FY2026	FY2025	FY2024
Sales	105.71	65.03	30.18
Expenses	87.59	53.86	26.48
Operating Profit	18.12	11.17	3.70
OPM %	17.1%	17.2%	12.3%
Other Income	0.09	0.05	0.08
Interest	0.37	0.67	1.33
Depreciation	0.48	0.36	0.33
Profit before tax	18.21	11.21	3.79
Tax %	25.9%	23.6%	25.1%
Net Profit	13.51	8.56	2.83
EPS in Rs	8.00	5.41	8.57
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Funding the Working Capital requirement of our Company	31.4	100.0%
General Corporate Purposes	—	—%

1. Originally incorporated as 'Kwick Soft Solutions Private Limited' in 2005, converted to a public limited company in 2025.
2. Promoters of the company are Mr. Shammer Saralal Shah, Mrs. Sejal Shammer Shah, and Mr. Tulsidas Hinduja Ashok Kumar.
3. The public offer consists of a Fresh Issue of up to 45,61,600 shares and an Offer for Sale of up to 10,80,000 shares.
4. Revenue from operations grew significantly from ₹3,018.33 lakhs in FY24 to ₹6,502.69 lakhs in FY25, and further to ₹10,571.28 lakhs in FY26.
5. Restated PAT increased from ₹283.47 lakhs in FY24 to ₹855.94 lakhs in FY25, and ₹1,350.77 lakhs in FY26.
6. Significant geographic concentration exists, with Bihar and Gujarat contributing 9.02% and 29.39% of FY26 revenue respectively.
7. High dependence on government contracts, which contributed 55.22% of FY26 revenue (down from 86.98% in FY24).
8. The company has a history of negative cash flows, with negative cash flow from operating activities of ₹260.57 lakhs in FY24.
9. Pre-IPO private placement was done on Dec 28, 2024, at ₹569 per share, which adjusted to ₹71.13 post a 7:1 bonus issue on Sept 16, 2025.
10. The company faced a penalty of ₹2,00,000 on the company and ₹50,000 on the promoter for carrying out forensic activities not aligned with its main objects clause prior to MoA alteration in 2025.
11. KFSL has outstanding performance bank guarantees of ₹592.85 lakhs as of March 31, 2026, disclosed as contingent liabilities.
12. Sells products under four segments: Forensic Science & Physical Evidence Solutions, Mobile CSI Vehicles, Cyber & Digital Forensics, and DNA Forensics.
13. Sourced 91.35% of its raw materials domestically in FY26, reducing import dependency from 34.58% in FY24.
14. The company operates from rented premises for its registered office and branch office (R&D/PoC lab).
15. There are no listed peers in India directly comparable to the company's business model.

Investor	Adj ₹	%	Date
ajay aggarwalPP	71.13	1.67%	2024-12-28
ccv emerging opportunities fund-iPP	71.13	—	2024-12-28
kusumgar holdings llpST	—	1.70%	—
convivial advisors llpST	—	1.58%	—

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Kwick Forensic Solutions Limited Post-IPO P/E: N/A; Pre-IPO P/E: N/A (at issue price ₹N/A) based on FY26 adjusted EPS of ₹8.00.	—	—	32.6	8.00	106	18.0%	12.8%	0.00x	62.6%

	FY2026	FY2025	FY2024
Sales	147.69	146.13	130.79
Expenses	132.10	133.75	121.52
Operating Profit	15.59	12.38	9.27
OPM %	10.6%	8.5%	7.1%
Other Income	0.65	1.06	0.75
Interest	0.57	0.57	0.61
Depreciation	1.34	1.09	1.07
Profit before tax	17.24	13.44	10.02
Tax %	26.0%	25.7%	25.8%
Net Profit	12.76	9.98	7.43
EPS in Rs	8.66	6.78	5.04
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	Unit I: Buffing Pads 5,000 Sq ft, Die cut 5,00,000 No, Polish 1,00,000 Ltr, Pre-Taped Film 11,00,000 No, Masking Tape 55,00,000 sqm, Aluminium Die Cut 2,00,00,000 No, Car Cover 4,50,000 No; Unit II: Buffing Pads 1,50,000 No, Die cut 50,00,000 No, Polish 5,50,000 Ltr, Pre-Taped Film 3,00,000 No, Masking Tape 70,00,000 SqMt, Dome Sticker 17,00,000 No
Utilisation (FY2026)	80.0%
Post-Expansion	Total operational capacity will increase to approximately 1,31,000 sq. ft., representing a substantial enhancement of about 2.27 times over the current capacity of 57,559 sq. ft.
Capex Outlay	₹21.5 Cr
Completion	April 2027
Notes	Unit I is proposed to be dedicated exclusively to car care products. Unit II will expand die-cut manufacturing to support growing customer demand and reduce reliance on external vendors. Shifting of leased manufacturing facility from Manesar to proposed Unit II.

Purpose	₹ Cr	%
Construction of proposed manufacturing Unit I (Rajasthan)	4.9	11.3%
Construction of proposed manufacturing Unit II (Haryana)	16.6	38.3%
Working capital requirements	12.0	27.7%
General corporate purposes	—	—%

1. Sumax Engineering Limited was originally incorporated as 'Sumax Engineering Private Limited' in 1994 and converted to a public company in 2024.
2. The Offer consists of a Fresh Issue of up to 42,91,200 Equity Shares and an Offer for Sale of up to 9,96,000 Equity Shares.
3. The company's products cater to both the Automotive OEM Market and the Auto Refinish Market.
4. Manufacturing facilities are located in Chennai, Tamil Nadu (Unit I) and Manesar, Haryana (Unit II).
5. The company has recently ventured into Paint Protection Film (PPF) to protect vehicle painted surfaces.
6. The company's manufacturing processes comply with ISO 9001:2015 and IATF 16949:2016 certifications.
7. Revenue from operations grew from ₹13,079.45 Lakhs in FY24 to ₹14,769.06 Lakhs in FY26.
8. Profit after tax increased from ₹743.14 Lakhs in FY24 to ₹1,275.86 Lakhs in FY26, representing a CAGR of 31.0%.
9. The company is highly dependent on imports, which accounted for 76.65% of total purchases in FY26, primarily from China, Portugal, and South Korea.
10. The top 10 customers contributed 55.59% of total sales in FY26, showing an increasing trend of customer concentration.
11. The company plans to set up new manufacturing facilities (Unit I in Rajasthan and Unit II in Haryana) to expand production capabilities.
12. The total operational capacity will increase to approximately 1,31,000 sq. ft., representing a 2.27x enhancement over the current capacity.
13. The company has an outstanding unsecured loan of ₹312.79 Lakhs from Mr. Sumer Chand Mehta, a promoter group individual.
14. The previous statutory auditor, M/s. Dagliya & Co., resigned on September 30, 2025, due to a disagreement over audit fees.
15. The company is involved in a commercial suit for recovery of ₹1.60 Crore against a former employee for data theft and breach of settlement.

Investor	Adj ₹	%	Date
AditiST	101.00	—	2026-07-10
Superb Real Estate LLPST	101.00	—	2026-07-10
Chappidi Siva Kumar ReddyST	101.00	—	2026-07-10
Zarco Ventures Private LimitedST	101.00	—	2026-07-10

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Sumax Engineering Limited Post-IPO P/E: 15.05x (based on FY26 diluted EPS of ₹6.71); Pre-IPO P/E: 11.66x (based on FY26 EPS of ₹8.66) at issue price ₹101.0.	15.1	2.4	20.7	8.66	148	12.9%	8.6%	0.21x

	FY2026	FY2025	FY2024
Sales	2812.90	2247.82	1289.11
Expenses	2751.10	2204.16	1268.43
Operating Profit	61.80	43.66	20.68
OPM %	2.2%	1.9%	1.6%
Other Income	26.77	23.17	27.70
Interest	48.08	28.81	18.77
Depreciation	16.66	13.70	8.89
Profit before tax	87.68	67.15	48.38
Tax %	27.6%	28.3%	28.7%
Net Profit	63.52	48.14	34.49
EPS in Rs	3.56	3.71	2.99
Dividend Payout %	3.5%	8.7%	4.3%

Purpose	₹ Cr	%
Repayment/pre-payment of borrowings	216.8	62.5%
Funding working capital requirements	130.0	37.5%
General Corporate Purposes	—	—%

1. Incorporated in 1984 as a private limited company and converted to a public limited company in May 2025.
2. Consistently ranked No. 1 Air Freight Forwarder in India by World ACD for calendar years 2022, 2023, 2024, and 2025.
3. The IPO comprises a Fresh Issue of up to 2,88,98,300 equity shares and an Offer for Sale of up to 1,33,33,300 equity shares.
4. Undertook a Pre-IPO placement of 40,19,326 equity shares at ₹120 per share, aggregating to ₹4,823.19 lakhs.
5. Revenue from operations grew from ₹1,28,911.01 lakhs in FY24 to ₹2,81,289.89 lakhs in FY26, representing a CAGR of 47.72%.
6. EBITDA increased from ₹4,834.42 lakhs in FY24 to ₹12,564.86 lakhs in FY26, with EBITDA margin improving to 4.47%.
7. Profit After Tax (PAT) grew from ₹3,449.35 lakhs in FY24 to ₹6,352.38 lakhs in FY26.
8. Air cargo services are the primary revenue driver, contributing 77.02% of operational revenue in FY26.
9. The company is asset-light and relies 100% on third-party carriers (airlines and shipping lines) for cargo transportation.
10. Acquired a 51% stake in Odyssey Logistics Private Limited in March 2025 for a total consideration of ₹15,584.50 lakhs.
11. Outstanding borrowings stood at ₹50,465.35 lakhs on a standalone basis and ₹8,158.45 lakhs for subsidiary Forin Container Line as of June 30, 2026.
12. A criminal FIR (No. 172/25) was filed in Delhi against the company and its material subsidiary, Brace Port Logistics, by PG Paper Company.
13. The company has 23 subsidiaries and 6 step-down subsidiaries as of the RHP date.
14. Pledged ₹26,726.41 lakhs of its cash and bank balances as of March 31, 2026, leaving free cash of ₹12,970.07 lakhs.
15. The company's Authorized Economic Operator (AEO-LO) status was recently suspended by the Assistant Commissioner of Customs.

