Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	63.38	38.55	35.79
EBITDA	30.90	20.97	15.53
EBITDA Margin	48.8%	54.4%	43.4%
PAT	17.38	11.14	7.14
PAT Margin	27.4%	28.9%	19.9%
Net Worth	53.15	35.77	24.75
Total Borrowing	17.85	10.81	11.96
Assets	93.62	56.45	48.78

Current Capacity	16 operational diagnostic centres across 14 cities in 7 states, equipped with 8 CT machines, 7 MRI machines, 20 X-ray machines, 15 Ultrasound machines, 2 Mammography, 2 DEXA scans, 1 PET-CT scanner, and 1 processing lab
Post-Expansion	Adding new diagnostic facilities in Bangalore (32-slice CT, 1.5T MRI) and expanding equipment at Hubli (3.0T MRI, Ultrasound), Manjeri (1.5T MRI), and Vijayawada (128-slice CT, Ultrasound)
Capex Outlay	₹45.1 Cr
Completion	FY2027 (Staggered implementation from March 2026 to November 2026)
Notes	Deployment planned across FY2027; land/premises under MOUs and lease agreements.

Purpose	₹ Cr	%
Funding of capital expenditure for purchase of Medical Equipments towards Existing and Proposed Diagnostic Centres	45.1	100.0%
General corporate purposes and unidentified inorganic acquisition	—	—%

1. Incorporated in September 2000 as Pramodini Medicare Private Limited and converted into a public limited company in November 2025.
2. Offers comprehensive diagnostic services spanning Radiology (MRI, CT, X-Ray, Ultrasound, DEXA, Mammography), Clinical Laboratory, Nuclear Medicine (PET-CT, SPECT), and Teleradiology.
3. Operates a network of 16 diagnostic centres across 14 cities in 7 states and a central processing unit cum lab in Vijayawada.
4. Deploys 4 operational service models: B2G Public Private Partnerships (7 centres), B2B Private Partnerships (3 centres), B2G Strategic PSU Partnerships (4 centres), and B2C Standalone Centres (2 centres + processing unit).
5. Promoters Dr. Chalasani Kuldeep Kumar and Dr. Chalasani Kavitha took management control in 2015-2018 and bring over two decades of medical expertise.
6. Financial trajectory shows revenue growth from ₹3,522.95 Lakhs in FY24 to ₹3,823.77 Lakhs in FY25 and ₹6,228.75 Lakhs in FY26.
7. Restated PAT surged from ₹693.01 Lakhs in FY24 to ₹1,102.76 Lakhs in FY25 and ₹1,737.73 Lakhs in FY26.
8. Maintains high operational margins with FY26 EBITDA margin at 49.61% and PAT margin at 27.90%.
9. High revenue dependency on the Public-Private Partnership (B2G) model, which generated 54.19% of FY26 operational revenue.
10. Geographic concentration with Andhra Pradesh contributing 61.90% of total revenue in FY26.
11. Top customer concentration risk with the single largest customer accounting for 44.17% and top 5 customers accounting for 64.32% of FY26 revenue.
12. IPO fresh issue proceeds of ₹4,514.85 Lakhs are dedicated to capital expenditure for procurement of medical equipment across existing and proposed centres.
13. Planned equipment acquisitions include 3.0T MRI, 1.5T MRI, 128-slice CT, 32-slice CT, PET-CT, Ultrasound, and Mammography machines.
14. Capital history includes a 12:1 bonus issue executed in March 2026 by capitalizing free reserves and security premium.
15. Key risk factors include non-renewal/cancellation of government MOUs, pending tax claims, and a ₹495.00 Lakh corporate guarantee extended for a promoter group entity.

Investor	Adj ₹	%	Date
Mr. Yash Hitesh Patel⭐ HNIST	23.85	5.00%	2025-03-10
Ms. Sumita MishraST	23.85	2.00%	2025-03-17
Ms. Yashvi Hitesh Patel⭐ HNIST	—	4.75%	—
Mr. Sadineni Raghu TejaST	—	1.28%	—

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Pramodini Medicare Limited Pre-IPO EPS: ₹10.41 (based on 1,66,94,795 pre-issue shares); Post-IPO diluted EPS: ₹7.88 (based on 2,20,45,595 post-issue shares).	—	—	32.7	10.41	62	49.6%	27.9%	0.34x
Invicta Diagnostic Limited	13.6	1.7	9.8	4.90	32	30.2%	15.1%	0.07x
Krsnaa Diagnostics Limited	16.7	1.7	10.3	31.30	773	27.4%	13.1%	0.50x
Star Imaging & Path Labs Limited	7.9	1.3	16.6	11.05	89	36.3%	21.8%	0.18x

Metric	FY2026	FY2025	FY2024
Total Income	4563.70	3472.24	2799.32
EBITDA	710.99	590.96	512.40
EBITDA Margin	15.7%	17.1%	18.3%
PAT	396.84	353.89	298.75
PAT Margin	8.7%	10.2%	10.7%
Net Worth	2397.15	978.18	741.01
Total Borrowing	841.39	776.06	554.90
Assets	4114.83	2336.23	1711.70

Current Capacity	14.09 million wiring harness standard units/year, 390,000 battery packs, 20.46 million sensors & controllers, and 5.48 million automotive switches
Utilisation (FY2026)	74.3%
Post-Expansion	17.15 million wiring harness units/year (addition of 1.44 mn units at Jhajjar and 1.62 mn units at Hosur)
Capex Outlay	₹226.3 Cr
Completion	Phased commissioning through FY2027 and FY2028
Notes	Setting up new wiring harness manufacturing plants at Jhajjar (Haryana) and Hosur (Tamil Nadu), funded via IPO proceeds of ₹150 Cr and internal accruals.

Purpose	₹ Cr	%
Repayment/prepayment of borrowings availed by Company	464.8	33.2%
Investment in Subsidiaries (DASPL, DACPL, Dhoot UK) for repayment/prepayment of borrowings	301.8	21.6%
Setting up new wiring harness manufacturing plants at Jhajjar (Haryana) and Hosur (Tamil Nadu)	150.0	10.7%
Funding inorganic growth through acquisitions and general corporate purposes	483.4	34.5%

1. Initial Public Offering of Equity Shares of face value ₹2 each, comprising a Fresh Issue of up to ₹14,000.00 million and an Offer for Sale of up to 19,137,602 Equity Shares.
2. Ranked as the top 2 manufacturer of wiring harnesses for two-wheelers (2W) and three-wheelers (3W) in India with a 41% market share in FY26.
3. Market leader in wiring harnesses for electric 2W and 3W segments in India with a market share close to 70% in FY26.
4. Promoted by individual founder Rahul Radhavallabh Dhoot and private equity firm Bain Capital (via BC Asia Investments XV Limited holding 55.00% pre-issue).
5. Revenue from operations grew 31.35% YoY in FY26 to ₹45,249.55 million from ₹34,448.63 million in FY25.
6. Restated Profit After Tax (PAT) increased by 12.14% YoY in FY26 to ₹3,968.42 million from ₹3,538.87 million in FY25.
7. EBITDA stood at ₹7,109.89 million in FY26, representing an EBITDA margin of 15.71%.
8. Domestic market contributed 90.14% of revenue from contracts with customers in FY26, while export and overseas markets contributed 9.86%.
9. Top customer Bajaj Auto Limited contributed 31.84% of total revenue from operations in FY26, with top 10 customers contributing 80.93%.
10. Net proceeds from the fresh issue will be utilized towards repayment/prepayment of borrowings (₹4,648.02 mn for company, ₹3,017.73 mn for subsidiaries) and new wiring harness plants at Jhajjar and Hosur (₹1,500.00 mn).
11. Operates 22 manufacturing facilities globally, including 19 in India and 3 overseas as of March 31, 2026.
12. EV products revenue contributed 24.17% of total revenue from operations in FY26.
13. Total borrowings stood at ₹8,413.92 million on a consolidated basis as of March 31, 2026.
14. Product portfolio includes integrated wiring harnesses, battery packs, sensors (ABS, lean-angle), controllers, switches, and power cords.
15. Return on Net Worth (RoNW) stood at 16.55% for FY26 with a net worth of ₹23,971.51 million.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Dhoot Transmission Limited Pre-IPO P/E: 35.70x (FY26 EPS ₹24.40); Post-IPO P/E: 44.92x (FY26 diluted EPS ₹19.39) at upper price band ₹871.	44.9	5.8	16.6	24.40	4525	15.7%	8.7%	0.35x
Minda Corporation Limited	46.5	6.3	13.6	15.07	6185	11.7%	5.8%	0.38x
Uno Minda Limited	56.9	10.0	17.5	20.75	19658	11.1%	6.5%	0.28x
Motherson Sumi Wiring India Limited	43.2	12.5	28.9	0.94	11478	10.3%	5.5%	0.12x
Sona BLW Precision Forgings Limited	74.6	8.0	10.7	10.30	4475	24.7%	14.3%	0.11x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	1455.17	1027.94	840.66
EBITDA	328.24	256.64	185.09
EBITDA Margin	22.6%	25.0%	22.0%
PAT	164.14	138.58	83.54
PAT Margin	11.3%	13.5%	9.9%
Net Worth	1144.68	952.95	807.94
Total Borrowing	412.64	123.16	174.58
Assets	2148.42	1461.56	1221.06

Current Capacity	5,400 Truenat devices/year; 39,000,000 Truenat test kits/year; 1,820 X-ray devices/year
Utilisation (FY2026)	58.2%
Post-Expansion	Not specified in RHP (capex is directed towards process automation and R&D infrastructure)
Capex Outlay	₹177.8 Cr
Completion	March 2028 (Q4 FY2028)
Notes	Capex includes ₹105.54 Cr for R&D facility/Center of Excellence in Bengaluru and ₹72.28 Cr for automation equipment across Goa and Visakhapatnam facilities.

Purpose	₹ Cr	%
Funding capital expenditure towards setting up infrastructure for R&D facility and Center of Excellence (operated by Bigtec) and connected office space	105.5	52.8%
Funding capital expenditure towards purchase of plant, machinery and equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit	72.3	36.1%
General corporate purposes	22.2	11.1%

1. Molbio Diagnostics is a pioneer in battery-operated point-of-care PCR testing, holding patents in over 100 countries for its Truenat platform.
2. Truenat is the only Indian and one of only two rapid molecular TB tests globally endorsed by the World Health Organization (WHO) for initial TB diagnosis and rifampicin resistance detection.
3. The issue comprises a Fresh Issue of up to ₹2,000.00 million and an Offer for Sale of up to 9,166,000 equity shares by existing shareholders.
4. Revenue from operations grew from ₹8,365.61 million in FY2024 to ₹14,456.87 million in FY2026, representing a CAGR of 31.42%.
5. Restated profit after tax grew from ₹835.42 million in FY2024 to ₹1,641.40 million in FY2026.
6. Razor-and-blade business model: Consumable Truenat test kits generated 73.98% of total finished goods sales in FY2026, providing high recurring revenues.
7. High customer concentration: Government healthcare programs and international aid agencies accounted for 84.56% of total product sales in FY2026.
8. Product concentration: TB diagnostic test kits contributed 70.20% of total product sales revenue in FY2026.
9. The top 10 customers contributed 83.26% of finished goods product sales in FY2026.
10. Strong R&D focus via wholly-owned subsidiary Bigtec, with R&D spends of ₹874.56 million (6.05% of revenue) in FY2026 and a team of 136 scientists.
11. Strategic acquisitions include Prognosys Medical Systems (radiology/X-ray imaging) and OptraScan INC (AI-powered digital pathology scanners).
12. Installed manufacturing capacity stands at 5,400 Truenat devices and 39 million test kits per annum as of March 31, 2026.
13. Net proceeds from the fresh issue will fund ₹1,055.35 million for an R&D Center of Excellence facility in Bengaluru and ₹722.81 million for plant automation equipment.
14. Promoters (Sriram Natarajan, Dr. Chandrasekhar Bhaskaran Nair, Exxora Trading LLP, and family) hold 46.65% pre-issue equity stake.
15. Export revenues represented 9.62% of revenue from operations in FY2026, with key international markets including Nigeria, Peru, and Indonesia.

