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SBI Funds Management Ltd: SUBSCRIBE

  • Date

    14th July 2026 - 16th July2026

  • Price Range

    Rs.545 to Rs 574

  • Minimum Order Quantity

    26

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Price Lot Size Issue Date Issue Size
₹545 to ₹574 26 14th July, 2026 – 16th July, 2026 ₹9813 Cr

SBI Funds Management Ltd

SBI Funds Management Ltd. (SBI AMC) is India’s largest asset manager, managing quarterly average assets under management (QAAUM) of Rs. 29.5 lakh crores as of FY26. Over the years, the company has evolved beyond a traditional mutual fund house into a diversified investment manager with businesses spanning Mutual Funds, PMS & Advisory, Alternative Investment Funds (AIFs), offshore mandates and passive investment solutions. While the Mutual Fund business remains the core earnings engine, contributing nearly 70% of operating revenues and accounting for around 42% of QAAUM, the PMS & Advisory business today represents the largest share of assets at 57% of QAAUM through institutional and advisory mandates. This diversified structure enables SBI AMC to serve retail, institutional and high-net-worth investors through a single investment platform rather than relying on any one product or investor segment. The company is the market leader across several of its businesses, with a 15.5% market share in Mutual Funds and 39.7% in PMS & Advisory. It has also built India’s largest passive investment franchise with a 27.9% market share and the largest B-30 franchise with a 19.2% market share, reflecting both the breadth of its investment capabilities and the strength of its distribution network. The company generates recurring management fees based on the assets it manages, making revenues dependent on investor inflows, market performance and product mix. Active equity strategies typically command higher fee yields than debt and passive products, while the PMS & Advisory business provides relatively stable institutional fee income, creating multiple revenue streams within a single investment platform. Established in 1987 as India’s first mutual fund sponsored by a public sector bank, SBI AMC has, since 2011, benefited from its partnership with Amundi, Europe’s largest asset manager and one of the world’s top ten asset managers. The partnership combines SBI’s domestic distribution reach with Amundi’s global investment expertise, institutional research, risk management framework, technology platforms and product development capabilities. Products are distributed through an extensive network of over 23,265 SBI branches, 122,460 independent financial advisors, 9,964 national distributors, 95 banking partners and digital platforms such as YONO and InvesTap, providing one of the broadest distribution footprints in the industry. Investment decisions are supported by a process-oriented research framework built around specialised sector teams and institutionalised investment processes rather than individual fund managers, enabling the company to manage diverse investment strategies while maintaining consistency across market cycles.

Objective of Alpine Texworld Limited

The offer comprises entirely an Offer for Sale (OFS) of up to 20,37,09,239 equity shares by the Promoter Selling Shareholders. The company will not receive any proceeds from the offer. The objects of the offer are to:

  • Carry out the offer sale of up to 20,37,09,239 equity shares of face value Rs. 1 each by State Bank of India (up to 12,83,34,397 shares) and Amundi India Holding (up to 7,53,74,842 shares).

Rationale To SBI Funds Management Ltd

Investment Rationale

Creating new markets through trust, reach and distribution

Unlike most asset managers that primarily compete for existing mutual fund investors, SBI AMC is focused on expanding the industry’s addressable market. Management’s philosophy, “we don’t just acquire market share, we create new markets,” reflects its strategy of converting traditional savers into first-time investors. The opportunity remains significant, with only around 6% of India’s 950 million bank account holders currently investing in mutual funds. Backed by the SBI franchise, the company reaches over 530 million customers through 23,265 branches covering 98.2% of India’s pin codes, supported by more than 15,000 NISM-certified bank staff. Rather than building an expensive standalone distribution network, SBI AMC leverages SBI’s trusted brand to lower the barriers to investing while acquiring customers at a structurally lower cost than peers. This physical reach is complemented by a rapidly scaling digital ecosystem through YONO, which is making customer onboarding increasingly frictionless. Management highlighted that 93% of the 46,928 Jan Nivesh SIP accounts were sourced through YONO, while continued improvements in digital KYC should further accelerate customer acquisition. The strategy has been particularly successful in B-30 cities, where SBI AMC commands a 19.2% market share compared with its overall industry share of 15.5%, with around 65% of SIP accounts originating from these markets. The scale of this distribution platform also creates structural cost advantages, enabling SBI AMC to operate with the lowest operating expense ratio of 0.08% among the top 10 AMCs, compared with an industry range of 0.10-0.25%. We believe this combination of trusted distribution, digital capabilities and cost-efficient customer acquisition should allow SBI AMC to both expand the mutual fund ecosystem and continue gaining market share as financialisation of household savings accelerates.

Multiple levers in place for improved growth economics ahead 

As the investor base expands, management’s focus is increasingly shifting towards improving the revenue generated from every rupee of assets under management. SBI AMC is consciously increasing the share of higher-yielding and more specialised investment products that command better fee realisations while broadening its revenue mix. Over the last five years, the share of active equity assets has increased from 32% to 43%, reflecting a deliberate shift towards products that command meaningfully higher management fees than debt and passive funds. At the same time, the company has built India’s largest PMS & Advisory franchise with a 39.7% market share, providing stable institutional mandates alongside its retail mutual fund business, while identifying Alternative Investment Funds (AIFs) and Specialised Investment Funds (SIFs) as the next phase of growth in specialised investment solutions. Passive products also remain strategically important despite lower fee yields, acting as a scalable entry point for new investors while strengthening the overall investment platform. Together, this diversified product mix reduces dependence on any single asset class or revenue stream while improving the earnings profile of incremental assets. The partnership with Amundi further reinforces this strategy by extending beyond capital into investment processes, technology, product development and risk management. Access to Amundi’s global investment expertise has supported the expansion of specialised products, strengthened the ETF platform, accelerated product innovation and introduced institutional frameworks such as GIPS compliance and the Alto Invest platform, enhancing the company’s ability to manage increasingly sophisticated mandates. As higher-yield products account for a larger share of the business, revenue should grow faster than AUM, while the company’s scale continues to keep operating costs among the lowest in the industry, reflected in an operating expense ratio of just 0.08%. We believe this combination of improving product mix, global investment capabilities and structural cost leadership should support sustainable margin expansion and strengthen SBI AMC’s long-term earnings profile.

Valuation of SBI Funds Management Ltd

SBI AMC has delivered consistent growth by combining structural industry tailwinds with deliberate execution across distribution, product strategy and operating efficiency. Total QAAUM increased from Rs. 22.6 lakh crores in FY24 to Rs. 29.5 lakh crores in FY26, representing a CAGR of 14.2%, supported by deeper penetration into under-served markets through SBI’s extensive distribution network and increasing financialisation of household savings. The company maintained leadership across Mutual Funds (15.3% market share), Passive Funds (27.9%) and PMS & Advisory (39.7%), reflecting its ability to build scale across multiple investment businesses rather than relying on a single product category. Investment management fees grew at a CAGR of 27.7% to Rs. 4,389.5 crores over FY24-26, driven by a higher mix of equity-oriented products and expansion into specialised investment offerings. Core operating profit outpaced revenue growth, rising at a CAGR of 32.3% to Rs. 3,471.8 crores, with core operating margins improving from 73.7% to 79.1% as digital onboarding, operating leverage and industry-leading cost efficiency allowed incremental AUM to be managed without a proportionate increase in costs. Core PAT grew at a CAGR of 32.1%, ahead of reported PAT growth of 21.7%, highlighting the strengthening quality of the underlying fee-based business. At the upper price band of Rs. 574, the IPO is valued at 38.2x FY26 EPS, compared with the listed peer average of 41.6x. SBI AMC is India’s largest asset manager with total QAAUM of Rs. 29.5 lakh crores, significantly ahead of ICICI Prudential AMC’s Rs. 11.8 lakh crores. However, this scale advantage has not translated into a proportionate earnings advantage. Despite managing 2.5x higher total QAAUM, SBI AMC generated 24% lower revenue from operations (Rs. 4,389.5 crores vs. Rs. 5,764.6 crores), 7% lower PAT (Rs. 3,067.4 crores vs. Rs. 3,298.3 crores) and roughly half the return on equity (43.0% vs. 85.8%) compared with ICICI Prudential AMC, which currently trades at around 48x FY26 earnings. We believe this profitability gap is largely driven by product mix rather than franchise quality. Management’s strategy of increasing the share of higher-yield active equity, specialised investment products and alternative assets should gradually improve fee realisations, profitability and return ratios over the medium term. As the product mix evolves and the profitability gap with peers narrows, SBI AMC offers meaningful scope for a valuation re-rating. Considering its market leadership, unmatched distribution franchise and valuation below the listed peer average, we assign a ‘Subscribe’ rating to the issue.

What is the SBI Funds Management Ltd IPO?

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

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

SBI Funds Management Ltd IPO is opening on 14th July 2026.  Apply Now

The Lot Size of SBI Funds Management Ltd 26 equity shares. Login to your account now.

The allotment Date for SBI Funds Management Ltd  IPO is 17th July 2026.  Login to your account now.

The listing Date for SBI Funds Management Ltd is 21st July 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,924 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,012 Login to your account now

  • SBI FML’s revenue and profitability are directly linked to its quarterly average assets under management (QAAUM). Any material decline in QAAUM due to equity market corrections, investor redemptions, or a shift in scheme mix could disproportionately impact profitability given the largely fixed nature of operating costs such as employee expenses and technology infrastructure.
  • A portion of the company’s mutual fund QAAUM and revenue from mutual fund operations is concentrated in a limited number of schemes, exposing the company to scheme-specific performance or redemption risk.
  • The company is subject to extensive and evolving regulation by SEBI, including Total Expense Ratio (TER) and Base Expense Ratio restrictions on fees chargeable to mutual fund schemes. Regulatory changes effective April 1, 2026 require the company to absorb certain expenses previously charged to schemes, which could compress margins going forward.
  • The Jan Nivesh SIP product, targeted at first-time and low-ticket retail investors, may experience higher SIP discontinuance rates than the company’s broader SIP book, given the relative price sensitivity and lower financial resilience of this customer segment.

