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Lamtuf Limited IPO

DRHP 14 Jul 2025

DRHP filed
14 Jul 2025
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Lamtuf Limited: what the offer document says

A Hyderabad maker of industrial laminates and composites, used as insulation in transformers, railways, switchgear and other industries, is issuing 10,000,000 new shares, for ₹604 million of plant expansion and ₹340 million of working capital, while two promoters offer 2,000,000 shares. Revenue fell from ₹2,007 million in FY23 to ₹1,855 million in FY25 as export prices eased, and profit held at about ₹200 million to ₹218 million, but operating cash flow fell to ₹117 million in FY25.

Published 21 Sep 2026 · 1,362 words · read from the DRHP

01At a glance

What the company does — a vertically integrated maker of industrial laminates and composite materials: paper and cotton phenolic laminates, densified wood laminates, epoxy glass laminates, glass polyester composites, and phenolic and epoxy rods and tubes. Its processes run from resin synthesis to impregnation, pressing, moulding and finishing, at one plant at Pashamylaram, near Hyderabad (DRHP p.15).

Who pays it — makers of power transformers, railway, automotive, switchgear, oil and gas, construction and steel-rolling equipment in India, and distributors abroad; exports were 45.83% of FY25 revenue, to more than 15 countries (DRHP p.15, DRHP p.164). The top five customers, including Atlas Fiber, High Volt Electricals, Jaywanthi Industries, Sabar Insulating Kit Centre and Spaulding Composites (Quingdoo), were 39.00% of FY25 revenue (DRHP p.28, DRHP p.29).

Why it is raising money — ₹604.26 million to extend and expand the Pashamylaram plant, including adjacent land of 5.625 acres, ₹340.00 million for working capital, and the rest for general purposes (DRHP p.16). Converted from ₹ lakh.

How fast it has grown — it has not. Revenue was ₹2,007 million in FY23, ₹1,703 million in FY24 and ₹1,855 million in FY25 (DRHP p.17). Converted from ₹ lakh.

The one thing to understand — a steady, low-debt business whose revenue per tonne has fallen, now expanding with IPO money. Tonnes shipped rose from 5,761 to 6,647 while revenue per tonne fell from ₹0.35 million to ₹0.28 million, and raw-material cost per tonne fell faster, lifting EBITDA margin from 15.49% to 17.63% (DRHP p.17, DRHP p.18). Converted from ₹ lakh.

02The business, in plain words

An industrial-laminate maker makes resin, impregnates paper, cotton or glass cloth with it, and presses the layers into sheets, rods and tubes that insulate and support parts in electrical equipment and machinery.

A transformer maker needs insulating sheets for a distribution transformer → it orders pressed laminates of a set grade from Lamtuf → Lamtuf makes and ships them from Hyderabad → the transformer maker pays on agreed terms.

Earnings equation: Profit ≈ tonnes shipped × (price per tonne − raw materials per tonne) − overheads − interest. Raw materials were 56% of revenue per tonne in FY25 (DRHP p.17).

03Where the money comes from

MeasureFY23FY24FY25
Export sales, ₹ million1,354.14886.85852.46
Domestic sales, ₹ million633.80794.27985.11
Top five customers' share61.50%49.90%39.00%
Top ten customers' share68.22%57.29%48.10%

Source: DRHP p.29, DRHP p.164, DRHP p.281. Converted from ₹ lakh. FY25 domestic and export figures are revenue by customer location (DRHP p.164).

04The growth record

₹ million, restatedFY23FY24FY25
Revenue from operations2,007.401,702.771,855.45
EBITDA310.93297.23327.20
EBITDA margin15.49%17.46%17.63%
Profit after tax208.22198.00218.27
Cash from operations312.23266.87117.20

Source: DRHP p.17, DRHP p.18, DRHP p.63. Converted from ₹ lakh.

05What the growth is made of

Volume at lower prices. FY24 revenue fell 15.18% as export sales dropped, mainly because glass-epoxy product prices settled after a spike in global raw-material prices in FY23 (DRHP p.281). FY25 volume rose 18% but revenue per tonne fell 8% (our arithmetic, DRHP p.17). Domestic sales grew each year (DRHP p.281).