Investor	Adj ₹	%	Date
India Business Excellence Fund III	144.97	—	2021-05-31
V Sciences Investments Pte. Ltd.	1089.92	—	2022-09-23

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Molbio Diagnostics Limited Post-IPO P/E: 54.84x (FY26 diluted EPS ₹14.77); Pre-IPO P/E: 54.84x (FY26 EPS ₹14.77) at upper cap price ₹810	54.8	8.0	14.6	14.77	1446	22.6%	11.3%	0.32x
Poly Medicure Limited	52.6	2.6	10.4	31.75	1875	30.8%	16.1%	—
Dr. Lal Pathlabs Limited	62.2	5.6	20.8	30.20	2763	26.3%	17.8%	—
Metropolis Healthcare Limited	63.7	11.1	12.6	9.19	1646	24.0%	11.4%	—
Vijaya Diagnostics Centre Limited	81.0	8.7	18.1	16.79	814	40.4%	20.7%	—

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	747.36	485.03	371.94
EBITDA	378.83	273.80	209.92
EBITDA Margin	50.7%	56.5%	56.4%
PAT	62.34	37.56	37.17
PAT Margin	8.3%	7.7%	10.0%
Net Worth	1006.33	917.35	714.18
Total Borrowing	1017.73	801.66	513.07
Assets	2401.05	2042.46	1400.28

Current Capacity	13.57 million pooling assets (pallets, containers, and MHEs)
Utilisation (FY2025)	88.1%
Notes	Operates an asset pooling model rather than fixed plant manufacturing capacity. Capex is continuously deployed to expand the pooling asset fleet.

Purpose	₹ Cr	%
Repayment / prepayment, in full or in part, of certain borrowings availed by our Company	300.1	75.0%
General corporate purposes	99.9	25.0%

1. Market Leader: Largest on-demand asset pooling provider in India's supply chain sector with ~90% market share in pallet pooling.
2. Scale of Operations: Operates an asset pool of 13.57 million units including pallets, containers, and MHEs as of May 31, 2025.
3. Pan-India Footprint: Extensive network comprising 7,747 customer touchpoints and 30 fulfilment centres across India.
4. Strategic Acquisition: Acquired 100% of CHEP India Private Limited in January 2025 (subsequently merged into LEAP India), consolidating leadership in container pooling.
5. Blue-Chip Client Base: Serves over 900 corporate clients including Coca-Cola, Marico, Toll Logistics, Daikin, Panasonic, Haier, Daimler, and Autoliv.
6. High Customer Retention: Top 10 customers contributed 28.72% of pro forma FY25 revenue, maintaining relationships exceeding 5 years with a 0.19% churn rate among top 100 clients.
7. Pro Forma Revenue Scale: Pro forma FY25 revenue from operations reached ₹621.02 Cr (up from ₹466.47 Cr on a restated basis).
8. Strong Margin Profile: Delivered Restated FY25 EBITDA of ₹273.80 Cr (56.45% margin) and Pro Forma EBITDA of ₹324.80 Cr (47.35% margin).
9. IPO Issue Size: Fresh Issue up to ₹400.00 Cr and Offer for Sale up to ₹2,000.00 Cr, bringing total offer size to ₹2,400.00 Cr.
10. Use of Proceeds: ₹300.12 Cr of net fresh issue proceeds allocated for debt repayment/prepayment, with balance for general corporate purposes.
11. Sustainable Sourcing: Uses 100% Spruce-Pine-Fir (SPF) timber sourced from certified international suppliers in Europe and Oceanic countries complying with ISPM15 phytosanitary rules.
12. Advanced Technology Suite: Powered by MyLEAP portal, SAP S/4HANA, Salesforce CRM, passive RFID tracking for containers, and IoT-enabled MHEs.
13. Subsidiary Operations: Operates TARON Material Handling Equipments Pvt Ltd for specialized MHE pooling, including electric and lithium-ion forklifts.
14. Experienced Leadership: Led by Individual Promoter Mr. Sunu Mathew (MD & CEO) with over 26 years of industry experience, backed by private equity investor KKR.
15. ESG Impact: Circular pooling model saved 1.97 million trees and avoided 1.97 Mt CO2 emissions over 5 years.

Investor	Adj ₹	%	Date
Sixth Sense India Opportunities III	100.00	—	2024-12-20
First Bridge India Growth Fund (Series I CCPS)	120.90	—	2024-12-20
Niveshaay Sambhav Fund (Series I CCPS)	120.90	—	2024-12-20
Madhurima International Private Limited (Series I CCPS)	120.90	—	2024-12-20
Dhimal Shaileshbhai Sanghvi (Series I CCPS)	120.90	—	2024-12-31

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
LEAP India Limited Pre-IPO P/E: 106.0x (EPS ₹1.5); Post-IPO P/E: 111.97x (EPS ₹1.42) at issue price ₹159. No listed peers exist in India.	112.0	6.5	4.1	1.42	466	56.5%	8.1%	0.87x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	135.89	125.07	54.99
EBITDA	31.10	23.93	4.48
EBITDA Margin	22.9%	19.1%	8.1%
PAT	24.04	17.24	6.69
PAT Margin	17.7%	13.8%	12.2%
Net Worth	131.47	97.19	59.66
Total Borrowing	—	—	—
Assets	166.80	138.93	105.81

Purpose	₹ Cr	%
Working Capital Requirements	64.4	73.6%
General Corporate Purposes	—	—%

1. Initial Public Offering comprises a Fresh Issue of up to 50,00,000 Equity Shares and an Offer for Sale of up to 12,00,000 Equity Shares by promoter Vipul D. Shah at a price band of ₹166 to ₹175 per share.
2. 25-year operational legacy in Indian television with over 150 television shows and 7,500+ hours of original programming produced across leading networks.
3. Created long-running and culturally iconic franchises including Comedy Circus (18 seasons), Crime Patrol (1,100+ episodes), Baalveer (2,000+ episodes), and Laughter Chefs.
4. Transitioning from a pure commissioned (cost-plus) model to an intellectual property (IP) ownership model in feature films, web series, and animation.
5. Produced and released notable feature films and OTT series including OMG 2, The Diplomat, Khel Khel Mein, Vicky Vidya Ka Woh Wala Video, Double XL, Candy, and Dear Jassi (TIFF 2023 Platform Prize winner).
6. Established a strategic 7-film co-production and distribution partnership with Super Cassettes Industries Pvt Ltd (T-Series) with a 50% IP and profit-sharing structure.
7. Secured early access to Google's Veo-3 generative video AI platform to pilot AI-native animation and digital short-form content creation.
8. Revenue from operations grew from ₹54.76 Cr in FY24 to ₹124.39 Cr in FY25 and ₹134.99 Cr in FY26, achieving a CAGR of 57% between FY24 and FY26.
9. Restated Profit After Tax (PAT) expanded significantly from ₹6.69 Cr in FY24 to ₹17.24 Cr in FY25 and ₹23.96 Cr in FY26.
10. EBITDA margin improved consistently from 8.19% in FY24 to 19.24% in FY25 and 23.04% in FY26.
11. High customer concentration risk: Top 5 customers accounted for 85.05% of total revenue in FY26, with Jiostar India Private Limited alone contributing 36.21%.
12. Net Fresh Issue proceeds of ₹64.38 Cr (at upper price band) will be utilized entirely to fund long-term working capital requirements across FY27 (₹36.75 Cr) and FY28 (₹27.63 Cr).
13. Reported negative net cash flow from operating activities of ₹8.05 Cr in FY26 due to higher working capital absorption in work-in-progress content inventory and trade receivables.
14. Promoters and Promoter Group hold 77.61% of pre-issue equity shareholding (Vipul D. Shah, Rajesh Darshan Bahl, Sanjay Dhirajlal Shah, and Optimystix Media Private Limited).
15. Disclosed material related-party transactions, including ₹14.64 Cr outstanding receivables from Wakaoo Films LLP and a ₹1.35 Cr loan granted to promoter-director Rajesh Bahl.

Investor	Adj ₹	%	Date
Dovetail Global Fund PCC All Seasons India Opportunities Fund	118.65	—	2025-07-17
Inti Capital VCC-Inti Capital 1	118.65	—	2025-08-01
SB Opportunities Fund 1	118.65	—	2025-08-01
Ranganathan Madhavan	118.65	—	2025-07-17
Ravie Dubey	118.65	—	2025-07-17
Sargun Mehta	118.65	—	2025-07-17
Evermore Share Broking Private Limited	118.65	—	2025-07-17
Think Spark Advisors LLP	118.65	—	2025-07-17
Sunil Shyam Mirpuri	118.65	—	2025-07-17

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Optimystix Entertainment India Limited Pre-IPO P/E: 13.1x (FY26 EPS ₹13.36); Post-IPO P/E: 17.0x (FY26 post-issue diluted EPS ₹10.30) at issue price ₹175.	17.0	2.4	18.2	10.30	135	23.0%	17.8%	0.00x
Panorama Studios international Ltd	83.2	5.9	4.5	0.60	308	7.9%	3.2%	0.58x
Cinevista Ltd	14.2	1.5	11.0	1.06	24	45.0%	25.4%	0.27x
Balaji Telefilms Ltd	—	17.3	8.0	-4.09	211	-31.2%	-23.6%	2.19x

Purpose	₹ Cr	%
Funding working capital requirements of our Company	150.0	100.0%
General corporate purposes	—	—%

1. Incorporated in 1998 as Technocraft Construction Private Limited and converted to a public limited company in June 2024 as Technocraft Ventures Limited.
2. Provides turnkey EPC and long-term O&M services across Water & Wastewater Infrastructure, Roads & Highways, Electrical Transmission, and Urban Infrastructure.
3. Revenue from operations grew at a CAGR of 23.52% from ₹226.10 Cr in FY24 to ₹279.56 Cr in FY25 and ₹344.99 Cr in FY26.
4. Profit After Tax (PAT) expanded at a CAGR of 50.77% from ₹19.05 Cr in FY24 to ₹28.20 Cr in FY25 and ₹43.32 Cr in FY26.
5. EBITDA margins have continuously expanded from 15.49% in FY24 to 17.75% in FY25 and 20.92% in FY26.
6. Holds an unexecuted order book of ₹1,320.73 Cr as of July 15, 2026 across 14 EPC projects and 5 O&M projects, providing strong medium-term visibility.
7. Recently awarded L1 status by Delhi Jal Board for an AMRUT 2.0 project valued at ₹196.47 Cr.
8. The fresh issue comprises up to 9,505,000 equity shares, primarily to fund working capital requirements of ₹150.00 Cr.
9. The Offer for Sale (OFS) comprises up to 2,376,000 equity shares by Promoter Selling Shareholder Kartikey Constructions (Partnership Firm).
10. Extreme customer concentration with 99.98% of FY26 revenue derived from government authorities and public sector undertakings.
11. High geographical concentration, with Rajasthan contributing 63.05% and Uttar Pradesh contributing 25.53% of FY26 revenue.
12. Holds 'Class A' Electrical Contractor Licenses in Rajasthan and Uttarakhand for execution of HT and EHT transmission/distribution projects.
13. Demonstrates specialized execution capabilities in trenchless construction and laser-guided microtunneling in densely populated urban zones like Delhi.
14. Promoter group collectively holds 97.38% pre-issue equity share capital, led by Managing Director Sanjay Tyagi.
15. Debt-to-equity ratio improved from 0.87x in FY24 to 0.73x in FY25 and 0.55x in FY26, alongside a Return on Net Worth (RoNW) of 26.51% in FY26.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Technocraft Ventures Limited Pre-IPO P/E: Pending price discovery; Post-IPO P/E: Pending price discovery (Offer price )	—	—	26.5	14.39	345	20.9%	12.6%	0.55x	23.4%
EMS Limited	24.3	—	8.6	16.30	733	20.8%	12.4%	0.15x	-24.1%
VA Tech Wabag Limited	32.0	—	14.4	58.72	3944	14.4%	9.4%	0.09x	19.7%
Enviro Infra Engineers Limited	20.8	—	15.2	10.41	1146	27.1%	16.4%	0.34x	7.5%
Denta Water and Infra Solutions Limited	14.8	—	13.3	22.81	250	33.3%	24.3%	0.03x	23.2%

