Archives: Ipos

German Green Steel and Power Limited is a vertically integrated iron and steel manufacturer primarily focused on TMT bars, with manufacturing facilities in Samakhiyali and Viramgam, Gujarat. The company manufactures Sponge Iron, MS Billets and TMT Bars, with its TMT portfolio comprising Fe500, Fe500D, Fe550, Fe550D and CRS grades in sizes ranging from 8mm to 40mm. It also offers value-added products such as cut & bend and epoxy-coated TMT bars, catering primarily to the construction and infrastructure sectors. As of FY26, the company had a combined installed capacity of 66,000 MT for Sponge Iron, 357,060 MT for MS Billets and 301,950 MT for TMT Bars. Capacity utilisation stood at 95.2%, 79.4% and 87.8%, respectively, indicating healthy utilisation across its manufacturing base. The company is also undertaking capacity expansion at its Samakhiyali facility, which is expected to increase Sponge Iron capacity to 148,500 MTPA, MS Billets capacity to 412,500 TPA and TMT Bars capacity to 346,500 MTPA. The company’s manufacturing operations benefit from backward integration through in-house Sponge Iron production and captive power infrastructure, including waste-heat recovery and thermal and renewable power facilities. TMT bars are marketed under the “German TMT” brand through a dealer and distributor network, primarily across Gujarat. While this provides a focused regional presence, over 97% of FY26 sales were generated from Gujarat, indicating significant geographic concentration.

Moneyview Limited was incorporated in August 2014 as Whizdm Innovations Private Limited and has evolved from a personal finance management application into a consumer-focused, digital-only financial technology platform. It serves “Middle India”, comprising digitally savvy, mass middle-income households with annual incomes of Rs. 3-11 lakhs. The company operates a predominantly capital-light Lending Service Provider (LSP) model, using real-time API integrations with 48 Financial Partners, including 22 Regulated Entities, to facilitate off-book lending, which accounted for 74.9% of Managed AUM as of June 30, 2026, while the remaining 25.12% was generated through on-book lending via its wholly owned material subsidiary, Whizdm Finance Private Limited (WFPL), an RBI-registered middle-layer NBFC. Moneyview’s technology platform is supported by 15+ contextual AI/ML models, over 100,000 data variables and 3,000+ segmentations, enabling the company to assess customers and provide personalised credit solutions. Its flagship offering comprises personal loans of up to Rs. 10 lakhs, while the company has expanded into an integrated financial ecosystem covering Home Loans and Loans Against Property of up to Rs. 5 crores, Earned Wage Access, co-branded Credit Cards, Digital Gold, Fixed Deposits, General and Auto Insurance, UPI and bill payments. The company has also strengthened its product offering through the acquisition of Jify in September 2024, which enabled its entry into Earned Wage Access. This diversified product ecosystem has helped Moneyview build significant scale, with 140.28 million Registered Users, 11.90 million Monetized Users and Rs. 22,520 crores of Managed AUM as of June 30, 2026. The platform has a strong presence beyond major urban centres, with 79.5% of monetized users located in Tier 2+ cities, while its digital model enables loan disbursals across 99% of India’s PIN codes. Moneyview accounted for approximately 10.5% of digital unsecured personal loan sanctions in FY26, highlighting its growing presence in India’s digital credit market. Beyond lending, engagement platforms such as its Credit Score Tracker and Money Manager had 29.9 million and 3.6 million users, respectively, providing additional customer acquisition and cross-selling opportunities. The company’s expanding ecosystem has also supported stronger customer engagement, with Repeat AUM increasing from 42.1% in FY24 to 60.9% in FY26 and 62.7% in Q1FY27, reflecting increasing usage of Moneyview’s platform by existing customers.

