Geeta Glasses (India) Limited IPO

01At a glance

What the company does: processes float glass into toughened glass and value-added products (laminated, insulated or double-glazed units and ceramic-printed glass), flat and bent, for the automotive and architectural industries, from a plant at Pithampur, Madhya Pradesh (AP p.3, DRHP p.152).

Who pays it: mainly makers of commercial vehicles and their window suppliers, including bus body builders, and architectural fabricators; automobile customers were 88.70% of FY26 revenue (DRHP p.28, DRHP p.148, DRHP p.167). No customer is named, because the company says it lacks their written consent (DRHP p.164). The largest customer was 14.44% of FY26 revenue and the top ten 63.03% (DRHP p.25).

Why it is raising money: ₹1,092.21 lakh for new imported plant and machinery at the existing plant, ₹800.00 lakh to repay HDFC Bank term loans and ₹600.00 lakh for working capital, plus general corporate purposes capped at 15% of the amount raised or ₹10 crore, whichever is lower (DRHP p.100).

How fast it has grown: revenue from ₹3,076.30 lakh in FY24 to ₹4,008.52 lakh in FY26, about 14.2% a year, and profit after tax from ₹323.58 lakh to ₹557.49 lakh, about 31.3% a year (our arithmetic, DRHP p.60).

The one thing to understand: this is one plant, one product and one region. Toughened glass was 95.20% of FY26 revenue, automobile customers 88.70%, and Madhya Pradesh, Maharashtra and Goa together 95.67% (our arithmetic, DRHP p.26, DRHP p.27, DRHP p.28).

02The business, in plain words

A bus or truck window is not ordinary glass. It is float glass that has been cut, edged, drilled, heated and rapidly cooled so that it is stronger and breaks into blunt granules rather than shards. This company buys the float glass sheets and does that processing, and for buildings it also bonds panes into laminated glass or seals them into double-glazed units (DRHP p.147, DRHP p.148).

A commercial vehicle maker or window supplier orders toughened glass to a drawing → the company buys float glass sheets, mostly from one supplier → it cuts, edges, drills, prints, tempers and inspects the glass → it is paid per piece, plus charges for holes, cut-outs and packing.

The company was incorporated in May 2011 as Geeta Seats & Glass (India) Private Limited, took its present name in April 2012 and became a public company in February 2026 (DRHP p.66). It holds BIS licences for safety glass for buildings and for road vehicles, IATF 16949 and ISO 9001 certificates, ARAI test reports for non-windscreen automotive glass and a UN ECE conformity of production certificate (DRHP p.150, DRHP p.151). Its glass has reached Indian Railways windows and Indore building projects, but only through intermediate customers, with no direct contract (DRHP p.149, DRHP p.150). It does not export (DRHP p.171).

At July 31, 2026 it employed about 109 full-time staff and around 79 contract workers, 74 of the staff in production (DRHP p.170). The registered office is rented from M/s D.K. Patel, a firm in which two promoters are partners, at ₹15,750 a month, and the plant sits on land leased from the state industrial development corporation (DRHP p.173, DRHP p.174, DRHP p.223). Job work was discontinued by a board resolution of July 3, 2026 (DRHP p.165).

Earnings equation: Revenue ≈ square metres processed × realisation a square metre. In FY26 the plant processed 3,97,991 square metres against revenue of ₹4,008.52 lakh, about ₹1,007 a square metre (our arithmetic, DRHP p.60, DRHP p.155). Cost of material consumed was 52.50% of total income and direct manufacturing expense, mainly power and labour, 18.15% (DRHP p.280).

03Where the money comes from

Source: DRHP p.26. By sector, automobile customers were 92.37%, 87.73% and 88.70% of revenue and architectural customers 7.63%, 12.27% and 11.30% (DRHP p.28). By state in FY26, Madhya Pradesh was 50.00%, Maharashtra 34.00%, Goa 11.67% and Uttarakhand 4.32%, with no sales anywhere else (DRHP p.27).

Source: DRHP p.25. Revenue depends on a few customers, and less so each year: the top ten fell from about three quarters of revenue to under two thirds. Business runs on purchase orders without long-term contracts (DRHP p.40). Purchases are more concentrated than sales: the largest supplier was 51.08% of FY26 purchases, the top five 89.27% and the top ten 95.39% (DRHP p.25).