The SBI Funds Management Ltd will be credited to the account on allotment date which is 17th July 2026. Login to your account now 

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

Alpine Texworld Limited: SUBSCRIBE

  • Date

    14th July 2026 - 16th July2026

  • Price Range

    Rs.100 to Rs 105

  • Minimum Order Quantity

    142

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Price Lot Size Issue Date Issue Size
₹100 to ₹105 142 14th July, 2026 – 16th July, 2026 ₹126 Cr

Alpine Texworld Limited

Alpine Texworld Limited is a vertically integrated textile manufacturer engaged in the production of cotton yarn and grey fabric, catering primarily to textile processors, fabric traders and garment manufacturers in India. The company operates across the spinning, sizing, and weaving value chain through two manufacturing facilities in Ahmedabad, Gujarat, with an annual installed capacity of 180 lakh metres of grey fabric, 6,650 metric tonnes of yarn sizing and 6,000 metric tonnes of yarn, supported by 10.3 MW of captive solar power capacity to improve energy efficiency and lower operating costs. The acquisition of a 97% stake in Alpine Cottweave LLP has further strengthened its integrated manufacturing capabilities by adding 96 lakh metres of annual weaving capacity while contributing 35.9% to consolidated revenue in FY26. The company predominantly manufactures grey fabric used in downstream processing for denim, shirting, and suiting applications, with grey fabric contributing 96.7% of FY26 revenue, while the remaining revenue is derived from yarn, trading activities, yarn sizing services and other operating income. Manufacturing activities accounted for 97.6% of revenue from operations during FY26, highlighting the company’s manufacturing-led business model. Alpine follows a B2B model, supplying primarily to customers located in Gujarat, which contributed 97.4% to FY26 revenue, leveraging its presence in one of India’s largest textile manufacturing clusters. The company is currently developing its proposed manufacturing Unit 3 to support future capacity expansion and strengthen its position within the domestic textile value chain.

Objective of Alpine Texworld Limited

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

  • Proposing to finance the cost of setting up a new weaving unit at proposed manufacturing Unit 3 to expand its production capabilities to produce Grey Fabric at Ahmedabad, Gujarat, India;
  • Prepayment or repayment, in part or full of certain outstanding borrowings; and
  • General corporate purposes.

Rationale To Alpine Texworld Limited

Investment Rationale

Integrated Manufacturing Footprint Supported by Gujarat’s Textile Ecosystem

The company has established a strong competitive position in the power transmission and distribution value chain through its integrated manufacturing and EPC business model. According to a CRISIL Report, the company is among the leading manufacturers of power cables and conductors in East India, with an installed manufacturing capacity of 85,448 MT as of FY26. Its scale, coupled with over three decades of operating experience, enables it to serve a diverse customer base comprising Indian Railways, state DISCOMs, government utilities, private EPC contractors, and international customers. The company’s backwards-integrated manufacturing operations, supported by in-house production of key raw materials such as aluminium wire rods and XLPE/PVC compounds, improve cost efficiency, supply chain reliability and quality control while reducing dependence on external suppliers. Its RDSO approvals, NABL-accredited testing facilities and adherence to BIS and international quality standards further strengthen its competitive positioning in a sector where product qualification and execution capabilities remain critical. The integrated manufacturing-EPC platform creates meaningful operating synergies by enabling internal sourcing of cables and conductors for infrastructure projects, improving execution efficiency and enhancing bidding competitiveness. With the Indian wires and cables industry expected to grow at an 11-13% CAGR between FY25 and FY30, . supported by increasing investments in power transmission, railway electrification, smart grids and distribution infrastructure, the company is well positioned to benefit from favourable industry tailwinds through its established manufacturing scale, diversified product portfolio and integrated execution capabilities.

Backward Integration and Operational Efficiencies to Drive Sustainable Growth

The company is well positioned to benefit from the growing demand for grey fabric through its integrated manufacturing platform and strategic presence in Ahmedabad, Gujarat, one of India’s largest textile manufacturing clusters. Gujarat accounts for a significant share of India’s cotton production, providing ready access to high-quality raw materials, an established supplier base and a well-developed textile ecosystem. The company’s manufacturing facilities are equipped with advanced machinery from global manufacturers such as Toyota, Karl Mayer, Saurer and Picanol, enabling efficient production across spinning, sizing and weaving operations. This integrated manufacturing setup, coupled with its proximity to customers and suppliers, supports operational efficiencies while enabling the company to cater to the domestic textile value chain. With the Indian textile industry expected to benefit from rising domestic consumption, export opportunities, and supportive government policies, the company is well placed to capitalize on structural growth in the grey fabric segment.

Valuation of Alpine Texworld Limited

Alpine Texworld Limited is a vertically integrated textile manufacturer engaged in the production of cotton yarn and grey fabric, with manufacturing capabilities spanning spinning, sizing, and weaving. The company primarily caters to the domestic textile value chain and has established a strong presence in Ahmedabad, Gujarat, one of India’s largest textiles manufacturing clusters, providing access to abundant cotton, an established supplier ecosystem, and a favourable operating environment. Over the years, the company has strengthened its manufacturing platform through backward integration into yarn production, expansion of weaving capacity through the acquisition of Alpine Cottweave LLP and investments in captive solar power, positioning it to improve operational efficiencies and support future capacity expansion. Financially, the company has demonstrated a healthy growth trajectory, with revenue from operations increasing at a 37% CAGR during FY24-FY26 to Rs. 343 crores. Operating leverage and an improving product mix supported EBITDA growth at a 54% CAGR, while PAT registered a robust 111% CAGR over the same period. Consequently, EBITDA margin improved from 10.8% in FY24 to 13.8% in FY26, while PAT margin expanded from 2.7% to 6.3%. The company has also delivered a meaningful improvement in return ratios, with ROE increasing from 11.5% in FY24 to 28.8% in FY26, reflecting better profitability and efficient capital utilization. At the upper price band of Rs. 105, the issue is valued at a P/E multiple of 12.8x based on FY26 diluted EPS of Rs. 8.2. Considering the company’s integrated manufacturing platform, strategic presence in Gujarat’s textile ecosystem, ongoing capacity expansion, improving profitability and healthy return ratios, we believe the valuation is reasonable. Accordingly, we assign a ‘SUBSCRIBE’ rating to the issue.

What is the Alpine Texworld Limited IPO?

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

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

Alpine Texworld Limited IPO is opening on 14th July 2026.  Apply Now

The Lot Size of Alpine Texworld Limited 142 equity shares. Login to your account now.

The allotment Date for Alpine Texworld Limited  IPO is 17th July 2026.  Login to your account now.

The listing Date for Alpine Texworld Limited is 21st July 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,910 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,93,830 Login to your account now

  • The company derives a significant portion of its revenue from its top 10 customers, which contributed 70.3% to FY26 revenue. Since these customer relationships are not backed by long-term contractual commitments, loss of any major customer could adversely impact its revenue and profitability.
  • The company’s manufacturing facilities and customer base are highly concentrated in Gujarat, which accounted for 97.4% of FY26 revenue. Any adverse developments in the region, including economic slowdown, regulatory changes, natural calamities, or disruptions to the local textile ecosystem, could materially impact its operations and financial performance.
  • The company’s long-term and short-term credit ratings were downgraded by CRISIL to ‘BB/Stable’ and ‘A4+’, respectively, with the remark “Issuer Not Cooperating.” Any adverse perception arising from the downgrade or any further deterioration in its credit rating could increase borrowing costs, limit access to financing and adversely impact its financial flexibility.

The Alpine Texworld Limited will be credited to the account on allotment date which is 17th July 2026. Login to your account now 

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

Laser Power & Infra Ltd: SUBSCRIBE

  • Date

    09th July 2026 - 13th July2026

  • Price Range

    Rs.203 to Rs 214

  • Minimum Order Quantity

    70

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Price Lot Size Issue Date Issue Size
₹203 to ₹214 70 09th July, 2026 – 13th July, 2026 ₹742 Cr

Laser Power & Infra Ltd

Laser Power and Infra Limited is an integrated manufacturer of power cables, conductors and specialized electrical products, with an EPC business focused on power transmission and distribution infrastructure. Backed by over three decades of operating experience, the company has developed an integrated business model combining in-house manufacturing with turnkey project execution, enabling it to deliver end-to-end solutions across the power infrastructure value chain. According to the CRISIL Report, the company is among the leading manufacturers of power cables and conductors in East India in terms of installed manufacturing capacity. It is one of the largest approved RDSO vendors in the region for select railway signalling and power cable products. The manufacturing business spans three product categories – power and control cables, specialty products, and conductors – including LT and MV power cables, aerial bunched cables, signalling cables, aluminium wire rods, PVC compounds, and a wide range of transmission conductors, catering to utilities, railways, industrial customers, and EPC contractors. The company operates three manufacturing facilities in West Bengal with a combined installed capacity of 85,448 MT as of March 31, 2026. Strategically located near key ports and raw material sources, the facilities provide procurement and logistics advantages while supporting efficient domestic and export operations. Modern production facilities, NABL-accredited testing laboratories and ISO-certified quality systems support its manufacturing capabilities. Complementing its manufacturing operations, the EPC business delivers turnkey solutions across rural and urban electrification, substations, transmission and distribution lines, underground cabling and distribution network strengthening. The integrated manufacturing and EPC platform enables significant internal sourcing of cables and conductors, improving execution efficiency, cost competitiveness and quality control. Supported by long-standing relationships with government utilities, Indian Railways, DISCOMs, private EPC players, and overseas customers, Laser Power and Infra is well-positioned to benefit from rising investments in power transmission and distribution infrastructure, railway electrification, and grid modernization across India.

