Archives: Ipos

Tonbo Imaging India Limited is an Indian defence-electronics company specializing in the design, development and supply of advanced electro-optical and infrared (EO/IR) imaging systems and electronic solutions for defence and security applications. The company was incorporated on December 18, 2003, initially operating in research and technology development before transitioning into a defence-focused product manufacturing business in 2012. Its customers include global militaries, law enforcement and homeland security agencies, as well as international defence original equipment manufacturers (OEMs). The company’s product portfolio is broadly divided into tactical systems and platform systems. Tactical systems primarily comprise electro-optical sights that provide observation and targeting capabilities to dismounted soldiers. Platform systems are designed for integration into surveillance, reconnaissance and targeting platforms. Its solutions are used across applications such as remote weapon stations, missile seekers, situational awareness systems, optical reconnaissance payloads and driver vision enhancement systems for armoured vehicles. The company’s products span the electromagnetic spectrum, including visible-light imaging, long-wave infrared imaging and multi-sensor imaging technologies. Tonbo follows a horizontally integrated business model, focusing on proprietary technology, product design and intellectual property while outsourcing manufacturing to external partners. According to the RHP, the company has owned 100% of its intellectual property since FY24, following the acquisition of intellectual property from CEAQ Singapore in March 2024. This model enables the company to focus on technology development and product innovation without relying entirely on an in-house manufacturing infrastructure. The company has an established international presence, having supplied products to 24 countries and deployed over 28,000 systems as of June 30, 2026. Its overseas markets include the United States, the United Arab Emirates, South Korea, Singapore, Australia, Taiwan, Romania, Slovenia, Armenia and Morocco, among others. According to the Frost & Sullivan report cited in the RHP, Tonbo was the largest manufacturer in India, by sales value, of thermal imaging systems supplied to government and defence agencies during FY24–FY26. The report also indicates that the company accounted for 94% of India’s thermal imaging system exports by units during the same period.

Fusion CX Limited is a global, technology-led Customer Experience (CX) and business process solutions provider operating across a unified, reportable segment of business process management services, delivering comprehensive omnichannel engagement across voice, email, chat, messaging, and social media channels alongside high-value AI Data Infrastructure Services. Moving deliberately away from traditional, low-margin BPO cost arbitrage, the company anchors its service delivery on a “human + tech” operating philosophy that emphasizes strategic value creation, deep personalization, and end-to-end customer lifecycle management spanning customer acquisition, customer care, order fulfilment, technical support, payments and collections, and customer retention. It maintains deep domain expertise across core client verticals, primarily telecom & utilities, healthcare & life sciences, high-tech growth & travel (HTT), BFSI, and retail, while providing advanced AI data operations including image and video labelling using bounding boxes and segmentation masks, teleoperations, and real-time robot intervention. The company’s technology-led transformation into a productized, SaaS enabled provider is driven by its subsidiary, Omind (comprising Omind Technologies Inc. and Omind Technologies Private Limited), which develops proprietary platforms across conversational AI, marketing AI, quality automation, and workforce management, supplemented by third party integrations like MindSpeech (an AI-driven voice harmonization solution powered by sanas.ai that adjusts accents in real time to ensure multilingual clarity). Supported by a disciplined track record of inorganic expansion that has systematically scaled capabilities, client access, and international reach, Fusion CX executes its model across 40 delivery centers and two sales offices across 13 countries (including India, the United States, Canada, the Philippines, El Salvador, Colombia, Jamaica, Belize, Morocco, Albania, Kosovo, the United Kingdom, and Australia), delivering 24×7 multilingual support across 28 languages under flexible fixed-fee, transaction based, and outcome based pricing models. Overall, Fusion CX presents an integrated global delivery engine that is strategically shifting from cost-arbitrage BPO delivery to higher-value, software-enabled CX workflows. This dual engine of programmatic M&A execution and AI-driven lifecycle solutions underpins its competitive positioning across key international enterprise markets.

