.6%	0.96x
Australian Premium Solar (India) Limited	8.3	2.9	35.2	28.70	708	13.4%	8.2%	0.28x
Himalayan Solar Limited Post-IPO P/E: 11.02x (FY26 diluted EPS ₹9.35); Pre-IPO P/E: 8.08x (FY26 EPS ₹12.74) at issue price ₹103	11.0	3.6	44.0	12.74	170	17.1%	12.1%	0.77x

	FY2026	FY2025	FY2024
Sales	1171.65	824.96	657.77
Expenses	1109.07	760.15	610.62
Operating Profit	62.58	64.81	47.15
OPM %	5.3%	7.9%	7.2%
Other Income	10.02	6.91	7.21
Interest	19.10	12.50	5.57
Depreciation	14.72	6.56	6.11
Profit before tax	72.60	71.71	54.36
Tax %	26.2%	25.6%	26.3%
Net Profit	53.56	53.32	40.07
EPS in Rs	5.27	5.23	3.93
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	895,776 km/year of networking, specialty power, and optical fibre cables; 5,040,000 pieces/year of keystone jacks
Utilisation (FY2026)	69.8%
Post-Expansion	1,255,296 km/year of cables (359,520 km increase); 17,280,000 pieces/year of keystone jacks/allied products (12,240,000 pieces increase)
Capex Outlay	₹91.5 Cr
Completion	Phased deployment across Fiscal 2027 (₹3.00 Cr), Fiscal 2028 (₹50.00 Cr), and Fiscal 2029 (₹38.50 Cr)
Notes	Expansion at Unit II in Bhiwadi, Rajasthan for procurement of machinery including E-Beam irradiation accelerators, extrusion lines, and civil works.

Purpose	₹ Cr	%
Capital expenditure for purchase of machinery, equipment and civil works at Manufacturing Facilities	91.5	28.6%
Repayment or prepayment, in full or in part, of certain outstanding borrowings	155.5	48.6%
General Corporate Purposes	73.0	22.8%

1. Leading Indian specialty cable manufacturer focused on networking cables (CAT5, CAT6, CAT6A), optical fibre cables, power cables, and passive networking components like keystone jacks.
2. Holds approximately 22.9% market share in the Indian networking cables market in Fiscal 2026, positioning it among the top four manufacturers.
3. Total public issue size of up to ₹5,520.00 million, comprising a Fresh Issue of ₹3,200.00 million and an Offer for Sale of ₹2,320.00 million.
4. Fresh issue proceeds will be deployed towards capital expenditure for machinery, equipment and civil works (₹915.00 million), debt repayment/prepayment (₹1,555.00 million), and general corporate purposes.
5. Restated consolidated revenue from operations grew at a CAGR of 33.46% from ₹6,577.67 million in FY2024 to ₹8,249.58 million in FY2025 and ₹11,716.54 million in FY2026.
6. Restated consolidated Profit After Tax (PAT) stood at ₹400.69 million in FY2024, ₹533.21 million in FY2025, and ₹538.13 million in FY2026.
7. EBITDA margins were 8.94% in FY2024, 10.17% in FY2025, 8.23% in FY2026, and expanded to 11.22% in Q1 FY2027.
8. Maintained high Return on Net Worth (RoNW) of 37.26% in FY2024, 34.60% in FY2025, and 25.84% in FY2026.
9. Manufacturing footprint spans Unit I and Unit II in Bhiwadi, Rajasthan, Unit III in Bengaluru, Karnataka (operational May 2026), and a newly acquired 11-acre land parcel at Choupanki, Rajasthan.
10. Actively expanding into high-margin new product lines including E-Beam irradiated specialty cables, solar junction boxes, tethered drone systems, power cords, and EV charging assemblies.
11. High customer concentration risk with top 10 customers accounting for 76.52% of revenue from operations in FY2026 and 84.00% in Q1 FY2027.
12. Supplier concentration risk with top 10 suppliers furnishing 69.71% of total raw materials in FY2026 and 74.91% in Q1 FY2027.
13. Reported negative cash flows from operating activities in FY2025 (-₹97.85 million), FY2026 (-₹266.44 million), and Q1 FY2027 (-₹117.64 million) due to working capital expansion.
14. Involved in material trademark litigation with Orient Electric Limited regarding the 'ORIENT' and 'ORIENT CABLES' brand names.
15. Promoter group led by Vipul Nagpal, Garima Nagpal, Vardaan Nagpal, Vipul Family Trust, and Garima Family Trust holds 99.99% of pre-offer equity capital.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Orient Cables (India) Limited Pre-IPO P/E: 51.61x (FY26 EPS ₹5.27); Post-IPO P/E: 57.51x (FY26 diluted EPS ₹4.73) at issue price ₹272	57.5	11.8	25.8	5.27	1172	8.2%	4.5%	0.94x	33.5%
RR Kabel Limited	54.9	—	20.8	43.52	9722	7.9%	5.1%	0.06x	21.4%
Polycab India Limited	46.7	—	24.6	176.95	28884	13.9%	9.4%	-0.27x	26.5%
Finolex Cables Limited	26.3	—	12.3	46.67	6321	9.8%	11.3%	0.00x	12.3%
Havells India Limited	42.7	—	19.0	26.94	22528	9.0%	7.5%	0.00x	10.1%
KEI Industries Limited	49.0	—	14.8	96.02	11748	11.8%	7.8%	0.03x	20.3%
Paramount Communications Limited	33.5	—	8.0	1.96	1913	6.1%	3.1%	0.14x	33.7%
Birla Cable Limited	63.5	—	6.3	5.63	771	6.6%	2.2%	0.47x	6.1%
Sterlite Technologies Limited	708.4	—	2.6	1.11	4745	13.2%	1.2%	0.50x	7.8%

	FY2026	FY2025	FY2024
Sales	85.11	65.52	45.62
Expenses	80.08	61.54	43.63
Operating Profit	5.03	3.98	1.99
OPM %	5.9%	6.1%	4.4%
Other Income	0.53	0.30	0.26
Interest	0.72	0.55	0.43
Depreciation	0.77	0.61	0.51
Profit before tax	5.55	4.28	2.25
Tax %	24.5%	26.8%	38.3%
Net Profit	4.24	3.14	1.37
EPS in Rs	7.29	5.40	2.36
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Funding working capital requirements of our Company	8.0	38.7%
Repayment/ prepayment, in full or part, of certain loans availed by our Company	6.6	31.9%
General Corporate Purpose	—	—%