Objective of Laser Power & Infra Ltd

The IPO consists of a fresh issue of up to Rs. 542 crores and an offer for sale of up to Rs. 200 crores. The net proceeds from the fresh issue are proposed to be utilised for the following purposes:

  • Funding capital expenditure requirements for the expansion of manufacturing capacities and infrastructure;
  • Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company;
  • General corporate purposes.

Rationale To Laser Power & Infra Ltd

Investment Rationale

Strong Manufacturing Scale and Integrated Business Model Supports Long-Term Growth

The company has established a strong competitive position in the power transmission and distribution value chain through its integrated manufacturing and EPC business model. According to a CRISIL Report, the company is among the leading manufacturers of power cables and conductors in East India, with an installed manufacturing capacity of 85,448 MT as of FY26. Its scale, coupled with over three decades of operating experience, enables it to serve a diverse customer base comprising Indian Railways, state DISCOMs, government utilities, private EPC contractors, and international customers. The company’s backwards-integrated manufacturing operations, supported by in-house production of key raw materials such as aluminium wire rods and XLPE/PVC compounds, improve cost efficiency, supply chain reliability and quality control while reducing dependence on external suppliers. Its RDSO approvals, NABL-accredited testing facilities and adherence to BIS and international quality standards further strengthen its competitive positioning in a sector where product qualification and execution capabilities remain critical. The integrated manufacturing-EPC platform creates meaningful operating synergies by enabling internal sourcing of cables and conductors for infrastructure projects, improving execution efficiency and enhancing bidding competitiveness. With the Indian wires and cables industry expected to grow at an 11-13% CAGR between FY25 and FY30, . supported by increasing investments in power transmission, railway electrification, smart grids and distribution infrastructure, the company is well positioned to benefit from favourable industry tailwinds through its established manufacturing scale, diversified product portfolio and integrated execution capabilities.

Technology Partnership and Strong Order Book Enhance Long-Term Growth Visibility

Laser Power & Infra has strengthened its technological capabilities through its strategic manufacturing partnership with TS Conductor Corp., a US-based transmission technology company, enabling the domestic production of next-generation composite core conductors. The collaboration expands the company’s product portfolio with advanced transmission solutions, including AECC, HTLS, ECO conductors, AL-59 AAC, and ACSS, to address the evolving requirements of modern power transmission networks. According to a CRISIL Report, AECC conductors offer superior thermal stability, lower sag, higher current-carrying capacity, and enhanced corrosion resistance, making them well-suited for transmission upgrades without significant infrastructure expansion. The partnership provides access to differentiated technology, reduces import dependence, and positions the company to benefit from increasing investments in grid modernization, renewable energy integration, and transmission network expansion. Complementing its technology-led product expansion, Laser Power & Infra has built a healthy execution pipeline, with its order book increasing 49.3% YoY to Rs. 32,434.00 million as of March 31, 2026, providing strong revenue visibility over the medium term. The order book comprises projects across Assam, Bihar, Odisha and West Bengal, covering high-voltage distribution systems, substations, underground cabling and last-mile electrification. The company’s diversified project mix, expanding geographical presence and established execution capabilities strengthen its ability to secure large infrastructure contracts while supporting sustainable revenue growth and margin expansion.

Valuation of Laser Power & Infra Ltd

Laser Power & Infra Limited operates in the power transmission and distribution industry through an integrated business model encompassing manufacturing of power cables, conductors, and specialized electrical products, as well as EPC execution for power infrastructure projects. Backed by over three decades of operating experience, integrated manufacturing facilities, backward integration, and long-standing relationships with Indian Railways, DISCOMs, and government utilities, the company is well positioned to benefit from structural growth in India’s power infrastructure sector, driven by transmission expansion, distribution strengthening, railway electrification, and renewable energy integration. Its strategic partnership with TS Conductor Corp. further enhances its product portfolio and strengthens its positioning in advanced high-performance conductors. India’s power cables, conductors, and transmission & distribution equipment industry is experiencing robust structural growth, driven by sustained government investments in power infrastructure, grid modernization, renewable energy integration, railway electrification, and the expansion of transmission and distribution networks across urban and rural regions. Financially, revenue from operations increased from Rs. 1,748 crores in FY24 to Rs. 2,326 crores in FY26, registering a 15.4% CAGR over the period. EBITDA nearly doubled to Rs. 301 crores in FY26, with the EBITDA margin improving to 13.0% in FY26 from 8.9% in FY24. PAT increased from Rs. 40 crores in FY24 to Rs. 152 crores in FY26, reflecting a 93.7% CAGR over FY24-26 period, supported by improving operating efficiency and higher return ratios. Looking ahead, increasing investments in transmission and distribution infrastructure, smart grids and power network modernization are expected to drive long-term growth. At the upper price band of Rs. 214, the issue is valued at a P/E of 16.2x based on FY26 diluted EPS of Rs. 13.2. While the valuation appears demanding, the company’s integrated business model, improving profitability, and favourable industry outlook provide healthy long-term growth visibility. Accordingly, we recommend a “SUBSCRIBE” rating for the issue with a long-term investment horizon.

What is the Laser Power & Infra Ltd IPO?

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

To apply for the Laser Power & Infra Ltd  IPO through StoxBox one can apply from the website and also from the app. Click here

Laser Power & Infra Ltd IPO is opening on 09th July 2026.  Apply Now

The Lot Size of Laser Power & Infra Ltd Ltd 70 equity shares. Login to your account now.

The allotment Date for Laser Power & Infra Ltd  IPO is 14th July 2026.  Login to your account now.

The listing Date for Laser Power & Infra Ltd is 16th July 2026.  Login to your account now

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

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

  • The company’s financing arrangements contain financial and operational covenants that may restrict its business flexibility. In addition, a portion of its unsecured borrowings is repayable on demand. Any breach of these covenants or inability to obtain waivers from lenders could lead to accelerated repayment obligations, adversely impacting the company’s liquidity and financial condition.
  • The company operates all of its manufacturing facilities in West Bengal. Any disruption arising from regional risks, natural disasters, labour issues, infrastructure disruptions or operational shutdowns at these facilities could adversely impact its manufacturing operations, financial condition and results of operations.

The Laser Power & Infra Ltd will be credited to the account on allotment date which is 14th July 2026. Login to your account now 

The prospectus of Laser Power & Infra Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Kusumgar Ltd: SUBSCRIBE

  • Date

    08th July 2026 - 10th July2026

  • Price Range

    Rs.398 to Rs 419

  • Minimum Order Quantity

    35

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Price Lot Size Issue Date Issue Size
₹398 to ₹419 35 08th July, 2026 – 10th July, 2026 ₹650 Cr

Kusumgar Ltd

Kusumgar Limited manufactures woven, coated and laminated synthetic engineered fabrics, specializing in high-performance textile solutions based on polyamide and polyester filaments and polyurethane chemistry, engineered for high tensile and tear strength, abrasion resistance, air permeability and waterproofing. Leveraging strong process expertise, the company has built a portfolio of over 1,000 SKUs across aerospace and defence, industrial and automotive, and outdoor and lifestyle applications, and has also expanded into value-added finished solutions for aerospace and military use, including parachute systems, stealth solutions and rapid deployment systems. The company operates in the technically intensive engineered fabrics industry, where precision manufacturing, product innovation and application-specific expertise create significant entry barriers. Its business model centers on high-technology applications, supported by close customer collaboration and strategic partnerships, positioning it to benefit from supply chain diversification, rising exports and defence indigenisation. Operations span four segments. Aerospace and Defence Fabrics develops mission-critical fabrics for parachutes, aerial systems, tactical clothing and stealth systems for Indian and international customers. Aerospace and Defence Solutions extends into integrated end-products such as parachute systems, camouflage nets, decoys and shelters, along with maintenance and repair services. Industrial and Automotive Fabrics covers specialized fabrics for tapes, mechanical rubber goods and inflatable structures. Outdoor and Lifestyle Fabrics supplies technical fabrics for activewear, winter wear, rainwear, backpacks and tents, with several global brands nominating the company as an approved supplier.

Objective of Kusumgar Ltd

The IPO consists entirely of an Offer for Sale of up to Rs. 650 crores by the Promoter Selling Shareholders, with no fresh issue component.

Rationale To Kusumgar Ltd

Investment Rationale

High Entry Barriers Underpin Sustainable Competitive Advantage

The company operates in niche engineered fabric markets characterized by high entry barriers, which have enabled it to establish a strong competitive position over several decades. Since its inception in 1970, the company has developed more than 1,000 unique engineered fabric configurations, supported by deep technical expertise, specialized manufacturing capabilities and long-standing customer relationships. The foremost competitive advantage lies in its technical know-how and manufacturing expertise, which are built around complex fabric engineering, lightweight fine-denier fabrics, the ability to process both Nylon 6 and Nylon 66, advanced coating and lamination technologies, and an integrated manufacturing value chain. These capabilities are difficult to replicate and require significant time, investment and process knowledge, creating a substantial technological moat. Another key entry barrier is the long product qualification and approval cycle across its end markets. In defence applications, product development and customer qualification can typically span two to ten years, involving close collaboration with customers to develop highly customized solutions. Similarly, products supplied to industrial and automotive customers undergo extensive validation and qualification processes, resulting in sticky customer relationships and high switching costs once approvals are secured. The company’s ability to design and manufacture application-specific, customized solutions further strengthens customer retention. Products are developed according to precise customer specifications, making replacement by alternative suppliers challenging due to the complexity of redesigning and requalifying products. This is particularly relevant in mission-critical applications where product performance is integral to customer operations.

