Anvi Publishing Limited IPO

01At a glance

What the company does: develops and publishes curriculum books and activity books (English, Hindi, mathematics, general knowledge, art and craft, colouring) for pre-primary to Class 8, with all printing and binding done by outside job workers under its brand (DRHP p.99).

Who pays it: distributors and dealers, who supply schools; more than 300 of them in 13 states (DRHP p.103). The largest customer brought 7.25% of FY26 revenue and the top ten 39.29% (DRHP p.23, DRHP p.208). No customer is named. Punjab and Haryana together brought 51.8% of FY26 revenue (our arithmetic, DRHP p.22).

Why it is raising money: up to ₹11.0 crore of the fresh issue goes to working capital and up to ₹2.8 crore to repaying an ICICI Bank working capital loan; the general corporate purposes amount is blank (DRHP p.71). There is no offer for sale (DRHP p.1).

How fast it has grown: revenue from ₹10.9 crore in FY24 to ₹33.5 crore in FY26, about 75.0% a year, and profit after tax from ₹0.38 crore to ₹3.6 crore, about 209.8% a year (our arithmetic, DRHP p.44).

The one thing to understand: the profit has not yet come in as cash. Trade receivables were ₹35.2 crore at March 31, 2026, more than the whole year's revenue of ₹33.5 crore (DRHP p.43, DRHP p.44), receivable days were 340 (DRHP p.74), and operating cash flow was negative in FY25 and FY26 (DRHP p.45). The gap was filled by suppliers' credit, a bank cash credit and ₹6.3 crore of interest-free loans from the two promoters (DRHP p.43, DRHP p.166).

02The business, in plain words

What Anvi Publishing does

Anvi Publishing makes books for children from playschool to Class 8 (DRHP p.99). Authors and subject experts write the content; the company edits, designs and lays it out; outside printers then purchase the paper, print, bind and pack the books to the company's specifications (DRHP p.106). The company says it has more than 90 titles (DRHP p.99).

A school picks a book for its reading list → a dealer or distributor orders it from the company → the company sends the final files to a job-work printer, which prints and binds it under the company's brand → the books come to the company's warehouses in Ambala and go out to dealers, who pay the company (DRHP p.100, DRHP p.106, DRHP p.110).

The company was set up in 2012 by Mohit Mehta and Mamona as a private company, and became a public company with a fresh certificate dated April 21, 2026 (DRHP p.48, DRHP p.99). It has no printing plant and no plant and machinery of its own (DRHP p.112). It works from two warehouses in Ambala Cantt, one owned and one leased from the promoter Mamona (DRHP p.114). It had 37 employees at August 31, 2026, 12 of them in sales, marketing and customer relations (DRHP p.112, DRHP p.113).

Sales follow the school year: orders come from January to March, and most sales happen in those months, so receivables and stock are highest at the March year end (DRHP p.26, DRHP p.73). Distributors may return unsold books within a set period at the price they paid (DRHP p.27). Books are exempt from GST (DRHP p.37).

Earnings equation: Revenue = books sold × price per book, less returns and discounts. The document gives neither the number of books sold nor prices, so the equation cannot be filled in from the filing. Rebates and discounts were ₹0.41 crore in FY26 (DRHP p.186).

03Where the money comes from

The company reports one business, educational books, and no product split (DRHP p.194, DRHP p.208).

By state (share of revenue):

Source: DRHP p.22; the last row is our arithmetic from the same table. Punjab and Haryana together were 60.6% of FY24 revenue and 51.8% of FY26 (our arithmetic, DRHP p.22).

Anvi Publishing customers: how concentrated the revenue is

Source: DRHP p.23, DRHP p.208. The FY26 top five and top ten are as the document states them (DRHP p.208); the FY24 and FY25 totals are our arithmetic from the table of ten distributors, labelled Customer 1 to Customer 10 for all three years (our arithmetic, DRHP p.23). The document does not say whether the same ten distributors appear in each year.

