Archives: Ipos

Waaree Energies Ltd, India’s most prominent and tier-1 rated manufacturer of solar PV modules, started its operations in 2007. The company aims to provide quality, cost-effective, sustainable energy solutions across markets and help reduce carbon footprint, paving the way for sustainable energy and improving quality of life. In FY22, it expanded from 4 GW to 12 GW, becoming the largest aggregate installed capacity. They manufacture various solar energy PV modules like multi-crystalline modules, monocrystalline modules, and TopCon modules, comprising flexible modules, which include bifacial modules (Mono PERC) (framed and unframed) and building integrated photo voltaic (BIPV) modules. The company uses multi-crystalline cell technology, monocrystalline cell technology, and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) to manufacture PV modules, which help reduce energy loss and improve efficiency. They operate from 5 manufacturing units in India, with one factory each located at Surat, Tumb, Nandigram, and Chikhli in Gujarat and the IndoSolar facility in Noida, Uttar Pradesh. Their facility at Tumb and Surat are certified with ISO 9001:2015 for the manufacture, marketing, and supply of solar photovoltaic modules, and the one at Tumb is also certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply and installation of solar photovoltaic modules. Their Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015. It has received CB scheme certification from UL Solutions, USA, and complies with BIS standards IS 14286:2010 / IEC 61215:2005, IS/IEC 61730 (Part 1 & 2). Additionally, their PV modules from Chikhli, Surat, Tumb, and Nandigram facilities have been certified by Eurotech to meet European standards under the EU Council Directive 2014/35/EU. Their modules also meet RoHS compliance under Directive 2011/65/EU, restricting the use of hazardous substances. The National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited their quality check laboratories. The company intends to increase export sales while continuing its growth in India.

Hyundai Motor India Ltd. (HMIL), a part of Hyundai Motor Group (third largest auto OEM in the world based on PV sales in CY23), is the second largest auto OEM in the Indian PV market since 2009. The company is engaged in the manufacturing and sales of 4W PVs. The company boasts a product portfolio of 13 models across multiple PV segments by body types, such as sedans, hatchbacks, UVs and EVs. The company also manufactures parts such as transmissions and engines for in-house consumption or sales. HMIL is also the second-largest exporter of PVs in India. The company has three manufacturing plants – two operating plants in Irrungattukottai, Sriperumbudur in Tamil Nadu – the Chennai manufacturing plant, and one plant at Talegaon in Pune in Maharashtra – Talegaon manufacturing plant, which is under redevelopment. The company has also leased a part of its Chennai facility to Mobis to assemble EV batteries. The Pune unit is an integrated passenger vehicle and engine manufacturing facility spread across approximately 300 acres of leased land allotted by the Maharashtra Industrial Development Corporation. It is under redevelopment and is expected to be operational in phases – with the first phase to be operational by the second half of Fiscal 2026. The Chennai manufacturing unit has an annual production capacity of 8,24,000 units as of June 30, 2024. The company expects an increased annual production to 9,94,000 units once the Pune unit is partly operational and to 10,74,000 units once the unit is fully operational. Further, in terms of volume breakdown, on the domestic front, 67% of the volume consists of SUVs, 21% of hatchbacks, and 12% of sedans. Meanwhile, on the exports front, 54% of the volumes consist of sedans, 28% hatchbacks and 18% SUVs. The geographic distribution of    revenue from operations is as follows: India – 76.3%, Africa – 3.2%, Latin America – 7.5%, Middle East – 11.6% and others – 1.4%. For its parts and materials, the company sources 81% of its RM locally, while 19% comes from overseas markets. The company has 1,377 sales outlets across 1,036 cities and 1,561 service centres across 957 cities.

Garuda Construction and Engineering, a subsidiary of PKH Ventures, specializes in offering end-to-end civil construction services across various sectors, including residential, commercial, infrastructure, industrial, and hospitality projects. The company’s expertise covers a wide range of construction activities, such as the development of residential and commercial complexes, industrial facilities, and infrastructural works, as well as hospitality buildings. The services span the full spectrum of construction processes, from detailed route surveys, engineering, and design to resource mobilization, micro-scheduling, and obtaining construction permissions. This includes soil and water testing, contractor and manpower hiring, procurement of materials, laboratory testing, and the execution of construction activities in line with approved project plans. In addition, the company procures concrete building structures and composite steel structures through a network of sub-contractors based on designs provided either by developers or by in-house engineering teams. Beyond construction, the company also offers a range of supplementary services, such as Operations and Maintenance (O&M) services, Mechanical, Electrical, and Plumbing (MEP) services, and finishing works, ensuring a comprehensive suite of construction solutions under one roof.