1. Public Issue Structure: Initial Public Offer of up to 22,08,000 Equity Shares at a price band of ₹107 to ₹113 per share, comprising a Fresh Issue of 18,28,800 shares and an Offer for Sale of 3,79,200 shares by promoters.
2. Promoter Ownership: Promoters Harsh Ajaykumar Mittal and Santosh Ajay Kumar Mittal hold 92.87% of pre-offer capital, which will dilute post-issue while retaining majority control.
3. Revenue Growth: Revenue from operations grew at a CAGR of 36.59% from ₹4,561.64 Lakhs in FY24 to ₹6,552.42 Lakhs in FY25 and ₹8,510.97 Lakhs in FY26.
4. Profitability Expansion: Profit After Tax (PAT) expanded from ₹137.19 Lakhs in FY24 to ₹313.74 Lakhs in FY25 and ₹423.57 Lakhs in FY26.
5. Robust Order Book: Total order book as of June 15, 2026, stands at ₹15,967.04 Lakhs, of which ₹7,165.11 Lakhs is pending execution across 17 ongoing projects and ₹2,536.73 Lakhs is yet to commence across 4 projects.
6. Extreme Customer Concentration: The top 1 customer contributed 74.77% of revenue in FY26 (70.49% in FY25), while top 10 clients accounted for 99.97% of total revenue from operations.
7. Public Sector Dominance: Public Sector Undertakings (PSUs) accounted for 92.27% of revenue in FY26, 91.13% in FY25, and 81.28% in FY24.
8. High Attrition Rate: Employee attrition reached 45.01% in FY26 (1,019 exits out of 2,058 employees), driven by the completion of specific project-based site contracts.
9. Objects of Fresh Issue: Net proceeds from the fresh issue will be utilized to fund working capital requirements (₹800.00 Lakhs) and full/partial debt repayment (₹660.00 Lakhs).
10. Negative Operating Cash Flows: The company generated negative net cash flows from operating activities of ₹(94.86) Lakhs in FY26 and ₹(210.03) Lakhs in FY25 due to working capital expansion.
11. Working Capital Intensity: Net working capital requirement expanded significantly from ₹179.19 Lakhs in FY24 to ₹575.35 Lakhs in FY25 and ₹1,165.97 Lakhs in FY26.
12. High Repeat Business: The company generated 99.65% of FY26 revenue and 100% of FY25/FY24 revenue from repeat orders at existing client plant sites.
13. Peer Benchmarking: Lakshya Powertech Limited is listed as the sole comparable peer in the RHP, trading at a P/E of 11.27x for FY26.
14. Pre-IPO Secondary Transfers: Promoters transferred 3,84,000 equity shares in September 2026 at ₹113 per share to non-promoter individual and institutional investors.
15. Pending Labor Proceedings: Facing 3 pending labor enforcement criminal complaints under the Contract Labor (Regulation and Abolition) Act regarding site compliance irregularities.

Investor	Adj ₹	%	Date
KIFS Finstock LimitedST	113.00	2.32%	2026-09-08
Ansul JiteshKumar PatelST	113.00	1.14%	2026-09-08
Chaitanya Prasad SahooST	113.00	—	2026-09-08
Dinesh KumarST	113.00	—	2026-09-08
Dhawal Gaurang VasavadaST	113.00	—	2026-09-09
Narender SharmaST	113.00	1.05%	2026-09-09
Nitin Chittananda RaoST	113.00	—	2026-09-09
Amit Kumar KishorpuriaST	113.00	—	2026-09-09

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Sai Urja Indo Ventures Limited Post-IPO P/E: 20.36x (FY26 diluted EPS ₹5.55); Pre-IPO P/E: 15.50x (FY26 EPS ₹7.29) at issue price ₹113	20.4	5.4	42.4	7.29	85	7.7%	5.0%	0.59x
Lakshya Powertech Limited	11.3	1.1	9.8	9.94	180	11.1%	5.6%	0.71x

	FY2026	6M FY2026	FY2025	FY2024	FY2023
Sales	24.59	13.90	25.28	25.12	24.18
Expenses	—	12.49	22.82	23.77	23.32
Operating Profit	2.97	1.60	2.86	1.81	1.27
OPM %	12.1%	11.5%	11.3%	7.2%	5.3%
Other Income	—	0.00	0.01	0.01	0.00
Interest	—	0.15	0.29	0.29	0.27
Depreciation	—	0.04	0.11	0.18	0.15
Profit before tax	—	1.41	2.47	1.36	0.86
Tax %	—	25.2%	27.9%	26.8%	25.5%
Net Profit	1.90	1.05	1.78	0.99	0.64
EPS in Rs	—	1.56	2.64	1.47	0.95
Dividend Payout %	—	0.0%	0.0%	0.0%	0.0%

Current Capacity	Installed base of 47 sewing machines, 6 overlock machines, and 5 cloth cutting machines (not quantified in standard output units due to product mix variations).
Post-Expansion	Addition of 2 computerized embroidery machines (18-head and 9-needle SHP-MAX) to transition outsourced embroidery in-house.
Capex Outlay	₹0.8 Cr
Completion	FY2026-27
Notes	Embroidery machinery procurement from Baba Textile Machinery India Pvt Ltd to reduce third-party job work dependency and boost margins.

Purpose	₹ Cr	%
Capital Expenditure (Purchase of computerized embroidery machinery)	0.8	7.5%
Re-payment of Outstanding borrowings (Kotak Mahindra Bank cash credit facility)	3.0	28.4%
Working Capital Requirements	4.0	37.6%
General Corporate Purpose	1.5	14.2%
Issue Related Expenses	1.3	12.2%

1. Incorporated in 2015 as Dudani Retail Private Limited, the company converted into a public limited company in March 2025.
2. The SME IPO consists of a 100% Fresh Issue of up to 36,36,000 equity shares of ₹10 face value at a fixed issue price of ₹29 per share, raising ₹10.54 Crore.
3. Promoters Akshay Dudani and Charu Dudani hold 100% of the pre-issue equity capital (67,49,955 shares), which will dilute to 64.99% post-issue.
4. Core women's wear portfolio under 'Divena' covers suit sets, kurtas, dresses, tops, tunics, nightwear, lehengas, sarees, and co-ord sets.
5. Operates licensed manufacturing arrangements with major e-commerce platforms to supply garments under managed labels like Kalini, Corsica, Roadster, and Anouk.
6. Supplies apparel to Quick-Commerce hubs under a sales-linked sell-or-return model with 4-day settlement terms.
7. Revenue from Operations for FY25 stood at ₹25.28 Crore with PAT of ₹1.78 Crore, compared to Revenue of ₹25.12 Crore and PAT of ₹0.99 Crore in FY24.
8. For the 6-month period ended September 30, 2025 (6M FY26), Revenue from Operations reached ₹13.90 Crore with a PAT of ₹1.05 Crore.
9. Objects of the Issue comprise ₹0.79 Cr for purchasing computerized embroidery machinery, ₹3.00 Cr for debt repayment, ₹3.97 Cr for working capital, and ₹1.50 Cr for general corporate purposes.
10. Plans to bring embroidery processes in-house by purchasing 2 computerized embroidery machines costing ₹79.20 Lakhs.
11. Significant customer concentration: Top 1 customer contributed 47.49% of domestic revenue in FY25 (35.74% in 6M FY26), and Top 5 customers accounted for 65.58% in FY25.
12. High supplier concentration: Top 1 supplier accounted for 39.83% of total purchases in FY25 (43.88% in 6M FY26), and Top 5 suppliers accounted for 83.62% in FY25.
13. Working capital intensive operations with high inventory holding periods (576 days estimated for FY26; 647 days in FY25).
14. History of negative cash flow from operating activities in FY25 (-₹16.31 Lakhs) and FY23 (-₹136.15 Lakhs).
15. Total post-issue paid-up capital will be 1,03,86,000 equity shares, translating to a post-issue market capitalisation of ₹30.12 Crore at ₹29 per share.

Investor	Adj ₹	%	Date
Ajay Kumar YadavST	62.00	—	2024-12-09
Ashok Kumar PingoliyaST	62.00	—	2024-12-09
Hari Kant SharmaST	62.00	—	2024-12-09
Rakesh Kumar PrasadST	62.00	—	2024-12-09
Deepak Kumar SharmaST	62.00	—	2024-12-09

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Nandani Creation Limited	11.6	1.0	7.1	2.41	70	13.1%	5.3%	0.40x
Purple United Sales Limited	19.9	4.3	17.3	13.59	103	20.1%	10.2%	0.68x
Mish Designs Limited	12.0	0.7	5.0	3.03	18	8.0%	5.0%	0.08x
Dudani Retail Limited Post-IPO P/E: 16.96x (FY25 post-issue diluted EPS ₹1.71); Pre-IPO P/E: 10.98x (FY25 EPS ₹2.64) at issue price ₹29. Post-issue NAV is ₹19.25 per share.	17.0	1.5	21.2	1.71	25	11.3%	7.0%	0.48x

	FY2026	FY2025	FY2024
Sales	383.80	337.62	317.39
Expenses	367.60	325.26	309.12
Operating Profit	16.20	12.36	8.27
OPM %	4.2%	3.7%	2.6%
Other Income	4.83	2.03	0.76
Interest	12.47	6.38	7.01
Depreciation	2.31	2.63	3.38
Profit before tax	21.04	14.39	9.03
Tax %	25.8%	28.1%	26.2%
Net Profit	15.61	10.35	6.66
EPS in Rs	10.56	7.00	4.50
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	10,800 MTPA (7,200 MTPA Block Freezing + 3,600 MTPA IQF)
Utilisation (FY2026)	46.9%
Post-Expansion	21,900 MTPA (addition of 11,100 MTPA proposed seafood processing facility)
Capex Outlay	₹51.3 Cr
Completion	April 2028 (FY2029)
Notes	Land measuring 13,354.63 sq. m. acquired at Chinnayagudem, Andhra Pradesh; machine purchase orders are yet to be placed.