04The growth record

Source: DRHP p.58, DRHP p.60, DRHP p.61, DRHP p.124, DRHP p.126, AP p.6.

Our arithmetic over FY24 to FY26: revenue grew about 14.2% a year, EBITDA about 21.2% and profit after tax about 31.3% (our arithmetic, DRHP p.60). EBITDA margin rose from 23.4% to 26.4%, 298 basis points, and PAT margin from 10.5% to 13.9%, 339 basis points (DRHP p.124, DRHP p.126). Year by year, revenue rose 14.72% in FY25 and 13.58% in FY26 (DRHP p.285, DRHP p.282). In rupees, revenue went from ₹30.8 crore to ₹40.1 crore and profit after tax from ₹3.2 crore to ₹5.6 crore (DRHP p.60). Automobile customers took 88.70% of FY26 revenue (DRHP p.28).

Return on capital employed in FY26 was 28.5% and debt to equity 1.4 times, down from 4.03 in FY24 (DRHP p.124, DRHP p.126). Net debt, borrowings of ₹2,048.31 lakh less cash of ₹19.46 lakh, was about 1.9 times FY26 EBITDA (our arithmetic, DRHP p.58). Operating cash flow was ₹698.20 lakh in FY26, about ₹7.0 crore (DRHP p.61). Other income of ₹15.83 lakh was 2.0% of profit before tax of ₹785.11 lakh (our arithmetic, DRHP p.60). Receivable days were 80 in FY26 (DRHP p.113), and ₹99.62 lakh of receivables, about ₹1.0 crore, had been outstanding for more than three years at March 2026 (DRHP p.37).

Return on equity falls across the three years because net worth grew faster than profit, and net worth at March 2026 is after ₹701.25 lakh of reserves were turned into bonus shares (our arithmetic, DRHP p.58, DRHP p.83). Earnings a share, adjusted for the bonus, were ₹3.14, ₹4.11 and ₹5.41 (AP p.6).

05What the growth is made of

Mostly volume. Square metres processed rose from 3,14,181 in FY24 to 3,66,785 in FY25 and 3,97,991 in FY26, up 26.7% over the two years, while revenue rose 30.3% (our arithmetic, DRHP p.60, DRHP p.155). Revenue a square metre was about ₹979 in FY24, ₹962 in FY25 and ₹1,007 in FY26 (our arithmetic, DRHP p.60, DRHP p.155). On that arithmetic roughly nine tenths of the increase is more glass and the rest is realisation and mix; the document does not give realisation by product, so the split cannot be made exactly.

Mix moved a little towards value-added products: laminated and double-glazed units together rose from ₹41.26 lakh in FY24 to ₹163.84 lakh in FY26, and the company says they grew 156.55% in FY26 against 11.03% for plain toughened glass (our arithmetic, DRHP p.26, DRHP p.283). They remain about 4% of revenue. Architectural revenue nearly doubled from ₹234.83 lakh to ₹452.82 lakh (DRHP p.28).

The profit grew faster than revenue for three reasons the document itself gives: finance cost fell from ₹256.21 lakh to ₹223.67 lakh, depreciation fell because new machinery sat in capital work in progress and was not yet charged, and closing stock of work in progress and finished goods rose (DRHP p.60, DRHP p.284, DRHP p.285). The last is large. The change in inventories credited ₹229.49 lakh to FY26 profit against ₹45.25 lakh in FY25, a swing of ₹184.24 lakh, which is about 96% of the ₹191.01 lakh rise in profit before tax (our arithmetic, DRHP p.60, DRHP p.283).

06Earnings quality

The item that needs explaining is inventory. Stock more than trebled in two years, to ₹1,084.03 lakh, and inventory days rose from 35 to 99 (DRHP p.113). The company attributes this to scaling up and a build-up of raw material and work in progress for higher production (DRHP p.114). The same build-up, through the change in inventories line, carried most of FY26's rise in profit before tax (our arithmetic, DRHP p.283). The document does not age the inventory. On receivables, ₹162.29 lakh was more than six months old at March 2026, including ₹99.62 lakh more than three years old, of which ₹11.15 lakh is disputed (DRHP p.37).