06Earnings quality

Operating cash flow of ₹696.30 million over FY23 to FY25 was above profit of ₹624.49 million, but fell to ₹117.20 million in FY25 (our arithmetic, DRHP p.17, DRHP p.63). The document attributes the FY25 build-up to more finished goods and work in progress for higher orders and a rise in receivables (DRHP p.275). Income tax paid was ₹77.47 million in FY25 (DRHP p.63). Converted from ₹ lakh.

07The balance sheet

₹ millionMar 2023Mar 2024Mar 2025
Net worth963.601,155.521,349.55
Total borrowings247.0963.96147.99
Debt to equity0.260.060.11

Source: DRHP p.17, DRHP p.18. Converted from ₹ lakh.

08What the money is for

Use of net proceeds₹ million
Extension and expansion of the Pashamylaram plant604.26
Working capital340.00
General corporate purposesnot yet stated

Source: DRHP p.16. Converted from ₹ lakh.

09Who is selling

SellerShares offeredHolding before the offer
Kamlesh Mehta (promoter)up to 1,250,00018.90%
Surender Kumar Mehta (promoter)up to 750,00044.63%

Source: DRHP p.16, DRHP p.85. The shares offered are about 6.3% of the company (our arithmetic). No shares were transacted by the promoters or promoter group in the three years before the filing (DRHP p.21).

10Promoters

The promoters are Surender Kumar Mehta, Prateek Mehta, Rachna Mehta, Kamlesh Mehta and Predict Technologies India Private Limited, who hold 99.98% (DRHP p.16). No proceedings are listed against the promoters or directors (DRHP p.19).

11Who already owns it

Holder, before the offerShare
Surender Kumar Mehta44.63%
Prateek Mehta19.97%
Kamlesh Mehta18.90%
Predict Technologies India Private Limited16.16%
Rachna Mehta and others0.34%

Source: DRHP p.16. The last row is our arithmetic.

12What changed just before the IPO

  • Customers — top-five share down from 61.50% to 39.00% in two years (DRHP p.29).
  • Mix — domestic sales now larger than exports (DRHP p.164).
  • Share capital — doubled in FY25, from ₹79.59 million to ₹159.18 million (DRHP p.17). Converted from ₹ lakh.

13Capacity and expansion

Installed capacity was 7,200 tonnes a year in each of the three years, against shipments of 6,647 tonnes in FY25 (DRHP p.17). The proceeds fund an extension of the existing plant and adjacent land (DRHP p.16). Capital spending was ₹92.10 million in FY25 (DRHP p.63). Converted from ₹ lakh.

14Market size and industry structure

The CARE Analytics report cited in the offer document puts India's industrial-laminate market at 33 thousand tonnes in CY2024, up from 26 thousand tonnes in CY2020, and projects 49 thousand tonnes by CY2030 (DRHP p.15, DRHP p.25). Those projections are CARE's, and newboard has not tested them.

15Competitive position

What the document claims, and what it rests on:

  • Vertical integration — from resin synthesis to finishing (DRHP p.15).
  • Export reach — more than 15 countries through distributors (DRHP p.164).
  • Low debt — debt to equity of 0.11 (DRHP p.18).

Against that: falling prices per tonne, one plant, dependence on export markets and raw-material prices (DRHP p.17, DRHP p.281).

16Peers the company named

None. The document says there are no listed companies in India in a similar business, so it gives no industry comparison (DRHP p.105).

No P/E is possible for the company until a price band is set.

17Risks, in plain words

  • Prices. Revenue per tonne fell for two years (DRHP p.17).
  • Exports. Nearly half of revenue, and exports fell by a third in FY24 (DRHP p.281).
  • Customers. Top five were 39% of FY25 revenue (DRHP p.29).
  • One plant. All production at Pashamylaram (DRHP p.15).
  • Working capital. Inventory and receivables absorbed cash in FY25 (DRHP p.275).

