Deepa Jewellers Limited is launching an IPO comprising a fresh issue of ~₹250 Cr and an OFS of ~₹210 Cr. The company runs an asset-light B2B model, designing and processing hallmarked gold jewellery through a network of 41 outside karigars, and supplies across 14 states and UTs, mostly in South India.

IPO Summary

Introduction

India’s gold jewellery retail industry was worth ~₹10.62 lakh Cr in FY26 and is expected to grow to ~₹12.5 lakh Cr by FY30.

Most of that industry runs on a simple division of labour: retail chains and standalone stores sell to the public, but they rarely make what they sell. Someone else designs it, sources the gold, and gets it manufactured.

Deepa Jewellers is one of the companies that does that work, supplying hallmarked gold jewellery to retail chains and stores across South India, without selling a single piece to the end consumer.

They’re now raising money through an IPO consisting of a Fresh Issue of ₹250 Cr, and an Offer for Sale of ~₹210 Cr.

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The Business Model

Deepa Jewellers is an organized B2B designer, processor and supplier of hallmarked gold jewellery. They sell to jewellery retail chains and standalone stores, not to the public. They serve 373 customers across 14 states and UTs, all over India, though their primary operations are in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.

Their clients include large chains such as Joyalukkas India, Kalyan Jewellers and Lalithaa Jewellery Mart.

The company runs an asset-light model. It does not manufacture jewellery itself.

An in-house team of 15 designers creates the designs, the company buys and supplies the gold, and a network of 41 karigars, of whom 29 work under formal agreement, turn the metal into finished, hallmarked ornaments in exchange for a making charge.

This structure lets the company scale output without owning factories or carrying a large workforce.

Revenue comes from three streams:

• Sale of jewellery the company has had processed (99.00% of FY26 revenue),

• Job work for customers who supply their own raw material (0.89%), and

• Trading in silver ornaments, other karat gold and bullion (0.11%).

Two product lines, the Vaddanam (a traditional waist belt) and CNC machine cut bangles, make up ~73% of revenue.

Unit Economics (₹/10g of gold jewellery, FY26)

• Revenue per 10g rose sharply from ₹58,917 in FY24 to ~₹1.17 lakh in FY26, growth of 99%.

• Gross profit per 10g also rose from ₹2,300 in FY24 to ₹9,369 in FY26, a 4x increase.

• This was due to employee cost and other expenses per unit rising at a slower pace through the period, with employee costs even falling to ₹99 in FY25.

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Operating Metrics

• Quantity sold fell from 1,889 kg in FY25 to 1,644 kg in FY26 but customer count grew from 195 to 214, meaning that existing customers are buying more.

• Exchange from Customers became an increasingly popular source for getting gold, going from just 27% of total gold sourced in FY24 to57% in FY26.

• Semi-finished 22 Kt gold ornaments’ share of raw material purchases more than tripled, from 4% in FY24 to 14% in FY26. Part-processed gold is likely bought to cut the work karigars need to do from scratch.

Financial Stuff

• Revenue from operations nearly doubled, from ₹1,025 crore in FY24 to ₹1,927 crore in FY26, growth of 88%. Most of that came from the rising gold price rather than higher volume, since quantity sold actually fell over the same period.

• EBITDA Margin rose from 3% to 8% and PAT Margin from 2% to 5% over FY24 to FY26.

• Depreciation is almost negligible in relation with revenue, consistent with an asset-light model that outsources manufacturing to karigars. That may change though, once a proposed in-house facility goes live.

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Peer Comparison, FY26

• Deepa Jewellers’ EBITDA and PAT Margins of ~8% and ~5% respectively sit in the middle of the group.

• RBZ Jewellers, the smallest peer by revenue, earns the highest Margins at a ~14%, EBITDA Margin and ~9% PAT Margin, which suggests scale is not the only driver of success in this industry.

• Deepa’s D/E Ratio of 0.47x matches RBZ Jewellers, and is higher than Shanti Gold,, though lower than Sky Gold.

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Key Risks

• Customer concentration.: Top 10 customers accounted for ~65% of revenue in FY26. The company has no long-term contracts with any of them. If a few large customers cut or delay orders, revenue would take a direct and immediate hit.

• Geographic concentration: Deepa’s South Indian presence has shaped its business strategy. But this also means that shifts in consumer behaviour, geopolitical tensions, regulatory and local market risks could disrupt supply chains, operations, and revenue.

• Gold price exposure: Average gold price rose 53% in FY26. The company’s hedging, through gold metal loans, futures contracts and an internal policy, does not cover 100% of inventory. A sharp fall in price after gold is bought would hurt margins on unsold stock, while a sharp rise could push retail customers to delay orders.

• Promoter linked liabilities: Promoters have given personal guarantees on ~₹115 Cr of company borrowings, and one promoter has mortgaged the company’s registered office, in favour of Yes Bank. The company also owed ~₹44 Cr in unsecured, on-demand loans from its promoters. A default on company debt or sudden recall of loans would strain both promoters and the company.

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Conclusion

Deepa Jewellers turns gold into jewellery for other businesses to sell, and it does this with very few employees and almost no factory of its own. Revenue nearly doubled in two years, EBITDA Margin more than doubled, but the business rests on a short list of large customers and a small pool of outside artisans, and it does not fully hedge the gold it holds.

_Disclaimer

_{This content is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

Purple Style Labs Limited (the parent company behind Pernia’s Pop-Up Shop) is launching a ₹680 Cr IPO from Aug 31 to Sep 2, 2026. They run a physical retail network out of 14 Experience Centres and are India’s premier omnichannel luxury platform specializing in high-end wedding and occasion wear, curating a portfolio of over 1,100 active designer brands.

IPO Summary

Introduction

India’s luxury market is worth ₹1,49,900 Cr in FY26. It has grown at 14% a year since FY20, when it stood at ₹69,900 Cr, and is expected to reach ₹2,57,000 Cr by FY31.

Within this market, wedding and occasion wear is worth ₹2,00,000 Cr in FY26, having grown at 12% a year since FY20. It is expected to reach ₹3,70,000 Cr by FY31, growing at 13% a year.

Purple Style Labs Limited runs Pernia’s Pop-Up Shop, the platform for luxury Indian designer wear.

Pernia’s Pop Up is one of the largest and fastest growing multi-brand luxury omni-channel fashion platforms in India. They’re now going live for an IPO ~₹680 Cr consisting entirely of a Fresh Issue.

From the proceeds, ~₹371 Cr will be used towards funding payments for its Experience Centers and back-end offices, while ~₹139Cr will be used for sales and marketing.

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The Business Model

Purple Style Labs sources luxury fashion from 1,109 Active Designer Brands, including names such as Seema Gujral, Anushree Reddy, and Amit Aggarwal. It’s got around 208,490 stock-keeping units listed, in a product line that ranges from womenswear, menswear, jewelry, accessories, and kidswear.

Pernia’s Pop-Up Shop was acquired by Purple Style Labs in 2019, and since then has transformed the chain from a mere online-only luxury platform into an omni-channel platform, with offline Experience Centers along with a robust online presence.

Customers can shop through the company’s website and mobile app, or in one of its 14 Experience Centers, 12 of them in India, one in London, and one in New York.

Purple Style Labs sells goods under three procurement models.

• Outright purchase, where it buys stock upfront and holds and sells it.

• Backorders (which covers a large part of its products), where it places an order with the designer brand only after a customer buys the product, to save inventory space, but collects payment from the customer in advance.

• Consignment, where a designer brand supplies stock that the company can return or rotate if it stays unsold, and a sale from the designer to the company is recorded only immediately before the sale to the customer.

The company picks its procurement model brand-by-brand, based on several factors like the brands’ popularity, saleability, etc.

Revenue mostly comes from the sale of these goods.

In FY26, 95,565 orders were placed worth ~₹722 Cr in gross merchandise value (GMV).

Note that the prices for the items are set by the brands themselves, not Purple Style Labs.

The company has been shifting toward larger, costlier “Large Format” stores in high-street locations, such as Fort in Mumbai and South Extension in Delhi. It ran two Large Format Experience Centers in FY24 and FY25, and four in FY26, with a fifth planned for FY27.

Unit Economics

• The average order value rose ~35% to ₹75,505 in FY26 even as the number of orders fell. The company sold fewer orders, at a higher price.

• Gross profit per order rose every year, reaching ₹21,916 in FY26, since revenue per order grew faster than the cost of goods sold per order.

• Adjusted EBITDA per order fell to ₹3,177 in FY26 from ₹4,003 in FY25, even though gross profits rose, as employee costs nearly doubled and other expenses per order grew faster than revenue.

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Operating Metrics

• Physical stores drive most of the business. Experience Centers accounted for the largest share of GMV in India from FY24 to FY26, going from ₹349 Cr to ₹539 Cr.

• The number of orders fell every year, from 136,622 in FY24 to 95,565 in FY26, a drop of ~30%, but Average Order Value rose every year, from ₹45,513 in FY24 to ₹75,505 in FY26. This is the main reason for GMV growth.

• Pernia’s Pop Up is increasingly getting vocal for local, as International markets make up a lesser share of GMV every year, falling from 35% in FY24 to 20% in FY26.

The Financial Stuff

• Adjusted EBITDA fell to ₹30 Cr in FY26 from ₹42 Cr in FY25, and EBITDA Margin dropped to 5% from 9% in the same period.

• Depreciation costs rose to ₹101 Cr in FY26, and Finance Costs to ₹97Cr, from ₹39 Cr and ₹41 Cr respectively in FY24, both driven as Pernia introduced a new store type called the Large Format Experience Center.

• Loss After Tax widened to ₹285Cr in FY26 from ₹188 Cr in FY25 and ₹48 Cr in FY24.

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Purple Style Labs’ Peers (FY26)

(Purple Style Labs states in its RHP that it has no listed peer in India or elsewhere of comparable size, scale, and business model.)

Key Risks

• Persistent losses: Purple Style Labs has never turned a profit. There is no certainty that the company will turn profitable after listing, especially in an industry with such fluctuating demands and trends as luxury fashion.

• Aggressive store expansion despite losses. Purple Style Labs keeps opening large, costly stores even as it loses money. It ran two Large Format Experience Centers in FY24 and FY25, and four in FY26, in high-street locations such as Fort and Linking Road in Mumbai, South Extension in Delhi, and Madison Avenue in New York.

• Shrinking order volumes and customer base. The number of orders dropped by ~30% over the past two years, and the customer base has fallen considerably over the same period. Though a rising average order value makes up for this till now, this premiumization strategy might not always be viable, for instance if high-value customers pull back or the company runs short of new higher-value designer brands to add.

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Conclusion

Purple Style Labs has built one of India’s largest platforms for luxury designer wear, with a rising average order value and a growing footprint of Large Format Experience Centers. But it has also never made a profit, and its FY26 loss is its widest yet, with costs piling on from all ends faster than its earnings. The deciding variable will be whether the company’s premiumization strategy, selling fewer orders at a higher value each, can be successful in driving a change in its operations.