HD Fire Protect Limited is a Maharashtra-based manufacturer of fire protection equipment and systems for industrial, commercial, and residential applications. With over three decades of experience in the fire protection industry, the company has established capabilities in manufacturing a wide range of fire suppression products and customised solutions to meet diverse safety requirements. Its product portfolio includes sprinklers, valves, deluge systems, foam-based suppression equipment, fire monitors, water spray nozzles and gas suppression systems. The company serves diverse industries, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, and warehousing. Its solutions are also deployed across hospitals, hotels, retail spaces, educational institutions and other infrastructure facilities. HD Fire Protect emphasises in-house product development and customised solutions for safety-critical applications. Its business model also includes contract manufacturing and white labelling, enabling it to address varied customer requirements. The company operates manufacturing facilities in Jalgaon and Thane, Maharashtra, supported by product testing and R&D capabilities. It serves domestic markets through a stockist network and international markets through distributors, with its products reaching multiple countries. Notably, HD Fire Protect is the only company among its peers to hold all six of the following certifications and approvals: UL Solutions, FM Approvals, CE, VdS, ASME U and Lloyd’s Register, strengthening its credentials in the fire protection industry. Its revenue is primarily concentrated in three product segments: sprinklers, alarm valves and accessories, contributing 31.0%; deluge valves, deluge skids and pre-action systems, accounting for 21.9%; and foam equipment and suppression systems, contributing 18.1%. As we advance, rising industrialisation, infrastructure development, stricter workplace safety requirements, and growing awareness of fire protection systems could support demand across industrial and commercial markets.

Vishal Nirmiti Limited (VNL) is an infrastructure-focused company engaged primarily in the manufacturing of railway and industrial infrastructure products and the provision of engineering and sub-contracting services. Its products are used in railway construction, irrigation, hydro and pumped-storage projects, while its services involve on-site fabrication, construction and other job-work activities for large infrastructure companies. The company therefore derives revenue from both manufacturing and project-linked services, with manufacturing accounting for 75% and services for 25% of FY26 revenue. Within manufacturing, Pre-Stressed Concrete (PSC) railway sleepers are the core product, contributing 63% of total revenue in FY26. These are reinforced concrete blocks placed underneath railway tracks to support the rails, maintain track alignment and distribute the load of trains. The company generated 43% of revenue from sleepers supplied to government railway/ Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) contracts and another 21% from private-sector customers. Its second-largest manufactured product is Mild Steel (MS) Pipes, contributing 11% of revenue. These large steel pipes and liners are fabricated, coated against corrosion and erected for applications such as pumped-storage, lift-irrigation and hydro-power projects. Precast concrete products, including railway noise barriers and cable ducts used for protecting and routing railway infrastructure cables, contributed less than 1% of revenue. The services vertical contributed 25% of FY26 revenue, primarily through sub-contracting and job-work services, which accounted for 24%. VNL undertakes specific construction, fabrication, transportation or engineering activities on behalf of larger infrastructure companies rather than executing an entire project itself. The company also earns smaller amounts from wind-power generation, leasing of properties and scrap/other operating revenue, each contributing less than 1% of total revenue. Geographically, operations are spread across seven states, with Maharashtra and Madhya Pradesh being the two largest markets. Maharashtra contributed 36% of revenue, supported by PSC sleeper manufacturing in Mohol, MS pipe operations in Raigad and Phaltan, windmills in Sangli and Beed, and leasing activity in Solapur. Madhya Pradesh stood at 34%, primarily through PSC sleepers at Bankhedi and MS pipe/job-work activities at Gandhisagar and Kukshi. Gujarat contributed 18%, including PSC sleepers at Timba and precast products at Nadiad, while Himachal Pradesh contributed 11% through its PSC sleeper facility at Kandrori. Odisha contributed approximately 1%, while Punjab and Jharkhand together contributed less than 1%. This footprint gives the company exposure to multiple infrastructure projects and end markets, although revenue remains concentrated in Maharashtra, Madhya Pradesh and railway-related manufacturing.

Nityas Gems and Jewellery is engaged in the design, manufacturing and sale of lab-grown diamond (“LGD”) studded gold jewellery, operating through an integrated B2B and D2C business model spanning product design, raw material procurement, manufacturing, quality control, distribution and retail. Its product portfolio comprises rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles across daily-wear, occasion-based, men’s and customised segments. Nityas commenced operations in July 2022 as a B2B manufacturer and supplier and caters to organised jewellery retailers including GIVA, Palmonas, ONYA and Ladia Diamonds, besides standalone retailers and wholesalers. Its B2B network spans 18 states and 2 union territories in India, with overseas customers across the UAE, Australia, Canada, Taiwan and Kenya. The company operates a manufacturing facility in Surat, Gujarat, with an installed capacity of 360 kg p.a., supported by in-house designing, prototyping and production capabilities. In July 2025, Nityas acquired Ayaani Diamonds and Jewellery, adding an omnichannel D2C platform comprising an online storefront and 10 physical stores across eight Indian cities. In FY26, B2B operations contributed 95.6% of revenue from operations, led by standalone retailers at 42.8%, wholesalers at 28.3% and retail chains at 24.6%, while D2C contributed 4.3%; geographically, domestic sales accounted for 97.4% and overseas sales for 2.6%.