Tax deserves a line. FY24 profit carried a MAT credit entitlement of ₹69.58 lakh against current tax of ₹69.58 lakh, so the total tax charge was the ₹96.94 lakh deferred tax, 23.1% of profit before tax, against 29.0% in FY26 (our arithmetic, DRHP p.60).

07The balance sheet

At March 31, 2026 total assets were ₹4,166.86 lakh: inventories ₹1,084.03 lakh, property plant and equipment ₹909.20 lakh, trade receivables ₹882.61 lakh, non-current investments ₹465.54 lakh, capital work in progress ₹407.60 lakh, short-term loans and advances ₹203.59 lakh, other current assets ₹144.90 lakh and cash ₹19.46 lakh (DRHP p.58). Against that sat long-term borrowings of ₹1,628.53 lakh, short-term borrowings of ₹419.78 lakh, trade payables of ₹197.49 lakh, provisions and other liabilities, and net worth of ₹1,487.31 lakh (DRHP p.58).

Borrowings of ₹2,048.31 lakh were ₹2,040.99 lakh secured and ₹7.33 lakh unsecured (DRHP p.290). Five HDFC Bank term loans sanctioned on June 6, 2025 at 8.75% had ₹1,758.95 lakh outstanding at March 2026, and an HDFC cash credit line ₹261.58 lakh (our arithmetic, DRHP p.290, DRHP p.291).

They are secured on debtors, stock and the plant, and on collateral that includes a commercial office owned by D K Patel and a residential flat owned by Shankar Lal Patel and Shanti Lal Patel (DRHP p.291). Contingent liabilities were ₹3.36 lakh of tax deducted at source demands (DRHP p.63). Non-current investments rose from ₹52.73 lakh to ₹465.54 lakh in FY26, and the pages read do not say what they are (DRHP p.58, DRHP p.61).

After the issue, as far as the arithmetic goes: repaying ₹800.00 lakh from the proceeds would take borrowings from ₹2,048.31 lakh to about ₹1,248.31 lakh on March 2026 figures, and the share count would rise from 1,03,12,500 to 1,43,22,100 (our arithmetic, DRHP p.58, DRHP p.55). The rupee amount of the fresh issue is not set, so post-issue net worth cannot be stated.

08What the money is for

Source: DRHP p.100, DRHP p.101.

The machinery is eight imported items, one of each, on quotations in US dollars dated July 2026 from four overseas suppliers, converted at ₹95.64 to the dollar, the two furnaces from Luoyang (China) Gangxin Glass Technology Co., Ltd: a 3m by 6m flat and bent tempering furnace for ₹417.94 lakh, a 2m by 2m single and double bend furnace for ₹312.74 lakh, two edging lines, a drilling machine, a CNC workstation, a washing machine and a sealing robot for the double-glazing line (DRHP p.107, DRHP p.108, DRHP p.109).

No order has been placed; freight, customs duty and insurance are to be paid from internal accruals (DRHP p.109). Orders are scheduled for November 2026 and commercial production for April 2027 (DRHP p.103).

The company says the new furnaces would let it make bent and larger architectural glass, 3D-bent automotive glass up to 2m by 1.5m and bus side glass up to 2 metres high, none of which it makes now (DRHP p.105). The loans to be repaid had ₹1,713.91 lakh outstanding at July 31, 2026 (our arithmetic, DRHP p.110).

The company's own estimate of its working capital need is ₹2,324.64 lakh for FY27, of which ₹350.00 lakh would come from the issue (DRHP p.113). None of the objects has been appraised by a bank or independent agency, and no monitoring agency is required because the issue is under ₹5,000 lakh (DRHP p.102, DRHP p.120).

Into the business the fresh issue: up to 40,09,600 new shares, not priced at draft stage (DRHP p.55). To selling shareholders the offer for sale: up to 5,76,000 existing shares from two promoters, not priced at draft stage (DRHP p.55).

09Who is selling

Source: DRHP p.99, DRHP p.93; the last column is our arithmetic. The offer is up to 45,85,600 shares: a fresh issue of up to 40,09,600 shares, not priced at draft stage, and an offer for sale of up to 5,76,000 shares, not priced at draft stage (DRHP p.55). The offer for sale is about 12.6% of the shares on offer (our arithmetic, DRHP p.55).