Purpose	₹ Cr	%
Funding the capital expenditure for setting up the proposed seafood processing facility at Chinnayagudem, Andhra Pradesh	40.0	75.4%
General Corporate Purposes	13.1	24.6%

1. Originally incorporated as 'Green Asia Impex Private Limited' in August 2014, and converted to a public limited company in September 2025.
2. Operates in two primary business segments: frozen shrimps (87.76% of FY26 revenue) and dried chillies (9.77% of FY26 revenue).
3. Recognized as a Two Star Export House by the Directorate General of Foreign Trade (DGFT), Government of India.
4. Revenue from operations grew at a CAGR of 9.97% from ₹31,738.66 Lakhs in FY24 to ₹38,380.39 Lakhs in FY26.
5. Profit After Tax (PAT) expanded rapidly at a CAGR of 53.10% from ₹665.99 Lakhs in FY24 to ₹1,561.12 Lakhs in FY26.
6. Maintains a balanced revenue mix between domestic sales (59.79% in FY26) and export sales (37.75% in FY26).
7. China represents its key export market, accounting for ₹12,009.32 Lakhs or 31.29% of FY26 operational revenue.
8. Operates an existing shrimp processing plant at Unguturu, Andhra Pradesh with an installed capacity of 10,800 MTPA (7,200 MTPA Block Freezing and 3,600 MTPA IQF).
9. Proposes to establish a new seafood processing unit at Chinnayagudem, Andhra Pradesh with an 11,100 MTPA capacity, taking total processing capacity to 21,900 MTPA.
10. The IPO comprises a Fresh Issue of up to ₹5,310.00 Lakhs and an Offer for Sale (OFS) of up to ₹700.00 Lakhs, totaling ₹6,010.00 Lakhs.
11. Net proceeds of the fresh issue will primarily fund ₹4,002.77 Lakhs toward capital expenditure for the proposed Chinnayagudem seafood processing plant.
12. Completed a Pre-IPO placement of 6,71,045 equity shares at ₹77.00 per share on September 03, 2026, raising ₹516.70 Lakhs.
13. Sources 100% of its raw material requirements through trader-cum-commission agents in APMC markets rather than direct farm sourcing.
14. Exhibits customer concentration risk, with top 10 customers contributing 77.85% of total revenue from operations in FY26.
15. Faces an outstanding disputed income tax demand of ₹788.69 Lakhs for AY 2022-23, currently under appeal before CIT(Appeals).

Investor	Adj ₹	%	Date
Bondada Raghavendra RaoPP	77.00	1.19%	2026-09-03
Dongari NagarajuPP	77.00	—	2026-09-03
Yemparala RamakrishnaPP	77.00	—	2026-09-03
Pragada Chitti VeerannaPP	77.00	—	2026-09-03
Alivelu Suryakantha Kumari TekumallaPP	77.00	—	2026-09-03
Oxloop Consulting Private LimitedPP	77.00	—	2026-09-03

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Green Asia Impex Limited Post-IPO P/E: 12.31x (based on post-issue diluted EPS ₹7.31); Pre-IPO P/E: 8.52x (based on FY26 EPS ₹10.56) at issue price ₹90.00	12.3	4.0	46.4	7.31	384	6.6%	4.1%	2.40x
Apex Frozen Foods Limited	29.2	2.1	7.6	12.43	931	6.0%	4.2%	0.01x
Kings Infra Ventures Limited	17.2	3.2	20.4	6.59	161	18.4%	9.9%	0.91x
Essex Marine Limited	4.4	0.8	22.9	4.63	61	12.0%	10.5%	0.55x

	FY2026	FY2025	FY2024
Sales	3351.16	2339.15	1342.37
Expenses	2870.27	2059.32	1190.94
Operating Profit	480.89	279.83	151.43
OPM %	14.3%	12.0%	11.3%
Other Income	53.12	39.38	46.87
Interest	631.69	369.82	125.54
Depreciation	9.88	8.95	4.86
Profit before tax	327.35	319.21	198.30
Tax %	25.9%	24.7%	13.7%
Net Profit	242.71	240.28	171.15
EPS in Rs	1.60	1.60	1.20
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Investment to drive growth in loan disbursals under default loss guarantee (DLG) arrangements	325.0	43.3%
Investment in Whizdm Finance Private Limited (WFPL), our Material Subsidiary, for augmenting its capital base	250.0	33.3%
General corporate purposes	175.0	23.3%

1. Moneyview operates a digital financial services platform connecting over 140.28 million Registered Users with 48 Financial Partners as of June 30, 2026.
2. The offer comprises a Fresh Issue of Equity Shares aggregating up to ₹750.00 Crore and an Offer for Sale of up to 100,494,200 Equity Shares by selling shareholders.
3. Its flagship product, personal loans, achieved a Managed AUM of ₹22,520.17 Crore as of June 30, 2026, with the captive NBFC subsidiary (WFPL) contributing 25.12%.
4. In Fiscal 2025, Moneyview expanded its suite to include eight new products: earned wage access (via Jify acquisition), home loans, LAP, credit cards, health/auto insurance, digital gold, FD marketplace, and UPI/BBPS.
5. Total Income grew at a CAGR of 56.54% from ₹1,389.24 Crore in FY2024 to ₹3,404.27 Crore in FY2026.
6. Restated Profit Before Exceptional Items and Tax increased by 67.29% from ₹319.21 Crore in FY2025 to ₹534.01 Crore in FY2026.
7. Proprietary AI/ML credit assessment models trained on over 100,000 data variables reduced annualised loss rates from 7.93% in FY24 to 7.07% in FY25 and 6.95% in FY26.
8. Operates a capital-light Lending Service Provider (LSP) model, receiving origination and servicing fees while sharing credit risk via Default Loss Guarantees (capped at 5%).
9. Acquired Zeo Fin Technology Private Limited (Jify) in September 2024 for ₹59.57 Crore to expand into B2B2C Earned Wage Access.
10. Marketing and direct sourcing costs as a percentage of Loan Disbursals steadily improved from 2.92% in FY24 to 1.90% in FY26 and 1.71% in Q1 FY27.
11. Wholly-owned subsidiary WFPL holds an RBI NBFC-ML license with a Capital Adequacy Ratio (CRAR) of 24.32% as of June 30, 2026.
12. In August 2025, WFPL experienced a cyber security incident resulting in an exceptional loss of ₹34.91 Crore (net of tax), of which partial recoveries are ongoing.
13. In March 2026, a one-time non-recurring performance-based incentive of ₹160.00 Crore was paid to MD & CEO Puneet Agarwal.
14. Net Proceeds from the Fresh Issue will be used for DLG capital backing (₹325.00 Crore), augmenting WFPL's capital base (₹250.00 Crore), and general corporate purposes.
15. Promoters Puneet Agarwal, Sanjay Aggarwal, and Sushma Abburi hold 19.55% of pre-issue capital on a fully diluted basis.

