Kasliwal Projects Limited IPO

01At a glance

What the company does: designs, markets and distributes stainless steel, triply, non-stick and coated cookware, pressure cookers, steel bottles and utensils under its own brands and for other brands on an OEM basis, while four subsidiaries at Vasai, Maharashtra do the manufacturing (DRHP p.143, DRHP p.145).

Who pays it: modern retail chains, distributors and dealers in general trade, institutional and corporate buyers, e-commerce platforms and OEM customers (DRHP p.145). The top five customers brought 65.83% of FY26 revenue and the top ten 83.66% (DRHP p.29). No customer is named.

Why it is raising money: ₹24.7 crore of the fresh issue goes into the wholly owned subsidiary Kasliwal Housewares Private Limited to build a new plant at Wada, Palghar, and ₹20.0 crore to working capital; the general corporate purposes amount is blank (DRHP p.88). Promoters Anish Padam Jain and Nitish Padam Jain offer 8,00,000 shares each for sale (DRHP p.50).

How fast it has grown: revenue from ₹105.3 crore in FY24 to ₹180.8 crore in FY26, about 31.1% a year, and profit after tax from ₹4.2 crore to ₹18.0 crore, about 107.6% a year (our arithmetic, DRHP p.53).

The one thing to understand: profit rose while cash went out. Operating cash flow was −₹8.5 crore in FY26 against ₹18.0 crore of profit, because inventory more than doubled to ₹68.4 crore and receivables rose to ₹21.6 crore; borrowings went from ₹18.1 crore to ₹45.1 crore in the same year (DRHP p.54, DRHP p.52).

02The business, in plain words

What Kasliwal Projects does

Kasliwal Projects sells the pots, pans, pressure cookers and steel water bottles found in Indian kitchens. The listed entity itself owns no factory: it handles brands, sales, marketing and distribution, and its subsidiaries procure the metal, run the presses and polishing lines and supply finished goods to it (DRHP p.143, DRHP p.155). In FY26, 86.55% of the company's own purchases came from its subsidiaries (DRHP p.23).

A retail chain, a distributor, an e-commerce platform, a corporate gifting buyer or another brand wants cookware or bottles → the company takes the order and passes it to the right subsidiary → Suyukti, Sumeet, Smidge or Splashcraft cuts, presses, coats, polishes and assembles steel or aluminium at Vasai → the company invoices the customer, under its own brand or the customer's (DRHP p.144, DRHP p.145, DRHP p.150).

The brands are TRUPTI, bought by deed of assignment in March 2018 and described as present in the market for over 40 years; ARAMEX, which came with the purchase of Aramex Appliances Private Limited in 2022; and THE CHEF STORY, a premium brand launched in May 2022 and owned by the subsidiary Chef Story Home Appliances Private Limited (DRHP p.144). The range runs to about 800 SKUs (DRHP p.144). A tenth of revenue, ₹19.5 crore in FY26, is "Others": third-party goods bought and resold for corporate gifting (DRHP p.24).

The manufacturing subsidiaries are Suyukti Home Solutions (stainless steel and triply cookware, pressure cookers), Sumeet Home Solutions (non-stick, ceramic and hard-anodised cookware), Smidge Home Products (single-wall steel bottles) and Splashcraft Houseware (insulated bottles), all at Vasai, all on leased premises (DRHP p.144, DRHP p.161, DRHP p.162). The company owns 50% of Smidge and 51% of Splashcraft and 99.99% of the rest (DRHP p.295).

Sumeet Home Solutions took over the business of Sumeet Steel, a proprietorship of the promoter Nitish Padam Jain, under a business transfer agreement dated April 1, 2025 (DRHP p.153). The company had 23 employees at March 31, 2026; the group as a whole has "over 106" (DRHP p.158).

Earnings equation: Revenue = pieces sold × average price per piece, across five product lines. The document gives installed capacity in pieces and utilisation for each plant, but not pieces sold or average prices, so the equation cannot be filled in from the filing (DRHP p.153, DRHP p.149).

03Where the money comes from

By product, sale of products only (₹ crore):

Source: DRHP p.149, converted from ₹ lakh. Triply cookware went from 17.15% of sales in FY24 to 29.10% in FY26, while non-stick fell from 35.84% to 18.29% (DRHP p.149).

