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National Stock Exchange of India Ltd. (NSE): SUBSCRIBE

  • Date

    17th Sep 2026 - 21th Sep 2026

  • Price Range

    Rs 1700 to Rs 1785

  • Minimum Order Quantity

    8

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Price Lot Size Issue Date Issue Size
₹1700 to ₹1785 8 17th Sep, 2026 – 21th Sep, 2026 ₹22,562 Cr

National Stock Exchange of India Ltd. (NSE)

National Stock Exchange of India Limited (NSE) is India’s leading market infrastructure institution, operating a vertically integrated, multi-asset class exchange platform covering trading, clearing, settlement, listing, index licensing and market data services. Incorporated in 1992, NSE offers a broad range of products across cash equities, equity futures and options, currency derivatives, commodity derivatives, wholesale debt, interest rate futures and mutual fund distribution. Transaction charges remain the primary revenue stream, contributing 79.4% of operational revenue in Q1FY26, while other businesses include listing fees, colocation, data connectivity, online data feeds and terminals, clearing and index licensing. Its flagship Nifty franchise further extends its presence across the investment ecosystem through benchmark indices and related financial products. NSE has established a dominant position across major market segments, with 93.1% market share in cash equities, 99.7% in equity futures, 68.5% in equity options premium turnover and 100% in currency derivatives in Q1FY26. As of June 30, 2026, the exchange had 132.37 million unique registered investors, 261.36 million registered investor accounts, 1,328 trading members and 3,005 listed entities, representing an aggregate market capitalisation of Rs. 474.1 trillion. Its network extends across more than 99% of Indian postal codes, supported by over 200,000 trading terminals across 1,400+ cities and towns and 30+ points of presence. The exchange is also supported by seven data centres, including a primary data centre in Mumbai and a fully mirrored disaster recovery site in Chennai. The company’s operations are supported by a vertically integrated ecosystem of subsidiaries and associates. NSE Clearing Limited (NCL) provides clearing and settlement services, while NSE Indices Limited manages the Nifty index franchise and a broad suite of benchmark indices. NSE Data & Analytics Limited and Cogencis provide market data, analytics and financial information services, while NSE International Exchange (NSEIX) and NSEIX Global Access expand NSE’s international presence through GIFT City. NSE also has strategic interests in entities including NSDL, Indian Gas Exchange, Power Exchange India and RXIL, further extending its participation across the financial-market infrastructure ecosystem. Technology remains central to NSE’s operations, with its proprietary NEAT platform processing an average of 12.5 billion messages daily. NSE is also expanding its technology infrastructure through additional colocation capacity and deploying Generative AI across areas such as surveillance, compliance and operational processes. Its growth initiatives extend beyond traditional financial markets, with expansion into electricity futures, electronic gold receipts, natural gas derivatives and the proposed National Coal Exchange, while its GIFT City operations seek to capture increasing international participation in Indian market-linked products.

Objective of National Stock Exchange of India Ltd. (NSE)

The entire offer comprises an Offer for Sale (OFS), with no proceeds accruing to NSE. The offer proceeds will be received by the participating selling shareholders.

Rationale To National Stock Exchange of India Ltd. (NSE)

Investment Rationale

Unmatched market leadership creates a self-reinforcing liquidity moat

NSE’s strongest competitive advantage lies in the depth and breadth of liquidity it has built across India’s capital markets, making its leadership increasingly self-reinforcing. With market shares of 93.05% in cash equities, 99.72% in equity futures and 68.48% in equity options premium turnover in Q1FY26, NSE already operates at a scale that is difficult for competing exchanges to replicate. Its platform connects 132.37 million unique registered investors, 1,328 trading members and 3,005 listed entities, creating a large and diverse liquidity pool. This scale matters beyond market share: deeper liquidity improves execution, attracts more institutional and retail participation, and in turn encourages issuers and intermediaries to remain on the platform, strengthening the network effect. The growing participation base further supports capital formation, with NSE facilitating Rs. 20.33 trillion of total fund mobilisation in FY26. Importantly, the franchise is also extending beyond domestic trading, with NSEIX holding a 99.62% share of equity derivatives volumes at GIFT IFSC, while the Nifty ecosystem strengthens NSE’s reach into passive investing and index-linked products. We believe this combination of market leadership, liquidity, participant scale and expanding ecosystem reach gives NSE a durable competitive moat and provides a strong foundation to compound volumes as India’s capital markets deepen.

Scalable business model with multiple avenues for growth and monetisation

NSE benefits from an asset-light, technology-led business model where incremental volumes and new products can be added at relatively low marginal cost, allowing strong operating leverage as the platform scales. This is reflected in its 78.8% Operating EBITDA margin in Q1FY26, while its proprietary NEAT infrastructure provides the capacity to handle rising transaction volumes without a proportionate increase in costs. The same technology and market infrastructure can also be leveraged across multiple products, creating several avenues for growth beyond the core equity franchise. NSE is expanding colocation capacity, while entering newer segments such as electricity futures, natural gas derivatives, electronic gold receipts and the proposed National Coal Exchange, providing opportunities to monetise its existing infrastructure across traditionally fragmented markets. At the same time, the company is building higher-margin, relatively non-transactional revenue streams through market data, analytics and index licensing, supported by the strong Nifty franchise. Its international operations through NSEIX at GIFT City, alongside products such as GIFT Nifty and 0DTE options, provide an additional avenue to capture offshore liquidity. The company is also integrating Generative AI into surveillance, compliance and operational processes, which can improve scalability and efficiency as the business expands. Overall, NSE has multiple growth levers across volumes, new products, data and indices, international markets and technology-led services, allowing it to broaden its monetisation base while continuing to benefit from the operating leverage inherent in its exchange model.

Valuation of National Stock Exchange of India Ltd. (NSE)

National Stock Exchange of India Limited (NSE) is a dominant market infrastructure franchise with leading market shares across key asset classes, a vertically integrated ecosystem spanning trading, clearing, indices and data, and a highly scalable technology-led business model. Its strong liquidity and network effects are supported by 132 million unique registered investors, while its Nifty franchise, GIFT City operations and expansion into new asset classes provide additional avenues for monetisation. Financial performance remains strong, with revenue from operations increasing from Rs. 14,780 crores in FY24 to Rs. 16,601 crores in FY26, implying a 6.0% CAGR over FY24-FY26, while PAT increased from Rs. 8,306 crores to Rs. 10,302 crores, translating into a 11.4% CAGR over FY24-FY26. The business continues to exhibit strong operating leverage, with an adjusted Operating EBITDA margin of 67.6% and RoNW of 33.2% in FY26. NSE also reported Rs. 3,120 crores of PAT in Q1FY27, with an Operating EBITDA margin of 77.9%, highlighting the continued strength of the franchise. Against BSE, its only listed domestic comparable, NSE is being offered at 47.3x TTM earnings, versus 48.9x for BSE, despite NSE having substantially greater scale, market share and absolute profitability. The relatively comparable valuation is supported by NSE’s superior franchise strength, higher operating leverage and broader ecosystem, although moderation in equity options activity remains a key near-term sensitivity. At the upper price band, the issue is valued at 47.3x TTM earnings. Given NSE’s dominant market position, strong profitability, scalable business model and multiple long-term monetisation opportunities, we assign a “SUBSCRIBE” rating to the issue.

What is the National Stock Exchange of India Ltd. (NSE) IPO?

The initial public offer (IPO) of National Stock Exchange of India Ltd. (NSE) an early investment opportunity in. A stock market investor can buy National Stock Exchange of India Ltd. (NSE) IPO shares by applying in IPO before National Stock Exchange of India Ltd. (NSE) get listed at the stock exchanges. An investor could invest in National Stock Exchange of India Ltd. (NSE) for short term listing gain or a long term.

To apply for the National Stock Exchange of India Ltd. (NSE) through StoxBox one can apply from the website and also from the app. Click here

National Stock Exchange of India Ltd. (NSE) IPO is opening on 17th Sep 2026.  Apply Now

The Lot Size of National Stock Exchange of India Ltd. (NSE) 8 equity shares. Login to your account now.

The allotment Date for National Stock Exchange of India Ltd. (NSE) IPO 22nd  Sep 2026.  Login to your account now.

The listing Date for National Stock Exchange of India Ltd. (NSE) is 24th Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,280 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,99,920 Login to your account now

  • NSE remains highly dependent on transaction volumes, with transaction charges contributing 79.44% of revenue from operations in Q1 FY27, including 60.17% from equity options. Any sustained moderation in trading activity or loss of market share could adversely impact revenue and profitability.
  • NSE operates in a highly regulated industry and has faced regulatory observations, enforcement actions, penalties and adjudication proceedings. Further regulatory actions or adverse outcomes could result in financial liabilities, reputational damage and impact its business and cash flows.
  • NSE’s operations are critically dependent on its IT infrastructure and trading systems. Any technical failure, system disruption or cybersecurity breach could interrupt trading, attract regulatory action or financial disincentives, and affect market participant confidence.
  • The top ten trading members contributed 47.00% of revenue from operations in Q1 FY27, creating concentration risk. Any disruption involving key members, alongside counterparty and settlement risks in its clearing operations, could adversely affect business performance.

The National Stock Exchange of India Ltd. (NSE) will be credited to the account on allotment date which is 22nd Sep 2026. Login to your account 

The prospectus of National Stock Exchange of India Ltd. (NSE) IPO prospectus can be found on the website of SEBI, NSE and BSE

Hero Motors Limited: SUBSCRIBE

  • Date

    16th Sep 2026 - 18th Sep 2026

  • Price Range

    Rs 79 to Rs 84

  • Minimum Order Quantity

    178

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Price Lot Size Issue Date Issue Size
₹79 to ₹84 178 16th Sep, 2026 – 18th Sep, 2026 ₹1000 Cr

Hero Motors Limited

Hero Motors Limited is an automotive technology and auto-components company engaged in the design, development, manufacturing and supply of engineered powertrain solutions and metallic components to automotive OEMs across India, Europe, the US, and ASEAN. The company primarily operates as a B2B supplier to OEMs and provides capabilities across the powertrain value chain, including design, development, prototyping, validation, and manufacturing. The company operates through two segments: Powertrain Solutions and Alloys & Metallics (A&M), which contributed 53.7% and 46.3% of FY26 revenue, respectively. The Powertrain Solutions segment comprises Gears & Transmissions (G&T) and Bike Powertrain (BPT). G&T manufactures precision gears, gear assemblies, shafts, gearboxes and transmission systems for two-wheelers, passenger vehicles, commercial vehicles, off-road vehicles and other mobility applications, catering to both ICE and EV platforms. BPT focuses on micro-mobility applications and manufactures CVT hubs, electric motors and integrated electric drive systems for e-bikes and electric two-wheelers. The A&M segment manufactures sheet metal, tubular, and machined components, including swing arms, chain cases, engine guards, stands and cylinder blocks, for automotive and other applications. The company also provides engineering, prototyping, validation, and development capabilities as part of its powertrain solutions offering.