The two selling promoters, Shankar Lal Patel (promoter) with 2,88,000 shares and Shanti Lal Patel (promoter) with 2,88,000 shares, have held the offered shares for at least a year, and their certified weighted average cost of acquisition is ₹2.70 and ₹3.20 a share (DRHP p.99, AP p.1). The company will not receive the offer for sale proceeds, and the two promoters share the offer expenses pro rata (DRHP p.99).

10Promoters

There are five promoters (DRHP p.93). Shankar Lal Patel, aged 62, is Chairman and Managing Director, with over 31 years in glass processing and saw mills and no formal education (AP p.5, DRHP p.212). Shanti Lal Patel, aged 59, Whole-Time Director since January 1, 2026, oversees business development, purchase, production and sales, with over 26 years' experience (AP p.5).

Nirghosh Patel, aged 35, a commerce graduate, joined in 2013 in marketing and has been Chief Executive Officer since January 1, 2026 (DRHP p.216). Rekha Ben Patel, aged 57, an arts graduate of the University of Delhi, a director since incorporation and non-executive since January 1, 2026 (AP p.5). Hansa Ben Patel, aged 60, a founder director who left the board on January 1, 2026 and still oversees human resources and customer relationships (DRHP p.218).

The document states the relationships: Shankar Lal Patel and Shanti Lal Patel are brothers; Hansa Ben Patel is the spouse of Shankar Lal Patel and Rekha Ben Patel the spouse of Shanti Lal Patel; Nirghosh Patel is the son of Shankar Lal Patel and Hansa Ben Patel (DRHP p.219). Other ventures are two family HUFs and two partnership firms, M/s DK Patel and M/s Geeta Timber Mart, both of which transact with the company (DRHP p.215, DRHP p.223). The one group company is Dwarka Castings and Engineering Private Limited (DRHP p.225).

Pay: remuneration and salary to the five promoters was ₹51.00 lakh in FY24 and ₹52.50 lakh in FY26, about ₹0.5 crore in each year (our arithmetic, DRHP p.64). The current terms are ₹1,00,000 a month each for Shankar Lal Patel as Managing Director from November 1, 2025 and Shanti Lal Patel as Whole-Time Director from January 1, 2026 (DRHP p.196). Nirghosh Patel was paid ₹12.00 lakh as CEO in FY26 (DRHP p.209).

Pledges and cases: no promoter share is pledged (DRHP p.93). There are no criminal, civil or regulatory proceedings against the promoters and no SEBI action; there are 4 income-tax demands against promoters totalling ₹1.84 lakh (AP p.9, DRHP p.294). The group company has no securities listed on any exchange (DRHP p.226).

Promoter economics: almost all promoter shares were subscribed at ₹10, face value, between 2011 and 2014, with a rights issue at ₹10 in January 2023 the last allotment for cash (DRHP p.83). In December 2024 Shankar Lal Patel received 1,20,000 shares as a gift from Shankar Lal Patel HUF, and Nirghosh Patel 45,600 shares as a gift from Jalaram Patel and 49,000 by transmission from the late Narmada Ben Patel (DRHP p.91).

On December 20, 2025 a bonus issue of 17 shares for every 8 created 70,12,500 shares for nil consideration, taking the count from 33,00,000 to 1,03,12,500 (DRHP p.83). The certified weighted average cost of acquisition is ₹2.70 a share for Shankar Lal Patel, ₹0.67 for Nirghosh Patel and ₹3.20 for the other three (DRHP p.93). The last allotment for cash before the IPO was ₹10 a share, January 2023, before the bonus (DRHP p.83).

11Who already owns it

Source: DRHP p.93. The company has seven shareholders, all promoters or promoter group; there is no outside shareholder, no private equity, no institution and no employee stock option scheme (DRHP p.85, DRHP p.93). Promoter holding goes from 98.0% to 66.5% on full allotment, and promoters and promoter group together from 100% to 67.98% (DRHP p.93, DRHP p.42). Rekha Ben Patel and Hansa Ben Patel lock in 28,65,600 shares, 20.01% of post-issue capital, for three years as the promoters' contribution (DRHP p.94). There is no pre-IPO investor holding 1% or more.