A-One Steels India is a backward/vertically integrated steel manufacturer based in southern India, with operations spanning multiple stages of the steel value chain. The company manufactures intermediate steel products such as sponge iron and MS billets, largely used captively in downstream operations, as well as finished long and flat steel products including TMT bars, HR and CR coils, HR (MS) pipes, CR pipes and galvanized pipes and tubes. It also manufactures industrial inputs used in steelmaking, including met coke, silicon manganese and ferro silicon. This integrated model provides greater control over intermediate products while reducing dependence on third-party procurement. The company operates six manufacturing facilities across Karnataka and Andhra Pradesh, with aggregate installed capacity of 17.3 lakh MTPA as of March 2026. Its plants are located near iron ore sources and major ports, supporting raw material sourcing and logistics efficiency. Products are sold through direct retail channels, authorized distributors, institutional customers and trading channels, serving construction, infrastructure, and industrial applications. As of March 2026, the sales network comprised 1,246 direct retail channels, 32 authorized distributors and 57 institutional customers. In FY26, TMT bars contributed 29.0% of revenue from operations, followed by pipes and tubes at 21.7% and sponge iron at 10.9%.

Elevate Campuses Limited (ECL), formerly known as Good Host Spaces Limited, is an education infrastructure platform focused on on-campus student accommodation and K-12 which are school infrastructure from kindergarten through class 12 assets across India and the UAE. The company is headquartered in Mumbai, and was originally incorporated in Bengaluru in 2005. It operates its student accommodation business under the Good Host Spaces and ScholarZ brands. The company operates through three principal models which are asset ownership, ownership with operations, and asset-light management contracts. ECL’s owned Portfolio comprised seven student accommodation campuses across six Indian cities, with 20,368 beds. The largest revenue contributor was Sonipat, with its facility at O.P. Jindal Global University which contributed 37% of FY26 revenue followed by Jaipur, through its campus at Manipal University Jaipur (MUJ) at 21%, Solan, through Shoolini University at 4%. The portfolio also includes UPES Dehradun, at around 3%, and two Bengaluru assets, Woodstock and Country which together stood at approximately 1%. The newly added Manav Rachna Universities campus in Faridabad contributed less than 1%. In addition to the student accommodation portfolio, the company generated a significant new revenue stream from its two K-12 school assets in Dubai, UAE. Hartland International School which contributed 17% while North London Collegiate School at 13%. Student accommodation remains the largest revenue-generating vertical, contributing around 66% of FY26 revenue from operations, compared with approximately 29% from K-12 school rentals and 5% from the managed student accommodation portfolio. The company generates revenue primarily through lease rentals, finance-lease interest and management/facility fees. Its K-12 assets generally operate under long-term triple-net leases, providing predetermined rentals and scheduled escalations, while managed campuses generate recurring monthly management fees.

Swastika Infra Limited is an engineering, procurement and construction (EPC) company focused on power transmission and distribution (T&D) infrastructure projects. The company provides turnkey solutions covering procurement, erection, installation, testing and commissioning of power infrastructure, with capabilities spanning underground cabling, substations, rural and urban electrification, street lighting and renewable energy works. The company has developed execution capabilities across the power infrastructure value chain, including underground cabling up to 33 KV, construction of GIS/AIS/Grid substations, distribution network upgrades, transformer and feeder-related works, and renewable energy infrastructure such as solar parks, power evacuation systems and associated transmission infrastructure. As of July 31, 2026, Swastika Infra had completed 36 EPC Power Projects across six states, covering 18,579.47 km of distribution lines, with an aggregate completed contract value of Rs. 764 crore. Swastika Infra has gradually scaled its operations from smaller distribution projects to larger and more complex EPC contracts. As of July 31, 2026, the company had 18 ongoing EPC Power Projects across six states, with an aggregate order value of Rs. 2,036 crore. The company has also expanded into transmission and renewable energy projects through orders from various state power utilities, diversifying beyond its traditional power distribution business. EPC Power Projects remain the core revenue driver, contributing 97% of revenue from operations in FY26, up from 90% in FY24. The company follows an asset-light execution model, in which selected erection activities are undertaken through third-party contractors, while procurement, project supervision, engineering, and execution are managed through its in-house teams. This model enables the company to execute projects with relatively lower fixed-asset intensity. With an established execution track record, presence across multiple states, a growing order book and increasing exposure to transmission and renewable energy infrastructure, Swastika Infra is positioned to participate in the expansion and modernisation of India’s power infrastructure. Its capabilities across underground cabling, substations, electrification, and renewable energy projects diversify the power EPC segment and support its medium- to long-term growth prospects.