Investor	Adj ₹	%	Date
Saint Capital FundPP	94.00	—	2025-01-30
Veloce Opportunities FundPP	94.00	—	2025-01-30
Finavenue Capital TrustPP	120.00	—	2025-08-06
CCV Emerging Opportunity Fund - 1PP	120.00	—	2025-08-06
NVM Capital Private LimitedPP	120.00	—	2025-08-06

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Skyways Air Services Limited Post-IPO P/E: 48.6x (based on FY26 diluted EPS of ₹2.82); Pre-IPO P/E: 38.5x (based on FY26 EPS of ₹3.56) at upper price band of ₹137.	48.6	4.7	12.3	3.56	2813	4.5%	2.3%	1.26x
Delhivery Ltd	260.0	—	1.6	2.00	10508	5.9%	1.4%	—
TVS Supply Chain Solutions Ltd	54.0	—	5.6	2.59	11003	7.8%	1.1%	—
Mahindra Logistics Limited	1548.0	—	0.2	0.25	6999	5.3%	0.1%	—
Shadowfax Technologies Limited	104.0	—	6.4	2.18	4202	5.0%	2.7%	—

	FY2026	FY2025	FY2024
Sales	869.15	751.55	716.25
Expenses	709.90	608.85	590.99
Operating Profit	159.25	142.70	125.26
OPM %	18.3%	19.0%	17.5%
Other Income	3.11	4.43	7.09
Interest	25.33	16.04	7.24
Depreciation	53.28	43.10	38.82
Profit before tax	153.36	146.98	130.98
Tax %	28.3%	34.1%	23.6%
Net Profit	109.90	96.79	100.06
EPS in Rs	19.10	17.39	18.00
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	584.67 MT/year chemical synthesis capacity; 700 KL fermentation capacity; 20 million vials/year complex injectables capacity
Utilisation (FY2026)	83.5%
Post-Expansion	Addition of a proposed dedicated 14 KL (comprising two reactors of 7 KL each) fermentation capacity for biologics manufacturing in Ujjain
Notes	The 14 KL expansion is designed to cater to the increasing demand for GLP-1 and Insulin.

Purpose	₹ Cr	%
Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company	112.5	75.0%
General corporate purposes	37.5	25.0%

1. Global leader in corticosteroids (38.2% volume market share) and steroidal-hormone APIs (23.8% volume market share) in FY2026.
2. Only company globally with a presence across the top 10 corticosteroids and steroidal-hormone APIs.
3. Backward-integrated 'farm/microbe-to-pharmacy' platform, reducing dependence on external KSMs and imports.
4. Operates two US FDA, EU-GMP, and WHO-GMP approved manufacturing facilities in Rau and Pithampur, Madhya Pradesh.
5. Recently commissioned two new facilities: a 400 KL biomanufacturing facility in Ujjain and a complex injectables facility in Mhow.
6. Expanding biologics capacity with a proposed 14 KL fermentation unit in Ujjain to target GLP-1 and Insulin.
7. Successfully developed double-chamber vial (DCV) technology for complex injectables like Methylprednisolone and Hydrocortisone.
8. Strong R&D focus with 156 scientists and three dedicated R&D centres in Indore, Madhya Pradesh.
9. Export-oriented business model with 67.04% of FY2026 revenue derived from international markets (Europe, US, etc.).
10. Long-standing customer relationships with an average tenure of over 10 years for top clients.
11. Revenue from operations grew at a CAGR of 10.16% from FY2024 to FY2026, reaching ₹8,691.49 million.
12. EBITDA margin remained strong at 26.59% in FY2026 with a PAT of ₹1,099.03 million.
13. Successfully developed a generic version of conjugated estrogens (Premarin) with 82 US FDA mandated components.
14. Promoters and Promoter Group hold 36.40% of the pre-Offer equity share capital on a fully diluted basis.
15. IPO proceeds of ₹1,125.00 million will be used to prepay/repay outstanding borrowings to improve capital structure.

Investor	Adj ₹	%	Date
Prakash SawlaniPA	276.00	0.92%	2025-12-13
Goldfin Capital LLPPA	276.00	0.38%	2025-12-13
Motilal Oswal India Excellence Fund – Mid to Mega Series III⭐ FundST	988.00	0.80%	2026-08-17

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Symbiotec Pharmalab Limited Post-IPO P/E: 57.8x (FY26 diluted EPS ₹17.10); Pre-IPO P/E: 52.0x (FY26 diluted EPS ₹19.00) at issue price ₹988.00	57.8	5.3	9.5	19.00	869	26.6%	12.6%	0.33x
Concord Biotech Limited	61.1	—	14.0	24.78	1055	34.8%	24.6%	—
Divi's Laboratories Limited	87.8	13.5	16.5	96.75	10560	36.0%	23.9%	—
Cohance Lifesciences Limited	95.0	—	7.0	4.68	2269	19.0%	7.9%	—
Laurus Labs Limited	109.4	—	16.8	16.45	6813	26.8%	13.0%	—

	11M FY2026	FY2025	FY2024	FY2023
Sales	194.69	171.64	108.38	89.33
Expenses	178.21	156.87	106.42	88.56
Operating Profit	16.48	14.77	1.96	0.77
OPM %	8.5%	8.6%	1.8%	0.9%
Other Income	0.10	0.13	0.02	0.23
Interest	6.77	6.14	4.29	3.10
Depreciation	2.43	2.37	1.79	1.64
Profit before tax	16.58	14.89	1.99	1.00
Tax %	25.5%	25.9%	14.3%	9.4%
Net Profit	12.35	11.03	1.70	0.90
EPS in Rs	9.20	8.51	1.41	0.74
Dividend Payout %	0.0%	0.0%	0.0%	0.0%

Current Capacity	7,500,000 KGs/year
Utilisation (FY2025)	64.5%
Capex Outlay	₹3.7 Cr
Completion	FY2027
Notes	Rooftop solar power plant of 1500 KW to be installed at the manufacturing facility to reduce energy costs.

Purpose	₹ Cr	%
Funding capital expenditure for the purchase of Solar panel	3.7	9.1%
Working Capital Requirement of the Company	15.9	39.4%
Prepayment or repayment of certain outstanding borrowings	20.9	51.6%

1. Incorporated in 1997 as 'Madhur Knit Crafts Private Limited', converted to a public limited company in January 2025.
2. Promoters of the company are Arun Gupta, Piyush Gupta, and Chirag Gupta.
3. The IPO consists of a Fresh Issue of up to 53,27,693 Equity Shares of face value ₹10 each.
4. Undertook a Pre-IPO Placement of 2,72,307 Equity Shares at ₹65 per share (including ₹55 premium) aggregating to ₹176.99 lakhs.
5. The Fresh Issue size was reduced by ₹176.90 lakhs pursuant to the Pre-IPO Placement.
6. Core product lines include blankets (mink, fleece, woolen, flannel), knitted cloth, garments, and job work.
7. Knitted cloth is the largest revenue contributor, accounting for 88.30% of revenue for the 11-month period ended February 28, 2026.
8. High geographical concentration in Punjab, which contributed 98.18% of revenue for the period ended February 28, 2026.
9. Customer concentration is significant, with the top 10 customers contributing 34.14% of revenue for the period ended February 28, 2026.
10. Sourced 99.26% of raw materials from Punjab for the period ended February 28, 2026.
11. Net proceeds will be used for: rooftop solar power plant (₹367.50 lakhs), working capital (₹1591.65 lakhs), and debt repayment (₹2085.00 lakhs).
12. Proposes to install a 1500 KW rooftop solar power plant to reduce grid dependency by nearly 47% and save ₹1.42 crore annually.
13. Outstanding borrowings as of August 11, 2026, stood at ₹3,235.65 lakhs, of which ₹2,085.00 lakhs will be repaid from IPO proceeds.
14. Financial performance: Revenue of ₹19,469.05 lakhs and PAT of ₹1,235.23 lakhs for the 11-month period ended February 28, 2026.
15. The company operates in a single business segment (textiles) and has no separate reportable segments.

Investor	Adj ₹	%	Date
Inderpal SinghPA	65.00	0.56%	2026-02-28
Dinesh GargPA	65.00	0.56%	2026-02-28
Dhruv GuptaPA	65.00	0.34%	2026-02-28
Sumit GargPA	65.00	0.12%	2026-02-28
Preeti KapoorPA	65.00	0.12%	2026-02-28
Sunita BansalPA	65.00	0.11%	2026-02-28
RitikaPA	65.00	0.06%	2026-02-28
Saurabh MakhijaPA	65.00	0.06%	2026-02-28
Vikas BansalPA	65.00	0.06%	2026-02-28

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Madhur Knit Crafts Limited Post-IPO P/E: 17.2x (based on FY25 diluted EPS of ₹5.80); Pre-IPO P/E: 11.8x (based on FY25 EPS of ₹8.51) at upper price band of ₹100.	17.2	4.5	37.4	8.51	172	13.6%	6.4%	2.28x
Kaytex Fabrics Ltd	4.7	0.8	15.0	12.79	163	19.7%	11.1%	0.76x

	FY2026	FY2025	FY2024
Sales	52.51	49.27	41.38
Expenses	44.66	41.89	39.19
Operating Profit	7.85	7.38	2.19
OPM %	14.9%	15.0%	5.3%
Other Income	0.08	0.05	0.01
Interest	4.48	3.71	2.96
Depreciation	2.39	2.10	1.74
Profit before tax	7.93	7.43	2.21
Tax %	28.9%	28.0%	25.0%
Net Profit	5.64	5.35	1.66
EPS in Rs	7.05	6.68	2.07
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	150 beds (125 operational beds, 70 ICU beds)
Utilisation (FY2026)	47.0%
Post-Expansion	180 beds (planned addition of 30 beds within existing premises)
Completion	Not specified
Notes	The board approved the 30-bed expansion on April 1, 2025, to be executed within the existing premises.

