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Raajmarg Infra Investment Trust: SUBSCRIBE

raajmarg
  • Date

    11th Mar 2026 - 13th Mar 2026

  • Price Range

    Rs.99 to Rs 100

  • Minimum Order Quantity

    600

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Price Lot Size Issue Date Issue Size
₹99 to ₹100 600 11th Mar, 2026 – 13th Mar, 2026 ₹600 Cr

Raajmarg Infra Investment Trust

Raajmarg Infra Investment Trust (Raajmarg InvIT or the Trust) is an infrastructure investment trust registered with SEBI on December 22, 2025, under the InvIT Regulations. The Trust has been established to acquire, operate and maintain operational road infrastructure assets in India, in accordance with the terms of the respective concession agreements. The Trust is sponsored by the National Highways Authority of India (NHAI), an autonomous authority under the Ministry of Road Transport and Highways (MoRTH), Government of India. Incorporated under the NHAI Act in 1989 and operational since 1995, NHAI is responsible for the development, maintenance and management of India’s national highway network. The presence of a government-backed sponsor provides the Trust with institutional strength and credibility. Raajmarg InvIT is managed by an experienced investment manager team, with the majority of personnel possessing over two decades of operational and managerial experience in the roads and highways sector. The Trust proposes to acquire an initial portfolio of five operational toll road assets located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka under the Toll Operate Transfer (TOT) model implemented by NHAI. These assets together span approximately 260.2 km and form part of the Golden Quadrilateral highway network. The toll road assets will be held through a project special purpose vehicle (SPV) and operated and maintained under concession agreements granted by NHAI. Under the concession framework, the SPV will have the exclusive right to collect and appropriate toll revenues from road users, while also assuming responsibility for the operation, management and maintenance of the assets. The concessions are expected to have a tenure of 15 years, during which the Trust will oversee asset performance and operational standards from the operations and maintenance (O&M) handover date. In consideration for these rights, the SPV will be required to pay an upfront concession fee to NHAI before the commencement of the concession period, as specified in the respective concession agreements.

Objective of Raajmarg Infra Investment Trust

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

  • Infusion of debt and equity into the Project SPV, which shall be utilized by the Project SPV for the payment of concession value of the InvIT Assets to NHAI; and
  • General corporate purposes.

Rationale To Raajmarg Infra Investment Trust

Investment Rationale

Strong Sponsor Backing with Proven Execution Capabilities in National Highway Development

The Trust benefits from the backing of its sponsor, NHAI, the central agency responsible for the development, maintenance and management of India’s national highway network under the Ministry of Road Transport and Highways (MoRTH). NHAI has a well-established track record in executing and operating large-scale road infrastructure projects across the country and has played a critical role in strengthening India’s highway ecosystem. As the implementing authority for the National Highways Development Project (NHDP), NHAI has significantly expanded and upgraded the national highway network while facilitating private sector participation through public–private partnership (PPP) models. This framework has supported efficient capital deployment, accelerated infrastructure development and enabled the creation and monetization of operational road assets. India’s national highways represent the backbone of the country’s road infrastructure, serving as key corridors for freight and passenger transportation. The network has expanded from ~1,32,500 km in FY20 to ~1,46,204 km in FY25, reflecting a steady CAGR of ~2%. Notably, the most significant expansion occurred during FY22–FY23, when nearly 3,960 km of highways were added, supported by large-scale government initiatives such as the Bharatmala Pariyojana and the National Infrastructure Pipeline. Looking ahead, the government’s long-term roadmap under MoRTH Vision 2047 aims to strengthen nationwide connectivity by ensuring that citizens are located within 100–150 km of high-speed highway corridors. The program focuses on expanding networks and enhancing logistics efficiency by developing economic corridors, border and coastal connectivity routes, integrated logistics infrastructure, and innovative contracting and asset monetization frameworks. This structural push towards highway infrastructure development is expected to support long-term traffic growth and stable revenue visibility for operational toll road assets.

Strategically Located Assets Across Key Economic Corridors

The Trust proposes to acquire an initial portfolio of five operational toll road assets located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, forming part of the Golden Quadrilateral highway network under the Toll Operate Transfer (TOT) model implemented by the National Highways Authority of India. Of the five assets, four are located in southern India while one is situated in eastern India, providing geographic diversification across economically active regions. The assets are strategically positioned along key inter-city corridors, supporting both passenger and commercial vehicle movement. Historical traffic trends indicate healthy growth across these corridors, driven by improving connectivity and expanding regional economic activity. Given their location in economically vibrant regions, the assets benefit from consistent freight and passenger flows, which support stable toll collections. Looking ahead, continued investments in highway infrastructure and government-led initiatives such as Bharatmala Pariyojana are expected to enhance road connectivity and logistics efficiency. These structural developments are likely to support sustained traffic growth and strengthen the Trust’s long-term revenue visibility for its toll road portfolio.

Valuation of Raajmarg Infra Investment Trust

Raajmarg Infra Investment Trust (RIIT) is sponsored by the National Highways Authority of India (NHAI), a statutory authority under the Government of India. RIIT’s initial portfolio comprises five operational toll road assets spanning approximately 260 km across key economic corridors in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka under the Toll Operate Transfer (TOT) framework. These assets benefit from a diversified traffic composition, including both passenger and commercial vehicles, transporting a wide range of goods such as agricultural products, steel, cement, coal, and containers, thereby supporting resilient, stable toll revenues. The Trust is well-positioned to benefit from structural drivers, such as rising domestic trade, increased commercial vehicle movement, and the continued expansion of India’s highway network under government initiatives such as Bharatmala Pariyojana and the National Infrastructure Pipeline. These initiatives aim to enhance national connectivity and logistics efficiency, which is expected to drive sustained traffic growth on major highway corridors. The Trust also offers strong scalability potential through a defined pipeline of future asset acquisitions from its sponsor. NHAI has indicated the potential transfer of approximately 1,500 km of operational national highway assets to the Trust over the next three to five years, providing RIIT with a structured pathway for portfolio expansion. On the Financial front, the Trust is expected to generate steady operating cash flows driven by toll collections, with projected revenue and operating cash flows increasing post commencement of operations as traffic volumes expand and operational efficiencies improve. Overall, the Trust appears well-positioned to benefit from India’s long-term infrastructure growth story, supported by strategic asset locations, predictable concession-based revenue streams, and strong government-backed sponsorship. We, thus, recommend a “SUBSCRIBE” rating for this issue.

What is the Raajmarg Infra Investment Trust IPO?

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

To apply for the Raajmarg Infra Investment Trust IPO through StoxBox one can apply from the website and also from the app. Click here

Raajmarg Infra Investment Trust IPO is opening on 11th Mar 2026.  Apply Now

The Lot Size of Raajmarg Infra Investment Trust is 600 equity shares. Login to your account now.

The allotment Date for Raajmarg Infra Investment Trust IPO is 13th Mar 2026.  Login to your account now.

The listing Date for Raajmarg Infra Investment Trust is 24th Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,796. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,348. Login to your account now

  • The Trust is a newly established infrastructure investment trust with a limited historical financial and operating track record. As a result, investors may have difficulty assessing the Trust’s long-term performance, financial stability, and future cash flow generation capabilities. The absence of historical operating data may limit the ability to assess the business’s sustainability.
  • The Trust’s revenues are primarily derived from toll collections on vehicles using the highway assets. Traffic volumes may fluctuate due to economic slowdown, higher fuel prices, changes in freight patterns, seasonal variations, or unforeseen disruptions such as pandemics. Any decline in vehicle traffic could directly impact toll revenues and cash flows.
  • Infrastructure Investment Trusts operate in a regulated environment, subject to government policies and sector regulations. Any changes to tolling regulations, concession agreements, tax frameworks, or InvIT guidelines may affect the Trust’s expected cash flows, profitability, or growth prospects.

The Raajmarg Infra Investment Trust be credited to the account on allotment date which is 24th Mar 2026. Login to your account now 

The prospectus of Raajmarg Infra Investment Trust IPO prospectus can be find on the website of SEBI, NSE and BSE

Innovision Ltd: Avoid

innovision IPO
  • Date

    10th Mar 2026 - 12th Mar 2026

  • Price Range

    Rs.512 to Rs 548

  • Minimum Order Quantity

    27

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Price Lot Size Issue Date Issue Size
₹512 to ₹548 27 10th Mar, 2026 – 12th Mar, 2026 ₹323 Cr

Innovision Ltd

Innovision Limited is an integrated business services provider operating across India in three main areas: manpower services, toll plaza management, and skill development training. The company was founded in 2007 and initially focused on manned private security services before gradually expanding into other service segments. In the manpower services vertical, Innovision provides manned security, integrated facility management (IFM), and manpower sourcing and payroll services to corporate clients. Its IFM offering includes soft services such as housekeeping, cleaning, and pest control, as well as hard services like mechanical and electrical maintenance. As of early 2026, the company serves more than 180 clients across over 1,000 premises and employs around 6,900 security guards, with Private Security Agencies Regulation Act (PSARA) licenses across multiple states and union territories. The company has also established its own PSARA training center in Haryana to train security personnel. The company also operates in toll plaza management, where it provides services related to user fee collection and toll operations on national highways. As of January 2026, Innovision manages nine toll plazas and has executed around 60 toll-related projects, using electronic toll collection systems based on RFID technology to improve operational efficiency. In addition, Innovision is involved in skill development and vocational training through partnerships with government initiatives such as the National Skill Development Corporation, offering training programs across sectors including healthcare, IT, and electronics through a network of approximately 50 training centers. The company also operates specialized subsidiaries that focus on emerging opportunities, including drone pilot training through Aerodrone Robotics and overseas recruitment and visa facilitation through Innovision International Private Limited. As of January 2026, Innovision operates across 23 states and 5 union territories and employs more than 14,000 personnel.

Objective of Innovision Limited

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

  • Repayment or pre-payment, in part or full of all or certain borrowings availed by the company;
  • Funding working capital requirements of the company; and
  • General corporate purposes.