12What changed just before the IPO

• A bonus issue of 17:8 on December 20, 2025 turned 33,00,000 shares into 1,03,12,500, capitalising reserves (DRHP p.83, DRHP p.85). Authorised capital was raised to ₹16 crore on October 25, 2025 (DRHP p.83).
• No pre-IPO placement. The document reports no primary issue in the 18 months before filing other than the bonus, and no secondary transaction of 5% or more (DRHP p.128). Pre-IPO placement: none (DRHP p.128).
• The company became a public company in February 2026, with a fresh certificate dated February 23, 2026 (DRHP p.66).
• The statutory auditor changed. Airen & Saluja resigned on January 6, 2025, citing other assignments, and Satyanarayan Goyal & Co LLP was appointed on February 17, 2025 to fill the vacancy and reappointed for five years on September 30, 2025 (DRHP p.69, DRHP p.70).
• A new management layer from January 1, 2026: a Chief Executive Officer, Chief Financial Officer and Company Secretary were appointed, Shanti Lal Patel became Whole-Time Director, and Hansa Ben Patel left the board (DRHP p.209, DRHP p.210, AP p.5).
• Revenue and profit: revenue rose from ₹30.8 crore in FY24 to ₹40.1 crore in FY26 and profit after tax from ₹3.2 crore to ₹5.6 crore (DRHP p.60).
• Utilisation rose from 62.83% in FY24 to 73.35% in FY25 and 79.60% in FY26 of a 5,00,000 square metre capacity (DRHP p.155).
• Working capital lengthened. Inventory days went from 35 to 99 and receivable days from 95 to 80 over FY24 to FY26 (DRHP p.113).
• Customer concentration fell: the largest customer went from 27.25% of FY24 revenue to 14.44% in FY26, and the top ten from 76.25% to 63.03% (DRHP p.25). Supplier concentration rose: the top five went from 82.34% of purchases to 89.27% (DRHP p.25).
• Attrition was 39.08% in FY24, 93.75% in FY25 and 89.13% in FY26, which the company links to the plant's distance from Indore (DRHP p.29).
• Debt was refinanced. Five HDFC Bank term loans were sanctioned in June 2025; FY26 shows ₹1,724.66 lakh borrowed and ₹1,590.25 lakh repaid long term, and all promoter loans, ₹110.49 lakh at March 2025, were repaid by March 2026 (our arithmetic, DRHP p.61, DRHP p.65, DRHP p.290).
• Capacity work began. Capital work in progress of ₹407.60 lakh at March 2026; a first phase adding 1,00,000 square metres was commissioned in April 2026 and a further 50,000 is due in October 2026, both from internal accruals (DRHP p.58, DRHP p.106).

13Capacity and expansion

Source: DRHP p.103, DRHP p.106, DRHP p.155; utilisation is certified by a chartered engineer. If all of it happens, installed capacity would be 9,50,000 square metres a year, which the company calls growth of nearly 86% (DRHP p.106). The new machinery goes into about 2,000 square metres of unused shed at the existing plant, and the sanctioned power load would need to rise from 600 KVA to 1,800 KVA (DRHP p.106).

The chain from capacity to revenue is not drawn in the document. At FY26's 3,97,991 square metres the plant already had spare room of about a fifth (our arithmetic, DRHP p.155). The document gives no expected utilisation for the new lines and no realisation for bent or large-format glass. The order book was ₹1,414.63 lakh at August 8, 2026, for delivery by October 30, 2026 (DRHP p.114).

14Market size and industry structure

As claimed: the industry chapter draws on the "Industry Research Report on Glass Industry" dated August 27, 2026 by Infomerics Analytics & Research Private Limited, commissioned and paid for by the company (DRHP p.146). That report, commissioned by the issuer, puts the global glass industry at USD 249.2 billion in 2026 and the Indian glass market at USD 7.7 billion in 2026, projecting 6.32% a year to 2035 for India (DRHP p.139, DRHP p.140). It records that glass sheet output contracted about 8.8% in FY2026 (DRHP p.140).