Investor	Adj ₹	%	Date
Nexus Ventures VI Holdings, LLC⭐ VCPP	64.15	—	2024-09-17
Accel India VII (Mauritius) Limited⭐ VCPP	64.15	—	2024-09-17
Accel India VI (Mauritius) Limited⭐ VCPP	64.15	—	2024-09-17
Trifecta Venture Debt Fund - IIIPP	64.15	—	2025-03-11
Lok Capital IV LLCPP	48.22	1.34%	2023-04-28
Crimson Winter LimitedPP	34.32	3.04%	2022-03-16
Accel Growth IV Holdings (Mauritius) Ltd.⭐ VCPP	5.26	7.19%	2018-10-03
NLI Strategic Venture Investment LimitedPP	5.26	3.83%	2018-10-03

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	Rev Gr%	NIM%	GNPA%
Moneyview Limited Post-IPO P/E: 21.66x (FY26 diluted EPS ₹1.57); Pre-IPO P/E: 21.25x (FY26 basic EPS ₹1.60) at upper price band ₹34.0	21.7	2.3	17.9	1.57	3351	43.3%	—	2.74%
OnEMI Technology Solutions Limited	16.6	3.1	21.0	21.39	2179	61.1%	—	—
PB Fintech Limited	120.3	11.0	9.2	14.46	6794	33.1%	—	—
One97 Communications Limited	213.4	7.3	4.6	8.55	8437	21.9%	—	—
Bajaj Finance Limited	33.7	5.6	17.2	30.51	81990	19.1%	—	0.86%
SBI Cards and Payment Services Limited	28.0	3.8	13.7	22.77	20708	11.1%	—	2.76%

	FY2026	FY2025	FY2024
Sales	4148.57	3541.78	3834.21
Expenses	4035.56	3539.34	3804.26
Operating Profit	113.01	2.44	29.95
OPM %	2.7%	0.1%	0.8%
Other Income	53.48	25.26	26.51
Interest	109.19	113.15	97.30
Depreciation	62.68	55.87	43.22
Profit before tax	167.02	25.85	58.18
Tax %	23.7%	70.2%	33.1%
Net Profit	127.41	7.71	38.91
EPS in Rs	18.47	1.28	6.56
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	17,33,100 MTPA (Steel & Industrial Products) + 5,70,000 MTPA (Crude Steel)
Utilisation (FY2026)	89.1%
Post-Expansion	Addition of 6,00,000 MTPA Iron Ore Beneficiation Plant + 10 MW WHRB Power Plant + Railway Siding
Completion	10 MW WHRB Power Plant (6 MW operational, 4 MW by Q2 FY27); 600,000 MTPA Beneficiation Plant (50% in FY27, 50% in FY28); Railway Siding by June 2027
Notes	Environmental clearance received on Sept 26, 2025; 23.08 acres acquired for railway siding at Koppal Facility.

1. Experienced promoter group with strong domain expertise in turnarounds and integrated steel plant operations.
2. Diversified business model with high quality control standards and technology agreements.
3. Strategic focus on high-voltage and advanced product categories supported by technology partnerships.
4. Order book exceeding annual revenues provides high multi-year revenue visibility.
5. Strong anchor book interest from marquee domestic mutual funds and institutional investors.

Purpose	₹ Cr	%
Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by our Company	250.0	70.4%
General corporate purposes and offer expenses	105.0	29.6%

1. Integrated steel manufacturer with aggregate installed capacity of 17,33,100 MTPA for steel and industrial products and 5,70,000 MTPA for crude steel as of March 31, 2026.
2. Operates six manufacturing facilities strategically located in Karnataka (Gauribidanur, Bellary I, Bellary II, Chikkantapur, Koppal) and Andhra Pradesh (Hindupur).
3. Revenue from Operations grew by 17.13% YoY to ₹4,14,856.74 Lakhs in FY2026 compared to ₹3,54,178.09 Lakhs in FY2025.
4. Restated Profit After Tax (PAT) expanded significantly to ₹12,740.82 Lakhs in FY2026 from ₹771.05 Lakhs in FY2025.
5. High adoption of green power, with 83.20% of electricity requirements in FY2026 met through long-term solar/wind PPAs and captive WHRB power plants.
6. Recipient of 5-Star Green Rating from Ministry of Steel and GreenPro Ecolabel certifications for TMT bars, HR coils, and MS pipes.
7. Fresh issue size of ₹35,500.00 Lakhs and Offer for Sale of up to ₹5,000.00 Lakhs by Promoter Selling Shareholders.
8. Primary object of Fresh Issue is pre-payment/partial repayment of ₹25,000.00 Lakhs of outstanding borrowings to reduce finance costs.
9. Ongoing expansion at Koppal Facility includes a 6,00,000 MTPA iron ore beneficiation plant, 10 MW WHRB power plant, and a dedicated railway siding.
10. Diversified sales distribution network comprising 1,246 direct retail channels, 32 authorized distributors, and 57 institutional clients in FY2026.
11. Top 10 customers contributed 27.90% of Revenue from Operations in FY2026, with no single customer accounting for more than 5.33%.
12. Repeat customer sales accounted for 80.29% of finished product revenues (TMT bars, pipes & tubes) in FY2026.
13. Acquired 78.14% controlling stake in Basai Steels and Power Private Limited pursuant to an NCLT-approved resolution plan, with an ongoing amalgamation scheme.
14. Holds a 79.64-acre manganese ore mining lease via subsidiary A-One Gold Pipes and Tubes Private Limited to strengthen backward integration into ferro alloys.
15. Restated Net Worth stood at ₹81,952.16 Lakhs with a Debt-to-Equity ratio of 1.17x as of March 31, 2026.

Investor	Adj ₹	%	Date
Goodluck India LimitedPP	250.00	0.58%	2024-06-20
Gauravraj Singh Vijaysingh RathorePP	250.00	0.44%	2024-06-20
Seven Alpha Investors Private LimitedPP	250.00	—	2024-07-13
Excellence Corporate Solutions Private LimitedPP	250.00	—	2024-06-05

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
A-One Steels India Limited Post-IPO P/E: 24.73x (FY26 diluted EPS ₹16.38); Pre-IPO P/E: 21.93x (FY26 EPS ₹18.47) at upper price band ₹405	24.7	3.4	15.4	18.47	4167	7.3%	3.1%	1.17x	17.6%
MSP Steel and Power Limited Listed peer as reported in RHP	61.5	—	—	0.56	2843	6.2%	1.2%	0.30x	-2.1%
Jai Balaji Industries Ltd. Listed peer as reported in RHP	45.8	—	—	1.42	5784	6.0%	2.2%	0.18x	-8.9%
Shyam Metalics and Energy Ltd. Listed peer as reported in RHP	28.3	—	10.1	37.97	18552	12.6%	5.7%	0.08x	22.4%

	FY2026	FY2025	FY2024
Sales	50.73	45.34	35.71
Expenses	42.63	39.36	33.83
Operating Profit	8.09	5.98	1.88
OPM %	16.0%	13.2%	5.3%
Other Income	0.59	0.29	0.14
Interest	0.73	0.91	1.29
Depreciation	1.24	1.28	1.15
Profit before tax	8.69	6.27	2.01
Tax %	25.4%	25.2%	25.2%
Net Profit	6.48	4.69	1.50
EPS in Rs	8.04	5.81	1.86
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	74,400 screens per annum
Utilisation (FY2026)	96.5%
Post-Expansion	1,63,200 screens per annum
Capex Outlay	₹10.6 Cr
Completion	March 2027
Notes	Expansion at Plot No. 191, Gallops Industrial Park-II, Sanand, adjacent to existing facility. Civil construction commenced in July 2026; includes shifting plant & machinery from closed Narol unit.