Revenue does not depend on one dealer: the largest brought ₹2.4 crore of FY26 revenue of ₹33.5 crore (DRHP p.23). It has become more concentrated: the top ten went from about 13.6% in FY25 to 39.29% in FY26 (our arithmetic, DRHP p.23, DRHP p.208). No customer is named.

On the supply side, the top five suppliers were 31.54% of FY26 purchases and the top ten 34.33% (DRHP p.208). Four material creditors were owed ₹16.2 crore at March 31, 2026 (DRHP p.215). There are no written agreements with the job workers who print the books (DRHP p.25).

04The growth record

Anvi Publishing financials: revenue, profit and margins

Source: DRHP p.43, DRHP p.44, DRHP p.45, DRHP p.82, converted from ₹ lakh. Revenue went from ₹10.9 crore in FY24 to ₹33.5 crore in FY26 and profit after tax from ₹0.38 crore to ₹3.6 crore (DRHP p.44). Revenue grew 148.27% in FY25 and 23.30% in FY26 (DRHP p.82).

Our arithmetic over FY24 to FY26: revenue grew about 75.0% a year and profit after tax about 209.8% a year (our arithmetic, DRHP p.44); EBITDA grew about 179.3% a year (our arithmetic, DRHP p.82). EBITDA margin moved from 6.13% to 15.61%, up 948 basis points, so from 6.1% to 15.6% rounded (DRHP p.82). The document itself states growth rates of 45.25% for revenue, 98.33% for EBITDA and 112.52% for profit over the same years (DRHP p.100). Read from the filing: those rates match compounding the two years of change over three years.

Gross margin, revenue less the cost of goods and the change in stock, was about 21.0% in FY24, 20.4% in FY25 and 23.3% in FY26 (our arithmetic, DRHP p.44). The year ends on March 31 throughout and there was no other income in any year (DRHP p.202). The restatement moved profit: FY26 profit was ₹3.5 crore as audited and ₹3.6 crore restated, FY25 ₹3.1 crore audited and ₹3.0 crore restated, mainly for income tax and a gratuity provision (DRHP p.193). The restated statements were examined by a peer-reviewed auditor that is not the statutory auditor (DRHP p.26).

What sits around the record:

• Cash: operating cash flow was −₹1.3 crore in FY26, −₹6.3 crore in FY25 and ₹0.49 crore in FY24 (DRHP p.45). In FY25 receivables absorbed ₹18.6 crore and in FY26 ₹7.9 crore (DRHP p.45).
• Other income was nil, 0.0% of FY26 profit before tax of ₹4.9 crore (DRHP p.202).
• Receivables: trade receivables were ₹35.2 crore at March 31, 2026 (DRHP p.43), and receivable days went from 281 in FY24 to 340 in FY26 (DRHP p.74).
• Debt: borrowings were ₹10.3 crore at March 31, 2026 (DRHP p.43), debt to equity 1.21 times, about 1.2× (DRHP p.188), and net debt of ₹10.1 crore about 1.9× FY26 EBITDA (our arithmetic, DRHP p.43, DRHP p.82). Return on capital employed was 38.94%, so 38.9% rounded (DRHP p.82).
• Promoter loans: interest-free unsecured loans from the promoters were ₹6.3 crore at March 31, 2026 (DRHP p.166).
• Customers and suppliers: the largest customer was 7.25% of FY26 revenue, so 7.3% rounded (DRHP p.23); the top five 26.66%, so 26.7%, and the top ten 39.29%, so 39.3% (DRHP p.208); the top ten suppliers 34.33% of FY26 purchases, so 34.3% (DRHP p.208).
• Geography: Punjab and Haryana were 51.8% of FY26 revenue (our arithmetic, DRHP p.22).
• Related-party purchases: ₹1.3 crore from Anvi Trading Private Limited in FY24 (DRHP p.47).
• Contingent liabilities: none at any of the three year ends (DRHP p.192).