_Disclaimer

_{This content is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

Rays of Belief (Mom’s Belief) is filing an IPO of ₹125 Cr on 1st Sep, 2026. It ranks first in India and seventh globally by number of centres for neurodevelopmental disorder care. The company has nearly doubled its centre count from 71 to 139 in two years, while 3 recently acquired US centres alone now account for ~42% of revenue.

IPO Summary

Introduction

A child with a neurodevelopmental disorder in India often waits years for a diagnosis, even longer for treatment nearby.

Each child with NDDs (Neuro-Developmental Disorders) requires unique treatments and interventions. Such NDDs include Autism Spectrum Disorder (ASD), Attention-Deficit Hyperactivity Disorder (ADHD), etc.

Rays of Belief built its business on closing that gap. Under its brand Mom’s Belief, it runs intervention centres for children with unique needs.

Based on the number of healthcare centres, it ranks first in India and seventh globally in the wider behavioural health space.

It is now going live in an IPO consisting entirely of a Fresh Issue of ₹125 Cr, from 1st to 3rd Sep, 2026.

Business Model Explained

Rays of Belief runs a network of therapy centres for children with neurodevelopmental disorders.

Each child gets an intervention plan built around their specific condition and its severity. Parents and families are trained to act as co-therapists, extending the clinical work done inside the centre into the home.

They operate 136 centres across 57 cities plus 3 centres in the United States following a recent acquisition.

The company earns revenue through five channels.

• Company Learning: Centres owned and run directly by it.

• Company Learning: Centres run in partnership with licensed professionals.

• Centres of Excellence and Research & School Collaboration Centres.

• Export of services (mainly research support and clinical innovation work).

• Overseas centres, added after a recent acquisition of Mom’s Belief US Inc.

Clients pay either on a per-session basis or through the purchase of therapy plans.

Unit Economics (per Child Served)

• Revenue per child nearly tripled from FY24 to FY26, rising from ₹32,755 to ₹88,725, driven mainly by the unique American Healthcare revenue model.

• Adj. EBITDA margin nearly tripled, from 5% in FY24 to 15% in FY26, indicating that the newer US revenue lines carry better unit economics than the older, domestic centre-led business.

Operating Metrics

• Centre Network: Total centre count nearly doubled in two years, from 71 in FY24 to 139 in FY26, with the entry of 3 new international centres.

• Children Served: The number of enrollments rose to 9,205 in FY26, surpassing the previous year's mark of 8,585 children. However, the company has not crossed its first-year enrollment mark of 9,344 children, which indicates that the number of fresh enrollments is decreasing.

• Revenue by Segment: Domestic centre operations contribute ~32% of revenue, while export services contribute ~26%, and the newly acquired overseas centres contribute ~42% of revenue as they run the practice of treating allergies, asthma, and immunology and are billed under US healthcare rates.

The Financial Stuff

• Revenue rose from ₹32 Cr in FY24 to ₹82 Cr in FY26, a two-year CAGR of 63%, mostly due to the overseas acquisition.

• Adj. EBITDA margin nearly tripled to 15% in FY26 from 5% in FY24, while PAT margin swung the other way, peaking at 16% in FY25 on a one-off deferred tax credit before settling at 6% in FY26.

Rays of Belief’s Peers

• Rays of Belief’s PAT margin of 6% sits above three of the six peer companies.

• Its RoE of 22% is the second-highest amongst its peers.

• Its Debt/Equity of 0.12x is among the lowest in the set, close to Addus HomeCare’s 0.11x.

Key Risks

Leasehold centres with sunk fit-out costs:
All of the company’s Indian centres, plus the newly acquired US centres, sit on leased premises, with lease terms running from 11 months to three years. A large share of the capital spent on each centre goes into immovable fit-outs, civil work, and interiors that cannot move if the lease ends, running 30% to 37% of total capex for Company Learning Centres depending on the tier of the city.

A lengthening collection cycle:
Trade receivables rose from 0.6% of revenue in FY24 to 22% of revenue in FY26. Receivable days stretched from 2 to 81 over the same period.

Conclusion

Rays of Belief has built India’s largest network of centres for children with neurodevelopmental disorders, and turned that scale into rising margins. The open question is whether the newer, higher-margin overseas and export revenue keeps growing at this pace.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest. Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738. Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in. Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Rays of belief}

ESDS Software Solution, is filing a ₹720 Cr IPO on August 28, 2026. ESDS runs its business out of just five data centres and it is the larger of only two companies in India offering the full stack of cloud, GPU-as-a-service, data centre infrastructure and software solutions.

IPO Summary

The Big Picture

The Indian cloud GPU market is projected to grow from USD 67 million in FY25 to USD 514 million by FY30, a CAGR of about 50%.

(We all know who to thank for it )

ESDS operates across three related markets in India: data centres, cloud services and managed services.

With only two companies in India offering the full range of GPU-as-a-service, cloud, managed services, data centre infrastructure and software solutions, ESDS is the biggest peer based on FY26 revenue.

Business Model

ESDS is an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider, and has served 2,501 customers in FY26 across diverse industries.

The business runs on three revenue lines:

1. Infrastructure as a service (IaaS) covers colocation, data centre services, and cloud computing.

2. Managed services, which cover day-to-day management of a customer’s IT and cloud environment.

3. Software as a service (SaaS), which includes data centre management tools, vulnerability scanners and web firewalls.

ESDS runs five data centres, in Nashik, Navi Mumbai (Airoli), Bengaluru, Mohali, and Noida

Noida data centre came online in October 2025 with two more data centres planned in Kolkata and Sahibabad.

The company’s cloud platform, SWARAJ Cloud, uses a patented (in both the United States and India) auto-scaling technology and was among the first in India to offer community cloud services, a shared model now used by 104 government clients, 115 banks and financial institutions, and six smart cities as of June 2026.

Important deals shaping the company

• In FY26, ESDS signed a strategic AI cloud infrastructure agreement with an Australia-based neocloud AI compute provider, worth about USD 1,250 million (₹11,831 Cr) over an initial five-year term, extendable by two years.
  

• Separately, ESDS’s subsidiary SPOCHUB Solutions Private Limited has secured a GPU-as-a-service contract with an overseas enterprise customer and has already received an advance of ₹1,177 Cr against it.

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Unit Economics

• Profit per customer rose nearly 5x, from ~₹1 Lakh in FY24 to ~₹5 Lakh in FY26, while revenue per customer was slightly lower over the same period.

• The gain came from cost control, not pricing. Employee cost per customer fell 28% and other operating expenses per customer fell 21% between FY24 and FY26, while revenue per employee rose 81% from ₹26 Lakh to ₹48 Lakh.

Operating Metrics

• Customer Base and Retention: Customers grew from 1,465 to 2,501 over two years, a CAGR of 31%, while average revenue per customer (ARPU) has stayed range-bound.

• Revenue Mix: Managed services jumped from 21% of revenue in FY25 to 41% in FY26 on one large new enterprise contract worth ₹75.24 Cr from a new customer outside India.

• Revenue Mix by Customer Industry: Enterprise customers rose from 40% of revenue in FY25 to 55% in FY26, the single biggest shift in the customer mix. BFSI’s share dropped sharply, from 31% to 18%, largely because a sanctioned Russian BFSI client’s revenue fell from ₹73 Cr in FY25 to ₹13 Cr in FY26.

The Financial Stuff: From Revenue to PAT

• Revenue grew at a CAGR of 28% between FY24 and FY26, from ₹287 Cr to ₹472 Cr, but PAT grew far faster, from ₹14 Cr to ₹121 Cr, close to a 9x increase.

ESDS’ Peers

• ESDS is nearly twice the size of E2E Networks by FY26 revenue and is solidly profitable, with a 23% RoNW against E2E Networks’ negative RoNW of -1%.

Key Risks

Customer concentration.
Due to Russian international sanctions, revenue from that entity fell from ₹73 Cr (20% of revenue) to ₹13 Cr (3%) in FY26. The loss or reduction of business from any major client could materially affect the company.

Use of Proceeds

A major portion of the fresh issue is going to be used to purchase and install cloud computing equipment and infrastructure at the Airoli, Bengaluru, Mohali and Nashik data centres over FY27 and FY28.

Conclusion

ESDS is the larger of India’s only two full-spectrum cloud, managed services, data centre and software providers, and its FY24 to FY26 numbers show revenue growth alongside margin expansion and debt reduction.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest. Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738. Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in. Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of ESDS}

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Priority Jewels is going for an IPO with total issue size of ₹92 Cr. Priority Jewels designs, manufactures, and sells lightweight, affordable diamond-studded gold and platinum fine jewellery, mainly supplying independent B2B jewellers and large retail chains.

IPO Summary

Introduction

India’s jewellery market runs on gold, but a faster-growing part of it runs on something lighter: diamond-studded pieces made for daily wear rather than weddings alone.

This segment was worth an estimated ₹2.7 Lakh crore in CY25 and is expected to reach ₹5.4 Lakh crore.

Priority Jewels sits inside this segment, not as a retailer but as a manufacturer.

The Business Model

Priority Jewels is a B2B manufacturer.

It designs and makes light-weight, diamond-studded gold and platinum jewellery and sells it to independent jewellers and jewellery chains, including CaratLane, Kalyan Jewellers, Reliance Retail, Malabar Gold and Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold.

Retail jewellers and chains place orders, and Priority Jewels designs, casts, sets and finishes the pieces before shipping them out.

As of June 2026, the company served over 200 customers and exported to 13 countries.

Unit Economics

• Revenue per unit rose about 11% over two years. The gain came mostly from a mix of products and a growing share of export sales.

• Material cost eats up 85% to 86% of revenue per unit. This is typical of a contract manufacturer working with gold and diamonds, where the customer captures most of the value of the metal.

Operating Metrics

• Capacity and Output: Capacity utilisation fell from 83% in FY24 to 65% in FY26, even as the number of units sold rose each year. Since installed capacity is measured in kilograms, this points to lighter, less metal-intensive pieces making up more of the mix.

• Revenue mix by geography: Export revenue is now almost equal to domestic sales. Export customers typically pay in 90 to 120 days against a shorter domestic cycle, so this shift adds to working capital needs even as it widens the customer base.

• Design Output: The design team produced 8,356 new designs in FY26. This matters because customers reorder based on catalogue appeal rather than any fixed supply agreement, so a steady flow of new designs is close to the main lever the company has to keep repeat business coming.

The Financial Stuff: From Revenue to PAT

Priority Jewels’ Peers

• RBZ Jewellers earns more than twice Priority Jewels’ margin on a similar revenue base, which points to a richer product mix or stronger pricing power.

• Priority Jewels has a debt-equity ratio of 0.74 against 0.0 to 0.4 for the three peers.

• Return on capital employed, at 25%, sits above those of Ashapuri and RBZ but well below Khazanchi’s 45%, which suggests there is room to sweat the existing asset base even without new capacity.

