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Excelsoft Technologies Ltd IPO : Subscribe

  • Date

    19th Nov 2025 - 21st Nov 2025

  • Price Range

    Rs.114 to Rs 120

  • Minimum Order Quantity

    125

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Price Lot Size Issue Date Issue Size
₹114 to ₹120 125 19th Nov, 2025 –21st Nov, 2025 ₹500.00 Cr

Excelsoft Technologies Ltd

Excelsoft Technologies Limited (Excelsoft) is a Mysuru-based vertical SaaS and technology solutions provider focused primarily on the global education and assessment industry. Founded in 2000, the company offers a comprehensive suite of proprietary learning, assessment, proctoring, and content authoring platforms, alongside high-value technology and content development services for EdTech companies, publishers, universities, certification bodies, and corporate learning & development teams. The company’s core product stack is built around its Saras™ Learning Experience Platform, cloud-based Assessment and Proctoring Systems, and advanced content authoring and learning management tools. These platforms enable clients to deliver personalised learning, manage courseware at scale, conduct secure online assessments, and create interactive digital content. In addition to licensing revenues, Excelsoft generates recurring income from platform implementation, customisation, hosting, support, and managed services. Complementing its product suite, Excelsoft provides a broad portfolio of EdTech services, including product engineering, content digitisation, cloud migration, platform modernisation, testing, and data engineering. These services support clients’ ongoing product development needs and contribute a significant share of the company’s revenue. Excelsoft’s operations are primarily based in Mysuru, with a workforce of over 1,100 employees involved in product development, implementation, and managed services. The company’s customer base is geographically diversified, with a notable concentration in the United States (60.1% of total revenue as of FY25). The business operates on a mix of licensing fees, implementation charges, recurring support and hosting income, and time-and-material billing for service projects.

Objective of the Excelsoft Technologies Ltd IPO

Out of the total issue size of Rs. 500 crores, Rs. 320 crores comprises OFS. The company proposes to utilise net proceeds (Rs. 180 crores) from the issue towards the following objects:

  • Funding of capital expenditure for the purchase of land and the construction of a new building located at Mysuru;
  • Funding of capital expenditure for upgradation and external electrical systems of its existing facility located in Mysuru;
  • Funding upgradation of its IT Infrastructure (software, hardware and communications & network Services), and;
  • General corporate purposes

Rationale To Excelsoft TLtd IPO

Deep product capabilities reinforced by long-standing global client relationships position the company well for sustained growth

Excelsoft’s long-term global customer relationships are closely linked to its core strength in end-to-end product engineering across the learning and assessment lifecycle. Its ability to design, build, and implement scalable, secure, and user-centric digital solutions has enabled it to consistently address complex client requirements over time. This technical depth, combined with a consultative approach that integrates customer workflows and evolving operational needs, has helped the company establish durable partnerships across key international markets. This is reflected in the tenure profile: as of Q1FY26, the company had 24 clients associated for more than 10 years (up from 16 in FY23) and 40 clients in the 5-10 year bracket, unchanged from FY25 but significantly higher than FY24 (32 clients). Together, nearly 64% of the customer base (64 out of 101 clients) now has a relationship exceeding five years, compared with 51% in FY23. Sustained associations, with many exceeding five and ten years, provide recurring revenue visibility, reduce customer acquisition risk and offer continuous insight into emerging trends in digital learning and assessments. These insights, in turn, feed back into product development, allowing Excelsoft to refine its platforms, support cloud migration needs and maintain relevance as customer priorities shift. The interplay of strong product capabilities and high customer retention effectively strengthens switching costs and creates a competitive barrier for new entrants. Overall, the company’s integrated technical expertise and long-standing client base reinforce each other, supporting stable growth, improved predictability and a favourable competitive position.

Global compliance capabilities and technological flexibility strengthen the company’s scalability and competitive positioning

Excelsoft’s ability to deliver fully compliant digital learning and assessment solutions across multiple geographies is reinforced by a flexible technology architecture that adapts to diverse client needs. With subsidiaries in the UK, USA, Singapore and India, and a presence in Dubai, the company serves clients across North America, Europe, Asia-Pacific and the Middle East. These international markets contributed Rs. 233 crore in FY25, accounting for over 90% of total revenue. This global footprint, supported by recognised certifications such as ISO/IEC 27001:2022, ISO 9001:2015, and Cyber Essentials Plus, enables the company to meet stringent regulatory, data protection and quality standards across jurisdictions. Together, these capabilities reinforce the Company’s competitive position. Global standardisation ensures consistent service quality, while local customisation enhances relevance for diverse learner groups. Technological flexibility reduces dependence on a fixed stack, enabling optimal solutioning based on customer systems and constraints. Agile methodologies accelerate response to changing requirements, lowering implementation risk and improving time-to-value for clients. The combination of compliance, global delivery capability and technological adaptability results in higher customer confidence, lower switch-out risk and stronger competitive barriers. This positions Excelsoft to scale more efficiently into new regions, respond faster to evolving regulatory expectations and deepen engagement with existing clients, thereby enhancing growth visibility and operational resilience. 

Valuation of Excelsoft Technologies Ltd IPO

Excelsoft operates in the education technology and assessment space, offering a mix of proprietary platforms and technology services. Its product suite covers learning management, digital content workflows, online test delivery, and AI-based proctoring, while its service capabilities span product engineering, custom development, cloud migration, and content creation. Excelsoft benefits from long-standing domain expertise in learning and assessment technology, an integrated product–services delivery model, and a cost-efficient India-based development structure that supports multi-year client engagements. On the industry front, the global assessment & proctoring market was valued at USD 10.8 billion in 2024 and is expected to reach USD 21.3 billion by 2030, growing at a CAGR of 11.90%, indicating steady but moderate growth in the company’s addressable space. On the financial front, revenue grew modestly from Rs. 195 crores in FY23 to Rs. 233 crores in FY25 (9.3% CAGR). EBITDA improved from Rs. 68 crores to Rs. 73 crores over the same period, with margins dipping in FY24 but recovering to 31.4% in FY25. PAT increased from Rs. 22 crores to Rs. 35 crores (24.4% CAGR), supported by margin recovery, lower finance costs and higher other income, with PAT margin expanding from 11.5% in FY23 to 14.9% in FY25. Return ratios also remained moderate, with ROE rising from 8.4% in FY23 to 10.4% in FY25 and ROCE from 10.3% in FY23 to 12.2% by FY25, indicating a recovery but still at relatively average levels. While Excelsoft has established domain expertise and long-standing client engagements, its financial performance has shown variability, with volatility in margins and reliance on non-operating income driving a part of earnings recovery. Revenue growth has remained modest, and return ratios are moderate, limiting visibility on sustained profitability. The company is also comparatively valued at the higher end relative to peer, despite its smaller scale and variability in profitability. In light of these factors, we remain largely cautious of the listing. We, thus, recommend an AVOID rating for the issue and will reassess our rating in future following sustained business performance in upcoming quarters.

What is the Excelsoft Technologies Ltd IPO?

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

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

Excelsoft Technologies Ltd IPO is opening on 18th Nov 2025.  Apply Now

The Lot Size of Excelsoft Technologies Ltd IPO is 125 equity shares. Login to your account now.

The allotment Date for Excelsoft Technologies Ltd IPO is 24th Nov 2025.  Login to your account now.

The listing Date for Excelsoft Technologies Ltd IPO is 26th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 15,000. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,95,000. Login to your account now

  • Significant revenue concentration to a small number of customers. In H1FY26, their top five customers accounted for about 38.6% of total revenue, and the top 10 customers accounted for 55.7%. In FY25, these figures were 43.4% and 58.7%, respectively. If any of these key customers reduce their business with the company or end their contracts with them, it could have a significant impact their revenue..
  • The company has become profitable in FY25, but some material subsidiaries have previously incurred losses and might face losses again in the future, which could adversely affect the business, cash flows, and financial position.

The Excelsoft Technologies Ltd IPO be credited to the account on allotment date which is 24th Nov 2025. Login to your account now 

The prospectus of Excelsoft Technologies Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Capillary Technologies Indian Ltd IPO : Subscribe

  • Date

    14th Nov 2025 - 18th Nov 2025

  • Price Range

    Rs.549 to Rs 577

  • Minimum Order Quantity

    25

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Price Lot Size Issue Date Issue Size
₹549 to ₹577 25 14th Nov, 2025 –18th Nov, 2025 ₹877.5 Cr

Capillary Technologies Indian Ltd

Capillary Technologies Indian Ltd. (CTI) is an AI-based, Software-as-a-Service (SaaS) products company that provides a full-spectrum loyalty management platform to more than 410 brands across 47 countries. The company offers four main products: (1) Loyalty+ enables businesses to create and manage customized loyalty programs that drive engagement and repeat purchases, (2) Insights+ gathers and analyses customer data from multiple channels to provide meaningful insights for better decision-making, (3) Engage+ uses AI to deliver personalized marketing campaigns and customer interactions, and (4) Rewards+ offers a marketplace where customers can redeem points for gift cards, cashbacks, travel options, and exclusive partner deals. It enables companies to build relationships with their consumers, understand them and reward them with incentives to drive repeat sales and attract new customers. Notably, the company serves a wide range of industries, including retail, consumer packaged goods, healthcare, apparel, department stores, luxury and lifestyle, travel, auto and hospitality, and energy retail, with retail and healthcare contributing 28% and 20% of its FY25 revenue, respectively. Some of CTI’s marquee customers include Aditya Birla Fashion and Retail Ltd, Abbott Laboratories (Singapore) Pvt. Ltd, Tata Digital Pvt. Ltd and Frontier Communications among others. They have expanded globally into North America, Asia-Pacific, and EMEA, leveraging 16 global offices across the US, UK, UAE, and other Asian countries. The company’s revenue model is primarily based on a subscription model as a retainership, charging clients based on usage metrics such as loyalty transactions, active members, or the number of stores using its platform, which helps them grow with the clients. Additional income is generated from professional services such as system maintenance, campaigns, and one-time setup charges. The company has positioned itself to capitalize on a dynamic, fast-growing industry, led by a strong management team.