05What the growth is made of

Revenue rose ₹22.6 crore from FY24 to FY26 (our arithmetic, DRHP p.44). Most of it came in FY25, when revenue rose 148.27% (DRHP p.82). The company puts the FY25 and FY26 increases down to an increase in business operations (DRHP p.203, DRHP p.205), and says the increase in revenue is "by and large linked to increase in volume" (DRHP p.208).

By state: Rajasthan went from ₹0.75 crore in FY24 to ₹4.2 crore in FY26 and East Uttar Pradesh from ₹0.55 crore to ₹4.0 crore, while Punjab went from ₹4.6 crore to ₹12.0 crore (DRHP p.22).

No acquisitions: the company has made no acquisitions or mergers in the last ten years (DRHP p.127).

Costs: the cost of goods rose from ₹9.3 crore in FY24 to ₹28.5 crore in FY26 (DRHP p.44). Employee costs rose from ₹0.36 crore to ₹0.81 crore and other expenses from ₹1.2 crore to ₹1.7 crore (DRHP p.44).

The document gives no number of books, titles sold or prices, so the increase cannot be split into volume and price. That is the finding.

06Earnings quality

The item that needs explaining is receivables. They went from ₹8.6 crore at March 2024 to ₹27.3 crore at March 2025 and ₹35.2 crore at March 2026, against FY26 revenue of ₹33.5 crore (DRHP p.43, DRHP p.44). Of the March 2026 amount, ₹3.7 crore was one to two years old (DRHP p.178). No provision for doubtful debts was made in any year (DRHP p.178). The company explains the level by the January to March sales season and plans receivable days of 333 in FY27 and 316 in FY28 (DRHP p.74, DRHP p.75).

The other side is supplier credit: trade payables were ₹21.4 crore at March 2026 against ₹8.1 crore at March 2024 (DRHP p.43). The FY25 jump in receivables was paid for by ₹7.8 crore more supplier credit and ₹6.1 crore of new long-term borrowings, mostly from the promoter Mamona (DRHP p.45, DRHP p.47). Inventory is all finished goods, ₹5.0 crore at March 2026 (DRHP p.177). In FY25 the company also paid ₹0.17 crore of interest on income tax (DRHP p.189).

07The balance sheet

At March 31, 2026 total assets were ₹41.7 crore: trade receivables ₹35.2 crore, inventories ₹5.0 crore, property, plant and equipment ₹1.1 crore (₹0.54 crore of it land), advances to suppliers ₹0.16 crore and cash ₹0.18 crore (DRHP p.43, DRHP p.173, DRHP p.180). Against them: trade payables ₹21.4 crore, long-term borrowings ₹6.3 crore, short-term borrowings ₹4.0 crore, a provision for income tax of ₹1.2 crore and net worth ₹8.5 crore (DRHP p.43, DRHP p.172).

Borrowings at March 31, 2026 (DRHP p.166, DRHP p.169):

The ICICI Bank loan is secured on current assets, movable assets and the owned plot at HSIIDC Saha, Ambala, and guaranteed personally by Mohit Mehta and Mamona (DRHP p.169). The promoters' loans may be recalled at any time, the document says (DRHP p.31). There are no contingent liabilities, no guarantees given and no capital commitments (DRHP p.192).

Source: DRHP p.43, DRHP p.71, DRHP p.209. The capitalisation statement leaves the post-issue column blank (DRHP p.209). ₹2.8 crore is about 27% of March 2026 borrowings (our arithmetic, DRHP p.71, DRHP p.43). The promoters' interest-free loans are not among the loans to be repaid (DRHP p.75).

08What the money is for

Anvi Publishing IPO objects: what the money is for

Source: DRHP p.71, DRHP p.76. The rupee size of the fresh issue depends on a price not yet set, so the share of each object cannot be worked out (DRHP p.71).