Key Risks

• Customer concentration without contracts.

  Priority Jewels earned 48% of its revenue from ten customers in FY26. None of these relationships are backed by long-term contracts.

• Raw material dependence.

  Gold, diamonds and platinum were 93% of FY26 expenses, bought on the spot market with no supply contracts. A price spike or a supply gap would hit costs directly, and the company has no fixed contracts obliging customers to absorb higher prices.

Conclusion

Priority Jewels supplies light, affordable jewellery to some of India’s largest retail chains, in a segment growing faster than the wider gems and jewellery market. Its margins are the thinnest among its listed peers, and its business rests on customers and suppliers it cannot lock in through long-term contracts.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest. Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738. Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in. Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Priority Jewels}

Lumino Industries Limited is filing a ₹700 Cr IPO on August 27, 2026. Lumino has built its entire cables-and-conductors business out of two plants in one town, Howrah, West Bengal.

IPO Summary

The Big Picture

India’s wires and cables market has grown quickly.

The power transmission cables hold the largest share of this market, at 43% to 45% in FY26. The conductor segment is also growing as India adds transmission lines and replaces ageing conductors with high-temperature low-sag variants.

Exports of wires and cables have grown at a 33% CAGR to ₹17,800 Cr in FY26.

Lumino Industries sits at the intersection of manufacturing these wires and executing EPC contracts that consume those very products (wires).

Business Model Explained

Lumino Industries runs two segments: manufacturing and EPC

The manufacturing segment makes three product lines:
1. Aluminium conductors, used on overhead transmission and distribution lines

2. Power cables, used in substations, industrial plants and railway signalling

3. Electrical wires, sold under the Lumicon brand for house wiring.

Manufacturing takes place at two facilities in Howrah, West Bengal. A third facility is under construction which will widen the product range to high voltage cables, solar cables and railway signalling cable.

The company expects commercial production to begin in the second half of FY27.

The EPC segment executes six kinds of projects across:
Power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power and water management.

The two segments are backward integrated.

Its customers are mostly government entities. While this dependence is easing, they still accounted for nearly half of the revenue in FY26.

While exports form a small part of revenue, the company has a global presence in 17 countries as of FY26.

Unit Economics

• Revenue per tonne rose 29% between FY24 and FY26 even as output fell 4.2% in FY26 from its FY25 peak, which means the gain came from pricing and product mix.

• Profit per tonne rose faster than revenue per tonne which points to operating leverage.

Operating Metrics

• Order Book: The order book nearly doubled between FY24 and FY26, but the mix flipped. Since their business segments are integrated, order book visibility in EPC business will help its manufacturing business as well.

• Revenue Mix: Manufacturing’s share of revenue rose to a three-year high of 70% in FY26.

• Government share of revenue: Government share of revenue has been decreasing and now accounts for 53% of revenue from operations in FY26.

The Financial Stuff: Revenue to PAT

• Revenue from operations grew at a 20% CAGR over FY24-26 and PAT margin has also been increasing at a steady pace.

Luminos’ Peers

• Its 26% RoCE is the second highest in the set with a lower D/E ratio.

• Lumino still stands smallest among peers based on its revenue base.

Key Risks

Dependence on government and state-owned electricity customers.
53% of FY26 revenue came from government entities. If any of these clients were to stop issuing tenders, its business could be affected.

Conclusion

Lumino Industries is an integrated cables, conductors and EPC manufacturer riding India’s transmission and distribution capex cycle, with margins and return ratios that compare well against its larger listed peers.

The order book has grown quickly, but a rising share of it sits in EPC that converts to revenue more slowly and carries longer receivable cycles.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest. Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738. Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in. Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Lumino Industries Limited}

Hy-Tech Engineers is filing a ₹136 Cr IPO on August 24, 2026. Hy-Tech has run five hydraulic-fittings plants since 1978, and it stands as one of the small number of organised, OEM-qualified manufacturers in the industry.

IPO Summary

Industry Overview

India’s hydraulic fittings market is fragmented.

More than 90% of Indian manufacturers are small, unorganised operations that compete mainly on price, which keeps switching costs low for buyers and limits pricing power for most producers.

Firms that hold ISO, DIN and SAE certifications and that can qualify as direct vendors to large OEMs sit apart from this crowd, since certification and qualification barriers are harder for smaller players to clear.

Hy-Tech Engineers Limited, a Thane-based manufacturer coming to market with an IPO this week, makes hydraulic fittings for exactly these end-markets.

Business Model Explained

Hy-Tech Engineers Limited designs, manufactures and supplies hydraulic fittings, the components that connect pipes, tubes and hoses and let pressurised hydraulic fluid flow without leaking.

The product range covers standard hydraulic fittings, including DIN-metric fittings, JIC flared and flareless fittings, and O-Ring Face Seal fittings, along with fittings built to customer specification.

As of FY26, the company held more than 11,000 SKUs.

The company sells through two channels:

1. Direct engagement with OEMs and industrial customers.

2. Network of distributors in India and overseas.

Geographically, the company exported to 11 countries over the last three fiscals, including USA, Belgium, Poland, Russia and Brazil, alongside its domestic base.

Operating Metrics

• Revenue by channel: The distributor channel is growing faster than direct sales in percentage terms, up from ₹13 crore in FY24 to ₹22 crore in FY26, a rise of 70%.

• Revenue by geography: Export revenue was flat in FY25 while domestic sales grew by 26% that year; both grew again in FY26, but the overseas % share of revenue has still not returned to its FY24 level.

The USA alone made up 21% of FY26 revenue from operations, more than the rest of the export markets combined, leaving the export book concentrated in one geography.

• Repeat business: The customer base grew from 144 to 170 direct accounts, and repeat business has consistently exceeded 90% of revenue, which points to sticky OEM relationships.

The Financial Stuff: From Revenue to PAT

• Revenue from operations grew at a steady pace, up 17% in FY25 and FY26, taking the topline from ₹138 crore to ₹189 crore over two years.

• Profit grew far faster than revenue in FY25.

Hy-Tech Engineers’ Peers (FY26)

• Hy-Tech’s return on net worth of 20% is the highest of the four companies while still having a lower revenue base.

Key Risks

Customer concentration.
The top 10 customers made up 45% of revenue from operations in FY26. The company does not enter into long-term arrangements with its customers, so the loss of even a few key accounts could affect revenue and profitability materially.

Unhedged foreign currency exposure.
Exports made up 29% of revenue from operations in FY26, denominated mainly in US dollars and euros. The company does not engage in active hedging, so adverse currency movements can affect receivables, pricing and margins directly.

Summary

Hy-Tech Engineers is a profitable manufacturer of hydraulic fittings with a diversified customer base.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest. Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738. Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in. Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Hy tech engineers Limited}

Annu Projects Limited is going for an IPO of ₹175 Cr from August 25th to 28th, 2026. Annu Projects builds and maintains overhead and underground utility infrastructure, mainly telecom fibre networks and sewerage systems, and has laid over 62,800 km of optical fibre cable across India.

IPO Summary

Introduction

India is laying fibre, sewers, and gas pipes faster than at any point in its history. The government wants every village connected to broadband under BharatNet. Cities are building new sewage systems under the Namami Gange and Swachh Bharat missions. Gas utilities are extending city gas networks into smaller towns. All this work needs contractors who can dig, lay pipe, and hand over a finished project on time.

IPOs for such contractors are also on the rise this year. Annu Projects Limited is one such contractor.

Founded in 2003 and based in Delhi, the company has laid and maintained more than 62,800 km of optical fibre cable, built sewerage infrastructure across five states, and installed gas pipelines for four state gas utilities.

They’re now going live in an IPO consisting entirely of a Fresh Issue of ~₹175 Cr, from 25th to 28th Aug, 2026.

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The Business Model

Annu Projects builds and maintains underground and overhead infrastructure for four business verticals:

• telecom infrastructure (laying and maintaining optical fibre cable networks),

• sewerage infrastructure (pipe laying, treatment plants, pumping stations),

• gas pipelines (laying MDPE pipe and setting up household gas connections), and

• railway signalling, which they entered for the first time in FY26.

The company wins work in two ways. Most projects come through competitive bidding run by central or state government bodies. Some come on as sub-contracting to private companies executing larger government-funded schemes.

In fact, government customers, directly or through sub-contracts, account for ~57 % of revenue.

Once Annu wins a contract, it does not lease equipment to build it. The company owns 558 machines, including excavators, horizontal directional drilling rigs, and fibre-splicing equipment. This cuts equipment rental costs and gives the company control over project timelines.

Revenue is recognised as the company completes stages of work. The unexecuted value of a signed contract sits in the order book until billed. This makes The order book value is recognized as revenue only upon the completion of the project, or a particular stage of a project. Thus the order book acts as a clear indicator of future revenue.

Telecom infrastructure and sewerage infrastructure between them have supplied more than 90% of revenue for the past 3 years.

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Unit Economics (FY26, per Order basis)

• Construction expense is the single biggest cost per order, at 44% of order value, whereas material costs sit at 19%. Change in inventory and traded goods add a further 9% combined.

• Gross profit stands at ₹1.55 Cr per order, a margin of 28%. This is the cushion left after direct project costs, before the company pays its own people and overheads.

• Adjusted EBITDA per order comes to ₹1.17 Cr, a margin of 21%. Employee costs and other overheads take just ~7% of order value combined, so a decent chunk of the gross profit survives down to EBITDA.

  ---

Operating Metrics

• Order book value fell from ₹708 Cr in FY24 to ₹480 Cr in FY25, but then rose sharply to ₹939 Cr in FY26. Order intake in this business is lumpy, and tied to large contracts getting awarded instead of a typical smooth annual flow that other businesses might follow.

• Bid-to-win ratio swung from 20% in FY24 to 53% in FY25 and back to 33% in FY26, showing how much competitive intensity varies from year to year in government tenders. Though bid-win ratio was the highest in FY25, the order book actually sat at the lowest in that period.

• Telecom and sewerage infrastructure together have supplied over 90% of revenue in every year shown. Of the two, Sewage projects are accelerating at a greater rate in Annu’s portfolio, from 39% of revenue in FY24 to 53% in FY26.

  

  ---

The Financial Stuff

• Adjusted EBITDA rose from ₹29 Cr in FY24 to ₹50 Cr in FY26, a rise of 76% over two years.

• Finance Costs grew slower than EBITDA, staying roughly the same at ~₹4 Cr, so more of the EBITDA gain reached the bottom line rather than being absorbed by debt servicing.

• Profit After Tax rose from ₹17 Cr in FY24 to ₹33 Cr in FY26, an increase of 90%, with PAT Margin improving from 11% to 14% in the same period.

  ---

Annu Projects’ Peers (FY26)

• Annu’s EBITDA Margin of 21% beats three of four peers, Bondada, Likhitha, and EMS, but sits far below Suyog Telematics’ 74%.

• Annu’s PAT Margin of 14% is above Bondada and Likhitha, but again, below Suyog Telematics at 28%.