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	94.32	67.07	61.03
EBITDA	15.80	9.94	5.38
EBITDA Margin	16.8%	14.8%	8.8%
PAT	8.63	5.03	2.17
PAT Margin	9.1%	7.5%	3.6%
Net Worth	25.25	16.63	11.59
Total Borrowing	7.84	15.79	13.37
Assets	62.68	44.34	32.79

Current Capacity	Lighting Division: 2,25,000 units/month; Motor Division: 1,50,000 units/month; Mirror Division: 6,000 units/month
Utilisation (FY2026)	81.2%
Post-Expansion	New greenfield manufacturing facility at Plot No. 68-1, Auric City Shendra (9,764 sq. mt.) to expand automotive lighting, electrical accessories, motors, and plastic moulded component manufacturing
Capex Outlay	₹19.6 Cr
Completion	15-18 months from receipt of funds (Q3 FY2028)
Notes	Total expansion cost estimated at ₹25.95 Cr (₹3.59 Cr land already incurred via internal accruals/borrowings, ₹2.79 Cr from internal accruals/debt, ₹19.56 Cr from Net IPO Proceeds). Statutory approvals including Consent to Establish, Building Plan, and Provisional Fire Approval obtained.

Purpose	₹ Cr	%
Funding Capital Expenditure for setting up new manufacturing facility at Plot No. 68-1, Sector 5, Auric City Shendra, Aurangabad	19.6	60.4%
Repayment/prepayment of certain outstanding secured borrowings availed from Canara Bank	4.8	14.8%
General corporate purposes and offer expenses	8.1	24.8%

1. Integrated automotive component manufacturer catering to passenger vehicles, commercial vehicles, 2-wheelers, 3-wheelers, and EV segments under ODM and OBM models.
2. Operates three manufacturing facilities in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra, with in-house plastic injection moulding, metallization, assembly, and testing setups.
3. Financial growth trajectory: Revenue from operations grew from ₹60.73 Cr in FY24 to ₹65.98 Cr in FY25 and ₹93.25 Cr in FY26 (41.34% YoY growth in FY26).
4. Profitability expansion: PAT increased from ₹2.17 Cr in FY24 to ₹5.03 Cr in FY25 and ₹8.63 Cr in FY26, with EBITDA margin improving from 8.81% in FY24 to 16.75% in FY26.
5. Superior return ratios in FY26: Return on Net Worth (RoNW) stood at 34.16% and Return on Capital Employed (RoCE) reached 34.38%.
6. Product division revenue split (FY26): Motor Division contributed 59.32% (₹55.11 Cr), Lighting Division 34.13% (₹31.71 Cr), Accessories 4.99% (₹4.64 Cr), Hoods 1.07% (₹0.99 Cr), and Mirror Division 0.50% (₹0.46 Cr).
7. The Initial Public Offer consists of a fresh issue of up to 34,46,400 equity shares of face value ₹10 each at a price band of ₹88 to ₹94 per share.
8. Objects of the Issue: ₹19.56 Cr for setting up a new manufacturing plant at Auric City Shendra, Aurangabad; ₹4.79 Cr for debt repayment; and balance for general corporate purposes.
9. The proposed expansion unit at Auric City Shendra spans 9,764 sq. mt. to manufacture lighting, electrical accessories, and in-house plastic moulded components for backward integration.
10. Significant customer concentration: Top 1 customer contributed 77.18% (₹71.71 Cr) of FY26 revenues, and top 10 customers contributed 95.49% (₹88.72 Cr).
11. Geographic concentration: 86.20% of domestic revenues in FY26 were derived from customers located in Maharashtra.
12. Supplier concentration: Top 10 suppliers accounted for 59.66% (₹41.78 Cr) of total raw material procurement in FY26.
13. Related party transactions: Procures plastic moulded components from Annu Industries (proprietorship of promoter Anita Goyal) and hoods from group company Riansh Corporate Pvt Ltd.
14. Past statutory non-compliances: Filed compounding applications under Section 62 of Companies Act for historical share allotments and experienced minor delays in ESIC/ROC filings.
15. The pre-issue paid-up equity share capital is 90,89,818 shares, which will increase to 1,25,36,218 shares post-IPO, resulting in an estimated post-issue market cap of ₹117.8 Cr at the upper price band.

Investor	Adj ₹	%	Date
Piyush Ramesh Agrawal	116.00	—	2026-05-09
Deepak Kumar	116.00	—	2026-05-09
Dipti Dnyaneshwar Patil	116.00	—	2026-05-09
Vittal Belandor	116.00	—	2026-05-09
Rohit Shridhar Kalburgi	116.00	—	2026-05-09
Shridhar Maniklal Kalburgi	116.00	—	2026-05-09
Ajit Praffula Swain	116.00	—	2026-05-09
Mandheer Singh	116.00	—	2026-05-09
Ajay Madanlal Agarwal	116.00	—	2026-05-09
Jayant Balasaheb Saraf	116.00	—	2026-05-09
Nyl Electric Pvt Ltd	116.00	—	2026-05-09
Shrinandan Sanjaykumar Rathi	116.00	—	2026-05-09

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
LAPL Automotive Limited Post-IPO P/E: 13.66x (FY26 diluted EPS ₹6.88 based on 1,25,36,218 post-issue shares); Pre-IPO P/E: 9.91x (FY26 EPS ₹9.49 based on 90,89,818 pre-issue shares) at issue price ₹94	13.7	3.3	34.2	9.80	93	16.8%	9.2%	0.83x
Minda Corporation Limited Peer metrics sourced from RHP peer table for FY26	45.4	6.2	13.6	15.07	6185	11.9%	5.8%	0.56x
Fiem Industries Limited Peer metrics sourced from RHP peer table for FY26	23.8	5.0	21.0	97.11	2816	14.7%	9.1%	0.05x

Current Capacity	104,025 MTPA (Refining) / 104,390 MTPA (Smelting) as of FY2026
Utilisation (FY2026)	67.2%
Post-Expansion	156,950 MTPA (Refining)
Capex Outlay	₹12.4 Cr
Completion	May 2026 (Completed prior to RHP filing)
Notes	Refining capacity expanded to 156,950 MTPA effective May 29, 2026. Further 5.56 acres acquired at Menakur for future diversification into plastic granules, tin, and copper recycling.

Purpose	₹ Cr	%
Funding incremental working capital requirement of our Company	220.0	68.8%
Repayment and/or pre-payment, in full or in part, of certain borrowings availed by our Company	20.0	6.2%
General corporate purposes	80.0	25.0%

1. Rapid Financial Growth: Revenue from operations grew from ₹462.96 Cr in FY24 to ₹1,167.65 Cr in FY26, representing a CAGR of 58.81%.
2. Surge in Profitability: Profit After Tax (PAT) expanded from ₹8.95 Cr in FY24 to ₹84.68 Cr in FY26, achieving a CAGR of 207.52%.
3. Substantial Capacity Expansion: Production capacity expanded from 54,750 MTPA in FY24 to 104,025 MTPA in FY26, and further to 156,950 MTPA as of May 29, 2026.
4. Global and Domestic Accreditation: Brand 'Ardee' is registered on the MCX and LME ('ARDEE LEAD 9997'), ensuring global price benchmarking and acceptance.
5. Recognized Three-Star Export House: Accorded Three-Star Export House status by the Ministry of Commerce & Industry in March 2026.
6. Export Expansion: Export revenue increased from ₹81.63 Cr (17.63% of revenue) in FY24 to ₹465.05 Cr (39.83% of revenue) in FY26.
7. Strategic Manufacturing Location: Plant located in Naidupet, Andhra Pradesh, in close proximity to major customer Amara Raja Energy & Mobility and key seaports (Chennai, Kattupalli, Ennore).
8. High Customer Concentration: Top customer (Amara Raja) contributed 40.64% of FY26 revenue, while top 5 customers accounted for 81.98%.
9. Import-Dependent Raw Material Sourcing: Imported 86.94% of raw material purchases in FY26 across a global network of 58 countries.
10. Risk Mitigation via Hedging: Utilizes back-to-back pricing models and LME futures derivative contracts to hedge against lead price volatility.
11. Fresh Issue Objects: Primary IPO proceeds of ₹220 Cr allocated for incremental working capital requirements and ₹20 Cr for debt repayment.
12. Deleveraging Balance Sheet: Debt-to-Equity ratio improved significantly from 4.87x in FY24 to 1.25x in FY26 due to strong net worth accumulation.
13. Diversification Plans: Acquired 5.56 acres of additional land to expand into plastic granule manufacturing and recycling/refining of tin and copper waste.
14. Quality Certifications: Accredited with ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and NABL accreditation for its in-house testing laboratory.
15. Pre-IPO Investor Onboarding: Promoters transferred shares in July 2026 to marquee investors including Ashish Kacholia and Bharat Value Fund at ₹53.00 per share.