Advance Technical Capabilities Driving High-Value Product Development

The company has established strong technical expertise in synthetic engineered fabrics, enabling it to develop high-performance, application-specific textile solutions for customers across aerospace and defence, industrial, and outdoor segments. Its core competencies span fine denier fabric manufacturing, processing of Nylon 6 and Nylon 66, complex fabric engineering, advanced coating and lamination technologies, and a fully integrated manufacturing value chain. The company’s ability to manufacture lightweight fabrics using fine denier yarns, combined with expertise in polyurethane chemistry and specialized polymers such as TPU, silicone, and PTFE, allows it to produce fabrics . with superior durability, functionality, and performance characteristics. Furthermore, its end-to-end integration from yarn selection and weaving to coating, lamination, and finished product fabrication ensures stringent quality control, traceability, cost optimization, and reduced dependence on external suppliers. These technical capabilities have enabled the company to develop differentiated and high-value products, including ultra-lightweight parachute fabrics (0.75 ounces per square yard), infrared reflective fabrics, extreme cold weather clothing fabrics, and multi-spectral camouflage systems, creating a strong competitive advantage in niche, technology-intensive markets with high entry barriers.

Valuation of Kusumgar Ltd

Kusumgar Limited operates in the niche engineered fabrics and technical textiles industry, with growing exposure to high-growth aerospace and defence, industrial and outdoor textile applications. As one of India’s established players in this space, backed by an integrated manufacturing platform with facilities across Gujarat and Uttar Pradesh, high entry barriers, long customer qualification cycles and established relationships with marquee customers, the company is well positioned to capitalize on structural tailwinds including defence indigenisation, rising global defence spending, supply chain diversification and increasing demand for high-performance industrial textiles. Its technical capabilities and long-standing customer relationships enhance earnings visibility and provide strong competitive advantages, supporting sustained profitability even through periods of order-driven revenue volatility. Financially, the company’s revenue from operations grew from Rs. 468 crores in FY24 to Rs. 779 crores in FY25, before moderating to Rs. 692 crores in FY26, reflecting the project-based nature of certain defence and industrial orders; even so, revenue compounded at a 21.61% CAGR over FY24-FY26. EBITDA grew at a 19.36% CAGR to Rs. 188 crores in FY26, with the EBITDA margin expanding to 27.15% in FY26 from 24.18% in FY25, reflecting an improving product mix and operational efficiencies that helped offset the topline moderation. PAT stood at Rs. 98 crores in FY26, recording a 7.9% CAGR over the same period, underpinned by a robust PAT margin of approximately 14.2% and healthy earnings per share of Rs. 9.68, highlighting the company’s ability to sustain profitability despite higher employee costs, depreciation and finance expenses arising from business expansion. Looking ahead, higher capacity utilization, continued penetration into aerospace and defence applications, growing export demand and sustained operating leverage are expected to drive earnings growth. At the upper price band of Rs. 419, Kusumgar Ltd. is valued at a P/E multiple of 45.0x based on FY26 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 Kusumgar Ltd IPO?

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

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

Kusumgar Ltd IPO is opening on 08th July 2026.  Apply Now

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

The allotment Date for Kusumgar Ltd  IPO is 13th July 2026.  Login to your account now.

The listing Date for Kusumgar Ltd is 15th July 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,665 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,90,645 Login to your account now

  • The company’s revenue remains concentrated in a few key business segments, with Aerospace and Defence Fabrics, Industrial and Automotive Fabrics and Aerospace and Defence Solutions contributing approximately 32%, 24% and 23% of FY26 revenue, respectively. While these segments operate in structurally attractive markets, any slowdown in demand, delays in defence procurement, or weakness in industrial and automotive spending could adversely impact the company’s revenue growth and profitability.
  • The company has a relatively concentrated customer base, with its largest customer contributing 11.1% of FY26 revenue, while the top 10 customers accounted for nearly 60% of total revenue. Although these long-standing relationships provide revenue visibility, the loss of a key customer, lower order volumes, or changes in procurement strategies could materially affect the company’s financial performance.

The Kusumgar Ltd will be credited to the account on allotment date which is 13th July 2026. Login to your account now 

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

Knack Packaging Ltd: SUBSCRIBE

  • Date

    01st July 2026 - 02rd July2026

  • Price Range

    Rs.161 to Rs 170

  • Minimum Order Quantity

    88

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Price Lot Size Issue Date Issue Size
₹161 to ₹170 88 01st July, 2026 – 03rd July, 2026 ₹439 Cr

Knack Packaging Ltd

Knack Packaging Ltd. is one of India’s leading integrated, innovation-driven and export-oriented packaging solutions providers, specializing in Printed and Laminated Woven Polypropylene (PLWPP) bags and PLWPP Pinch Bottom bags. It serves diverse industries including food, pet food, agriculture, chemicals, fertilizers and building materials by offering customized, high-strength packaging solutions that enhance brand visibility, improve operational efficiency and reduce counterfeiting risks. The company holds an approximately 10.1% share of the Indian flexible bulk PLWPP bags market in FY25 and is among the early pioneers in BOPP/PLWPP bag manufacturing. It is also the first company in India and Asia to introduce laser-cut and easy-open features in PLWPP pinch bottom bags. Backed by over two decades of promoter experience, the company offers a wide portfolio of value-added packaging solutions with multiple customization options. The company operates a fully backward-integrated manufacturing model, with capabilities spanning polypropylene granule processing to the production of finished packaging products. Its manufacturing facilities in Gujarat have an installed capacity of 43,300 MTPA and are supported by advanced machinery and a workforce of 1,959 employees. Following a B2B2C business model, the company exports to over 71 countries and serves marquee domestic and global customers, including KRBL Limited, DCM Shriram Limited, Drools Pet Food Private Limited, Baba Agro Food Limited, Ebro India Private Limited and Cargill. Additionally, its in-house design and printing capabilities, supported by a library of over 73,000 printing cylinders across 1,950+ customers and 13,379 SKUs, enable consistent brand representation, strengthen customer retention and reinforce its competitive positioning in the value-added flexible packaging industry.

Objective of Knack Packaging Ltd

The IPO consists of an offer for sale of Rs. 60 crores and a fresh issue of Rs. 380 crores

  • The net proceeds of the fresh issue are proposed to be utilized in the following manner:
  • Partial funding of capital expenditure towards setting up of new manufacturing facility at Borisana situated at Kadi, Mehsana, Gujarat;
  • General corporate purposes.

Rationale To Knack Packaging Ltd

Investment Rationale

Technology driven integrated operations supporting efficiency and scalability

Knack Packaging Ltd. has built a highly integrated and technology-enabled operating model that enhances manufacturing efficiency, optimizes supply chain management and supports scalable growth. At the core of its digital ecosystem is its proprietary platform, Knack Galaxy, which provides real-time visibility across procurement, production, inventory, dispatch and logistics, enabling seamless coordination between customers, suppliers and internal teams. The platform is integrated with Microsoft Dynamics 365 CRM for order management and SAP S/4HANA for production planning and resource allocation, creating a unified workflow that improves capacity utilization, minimizes manual intervention, reduces operational errors and enables faster decision-making. The company further strengthens its execution capabilities through continuous workforce development, with employees undergoing 20-30 days of structured training annually to ensure technical proficiency and adaptability to evolving manufacturing requirements. Operationally, the company follows a fully integrated approach across procurement, production and new product development, enabling greater control over quality, costs and delivery timelines. It maintains buffer inventory of critical raw materials, aligns procurement with its order pipeline and leverages bulk sourcing arrangements for polypropylene granules to mitigate supply disruptions, improve cost predictability and secure favourable commercial terms. Additionally, dedicated production lines and specialized machinery reduce changeover time, improve workflow efficiency, facilitate preventive maintenance and ensure consistent product quality. Collectively, these initiatives enhance operational resilience, support timely customer deliveries, improve manufacturing productivity and provide a scalable platform for sustainable margin expansion and long-term growth.

Strategically located manufacturing facility supported by renewable energy infrastructure and expansion potential

The company possesses strong technical expertise in designing and manufacturing complex, customized packaging solutions, providing a key competitive advantage in the value-added flexible packaging industry. Its capabilities span advanced bag construction techniques, multi-layer lamination and the integration of specialized features such as valve closures, laser-cut easy-open systems, integrated handles, perforation patterns and custom structural formats tailored to specific customer requirements. Supported by a systematic, process-driven manufacturing approach and stringent quality control protocols, the company consistently delivers products with high dimensional accuracy, material compatibility and uniform quality across production batches. This ability to translate complex customer specifications into scalable manufacturing solutions enables it to cater to premium applications where both functional performance and visual appeal are critical. The company’s in-house ink kitchen and imported spectrophotometer further strengthen its value proposition by ensuring precise colour matching, logo clarity and print consistency across production runs, allowing customers to maintain brand identity and shelf appeal. Its capability to repeatedly manufacture technically sophisticated packaging formats at scale has helped establish long-term relationships with customers that prioritize product reliability, packaging aesthetics and consistent brand representation. These differentiated manufacturing capabilities position the company to capture higher-value orders, strengthen customer retention and support sustainable growth in premium packaging segments.

Valuation of Knack Packaging Ltd

Knack Packaging Ltd. operates in the structurally growing flexible packaging industry, benefiting from rising demand across end-user segments such as food, pet food, agriculture, chemicals, fertilizers and building materials, alongside the increasing adoption of value-added, branded and sustainable packaging solutions. As one of India’s leading integrated manufacturers of Printed and Laminated Woven Polypropylene (PLWPP) bags, with an estimated 10.1% domestic market share, a fully backward-integrated manufacturing platform, exports to over 71 countries and long-standing relationships with marquee global and domestic customers, the company is well positioned to capitalize on favorable industry tailwinds. Its differentiated product portfolio, technological leadership in value-added packaging formats and digitally integrated manufacturing ecosystem provide strong competitive advantages, supporting both margin resilience and scalable growth. Financially, the company has delivered a robust growth trajectory, with revenue increasing to Rs. 823 crores in FY26, registering a 12% CAGR over FY24-FY26 period. EBITDA grew at a stronger 25% CAGR to Rs. 152 crores, with the EBITDA margin expanded to 18% in FY26, reflecting operating leverage, an improving product mix and enhanced operational efficiencies. PAT stood at Rs. 93 crores in FY26, recording an impressive 42% CAGR over the same period, underpinned by healthy profitability and disciplined execution. Looking ahead, higher capacity utilization, continued expansion in value-added packaging solutions, increasing export penetration and sustained operating leverage are expected to drive earnings growth. Backed by its integrated manufacturing capabilities, technological differentiation and strong financial performance, the company is well positioned to deliver sustainable revenue growth, margin expansion and long-term value creation. At the upper price band of Rs. 138, Knack Packaging Ltd. is valued at a P/E multiple of 18.3x based on FY26 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 Knack Packaging Ltd IPO?