Working capital, up to ₹11.0 crore: ₹5.3 crore in FY27 and ₹5.7 crore in FY28, against a working capital gap the company puts at ₹23.2 crore for March 2027 and ₹28.8 crore for March 2028; the rest is to come from borrowings and internal accruals (DRHP p.72, DRHP p.74). The plan assumes receivable days of 333 and 316 and payable days of 235 and 222 (DRHP p.74). These are the company's own estimates, certified by its peer review auditor (DRHP p.74).

Debt repayment, up to ₹2.8 crore: of the ICICI Bank working capital loan, with ₹3.9 crore outstanding at August 31, 2026, all in FY27 (DRHP p.72, DRHP p.75).

The objects have not been appraised by any bank or financial institution, and no monitoring agency is appointed because the issue is under ₹50.0 crore (DRHP p.77, DRHP p.39). ₹0.04 crore of issue expenses had been paid from internal accruals by August 31, 2026 (DRHP p.77).

Into the business the fresh issue of up to 33,30,000 shares, at a price not yet set (DRHP p.42). To selling shareholders nothing: there is no offer for sale (DRHP p.1, AP p.1).

09Who is selling

Anvi Publishing IPO offer for sale: who is selling

Nobody. The whole issue is a fresh issue of up to 33,30,000 shares of ₹10, and the document marks the offer for sale details "not applicable" (DRHP p.1, AP p.1). The promoters and promoter group will not take part in the issue (DRHP p.70).

10Promoters

The promoters are Mohit Mehta and Mamona, who together hold 99.99% of the company before the issue (DRHP p.146). The document states that Mohit Mehta is the husband of Mamona (DRHP p.131).

Mohit Mehta, 44, is Chairperson and Managing Director, with a BBA from Kurukshetra University and more than 14 years in publishing (DRHP p.129, DRHP p.130). Mamona, 43, is a Whole Time Director with an M.Com and more than 14 years of experience (DRHP p.129, DRHP p.131). Both have been directors since May 15, 2012 and were re-designated for five years from August 3, 2026 (DRHP p.129).

Pay: each was paid ₹0.07 crore a year in FY24, FY25 and FY26, ₹0.14 crore together (DRHP p.47). The new terms allow up to ₹7.20 lakh a year each in salary plus perquisites (DRHP p.132, DRHP p.133).

Loans: the promoters' interest-free loans to the company were ₹6.3 crore at March 31, 2026; Mamona lent ₹5.68 crore in FY25 and was repaid ₹0.95 crore in FY26 (DRHP p.166, DRHP p.47).

Other businesses: both are directors of Anvi Trading Private Limited and Sahira Housekeeping Products Private Limited; Mohit Mehta owns the proprietorship Army Book Depot and Mamona the proprietorship New Scholar Publishing and Trading House and is a partner of Godwin Education Equipments And Services LLP (DRHP p.146, DRHP p.147).

The risk factors say Anvi Trading Private Limited, Army Book Depot, New Scholar Publishing and Trading House and Sahira House Keeping Products Private Limited are in a business similar to the company's, with no non-compete agreement (DRHP p.29); the promoter chapter says the promoters are not involved with group companies in the same line (DRHP p.150).

The company bought ₹1.3 crore of goods from Anvi Trading Private Limited and paid ₹0.46 crore of marketing fees to Anvi Marketing & Business Solution in FY24 (DRHP p.47). The document says the company has no group companies (DRHP p.151).

Property and guarantees: the corporate office cum warehouse at Kunj Vihar is leased from Mamona at ₹30,000 a month for 11 months from June 1, 2026 (DRHP p.114, DRHP p.24). The promoters guarantee the ICICI Bank loan (DRHP p.169). No promoter shares are pledged (DRHP p.60).

Cases: two criminal complaints, four tax demands and one recovery suit are pending against the promoters (DRHP p.213, DRHP p.214); they are set out in section 23.