Adroit Industries (India) Limited is a vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components, with over four decades of operating experience. The company has in-house capabilities across forging, heat treatment, precision machining, assembly, balancing and testing, enabling greater control over the manufacturing value chain. As of July 2026, its portfolio comprised over 5,250 SKUs across propeller shaft assemblies, yoke components, shaft components, flanges, universal joints and other driveline components. The company operates three manufacturing facilities in Madhya Pradesh, with the Dewas facility primarily undertaking upstream activities such as die-making, forging, heat treatment and shot blasting, while the Pithampur facility focuses on downstream machining, assembly, balancing and testing. The Sanwer facility supports select finishing operations. This vertically integrated manufacturing structure enables the company to manufacture critical components in-house and supports product customization based on customer-specific technical requirements. The company serves distributors, Tier-1 driveline component suppliers and OEMs across automotive and non-automotive applications. Its products are primarily used in commercial vehicles, with a smaller presence in passenger vehicles, particularly SUVs, while non-automotive applications include defence, emergency services, heavy equipment, off-highway machinery and industrial equipment. The company has also built a strong export-oriented business, with exports accounting for 95.4% of product revenue in FY26. It supplied products to more than 32 countries, with the US, Colombia, Canada and Australia among the key export markets.

ArMee Infotech is an IT infrastructure and managed services company that has expanded into renewable energy, with its operations broadly divided into IT Infrastructure, IT Managed Services, Renewable Energy EPC, Renewable Energy PPA and Battery Energy Storage Systems (BESS). Its core IT business involves sourcing computers, servers, networking equipment, interactive panels, PoS devices, storage hardware and software from technology partners, followed by installation, system integration, commissioning, maintenance, and training. In FY26, IT Infrastructure contributed 85.8% of revenue, followed by Renewable Energy EPC at 8.9% and IT Managed Services at 5.3%. The company primarily serves Government departments, PSUs, and private-sector clients where the end user is often a government entity, with projects largely secured through competitive bidding. ArMee has increasingly diversified into renewable energy, undertaking solar EPC projects involving engineering, procurement, construction, and commissioning, while its PPA business involves developing, owning, and operating solar power projects and selling electricity under long-term agreements. It has also entered the BESS segment, providing battery storage implementation and maintenance services. While the IT business continues to account for the majority of current revenue, renewable energy accounted for over 90% of the consolidated order book as of June 30, 2026, indicating a significant shift in the company’s future business mix toward renewable infrastructure.

Varmora Granito is an established Indian tiles manufacturer with a diversified portfolio comprising glazed vitrified tiles (GVT), polished vitrified tiles (PVT), ceramic tiles and other premium, technology-led products. The company has consistently focused on innovation and premiumization, including the commercialization of Integrated Stone Technology (IST) in 2024 through a technology partnership with SACMI Imola S.C., an Italian tile equipment provider. GVT and technical products accounted for 84.2% of tile revenue in FY26, up from 75.4% in FY24, supporting an improvement in gross margin from 35.3% in FY24 to 37.9% in FY26. The company manufactured 81.7% of its revenue-generating products in-house in FY26 and operates eight manufacturing facilities in the Morbi cluster of Gujarat, providing greater control over product quality, technology and costs. Varmora has also built a strong multi-channel distribution network, comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and outside India as of March 31, 2026. Its B2B network includes builders, contractors, developers and government institutions. The company supports its brand through ATL and BTL advertising, digital marketing, product launches, exhibitions and an influencer network of architects, builders and contractors. Its business is well positioned to benefit from the premiumization of the Indian tiles industry, with GVT’s share of industry revenue expected to increase from 36.5% in FY26 to 45.5% by FY30. Given GVT’s higher realizations compared with ceramic and PVT tiles, the company’s increasing premium product mix provides scope for further improvement in realizations and margins.