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

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

Knack Packaging Ltd IPO is opening on 01st July 2026.  Apply Now

The Lot Size of Knack Packaging Ltd 88 equity shares. Login to your account now.

The allotment Date for Knack Packaging Ltd  IPO is 06th July 2026.  Login to your account now.

The listing Date for Knack Packaging Ltd  is 08th July 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,960 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,480 Login to your account now

  • The company’s operations are significantly dependent on a limited number of key suppliers for the procurement of critical raw materials. As it does not have long-term contractual arrangements with these suppliers, the business remains exposed to potential supply disruptions, pricing volatility and procurement uncertainties. Any deterioration in relationships with key suppliers, delays in raw material availability or inability to source materials on competitive terms could adversely impact production schedules, operating margins and the company’s overall financial performance.
  • The company derives a significant portion of its revenue from a concentrated base of existing customers, with a meaningful share of sales generated from a few key clients. Further, the absence of long-term contractual arrangements with these customers exposes the business to customer retention risk. Any loss of key customers, reduction in order volumes or inability to maintain long-standing relationships could adversely impact revenue growth, capacity utilization, profitability and the company’s overall financial performance.

The Knack Packaging Ltd will be credited to the account on allotment date which is 06th July 2026. Login to your account now 

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

Aastha Spintex Ltd: SUBSCRIBE

  • Date

    29th June 2026 - 01st July2026

  • Price Range

    Rs.125 to Rs 136

  • Minimum Order Quantity

    110

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Price Lot Size Issue Date Issue Size
₹125 to ₹136 110 29th June, 2026 – 01st July, 2026 ₹170 Cr

Aastha Spintex Ltd

Incorporated in 2013, Aastha Spintex Limited is engaged in the manufacturing and trading of carded, combed and compact combed cotton yarns, along with cotton bales. The company operates exclusively in the business-to-business (B2B) segment, catering to textile manufacturers, yarn exporters, fabric processors and bulk purchasers. The company has established an integrated spinning and ginning manufacturing facility at Halvad, District Morbi, Gujarat, strategically located near key cotton-growing regions, enabling efficient raw material sourcing and operational advantages. The company operates a semi-automated and integrated manufacturing setup focused on the production of 100% cotton yarn in the count range of Ne 26 to Ne 40. As on date, the company has an installed capacity of 25,920 spindles comprising 15 compact ring spinning machines, along with cotton bale production capacity of 12,000 MT and cotton yarn production capacity of 7,700 MT per annum. The manufacturing operations are carried out on a continuous 24×7 basis across three shifts throughout the year, supporting operational efficiency and better capacity utilization. The company follows an integrated business model wherein by-products generated during the ginning and spinning process are monetized, supporting additional revenue generation and minimizing waste. Cotton seeds and related by-products from the ginning process are sold for applications such as oil extraction and animal feed, while cotton waste generated during spinning is supplied to non-woven fabric and open-end yarn manufacturers. The non-recoverable waste remains negligible at approximately 0.1%-0.3% of total production, reflecting efficient resource utilization. Aastha Spintex derives the majority of its revenue from the domestic market, with a strong presence in Gujarat supported by reseller M/s 7 Seas Impex. The company’s regional proximity to customers has enabled it to build long-standing relationships, better understand customer requirements and ensure efficient order execution and delivery. The company’s established customer base within Gujarat has remained a key contributor to its business growth and market positioning. The company procures cotton directly from farmers and traders during the cotton harvest season, while the ginning unit operates seasonally for approximately 6-7 months annually. During periods of shortfall or off-season, the company sources cotton bales from ginning mills and traders across Gujarat, supported by long-standing supplier relationships that ensure continuity of supply and consistent quality. Over the last three financial years, the company procured raw materials from more than 125 suppliers, reflecting a diversified procurement network and operational stability.

Objective of Aastha Spintex Ltd

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

  • Part payment of the purchase consideration for the acquisition of Falcon Yarns Pvt. Ltd;
  • Inter-Corporate deposits for funding working capital requirement of Falcon Yarns Pvt. Ltd; and
  • General Corporate Purposes.

Rationale To Aastha Spintex Ltd

Investment Rationale

Balanced growth strategy supported by capacity expansion, strategic acquisition and strong customer relationships

Aastha Spintex’s growth strategy is anchored on a balanced mix of organic capacity expansion and inorganic opportunities, provides scalability and strengthens its competitive positioning within the cotton yarn industry.  On the organic front, the company expanded its installed capacity from 2 MT/day to 2.5 MT/day during FY20–FY24 through machinery upgradation, enabling higher operational efficiency, improved production capabilities and better scale utilization. Further, the company has entered into a Share Purchase Agreement (SPA) to acquire 100% stake in Falcon Yarns Pvt. Ltd., a cotton yarn manufacturer with an installed capacity of 9,757 MT per annum. Falcon Yarns reported revenue from operations of Rs. 249.44 Cr, Rs. 220.35 Cr and Rs. 228.75 Cr over the last three financial years, and the proposed acquisition is expected to strengthen the company’s manufacturing scale, product offerings and market positioning. In addition, the company benefits from long-standing relationships with key customers including M/s 7 Seas Impex and Elkins Tradelink Ltd., reflecting its established presence and execution capabilities in the yarn industry. The customer base expanded significantly to over 231 customers in FY25 from 79 and 86 customers in FY24 and FY23, respectively, while around 14 customers have remained associated with the company for more than five years. The diversified and growing customer base, coupled with better order visibility and repeat business generation, is expected to support sustained revenue growth, operational efficiencies and stronger market penetration going forward.

Strategically located manufacturing facility supported by renewable energy infrastructure and expansion potential

The company’s manufacturing facility is strategically located at Halvad, District Morbi, Gujarat, one of the key cotton-growing regions in the state, providing proximity to raw material suppliers, logistics infrastructure and skilled labour availability. The location benefits from strong connectivity through established road, rail and port networks, enabling efficient procurement and distribution operations. The manufacturing facility spans a total land area of ~65,762 sq. m, of which only 46.22% is currently utilized as built-up area, while the remaining vacant land provides significant scope for future capacity expansion and operational scale-up. In addition, the company has developed a strong renewable energy infrastructure to support sustainable and cost-efficient manufacturing operations. The company currently operates a 1 MW rooftop solar power unit, a 4 MW ground-mounted solar power plant and a 2.7 MW wind power plant, substantially reducing dependence on conventional grid power and mitigating energy cost volatility. The integrated renewable energy setup enhances operational efficiency and cost competitiveness and strengthens the company’s sustainability profile and long-term manufacturing viability.

Valuation of Aastha Spintex Ltd

Aastha Spintex is engaged in the manufacturing and trading of carded, combed and compact combed cotton yarns along with cotton bales. The company follows an integrated business model wherein cotton bales are utilized for captive consumption as well as supplied to other spinning units, while cotton yarn caters to diversified applications across knitting and weaving segments including denim, terry towels, shirting, sheeting, sweaters, socks, home textiles and industrial fabrics. The company has established a strong customer base in Gujarat, supported by long-standing customer relationships and regional market presence, which has remained a key growth driver for the business. The company continues to focus on improving operational efficiencies through investments in modern spinning infrastructure and advanced quality control systems, including in-house testing laboratories. Further, the proposed acquisition of Falcon Yarns Private Limited through a SPA is expected to enhance the company’s manufacturing scale, diversify its customer base and strengthen its market positioning within the domestic cotton yarn industry. Industry tailwinds also remain favorable, with the Indian textile industry estimated at USD 195.4 bn in CY25 and expected to reach USD 623.3 bn by CY35P, implying a CAGR of 12.3%. On the financial front, the company has demonstrated healthy growth momentum, with Revenue, EBITDA and PAT registering CAGR of 21%, 88% and 365%, respectively, during FY23-FY25, supported by improving operational performance and margin expansion. While the company derives a significant portion of its revenue from Gujarat and undertakes sales outside the state and export operations through a reseller network, which may result in geographical concentration and dependence on intermediary channels, we believe the company’s integrated business model, improving operational scale, acquisition-led expansion strategy and favourable industry dynamics position it well to capitalize on the growing demand opportunities within the domestic textile sector going forward. At the upper price band of Rs. 136, the issue is valued at a P/E of 17.6x based on annualized FY26 earnings. We thus, recommend a “SUBSCRIBE” rating from a medium to long-term perspective.

What is the Aastha Spintex Ltd IPO?

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

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

Aastha Spintex Ltd IPO is opening on 29th June 2026.  Apply Now

The Lot Size of Aastha Spintex Ltd 110 equity shares. Login to your account now.

The allotment Date for Aastha Spintex Ltd  IPO is 02nd July 2026.  Login to your account now.

The listing Date for Aastha Spintex Ltd  is 06th July 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 14,960 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,94,480 Login to your account now

  • The company is significantly dependent on 7 Seas Impex for majority of its sales outside Gujarat and exports, and any adverse development in this arrangement could materially and adversely affect the company’s business, results of operations and financial condition.
  • The company’s continued operations are dependent on a single manufacturing facility and are critical to its business, and any disruption could materially and adversely affect the company’s results of operations, cash flows, and financial condition.
  • The company remains dependent on a limited number of suppliers for procurement of raw cotton and cotton bales, which constitute its key raw materials. Any disruption in supply availability or adverse volatility in cotton prices may impact raw material procurement, operating margins and overall financial performance.