Objective of Hero Motors Limited

The IPO consists of a fresh issue of Rs. 600 crores and an offer for sale of Rs. 400 crores

The company proposes to utilize the proceeds from the issue towards the following objects:

  • Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings;
  • Capital expenditure through purchase of equipment required for expansion in capacity of the Gautam Buddha Nagar, Uttar Pradesh facility; and
  • Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Rationale To Hero Motors Limited

Investment Rationale

Rising E-Mobility Contribution and Longstanding Global OEM Relationships Support Hero Motors’ Position in the Powertrain Market

Hero Motors has established a presence across the global e-mobility and powertrain market, supported by a diversified product portfolio spanning EV transmissions, CVT hubs, electric motors, and integrated electric drive units. Revenue from the e-mobility industry increased from Rs. 1,280.85 million in FY24 to Rs. 2,733 million in FY26, with its contribution to revenue rising from 12.0% to 23.0%. The company also has exposure across multiple vehicle categories, including two-wheelers, passenger vehicles, specialty vehicles, off-road vehicles, aerospace, and marine applications, while its G&T and A&M businesses continue to cater to EV, ICE, and hybrid platforms. Its relationships with established global OEMs, including BMW, Ducati, and Hero MotoCorp, provide access to premium customers, with the average relationship with its top five customers exceeding 12 years as of March 31, 2026. The company has also expanded its capabilities through partnerships with Yamaha Motors Japan and enviolo and its association with Hewland, enabling it to provide design, development, prototyping, validation, and manufacturing capabilities. These factors provide Hero Motors with exposure to multiple end markets while combining its e-mobility offerings with established powertrain and component businesses.

Geographically Diverse Manufacturing Footprint and Growing R&D Capabilities Support End-to-End Powertrain Development

Hero Motors has established a geographically diverse manufacturing and technology infrastructure across India, the UK and Thailand, with facilities positioned to serve customers across different markets. Its manufacturing footprint includes precision gear manufacturing in Gautam Buddha Nagar, gearbox assembly and machining capabilities in Thailand, and design, prototyping and low-volume gearbox manufacturing capabilities in the UK. The company also operates technology centres in India and the UK focused on design, testing and validation of powertrain systems. Its HYM joint venture with Yamaha Motors Japan manufactures electric motors for two-wheelers, with an annual capacity of 145,000 motors and plans to scale capacity to 1 million units by FY2030. The company has also been increasing investments in R&D, with R&D expenditure at Rs. 895.91 million, or 7.5% of revenue, in FY26. The acquisition of Hewland has further added design and prototyping capabilities, while collaborations with technology partners such as enviolo have supported product development, including the Urban CVT model. The company generated 41.4% of FY26 revenue from customers outside India, reflecting its international operating and customer footprint.

Valuation of Hero Motors Limited

Hero Motors is an automotive technology and auto-components company with a diversified presence across powertrain solutions and alloys & metallics, serving global OEMs across multiple vehicle and mobility applications. The company’s growth prospects are supported by its focus on complete powertrain solutions for e-mobility, expansion in e-transmissions and micro-mobility, and increasing utilisation of Hewland’s design, engineering, prototyping and validation capabilities. The company is also expanding its manufacturing and technology infrastructure, including the HYM motor facility, which has an annual capacity of 145,000 motors and is expected to scale to 1 million units by FY30. Financial performance has improved meaningfully, with revenue from operations, EBITDA and PAT growing at a CAGR of 5.7%, 34.3% and 55.5%, respectively, during FY24-FY26. EBITDA margin expanded from 6.3% in FY24 to 10.2% in FY26, while PAT margin improved from 1.6% to 3.5% over the same period. The improvement in profitability has been driven by stronger EBITDA growth relative to revenue, while increasing R&D investments and expansion into new products, applications and geographies provide additional avenues for growth. At the CMP of Rs. 84, the stock is valued at 73.7x FY26 P/E, based on diluted EPS of Rs. 1.1. Considering the company’s expanding e-mobility portfolio, global OEM relationships, investments in technology and manufacturing capabilities and strong improvement in profitability, the company’s growth prospects remain favourable; however, the current valuation leaves limited room for execution-related risks. Accordingly, we recommend a “SUBSCRIBE” rating to the issue.

What is the Hero Motors Limited IPO?

The initial public offer (IPO) of Hero Motors Limited an early investment opportunity in. A stock market investor can buy Hero Motors Limited IPO shares by applying in IPO before Hero Motors Limited get listed at the stock exchanges. An investor could invest in Hero Motors Limited for short term listing gain or a long term.

To apply for the Hero Motors Limited through StoxBox one can apply from the website and also from the app. Click here

Hero Motors Limited IPO is opening on 16th Sep 2026.  Apply Now

The Lot Size of Hero Motors Limited 178 equity shares. Login to your account now.

The allotment Date for Hero Motors Limited IPO 21st  Sep 2026.  Login to your account now.

The listing Date for Hero Motors Limited is 23rd Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,952 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,376 Login to your account now

  • The company derives a portion of its revenue from operations from jurisdictions outside India, particularly Europe, which contributed 33.6%, 28.5% and 29.3% of revenue from operations in FY26, FY25 and FY24, respectively. Any adverse events affecting these jurisdictions could adversely impact the company’s revenue from operations.
  • The company relies on a limited set of suppliers for critical raw materials and does not have definitive supply agreements with all its suppliers. Any disruption in the availability or supply of these raw materials could adversely affect the company’s business, financial condition, results of operations and cash flows.
  • Hero Motors’ business is significantly dependent on its top 10 customers, which contributed Rs. 866 crores, Rs. 850 crores and Rs. 819 crores in revenue from operations in FY26, FY25 and FY24, respectively, representing 72.9%, 78.0% and 77.0% of revenue from operations. The loss of any of these key customers could have a material adverse effect on the company’s business, financial condition, results of operations and cash flows.

The Hero Motors Limited will be credited to the account on allotment date which is 21st Sep 2026. Login to your account 

The prospectus of Hero Motors Limited IPO prospectus can be found on the website of SEBI, NSE and BSE

Jindal Supreme (India) Ltd: SUBSCRIBE

  • Date

    16th Sep 2026 - 18th Sep 2026

  • Price Range

    Rs 88 to Rs 93

  • Minimum Order Quantity

    161

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Price Lot Size Issue Date Issue Size
₹88 to ₹93 161 16th Sep, 2026 – 18th Sep, 2026 ₹125 Cr

Jindal Supreme (India) Ltd

Jindal Supreme (India) Limited is an established manufacturer of steel pipes, tubes and value-added infrastructure products, with a business legacy dating back to 1974. Its product portfolio comprises MS black pipes and tubes, MS galvanized pipes and tubes, metal beam crash barriers and GI tubular poles, catering to applications across water supply and plumbing, infrastructure and construction, roads and highways, bridges, oil & gas, chemicals, agriculture and rural electrification. The company has gradually diversified beyond its core pipe and tube business, with commercial production of metal beam crash barriers commencing in April 2024 and GI tubular poles in April 2025, expanding its presence into road-safety, street-lighting and public utility infrastructure. Its manufacturing facility at Hisar, Haryana, is equipped with integrated pipe mills, galvanizing, forming, cutting, threading, hydrostatic testing and quality-control infrastructure. In FY26, MS black pipes and galvanized pipes remained the key revenue contributors at 43.0% and 26.6%, respectively, while metal beam crash barriers contributed 17.4% and GI tubular poles 4.7%, indicating increasing contribution from value-added products. The company follows a predominantly direct-sales model, with direct sales accounting for 68.2% of FY26 revenue from operations, supported by a dealer network that expanded to 53 dealers as of June 2026 from 34 in FY24. Further, galvanizing capacity was increased from 45,000 MTPA to 63,000 MTPA, supporting higher value-added production and mix improvement. Going forward, capacity utilization, dealer expansion and increasing contribution from value-added products remain key levers for volume growth, operating leverage and profitability.

Objective of Jindal Supreme (India) Ltd

The net proceeds from the fresh issue will be used towards the following purposes:

  • Repayment and / or pre-payment, in full or part, of certain borrowings availed by the company;
  • General corporate purposes.

Rationale To Jindal Supreme (India) Ltd

Investment Rationale

Diversified steel product portfolio and expansion into value-added infrastructure products

Jindal Supreme is gradually diversifying beyond its traditional MS black and galvanized pipe and tube business into value-added steel products, strengthening its presence across infrastructure and industrial applications. The company commenced commercial production of metal beam crash barriers in FY25 and GI tubular poles in FY26, enabling it to address applications across road safety, highways, street lighting, electrification and public utility infrastructure. The newer businesses have gained meaningful traction, with metal beam crash barriers contributing 17.4% of FY26 revenue from operations versus 10.6% in FY25, while GI tubular poles contributed 4.7% in their first full year of operations. Nevertheless, MS black and galvanized pipes remained the core revenue contributors, together accounting for nearly 70% of FY26 revenue, indicating that the diversification strategy is still at an early stage. The company is simultaneously strengthening its value-added product capabilities through capacity expansion, including an additional 18,000 MTPA galvanizing unit that increased total galvanizing capacity from 45,000 MTPA to 63,000 MTPA. The expanded facility is intended to support existing black pipe production and the higher crash barrier capacity while increasing the share of galvanized products in the overall sales mix. Given that galvanization is a value-added process, greater penetration of galvanized products could support higher revenue and profitability, as highlighted by management, although the eventual benefit would remain dependent on volumes, realizations and input costs. similarly, crash barrier capacity has been expanded from 24,000 MTPA to 42,000 MTPA, creating additional capacity to cater to demand from highways and road infrastructure projects. Management has further outlined medium-term plans to expand tube mill capacity, increase crash barrier output and enhance galvanization throughput, although these should be viewed as stated strategic plans rather than committed projects. Overall, the combination of product diversification, higher value-added capacity and a widening distribution network provides a pathway for improving capacity utilization, fixed-cost absorption and operating efficiency as volumes scale, while successful execution and sustained demand across the newer segments remain key to translating this diversification into stronger earnings growth.

Strong exposure to infrastructure-led demand, supported by established manufacturing capabilities and distribution reach

The company’s product portfolio is aligned with multiple infrastructure and industrial applications, including water supply, plumbing, roads, highways, bridges, oil & gas, agriculture and rural electrification. The Indian steel pipes and tubes industry is expected to benefit from continued infrastructure development, urbanization, industrial expansion and energy-related projects, with domestic demand for steel pipes projected to grow at approximately 5.5% CAGR between FY25 and FY30. These industry drivers provide a favourable backdrop for demand across both conventional and value-added pipe segments. Jindal Supreme’s manufacturing capabilities are supported by German ERW and galvanizing technology, automated crash barrier and tubular pole fabrication lines, and in-house testing and certification protocols. Its products are manufactured in accordance with Indian Standards, with the company also highlighting compliance with ASTM and BIS standards. These capabilities support product quality, consistency and the ability to cater to diverse customer requirements. The company has also established a distribution network that can support market penetration beyond its existing institutional customer base. Its dealer network increased to 53 dealers as of June 30, 2026, and management intends to expand coverage into untapped geographies, including Tier-II and Tier-III cities, where demand for construction and infrastructure-related steel products is rising. A wider distribution footprint could improve market access and support higher volumes as manufacturing capacity expands.