• On revenue scale, Annu at ₹241 Cr is the smallest of its peers. Bondada, the largest, is nearly 12x its size.

  ---

Key Risks

• Two verticals, ten customers: Telecom infrastructure and sewerage infrastructure supplied more than 90% of revenue, and top ten customers made up ~98% of revenue. Any slowdown anywhere could hit the company hard.

• Government terms for contracts: Between 57% and 65% of revenue over the last three years came from central or state government bodies and PSUs. These contracts carry fixed terms with little room to negotiate, expose the company to payment delays, and can be modified or ended at the government’s discretion.

  ---

Conclusion

Annu Projects is a mid-sized EPC contractor that has grown revenue and margins steadily since FY24, largely through two verticals and a small set of large customers and government counterparties. The business model rewards owning equipment and winning bids; it also carries concentration risk and receivable risks owing the governmental nature.

_Disclaimer

_{This content is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

Symbiotec Pharmalab Limited is going for an IPO of ₹1,757 Cr from August 24th to 27th, 2026. Symbiotec makes active pharmaceutical ingredients (APIs), mainly corticosteroids and steroidal hormones, and holds the largest global volume share in this segment.

IPO Summary

Introduction

The global market for corticosteroid and steroidal-hormone active pharmaceutical ingredients is quite small and slow. Corticosteroid APIs (Active Pharmaceutical Ingredients) were worth $421 million in 2025, while steroidal-hormone APIs were worth ~$301 million.

Few companies want to compete for a market this size. Symbiotec Pharmalab has decided to dominate it instead.

Symbiotec holds a 38.2% global volume share in corticosteroid APIs and a 23.8% share in steroidal-hormone APIs. It is the only company in the world, Indian or otherwise, present across the top 10 products in both categories.

In three individual molecules, Hydrocortisone, Testosterone and Methylprednisolone, its market share tops 75%. This means that, literally, their business is the whole market itself.

Symbiotec is now going for an IPO consisting of a Fresh Issue of ~₹150 Cr and an Offer for Sale of ~₹16,07. Cr from August 24 to 27, 2026.

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The Business Model

Symbiotec is a research and manufacturing company built on three connected platforms:

• organic chemistry,

• biotechnology, and

• complex injectables.

It uses these platforms to do two things.

First, it manufactures its own APIs and sells them to generic and specialty pharmaceutical companies.

Second, it manufactures products on contract for other companies, a business it calls CDMO, or contract development and manufacturing organisation.

The company follows a ‘microbe-to-pharmacy’ and ‘farm-to-pharmacy’ model.

Instead of buying finished chemical intermediates from outside suppliers, it makes many of its own key starting materials in-house, through fermentation and multi-step chemical synthesis. This backward integration gives Symbiotec control over cost and quality at each stage, and it reduces dependence on external suppliers for critical inputs.

Symbiotec earns the bulk of its revenue from selling its own APIs. In FY26, API sales made up 96% of revenue.

The company has over 60 corticosteroid and steroidal-hormone APIs in its portfolio, sold to over 200 customers in more than 40 countries.

The buyers of Symbiotec’s products are pharmaceutical companies who need a reliable, regulator-approved source of a hard-to-make ingredient. Its top five customers have been with the company for more than ten years on average, a sign of how sticky their business is.

Symbiotec is extending its model in two directions.

• It has commissioned a new fermentation facility at Ujjain, aimed at biologics such as GLP-1 and insulin

• It has developed a complex injectables facility at Mhow, aimed at double-chamber vials and similar drug-device combinations.

  ---

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  ---

Unit Economics (per ₹100 of Revenue)

• Raw material cost per ₹100 of revenue has fallen from ₹44 in FY24 to ₹35 in FY26, which is in fact tracking after a shift in sourcing away from China.

• Employee cost per ₹100 of revenue has risen from ₹15 to ₹18, as the company staffed up new facilities at Ujjain and Mhow ahead of full commercial output.

• Adjusted EBITDA per ₹100 of revenue has improved from ₹24.91 to ₹27.72 over FY24 to FY26, as a result of lower costs.

  ---

Operating Metrics

• Revenue from the United States tripled, from 4% in FY25 to 13% in FY26. However, American tariffs pose the greatest risk to Symbiotec’s business.

  

• China’s share of Symbiotec’s Total Expenses has fallen sharply from 53% in FY24 to 24% in FY26.

• Testosterone share nearly doubled in two years, from 42% in FY24 to 76% in FY26, the sharpest gain of within Symbiotec’s entire portfolio.

The Financial Stuff

• Revenue from operations grew from ₹716 Cr in FY24 to ₹869 Cr in FY26, a rise of ~21%, driven mainly by higher volumes.

• Adjusted EBITDA Margin expanded each year, from 25% in FY24 to 28% in FY26, while PAT Margin stayed roughly the same.

• Finance Costs more than tripled, from ₹7 Cr in FY24 to ₹25 Cr in FY26, as borrowed money funded new capacity. This is a big reason why PAT Margins fell even as Adj. EBITDA Margins rose.

  ---

Symbiotec’s Peers (FY26)

• Symbiotec’s EBITDA Margin of 27% sits below every peer except Cohance Lifesciences.

• On PAT Margin, Symbiotec at 13% trails Concord Biotech and Divi’s Labs, but beats Cohance Lifesciences.

• Symbiotec is also the smallest company in the set by revenue, at less than tenth the size of Divi’s Laboratories and less than a sixth the size of Laurus Labs.

  ---

Key Risks

• Product concentration: Symbiotec’s top five products make up ~62% of revenue, and its top five customers also make up ~43%. Loss of demand for even a few of these products, or the loss of a single large customer, could have an outsized negative impact.

• Dependence on China: China accounted for 24% of total expenses in FY26, down from a peak of 53% in FY24, but still a material share. Any disruption in Chinese supply, whether from trade restrictions or geopolitical tension would raise material costs.

• Regulatory and facility risk: The US FDA concluded an inspection of the Pithampur facility on August 14, 2026 and issued four observations. Since API manufacturing depends on regulatory approval, serious adverse findings could disrupt supply.

  ---

Conclusion

Symbiotec has built a dominant position in a small, slow-growing corner of the API market, and is now spending heavily to push into faster-growing biologics and complex injectables. The core API business is stable and sticky, but margins and returns on capital stand to improve still with respect to peers.

_Disclaimer

_{This content is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

Skyways Air Services Limited is going for an IPO of ₹583 Cr from Aug 24th to 27th, 2026. Skyways runs a freight forwarding business that delivers shipments majorly through air and water around the world.

IPO Summary

Introduction

India’s logistics sector was worth ~₹20.59 lakh Cr in 2021, and is estimated to be ~₹34.17 lakh Cr in FY26, growing at 10.7% a year. Air cargo is a fast-growing part of this market.

Indian airports handle 1.2 million tonnes of air freight in just ~4 months. India now has 165 airports, more than double since 2014.

Skyways Air Services Limited operates inside this growth. It is India’s top air freight forwarder by airway bill volume from 2022.

Founded in 1984 as a customs house agent, it has grown into a group of 29 subsidiaries and associates spread across 12 countries.

They’re now planning to go public with an IPO consisting of a Fresh Issue of ~₹399 Cr and an Offer for Sale of ~₹184 Cr, from 24th to 27th Aug, 2026.

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The Business Model

Skyways is a freight forwarder that books cargo space with airlines and shipping lines, on behalf of customers, prepares the paperwork, and manages cargo from pickup to delivery.

Its earnings come from the gap between what it charges customers and what it pays carriers, plus fees for services such as documentation, warehousing and customs clearance.

The company also works as a consolidator. It pools smaller shipments from many customers into larger loads. This helps it negotiate better freight rates from airlines than an individual shipper could get alone, and it keeps part of that rate difference as margin.

Revenue comes from six service lines, namely:

• air cargo

• ocean cargo

• express cargo and parcel delivery

• trucking

• value-added services and

• warehousing

Air cargo/freight is consistently the core of the business. Skyways holds performance-based agreements with major airlines including Emirates, Saudi Cargo, Air India Cargo, Lufthansa and Qatar Airways. These agreements secure steady capacity and better rates.

Skyways runs its operations through a network of 29 subsidiaries and associates in India and abroad, each handling a specific service line or region.

A technology subsidiary, sGate Tech Solutions, builds and runs the digital platforms that manage bookings, tracking and documentation across the group.

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Unit Economics (₹ lakh)

• Revenue per customer rose from ₹17.40 lakh in FY24 to ₹29.60 lakh in FY26, a 70% jump. with the sharpest surge being in FY25.

• Cost of services per customer has stayed close to 90% of revenue, and gross profit per customer has moved in a narrow band from ₹2.05 lakh in FY24 to ₹3.22 lakh in FY26.

• Employee cost per customer rose from ₹0.89 lakh to ₹1.24 lakh as total headcount grew from 950 to 1,193 over the same period.

• EBITDA per customer more than doubled, from ₹0.65 lakh in FY24 to ₹1.32 lakh in FY26, meaning that the growing revenue base is also increasingly profitable.

  ---

Operating Metrics

• Total Cargo Handled: Air cargo volume grew 75% over two years, from 48,013 tonnes in FY24 to 83,924 tonnes in FY26. Ocean containers handled grew 74% in the same period, from 16,294 TEU to 28,275 TEU.

• Revenue per tonne of air cargo fell 8%, from ₹2.80 lakh in FY25 to ₹2.58 lakh in FY26, and revenue per TEU of ocean cargo fell 19%, from ₹1.84 lakh to ₹1.49 lakh. The RHP attributes this to falling freight rates across the industry rather than a change in the company’s own pricing.

• Pharmaceuticals share in the total cargo transported has risen considerably from 7% in FY24 to 23% in FY26. It’s actually the highest cargo load as percentage of revenue in FY26.

The Financial Stuff

• EBITDA nearly tripled, from ₹48 Cr in FY24 to ₹126 Cr in FY26, on the back of higher volumes, while EBITDA Margins stayed roughly the same.

• Finance costs rose 156% over FY24 to FY26, from ₹19 Cr to ₹48 Cr. Skyways’ Working Capital gap jumped 31% in FY26 and borrowings covered ~86% of it.

• Profit After Tax grew 84%, from ₹34 Cr in FY24 to ₹64 Cr in FY26, a slower pace than EBITDA growth as finance costs rose in FY26.

  ---

Skyways’ Peers (FY26)

• Skyways is the smallest company in the peer set by revenue, at ₹2,813 Cr.

• Skyways’ PAT Margin is almost at par with Shadowfax and beats Delhivery, Mahindra Logistics and TVS Supply Chain.

• Its EBITDA Margin is the lowest among the peer set though, and more experienced players like TVS take the cake with cutting costs efficiently.

  ---

Key Risks

• Carrier dependency: Skyways owns no aircraft, ships or trucks. Airline contracts run yearly and renew each June and July. Losing a major carrier or facing a sharp rate hike leaves the company with no owned capacity to fall back on.