Investor	Adj ₹	%	Date
Ashish Kacholia⭐ HNI	53.00	—	2026-07-24
Winro Commercial (India) Limited	53.00	—	2026-07-24
Gagandeep Consultancy Private Limited	53.00	—	2026-07-24
Urjita Jagdish Master	53.00	—	2026-07-24
Bharat Value Fund – Series III	53.00	—	2026-07-27
Meru Investment Fund PCC - Cell 1	53.00	—	2026-07-27
Shruti Gagan Chaturvedi	53.00	—	2026-07-27
Nikhil Jaisinghani⭐ HNI	53.00	—	2026-07-27
Reina Jaisinghani⭐ HNI	53.00	—	2026-07-27

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Ardee Industries Limited Pre-IPO P/E: 15.96x; Post-IPO P/E: 19.70x (at cap price ₹53.00)	19.7	9.2	57.5	3.32	1168	12.6%	7.2%	1.25x
Gravita India Limited Peer metrics sourced from RHP disclosures for FY2026.	35.4	5.5	15.4	52.02	4265	10.2%	8.9%	0.30x
Pondy Oxides and Chemicals Limited Peer metrics sourced from RHP disclosures for FY2026.	31.9	5.4	16.7	43.98	2958	7.1%	4.5%	0.19x
Jain Resource Recycling Limited Peer metrics sourced from RHP disclosures for FY2026.	33.6	7.6	22.2	10.25	9543	5.8%	3.6%	0.81x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	41.22	21.90	15.28
EBITDA	6.48	3.13	1.66
EBITDA Margin	15.7%	14.3%	10.9%
PAT	4.02	1.39	0.93
PAT Margin	9.8%	6.3%	6.1%
Net Worth	15.40	11.42	5.83
Total Borrowing	11.93	4.10	4.16
Assets	39.36	22.09	13.56

Current Capacity	Unicorn R2R: 780 units/year; Unicorn Smart: 4,290 units/year; Shreem: 78 units/year
Utilisation (FY2026)	32.5%
Post-Expansion	Planned 27,000 sq ft (G+2) manufacturing facility to double Unicorn product line capacity and support new product lines (Optima, GreenSweep, MiniShreem, AssetGuard)
Capex Outlay	₹5.7 Cr
Completion	December 2027
Notes	Acquisition of 10,000 sq ft land contiguous to existing plant (agreement executed Dec 15, 2025) and civil construction of 27,000 sq ft built-up area

Purpose	₹ Cr	%
Investment in Product Development	2.9	17.2%
Funding Capital Expenditure towards Setting up of Manufacturing Facility through Purchase of Land and Civil Works	5.7	34.6%
Working Capital to fund business growth	8.0	48.2%
General Corporate Purposes	—	—%

1. Incorporated in April 2017 as a private limited company and converted into a public limited company in August 2024.
2. Initial Public Offering comprises a fresh issue of 22,58,400 equity shares of face value ₹10 each.
3. Operates two leased manufacturing facilities in Jigani Hobli and Harapanahalli Village, Anekal Taluk, Bengaluru.
4. Offers proprietary waterless cleaning robots including Unicorn Smart, Unicorn R2R, and Shreem.
5. Holds registered patents across India, Australia, China, Kingdom of Saudi Arabia (KSA), and the United States of America (USA).
6. Restated consolidated revenue from operations grew significantly from ₹1,527.39 Lakhs in FY24 to ₹2,189.01 Lakhs in FY25 and ₹4,093.69 Lakhs in FY26.
7. Profit After Tax (PAT) expanded from ₹92.87 Lakhs in FY24 to ₹139.18 Lakhs in FY25 and ₹401.77 Lakhs in FY26, achieving a PAT margin of 9.81% in FY26.
8. EBITDA margin expanded to 15.82% in FY26 compared to 10.84% in FY24.
9. Significant customer concentration with the top 1 customer accounting for 39.37% and the top 5 customers accounting for 83.40% of FY26 revenue.
10. IPO proceeds allocated towards Product Development (₹286.14 Lakhs), Capex for new manufacturing facility via land acquisition and civil construction (₹574.00 Lakhs), and Working Capital (₹800.00 Lakhs).
11. Installed annual assembly capacity as of FY26 stands at 780 units for Unicorn R2R, 4,290 units for Unicorn Smart, and 78 units for Shreem.
12. Expanded international service footprint, with O&M services rendered to Alfanar in Saudi Arabia contributing ₹1,628 Lakhs in FY26.
13. Promoters Suraj Vernekar'D, Roopa Vernekar, and Nishith Rameshchandra Shah hold 64.75% of the pre-issue equity capital.
14. Restated Net Worth reached ₹1,540.06 Lakhs as of March 31, 2026, delivering a Return on Net Worth (RoNW) of 29.93%.
15. Total debt increased to ₹1,192.57 Lakhs in FY26, resulting in a Debt-to-Equity ratio of 0.77x.

Investor	Adj ₹	%	Date
Atim Kabra	32.28	—	2021-03-18
Mukesh Kumar Chhaganlal	32.28	—	2021-03-26
Suraj Nalin on behalf of Helios Holdings	74.31	—	2023-07-03
JM Global Equities Private Limited	71.00	—	2024-10-21
Jasmeet Walia	71.00	—	2024-10-10
Kalpeshbhai R Kalthia	71.00	—	2024-10-21
Kirtikant Jasvantrai Vagadia	71.00	—	2024-11-15

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Aegeus Technologies Limited Post-IPO P/E: 21.88x; Pre-IPO P/E: 15.98x	21.9	4.2	29.9	4.80	41	15.8%	9.8%	0.77x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	143.63	79.40	54.08
EBITDA	61.09	29.98	22.22
EBITDA Margin	42.5%	37.8%	41.1%
PAT	36.63	12.31	4.39
PAT Margin	25.5%	15.5%	8.1%
Net Worth	89.51	40.08	27.77
Total Borrowing	128.25	55.11	51.86
Assets	291.62	114.42	89.64

Current Capacity	612 windmill towers per annum (2,07,000 MT/year) across Koppal and Kutch facilities
Utilisation (FY2026)	48.2%
Post-Expansion	612 windmill towers per annum (2,07,000 MT/year)
Completion	Kutch facility commenced operations in March 2026; Koppal Bay-4 expansion completed in FY26
Notes	Koppal Unit I capacity is 420 towers/year (1,47,000 MT/year); Kutch Unit II capacity is 192 towers/year (60,000 MT/year).

Purpose	₹ Cr	%
Repayment and/or pre-payment, in full or part, of borrowing availed by our Company	115.0	100.0%
General Corporate Purpose	—	—%

1. Public offer of up to 65,85,600 equity shares comprising a fresh issue of 52,84,800 equity shares and an offer for sale of 13,00,800 equity shares by promoter Nimish Kumar Rameshchandra Vashi.
2. Promoters of the company are Nimish Kumar Rameshchandra Vashi, Ayush Nimish Vashi, Bhavin Navinchandra Desai, and Bijal Nimesh Vashi.
3. Pre-issue promoter and promoter group shareholding stands at 89.35%, which will dilute post-IPO.
4. Unexecuted order book as of March 31, 2026 stands at ₹35,981.72 lakhs across 6 customers, offering strong revenue visibility.
5. Operates two manufacturing facilities in Koppal, Karnataka (installed annual capacity of 420 towers) and Kutch, Gujarat (commenced March 2026, capacity of 192 towers/year).
6. Revenue from operations expanded rapidly from ₹5,406.65 lakhs in FY24 to ₹7,858.86 lakhs in FY25, and ₹14,326.69 lakhs in FY26.
7. Profit after tax (PAT) grew significantly from ₹439.18 lakhs in FY24 to ₹1,230.58 lakhs in FY25, and ₹3,662.83 lakhs in FY26.
8. EBITDA margin reached 42.64% in FY26 compared to 38.14% in FY25 and 41.10% in FY24, while PAT margin reached 25.57% in FY26.
9. Return on Net Worth (RoNW) achieved an impressive 40.92% in FY26, up from 30.71% in FY25 and 15.82% in FY24.
10. Secured pre-IPO private placement funding in August and September 2025 at ₹101 per share from marquee investor Mukul Mahavir Agrawal and India-Ahead Venture Fund.
11. Net proceeds from the fresh issue will be utilized towards repayment/prepayment of borrowings (₹11,500.00 lakhs) and general corporate purposes.
12. Revenue is geographically concentrated, with Karnataka contributing 93.87% of total revenue in FY26, 99.55% in FY25, and 81.23% in FY24.
13. Customer concentration is high, with the top 5 customers driving 78.75% of FY26 revenue and 88.57% of FY25 revenue.
14. Total outstanding indebtedness stood at ₹12,824.76 lakhs as of March 31, 2026.
15. Quality certifications include ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 3834-2:2021 from DNV and TUV India.

Investor	Adj ₹	%	Date
Mukul Mahavir Agrawal⭐ HNI	101.00	—	2025-08-23
India-Ahead Venture Fund	101.00	—	2025-09-04

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Anawil Wire and Engineering Limited Post-IPO P/E: 18.43x; Pre-IPO P/E: 14.53x	18.4	5.8	40.9	14.65	143	42.6%	25.6%	1.43x	82.3%

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	23.10	10.11	4.62
EBITDA	12.99	4.06	1.02
EBITDA Margin	56.2%	40.2%	22.1%
PAT	7.60	2.90	0.34
PAT Margin	32.9%	28.7%	7.4%
Net Worth	18.41	10.03	3.92
Total Borrowing	3.43	1.01	0.32
Assets	25.46	12.06	4.48

Current Capacity	30 offline partner centres and 5 AI/ML skill labs with ~300 training seats
Post-Expansion	Establishment of new AI/ML labs in Mumbai, Pune, and Jaipur equipped with 300 additional desktops/laptops
Capex Outlay	₹1.9 Cr
Completion	FY2027
Notes	Capex funded via IPO proceeds for purchasing 300 IT hardware units for setup of AI/ML laboratories.

Purpose	₹ Cr	%
Prepayment or repayment of certain outstanding borrowings	2.4	8.8%
Expenditure towards Technology & AI/ML Model Development, Servers and Cloud Infrastructure	6.7	25.0%
Funding capital expenditure towards Content Development	5.3	20.0%
Funding capital expenditure for procurement of Desktops and Laptops for new AI/ML labs in Offline Centers	1.9	7.3%
Expenditure towards Marketing initiatives	5.2	19.5%
Inorganic growth through unidentified acquisitions and general corporate purposes	—	—%

1. Operates an asset-light hybrid education model combining an AI-powered Education OTT app with 30 physical partner centres.
2. Offers a broad curriculum covering K-12 school boards, JEE/NEET, CA preparation, vocational skills, and NSDC-aligned AI/ML courses.
3. User base exceeds 6,00,000 registered learners, 2,66,986 subscribers, and 1,51,794 mobile application downloads as of March 31, 2026.
4. Strong B2G presence with active projects across Government of Rajasthan, 10+ PM Shri Schools, Jawahar Navodaya Vidyalayas, and Tripura SCERT.
5. Empanelled with national skilling organisations including NSDC, Telecom Sector Skill Council (TSSC), and Maharashtra State Skill Development Society (MSSDS).
6. Revenue from operations expanded significantly from ₹4.58 Cr in FY24 to ₹10.09 Cr in FY25, and further to ₹23.04 Cr in FY26.
7. Profit after tax (PAT) grew from ₹0.34 Cr in FY24 to ₹2.90 Cr in FY25, reaching ₹7.60 Cr in FY26.
8. EBITDA margin reached 56.38% in FY26, driven by high digital content reusability and operating leverage.
9. Delivered a Return on Net Worth (RoNW) of 53.45% in FY26 and 41.66% in FY25.
10. Maintains a low debt profile with a Debt-to-Equity ratio of 0.19 as of March 31, 2026.
11. Public offer consists of up to 24,55,200 Equity Shares comprising a Fresh Issue of 19,89,400 shares and an Offer for Sale of 4,65,800 shares.
12. Objects of the Fresh Issue include debt repayment (₹2.36 Cr), AI/ML technology development (₹6.71 Cr), content creation (₹5.35 Cr), IT hardware for new AI labs (₹1.95 Cr), and marketing (₹5.22 Cr).
13. Promoters Mrs. Alka Nikhil Javeri, Mr. Dhruv Nikhil Javeri, and Mr. Dhumil Nikhil Javeri hold 54.73% pre-issue equity capital.
14. Diversified revenue streams across online subscriptions, offline tuition, B2B institutional licensing, and B2G government projects.
15. Proprietary content repository comprises 100+ courses and over 3,300 hours of recorded video content.