The part that is addressable: processed safety glass for commercial vehicle windows and for buildings, in Madhya Pradesh, Maharashtra, Goa and Uttarakhand. The document does not size that part.

What the company is today: ₹4,008.52 lakh of FY26 revenue from one plant of 5,00,000 square metres (DRHP p.60, DRHP p.155).

On structure, the company describes a fragmented, competitive industry facing domestic players and imported processed glass (DRHP p.167). It calls its position a "sandwich industry", dependent on float glass producers above and on vehicle makers and builders below, with little control over either (DRHP p.30, DRHP p.31). BIS quality control orders on safety glass and anti-dumping duties on imports are cited as supporting domestic processors (DRHP p.143). Polycarbonate and acrylic are named as substitutes in some uses (DRHP p.43).

15Competitive position

Source: DRHP p.127; PAT margin is our arithmetic on the same page. What the document puts forward as reasons customers come to the company: certifications for automotive safety glass (BIS, IATF 16949, ARAI, UN ECE), a product range across toughened, laminated and double-glazed glass, experienced promoters, and relationships built over 15 years (DRHP p.121, DRHP p.155). The certifications are specific and verifiable in the document (DRHP p.150, DRHP p.151).

Against that: one plant, 95.20% of revenue in one product, 95.67% in three states, 51.08% of purchases from one supplier, and marketing limited so far to digital adverts, trade fairs and direct contact (our arithmetic, DRHP p.25, DRHP p.26, DRHP p.27, DRHP p.44).

16Peers the company named

Peers named in the offer document: Agarwal Toughened Glass India Limited and Sejal Glass Limited (DRHP p.123).

Both are architectural glass processors, while this company earns 88.70% of revenue from automotive customers (DRHP p.123, DRHP p.28). Agarwal Toughened Glass is about 2.4 times the company's FY26 revenue with a higher EBITDA margin, 29.56% against 26.39%; Sejal Glass is about 9.9 times the revenue at a lower margin, 15.50%, and reports on a consolidated basis (our arithmetic, DRHP p.127). The document prints an industry price to earnings range of 11.72 to 26.19 for the two peers on August 21, 2026 prices (DRHP p.122); with no price band, no comparison with this issue can be made.

17Risks, in plain words

One product, one sector: toughened glass was 95.20% of FY26 revenue and automobile customers 88.70% (DRHP p.26, DRHP p.28) → a slowdown in commercial vehicle production reaches revenue directly → architectural sales, the stated route to diversify, were ₹452.82 lakh, 11.30% (DRHP p.28).

Customers: the top ten were 63.03% of FY26 revenue and the largest 14.44% (DRHP p.25) → there are no long-term contracts, only purchase orders (DRHP p.40) → losing the largest customer would remove about one seventh of revenue.

Suppliers: the largest supplier was 51.08% of FY26 purchases and the top five 89.27% (DRHP p.25) → float glass is the main input and cost of material is about half of income (DRHP p.280) → a supply break at one supplier stops half the raw material.

Region: Madhya Pradesh, Maharashtra and Goa were 95.67% of FY26 revenue (our arithmetic, DRHP p.27) → regional demand, policy or logistics shocks are not diluted.

Working capital and stock: inventory days rose from 35 to 99 and inventory to ₹1,084.03 lakh (DRHP p.113) → the rise in stock carried most of FY26's profit increase through the change in inventories line (our arithmetic, DRHP p.283) → ₹99.62 lakh of receivables are more than three years old (DRHP p.37).

Debt: borrowings of ₹2,048.31 lakh against net worth of ₹1,487.31 lakh, debt to equity 1.38 (DRHP p.58, DRHP p.126) → finance cost was 5.56% of FY26 income (DRHP p.280) → ₹800.00 lakh of the proceeds goes to repayment (DRHP p.100).

People: attrition of 89.13% in FY26 and 93.75% in FY25 (DRHP p.29) → most of the workforce turns over each year in a labour-intensive process → the plant also relies on contract labour, around 79 workers (DRHP p.36, DRHP p.170).

Compliance record: GST, provident fund, ESI and TDS returns were filed late in each of the last three years, one TDS return by 369 days and one ESI return by 142 days, and a DPT-3 form with the Registrar of Companies by 430 days (DRHP p.38, DRHP p.39, DRHP p.40) → no notice has been issued yet, the document says (DRHP p.39). A fire no-objection certificate for the plant was applied for on August 15, 2026 and is pending (DRHP p.30).

Issue-specific: no machinery order has been placed, the general corporate purposes amount is blank, the objects are not appraised, there is no price band, and the promoters' average cost is ₹0.67 to ₹3.20 a share (DRHP p.93, DRHP p.100, DRHP p.102, DRHP p.109).

18Litigation and regulatory matters

Criminal matters: none against the company, promoters, directors, key managerial personnel or the group company; the only criminal complaints are those the company and its CFO filed as complainants (DRHP p.292, DRHP p.294, DRHP p.295). Civil: no material civil litigation by or against the company (DRHP p.293).

The labour matter concerns four employees whose services the company is alleged to have ended orally in May 2020; the Labour Court ordered reinstatement without back wages in November 2022, the Industrial Court granted 25% back wages to one of them in May 2023, and both sides are before the High Court (DRHP p.293, DRHP p.294). Dues to creditors at March 2026 were ₹197.49 lakh, of which ₹168.09 lakh to one material creditor (DRHP p.297).

19Related-party transactions

Source: DRHP p.64, DRHP p.65; the rows are our arithmetic on the recipients listed. Beyond these, the company advanced ₹103.00 lakh of capital to Dwarka Casting and Engineering Private Limited in FY24, received ₹10.50 lakh back in FY25 and ₹70.00 lakh in FY26, leaving ₹24.00 lakh outstanding; it also made small sales to that company (DRHP p.65). Promoters lent to the company and were repaid: ₹135.22 lakh of loans was repaid to three promoters in FY26 and nothing was owed to them at March 2026 (our arithmetic, DRHP p.65).

What appeared or changed in the two years before filing: remuneration to Shanti Lal Patel as Whole-Time Director from FY26; salaries to the new CFO and Company Secretary in FY26; a sitting fee to Rekha Ben Patel in FY26; purchases from Geeta Timber Mart, a firm of Shanti Lal Patel and Hansa Ben Patel, rising from ₹0.05 lakh to ₹23.50 lakh; and the promoter loans running down to nil (DRHP p.64, DRHP p.65, DRHP p.223). The current registered office lease from M/s D.K. Patel runs for four years and eleven months from April 1, 2025 (DRHP p.173).

20What the offer document does not say

No customer or supplier is named; the company says it lacks their written consent (DRHP p.164). Realisation by product and volume by product are not given, so price and mix cannot be separated from volume. The age of the ₹1,084.03 lakh of inventory and the make-up of the ₹229.49 lakh FY26 inventory build are not set out. What the ₹465.54 lakh of non-current investments consists of is not explained on the pages read.

The expected utilisation, output and realisation from the new machinery are not stated. The issue price, the general corporate purposes amount, the issue expenses and the market maker are left blank. Margins and capacity for the peers are only as the document prints them.

Some document inconsistencies are worth recording as document matters, not business ones: the lock-in table gives Hansa Ben Patel 21,10,438 shares while the shareholding table gives 20,60,937 (DRHP p.93, DRHP p.94); one page describes installed capacity after expansion as "9,50,000 lakh square metres" (DRHP p.157); a risk factor refers to working capital "for new stores" (DRHP p.30); another says the price is set by a fixed price process while the offer is book built (DRHP p.46); and the related-party list names the company secretary "Prachi Patel" where the rest of the document says Prachi Mehta (DRHP p.64, DRHP p.66).

21Five questions for management

1. What share of the FY26 revenue increase came from more square metres and what share from price or mix, product by product?
2. What was in the ₹229.49 lakh increase in work in progress and finished goods at March 2026, and how much of it had been billed by September 2026?
3. What are the ₹465.54 lakh of non-current investments bought in FY26, and what do they earn?
4. What utilisation and realisation a square metre does the ₹1,092.21 lakh of new machinery need to cover its own depreciation and interest?
5. How much of the ₹99.62 lakh of receivables older than three years has been provided for, and why is it still carried as considered good?

2Sources and cited facts

This study was read from 2 documents the company filed. The 125 figures it cites are listed under the document each came from, with the page and the sentence as printed.