• Supplier concentration: Top 5 suppliers made up 36.01% of cost of services in FY26, top 10 made up 49.00%. Given how few major air cargo carriers exist, replacing even one or two quickly would be hard.

  ---

Conclusion

Skyways runs an asset-light freight forwarding business built on relationships with airlines and shipping lines rather than owned aircraft or ships. But PAT and EBITDA Margins are slim, and catching up with its peers on those will be the challenge for Skyways.

_Disclaimer

_{This content is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

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_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

Augmont Enterprises Limited is filing a ₹825 Cr IPO on August 21, 2026. Augmont has run its bullion trading business on EBITDA margins under 0.5% since FY24, and its own prospectus says no listed company, in India or anywhere else, runs a business quite like it.

IPO Summary

The Big Picture

A smaller but fast-growing niche within the bullion market is digital gold, which lets investors buy fractional gold for as little as ₹1.

Its growth has ridden India’s UPI and smartphone boom.

The segment runs on a two-tier structure:
1. Fintech apps such as Navi, Paytm, PhonePe and Gullak act as front-end distributors.
2. Integrated players like MMTC-PAMP and SafeGold including Augmont own the underlying gold, run the vaults, and supply these fintech apps on a B2B basis.

Augmont Enterprises operates as one of these integrated backend providers for these platforms.

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Business Model Explained

Augmont Enterprises is an integrated gold and silver platform present across 24 states as of FY26, with operations spanning procurement, refining, bullion trading, digital gold, jewellery manufacturing, international sales, and facilitating gold-backed loans through a group company.

The company has been recognised as India’s ‘Number 1 Gold Platform of the year 2024-2025’ by the India Gold Conference.

The business runs on two platforms.
1. ‘Augmont SPOT’, live since 2012, is an electronic, over-the-counter bullion platform that lets GST-registered jewellers, bullion dealers and manufacturers buy gold and silver bars online with delivery guaranteed within two working days.

2. The second platform, ‘Augmont Gold For All’, launched in FY21 for retail consumers, lets users buy, sell and store gold and silver digitally, run gold savings plans and access gold loans through group company Finkurve Financial Services.

On the supply side, the company procures refined gold and silver from Indian and international banks, imports doré bars that attract a lower duty than refined gold, and buys scrap gold and silver from individuals, jewellers and auctions.

Augmont is one of the few Indian refiners authorised to deliver bullion on the BSE and MCX exchanges.

In FY26, the company began facilitating trading in lab-grown diamonds on the SPOT platform, adding a new product line to its existing gold and silver business.

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Unit Economics

• The number of SPOT transactions fell in FY26, down 43% from FY25, yet both the average order size more than doubled, from ₹32 lakh to ₹81 lakh and PAT per transaction roughly doubled as well.

• In other words, the profit growth of the last year has come from doing fewer, much larger trades rather than serving a wider base of buyers.

Operating Metrics

• Revenue mix: Business segment ‘Augmont SPOT’ still accounts for the majority of the revenue base.

• Bullion Procurement Mix: The share of bullion sourced domestically has risen every year, from 76% in FY24 to 82% in FY26, reducing the company’s exposure to import duties and currency movements.

The Financial Stuff: From Revenue to PAT

• EBITDA margin has stayed in a thin 0.3%-0.5% band throughout, which is normal for a bullion trading company where materials cost alone eats ~98% of revenue.

• PAT grew faster than EBITDA in FY26 mainly because finance costs fell 84%, from ₹12 Cr to ₹2 Cr, as the company paid down borrowings.
  (this is a one-time tailwind that will not repeat at the same scale)

Peer Comparison

The company’s own prospectus states that there are no listed companies, in India or globally, that run a business comparable to Augmont.

Key Risks

Customer concentration
The top 10 customers accounted for 52% of FY26 revenue from operations, up sharply from 37% in FY24.

Gold and silver price volatility
The business is directly exposed to swings in gold and silver prices.

Conclusion

Augmont Enterprises is an integrated gold and silver bullion platform with no competitors whose revenue and profit have compounded at 64% and 114% respectively between FY24 and FY26, driven mainly by rising gold and silver prices and larger enterprise order sizes, on the thin EBITDA margins.

Whether the recent pace of growth and profitability continues will depend on the path of gold and silver prices, and the durability of large enterprise orders.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest. Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit. InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738. Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in. Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Augmont Enterprises Limited}

Tempsens Instruments (India) Limited is going for an IPO. They hold a ~11% share of India's temperature sensor market, and is the country's only domestic manufacturer of non-contact sensors.

IPO Summary

Introduction

India’s non-contact temperature sensor market has one problem: almost none of it is made in India.

The domestic temperature sensor market is worth ~₹1,880 Cr in FY26, and the country depends almost entirely on imports for it. But, one company builds pyrometers and thermal imagers domestically.

Tempsens Instruments (India) Limited designs and manufactures temperature sensing solutions, electrical heating solutions, and specialised cables for industries such as power, steel, oil and gas, defence, and aerospace.

It is the largest manufacturer of contact and non-contact temperature sensors in India by revenue.

And they’re going public, with an IPO consisting of a Fresh Issue of ~₹95 Cr and an Offer for Sale of ~₹555 Cr.

Of the fresh issue proceeds, some will go towards capacity expansion in electrical heating and specialised cables, rest towards repayment of borrowings.

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The Business Model

Tempsens operates through three product verticals:

• temperature sensing solutions,

• electrical heating solutions, and

• specialised cables.

All three verticals sell into the same set of industries, including metal, petrochemical, power, oil and gas, defence, and glass.

The company operates on a make-to-order basis.

A customer specifies technical requirements, Tempsens converts those into engineering drawings, and production begins only once the design is approved.

Tempsens generates revenue from two streams: Projects/OEM business, which involves large orders for new installations or plant upgrades, and MRO (maintenance, repair and operations) business, involving smaller, recurring replacement orders once existing equipment reaches the end of its service life.

They run 15 manufacturing units globally, ten in Udaipur and five overseas across UAE, South Korea, Indonesia, Germany, and Poland.

Tempsens’ top 10 customers contributed ~19% of revenue in FY26 and its top 20 customers have stayed with it for an average of 10 years.

Unit Economics

• Material costs, the largest line, fell from ₹62 per ₹100 of revenue in FY24 to ₹56 in FY26. This two-year decline is a big driver of margin expansion.

• Employee costs rose steadily, from ₹11 per ₹100 of revenue in FY24 to ₹14 in FY26, reflecting the headcount added through the Marathon Heater amalgamation and a few acquisitions.

• EBITDA expanded from ₹22 per ₹100 of revenue in FY24 to ₹25 in FY26, with the fall in material costs doing most of the work.

  ---

Operating Metrics

• Revenue Mix by Vertical: Electrical Heating Solutions’ share of revenue rose more than fivefold, from 4% in FY24 to 21% in FY26, largely through the Marathon Heater amalgamation completed in FY25. Temperature Sensing Solutions’ share fell correspondingly, though it’s still the largest vertical in absolute terms.

• R&D Expenditure grew from ₹0.31 Cr in FY24 to ₹1.16 Cr in FY26, though it still remains just under 0.3% of revenue. Tempsens Instruments has produced 12 granted patents till date.

• Export revenue grew from ₹59 Cr in FY24 to ₹126 Cr in FY26, a CAGR of ~46%, more than double the growth rate of domestic revenue over the same period.

The Financial Stuff

• Revenue from Operations grew from ₹275 Cr in FY24 to ₹445 Cr in FY26, a CAGR of 27%.

• Finance Costs more than tripled, from ₹1.59 Cr to ₹5.22 Cr, tracking the rise in short-term borrowings used to fund working capital.

• Profit After Tax grew from ₹40.92 Cr in FY24 to ₹71.07 Cr in FY26, a CAGR of 31.79%. On an adjusted basis, which strips out the amortisation impact of the Marathon amalgamation and other acquisitions, PAT was ₹75 Cr in FY26.

  ---

Key Risks

• Revenue concentration: The Projects/OEM segment contributed ~68% of revenue in FY26, and the smaller MRO business isn’t big enough to cushion a slowdown in project awards.

• Import dependency. Imported materials were ~20% of purchases in FY26, up from 14% in FY24, exposing margins to currency and duty swings on orders priced before procurement.

  ---

Conclusion

Tempsens Instruments sells engineered products as India’s only domestic maker of non-contact temperature sensors, and its make-to-order model across three product verticals, gives it pricing power that shows up in a large EBITDA Margin low 0.2x leverage. But, the Projects/OEM business supplies two-thirds of revenue and is lumpy by nature.

_Disclaimer

_{This content is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

Gaja Alternative Asset Management Limited is filing a ₹550 Cr IPO on August 19, 2026. Gaja has raised three institutional funds worth a combined ₹4,276 Cr since 2007, run by a core investment team of 23, and two of those funds, Fund III and Fund IV, already rank in the first quartile among comparable Indian AIFs on returns.

IPO Summary

Industry Overview

India’s alternative investment fund (AIF) industry has grown from a small corner of private markets into a mainstream allocation for wealthy investors and institutions.

AIFs were 1.5% of India’s GDP in fiscal 2019 and rose to 4.9% by fiscal 2026.

Gaja Alternative Asset Management operates within this industry as an India-focused alternative asset manager.

Business Model Explained

Gaja Alternative Asset Management Limited has 20 years of experience as an investment manager and advisor.

It manages Category II and Category I alternative investment funds domiciled in India and also advises offshore funds that channel capital into Indian companies.

Its promoters and management are some of the astute alumni from prestigious colleges like IIM Ahmedabad/IIM Calcutta.

Since inception, Gaja Capital has run four investment vehicles:
1. Prior Investments (2005 to 2007, deal-by-deal, ₹21 Cr invested)
2. Fund II (formed 2007, fund size ₹902 Cr)
3. Fund III (formed 2015, fund size ₹1,598 Cr)
4. Fund IV (formed 2021, fund size ₹1,775 Cr).

Two of its funds, Fund III and Fund IV, rank in the first quartile among Indian AIFs of comparable vintage on both TVPI and IRR.

Vintage year is a term used in PE/VC which refers to the year when fund makes its first investment.

Total Value to Paid-In Capital (TVPI) is a metric used to measure the overall performance of an investment fund.
Calculated as:
(total value of cash returned + remaining portfolio value) / capital investors paid in

They have made 29 sector-agnostic investments till date into companies like Eggoz, Fractal Analytics, Avendus, RBL Bank etc.

Gaja earns income in three ways:
1. Management Fee is charged at approximately 2% of capital committed to or invested in a fund.
2. Carried Interest is a 20% share of a fund’s profits once the fund clears a specific hurdle return rate.
3. Income from Sponsor Commitment is the gain on company’s own capital invested alongside its Limited Partners (LPs).

The company funds its capital requirements with 298 LPs who commit capital

• 139 based in India

• 159 overseas across more than 20 countries

IPO proceeds are being proposed to start new funds which will generate revenue in coming years.