Incorporated in 1982, Diffusion Engineers Ltd. is engaged in the manufacturing of welding consumables, wear plates, wear parts, and heavy engineering machinery for core industries. The company specializes in the repair and reconditioning of heavy machinery and equipment and also trades in anti-wear powders as well as welding and cutting machinery. Through a forward integration strategy, the company manufactures special-purpose electrodes and flux-cored wires, which are used in the production of wear-resistant plates. These plates are crucial components in the manufacturing of large industrial equipment used in key sectors such as cement, steel, power, mining, engineering, oil & gas, and sugar industries. This forward integration allows the company to enhance production efficiency, gain a competitive edge, reduce product costs, improve supply chain management, and minimize dependency on third-party suppliers. Initially, after its incorporation, Diffusion Engineers traded in welding electrodes for super-conditioning. Over time, the company expanded its operations to four manufacturing units: Units I, II, and III located in Hingna, Nagpur, while Unit IV is situated in Khapri (Uma), Nagpur. Each unit specializes in producing different products. Diffusion Engineers Ltd. holds accreditation from the National Accreditation Board for Testing and Calibration Laboratories (ISO/IEC 17025:2017) for General Requirements for the Competence of Testing & Calibration Laboratories. Additionally, they conduct multiple stringent quality checks and hold Environment Management System (EMS) certification from TÜV SÜD South Asia Private Limited, Quality Management System (QMS) – ISO 9001:2015, Occupational Health and Safety Management Systems – ISO 45001:2018, and Environment Management System – ISO 14001:2015. Approximately 91% of the company’s revenue is derived from the domestic market, with the remaining 9% coming from exports to various countries. Its overseas presence includes subsidiaries in Singapore, Turkey, and the Philippines, as well as joint ventures and associates in the United Kingdom and Malaysia. 

KRN Heat Exchanger and Refrigeration Ltd. (KHERL) is involved in the manufacturing of fin and tube type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration (HVAC&R) industry. KHERL manufactures heat exchangers of various shapes and sizes, as per the requirement of the client. The company’s product portfolio consists of condenser coils, evaporator units, evaporator coils, header/copper parts, fluid & steam parts and sheet metal parts. Their products find application in a range of air conditioning, heating & ventilation, refrigeration and process cooling application. KHERL is able to generate a majority of its income from sales of condenser cells (55.2%) and  evaporator coils (37.5%). The company’s manufacturing operations are carried out at its consolidated manufacturing facility consisting of two industrial plots, located in RIICO industrial area, Rajasthan. KHERL also incorporated a wholly owned subsidiary (KRN HVAC Products Pvt. Ltd.) on 7^th April 2023 to further expand its product range and aims to forward integrate to venture into the distribution and sales channel. The company has a customer base consisting of Daikin, Schnieder, Kirloskar Chillers, Blue Star, Climaventa and Frigel among others. The company derives 33.3%/55.1%/72.3% from its top 1/top 5/top 10 customers. The company relies on a limited number of suppliers for raw materials, with top 1/top 5/top 10 suppliers supplying 14.9%/57.7%/78.0% of the materials. The company also plans to set up a new manufacturing facility in Neemrana, Rajasthan with an aim to  diversify its product portfolio.

Manba Finance Ltd. (MFL), headquartered in Mumbai, is a Non-Banking Financial Company that offers financial solutions for new two-wheelers, three-wheelers, electric vehicles, used cars, small business loans, and personal loans. As of March 31, 2024, MFL reported Assets Under Management (AUM) exceeding Rs. 9,000 million, with 97.9% of its loan portfolio focused on new vehicle loans. The company operates across 66 locations in six states, building strong relationships with over 1,100 dealers, including more than 190 electric vehicle dealers. Targeting salaried and self-employed individuals, MFL customizes its offerings to meet diverse customer needs and has recently expanded to include used car loans, small business loans, and personal loans. Typically, MFL finances up to 85% of a vehicle’s on-road price, encouraging customers to contribute the remaining balance to foster financial discipline. With a centralized credit team of 1,344 employees, MFL maintains a gross Non-Performing Asset (NPA) ratio of 3.95% for FY24 and reported a profit after tax of Rs. 314.2 million. The company’s average cost of borrowings stands at approximately 11.98%. Favorable credit ratings from agencies like CARE and Acuite further emphasize MFL’s strong financial health and commitment to effective risk management. 

Arkade Developers Limited, a prominent real estate development company, has been focusing on creating premium lifestyle residential properties in Mumbai, Maharashtra since 2017. The company operates in two main areas: the development and construction of new residential premises on acquired land, and the redevelopment of existing properties. As of June 30, 2024, Arkade Developers developed 2.20 million square feet of residential property, including areas developed through partnerships where they hold a majority stake. Currently, the company has six ongoing projects, of which three are new and three are redevelopment projects. The majority of its revenue comes from new projects since Fiscal 2023. Between 2017 and the first quarter of 2024, the company launched 1,220 residential units and sold 1,045 units across various markets in the Mumbai Metropolitan Region (MMR). From CY 2003 to March 2024, Arkade Developers has successfully completed the redevelopment of 10 projects in Mumbai’s western suburbs and one project in south-central Mumbai, totaling approximately 1,000,000 square feet. This achievement positions them as one of the significant players in the redevelopment sector in Mumbai’s western suburbs. Over the years, the company has developed projects across different price points. Currently, they are working on a project with unit prices ranging from Rs. 9.4 million to Rs. 62.5 million. Over the last two decades, they have completed 28 projects, generally financed through a combination of promoter equity and internal accruals. These include 11 projects completed independently, eight projects managed by their Promoter through his proprietorship, and 9 projects developed in partnership with other third parties. In total, these projects encompass more than 4.5 million square feet of development and have served approximately 4,000 customers. The company’s in-house team manages all aspects of project development, from conceptualization to completion, including land acquisition, legal matters, construction, and marketing and sales. They engage empaneled professionals on a project-by-project basis, considering factors such as project scale, availability, and cost.