Purpose	₹ Cr	%
Funding of capital expenditure towards setup of a new manufacturing facility	9.9	51.6%
Funding of Working Capital Requirements	6.0	31.2%
General Corporate Purpose	—	—%

1. Roopa Screen Limited is conducting a 100% fresh issue of up to 30,00,000 Equity Shares of face value ₹10 each on the BSE SME platform.
2. The company manufactures rotary nickel screens used as stencils in rotary screen-printing machines for continuous fabric printing in the textile sector.
3. It caters to over 200+ customers across India and generates 99.69% of its revenue from domestic sales across 11 states, with a minor export presence in Sri Lanka.
4. The company operates an existing manufacturing unit at Gallops Industrial Park-II, Sanand, Ahmedabad with an installed capacity of 74,400 screens per annum, operating at 96.51% capacity utilization in FY26.
5. In December 2025, manufacturing operations at its Narol facility (14,400 screens/annum capacity) were discontinued due to non-possession of statutory approvals, and machinery will be shifted to the proposed new facility.
6. Key product portfolio includes Penta screens (38.54% of FY26 revenue), Standard screens (21.90%), Delta screens (16.16%), Nova screens (6.48%), alongside trading of nickel cathodes (16.91%).
7. Total proposed capex for setting up a new manufacturing facility at Plot 191, Gallops Industrial Park-II, Sanand is ₹1,060.98 Lakhs, funded via ₹990.46 Lakhs from Net Proceeds and balance internal accruals.
8. The proposed expansion will increase installed capacity from 74,400 to 1,63,200 screens per annum and introduce 1,018 mm diameter screens for large-format printing.
9. Revenue from operations grew from ₹3,570.53 Lakhs in FY24 to ₹4,534.12 Lakhs in FY25 and ₹5,072.73 Lakhs in FY26.
10. Restated PAT increased significantly from ₹150.36 Lakhs in FY24 to ₹468.53 Lakhs in FY25 and ₹648.33 Lakhs in FY26, driven by favorable nickel raw material prices.
11. Promoters Ghanshyambhai Ranchhodbhai Thakkar, Kunal Ghanshyambhai Thakker, Bhartiben Ghanshyambhai Thakkar, and Preksha Kunal Thakkar hold 85.23% pre-issue equity share capital.
12. Secondary transfers occurred on September 16, 2026, where Bhartiben Thakkar transferred 6,05,063 shares to Kedia Securities Pvt Ltd and Preksha Thakkar transferred 2,01,687 shares to Zion Infraventure LLP at ₹54 per share.
13. The company issued bonus shares in the ratio of 6:1 on September 22, 2025.
14. The trademark and logo 'ROOPA'S' under class 7 is currently opposed by Rupa & Company Limited and Roopa Electricals Private Limited before trademark authorities.
15. Net proceeds from the issue are allocated towards ₹990.46 Lakhs for capital expenditure, ₹600.00 Lakhs for working capital requirements, and balance towards general corporate purposes.

Investor	Adj ₹	%	Date
Kedia Securities Private LimitedST	54.00	7.50%	2026-09-16
Zion Infraventure LLPST	54.00	2.50%	2026-09-16

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Roopa Screen Limited Post-IPO P/E: 10.92x (based on FY26 diluted EPS ₹5.86); Pre-IPO P/E: 7.96x (FY26 EPS ₹8.04) at issue price ₹64.00	10.9	3.1	39.6	5.86	51	19.7%	12.8%	0.45x
Stovec Industries Limited Financials for calendar year ended Dec 31, 2025	50.5	2.6	5.4	33.04	198	6.7%	3.5%	—

	FY2026	FY2025	FY2024
Sales	215.94	171.54	43.79
Expenses	194.72	155.51	37.12
Operating Profit	21.22	16.03	6.67
OPM %	9.8%	9.3%	15.2%
Other Income	0.02	0.01	0.01
Interest	1.09	1.13	0.14
Depreciation	0.42	0.89	0.09
Profit before tax	21.24	16.04	6.69
Tax %	25.6%	26.2%	22.1%
Net Profit	15.81	11.84	5.21
EPS in Rs	11.51	8.62	7.82
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	56,100 MTPA
Utilisation (FY2026)	90.1%
Post-Expansion	1,02,600 MTPA (46,500 MTPA addition)
Capex Outlay	₹11.7 Cr
Completion	February 2027
Notes	Vertical expansion at existing plant premises in Indore, constructing first and second floors for new machinery.

Purpose	₹ Cr	%
Funding Capital Expenditure towards Purchase of Plant and Machineries	6.7	12.5%
Funding Capital Expenditure towards Civil Construction	5.0	9.4%
Funding Working Capital Requirements	26.5	49.5%
General Corporate Purposes	—	—%

1. Initial Public Offering consisting entirely of a Fresh Issue of 52,99,200 Equity Shares of face value ₹10 each aggregating up to ₹53.52 Crore at the upper price band of ₹101.
2. The business was originally established as a partnership firm 'M/s Peshwa Wheat' in 2017 and converted into a public limited company in December 2023.
3. Operates a single integrated manufacturing facility in Indore, Madhya Pradesh, with an installed capacity of 56,100 MTPA and a high capacity utilization of 90.10% in FY26.
4. Promoters Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo. Jed, and Riyazuddin Qureshi collectively hold 72.61% pre-issue equity, which will dilute to 52.39% post-issue.
5. Primary product line includes Atta, Sortex Wheat, Broken Wheat, Wheat Bran, Besan, and Maize Flour packaged in 30 kg and 50 kg SKUs.
6. Secondary business line includes B2B trading of vegetables (potatoes and tomatoes) directly sourced from farmers without intermediary storage.
7. Restated Revenue from Operations expanded from ₹43.79 Crore in FY24 to ₹171.54 Crore in FY25 and ₹215.94 Crore in FY26.
8. Restated Profit After Tax (PAT) increased from ₹5.21 Crore in FY24 to ₹11.84 Crore in FY25 and ₹15.81 Crore in FY26.
9. Maintained stable operating profitability with EBITDA margins of 15.77% in FY24, 10.52% in FY25, and 10.53% in FY26.
10. Net IPO proceeds are allocated towards purchase of plant & machinery (₹6.69 Cr), civil construction (₹5.01 Cr), and working capital requirements (₹26.50 Cr).
11. Plans vertical expansion by constructing first and second floors at its existing facility to increase capacity by 46,500 MTPA to 1,02,600 MTPA.
12. Customer concentration risk is prominent, with Top 5 customers contributing 64.14% of total revenue from operations in FY26.
13. 100% of raw materials are procured within the state of Madhya Pradesh, creating regional sourcing concentration.
14. Sources a significant portion of raw material (38.49% in FY26) from related entity Peshwa Nutrition Private Limited.
15. Total indebtedness stood at ₹23.74 Crore as of March 31, 2026, of which ₹15.08 Crore (63.55%) consists of unsecured loans repayable on demand.