Operating Metrics

• Revenue mix: Share of steadier management fee income is decreasing. This is a shift toward a performance-linked, less predictable income stream.

• Fund Performance by Vintage: Each fund has been larger than the one before it, and Fund III and Fund IV both rank in the first quartile among Indian AIFs of comparable vintage on TVPI and IRR.

*Prior Investments totalled ₹21.09 Cr invested on a deal-by-deal basis between 2005 and 2007, not as a pooled fund.
**Fund IV’s MOIC is not representative of a mature fund, since only 62% of its capital was deployed and none of it realized as of March 31, 2026.

The Financial Stuff: From Revenue to PAT

• Total income grew from ₹104 Cr in FY24 to ₹158 Cr in FY26, while PAT grew faster at CAGR of 35%.

• Metrics like ROE have been steadily rising whilst cost-to-income ratio has been in a healthy range.

Gaja Capital’s Peers

• Gaja’s FY26 revenue from operations of ₹136 Cr is the smallest among listed peers.

• On RoNW, Gaja’s 13% is above UTI AMC and 360 One WAM, but below the remaining peers.

Gaja’s income mix is inclined more towards volatile carried interest, which differs from AMC peers that earn from steady management fees, so it is not a like-for-like comparison.

Key Risks

Income concentration and dependence on fund performance
Because carried interest is tied to fund performance, it causes swings in the company’s income.

Concentrated and partly overseas LP base
As of March 31, 2026, the top 10 Limited Partners contributed ~63% of total commitments, and of the company’s 298 LPs, 159 were located outside India. A pull-back by LPs could affect the company’s ability to raise its next fund.

Conclusion

Gaja Alternative Asset Management is built on 20 years of private equity investing in India. Its income mix has shifted from steady Management Fee toward more volatile Carried Interest, which accounts for most of its FY24-to-FY26 profit growth.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Gaja Alternative Asset Management}

Shankesh Jewellers Limited is filing a ₹367 Cr IPO on August 18, 2026. Shankesh has run its entire hand-crafted gold jewellery business without owning a single factory for 34 years, outsourcing every piece to a network of Mumbai jobworkers, and its client list includes Kalyan Jewellers, Joyalukkas and P.N. Gadgil & Sons, some of India's largest listed jewellery retailers.

IPO Summary

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The Big Picture

India’s gems and jewellery industry contributes close to 7% of the country’s GDP.

On the manufacturing side, unorganised manufacturers still supply around 87% of India’s wholesale gold jewellery as of CY25, with organised players such as Kalyan Jewellers, Malabar Gold and Diamonds, Joyalukkas and Titan’s Tanishq making up the rest.

Shankesh Jewellers operates within the wholesale manufacturing segment of this industry, supplying hand-crafted gold jewellery to jewellers across India.

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Business Model Explained

The company is a B2B supplier of hand-crafted gold jewellery and does not manufacture in-house.

Its design team creates jewellery designs, and production is handed to a network of third-party jobworkers, who in turn engage skilled karigars (artisans) to craft the finished pieces.

The company acts as a middleman between manufacturers and retailers:
Sources bullion → manages design → outsources making to jobworkers→ checks quality of pieces → delivers to clients.

The product range covers jewellery across diverse categories such as Antique, Semi-Antique, Calcutta, Temple and Gheru jewellery, made in 22-karat and 18-karat gold.

Shankesh sells to two kinds of clients:
1. Corporate Clients: They consist of organised retail chains such as Joyalukkas India, P.N. Gadgil & Sons, Kalyan Jewellers India, P N Gadgil Jewellers, Manoj Vaibhav Gems ‘N’ Jewellers and Novel Jewels of the Aditya Birla Group.

2. Non-Corporate Clients: They are smaller independent jewellers.

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(Refer disclaimer at the bottom)

Unit Economics

• The jump in per-gram revenue and profit is due to rise in gold prices. In reality the quantity of gold processed actually fell, from 1,936 kg in FY25 to 1,397 kg in FY26, even as revenue rose 16%.

Look at the below table to help you understand better as to how increase in gold price helps increase their overall revenue (Revenue = Units sold x Price)

Operating Metrics

• Revenue by client type: Corporate clients now contribute ~64% of revenue, up from just over half in FY24.

• Jobworker network: The jobworker base has shrunk each year. This trend is worth watching given the industry’s reliance on informally trained karigars.

• Repeat customer rate: The total client count declined slightly to 418. This year’s growth came almost entirely from more business with existing repeat clients.

The Financial Stuff: Revenue to PAT

Shankesh Jewellers’ Peers

• Shankesh Jewellers is the smallest of the three by revenue but posts the highest ROE and PAT margin in FY26, though this partly reflects the timing of the gold price cycle discussed in the unit economics section rather than a superior model.

Key Risks

Dependence on third-party jobworkers
The company owns no manufacturing capacity and relies entirely on third-party jobworkers to make their products.

Gold price volatility
As a business built around processing physical gold, the value of inventory, working capital requirements and sales volumes are all sensitive to swings in gold prices.

Conclusion

Shankesh Jewellers is a three-decade-old, B2B supplier of hand-crafted gold jewellery to large organised retail chains and independent jewellers across India.

Profitability has improved over the years, aided by a rise in gold prices rather than a change in the business model.

Whether the FY26 margin and return levels hold will depend on the trajectory of gold prices, the durability of the company’s relationships with its clients and its ability to manage jobworker network.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Shankesh Jewellers}

Sunshine Pictures Limited, the studio behind The Kerala Story, is filing a ₹282 Cr IPO on August 18, 2026. Sunshine runs its entire production business with 28 employees and released just one film in FY26.

IPO Summary

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Introduction

One of the key drivers for India’s media and entertainment sector is:

1. Rising screen counts in Tier II and III cities

2. Growing practice of monetising a film across OTT rather than through the box office alone.

Sunshine Pictures Limited operates within this filmed entertainment segment as a Mumbai-based production house.

Business Model Explained

Sunshine Pictures was incorporated in 2007 and is led by couple duo Vipul Shah and Shefali Shah.

As of FY26, the company has produced 18 projects:

• 13 commercial films;
  of which 7 were co-produced with established studios, 6 were self-produced

• 2 web series

• 3 TV serials

• 1 short film (which did not generate any revenue)

Its most successful film “The Kerala Story” released in 2023, contributed 24% of cumulative revenue from all projects.

Let’s Take a VC Fund For Example!

Think of their business model comparable to that of a VC firm where most of the gains come from one successful outlier.

Disclaimer: The above illustration is for example purpose only and does not reflect any particular fund’s financial position.

The company follows two production models.

1. Sole production: Finances the entire film keeps the full upside from theatrical release, OTT, television and music rights.

2. Co-production: Partners with a studio such as Zee Studios, Reliance Entertainment or Jio Studios, produces the film for a fixed fee regardless of box office outcome, and retains a share of intellectual property and profit for a mutually decided time period.

The company does not own studios or production facilities and outsources them.

Unit economics (Per project basis)

• Per-project revenue rose sharply between FY24 and FY25 because the same or fewer releases carried a larger co-production fee.

• The jump in EBITDA margin to 77% in FY26 came from a fall in operational cost as company monetised their past content and a single fixed-fee release rather than fresh, cash-intensive production.

The Financial Stuff: From Revenue to PAT

• Revenue from operations fell in both FY25 and FY26 after a 405% jump in FY24 driven by The Kerala Story, showing how dependent the topline is on the scale of a small number of releases.

• The anomaly worth flagging is that PAT margin rose to 54% in FY26 even as revenue nearly halved from its FY24 level, this was driven by a sharp fall in operational cost as a proportion of revenue rather than by revenue growth.

Operating Metrics

• Revenue streams: Films remain the dominant revenue source in most years, but FY25 shows how a single large TV serial (Bhed Bharam) can flip the mix.

• Revenue by production type: Self-produced content, where Sunshine Pictures bears full risk but keeps full upside, has contributed majority of revenue across the three years.

Sunshine Pictures’ Peers

• Sunshine’s RoE of 32% indicates productive capital allocation.

• Sunshine maintains an incredibly low Debt-Equity ratio of 0.06

Key Risks

Audience acceptance is unpredictable
Their revenue depends primarily on public acceptance of its films, web series and TV serials, which is difficult to predict.

Future plans

• The company is building a bigger production pipeline with 11 new projects extending up to FY29.

• Among the big name stars Akshay Kumar is being cast for ‘Samuk’, while casting details about other films were not mentioned.

Conclusion

Sunshine Pictures is a promoter-led Mumbai production house with a nearly two-decade track record, a low-debt balance sheet, and a business model that mixes fully self-financed films with fixed-fee co-productions to balance risk and upside.

Its growth will depend on whether the company can create more blockbusters like ‘The Kerala Story’.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Sunshine Pictures .}

Horizon Industrial Parks Limited is opening a 100% Fresh Issue IPO. Horizon is India's largest industrial and logistics infrastructure developer, owner, and operator by network size, developing and leasing Grade A+ warehouses, industrial facilities, and in-city logistics hubs across 10 cities, serving over 118 customers.

IPO Summary

Introduction

India’s total Grade A and Grade B warehousing and industrial space is at ~531.6 million square feet, and has grown at ~16% a year since 2020.

That total is still less than half of Chicago’s warehousing stock alone, ~1.3 billion square feet,

But the scene is changing rapidly. Grade A warehousing space in India is expected to grow at 25% a year between 2025 to 2030, projecting to reach ~944 million square feet by then.

Horizon Industrial Parks is India’s largest industrial and logistics infrastructure developer, owner and operator by network size.

They’re raising ~₹₹2,600 Cr through an IPO consisting entirely of a Fresh Issue of shares. Of the net proceeds, ₹2,250 Cr will go to repay debt.

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The Business Model

Horizon owns and leases industrial real estate. It holds 45 assets across 10 cities, totalling ~59 million square feet of leasable area, of which ~29 million is built and operational and the rest is under construction or at the planning stage.

It builds or buys Grade A+ warehouses, (built to modern global specifications), industrial sheds and in-city logistics centres, then rents them to companies that need space to store goods, run light manufacturing, or run last-mile delivery.

Tenants sign leases of five to ten years. Rents typically step up by 4.5% to 5% a year, or by 15% every three years.

In fact, rental income made up 84% of total income in FY26.

Horizon also sells a few extras like turnkey fit-out work for large tenants, rooftop solar power, on-site staff housing, and cold storage. They are also building a 115-key hotel at its Dobbaspet park in Bangalore.

Horizon served ~118 customers, and more than half of its committed network is let out to Fortune 500 companies.

Unit Economics (per sq. ft, monthly)

• EBITDA Margin climbed by more than 17% from 62% in FY24 to 79% in FY26, due to a fast growing rented space driving revenue.

• Operating Expenses fell slightly from ₹6 to ₹4 per square foot from FY24 to FY26, as the total square footage drastically expanded.