Northern Arc Capital Ltd. is a diversified financial services platform set up primarily to cater to the diverse retail credit requirements of the under-served households and businesses in India. Over the last 15 years, the company’s approach has been to create a differentiated and comprehensive play on the retail credit ecosystem in India spread across sectors. According to the CRISIL Report, the company is among India’s diversified NBFCs in terms of AUM as of March 31, 2024, with a business model diversified across offerings, sectors, products, geographies and borrower categories. Further, the company has one of the lowest industry-wide credit costs amongst diversified NBFCs in India as of March 31, 2024. The company has also developed domain expertise in enabling credit across focused sectors in India: MSMEs financing, microfinance (MFI), consumer finance, vehicle finance, affordable housing finance and agricultural finance. The retail credit market in India was Rs. 75.2 trillion as of FY24 and has rapidly grown at a CAGR of 16.0% during FY20 and FY24. The company caters to this retail credit market through a multi-channel approach that includes (i) Lending, Intermediate Retail Lending and Direct to Customer Lending either in collaboration with Retail Lending Partners or through a branch network to offer rural finance and MSME lending, with AUM of Rs. 117,100.19 million across 671 districts, 28 states and seven union territories in India, as of March 31, 2024; (ii) enabling credit for Originator Partners through various financing products Placements, with aggregate Placements volume of Rs. 1,019,039 mn, as of March 31, 2024; and (iii) Fund Management, with aggregate fund deployed of Rs. 120,786 mn across ten alternate investment funds (AIFs) and three portfolio management service (PMS) funds, as of March 31, 2024. The company has built an efficient and scalable business model supported by its proprietary end-to-end integrated technology product suite customized to multiple sectors.

Western Carriers (India) Limited is the leading private, multi-modal, rail-focused 4PL logistics provider in India based on container volumes handled in FY23, with a 6% domestic and 2% EXIM market share. Leveraging a scalable, asset-light business model, it offers tailored 3PL and 4PL solutions, addressing complex logistics needs through integrated, end-to-end services across road, rail, sea, and air transport. Established in 1972 and acquired by the current company in 2013, the business has evolved over five decades to provide comprehensive multi-modal logistics solutions, including inventory management, warehousing, and customs clearance. The firm has longstanding relationships with key clients in sectors such as metals, FMCG, pharmaceuticals, and oil and gas, with 80% of its FY24 revenue coming from customers with over three years of engagement and a 100% retention rate for its top ten clients. Recognized for its quality and efficiency, the company has received multiple awards, including Tata Steel’s “Support for New Trials” and BALCO’s “Best Business Partner” award. Looking ahead, the company aims to enhance its service offerings, expand into new geographies, and increase operating margins by improving operational efficiencies and leveraging its expertise to attract new business. It plans to use funds from its public offering to acquire commercial vehicles and specialized containers, further strengthening its capabilities and service quality.

As of January 2024, P N Gadgil Jewellers Limited (PNG) stood as the second-largest organized jewellery player in Maharashtra by store count. Leveraging a heritage since 1832, PNG offers a diverse range across various price points and occasions through its sub-brands: Saptam (handcrafted gold wedding and festive jewellery), Swarajya (gold wedding jewellery blending traditional Maharashtrian and modern styles), Rings of Love (advanced gold wedding rings), The Golden Katha of Craftmanship (gold wedding necklaces and bangles with traditional dies), Flip (wedding mangalsutras), Litestyle (daily wear gold jewellery), Eiina (diamond jewellery for women), PNG Solitaire (diamond solitaires), Men of Platinum (platinum jewellery for men), Evergreen Love (platinum wedding jewellery), Pratha (gold wedding jewellery), and Yoddha (gold chains and rings for men). The company has 39 stores, including 38 in Maharashtra and Goa and one in the US. All stores are operated and managed by the company, with 28 stores owned by the company and 11 stores operated by franchisees under the FOCO (franchisee-owned and company-operated) model. PNG plans to open 12 new stores in Maharashtra by FY26. PNG’s marketing strategy includes location-based promotions, event-focused campaigns and celebrity endorsements, with awards highlighting their innovative efforts. Their commitment to quality is demonstrated by adherence to BIS hallmarking and stringent diamond certification processes. Under the leadership of promoter Saurabh Vidyadhar Gadgil, PNG has evolved from a traditional family business into a high-growth contemporary brand, supported by a skilled management team, achieving high revenue per square foot and the lowest working capital days among key organised jewellery players. The company is the fastest-growing jewellery brand in India, with a 54.6% revenue CAGR from FY22 to FY24. The company also achieved a 39.8% EBITDA growth during the same period and the highest revenue per square foot in FY24.