Valuation of Jindal Supreme (India) Ltd

Jindal Supreme is positioned to benefit from the medium- to long-term growth in India’s steel pipes and tubes industry, supported by infrastructure development, urbanisation, industrial expansion, water and energy infrastructure and rising steel consumption. The company is gradually diversifying beyond its core MS black and galvanized pipe business into value-added infrastructure products such as metal beam crash barriers and GI tubular poles, while higher galvanizing capacity and an expanding dealer network provide scope for deeper market penetration and an improved product mix. Operating performance has strengthened meaningfully over FY24-FY26, with revenue, EBITDA and PAT registering 2.2%, 40.4% and 32.3% CAGR, respectively, while EBITDA margin expanded from 3.27% in FY24 to 6.16% in FY26, reflecting improving operating leverage. However, PAT declined in FY26 despite higher EBITDA, primarily due to higher finance and other costs, highlighting the need for sustained earnings growth and improved capital efficiency. Going forward, higher capacity utilization, increasing contribution from value-added products, expansion of the dealer network and lower finance costs following the proposed debt repayment could support earnings growth and improve return ratios. Nevertheless, the business remains exposed to steel-price volatility, working-capital intensity and competitive pressures from larger industry players. At ~16.6x FY26 earnings, the issue valuation appears relatively demanding; however, the company’s improving operating profile, diversification into value-added products and potential balance-sheet strengthening provide a constructive medium-term outlook. Given the growth opportunities and deleveraging potential, we recommend a subscribe rating to the issue, with the outlook contingent on sustained volume growth, margin expansion and successful scaling of the newer product categories.

What is the Jindal Supreme (India) Ltd IPO?

The initial public offer (IPO) of Jindal Supreme (India) Ltd an early investment opportunity in. A stock market investor can buy Jindal Supreme (India) Ltd IPO shares by applying in IPO before Jindal Supreme (India) Ltd get listed at the stock exchanges. An investor could invest in Jindal Supreme (India) Ltd for short term listing gain or a long term.

To apply for the Jindal Supreme (India) Ltd through StoxBox one can apply from the website and also from the app. Click here

Jindal Supreme (India) Ltd IPO is opening on 16th Sep 2026.  Apply Now

The Lot Size of Jindal Supreme (India) Ltd 161 equity shares. Login to your account now.

The allotment Date for Jindal Supreme (India) Ltd IPO 21st  Sep 2026.  Login to your account now.

The listing Date for Jindal Supreme (India) Ltd is 23rd Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,973 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,649 Login to your account now

  • The company remains exposed to fluctuations in the prices and availability of key raw materials, particularly MS coils, MS hot-rolled coils and galvanizing materials. Sharp increases in input costs or supply disruptions could pressure gross margins, production costs and overall profitability, particularly if higher costs cannot be passed on to customers.
  • MS black and galvanized pipes together accounted for 69.55% of revenue from operations in FY26, indicating continued dependence on the core pipe business. Any slowdown in demand, delays in order placement or slower-than-expected diversification into newer product categories could constrain revenue growth, profitability and cash flows.
  • The company operates in a competitive market across ERW/MS black pipes and tubes, galvanized pipes and tubes, GI tubular poles and metal beam crash barriers. Competition on pricing, product quality, product range and delivery capabilities, coupled with the larger scale, distribution reach and financial resources of established players, could limit market-share gains and exert pressure on margins.

The Jindal Supreme (India) Ltd will be credited to the account on allotment date which is 21st Sep 2026. Login to your account 

The prospectus of Jindal Supreme (India) Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE

SS Retail Ltd: SUBSCRIBE

  • Date

    16th Sep 2026 - 18th Sep 2026

  • Price Range

    Rs 403 to Rs 424

  • Minimum Order Quantity

    35

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Price Lot Size Issue Date Issue Size
₹403 to ₹424 35 16th Sep, 2026 – 18th Sep, 2026 ₹500 Cr

SS Retail Ltd

SS Retail Ltd. is a multi-brand retail chain engaged in the retailing of mobile phones, accessories and other electronic products, with operations across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat. The company primarily focuses on mobile phone and accessory retailing in Tier II, Tier III and beyond cities, while also catering to metro, mini-metro and Tier I markets. As of March 31, 2026, the company operated 503 stores across 215 cities, including 458 stores in Maharashtra, making it the largest mobile phone retail chain in West India and Maharashtra and the third-largest in India among its peers, as per the Knowledge company Report. The company has rapidly scaled its retail network from 236 stores across 109 cities in FY24 to 503 stores across 215 cities in FY26, registering a CAGR of 45.9%, which was around 2.4x the peer average of 19.3%. Its stores covered 2,41,365 sq. ft. as of March 31, 2026, with sales per sq. ft. of Rs. 1,46,347 in FY26, the highest among peers, reflecting strong store productivity and efficient space utilization. As of July 31, 2026, the network had further expanded to 536 stores covering 2,60,597 sq. ft. The company operates primarily under its proprietary brand ‘SS Mobile’, its flagship brand offering mobile phones, accessories and electronic products through Large, Medium and Small Format Stores; ‘Mobile Exchange Wala’, launched in FY23 for retailing pre-owned smartphones through a shop-in-shop format; and ‘The Mobile Space’, also launched in FY23 to strengthen brand visibility and customer acquisition in Tier II, Tier III and beyond cities through Medium and Small Format Stores. In FY26, the company acquired a 51.0% stake in Olineo Nexus India Private Limited, which operates in a similar business and became a subsidiary effective January 27, 2026, adding 34 stores in Maharashtra. In addition, the company operates five exclusive brand outlets or ‘smartphone cafes’ in Maharashtra, located across Kolhapur, Pune and Sangli.

Objective of SS Retail Ltd

The IPO consists of a fresh issue of Rs. 360 crores and an offer for sale of 140 crores.

The company proposes to utilize the proceeds from the issue towards the following objects:

  • Funding capital expenditure for Fit Outs towards setting up of new stores in FY27 and FY28;
  • Part funding of the incremental working capital requirements of the company; and
  • General corporate purposes.

Rationale To SS Retail Ltd

Investment Rationale

Asset-light franchise models with strong local partner advantage

The company’s differentiated Company-Owned, Franchisee-Operated (COFO) and Franchisee-Owned, Franchisee-Operated (FOFO) models have enabled rapid store expansion while keeping the business relatively asset-light. As of March 31, 2026, COFO and FOFO stores accounted for 62.8% and 20.5% of the total store network, respectively. Revenue from operations under the COFO model grew at a 32.0% CAGR between FY24 and FY26, while the FOFO model delivered a significantly higher 110.5% CAGR, albeit on a smaller base. Under COFO, the company leases the store and the franchisee operates it, with the company bearing the operating costs, while under FOFO, the franchisee both leases and operates the store and bears the associated operating expenses. In both models, inventory ownership remains with the company, while franchisees contribute partially towards store set-up costs. The relatively asset-light nature of these models has supported faster network expansion, with the company adding 127 COFO stores and 84 FOFO stores between FY24 and FY26. A key differentiator is the company’s Local Partners Approach, wherein franchisees are selected based on their local presence, retail experience and dependence on store performance for their income. This enables franchisees to leverage their understanding of local customer preferences, language and market dynamics, particularly in Tier II, Tier III and beyond cities. The resulting local customer connect supports faster customer acquisition while reducing customer acquisition costs and strengthening the company’s regional presence. Further, the structured onboarding and training programme, ‘SS Gurukul’, comprising classroom and on-field training, along with standard operating procedures, helps ensure consistency in customer service, workflows, marketing practices and compliance across stores. Overall, the combination of asset-light expansion, local market expertise and performance-linked franchisee incentives provides the company with a scalable model to expand its footprint while maintaining operational efficiency.

Strong Tier II/III Presence Supported by Data-Driven Store Expansion

The company’s established track record and deep understanding of diverse regional markets, particularly Tier II, Tier III and beyond cities, provide a strong foundation for sustained growth. As of FY26, 17.9% of its stores were located in Tier II cities and 51.7% in Tier III and beyond cities, positioning the company to benefit from rising smartphone penetration, increasing financing availability, 4G/5G adoption and premiumization in these markets. The company has also capitalized on the growing demand from first-time upgraders and customers trading up to entry-premium and mid-premium 5G smartphones, which has supported the growth of its Mobile Exchange Wala brand. Revenue from operations from Tier II and Tier III and beyond cities grew at CAGR of 37.2% and 35.5%, respectively, between FY24 and FY26. The company follows a cluster-based and data-driven store expansion strategy, wherein it first evaluates population density, market potential, consumer demographics, competitive intensity, footfall, accessibility, rental economics and estimated store-level profitability before entering a region. By establishing multiple stores within identified clusters, the company is able to build stronger local brand recall, achieve scale benefits, improve customer retention and reduce customer acquisition costs. Its structured approval process, supported by regional, legal and management reviews, also helps optimize store selection and minimize the risk of underperforming locations. This disciplined approach is reflected in the relatively low number of store closures, with only 27, 12 and 5 stores closed in FY26, FY25 and FY24, respectively, representing an average closure rate of just 3.7% of closing store counts during FY24-FY26. The combination of regional expertise, concentrated market expansion and disciplined site selection positions the company well to capture the continued growth opportunity in India’s Tier II and Tier III and beyond smartphone markets.

Valuation of SS Retail Ltd

SS Retail Ltd. is an organized multi-brand retailer of smartphones, accessories, and consumer electronics, maintaining a dominant market footprint in West India while steadily broadening its geographical reach across neighboring states. The company operates a differentiated multi-brand retail architecture comprising its flagship SS Mobile outlets, its value-tier brand The Mobile Space aimed at regional consumer penetration, and Mobile Exchange Wala, a dedicated shop-in-shop concept facilitating the exchange, purchase, and sale of pre-owned smartphones. Its business expansion is anchored primarily on a scalable, asset-light distribution strategy driven by franchisee-operated models that minimize direct corporate real-estate overheads while leveraging local entrepreneurship to drive store-level performance.  The Indian consumer electronics and smartphone retail market continues to benefit from structural multi-year tailwinds, underpinned by rising disposable incomes, premiumization trends, shortened device replacement cycles, and expanding consumer financing availability across Tier II and Tier III+ markets. Furthermore, the organized pre-owned smartphone and mobile accessories segments are witnessing rapid growth, driven by aspirational upgrades and demand for standardized, certified devices outside metropolitan areas. From a financial perspective, the company operates a high-velocity, inventory-turnover-driven model delivering solid earnings compounding. Revenue from operations expanded from Rs. 1,206.7 crores in FY24 to Rs. 1,597.9 crores in FY25, reaching Rs. 2,351.0 crores in FY26 (a two-year CAGR of 39.58%), backed by aggressive store expansion and an 11.1% same-store sales growth trajectory. Over the same period, gross profit grew from Rs. 128.8 crores (10.7% margin) to Rs. 286.36 crore (12.1% margin), while Operating EBITDA increased from Rs. 56.50 crores (4.68% margin) to Rs. 125.1 crores (5.3% margin), driven by higher-margin accessories and pre-owned handset sales. Restated PAT advanced from Rs. 26.7 crores (2.2% margin) in FY24 to Rs. 59.2 crores (2.5% margin) in FY26. Net working capital cycle was maintained at 46 days in FY26 (inventory at 55 days, receivables at 3 days), with operating cash flows improving from negative Rs. 4.9 crores in FY24 to positive Rs. 32.5 crores in FY26. Outstanding debt stood at Rs. 275.2 crores as of July 31, 2026, with a debt-to-equity ratio of 0.7x as of March 31, 2026. On the valuation front, based on FY26 diluted EPS of Rs. 9.1, the company commands a P/E multiple of approximately 46.5x at the upper end of the price band. Given its market leadership in core regional clusters, scalable capital-efficient franchisee model, and high return profile with an ROE exceeding 30%, SS Retail offers a compelling compounding narrative in India’s organized electronics retail landscape. While high geographic concentration in Maharashtra, supplier reliance, and working capital intensity remain key monitorables, the medium-to-long term outlook stays positive, justifying its premium valuation relative to select regional retail peers. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the SS Retail Ltd IPO?