Investor	Adj ₹	%	Date
Apexshine Consultancies and Agencies LLPST	75.00	3.28%	2025-07-14
G Prakash Chand Baid HUFPA	22.00	1.60%	2024-01-25
Shankesh VijayakumarPA	22.00	1.17%	2024-01-25
Sandeep BhandariPA	22.00	—	2024-01-25
Shagun Capital VenturePA	22.00	—	2024-01-25

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Peshwa Wheat Limited Pre-IPO P/E: 8.77x (FY26 EPS ₹11.51); Post-IPO P/E: 12.15x (FY26 diluted EPS ₹8.31) at issue price ₹101	12.2	3.2	36.7	11.51	216	10.5%	7.3%	0.55x
Baba Foods Processing India Limited Listed peer data as disclosed in RHP peer comparison table for FY2026.	13.1	0.6	4.6	1.89	205	3.0%	1.5%	0.47x
Megastar Foods Limited Listed peer data as disclosed in RHP peer comparison table for FY2026.	40.9	3.7	9.0	8.11	533	6.6%	1.7%	1.29x

	FY2026	FY2025	FY2024
Sales	60.24	24.87	18.05
Expenses	50.38	21.82	15.07
Operating Profit	9.86	3.05	2.98
OPM %	16.4%	12.3%	16.5%
Other Income	0.65	0.16	0.23
Interest	1.09	0.97	0.74
Depreciation	0.43	0.12	0.15
Profit before tax	10.51	3.21	3.21
Tax %	23.7%	30.0%	40.8%
Net Profit	8.03	2.25	1.90
EPS in Rs	4.39	1.84	2.23
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	1 green screen setup studio in Mumbai office
Post-Expansion	2 new Full-Scale Video Content Production Hubs in Mumbai and Gurgaon (3,500 sq ft carpet area each)
Capex Outlay	₹10.6 Cr
Completion	March 2027 (Operations commencement April 2027)
Notes	Outlay of ₹10.58 Cr includes lease deposits, fit-outs/interiors, studio equipment/devices, and 12 months of human resource hiring costs for 44 professionals.

Purpose	₹ Cr	%
Funding of purchase consideration for acquisition of remaining 23.21% stake in AdLift Marketing Private Limited	9.0	26.4%
Funding CapEx, OpEx and other expenditure for establishment of Full Scale Video Content Production Hub in Mumbai and Gurgaon	10.6	31.0%
Funding incremental working capital requirements	6.6	19.2%
Funding inorganic growth through unidentified acquisitions and general corporate purposes	—	—%

1. The public offer comprises a Fresh Issue of Equity Shares aggregating up to ₹3,413.88 Lakhs and an Offer for Sale of up to 9,02,000 Equity Shares by promoter selling shareholder Mr. Arnab Mitra.
2. The company acquired 76.79% shareholding in AdLift Marketing Private Limited in tranches through internal accruals, cash consideration, and share swaps; the remaining 23.21% is proposed to be acquired using IPO proceeds.
3. Net Proceeds from the Fresh Issue will be deployed towards: (i) ₹900.02 Lakhs for acquisition of the remaining 23.21% stake in AdLift Marketing, (ii) ₹1,058.52 Lakhs for establishing a Full-Scale Video Content Production Hub in Mumbai and Gurgaon, (iii) ₹657.00 Lakhs for incremental working capital, and (iv) general corporate purposes.
4. Corporate promoter Concept Communication Limited holds 44.39% pre-issue equity stake and contributed 12.62% of consolidated revenue in FY2026 (and 44.12% of standalone revenue in FY2025).
5. Consolidated revenue from operations expanded from ₹18.05 Crore in FY2024 (standalone) and ₹24.87 Crore in FY2025 (standalone) to ₹60.24 Crore in FY2026 (consolidated).
6. Profit After Tax (PAT) grew significantly to ₹8.02 Crore in FY2026 on a consolidated basis, with an EBITDA margin of 18.69% and PAT margin of 13.32%.
7. The company holds a strong domestic presence in Maharashtra (43.94% of domestic FY2026 revenue), Haryana (15.97%), Delhi (12.56%), and Karnataka (12.08%), alongside exports contributing 32.67% of total revenue in FY2026.
8. Proprietary technology assets include 'iManage' (agency workflow and project management platform) and AdLift's 'Tesseract' (AI search visibility tracking across ChatGPT, Gemini, Perplexity, and Google AI Overview).
9. Top 10 customers accounted for 52.12% of total consolidated revenue in FY2026 and 85.95% of standalone revenue in FY2025.
10. The company plans to build two state-of-the-art video production studios in Mumbai and Gurgaon by March 2027 to capitalize on the 30+ GB/month per user data consumption wave and rising short-form video demand.
11. Total post-issue equity share capital will be listed on the BSE SME platform with compulsory market making by Shreni Shares Limited for 3 years.
12. The company effectuated a 1:2 stock split (sub-dividing face value from ₹10 to ₹5) on August 26, 2025, followed by a 1:1 bonus issue on September 15, 2025.
13. Total outstanding borrowings stood at ₹9.76 Crore on a standalone basis as of July 31, 2026, including secured working capital facilities of ₹3.63 Crore from State Bank of India.
14. Employee attrition rate stood at 44.24% in FY2026, 44.86% in FY2025, and 41.73% in FY2024, reflecting high industry mobility.
15. The company has filed a compounding application with the RoC regarding past signing of financial statements by MD Mr. Arnab Mitra during his historical Section 164(2) disqualification period (2016-2021) in an unrelated entity.

Investor	Adj ₹	%	Date
Prashant Puri	85.00	8.70%	2025-09-27
Vivek Pahwa	85.00	0.78%	2025-09-27
Maple Leaf Trading and Services Private Limited (formerly Bela Properties Pvt Ltd)PP	50.00	1.57%	2025-03-03
Ila Rajeev DalalPP	50.00	—	2025-03-03
Radhika AgarwalPP	50.00	—	2025-03-03
Rachna ChoudhariPP	50.00	—	2025-03-03
Ranganathan RamachandranPP	50.00	—	2025-03-03

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Liqvd Digital India Limited Pre/Post-IPO P/E pending issue price discovery. Metrics based on FY2026 Consolidated Restated Financial Statements (EPS ₹4.39).	—	—	25.4	4.39	60	18.7%	13.3%	0.29x	142.2%
R K Swamy Limited Listed peer figures based on FY2026 Audited Consolidated Financial Statements.	22.4	0.9	8.6	4.38	341	12.8%	6.5%	0.16x	15.8%
Vertoz Limited Listed peer figures based on FY2026 Audited Consolidated Financial Statements.	11.8	1.3	12.3	3.06	292	16.7%	8.9%	0.38x	14.4%
AdCounty Media India Limited Listed peer figures based on FY2026 Audited Consolidated Financial Statements.	8.1	1.6	28.0	9.65	86	28.7%	23.5%	0.03x	25.0%
Yaap Digital Limited Listed peer figures based on FY2026 Audited Consolidated Financial Statements.	11.4	2.7	28.2	12.10	185	15.1%	12.0%	0.29x	21.2%

	FY2026	FY2025	FY2024
Sales	1396.63	1313.31	1020.57
Expenses	1349.10	1262.59	960.21
Operating Profit	47.53	50.72	60.36
OPM %	3.4%	3.9%	5.9%
Other Income	13.47	2.47	3.42
Interest	24.94	6.72	6.68
Depreciation	3.17	1.19	4.53
Profit before tax	60.99	53.20	63.78
Tax %	25.5%	21.7%	21.4%
Net Profit	45.47	41.67	50.13
EPS in Rs	19.16	17.56	21.12
Dividend Payout %	0.0%	0.0%	0.0%

1. ArMee Infotech Limited has filed its Red Herring Prospectus for a mainboard initial public offering.
2. The issue consists of a 100% fresh issue of shares aggregating up to ₹300 Crore with zero Offer for Sale (OFS).
3. Entire proceeds raised will be deployed into the company for business expansion, PBGs, and working capital needs.
4. The IPO subscription window opens on September 23, 2026 and closes on September 25, 2026, targeting a listing date of September 30, 2026.
5. Issue reservation is set at 52.5% for Retail Individual Bidders, 22.5% for Non-Institutional Bidders, and 25% for QIBs.