• Revenue per square foot also increased from ₹16 in FY24 to ₹20 in FY26.

  ---

Operating Metrics

• Committed occupancy stayed above 89% in all three years, even as new space kept coming online, which suggests new supply is finding tenants rather than sitting empty.

• Customer Base also nearly tripled in two years, from 40 in FY24 to 114 in FY26.

• Operational Network more than doubled, from 12.22 msf in FY24 to 28.42 msf in FY26, as construction completed and acquisitions closed.

The Financial Stuff

• Revenue from Operations nearly tripled in two years, from ₹229 Cr in FY24 to ₹691 Cr in FY26. The pace comes from Horizon adding leased space faster than it costs pile on.

• EBITDA Margin expanded from 62% to 79% over FY24 to FY26, and a bulk of the boost came in FY25. The Margin surge could flatten out if costs keep rising faster in the future.

• Loss After Tax widened every year, from ₹162 Cr in FY24 to ₹204 Cr in FY26, despite growing EBITDA Margins. Depreciation and Finance Costs both grew faster than EBITDA in absolute terms, so the business turned more Operating Profit but still lost money on the bottom line.

  ---

Key Risks

• Persistent losses: Horizon has lost money in each of the last three years. Finance costs and depreciation, both drove the losses, with Finance Costs alone being ~70% of total income in FY26.

• Heavy debt. Corollary to the massive Finance Costs, gross external debt stood at ₹6,884 Cr as of FY26, with a D/E ratio of 1.18x. Though some of the net proceeds will go towards repaying this debt, Horizon also intends to keep borrowing to fund new construction, and has already pledged most of its investment properties and lease receivables as security against existing loans.

• Geographic Concentration: Four cities, namely, Delhi-NCR, Chennai, Bangalore and Pune, produced 79% of proforma revenue in FY26. Losing a large tenant, or a shock to one of these four cities such as flooding, heatwaves or a change in local warehousing rules, could bury the bottom line further in the sand.

  ---

Conclusion

Horizon Industrial Parks is the largest industrial and logistics park operator in India by network size, and it is growing that network fast. But it has also lost money every year, though the gap between EBITDA and costs narrows each year.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Horizon Industrial Parks Limited}

Lalithaa Jewellery Mart is going for an IPO after a stalled roadshow since last year. The company makes and sells premium gold, silver and diamond jewellery in South India, and accrued a revenue of ~₹410 Cr per store last year.

IPO Summary

Introduction

The import duties on gold are very volatile. In May 2026, the government raised import duty on gold back to 15%, raising the overall tax burden on gold to about 18.4%.

The average price of ten grams of gold rose from ~₹60K in FY24 to ₹1.15 lakh in FY26, a rise of 91% in two years.

Lalithaa Jewellery Mart Limited sells gold, silver and diamond jewellery under the “Lalithaa” brand from 61 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry. It opened its first store in Chennai in 1985.

They’re now raising ~₹1,700 Cr through an IPO consisting of a Fresh Issue of ~₹1,200 Cr and an Offer for Sale of ~₹500 Cr.

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The Business Model

Lalithaa sells authenticated BIS-hallmarked gold/silver, and diamond jewellery through 61 stores in five south Indian states and is designed to cater to regional preferences of the southern Indian jewellery markets.

Gold jewellery makes up ~92% of revenue, while silverware makes up ~7%, and diamond jewellery the remainder. The company targets the mass and value conscious buyer rather than the premium end of the market.

A customer buying a gold item is paying for three things:

• the weight of gold at the prevailing rate,

• making charge for the labour that shaped it, and

• wastage charge to cover gold lost in the shaping.

Lalithaa Jewellery Mart buys gold on invoice from suppliers and carries the price risk on its own book, relying on fast inventory turnover to limit the damage. This is fine when gold prices hold steady. It magnifies both gains and also losses when prices move quickly, as they did through FY26.

Lalithaa manufactures in-house. It runs two facilities in Tamil Nadu, at Thirumudivakkam and Maraimalai, staffed by 1000+ total Karigars. These Karigars made ~79% of Lalithaa’s products in FY26.

Lalithaa also runs two savings schemes, Dhana Vandhanam and Free-yo-Flexi, that let customers pay in monthly installments.

Unit Economics (per store)

• Revenue per store rose from ₹317 Cr in FY24 to ₹410 Cr in FY26, even though the company added only eight stores in that period. Most of the increase tracks gold price appreciation, not a wider store base or higher footfall.

• The cost of materials, stock purchases and inventory movement consumed between 90% and 92% of revenue per store across the three years. This is normal for a business whose main input is a costly, price volatile metal.

• Adjusted EBITDA per store more than doubled, from ₹13 Cr in FY24 to ₹27 Cr in FY26.

  ---

The Financial Stuff

• Adjusted EBITDA more than doubled in FY26, rising from ₹740 Cr in FY24 to ₹1,674 Cr in FY26. The FY26 jump came from a wider EBITDA margin, 7% against 4% in FY25.

• Finance Costs grew by 46% from ₹136 Cr in FY24 to ₹198 Cr in FY26.

• Profit After Tax grew at a CAGR of 68% between FY24 and FY26, from ₹360 Cr to ₹1,010 Cr. Most of the profit gains came from Margin expansion as costs grew slower than revenue growth.

  ---

Operating Metrics

• Revenue per store being on the rise on a broader scale is one of the most important indicators of a strong business, and this rose from ₹317 Cr in FY24 to ₹410 Cr in FY26. In fact, Lalithaa boasts the highest operating revenue per store among key jewellery players in India.

• Advances from Customers include those advances collected via monthly jewellery schemes. Such schemes provide interest-free funding, which secures a recurring customer base and drives store loyalty. These grew from ₹1,943 Cr in FY24 to ₹5,043 in FY26.

• Tamil Nadu alone made up 54% of FY26 revenue, more than the other four states combine., Andhra Pradesh, Karnataka and Telangana add another chunk combined, and Puducherry has just a single store, accounting for the smallest percent share.

Lalithaa Jewellery’s Peers (FY26)

• Lalithaa’s revenue of ₹25,024 Cr is the third largest behind Titan’s jewellery division and Kalyan Jewellers, and more than double than PN Gadgil Jewellers, the next largest peer.

• Lalithaa’s EBITDA Margin of 7% sits in the middle of the group, below PC Jeweller’s 20% and Senco Gold’s 11%, but ahead of PN Gadgil’s 6%.

• Lalithaa’s PAT Margin of 4% is at the bottom of the group with Kalyan Jewellers, Thangamayil and PN Gadgiland much behind PC Jeweller’s 21% and Senco Gold’s 7%.

• Lalithaa’s D/E Ratio of 0.53x times is the second lowest in the group, behind only PC Jeweller at 0.22x.

  ---

Key Risks

Gold price risk without a hedge: The average price of gold rose from ₹6062 per gram in FY24 to ₹11,600 in FY26, ~91% in two years. Most Indian jewellers manage this swing using gold metal loans, forward contracts or options. Lalithaa uses none of these. It buys gold on invoice and carries the price risk itself, relying on fast inventory turnover to limit the damage.

Geographic concentration: Tamil Nadu alone accounted for 54% of FY26 revenue, and Lalithaa majorly deals in South India. A geographic downturn, whether from weather, local politics, or a shift in regional gold-buying habits, will hit Lalithaa harder than a jeweller with a national footprint like its peers.

Conclusion

Lalithaa Jewellery Mart sells jewellery to the price-conscious South Indian, and offers a range of savings schemes to bring in cash ahead of the sale. Its revenue has compounded at ~22% a year, and its profit at 68%. Set against that, all of its stores sit in one region, and none of its gold price risk is hedged.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Lalithaa Jewellery Mart Limited}

Behari Lal Engineering Limited (BLEL) has filed a ₹302 Cr IPO on August 12, 2026. BLEL makes metal rolls, castings and alloy steel from two plants in Punjab since 1995 and commands ~10-12% share of the country’s metal rolls market by volume.

IPO Summary

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The Big Picture

India’s steel demand rose from about 100 million tonnes in FY20 to about 169 million tonnes in FY26, a compound annual growth rate of 9%.

Sectors like building and construction, infrastructure and engineering, and packaging together account for close to 90% of finished steel demand, with building and construction the largest single segment.

Two sub-markets sit inside this steel value chain and matter directly to Behari Lal Engineering.

1. India’s demand for metal rolls used in rolling mills

2. India’s engineering castings and foundry market.

Behari Lal Engineering manufactures across both these sub-markets.

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Business Model Explained

Behari Lal Engineering is one of India’s largest metal rolls producers, meeting 10-12% of the country’s metal rolls demand in FY26, and is the only organised player manufacturing across metal rolls, engineering castings, and alloy steel products together.

The company makes four product groups:

1. Metal rolls used in rolling mills that produce structural steel.

2. Engineering castings used in steel, mining, power, and sugar plants.

3. Alloy steel products.

4. Forging ingots used in automotive, aerospace, oil and gas, and heavy engineering sectors.

As of FY26, the company has served ~1,825 cumulative customers and has also exported its precision-engineered components across 5 continents and in 21 countries.

Unit Economics

• EBITDA per tonne increased 55% from Rs 7,433 in FY24 to Rs 11,495 in FY26 even as sales volume fell slightly in FY26.

• This higher profitability was further supported by slightly lower COGS in FY26.

This lines up with the company’s stated shift toward higher-value and higher margin products.

Operating Metrics

• Product Mix: There is a clear shift by the company towards high value products which have helped increase their margins consistently each year.

* High value products comprise engineering casting and metal rolls and alloy steel grades such as valve steel, die steel and tool steel.

• Customer Base and Repeat Business: Repeat customers supply 80 to 86 percent of revenue while the number of customers served in a year fell slightly. The purchase order model, with no long-term contracts, means the company must keep winning repeat business every year.

• Order Book: The order book grew 38% between FY25 and FY26 and stood at Rs 178 Cr as of May 31, 2026.

Financial Stuff: From Revenue to PAT

• Revenue grew at a CAGR of 9% between FY24 and FY26.

• PAT nearly doubled over the same period, and PAT margin expanded as well.

Behari Lal Engineering’s Peers

• Behari Lal Engineering’s ROCE of 27% is the second highest in the peer set after Steelcast’s.

• While it has one of the lowest revenues among its peers it has an asset turnover of 6 which means it is efficiently converting its assets into revenue compared to other peers

Key Risks

Customer concentration without long-term contracts
Revenue from the top 10 customers accounted for 38% in FY26 of revenue from operations. The company does not sign long-term contracts with customers so the loss of a small number of large customers could hit revenue quickly.

Supplier concentration and raw material exposure
Procurement from the top 10 suppliers was 38% of total expenses, and the company holds no long-term supply contracts for its key inputs, scrap, ingots, and ferro alloys.

Summary

Behari Lal Engineering is a diversified metal rolls, engineering castings, and alloy steel manufacturer with over three decades of operating history, high and improving capacity utilisation, and margins.