Purpose	₹ Cr	%
Repayment/prepayment, in part or full, of certain of our borrowings	17.0	48.6%
Funding our working capital requirements	5.0	14.3%
Funding inorganic growth through unidentified acquisitions and general corporate purposes	—	—%

1. Originally incorporated as ABH Healthcare Private Limited on March 2, 2021, and converted to a public limited company on November 15, 2024.
2. Acquired the sole proprietorship concern 'Anil Baghi Hospital' from promoter Dr. Kamal Baghi on March 16, 2022, via a Business Transfer Agreement.
3. The hospital has a total capacity of 150 beds, including 70 ICU beds, 9 pediatric units, and 10 dialysis beds.
4. Recognized as the No. 1 hospital in Punjab among 715 empaneled hospitals by the State Health Agency, Punjab, in 2022.
5. Accredited by the National Accreditation Board for Hospitals & Healthcare Providers (NABH) and certified under NABH Digital Standards (Silver Category) in FY25.
6. Highly dependent on its single hospital location in Ferozepur, Punjab, exposing it to regional concentration risks.
7. The hospital's Block-1 property is situated on Waqf Board land with disputed ownership currently recorded under the Central Government.
8. Offers 25 medical specialties, with Internal Medicine & Critical Care accounting for 52.40% of inpatient revenue in FY26.
9. Empaneled with over 30 private/public health insurance companies and major government schemes like ECHS, Northern Railways, and Ayushman Bharat.
10. Consolidated revenue from operations grew from ₹4,138.02 lakhs in FY24 to ₹5,250.69 lakhs in FY26.
11. Consolidated PAT increased significantly from ₹165.56 lakhs in FY24 to ₹563.94 lakhs in FY26.
12. The company has a high debt-to-equity ratio of 3.18x as of March 31, 2026, with total outstanding debt of ₹5,516.38 lakhs.
13. Proposes to utilize ₹1,700.00 lakhs of the Net Proceeds for repayment/prepayment of outstanding borrowings.
14. Proposes to utilize ₹500.00 lakhs of the Net Proceeds for funding working capital requirements in FY27.
15. Holds a 90% partnership interest in two controlled entities: Five Creeks Healthcare LLP and ABH Clinics LLP, both acquired in November 2024.

Investor	Adj ₹	%	Date
Mr. Pradeep KhannaST	8.25	—	2024-10-01

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
ABH Healthcare Limited Post-IPO P/E: 20.69x (based on FY26 diluted EPS of ₹4.93); Pre-IPO P/E: 14.47x (based on FY26 EPS of ₹7.05) at upper issue price of ₹102.0.	20.7	4.7	39.1	7.05	53	28.0%	10.7%	3.18x
Sangani Hospitals Limited	24.5	2.3	16.2	2.17	107	7.6%	5.2%	0.06x
Maitreya Medicare Limited P/E is negative due to loss.	—	2.9	-8.1	-3.64	45	-1.0%	-5.5%	0.80x
Asarfi Hospital Limited	27.6	4.7	18.6	8.47	174	20.3%	9.6%	0.59x

	FY2026	FY2025	FY2024
Sales	94186.21	66230.78	34921.49
Expenses	93809.37	65946.77	34844.55
Operating Profit	376.84	284.01	76.94
OPM %	0.4%	0.4%	0.2%
Other Income	96.26	21.27	27.40
Interest	1.85	11.94	18.55
Depreciation	7.26	8.14	8.42
Profit before tax	473.10	305.28	104.35
Tax %	26.4%	25.6%	27.2%
Net Profit	348.30	227.19	75.97
EPS in Rs	40.45	26.89	9.08
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	Rudrapur Refinery: 144 MTPA; Mumbai Refinery: 140 MTPA; Jaipur Jewellery Unit: 13.80 MTPA
Utilisation (FY2026)	8.5%
Notes	Capacity utilization is low because the company continuously evaluates whether to refine or purchase pure bars based on prevailing international prices and margins.

Purpose	₹ Cr	%
Funding future working capital requirements towards procurement, maintenance and scaling up of inventory and funding advance margin requirements for procurement of inventory by our Company	465.0	75.0%
General corporate purposes	155.0	25.0%

1. Incorporated in 2012 as 'RSBL Spot Trading Private Limited', converted to public company 'Augmont Enterprises Limited' in May 2025.
2. Promoters are Ketan Bhawarlal Kothari, Mohinidevi Bhawarlal Kothari, Kalawati Prithviraj Kothari, Namita Ketan Kothari, Devkumari Manekchand Kothari, Manakchand Saremal Kothari, Vivek Prithviraj Kothari, Dimple Mukesh Kothari, and Dimpal Vivek Kothari.
3. The Offer consists of a Fresh Issue of up to ₹6,200.00 million (₹620.00 Cr) and an Offer for Sale of up to ₹2,050.00 million (₹205.00 Cr), totaling up to ₹8,250.00 million (₹825.00 Cr).
4. The company operates two primary online platforms: 'Augmont SPOT' (B2B bullion trading) and 'Augmont Gold For All' (B2C digital gold, SIPs, and gold loans).
5. Revenue from operations grew at a CAGR of 64.23% from ₹349,214.93 million in FY24 to ₹941,862.12 million in FY26.
6. Profit after tax (PAT) grew at a CAGR of 114.12% from ₹759.66 million in FY24 to ₹3,483.00 million in FY26.
7. The company operates two refineries in Rudrapur (144 MTPA) and Mumbai (140 MTPA), and a jewellery manufacturing unit in Jaipur (13.80 MTPA).
8. Sells gold and silver bars complying with BIS, LBMA, or India Good Delivery standards, and is authorized to deliver refined bullion on BSE and MCX.
9. Sourced 18.17% of bullion internationally and 81.83% domestically in FY26, with major imports from UAE, South America, and Africa.
10. Highly dependent on key customers, with the top 10 customers accounting for 52.09% of revenue from operations in FY26 (largest customer is Riddisiddhi Bullions Limited, a promoter group entity, contributing 27.44%).
11. The company cannot access bank or NBFC debt financing for purchasing gold stock-in-trade due to RBI restrictions, relying instead on equity, preference shares, and inter-corporate deposits.
12. Acquired 96.55% of Augmont Goldtech Private Limited (AGTPL) and 99.94% of Augmont Trading Limited (ATL) as subsidiaries.
13. Outstanding contingent liabilities stood at ₹150.55 million as of March 31, 2026, including disputed tax liabilities and bank guarantees.
14. Net cash flow from operating activities was negative at ₹(421.57) million in FY26, compared to positive cash flows in FY25 and FY24.
15. The company has a low debt-to-equity ratio of 0.01x as of March 31, 2026, with total borrowings of ₹126.72 million.

Investor	Adj ₹	%	Date
Ashok Mohanlal ShahPA	678.51	1.32%	2025-08-18
Jawaharlal Mohanlal ShahPA	678.51	1.32%	2025-08-18
Utpal Hemendra ShethPP	678.51	0.35%	2025-08-29
Sangeeta Rathod Family TrustST	991.00	0.12%	2026-05-25
Rathod Family TrustST	991.00	0.12%	2026-05-25

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Augmont Enterprises Limited Post-IPO P/E: 20.67x (based on FY26 diluted EPS of ₹38.12); Pre-IPO P/E: 19.48x (based on FY26 EPS of ₹40.45) at upper price band of ₹788.0.	20.7	7.1	49.5	40.45	94186	0.4%	0.4%	0.01x

	FY2026	FY2025	FY2024
Sales	444.88	378.53	274.81
Expenses	364.04	302.30	227.12
Operating Profit	80.84	76.23	47.69
OPM %	18.2%	20.1%	17.4%
Other Income	10.98	3.94	3.23
Interest	5.22	2.08	1.60
Depreciation	13.83	12.08	5.35
Profit before tax	94.13	83.16	54.18
Tax %	24.5%	24.8%	24.5%
Net Profit	71.07	62.56	40.92
EPS in Rs	8.33	7.51	8.06
Dividend Payout %	3.7%	1.0%	0.0%

Current Capacity	11.40 lakh Temperature Sensing units/year, 3.17 lakh Electrical Heating Solution units/year, 10,200 km & 400 MT Specialised Cable/year
Utilisation (FY2026)	58.1%
Post-Expansion	3.41 lakh Electrical Heating Solution units/year (+7.56%), 11,400 km Specialised Cable/year (+11.76%)
Capex Outlay	₹18.1 Cr
Completion	Fiscal 2028
Notes	Capacity expansion planned at Unit IV and Unit VI in Udaipur using IPO proceeds.

Purpose	₹ Cr	%
Funding capital expenditure towards electrical heating solutions and specialized cable solutions	18.1	19.1%
Prepayment or scheduled repayment, in full or in part, of certain outstanding borrowings	55.0	57.9%
General corporate purposes	21.9	23.0%

1. Largest manufacturer of contact and non-contact temperature sensors in India by revenue in Fiscal 2026, holding a 10.5% market share in temperature sensors and 21.3% in non-contact temperature sensors.
2. Sole domestic manufacturer in India for fibre optic temperature sensors, thermal profiling systems, pyrometers, and online thermal imagers in Fiscal 2026.
3. Operates 15 manufacturing facilities globally (10 in Udaipur, Rajasthan, India, and 5 overseas across UAE, South Korea, Indonesia, Germany, and Poland).
4. Consolidated revenue from operations grew at a CAGR of 27.23% from ₹2,748.10 million in FY24 to ₹4,448.78 million in FY26.
5. Consolidated Profit After Tax (PAT) expanded from ₹409.19 million in FY24 to ₹710.67 million in FY26, delivering a PAT margin of 15.59% in FY26.
6. EBITDA grew at a CAGR of 36.07% from ₹611.27 million in FY24 to ₹1,131.73 million in FY26, with EBITDA margin expanding to 24.83% in FY26.
7. Features a balanced business model split between high-entry-barrier Project/OEM business (67.55% of FY26 revenue) and recurring MRO/replacement business (32.45% of FY26 revenue).
8. Fresh issue size of up to ₹950.00 million alongside an Offer for Sale (OFS) of up to 18,500,000 equity shares of face value ₹4 each.
9. Net proceeds from the fresh issue will fund capital expenditure for electrical heating and specialized cable solutions (₹181.34 million), debt repayment/prepayment (₹550.00 million), and general corporate purposes.
10. High level of backward integration from alloy melting, hot rolling, wire drawing, and MI cable compaction to final assembly and NABL-accredited calibration.
11. Employs an 83-member dedicated R&D team and holds 12 granted patents in India and 39 registered trademarks globally.
12. Acquired controlling stakes in Tempsens Instruments GmbH (Germany), Tempsens Polska (Poland), and Tempsens Measurement (India) during FY26 to expand European footprint and product verticals.
13. Completed amalgamation of Marathon Heater (India) Private Limited in FY25, expanding product capabilities in industrial process heaters and recognized goodwill of ₹1,061.28 million.
14. Low customer concentration with the top 10 customers accounting for only 18.59% of revenue from operations in FY26.
15. Strong global presence with export/overseas sales contributing 28.52% of total revenue from operations in FY26.