Purpose	₹ Cr	%
Funds for the purpose of securing PBGs for expansion of business	155.0	51.7%
Funding our working capital requirements	60.0	20.0%
Prepayment or repayment of certain outstanding borrowings availed by our Company	6.5	2.2%
General corporate purposes	—	—%

1. 100% Fresh Issue of Equity Shares aggregating up to ₹30,000 lakhs (₹300 Crore) with no Offer for Sale (OFS) component.
2. Company was originally incorporated in 2011 as Blossom Infraspace Private Limited and converted to a public limited company in April 2024.
3. Operates across three major verticals: IT Infrastructure Solutions, IT Managed Services, and Renewable Energy (Solar EPC, PPAs, and BESS).
4. Reported Restated Consolidated Revenue from Operations of ₹1,39,662.61 lakhs (₹1,396.63 Cr) in FY2026 with a Profit After Tax (PAT) of ₹4,546.65 lakhs (₹45.47 Cr).
5. Total Order Book as of June 30, 2026 stands at ₹2,66,344.35 lakhs (₹2,663.44 Cr) across 99 ongoing projects.
6. Heavy reliance on government and public sector end-users, accounting for 83.84% of FY2026 revenue directly or through empanelled partners.
7. High geographical concentration, with 86.48% of FY2026 revenue generated from projects in Gujarat, Maharashtra, and Tamil Nadu.
8. Objects of the issue include ₹15,500 lakhs for securing Performance Bank Guarantees (PBGs), ₹6,000 lakhs for working capital, and ₹650 lakhs for debt prepayment.
9. Substantial expansion of total borrowings from ₹2,725.65 lakhs in FY2024 to ₹17,436.07 lakhs in FY2026, increasing debt-equity ratio to 0.96x.
10. Operates two exclusive single-brand Acer Experience Zones in Ahmedabad, Gujarat, under a master agreement with Acer.
11. Secured 10 Renewable Energy EPC projects totaling 2,074.10 MW capacity and solar PPAs/BESS projects across Maharashtra, UP, Rajasthan, and MP.
12. Experienced negative cash flow from operating activities of ₹(1,798.14) lakhs in FY2025 due to working capital expansion and receivables growth.
13. Maintains quality certifications including ISO/IEC 20000-1:2018, ISO 14001:2015, ISO/IEC 27001:2022, and CMMI-DEV V2.0 Maturity Level 3.
14. Facing a collective labor grievance before the Labour Commissioner, Gujarat, filed by contractual workers regarding alleged wage arrears and statutory compliance.
15. Promoters Ridhish Kiritbhai Patel and Ami Ridhish Patel hold 92.72% of pre-issue share capital and have pledged/provided personal guarantees for 100% of secured borrowings.

Investor	Adj ₹	%	Date
Jayshree Kamal PatelST	25.00	2.27%	2024-02-05
Narendrakumar Chhotalal ShahST	12.64	1.67%	2023-03-25
Narendrakumar Chhotalal Shah HUFST	12.64	1.67%	2023-03-25
Geetaben Narendrakumar ShahST	12.64	1.67%	2023-03-25

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
ArMee Infotech Limited Post-IPO P/E: 26.17x (FY26 diluted EPS ₹14.33); Pre-IPO P/E: 19.57x (FY26 EPS ₹19.16) at issue price ₹375.	26.2	4.9	25.0	19.16	1397	5.4%	3.3%	0.96x	6.3%
Dynacons Systems & Solutions Limited	16.4	—	26.9	66.64	1424	10.2%	6.0%	0.26x	12.4%
Orient Technologies Limited	243.2	—	1.4	1.00	870	5.0%	0.5%	0.18x	3.6%
KPI Green Energy Limited	12.8	—	16.1	24.04	2696	37.2%	18.9%	1.38x	55.3%
Oriana Power Limited	9.6	—	32.7	124.13	1814	23.4%	13.9%	0.66x	84.7%

	FY2026	FY2025	FY2024
Sales	66.67	48.20	21.53
Expenses	57.13	46.48	22.31
Operating Profit	9.54	1.72	-0.78
OPM %	14.3%	3.6%	-3.6%
Other Income	0.32	0.45	1.78
Interest	2.59	2.10	0.93
Depreciation	2.05	1.80	1.01
Profit before tax	9.87	2.17	0.99
Tax %	24.2%	28.8%	27.6%
Net Profit	7.48	1.54	0.72
EPS in Rs	13.99	3.01	1.42
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	Printing: 13,14,000 Reams/year; Labelling: 30,000 Sqm/year; Packaging: 2,02,12,500 Cartons/year
Utilisation (FY2026)	90.9%
Post-Expansion	Hot foil stamping capacity to expand from 36,00,000 sheets/year to 1,80,00,000 sheets/year
Capex Outlay	₹2.1 Cr
Completion	FY2027
Notes	Capex for purchasing 1 set of Automatic Foil Stamper & Die Cutting Machine (Model: TECHNOFOIL 1050 FC) from DGM Automation India Pvt Ltd at Meerut facility.

Purpose	₹ Cr	%
Capital expenditure for purchase of Plant and Machinery at Meerut	2.1	7.3%
Funding incremental working capital requirements	18.7	64.2%
General corporate purposes and issue related expenses	—	—%

1. Originally incorporated as S. K. Offset Private Limited in 2007 at Meerut, Uttar Pradesh, and converted into a public limited company in August 2025.
2. The Initial Public Offer consists of a fresh issue of up to 23,25,000 equity shares of face value ₹10 each at an issue price band of ₹119 to ₹125 per share.
3. Operates four facilities in Meerut, Uttar Pradesh, covering an aggregate manufacturing and storage area of approximately 38,313 sq. ft.
4. Integrated end-to-end operations covering pre-press design, computer-to-plate (CTP) plate making, offset printing, coating, die-cutting, folding, gluing, and labeling.
5. Revenue from operations grew rapidly from ₹2,153.09 Lakhs in FY2024 to ₹4,820.34 Lakhs in FY2025 and ₹6,667.29 Lakhs in FY2026.
6. Restated Profit After Tax (PAT) expanded from ₹72.04 Lakhs in FY2024 and ₹154.41 Lakhs in FY2025 to ₹747.96 Lakhs in FY2026.
7. High customer concentration risk, with top 10 customers accounting for 86.14% of total revenue from operations in FY2026.
8. Significant regional concentration, with Uttar Pradesh contributing 69.43% of total revenue in FY2026 (and over 89% in FY2024 and FY2025).
9. Net proceeds of the fresh issue are proposed to fund ₹211.00 Lakhs for capital expenditure on new machinery and ₹1,865.92 Lakhs for incremental working capital requirements.
10. Total outstanding secured debt stood at ₹3,178.63 Lakhs as of March 31, 2026, with overall debt-to-equity ratio at 1.75x.
11. Converted outstanding unsecured loans from directors amounting to ₹509.52 Lakhs into 1,05,930 equity shares at ₹481 per share in December 2025.
12. Issued 3:1 bonus shares on March 03, 2026, increasing total pre-issue share capital to 54,18,320 equity shares.
13. EBITDA margin improved significantly from 5.39% in FY2024 to 11.65% in FY2025 and 21.27% in FY2026 due to commercial scale-up of in-house packaging operations.
14. Total employee headcount stands at 111 permanent employees across administrative, production, quality control, and management teams.
15. Experienced negative cash flow from operating activities of ₹1,079.67 Lakhs in FY2025 due to rapid trade receivable expansion.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
S. K. Offset Limited Post-IPO P/E: 12.94x (at upper issue price ₹125 based on FY26 post-issue diluted EPS of ₹9.66); Pre-IPO P/E: 8.93x (based on FY26 EPS of ₹13.99).	12.9	3.4	37.8	13.99	67	21.3%	11.2%	1.75x

	FY2026	FY2025	FY2024
Sales	568.63	369.81	347.00
Expenses	504.55	303.83	290.41
Operating Profit	64.08	65.98	56.59
OPM %	11.3%	17.8%	16.3%
Other Income	34.76	24.32	15.61
Interest	239.10	125.54	109.23
Depreciation	102.14	51.24	48.76
Profit before tax	203.76	79.63	62.13
Tax %	14.7%	37.5%	36.1%
Net Profit	173.76	49.74	39.69
EPS in Rs	19.65	5.63	4.49
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	80,255 beds/student capacity across 21 owned and managed properties (20,368 Owned Beds, 55,487 Managed Beds, 4,400 K-12 capacity in Dubai)
Utilisation (FY2026)	89.4%
Post-Expansion	1,04,341 beds/student capacity upon completion of pipeline and proposed acquisitions (including 18 K-12 Assets)
Capex Outlay	₹387.0 Cr
Completion	FY2027 to FY2029
Notes	IIT Madras greenfield hostel (1,878 beds, ₹171.96 Cr, completion FY2028) under DBFOT PPP model; UPES Dehradun female hostel (~250 beds, ₹21 Cr, completion FY2028).