Investor	Adj ₹	%	Date
Ashish Sarser	131.48	—	2024-12-02
Aakash Choudhary	82.48	—	2021-12-22
Lakshminarayanan Karthik	64.70	—	2022-03-10
Abhijit Saxena	63.14	—	2021-08-12
Chandra Prakash Toshniwal (CPT Family Trust)	57.37	—	2021-08-12

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Fusion Klassroom Edutech Limited Post-IPO P/E: 19.49x; Pre-IPO P/E: 15.33x	19.5	6.3	53.5	8.16	23	56.4%	33.0%	0.19x	128.4%
Physicswallah Limited Loss-making at net level	—	7.6	-16.0	-0.86	2887	6.5%	-0.8%	—	—
MPS Limited Listed peer	21.4	6.7	31.1	87.80	727	29.8%	23.8%	—	—
Veranda Learning Solutions Limited Loss-making at net level	—	5.9	-97.9	-34.73	358	24.2%	-36.3%	31.00x	—
Arihant Academy Limited Listed peer	62.0	11.0	13.8	7.34	32	20.8%	22.7%	—	—

Purpose	₹ Cr	%
Repayment of a portion of certain borrowings availed by our Company	6.0	15.4%
Funding of Working Capital Requirements	22.0	56.4%
General Corporate Purpose	—	—%

1. G V Electricals Ltd is issuing up to 32,50,000 equity shares of face value ₹10 each, comprising a fresh issue of up to 30,00,000 shares and an OFS of 2,50,000 shares by promoters.
2. The price band is fixed at ₹123.00 to ₹130.00 per share, with the issue being listed on the BSE SME platform.
3. The company's ongoing order book as of June 30, 2026, stands at ₹553.70 Crore across 34 projects, providing ~3.5x revenue coverage relative to FY26 turnover.
4. Revenue from operations grew 19.18% YoY in FY26 to ₹156.41 Crore from ₹131.24 Crore in FY25 and ₹111.80 Crore in FY24.
5. Profit after Tax (PAT) expanded 124.55% YoY in FY26 to ₹10.47 Crore from ₹4.66 Crore in FY25 and ₹2.80 Crore in FY24.
6. Network Operation & Maintenance (O&M) Services is the primary revenue driver, contributing 76.90% (₹120.28 Crore) of total operating revenue in FY26.
7. Repeat customers account for a significant portion of revenue, generating 88.29% (₹138.09 Crore) of FY26 revenue from operations.
8. High customer concentration exists, with the top 10 customers accounting for 94.76% of FY26 revenue and the single largest customer contributing 33.33%.
9. High geographical concentration is present, with Odisha contributing 69.05% (₹108.00 Crore) of total revenues in FY26.
10. Return on Net Worth (RoNW) stood at 31.09% in FY26, up from 20.09% in FY25 and 16.44% in FY24.
11. Net cash generated from operating activities turned negative at ₹(3.31) Crore in FY26 due to working capital lock-up in trade receivables.
12. Trade receivables increased to ₹51.16 Crore in FY26, with debtor days stretching to 119 days compared to 86 days in FY25.
13. Total outstanding bank borrowings stood at ₹16.47 Crore as of March 31, 2026, with a low debt-to-equity ratio of 0.49x.
14. Net proceeds from the fresh issue will be utilized for repayment of cash credit loans (₹6.00 Crore), funding working capital requirements (₹22.00 Crore), and general corporate purposes.
15. The company holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and SA 8000:2014 certifications for quality, environmental, health, safety, and social accountability management.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
G V Electricals Ltd Pre-IPO P/E: 10.28x; Post-IPO P/E: 14.01x (at cap price ₹130)	14.0	3.2	31.1	12.64	156	10.9%	6.7%	0.49x	19.2%
Rajesh Power Services Limited	10.7	3.8	35.3	79.52	1633	12.5%	8.8%	—	47.0%
Parth Electricals & Engineering Limited	39.2	5.5	12.8	11.35	201	10.5%	7.2%	—	13.4%

Metric	31 Jan 2026	31 Mar 2025
Total Income	57.56	46.14
EBITDA	10.52	6.87
EBITDA Margin	18.3%	14.9%
PAT	6.16	4.17
PAT Margin	10.7%	9.0%
Net Worth	20.65	14.68
Total Borrowing	50.77	6.96
Assets	88.99	35.53

Current Capacity	58.40 MW operational solar projects
Post-Expansion	116.80 MW total pipeline including 52.08 MW under-construction and 6.32 MW awarded projects
Completion	FY2027 to September 2027
Notes	Capacity pipeline expands as current contracted and awarded projects are commissioned.

Purpose	₹ Cr	%
To Meet Working Capital Requirements	20.0	72.3%
General Corporate Purpose	—	—%

1. Incorporated in November 2016 as Oneindig Technologies Private Limited and converted into a public limited company in June 2024.
2. Operates as a full-suite solar EPC player and IPP with 58.40 MW operational solar capacity and a 58.40 MW under-construction/awarded pipeline.
3. Installed over 500+ solar water pumping systems across Haryana and the Union Territory of Jammu & Kashmir.
4. Revenue from operations grew from ₹1,931.99 Lakhs in FY23 to ₹4,601.42 Lakhs in FY25 (CAGR of 54.3%) and reached ₹5,746.25 Lakhs for the 10M period ended Jan 31, 2026.
5. Restated Profit After Tax (PAT) expanded from ₹10.83 Lakhs in FY23 to ₹416.61 Lakhs in FY25, reaching ₹616.40 Lakhs in 10M FY26.
6. Robust order book of ₹14,859.19 Lakhs as of January 31, 2026, providing 2.6x revenue visibility relative to FY25.
7. The issue comprises a 100% fresh issue of 28,80,000 Equity Shares amounting to ₹2,764.80 Lakhs at the cap price of ₹96 per share.
8. Net proceeds of ₹2,000.00 Lakhs are dedicated to meeting incremental working capital requirements, with the balance allocated to general corporate purposes.
9. High customer concentration risk: Top 10 off-takers generated 97.25% of operational revenue in 10M FY26 and 96.76% in FY25.
10. High geographical concentration: Uttar Pradesh, Haryana, and Jammu & Kashmir contributed 93.51% of operational revenue in 10M FY26.
11. Negative cash flows from operating activities of -₹1,470.30 Lakhs in 10M FY26 and -₹45.37 Lakhs in FY25 due to working capital intensity.
12. Outstanding total indebtedness stood at ₹5,077.04 Lakhs (secured and unsecured) as of January 31, 2026.
13. The primary brand name 'Oneindig' and associated logos are owned by promoter group entity MAT Commercial Linkages Pvt Ltd and used under a long-term brand usage agreement.
14. Faced an income tax demand of ₹934.06 Lakhs due to a classification error in the Tax Audit Report, which has since been rectified/paid.
15. Promoters Mr. Manoj Agrawal and Ms. Seema Agrawal hold 41.76% of pre-issue paid-up equity share capital.

Investor	Adj ₹	%	Date
Chitranshi Gupta	38.75	—	2024-05-02
Bhuvan Madan	38.75	—	2024-05-02
Dinesh Khetan	38.75	—	2024-05-02
Disha Munjal	38.75	—	2024-05-02
Lakshmi Devi	38.75	—	2024-05-02
Linkpoint Barter Private Limited	38.75	—	2024-05-02
Sam Realtown Private Limited	38.75	—	2024-05-02
Ravi Kumar	38.75	—	2024-05-02

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Oneindig Technologies Limited Post-IPO P/E: 14.18x; Pre-IPO P/E: 18.53x	14.2	3.7	34.9	6.77	57	18.3%	10.7%	2.43x
Zodiac Energy Limited	—	—	27.7	13.28	408	9.1%	4.9%	—
Solarium Green Energy Limited	—	—	22.9	11.65	230	11.3%	8.1%	—
Ganesh Green Bharat Limited	—	—	23.0	13.14	318	15.9%	9.5%	—

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	804.93	569.78	424.45
EBITDA	692.18	485.69	370.84
EBITDA Margin	86.0%	85.2%	87.4%
PAT	40.46	36.48	40.06
PAT Margin	5.0%	6.4%	9.4%
Net Worth	122.89	116.29	108.21
Total Borrowing	12920.54	5502.53	2671.70
Assets	19538.45	10356.81	4986.44

Current Capacity	1,794.80 MW AC / 2,408.91 MWp DC + 503.20 MWh BESS
Utilisation (FY2026)	25.0%
Post-Expansion	7,910.20 MW AC / 10,247.06 MWp DC + 4,563.88 MWh BESS
Capex Outlay	₹14119.2 Cr
Completion	Phased completion through FY2027 to FY2028
Notes	Includes 3,010.68 MWh BESS for under-construction contracted projects and 1,050.00 MWh BESS for under-construction awarded projects. Land bank exceeds 12,000 acres for solar and 300+ WTG locations.

Purpose	₹ Cr	%
Repayment/pre-payment, in full or part of certain borrowings availed by our Company	683.2	38.0%
Investment in subsidiaries (Juniper Green Gamma One, Juniper Green Kite, and Juniper Green Power Five) for repayment/pre-payment of borrowings	728.7	40.5%
General corporate purposes	388.1	21.6%

1. Top 10 renewable IPP in India in terms of Total Capacity (7,910.20 MW / 10,247.06 MWp) as of March 31, 2026.
2. Portfolio of 50 projects comprising 1,794.80 MW operational, 2,875.40 MW under-construction contracted, and 3,240.00 MW under-construction awarded capacity as of June 30, 2026.
3. Strong focus on complex renewable projects: Ranked second largest bidder in total capacity won in WSH and FDRE tenders between April 2021 and March 2026.
4. High revenue predictability with 97.68% of Total Capacity (in MWp) backed by long-term 20-to-25-year PPAs with creditworthy counterparties rated 'A' or above (SECI, NTPC, SJVN, NHPC, GUVNL, MSEDCL).
5. Shortest trade receivable cycle among listed peers, standing at 21.88 days in FY26, 16.94 days in FY25, and 23.06 days in FY24.
6. In-house end-to-end project lifecycle management spanning site prospecting, land acquisition, grid permits, engineering, procurement, construction, and O&M.
7. Proven track record of early project execution, commissioning operational projects ahead of schedule by a weighted average of 147 days.
8. Secured land bank of >12,000 acres for solar projects and >300 WTG locations across Rajasthan, Maharashtra, Gujarat, and Madhya Pradesh.
9. Grid connectivity permits secured for 6,095.00 MW at CTU level, including 1,688.00 MW surplus unallocated capacity to support future bidding pipeline.
10. Strategic partnerships with global OEMs including First Solar (1 GW CdTe thin-film module supply agreement), Envision (5 MW WTGs and BESS), Suzlon, Waaree, Goldi, Sungrow, and TBEA.
11. First to fully commission India's first merchant BESS of 100.64 MWh in Rajasthan in January 2026, and partially commission India's first FDRE project under SJVN.
12. Revenue from operations grew from ₹3,915.50 Cr in FY24 to ₹5,086.78 Cr in FY25 and ₹7,189.34 Cr in FY26 (CAGR of 35.50%).
13. Operating EBITDA expanded from ₹3,379.46 Cr in FY24 to ₹4,245.83 Cr in FY25 and ₹6,061.88 Cr in FY26 with Operating EBITDA margins exceeding 83%.
14. Supported by marquee promoter group AT Holdings and Juniper Renewable through equity infusions, corporate guarantees (>₹14,708.86 million), and SBLC credit support.
15. Fresh Issue of ₹18,000.00 million intended primarily to prepay/repay ₹14,119.21 million of borrowings of the company and key subsidiaries.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Juniper Green Energy Limited Post-IPO P/E: 316.9x; Pre-IPO P/E: 271.08x	316.9	3.2	1.2	0.71	7189	84.3%	5.6%	3.77x
ACME Solar Holdings Limited EV/EBITDA: 47.21x	—	—	9.9	8.16	2023	88.0%	24.6%	2.53x
NTPC Green Energy Limited P/E based on NSE price as of July 17, 2026	148.3	—	2.8	0.62	2858	80.3%	18.2%	1.51x
Adani Green Energy Limited P/E based on NSE price as of July 17, 2026	156.9	—	8.3	8.25	12928	83.3%	15.4%	4.79x
ReNew Global Energy PLC P/E based on Nasdaq price converted at USD 1 = ₹96.37	22.2	—	8.2	27.24	13430	53.7%	7.7%	5.55x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	65.20	52.43	48.08
EBITDA	13.93	10.22	4.99
EBITDA Margin	21.4%	19.5%	10.4%
PAT	8.04	6.04	1.55
PAT Margin	12.3%	11.5%	3.2%
Net Worth	30.75	20.16	4.10
Total Borrowing	24.13	16.55	19.28
Assets	66.42	47.89	33.70

Current Capacity	8,000 kg/day across 3 units
Utilisation (FY2025)	84.7%
Post-Expansion	Expansion at Plot No. E-552 (Sanand-II) adding additional IML moulding & labelling lines, ice-cream moulds, and tin container line
Capex Outlay	₹27.2 Cr
Completion	November 2026
Notes	Total project cost is ₹44.91 Cr, funded via ₹27.19 Cr IPO proceeds and ₹17.72 Cr internal accruals/borrowings.