Investor	Adj ₹	%	Date
WhiteOak Capital India Opportunities FundST	247.94	2.50%	2025-12-26

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Tempsens Instruments (India) Limited Pre-IPO P/E: 36.01x (based on FY26 diluted EPS ₹8.33); Post-IPO P/E: 35.38x (based on post-issue diluted EPS ₹8.48 at cap price ₹300).	35.4	4.9	13.6	8.33	445	24.8%	15.6%	0.15x

	FY2026	FY2025	FY2024
Sales	135.53	122.00	95.64
Expenses	70.39	64.47	48.98
Operating Profit	65.14	57.53	46.66
OPM %	48.1%	47.2%	48.8%
Other Income	22.27	1.31	8.32
Interest	4.01	0.90	1.15
Depreciation	2.90	2.39	1.44
Profit before tax	87.41	58.84	54.98
Tax %	6.2%	-5.3%	18.6%
Net Profit	81.96	61.95	44.74
EPS in Rs	7.17	5.71	4.28
Dividend Payout %	10.3%	9.1%	11.6%

1. The company operates as an Alternative Investment Fund (AIF) manager, which is a sophisticated mutual fund-like structure investing in unlisted emerging companies.
2. AIFs provide capital to early-stage or emerging companies in exchange for equity, aiming to generate high returns upon listing or strategic buyouts.
3. The business model is highly profitable with high EBITDA margins because it is a fee-based business with low operating expenses (primarily staff salaries and electricity).
4. There are currently no other pure-play alternative asset management companies listed in the Indian market, making this a unique offering.
5. The valuation of the IPO is being compared to traditional mutual fund AMCs like HDFC AMC and SBI Funds Management, which trade at high market cap-to-sales multiples.

Purpose	₹ Cr	%
Investing towards Sponsor Commitments to certain existing and new funds and for repayment of the Bridge Loan Amount	372.0	82.7%
General corporate purposes	78.0	17.3%

1. Incorporated in 1999 as View Advisors Private Limited, rebranded to Gaja Advisors in 2006, Gaja Alternative Asset Management in 2022, and converted to a public company in 2025.
2. The IPO comprises a Fresh Issue of up to ₹4,500.00 million and an Offer for Sale of up to ₹1,000.00 million, totaling up to ₹5,500.00 million.
3. Promoters of the company are Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jain, and Ms. Mona Ranjit Shah.
4. Total income grew from ₹1,039.60 million in FY24 to ₹1,577.97 million in FY26, representing a CAGR of 23.2%.
5. Profit after tax (PAT) increased from ₹447.42 million in FY24 to ₹819.59 million in FY26, representing a CAGR of 35.34%.
6. The company's revenue streams consist of Management Fees (38.07% of total income in FY26), Carried Interest (47.79% in FY26), and Income from Sponsor Commitment (10.61% in FY26).
7. As of March 31, 2026, the company has committed ₹2,740.00 million (6.41% of total fund size) as Sponsor Commitment across the Gaja Capital Funds, demonstrating significant 'skin-in-the-game'.
8. The company's flagship funds include Fund II (2007 vintage, ₹9,024.26 million size), Fund III (2015 vintage, ₹15,983.80 million size), and Fund IV (2021 vintage, ₹17,750.41 million size).
9. Net Proceeds of the Fresh Issue will be primarily utilized for investing towards Sponsor Commitments to existing and new funds (₹3,720.00 million), including Fund IV, proposed Fund V, and the Secondaries Fund.
10. The company has a strong balance sheet with a Net Worth of ₹6,065.15 million and low debt-to-equity ratio of 0.07x as of March 31, 2026.
11. The company has experienced negative cash flows from operating activities in FY26 (₹149.82 million) and FY25 (₹87.54 million), and negative cash flows from investing activities in FY26 (₹1,087.30 million).
12. One of the promoter group members, Mr. Johrilal Jain, did not provide consent or information to be identified as part of the Promoter Group, leading to a rejected SEBI exemption application.
13. Outstanding criminal proceedings are pending against Gaja Trustee Company Private Limited, Mr. Imran Jafar, and Mr. Gopal Jain in relation to investments in EuroKids International Private Limited.
14. The company has implemented an employee stock option scheme (ESOP 2025) with a pool of 1,587,462 options, of which 1,523,950 options have been granted.
15. The company's Material Subsidiary is Gaja Advisors Ltd, Mauritius, which contributes a significant portion of the group's advisory revenues.

Investor	Adj ₹	%	Date
HDFC Life Insurance Company LimitedPA	143.95	3.08%	2025-06-13
SBI Life Insurance Company LimitedPA	143.95	1.54%	2025-06-13
Wealthwave Capital Incorporated VCC Sub-Fund IPA	143.95	1.05%	2025-06-13
Volrado Venture Partners Fund III – BetaPA	143.95	—	2025-06-13
Mr. Sushane ChopraPA	20.58	1.84%	2023-04-25
Mr. Abhinav JainPA	15.36	2.74%	2020-10-23

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Gaja Alternative Asset Management Limited Post-IPO P/E: 22.3x (FY26 diluted EPS ₹7.17); Pre-IPO P/E: 22.3x (FY26 EPS ₹7.17) at issue price ₹160	22.3	3.0	13.1	7.17	136	53.2%	51.9%	0.07x
360 One WAM Limited	40.0	4.8	12.4	29.19	4362	62.0%	—	1.57x
Aditya Birla Sun Life AMC Limited	30.3	7.3	24.1	33.68	1845	59.0%	—	0.00x
Anand Rathi Wealth Limited	91.5	17.7	39.6	47.17	1149	39.0%	31.7%	0.02x
HDFC Asset Management Company Limited	37.8	11.7	31.0	66.50	4122	79.0%	61.9%	0.00x
Nippon Life India Asset Management Limited	49.6	16.0	32.8	23.63	2709	67.0%	—	0.00x
Nuvama Wealth Management Limited	30.4	7.5	25.3	56.06	4631	52.0%	—	2.80x
UTI Asset Management Company Limited	28.8	2.6	9.0	31.41	1698	45.0%	27.6%	0.00x

	FY2026	FY2025	FY2024
Sales	74.59	44.13	35.49
Expenses	66.26	40.78	32.86
Operating Profit	8.33	3.35	2.63
OPM %	11.2%	7.6%	7.4%
Other Income	0.00	0.01	0.00
Interest	0.52	0.13	0.09
Depreciation	0.38	0.19	0.07
Profit before tax	8.33	3.35	2.63
Tax %	26.6%	35.6%	27.5%
Net Profit	6.12	2.16	1.91
EPS in Rs	9.56	3.60	3.46
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	9,800 MTPA
Utilisation (FY2026)	55.8%
Notes	Installed capacity was 8,400 MTPA in FY25 (38.00% utilization) and 3,600 MTPA in FY24 (68.75% utilization).

Purpose	₹ Cr	%
Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks and financial institutions	7.6	39.6%
Funding the working capital requirements of our Company	11.6	60.4%
General Corporate Purpose	—	—%

1. Originally established as a partnership firm 'M/s Super Vegetable Seeds' in 2018, converted to a public limited company in February 2024.
2. The IPO consists entirely of a Fresh Issue of up to 27,00,000 Equity Shares of face value ₹10 each.
3. The price band for the issue is set at ₹95.0 to ₹99.0 per Equity Share.
4. The company's processing facility is located at Jashapar, Kalavad, Jamnagar, Gujarat, with an installed capacity of 9,800 MTPA as of FY26.
5. Revenue from operations grew significantly by 69.0% YoY to ₹7,458.69 lakhs in FY26 from ₹4,412.94 lakhs in FY25.
6. Profit after tax (PAT) increased by 183.5% to ₹611.54 lakhs in FY26 from ₹215.74 lakhs in FY25.
7. Oil seeds are the largest product segment, contributing 56.67% of the total revenue from operations in FY26.
8. The company has experienced negative cash flows from operating activities in FY25 (₹-606.45 lakhs) and FY26 (₹-248.64 lakhs).
9. Top 10 customers accounted for 64.27% of revenue from operations in FY26, indicating high customer concentration.
10. Top 10 suppliers accounted for 58.55% of total purchases in FY26, showing high supplier dependency.
11. The objects of the issue include ₹760.00 lakhs for repayment/prepayment of borrowings and ₹1,160.00 lakhs for working capital requirements.
12. The company has a registered device trademark for 'DHANWEL SEEDS' under Class 31.
13. The company has faced compounding proceedings for past delays in filing statutory forms (MGT-14) with the Registrar of Companies.
14. Post-issue paid-up capital will be up to 91,03,320 shares, resulting in a post-issue market cap of ₹90.1 crores at the upper price band.
15. The company has not declared or paid any dividends on its Equity Shares since incorporation.