By brand, TRUPTI was 49.16% of FY26 sales, OEM work for other brands 35.06%, Others 10.84%, ARAMEX 3.64% and THE CHEF STORY 1.29% (DRHP p.24). OEM sales rose from ₹26.2 crore in FY24 to ₹63.1 crore in FY26 (DRHP p.24). By channel, FY26 sales were 38.0% modern and organised retail, 32.3% general trade, 23.4% institutional and 6.2% e-commerce; general trade was 20.3% in FY24 (DRHP p.145). Exports were ₹0.61 crore in FY26 (DRHP p.40). The company alone brought 88.33% of FY26 consolidated revenue and the subsidiaries' outside sales 11.67% (DRHP p.154).

Kasliwal Projects customers: how concentrated the revenue is

Source: DRHP p.29, DRHP p.272. Revenue does depend on a few customers: ten of them brought ₹150.5 crore of FY26 revenue of ₹180.8 crore (DRHP p.272). The document does not name any customer, give the largest one's share, or say which channel the top customers sit in. The company says it has no long-term contracts and no price agreements with customers (DRHP p.29).

On the supply side the picture moved the other way: the top five suppliers were 70.61% of purchases in FY24 and 31.32% in FY26, the top ten 80.32% and 47.68% (DRHP p.25). There are no long-term supply agreements (DRHP p.25).

04The growth record

Kasliwal Projects financials: revenue, profit and margins

Source: DRHP p.53, DRHP p.54, DRHP p.52, DRHP p.101, converted from ₹ lakh. Revenue went from ₹105.3 crore in FY24 to ₹180.8 crore in FY26 and profit after tax from ₹4.2 crore to ₹18.0 crore (DRHP p.53). Of FY26 profit, ₹16.6 crore belongs to the company's shareholders and ₹1.5 crore to the minority holders in Smidge and Splashcraft (DRHP p.53). Return on net worth on year-end equity was 36.70%, 64.23% and 46.64% (DRHP p.99).

Our arithmetic over FY24 to FY26: revenue grew about 31.1% a year (our arithmetic, DRHP p.53), EBITDA about 93.5% a year (our arithmetic, DRHP p.101) and profit after tax about 107.6% a year (our arithmetic, DRHP p.53). EBITDA margin moved from 6.77% to 14.74%, up 797 basis points, so from 6.8% to 14.7% rounded (DRHP p.101). Almost all of the margin step came in FY25; FY26 margin was lower than FY25 (DRHP p.101).

The year ends on March 31 throughout. The restatement changed only gratuity provisions, by under ₹0.05 crore in any year (DRHP p.219, DRHP p.220). FY26 includes Sumeet Home Solutions for the first time, from April 1, 2025 (DRHP p.240). The auditor, Swaroop Jain & Co., gave unmodified opinions for all three years and notes that the consolidation itself was done in Microsoft Excel, which keeps no audit trail (DRHP p.207).

What sits around the record:

• Cash: operating cash flow was −₹8.5 crore in FY26, ₹4.7 crore in FY25 and ₹5.6 crore in FY24 (DRHP p.54). In FY26 inventory absorbed ₹36.8 crore and receivables ₹13.2 crore, offset by ₹24.2 crore more owed to suppliers (DRHP p.54).
• Other income was ₹1.4 crore, about 6.0% of FY26 profit before tax of ₹23.1 crore (our arithmetic, DRHP p.53).
• Debt: borrowings were ₹45.1 crore at March 31, 2026 (DRHP p.52), debt to equity 1.03 times, about 1.0× (DRHP p.238), and net debt of ₹40.0 crore about 1.5× FY26 EBITDA (our arithmetic, DRHP p.101). Return on capital employed was 28.40%, so 28.4% rounded (DRHP p.101). Finance cost was ₹3.6 crore in FY26 against ₹1.5 crore in FY25 (DRHP p.53).
• Unsecured loans from companies: ₹7.5 crore at March 31, 2026 from twelve private companies, each lending ₹0.50 crore or ₹1.0 crore, with no interest rate or term shown (DRHP p.259).
• Customers and suppliers: the top five customers were 65.83% of FY26 revenue, so 65.8% rounded, and the top ten 83.66%, so 83.7% (DRHP p.29); the top ten suppliers were 47.68% of FY26 purchases, so 47.7% (DRHP p.25).
• Related-party purchases: the company bought ₹25.0 crore of goods from Sumeet Steel, the promoter Nitish Padam Jain's proprietorship, in FY25 (DRHP p.58).
• Inventory: ₹68.4 crore at March 2026 against ₹31.5 crore a year earlier; inventory turnover fell from 5.04 times in FY24 to 2.00 times in FY26 (DRHP p.52, DRHP p.238).
• Capacity: Suyukti's cookware plant ran at 94.12% in FY26, so 94.1% rounded; the newest bottle plant, Splashcraft, at 35.48% (DRHP p.27).
• Guarantee for a promoter group company: the company is obliged to pay if Kasliwal Capital Management Private Limited defaults on a ₹4.6 crore Bajaj Housing Finance loan guaranteed by Anish Padam Jain and Nitish Padam Jain (DRHP p.183).
• Contingent liabilities: under ₹0.01 crore, ₹19,000 of income tax and GST claims, and no capital commitments (DRHP p.56).
• Industry: the company places itself in kitchenware and cookware, part of consumer durables and household products (DRHP p.113).