Purpose	₹ Cr	%
Part finance the cost of establishing new manufacturing facility at Plot No. E-552, Sanand-II Industrial Estate, Hirapur, Sanand	27.2	87.3%
Full or part repayment and/or prepayment of certain outstanding secured borrowings	4.0	12.7%
General corporate purposes	—	—%

1. Dhaval Packaging Limited is launching an SME Initial Public Offer of up to 37,48,800 equity shares of face value ₹10 each.
2. The issue is 100% fresh issue with no Offer for Sale (OFS) component.
3. The company operates three manufacturing units situated at GIDC Sanand, Ahmedabad, Gujarat.
4. The company is setting up a new manufacturing facility at Plot No. E-552 in Sanand-II Industrial Estate to expand IML capacity, ice-cream container portfolio, and introduce tin containers.
5. Cost of establishing the proposed facility is estimated at ₹44.91 crore, of which ₹27.19 crore will be funded from Net Issue Proceeds.
6. The company operates in two distinct segments: IML Containers (77.03% of FY25 revenue) and SAW Pipe Protection End Caps (22.97% of FY25 revenue).
7. Revenue from operations grew from ₹42.94 crore in FY2023 to ₹52.26 crore in FY2025, while Net Profit surged from ₹0.51 crore to ₹6.04 crore during the same period.
8. EBITDA margin improved significantly from 6.03% in FY2023 to 19.56% in FY2025.
9. Return on Net Worth (RoNW) stood at a strong 49.80% for FY2025.
10. In-house label integration is supported by promoter group entity Octa Labels LLP, providing backward integration for IML label supply.
11. The company has negative operating cash flows of ₹2.99 crore for the 9-month period ended December 31, 2025, due to inventory and trade receivables build-up.
12. Top 10 customers contributed 46.37% of revenue from operations in FY2025 and 50.73% in 9M FY2026.
13. Top 10 suppliers accounted for 89.98% of total raw material purchases in FY2025.
14. Over 84% of revenue from operations in FY2025 was generated from customers located in Gujarat and Maharashtra.
15. The company has filed a petition before NCLT Ahmedabad for voluntary revision of financial statements and Board Reports for FY21, FY22, and FY23 due to procedural/clerical lapses.

Investor	Adj ₹	%	Date
Hemang Kanubhai Gajera	60.00	—	2025-01-29
Mukesh Fulabhai Harkhani	60.00	—	2025-01-29
Riteshkumar Harishbhai Parikh	60.00	—	2025-01-29
Vidhi R. Parikh	60.00	—	2025-01-29
Chintan Kantilal Patel	60.00	—	2025-01-29
Raj Pravinchandra Patel	60.00	—	2025-01-29
Hirva Vimal Patel	80.00	—	2025-08-06
Maheshwari Investments	80.00	—	2025-08-06
Nisha Jayprakash Tosniwal	80.00	—	2025-08-06
Viren Shambhuprasad Patel	80.00	—	2025-08-06
Sreekumar Madhavan	80.00	—	2025-08-06
Jayeshtha Jayantilal Kothari	80.00	—	2025-09-24

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Dhaval Packaging Limited Post-IPO P/E: 16.58x; Pre-IPO P/E: 12.05x	16.6	1.2	49.8	9.75	52	19.6%	11.5%	0.82x
Mold-Tek Packaging Limited	27.2	2.7	9.8	18.22	784	18.1%	7.8%	0.28x

Current Capacity	114 propulsion equipment sets/year (Unit 1, single shift basis)
Utilisation (FY2026)	2.6%
Post-Expansion	285 propulsion equipment sets/year (114 sets Unit 1 + 171 sets Unit 2)
Completion	FY2027
Notes	Capacity expansion to Unit 2 (Nangla Bhiku) funded via internal accruals/equipment finance of ₹7.0 Cr from Bajaj Finance; includes 3 additional testing setups at Unit 2.

Purpose	₹ Cr	%
Funding long-term working capital requirements of our Company	180.0	62.1%
Investment in research design and development activities for new power electronic equipment	21.0	7.2%
General Corporate Purpose	—	—%

1. Received formal approval and prototype clearance from CLW, Indian Railways on September 15, 2025, for in-house designed 6000HP IGBT-based 3-Phase Propulsion Equipment after completing 50,000 km field trials.
2. Commercial supplies of 3-Phase Propulsion Equipment commenced in March 2026, establishing the company among a select group of global manufacturers with proprietary rail propulsion technology.
3. Possesses an executable outstanding order book of ₹9,216.40 million as of June 30, 2026, for supplying 564 3-Phase Propulsion Equipment sets to CLW, BLW, and PLW.
4. Secured Letter of Acceptance from Modern Coach Factory, Raebareli worth ₹865.46 million for supply of 3-Phase Propulsion Equipment for 6 MEMU 12-car rakes plus ₹46.86 million AMC.
5. The IPO is a complete fresh issue of equity shares of face value ₹5 each aggregating up to ₹2,900.00 million.
6. High customer concentration with Indian Railways accounting for 76.72% of total operational revenue in FY2026.
7. Reported a restated net loss of ₹126.95 million in FY2026 compared to a net profit of ₹13.84 million in FY2025, primarily due to initial commercial production setup costs and expensed R&D.
8. Total R&D expenditure stood at ₹78.95 million in FY2026 (15.97% of revenue from operations), with the R&D Centre recognized by DSIR, Ministry of Science and Technology in June 2026.
9. Net Proceeds of ₹1,800.00 million will be deployed for long-term working capital and ₹210.00 million for R&D in new power electronics equipment.
10. Negative cash flows from operating activities stood at ₹575.45 million in FY2026, driven by inventory buildup and procurement of raw materials for order execution.
11. Completed pre-IPO private placements in August and October 2025 raising ₹596.01 million at ₹547 per share (face value ₹10, adjusted to ₹273.50 post-split).
12. Promoters and Promoter Group collectively hold 76.92% of the pre-issue equity share capital of the company.
13. Commissioned an in-house Surface Mount Technology (SMT) line in March 2026 for PCB assembly of control electronics and Vehicle Control Units.
14. Relocating cable protection and management operations to Unit 2 in Nangla Bhiku, Palwal, while dedicating Unit 1 to power electronics and propulsion manufacturing.
15. Faces competition from established domestic and international players including Medha Servo Drives, Hind Rectifiers, BHEL, CG Power, Siemens, and Alstom.

Investor	Adj ₹	%	Date
Madhuri Madhusudan Kela⭐ HNI	273.50	—	2025-10-01
Raghav Investment Private Limited	273.50	—	2025-08-25
Lalitha Jain	273.50	—	2025-08-25
Anantroop Financial Advisory Services Private Limited	273.50	—	2025-10-01
Ashish Govind Nathani	273.50	—	2025-10-01

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
MV Electrosystems Limited Pre-IPO EPS is -₹6.52; P/E is negative/not ascertainable due to FY2026 net loss of ₹12.69 Cr during technology commercialisation phase.	—	13.9	-20.3	-6.52	49	-20.0%	-25.4%	0.80x	-21.1%
Hind Rectifiers Limited Sole listed proxy peer identified in RHP; P/E based on closing market price on NSE as of June 30, 2026.	88.8	19.1	21.4	13.05	999	8.6%	3.8%	1.13x	52.5%

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	131.90	115.15	85.33
EBITDA	17.08	14.77	7.58
EBITDA Margin	12.9%	12.8%	8.9%
PAT	11.41	9.08	4.66
PAT Margin	8.7%	7.9%	5.5%
Net Worth	42.38	31.44	5.90
Total Borrowing	21.53	21.19	24.68
Assets	170.92	90.56	48.87

Current Capacity	20 crore pieces/year (Sanitary Napkins)
Utilisation (FY2026)	90.8%
Post-Expansion	20 crore pieces/year Sanitary Napkins + 6 crore pieces/year Baby Diapers
Capex Outlay	₹31.4 Cr
Completion	December 2026
Notes	Building Unit 2 on leasehold land in Padavala, Rajkot to bring baby diaper production in-house (currently outsourced).

Purpose	₹ Cr	%
Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed facility Unit 2)	31.4	72.6%
Prepayment / repayment of Loan	3.6	8.3%
General corporate purposes	—	—%

1. The IPO consists of a Fresh Issue of up to 49,05,600 Equity Shares and an Offer for Sale (OFS) of up to 12,25,600 Equity Shares of face value ₹10 each.
2. The promoter selling shareholders are Hemalbhai Babubhai Borsadiya, Rahul Kishorbhai Sheradia, Sheradia Parth Damjibhai, and Borsadiya Binita Hemalbhai, each offering up to 3,06,400 equity shares.
3. Net proceeds from the fresh offer will be utilized to set up a new baby diaper manufacturing facility (Unit 2) in Rajkot (₹31.36 Cr), prepay/repay borrowings (₹3.57 Cr), and for general corporate purposes.
4. Revenue from operations grew from ₹8,434.76 Lakhs in FY24 to ₹11,462.56 Lakhs in FY25, and further to ₹13,072.09 Lakhs in FY26, representing a CAGR of 24.49%.
5. Restated PAT grew from ₹466.41 Lakhs in FY24 to ₹908.10 Lakhs in FY25, reaching ₹1,140.66 Lakhs in FY26.
6. EBITDA margin improved from 8.98% in FY24 to 12.88% in FY25 and 13.07% in FY26.
7. Return on Net Worth (RoNW) stood at 26.91% in FY26, 28.89% in FY25, and 79.11% in FY24.
8. The company currently relies on a single manufacturing unit located at Lothada, Rajkot, Gujarat, which limits geographic operational diversification.
9. High geographical concentration, with Gujarat alone contributing 77.02% of total revenue from operations in FY26.
10. High customer concentration risk: Top customer contributed 48.35% and top 10 customers contributed 80.41% of total revenue in FY26.
11. Supplier concentration risk: Top 10 raw material suppliers accounted for 84.57% of purchases in FY26.
12. The company relies on contract manufacturing for its baby diaper brand 'Bloom Baby' and intends to transition to in-house production via its proposed Unit 2 capex.
13. The manufacturing facility holds quality accreditations including ISO 9001:2015, WHO-GMP, CE certification, and BIS license.
14. The company has experienced multiple statutory auditor changes in recent years due to casual vacancies and auditor resignations.
15. Total outstanding secured and unsecured borrowings stood at ₹2,306.62 Lakhs as of June 30, 2026.