Investor	Adj ₹	%	Date
Rajesh TripathiPP	58.00	1.35%	2024-05-10
Kajal Ashok JainPP	58.00	8.05%	2024-05-10
Subhash Nathamal JainPP	58.00	2.07%	2024-10-30
Kirti Ravi KothariPP	58.00	1.97%	2024-05-10
Ketan A VyasPP	58.00	1.13%	2024-05-10
Shreya Dheeraj JainPP	58.00	1.41%	2024-05-10
Kusum Dilipkumar JainST	—	2.10%	—

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Dhanwel Hybrid Seeds Limited Post-IPO P/E: 14.73x (based on FY26 diluted EPS of ₹6.72); Pre-IPO P/E: 10.36x (based on FY26 EPS of ₹9.56) at upper price band of ₹99.0.	14.7	3.2	31.1	9.56	75	12.4%	8.2%	0.39x
Bombay Super Hybrid Seeds Limited Peer metrics as of FY26.	34.8	7.1	20.4	2.54	344	10.3%	7.8%	0.83x
Upsurge Seeds of Agriculture Limited Peer metrics as of FY26.	12.2	1.5	12.1	7.43	110	12.4%	6.8%	0.87x

	11M FY2026	FY2025	FY2024	FY2023
Sales	44.60	41.99	37.85	30.02
Expenses	37.75	37.32	35.97	28.93
Operating Profit	6.85	4.67	1.88	1.09
OPM %	15.4%	11.1%	5.0%	3.6%
Other Income	0.06	0.01	0.01	0.00
Interest	0.90	1.28	0.89	0.26
Depreciation	0.21	0.19	0.14	0.04
Profit before tax	6.91	4.68	1.89	1.09
Tax %	25.1%	25.7%	25.2%	25.7%
Net Profit	5.18	3.48	1.42	0.81
EPS in Rs	10.10	6.24	2.55	1.46
Dividend Payout %	0.0%	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Repayment of outstanding borrowings from Bank of India	12.0	54.3%
Purchase of Commercial Vehicles	2.6	11.8%
Setting up of Rooftop Grid Solar Power Plant at Vasai warehouse	1.1	4.8%
General Corporate Purpose	3.3	15.0%
Offer related expenses	3.1	14.2%

1. Incorporated in June 2018 as a private limited company and converted into a public limited company in July 2025.
2. Initial Public Offering of 19,75,000 Equity Shares of face value ₹10 each at a fixed price of ₹138 per share.
3. The offer comprises a Fresh Issue of 16,00,000 shares (₹2,208.00 Lakhs) and an Offer for Sale of 3,75,000 shares (₹517.50 Lakhs) by promoter Prakash Hakim Singh.
4. Post-issue paid-up capital will be ₹720.00 Lakhs consisting of 72,00,000 equity shares of ₹10 each.
5. Promoters Prakash Hakim Singh, Bunty Hakim Singh Gaur, and Anju Prakash Singh collectively hold 99.99% of the pre-issue paid-up capital.
6. The company operates an asset-light B2B online order management platform serving over 300 active clients across 7,000+ sites monthly.
7. Revenue from operations grew from ₹3,002.30 Lakhs in FY23 to ₹4,198.82 Lakhs in FY25, and reached ₹4,459.74 Lakhs for the 11-month period ended Feb 28, 2026.
8. EBITDA margin improved significantly from 4.62% in FY23 to 14.64% in FY25, and further to 17.84% in the 11-month period ended Feb 28, 2026.
9. Net profit (PAT) increased from ₹81.06 Lakhs in FY23 to ₹347.72 Lakhs in FY25, and ₹517.71 Lakhs in the 11-month period ended Feb 28, 2026.
10. Geographic concentration is high, with Maharashtra contributing 66.97% of total revenue from operations for the 11 months ended Feb 28, 2026.
11. The company has a total warehousing capacity of approximately 20,000 sq. ft. across 7 cities (Ahmedabad, Hyderabad, Bangalore, Gurugram, Chennai, Pune, and Indore).
12. Objects of the Fresh Issue include repayment of outstanding borrowings from Bank of India (₹1,198.00 Lakhs), purchase of 18 commercial vehicles (₹260.34 Lakhs), and setting up a 100 KW rooftop solar power plant at the Vasai warehouse (₹105.48 Lakhs).
13. The company has experienced delays in payment of statutory dues (ESIC, EPF, Professional Tax) and filing of certain RoC forms in the past.
14. MDL has entered into a non-compete agreement with Sai Enterprises (proprietorship of promoter Bunty Hakim Singh Gaur) to mitigate conflict of interest.
15. The company has reported negative cash flows from operating activities in FY23 (₹-328.23 Lakhs), FY24 (₹-49.80 Lakhs), and the 11-month period ended Feb 28, 2026 (₹-410.12 Lakhs).

Investor	Adj ₹	%	Date
Rahat Abdul Rahman SayyedST	10.00	—	2025-06-12
Bablu Ramshankar PrasadST	10.00	—	2025-06-12

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Mopshop Distribution Limited Post-IPO P/E: 28.57x (based on FY25 diluted EPS of ₹4.83); Pre-IPO P/E: 22.12x (based on FY25 EPS of ₹6.24) at issue price ₹138	28.6	11.4	51.6	6.24	42	14.6%	8.3%	0.76x
Niparo Trading Private Limited Unlisted peer. Financials are for FY25.	—	—	3.2	10.66	15	-9.2%	0.8%	0.08x
Miraclean Tools Private Limited Unlisted peer. Financials are for FY25.	—	—	4.5	92.86	9	3.0%	1.4%	0.12x

	FY2026	FY2025	FY2024
Sales	74.44	103.33	133.80
Expenses	21.90	59.59	68.40
Operating Profit	52.54	43.74	65.40
OPM %	70.6%	42.3%	48.9%
Other Income	1.84	2.47	5.66
Interest	1.76	1.75	0.69
Depreciation	2.72	2.78	2.22
Profit before tax	54.06	46.23	71.07
Tax %	26.0%	25.4%	24.9%
Net Profit	40.02	34.46	53.35
EPS in Rs	15.19	13.08	20.24
Dividend Payout %	0.0%	0.0%	0.1%

Purpose	₹ Cr	%
Funding the working capital requirements of the Company	112.5	65.1%
General Corporate Purposes and Issue Expenses	—	—%

1. Sunshine Pictures Limited is coming out with an IPO comprising a Fresh Issue of up to 48,00,034 equity shares and an Offer for Sale (OFS) of up to 30,37,157 equity shares.
2. The total post-issue equity share capital will increase from 2,63,48,750 shares to 3,11,48,784 shares, with OFS and fresh issue constituting 25.16% of post-issue equity.
3. Promoters Vipul Amrutlal Shah and Shefali Vipul Shah are offering up to 20,31,388 shares and 10,05,769 shares respectively through the Offer for Sale.
4. The net proceeds from the Fresh Issue (up to ₹112.50 Cr) will be primarily utilised for funding long-term working capital requirements of the company.
5. Promoters currently hold 99.99% of the pre-offer equity capital (Vipul Shah 29.05%, Shefali Shah 25.00%, Aryaman Shah 22.97%, Maurya Shah 22.97%).
6. The company executed a 213:1 bonus share issue on December 25, 2024, issuing 2,62,25,625 bonus equity shares.
7. Revenue from operations stood at ₹74.44 Cr in FY26 (standalone), ₹103.33 Cr in FY25 (consolidated), and ₹133.80 Cr in FY24 (consolidated), reflecting project release cycle volatility.
8. Profit after tax (PAT) was ₹40.02 Cr in FY26, ₹34.46 Cr in FY25, and ₹53.35 Cr in FY24.
9. The company recorded a high EBITDA margin of 78.65% in FY26 and 49.12% in FY25 due to efficient production cost controls and IP monetization.
10. Return on Net Worth (RoNW) stood at 27.58% in FY26, 32.80% in FY25, and 75.57% in FY24.
11. Top 5 customers (studios/distributors) contributed 74.81% of operational revenue in FY26, 99.83% in FY25, and 83.09% in FY24.
12. The company's business is highly working capital intensive, with working capital requirements at ₹126.46 Cr in FY26 (169.89% of operational revenue).
13. Sunshine Pictures has a production pipeline including 'Hisaab' (co-produced with Jio Studios), 'Samuk', and 'Nanavati vs Nanavati' (web series for Amazon Prime Video).
14. Total borrowings on a standalone basis stood at ₹9.09 Cr as of March 31, 2026, with a low debt-to-equity ratio of 0.06x.
15. The Assistant Registrar of Companies, Maharashtra has filed a criminal complaint against the company and promoters regarding alleged accounting disclosures in past financial years.