Rationale To Innovision Limited

Investment Rationale

Beneficiary of sustained expansion in national highway infrastructure and toll collections

Innovision operates in toll plaza management, a segment directly linked to the expansion of India’s national highway network and the growth in toll collections. This vertical has become the largest contributor to the company’s revenue. In FY25, the segment with a bidding success rate of 50%, accounted for 56% of total revenue. Highlighting the scale achieved, opportunity here is substantial as government spending on road infrastructure has increased significantly over the past few years, with the budget for the Ministry of Road Transport and Highways rising from Rs. 1.28 trillion in FY19 to about Rs. 2.87 trillion in FY26 and Rs. 3.10 trillion in the FY27 budget estimate. The expansion of highway infrastructure has increased the scale of tollable road assets across the country, with the national highway network now exceeding 1,46,500 kilometres by 2025. The pace of highway construction remains elevated at around 29 kilometres per day in FY25, significantly higher than the 11.6 km per day recorded in 2014. As highway networks expand and traffic volumes increase, toll collections continue to grow. Total toll collections on national highways reached approximately Rs. 614 billion in FY25, representing about 10% YoY growth from Rs. 559 billion in FY24 and more than doubling from Rs. 251 billion in FY19. In parallel, the government has accelerated asset monetization through models such as Toll-Operate-Transfer and infrastructure investment trusts, monetizing over Rs. 1.52 lakh crores of road assets as of late 2025. The combination of higher highway construction, rising toll collections, and increased monetization of road assets continues to expand the addressable market for toll management service providers.

Structural growth in organised facility management, security services and emerging drone ecosystem

Innovision also operates in segments that are benefiting from long-term structural shifts toward organized service providers and technology-enabled security solutions. The Indian manned security market has grown from Rs. 547 billion in CY19 to approximately Rs. 988 billion in CY24, representing a CAGR of about 12.6%, and is projected to reach Rs. 1,716 billion by CY29. Similarly, the integrated facility management (IFM) market has expanded to around Rs. 1,134 billion in CY24 and is expected to reach Rs. 2,286 billion by CY29, a CAGR of 15% over the period. This growth is supported by rising commercial real estate development, increasing urbanization, and higher compliance requirements for security and facility services. India’s urban population is projected to reach around 40% of the total population by CY29, which is expected to further increase demand for organized security and facility management services across commercial buildings, hospitals, logistics facilities, and residential complexes. In addition to traditional manpower-driven services, Innovision has exposure to the emerging drone ecosystem through its subsidiary Aerodrone Robotics. The domestic drone market is projected to grow significantly from about Rs. 29 billion in 2020 to approximately RS. 1,665 billion by CY28, supported by government initiatives aimed at building a domestic drone ecosystem and increasing adoption in defence.

Valuation of Innovision Limited

Innovision Limited has demonstrated strong revenue growth over the past three fiscals, with revenue from operations increasing from Rs. 256 crores in FY23 to Rs. 893 crores in FY25, reflecting a two-year CAGR of 87%. Profitability has also scaled alongside revenue, with EBITDA reaching Rs. 52 crores in FY25 while PAT increased to Rs. 29 crores, representing a PAT CAGR of 81% over the same period. EBITDA margin declined to 5.8% in FY25 from 6.4% in FY23, while PAT margin declined to 3.3% in FY25 from 3.5% in FY23. Return ratios remain strong with ROE at 35% and ROCE at 41% in FY25, indicating efficient capital deployment despite the working capital intensive nature of service contracts. The company reported an EPS of Rs. 15.62 in FY25 and a Net Asset Value per share of Rs. 54 as of September 30, 2025. Innovision operates across manpower services, toll plaza management, and skill development, with segmental EBITDA margins of 5.2%, 4.7%, and 36.6% respectively in FY25. The revenue mix has shifted significantly towards toll plaza management, which contributed 13% in FY23, now contributes 56% of revenue in FY25, improving scalability but increasing dependence on infrastructure-linked contracts. While the company has maintained a bidding success rate of around 50% in toll management tenders, a significant portion of revenue is subject to contract renewals, with contracts worth Rs. 624 crores expiring in FY26 and Rs. 283 cores in FY27. Additionally, the business remains exposed to client concentration risk, with the top ten customers contributing 80% of revenue in FY25 and NHAI being the largest client. The company also carries moderate leverage with a debt-to-equity of 1.1x and net debt/EBITDA of 3.5x as of September 30, 2025. Listed peers such as Krystal Integrated Services Ltd., Updater Services Ltd., SIS Ltd., Quess Corp Ltd., and Highway Infrastructure Ltd. are currently trading at P/E multiples of approximately 14.6x, 10.6x, 12.2x, 12.5x, and 10.5x respectively (as of March 06, 2026). Innovision Ltd., at the upper price band of Rs. 548 and EPS of Rs. 10.82 per share implies a P/E of 51x. Given the significant premium to its listed peers and concerning operational and regulatory risks faced by the company, we recommend a “AVOID” rating to the issue from a medium-to-long-term perspective.

What is the Innovision Limited IPO?

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

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

Innovision Limited IPO is opening on 10th Mar 2026.  Apply Now

The Lot Size of Innovision Limited is 27 equity shares. Login to your account now.

The allotment Date for Innovision Limited IPO is 13th Mar 2026.  Login to your account now.

The listing Date for Innovision Limited is 17th Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,796. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,92,348. Login to your account now

  • NHAI, the company’s largest client, issued a one-year debarment order in July 2025 over alleged irregularities. Although the Delhi High Court has stayed the order, an adverse final ruling could prevent the company from bidding for new NHAI projects, which contributed 56% of revenue in FY25.
  • With a workforce of over 14,000 personnel, the company faces operational and regulatory risks related to labour compliance, workplace disputes, and service liabilities. As of the prospectus date, 78 labour-related cases are pending before various authorities.
  • The business operates with a working capital cycle of around 128 days, as employee payments are made before receiving client payments. This has resulted in negative operating cash flows in FY25 and the subsequent half-year, increasing reliance on external funding.

The Innovision Limited be credited to the account on allotment date which is 16th Mar 2026. Login to your account now 

The prospectus of Innovision Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Rajputana Stainless Limited: Subscribe

rajputana stainless limited
  • Date

    09th Mar 2026 - 11th Mar 2026

  • Price Range

    Rs.116 to Rs 122

  • Minimum Order Quantity

    110

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Price Lot Size Issue Date Issue Size
₹116 to ₹122 110 09th Mar, 2026 – 11th Mar, 2026 ₹255 Cr

Rajputana Stainless Limited

Rajputana Stainless Ltd. (RSL), incorporated in 1991, is engaged in the manufacturing of long and flat stainless-steel products under the brand name “RSL.” The company’s product portfolio includes billets, forging ingots, rolled black bars, rolled bright bars, flats and pattis, along with other ancillary products. RSL offers its products in more than 80 different stainless-steel grades, reflecting its ability to meet varied technical specifications and application-specific requirements across. The company primarily operates on a business-to-business (B2B) model, supplying its products to a diverse customer base, mainly manufacturers and traders. Its stainless-steel products are widely used across several industries, including bar processing, seamless pipes, forging, wire manufacturing, engineering, casting, fasteners, utensil manufacturing, pumps and shafts, and the auto sector. This wide industrial application highlights the adaptability and performance of the company’s stainless-steel solutions for both standard and specialized uses. Apart from revenue generated through the manufacturing and sale of stainless-steel products, the company also earns income from (i) the sale of consumables, scrap, and other items, (ii) the sale of traded goods, and (iii) job work and other ancillary services. RSL distributes its products across 14 states and 2 union territories in India through a combination of direct sales and a network of traders. The company primarily operates from its manufacturing facility located in Kalol, Panchmahal district, Gujarat, situated on Halol–Kalol Road. The facility spans approximately 35,196.98 sq. meters, including 17,610 sq. meters of currently unutilized land. To meet rising demand and specific customer requirements, the company also utilizes third-party manufacturing units on a job-work basis. In addition to serving the domestic market, RSL exports its products to nine countries, including Turkey, the UAE, Poland, Portugal, the USA, South Africa, South Korea, the Czech Republic, and Kuwait. With over two decades of experience in the stainless-steel manufacturing industry, RSL has developed strong technical capabilities and operational efficiencies. Over time, the company has built a broad and loyal customer base by consistently meeting stringent quality standards and adapting to evolving industry requirements.

Objective of Rajputana Stainless Limited

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

  • Funding capital expenditure requirements for expansion of the existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes (Proposed Facility);
  • Full or part repayment and/or prepayment of certain outstanding borrowings availed by the company; and
  • General corporate purposes

Rationale To Rajputana Stainless Limited

Investment Rationale

Strategically located integrated manufacturing setup with expansion potential

RSL operates its primary manufacturing facility on Halol–Kalol Road in Kalol, Panchmahal district, Gujarat. The facility has an integrated manufacturing setup that covers the entire production chain, from melting and refining to casting/rolling, heat treatment, testing, and storage. The plant is equipped with key infrastructure, including an induction furnace, AOD, CCM, heat treatment facilities, a rolling mill, and a bright bar shop. Additionally, the facility houses oxygen and nitrogen plants, reducing dependence on third-party suppliers and supporting uninterrupted production. The manufacturing process combines mechanized operations with human skills to maintain desired production standards. The facility is also supported by infrastructure for raw material and finished goods storage, along with quality control systems. RSL’s integrated production process provides production flexibility, enabling the company to customize products based on specific customer requirements and adjust its product mix to cater to evolving market conditions. Strategically located near National Highway (NH 148N), the facility offers convenient connectivity and access to multiple transportation modes, facilitating efficient movement of both inbound raw materials and outbound finished goods. Further, RSL plans to expand its manufacturing capabilities through forward integration and product diversification. The company intends to utilize a portion of the vacant land within the premises of its existing facility to establish a plant for manufacturing stainless-steel seamless pipes. The basic raw material required for seamless pipes is already produced in-house, which positions the company well for this expansion. By leveraging its existing capabilities and raw material production, this forward integration is expected to enhance operational efficiency, reduce production costs, ensure consistent raw material supply, and improve overall product quality, thus giving it a competitive advantage and allowing it to achieve economies of scale.

Wide product portfolio and customer-centric approach driving growth

RSL specializes in manufacturing stainless-steel products in various sizes and grades, which have applications across a broad range of industries. Its portfolio comprises billets, forging ingots, rolled black bars, rolled bright bars, flat patti, wire rods, and other ancillary products. This diverse product offering enables RSL to effectively meet evolving customer requirements and respond to changing market demands. The company’s product versatility provides it with a competitive advantage, allowing it to compete more effectively within the industry. Additionally, its diversified product portfolio reduces dependence on any particular product, thereby de-risking its revenue streams. Over the years, RSL has developed long-term association with a wide customer base, which gives competitive advantages such as improved revenue visibility, industry goodwill, and a reputation for quality. Recognition of its product quality has helped the company to penetrate the stainless-steel products market and cater to new customers in addition to its existing customer network. A key differentiating factor for RSL is its customer-centric approach, under which it offers stainless-steel products tailored to specific customer requirements. This approach has supported the company’s business growth and helped expand its presence within the industry.

Valuation of Rajputana Stainless Limited

Rajputana Stainless Ltd. is engaged in the manufacturing of long and flat stainless-steel products and offers more than 80 grades of stainless steel, catering to a wide range of industries. The company operates entirely on a B2B model, serving primarily manufacturers and traders. India is the second-largest consumer and the third-largest producer of stainless steel globally, accounting for an average of about 7% of global stainless-steel output during 2016-2020. Given the broad end-consumer base, demand for long and flat stainless-steel products is closely linked to overall economic growth, industrial, as well as consumer demand scenarios. RSL is well positioned to benefit from these structural tailwinds, supported by its diversified product portfolio. The company’s integrated manufacturing facility enables efficient end-to-end production, operational flexibility, and customization of products to meet evolving customer requirements. Its strategic location supports efficient logistics, while planned forward integration into stainless-steel seamless pipes using in-house raw materials is expected to improve cost efficiency, ensure supply consistency, enhance product quality, and support scalable growth. Financially, the company has demonstrated steady improvement in profitability, with PAT growing at a CAGR of 28.7% and EBITDA at 29.7% during FY23-FY25. Over the same period, EBITDA margin expanded from 4.6% to 7.9%, while PAT margin improved from 2.5% to 4.3%, reflecting better operational efficiency. At the upper price band of Rs. 122, Rajputana Stainless Ltd. is valued at a P/E multiple of 21.1x based on FY25 earnings. Given the company’s improving margins, diversified product portfolio, and potential growth from forward integration initiatives, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

What is the Rajputana Stainless Limited IPO?

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

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

Rajputana Stainless Limited IPO is opening on 09th Mar 2026.  Apply Now

The Lot Size of Rajputana Stainless Limited is 110 equity shares. Login to your account now.

The allotment Date for Rajputana Stainless Limited IPO is 12th Mar 2026.  Login to your account now.

The listing Date for Rajputana Stainless Limited is 16th Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 13,420. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,87,880. Login to your account now

  • The company derives a significant portion of its revenue from its top 10 customers. The company does not have long-term contracts with all of these customers, and their orders are largely based on purchase orders or ongoing business relationships. Any reduction in demand, loss of key customers, or termination of purchase arrangements could adversely impact the company’s revenue visibility, cash flows, financial condition, and overall operating performance.

  • The company, along with its promoters, directors, KMPs, and SMPs, is involved in certain ongoing legal proceedings. The total amount involved in litigations against the company aggregates to Rs. 12,861.77 lakh, representing approximately 72.8% of its net worth. Any unfavorable outcome in these proceedings could materially impact the company’s business operations, financial condition, and results of operations.

  • The company’s manufacturing Facility and proposed facility are located in Gujarat, and therefore, operations are highly vulnerable to regional conditions and economic downturns in the region.

The Rajputana Stainless Limited be credited to the account on allotment date which is 09th Mar 2026. Login to your account now 

The prospectus of Rajputana Stainless Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

SEDEMAC Mechatronics Limited: AVOID

  • Date

    04th Mar 2026 - 06th Mar 2026

  • Price Range

    Rs.1287 to Rs 1352

  • Minimum Order Quantity

    11

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Price Lot Size Issue Date Issue Size
₹1287 to ₹1352 11 04th Mar, 2026 – 06th Mar, 2026 ₹1087 Cr

SEDEMAC Mechatronics Limited

SEDEMAC Mechatronics Limited is a supplier of control-intensive, critical-to-the-application electronic control units (ECUs) to leading OEMs in the mobility and industrial markets in India, the US, and Europe. The company develops and supplies engine control units and integrated systems such as Integrated Starter Generators (ISG), ISG + Electronic Fuel Injection (EFI) systems, EFI, Motor Control Units (MCUs) (for EVs), and genset controllers, which enable engine efficiency improvement, emission compliance, performance optimisation and electrification support across mobility and non-mobility applications. Its product portfolio is broadly classified into automotive control systems and non-automotive industrial control systems, with automotive contributing 85.7% (as of FY25) share of revenue at roughly four-fifths of total operating income, while genset and industrial controllers account for the balance. Within automotive, engine control systems, including ISG, MCU and EFI solutions, form the largest revenue block (79.2% of the total revenue). The company operates on a B2B, OEM-focused model, supplying directly to leading two-wheeler and passenger vehicle manufacturers, off-highway OEMs, and global small-engine manufacturers, with key customers including large domestic automotive OEMs and export-focused engine makers. The revenue concentration remains meaningful, with top three customers contributing 87.8% of annual sales. SEDEMAC has an integrated R&D-led manufacturing setup with multiple production facilities located in Pune, Maharashtra, supported by in-house design, embedded software development, testing and validation capabilities, enabling it to offer customised, application-specific solutions rather than commoditised hardware. The company holds approximately 35% market share in the domestic ISG ECU market by volume and is among the top four players as of 9MFY26. R&D spending stood at 6.7% of operational revenue in FY25.

Objective of SEDEMAC Mechatronics Limited

The company will not receive any proceeds from the issue as the entire offer comprises of OFS worth Rs. 1,087 crores.

Rationale To SEDEMAC Mechatronics Limited

Investment Rationale

Early-mover technological leadership creates structural entry barriers

SEDEMAC’s early entry into control-intensive engine electronics, particularly in ISG ECUs and advanced engine control systems, has enabled it to establish technological leadership in a niche but critical segment of the powertrain value chain. Being among the first to indigenously develop and commercialise ISG ECUs for domestic OEM platforms has enabled the company to capture approximately 35% market share by volume and emerge as one of the top four players as of 9MFY26. In automotive electronics, early validation with OEMs creates a durable advantage given long development cycles, stringent qualification norms and multi-year platform approvals. Once embedded into an engine architecture, switching suppliers requires redesign, recalibration, and fresh validation, resulting in high switching costs and strong customer stickiness. This early-mover positioning not only creates meaningful entry barriers but also enhances the company’s ability to secure repeat platform wins and next-generation mandates. As emission norms tighten and OEMs increase adoption of ISG and advanced EFI solutions, SEDEMAC can leverage its installed base, software capabilities and established OEM relationships to expand content per vehicle. The combination of proven field performance, integration depth and platform continuity support sustained competitive advantage in a segment where reliability and execution credibility are critical.

High value-add, R&D-led business model supporting margin resilience and content expansion

SEDEMAC operates in a control-intensive, software-driven segment of the automotive value chain where value addition is driven not just by hardware assembly but by embedded software, calibration capability, system integration & application engineering. Unlike commoditized auto components, engine control electronics require deep domain expertise, real-time software development, multi-condition validation & regulatory alignment, creating higher technical complexity & differentiation. This R&D-led positioning enables relatively superior realizations compared with pure hardware suppliers and reduces exposure to raw-material-led pricing pressure alone. As OEMs transition toward tighter emission norms, improved fuel efficiency standards & progressive hybridization, control complexity per engine platform continues to increase. This drives content expansion within existing OEM relationships rather than relying purely on new customer additions. SEDEMAC’s in-house design, embedded software development, testing & validation capabilities allow it to scale alongside OEM platform upgrades, strengthening revenue visibility & value capture per vehicle. The combination of rising electronic intensity, engineering depth & platform-linked stickiness supports a scalable business model with margin resilience & operating leverage potential.

Valuation of SEDEMAC Mechatronics Limited

SEDEMAC Mechatronics is a control-intensive automotive electronics supplier positioned within engine management & powertrain control systems. The company’s main products use innovative, in-house technologies and are essential for equipment to work such as ECUs for vehicles and generators. Its operations are supported by an integrated R&D-led setup with embedded software, calibration, and validation capabilities, enabling differentiated, application-specific solutions rather than commoditised hardware supply. Early mover positioning in ISG & advanced control electronics has created technological validation and entry barriers, reinforced by OEM integration and long development cycles. Additionally, the company operates in a high value-add, software-intensive niche where differentiation is driven by embedded IP and calibration expertise, supporting superior unit economics & margin resilience relative to low-complexity auto component players. Platform stickiness & rising electronic complexity per engine create opportunities for content expansion within existing OEM relationships, enhancing revenue visibility and operating leverage over time. At a macro level, the business is supported by structural economic tailwinds. Tightening emission norms across India & global markets are increasing electronic control intensity per engine. OEMs continue to prioritise fuel efficiency & regulatory compliance, driving sustained demand for advanced control systems. Additionally, localisation initiatives, premiumisation in two-wheelers & passenger vehicles, and gradual hybridisation trends are structurally expanding the addressable market for control electronics. Financially, the company has recorded a revenue CAGR of 24.8% between FY23 and FY25. During the same period, EBITDA grew at a CAGR of 59.7%, with margin expanding from 11.2% in FY23 to 18.4% in FY25, while PAT grew at a CAGR of 134.3%. Return ratio profile remains strong, with RoE rising from 7.5% in FY23 to 15.5% in FY25, and RoCE increasing from 9.9% to 22.0% over the same period. On the valuation front, the company commands a P/E multiple of 125.0x based on its FY25 earnings and 62.0x on its FY26 annualized earnings, which when compared to its peers, seems to be expensive. In addition, the issue entirely comprises of OFS. We, thus, recommend an “AVOID” rating to the issue and will reassess our rating in future following sustained business performance and valuation comfort in upcoming quarters.

What is the SEDEMAC Mechatronics Limited IPO?

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

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

SEDEMAC Mechatronics Limited IPO is opening on 04th Mar 2026.  Apply Now

The Lot Size of SEDEMAC Mechatronics Limited is 11 equity shares. Login to your account now.

The allotment Date for SEDEMAC Mechatronics Limited IPO is 09th Mar 2026.  Login to your account now.

The listing Date for SEDEMAC Mechatronics Limited is 11th Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,872. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,336. Login to your account now

  • The company has significant customer concentration risk, with TVS Motor contributing 75.48% of revenue in 9MFY26 and 80.46%, 83.46% and 79.05% in FY25, FY24 and FY23, respectively. Any reduction in demand or change in commercial terms with this key customer could materially impact revenue, profitability, and cash flows.
  • The company is fully dependent on its two manufacturing facilities located in Pune, Maharashtra, for all production requirements. Any regional disruption, operational issue, or concentration risk at these facilities could materially and adversely affect its business, operations, cash flows, and financial condition.
  • The company imports critical raw materials such as semiconductors and printed circuit boards from China, exposing it to supply chain disruptions, geopolitical risks, and cost volatility, which could materially impact production schedules, margins, business continuity and future growth.

The SEDEMAC Mechatronics Limited be credited to the account on allotment date which is 09th Mar 2026. Login to your account now 

The prospectus of SEDEMAC Mechatronics Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Omnitech Engineering Ltd: Subscribe

  • Date

    25th Feb 2026 - 27th Feb 2026

  • Price Range

    Rs.216 to Rs 227

  • Minimum Order Quantity

    66

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Price Lot Size Issue Date Issue Size
₹216 to ₹227 66 25th Feb, 2026 –27th Feb, 2026 ₹583 Cr

Omnitech Engineering Ltd

Omnitech Engineering Limited (OEL) manufactures precision-engineered components and assemblies for industrial applications. The company operates a customized manufacturing model, producing components based on client-specific design and technical requirements. It is led by its Founder, Chairman and Managing Director, Udaykumar Arunkumar Parekh, who has over 19 years of experience in the machining industry. OEL serves multiple end-user industries including Energy, Motion Control and Automation, Industrial Equipment Systems, and select applications in automotive, medical, and consumer segments. In the Energy segment, it supplies components used in drilling, exploration, refining, power systems, and renewable energy equipment. In Motion Control and Automation, it produces cylinders, shafts, and related components for robotic and actuator systems. In Industrial Equipment, it manufactures parts used in aerospace ground support, construction, and mining equipment, including pivot pins, drill bits, chain anchors, and wheels. As of September 30, 2025, the company operated three manufacturing facilities in Rajkot, Gujarat (Metoda, Chhapara, and Padavala) with annualized machining capacity of 2,429,856 machine hours and fabrication capacity of 7,200 MTPA. The facilities housed 383 CNC machines, including VMCs and turn-mill centers, and utilized industrial robots and IoT-based monitoring systems. Operations cover design (2D/3D modeling), machining, fabrication, plating, phosphating, welding, assembly, and testing. The facilities are located approximately 300 kilometres from Mundra Port. The company supplies customers in 24 countries. Revenue from exports accounted for 79% of revenue from operations in the H1FY26. It operates a subsidiary, Omnitech Group Inc., and maintains a warehouse in Houston, Texas to support North American operations. The business model remains centered on customized manufacturing, export-led demand, and multi-sector industrial exposure.

Objective of Omnitech Engineering Ltd

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

  • Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by the company;
  • Setting up of two new manufacturing facilities of the company at Gujrat, India;
  • Funding towards capital expenditure requirements for purchase and installation of solar panels on the roof top at, and, purchase of new equipment / machinery for, existing manufacturing facility;
  • General corporate purposes.

Rationale To Omnitech Engineering Ltd

Investment Rationale

Revenue visibility backed by large order book and expanding manufacturing capacity

Omnitech’s investment case rests on a sharp increase in confirmed demand supported by parallel capacity build-out. The order book expanded from Rs. 58 crores in FY23 to Rs. 1,765 crores as of September 2025, equivalent to five times the FY25 revenue. Around 74% of this backlog comes from the Energy segment, including a Rs. 1,039 crores commitment from one customer. While customer concentration requires monitoring, such large program-based orders typically indicate deeper integration into OEM supply chains rather than short-term procurement. Revenue growth has followed a similar trajectory, with a 39% CAGR between FY23-25 and 92% YoY growth in FY25. Importantly, capacity expansion has kept pace with demand. Annual machining capacity increased from 0.9 million hours in FY23 to 2.43 million hours currently, and ongoing capex is expected to take it to 3.3 million hours. This expansion reduces the risk of order backlog turning into execution bottlenecks. The business remains export-driven, with 79% of H1FY26 revenue from international markets and nearly 56% from the US. A warehouse in Houston enables localized stocking and faster delivery, supporting a 38% CAGR in US revenue over FY23-25. Facilities located near Mundra Port and within the Rajkot industrial cluster support logistics efficiency. Demand growth and manufacturing scale are expanding together, which strengthens execution visibility.

High-barrier precision business with margin resilience

Omnitech operates in segments where precision, certification, and process control matter more than price alone. The company manufactures components with tolerances as fine as 5 microns and works with specialized materials such as titanium and nickel alloys. Its products are used in oil & gas drilling systems, aerospace, robotics, and heavy industrial equipment applications where reliability is critical. Entry into these supply chains requires long qualification cycles of 8-12 months, including audits and testing. Once approved, supplier replacement is limited. The company holds AS9100 (Aerospace), API monogram rights (Oil & Gas), and IATF 16949 (Automotive) certifications, which are mandatory for many global OEM programs. These approvals restrict the competitive field. EBITDA margins remained above 34% between FY23 and FY25, indicating operating stability during rapid scale-up. While there is contraction in H1FY26 margins to 31%, this is due to capacity ramp up and will eventually normalize. The company is also expanding into higher-value assemblies through fabrication capabilities, which can increase revenue per contract. Planned backward integration into metal forming aims to improve control over raw material processing and reduce dependence on third parties. Internal automation software under development through its Novatro subsidiary is intended to improve workflow efficiency. The overall positioning reflects participation in technically demanding sectors with measurable entry barriers, though performance will depend on mix stability and execution discipline.

Valuation of Omnitech Engineering Ltd

Omnitech Engineering Limited represents a precision engineering business undergoing a structural scale transformation from a smaller supplier to a program-based, export-oriented manufacturer, with financials reflecting both operating strength and balance sheet expansion typical of growth phases. Revenue increased from Rs. 177 crores in FY23 to Rs. 343 crores in FY25, delivering a 39% CAGR, while EBITDA for FY25 stood at Rs. 118 crores with a robust 34% margin despite rapid capacity addition. PAT reached Rs. 44 crores, translating into a 13% net margin, EPS of Rs. 4.26 (weighted average Rs. 3.30), and RoE of 22% following equity expansion. H1FY26 revenue of Rs. 228 crores with EBITDA margin of 31% indicates continued execution with mild normalization during ramp-up, yet margins remain structurally above 30%, supported by 5-micron precision capability and operations in certification-driven, safety-critical segments (AS9100 for Aerospace, API monogram for Oil & Gas, and IATF 16949 for Automotive), where qualification cycles typically range from 8-12 months, reinforcing entry barriers and margin resilience. The most significant valuation anchor is the Rs. 1,765 crores order book as of September 2025, equivalent to five times of FY25 revenue. However, 74% of this backlog is Energy-driven and includes a Rs. 1,039 crores commitment from a single customer, creating meaningful concentration risk alongside strong revenue visibility. The business remains structurally export-led, with ~79% of H1FY26 revenue derived from international markets and over half from the US, supported by a warehouse in Houston that enables localized stocking and closer coordination with North American OEMs. Capacity has expanded from 0.9 million machining hours in FY23 to 2.43 million hours as of September 2025, with a roadmap to reach 3.3 million hours, aligning infrastructure with backlog growth. On the balance sheet, borrowings of Rs. 383 crores, Debt-to-Equity of 1.66x, Net Debt-to-EBITDA of 5.41x, and elevated working capital days of 256 reflect capital intensity, inventory build-up, and funding needs during expansion. Relative valuation versus listed precision engineering peers indicates that while the peer group trades at an average P/E of 188x (Azad Engineering at 118x, Unimech Aerospace at 51x, PTC Industries at 429x, and Dynamic Technologies at 156x). Omnitech Engineering Ltd. at the upper price band of Rs. 227 and EPS of Rs. 4.3 per share implies a P/E of 53x. Given the company’s position within the value added precision business, addressable market size and expanding capacity, we recommend a “SUBSCRIBE” rating to the issue from a medium-to-long-term perspective.

What is the Omnitech Engineering Ltd IPO?

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

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

Omnitech Engineering Ltd IPO is opening on 25 Feb Jan 2026.  Apply Now

The Lot Size of Omnitech Engineering Ltd IPO is 66 equity shares. Login to your account now.

The allotment Date for Omnitech Engineering Ltd IPO is 2nd Mar 2026.  Login to your account now.

The listing Date for Omnitech Engineering Ltd is 5th Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,982. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,766. Login to your account now

  • Top 10 customers contributed 56% of revenue in H1FY26, indicating high client dependence. Any cancellation, deferral, or reduction from this anchor client could materially impact revenue visibility and growth.
  • Inventory levels reached 283 days in FY25 due to long lead times and specialized inputs. The company reported negative operating cash flow of Rs. 69 crores in FY25. Sustained expansion may require additional debt or equity, increasing financial risk if funding tightens.
  • Exports formed 79% of H1FY26 revenue, with the US contributing 56%. Recent elevated US tariffs and continued trade policy uncertainty increase pricing and competitiveness risks.

The Omnitech Engineering Ltd be credited to the account on allotment date which is 2nd Mar 2026. Login to your account now 

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

PNGS Reva Diamond Jewellery Ltd: Subscribe

  • Date

    24th Feb 2026 - 26th Feb 2026

  • Price Range

    Rs.367 to Rs 386

  • Minimum Order Quantity

    32

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Price Lot Size Issue Date Issue Size
₹367 to ₹386 32 24th Feb, 2026 –26th Feb, 2026 ₹380 Cr

PNGS Reva Diamond Jewellery Ltd

PNGS Reva Diamond Jewellery Limited is a retail-focused jewellery company engaged in the sale of diamond studded jewellery and precious and semi-precious stone jewellery set in gold and platinum, along with plain platinum jewellery such as rings, bracelets and chains. The company operates under its flagship brand “Reva”, which blends traditional elegance with modern aesthetics and offers customizable diamond jewellery targeted at a broad and evolving customer base. Originally incorporated in 2004 as a partnership firm, Gadgil Metals and Commodities, the entity was converted into a public limited company in December 2024. In January 2025, pursuant to a Business Transfer Agreement, it acquired the diamond jewellery business of its corporate promoter, P. N. Gadgil & Sons Limited, on a slump sale basis, thereby becoming an independent player in the diamond jewellery segment while continuing to leverage the promoter legacy of over 190 years in the jewellery industry. The company operates 34 stores across 25 cities in Maharashtra, Gujarat and Karnataka, largely under a shop-in-shop model within the premises of its corporate promoter, and has also launched its first company-owned company-operated (COCO) brand-exclusive store in Wakad, Pune. Revenue is predominantly derived from the sale of ornaments (diamond-studded jewellery including precious stones and gold), contributing over 99% of total income across the reported periods.

Objective of PNGS Reva Diamond Jewellery Ltd

The net proceeds of the fresh issue are proposed to be utilized in the following manner:

  • Funding expenditure towards setting-up of 15 new brand-exclusive stores across India with a focus of targeting Tier-1 cities and selectively exploring Tier-2 cities in Maharashtra and other metro cities in India (“New Stores”);
  • Marketing and promotional expenses related to the launch of the 15 new stores, aimed at enhancing local brand awareness and visibility of their flagship brand, “Reva”, in their respective areas; and
  • General corporate purposes.

Rationale To PNGS Reva Diamond Jewellery Ltd

Investment Rationale

Strong brand legacy with focused diamond retail play

A key investment thesis lies in the company’s positioning as a specialized diamond jewellery retailer backed by the longstanding legacy and brand equity of its corporate promoter. Through the Business Transfer Agreement, the company has carved out a focused diamond jewellery platform, enabling sharper brand positioning under “Reva” while benefiting from the established infrastructure, logistics, and retail ecosystem of P. N. Gadgil & Sons Limited under a Franchise Agreement. This structure allows the company to operate with asset-light efficiencies in a shop-in-shop model while simultaneously expanding its brand-exclusive COCO footprint. Further, the company emphasizes product quality, offering BIS-hallmarked gold jewellery and predominantly E-F / F-G colour, VVS clarity diamonds certified by IGI, with solitaires certified by GIA, reinforcing trust and premium positioning among consumers. In an industry where brand trust, certification, and quality assurance are critical differentiators, such practices enhance customer confidence and support premium realizations. Combined with rising consumer preference for branded and diamond-studded jewellery, particularly among millennials and wedding buyers as highlighted in the industry report, the company is well-placed to benefit from structural growth in organized diamond jewellery retail.

Diversified product portfolio across categories and price points

PNGS Reva Diamond Jewellery Limited benefits from a diversified product portfolio across categories and price points, which positions it strongly to adapt to evolving consumer preferences and design trends. As highlighted in the CARE Report, larger jewellery retailers are increasingly offering wider variety and design depth to cater to changing tastes. As of September 30, 2025, the company’s collection spans multiple jewellery categories with entry price points starting at approximately Rs. 20,000, enabling it to address both high-value wedding and engagement purchases as well as relatively affordable options suited for festive occasions and everyday wear. Its offerings include rings earrings, necklaces, bracelets, pendants, mangalsutras and bangles crafted using diamonds and other precious and semi-precious gemstones set in gold and platinum, thereby catering to varied consumer budgets and aesthetic preferences. The broader global jewellery market is witnessing a structural shift toward lightweight, contemporary, and everyday wear jewellery, with platinum and gold rings, delicate chains, bracelets and similar accessories increasingly being used as fashion statements and gifting options for occasions such as birthdays and anniversaries. The rising popularity of coloured gemstones such as emeralds, sapphires and opals further reflects consumer inclination toward distinctive and vibrant designs. In line with these trends, the company has launched 4, 6 and 3 new collections in FY25, FY24 and FY23, respectively, demonstrating an active product refresh strategy aimed at sustaining customer interest and supporting revenue growth.

Valuation of PNGS Reva Diamond Jewellery Ltd

PNGS Reva Diamond Jewellery Limited is a retail-focused diamond jewellery player operating under the “Reva” brand, with a strong presence in Maharashtra and an expanding footprint through its COCO store model. The company primarily offers diamond-studded gold and platinum jewellery across varied price points, catering to wedding, festive, and everyday demand. The Indian gems and jewellery industry remains structurally attractive, supported by rising disposable incomes, increasing preference for branded and certified jewellery, premiumization trends, and steady wedding-led consumption. Additionally, the gradual shift from unorganized to organized retail continues to benefit established regional brands with quality assurance and strong brand recall. Financially, the company has demonstrated solid growth and profitability, with revenue increasing to Rs. 2,581.8 million in FY25 from Rs. 1,956.3 million in FY24. It reported an EBITDA of Rs. 796.1 million in FY25, translating into a healthy EBITDA margin of 30.8%, while net profit stood at Rs. 594.74 million with a net margin of 23.0%. The balance sheet reflects moderate leverage, with a debt to equity ratio of 0.37x as of March 31, 2025. From a valuation perspective, the IPO pricing would need to factor in its strong margin profile and brand led positioning, balanced against geographic concentration and working capital intensity. Overall, the outlook appears positive, driven by expansion into new brand-exclusive stores and sustained demand for organized diamond jewellery, with execution and regional diversification being critical for long-term value creation. At the upper price band of Rs. 386, PNGS Reva Diamond Jewellery Ltd. is valued at a P/E multiple of 10.9x 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 PNGS Reva Diamond Jewellery Ltd IPO?

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

To apply for the PNGS Reva Diamond Jewellery Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

PNGS Reva Diamond Jewellery Ltd IPO is opening on 24 Feb Jan 2026.  Apply Now

The Lot Size of PNGS Reva Diamond Jewellery Ltd IPO is 32 equity shares. Login to your account now.

The allotment Date for PNGS Reva Diamond Jewellery Ltd IPO is 27th Feb 2026.  Login to your account now.

The listing Date for PNGS Reva Diamond Jewellery Ltd IPO is 4nd Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 12,352. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,97,632. Login to your account now

  • PNGS Reva Diamond Jewellery Limited plans to deploy a significant portion of its issue proceeds toward opening 15 new brand-exclusive COCO stores. The success of this expansion depends on factors such as location selection, customer footfalls, marketing effectiveness, staffing, and operational integration. Any delay in execution or inability of new stores to meet projected financial targets could adversely affect profitability, returns, and may lead to underperformance or write-offs of capital invested.
  • PNGS Reva Diamond Jewellery Limited is highly dependent on the strength and market perception of its flagship brand, “Reva”. Any inability to sustain brand awareness or any reputational damage arising from negative publicity, quality concerns, or adverse customer experiences could weaken consumer trust and reduce sales. Since brand credibility is critical in the jewellery industry, any erosion in brand equity may materially impact the company’s financial performance and cash flows.
  • PNGS Reva Diamond Jewellery Limited derives a substantial majority of its revenue from stores located in Maharashtra, contributing over 96% of revenue across recent reporting periods. Such geographic concentration exposes the company to region-specific risks including economic slowdown, regulatory changes, local competition, or adverse socio-political developments in the state. Any negative impact on consumer demand or store operations in Maharashtra could materially affect the company’s business performance, growth prospects, financial condition, and profitability.

The PNGS Reva Diamond Jewellery Ltd be credited to the account on allotment date which is 27th Feb 2026. Login to your account now 

The prospectus of PNGS Reva Diamond Jewellery Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Clean Max Enviro Energy Solutions Limited: Subscribe

  • Date

    23th Feb 2026 - 25th Feb 2026

  • Price Range

    Rs.1000 to Rs 1053

  • Minimum Order Quantity

    14

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Price Lot Size Issue Date Issue Size
₹1000 to ₹1053 14 23th Feb, 2026 –25th Feb, 2026 ₹3100 Cr

Clean Max Enviro Energy Solutions Limited

Clean Max Enviro Energy Solutions Ltd. (CMEES), incorporated in 2010, is India’s largest commercial and industrial (C&I) renewable energy provider, with 2.80 GW of operational, owned, and managed capacity and 3.17 GW of contracted capacity yet to be executed as of October 31, 2025. The company is an early mover in India’s C&I renewable energy space and has played a significant role in shaping the sector’s evolution and operating models. It accounted for 12% and 8% of annual open-access renewable energy capacity additions in FY24 and FY25, respectively, in the Indian C&I market, with a stronger presence in Gujarat and Karnataka. CMEES offers a range of renewable energy solutions across geographies through two business segments: (i) Renewable Energy Power Sales and (ii) Renewable Energy Services. The company sells electricity generated from its renewable energy plants to customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). Its key customer base includes companies from high-growth sectors such as data centres, AI, and technology, along with Conventional C&I customers across infrastructure, industrial manufacturing, and real estate. CMEES focuses on providing Net Zero and decarbonization solutions, including renewable power supply, energy services, and carbon credit solutions, to data centres, AI and technology companies (Technology customers), as well as C&I enterprises across sectors such as infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres (Conventional C&I customers). It follows a customer-specific contracting approach by designing projects tailored to corporate consumers’ requirements and supplying energy generated from its solar, wind, and hybrid renewable energy farms. This model has enabled the company to build relationships with 555 customers as of September 30, 2025. CMEES aims to be a Net Zero partner to corporates, supported by a client-centric approach, execution excellence, focus on capital efficiency, and a strong organizational culture.

Objective of Clean Max Enviro Energy Solutions Limited

The net proceeds of the Fresh Issue are proposed to be utilized in the following manner:

  • Repayment and/or pre-payment, in part or in full, of all or certain outstanding borrowings of the company and/or certain of its subsidiaries; and
  • General corporate purposes.

Rationale To Clean Max Enviro Energy Solutions Limited

Investment Rationale

Integrated in-house capabilities driving cost discipline and scalable growth

The company’s execution of offsite STU-connected and proposed CTU-connected farms involves three key components: (i) site evaluation, for evacuation availability and land rights; (ii) EPC, focused on delivering projects on schedule and within budget; and (iii) O&M, aimed at ensuring optimal asset performance and energy generation. For its offsite farms, the company prioritizes securing adequate evacuation access and land rights during the development phase. As of September 30, 2025, it had a 38-member team for land acquisition, regulatory, and permitting, supporting its project development function. This team works to ensure timely land availability for project evacuation, with sufficient scale, appropriate resource quality (particularly for wind site micro-siting), and construction-friendly conditions. CMEES has developed in-house capabilities across key functions, including design and engineering, central procurement, construction management, and asset management. These capabilities enable it to maintain service quality, control costs, deliver projects on time, and manage construction and operational risks. The company has adopted and continues to adopt leading global technologies to reduce the levelized cost of energy and improve efficiency and reliability. It maintains a diversified supplier base for materials and equipment, supporting operational efficiency and cost control. All projects commissioned during the six months ended September 30, 2025, and between FY23 and FY25, were delivered within budgeted costs. The combination of in-house project development, execution, and management capabilities, built over time, supports timely project commissioning, delivery within budget, and optimal plant performance. This strengthens its ability to retain and attract customers while effectively managing risks.

Customer-centric platform strengthening C&I market leadership

CMEES is a market leader in the C&I renewable energy sector, with the largest customer base among C&I renewable energy players in India as of March 31, 2025 and September 30, 2025. The company offers five distinct solutions – Onsite, Offsite STU, Offsite CTU, Capex Services, and carbon services – enhancing its ability to support customers in achieving their Net Zero objectives. These diversified offerings, tailored to specific customer requirements, enable clients to meet their carbon neutrality mandates or Net Zero targets. As of March 31, 2025, CMEES had the largest geographic presence among C&I renewable energy players in India for Onsite Solar and STU-connected farms. It operates STU-connected farms across 10 states, has upcoming CTU-connected farms in 4 states to enable pan-India supply, and provides Onsite Solar solutions across 23 states and union territories in India, as well as in the United Arab Emirates, Bahrain, and Thailand, as of September 30, 2025. This broad footprint allows the company to serve customers with a presence across multiple states/geographies. Its business model focuses on smaller, customer-centric engagements, thereby diversifying risk across clients, sectors, and geographies. Unlike utility-scale renewable energy developers, the company does not participate in competitive tenders with state-owned distribution companies or central government utilities that award projects solely on the basis of the lowest tariff bids. As a result, CMEES prices its offerings at a premium compared to large utility-scale IPPs, due to differentiated project economics and risk profiles. For FY23, FY24, and FY25, as well as, the six months ended September 30, 2025, the company has achieved high customer repeat rates. Its ability to retain and expand relationships with existing customers enables deeper insights into client ecosystems, informing business strategy, driving cross-selling opportunities, and enhancing long-term visibility in its contracted pipeline.

Valuation of Clean Max Enviro Energy Solutions Limited

Clean Max Enviro Energy Solutions Ltd. (CMEES) is a renewable energy provider focused on commercial and industrial (C&I) customers, operating through a fully business-to-business model. With 15 years of experience, the company delivers decarbonization solutions, including renewable power supply, energy services, and carbon credit offerings. Its capabilities extend to EPC and O&M services for solar, wind, and hybrid plants, both at customer premises and at CleanMax-developed farms. India is expected to experience rapid growth, with its annual solar and wind capacity additions increasing from 35 GW in 2024 to 61 GW in 2030. The company is set to capitalize on favorable macroeconomic growth, supported by its in-house expertise across key functions, enabling it to maintain service quality, manage costs, ensure timely project delivery, and mitigate construction and operational risks. The integration of project development, execution, and management capabilities supports timely commissioning, delivery within budget, and optimal plant performance, thereby strengthening its ability to attract and retain customers. CMEES’ broad geographic presence among C&I renewable energy players in India allows it to serve customers across multiple states and geographies. Its diversified offerings, tailored to specific client requirements, and its focus on smaller, customer-centric engagements help diversify risk across clients, sectors, and regions. The company’s ability to retain and expand relationships with existing customers provides deeper insights into client ecosystems, supporting strategic planning, cross-selling opportunities, and long-term visibility in its contracted pipeline. On the financial front, the company’s revenue and EBITDA grew at CAGRs of 26.8% and 55.1%, respectively, over FY23-25. During the same period, its EBITDA margin grew from 40.3% to 60.2%. At the upper price band, the company is valued at an EV/EBITDA multiple of 21.2x. Given the company’s position within the industry, improving financials and favorable macro-economic conditions, we recommend a “SUBSCRIBE” rating to the issue from a medium-to long-term perspective.

What is the Clean Max Enviro Energy Solutions Limited IPO?

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

To apply for the Clean Max Enviro Energy Solutions Limited. IPO through StoxBox one can apply from the website and also from the app. Click here

Clean Max Enviro Energy Solutions Limited IPO is opening on 23 Feb Jan 2026.  Apply Now

The Lot Size of Clean Max Enviro Energy Solutions Limited IPO is 14 equity shares. Login to your account now.

The allotment Date for Clean Max Enviro Energy Solutions Limited IPO is 26th Feb 2026.  Login to your account now.

The listing Date for Clean Max Enviro Energy Solutions Limited IPO is 2nd Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,742. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,91,646. Login to your account now

  • The company may be unable to develop and secure rights to suitable land for the development of solar and wind projects, including the conversion of agricultural acquired or leased land for non-agricultural use. This could adversely impact its operations, limit its ability to generate electricity and mortgage such land, or result in loan recalls.
  • The company’s PPAs or EAPAs may be terminated by counterparties upon the occurrence of certain events. If these agreements are terminated and the company is unable to secure replacement PPAs or EAPAs on a timely basis or on similar terms, its business, results of operations, cash flows, and future prospects could be materially affected.
  • The company’s operational projects located in the States of Karnataka and Gujarat contribute to a major portion of its revenue from Renewable Energy Power Sales. Any adverse developments in these states, including changes in the regulatory environment, could have a heightened impact on the company’s business, cash flows, financial condition, and results of operations.

The Clean Max Enviro Energy Solutions Limited IPO be credited to the account on allotment date which is 26th Feb 2026. Login to your account now 

The prospectus of Clean Max Enviro Energy Solutions Limited IPO prospectus can be find on the website of SEBI, NSE and BSE

Shri Ram Twistex Ltd: Subscribe

  • Date

    23th Feb 2026 - 25th Feb 2026

  • Price Range

    Rs.95 to Rs 104

  • Minimum Order Quantity

    144

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Price Lot Size Issue Date Issue Size
₹95 to ₹104 144 23th Feb, 2026 –25th Feb, 2026 ₹110 Cr

Shri Ram Twistex Ltd.

Shri Ram Twistex Limited manufactures 100 percent cotton yarns with a focus on compact and value-added products. Its portfolio includes compact ring spun and carded yarns in both combed and carded variants, along with Eli Twist, compact slub and Lycra blended yarns catering to applications such as denim, home textiles, shirting, and knitwear. The company operates entirely in the B2B segment, supplying institutional textile manufacturers, garment exporters and bulk buyers. The revenue mix is anchored by carded yarn, which contributed 51.3% of revenue in FY25, followed by Eli Twist yarn at 29.6%. Combed yarn accounted for 6.2%, Lycra blended yarn 4.9%, cotton waste 3.5%, FP bales 2.6% and open-end yarn 1.0%, with compact slub yarn forming a marginal share. Manufacturing is undertaken at a single facility in Gondal, Gujarat, with over twenty-seven thousand spindles operating on a three-shift basis. The plant is equipped with modern spinning and quality control systems and supported by in-house warehousing for raw materials and finished goods. Sales are predominantly domestic, with 93.9% of FY25 revenue derived from India and 6.1% from exports routed through merchant exporters. Domestic sales are executed through direct institutional relationships and brokers, with a significant concentration in Gujarat and presence across other key textile states. The customer base is relatively concentrated, with top customers contributing a substantial share of revenues. Cotton bales constitute the primary raw material and are sourced through brokers from major cotton-producing states. Procurement is aligned with the harvest season to benefit from favourable pricing, with buffer inventory maintained to ensure uninterrupted operations. The company also utilizes pledge-based financing against cotton stocks to optimize working capital management.

Objective of Shri Ram Twistex Ltd.

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

  • The company will not receive any proceeds from the issue as the entire offer comprises of OFS worth Rs. 110 crores.

Rationale To Shri Ram Twistex Ltd.

Investment Rationale

Integrated and technology-driven spinning facility enhances efficiency, quality control and value-added capabilities

The company operates a fully integrated spinning facility at Gondal, Gujarat, covering the entire yarn manufacturing value chain from cotton bale procurement to finished yarn packaging. Key processes including cleaning, carding, combing, spinning, and winding are housed within a single location, enabling tighter process control, lower material handling losses and improved coordination across production stages. This integrated setup enhances operational efficiency, ensures consistency in yarn quality, and reduces production lead times. At the core of its manufacturing capability is compact ring spinning technology, which improves fibre alignment and reduces yarn hairiness and breakage compared to conventional systems. This enables the production of stronger, smoother, and more uniform yarns that meet the quality standards of institutional textile manufacturers. To further strengthen its value-added portfolio, the company is commissioning in-house Two-for-One twisting machines, which enhance its ability to manufacture high-performance Eli Twist and Lycra blended yarns. Bringing twisting operations in-house improves quality control, reduces turnaround time, and enhances cost efficiency, while deepening vertical integration. The integrated infrastructure allows the company to manufacture a diversified range of yarns catering to knitting, weaving and hosiery segments, while offering customization in terms of count, ply, twist, and fibre characteristics. This operational flexibility strengthens customer relationships and positions the company to scale efficiently while maintaining product quality and responsiveness to market requirements.

Established customer relationships and strategic location support revenue stability and scalability

The company benefits from long-standing relationships with institutional customers, bulk purchasers, and merchant exporters, built over nearly a decade of operations. It operates through a lean direct sales structure supplemented by a network of eight third-party brokers and agents as of September 30, 2025. These intermediaries assist in identifying prospects, facilitating order negotiations, and expanding market reach, enabling the company to maintain consistent customer engagement without significant fixed sales overhead.Over the recent fiscals, the company has served more than forty-five customers annually, with a meaningful portion of key and non-key customers associated for over four years, reflecting relationship continuity and repeat business visibility. Its customer-centric approach, with an emphasis on product customization across count, ply, and technical specifications, strengthens stickiness and supports sustained demand. In addition, the manufacturing facility in Gondal, Gujarat, provides strategic and logistical advantages. The plant is located within a well-developed textile ecosystem with access to cotton-producing regions, skilled labour, and established logistics infrastructure. Proximity to national highways, rail connectivity and port access enhances supply chain efficiency for both domestic and export markets. The facility spans a sizeable land parcel with only a portion currently built up, providing headroom for future capacity expansion. Dedicated on-site storage infrastructure supports efficient handling of cotton bales and finished goods, enabling effective inventory management, smooth dispatch cycles and reduced operational bottlenecks. Collectively, strong customer relationships combined with strategic location and expansion flexibility enhance revenue stability and position the company for scalable growth.  

Valuation of Shri Ram Twistex Ltd.

Shri Ram Twistex Limited operates as a B2B-focused cotton yarn manufacturer with a diversified product mix spanning carded, compact and value-added yarns, supported by an integrated spinning facility and institutional customer relationships. The company’s manufacturing integration, customization capabilities and presence across knitting and weaving segments position it to participate in both domestic textile demand and export-linked opportunities. The operating environment remains structurally favourable. The industry is projected to scale to USD 350 billion by 2030, supported by favourable demographics, raw material availability, a fully integrated textile value chain and policy support. As the second largest spinning capacity globally after China, India remains a key supplier of cotton yarn, with nearly 70% of production consumed domestically. Financially, the company has delivered steady revenue and operating growth over FY23 to FY25, with Revenue, EBITDA and PAT registering CAGRs of 9.4%, 10.2% and 97.5%, respectively. While EBITDA margins moderated to 8.2% in FY25 from 8.8% in FY24 due to elevated input and other costs, margins remain broadly stable compared to FY23 levels. The sharp improvement in PAT CAGR reflects operating leverage benefits and improved cost absorption over the period. Return ratios have strengthened meaningfully, with ROE improving from 3.4% in FY23 to 10.8% in FY25 and ROCE expanding from 7.2% to 10.9% over the same period. The improvement in capital efficiency indicates better utilization of the expanded spindle base and gradual normalization of profitability metrics. On the valuation front, with the company trading at a P/E of 38.2x based on it FY25 earnings, which we believe is fairly priced given the stronger financials compared to its peers. We thus recommend a “SUBSCRIBE” rating from a medium-to long-term perspective.

What is the Shri Ram Twistex Ltd. IPO?

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

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

Shri Ram Twistex Ltd. IPO is opening on 23 Feb Jan 2026.  Apply Now

The Lot Size of Shri Ram Twistex Ltd. IPO is 144 equity shares. Login to your account now.

The allotment Date for Shri Ram Twistex Ltd. IPO is 26th Feb 2026.  Login to your account now.

The listing Date for Shri Ram Twistex Ltd. IPO is 2nd Mar 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,976. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,94,688. Login to your account now

  • Revenue remains concentrated, with the top customer contributing 28.6%, 33.0%, 44.4% and 37.3% in 6M FY26, FY25, FY24 and FY23, respectively. Loss or reduced business from key customers could materially impact financial performance and cash flows.
  • Geographic concentration in Gujarat, where the manufacturing facility, registered office, and a significant share of revenue are based, exposes operations to regional risks.
  • Dependence on a limited supplier base for cotton bales makes the company vulnerable to supply disruptions and cotton price volatility, impacting costs and margins.

The Shri Ram Twistex Ltd. IPO be credited to the account on allotment date which is 26th Feb 2026. Login to your account now 

The prospectus of Shri Ram Twistex Ltd. IPO prospectus can be find on the website of SEBI, NSE and BSE

Gaudium IVF and Women Health Ltd: Subscribe

  • Date

    20th Feb 2026 - 24th Feb 2026

  • Price Range

    Rs.75 to Rs 79

  • Minimum Order Quantity

    189

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Price Lot Size Issue Date Issue Size
₹75 to ₹79 189 20th Feb, 2026 –24th Feb, 2026 ₹165 Cr

Gaudium IVF and Women Health Ltd.

Gaudium IVF and Women’s Health Limited is a specialized fertility and women’s healthcare service provider operating in India, primarily focused on assisted reproductive technology (ART) and allied reproductive treatments. The company offers a comprehensive suite of fertility solutions, including In-Vitro Fertilisation (IVF), Intrauterine Insemination (IUI), Intracytoplasmic Sperm Injection (ICSI), Frozen Embryo Transfer (FET), ovulation induction programs, fertility preservation, donor programs, and andrology services. In addition to fertility treatments, it also provides gynecology, obstetrics, and related diagnostic services, enabling an integrated, end-to-end treatment model under one roof. The company operates through a network of fertility centers equipped with advanced embryology laboratories, modern medical infrastructure, and specialized clinical teams comprising fertility specialists, embryologists, gynecologists, and trained support staff. Its business model is largely center-driven, with revenues primarily generated from IVF cycles, related procedures, consultations, and diagnostic services. The company focuses on delivering personalized treatment protocols tailored to patient-specific requirements, supported by standardized clinical processes and technology-enabled monitoring systems to enhance treatment outcomes. Strategically, the company is positioned in a structurally growing fertility market in India, driven by rising infertility rates, increasing lifestyle-related reproductive challenges, delayed parenthood trends, growing awareness and social acceptance of ART procedures, and improving affordability of fertility treatments. With a focused brand positioning in the fertility segment, an emphasis on clinical excellence and patient-centric care, and expansion of its centre network, Gaudium IVF and Women’s Health Limited aims to strengthen its presence in existing markets while selectively expanding into new geographies to capture long-term growth opportunities in India’s reproductive healthcare sector.

Objective of the Gaudium IVF and Women Health Ltd.

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

  • Funding capital expenditure towards establishment of new IVF Centers of the company ;
  • Repayment/pre-payment, in full or in part, of certain outstanding loans availed by thecompany; and
  • General corporate purposes.

Rationale To Gaudium IVF and Women Health Ltd.

Investment Rationale

Patient-centric fertility care backed by clinical expertise and advanced reproductive technology

The company differentiates itself through a patient-centric operating model supported by experienced clinical leadership and technology-enabled infrastructure. The company also adopts a personalized treatment approach, offering tailored fertility protocols complemented by structured counselling services that ensure confidentiality, transparency, and continuous patient engagement throughout the IVF cycle. Founded by Dr Manika Khanna and Dr Peeyush Khanna, each with over two decades of experience in reproductive medicine, the company benefits from strong domain expertise and established brand credibility, further reinforced by the formation of the Gaudium IVF Foundation to expand access to fertility care among underserved communities. The company’s operations are equipped with advanced embryology labs featuring INTEGRA Ti™ systems for ICSI, modern egg quality assessment tools, Samsung ultrasound platforms for precise monitoring, and sterile operating environments to maintain high clinical standards. Its capabilities in complex USG-guided procedures, including HSG, ultrasound-guided biopsies, transvaginal and transrectal scans, follicular monitoring, and ovarian cyst aspiration, enhance its ability to manage high-acuity ART cases, strengthening its competitive positioning in the organized fertility services market.

Asset-light hub-and-spoke model driving scalable growth and standardized clinical excellence

The company operates an asset-light, scalable business model anchored in standardized operating procedures (SOPs) and robust internal controls, reducing dependence on individual practitioners and enabling consistent clinical outcomes across its network. The company has adopted a hub-and-spoke structure, with established centres of excellence in key metropolitan markets such as Mumbai, Bengaluru, Delhi NCR, and Patna, where advanced fertility procedures, including IVF, IUI, embryo freezing, and embryo transfer, are performed. These hubs serve a wider catchment area and handle complex, high-acuity cases, while smaller satellite centres (spokes) in surrounding regions focus on consultations, preliminary diagnostics, cycle monitoring, and follow-up services. This integrated model enhances geographic penetration, improves patient accessibility, optimizes capital allocation, and strengthens referral flows to hub centers for advanced treatments, thereby supporting operational scalability while maintaining standardized quality of care across the network. Overall, this model positions the company to drive sustainable growth while maintaining operational discipline and consistent treatment outcomes across its network.

Valuation of Gaudium IVF and Women Health Ltd.

Gaudium IVF and Women’s Health operates as a specialized fertility and women’s healthcare provider focused on assisted reproductive technology (ART) services, supported by a patient-centric care model, experienced clinical leadership, advanced embryology infrastructure, and a scalable asset-light hub-and-spoke network. The company’s strategy centres on expanding its geographic footprint through a calibrated mix of hub strengthening and spoke additions, driving operating leverage through standardized SOPs, optimizing centre-level utilization, and enhancing brand visibility in high-growth urban and semi-urban markets. Industry dynamics remain favourable, underpinned by rising infertility incidence, lifestyle-related reproductive challenges, delayed parenthood trends, improving awareness and social acceptance of IVF procedures, and increasing penetration of organized fertility chains in India’s fragmented ART landscape. Against this backdrop, Gaudium’s technology-led differentiation, integrated service offerings, and capital-efficient expansion model position it to capture incremental market share while maintaining quality consistency. On the financial front, the business model is characterized by revenue visibility driven by IVF cycle volumes, relatively high gross margins inherent in ART procedures, and improving EBITDA margins as centres mature and fixed costs are absorbed over higher throughput. The asset-light structure supports calibrated capex intensity, better return ratios, and controlled leverage, positioning the company for sustainable cash flow generation as utilization scales. Overall, improving financial performance, scalable infrastructure, and structural industry growth drivers provide long-term growth visibility. The issue is valued at a P/E ratio of 25.3x on the upper price band based on FY25 earnings. we thus recommend a “SUBSCRIBE” rating for this issue.

What is the Gaudium IVF and Women Health Ltd. IPO?

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

To apply for the Gaudium IVF and Women Health Ltd IPO through StoxBox one can apply from the website and also from the app. Click here

Gaudium IVF and Women Health Ltd IPO is opening on 20 Feb Jan 2026.  Apply Now

The Lot Size of Gaudium IVF and Women Health Ltd IPO is 189 equity shares. Login to your account now.

The allotment Date for Gaudium IVF and Women Health Ltd IPO is 25th Feb 2026.  Login to your account now.

The listing Date for Gaudium IVF and Women Health Ltd IPO is 27th Feb 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,931. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,941,03. Login to your account now

  • The company operates in the fertility healthcare segment and is exposed to operational, medical, legal, and reputational risks inherent in providing treatments such as IVF, IUI, ICSI, and egg freezing. Any adverse clinical outcomes, procedural complications, regulatory non-compliance, or failure to maintain consistent treatment quality could negatively impact patient trust, brand reputation, and future patient inflows, thereby materially affecting the company’s business performance and financial results.
  • The company operations are highly dependent on the availability and retention of qualified doctors, nurses, embryologists, and other healthcare professionals. The company has experienced elevated employee attrition, which may affect service continuity and clinical consistency.
  • The company is dependent on a limited pool of skilled embryologists, whose expertise is critical to the success rates and quality of ART procedures. The loss of key embryologists or the inability to attract and retain qualified professionals in this specialized field could disrupt clinical operations, affect treatment outcomes, and impair the company’s reputation.

The Gaudium IVF and Women Health Ltd. IPO be credited to the account on allotment date which is 25th Feb 2026. Login to your account now 

The prospectus of Gaudium IVF and Women Health Ltd. IPO prospectus can be find on the website of SEBI, NSE and BSE

Fractal Analytics Limited : Subscribe

  • Date

    09th Feb 2026 - 11th Feb 2026

  • Price Range

    Rs.857 to Rs 900

  • Minimum Order Quantity

    16

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Price Lot Size Issue Date Issue Size
₹857 to ₹900 16 09th Feb, 2026 –11th Feb, 2026 ₹2,834 Cr

Fractal Analytics Limited

Fractal Analytics Limited (FAL), founded in 2000, is a globally recognized enterprise artificial intelligence company that partners with large global enterprises to deliver data-driven insights and enable better decision-making through end-to-end AI solutions. The company offers its full suite of AI capabilities across two segments. Firstly, Fractal.ai comprises AI services and products, primarily hosted on Cogentiq, its flagship agentic AI platform, which enables enterprises to accelerate product development and upgrades through a prebuilt suite of agents, tools, and connectors, supported by low-code capabilities and robust security, governance, auditability, and interoperability features. The second segment, Fractal Alpha, houses the company’s AI businesses. FAL works closely with clients across the entire AI transformation lifecycle, from ideation and development to enterprise-wide adoption. As of September 30, 2025, the company served 122 MWCs (Must Win Clients), with a client roster that includes Citibank, Costco, Franklin Templeton, Mars, Mondelez, Nationwide, Nestle and Philips, among others, and had worked with a majority of the Magnificent Seven companies as of March 31, 2025. The company has deep domain expertise across consumer-packaged goods and retail (CPGR), technology, media and telecom (TMT), healthcare and life sciences (HLS), and BFSI. By FY25 revenue rankings, FAL has engaged with 10 of the top 20 CPG companies, 8 of the top 20 TMT companies, 3 of the top 20 BFSI companies, 10 of the top 20 HLS companies and 5 of the top 20 retail companies. Notably, the company has maintained long standing relationships with its top ten clients, with an average association exceeding eight years.

Objective of the Fractal Analytics Limited

Out of the total issue size of Rs. 2,834 crores, Rs. 1,810 crores comprise OFS.

The company proposes to utilize net proceeds (Rs. 1,024 crores) from the issue towards the following objects:

  • Investment in one of its subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings;
  • Purchase of laptops;
  • Setting-up new office premises in India;
  • Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha; and
  • Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.

Rationale To Fractal Analytics Limited

Well-positioned to benefit from a rapidly expanding AI landscape and capitalize on emerging growth tailwinds

The company is well-positioned to capitalize on strong structural tailwinds in the global data, analytics, and AI (DAAI) market, which is witnessing rapid adoption as enterprises increasingly embed AI into core decision-making and operational processes. As enterprises face challenges in navigating a fast-evolving technology landscape and accessing specialized talent, demand is shifting toward third-party providers with end-to-end DAAI capabilities. With offerings spanning consulting, technology services, software solutions, and AI products across the entire DAAI value chain, the company addresses a large and expanding total addressable market, estimated at USD 143 billion (Rs. 12 trillion) in FY25 and expected to grow at a CAGR of 16.7% through FY30. The increasing preference of large enterprises to consolidate AI engagements with a single, integrated partner further strengthens the company’s competitive positioning. This favorable demand environment is complemented by a sustained strategy of investing in AI research and product innovation to stay ahead of technology cycles. The company continues to identify emerging AI trends and undertake fundamental research in areas such as generative AI, quantum computing, and computational neuroscience, translating these efforts into scalable, enterprise-ready solutions. Its focus on building agentic systems across knowledge, reasoning, and action layers, along with the development of proprietary foundation and reasoning models, enhances differentiation and supports long-term relevance as AI use cases become more complex and mission-critical.

Strong project pipeline with visibility towards near-term cash flows

The company’s ongoing projects and forthcoming projects, along with their ability to sell throughout the construction phase, provide visibility into near-term cash flows. As of December 31, 2024, the company had 25 ongoing projects, six forthcoming projects, and five planned projects, primarily across key micro-markets in the Mumbai Metropolitan Region (MMR). These projects are expected to benefit from the infrastructural development underway in Greater Mumbai and the MMR, thereby achieving long-term sustainability and increasing the carrying capacity of the city’s transportation networks. This, in turn, will improve traffic and transportation capacity in the MMR, both in terms of capacity and quality. Additionally, the company’s flagship developments, such as Kalpataru Parkcity in Thane, are positioned as “destination developments,” thereby strengthening the brand’s presence. The substantial development pipeline provides a competitive edge and supports the company’s continued leadership in MMR’s high-demand real estate market.

Valuation of Fractal Analytics Limited IPO

India’s real estate sector is projected to reach USD 1 trillion by 2030 and contribute 13% to GDP by 2025. This strong growth is driven by urbanization, rising incomes, and policy support; between 2019 and 2023, the top seven cities saw robust housing demand with 4.76 lakh units absorbed in 2023 alone, leading to a decline in unsold inventory to around 6 lakh units and the lowest inventory overhang in 6–7 years. As a prominent player with a well-established brand name, Kalpataru, backed by an experienced and qualified management team, the company is well-positioned to capitalise on these growing trends in the Indian real estate industry. The company has maintained its focus on the MMR and Pune regions, with a strong project pipeline. They are working towards the timely completion of these projects, as this will generate cash flow and enable them to unlock potential value in their existing land reserves. Additionally, the company is exploring new opportunities, including redevelopment, JDA and JV projects. The company currently has 13 such ongoing projects, including five redevelopment projects, two joint venture projects, and six joint development agreements. Financially, the company’s revenue declined from Rs. 36,332 mn in FY23 to Rs. 19,300 mn in FY24, while the 9MFY25 revenue stands at Rs. 16,247 mn. According to management, the topline for FY23 was higher due to one-time income from the sale of its land parcel, and corresponding adjustments of overheads, etc., resulted in higher losses of Rs. 2,268 mn in FY23, which narrowed to Rs. 1,138 mn in FY24. This was also because of the reduction in the company’s interest cost from Rs. 1,303 mn in FY23 to Rs. 342 mn in FY24. In 9MFY25, the company turned profitable, reporting a profit of Rs. 55 mn. The company’s management is confident that it can further enhance its financial performance and maintain its profitable status in the years to come, given its ongoing projects. Further, as of March 27 , 2025, the company converted Rs. 14,400 mn worth of unsecured debentures into equity shares, which will reduce debt and increase capital. Additionally, the company may monetize land reserves and explore joint ventures to unlock value, while managing financial risks through refinancing and strategic debt repayment to reduce borrowing costs. The company also plans to use the funds raised from this IPO to repay its debt. The company is currently valued at a P/E ratio of 554x on the upper price band, based on FY25 annualized earnings, which is comparatively higher than its peers. Although the company’s ongoing projects in high-growth cities, favourable industry dynamics, and intention to repay debt position it well for long-term growth, the company’s debt and high valuation make it a risky bet; hence, we recommend an “AVOID” rating for this issue. We will reassess our recommendation if there is a sustained improvement in the company’s debt structure and valuation metrics in future.

What is the Fractal Analytics Limited IPO?

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

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

Fractal Analytics Limited IPO is opening on 09 Feb Jan 2026.  Apply Now

The Lot Size of Fractal Analytics Limited IPO is 16 equity shares. Login to your account now.

The allotment Date for Fractal Analytics Limited IPO is 12th Feb 2026.  Login to your account now.

The listing Date for Fractal Analytics Limited IPO is 16th Feb 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,400. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,872,00. Login to your account now

  • The company has incurred net losses in the past, and any potential losses in future periods could adversely affect its financial health, results of operations, and cash flows.
  • As of December 31, 2024, 94.84% of the company’s real estate development projects were located in and around the Mumbai Metropolitan Region and Pune. As a result, the company remains exposed to risks arising from economic, regulatory, political, and other changes in these regions, which could adversely impact its business, operating results, and financial condition.
  • The company is exposed to risks associated with land acquisition, including limited land availability, rising competition, and complex regulatory requirements, which may adversely impact its business, operational results, and financial condition.

The Fractal Analytics Limited IPO be credited to the account on allotment date which is 12th Feb 2026. Login to your account now 

The prospectus of Fractal Analytics Limited IPO prospectus can be find on the website of SEBI, NSE and BSE