Investor	Adj ₹	%	Date
Jayesh Chhabildas Shah	66.00	—	2024-11-20
Sonam Limited	66.00	—	2024-11-20
HJS Securities Private Limited	66.00	—	2024-11-23

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
H. R. Hygiene Products Limited Post-IPO P/E: 17.53x; Pre-IPO P/E: 13.73x	17.5	3.7	26.9	5.02	131	13.1%	8.7%	0.51x

Current Capacity	13,037 licensed beds (6,227 operational beds) as of March 31, 2026
Utilisation (FY2026)	64.5%
Post-Expansion	15,463 licensed beds (planned addition of 2,426 beds by FY2030)
Completion	FY2030
Notes	Planning 483 brownfield bed additions across existing network and 1,943 greenfield beds across target urban catchments in Bengaluru, Pune, and other key cities by FY2030.

Purpose	₹ Cr	%
Repayment/prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by Manipal Hospitals Private Limited (MHPL NCDs)	5552.8	69.4%
Acquisition of minority stake in stepdown Subsidiary, Sahyadri Hospitals Private Limited	574.0	7.2%
General corporate purposes	1873.2	23.4%

1. Manipal Health Enterprises Limited is the largest pan-India multispecialty hospital network by bed capacity with 13,037 licensed beds across 49 hospitals as of March 31, 2026.
2. It is the only private hospital chain in India with market leadership by bed capacity across three major metros: Bengaluru (2,579 beds), Kolkata (1,513 beds), and Pune (1,284 beds).
3. Revenue from operations grew at a CAGR of 29.41% from ₹61,716.32 million in FY24 to ₹103,357.51 million in FY26, making it the fastest-growing major hospital chain in India.
4. High-acuity complex specialties under CONGO-R (Cardiac, Oncology, Neuro, Gastro, Orthopedics, and Renal) accounted for 64.30% of gross inpatient revenue in FY26.
5. The company maintains a balanced geographic footprint, with 46.78% of licensed beds in metro cities and 53.22% in non-metro cities.
6. Operates a repeatable M&A integration playbook, having added 5,548 beds via acquisitions between FY21 and FY26, including Columbia Asia, Vikram Hospital, AMRI, Medica Synergie, and Sahyadri Group.
7. Net profit for the year stood at ₹9,165.19 million in FY26, compared to ₹10,816.72 million in FY25 and ₹5,332.03 million in FY24.
8. EBITDA (excluding exceptional items) grew at a 25.45% CAGR from ₹17,766.03 million in FY24 to ₹27,959.37 million in FY26, with an EBITDA margin of 27.05% in FY26.
9. Maintains an industry-leading Average Length of Stay (ALOS) of 2.78 days in FY26 despite increasing clinical complexity, driving high patient throughput and bed turnover.
10. Average Revenue Per Occupied Bed (ARPOB) increased from ₹61,741.68 per day in FY24 to ₹68,937.61 per day in FY26.
11. Cash/Self-pay and Insurance/TPA payor categories contributed 31.20% and 49.18% of gross inpatient revenue in FY26, maintaining a low-risk payor mix.
12. Fresh issue proceeds of ₹80,000.00 million will be used towards ₹55,527.59 million for debt prepayment/redemption of NCDs in MHPL, ₹5,740.00 million for minority stake acquisition in Sahyadri, and general corporate purposes.
13. Plans to add 2,426 beds by FY2030 through 483 brownfield beds in existing hospitals and 1,943 greenfield beds across key target markets.
14. The company operates an extensive academic ecosystem with 343 DNB/DrNB/FNB seats across 25 hospitals and 42 specialties, supporting 785 enrolled medical trainees in FY26.
15. 41 out of 49 hospitals are NABH accredited/certified and 24 hospital laboratories are NABL accredited as of March 31, 2026.

Investor	Adj ₹	%	Date
TPG SG Magazine Pte. Ltd.	265.23	—	2024-05-30
Seventy Second Investment Company LLC	351.81	—	2024-01-31
Ammar Sdn Bhd	355.66	—	2024-08-20
Novo Holdings Invest Asia A/S	355.53	—	2024-01-09
Phoenix Bear Investments, LLC	355.53	—	2024-01-08

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Manipal Health Enterprises Limited Pre-IPO P/E: 76.92x; Post-IPO P/E: 87.02x (at issue price ₹590.0)	87.0	8.1	10.6	7.67	10336	27.1%	8.9%	1.20x
Apollo Hospitals Enterprise Ltd Peer metrics sourced from RHP	66.2	—	—	134.94	25228	14.9%	7.9%	—
Fortis Healthcare Ltd Peer metrics sourced from RHP	70.2	—	—	13.80	9128	23.4%	11.7%	0.93x
Max Healthcare Institute Ltd Peer metrics sourced from RHP	74.5	—	—	14.76	10065	26.2%	16.2%	—

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	295.20	222.80	174.59
EBITDA	51.78	39.89	27.45
EBITDA Margin	17.5%	17.9%	15.7%
PAT	30.90	23.93	16.10
PAT Margin	10.5%	10.7%	9.2%
Net Worth	133.16	86.20	64.83
Total Borrowing	41.16	19.54	14.28
Assets	231.38	135.92	96.75

Current Capacity	13,800 MT/year (Melting), 6,000 MT/year (Casting & Finishing)
Utilisation (FY2026)	80.0%
Post-Expansion	28,800 MT/year (Melting), 12,600 MT/year (Casting & Finishing)
Capex Outlay	₹110.4 Cr
Completion	June 2027 (Partial commercial operations from September 2026)
Notes	Capex includes setting up Unit III at Khed, Pune and installation of captive solar power generating system in Nanded, Maharashtra.

Purpose	₹ Cr	%
Funding capital expenditure towards setting up of manufacturing facility at Unit 3 (Khed, Pune) and captive solar power plant	106.3	66.5%
To meet working capital requirements	30.0	18.8%
General Corporate Purpose	—	—%

1. Incorporated in 1992 as Pooja Castings Pvt. Ltd., converted to a public limited company and renamed Poojaa Precision Engg. Limited in December 2025.
2. The IPO consists entirely of a fresh issue of up to 53,10,000 equity shares of face value ₹10 each.
3. Revenue from operations grew at a CAGR of 30.06% from ₹173.72 Cr in FY24 to ₹293.86 Cr in FY26.
4. Restated PAT grew at a CAGR of 38.53% from ₹16.10 Cr in FY24 to ₹30.90 Cr in FY26.
5. Top 5 customers accounted for 74.72% of total operational revenue in FY26, highlighting customer concentration risk.
6. Commercial vehicle segment forms the largest revenue contributor, generating 50.88% of total revenue in FY26.
7. EV sector revenue expanded rapidly from 6.13% (₹10.65 Cr) in FY24 to 9.81% (₹28.83 Cr) in FY26.
8. Operates two existing manufacturing units in Pune with a combined melting capacity of 13,800 MT/year and casting/finishing capacity of 6,000 MT/year.
9. IPO proceeds will fund a new Unit III manufacturing facility in Khed, Pune, expanding melting capacity by 15,000 MT/year and casting capacity by 6,600 MT/year.
10. Setting up a captive 3.3 MW solar power generation project in Nanded, Maharashtra to lower power costs and carbon footprint.
11. Expanding into magnesium casting component manufacturing through a proposed Unit IV facility in Mahalunge, Pune.
12. Exports contributed 0.84% (₹2.48 Cr) of revenue in FY26, serving clients in Germany, USA, Italy, and Switzerland.
13. Promoters collectively hold 82.63% of the pre-issue equity share capital, which will dilute to 60.63% post-issue.
14. Outstanding total debt stood at ₹41.16 Cr as of March 31, 2026, with a low Debt/Equity ratio of 0.31x.
15. Marquee institutional investors including Abakkus Venture Opportunities Fund and Motilal Oswal Finvest participated in the Anchor portion.

Investor	Adj ₹	%	Date
Mukul Mahavir Agrawal⭐ HNI	197.25	—	2025-10-24
Vigyan Lodha	197.25	—	2025-10-24
Vinod Kumar Lodha	197.25	—	2025-10-24

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Poojaa Precision Engg. Limited Post-IPO P/E: 19.43x (FY26 diluted EPS ₹15.49); Pre-IPO P/E: 13.74x (FY26 EPS ₹21.90) at issue price ₹301	19.4	3.2	23.2	15.49	294	17.6%	10.5%	0.31x
Alicon Castalloy Ltd	31.5	—	5.5	21.09	1776	10.5%	1.9%	—
RICO Auto Industries Limited	36.3	—	6.7	3.73	2478	8.7%	2.1%	—
Endurance Technologies Ltd	39.5	—	13.9	67.66	14596	13.3%	6.5%	—

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	50.73	51.16	48.24
EBITDA	8.35	5.52	3.86
EBITDA Margin	16.5%	10.8%	8.0%
PAT	4.06	2.70	1.70
PAT Margin	8.0%	5.3%	3.5%
Net Worth	13.38	9.56	6.93
Total Borrowing	17.29	17.51	11.19
Assets	46.92	39.51	28.65

Current Capacity	6,000 MT/year (Ferrous Metal Forging)
Utilisation (FY2026)	50.5%
Post-Expansion	7,850 MT/year (7,250 MTPA Ferrous + 600 MTPA Aluminium)
Capex Outlay	₹7.2 Cr
Completion	June 2027
Notes	Expansion includes setting up Line 4 (1,250 MTPA) and a new Aluminium machining and casting line (600 MTPA) at Unit II targeting the EV segment.

Purpose	₹ Cr	%
Purchase and installation of plant and machineries at Existing Premises	7.2	35.2%
Part Funding of working capital requirements	7.2	35.5%
Repayment / Prepayment of all or certain borrowings	2.4	11.7%
General Corporate purposes	3.6	17.6%

1. The IPO consists of a 100% fresh issue of 25,29,600 Equity Shares of face value ₹10 each at a fixed issue price of ₹95 per share, aggregating to ₹24.03 Crore.
2. Out of the total issue, 1,29,600 shares (₹1.23 Cr) are reserved for Market Maker JSK Securities and Services Pvt Ltd, leaving a Net Issue of 24,00,000 shares (₹22.80 Cr).
3. Net proceeds of ₹20.43 Crore are allocated towards purchasing plant & machinery (₹7.19 Cr), working capital requirements (₹7.25 Cr), loan repayment (₹2.40 Cr), and general corporate purposes (₹3.59 Cr).
4. Revenue from operations stood at ₹50.05 Crore in FY2026, compared to ₹50.70 Crore in FY2025 and ₹47.96 Crore in FY2024.
5. Profit After Tax (PAT) grew by 50.50% YoY to ₹4.06 Crore in FY2026 from ₹2.70 Crore in FY2025 and ₹1.70 Crore in FY2024.
6. EBITDA margin expanded significantly to 16.69% in FY2026 from 10.88% in FY2025 and 8.04% in FY2024.
7. The company has an installed forging capacity of 6,000 MT/year across Units I and II, with a capacity utilization of 50.50% in FY2026.
8. Proposed expansion at Unit II will add 1,250 MTPA forging capacity (Line 4) and 600 MTPA Aluminium machining and casting line targeting the EV segment.
9. Customer concentration risk is prominent with top 10 customers generating 64.35% of operational revenue in FY2026.
10. Export revenue reached ₹14.34 Crore (28.65% of total sales) in FY2026, catering to clients in the USA, Croatia, Germany, and Finland.
11. Total outstanding borrowings stood at ₹16.38 Crore as of May 31, 2026, secured by hypothecation of assets and personal guarantees of promoters.
12. The issue expenses are estimated at ₹3.60 Crore, representing 14.98% of the total gross proceeds.
13. Promoter group pre-issue shareholding is 100% (65,00,000 shares), which will dilute to 71.99% post-issue.
14. The company holds key international quality certifications including IATF 16949:2016, ISO 9001:2015, PED-2014/68/EU & AD 2000 W0, IBR 1950, and ZED Gold Level Certificate.
15. An order book of ₹19.04 Crore is in hand as of July 11, 2026, scheduled for dispatch between July 2026 and October 2026.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Advance Technoforge Limited Post-IPO P/E: 21.16x; Pre-IPO P/E: 15.22x	21.2	4.6	30.3	6.24	50	16.7%	8.1%	1.29x	-1.3%
Tirupati Forge Limited	93.6	4.4	5.2	0.51	162	11.9%	3.9%	0.31x	41.3%
Forge Auto International Limited	9.4	1.5	17.0	9.91	226	9.8%	4.8%	0.55x	7.7%

