Every NSE Emerge and BSE SME issue since 2025, and a study of each one read from its offer document: what the company does, its numbers, why it is raising money, who is selling and the risks it lists. For open and upcoming issues the table shows the lot size and the value of one lot at the upper band; each study states the minimum application its prospectus sets.
127 studies · updated every morning · a first reading of the document, not investment advice
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The one thing to understand: This is a single-fuel retail business that depends on three suppliers for 99.75% of its LPG and on a group company for most of its transport. Its growth comes from adding stations: 16 at the start of FY24 and 22 at the end of FY26.
Read the studyThe one thing to understand: This is mainly a trading business whose supply is concentrated and whose cash lags its profit. One supplier provided 74.11% of FY26 purchases, and operating cash flow was an outflow of ₹192.99 lakh in FY25 and ₹99.23 lakh in FY26 while reported profit rose. The prospectus does not state the price.
Read the studyThe one thing to understand: Profit is small against revenue. FY26 profit after tax was 0.90% of revenue, and export incentives and a yarn VAT subsidy of ₹403.31 lakh came to about 79% of FY26 profit before tax of ₹512.87 lakh by our arithmetic.
Read the studyThe one thing to understand: The profit has not turned into cash. Over FY24 to FY26 the company reported ₹1,004.75 lakh of profit after tax and a combined operating cash outflow of ₹577.65 lakh as receivables and stock built up, our arithmetic. That profit also carried almost no income tax, under a startup tax holiday that the company says ends after FY27.
Read the studyThe one thing to understand: Most of the growth is the acquisition. FY26 includes AdLift Marketing from April 2025, about 60% of FY26 revenue. The company on its own had revenue of ₹2,433.70 lakh in FY26 against ₹2,486.95 lakh in FY25, and AdLift's own revenue was ₹3,803.28 lakh against ₹3,739.08 lakh.
Read the studyThe one thing to understand: The two plants already ran at 90.85% of capacity in FY26, and the company is building a third unit in Valsad, Gujarat, on borrowed money: borrowings went from ₹1,572.12 lakh in March 2024 to ₹7,719.22 lakh in March 2026. The issue repays debt; it does not fund the new unit, whose capacity, cost and start date the prospectus does not state.
Read the studyThe one thing to understand: A fleet business growing by adding trucks, with profit up faster than revenue; against that, two tax proceedings against the company involve ₹2,714.94 lakh, about 2.2 times FY26 profit.
Read the studyThe one thing to understand: Very large revenue on a very thin margin, concentrated in one client. EBITDA was 1.17% of revenue in FY26, and ₹27,310.06 lakh of revenue came from a single client.
Read the studyThe one thing to understand: Profit has grown faster than cash. Over FY24 to FY26 the company reported ₹974.41 lakh of profit after tax and a net operating cash outflow of ₹273.07 lakh, our arithmetic from the cash flow statement. At March 2026 receivables were 189 days of revenue and inventory 131 days.
Read the studyThe one thing to understand: The business has never generated cash from operations in the three years shown. Operating cash flow was −₹1,499.90 lakh, −₹505.82 lakh and −₹626.63 lakh, funded by short-term borrowings that reached ₹9,181.07 lakh at March 2026.
Read the studyThe one thing to understand: The largest single supplier was 38.48% of FY26 purchases, ₹7,575.46 lakh, and the related-party schedule records purchases of exactly ₹7,575.46 lakh in FY26 from Peshwa Nutrition Private Limited, a promoter group entity. The company was a partnership firm until 25 December 2023, so FY24 is two stub periods added together.
Read the studyThe one thing to understand: On 16 September 2026, three days before this prospectus was dated, two promoters sold 8,06,750 shares, 10.00% of the capital, at ₹54 a share to Kedia Securities Private Limited and Zion Infraventure LLP. The band announced for this issue is ₹60 to ₹64.
Read the studyThe one thing to understand: The profit doubled on flat revenue, and it came out of costs rather than sales. Total expenses fell from 94.60% of turnover in FY24 to 89.62% in FY26, while revenue went nowhere, and operating cash flow was negative in both FY25 and FY26 as inventory rose from ₹698.30 lakh to ₹1,210.03 lakh.
Read the studyThe one thing to understand: Profit has not turned into cash. Over FY24 to FY26 the company reported ₹4,204.26 lakh of profit and a net operating cash outflow of ₹369.21 lakh, because trade receivables rose from ₹4,045.16 lakh to ₹12,533.74 lakh, 269 days of revenue in FY26.
Read the studyThe one thing to understand: One client was 74.77% of FY26 revenue, ₹6,363.50 lakh, up from 49.99% in FY24. Employee benefit expenses were ₹7,430.51 lakh of ₹8,510.97 lakh of revenue, 87.3%, so this is a labour contract business with a very thin cost cushion.
Read the studyThe one thing to understand: The money raised goes into a new line of business, a 46-room hotel and banquet hall, which the promoters have not run before, while the existing business ended FY26 with ₹1.32 lakh of cash and paid two lenders' instalments 86 to 88 days late in early 2026.
Read the studyThe one thing to understand: The growth has consumed cash rather than produced it. Operating cash flow was minus ₹434.34 lakh in FY24, minus ₹299.85 lakh in FY25 and plus ₹179.25 lakh in FY26, against three years of profit of ₹714.36 lakh, because inventory and receivables grew faster than sales.
Read the studyThe one thing to understand: This is a plant business of nineteen years whose sales have not grown over the three years shown, while profit has, on a wider margin. Trade receivables rose from ₹3,545.53 lakh to ₹5,125.02 lakh over the same period and borrowings from ₹3,581.98 lakh to ₹4,456.16 lakh.