The initial public offer (IPO) of SS Retail Ltd an early investment opportunity in. A stock market investor can buy SS Retail Ltd IPO shares by applying in IPO before SS Retail Ltd get listed at the stock exchanges. An investor could invest in SS Retail Ltd for short term listing gain or a long term.

To apply for the SS Retail Ltd through StoxBox one can apply from the website and also from the app. Click here

SS Retail Ltd IPO is opening on 16th Sep 2026.  Apply Now

The Lot Size of SS Retail Ltd 35 equity shares. Login to your account now.

The allotment Date for SS Retail Ltd IPO 21st  Sep 2026.  Login to your account now.

The listing Date for SS Retail Ltd is 23rd Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,840 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,92,920 Login to your account now

  • The company derives a significant 86.2% of its FY26 revenue from mobile phone retailing, compared with 87.6% in FY25 and 88.3% in FY24. Any slowdown in the mobile phone industry, weak consumer spending or adverse economic conditions could reduce product demand and negatively impact the company’s revenue, profitability and operating performance.
  • The company has significant dependence on its top 10 suppliers, which accounted for 79.1%, 89.4% and 88.4% of purchases of traded goods in FY26, FY25 and FY24, respectively. Any disruption, delay or failure in supply from these key suppliers could affect product availability and adversely impact the company’s sales, reputation, cash flows, financial condition and operating performance.
  • The company has significant dependence on Maharashtra, with 458 stores accounting for 91.05% of its total store network as of March 31, 2026. Maharashtra contributed 89.1%, 92.3% and 94.1% of revenue from operations in FY26, FY25 and FY24, respectively. Any adverse changes in the political, social or economic environment in Maharashtra could therefore materially impact the Company’s revenue, profitability, cash flows and financial condition.

The SS Retail Ltd will be credited to the account on allotment date which is 21st Sep 2026. Login to your account 

The prospectus of SS Retail Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE

Manika Plastech Limited: SUBSCRIBE

  • Date

    11th Sep 2026 - 16th Sep 2026

  • Price Range

    Rs 40 to Rs 43

  • Minimum Order Quantity

    125

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Price Lot Size Issue Date Issue Size
₹40 to ₹43 348 11th Sep, 2026 – 16th Sep, 2026 ₹125 Cr

Manika Plastech Limited

Manika Plastech Limited (Manika) is a design-led, precision-engineered rigid polymer packaging manufacturer primarily engaged in the production of battery casings, pails and thinwall containers, along with painting services for automotive components. The company caters to customers across automotive, renewable energy, power backup, railways, paints, lubricants, agrochemicals, construction chemicals, food, and dairy industries. Battery casings remain the largest product segment, contributing 56.5% of revenue in FY26, while pails and thinwall containers contributed 30.5%. Its products are manufactured primarily using polypropylene co-polymer (PPCP) and recycled polymers through injection moulding, with capabilities spanning product design, mould development, manufacturing, labelling, quality testing and delivery. Manika operates six manufacturing facilities across Dehradun, Hosur, Panipat, Una and Dadra, with an aggregate installed capacity of 29,200 MTPA, alongside a painting facility at Hosur. The company has developed over 6,700 products and owns more than 800 moulds, supporting a customised product portfolio tailored to customer requirements. Its customer relationships are characterised by high repeat business, with repeat customers contributing 96.4% of FY26 revenue. Going forward, Manika plans to expand capacity to 38,000 MTPA, invest in additional injection moulding and in-mould labelling equipment, and introduce injection stretch blow moulding technology to enter new packaging segments such as bottles for FMCG, personal care, beverages, and pharmaceuticals.

Objective of Manika Plastech Limited

The IPO consists of a fresh issue of Rs. 92 crores and an offer for sale of Rs. 33 crores.

The company proposes to utilize the proceeds from the issue towards the following objects:

  • Funding the capital expenditure towards purchase of plant and machinery;
  • Repayment and/or pre-payment, in part or full, of certain borrowings availed by the company; and
  • General corporate purposes

Rationale To Manika Plastech Limited

Investment Rationale

Strong customer stickiness supported by proximity-led manufacturing and high switching costs

Manika Plastech has established a sticky, repeat-driven customer base through a combination of strategically located manufacturing facilities, customised product capabilities and stringent customer qualification requirements. The company typically establishes facilities and warehouses in close proximity to key customers, which allows it to offer shorter lead times, optimise logistics and inventory costs, and provide greater supply-chain reliability. This proximity also enables Manika to align its manufacturing capacity with the expansion plans of its customers, creating opportunities to increase wallet share as customers scale their own operations. For instance, the company has historically expanded its manufacturing footprint alongside the growth of key battery customers, including Luminous and Livguard. The stickiness of these relationships is further supported by high entry barriers and customer switching costs. Manika supplies customised products, including critical battery casings, which need to meet specific technical, quality and dimensional requirements. This creates a meaningful barrier for new entrants and supports Manika’s high repeat business, while its ability to offer design, mould development, manufacturing, labelling and quality assurance under one roof further strengthens customer integration.

Scalable growth platform supported by capacity expansion and product diversification

Manika has been expanding its manufacturing capacity in line with the growth in its business. Installed capacity increased from 24,900 MTPA in FY24 to 29,200 MTPA in FY26, while utilisation has also improved from around 75% in FY24 to nearly 80% in Q1FY27. The company plans to take requiring a complete change in its manufacturing footprint and should allow the company to cater to incremental requirements from existing customers as well as new customer additions. Growth is also expected to come from broadening the product portfolio. Alongside its existing battery casings, pails and thinwall containers, Manika plans to introduce injection stretch blow moulding (ISBM) capabilities, which would allow it to manufacture products such as bottles and jars. This could give the company access to additional packaging applications across personal care, cosmetics, beverages, and pharmaceuticals. The company is also exploring expansion in southern India, which could improve its ability to serve customers in the region. This provides some visibility for utilising incremental capacity; particularly where existing customers increase their outsourcing requirements or add new products. However, the pace of growth will still depend on customer demand, successful commissioning of the planned capacity and the company’s ability to establish the new product categories.

Valuation of Manika Plastech Limited

Manika Plastech is a design-led rigid polymer packaging manufacturer with an established presence across battery casings, pails and thinwall containers, supported by its diversified customer base and manufacturing footprint. The company’s growth prospects remain favourable, supported by the planned expansion of installed capacity from 29,200 MTPA to 38,000 MTPA, increasing wallet share from existing customers and entry into new packaging applications through injection stretch blow moulding technology. The company also operates in an industry with structural demand drivers, with India’s rigid plastic packaging market expected to grow at a CAGR of 6.8% between FY25 and FY29E, supported by growth across energy, paints and lubricants, food and beverages, personal care and other end-use industries. Financial performance has improved meaningfully, with revenue from operations, EBITDA and PAT growing at a CAGR of 9.9%, 37.3% and 39.4%, respectively, during FY24-FY26. EBITDA margin expanded from 8.6% in FY24 to 13.3% in FY26, while PAT margin improved from 3.2% to 5.1%, with margins improving further to 15.0% and 8.0%, respectively, in Q1 FY27. At the CMP of Rs. 43, the stock is valued at 18.2x FY26 P/E based on diluted EPS of Rs. 2.4. Considering the company’s improving profitability, structural growth in the rigid packaging industry, planned capacity expansion, diversification into new product categories and high repeat business from existing customers, we believe the current valuation is reasonable and recommend a “SUBSCRIBE” rating to the issue.

What is the Manika Plastech Limited IPO?

The initial public offer (IPO) of Manika Plastech Limited an early investment opportunity in. A stock market investor can buy Manika Plastech Limited IPO shares by applying in IPO before Manika Plastech Limited get listed at the stock exchanges. An investor could invest in Manika Plastech Limited for short term listing gain or a long term.

To apply for the Manika Plastech Limited through StoxBox one can apply from the website and also from the app. Click here

Manika Plastech Limited IPO is opening on 11th Sep 2026.  Apply Now

The Lot Size of Manika Plastech Limited 384 equity shares. Login to your account now.

The allotment Date for Manika Plastech Limited IPO 17th  Sep 2026.  Login to your account now.

The listing Date for Manika Plastech Limited is 21st Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,964 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,532 Login to your account now

  • Manika derives a significant portion of its revenue from a limited number of customers. Revenue from the top five customers accounted for 58.8% in Q1FY27, 63.0% in FY26, 68.4% in FY25 and 64.3% in FY24. The RHP notes that changes in the industries in which these customers operate, changes in purchasing behaviour, delays or cancellations of orders, or renegotiation of terms could adversely affect revenue and profitability.
  • Manika is substantially dependent on PPCP, which accounted for 89.4% of total purchases in Q1 FY27 and 74.7% in FY26. Further, 66.8%-79.9% of raw material purchases were sourced from its top five suppliers during the periods disclosed, despite the absence of long-term purchase agreements with these suppliers. Any disruption in supply or increase in raw material prices could increase production costs and affect margins, particularly if the company is unable to fully pass on the higher costs to customers.
  • Battery casings remain Manika’s largest product category, contributing 54.4% of revenue in Q1FY27 and 56.5% in FY26, compared with 65.6% in FY25 and 67.3% in FY24. reduction in demand for battery casings could adversely affect the company’s business and financial performance. Demand can also be affected by geopolitical events, price movements, technological changes, substitute products and changes in demand and supply.