Metric	28 Feb 2026	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Income	59.94	51.59	30.57	25.93
EBITDA	8.93	8.55	2.95	1.28
EBITDA Margin	14.9%	16.6%	9.6%	4.9%
PAT	6.46	6.32	2.19	0.97
PAT Margin	10.8%	12.3%	7.2%	3.7%
Net Worth	17.78	11.32	4.17	1.05
Total Borrowing	—	—	—	—
Assets	25.71	18.46	11.10	8.15

Purpose	₹ Cr	%
Funding working capital requirements of the Company	16.6	72.1%
General corporate purposes	6.4	27.9%

1. Incorporated in August 2019 as a private limited company and converted into a public limited company in February 2025.
2. Offers end-to-end trade show and exhibition booth solutions, including custom-built and modular exhibition options ('Exhibit365').
3. Executed over 5,000 exhibition stands for more than 1,100 clients across diverse industry verticals such as industrial machinery, building materials, chemicals, healthcare, and IT.
4. Operates on an asset-light business model, renting godowns, fabrication machinery, and project sites to minimize fixed capital costs.
5. Operates in-house production and warehousing units in Mumbai (6,000 sq. ft.) and Bangalore (1,000 sq. ft.) along with two rented godowns in Vasai and Bangalore.
6. Has a global footprint with project execution capabilities across the US, UK, UAE, Germany, Spain, Singapore, and other international markets.
7. In FY25, total revenue from operations stood at ₹5,151.82 Lakhs with a Profit After Tax (PAT) of ₹632.30 Lakhs.
8. For the 11-month period ended February 28, 2026, revenue from operations reached ₹5,980.78 Lakhs with a PAT of ₹646.37 Lakhs.
9. International project revenue grew significantly, contributing 53.28% of total revenue in FY25 (including international projects executed for domestic clients).
10. Main domestic sales concentration in West zone, with Gujarat, Maharashtra, and Karnataka contributing nearly 75% of domestic revenue in FY25.
11. IPO comprises a Fresh Issue of up to 33,40,000 Equity Shares and an Offer for Sale (OFS) of up to 8,00,000 Equity Shares by promoters.
12. Net proceeds from the fresh issue will be utilized primarily to fund working capital requirements (₹1,662.00 Lakhs) and general corporate purposes.
13. Holds multiple quality and operational certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO/IEC 27001:2022, and SA 8000:2014.
14. High dependence on outsourced subcontractors, with subcontracted execution representing over 90% of revenue in FY25 (92.11%) and 11M FY26 (90.89%).
15. The company's confirmed order book stood at ₹1,356.86 Lakhs as of June 30, 2026 across 11 customer industry segments.

Investor	Adj ₹	%	Date
Rahul Sanjay Shah	2.93	—	2024-05-10
Varun Kothari HUF	2.93	—	2024-05-10

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Propshop Events and Exhibitions Limited Post-IPO P/E: 14.32x; Pre-IPO P/E: 12.32x	14.3	4.4	55.9	4.82	52	16.6%	12.3%	0.06x
Exhicon Events Media Solutions Limited Listed peer from RHP	27.3	—	27.0	15.56	144	24.5%	21.1%	0.00x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	44.85	31.64	19.11
EBITDA	29.36	16.56	6.52
EBITDA Margin	65.5%	52.3%	34.1%
PAT	19.10	9.71	0.97
PAT Margin	42.6%	30.7%	5.1%
Net Worth	72.84	50.47	23.26
Total Borrowing	65.07	29.95	28.36
Assets	214.09	151.60	112.02

Current Capacity	17.38 acres integrated park at Athirappilly (41 rides, 10,000 sq ft snow park, 8 resort rooms, 3 restaurants) and 5,183 sq ft snow park in Jamshedpur
Post-Expansion	Addition of 3,000 sq ft snow park expansion, 250-pax restaurant, 416-pax banquet hall at Athirappilly; and new 11,100 sq ft snow park & FEC at Lucknow, UP
Capex Outlay	₹41.2 Cr
Completion	Q2 FY2027 for Athirappilly Cable Car / expansion and Q4 FY2027 for Lucknow Snow Park & FEC
Notes	Cable car project (1.2 km roundtrip) already under implementation; Lucknow project located in leased premises at Omaxe Hazratganj Mall.

Purpose	₹ Cr	%
Funding capital expenditure for setting up Lucknow Snow Park and FEC	26.1	31.7%
Funding capital expenditure for expansion and upgradation of Athirappilly Theme Park	15.1	18.4%
Repayment and/or prepayment, in full or part, of certain borrowings	24.0	29.1%
General Corporate Purposes	—	—%

1. Incorporated in 1998, the company possesses over 25 years of operational track record in the amusement and leisure park industry in South India.
2. Flagship property is spread over 17.38 acres at Athirappilly, Thrissur, Kerala, near the scenic Athirappilly and Vazhachal waterfalls.
3. Features 41 low-to-high thrill rides, 3 operating restaurants, and an integrated 8-room resort catering to staycation guests and group bookings.
4. Operates 'Snow Storm' at Athirappilly, Kerala's first indoor snow park launched in 2017, maintained at -10°C over 10,000 sq. ft.
5. Developing a 1.2 km roundtrip aerial cable car (ropeway) system at Athirappilly, scheduled for commissioning in Q2 FY2027.
6. Expanded presence outside Kerala by launching an indoor snow park in Jamshedpur, Jharkhand (5,183 sq. ft.), operational since October 2025.
7. Setting up a new indoor snow park and Family Entertainment Center (FEC) over 11,100 sq. ft. at Omaxe Hazratganj Mall, Lucknow, Uttar Pradesh.
8. Total visitor footfalls stood at 4.24 lakhs in FY2024, 5.14 lakhs in FY2025, and 6.71 lakhs in FY2026.
9. Revenue from operations grew from ₹1,885.84 lakhs in FY2024 to ₹3,100.12 lakhs in FY2025 and ₹4,358.00 lakhs in FY2026, representing a CAGR of 52.02%.
10. EBITDA increased from ₹652.40 lakhs (34.59% margin) in FY2024 to ₹1,655.89 lakhs (53.41% margin) in FY2025, and ₹2,936.00 lakhs (67.37% margin) in FY2026.
11. Restated Profit After Tax (PAT) grew significantly from ₹96.62 lakhs in FY2024 to ₹971.07 lakhs in FY2025 and ₹1,910.27 lakhs in FY2026.
12. The IPO consists of a 100% fresh issue of 61,98,000 equity shares of face value ₹10 each.
13. Net proceeds will be utilized for setting up Lucknow Snow Park & FEC (₹26.12 Cr), Athirappilly expansion (₹15.14 Cr), debt repayment (₹24.00 Cr), and general corporate purposes.
14. Total debt as of March 31, 2026 stood at ₹6,507.09 lakhs, which will be significantly reduced post-issue.
15. Promoters Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel and Shalimar Antharathara Ibrahim hold 42.82% of pre-issue paid-up equity share capital.

Investor	Adj ₹	%	Date
Shiyas Kochukunju Latheef	101.39	—	2023-12-04
Rajasthan Global Securities Private Limited	68.29	—	2024-11-28
Ashika Global Finance Private Limited	68.29	—	2024-12-09
Chhattisgarh Investments Limited	68.29	—	2024-12-14
RPV Holdings Private Limited	68.29	—	2024-12-23
Capitar Ventures India Debt Fund - I	68.29	—	2025-04-29

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Silverstorm Parks and Resorts Limited Post-IPO P/E: 15.8x; Pre-IPO P/E: 11.48x	15.8	3.0	31.0	8.42	44	67.4%	42.6%	0.89x
Wonderla Holidays Limited	36.6	1.7	4.6	12.83	519	31.7%	14.8%	0.00x
Imagicaaworld Entertainment Limited	4701.0	2.1	0.1	0.01	374	31.1%	0.2%	0.25x
Nicco Parks & Resorts Limited	—	3.5	10.7	-0.58	66	19.0%	16.1%	0.00x

Metric	31 Mar 2026	31 Mar 2025	31 Mar 2024
Total Income	118.23	94.15	56.87
EBITDA	29.83	18.46	10.54
EBITDA Margin	25.2%	19.6%	18.5%
PAT	17.37	11.31	6.25
PAT Margin	14.7%	12.0%	11.0%
Net Worth	78.11	50.63	21.92
Total Borrowing	24.01	12.16	18.78
Assets	129.06	98.68	60.64

Purpose	₹ Cr	%
Funding capital expenditure for manufacturing facility in Kolkata	20.1	29.5%
Funding capital expenditure for new office premises	8.2	12.0%
Funding working capital requirements	40.0	58.6%
General corporate purposes	—	—%

1. The company is an SME issuer listing on the BSE SME platform.
2. The issue is a 100% fresh issue of up to 48,00,000 equity shares.
3. The company has a technical collaboration with Sotefin SA, Switzerland, for robotic parking technology.
4. The company has a significant order book of ₹53,439.85 lakhs as of March 31, 2026.
5. The company experienced negative cash flows from operating activities in FY 2026.
6. Revenue is highly concentrated, with the top 10 customers contributing 91.77% of revenue in FY 2026.
7. A significant portion of revenue is derived from government projects, which are subject to long credit cycles.
8. The company is in the process of localizing the production of its robotic dolly system in India.
9. The company has limited proprietary intellectual property and relies on licensed technology.
10. The company has experienced procedural lapses and delays in filing statutory forms with the RoC.
11. The company has outstanding legal proceedings involving the company, promoters, and directors.
12. The company is yet to place orders for machinery and equipment proposed to be funded from the Net Proceeds.
13. The company has entered into related party transactions with promoters and group entities.
14. The company has not paid any dividends since its incorporation.
15. The company has obtained ISO 9001:2015 certification for its quality management systems.

Investor	Adj ₹	%	Date
Wealthwave Capital Fund	160.00	—	2025-11-11
India Infinite	160.00	—	2025-11-11
Amit Haresh Dhulani	160.00	—	2025-11-11
Ritika Nikhil Jaisinghani⭐ HNI	160.00	—	2025-11-11
Ajay Jaisinghani⭐ HNI	160.00	—	2025-11-11
Sheetal Jignesh Sandhavi	160.00	—	2025-11-11
Monisha Vijay Khanchandani	160.00	—	2025-11-11
Binita Jesal Khakharia	160.00	—	2025-11-11
Tejas Sanat Sheth	160.00	—	2025-11-11
Sumesh Ashok Mishra	160.00	—	2025-11-11
Bhavin Hasmukh	160.00	—	2025-11-11
Shakeel Jairam Shetty	160.00	—	2025-11-11
Shrikrishna Sonti	160.00	—	2025-11-11
Pusha Devi Bhansali	160.00	—	2025-11-11
Divyansh Sahai	160.00	—	2025-11-11

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Sotefin Bharat Limited Post-IPO P/E: 19.55x; Pre-IPO P/E: 14.38x	19.6	—	27.0	13.39	117	25.6%	14.9%	0.31x