18Litigation and regulatory matters

Proceedings outstandingCount₹ million
Against the company — tax, civil1, 218.62

Source: DRHP p.19. Converted from ₹ lakh. No proceedings are listed by or against the promoters, directors or group companies (DRHP p.19).

20What the offer document does not say

In the sections read for this study, the document does not give:

  • How much capacity the expansion adds, in the pages read.
  • Who owns Predict Technologies India Private Limited, in the pages read.
  • Which products and markets make up the export sales, beyond glass-epoxy products, in the pages read.
  • What the two civil claims against the company concern, in the pages read.
  • The price band, lot size or issue dates, which is normal at DRHP stage.

21Five questions for management

  1. How much capacity will the ₹604 million expansion add, and when?
  2. Why has revenue per tonne fallen for two years?
  3. Will exports recover to the FY23 level?
  4. Why did FY25 inventory and receivables rise so much?
  5. Why expand when shipments are within existing capacity?

1Sources and cited facts

This study was read from 1 document the company filed. The 28 figures it cites are listed under the document each came from, with the page and the sentence as printed.

Lamtuf Limited DRHPdrhp · filed 2025-07-1428 facts
  1. 1
    At a glanceIts processes run from resin synthesis to impregnation, pressing, moulding and finishing, at one plant at Pashamylaram, near Hyderabad (DRHP p.15).p.15

    “Its processes run from resin synthesis to impregnation, pressing, moulding and finishing, at one plant at Pashamylaram, near Hyderabad (DRHP p.15).”

  2. 2
    At a glanceWhy it is raising money** — ₹604.26 million to extend and expand the Pashamylaram plant, including adjacent land of 5.625 acres, ₹340.00 million for working capital, and the rest for general purposes (DRHP p.16).p.16

    “Why it is raising money** — ₹604.26 million to extend and expand the Pashamylaram plant, including adjacent land of 5.625 acres, ₹340.00 million for working capital, and the rest for general purposes (DRHP p.16).”

  3. 3
    At a glanceRevenue was ₹2,007 million in FY23, ₹1,703 million in FY24 and ₹1,855 million in FY25 (DRHP p.17).p.17

    “Revenue was ₹2,007 million in FY23, ₹1,703 million in FY24 and ₹1,855 million in FY25 (DRHP p.17).”

  4. 4
    The business, in plain wordsRaw materials were 56% of revenue per tonne in FY25 (DRHP p.17).p.17

    “Raw materials were 56% of revenue per tonne in FY25 (DRHP p.17).”

  5. 5
    Where the money comes fromFY25 domestic and export figures are revenue by customer location (DRHP p.164).p.164

    “FY25 domestic and export figures are revenue by customer location (DRHP p.164).”

  6. 6
    What the growth is made ofFY24 revenue fell 15.18% as export sales dropped, mainly because glass-epoxy product prices settled after a spike in global raw-material prices in FY23 (DRHP p.281).p.281

    “FY24 revenue fell 15.18% as export sales dropped, mainly because glass-epoxy product prices settled after a spike in global raw-material prices in FY23 (DRHP p.281).”

  7. 7
    What the growth is made ofDomestic sales grew each year (DRHP p.281).p.281

    “Domestic sales grew each year (DRHP p.281).”

  8. 8
    Earnings qualityThe document attributes the FY25 build-up to more finished goods and work in progress for higher orders and a rise in receivables (DRHP p.275).p.275

    “The document attributes the FY25 build-up to more finished goods and work in progress for higher orders and a rise in receivables (DRHP p.275).”

  9. 9
    Earnings qualityIncome tax paid was ₹77.47 million in FY25 (DRHP p.63).p.63

    “Income tax paid was ₹77.47 million in FY25 (DRHP p.63).”

  10. 10
    Who is sellingNo shares were transacted by the promoters or promoter group in the three years before the filing (DRHP p.21).p.21

    “No shares were transacted by the promoters or promoter group in the three years before the filing (DRHP p.21).”