05What the growth is made of

Revenue rose ₹75.6 crore from FY24 to FY26 (our arithmetic, DRHP p.53). The document attributes FY26 growth to "higher volumes" of bottles, steel utensils, triply cookware and cookers, and to more manufacturing and trading (DRHP p.268).

Products: triply cookware added ₹34.4 crore, steel utensils ₹20.5 crore and steel bottles ₹17.5 crore, while non-stick fell ₹4.5 crore (our arithmetic, DRHP p.149).

Capacity: Smidge's bottle capacity went from 11,64,800 pieces in FY24 to 29,95,200 in FY26, with a second line from February 2024 and a third from February 2026; Suyukti's cookware capacity from 6,48,960 to 13,66,560 pieces (DRHP p.26, DRHP p.27). Splashcraft started bottle production in late February 2025 (DRHP p.27).

Acquisitions and transfers: Suyukti and Smidge became subsidiaries in March 2024 by board-control agreements, and the rest of Suyukti was bought for ₹6.0 crore in January 2025 (DRHP p.181). Sumeet Home Solutions took over the promoter's proprietorship Sumeet Steel from April 2025, the same business that had sold the company ₹25.0 crore of goods in FY25 (DRHP p.153, DRHP p.58). Before the transfer, those purchases sat inside the company's cost; after it, they are intra-group (DRHP p.240).

Customers and channels: OEM sales rose ₹36.8 crore and general trade sales ₹37.0 crore over the two years (our arithmetic, DRHP p.24, DRHP p.145).

The document gives no volumes sold and no prices, so the increase cannot be split into volume and price. That is the finding.

06Earnings quality

The item that needs explaining is inventory. It went from ₹18.4 crore at March 2024 to ₹31.5 crore at March 2025 and ₹68.4 crore at March 2026; at March 2026 it was ₹24.9 crore of raw materials, ₹13.2 crore of work in progress and ₹30.2 crore of finished and traded goods (DRHP p.52, DRHP p.232). The company gives four reasons: business expansion, seasonal stocking, Sumeet Home Solutions' stock coming into the group for the first time, and buying raw materials ahead to guard against supply disruption (DRHP p.240). Receivables are mostly recent: ₹21.4 crore of the ₹21.6 crore was under six months old (DRHP p.233).

The gap was funded by suppliers and lenders. Trade payables rose from ₹13.4 crore to ₹37.6 crore in FY26, and short-term borrowings from ₹12.1 crore to ₹28.6 crore (DRHP p.52). The consolidated "net worth" the KPI table defines as including minority interest is, in the figures, share capital plus reserves only, ₹38.7 crore, with a further ₹5.2 crore of minority interest shown separately (DRHP p.101, DRHP p.52).

07The balance sheet

At March 31, 2026 total assets were ₹137.4 crore: inventories ₹68.4 crore, trade receivables ₹21.6 crore, property, plant and equipment ₹19.3 crore, other current assets ₹12.6 crore (₹8.2 crore of it GST receivable), cash and bank balances ₹5.1 crore, non-current investments ₹4.6 crore and intangibles ₹3.2 crore, almost all goodwill (DRHP p.52, DRHP p.234, DRHP p.228). Against them: trade payables ₹37.6 crore, short-term borrowings ₹28.6 crore, long-term borrowings ₹16.5 crore, short-term provisions ₹5.4 crore (₹5.0 crore of it income tax), other current liabilities ₹5.2 crore, minority interest ₹5.2 crore and net worth ₹38.7 crore (DRHP p.52, DRHP p.227).