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Sunshine Pictures Limited Post-IPO P/E: 28.02x (FY26 diluted EPS ₹12.85); Pre-IPO P/E: 23.70x (FY26 EPS ₹15.19) at upper price band ₹360.	28.0	6.5	27.6	12.85	74	78.7%	53.8%	0.06x
Panorama Studios International Ltd Peer values as stated in RHP comparison table for FY2026.	81.0	5.7	7.1	0.60	317	10.5%	5.1%	0.59x
Baweja Studios Limited Peer values as stated in RHP comparison table for FY2026.	8.7	0.5	5.5	3.29	70	17.5%	8.8%	0.35x
Balaji Telefilms Limited Peer values as stated in RHP comparison table for FY2026. P/E is NA due to negative earnings.	—	1.6	-8.0	-4.09	221	-25.1%	-23.6%	0.03x

	FY2026	FY2025	FY2024
Sales	1630.79	1403.83	1061.78
Expenses	1487.54	1349.91	1044.67
Operating Profit	143.25	53.92	17.11
OPM %	9.7%	4.7%	2.7%
Other Income	0.14	0.11	0.12
Interest	13.34	10.58	10.65
Depreciation	1.31	0.84	0.84
Profit before tax	143.39	54.03	17.23
Tax %	25.6%	25.4%	25.7%
Net Profit	106.68	40.31	12.82
EPS in Rs	9.09	3.43	1.09
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company	158.0	57.6%
Funding working capital requirements of our Company	38.0	13.9%
General Corporate Purposes	—	—%

1. Incorporated in 2005 as H.K. Gold Private Limited, renamed to Shankesh Jewellers Private Limited in 2006, and converted to a public limited company in 2025.
2. The IPO consists of a Fresh Issue of up to 29,482,000 Equity Shares and an Offer for Sale of up to 10,000,000 Equity Shares, totaling up to 39,482,000 Equity Shares of face value ₹5 each.
3. The price band is set at ₹88 to ₹93 per Equity Share.
4. Promoters are Kantilal Kheemraj Jain, Mahavir Kantilal Jain, and Manoj Kantilal Jain, who collectively hold 74.25% of the pre-offer equity share capital.
5. The company operates an asset-light model, outsourcing 100% of its manufacturing to third-party job workers (Karigars) and has no in-house manufacturing capacity.
6. Revenue from operations grew at a CAGR of 23.93% from ₹10,617.83 million in FY24 to ₹16,307.87 million in FY26.
7. EBITDA increased significantly from ₹285.99 million in FY24 to ₹1,579.00 million in FY26, with EBITDA margins expanding from 2.69% to 9.68%.
8. Profit After Tax (PAT) grew from ₹128.16 million in FY24 to ₹1,066.81 million in FY26, representing a massive growth of 164.6% in the latest fiscal year.
9. The company has high customer concentration, with its top 10 customers contributing 39.56%, 30.48%, and 30.62% of revenue in FY26, FY25, and FY24 respectively.
10. The business is highly working-capital intensive; inventory holding days were 54 days in FY26, and trade receivables stood at ₹1,264.16 million (7.75% of revenue).
11. Objects of the Fresh Issue include ₹1,580.00 million for repayment/prepayment of certain borrowings and ₹380.00 million for funding working capital requirements.
12. Total outstanding borrowings as of March 31, 2026, stood at ₹1,672.96 million, all of which are short-term borrowings.
13. The company experienced negative cash flow from operating activities of ₹231.05 million in FY25 due to increased working capital deployment in trade receivables and inventories.
14. The company has a high rate of product returns, amounting to ₹1,177.56 million (7.22% of revenue) in FY26, primarily due to customer preference-related adjustments.
15. The company has issued bonus shares twice recently: in a 25:10 ratio on October 04, 2024, and in a 5:1 ratio on September 10, 2025.

Investor	Adj ₹	%	Date
Govind Vishwanath GadgilPP	66.67	—	2025-09-05
Ankit Ulhas GalaPP	66.67	—	2025-09-05
Shantam Kumar KhemkaPP	66.67	—	2025-09-05

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Shankesh Jewellers Limited Post-IPO P/E: 12.81x (based on diluted FY26 EPS of ₹7.26); Pre-IPO P/E: 10.23x (based on FY26 EPS of ₹9.09) at issue price ₹93.	12.8	5.2	51.0	9.09	1631	9.7%	6.5%	0.80x
Shanti Gold International Limited Metrics as of FY26.	10.0	2.6	23.4	21.22	2019	9.9%	6.9%	0.34x
Sky Gold & Diamonds Limited Metrics as of FY26.	34.9	8.1	23.4	18.06	6295	6.9%	4.5%	0.70x

	FY2026	FY2025	FY2024
Sales	117.09	60.25	28.88
Expenses	95.88	52.19	28.26
Operating Profit	21.21	8.06	0.62
OPM %	18.1%	13.4%	2.1%
Other Income	0.14	0.03	0.02
Interest	2.30	1.63	0.94
Depreciation	0.59	0.52	0.30
Profit before tax	21.34	8.08	0.64
Tax %	29.3%	28.1%	25.0%
Net Profit	15.10	5.81	0.48
EPS in Rs	14.66	5.68	0.47
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	54,00,000 Pcs/year (Readymade Garments)
Utilisation (FY2026)	106.7%
Post-Expansion	1,08,00,000 Pcs/year (100% increase)
Capex Outlay	₹12.3 Cr
Completion	March 2028
Notes	The land proposed to be purchased for the expansion is free from encumbrances, but the ownership transfer is pending as of December 2024.

Purpose	₹ Cr	%
Funding the working capital requirements	25.1	46.6%
Prepayment and repayment of certain secured and unsecured loans	2.7	5.0%
Funding Capital Expenditure for setting up additional manufacturing facility	12.3	22.9%
General Corporate Purposes	—	—%
Offer related expenses	—	—%

1. The company was originally incorporated as a private limited company in 2017 and converted to a public limited company in 2025.
2. The IPO consists of a Fresh Issue of up to 34,57,600 Equity Shares and an Offer for Sale of up to 8,36,000 Equity Shares.
3. The company is an ISO 9001:2015 certified manufacturer of readymade garments.
4. Operations are highly concentrated in West Bengal, which accounted for 67.01% of domestic revenue in FY2026.
5. The company recently commenced export operations in FY2026, exporting to Saudi Arabia and the UAE.
6. Revenue from operations grew at a CAGR of 101.3% from ₹28.88 Cr in FY2024 to ₹117.09 Cr in FY2026.
7. Profit After Tax (PAT) increased significantly from ₹0.48 Cr in FY2024 to ₹15.10 Cr in FY2026.
8. The company has experienced negative cash flows from operating activities for the last three fiscal years, standing at ₹(10.87) Cr in FY2026.
9. The top 5 and top 10 customers contributed 56.32% and 72.99% of total sales respectively in FY2026.
10. The company is setting up an additional manufacturing facility in Barasat, West Bengal, to double its production capacity.
11. The total capital expenditure for the new facility is estimated at ₹12.35 Cr, to be funded entirely from IPO proceeds.
12. The company's capacity utilization for readymade garments stood at 106.70% in FY2026 on a double-shift basis.
13. The company has outstanding secured and unsecured borrowings of ₹26.02 Cr as of March 31, 2026.
14. There are past instances of procedural delays in filing GST, EPF, and ESIC returns.
15. The company does not have any registered copyrights or patents for its product designs or manufacturing processes.

Investor	Adj ₹	%	Date
Abdur RahamanPA	121.43	—	2025-07-04
Amish ShahPA	121.43	—	2025-07-04
Amish Shah (HUF)PA	121.43	—	2025-07-04
Chitra ChandakPA	121.43	—	2025-07-04
Diwakar GaggarPA	121.43	—	2025-07-04
Samir PatraPA	121.43	—	2025-07-04

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Fascinate Textiles Limited Post-IPO P/E: 14.22x (based on FY26 diluted EPS of ₹10.97); Pre-IPO P/E: 10.64x (based on FY26 EPS of ₹14.66) at upper price band of ₹156.	14.2	5.1	48.0	14.66	117	20.5%	12.9%	0.83x
Iris Clothings Limited	54.9	1.2	11.4	0.85	191	15.4%	8.5%	0.23x
Kewal Kiran Clothing Limited	21.7	2.8	13.6	23.03	1237	21.6%	12.6%	0.11x

	FY2026	FY2025	FY2024
Sales	691.38	390.29	228.86
Expenses	965.14	596.41	403.01
Operating Profit	-273.76	-206.12	-174.15
OPM %	-39.6%	-52.8%	-76.1%
Other Income	76.46	49.06	16.66
Interest	538.99	352.89	210.83
Depreciation	266.10	143.29	98.17
Profit before tax	-197.29	-180.81	-162.34
Tax %	-3.2%	11.2%	0.8%
Net Profit	-203.65	-178.78	-162.21
EPS in Rs	-1.18	-3.11	-2.96
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	28.55 msf (Operational Network)
Utilisation (FY2026)	93.6%
Post-Expansion	58.58 msf (Total Network after completing 30.03 msf Development Network)
Capex Outlay	₹1264.0 Cr
Completion	Next 4 to 5 years
Notes	Development Network includes 7.22 msf of Near-Term Deliveries and 22.81 msf of Planned Projects.

Purpose	₹ Cr	%
Repayment and/or prepayment, in part or full, of certain borrowings availed by the Company and Identified Subsidiaries	2250.0	86.5%
General corporate purposes	350.0	13.5%

1. India's largest industrial and logistics infrastructure developer, owner, and operator by Total Network size of 58.58 msf across 45 assets.
2. Backed by the Blackstone Group, which manages over 1.2 billion square feet of logistics assets globally.
3. Geographically diversified across 10 key consumption and industrial hubs in India, including Delhi-NCR, Mumbai, Bangalore, Chennai, and Pune.
4. Operates a unique, scaled pure-play integrated platform with no management fee leakage or manager-owner conflicts.
5. Holds the largest in-city logistics portfolio in India, comprising 17 strategically located centers totaling 6.91 msf.
6. Strategic alliance with the Central Warehousing Corporation (CWC) to secure 13 in-city center sites on a long-term 45-year concession.
7. Marquee customer base of over 118 customers, with 54.05% of the committed Operational Network contracted to Fortune 500 companies.
8. High customer stickiness, with 40.65% of incremental area contracted since Fiscal 2024 signed through repeat engagements.
9. Strong financial growth, with proforma revenue from operations growing at a CAGR of 23.56% from FY24 to FY26.
10. High operational efficiency, maintaining a proforma EBITDA margin of 79.07% in Fiscal 2026.
11. Incurred restated consolidated net losses of ₹2,036.49 million, ₹1,787.81 million, and ₹1,622.10 million in Fiscals 2026, 2025, and 2024, respectively, due to high finance and depreciation costs.
12. Substantial outstanding borrowings of ₹68,843.41 million on a restated consolidated basis as of March 31, 2026.
13. Proposed utilization of ₹22,500.00 million of Net Proceeds for repayment/prepayment of certain outstanding borrowings of the Company and Identified Subsidiaries.
14. Strong commitment to ESG, with 91.85% of the Operational Network being IGBC Platinum certified and achieving a 5-Star GRESB rating.
15. Development pipeline of 30.03 msf (Near-Term Deliveries of 7.22 msf and Planned Projects of 22.81 msf) to drive future organic growth.