SRIT India Limited is a Bengaluru-headquartered Information Technology and IT-enabled Services (IT/ITeS) solutions company that provides digital solutions through custom application development, system integration, technology services, and managed services. With over 26 years of experience, the company has established capabilities in designing, implementing and operating digital platforms for Government entities and Enterprises across India and select overseas markets. Its business is organised across three key verticals: healthcare, electronic governance, and telecommunications & broadband, enabling it to address diverse digital transformation and infrastructure requirements. In healthcare, SRIT provides hospital information systems, digital health platforms, revenue cycle management and related implementation, integration and maintenance services. Its electronic governance offerings include e-governance platforms, cybersecurity, enterprise software and integrated digital service delivery solutions, while the telecommunications and broadband vertical covers networking, connectivity, system integration and managed services. The company follows an integrated project execution model, combining in-house software products with third-party technologies and hardware, supported by a diversified partner ecosystem. Over the last decade, it has executed more than 103 projects with an aggregate order value of Rs. 1,235 crores, while its order book stood at Rs. 1,183 crores as of June 2026, providing revenue visibility. Electronic governance accounted for 58.4% of the order book, followed by telecommunications and broadband at 38.0% and healthcare at 3.6%. Government customers contributed 89.4% of FY26 revenue, highlighting SRIT’s strong exposure to public-sector digitalisation

Shah Investor’s Home Limited (SIHL) was incorporated in October 1994 as Shah Investors Home Private Limited and converted into a public limited company in February 1995. Over more than three decades, the company has evolved into a full-service retail stockbroking and financial services platform catering primarily to retail investors, HNIs, corporates and NRIs. The company is led by an experienced promoter-management team comprising Upendra Trikamlal Shah, Chairman & Whole-time Director with over 30 years of experience and Tanmay Upendra Shah, Managing Director & CFO with over 20 years of experience. SIHL operates across four principal verticals, namely broking, Margin Trading Facility (MTF), depository services and distribution/wealth management. Broking remains the core business and contributed 64.8% of FY26 operating revenue, with the company offering transaction-based services across equity cash, equity derivatives, currency, commodities, IPOs and Stock Lending and Borrowing Mechanism (SLBM) through its memberships of NSE, BSE and MCX. Within brokerage income, equity cash contributed 60.3% while equity derivatives contributed 39.7% in FY26, reflecting a meaningful presence across both cash and derivatives trading. The company also provides MTF, where customers can leverage eligible securities for short-term trading and SIHL earns interest income on the deployed funding book, which stood at Rs. 21 crores in FY26. Through its registration as a Depository Participant with NSDL, SIHL provides demat account services, having served over 1,00,000 demat accounts. Its distribution and wealth management business further provides access to equity, debt and hybrid mutual funds, PMS, Category-III AIFs and insurance products, with Assets Under Distribution of Rs. 54 crores in mutual funds in FY26. SIHL follows a hybrid “phygital” model, combining 11 branches across Mumbai, Ahmedabad, Rajkot, Vadodara, Junagadh and Gandhinagar with 181 Authorised Persons, alongside digital platforms including SIHL Moneymaker, its equity and options trading application; SIHL Fundspro, its mutual fund investment platform; and Algofy, an API-powered algorithmic trading platform offering automated execution, strategy development and risk management capabilities. Through its corporate structure, SIHL is supported by four subsidiaries, including SIHL Fincap Limited, an RBI-registered NBFC engaged in credit products and loans; SIHL Global Investments (IFSC) Private Limited, a SEBI and IFSCA-registered stockbroker operating from GIFT City and facilitating global trading through its referral arrangement with NSEIX Global Access; SIHL Consultancy Limited, which provides corporate finance and business consultancy services; and SIHL Strategic Advisors Private Limited, which provides management consultancy and advisory services. SIHL has built a strong regional franchise in western India, with Gujarat contributing approximately 93.7% of brokerage revenue, while its customer base stood at 85,422, including 38,189 active NSE clients in FY26.

AceVector Limited is an asset-light digital commerce company operating across the e-commerce value chain through three key businesses: Snapdeal, Unicommerce and Stellaro Brands. Snapdeal operates as a value-focused lifestyle e-commerce marketplace offering affordable products across categories such as fashion, home essentials, general merchandise and beauty and personal care, primarily catering to value-conscious consumers across non-metro markets. Unicommerce, operated through its subsidiary Unicommerce eSolutions, provides e-commerce enablement SaaS solutions under platforms including Uniware, Convertway and Shipway, enabling businesses to manage functions such as inventory, orders, warehouse operations, returns and other e-commerce processes. Stellaro Brands is the group’s consumer brands business focused on developing and scaling value-oriented brands through online and offline channels, with Rangita, a women’s ethnic wear brand, currently operating 19 omnichannel single-brand stores. The company follows a triple-engine business model, with each business independently operated while benefiting from shared technology infrastructure, logistics partnerships, governance and centralised functions such as finance, legal, technology, human resources and corporate communications. AceVector’s businesses collectively address both B2C and B2B opportunities, covering consumers, sellers, brands and logistics providers across online and offline channels. The company also supports MSMEs through its marketplace and SaaS platforms, while maintaining an asset-light and capital-efficient operating model with a focus on operational synergies, disciplined capital allocation and selective acquisitions.

Runwal Enterprises Limited (REL) is a Mumbai-based real estate developer with operations spanning residential, commercial, retail and educational developments, covering the full development cycle from land acquisition and project planning to construction, sales and marketing. The company has a predominantly Mumbai-focused development portfolio, while gradually expanding into markets outside the Mumbai Metropolitan Region (MMR). REL portfolio comprises of 88.4 million sq. ft. of developable area, of which 74.6 million sq. ft., or 84%, was residential, with the balance 13.8 million sq. ft. comprising non-residential projects. Within residential, the portfolio spans affordable, mid-income and luxury housing, with affordable and mid-income projects accounting for 30.4 million sq. ft. and 40.8 million sq. ft., respectively, alongside 3.4 million sq. ft. of luxury development. Geographically, the company has historically been concentrated in Mumbai’s eastern suburbs and Kalyan-Dombivli, but its development footprint is expanding toward Mahalaxmi, Girgaum, Bandra and Chembur, while also extending outside the MMR to Alibaug. Its non-residential portfolio includes Grade-A commercial offices, educational buildings, shopping malls, retail outlets and convenience stores, with revenue generated through both sales and leasing. Residential remains the principal contributor to business activity, generating Rs. 2,211 crores of sales value, or 93.9% of total sales, in FY26. For the same period, consolidated revenue from operations stood at Rs. 1,799 crores, with revenue recognition primarily driven by residential project sales alongside contributions from commercial and retail developments.

The company is a B2B manufacturer of networking cables and passive networking equipment, with nearly two decades of operating experience and a diversified presence across broadband, telecom, data centres, renewable energy, smart building automation, security, system integration, FMEG and automotive. Its product portfolio spans networking cables and solutions, specialty power and optical fibre cables, wire and cable harness assemblies, EV charging gun and cable assemblies, and allied products such as keystone jacks, power strips and power cords. As of June 30, 2026, the company had installed capacity of 895,776 km for networking, specialty power and optical fibre cables and 5.04 million pieces for allied products, supported by manufacturing facilities in Bhiwadi and Bengaluru. The company was among India’s top four networking cable players with ~22.9% market share in FY26, up from ~16% in FY22. Its B2B customer base comprises large telecom and power companies, OEMs and resellers, with established relationships with marquee customers; the top 10 customers have an average relationship tenure of over nine years, while the company caters to two of India’s top three telecom companies by revenue. Its customized product capabilities, stringent quality standards and international certifications including UL, ETL, CPR and CE support its presence across domestic and export markets, with exports to the UAE, Qatar, USA, Australia, New Zealand, Nepal, Singapore and the Netherlands, among others. The company is also expanding into higher-growth applications through E-beam irradiated specialty cables, solar junction boxes, tethered drone systems, cable harnesses, power cords and EV charging cables and guns, with EV charging products and specialty cables providing avenues for diversification. Supported by in-house R&D and testing capabilities, a broad product portfolio, established customer relationships and expanding capacity, the company is positioning itself to benefit from rising demand for connectivity infrastructure, data centres, renewable energy, e-mobility and other emerging applications.