Promoter economics: the promoters subscribed 30,000 shares at ₹10 on incorporation, received 4,70,000 shares at ₹14.71 on converting loans on March 20, 2020, and then received bonus shares of 9:1 on March 20, 2026 and 7:20 on July 13, 2026 (DRHP p.59). The average cost of acquisition is ₹1.07 a share for each promoter (DRHP p.65). On January 7, 2026 Mamona transferred 10 shares each to five individuals at ₹200 a share (DRHP p.64, DRHP p.65). There has been no other secondary sale and no pre-IPO placement (DRHP p.83, DRHP p.61).

11Who already owns it

Anvi Publishing promoter holding before and after the IPO

Source: DRHP p.62, DRHP p.63, DRHP p.64. There are 67,50,000 shares of ₹10 before the issue and seven shareholders (DRHP p.58, DRHP p.70). If all 33,30,000 new shares are issued, the total becomes 1,00,80,000 shares (DRHP p.58), and the promoters' 99.99% becomes about 67.0%, so 99.99% → 67.0% (our arithmetic, DRHP p.64). The document leaves the after-issue holding blank (DRHP p.64). There are no other promoter group holders (DRHP p.64).

The five individual shareholders are Ashwin Sareen, Parmod Sodhi, Sakshi Sodhi, Shalini Mehta and Gaurav Gandhi, with 135 shares each after the bonus issues, from the January 2026 transfer at ₹200 (DRHP p.60, DRHP p.65). No fund or company holds shares. Mamona has offered 20,50,000 shares, 20.34% of the post-issue capital, as the promoter contribution locked in for three years (DRHP p.66).

12What changed just before the IPO

• Revenue and profit: revenue went from ₹10.9 crore in FY24 to ₹33.5 crore in FY26 and profit after tax from ₹0.38 crore to ₹3.6 crore (DRHP p.44).
• Receivables: receivable days went from 281 in FY24 to 340 in FY26, after 241 in FY25 (DRHP p.74).
• Promoter pay stayed at ₹0.14 crore a year for the two promoters from FY24 to FY26 (DRHP p.47).
• Borrowings went from ₹2.0 crore at March 2024 to ₹10.3 crore at March 2026 (DRHP p.43).
• Conversion: became a public company with a fresh certificate dated April 21, 2026, in April 2026 (DRHP p.48).
• Bonus issues: 9:1 on March 20, 2026, 45,00,000 shares, and 7:20 on July 13, 2026, 17,50,000 shares (DRHP p.59). The notes to the accounts describe the July bonus as 9 for 1 (DRHP p.187).
• Share transfer: 50 shares from Mamona to five individuals at ₹200 on January 7, 2026 (DRHP p.64).
• Pre-IPO placement: none (DRHP p.61). The last priced allotment was at ₹14.71 a share in March 2020, and the last allotment of any kind the July 2026 bonus (DRHP p.59).
• Auditor: no change of statutory auditor in the last three years (DRHP p.53).
• Board and officers: two independent directors and a non-executive director appointed between November 2025 and March 2026, one independent director resigned in March 2026; a CFO appointed from July 15, 2026; one company secretary appointed June 1, 2026 and resigned August 1, 2026, and another appointed September 1, 2026 (DRHP p.135, DRHP p.144).
• Registered office moved to the HSIIDC Saha plot on July 14, 2026 (DRHP p.125).
• Related parties: purchases from Anvi Trading Private Limited and marketing fees to Anvi Marketing & Business Solution in FY24, none after (DRHP p.47).
• Dividend: none declared since incorporation (DRHP p.152).

13Capacity and expansion

Source: DRHP p.109, DRHP p.112, DRHP p.114. The company does no printing or binding itself and so has no installed capacity or capacity utilisation (DRHP p.109). The two warehouse areas are given as 9,000 and 10,500 sq. ft., but the two pages assign them to opposite sites (DRHP p.112, DRHP p.114). The issue funds no capital spending (DRHP p.71).

14Market size and industry structure

Anvi Publishing industry: market size and growth

As claimed: the industry chapter is not a commissioned report. It is drawn from public sources, the IMF's World Economic Outlook, the India Brand Equity Foundation's pages on the economy and the education sector, and a 6Wresearch summary of the India publishing market, and the company says it has not verified the data (DRHP p.86, DRHP p.91, DRHP p.96, DRHP p.98). The widest figure it gives is the Indian education market, put at US$ 117 billion in FY23 (DRHP p.92).

The part that is addressable: the company sells printed books for pre-primary to Class 8 (DRHP p.99). The chapter's nearest figure is the K-12 segment, valued at US$ 48.9 billion in 2023, which covers all school education, not just books (DRHP p.92). The chapter does not size school book publishing, nor the market for books in the 13 states where the company sells.

What the company is today: FY26 revenue was ₹33.5 crore (DRHP p.44). The chapter gives the K-12 figure in US dollars only, so the company's share cannot be worked out from the document.

Size over time: the source projects the Indian education market at US$ 313 billion by FY30, up from US$ 117 billion in FY23 (DRHP p.92). It says the K-12 segment is estimated to reach US$ 125.8 billion by 2032, growing at 10.7% a year (DRHP p.92). Higher education is put at ₹5,75,000 crore in 2024, with IMARC Group projecting ₹11,60,000 crore by 2033 (DRHP p.92). 6Wresearch says the India publishing market is expected to grow at 6.2% a year over 2026 to 2032, without giving the market's size (DRHP p.97). These are the sources' projections, not figures from the company's accounts.

Segments: the chapter splits education into higher education, K-12 and edtech, with edtech valued at ₹64,875 crore (DRHP p.92). The publishing summary divides the market by type (books, journals, newspapers, e-books) and platform (paper, digital) (DRHP p.97). The company sits in printed school books for the youngest classes, across CBSE, ICSE and state boards (DRHP p.99).

What drives demand: India has nearly 580 million people aged 5 to 24 and over 250 million school-going children (DRHP p.91, DRHP p.92). Gross enrolment was 79% at the secondary level and 58% at the higher secondary level in 2024-25 (DRHP p.92). The Union Budget 2026-27 gave the Department of School Education and Literacy ₹83,562.26 crore, and Samagra Shiksha about ₹42,100 crore (DRHP p.95). The publishing summary names the National Education Policy, which calls for new textbooks, along with digital access, demand for regional-language books, self-publishing and AI tools (DRHP p.97, DRHP p.98).

Structure: the company describes the education content market as highly competitive and fragmented, with a few large publishers, many regional and subject-specific ones, and NCERT and SCERT publishing school books at subsidised prices (DRHP p.31). The business chapter adds digital learning platforms and edtech companies (DRHP p.109). The chapter names no school book publisher as a competitor; the peers the company names are in section 15.

Inputs and trade: the main input is paper of different qualities, with printing ink and plates, bought in the domestic market and given to the outside printers (DRHP p.112). The publishing summary lists rising paper costs and a 5% GST on inputs while books are exempt (DRHP p.97). The company has no exports (DRHP p.112).

Rules: the chapter lists the Press and Registration of Periodicals Act, 2023, the Delivery of Books and Newspapers (Public Libraries) Act, 1954 and the Legal Metrology rules for packaged goods (DRHP p.115, DRHP p.116), and the Copyright Act, 1957 (DRHP p.121). The company holds an ISO 9001:2015 certificate dated September 11, 2026 and has no registered trademark (DRHP p.219).

What the chapter says can go wrong: rising paper costs, digital piracy through PDF sharing, shorter attention spans, costly logistics in rural India and the high cost of good paper, and no reader data, which leads to wasted print runs (DRHP p.97). The risk factors add the school-year season, changes in syllabus and exam patterns, free digital content and schools signing up to rivals' curriculum programmes (DRHP p.26, DRHP p.28, DRHP p.34).

15Competitive position

Anvi Publishing competitors

Source: DRHP p.80, DRHP p.81, converted from ₹ lakh. The peers' figures are standalone from their annual reports for the year to March 31, 2026 (DRHP p.81). The company's RoNW in this table is on closing net worth, while the peers' note says average net worth (DRHP p.80, DRHP p.81). The document gives no peer borrowings, margins or description of what the peers publish.

What the company puts forward: content for CBSE, ICSE and state boards, more than 300 distributors and dealers in 13 states, long-standing dealer relationships and an ISO 9001:2015 certificate (DRHP p.103, DRHP p.104). Against that: there are no long-term agreements with dealers, no written agreements with the printers, no registered trademarks, and the corporate office is leased from a promoter for 11 months (DRHP p.104, DRHP p.25, DRHP p.113, DRHP p.24).

16Peers the company named

Peers named in the offer document: Chetana Education Limited, Dachepalli Publications Limited (DRHP p.80).

Both are listed companies the document sets out as industry peers, and each has about three times the company's FY26 revenue (our arithmetic, DRHP p.80). The document prints their P/E at 6.12 times for Chetana Education and 10.05 times for Dachepalli Publications, on closing prices of September 23 and September 25, 2026 (DRHP p.80, DRHP p.81). The company's FY26 EPS is ₹5.39 on ₹10 shares (DRHP p.80). With no issue price, no P/E for the company can be stated.

17Risks, in plain words

Anvi Publishing IPO risks

Financial: receivables: trade receivables were ₹35.2 crore at March 2026, more than FY26 revenue, and ₹3.7 crore was one to two years old (DRHP p.43, DRHP p.178) → if dealers pay late or not at all, profit already booked does not turn into cash → receivable days were 340 in FY26, with no provision for doubtful debts (DRHP p.74, DRHP p.178).

Financial: cash and funding: operating cash flow was −₹6.3 crore in FY25 and −₹1.3 crore in FY26 (DRHP p.45) → growth has been paid for by suppliers, the bank and the promoters → trade payables were ₹21.4 crore and promoter loans, which may be recalled, ₹6.3 crore (DRHP p.43, DRHP p.31).

Promoters: Mamona and Mohit Mehta hold 99.99% before the issue, lend the company money free of interest, guarantee its bank loan and lease it an office (DRHP p.146, DRHP p.166, DRHP p.169, DRHP p.114) → the company leans on two people → they would still hold about 67.0% after the issue (our arithmetic, DRHP p.64).

Promoters: similar businesses: proprietorships of the two promoters and companies they direct are in a similar business, with no non-compete agreement (DRHP p.29) → business could move between them → Anvi Trading Private Limited sold the company ₹1.3 crore of goods in FY24 (DRHP p.47).

Customers: geography: Punjab and Haryana brought 51.8% of FY26 revenue (our arithmetic, DRHP p.22) → a change in those states' schools or boards hits most of the revenue → Punjab alone was 35.77% (DRHP p.22).

Suppliers: printers: all printing is outsourced to job workers with no written agreement (DRHP p.25) → a printer can stop or raise prices at short notice → the top ten suppliers were 34.33% of FY26 purchases (DRHP p.208).

Regulation: filings: 26 forms were filed late with the Registrar of Companies, some by more than 2,000 days, and GST, EPF and ESIC returns were delayed (DRHP p.32, DRHP p.33, DRHP p.38) → penalties are possible → the longest delay shown is 2,807 days (DRHP p.32).

Business: season and returns: most sales fall in January to March and dealers may return unsold books (DRHP p.26, DRHP p.27) → a weak season or high returns lands in a single quarter → rebates and discounts were ₹0.41 crore in FY26 (DRHP p.186).

Issue-specific: the working capital plan assumes receivable days of 333 in FY27 (DRHP p.74) → the issue money funds the same long credit to dealers → ₹11.0 crore of the issue goes to working capital (DRHP p.71).

18Litigation and regulatory matters

Cases against Anvi Publishing and its promoters

Criminal: one complaint against the company and Mohit Mehta and one against Mamona's proprietorship, both under Section 138 of the Negotiable Instruments Act (DRHP p.212, DRHP p.213). Fortune Paper House: the supplier says it supplied paper to New Scholar Publishing House from 2015 to March 2017 and claims ₹2.4 crore with interest;

the document says a settlement deed was signed after mediation in September 2026 and the principal paid, with the matter still listed before the MSME Council and the High Court (DRHP p.214). Regulatory: no actions by statutory or regulatory authorities against the company, promoters or directors (DRHP p.213). Tax: the company's demands total ₹0.01 crore and the promoters' ₹0.05 crore with interest (DRHP p.211, DRHP p.213). Corporate law:

26 late filings with the Registrar of Companies and some documents filed without proper signatures or letterhead; no show cause notice has been issued (DRHP p.32, DRHP p.33).

19Related-party transactions

Source: DRHP p.47, DRHP p.190, converted from ₹ lakh. Loans outstanding at March 31, 2026 were ₹4.7 crore from Mamona Mehta and ₹1.6 crore from Mohit Mehta, both interest-free (DRHP p.47, DRHP p.166). A trade payable of ₹1.3 crore to Anvi Trading Private Limited is shown without a clear year (DRHP p.47). The document lists Sohan Lal Mehta as Mohit Mehta's late father (DRHP p.149).

What appeared or changed in the two years before filing: Mamona's large loan came in FY25; purchases from Anvi Trading Private Limited and marketing fees to Anvi Marketing & Business Solution stopped after FY24; and the lease of the Kunj Vihar office from Mamona at ₹30,000 a month began June 1, 2026 (DRHP p.47, DRHP p.114). The company says its related-party transactions are at arm's length (DRHP p.28).

20What the offer document does not say

Customers and suppliers are not named. The number of books sold, the number of titles sold and prices are not given, so growth cannot be split into volume and price. Sales returns are not quantified. There is no order book; printing starts before one is prepared (DRHP p.28). The school book market and the company's share of it are not sized.

Why receivables exceed a year's revenue, and why no doubtful debt provision is made, is not explained beyond the season. The issue size in rupees, the issue price, general corporate purposes and issue expenses are blank (DRHP p.71). The after-issue shareholding is blank (DRHP p.64). Peer margins and borrowings are not given.

Some inconsistencies are recorded as document matters, not business ones: the July 2026 bonus is 7:20 in the capital structure and 9 for 1 in the notes (DRHP p.59, DRHP p.187); the March 2026 bonus is called 1:9 in one note (DRHP p.164); the warehouse areas are swapped between two pages (DRHP p.112, DRHP p.114); RoCE for FY26 is 38.94% in the KPI table and 34.72% in the ratio annexure (DRHP p.82, DRHP p.195);

the ICICI Bank loan is at 9.25% sanctioned in August 2025 on one page and at repo plus 4.00% sanctioned on August 29, 2026 on another (DRHP p.169, DRHP p.75); dues to non-MSME creditors are ₹20.4 crore against trade payables of ₹21.4 crore (DRHP p.215, DRHP p.43); the promoters' similar businesses are disclosed in the risk factors but denied in the promoter chapter (DRHP p.29, DRHP p.150);

Dheeraj Sodhi is a non-executive director on one page and an independent director in the related-party note (DRHP p.129, DRHP p.190); and the market maker is named once although the agreement details are blank (DRHP p.55, DRHP p.54).

21Five questions for management

1. How many books and titles were sold in FY24, FY25 and FY26, at what average price and with what returns, so that growth can be split into volume, price and returns?
2. Of the ₹35.2 crore of receivables at March 31, 2026, how much had been collected by the filing date, and from how many dealers is the ₹3.7 crore that is one to two years old due?
3. Why is no provision for doubtful debts made, and what credit period do dealers actually get?
4. What do Army Book Depot, New Scholar Publishing and Trading House and Anvi Trading Private Limited deal in today, and do any of them trade with or compete with the company?
5. On what terms, and when, will the ₹6.3 crore of interest-free promoter loans be repaid?

1Sources and cited facts

This study was read from 1 document the company filed. The 170 figures it cites are listed under the document each came from, with the page and the sentence as printed.