Sonaselection India Limited is an integrated fabric manufacturing and processing company engaged in the production of value-added textile products, with capabilities spanning fabric manufacturing, processing and readymade garments. Its product portfolio includes 100% cotton fabric, cotton lycra, cotton blends, polyester blends, polyester-viscose and polyester fabrics, enabling it to cater to varied end-use requirements across the textile value chain. The company operates a manufacturing facility in Bhilwara, Rajasthan, spread across approximately 49,540 sq. mtr., with an installed processing capacity of 82.44 million metres per annum. Its integrated operating model covers sourcing of greige fabric or yarn, in-house bleaching, dyeing, finishing, quality testing, grading and outbound logistics, providing greater control over product quality, processing timelines and customer specifications. Incorporated in 2022, the company initially operated as a textile processing and job-work unit before transitioning towards a manufacturing-led model, with its cotton fabric processing plant becoming operational in July 2024. In FY26, manufacturing contributed 81.5% of revenue from operations, while job work and readymade garments contributed 17.3% and 1.2%, respectively, reflecting a significant shift towards higher-value manufacturing activities. Revenue and profitability witnessed strong growth during the period, supported by the company’s transition towards a manufacturing-led business model and increasing scale of operations. The company has also recently entered the readymade garments segment through its subsidiary, strengthening its presence across the textile value chain. With a growing manufacturing base, diversified fabric portfolio, increasing contribution from manufacturing and initial expansion into exports, Sonaselection is positioned to participate in the structural growth of India’s textile and apparel industry while retaining exposure to both manufacturing and processing revenues.

National Stock Exchange of India Limited (NSE) is India’s leading market infrastructure institution, operating a vertically integrated, multi-asset class exchange platform covering trading, clearing, settlement, listing, index licensing and market data services. Incorporated in 1992, NSE offers a broad range of products across cash equities, equity futures and options, currency derivatives, commodity derivatives, wholesale debt, interest rate futures and mutual fund distribution. Transaction charges remain the primary revenue stream, contributing 79.4% of operational revenue in Q1FY26, while other businesses include listing fees, colocation, data connectivity, online data feeds and terminals, clearing and index licensing. Its flagship Nifty franchise further extends its presence across the investment ecosystem through benchmark indices and related financial products. NSE has established a dominant position across major market segments, with 93.1% market share in cash equities, 99.7% in equity futures, 68.5% in equity options premium turnover and 100% in currency derivatives in Q1FY26. As of June 30, 2026, the exchange had 132.37 million unique registered investors, 261.36 million registered investor accounts, 1,328 trading members and 3,005 listed entities, representing an aggregate market capitalisation of Rs. 474.1 trillion. Its network extends across more than 99% of Indian postal codes, supported by over 200,000 trading terminals across 1,400+ cities and towns and 30+ points of presence. The exchange is also supported by seven data centres, including a primary data centre in Mumbai and a fully mirrored disaster recovery site in Chennai. The company’s operations are supported by a vertically integrated ecosystem of subsidiaries and associates. NSE Clearing Limited (NCL) provides clearing and settlement services, while NSE Indices Limited manages the Nifty index franchise and a broad suite of benchmark indices. NSE Data & Analytics Limited and Cogencis provide market data, analytics and financial information services, while NSE International Exchange (NSEIX) and NSEIX Global Access expand NSE’s international presence through GIFT City. NSE also has strategic interests in entities including NSDL, Indian Gas Exchange, Power Exchange India and RXIL, further extending its participation across the financial-market infrastructure ecosystem. Technology remains central to NSE’s operations, with its proprietary NEAT platform processing an average of 12.5 billion messages daily. NSE is also expanding its technology infrastructure through additional colocation capacity and deploying Generative AI across areas such as surveillance, compliance and operational processes. Its growth initiatives extend beyond traditional financial markets, with expansion into electricity futures, electronic gold receipts, natural gas derivatives and the proposed National Coal Exchange, while its GIFT City operations seek to capture increasing international participation in Indian market-linked products.