Read the studyThe one thing to understand: The company is paid slowly. Trade receivables were 249 days of revenue in FY26 against 205 in FY24, and over FY24 to FY26 operating cash flow was ₹1,715.71 lakh against ₹3,804.71 lakh of profit.
Read the studyThe one thing to understand: The larger object, ₹2,600.00 lakh, goes into a hotel-style real estate development in Ayodhya run through a partnership in which the company holds 76% and the promoter Prasoon Chauhan holds the other 24%, 1% directly and 23% through Aurika Residences Private Limited, and the prospectus states the company has no prior operational experience in real estate development.
Read the studyThe one thing to understand: Profit has not turned into cash. Over FY24 to FY26 the company reported ₹1,204.46 lakh of profit after tax and ₹22.63 lakh of net operating cash flow, our arithmetic from the cash flow statement. Inventory at March 2026 was ₹2,498.61 lakh, about 74.5% of a year's revenue, our arithmetic.
Read the studyThe one thing to understand: Money moved from the company to the promoters' side in FY26. At March 2026 the company had ₹1,019.46 lakh of trade advances outstanding to two businesses under the promoters' management, and during FY26 it lent ₹807.81 lakh to the two promoters, our arithmetic from the related-party tables. Two years earlier it had written off ₹679.20 lakh of advances to suppliers or business associates.
Read the studyThe one thing to understand: Profit has not turned into cash. Over FY24 to FY26 the company reported ₹1,613.25 lakh of profit after tax and a net operating cash outflow of ₹712.03 lakh, our arithmetic from the cash flow statement. At March 2026, ₹2,050.25 lakh of revenue had been recognised but not yet invoiced, 20.55% of FY26 revenue.
Read the studyThe one thing to understand: Profit has not turned into cash. Over FY24 to FY26 operating cash flow added up to −₹1,282.68 lakh against ₹5,021.60 lakh of profit after tax, because trade receivables grew to ₹13,764.47 lakh at March 2026.
Read the studyThe one thing to understand: Profit and cash moved apart; the company reported ₹1,240.80 lakh of profit over FY24 to FY26 while operating cash flow was ₹(9.81) lakh, ₹(83.62) lakh and ₹(670.34) lakh, because inventory rose to ₹4,358.15 lakh, 347 days of it, funded by borrowings.
Read the studyThe one thing to understand: The business is paid slowly. Trade receivables were ₹25,218.46 lakh at March 2026, close to a full year's revenue, and operating cash flow was negative in two of the three years. FY25 revenue included ₹10,399.96 lakh booked under a bill and hold arrangement.
Read the studyThe one thing to understand: The profit is not yet turning into cash. Over FY24 to FY26 the company reported ₹1,281.71 lakh of profit and an operating cash outflow of ₹542.61 lakh, as inventory rose from ₹879.15 lakh to ₹1,643.03 lakh and short-term loans and advances from ₹86.06 lakh to ₹592.80 lakh.
Read the studyThe one thing to understand: The profit has not turned into cash. Three years of profit add up to ₹607.71 lakh, while operating cash flow over the same years adds up to an outflow of ₹17.91 lakh, because trade receivables rose from ₹139.39 lakh to ₹948.19 lakh and inventory from ₹696.86 lakh to ₹1,349.70 lakh. Debtor days went from 27 to 156 and inventory days from 186 to 332.
Read the studyThe one thing to understand: The profit has not yet turned into cash. Over FY24 to FY26 the company reported ₹923.19 lakh of profit after tax and a net operating cash outflow of ₹90.80 lakh, our arithmetic from the cash flow table. Inventory rose from ₹108.61 lakh at March 2024 to ₹955.81 lakh at June 2026.
Read the studyThe one thing to understand: This is a small lender whose income comes more from fees than from interest. Processing fees were 44.18% of FY26 revenue and interest 29.76%. Loans written off were ₹9.6 crore in FY26, about a quarter of revenue, and the holding company, Capfront Technologies Private Limited, which owns 99.98% of the shares, was paid a ₹5.3 crore management fee in the same year.
Read the studyThe one thing to understand: The present promoters, Vibhoar Agrawal and Rachita Agrawal, bought the whole company in February 2025, and almost all of its growth came after that. Revenue went up about twenty times in two years while the business took cash out: operating cash flow was −₹8.9 crore in FY25 and −₹46.9 crore in FY26, because money owed by customers, stock and advances rose.
Read the studyThe one thing to understand: Profit grew far faster than sales because raw material cost fell as a share of revenue, while the business runs on heavy borrowing and long working capital. Borrowings were ₹100.8 crore at March 2026 against net worth of ₹59.0 crore, and the working capital cycle was 171 days in FY26.
Read the studyThe one thing to understand: The jump in FY26 came almost entirely from one kind of work in one state, and it has not yet turned into cash. Water and wastewater work rose from 25.38% to 67.65% of service revenue, Karnataka was 85.65% of FY26 revenue, operating cash flow was negative in every year shown, and trade receivables were ₹101.5 crore at June 30, 2026.
Read the studyThe one thing to understand: Most of FY26 profit came from the subsidiary bought from the promoter in May 2025. The company's standalone FY26 profit was ₹5.6 crore against ₹20.4 crore consolidated, and the subsidiary was bought for ₹9.3 crore.
Read the studyMarket cap is all shares after the issue at the upper end of the band; P/E is that market cap divided by FY26 profit. Both are arithmetic from the prospectus, worked in each study with its pages, not a view on the price.
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