Objective of the Capillary Technologies Indian Ltd IPO

  • Funding its cloud infrastructure cost;
  • Investment in research, designing and development of its products and platform;
  • Investment in purchase of computer systems for its business; and
  • Funding inorganic growth through unidentified acquisitions and general corporate purposes.
  • Expenditure towards server and cloud-related infrastructure costs;

Rationale To Capillary Technologies Indian Ltd IPO

Strategic acquisitions fuel growth, broaden industry mix, and deepen global market presence

CTI acquired three companies – Persuade Group, B+P, and Rewards+ – which have collectively delivered revenue growth of 62% to Rs. 435 crores in FY25, compared to their combined revenue in the years when these acquisitions were completed. This demonstrates the company’s ability to retain and expand revenue from acquired customer relationships, validating the durability of its platform-led value proposition. These acquisitions have not only boosted revenues but have also enabled them to strengthen their presence in the large US markets, where revenues increased at a CAGR of 157% during FY2023-25 period  to Rs. 339 crores, raising their revenue share from 20% in FY23 to 57% in FY25. The TAM expansion is paving the way for further growth. Additionally, these acquisitions have helped them diversify away from retail, which accounted for 45% of revenue in FY23, to 28% in FY25, while increasing the contribution from high-potential industries like healthcare and BFSI & Telecom, which now comprise 20% and 16% of revenue, respectively. This has significantly reduced the systematic risk of their client base and opened new avenues for expansion. Their land-and-expand approach has enabled them to increase revenues through high net revenue retention (NRR) of 121.25%, 112.68%, and 139.01% for FY25, FY24, and FY23, respectively. Consequently, additional income from acquisitions and client retention is expected to drive faster revenue growth

Scalable cloud-based infrastructure with seamless integration supported by AI-driven innovation

CTI’s competitive advantage lies in its scalable, secure, and AI-driven technology platform that powers customer engagement solutions. Built on a cloud-native architecture, the platform processes large volumes of data in real time and integrates solutions with clients’ existing systems through an API-first approach. CTI’s AI-led innovation, demonstrated by its Artificial Intelligence Retail Analytics (aiRA) assistant and AI co-pilots such as Creatives Co-Pilot and Promotions Co-Pilot, enhances automation, personalisation, and marketing efficiency. Advanced AI models, including propensity analysis, segmentation, and predictive insights, enable brands to anticipate customer behaviour and improve retention. By embedding AI across its product range, CTI delivers measurable outcomes, higher engagement, faster execution, and scalable growth. Over 90% of companies with loyalty management programmes report a positive RoI, with an average return of 4.8 times on their initial investment. The company continues to invest in AI research and development, which has consistently accounted for more than 21% of revenue over the past three years, positioning it for a first-mover advantage and driving innovation-led growth.

Valuation of Capillary Technologies Indian Ltd IPO

Capillary Technologies India Ltd. is an AI-driven SaaS company offering a comprehensive loyalty management platform to over 410 brands across 47 countries. Its suite of products – Loyalty+, Insights+, Engage+, and Rewards+ – helps businesses design loyalty programmes, analyse customer data, deliver personalised campaigns, and provide rewarding redemption options. Serving diverse industries, including retail, healthcare, CPG, and hospitality, CTI counts leading global brands such as Aditya Birla Fashion, Abbott, Tata Digital, and Frontier Communications among its clients. Operating through 16 international offices across North America, Asia-Pacific, and EMEA, CTI adopts a scalable, subscription-based revenue model linked to customer usage, supplemented by professional services fees. During FY23-25, the company steadily increased the number of consumers on its platform from 0.97 bn to 1.82 bn, with transactions per hour also rising. Its ARR more than doubled to Rs. 608 crores over this period, supporting top-line growth at a CAGR of 53% during FY202-25 period to Rs. 598 crores, transforming a negative operating profit of Rs. 58 crores into a positive Rs. 79 crores, with an EBITDA margin of 13.1%. At the upper end of the price band of Rs. 557 per share, the issue is valued at a P/E of 302x based on FY25 earnings, which appears expensive. Additionally, negative cash flow from operations in FY25 adds to the concerns. Therefore, despite strong growth prospects, we recommend an “Avoid” rating for this issue.

What is the Capillary Technolgies Indian Ltd IPO?

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

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

Capillary Technolgies Indian Ltd IPO is opening on 14th Nov 2025.  Apply Now

The Lot Size of Capillary Technolgies Indian Ltd IPO is 25 equity shares. Login to your account now.

The allotment Date for Capillary Technolgies Indian Ltd IPO is 19th Nov 2025.  Login to your account now.

The listing Date for Capillary Technolgies Indian Ltd IPO is 21st Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,425. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,87,525. Login to your account now

  • Significant revenue concentration to a small number of customers. In H1FY26, their top five customers accounted for about 38.6% of total revenue, and the top 10 customers accounted for 55.7%. In FY25, these figures were 43.4% and 58.7%, respectively. If any of these key customers reduce their business with the company or end their contracts with them, it could have a significant impact their revenue..
  • The company has become profitable in FY25, but some material subsidiaries have previously incurred losses and might face losses again in the future, which could adversely affect the business, cash flows, and financial position.

The Capillary Technologies Indian Ltd IPO be credited to the account on allotment date which is 21st Nov 2025. Login to your account now 

The prospectus of Capillary Technologies Indian Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Fujiyama Power Systems Ltd IPO : Subscribe

fujiyama-power-systems-ipo-opens-today-check-gmp-brokerage-review-subscription-and-other-details
  • Date

    13th Nov 2025 - 17th Nov 2025

  • Price Range

    Rs.216 to Rs 228

  • Minimum Order Quantity

    65

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Price Lot Size Issue Date Issue Size
₹216 to ₹228 65 13th Nov, 2025 –17th Nov, 2025 ₹828 Cr

 Fujiyama Power Systems Ltd

Fujiyama Power Systems Ltd. operates as an integrated manufacturer and solutions provider in India’s rooftop solar industry, offering a comprehensive range of on-grid, off-grid, and hybrid solar systems. It has established strong capabilities across the solar value chain, spanning solar panel and inverter manufacturing to both lead acid and lithium-ion battery production, positioning itself as one of the most diversified players in the domestic solar equipment space. With over 29 years of brand legacy under ‘UTL Solar’ and the complementary ‘Fujiyama Solar’ brand, the company enjoys strong industry recall and credibility. It operates four domestic manufacturing facilities supported by in-house R&D focused on continuous innovation in inverter technology. Notably, the company has demonstrated technological leadership by being among the first in India to develop an SMT-based single-card inverter (2000), an Online UPS with a single card, and high-frequency online UPS. The company’s extensive product portfolio of more than 522 SKUs, encompassing solar inverters, panels, and batteries, allows it to serve as a one-stop solution provider, reducing customer dependence on external OEMs. As of June 30, 2025, its expansive distribution network comprises 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, supported by a strong after-sales team of over 600 service engineers. Overall, the company’s deep manufacturing integration, robust distribution reach, and sustained focus on R&D-driven innovation position it well to capitalize on India’s accelerating rooftop solar adoption and broader renewable energy transition.

Objective of the Fujiyama Power Systems Ltd IPO

The company will utilize its net proceeds in the following manner:
Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India (the
“Project”);
Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company;
and
General corporate purposes..

Rationale To Fujiyama Power Systems Ltd IPO

Well-diversified portfolio positions the company as a comprehensive leader in the rooftop solar industry

The company stands out as a well-diversified and vertically integrated player in India’s rooftop solar industry, offering one of the most comprehensive product portfolios in the segment. It manufactures and supplies a wide range of solar energy solutions, including solar PCUs, off-grid, on-grid, and hybrid inverters, solar panels, battery chargers, tubular and lithium-ion batteries, as well as online and offline UPS systems, solar management units, and charge controllers, enabling it to serve varied customer needs across both residential and commercial applications. In addition to its strong presence in the rooftop solar domain, the company has strategically expanded into the EV segment through E-Rickshaw chargers and lithium-ion batteries, enhancing its exposure to emerging clean energy opportunities. With over 522 SKUs, the company’s product diversity mitigates dependency on any single category, offering greater business resilience and steady revenue visibility. According to the Ministry of New and Renewable Energy (MNRE), India’s cumulative rooftop solar capacity stood at 17 GW as of March 2025, and the company has supplied 1.64 GW of solar inverters over the past five years, representing a 9.6% share of installed capacity, underscoring its significant contribution to India’s rooftop solar growth. By offering a ‘one-stop solution’ model, providing end-to-end products and customized system configurations suited to different geographies and customer needs, the company reduces customer reliance on third-party OEMs. Its integrated product offering, supported by a robust service network, strengthens brand trust and positions the company as a leading, full-spectrum solutions provider in India’s rapidly expanding rooftop solar
ecosystem.

Proven track record of technology development and innovation

The company has consistently positioned itself as an early adopter of advanced technology, integrating global manufacturing standards to enhance product quality, performance, and efficiency. It is among the few Indian players with demonstrated technological leadership, having developed the country’s first single-card SMT inverter in the year 2000, along with innovations such as online UPS with a single card, Combo UPS with automatic voltage regulation (AVR), and high-frequency online UPS systems. Building on this legacy of innovation, the company continues to invest in cutting-edge solar manufacturing capabilities. It has upgraded its production infrastructure to manufacture next-generation solar panels, including TOPCon bifacial and glass-to-glass modules (up to 590 Wp) and MonoPerc bifacial panels (up to 670 Wp), aligning with global advancements in solar efficiency. Further strengthening its technology stack, the company has designed an indigenous Battery Management System (BMS) that enhances the safety, reliability, and longevity of its lithium-ion batteries, a critical advantage as energy storage solutions gain traction. Its online solar PCU, which combines a solar inverter with an Online UPS, ensures uninterrupted operation of critical loads, while its off-grid inverter with an integrated lithium-ion battery eliminates the need for separate battery cabinets and interconnections, thereby simplifying installation and reducing system costs. Overall, the company’s sustained focus on R&D-driven innovation, product differentiation, and process modernization underscores its strong technological edge and reinforces its positioning as a forward-looking, innovation-led player in India’s rapidly evolving rooftop solar ecosystem.