Purpose	₹ Cr	%
Payment of purchase consideration for acquisition of K-12 Entities and Campuses from fellow subsidiaries of Promoters	1100.0	52.4%
Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties of the Company and Subsidiaries	750.0	35.7%
Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes	—	—%

1. Largest institutionalized independent platform in India for on-campus student accommodation with an inventory of 78,542 beds as of June 15, 2026.
2. Initial public offering consists of a fresh issue of equity shares aggregating up to ₹21,000.00 million with a face value of ₹1 per share.
3. Promoted by Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., which are backed by global alternative investment manager Hillhouse Investment / Rava Partners.
4. Plans to deploy ₹11,000.00 million from net proceeds towards acquiring 16 K-12 Entities and Campuses from fellow subsidiaries of the Promoters.
5. Allocating ₹7,500.00 million from net proceeds towards prepayment or repayment of outstanding borrowings of the Company and key subsidiaries.
6. Pre-Acquisition revenue from operations reached ₹5,686.33 million in FY2026, registering a YoY growth of 53.76%.
7. Pre-Acquisition Restated Profit After Tax (PAT) stood at ₹1,737.59 million for FY2026 compared to ₹497.38 million in FY2025.
8. Pro forma Revenue from Operations for the Post-Acquisition Group was ₹8,069.26 million for FY2026.
9. Achieved 89.37% occupancy across Owned Portfolio beds in FY2026 (or 98.44% excluding County and Woodstock assets).
10. Holds long-term Hostel Service Agreements (HSAs) ranging from 50 to 60 years with premier HEIs including O.P. Jindal Global University, Manipal University Jaipur, and UPES Dehradun.
11. Expanded internationally into Dubai (UAE) in September 2025 by acquiring Hartland International School and North London Collegiate School assets.
12. Acquired ScholarZ (on-campus hostel management business of Zolostays) in April 2025 to scale up its asset-light managed portfolio.
13. Total borrowings for the Pre-Acquisition Group stood at ₹41,205.34 million (including ₹10,500 million convertible debentures) as of March 31, 2026.
14. Secured development pipeline includes a greenfield student hostel project at IIT Madras (1,878 beds under PPP model) and UPES Dehradun expansion (~250 beds).
15. Customer concentration risk: 61.46% of FY2026 revenue was derived from three largest HEI partners (O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University).

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Elevate Campuses Limited Post-IPO P/E: 20.72x (FY26 diluted EPS ₹17.47); Pre-IPO P/E: 18.42x (FY26 basic EPS ₹19.65) at upper issue price ₹362. No directly comparable listed peers exist in India.	20.7	0.8	18.2	17.47	569	90.3%	28.8%	4.31x

	FY2026	FY2025	FY2024
Sales	503.57	350.76	209.58
Expenses	450.23	315.58	192.50
Operating Profit	53.34	35.17	17.07
OPM %	10.6%	10.0%	8.2%
Other Income	2.00	1.85	1.76
Interest	16.90	8.18	6.03
Depreciation	0.64	0.58	0.67
Profit before tax	55.34	37.02	18.83
Tax %	25.1%	25.9%	25.8%
Net Profit	41.43	27.45	13.98
EPS in Rs	15.70	11.09	5.65
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Funding incremental working capital requirements of our Company	90.0	69.8%
General corporate purposes	—	—%

1. Incorporated in 2019 upon conversion from the partnership firm 'Swastika Electricals & Fertilizers' (established in 1969), transitioning into full-scale power EPC in 2012.
2. The public offer comprises a Fresh Issue of up to ₹129.00 Crore and an Offer for Sale of up to 17,50,000 equity shares by promoters and existing shareholders.
3. Undertook a Pre-IPO placement of 24,24,242 equity shares at ₹165.00 per share in July 2025, raising ₹40.00 Crore.
4. Order book as of July 31, 2026 stands at ₹916.55 Crore across 18 ongoing EPC Power Projects in six states, providing 1.41x coverage on FY26 revenue.
5. Over 76% of the current order book value is funded by the World Bank or Central Government schemes like the Revamped Distribution Sector Scheme (RDSS).
6. Revenue from operations grew at a CAGR of 55.01% from ₹209.58 Crore in FY24 to ₹503.57 Crore in FY26.
7. Profit After Tax (PAT) grew at a CAGR of 72.13% from ₹13.98 Crore in FY24 to ₹41.43 Crore in FY26.
8. Operates under an asset-light model by leasing project-specific equipment, achieving a high fixed asset turnover ratio of 70.72x in FY26.
9. Return on Net Worth (RoNW) stood at 35.44% in FY26, while Return on Capital Employed (RoCE) reached 25.76%.
10. High client concentration: Top 5 clients (all state electricity DISCOMs/utilities) accounted for 96.87% of FY26 revenue.
11. Sustained negative cash flows from operating activities in FY24 (-₹3.34 Cr), FY25 (-₹76.54 Cr), and FY26 (-₹9.65 Cr) due to working capital intensity.
12. Net working capital requirement as of March 31, 2026 was ₹255.63 Crore, representing 50.76% of operating revenue.
13. Contingent liabilities total ₹272.68 Crore as of March 31, 2026, primarily consisting of bank guarantees provided to clients.
14. Net proceeds of ₹90.00 Crore from the Fresh Issue will be deployed towards funding incremental working capital requirements in FY27.
15. Promoter group holds 76.51% of pre-issue paid-up equity capital, with primary promoters Vinay Gupta, Ruchira Gupta, and Babulal Gupta.

Investor	Adj ₹	%	Date
Ishaan BhartiaST	14.80	7.29%	2023-04-30
Ishita BhartiaST	14.80	7.29%	2023-04-30
AnapagaminiPP	165.00	1.10%	2025-07-28
Equity4Life LLPPP	165.00	0.83%	2025-07-28
IH Consultancy Services LLPPP	165.00	0.83%	2025-07-28
Keshav SonkhiyaPP	165.00	0.49%	2025-07-28
Resonance Opportunities FundPP	165.00	0.18%	2025-07-28

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Swastika Infra Limited Post-IPO P/E: 15.25x (based on post-issue diluted EPS ₹12.13); Pre-IPO P/E: 11.78x (FY26 EPS ₹15.70) at upper price band ₹185	15.2	3.2	35.4	15.70	504	14.1%	8.2%	0.73x	43.6%
Rajesh Power Services Limited	10.1	3.6	35.3	79.50	1628	12.4%	8.8%	0.31x	51.9%
Vikran Engineering Limited	14.6	1.2	7.4	4.10	1249	15.4%	7.3%	0.24x	36.4%

	FY2026	FY2025	FY2024
Sales	165.70	148.77	123.75
Expenses	151.44	135.85	117.59
Operating Profit	43.27	41.53	40.61
OPM %	26.1%	27.9%	32.8%
Other Income	2.07	1.71	1.39
Interest	2.90	2.15	2.62
Depreciation	10.13	8.02	10.35
Profit before tax	16.33	14.64	7.55
Tax %	24.4%	24.7%	24.1%
Net Profit	12.34	11.02	5.73
EPS in Rs	12.00	11.02	5.73
Dividend Payout %	0.0%	0.0%	0.0%