Investor	Adj ₹	%	Date
360 ONE Real Assets Advantage FundPA	59.81	1.47%	2025-12-26
SBI Life Insurance Company LimitedPA	59.81	1.37%	2025-12-26
Radhakishan Damani⭐ HNIPA	59.81	1.37%	2025-12-26

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Horizon Industrial Parks Limited Post-IPO P/E: Not ascertainable due to negative EPS of ₹-1.18 in FY26; Pre-IPO P/E: Not ascertainable. P/B ratio is 2.15x based on restated NAV of ₹27.89 and issue price of ₹60.0. P/E at issue price.	-50.9	2.1	-4.2	-1.18	691	79.2%	-29.4%	1.18x

	FY2026	FY2025	FY2024
Sales	2502.39	1689.73	1678.81
Expenses	2367.95	1640.46	1631.61
Operating Profit	134.44	49.27	47.20
OPM %	5.4%	2.9%	2.8%
Other Income	1.59	1.06	1.26
Interest	19.85	16.04	13.63
Depreciation	13.07	8.72	7.19
Profit before tax	136.03	50.33	48.46
Tax %	25.8%	27.5%	25.7%
Net Profit	100.98	36.47	35.98
EPS in Rs	20.20	7.29	7.20
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	Not disclosed in RHP
Capex Outlay	₹34.5 Cr
Completion	Fiscal 2028
Notes	Capex is for setting up 10 new retail stores (fit-outs, equipment, IT hardware/software) and does not represent manufacturing capacity expansion.

Purpose	₹ Cr	%
Capital expenditure for fit-outs of 10 new stores (furniture, fixtures, equipment, IT hardware/software)	34.5	3.3%
Expenditure towards inventory costs for setting up of 10 new stores	998.7	96.7%
General corporate purposes	—	—%

1. The public offer comprises a Fresh Issue of up to ₹12,000 million and an Offer for Sale of up to ₹5,000 million by promoter M. Kiran Kumar Jain.
2. The company was originally incorporated as 'Lalitha Jewellery Mart Private Limited' in 1985 and converted to a public company in January 2024.
3. Revenue from operations grew at a CAGR of 22.09% from ₹167,880.52 million in FY24 to ₹250,239.27 million in FY26.
4. The company is highly dependent on gold jewellery sales, which accounted for 92.33%, 94.58%, and 93.96% of operational revenue in FY26, FY25, and FY24 respectively.
5. Lalithaa operates 61 stores across South India, with Tamil Nadu being the largest market contributing 53.98% of FY26 revenue.
6. The company operates on an asset-light model, owning only 3 stores while the remaining 58 are on a lease/license basis.
7. It has experienced negative cash flows from operating activities of ₹3,977.62 million in FY26 and ₹180.02 million in FY24.
8. The company offers popular customer jewellery purchase schemes like 'Dhana Vandhanam' and 'Free-yo-Flexi', with advances from customers representing 20.15% of FY26 revenue.
9. Total outstanding borrowings stood at ₹12,381.00 million as of June 30, 2026.
10. The company is dependent on its top three raw material suppliers, who contributed 58.03% of total raw material costs in FY26.
11. It operates two manufacturing facilities in Tamil Nadu (Thirumudivakkam and Maraimalai) employing 816 Karigars on rolls.
12. The company plans to use ₹10,332.31 million of the Net Proceeds to set up 10 new stores in South India by Fiscal 2028.
13. Promoters M. Kiran Kumar Jain and Hemaa Kiran Kumar Jain collectively hold 97.72% of the pre-offer equity share capital.
14. The company has outstanding contingent liabilities of ₹560.35 million as of March 31, 2026, primarily consisting of disputed GST demands.
15. The company does not employ hedging practices (like gold metal loans) to protect against gold price fluctuations, exposing it to commodity price risk.

Investor	Adj ₹	%	Date
Sethuraman SelvarajST	32.71	—	2024-03-18
Navyug Global InvestmentST	32.71	—	2024-03-26
Gyanmal JainST	32.71	—	2024-04-02

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Lalithaa Jewellery Mart Limited Post-IPO P/E: 11.1x (FY26 diluted EPS ₹18.04); Pre-IPO P/E: 10.0x (FY26 EPS ₹20.20) at upper price band ₹201.0	11.1	3.4	39.9	20.20	25024	6.7%	4.0%	0.53x
Kalyan Jewellers India Limited	46.9	—	24.6	13.08	35743	6.8%	3.8%	0.67x
Manoj Vaibhav Gems N Jewellers Limited	7.1	—	14.8	23.54	2744	6.7%	4.2%	0.53x
PC Jeweller Limited	9.3	—	10.3	1.00	335	20.0%	21.3%	0.22x
P N Gadgil Jewellers Limited	22.2	—	23.2	30.20	10739	5.7%	3.8%	0.68x
Senco Gold Limited	11.5	—	26.1	35.08	8430	11.5%	6.8%	0.92x
Thangamayil Jewellery Limited	46.3	—	27.9	113.14	8499	6.6%	4.1%	0.63x
Titan Company Limited	85.2	—	36.5	57.19	87584	9.4%	5.8%	1.67x
Tribhovandas Bhimji Zaveri Limited	9.1	—	27.1	30.32	3203	11.3%	6.3%	1.05x

	FY2026	FY2025	FY2024
Sales	131.31	49.36	6.06
Expenses	106.47	41.68	5.55
Operating Profit	24.84	7.68	0.51
OPM %	18.9%	15.6%	8.4%
Other Income	0.10	0.08	0.29
Interest	1.24	0.80	0.66
Depreciation	0.20	0.12	0.12
Profit before tax	24.94	7.76	0.81
Tax %	40.1%	—	—
Net Profit	14.94	8.11	2.21
EPS in Rs	11.63	7.46	2.05
Dividend Payout %	0.0%	0.0%	0.0%

Current Capacity	70.88 units/year
Utilisation (FY2026)	50.1%
Post-Expansion	Not explicitly quantified in units, but expansion is aimed at enhancing manufacturing capabilities for CNC machines and automation systems.
Capex Outlay	₹8.8 Cr
Completion	FY2027
Notes	No firm orders have been placed yet for the proposed capex machinery.

Purpose	₹ Cr	%
Purchase and installation of plant and machinery at the Existing Premises	8.8	18.0%
Funding towards long term working capital requirements	40.0	82.0%
General corporate purposes	—	—%

1. The company was originally incorporated as 'Technocrat Plasma Systems Private Limited' on November 01, 1994, and converted into a public limited company on October 29, 2025.
2. The IPO is a 100% fresh issue of up to 46,20,000 equity shares of face value ₹10 each, with no Offer for Sale (OFS) component.
3. The company's revenue from operations grew exponentially at a CAGR of 365.40% from ₹6.06 Cr in FY24 to ₹131.31 Cr in FY26.
4. Profit after tax (PAT) increased from ₹2.21 Cr in FY24 to ₹14.94 Cr in FY26, representing a CAGR of 160.26%.
5. The company has transitioned to an on-site manufacturing and services model, which accounted for approximately 91.00% of revenue from operations in FY26.
6. Customization, retrofit, and other services have become major revenue drivers, contributing 39.54% and 38.55% of FY26 revenue respectively.
7. The company has entered into technology transfer agreements with premier government research institutions, including BARC (for Air Plasma Incinerators) and RRCAT (for 1 kW fibre lasers).
8. The top 10 customers accounted for 62.61%, 83.89%, and 55.70% of total revenue from operations in FY26, FY25, and FY24 respectively, indicating high customer concentration.
9. The company has experienced negative net cash flows from operating activities of ₹11.66 Cr in FY26 and ₹5.05 Cr in FY25, primarily due to working capital absorption.
10. The company's manufacturing operations are geographically concentrated in Maharashtra, which contributed 59.78% of FY26 revenue.
11. The installed manufacturing capacity stands at 70.88 units per year, with capacity utilization improving from 16.05% in FY24 to 50.08% in FY26.
12. The average cost of acquisition of equity shares by the promoters is ₹5.09 for Mr. Arun Kumar and ₹6.04 for Ms. Vandana Sharma, significantly below the IPO price.
13. The company has outstanding tax proceedings of ₹2.86 Cr and a pending commercial suit of ₹58.91 Lakhs filed by Maurer-Sanfield India Ltd. regarding machine performance.
14. The company has experienced delays in filing statutory returns, including EPF and GST, in past fiscal years.
15. The net proceeds of the issue will be utilized for purchasing plant and machinery (₹8.79 Cr), funding long-term working capital (₹40.00 Cr), and general corporate purposes.

Investor	Adj ₹	%	Date
Naresh Jaiprakash ShroffPP	34.29	1.74%	2025-02-06
Naresh Jaiprakash ShroffPP	85.00	1.74%	2025-07-07
Vijay Kumar JainPP	85.00	—	2025-07-07

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
Technocrats Plasma Systems Limited Post-IPO P/E: 15.5x (based on FY26 diluted EPS of ₹8.53); Pre-IPO P/E: 11.4x (based on FY26 EPS of ₹11.63) at upper price band of ₹132.	15.5	4.4	38.3	11.63	131	20.0%	11.4%	0.38x	166.0%
Ador Welding Limited	31.6	4.7	14.8	47.06	1158	11.6%	7.2%	0.00x	—
ESAB India Limited	41.9	20.2	48.1	134.30	1514	17.9%	13.7%	—	—
Patil Automation Ltd	23.2	3.2	13.8	8.65	173	14.7%	11.4%	0.15x	—
Jyoti CNC Automation Ltd	58.5	9.8	16.8	14.78	2154	25.2%	16.1%	0.42x	—

	FY2026	FY2025	FY2024
Sales	51.37	28.33	10.11
Expenses	40.35	23.29	8.89
Operating Profit	11.02	5.04	1.22
OPM %	21.5%	17.8%	12.1%
Other Income	0.39	0.28	0.01
Interest	0.14	0.00	0.00
Depreciation	0.54	0.43	0.16
Profit before tax	11.42	5.33	1.24
Tax %	26.4%	30.5%	27.0%
Net Profit	8.40	3.70	0.90
EPS in Rs	8.40	3.97	0.97
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Investment related to enhancement, maintenance and upgrading of existing products through manpower hiring	17.0	51.4%
Investment in upgradation of IT Infrastructure	6.8	20.4%
Repayment of Borrowings	1.2	3.6%
General Corporate Purposes	—	—%