Valuation of Fujiyama Power Systems Ltd IPO

Fujiyama Power Systems Ltd. is a fully integrated manufacturer and solutions provider in India’s rooftop solar segment, offering a comprehensive range of on-grid, off-grid, and hybrid solar systems. With established competencies across solar panels, inverters, and both lead-acid and lithium-ion batteries, the company has developed a diversified and scalable product ecosystem that positions it as a prominent player in the domestic solar equipment market. India’s renewable energy sector continues to witness rapid transformation, with solar energy’s share in renewables rising from 23% in FY19 to 48% in FY25, and projected to exceed 60% by 2030, supported by strong policy push and capacity expansion plans. This sectoral momentum provides a robust demand backdrop for Fujiyama’s growth trajectory. The company’s planned integrated manufacturing facility in Ratlam, Madhya Pradesh, marks a key strategic expansion that is expected to more than double its current production capacity. The new facility will enhance manufacturing capability by 2,000 MWh for lithium-ion batteries and 2,000 MW each for solar panels and inverters, enabling deeper penetration in Western and Southern India regions witnessing accelerated rooftop and distributed solar adoption. On the financial front, the company has demonstrated impressive topline growth, with revenue increasing at a CAGR of 52% between FY23 and FY25, reflecting strong product demand and market positioning. Moreover, EBITDA grew at a CAGR of 119% between FY23 and FY25, while margins expanded from 8% in FY23 to 16% in FY25, underscoring significant operational efficiency and improved cost management. A Return on Average Equity (ROAE) of 49% in FY25 further highlights robust profitability and effective capital deployment. At the upper price band of Rs. 228, Fujiyama Power Systems Ltd. is valued at a P/E multiple of 41.0x based on FY25 earnings. Given the company’s technological capabilities, financial strength, expanding margins, scalable business model, and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

What is the Fujiyama Power Systems Ltd IPO?

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

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

Fujiyama Power Systems Ltd IPO is opening on 12th Nov 2025.  Apply Now

The Lot Size of Fujiyama Power Systems Ltd IPO is 65 equity shares. Login to your account now.

The allotment Date for Fujiyama Power Systems Ltd IPO is 18th Nov 2025.  Login to your account now.

The listing Date for Fujiyama Power Systems Ltd IPO is 20th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,820. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,660. Login to your account now

  • The company’s manufacturing operations are exposed to various operational and external risks. Any disruption, shutdown, or unforeseen event affecting existing or future facilities could lead to production delays and lower sales. Such occurrences may adversely impact the company’s business performance, financial condition, and overall operational stability.
  • The company’s manufacturing footprint is geographically concentrated in the Northern region of India, which could increase its concentration risk and, in turn, affect its financial condition, results of operations, and cash flows.
  • The company remains exposed to import-related risks due to its reliance on China for key raw materials and other foreign countries for equipment and machinery. Any changes to trade policies, import restrictions, or higher duties could raise input costs and erode margin stability. Additionally, similar restrictions or tariffs in export markets may affect competitiveness and cash flows.

The Fujiyama Power Systems Ltd IPO be credited to the account on allotment date which is 19th Nov 2025. Login to your account now 

The prospectus of Fujiyama Power Systems Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Tenneco Clean Air India Ltd IPO : Subscribe

  • Date

    12th Nov 2025 - 14th Nov 2025

  • Price Range

    Rs.378 to Rs 397

  • Minimum Order Quantity

    37

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Price Lot Size Issue Date Issue Size
₹378 to ₹397 37 12th Nov, 2025 –14th Nov, 2025 ₹3,600.00 Cr

Tenneco Clean Air India Ltd

Tenneco Clean Air India Limited (TCAIL) is a part of the Tenneco Group, a US-headquartered global Tier 1 automotive component supplier. The company manufactures and supplies critical, highly engineered, technology-intensive clean air, powertrain, and suspension solutions tailored for Indian OEMs and export markets.  The company’s customer base spans PV and CV OEMs, as well as industrial and other applications. The company is also present in the aftermarket segment primarily through Motocare India Private Limited (Motocare), a subsidiary of Tenneco LLC and the Group Company. As of June 30, 2025, the company has 12 manufacturing facilities, comprising seven Clean Air & Powertrain Solutions facilities and five Advanced Ride Technology facilities, across seven states and one union territory in India. The company also operates two R&D centres in India, equipped to address both global and local needs. In Q1FY26 and FY25, TCAIL served 101 and 119 customers, respectively, including all top seven PV OEMs in India and all top five CT OEMs in India (OEM rankings determined by sales volume in Fiscal 2025). TCAIL also boasts an average relationship of 19.2 years with its top 10 customers. The company has two business divisions: 1) Clean Air Solutions & Powertrain Solutions; and 2) Advance Ride Technologies. Under Clean Air Solutions, the company designs, manufactures and sells exhaust aftertreatment systems, such as catalytic converters, mufflers and exhaust pipes to OEMs; Under Powertrain Solutions, TCAIL designs, manufactures and sells engine bearings, sealing systems and ignition products (such as spark plugs and ignition coils) to OEMs and the aftermarket under the Champion brand. The advanced ride technologies division designs, manufactures and sells shock absorbers, struts and advanced suspension systems under the Monroe brand to OEMs and the aftermarket, while being engine agnostic. As of Q1FY26, the company reported capacity utilization of 46.4% for cold end products (mufflers and exhaust pipes) and 79.8% for hot end products (catalytic converters) under its Clean Air Solutions division, while utilization in the Advanced Ride Technologies division stood at 86.2%. For FY25, the annual capacity utilization was 54.8% for cold end products, 80.6% for hot end products, and 83.0% for the Advanced Ride Technologies division. The company’s sales mix remains relatively balanced, with 57.5% being derived from Clean Air & Powertrain Solutions and 47.5 from Advanced Ride Technologies (as of FY25).

Objective of the Tenneco Clean Air India Ltd IPO

The company will not receive any proceeds from the issue as the entire offer comprises of OFS worth Rs. 3,600 crores.

Rationale To Tenneco Clean Air India Ltd IPO

Established market leadership and a diverse portfolio strategically positions the company to capture market and industry trends

TCAIL holds a strong position as a market-leading supplier of clean air, powertrain, and suspension solutions to major Indian and global OEMs. The company commands significant market shares across multiple automotive subsegments, including 57% in Clean Air Solutions for commercial trucks, 68% for off-highway vehicles, and 52% in shock absorbers and struts for passenger vehicles (as of FY25). Its diversified product portfolio, spanning catalytic converters, mufflers, engine bearings, sealing systems, spark plugs, and advanced suspension systems under the Champion and Monroe brands, enables TCAIL to serve both internal combustion and emerging powertrain technologies. Supported by long-standing customer relationships averaging 19.2 years with its top 10 clients, the company has established deep technical integration with OEMs, reinforced by stringent qualification processes and homologation requirements that contribute to high customer stickiness. In FY25, TCAIL derived 81.5% of its revenue from its top 10 customers, reflecting strong linkages with leading OEMs while maintaining a broad base of over 100 customers. The company benefits from healthy capacity utilization levels, providing scope for incremental growth without substantial capacity expansion. Additionally, the presence in aftermarket and export segments offers additional diversification and partial insulation from domestic automotive cyclicality, supporting revenue stability and long-term growth prospects.

Innovation-driven operations and an efficient, localized manufacturing network to drive competitive edge

The company benefits from a strong innovation-led operating framework supported by its ability to leverage Tenneco Group’s global R&D ecosystem and deploy advanced, cost-effective technologies tailored to the Indian market’s needs. The company operates two dedicated R&D centres in India, equipped for design simulation, prototyping, and extensive validation testing, allowing close collaboration with OEMs on product development. These facilities are supported by Tenneco Group’s global intellectual property portfolio, comprising over 5,000 active patents and 7,500 trademarks worldwide, enabling TCAIL to integrate global technology platforms into locally relevant, modular, and customized solutions. Complementing its innovation capabilities, the company maintains a flexible and automated manufacturing footprint with 12 facilities strategically located across key automotive hubs in India, ensuring proximity to major OEM customers and logistical efficiency. A highly localized supply chain, with over 83% of material costs sourced domestically in FY25, enhances cost competitiveness and supply chain resilience. Continuous focus on operational excellence through lean manufacturing practices, automation, and global initiatives such as the TenPlus and P3 systems further supports efficiency, standardization, and quality consistency across plants. Together, these factors position TCAIL as an innovation-driven, process-efficient manufacturer capable of delivering globally benchmarked products at competitive Indian cost structures.