The Aastha Spintex Ltd will be credited to the account on allotment date which is 02nd July 2026. Login to your account now 

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

CSM Technologies : Avoid

  • Date

    24th Jun 2026 - 29th Jun 2026

  • Price Range

    Rs.107 to Rs 113

  • Minimum Order Quantity

    132

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Price Lot Size Issue Date Issue Size
₹107 to ₹113 132 24th Jun, 2026 – 29th Jun, 2026 ₹146 Cr

CSM Technologies Ltd

Founded in 1998 and headquartered in Bhubaneswar, CSM Technologies is a specialized GovTech and digital transformation company with over 27 years of experience in developing technology platforms for governments, public institutions and enterprises. The company serves central and state government departments, public sector undertakings, development agencies and select private enterprises, helping them digitize critical workflows, improve service delivery and enhance operational efficiency. Its operations span multiple sectors including Mining, Government & Public Services, Agriculture, Industry & Trade Facilitation, Education, Healthcare and Tourism. CSM offers end-to-end technology solutions across consulting, application development, implementation and post-deployment support, leveraging capabilities in Artificial Intelligence, data analytics, cloud computing and IoT. Over the years, the company has expanded beyond India and established a presence across 14 countries, including markets in Africa and North America. Supported by deep domain expertise, proprietary technology platforms and long-standing government relationships, CSM has positioned itself as a niche digital infrastructure partner driving large-scale digital transformation initiatives.

Objective of CSM Technologies Ltd

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

  • Funding working capital requirements of the company;
  • Prepayment or repayment of all or a portion of certain outstanding borrowings availed by company; and
  • Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Rationale To CSM Technologies Ltd

Investment Rationale

Mission-critical government platforms create high entry barriers and revenue       visibility

CSM Technologies has built a strong competitive position in government-led digital transformation through nearly three decades of domain expertise, deep government relationships and mission-critical platforms. Its strongest presence is in the mining sector, where digital mineral management systems are deployed across Odisha, Jharkhand and Chhattisgarh. These three states together account for nearly 80% of India’s major mineral production. The company operates across 10 verticals, including Government & Public Services (25.7% of FY25 revenue), Mining (24.7%), Education (14.8%) and Agriculture (16.1%) reducing dependence on any single sector. Supported by CMMI Level 5 and SOC 2 certifications, long-standing government empanelment’s and a successful execution track record, CSM enjoys high entry barriers in a market where qualification requirements are often as important as technical capabilities. As of March 2026, the company had an order book of Rs. 358 crores, equivalent to nearly 1.8x FY25 revenue, providing strong revenue visibility. Customer stickiness remains exceptionally high, with 95.7% of 9MFY26 revenue generated from existing customers, reflecting the mission-critical nature of its solutions and long-term digital transformation partnerships.

Proprietary platforms and emerging technologies drive scalable growth

Unlike traditional IT service providers that rely primarily on manpower-led execution, CSM has developed a suite of proprietary platforms and intellectual property that improve scalability and strengthen margins. The company’s Low-Code No-Code framework enables rapid application deployment, while its AI orchestration platform supports large-scale automation and decision-making. It also holds a patent for an automated, tamper-resistant ore-sampling solution that has been recommended by the Ministry of Mines for wider adoption. This platform-led approach is beginning to translate into improved operating performance, with EBITDA margins expanding from 14.7% in FY25 to 18.2% in 9MFY26, while ROE and ROCE stood at 23.8% and 24.4%, respectively. Supported by a dedicated emerging technologies team focused on AI, analytics and automation, a presence across 14 countries and ongoing evaluation of acquisitions in cybersecurity and AI, CSM is well positioned to benefit from accelerating government technology spending, growing AI adoption and increasing demand for digital infrastructure solutions.

Valuation of CSM Technologies Ltd

CSM Technologies Limited (CSM) is a digital transformation and e-governance solutions provider with a strong presence across governance, mining, agriculture, education and healthcare. The company reported revenue of Rs. 166 crores, EBITDA of Rs. 30 crores and PAT of Rs. 15 crores in 9MFY26, with both EBITDA and PAT already exceeding their respective FY25 levels. Profitability improved sharply during the period, with EBITDA margin expanding to 18.2% from 14.7% in FY25 and PAT margin rising to 8.8% from 7.0%. The company also enjoys healthy revenue visibility, with an order book of Rs. 376 crores as of December 2025, equivalent to nearly 2.3x its 9MFY26 revenue, while customer concentration has reduced meaningfully over the past three years. The key concern, however, remains earnings quality. Operating cash flow turned negative at Rs. 24 crores in 9MFY26, receivables increased to Rs. 85 crores from Rs. 22 crores in FY23, working capital days stretched to 85 from 64, and debt-to-equity rose to 0.86x from 0.18x over the same period. While margins have improved materially, the recovery is concentrated in a single nine-month period and has yet to demonstrate sustainability across business cycles. Further, despite a growing non-government order pipeline, revenue remains dependent on government projects, with Odisha contributing 62.6% of 9MFY26 revenue. Given the stretched working capital profile and rising leverage, we would prefer to avoid the issue and reassess the business once cash conversion and profitability trends stabilize over the next few quarters. At the upper end of the price band of Rs. 113 per share, the issue is valued at a P/E of 29.7x based on annualized FY26 earnings. While the valuation appears reasonable, stretched working capital, negative operating cash flows and rising leverage outweigh the positives. Hence, we recommend an “AVOID” rating for the issue.

What is the CSM Technologies Ltd IPO?

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

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

CSM Technologies Ltd IPO is opening on 24th Jun 2026.  Apply Now

The Lot Size of CSM Technologies Ltd is 132 equity shares. Login to your account now.

The allotment Date for CSM Technologies Ltd IPO is 30th Jun 2026.  Login to your account now.

The listing Date for CSM Technologies Ltd is 02nd July 2026.  Login to your account now

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

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

  • CSM Technologies derives approximately 74% of its FY25 revenues from government tenders, making the business materially exposed to delays in tender issuance, adverse policy shifts, and contract renegotiations. Any prolonged slowdown in public sector IT procurement or change in government spending priorities could significantly impair order inflows and revenue visibility.
  • The company’s revenue base remains heavily concentrated in Odisha, which contributed approximately 73% of FY25 revenues. This exposes CSM to outsized risk from any adverse administrative, political, or budgetary developments specific to the state, with geographic diversification still at an early stage and the eastern region continuing to dominate the operational mix.
  • CSM’s top 10 customers accounted for approximately 77.5% of FY25 revenues, meaning the loss of even one or two key relationships could materially impair the order book. This concentration risk is amplified by a deteriorating working capital position receivable days stretching and negative operating cash flows leaving limited financial flexibility to absorb any client-level disruption.

The CSM Technologies Ltd be credited to the account on allotment date which is 30th Jun 2026. Login to your account now 

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

Advit Jewels Ltd: SUBSCRIBE

  • Date

    23rd June 2026 - 25th June 2026

  • Price Range

    Rs.130 to Rs 138

  • Minimum Order Quantity

    100

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Price Lot Size Issue Date Issue Size
₹130 to ₹138 100 23rd June, 2026 – 25th June, 2026 ₹165 Cr

Advit Jewels Ltd

Advit Jewels Limited is a Jaipur-based manufacturer of premium handcrafted jewellery operating under the century-old Rambhajo Since 1921 brand. The company specializes in Kundan, Polki, Diamond, and Studded jewellery, offering a wide range of necklaces, earrings, bangles, rings, bridal sets, and customized jewellery pieces catering to the luxury and premium segments. Leveraging its strong heritage, skilled artisan base, and in-house design capabilities, the company blends traditional craftsmanship with contemporary designs to create exclusive, high-value jewellery products. The company primarily follows a B2B business model, supplying jewellery to dealers, retailers, and wholesalers across India, while also serving select B2C customers through customized and made-to-order offerings. Its integrated manufacturing facility in Jaipur is equipped with modern technologies such as CAD design systems and 3D printing, enabling end-to-end production and stringent quality control. Backed by strong brand equity, growing demand for premium bridal jewellery, and ongoing retail expansion initiatives, Advit Jewels is well positioned to capitalize on opportunities in India’s organized luxury jewellery market.

Objective of Advit Jewels Ltd

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

  • Funding the working capital requirements and core business growth operations of the company;
  • General corporate purposes.

Rationale To Advit Jewels Ltd

Investment Rationale

Strong competitive edge through craftsmanship and technology integration

Advit Jewels has successfully integrated centuries-old jewellery craftsmanship with modern manufacturing technologies, creating a differentiated operating model in the premium handcrafted jewellery segment. The company combines traditional Kundan and Polki jewellery-making expertise with advanced technologies such as CAD designing, 3D printing, laser cutting and engraving systems, casting units, hydraulic press dyes, and polishing equipment. This blend enables the company to preserve the authenticity of handcrafted jewellery while enhancing precision, scalability, production efficiency, and design flexibility. Its integrated manufacturing facility allows end-to-end production under one roof, resulting in better quality control, reduced turnaround time, improved security of precious materials, and optimized production costs. The ability to leverage technology without compromising traditional artistry provides a strong competitive advantage in the premium jewellery market.

Diversified product portfolio catering to multiple customer segments

The company has developed a diversified product portfolio encompassing Antique, Bridal, Traditional, Contemporary, and Fusion jewellery collections, enabling it to cater to a wide spectrum of customers across different age groups, occasions, and price points. Its offerings range from wedding and festive jewellery to everyday luxury pieces, reducing dependence on any single category and supporting revenue diversification. The company’s strong design capabilities and customization expertise allow it to continuously launch unique collections aligned with changing consumer preferences and market trends. Furthermore, its extensive inventory management and in-house manufacturing capabilities facilitate timely execution of repeat orders for wholesale customers, strengthening relationships with dealers and retailers. This diversified product strategy positions the company to capitalize on multiple demand drivers within the growing organized jewellery market.

Valuation of Advit Jewels Ltd

Advit Jewels Limited operates in the premium handcrafted jewellery segment under the well-established Rambhajo Since 1921 brand, leveraging over a century of legacy, strong design capabilities, and expertise in Kundan, Polki, Diamond, and Studded jewellery. The company benefits from growing consumer preference for branded and customized jewellery, particularly in the bridal and luxury segments. India’s jewellery industry continues to witness structural growth driven by rising disposable incomes, increasing urbanization, premiumization trends, and the gradual shift from the unorganized to the organized market. Advit’s integrated manufacturing facility, skilled artisan base, and strong customer relationships position it well to capitalize on these industry tailwinds. Financially, the company has demonstrated strong growth momentum, with revenue increasing from Rs. 46.6 crores in FY23 to Rs. 124.9 crores in FY25 at a CAGR 64%, while PAT grew from Rs. 10.4 crores to Rs. 25.5 crores at a CAGR of 56% during the same period, reflecting healthy operating leverage and improving profitability. Despite elevated gold prices, the company reported robust volume growth, highlighting the strength of its brand and product offerings. Going forward, the upcoming flagship retail store in Jaipur, continued focus on customization, and expansion in the premium jewellery segment are expected to support revenue growth. At the issue price, the valuation appears reasonable considering the company’s strong earnings growth, niche positioning, and favourable industry outlook, though investors should remain mindful of risks arising from fluctuations in gold and gemstone prices and the relatively small scale of operations. Overall, Advit Jewels presents a niche growth opportunity backed by a heritage brand, improving financial performance, and a positive long-term outlook for the organized jewellery industry. At the upper price band of Rs. 138, Advit Jewels Ltd. is valued at a P/E multiple of 13.0x based on annualized FY26 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 Advit Jewels Ltd IPO?

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

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

Advit Jewels Ltd IPO is opening on 23rd June 2026.  Apply Now

The Lot Size of Advit Jewels Ltd 100 equity shares. Login to your account now.

The allotment Date for Advit Jewels Ltd IPO is 29th June 2026.  Login to your account now.

The listing Date for Advit Jewels Ltd is 1st July 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs 13,800 Login to your account now

 In the Retail segment the maximum investment requirement  Rs 1,93,200 Login to your account now

  • The company’s cost structure is highly concentrated in key raw materials such as gold, diamond polki, and precious/semi-precious stones, which accounted for over 99% of total material consumption during FY23-9MFY26. Consequently, any sharp increase in prices, supply disruptions, or procurement challenges could materially impact margins and profitability. Additionally, the absence of long-term supply agreements exposes the company to fluctuations in input costs and availability, posing a potential risk to operational performance and earnings visibility.
  • The company’s manufacturing operations are entirely concentrated in Jaipur, with a substantial proportion of raw material procurement also sourced from suppliers located in the city. This high geographic concentration exposes the business to regional risks, including disruptions arising from natural calamities, infrastructure failures, regulatory actions, labour issues, or other localized events. Any significant disruption in Jaipur or its surrounding regions could adversely impact production, supply chain continuity, and raw material availability, thereby affecting the company’s operational performance, financial results, and cash flows.

The Advit Jewels Ltd will be credited to the account on allotment date which is 29th June 2026. Login to your account now 

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

Waterways Leisure Tourism Ltd: Avoid

  • Date

    23rd Jun 2026 - 25th Jun 2026

  • Price Range

    Rs.769 to Rs 808

  • Minimum Order Quantity

    18

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Price Lot Size Issue Date Issue Size
₹769 to ₹808 18 23rd Jun, 2026 – 25th Jun, 2026 ₹585 Cr

Waterways Leisure Tourism Ltd

Founded in 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators and a pioneer in the country’s cruise tourism industry. The company operates its flagship cruise vessel, MV Empress, and has established a strong presence in the domestic cruise market, accounting for ~79% market share in value terms in FY25. As of March 31, 2026, more than 730,000 guests have sailed on its cruises, covering over 321,000 nautical miles across India’s coastline and surrounding islands. The company offers a diverse range of domestic and international cruise itineraries, including destinations across Sri Lanka, Thailand, Singapore, and Malaysia. Its cruises combine luxury accommodation, dining, entertainment, recreational activities, and MICE offerings, providing guests with a comprehensive experiential travel platform. The company has positioned itself as a preferred player in India’s growing cruise tourism segment through its focus on customer experience and premium travel offerings. Waterways Leisure Tourism follows an efficient operating model by outsourcing key functions such as food and beverage services, housekeeping, crewing, and entertainment to specialized third-party partners. This enables the company to optimize costs, maintain service quality, and scale operations effectively. The company also benefits from a diversified booking network comprising direct channels, digital platforms, and travel agent partnerships. Going forward, the company plans to expand its fleet through the addition of Norwegian Sky and Norwegian Sun, which are expected to increase passenger capacity and broaden itinerary offerings. With rising demand for experiential travel, supportive government initiatives for cruise tourism, and limited organized competition, the company is well-positioned to capitalize on the long-term growth opportunities in India’s cruise tourism industry.

Objective of Waterways Leisure Tourism Ltd

Payment towards deposit/advanced lease rental and monthly lease payments to step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (Baycruise IFSC), at estimated amount of Rs. 4,800 million.

Rationale To Waterways Leisure Tourism Ltd

Investment Rationale

Pioneer in India’s ocean cruise tourism industry with strong growth tailwinds

The company is one of the leading domestic ocean cruise operators in India and has established itself as a pioneer in the country’s emerging cruise tourism sector. Through its flagship vessel, MV Empress, the company offers a comprehensive cruise experience combining luxury accommodation, diverse dining options, entertainment, wellness facilities, and destination-focused travel experiences. Its extensive network of domestic and international itineraries enables it to cater to the growing demand for experiential leisure travel while promoting India’s coastal tourism ecosystem. The company operates in a niche segment with significant long-term growth potential. While the Indian overnight ocean and coastal cruise market remains relatively underpenetrated compared to global standards, increasing consumer preference for experiential vacations, rising disposable incomes, and growing awareness of cruise tourism are expected to drive strong industry growth over the coming years. According to industry estimates, the Indian cruise market is projected to grow at a CAGR of ~20%-25% between FY26 and FY31, supported by an expanding itinerary network, improving cruise infrastructure, and rising adoption of cruise travel among domestic tourists. The company is also well-positioned to benefit from favourable government initiatives to develop India’s maritime and cruise tourism infrastructure. Programs such as the Cruise Bharat Mission, Maritime India Vision 2030, and Amrit Kaal Vision 2047 are focused on modernizing cruise terminals, enhancing port connectivity, expanding cruise circuits, and improving the overall cruise tourism ecosystem. These initiatives are expected to create a conducive operating environment and support long-term industry expansion.

Fleet expansion strategy to capitalize on growing cruise tourism demand

The company is strategically expanding its fleet to capitalize on the rapidly growing demand for cruise tourism in India. The company currently operates the MV Empress, which has a passenger capacity of up to 2,005 guests, and has entered into time charter agreements for two additional cruise vessels, Norwegian Sky and Norwegian Sun. These vessels are expected to be introduced in FY27 and FY28, respectively, and will significantly enhance the company’s passenger carrying capacity and operational scale. With capacities of approximately 2,004 and 1,936 guests, respectively, the new vessels will strengthen the company’s ability to cater to increasing demand for both domestic and international cruise experiences. The fleet expansion aligns with the strong long-term growth outlook for India’s ocean and coastal cruise industry, which is expected to witness robust growth over the next several years driven by increasing cruise adoption, infrastructure development, expanding itinerary options, and rising consumer preference for experiential travel. The addition of Norwegian Sky and Norwegian Sun will enable the company to broaden its destination portfolio, introduce new cruise circuits, and potentially dedicate specific vessels to international routes, thereby enhancing revenue diversification and market reach. The company’s asset-light expansion model through leased vessels is expected to improve capital efficiency while supporting scalable growth. Furthermore, operating a larger and more standardized fleet is likely to create operational synergies across procurement, crew training, maintenance, and on-board services, resulting in improved cost efficiencies and margin enhancement. The new vessels also offer a wide range of premium amenities, dining options, entertainment facilities, wellness centers, and recreational activities, enabling the company to deliver an enhanced guest experience and strengthen its positioning in the premium cruise tourism segment.

Valuation of Waterways Leisure Tourism Ltd

Waterways Leisure Tourism is one of India’s leading domestic ocean cruise operators and a pioneer in the country’s nascent cruise tourism industry. The company has established a dominant position through its flagship vessel, MV Empress, and benefits from strong brand recognition, a diversified itinerary portfolio, and a comprehensive on-board experience spanning accommodation, dining, entertainment, wellness, and leisure activities. The company is well-positioned to capitalize on the growing popularity of experiential travel and the increasing adoption of cruise vacations among Indian consumers. The Indian ocean and coastal cruise industry remains significantly underpenetrated compared to global markets and is expected to witness robust growth over the coming years. Industry estimates indicate that the market could grow at a CAGR of ~20%-25% between FY26 and FY31, driven by increasing cruise awareness, rising disposable incomes, expanding itinerary options, improving port infrastructure, and supportive government initiatives such as the Cruise Bharat Mission and Maritime India Vision 2030. These favourable industry dynamics are expected to create substantial growth opportunities for established operators with proven execution capabilities. Financially, the company’s revenue declined marginally by 1.8% YoY to Rs. 580 crores in FY26 from Rs. 591 crores in FY25. EBITDA improved by 4.9% YoY to Rs. 81 crores, reflecting stable operating performance and operational efficiencies. Adjusting for the one-off in FY25, PAT declined by 43.7% YoY to Rs. 52 crores from Rs. 93 crores in FY25, resulting in a moderation in earnings. While Waterways Leisure Tourism offers a differentiated opportunity to participate in India’s emerging cruise tourism market, concerns persist around the sustainability of earnings, the company’s reliance on a single vessel and the execution risks associated with planned capacity expansion. These factors, coupled with limited operating diversification, warrant a cautious approach at the current stage. At the upper price band of Rs. 808, the issue is valued at a P/E multiple of 100.7x based on FY26 diluted earnings of Rs. 8.0 per share, which appears expensive. Accordingly, we recommend an AVOID to the issue at current valuations and instead monitor the company post-listing for potential investment opportunities as its expansion plans translate into earnings growth.

What is the Waterways Leisure Tourism Ltd IPO?

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

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

Waterways Leisure Tourism Ltd IPO is opening on 23rd Jun 2026.  Apply Now

The Lot Size of Waterways Leisure Tourism Ltd is 18 equity shares. Login to your account now.

The allotment Date for Turtlemint Fintech Solutions Limited Ltd IPO is 29th Jun 2026.  Login to your account now.

The listing Date for Waterways Leisure Tourism Ltd is 29th Jun 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. ₹14,544. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,89,072. Login to your account now

  • The company’s cruise operations depend on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact business, results of operations, financial condition and cash flows.
  • They have acquired two new cruise vessels on lease, and the inability to adhere to the terms of the lease agreements (including the inability to pay the lease rentals) could lead to the termination of the agreements, which could have an adverse impact on business.
  • Changes in fuel prices would affect the cost of cruise operations, which could have an adverse impact on business, results of operations, financial condition and cash flows. Further, they depend on a limited number of suppliers for fuel requirements. Any interruption in the availability of fuel could adversely affect business, results of operations, cash flows and financial condition.

The Waterways Leisure Tourism Ltd be credited to the account on allotment date which is 29th Jun 2026. Login to your account now 

The prospectus of Waterways Leisure Tourism Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE

Turtlemint Fintech Solutions Ltd: Avoid

  • Date

    19th Jun 2026 - 23rd Jun 2026

  • Price Range

    Rs.144 to Rs 152

  • Minimum Order Quantity

    98

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Price Lot Size Issue Date Issue Size
₹144 to ₹152 98 19th Jun, 2026 – 23rd Jun, 2026 ₹883 Cr

Turtlemint Fintech Solutions Limited

Turtlemint Fintech Solutions Limited is one of India’s leading digital insurance distribution platforms, operating a technology-led ecosystem that enables insurance and financial product distribution through a large network of digitally empowered agents (“Digital Partners” or PoSPs). The company provides end-to-end solutions spanning agent acquisition, training, policy issuance, renewals, claims support and enterprise software solutions through its proprietary technology platforms. Historically, the company generated a significant portion of its revenue through marketing and advertising services provided to insurance companies; however, following regulatory changes introduced by IRDAI in FY24, insurers materially reduced their marketing spends, resulting in a sharp decline in marketing fee income. Subsequently, the company acquired Turtlemint Insurance Broking Services Private Limited (TIB), its insurance broking arm, on May 8, 2024, transforming its revenue profile from a marketing-led model to an insurance distribution-led model. As a result, income from the distribution of financial products, primarily insurance commissions earned through TIB, has become the dominant revenue contributor, accounting for nearly the entire revenue base in FY25. As of December 31, 2025, the company operated the largest registered PoSP distribution network among its peer group with over 631,000 Digital Partners across more than 19,000 pin codes in India, facilitating the distribution of over 21.8 million insurance policies since April 2022. The company generates revenue primarily from insurance distribution commissions, supplemented by technology and support services offered to enterprise clients through its Turtlefin platform, positioning itself as a scalable, technology-driven insurance distribution franchise focused on improving insurance penetration across underserved markets in India.

Objective of Turtlemint Fintech Solutions Limited

The IPO consists of an offer for sale of Rs. 222 crores and a fresh issue of Rs. 661 crores.

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

  • Expenditure towards cloud and server-related infrastructure of the company;
  • Salary expenditure towards the technology and product development teams of the company;
  • Expenditure towards marketing initiatives by the company;
  • Expenditure towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB;
  • Investment in subsidiary, TIB, for funding its working capital requirements; and
  • Funding inorganic growth through unidentified acquisitions, strategic initiatives, and general corporate purposes.

Rationale To Turtlemint Fintech Solutions Limited

Investment Rationale

Extensive Digital Partner Network and Deep Geographic Reach Provide a             Sustainable Competitive Advantage

Turtlemint has established one of India’s largest digitally enabled insurance distribution ecosystems, supported by over 631,000 Digital Partners, including more than 507,000 PoSPs, with presence across over 19,000 pin codes as of December 2025. The company’s vast and geographically diversified network enables it to penetrate underserved and underinsured markets, positioning it favourably to benefit from India’s long-term insurance penetration opportunity. Unlike traditional agency-based models, Turtlemint’s technology-led platform empowers agents with end-to-end tools for customer acquisition, policy issuance, renewals and claims support, improving agent productivity and retention. The company’s scale creates a virtuous cycle wherein a larger network attracts more insurer partners and product offerings, which in turn enhances value for Digital Partners and customers. Given the fragmented nature of India’s insurance distribution industry, Turtlemint’s established distribution footprint, strong insurer relationships and nationwide reach provide significant entry barriers and position the company to capture a disproportionate share of future growth in the insurance distribution market.

Integrated Technology Platform and Operating Leverage to Drive Long-Term  Profitability

Turtlemint’s proprietary technology ecosystem, comprising platforms such as Turtlemint Pro, Ninja CRM, and Insurance Hub, forms the backbone of its distribution model and serves as a key differentiator within the insurance intermediary landscape. These platforms enable seamless onboarding and training of agents, facilitate policy issuance and servicing, support renewals and claims management, and provide insurers and enterprise clients with integrated digital solutions. The company’s continued investment in automation, analytics and platform capabilities has helped improve agent productivity, reduce customer servicing costs and enhance operational efficiency. Management believes that as business volumes continue to scale, a significant portion of costs will remain relatively fixed, allowing the company to benefit from operating leverage over time. Furthermore, the growing contribution from insurance distribution commissions, recurring renewal income and enterprise technology solutions through Turtlefin provides multiple avenues for revenue growth. With increasing adoption of digital insurance distribution and rising demand for technology-enabled insurance solutions, Turtlemint is well positioned to improve monetisation of its existing ecosystem while strengthening profitability over the medium to long term.

Valuation of Turtlemint Fintech Solutions Limited

Turtlemint Fintech Solutions has emerged as a leading technology-enabled insurance distribution platform, leveraging its extensive Digital Partner network, proprietary technology infrastructure and deep insurer relationships to drive insurance penetration across underserved markets in India. The company benefits from favourable industry tailwinds, supported by low insurance penetration, increasing digital adoption, rising awareness of financial protection products and a large underinsured population, which provide a significant long-term growth opportunity for organised insurance distributors. Turtlemint’s scale, nationwide presence, technology-led operating model, and strong distribution capabilities position it favourably to capitalise on this opportunity. Financially, revenue has grown from Rs. 420 crores in FY23 to Rs. 663 crores in FY25 and further to Rs. 741 crores in 9MFY26 following the consolidation of TIB’s insurance distribution business. However, despite the improvement in scale, the company continues to report losses, with EBITDA at Rs. (185) crores in FY25 and PAT at Rs. (194) crores, while operating cash flows have remained negative. Additionally, the sharp decline in marketing fee income following regulatory changes highlights the sensitivity of the business to regulatory developments and evolving insurer economics. Given the absence of sustained profitability, continued dependence on the insurance distribution business and execution risks associated with the ongoing business transition, we believe the current risk-reward remains unfavourable. Accordingly, we assign an ‘Avoid’ rating to the issue.

What is the Turtlemint Fintech Solutions Limited Ltd IPO?

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

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

Turtlemint Fintech Solutions Limited Ltd IPO is opening on 19th Jun 2026.  Apply Now

The Lot Size of Turtlemint Fintech Solutions Limited Ltd is 98 equity shares. Login to your account now.

The allotment Date for Turtlemint Fintech Solutions Limited Ltd IPO is 24th Jun 2026.  Login to your account now.

The listing Date for Turtlemint Fintech Solutions Limited Ltd is 29th Jun 2026.  Login to your account now

In the Retail segment the minimum investment required is Rs. 14,896. Login to your account now

 In the Retail segment the maximum investment requirement is Rs. 1,93,648. Login to your account now

  • The company derives a significant majority of its revenue from general insurance products, which contributed 93.3% of revenue in 9MFY26, with motor insurance forming the largest component. Any adverse regulatory changes, slowdown in motor insurance demand, inability to diversify into other insurance segments, or loss of key relationships with general insurance partners could materially impact the company’s revenue growth and profitability.
  • Following the acquisition of Turtlemint Insurance Broking Services (TIB) in May 2024, the company has a limited consolidated operating history, making historical financial performance less comparable. Additionally, the proforma financial statements are illustrative in nature and may not accurately reflect future operating performance or financial results.
  • The company operates in a highly regulated insurance distribution industry and is subject to extensive regulatory requirements. Any adverse regulatory changes, tightening of compliance norms, or failure to comply with applicable regulations could result in penalties, increased compliance costs and adversely impact business operations and profitability.
  • The company’s growth is heavily dependent on its ability to recruit, activate and retain Digital Partners, with related acquisition and retention costs accounting for approximately 70.0% of total expenses in FY25 and 77.5% in 9MFY26.

The Turtlemint Fintech Solutions Limited Ltd be credited to the account on allotment date which is 24th Jun 2026. Login to your account now 

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