Revenue growth slowed sharply in FY26, and the margin gains of the last two years came from pricing and product mix rather than volume

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Behari Lal Engineering.}

_{The following article is for educational purposes ONLY. Each and every piece of information used henceforth in this article is sourced from the RHP.}

Shiprocket Limited has filed for a ₹1,617 Cr IPO on Aug 12, 2026 which closes on Aug 14, 2026. Processing over 200 million annual orders for 2.1 lakh merchants without owning a single delivery truck or warehouse, Shiprocket commands ~10x the revenue scale of listed peer Unicommerce fueled by a profitable core shipping engine that supports its loss-making emerging bet.

IPO Summary

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Introduction

India’s online businesses grow each year exponentially.

Online retail made up about 8% of India’s ₹90 trillion domestic retail market in 2025, and will reach ~15% by 2030. But this number is still below the United States’ ~17%, and leagues smaller than China’s 35%.

But why would one of the biggest markets in the world lag so much in a new-age business that’s taking the world by storm?

Think of it this way: a small merchant who wants to sell online needs a way to ship parcels, take payment, handle checkout, and a thousand other things. Building all of this alone is very expensive and complex. If there was someone who does it all for them, the problem isn’t so big anymore.

Shiprocket built a platform that does exactly this.

It is the largest new-age, end-to-end e-commerce enablement platform in India, and serves over 2.1 lakh merchants.

Business Model

Shiprocket is what’s known as an aggregator, connecting merchants, mostly MSME businesses, to a network of courier companies, payment gateways, warehouse operators, lenders, and marketing tool providers.

Merchants pay for these features and connectivity, either at a price per shipment or as a share of order value.

Note that Shiprocket owns none of the trucks, warehouses, or delivery riders in that network, keeping its own capital spending low.

The business is split into two segments.

• Core Business: Includes the original platform, giving merchants access to multiple couriers plus tools like tracking pages, faster COD payouts, and shipment insurance through one dashboard. This accounted for ~73% of revenue in FY26.

• Emerging Business: Everything new added since, including cargo, cross-border shipping, checkout, marketing, hyperlocal delivery, merchant lending. This segment is growing fast, and now makes ~27% as of FY26; though it’s still not profitable.

Shiprocket also takes full responsibility for each transaction. If a courier loses or damages a parcel, Shiprocket compensates the merchant directly, then recovers that amount from the courier under its own contracts with them.

Unit Economics

• Revenue per order stayed flat across from ₹99 in FY24 to ₹100 in FY26. Shiprocket’s growth has been in fulfilling more orders rather than earning more from each one.

• Most costs actually fell slightly on a per-order basis, with Merchant Solutions cost being the dominant line at ₹74 per order, down slightly from FY24. Merchant Solutions means payments to logistics partners and couriers.

• Shiprocket broke even on a per order EBITDA basis, with Adj. EBITDA per order going from a loss of ₹10 in FY24 to a profit, albeit of ₹1 in FY26. Note that on a profit level, Shiprocket is still a loss making company, though this is an important stepping stone towards eventual profitability.

From Adjusted EBITDA to Net Loss

• Revenue grew from ₹1,316 Cr in FY24 to ₹2,024 Cr in FY26, a steady ~24% each year, suggesting strong underlying levers for growth.

• Net Loss narrowed sharply from ₹595 Cr in FY24 to ₹74 Cr in FY25, due to the disappearance of a ₹244 Cr exceptional item. From FY25 to FY26, the loss actually widened slightly from ₹74 Cr to ₹79 Cr, as share-based payment expenses rose from ₹91 Cr to ₹112 Cr over the same period.

Operating Metrics

• Growing transactions: Unique transactions (with Merchants) rose from 133 million in FY24 to 202 million in FY26, a jump of ~53%. This growth in order volume serves as the main engine behind Shiprocket’s revenue growth.

  

• Core Business still generates the large majority of revenue, but its share has slipped from 82% to 73% from FY24 to FY26. This comes as Emerging Business’ share has grown from 18% to 27%. Note that the Emerging Business segment loses money while Core Business earns a net profit.

  

• Increasing ARPU: Power Merchants are those who average more than 100 transactions a month. They made up ~5% of the all Merchants in FY26, but revenue per Power Merchant rose 39% from ₹13 lakh in FY24 to ₹18 lakh in FY26.

  

Shiprocket’s Peers

• Unicommerce’s Adjusted EBITDA of 22% is far greater than Shiprocket’s 1%, which has just broken even on EBITDA in FY26. Note that Shiprocket pays out most incoming revenue to logistics partners as pass-through cost.

• Unicommerce was profitable in fiscal 2026, with a net profit of ₹20 Cr, while Shiprocket reported a net loss of ₹79 Cr.

• But Shiprocket’s scale is ~10x that of Unicommerce in terms of revenue, at ₹2,024, opposed to ₹204.

Key Risks

• History of losses: Losses reached ₹79 Cr in FY26. Shiprocket’s Core Business is profitable, but the company is investing in the Emerging Business line, the profitability of which is a major concern for the business.

• Non-exclusive logistics partners: Shiprocket has no exclusive arrangements with any of its courier, cargo, or fulfilment partners. Cost of Merchant Solutions, what it pays these partners, made up 70% of total expenses in FY26, and any partner could prioritize a competitor, raise rates, or decline to renew without breach of contract.

Summary

Shiprocket is a business with two speeds. Its Core Business, domestic parcel shipping, is profitable and earns more from every order as it scales. Layered on top is an Emerging Business, involving cross-border shipping, checkout, marketing, hyperlocal delivery and lending, which is being maneuvered for growth but still currently loses money.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Shiprocket Limited}

Milky Mist Dairy Food Limited has filed a ₹1,553 Cr IPO on August 11, 2026. Milky Mist runs its entire business out of a single factory in Perundurai, Tamil Nadu, sourcing milk from over 74,000 farmers, and it is India’s largest private packaged paneer brand by value, holding roughly 19% of the organised market.

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The Big Picture

India’s dairy market was worth ₹12 trillion in FY26 and is projected to grow at a CAGR of 10% to reach ₹20 trillion by FY31.

Organised players still account for only about 31% of the packaged food market by value in FY26 which gives enough room for branded players to gain market share from unorganised players.

The recent regulatory crackdown by Tukaram Munde and the ban on analogue paneer by the Maharashtra government serve as major industry tailwinds for branded players like Milky Mist.

Milky Mist Dairy Food Limited operates within this segment selling value-added dairy products rather than raw liquid milk.

Business Model Explained

The company sells under its brand ‘Milky Mist’ and sub-brands ‘SmartChef’, ‘Capella’ and ‘Misty Lite’, alongside the recently acquired ‘Briyas’ and ‘Asal’ brands.

Milky Mist itself contributed 97% of FY26 revenue.

As of FY26, they had a portfolio spanning across 22 product categories and 640 SKUs, covering paneer, cheese, curd, butter, ghee, yogurt, ice cream, UHT (Ultra High Temperature) long-shelf-life products, frozen foods and chocolates.

Below is an illustration of how milk is procured from farmers, processed into various products, and delivered to end consumers.

The company holds leading positions in several of these categories:

1. It is the largest private packaged paneer brand in India’s organised market with about 19% market share by value in FY26

2. It is the largest private cheese brand in South India with ~12% market share

3. It ranks among the top two private packaged yogurt brands nationally with ~13% market share.

4. It has a 35–40% share of the organised Greek yogurt market.

Manufacturing is concentrated at a single facility in Perundurai, Erode district, Tamil Nadu.

The company also runs 144 exclusive Milky Mist parlours (6 company-operated, the rest franchised) and exports to more than 15 countries.

Milky Mist earns the majority of its revenue from general trade, which includes sales from quick commerce as well.

Unit Economics

• Revenue per litre of milk procured rose from ₹67 to ₹79 over FY24-26, but gross profit per litre grew more slowly, from ₹21 to ₹26, so some of the revenue gain came from lower-margin products.
  

• Fixed asset turnover improved from 1.8x to 2.1x, meaning the same Perundurai facility is generating more revenue per rupee of fixed assets.

Operating Metrics

• Growing milk realisations: Milk procurement rose 45% between FY24 and FY26, but realisation per litre rose alongside it rather than falling. This is because they do not sell raw liquid milk, every single extra litre of milk they procured is used to make premium, high-margin products.

• Expanding distributor network: The distributor count grew 56% over two years, roughly in line with the pace of revenue growth, indicating that expansion has come from adding new distribution points rather than simply pushing more volume through existing ones.

• Supply chain diversification: In FY24, Tamil Nadu’s share of milk procurement was 100%. Milky Mist is actively trying to diversify its supply chain; by the end of FY26, Tamil Nadu’s share of procurement decreased to ~95%.

* Others include Maharashtra, Karnataka, Telangana, and Andhra Pradesh.

The Financial Stuff: From Revenue to PAT

• Revenue grew faster than total expenses consistently every year, which is why EBITDA and PAT both scaled faster than revenue itself and reported higher margins due to a higher degree of operating leverage and financial leverage.

Milky Mist’s Peers

Milky Mist’s FY26 revenue growth of 34% is the highest in the peer set but this growth comes at a cost. It has the highest debt to equity ratio among its peer, which can either fuel their future growth or become a burden.

Key Risks

Supply chain concentration
Even though the company is actively trying to diversify its milk procurement, Tamil Nadu still accounted for 95% of raw milk procurement in FY26.

Leverage remains elevated
Total borrowings stood at ₹1,672 Cr as of FY26 with a debt-to-equity ratio of 3.6x. Debt-to-equity has come down from 4.2x a year earlier, but the balance sheet still carries more leverage.

Conclusion

Milky Mist is a fast-growing, exclusively value-added dairy business with leading positions in paneer, South Indian cheese and Greek yogurt, built on direct farmer sourcing and a single, highly automated manufacturing site.

_Disclaimer

_{This content is based on publicly available information contained in the Red Herring Prospectus (RHP) and is intended solely for educational and informational purposes. It should not be construed as investment advice, recommendation or solicitation to invest.}

_{Any video/image/text content is for educational and informational purposes only and does not constitute financial advice. Please do your own research or consult a qualified financial advisor before making any investment or trading decisions. Trading in stock markets involves the risk of loss.}

_{Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed the SEBI prescribed limit.}

_{InCred Money Broking Limited : NSE Member Code 09073, BSE Member Code 6329, MCX Member Code: 55215 , NCDEX Member Code : 1233 NSDL : IN-DP-474-2020 . SEBI Registration No. NZ000164738}

_{Compliance Officer: NSE,BSE,MCX,NCDEX,NSDL : Mr RK Jain,011-40409999 support@stocko.in}

_{Registered Office:- 3rd Floor, Building No.5, Local Shopping Complex, Rishabh Vihar, Near Karkarduma Metro Station. East Delhi – 110092}

_{Source: Red Herring Prospectus (RHP) of Milky Mist}