Valuation of Tenneco Air India Ltd IPO

Tenneco Clean Air India Limited (TCAIL), a subsidiary of the US-based Tenneco Group, is a leading Tier-1 automotive component manufacturer with a well-diversified portfolio spanning clean air, powertrain, and suspension solutions. The company’s strong positioning across passenger vehicles, commercial vehicles, and off-highway applications, supported by long-standing relationships with major Indian and global OEMs, underpins its stable growth profile. TCAIL is strategically placed to capitalize on multiple structural industry tailwinds including tightening emission norms (BS7, CAFE, TREM V, and CEV-V), rising vehicle premiumization, and increasing adoption of hybrid and electric vehicles. The company’s Clean Air Solutions division stands to benefit from higher content per vehicle as emission standards become more stringent, while the Advanced Ride Technologies and Powertrain divisions are expected to gain from growing demand for advanced, lightweight, and hybrid-compatible components. TCAIL’s continued emphasis on localization, cost optimization, and cross-divisional synergies is expected to enhance competitiveness and margin resilience. Its focus on manufacturing critical components domestically. Moreover, the company’s ability to leverage its Indian operations as an export hub for Tenneco Group entities and global OEMs provides an additional growth lever. Financially, while the company has reported a flattish topline growth between FY23-FY25, growing at a CAGR of 0.7%, the company has highlighted strong operational efficiency, with its OPM expanding from 11.8% in FY23 to 16.7% in FY25. On the returns front, both ROCE and ROE saw a steady improvement, with ROE increasing from 32.9% in FY23 to 42.7% in FY25 and ROCE improving from 33.5% in FY23 to 56.8% in FY25. On the valuation front, with the company trading at a P/E of 29.0x based on it FY25 earnings, at considerable discount compared to other components peers. We thus recommend a “SUBSCRIBE” rating from a medium-to long-term perspective.

What is the Tenneco Clean Air India Ltd IPO?

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

To apply for the Tenneco Clean Air India Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Tenneco Clean Air India Ltd IPO is opening on 12th Nov 2025.  Apply Now

The Lot Size of Tenneco Clean Air India Ltd IPO is 37 equity shares. Login to your account now.

The allotment Date for Tenneco Clean Air India Ltd IPO is 17th Nov 2025.  Login to your account now.

The listing Date for Tenneco Clean Air India Ltd IPO is 19th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,689. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,90,957. Login to your account now

  • The company derives ~80% of its revenue from PV and CV spaces, exposing the company to higher automobile related cyclical impact.

  • The company is heavily influenced by government policies and regulations regarding emission standards, which can adversely impact its business operations.

  • TCAIL relies on the Tenneco Group for brand licenses, patented technologies, technical know-how, and certain key materials. Any adverse change or termination of this relationship could negatively impact its operations, financial performance, and market position.

The Tenneco Clean Air India Ltd IPO be credited to the account on allotment date which is 12th Nov 2025. Login to your account now 

The prospectus of Tenneco Clean Air India Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Emmvee Photovoltaic Power Ltd IPO : Subscribe

  • Date

    11th Nov 2025 - 13th Nov 2025

  • Price Range

    Rs.206 to Rs 217

  • Minimum Order Quantity

    69

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Price Lot Size Issue Date Issue Size
₹206 to ₹217 69 11th Nov, 2025 –13th Nov, 2025 ₹2,900.00 Cr

Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power Ltd. is primarily engaged in solar module manufacturing and ranks as the second-largest pure-play integrated solar photovoltaic (PV) module and cell manufacturer in India, and one of the largest solar PV module producers in the country by production capacity as of March 31, 2025. The company’s product portfolio includes bifacial and mono-facial formats of TOPCon modules and cells, as well as mono passivated emitter and rear contact (Mono PERC) modules in both bifacial and mono-facial formats. Emmvee is among the first companies in India to adopt advanced tunnel oxide passivated contact (TOPCon) technology for solar cell manufacturing and is one of the few domestic solar cell manufacturers. Leveraging this technology enhances the efficiency, performance, and reliability of its PV modules. As of June 30, 2025, the company had a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW. It is in the process of adding an additional 2.50 GW solar PV module line and plans to establish a 6.00 GW integrated solar cell and module manufacturing facility. Emmvee’s modules have undergone a technology review and bankability assessment by a reputed third-party agency in 2023, with its Mono PERC modules being certified as having “leading durability” under thermal cycle and damp heat tests and being “PID resistant” under potential-induced degradation tests. The company operates four manufacturing units across two locations in Karnataka, spread over 22.44 acres. Their proximity enables significant advantages, including streamlined logistics, lower transportation costs, and improved operational efficiency. The solar cell manufacturing unit at Dobbaspet, Bengaluru, is among the largest TOPCon cell manufacturing facilities in India by installed capacity. Over the years, Emmvee has built strong relationships with a diverse customer base, including independent power producers (IPPs), commercial and industrial (C&I) entities, and engineering, procurement, and construction (EPC) service providers across public and private sectors. These enduring relationships have supported a substantial order book of 5.36 GW of solar PV modules as of June 30, 2025.  

Objective of the Emmvee Photovoltaic Power Ltd IPO

The company proposes to utilize the net proceeds towards funding the following objects:     

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

Rationale To Emmvee Photovoltaic Power Ltd IPO

Leveraging integrated operations and advanced technologies to strengthen market leadership     

Emmvee is the second-largest pure-play integrated solar PV module and solar cell manufacturer in India in terms of production capacity. The company’s integrated manufacturing approach serves as a key strength of its business model, reducing dependence on external vendors for solar cell supplies, optimizing manufacturing costs, and enhancing overall production efficiency. Emmvee’s integrated operations cover the entire solar PV module production cycle, from solar cell production to module assembly, offering significant control over its supply chain. This integration also facilitates traceability of components, which is particularly valuable for customers with stringent quality and compliance standards. The integrated setup delivers multiple benefits, including improved efficiency, reduced transportation costs, economies of scale, optimized production flow, enhanced quality control, and stronger supply chain security. It also allows greater flexibility to adapt to changing demand and access to advanced technologies, creating a competitive edge in both quality and pricing. In contrast, manufacturers lacking backward integration are more vulnerable to global price fluctuations, lose cost-control levers during technological transitions, and may face constraints in process optimization between cell and module stages, potentially affecting module yield. An integrated manufacturing structure also acts as a barrier to entry for new players, given the advantages it offers in scale, expertise, technology, and control of the value chain. Emmvee maintains high standards of quality and reliability, supported by a range of certifications. As an integrated domestic manufacturer, the company also benefits from access to the DCR market, which mandates the use of India-made solar cells and modules in government-backed projects. With its integrated capabilities, advanced technologies, and extensive industry experience, Emmvee is well-positioned to capitalize on favorable industry dynamics to maintain its position in the solar sector and sustain long-term growth.    

Strengthening operational efficiency through advanced manufacturing                  infrastructure 

Emmvee operates four manufacturing units across two strategic locations in Karnataka, ensuring strong connectivity with key suppliers for essential materials such as junction boxes and sealants, as well as with the inland container depot in Bengaluru for the procuring raw materials and equipment. This proximity helps reduce transit time, improve logistics efficiency, and enhance overall operational productivity. All the units are located within a 100 kilometer radius of each other in Bengaluru, enabling eased logistics and effective inventory management. The company’s manufacturing facilities reflect its commitment to quality and consistency. Each unit is equipped with fully automated Jinchen machinery, housed in dust-proof and air-conditioned environments to ensure optimal production conditions for solar PV modules. Every stage of the production process is closely monitored using multi-stage electroluminescence testing supported by artificial intelligence, ensuring adherence to global quality standards. Emmvee has also collaborated with renowned institutions and equipment providers to improve and enhance its manufacturing processes. The company employs advanced quality control measures tools from leading German OEMs, including electroluminescence imaging systems that monitor product quality throughout the production lifecycle. Additionally, its solar PV modules undergo reliability testing, which includes electroluminescence inspection, power flash testing, high-voltage and insulation resistance testing, mechanical load testing, and wet leakage testing. These quality control measures enable Emmvee to assess product performance under various conditions and ensure the delivery of reliable, high-quality products to its customers. 

Valuation of Emmvee Photovoltaic Power Ltd IPO

Emmvee Photovoltaic Power Ltd., a primary manufacturer of solar modules, is the second largest pure-play integrated solar PV module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India, having a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. With a diversified product portfolio that covers solar photovoltaic modules, cells, and integrated renewable solutions, Emmvee stands to benefit from rising global and domestic demand for solar energy infrastructure. The company is expected to benefit from government-led programs such as PM Surya Ghar Yojana, CPSU, and PM KUSUM, while its growing presence in the US and Europe offers significant export potential amid trade shifts away from China. The company’s strong growth visibility is underpinned by aggressive capacity expansion, backward integration, and increasing global reach. With its solar PV module capacity set to rise to 16.3 GW and cell capacity to 8.94 GW by H1FY28, driven by new facilities in Bengaluru, it is well positioned to capture increasing domestic and export demand. On the financial front, the company has recorded a strong revenue CAGR of 94.4% between FY23 and FY25, positioning it as a high-growth player within the renewable energy manufacturing sector. Overall, Emmvee is expected to sustain its growth momentum, led by strong profitability, an expanding order book, improving margins, increased operational capacity, continued investments in R&D, expansion into new geographies through its subsidiaries in Germany and the US, and long-term sustainability initiatives that provide visibility for long-term growth. At the upper price band, the company is valued at a P/E multiple of 34.9x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.      

What is the Emmvee Photovoltaic Power Ltd IPO?

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

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

Emmvee Photovoltaic Power Ltd IPO is opening on 11th Nov 2025.  Apply Now

The Lot Size of Emmvee Photovoltaic Power Ltd IPO is 69 equity shares. Login to your account now.

The allotment Date for Emmvee Photovoltaic Power Ltd IPO is 14th Nov 2025.  Login to your account now.

The listing Date for Emmvee Photovoltaic Power Ltd IPO is 18th Nov 2025.  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 is Rs. 1,94,649. Login to your account now

  • Uninterrupted access to the company’s technology platform is critical to its operations. Any system failures or interruptions could impact its business, financial condition, and results of operations. Additionally, any actual or perceived cybersecurity, data, or privacy breach could disrupt operations and harm the company’s reputation and brand.

  • The company’s solar module and cell manufacturing facilities have operated at less than 50% capacity utilization in recent financial years. Under-utilization of its manufacturing capabilities or an inability to effectively utilize the current and proposed production capacities could negatively affect the company’s business, results of operations and cash flows.