Borrowings at March 31, 2026: ₹33.4 crore secured from State Bank of India, Axis Bank, SIDBI and HDFC Bank, mostly cash credit and machine loans at 8.25% to 12.40%; ₹0.27 crore of a Bajaj Finserv overdraft at 16.5%; ₹7.5 crore from twelve private companies; and loans from directors of subsidiaries, promoters and Kasliwal Capital Management Private Limited (DRHP p.257 to DRHP p.260).

The secured loans carry personal guarantees of the three promoters, Mina Devi Jain, Jyoti Nitish Jain and Poonam Anish Jain, and a mortgage of four flats at Monal Co-op. Hsg. Soc., Malad East (DRHP p.257).

The non-current investment of ₹4.0 crore is in the equity of Tint Tech Coatings Pvt Ltd, made in FY26 after a ₹1.05 crore loan to it in FY25; the document does not say what the company is or why it was bought (DRHP p.231). The company has given corporate guarantees for its subsidiaries' SIDBI and Axis Bank loans (DRHP p.184, DRHP p.258).

Source: DRHP p.52, DRHP p.88, DRHP p.273. No issue money is earmarked for repaying debt, and the capitalisation statement leaves the post-issue column blank (DRHP p.273). The working capital plan still assumes short-term borrowings of ₹14.9 crore in FY27 and ₹24.8 crore in FY28 for the company alone (DRHP p.93).

08What the money is for

Kasliwal Projects IPO objects: what the money is for

Source: DRHP p.88. 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.2).

The Wada plant, ₹24.7 crore: the subsidiary holds about 2,50,000 sq. ft. of land at Gut No. 10, 11/3, Village Munguste, Wada, Palghar, and will build a factory of about 35,000 sq. ft. on it for triply cookware, pressure cookers and coated cookware (DRHP p.88, DRHP p.89).

₹14.6 crore is buildings and site work on a quotation from Sterling Engineering & Constructions LLP dated September 17, 2026, and ₹10.1 crore is machinery on quotations from Foshan Youngmax Machine Co. Ltd, Guangdong, China, dated September 20, 2026 and valid 90 days (DRHP p.89, DRHP p.90). The planned addition is 62,400 cookers, 1,04,000 triply pieces and 1,62,400 coated pieces a month (DRHP p.89).

How the money reaches the subsidiary, as equity or as a loan, is not decided (DRHP p.89). Building runs from December 2026 to August 2027, machinery is ordered in June 2027 and production starts in December 2027; the consent to establish is held, and the factory licence and consent to operate are to be applied for in August and September 2027 (DRHP p.92).

₹14.0 crore is to be spent in FY27 and ₹10.7 crore in FY28 (DRHP p.95). No orders have been placed (DRHP p.28).

Working capital, ₹20.0 crore: ₹7.0 crore in FY27 and ₹13.0 crore in FY28, for the company alone, whose projected working capital gap rises from ₹11.6 crore at March 2026 to ₹21.9 crore and ₹37.8 crore (DRHP p.92, DRHP p.93). The projection assumes receivable days of 44 and 45 (DRHP p.93).

The objects have not been appraised by any bank or financial institution (DRHP p.96). A monitoring agency will be appointed because the offer is above ₹50.0 crore (DRHP p.67).

Into the business the fresh issue of up to 1,25,00,000 shares, at a price not yet set (DRHP p.2). To selling shareholders 16,00,000 shares, 8,00,000 each from Anish Padam Jain and Nitish Padam Jain, at a price not yet set (DRHP p.2).

09Who is selling

Kasliwal Projects IPO offer for sale: who is selling

Source: DRHP p.50, DRHP p.305. The offer for sale is 16,00,000 of the 1,41,00,000 shares offered, about 11.3% of the offer (our arithmetic, DRHP p.2). The average cost of the sellers' shares is ₹0.31 for Anish Padam Jain and ₹0.21 for Nitish Padam Jain (DRHP p.82, AP p.1). Padam Kumar Jain, the third promoter, is not selling (DRHP p.50). The fresh issue is 1,25,00,000 shares and the offer for sale 16,00,000 shares by two promoters, amounts not set (DRHP p.2).

10Promoters

The promoters are Padam Kumar Jain, Anish Padam Jain and Nitish Padam Jain, who together hold 99.98% of the company; four promoter group members hold the remaining 8,835 shares (DRHP p.200, DRHP p.83). The document states that Padam Kumar Jain is the father of Anish Padam Jain and Nitish Padam Jain (DRHP p.188).

Padam Kumar Jain, 62, is Chairman and Non-Executive Director, associated with the company since 2017 with 9 years of experience; the document records that a qualification marksheet cannot be traced (DRHP p.186, DRHP p.187). Anish Padam Jain, 40, is Whole Time Director and CEO, and Nitish Padam Jain, 38, Managing Director and CFO; both are chartered accountants with the company since incorporation in 2008 (DRHP p.186, DRHP p.188). The industry chapter traces the group to Sumeet Steel, set up by Padam Kumar Jain in 1981 for steel kitchenware (DRHP p.139); the business chapter records Sumeet Steel as Nitish Padam Jain's proprietorship at the time of its transfer (DRHP p.153).

Pay: remuneration to the three promoters from the company was ₹0.60 crore in FY24 and ₹1.94 crore in FY26 (DRHP p.57). Anish Padam Jain and Nitish Padam Jain each received ₹0.93 crore in FY26 and each may be paid up to ₹1.46 crore a year for three years from FY25 (DRHP p.189). They also took ₹0.21 crore of professional fees from Smidge in FY26 (DRHP p.190).

Other businesses and group companies: Kasliwal Capital Management Private Limited (investment advisory), Food Shots Culinary Ventures Private Limited (digital marketing) and Samatva Home Solutions Private Limited (glass and glass lids) are the group companies; Sumeet Home Solutions bought ₹0.73 crore of goods from Samatva in FY26 and had ₹1.8 crore of advances with it at March 2026, and Samatva pays the company rent (DRHP p.292, DRHP p.249, DRHP p.234, DRHP p.243). The document says the group companies are not in the same line of business (DRHP p.293).

Guarantees and loans: the promoters have given personal guarantees for the group's bank loans, backed by a mortgage of four flats at Malad East (DRHP p.183, DRHP p.184). Anish Padam Jain had lent the group ₹0.36 crore and Nitish Padam Jain ₹0.24 crore at March 2026 (DRHP p.224). No promoter shares are pledged (DRHP p.80).

Cases: there are no criminal, regulatory, tax or material civil cases against the promoters (DRHP p.276). One writ petition filed by Padam Kumar Jain and others against MHADA before the Bombay High Court, over flats bought in "The Meadows Project", is pending, amount not ascertainable (DRHP p.276).

Promoter economics: the average cost of the promoters' shares is ₹0.31 for Anish Padam Jain, ₹0.21 for Nitish Padam Jain and ₹0.66 for Padam Kumar Jain (DRHP p.82). Their cash investment came through rights issues at ₹82 in January 2018, ₹146.63 in September 2018 and ₹301.79 in March 2021, all at ₹10 face value; the rest of their holding came from family gifts in March and September 2024, a 56:1 bonus in September 2024 and a split from ₹10 to ₹2 in November 2024 (DRHP p.75, DRHP p.81, DRHP p.82). There have been no share purchases or sales by promoters in the six months before filing (DRHP p.82).

11Who already owns it

Kasliwal Projects promoter holding before and after the IPO

Source: DRHP p.83. There are 4,09,32,555 shares of ₹2 before the issue and seven shareholders, all promoter or promoter group (DRHP p.49, DRHP p.85). The document leaves the after-issue holding blank (DRHP p.83). If all 1,25,00,000 new shares are issued and 16,00,000 are sold, the total becomes 5,34,32,555 shares and the promoters' 99.98% becomes about 73.6%, so 99.98% → 73.6% (our arithmetic, DRHP p.80). The document itself puts promoters and promoter group at 73.61% after the offer, so 100% → 73.6% (DRHP p.42). The post-issue paid-up capital is stated as ₹10.7 crore (DRHP p.308).

There is no outside shareholder in the company. Outside money sits in two subsidiaries: Bhavesh Shantilal Patel and Jayantilal Ghevarchand Jain hold 25% each of Smidge, and six individuals hold about 8.17% each of Splashcraft (DRHP p.297, DRHP p.300, DRHP p.301). Jayantilal Ghevarchand Jain is also Smidge's landlord and was paid ₹0.55 crore of professional fees by Smidge in FY26 (DRHP p.161, DRHP p.248).