The Manika Plastech Limited will be credited to the account on allotment date which is 17th Sep 2026. Login to your account 

The prospectus of Manika Plastech LimitedIPO prospectus can be found on the website of SEBI, NSE and BSE

Veegaland Developers Ltd: SUBSCRIBE

  • Date

    10th Sep 2026 - 15th Sep 2026

  • Price Range

    Rs 130 to Rs 140

  • Minimum Order Quantity

    107

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Price Lot Size Issue Date Issue Size
₹130 to ₹140 107 10th Sep, 2026 – 16th Sep, 2026 ₹210 Cr

Veegaland Developers Ltd

Veegaland Homes is a Kerala-based real estate development company engaged in the planning, development and sale of multi-storied residential apartments across the mid-premium, premium, ultra-premium, luxe-series and ultra-luxury segments. Operating under the ‘Veegaland Homes’ brand, the Company has established a presence across key markets in Kerala, including Kochi, Thiruvananthapuram, Kozhikode and Thrissur. As per the ICRA Report, the Company was ranked as Kerala’s fastest-selling real estate developer as of December 8, 2025. Veegaland Homes is part of the broader V-Guard Group, founded by promoter Kochouseph Thomas Chittilappilly, which has diversified interests across consumer electricals, entertainment and fashion. Incorporated in 2007, the Company commenced its real estate operations in 2011 with its first project, ‘Green Clouds’, an ultra-luxury residential development in Kochi. As of June 30, 2026, Veegaland Homes had completed 10 residential projects with an aggregate saleable area of 11.05 lakh sq. ft. across 692 units, including units allocated to landowners under JDAs. All units across the completed projects have been fully sold, highlighting strong absorption and the Company’s execution track record. The Company currently has 12 ongoing projects with a total saleable area of 18.57 lakh sq. ft. comprising 987 units, of which 637 units representing 11.72 lakh sq. ft. have been sold, resulting in 63.6% sales penetration. Additionally, the Company has an upcoming project pipeline of approximately 4.62 lakh sq. ft. across 212 units, currently at various pre-construction stages. The Company follows an asset-light execution model, with construction activities undertaken through third-party contractors and specialized architectural, structural and MEP services provided by external consultants. An in-house engineering team oversees project planning, execution, quality control and regulatory compliance. Contractors are selected through a structured tendering process based on technical capabilities, execution track record, financial strength, safety practices and commercial terms. This model, coupled with the Company’s established presence in Kerala, strong project absorption and sizeable ongoing and upcoming pipeline, provides visibility for sustained growth in the residential real estate market.

Objective of Veegaland Developers Ltd

The IPO consists of a fresh issue of Rs. 1.5 crores.

The company proposes to utilize the proceeds from the issue towards the following objects:

  • Funding a part of the expense to be incurred in the development of the ongoing projects; and
  • Funding unidentified acquisition of land and general corporate purposes.

Rationale To Veegaland Developers Ltd

Investment Rationale

Established track record of execution, complete project absorption, and market-leading sales velocity

Veegaland Developers Limited has established a proven operational track record characterized by timely project delivery, disciplined construction milestone management, and high commercial absorption across Kerala’s primary urban centers. Across its 10 Completed Projects covering 11.05 lakh sq. ft. of total saleable area and 692 residential units, the company has achieved a 100% sales realization rate. This strong commercial momentum carries directly into its active development pipeline. As of June 30, 2026, the company had 12 Ongoing Projects comprising 994 units with 18.57 lakh sq. ft. of saleable area, of which 637 units aggregating 11.72 lakh sq. ft. (or 63.62% of saleable area excluding Joint Development Arrangements) were already sold and booked by customers. Further supported by industry recognition in the ICRA Report identifying Veegaland as Kerala’s fastest-selling real estate developer, this rapid sales velocity provides multi-year revenue visibility, secures predictable milestone-linked customer collections, and minimizes inventory carrying risks across fluctuating market cycles.

Disciplined sourcing model, robust growth pipeline, and established promoter heritage

The company utilizes a calibrated land procurement framework that blends freehold outright land purchases with selective, capital-efficient Joint Development Arrangements (JDAs). This strategy allows Veegaland to secure strategically located parcels across key growth hubs, including Kochi, Kozhikode, Thrissur, and Thiruvananthapuram while managing leverage, controlling upfront capital expenditure, and maintaining development flexibility. Its forward pipeline remains robust, with 12 Ongoing Projects (18.57 lakh sq. ft.) and 3 Upcoming Projects (4.62 lakh sq. ft.), providing an aggregate development footprint of over 23.19 lakh sq. ft.. Complementing this pipeline is the extensive business reputation and brand equity of promoter Kochouseph Thomas Chittilappilly, founder of listed leaders V-Guard Industries Limited and Wonderla Holidays Limited. This corporate pedigree strengthens retail buyer trust, expands access to Non-Resident Keralite (NRK) demographics, and supports banking relationships, creating a scalable platform for sustainable operational and financial expansion.

Valuation of Veegaland Developers Ltd

Veegaland Developers is a Kerala-focused residential real estate developer operating under the ‘Veegaland Homes’ brand, with presence across Kochi, Thiruvananthapuram, Kozhikode and Thrissur. Backed by the V-Guard Group, the Company has established a strong execution track record with 10 completed projects, 12 ongoing projects and a sizeable upcoming project pipeline, while achieving 100% sell-through across its completed projects. The Indian real estate sector has witnessed strong structural growth, supported by rising urbanization, increasing household incomes, nuclearization of families and improving housing affordability. According to the industry assessment, the Indian real estate market is valued at Rs. 29.5 trillion in FY24 and is projected to reach Rs. 69.8 trillion by FY30. Residential real estate remains the largest segment, supported by increasing preference for organized developers, premiumization and sustained demand for quality housing. Kerala’s residential market is also expected to benefit from urbanization, NRI-led housing demand and increasing preference for branded developers. Financially, the Company has demonstrated strong growth, with revenue from operations increasing from Rs. 110.8 crores in FY24 to Rs. 192.4 crores in FY25 and Rs. 251.0 crores in FY26, implying a 51% CAGR over FY24-FY26. EBITDA increased from Rs. 12.9 crores to Rs. 39.5 crores during the same period, while PAT grew from Rs. 7.9 crores to Rs. 26.6 crores, translating into 84% PAT CAGR. PAT margin remained healthy at 10.6% in FY26, while the Company’s debt profile improved materially, with borrowings declining from Rs. 177.0 crores in FY25 to Rs. 85.6 crores in FY26. The strong project pipeline and 63.6% sales penetration across ongoing projects provide visibility for future revenue and cash flows. At the upper price band of Rs. 140, the IPO is valued at 15.9x FY26 P/E, based on diluted EPS of Rs. 8.7. The issue appears reasonably valued against listed industry peers, particularly when viewed alongside Veegaland’s superior return profile (FY26 RoNW of 16.0%). The valuation therefore appears reasonable considering the company’s strong earnings growth, healthy return profile, established brand and robust project pipeline. We recommend a SUBSCRIBE rating for the issue, considering the company’s strong execution track record, rapid growth in revenue and profitability, improving balance sheet, healthy project absorption and favourable long-term prospects for residential real estate in Kerala.

What is the Veegaland Developers Ltd IPO?

The initial public offer (IPO) of Veegaland Developers Ltd an early investment opportunity in. A stock market investor can buy Veegaland Developers Ltd IPO shares by applying in IPO before Veegaland Developers Ltd get listed at the stock exchanges. An investor could invest in Veegaland Developers Ltd for short term listing gain or a long term.

To apply for the Veegaland Developers Ltd through StoxBox one can apply from the website and also from the app. Click here

Veegaland Developers Ltd IPO is opening on 10th Sep 2026.  Apply Now

The Lot Size of Veegaland Developers Ltd 107 equity shares. Login to your account now.

The allotment Date for Veegaland Developers Ltd IPO 16th  Sep 2026.  Login to your account now.

The listing Date for Veegaland Developers Ltd is 18th Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,980 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,740 Login to your account now

  • The company’s operations are entirely concentrated in Kerala, making its business performance highly dependent on the state’s residential real estate market conditions. Any adverse changes in regulatory policies, economic conditions, or climatic events in Kerala could negatively impact demand, project execution and overall business operations, thereby adversely affecting the company’s financial condition, results of operations and cash flows.
  • The timely execution and completion of the company’s ongoing and upcoming projects are subject to various risks and uncertainties. Any delays in project completion, cost overruns or inability to execute projects as planned could adversely impact the Company’s business operations, results of operations and financial condition.

The Veegaland Developers Ltd will be credited to the account on allotment date which is 16th Sep 2026. Login to your account 

The prospectus of Veegaland Developers Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE

Asset Reconstruction Company (India) Ltd: SUBSCRIBE

  • Date

    09th Sep 2026 - 11th Sep 2026

  • Price Range

    Rs 132 to Rs 139

  • Minimum Order Quantity

    107

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Price Lot Size Issue Date Issue Size
₹132 to ₹139 107 09th Sep, 2026 – 11th Sep, 2026 ₹733 Cr

Asset Reconstruction Company (India) Ltd

Asset Reconstruction Company (India) Limited (ARCIL) is a pioneer in India’s asset reconstruction industry and was the first Asset Reconstruction Company (ARC) to be incorporated in the country in 2002. The company is headquartered in Mumbai, and operates through a network of 13 offices across 12 states, giving it a presence across major financial and commercial centres including Delhi, Ahmedabad, Bengaluru, Chennai, Hyderabad and Kolkata. ARCIL primarily focuses on acquiring stressed assets including non-performing assets (NPAs), special mention accounts and written-off accounts from banks and financial institutions, and subsequently resolving these assets to maximise recoveries and generate returns. ARCIL’s business is organised into three principal portfolio segments which are Corporate Loans, Retail Loans, and SME & Other Loans. Corporate Loans constitute the core of the business, accounting for 69% of total AUM, and comprise large-scale distressed corporate exposures. Retail Loans, covering secured and unsecured consumer assets such as housing loans, vehicle loans and credit-card receivables, represented 24% of AUM making it an important growth segment. SME & Other Loans accounted for the remaining 7% of AUM. ARCIL generates revenue through two principal streams, fee income and investment income. Fee income comprises management fees, trusteeship fees, collection fees and resolution fees charged to the trusts holding the acquired stressed assets. In FY26, fee income contributed 53% of consolidated revenue from operations, while investment income contributed the remaining 47%. Investment income represents the potential upside from ARCIL’s own capital invested in security receipts issued by these trusts.

Objective of Asset Reconstruction Company (India) Ltd

The offer comprises an offer for sale of Rs. 733 crores; the company will not receive any funding and the entire proceeds of the issue will go towards the selling shareholders.

Rationale To Asset Reconstruction Company (India) Ltd

Investment Rationale

Established market position supported by scalable stressed-asset acquisition capabilities

ARCIL’s position as India’s first asset reconstruction company provides it with a meaningful competitive advantage through its long operating track record, established relationships with banks and financial institutions, and familiarity with the evolving regulatory framework governing the asset reconstruction industry. This first-mover position has enabled ARCIL to build institutional relationships and operating capabilities over more than two decades, supporting its ability to participate consistently in the acquisition and resolution of stressed assets. The company’s scale further strengthens this franchise, with ARCIL being the second-largest ARC in India by AUM at Rs. 16,852 crores in FY25, with AUM increasing to Rs. 20,150 crores by FY26. This scale provides a sizeable platform from which the company can deploy its established acquisition, resolution and collection infrastructure across multiple stressed-asset segments. Importantly, ARCIL’s scale is complemented by a disciplined approach to asset acquisition. Its credit assessment and risk-management framework incorporates historical portfolio performance, proprietary technology, borrower analytics and recovery-probability assessments to support portfolio selection and pricing decisions. Its established relationships with a broad base of banks and financial institutions further support access to stressed-asset opportunities. In retail assets, borrower scorecards and credit-information checks enhance risk profiling and resolution decisions. The combination of an established franchise, sizeable AUM base, institutional relationships and data-driven acquisition capabilities positions ARCIL to selectively pursue stressed assets with comparatively attractive recovery potential. As the company continues adding assets to its existing platform, these established capabilities provide a foundation for scaling AUM while maintaining a measured approach to asset selection, resolution and recovery.

Diversified resolution platform drives profitability and financial flexibility

ARCIL’s ability to deploy multiple resolution and recovery mechanisms across different asset classes provide an important competitive advantage in monetising stressed assets. Depending on the characteristics of each portfolio, the company can utilise Insolvency and Bankruptcy Code (IBC) proceedings, mutual settlements, restructuring, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) and Debt Recovery Tribunal (DRT) led asset sales. This flexibility allows ARCIL to adapt its approach to the nature of the borrower, underlying security and recovery prospects rather than relying on a single resolution route. This resolution capability is supported by an established operating infrastructure comprising specialised teams, proprietary technology and an extensive external network. ARCIL uses technology-enabled asset tracking, case management and compliance systems, alongside tools that assess asset values, borrower history, recovery probabilities, sustainable business cash flows and associated litigation. Its collection infrastructure and network of valuers, collection agents and lawyers further strengthen execution across different geographies and asset categories. The platform is particularly relevant as ARCIL operates across corporate, retail and SME portfolios, each requiring different recovery and resolution approaches. Its long experience in retail and SME assets has also enabled it to build dedicated teams, processes, branches and technology for these segments. Together, the breadth of resolution mechanisms, specialised infrastructure and data-led decision-making create a flexible recovery platform that can tailor strategies to individual portfolios, support more consistent execution and improve the ability to unlock value from acquired stressed assets.

Valuation of Asset Reconstruction Company (India) Ltd

Asset Reconstruction Company (India) Limited (ARCIL) is India’s first asset reconstruction company, engaged in acquiring stressed assets from banks and financial institutions and resolving them through restructuring, settlements, enforcement of security interests and other recovery mechanisms. ARCIL operates across Corporate Loans, Retail Loans and SME & Other Loans, with Corporate Loans remaining the largest portfolio at 69% of AUM, followed by Retail at 24% and SME & Other Loans at 7%. Revenue is primarily generated through fees and investment income, with fee income contributing 53% and investment income 47% of consolidated revenue from operations in FY26. Growth is increasingly supported by portfolio diversification and technology-led recovery. ARCIL intends to increase its exposure to Retail and SME assets, expand acquisitions from micro finance institutions and pursue opportunities in unsecured stressed loans. It is also developing Collection as a Service (CAAS) for banks, using its auction engines, collection workflows and automated resolution capabilities to provide outsourced recovery services. The company is further enhancing AI, machine learning, geo-tracking, analytics and automated collection systems to improve recovery efficiency and accelerate asset monetization. Financially Revenue from Operations, EBITDA and PAT stood at 9%, 10% and 3% CAGR respectively for the period of FY24 to FY26. EBITDA margin improved from 73% to 74% in FY26, reflecting sustained operating efficiency. Going forward, ARCIL ’s growth is expected to be supported by continued expansion of its AUM, increasing participation in the growing retail stressed-asset market, and leveraging its established resolution and collection capabilities. The rapid increase in the retail portfolio indicates a deliberate diversification beyond its traditional corporate-loan focus, while its nationwide operating network provides a platform to pursue additional stressed-asset opportunities across geographies and borrower segments. There is no directly comparable listed pure-play ARC in India; key ARC peers such as Edelweiss, Phoenix and ACRE are unlisted, while JM Financial operates within the listed but diversified JM Financial group. ARCIL also compares favorably with peers on financial strength, with a 2% PAT-to-average-AUM ratio and 12% ROA, both among the highest in the peer set, while its 0.11 debt-to-equity ratio was the lowest among the top private ARCs. This reflects strong profitability, operating efficiency and a conservative capital structure. At the upper price band of Rs. 139, ARCIL is valued at a P/E of 11.1x with a diluted EPS of Rs. 12.5. Its improving Retail and SME mix, strong operating efficiency and potential increase in stressed-asset supply provide a constructive outlook. Therefore, we assign a “SUBSCRIBE” rating to the issue.

What is the Asset Reconstruction Company (India) Ltd IPO?

The initial public offer (IPO) of Asset Reconstruction Company (India) Ltd an early investment opportunity in. A stock market investor can buy Asset Reconstruction Company (India) Ltd IPO shares by applying in IPO before Asset Reconstruction Company (India) Ltd get listed at the stock exchanges. An investor could invest in Asset Reconstruction Company (India) Ltd for short term listing gain or a long term.

To apply for the Asset Reconstruction Company (India) Ltd through StoxBox one can apply from the website and also from the app. Click here

Asset Reconstruction Company (India) Ltd IPO is opening on 09th Sep 2026.  Apply Now

The Lot Size of Asset Reconstruction Company (India) Ltd 107 equity shares. Login to your account now.

The allotment Date for Asset Reconstruction Company (India) Ltd IPO 15th  Sep 2026.  Login to your account now.

The listing Date for Asset Reconstruction Company (India) Ltd is 17th Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,873 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,93,349 Login to your account now

  • ARCIL’s revenue and profitability are highly dependent on the size and composition of its AUM. Lower asset availability, increased competition or higher SR redemptions could reduce AUM and negatively impact earnings.
  • RBI inspections have identified certain policy and compliance deficiencies in the past. Further non-compliance could result in penalties, operational restrictions and reputational damage.
  • ARCIL depends on competitive bidding to acquire stressed assets at suitable prices. Limited asset supply, adverse economic conditions or unsuccessful bids could constrain growth, while delays in recovering acquired assets could further impact profitability. Its 69% corporate-loan AUM concentration also increases exposure to stress in the corporate sector.

The Asset Reconstruction Company (India) Ltd will be credited to the account on allotment date which is 15th Sep 2026. Login to your account 

The prospectus of Asset Reconstruction Company (India) Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE

Manipal Payment and Identity Solutions Limited: SUBSCRIBE

  • Date

    09th Sep 2026 - 11th Sep 2026

  • Price Range

    Rs 332 to Rs 339

  • Minimum Order Quantity

    44

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Price Lot Size Issue Date Issue Size
₹332 to ₹339 44 09th Sep, 2026 – 11th Sep, 2026 ₹805 Cr

Manipal Payment and Identity Solutions Limited

Manipal Payment and Identity Solutions Limited (formerly MCT Cards & Technology Limited), incorporated in 2008, is a key subsidiary of Manipal Technologies Limited (MTL) and part of the wider Manipal Group, which has a printing legacy dating back to 1948. The company operates under a single Payment and Identity Solutions segment and has expanded its capabilities through the acquisition of MTL’s Variable Data Printing and Secure Logistics business in 2024 and Revenue Assurance business in 2025. The company operates across four core verticals: Payment Solutions, Identification Solutions, Secure Solutions, and Smart Tagging & IoT Solutions. Its offerings include manufacturing and personalisation of credit, debit and prepaid cards, cheque books, contactless payment wearables and instant card issuance kiosks. Identification Solutions include Aadhaar cards, driving licences, vehicle registration certificates and transit cards, while Secure Solutions and Smart Tagging & IoT cover secure logistics, tamper-evident packaging, tax stamps, holograms and RFID-based tracking solutions. The company is one of the largest payment card manufacturers globally and in India, ranking 14th globally and highest among Indian manufacturers for combined chip and magstripe payment card shipments in CY23. In FY26, it held an estimated 36.4% share of credit card issuance and 30.9% share of debit card issuance in India, producing 13.54 million credit cards and 72.66 million debit cards. It has also billed over 1 billion Aadhaar cards across 12 regional languages. The company serves over 300 active customers across banking, financial services, government, insurance and commercial sectors. Its customer base includes 12 public sector banks, 22 private sector banks, 11 small finance banks, 78 co-operative banks and over 60 fintechs and payment banks, including SBI, HDFC Bank, ICICI Bank, Axis Bank, Airtel Payments Bank and Revolut. It also serves government departments through identity, driving licence, vehicle registration, tax stamp and public transit projects. Supported by 10 manufacturing facilities and personalisation bureaus across India, the company provides integrated manufacturing, personalisation and logistics capabilities. It also holds a patent for manufacturing dual-interface smart cards with metal face layers and supplies metal cards to India’s top four card issuers. The company operates in a highly regulated and security-sensitive industry, supported by Payment Card Industry Data Security Standard (PCI DSS) Level 1 Version 4.0.1, INTERGRAF and Card Quality Management certifications. It has maintained long-standing relationships with Mastercard and RuPay and exports payment cards and security products to over 15 countries, including the UK, Singapore, UAE, South Africa, Nigeria and Brazil. 

Objective of Manipal Payment and Identity Solutions Limited

The offer comprises entirely a fresh issue of Rs. 320 crores. The company proposes to utilise the net proceeds from the fresh issue towards: 

  • Funding capital expenditure of Rs. 238 crores towards purchase and installation of new and second-hand equipment across the company’s card manufacturing, personalisation, cheque printing and Smart Tagging & IoT facilities; and
  • General corporate purposes

Rationale To Manipal Payment and Identity Solutions Limited

Investment Rationale

Dominant market position supported by strong entry barriers and premiumisation

Manipal Payment and Identity Solutions has established a leading position in India’s payment card manufacturing market and a significant global presence. The company ranked 14th globally and highest among Indian manufacturers for combined chip and magnetic stripe card shipments in CY23. Domestically, it held an estimated 36.4% share of credit card issuance and 30.9% share of debit card issuance in FY26, providing significant operating scale and positioning it as a key beneficiary of the continued expansion of India’s payment card ecosystem. The market remains underpenetrated, with India having only 0.91 cards per capita, compared with 7.2 in the USA and 8.0 in China, while the payment card TAM is expected to grow at a 20.7% CAGR between FY25 and FY30. In addition, the mandatory 3-7 year card replacement cycle creates recurring re-issuance demand and supports long-term volume visibility. The company operates in a highly regulated and security-sensitive industry where certification and customer qualification requirements create significant barriers to entry. It has maintained long-standing certifications and relationships with global payment networks, including Mastercard for over 16 years and RuPay for over 9 years, alongside Payment Card Industry Data Security Standard (PCI DSS) Level 1 Version 4.0.1 and central bank-level INTERGRAF credentials. These requirements involve stringent security standards and regular audits, making it difficult for new players to replicate the company’s capabilities and customer relationships. The company is also well positioned to capture premiumisation in the card market through its patented dual-interface metal card technology. It supplies metal cards to India’s top four credit card issuers, which collectively account for more than 70% of credit cards outstanding, providing access to the fastest-growing premium segment and enabling a shift towards higher-value payment formats.

Integrated one-stop platform with sticky customers and multiple adjacent growth opportunities

The company has evolved beyond traditional card manufacturing into an integrated payment and identity solutions platform across Payment Solutions, Identification Solutions, Secure Solutions and Smart Tagging & IoT Solutions. The integration of MTL’s Variable Data Printing and Secure Logistics business in 2024 and Revenue Assurance business in 2025 has expanded its capabilities across cards, cheques, secure welcome kits, personalisation and last-mile logistics. This enables the company to offer banks a bundled, end-to-end solution rather than individual products, helping reduce turnaround times and logistical complexity while strengthening its position against single-product competitors. The company serves over 300 active customers, including leading public and private sector banks, fintechs, payment banks, NBFCs and government departments. Its customer base remains sticky, with 61.3% of customers having been serviced for more than five years and the top 10 customers having an average relationship of 12.5 years. This stickiness is particularly valuable in payment card manufacturing, where banks place significant importance on security, reliability and established operational relationships. Beyond its core card business, the company has multiple avenues for expansion across RFID, FASTags, smart tagging, IoT, e-governance and anti-counterfeiting solutions. It has already billed over 1 billion Aadhaar cards, pioneered polycarbonate driving licences and developed smart tax stamp and track-and-trace solutions. Its growing presence in e-passports, National Common Mobility Cards (NCMC) cards, smart wearables and international markets further expands the addressable opportunity, allowing the company to leverage its existing secure manufacturing and technology capabilities across new products and geographies.

Valuation of Manipal Payment and Identity Solutions Limited

Manipal Payment and Identity Solutions Limited is a leading player in India’s payment and identity solutions market, with an estimated 36.4% share of credit card issuance and 30.9% share of debit card issuance in FY26. Payment card volumes remained resilient, with the company billing 86.2 million chip-based payment cards in FY26, broadly in line with FY25. The company has also scaled its international operations rapidly, with banking card exports increasing from 2.25 million units in FY24 to 10.42 million units in FY26, while export revenue increased from Rs. 17.6 crores to Rs. 95.7 crores. Premiumisation is another key growth driver, with metal card production increasing to 0.52 million cards in FY26 and revenue rising from Rs. 16.0 crores in FY24 to Rs. 82.9 crores. The company’s diversified platform across payment cards, identification solutions, secure solutions and Smart Tagging & IoT solutions, coupled with a customer base of over 300 customers, provides multiple avenues for growth. However, legacy cheque printing and government identity businesses have moderated, with cheque volumes and government contract revenue declining over FY24-26. Working capital requirements have also increased, with net working capital days rising to 70.8 days in FY26, partly due to higher trade receivables following the Revenue Assurance acquisition. Profitability has strengthened despite modest revenue growth, with revenue increasing from Rs. 1,248 crores in FY24 to Rs. 1,327 crores in FY26, while EBITDA grew at a 12.8% CAGR from Rs. 335 crores to Rs. 426 crores. EBITDA margin expanded from 26.9% to 32.1%, supported by sourcing efficiencies and a favourable product mix. PAT remained broadly stable, while ROE and RoCE stood at 55.1% and 34.0% respectively, in FY26. The balance sheet has also strengthened materially, with Debt-to-Equity declining to 0.0x in FY26 from 1.1x in FY24. Looking ahead, increasing card penetration, recurring replacement cycles, premium metal cards, exports, identity solutions and the growing adoption of e-passports provide a strong structural growth opportunity. At the upper end of the price band of Rs. 339, the company is valued at 30.1x P/E, at a premium to 24.7x P/E for Seshaasai Technologies Limited, its closest listed peer in payment card manufacturing. We believe the premium is supported by Manipal Payment and Identity Solutions’ leading market position, stronger profitability, superior return ratios, diversified product portfolio and multiple growth opportunities. With a debt-free balance sheet and improving margins, the company is well placed to benefit from the structural growth in the payment and identity solutions market. Accordingly, we recommend a “SUBSCRIBE” rating from a medium to long-term perspective.

What is the Manipal Payment and Identity Solutions Limited IPO?

The initial public offer (IPO) of Manipal Payment and Identity Solutions Limited an early investment opportunity in. A stock market investor can buy Manipal Payment and Identity Solutions Limited IPO shares by applying in IPO before Manipal Payment and Identity Solutions Limited get listed at the stock exchanges. An investor could invest in Manipal Payment and Identity Solutions Limited for short term listing gain or a long term.

To apply for the Manipal Payment and Identity Solutions Limited through StoxBox one can apply from the website and also from the app. Click here

Manipal Payment and Identity Solutions Limited IPO is opening on 09th Sep 2026.  Apply Now

The Lot Size of Manipal Payment and Identity Solutions Limited 44 equity shares. Login to your account now.

The allotment Date for Manipal Payment and Identity Solutions Limited IPO 15th  Sep 2026.  Login to your account now.

The listing Date for Manipal Payment and Identity Solutions Limited is 17th Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,916 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,93,908 Login to your account now

  • The company has significant customer concentration, with its top 10 customers contributing 58.7% of FY26 revenue. Further, customer agreements typically have 3-5 year tenures with no exclusivity or minimum purchase commitments, while customers may terminate contracts at short notice, creating risks to revenue visibility and customer retention.
  • The company is exposed to supplier concentration and import dependence, with its top 10 suppliers accounting for 56.1% of FY26 purchases and imports contributing 49.6% of total purchases. The absence of routine cost pass-through mechanisms could expose margins to supply chain disruptions, geopolitical risks and foreign exchange movements.
  • The company plans to deploy Rs. 238 crores towards new and second-hand equipment across its manufacturing and personalisation facilities. Delays in installation, higher maintenance or procurement costs, equipment performance issues or lower-than-expected utilisation could affect the benefits from the planned capital expenditure.
  • The company remains exposed to legal, lease and contingent liability risks. Promoter-related legal proceedings are pending, while several manufacturing, personalisation and warehouse facilities operate under leases that require periodic renewal. In addition, bank guarantees of Rs. 130.8 crores and disputed central excise liabilities of Rs. 134.9 crores could result in additional financial exposure.

The Manipal Payment and Identity Solutions Limited will be credited to the account on allotment date which is 15th Sep 2026. Login to your account 

The prospectus of Manipal Payment and Identity Solutions Limited IPO prospectus can be found on the website of SEBI, NSE and BSE

LCC Projects Limited: SUBSCRIBE

  • Date

    09th Sep 2026 - 11th Sep 2026

  • Price Range

    Rs 139 to Rs 146

  • Minimum Order Quantity

    102

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Price Lot Size Issue Date Issue Size
₹139 to ₹146 102 09th Sep, 2026 – 11th Sep, 2026 ₹427 Cr

LCC Projects Limited

LCC Projects Limited is a multidisciplinary engineering, procurement, and construction (EPC) company primarily focused on irrigation and water supply infrastructure projects. The company has over two decades of experience in executing projects such as dams, barrages, canals, hydraulic structures, lift irrigation systems, pipeline networks, urban and rural water supply schemes, sewage treatment and desalination projects. Over time, LCC has also diversified into renewable energy, metro rail, mining, and other infrastructure projects, with operations spread across multiple states in India. As of March 31, 2026, the company had an order book of Rs. 7,953 crores across 103 projects, providing visibility for future execution. Irrigation and water supply remained the key revenue contributor, accounting for 87.4% of FY26 revenue from operations at Rs. 3,148 crores, followed by renewable energy at 6.7% (Rs. 242 crores), metro rail at 2.6% (Rs. 95 crores) and mining at 1.8% (Rs. 64 crores), with the balance contributed by road works, consultancy, and other activities. The business remains predominantly EPC-led, with EPC activities contributing 99.8% of FY26 revenue, while O&M accounted for the remaining 0.2%. Importantly, the company’s ongoing projects are relatively advanced, with 56.3% of projects having achieved more than 70% completion as of March 31, 2026, while 19.4% were in the 30-70% completion range, 8.7% were 10-30% complete and 15.5% were at less than 10% completion.

Objective of LCC Projects Limited

The company proposes to utilize the proceeds from the issue towards the following objects:

  • Purchase of equipment;
  • Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company; and
  • General corporate purposes.

Rationale To LCC Projects Limited

Investment Rationale

Strong order book and execution capabilities to drive growth visibility

LCC Projects Limited is a multidisciplinary EPC company with a strong position in the irrigation and water supply segment, supported by its track record of executing complex projects and completing 80 projects for government departments and other customers as of March 31, 2026. The company has built a strong and diversified order book of Rs. 7,953 crores, which has grown from Rs. 6,269 crores in FY24, with irrigation and water supply accounting for 83.3% of the order book, while the balance is spread across mining, roads, and metro rail projects. The order book provides healthy revenue visibility, with 56.3% of ongoing projects already more than 70% complete, supporting near to medium-term execution. Further, the company has been gradually diversifying its geographical presence, with FY26 revenue contribution from Gujarat and Rajasthan increasing to 39.6% and 10.2%, respectively, while dependence on Madhya Pradesh declined to 36.6% from 66.0% in FY24. The order book is predominantly government-led, with government departments accounting for 79.1% of the order book, providing visibility on project opportunities, while the company’s established execution capabilities, engineering expertise and financial strength position it favourably to participate in large infrastructure projects across geographies.

In-house technical capabilities and disciplined project selection supports execution and returns

LCC Projects’ in-house design and engineering capabilities, disciplined project selection and cost-focused execution model enable it to manage a significant portion of the project lifecycle internally, reducing reliance on third parties and supporting timely execution and cost optimization. The company has an in-house design and engineering team of 698 qualified engineers and technical personnel as of July 31, 2026, with an average experience of over five years, supported by technologies such as SCADA, WaterGEMS, Water Hammer, GIS, GPS, STAAD Pro and AutoCAD. Its pre-bid process involves site surveys, feasibility studies and detailed assessment of technical, construction and cost parameters, enabling the company to develop realistic project designs and competitive bids. LCC also follows a structured risk assessment framework covering customer, project, JV, design, operational and execution risks, while its project selection focuses on contracts with periodic milestone-based payments and escalation clauses to mitigate cash flow and cost overrun risks. Further, its integrated inventory management and resource mobilization systems support efficient utilization of equipment, materials, and manpower. This combination of technical capabilities, disciplined bidding, risk management and cost optimization has supported healthy returns, with RoCE and RoE at 24.9% and 32.1%, respectively, in FY26.