  • Changes in technologies employed by the company in the manufacturing of solar cells and solar PV modules may render its current technologies obsolete. The company may also be required to incur substantial expenditure to adopt or upgrade to newer technologies, which could adversely affect its business, results of operations and financial condition.    

The Emmvee Photovoltaic Power Ltd IPO be credited to the account on allotment date which is 14th Nov 2025. Login to your account now 

The prospectus of Emmvee Photovoltaic Power Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Pine Labs Ltd IPO : Subscribe

  • Date

    07th Nov 2025 - 11th Nov 2025

  • Price Range

    Rs.210 to Rs 221

  • Minimum Order Quantity

    67

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Price Lot Size Issue Date Issue Size
₹210 to ₹221 67 07th Nov, 2025 –11th Nov, 2025 ₹3,899.91 Cr

Pine Labs Ltd

Pine Labs Ltd. operates as a leading technology-driven enabler of digital commerce, offering a comprehensive suite of digital payment and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. Leveraging its advanced, scalable technology infrastructure, the company facilitates the digital transformation of businesses across India and an expanding international footprint spanning Malaysia, UAE, Singapore, Australia, the US, and Africa. Its core business is structured around two integrated platforms, the Digital Infrastructure and Transaction Platform and the Issuing and Acquiring Platform. The former encompasses in-store and online payment systems, affordability solutions, and value-added services (VAS) such as dynamic currency conversion and transaction processing, while also providing FinTech infrastructure and software applications. The latter platform supports the issuance, processing, and distribution of prepaid and engagement solutions, underpinned by a unified cloud-based processing architecture that seamlessly connects issuers and acquirers. Through these platforms, the company plays a pivotal role in digitizing and securing commerce by simplifying transaction flows and enabling businesses across sectors to enhance customer engagement and consumption in an increasingly digital economy. In FY25, the company processed payments totalling Rs. 11,425 billion in Gross Transaction value and 5.68 billion transactions on its own platform. As of June 30, 2025, the company has 9,88,304 merchants, 716 consumer brands and enterprises and 177 financial institutions as their customers.

Objective of the Pine Labs Ltd IPO

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

  • Repayment/prepayment, in full or in part, of certain borrowings availed of by the company;
  • Investment in its subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding its presence outside India;
  • Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points (“DCP”) and technology development initiatives; and
  • General corporate purposes and unidentified inorganic acquisitions.

Rationale To Pine Labs Ltd IPO

Integrated ecosystem enabling network effects and scalable growth

Pine Labs Ltd. operates a rapidly expanding digital commerce ecosystem that directly connects multiple stakeholders, including merchants, consumer brands and enterprises, financial institutions, consumers, and third-party software partners. The growing density of this ecosystem enhances the platform’s overall efficiency and value proposition, as increased participation drives higher transaction volumes, richer data insights, and improved process automation. Each new participant strengthens the platform’s utility by contributing to a more integrated, one-stop commerce experience, which in turn attracts additional merchants, consumers, and partners, creating a self-reinforcing cycle of network effects. This virtuous loop not only drives scale but also broadens the company’s monetization opportunities across various participant categories. The ecosystem has shown consistent densification since FY22, reflecting strong adoption and engagement trends. As of June 30, 2025, the company’s ecosystem comprised 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions, compared to 530,318 merchants, 444 consumer brands and enterprises, and 80 financial institutions as of March 31, 2023, highlighting robust and sustained ecosystem expansion.

Deep strategic partnerships with large merchants, brands, and financial institutions strengthens platform stickiness

The company has established a strong domestic presence complemented by a rapidly expanding international footprint across its ecosystem of partners. As of June 30, 2025, it served a diversified merchant base across key verticals such as retail, e-commerce, restaurants, consumer electronics, healthcare, travel, and hospitality, alongside deep relationships with banks, financial institutions, fintechs, and technology companies. Over time, the company has evolved from an in-store digital payments provider to a comprehensive digital commerce enabler, offering a full suite of solutions including multi-issuer affordability platforms, full-stack issuing capabilities, merchant dashboards, spend analytics, and loyalty programs. Its ability to continuously expand its offerings has strengthened long-term client relationships with marquee partners such as Croma and HDFC Bank, many of which span over a decade. This breadth of partnerships and product diversification underpins the company’s high customer retention, recurring revenue visibility, and cross-selling potential, positioning it well for sustained growth in both domestic and emerging international markets.

Valuation of Pine Labs Ltd IPO

Pine Labs Ltd. offers exposure to India’s secular digitalization trend with a proven business model generating 20-25% annual revenue growth, improving operational margins, and a clear path to profitable growth. Management’s focus on technology monetization rather than volume-driven MDR (Merchant Discount Rate) compression creates a more defensible business model than peers. The Indian digital payment market is projected to grow from Rs. 111.8 trillion in FY25 to Rs. 278-302 trillion by FY29, registering an approximate 25.6-28.2% CAGR during the period. This massive expansion provides substantial headroom for Pine Labs to scale up its business. Currently, 15% of revenues come from international markets, which grew 58% year-on-year. Management targets Southeast Asia and the Middle East as priority markets, with ambition to reach 25% of revenue from overseas markets by 2027. On the financial front, Pine Labs Ltd. demonstrated a strong turnaround, marked by significant growth and improved profitability. The company’s EBITDA margin improved significantly, rising to 19.6% in Q1FY26 from negative levels in FY24, reflecting a strong turnaround in operational performance. In comparison, revenue grew at a healthy CAGR of 19% over the same period, reflecting both business scalability and margin enhancement. Moreover, Pine Labs’ swift transition from an annual loss of Rs. 342 crores in FY24 to achieving profitability in Q1FY26 underscores its substantial operational leverage and disciplined cost management. From a valuation standpoint, at the upper end of the price band, the issue is valued at an implied Market Cap/Sales multiple of 11.2x based on FY25 revenues. Given India’s fast-growing digital payments sector, robust profitability trajectory, efficient capital allocation, and global scaling potential, we recommend a “SUBSCRIBE” rating to the issue from a medium- to long-term perspective.

What is the Pine Labs Ltd IPO?

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

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

Pine Labs Ltd IPO is opening on 07th Nov 2025.  Apply Now

The Lot Size of Pine Labs Ltd IPO is 67 equity shares. Login to your account now.

The allotment Date for Pine Labs Ltd IPO is 12th Nov 2025.  Login to your account now.

The listing Date for Pine Labs Ltd IPO is 14th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,807. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,491. Login to your account now

  • The company reported a net loss of Rs. 145 crores in FY25, primarily driven by elevated operating expenses, which accounted for 104.3% of total income. The sustained cost intensity reflects continued investments in technology, international expansion, and ecosystem development. While the company remains in a growth and scale-building phase, its path to profitability will depend on operating leverage, cost optimization, and monetization of its expanding ecosystem. However, the persistence of losses in the near term remains a key financial risk.

  • The company reported a negative operating cash flow of Rs. 281 crores for the three months ended June 30, 2025, reflecting continued working capital pressures and high operating expenditure during its expansion phase. The negative cash generation underscores the company’s ongoing investment in technology infrastructure, ecosystem growth, and international operations. While these investments are expected to drive long-term scalability and revenue growth, sustained negative operating cash flows in the near term represent a key monitorable for improving liquidity and profitability.

  • The company’s growth trajectory remains dependent on its ability to retain existing customers and expand its client base across merchants, consumer brands, and financial institutions. Given the competitive intensity in the digital payments and fintech ecosystem, customer retention and acquisition are critical to sustaining transaction volumes and revenue momentum. Any decline in customer engagement or slowdown in new client onboarding could adversely impact the company’s business performance, financial health, and long-term scalability.

The Pine Labs LtdIPO be credited to the account on allotment date which is 14th Nov 2025. Login to your account now 

The prospectus of Pine Labs Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Billionbrains Garage Ventures Ltd IPO : Subscribe

  • Date

    04th Nov 2025 - 07th Nov 2025

  • Price Range

    Rs.95 to Rs 100

  • Minimum Order Quantity

    150

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Price Lot Size Issue Date Issue Size
₹95 to ₹100 150 04th Nov, 2025 –07th Nov, 2025 ₹6,632.30 Cr

Billionbrains Garage Ventures Ltd

Billionbrains Garage Ventures Ltd. (Groww) is a direct-to-customer digital investment platform that enables wealth creation through a wide range of financial products and services. As of June 30, 2025, Groww is India’s largest and fastest-growing investment platform by active users on the NSE. Through the Groww platform, customers can invest and trade in equities (including IPOs), derivatives, bonds, mutual funds (including Groww Mutual Fund), and other financial instruments. The platform also provides margin trading facilities and personal loans. Both the Groww mobile app and website offer users access to tools, insights, and market information to help them build effective investment and trading strategies. Groww’s user-friendly interface and in-house technology platform are designed to enhance the overall investing experience. Its customer base spans individuals from diverse socio-economic backgrounds across cities, towns, and villages in India, each seeking to build financial assets by investing in capital markets. The company focuses on nurturing long-term customer relationships that extend beyond individual transactions by offering a seamless investing experience and addressing users’ evolving financial needs over time. Its growth has been driven by strong customer acquisition, engagement, and retention, resulting in higher total customer assets, broader product adoption, and an increase in Annual Average Revenue Per User (AARPU). Groww’s business model focuses on both expanding its customer base and deepening engagement with existing users. Growth is driven by efficient customer acquisition and sustained retention, while the depth of customer relationships is determined by users’ willingness to trade, invest, and grow their assets through the platform. The company has consistently observed growth in Total Customer Assets contributed by both new and existing users each financial year. Strengthening customer relationships has led to multiple positive outcomes, including higher retention, deeper engagement, greater product adoption, and increased revenue potential. Groww’s primary revenue streams include fees and commissions, as well as interest income from fixed deposits maintained with stock exchanges, personal loans, and margin trading facilities.

Objective of the Billionsbrains Garage Ltd IPO

The company proposes to utilize the net proceeds towards funding the following objects:

  1. Expenditure towards cloud infrastructure;
  2. Brand building and performance marketing activities;
  3. Investment in one of its material subsidiaries, Groww Creditserv Technology Private Limited (GCS), a non-banking financial company (NBFC), for augmenting its capital base;
  4. Investment in one of its material subsidiaries, Groww Invest Tech Private Limited (GIT), for funding its margin trading facility (MTF) business; and
  5. Funding inorganic growth through unidentified acquisitions and general corporate purposes.

Rationale To Billionbrains Garage Ltd IPO

Enhancing customer retention and engagement to drive long-term growth

At Groww, customer relationships extend well beyond the completion of a single transaction. The level of customer engagement with its products and services is a key indicator of their level of interest in the platform. The company believes that highly engaged users enable the development of long-term relationships, creating opportunities to introduce them to new products and services over time. Groww enhances customer engagement on its platform by providing relevant and easily accessible information, such as news updates, earnings announcements, and other market-related content, to cater to the needs and interests of customers and enable them to make informed investment decisions. The platform leverages personalized notifications, stories, feeds, and widgets to deliver tailored updates, which the company believes builds trust and strengthens lasting relationships with customers. In FY25, active users spent an average of 65.50 minutes per day on the Groww platform, engaging for various purposes such as reading news, checking watchlists, making investments, or monitoring portfolios. The company notes that customer association with Groww extends beyond mere trade execution, becoming a habitual activity. This engagement was further substantiated in October 2024, when Groww increased brokerage and other stock-related fees, including the introduction of a minimum transaction charge, yet observed negligible impact on customer acquisition and investing/trading activity. For the three-month period ended December 2024, Groww contributed 40.1% of the net addition in NSE active users. Additionally, as customers adopt more products offered on the platform, it reflects in higher retention and deeper engagement levels.

Leveraging in-house technology to deliver a differentiated and cost-efficient experience

Groww’s in-house technology enables the company to deliver a seamless experience to its customers. With systems and infrastructure designed specifically to support its operations, Groww is able to respond quickly to changes driven by customer demand as well as regulatory and compliance requirements. This flexibility allows the company to maintain product velocity, foster continuous innovation, and ensure platform reliability and stability, thereby supporting business continuity. Groww consistently invests in technology to sustain a low-latency, high-throughput data processing system capable of efficiently managing customers’ journeys on the platform. Its systems are built to handle approximately 50 million users simultaneously and execute around 50 million orders per day. The company has developed in-house technology across multiple operational areas and integrated artificial intelligence (AI) and machine learning (ML) into various business functions. AI/ML-powered onboarding enables quick and seamless account openings, while regular redesigns and refinements of platform modules enhance customer conversion and activation rates. The company operates its in-house UPI payment system, Groww UPI (GUPI), which is integrated across all products to enable fast and reliable transactions. GUPI reduces turnaround times and provides instant withdrawals for customers. Groww also manages its back-office operations through an in-house system called Groww ORBIT, which handles key functions such as money and order flows, trade reconciliations, ledger maintenance, and settlement processing. Customer support operations combine in-house AI automation with self-service features to improve efficiency and response times. Additionally, the company has developed Groww Lite, an in-house disaster recovery system that provides an alternate portal allowing traders to log in and exit or cancel open positions in case of a network or system issue. Groww’s continued investment in technology not only enhances customer experience and platform reliability but also drives operating efficiencies, significantly reducing the marginal cost of serving incremental customers. 

Valuation of Billionbrains Garage Ventures Ltd IPO

Billionbrains Garage Ventures Ltd. (Groww) is a direct-to-customer digital investment platform offering various financial products and services. It is India’s largest and fastest-growing investment platform by active users on the NSE, enabling customers to invest and trade in equities, derivatives, bonds, mutual funds, and other financial instruments. India’s Investment and Wealth Management sector presents a significant opportunity, with its total addressable market projected to expand to approximately Rs. 2.2 – Rs. 2.6 trillion by FY30, growing at a CAGR of 15-17%. This growth is being driven by rising investor participation, increasing disposable incomes, and higher investible funds. The rise of digital-first platforms is further democratizing access to capital markets, empowering retail investors to manage their portfolios with ease through simplified content, information and tools. Groww is well-positioned to benefit from these structural tailwinds. Among the top five brokers by NSE active customers as of June 30, 2025, Groww recorded the highest share of new app downloads, accounting for 38.2% of total downloads from the beginning of FY22 to June 30, 2025. The company’s focus on customer engagement is reflected in its efforts to provide relevant and easily accessible information, helping users make informed investment decisions. Its in-house technology capabilities, integrating artificial intelligence (AI) and machine learning (ML) across multiple business functions, enable superior customer experience while improving operational efficiencies. Financially, Groww has demonstrated strong growth, with revenue increasing at a CAGR of 84.9%, EBITDA at 143.9%, and PAT at 99.6% over the FY2023-25 period. Overall, the company is well-positioned for long-term sustainable growth backed by a strong business model, advanced technology, and customer retention capabilities, along with favorable industry tailwinds. On the valuation front, at the upper band of the issue price range, the company is valued at a P/E of 31.3x based on FY25 earnings. Considering its strong financial performance, technological edge, and growth prospects, we recommend a “SUBSCRIBE” rating from a medium- to long-term investment perspective.

What is the Billionbrains Garage Ventures Ltd IPO?

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

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

Billionbrains Garage Ventures Ltd IPO is opening on 04th Nov 2025.  Apply Now

The Lot Size of Billionbrains Garage Ventures Ltd IPO is 150 equity shares. Login to your account now.

The allotment Date for Billionbrains Garage Ventures Ltd IPO is 06th Nov 2025.  Login to your account now.

The listing Date for Billionbrains Garage Ventures Ltd IPO is 12th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 15,000. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,95,000. Login to your account now

  • Uninterrupted access to the company’s technology platform is critical to its operations. System failures or interruptions could negatively affect the availability or performance of its website, mobile applications, or platform, thereby adversely impacting its business, financial condition, and results of operations. Additionally, any actual or perceived cybersecurity, data, or privacy breach could disrupt operations and damage the company’s reputation and brand.
  • The company is required to maintain statutory and regulatory licenses, registrations, and authorizations for its operations and is subject to extensive compliance requirements. Failure to obtain, maintain, or renew such licenses, registrations, or authorizations, or to comply with statutory and regulatory obligations, could have a material adverse effect on its business, financial condition, and results of operations.
  • The company operates in a highly competitive environment, facing competition from existing players as well as emerging technologies such as artificial intelligence and machine learning. Inability to effectively compete with existing or new market participants could materially and adversely affect the company’s business, financial condition, cash flows, and results of operations

The Billionbrains Garage Ventures Ltd IPO be credited to the account on allotment date which is 11th Nov 2025. Login to your account now 

The prospectus of Billionbrains Garage Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Lenskart Solutions Ltd IPO : Avoid

lenskart-logo
  • Date

    31th Oct 2025 - 04th Nov 2025

  • Price Range

    Rs.382 to Rs.402

  • Minimum Order Quantity

    181

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Price Lot Size Issue Date Issue Size
₹382 to ₹402 181 31th Oct, 2025 –04th Nov, 2025 ₹720.8 Cr

Lenskart Solutions Ltd

Lenskart Solutions Ltd. is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding, and retailing eyewear products. To build tech-enabled supply and distribution solutions that improve access to affordable, high-quality Eyewear for all, they primarily sell prescription eyeglasses, sunglasses, and other products, such as contact lenses and eyewear accessories. Leveraging its experience and capabilities in India, Lenskart has expanded into select international markets, including Japan, Southeast Asia, and the Middle East. It is India’s largest and, in Asia, one of the 2nd-largest organised retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during FY25. As of June 30, 2025, their mobile applications had over 10 crore cumulative downloads, and they operated their business through 2,806 stores globally (2,137 in India and 669 internationally). Lenskart provides remote optometry services across 266 stores in Japan and recently introduced them in Thailand. The company’s brand architecture consists of Lenskart and Owndays brands and 23 other curated sub-brands, each designed to serve specific customer use cases. They offer products across a wide range of price points and age categories, catering to the requirements of an entire household. During the three months ended June 30, 2025, and in FY25, they launched 42 and 105 new in-house-designed and engineered collections globally, respectively.  In FY25, Lenskart was awarded India’s Most Trusted Eyewear Brand of 2025 by TRA Research. Lenskart owns and operates centralized manufacturing facilities in India (Bhiwadi, Rajasthan and Gurugram, Haryana), Singapore, and the United Arab Emirates. It also operates a facility in China for manufacturing frames through a joint venture with Baofeng Framekart Technology Ltd. In terms of manufacturing capacity for FY25, its Bhiwadi facility in India is amongst the top two vertically integrated centralized manufacturing facilities for prescription eyeglasses globally.

Objective of the Lenskart Solutions Ltd IPO

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

  • Capital expenditure towards set-up of new CoCo stores in India;
  • Expenditure for lease/rent/license agreements related payments for our CoCo stores operated by our Company in India;
  • Investing in technology and cloud infrastructure;
  • Brand marketing and business promotion expenses for enhancing brand awareness; and
  • Unidentified inorganic acquisitions and general corporate purposes.

Rationale To Lenskart Solutions Ltd IPO

In-house manufacturing capabilities and a differentiated product portfolio underpinning growth

The company has strategically developed in-house capabilities for frame manufacturing, enabling significant advancements in materials, processes, and design. This vertical integration allows the organization to tailor styles to evolving customer trends and preferences while maintaining tighter control over quality and cost. Manufacturing operations began in 2017 through Baofeng Framekart Technology Limited, a joint venture in the People’s Republic of China. Subsequent facilities were established in Gurugram, Haryana, in 2021, followed by Bhiwadi, Rajasthan. These facilities support the production of a diverse range of frame designs and materials, all developed internally. The company’s proprietary mould design and frame manufacturing capabilities have accelerated the launch of new collections, incorporating innovative features, improving quality, and reducing production costs. The success of products like the Lenskart AIR series exemplifies the company’s ability to combine lightweight design with durability and affordability. Additionally, the company manufactures complex lens types in-house, including progressive, bifocal, and, selectively, single vision lenses. This approach facilitates innovation in lens materials, coatings, and processes, resulting in enhanced product quality, shorter lead times, and greater cost efficiency than third-party sourcing. The organization continues to invest in lens research and development to address diverse customer needs across global markets, strengthening its commitment to product excellence and operational agility.

Integrated D2C framework enhancing cost efficiency, product innovation, and execution scalability

The company operates a direct-to-consumer model that streamlines the traditional prescription eyeglasses supply chain by eliminating multiple layers of intermediaries. This approach enables the organization to offer products at affordable prices with next-day delivery, while maintaining complete control over quality and reducing manufacturing lead times. In FY25, the company ranked third among leading large organized retailers globally in the manufacture of prescription eyeglasses, according to Redseer. Traditionally, the eyewear supply chain involves several intermediaries from manufacturers to importers or brand owners, wholesalers, distributors, and finally retailers before reaching the end customer. In contrast, the company’s earlier D2C model consolidated these roles by sourcing frames and lenses from select manufacturers through long-term partnerships and serving as the sole point of contact for both suppliers and customers. The organization is now transitioning to a manufacturer-to-consumer model, leveraging its in-house capabilities to produce both frames and lenses. This evolution further enhances operational efficiency, product innovation, and customer responsiveness by integrating manufacturing and retail under one roof. Additionally, the company has also cultivated comprehensive design and merchandising capabilities, encompassing in-house designs, structural configurations, and proprietary frame moulds. These resources support its in-house frame manufacturing operations and empower greater design innovation tailored to customer preferences, ultimately driving increased purchasing frequency. In FY25, the company significantly expanded its new product development efforts, launching 105 in-house-designed and engineered collections across its markets, up from a previously limited number of annual releases. Overall, these capabilities position the company as a fully integrated eyewear player with superior control over cost, design, and customer experience, driving sustainable growth and long-term competitive advantage.

Valuation of Lenskart Solutions Ltd IPO

Lenskart Solutions Ltd. is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding, and retailing eyewear products. India is its largest market, and is the largest seller of prescription eyeglasses by volume in FY25. Leveraging its experience and capabilities in India, Lenskart has expanded into select international markets, including Japan, Southeast Asia, and the Middle East. It is India’s largest and, in Asia, amongst the two largest organized retailers of prescription eyeglasses in terms of B2C eyeglasses sales volumes during FY25. To provide a satisfactory customer experience, Lenskart has strategically chosen to centralize and control the entire prescription eyeglasses supply chain, comprising lens manufacturing, lens edging, lens design, frame design, frame manufacturing, and delivery. The company also aims to increase penetration in existing markets, enter new markets and geographies, and expand customer access through new initiatives. On the financial front, the company has demonstrated healthy topline growth of 32.5% CAGR between FY23 and FY25, driven by store expansion and digital penetration; however, profitability remains modest. Although the company’s in-house manufacturing transition and focus on innovation enhance long-term scalability, near-term profitability pressures from store expansion, international investments, and marketing costs remain a concern. Additionally, intense competition from both organized and emerging online players could constrain margin expansion. At the upper end of the price band, the issue is valued at a P/E of 227x based on FY25 earnings, which seems expensive relative to fundamentals, a low profitability base, and execution risks in scaling international operations, warranting a cautious stance despite strong growth prospects. We, thus, recommend a “Avoid” rating for this issue.

What is the Lenskart Solutions Ltd IPO?

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

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

Lenskart Solutions Ltd IPO is opening on 31th Oct 2025.  Apply Now

The Lot Size of Lenskart Solutions Ltd IPO is 181 equity shares. Login to your account now.

The allotment Date for Lenskart Solutions Ltd IPO is 06th Nov 2025.  Login to your account now.

The listing Date for Lenskart Solutions Ltd IPO is 10th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,874. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,362. Login to your account now

  • The company relies on third-party suppliers for key raw materials such as lenses, frames, and packaging, which exposes the company to supply chain disruptions, input cost volatility, and quality inconsistencies. Any delay or vendor price escalation could impact production schedules, product availability, and margins, thereby affecting overall profitability.
  • Manufacturing operations and sourcing of raw materials from China expose the company to geopolitical, regulatory, and trade-related risks. Any disruption in supply or logistics in the region could adversely affect production continuity, potentially impacting business operations, financial.
  • The company’s inability to maintain optimal capacity utilization across its manufacturing facilities could lead to operational inefficiencies, higher per-unit costs, and underutilization of resources, thereby adversely impacting profitability, financial performance, and cash flows.

The Lenskart Solutions Ltd IPO be credited to the account on allotment date which is 06th Nov 2025. Login to your account now 

The prospectus of Lenskart Solutions Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Studds Accessories Ltd IPO : Subscribe

studds
  • Date

    30th Oct 2025 - 03rd Nov 2025

  • Price Range

    Rs.557 to Rs.585

  • Minimum Order Quantity

    25

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Price Lot Size Issue Date Issue Size
₹557 to ₹585 25 30th Oct, 2025 –03rd Nov, 2025 ₹455.5 Cr

Studds Accessories Ltd

Studds Accessories Limited (SAL) is India’s largest two-wheeler helmets player, in terms of revenue in FY24 and also the world’s largest two-wheeler helmet player by volume in CY24. The company designs, manufactures, markets, and sells two-wheeler helmets under the ‘Studds’ and ‘SMK’ (launched in 2016) brands, as well as other accessories (such as two-wheeler luggage, gloves, helmet locking device, rain suits, riding jacket, and eyewear) under our ‘Studds’ brand. The company sells its products pan-India and in more than 70 countries worldwide, with its key export markets across the Americas, Asia (excluding India), Europe, and the rest of the world. We also manufacture helmets for Jay Squared LLC, which are sold under the “Daytona” brand in the United States of America, as well as for O’Neal under their branding, supplying to markets in Europe, the US and Australia. As of FY25, its manufacturing facilities I, II, and III have a combined annualised capacity of producing 9.04 million units and sold around 7.40 million helmets in FY25. As of FY25, the company generated approximately 16.6% of its revenue from exports, with Europe, the Americas and Asia being the key contributors. Direct sales to OEMs accounted for 15.5% of its FY25 revenue.

 

Objective of the Studds Accessories Ltd IPO

The company will not receive any proceeds from the offer.

Rationale To Studds Accessories Ltd IPO

Strong market leadership with diversified product portfolio across segments

Studds Accessories Ltd (SAL) holds a dominant position as the largest two-wheeler helmet manufacturer in India by revenue in FY24 and the world’s largest by volume in CY24. Backed by nearly five decades of industry experience, the company has built a strong reputation for safety, quality, and innovation, reflected in the sale of around 7.4 million helmets in FY25. Its flagship brands, Studds and SMK, cater to distinct consumer segments, Studds targeting the mass commuter market and SMK addressing the premium and export segments. This dual-brand strategy allows the company to effectively cover a wide price spectrum ranging from Rs. 875 to Rs. 12,800 per helmet, thereby capturing diverse customer preferences. With over 240 designs and more than 19,000 SKUs across helmet and accessory categories, Studds demonstrates strong design capability and responsiveness to evolving consumer trends. The company’s extensive product catalogue, robust brand equity, and consistent focus on style, safety, and technological innovation provide a sustainable competitive edge, enhancing both market penetration and customer loyalty across domestic and international markets.

Advanced manufacturing and design capabilities with vertically integrated operations and a global distribution network to drive scalable growth

Studds Accessories Ltd (SAL) benefits from a deeply vertically integrated, technologically advanced manufacturing ecosystem that provides end-to-end control across the value chain, from raw material procurement and design to production, marketing, and distribution. With nearly five decades of manufacturing experience, the company has built four state-of-the-art facilities (and a fifth under construction), equipped with advanced automation technologies such as robotic painting, laser-based cutting systems, and sputtering and metalising technologies for visors, a capability held by few Indian helmet manufacturers. The in-house production of key components like EPS liners, decals, moulds, and helmet liners ensures stringent quality control, cost efficiency, and faster product turnaround, with an average design-to-production cycle of 9 months for Studds and 14 months for SMK. Complementing its strong manufacturing backbone is SAL’s well-established sales and distribution network, spanning 363 active distributors across India and exports to over 70 countries across Asia, Europe, and the Americas. The company also supplies to leading OEMs such as Hero MotoCorp, Honda Cars India, Royal Enfield, and Yamaha, while maintaining a presence across EBOs, e-commerce, and government channels like the Central Police Canteen. Its global reach is reinforced by compliance with stringent international quality standards such as BIS (IS:4151:2015), ECE 22.06, and ISO 9001:2015 certifications, enabling sales in high-standard markets like Europe and the U.S. This strong integration of advanced in-house production, innovation-driven design, and a robust multi-channel distribution network underpins Studds’ operational efficiency, scalability, and competitive edge both domestically and internationally.

Valuation of Studds Accessories Ltd IPO

SAL was registered in 1975, holding the position as the largest two-wheeler helmet player in India. The company has built a strong presence across more than 70 countries, supported by its dual-brand portfolio, which collectively caters to mass and premium segments. SAL’s extensive vertical integration, automation-led manufacturing, and continuous design innovation enable strong cost control, consistent product quality, and faster turnaround times. Further, the company’s robust distribution network, spanning 363 domestic distributors and leading OEM relationships with players such as Hero MotoCorp, Honda, and Royal Enfield, strengthens its leadership position in the organized helmet market. SAL’s strategic roadmap is centred on capacity expansion, product diversification, and global penetration. It is setting up a fifth manufacturing facility at Faridabad to deepen vertical integration and capitalize on growing global demand for certified helmets. The company is also investing in automation and IoT-enabled systems to enhance operational efficiency and scale. Geographically, it is expanding through acquisitions (such as Bikerz US, Inc.) and establishing a direct distribution model in Europe. On the product front, SAL plans to increase its presence in the premium segment under both the Studds and SMK brands, while also expanding into bicycle helmets, apparel, and other two-wheeler lifestyle accessories. Financially, SAL has exhibited steady growth with net sales rising from Rs 499 crore in FY23 to Rs 584 crore in FY25, reflecting a CAGR of 8.1%. EBITDA margin expanded from 12.0% in FY23 to 18.0% in FY25, driven by operational efficiencies and product mix improvement. Net profit grew from Rs 33 crore in FY23 to Rs 70 crore in FY25, translating into an EPS CAGR of over 45%. Return ratios also strengthened, with ROE improving from 9.8% in FY23 to 15.5% in FY25, indicating efficient capital utilization. Overall, Studds’ integrated manufacturing strength, expanding global footprint, diversified product portfolio, and margin-accretive strategy position it well to benefit from the structural growth in the two-wheeler helmet market, both domestically and globally. On the valuation front, at the upper band of the issue price range, the company trades at a P/E of 33.1x based on FY25 earnings. We thus recommend a “SUBSCRIBE” rating from a medium- to long-term perspective.

What is the Studds Accessories Ltd IPO?

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

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

Studds Accessories Ltd IPO is opening on 30th Oct 2025.  Apply Now

The Lot Size of Studds Accessories Ltd IPO is 25 equity shares. Login to your account now.

The allotment Date for Studds Accessories Ltd IPO is 04th Nov 2025.  Login to your account now.

The listing Date for Studds Accessories Ltd IPO is 07th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,625. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,90,125. Login to your account now

  • The company faces high concentration risk, with its business being highly dependent on the two-wheeler market.
  • The company’s performance is subject to seasonality, with Q2 being the weakest.
  • With all of its manufacturing facilities being located in a single geographic location, SAL’s operations are highly susceptible to the risk of complete disruption or shutdown due to any significant event.

The Studds Accessories Ltd IPO be credited to the account on allotment date which is 04th Nov 2025. Login to your account now 

The prospectus of Studds Accessories Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Orkla India Ltd IPO : Subscribe

orkla_india_logo
  • Date

    29th Oct 2025 - 31th Oct 2025

  • Price Range

    Rs.695 to Rs.730

  • Minimum Order Quantity

    20

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Price Lot Size Issue Date Issue Size
₹695 to ₹730 20 29th Oct, 2025 –31th Oct, 2025 ₹1,667.5 Cr

Orkla India Ltd

Orkla India Limited is a well-established, multi-category Indian food manufacturer with a legacy spanning several decades and a diversified product portfolio that caters to all meal occasions, from breakfast and main meals to snacks, beverages, and desserts. As per the Technopak Report, in FY24, the company ranked among the top four players in terms of revenue from operations within the spices and convenience foods segment, reflecting its strong market positioning. The company’s offerings are marketed under its flagship brands MTR and Eastern, both of which hold strong consumer equity and are deeply rooted in South Indian culinary traditions. Its product mix is broadly categorized into spices (including blended and pure spices) and convenience foods (comprising ready to cook, ready to eat, and vermicelli products). Within the spices segment, key products include popular blends such as Sambar Masala, Chicken Masala, Puliogare Masala, Rasam Masala, and Meat Masala, as well as pure spices like Chilli, Kashmiri Chilli, Turmeric, Coriander, and Cumin. The convenience foods segment addresses the growing consumer preference for easy-to-prepare meals, offering products such as Rava Idli Mix, Dosa Mix, 3-Minute Poha, and Gulab Jamun Mix. As of June 30, 2025, the company’s extensive portfolio comprised around 400 SKUs, with an impressive average daily sale of approximately 2.3 million units, underscoring its robust distribution reach and brand strength. Overall, the company’s heritage, diversified product range, and strong presence in the fast growing convenience foods and spice categories position it well for sustainable growth in the Indian packaged foods market.

Objective of the Orkla India Ltd IPO

The company will not receive any proceeds from the offer.

Rationale To Orkla India Ltd IPO

Demonstrates strong capabilities in building and scaling household food brands driven by deep understanding of local consumer preferences and taste profiles

The company has established a strong foothold in the packaged spices market of South India, supported by leading brands with significant market shares. Its success stems from robust brand equity and a deep understanding of regional consumer preferences. The company’s product strategy effectively differentiates between vegetarian and non-vegetarian cuisines through its two flagship brands, MTR, which focuses on vegetarian spice blends, and Eastern, which primarily caters to non-vegetarian preparations. The company’s regionalized approach enables it to align product offerings closely with local tastes. For instance, it offers Puliogare and Bisi Belebhath mixes for Karnataka, Chicken Porichathu and Assal Kayam Sambar Masala for Kerala, and Podi and Masala Karam for Andhra Pradesh. Moreover, even similar dishes are customized to regional flavor profiles, such as MTR Sambar Masala tailored to Karnataka consumers, MTR Spicy Sambar Powder for Andhra Pradesh, and Eastern Assal Kayam Sambar Powder designed for Kerala. This granular localization strategy underlines the company’s strong consumer insight, brand adaptability, and ability to sustain market leadership across diverse regional segments within South India.

Operates as a diversified, multi-category food player with a strong emphasis on continuous product innovation to address evolving consumer preferences and expand market presence

The company demonstrates a consistent focus on innovation to address evolving consumer preferences and enhance convenience across its portfolio. Product development efforts span recipe enhancement, format diversification, and novel preparation methods. Recent launches illustrate this strategy, including MTR minute fresh batters, which build on the existing dry mix range to offer greater convenience; a Ready to Eat sweets portfolio, extending the sweet mix category; and the 3-minute breakfast line, expanding the company’s reach within the convenience foods segment. In addition, the company is strategically broadening its cuisine portfolio beyond traditional Indian categories, as seen with the “Wok N Roll” brand introduced in January 2025, targeting the growing Pan-Asian cuisine segment through a range of blended spices and cooking pastes. This innovation led approach positions the company to capture emerging consumer trends and sustain long term growth across multiple food categories. The company’s ability to curate a diverse product portfolio tailored to regional tastes is underpinned by a structured and research-driven innovation framework. This is enabled through its Cuisine Centres of Excellence (CoEs) located in Bengaluru and Kochi, which serve as hubs for culinary research and product development. These CoEs focus on market relevant cuisines, where inhouse chefs undertake extensive culinary immersion to study regional dishes, traditions, and flavor profiles, ensuring authentic and locally resonant product formulations.

Valuation of Orkla India Ltd IPO

Orkla India Limited is a well-established, multi-category food manufacturer with a strong legacy spanning several decades. The company offers a diversified portfolio that caters to every meal occasion from breakfast and main meals to snacks, beverages, and desserts. It holds a leading position in the packaged spices segment across key southern markets, including Karnataka, Kerala, Andhra Pradesh, and Telangana. The Indian spices market has expanded at a robust CAGR of 11.5%, reaching approximately Rs. 1,230 billion in FY24, and is expected to grow further to Rs. 2,080 billion by FY29. This strong growth momentum is supported by multiple structural drivers such as rising disposable incomes, growing urbanization, increasing adoption of e-commerce and quick-commerce platforms, the need for convenience, and the rising awareness of spices’ medicinal and functional benefits. Similarly, India’s packaged food market is projected to grow at a CAGR of 11.0%, reaching Rs. 17,120 billion by FY29, driven by evolving consumer lifestyles, a higher share of nuclear families, growing female workforce participation, and increasing affordability. As part of its growth strategy, Orkla India has been expanding its international presence, with a key focus on strengthening its footprint across GCC countries. On the financial front, the company has demonstrated strong and consistent performance, with an EBIT margin of 14% in FY25, the highest among peers. The company delivered Sales/EBITDA/PBT CAGR of 5.0%/12.9%/22.9%, respectively, while adj. PAT declined from Rs. 338 crores in FY23 to Rs 289 crores in FY25 due to tax reversal in FY23. At the upper price band of Rs. 730, Orkla India Ltd. is valued at a P/E multiple of 39.0x based on FY25 earnings. Given the company’s historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

What is the Orkla India Ltd IPO?

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

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

Orkla India Ltd IPO is opening on 29th Oct 2025.  Apply Now

The Lot Size of Orkla India Ltd IPO is 20 equity shares. Login to your account now.

The allotment Date for Orkla India Ltd IPO is 03rd Nov 2025.  Login to your account now.

The listing Date for Orkla India Ltd IPO is 06th Nov 2025.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,600. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,89,800. Login to your account now

  • The company’s operations remain exposed to fluctuations in the prices of key raw materials and packaging inputs. Given the high dependency on agricultural commodities and packaging materials, any sharp volatility or supply disruption could impact procurement costs and gross margins. Inability to secure these inputs at competitive prices may exert pressure on profitability, cash flows, and overall financial performance.
  • The improper processing or storage of products or raw materials, or spoilage of and damage to such products or raw materials, or any real or perceived contamination in products or raw materials, could subject the company to regulatory action, damage the company’s reputation and have an adverse effect on its business, financial condition, cash flows and results of operations.
  • Any slowdown or interruption to the company’s manufacturing operations or under-utilization of their existing or future manufacturing facilities may have an adverse impact on its business and financial performance.

The Orkla India Ltd IPO be credited to the account on allotment date which is 04th Nov 2025. Login to your account now 

The prospectus of Orkla India Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE