Archives: Ipos

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

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

Karamtara Engineering Limited is a backward-integrated manufacturer serving the renewable energy and transmission line sectors, with a diversified product portfolio spanning solar mounting structures, tracker components, transmission structures, fasteners, and overhead transmission line (OHTL) hardware fittings. According to the Frost & Sullivan Report, the company was the largest integrated manufacturer in India, in terms of installed capacity, for solar mounting structures and tracker components in FY26. As of March 31, 2026, the company had an aggregate installed capacity of 889,200 MTPA, including 492,000 MTPA for solar products (equivalent to approximately 16.81 GW), along with a capacity of 480,000 pieces, excluding galvanising capacity. Its extensive product portfolio enables it to operate as a one-stop solution provider for fixed-tilt and tracker-based solar structures. The company also manufactures structural steel profiles, fasteners and OHTL hardware fittings and accessories, supporting its presence across the renewable energy and transmission infrastructure value chain. Karamtara has established a strong international presence, with exports to over 50 countries across North America, Europe, Asia, Africa, Australia and Latin America. According to the Frost & Sullivan Report, it was one of the largest exporters of solar products from India to North America in FY25 and served 16 of the top 24 EPC companies in the United States as of March 31, 2026. Export revenue grew at a CAGR of 11.9% from FY24 to FY26 and contributed 40.5% of total revenue in FY26. The company has also expanded into adjacent growth segments, commencing production of angular and tubular wind turbine towers during FY25. It further intends to enter the battery energy storage systems segment through its wholly owned subsidiary and establish manufacturing facilities for prefabricated engineered building structures. Overall, Karamtara’s large-scale manufacturing platform, backward integration, diversified product portfolio and established export presence position it to benefit from increasing investments in renewable energy and transmission infrastructure. Its expansion into wind energy, BESS and other adjacent segments could provide additional growth opportunities over the medium to long term.

Steamhouse India Limited is a Gujarat-based industrial gas company that generates and centrally distributes industrial gases, primarily steam and nitrogen, through an integrated pipeline network. The company pioneered the community boiler system in India, introduced in 2014. Its community industrial gas model enables multiple industrial customers within a cluster to source steam and gases through a centralized pipeline infrastructure, thereby reducing the need for individual customers to establish and operate their own generation facilities. This asset-light customer proposition, coupled with long-term pipeline infrastructure, creates a relatively sticky customer relationship and provides visibility to recurring demand. The company’s core business comprises generation and distribution of steam, purchase and distribution of steam, and separation, compression and distribution of nitrogen. Steam generation and distribution remains the primary business, while the company has recently expanded into nitrogen distribution. Steamhouse commenced nitrogen production and supply in February 2025 and commissioned its first nitrogen project at Ankleshwar. Notably, the company is the only player in India supplying nitrogen through a distributed pipeline network rather than conventional cryogenic tanks or onsite nitrogen generation, giving it differentiated positioning in the emerging distributed industrial gas market. As of FY26, Steamhouse operated seven community steam boilers across Gujarat, comprising six owned and one leased facility, covering Vapi Phase 1, Vapi WTE, Ankleshwar Phase 1 and Phase 2, Sarigam, Nandesari and Panoli. Its facilities are strategically located close to industrial clusters and ports, enabling efficient supply through pipeline infrastructure. The company also purchases steam from third-party generators at certain locations. It distributes it through its own pipeline network, allowing it to expand its customer base without necessarily requiring equivalent investment in generation capacity.

Kanohar Electricals Limited is a manufacturer of transformers and an EPC service provider, catering to the power transmission, railways, renewable energy, and power distribution sectors. The company manufactures power, traction, Scott-connected and distribution transformers, as well as shunt reactors, while its EPC business undertakes turnkey projects for substations and transmission lines. Its products are used across the power value chain, with power transformers primarily serving transmission utilities, traction and Scott transformers catering to railway electrification, and shunt reactors supporting grid stability in renewable energy projects. Transformer manufacturing is the key revenue contributor, accounting for 83.4% of revenue from operations in FY26, with power transformers contributing 57.1%, Scott transformers 25.3%, traction transformers 0.9% and other transformer products 0.1%; EPC contributed the remaining 16.4%, comprising transmission lines at 9.7% and substations at 6.8%. The company operates two manufacturing facilities in Meerut, Uttar Pradesh, with an annual transformer manufacturing capacity of 19,200 MVA. It has developed capabilities in high-voltage transformers up to 500 MVA and 400 kV and is among a select group of Indian manufacturers with the requisite short-circuit certification for such transformers, enabling it to qualify for large power transmission orders.

Prasol Chemicals Ltd. is a diversified specialty chemicals manufacturer with over three decades of operating experience, producing acetone-based specialty chemicals, phosphorus-based specialty chemicals and other customized specialty chemicals. The company has a portfolio of over 150 products serving more than 1,600 customers and exports to 69 countries across global markets as of July 15, 2026. Its key application segments include performance chemicals, paints, inks, construction & adhesives (PICA), pharmaceuticals, agrochemicals and home & personal care. The company’s portfolio comprises 21 acetone-based specialty chemicals, 53 phosphorus-based specialty chemicals and 76 other specialty chemicals. Key products include diacetone alcohol, isophorone, hexylene glycol, phosphorus pentasulphide, phosphorus pentoxide, zinc dialkyl dithiophosphates, specialty phosphates, polyphosphoric acid and dithiophosphates, catering to a diversified range of end-use applications. In FY26, acetone-based specialty chemicals contributed 42.8% of revenue, phosphorus-based specialty chemicals contributed 38.3%, while other specialty chemicals accounted for 18.3%, providing a relatively diversified revenue profile across product categories. The company operates two manufacturing facilities at Khopoli and Mahad in Maharashtra, with aggregate installed capacity of 98,644 MTPA as of FY26. Khopoli plant operated at a healthy utilization of 80.3%, while Mahad plant utilization improved sharply to 44.1% in FY26 from 25.2% in FY25. The Mahad facility faced operational disruptions, but the resumption of operations and improved utilization indicate a gradual recovery in asset productivity. With significant unutilized capacity remaining at Mahad, further ramp-up provides potential operating leverage and volume-led growth, subject to demand conditions and execution.

Glass Wall Systems (India) Limited is a premium façade solutions and fenestration provider with integrated capabilities across design, engineering, fabrication, manufacturing, supply and installation. The company operates through three verticals Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions offering curtain wall, storefront, frameless, unitized and semi-unitized façade systems, alongside premium windows, doors, skylights and partition solutions. With over two decades of industry experience, the company had completed 158 projects as of March 31, 2026. According to the Ken Report, it was the second-largest façade solutions provider in India by revenue in FY24 and FY25 and India’s largest façade exporter in CY24. Its established presence in the USA and Australia provides access to international markets, with exports contributing 45.2% of FY26 revenue and supporting geographical diversification beyond the domestic construction cycle. The domestic business follows an integrated EPC and manufacturing model, while the international business focuses on customized façade product design, engineering, fabrication and supply. The acquisition of Yes Systems Private Limited in August 2025 further expanded the company’s presence in the premium and ultra-luxury fenestration segment, broadening its addressable market within the building-envelope industry. Manufacturing operations are centred at the Vile Bhagad facility in Maharashtra and are supported by in-house design, engineering and testing capabilities. Going forward, planned capacity expansion and backward integration through a proposed glass processing unit could strengthen supply-chain control, reduce dependence on external processed-glass suppliers, and improve operational efficiencies. Overall, the company’s integrated execution capabilities, established export presence and expansion into premium fenestration provide multiple growth levers, while capacity expansion and backward integration could support greater scale and value capture over the medium term.