Valuation of LCC Projects Limited

LCC Projects is a multidisciplinary EPC company with a strong presence in irrigation and water supply projects, supported by its established execution track record, in-house engineering capabilities and presence across 12 states. The company’s growth prospects remain favourable, supported by its strategy to expand its geographical footprint, diversify into renewable energy, wastewater, desalination, railways, metro rail and sewerage projects, and increasingly target larger and more complex projects. Its order book stood at Rs. 7,953 crores as of FY26, providing healthy revenue visibility, while continued investments in technology, design and engineering capabilities and cost management are expected to improve operational efficiency and returns. The company’s revenue from operations, EBITDA and PAT grew at a CAGR of 21.5%, 34.6% and 53.2%, respectively, during FY24-FY26, with EBITDA margin improving from 10.9% in FY24 to 13.4% in FY26 and PAT margin from 5.0% to 8.0%. At the CMP of Rs. 146, the stock is valued at 14.0x FY26 P/E based on diluted EPS of Rs. 10.4 and 9.6x FY26 EV/EBITDA. Considering the company’s strong order book, proven execution capabilities, healthy earnings growth, increasing geographical and segmental diversification and focus on larger-value projects, we believe the current valuation is reasonable and recommend a “SUBSCRIBE” rating to the issue.

What is the LCC Projects Limited IPO?

The initial public offer (IPO) of LCC Projects Limited an early investment opportunity in. A stock market investor can buy LCC Projects Limited IPO shares by applying in IPO before LCC Projects Limited get listed at the stock exchanges. An investor could invest in LCC Projects Limited for short term listing gain or a long term.

To apply for the LCC Projects Limited IPO through StoxBox one can apply from the website and also from the app. Click here

LCC Projects Limited IPO is opening on 09th Sep 2026.  Apply Now

The Lot Size of LCC Projects Limited 102 equity shares. Login to your account now.

The allotment Date for LCC Projects Limited IPO 15th  Sep 2026.  Login to your account now.

The listing Date for LCC Projects Limited is 17th Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,892 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,93,596 Login to your account now

  • The company faces working capital and liquidity risks as trade receivables increased to Rs. 456 crores in FY26 from Rs. 250 crores in FY25, while receivables turnover declined to 10.2x from 14.4x, which could delay cash inflows, increase dependence on external borrowings and adversely impact project execution and profitability.
  • The company faces higher financial risk due to elevated leverage, with its debt-to-equity ratio at 0.97x in FY26, significantly higher than its peers, which could constrain financial flexibility, increase interest and refinancing risks, and limit funds available for growth and working capital.
  • The company faces significant customer concentration risk, with its top 10 customers contributing 72.3% of FY26 revenue, which could make revenue and cash flows vulnerable to the loss of key customers or any adverse changes in their financial condition.

The LCC Projects Limited will be credited to the account on allotment date which is 15th Sep 2026. Login to your account 

The prospectus of LCC Projects Limited IPO prospectus can be found on the website of SEBI, NSE and BSE

Rentomojo Ltd : SUBSCRIBE

  • Date

    09th Sep 2026 - 11th Sep 2026

  • Price Range

    Rs 384 to Rs 404

  • Minimum Order Quantity

    37

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Price Lot Size Issue Date Issue Size
₹384 to ₹404 37 09th Sep, 2026 – 11th Sep, 2026 ₹1256 Cr

Rentomojo Ltd

Rentomojo operates a technology-driven, full-stack direct-to-consumer (D2C) online rental and subscription platform for furniture and appliances in India. The company is the largest online rental and subscription platform for home furniture and appliances based on live subscribers as of March 31, 2025 and September 30, 2025, and subscription revenue during FY25, among leading home furniture and appliance rental platforms in India, according to the Redseer Report. As of March 31, 2026, Rentomojo had 253,825 live subscribers across 29 cities in India, offering consumers affordable, flexible and long-term subscription plans for essential home products. Its full-stack asset-lifecycle model covers category management, product design, procurement, refurbishment, servicing, reverse logistics and multi-cycle redeployment, supporting efficient asset utilization and recurring revenue generation. The company follows an omni-channel approach through its online platform and 82 experience stores as of March 31, 2026, enabling customers to access products without the need for significant upfront investments, while reducing repair and maintenance requirements, relocation-related challenges and long-term ownership commitments. Its product portfolio includes essential household products such as beds, mattresses, washing machines, refrigerators, wardrobes, sofas, televisions and water purifiers, with 8,51,184 live products as of March 31, 2026. Rentomojo has maintained a healthy occupancy rate of 83.3%, 82.8% and 86.4% in FY26, FY25 and FY24, respectively, supporting capital efficiency and predictable recurring revenue. The company’s portfolio comprises products from established brands such as Haier, Wakefit, Livpure and Duroflex, alongside its private-label offerings. During FY25, Rentomojo further expanded its private-label portfolio by launching refrigerators and washing machines manufactured in partnership with Dixon Technologies (India) Limited, as well as its own branded water purifiers.

Objective of Rentomojo Ltd

The IPO consists of a fresh issue of Rs. 150 crores and an offer for sale of 1,106 crores.

The company proposes to utilize the proceeds from the issue towards the following objects:

  • Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by the company;
  • Payment of lease rental/ license fee for warehouses and experience stores (“Premises”); and
  • General corporate purposes.

Rationale To Rentomojo Ltd

Investment Rationale

Market leader in organized furniture and appliance rentals leveraging scale to drive subscriber engagement and organic demand

The company commands clear market leadership within the organized home furniture and appliances rental sector (excluding water purifiers), holding an estimated 42-47% market share by subscription revenue in FY25, alongside over half (50-55%) of the total live subscriber base as of March 31, 2025, and September 30, 2025. Operating the largest scale in India with 2,27,511 live subscribers as of September 30, 2025, the platform benefits from strong compounding network effects driven by word-of-mouth advocacy and frequent customer touchpoints. Comprehensive engagement across 11 key lifecycle stages spanning ordering, risk assessment, delivery, installation, billing collections, relocations, maintenance, upgrades, contract transfers, reverse logistics, and refunds builds substantial brand recall and trust. This operational depth fosters a virtuous cycle where high customer engagement feeds organic customer acquisition, structurally lowering customer acquisition costs (CAC) while driving repeat subscriptions and long-term user retention.

Consistently profitable, acyclical D2C business model with strong revenue visibility and industry-leading return ratios

The company is one of the few Indian D2C commerce platforms to have been consistently profitable since FY23, underpinned by disciplined capital allocation, superior asset sweating, and an extended asset-lifecycle framework that improves margins across multiple rental cycles. The foundation of its business lies in auto-renewing, long-tenure subscription agreements across furniture, appliances, and water purifiers, with an average subscription duration consistently exceeding 18 months across FY24 to FY26. This contractually locked-in model, supported by substantial Unrecognised Contracted Revenue, secures future cash inflows upfront and reduces revenue dependence on new customer additions. Furthermore, the rental proposition exhibits strong acyclical resilience, benefiting from capital expenditure deferrals during macroeconomic downturns as consumers shift from buying to renting, while simultaneously capitalizing on rapid urbanization and workforce mobility during economic upswings (Source: Redseer Report). This structurally insulated business architecture has translated into robust financial compounding between FY24 and FY26, with revenue from operations growing at a 41.7% CAGR from Rs. 193 crores to Rs. 387 crores. Operating profitability expanded in tandem as EBITDA grew at a 44.6% CAGR from Rs. 78 crores to Rs. 163 crores in FY26, while restated Profit After Tax surged at a 115.7% CAGR from Rs. 22 crores to Rs. 104 crores over the same period. Concurrently, the platform has maintained superior capital efficiency, delivering an adjusted ROCE of 25.3% and an ROE of 43.5% in FY26, reflecting strong cash generation and disciplined balance sheet management across economic cycles.

Valuation of Rentomojo Ltd

Rentomojo (Edunetwork Private Limited) is India’s leading digital subscription platform for furniture, home appliances, and fitness equipment, operating an asset-light, full-stack rental model. The company manages the complete subscriber lifecycle across eleven integrated touchpoints – spanning risk assessment, delivery, maintenance, reverse logistics, and auto-renewing subscriptions – with an average tenure exceeding 18 months. Its established market presence commands over 40% share in the organized home furniture and appliance rental space, driven by strong repeat engagements and high organic user traffic. The Indian furniture and appliance rental industry is experiencing rapid formalization, propelled by accelerating urbanization, rising youth workforce mobility, and shifting consumer preferences toward flexible, asset-light living. Increased white-collar migration across Tier-1 and Tier-2 IT hubs, coupled with an expanding rental housing ecosystem, providing a multi-year growth runway for subscription commerce. The broader market continues to benefit from acyclical tailwinds, as consumers defer heavy capital expenditure during inflationary cycles while rapidly adopting flexible monthly subscriptions during economic expansions. The company has delivered robust financial momentum between FY24 and FY26, with revenue from operations expanding at a CAGR of 41.7% from Rs. 193 crores in FY24 to Rs. 266 crores in FY25 and Rs. 387 crores in FY26. Operating profitability demonstrated operational leverage as EBITDA grew at a 45.5% CAGR from Rs. 75 crores (38.9% margin) in FY24 to Rs. 159 crores (41.1% margin) in FY26. Profit Before Tax advanced from Rs. 22 crores in FY24 to Rs. 68 crores in FY26, while balance sheet net worth strengthened to Rs. 296 crores supported by solid operating cash flows of Rs. 173 crores in FY25. On the valuation front, based on FY26 diluted EPS of Rs. 10.1, the company commands a P/E multiple of approximately 40.0x, moderating significantly from 164.9x in FY24 and 96.7x in FY25 as operational scale took effect. Given its market leadership, locked-in contracted revenue visibility, and strong multi-cycle asset utilization, Rentomojo offers a compelling compounding narrative in India’s consumption and rental commerce sector. While ongoing execution discipline, asset quality underwriting, and working capital management remain critical monitorables, the medium-to-long term outlook stays positive, justifying its premium valuation relative to broader consumer discretionary peers. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Rentomojo Ltd IPO?

The initial public offer (IPO) of Rentomojo Ltd an early investment opportunity in. A stock market investor can buy Rentomojo Ltd IPO shares by applying in IPO before Rentomojo Ltd get listed at the stock exchanges. An investor could invest in Rentomojo Ltd for short term listing gain or a long term.

To apply for the Rentomojo Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Rentomojo Ltd IPO is opening on 09th Sep 2026.  Apply Now

The Lot Size of Rentomojo Ltd 37 equity shares. Login to your account now.

The allotment Date for Rentomojo Ltd IPO 15th  Sep 2026.  Login to your account now.

The listing Date for Rentomojo Ltd is 17th Sep 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,948 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,324 Login to your account now

  • The company remains heavily dependent on furniture and appliance rentals, which contributed 97.9% of operating revenue in FY26, 98.2% in FY25, and 98.2% in FY24. Any downturn in consumer adoption or shift away from rental models in these core categories could adversely impact asset utilization, operating margins, and overall cash flows.
  • The company relies on third-party manufacturers and vendors to source and assemble its rental inventory across furniture and appliances. Any failure to procure products on commercially viable terms, vendor non-compliance with quality standards, raw material price volatility, or shipment delays could squeeze operating margins, damage brand reputation, and impair asset availability.

The Rentomojo Ltd will be credited to the account on allotment date which is 15th Sep 2026. Login to your account now Steamhouse India Limited

The prospectus of Rentomojo Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE