Archives: Ipos

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

Rays of Belief Limited is a specialised developmental care and early intervention company operating under the “Mom’s Belief” brand. Incorporated in August 2017, the company commenced operations with its first centre in Gurugram in 2018 and has since built a sizeable intervention platform for children with Neurodevelopmental Disorders (NDDs). The company is promoted by Nitin Bindlish, who serves as Managing Director, along with Singapore-based Carving Futures Pte. Ltd. Rays of Belief provides personalised intervention programmes for children with conditions including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Its multidisciplinary model combines clinical assessment and personalised goal planning with occupational therapy, speech and language therapy, behavioural support, special education and parental guidance. The company primarily generates revenue through its network of intervention centres in India, supplemented by digital therapy, home-based learning programmes and overseas clinical and business support services. As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities in 20 states and Union Territories, with a meaningful presence in Tier 2 and Tier 3 markets. The network operates through a combination of company-managed centres, partnerships with licensed medical & clinical professionals, and collaborations with schools. Under company-operated centres, the company retains the service revenue, while partner-led and school-based centres operate under pre-agreed revenue-sharing arrangements. Its dominant partnership model enables the company to work with local paediatricians, psychiatrists and other professionals while expanding its intervention network across different geographies. The physical centre network is complemented by digital e-therapy, parent-support consultations and customised home-learning programmes, allowing families to continue intervention beyond centre-based sessions. These programmes use proprietary play-based teaching tools and structured progress-monitoring frameworks, supporting the company’s broader approach of involving parents actively in the child’s developmental journey. The platform is supported by over 340 full-time clinical professionals, including psychologists, occupational therapists, speech-language pathologists, special educators and behavioural therapists. The company has also established an international presence through specialised service exports and its acquisition of Mom’s Belief US, Inc. in June 2025, along with its step-down subsidiary, Allergy and Immunology Virginia, LLC. This acquisition added three operating centres in Virginia, USA. Overall, Rays of Belief operates an asset-light, multi-channel developmental care model combining physical intervention centres, professional partnerships, school collaborations, digital services and home-based learning programmes, and has served over 58,000 children and families since commencing operations.

, while its growing customer base and diversified service portfolio support revenue visibility.

Purple Style Labs Limited (PSL) is a Mumbai-based multi-brand luxury fashion platform incorporated in August 2015 and operates primarily through Pernia’s Pop-Up Shop (PPUS), which it acquired in February 2018. PPUS provides curated Indian luxury fashion across womenswear, menswear, jewellery, accessories and kidswear, with a particular focus on wedding and occasion wear. Womenswear is the company’s flagship category led by high-value pieces priced above Rs. 1,00,000 and accounted for 78% of total PPUS Gross Merchandise Value (GMV) which is the total value of products sold through PPUS online platform and Experience Center channels before deducting returns, discounts, taxes, or fees in FY26. Menswear and other categories contributed 18% and 4%, respectively. The platform offers products from 1,109 Active Designer Brands as of March 31, 2026, including Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna. The company operates through an omni-channel model comprising its website, mobile application, telephonic and digital sales channels, events and exhibitions, and a network of 14 experience centers (offline stores). Of these, 12 are located in India, with one each in London and New York. The experience centers enable customers to physically view and try products, assess their quality and craftsmanship, and receive personalized assistance from in-store stylists. The online channels also serve as discovery and engagement platforms, helping customers identify products and designer brands while directing traffic to the physical stores. In FY26, PPUS recorded an Average Order Value (AOV) of Rs. 75,505, while Indian experience centers contributed 75% of Total PPUS GMV.  PPUS operates as a curated marketplace and discovery platform connecting luxury designer brands with customers in India and overseas. 

Priority Jewels Ltd. designs, manufactures, and sells lightweight, affordable diamond-studded gold and platinum jewellery, primarily to independent jewellers and jewellery chains in India, along with select international markets. Its customer base includes leading jewellery retailers such as CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited. The Company offers a portfolio focused on daily-wear jewellery, including rings, earrings, pendants, neckwear and bracelets, as well as occasion and couture jewellery, with a strong emphasis on contemporary designs, modern aesthetics and affordability. It also manufactures lab-grown diamond jewellery against specific customer orders. The manufacturing process encompasses designing, rapid prototyping, model and mould making, waxing, casting, finishing, stone setting, polishing, rhodium plating and quality control, enabling the Company to combine craftsmanship with modern manufacturing techniques. Incorporated in 2007, the Company has over 16 years of experience in the jewellery manufacturing industry, while its Promoters, Shailesh Sangani and Tushar Mehta, have around three decades of experience in the gems and jewellery industry. As of June 30, 2026, the Company had a customer base of over 200 customers, including 125 independent jewellers and 53 jewellery chains, with several relationships spanning multiple years. Its products are sold across 21 states and 3 union territories in India, while exports span 13 countries, including the United States, UAE, Hong Kong and Norway, with exports primarily catering to overseas stores of Indian jewellery chains serving the Indian diaspora. With its focus on lightweight and affordable diamond-studded jewellery, broad customer network, contemporary product portfolio and established industry expertise, the Company is positioned to benefit from rising demand for accessible, designer and daily-wear jewellery in India and overseas markets.

ESDS Software Solution Limited is a cloud infrastructure, managed services and software solutions provider, offering an integrated portfolio comprising Infrastructure-as-a-Service (IaaS), managed services and Software-as-a-Service (SaaS). Its IaaS offerings include cloud services, cloud computing, colocation and data centre services, while its managed services cover cloud operations and management, data centre build and audit consulting, development and operations and security solutions. The company also offers SaaS solutions through its marketplace and in-house applications, enabling it to address a broad range of enterprise IT infrastructure and digital transformation requirements. The company has also expanded into GPU-as-a-Service (GPUaaS), positioning itself to benefit from increasing demand for AI, machine learning, data analytics and high-performance computing infrastructure. ESDS was an early adopter of cloud technology in India, establishing its first data centre in Nashik in 2010 and launching its cloud services in 2011; its eNlight product family was rebranded as the SWARAJ product family in June 2026. In FY26, IaaS, managed services and SaaS contributed 43.9%, 41.2% and 14.9% of revenue from operations, respectively. Revenue from operations increased 30.7% YoY to Rs. 472.2 crore, driven primarily by a sharp increase in managed services revenue, while the company had 2,501 customers across BFSI, government and enterprise segments. Enterprise customers accounted for 55.1% of revenue, followed by government at 27.4% and BFSI at 17.5%. ESDS operates an integrated data centre and cloud infrastructure platform and is among the limited Indian players offering the broader combination of GPUaaS, cloud, managed services, data centre infrastructure and software solutions. The company’s end-to-end capabilities across cloud and colocation provide access to both enterprises and SMEs, while its growing customer base and diversified service portfolio support revenue visibility.

Lumino Industries Limited is an integrated power transmission and distribution player with over three decades of experience, focused on the manufacturing and supply of conductors, power cables, electrical wires, and other specialized electrical products, alongside engineering, procurement, and construction (EPC) services. Over the years, Lumino has expanded from a manufacturing-led business into an integrated platform spanning power transmission and distribution EPC, solar EPC, EHV substations, railway electrification and water management projects. Manufacturing is the core of Lumino’s business and contributed 69.7% of revenue in FY26, with the segment comprising aluminum conductors, power cables, electrical wires, and other specialized products. Aluminum conductors and power cables accounted for 36.0% and 31.1% of FY26 revenue from operations, respectively. The company manufactures conventional and high-temperature low-sag (HTLS) conductors, along with a diversified range of products including low-tension power cables, control cables, instrumentation cables, railway signaling cables, fire alarm cables, solar cables, concentric cables, and flexible electrical wires. Lumino operates two integrated manufacturing facilities in Howrah, West Bengal, with a combined installed capacity of 40,000 MT based on aluminum consumption for cables and conductors. The facilities span an aggregate area of approximately 264,208 sq. ft. and recorded production of 31,571 MT in FY26, translating into capacity utilization of 78.9%. The company is also developing a new 250,000 sq. ft. manufacturing facility at Ranihati, Howrah, for which it has acquired approximately 650,000 sq. ft. of land. Lumino’s order book has scaled significantly, providing visibility across both manufacturing and EPC businesses. As of March 31, 2026, the company’s aggregate order book stood at Rs. 3,150 crores, comprising Rs. 1,158 crores of manufacturing orders and Rs. 1,992 crores of EPC orders, compared with Rs. 2,436 crores in FY25 and Rs. 1,941 crores in FY24.

Annu Projects Limited (APL) is an integrated Engineering, Procurement and Construction (EPC) and Operations & Maintenance (O&M) company focused on utility infrastructure. Incorporated in 2003, APL is promoted by Sanjay Kumar Sarraf and Krishna Ranjan, who have over two decades of experience in the infrastructure sector. The company primarily executes projects for Central and State Government entities, either directly through competitive bidding or as a sub-contractor to private companies executing government projects. Government-sector entities contributed 57.1% of FY26 revenue, with the balance coming from non-government customers. APL’s business is concentrated in sewerage and telecom infrastructure, which together contributed over 94% of FY26 revenue. Sewerage accounted for 52.7%, covering pipe laying, sewage treatment plants, pumping stations and household connections. Telecom contributed 41.5% and represents the company’s historical core business, covering optical fibre networks, telecom towers and O&M services. Gas pipeline infrastructure contributed 4.03%, primarily comprising MDPE (Medium Density Polyethylen) and GI (Galvanized Iron) pipeline installation and domestic gas connections. The company has capabilities spanning surveying, design, procurement, construction, installation and maintenance, across both overhead and underground utility infrastructure. Geographically, APL has a strong presence across eastern and central India, with Bihar, Jharkhand, West Bengal, Madhya Pradesh and Goa together contributing over 70% of revenue, while its broader project footprint extends to regions including Sikkim, Odisha, Kerala and the Andaman & Nicobar Islands.

Symbiotec Pharmalab Ltd. is an R&D-driven pharmaceutical and biotechnology company with capabilities spanning organic chemistry, biotechnology and complex injectables. Established in 1995 as a steroidal-hormone API manufacturer, the company has evolved into a backwards-integrated, global-scale platform with approvals from the US FDA, EU-GMP, WHO-GMP and other major regulatory authorities. Symbiotec has established a leadership position in corticosteroid and steroidal-hormone APIs, commanding a global volume market share of 38% in corticosteroids and 23% in steroidal-hormone APIs in FY26. Its portfolio covers 60+ molecules across sterile and non-sterile formats, with strong positions in Hydrocortisone, Testosterone and Methylprednisolone. The company is uniquely positioned across the top 10 corticosteroid and steroidal-hormone APIs, providing meaningful scale and product diversification. With over 80% of its portfolio by revenue supported by make-versus-buy capabilities, backward integration helps reduce dependence on external suppliers and imported intermediates while improving cost competitiveness and supply reliability. As of March 2026, Symbiotec operated manufacturing facilities across Rau, Pithampur, Ujjain and Mhow, with aggregate capacities of 584.7 MT in chemical synthesis, 700 KL in fermentation and 20mn complex-injectable vials annually. Its regulatory and customer franchise remains strong, with 43 USFDA DMFs, 23 EDQM CEPs and 200+ customers across 40+ countries. The company also benefits from established customer relationships, with an average tenure of its top customers exceeding ten years. The company is further investing in higher-growth, high-barrier adjacencies, including biologics such as GLP-1 and insulin, complex injectables and niche APIs such as conjugated estrogen. Supported by 156 scientists and engineers across three R&D centres, these initiatives provide a pathway to diversify beyond its core steroidal franchise and strengthen its long-term growth profile.

Established in 1984, Skyways Air Services Limited (SASL) is an integrated logistics and freight forwarding company with over four decades of experience in India’s air freight forwarding and logistics industry. According to World ACD Market Data, the company has consistently ranked No. 1 as an “Air Freight Forwarder” in terms of Air Waybills (AWBs) generated for the last four calendar years, from 2022 to 2025. SASL offers a comprehensive suite of logistics services, including air and ocean freight forwarding, trucking, warehousing, customs broking, technology-driven express cargo and parcel delivery, and other value-added services, enabling it to provide end-to-end logistics solutions across domestic and international markets. SASL has evolved from its origins as a Custom House Agent into a multi-modal logistics service provider with an integrated presence across the supply chain. Its operations encompass logistics planning and management, cargo handling, warehousing, documentation and customs clearance, transportation and last-mile distribution. The company has strengthened its global reach through strategic alliances with leading international airlines, including Saudi Cargo, Air India Cargo, Emirates and Lufthansa, along with membership in global logistics networks such as World Cargo Alliance (WCA), Air & Ocean Partners (AOP), Connecting 5 Continents (C5C), Multi Group Logistics Network (MGLN), Global Freight Alliance (GFA) and Transport Worldwide International Group (TWIG). These relationships provide access to international routes, cargo capacity and a broader network of global freight forwarding partners. Technology is a key component of SASL’s strategy to improve operational efficiency and enhance customer experience. Through its technology subsidiary, sGate Tech Solutions Private Limited, the company has developed proprietary platforms covering freight quotations, digital booking, shipment tracking, workflow automation, documentation, customer communication and operational reporting. Its technology suite includes SLS HIKE, SLS 100X, SLS 100X 2.0, Cargo Dash, Skart-Edge and ASAP, with ASAP currently at the pre-launch stage. These platforms aim to reduce manual intervention, improve shipment visibility, standardise workflows, and enable faster,  more scalable execution across the logistics value chain. Over the years, SASL has expanded its business by incorporating and acquiring subsidiaries in India and international markets, with the objective of strengthening its presence across different segments of the logistics value chain. The company’s multi-modal service portfolio, global network relationships, airline partnerships, technology capabilities and integrated logistics infrastructure position it to provide end-to-end solutions to customers while catering to the evolving requirements of domestic and international trade.

Hy-Tech Engineers is an engineering company engaged in the design, manufacture, and supply of hydraulic fittings, with over four decades of experience in the hydraulics industry. Its portfolio comprises over 11,000 SKUs, including standard and customized hydraulic fittings, catering to construction machinery, automotive, agricultural machinery, injection moulding and hydraulic systems. Certifications for railways and defence further expand its addressable market. The company follows a B2B model through direct sales to OEMs and industrial customers, supported by authorized distributors and distribution partners. It served 170 direct customers, including OEMs, in FY26. Direct sales contributed 88.4% of FY26 revenue, while distributors accounted for 11.6%. The company has an international presence across the USA, Europe, Russia, Brazil, Saudi Arabia, UAE, Thailand, and Germany. Hy-Tech Engineers operates six manufacturing facilities across Maharashtra and Madhya Pradesh. Its Nashik facility manufactures forged metal parts primarily for captive consumption, providing backward integration benefits through lower supplier dependence, cost efficiency, shorter lead times and better-quality control. The remaining facilities manufacture hydraulic fittings with a combined installed capacity of 483 lakh pieces p.a.