  11. 11
    PromotersThe promoters are Surender Kumar Mehta, Prateek Mehta, Rachna Mehta, Kamlesh Mehta and Predict Technologies India Private Limited, who hold 99.98% (DRHP p.16).p.16

    “The promoters are Surender Kumar Mehta, Prateek Mehta, Rachna Mehta, Kamlesh Mehta and Predict Technologies India Private Limited, who hold 99.98% (DRHP p.16).”

  12. 12
    PromotersNo proceedings are listed against the promoters or directors (DRHP p.19).p.19

    “No proceedings are listed against the promoters or directors (DRHP p.19).”

  13. 13
    What changed just before the IPOCustomers** — top-five share down from 61.50% to 39.00% in two years (DRHP p.29).p.29

    “Customers** — top-five share down from 61.50% to 39.00% in two years (DRHP p.29).”

  14. 14
    What changed just before the IPOMix** — domestic sales now larger than exports (DRHP p.164).p.164

    “Mix** — domestic sales now larger than exports (DRHP p.164).”

  15. 15
    What changed just before the IPOShare capital** — doubled in FY25, from ₹79.59 million to ₹159.18 million (DRHP p.17).p.17

    “Share capital** — doubled in FY25, from ₹79.59 million to ₹159.18 million (DRHP p.17).”

  16. 16
    Capacity and expansionInstalled capacity was 7,200 tonnes a year in each of the three years, against shipments of 6,647 tonnes in FY25 (DRHP p.17).p.17

    “Installed capacity was 7,200 tonnes a year in each of the three years, against shipments of 6,647 tonnes in FY25 (DRHP p.17).”

  17. 17
    Capacity and expansionThe proceeds fund an extension of the existing plant and adjacent land (DRHP p.16).p.16

    “The proceeds fund an extension of the existing plant and adjacent land (DRHP p.16).”

  18. 18
    Capacity and expansionCapital spending was ₹92.10 million in FY25 (DRHP p.63).p.63

    “Capital spending was ₹92.10 million in FY25 (DRHP p.63).”

  19. 19
    Competitive positionVertical integration** — from resin synthesis to finishing (DRHP p.15).p.15

    “Vertical integration** — from resin synthesis to finishing (DRHP p.15).”

  20. 20
    Competitive positionExport reach** — more than 15 countries through distributors (DRHP p.164).p.164

    “Export reach** — more than 15 countries through distributors (DRHP p.164).”

  21. 21
    Competitive positionLow debt** — debt to equity of 0.11 (DRHP p.18).p.18

    “Low debt** — debt to equity of 0.11 (DRHP p.18).”

  22. 22
    Peers the company namedThe document says there are no listed companies in India in a similar business, so it gives no industry comparison (DRHP p.105).p.105

    “The document says there are no listed companies in India in a similar business, so it gives no industry comparison (DRHP p.105).”

  23. 23
    Risks, in plain wordsPrices.** Revenue per tonne fell for two years (DRHP p.17).p.17

    “Prices.** Revenue per tonne fell for two years (DRHP p.17).”

  24. 24
    Risks, in plain wordsExports.** Nearly half of revenue, and exports fell by a third in FY24 (DRHP p.281).p.281

    “Exports.** Nearly half of revenue, and exports fell by a third in FY24 (DRHP p.281).”

  25. 25
    Risks, in plain wordsCustomers.** Top five were 39% of FY25 revenue (DRHP p.29).p.29

    “Customers.** Top five were 39% of FY25 revenue (DRHP p.29).”

  26. 26
    Risks, in plain wordsOne plant.** All production at Pashamylaram (DRHP p.15).p.15

    “One plant.** All production at Pashamylaram (DRHP p.15).”

  27. 27
    Risks, in plain wordsWorking capital.** Inventory and receivables absorbed cash in FY25 (DRHP p.275).p.275

    “Working capital.** Inventory and receivables absorbed cash in FY25 (DRHP p.275).”

  28. 28
    Litigation and regulatory mattersNo proceedings are listed by or against the promoters, directors or group companies (DRHP p.19).p.19

    “No proceedings are listed by or against the promoters, directors or group companies (DRHP p.19).”

Not on this page yet: the peer table the issuer printed. Each is added when the pipeline extracts it from the offer document.