1. ENS Enterprises was originally incorporated as a private limited company in January 2016 and converted into a public limited company in May 2025.
2. The IPO is a 100% fresh issue of up to 36,02,400 equity shares of face value ₹10 each.
3. The company is empanelled as a Technology Service Provider (TSP) for the ONDC initiative since 2022.
4. Revenue from operations grew at a CAGR of 71.93% from ₹10.11 Crore in FY24 to ₹51.37 Crore in FY26.
5. EBITDA margin improved significantly from 13.65% in FY24 to 22.78% in FY26 due to operating leverage.
6. Profit After Tax (PAT) increased from ₹0.90 Crore in FY24 to ₹8.40 Crore in FY26.
7. The company has a high customer concentration, with its top 10 customers contributing 69.17% of operational revenue in FY26.
8. ENS has experienced negative cash flows from operating activities of ₹(1.10) Crore in FY26.
9. The company does not own its registered office; it operates from a rented 7,000 sq. ft. facility in Noida at a monthly rent of ₹5.20 Lakhs.
10. The company has a history of delays in filing statutory forms with the RoC, with one delay extending up to 3,447 days.
11. Outstanding tax proceedings against the company include ₹5.83 Lakhs in direct tax and ₹80.39 Lakhs in indirect tax (GST).
12. The company has not placed any firm orders for the proposed IT infrastructure upgradation and equipment purchase funded by the IPO.
13. Promoters and the Promoter Group collectively hold 75.00% of the pre-issue paid-up equity share capital.
14. The average cost of acquisition of equity shares by the promoters is ₹0.04 per share.
15. The company has never declared or paid any dividends since its incorporation.

Investor	Adj ₹	%	Date
Raman TalwarPA	17.60	9.00%	2025-03-26
Connect Fund (held as ACME Capital Venture Fund)PA	17.60	12.50%	2025-03-26

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E	Rev Gr%
ENS Enterprises Limited Post-IPO P/E: 14.9x (based on FY26 diluted EPS of ₹6.18); Pre-IPO P/E: 11.0x (based on FY26 EPS of ₹8.40) at issue price ₹92.	14.9	5.0	36.6	6.18	51	22.8%	16.4%	0.22x	81.3%
ASM Technologies Limited	92.3	21.5	24.5	53.77	498	19.8%	13.3%	—	—
Infobeans Technologies Limited	24.3	4.4	19.7	6.90	381	22.3%	17.6%	—	—
Silver Touch Technologies Limited	13.0	2.9	22.5	14.89	315	20.1%	12.0%	—	—

	FY2026	FY2025	FY2024
Sales	51.65	45.14	44.13
Expenses	44.99	39.01	41.04
Operating Profit	6.66	6.13	3.09
OPM %	12.9%	13.6%	7.0%
Other Income	0.50	0.07	0.02
Interest	0.68	0.68	0.59
Depreciation	0.60	0.43	0.48
Profit before tax	5.86	5.08	2.04
Tax %	28.3%	26.9%	33.6%
Net Profit	4.20	3.71	1.35
EPS in Rs	6.12	5.40	1.96
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Working Capital Requirements	16.8	100.0%
General Corporate Purposes	—	—%
Issue Related Expenses	—	—%

1. Originally incorporated as a Private Limited Company on May 28, 2009, and converted to a Public Limited Company on July 09, 2024.
2. The issue consists entirely of a Fresh Issue of up to 29,45,600 Equity Shares with no Offer for Sale (OFS).
3. The company specializes in manufacturing Automation Control Panels integrating PLCs, drive systems, switchgear, and sensors.
4. The company operates from a single rented/leased manufacturing and assembling unit of 10,000 sq. ft. in Bangalore, Karnataka.
5. Geographical concentration is high, with Karnataka accounting for 75.39% of total sales in FY2026.
6. Raw material procurement is also concentrated, with Karnataka, Maharashtra, and Haryana accounting for 84.56% of total purchases in FY2026.
7. The company has a history of delays in ROC filings and non-compliances under Section 39 of the Companies Act, 2013.
8. Revenue from operations grew by 14.41% from ₹45.14 Cr in FY2025 to ₹51.65 Cr in FY2026.
9. Profit After Tax (PAT) increased by 13.21% from ₹3.71 Cr in FY2025 to ₹4.20 Cr in FY2026.
10. The company reported negative cash flow from operating activities of ₹1.66 Cr in FY2026 due to high working capital requirements.
11. The top 10 customers accounted for 47.23% of the company's revenue from operations in FY2026.
12. The company has no listed peer companies in India with a directly comparable business model.
13. The company does not have a credit rating from any recognized credit rating agency.
14. The company's logo is currently not registered under the Trade Marks Act, 1999, and is at the 'Formalities Chk Pass' stage.
15. The company has a 100% success rate in securing government tenders participated in over the last three fiscal years.

Investor	Adj ₹	%	Date
Anki Reddy AnjaneyuluST	14.55	—	2024-01-29
Binil Kurikilamkattu ScariaST	14.55	—	2024-01-29
Jinith Nediya ParambathST	14.55	—	2024-01-29
Poosapati S N VarmaST	14.55	—	2024-01-29
Vinoth Kumar RST	14.55	—	2024-01-29

Company	P/E	P/B	RoNW%	EPS (₹)	Rev (Cr)	EBITDA%	PAT%	D/E
Skytech Infinite Platform Limited Post-IPO P/E: 17.99x (based on FY26 diluted EPS of ₹4.28); Pre-IPO P/E: 12.58x (based on FY26 EPS of ₹6.12) at upper price band of ₹77.0.	18.0	2.8	22.1	6.12	52	12.9%	8.1%	0.49x

	FY2026	FY2025	FY2024
Sales	214.16	77.94	75.73
Expenses	189.83	75.23	72.43
Operating Profit	24.33	2.71	3.30
OPM %	11.4%	3.5%	4.4%
Other Income	0.27	0.29	0.28
Interest	1.38	0.95	0.53
Depreciation	3.11	1.38	0.51
Profit before tax	24.59	3.01	3.59
Tax %	25.0%	25.2%	25.8%
Net Profit	18.45	2.25	2.66
EPS in Rs	13.95	2.20	2.61
Dividend Payout %	0.0%	0.0%	0.0%

Purpose	₹ Cr	%
Investment in subsidiary Credent Healthcare Private Limited for working capital	26.8	28.5%
Investment in subsidiary Credent Healthcare Private Limited for machinery capex	3.0	3.2%
To meet working capital requirements of the Company	37.0	39.4%
Repayment and/or prepayment, in full or part, of borrowings	6.0	6.4%
General corporate purposes	—	—%

1. Credent Connect N Care Limited (formerly Credent Cold Chain Logistics Pvt Ltd) was incorporated in June 2015 and converted to a public limited company in October 2025.
2. The IPO consists of a 100% fresh issue of up to 49,68,000 equity shares of face value ₹10 each, with no offer for sale (OFS) component.
3. Post-issue paid-up equity share capital will increase to up to 1,87,86,900 shares, translating to a market capitalization of ₹355.07 Crore at the upper price band of ₹189 per share.
4. Consolidated revenue from operations expanded significantly to ₹214.16 Cr in FY2026 from ₹77.94 Cr in FY2025 and ₹75.73 Cr in FY2024.
5. Consolidated Profit After Tax (PAT) reached ₹18.45 Cr in FY2026, compared to ₹2.25 Cr in FY2025 and ₹2.66 Cr in FY2024.
6. Operational EBITDA margin expanded to 13.29% in FY2026 from 6.41% in FY2025 and 5.67% in FY2024.
7. During FY2026, the company completed 100% acquisition of three wholly-owned subsidiaries: Credent Healthcare Pvt Ltd, Alltrak Technologies Pvt Ltd, and Credent Team Pvt Ltd.
8. The business operates across five core verticals: Healthcare Logistics, Operations & Supply Chain Management, Healthcare Services, Marketing Services, and IT Services/Software.
9. The company exhibits high customer concentration, with its top 10 customers generating 81.76% of total operational revenue in FY2026.
10. Net IPO proceeds are designated towards investment in Credent Healthcare for working capital (₹26.80 Cr) and machinery capex (₹3.00 Cr), parent working capital (₹37.00 Cr), and debt repayment (₹6.00 Cr).
11. As of March 31, 2026, the overall group workforce comprised 6,338 personnel (4,052 on payroll and 2,286 contract staff).
12. Promoters Tarun Sharma, Karan Sharma, Ashok Kumar Sharma, Dimple Sharma, and Tanveen collectively hold 87.52% pre-issue equity, which will reduce to 63.67% post-issue.
13. Total outstanding financial indebtedness stood at ₹23.01 Crore as of June 30, 2026, of which ₹10.91 Crore represents recallable unsecured loans.
14. The company is contesting an indirect tax (GST) demand of ₹62.11 Lakhs for FY2019-20 before the Appellate Authority.
15. Net cash flow from operating activities turned negative to -₹6.62 Cr in FY2026 due to rapid expansion and trade receivables swelling to ₹58.83 Cr.

Investor	Adj ₹	%	Date
Ashish Kacholia⭐ HNIST	187.00	2.02%	2026-07-23
Abakkus Venture Opportunities Fund⭐ FundST	187.00	1.21%	2026-07-23
Convivial Advisors LLPST	187.00	1.07%	2026-07-23
Amit GuptaST	15.78	5.77%	2025-04-01
Ankaa RiseST	187.00	—	2026-07-23
SB Opportunities Fund IIST	187.00	—	2026-07-23
Tattvam AIF Trust - Aanjay Ageless AIF FundST	187.00	—	2026-07-23
Tiger Strategies Fund -IST	187.00	—	2026-07-23