12What changed just before the IPO

• Revenue and profit: revenue went from ₹105.3 crore in FY24 to ₹180.8 crore in FY26 and profit after tax from ₹4.2 crore to ₹18.0 crore (DRHP p.53).
• Receivables: the company alone went from 38 receivable days in FY24 to 45 in FY26, after 20 in FY25 (DRHP p.93).
• Promoter pay went from ₹0.60 crore in FY24 to ₹1.94 crore in FY26 (DRHP p.57).
• Borrowings went from ₹18.1 crore at March 2025 to ₹45.1 crore at March 2026 (DRHP p.52).
• Subsidiaries: Suyukti and Smidge brought under board control in March 2024; Splashcraft and Sumeet Home Solutions incorporated in 2024; the rest of Suyukti bought for ₹6.0 crore in January 2025; Aramex's machinery moved to Suyukti in January 2025 and Aramex stopped manufacturing (DRHP p.149, DRHP p.150, DRHP p.181, DRHP p.154).
• Promoter business transferred in: Sumeet Steel, Nitish Padam Jain's proprietorship, to Sumeet Home Solutions from April 1, 2025; the consideration is not stated (DRHP p.297).
• Bonus issue: 56:1, allotted September 30, 2024, 80,42,888 shares, the last allotment before the IPO, with no price paid (DRHP p.75).
• Share split: ₹10 to ₹2, November 21, 2024 (DRHP p.75).
• Pre-IPO placement: none; no shares were issued in the two years before filing other than the bonus (DRHP p.77).
• Public company: converted with a fresh certificate dated October 28, 2024 (DRHP p.2).
• Auditor: no change; Swaroop Jain & Co. was re-appointed on September 30, 2025 (DRHP p.68).
• Board: Mina Devi Jain, Poonam Anish Jain and Jyoti Jain left the board on September 25, 2024; Padam Kumar Jain became non-executive Chairman; Anish Padam Jain and Nitish Padam Jain were re-designated from September 30, 2024; two independent directors joined on February 17, 2025 (DRHP p.191).
• Investment: ₹4.0 crore into Tint Tech Coatings Pvt Ltd in FY26 (DRHP p.231).
• Registered office moved from Vasai to Goregaon East on January 16, 2025 (DRHP p.178).

13Capacity and expansion

Source: DRHP p.26, DRHP p.27, DRHP p.92, as certified by Arya Marine Surveyors, chartered engineer, on September 16, 2026 (DRHP p.27). Smidge ran at 92.13%, 74.53% and 67% as two new lines came on; Suyukti at 88.54%, 92.02% and 94.12%; Sumeet at 68%, 73% and 75% on the same 17,47,200 units in all three years, although Sumeet Home Solutions itself has run the business only since April 2025 (DRHP p.26, DRHP p.27, DRHP p.153). The industry chapter gives Sumeet's capacity as 13,10,241 pieces of coated cookware instead (DRHP p.139).

The Wada plant adds 62,400 cookers, 1,04,000 triply pieces and 1,62,400 coated pieces a month on a certificate from Veriprise Research & Consulting LLP; the risk factors give the coated figure as 1,66,400 (DRHP p.89, DRHP p.26). The document gives capacity and utilisation but not pieces sold, so the step from capacity to revenue cannot be made here.

14Market size and industry structure

Kasliwal Projects industry: market size and growth

As claimed: the industry chapter is drawn from the "Industry Report on Indian Cookware Industry" by Infomerics Analytics & Research Private Limited, dated September 24, 2026, which the company commissioned and paid for in connection with the offer (DRHP p.110, DRHP p.20). The commissioned report puts the Indian cookware market at USD 3.26 billion in 2025, estimated at USD 3.50 billion in 2026 (DRHP p.120). At the document's own rate of ₹95.9099 to the dollar, USD 3.26 billion is about ₹31,266.6 crore (our arithmetic, DRHP p.91).

The part that is addressable: the company sells cookware, pressure cookers, utensils and steel bottles almost entirely within India, with exports of ₹0.61 crore in FY26 (DRHP p.149, DRHP p.40). The chapter sizes Indian cookware and Indian kitchen appliances, but not stainless steel bottles or the OEM and private-label segment in which the company earns 35.06% of its sales (DRHP p.124, DRHP p.24). It gives no split of the cookware market by material, price band or channel.

What the company is today: FY26 revenue of ₹180.8 crore is about 0.58% of the claimed 2025 Indian cookware market, though the revenue includes bottles and third-party gifting goods that the cookware figure does not cover (our arithmetic, DRHP p.53, DRHP p.120).

Size over time: the commissioned report projects the Indian cookware market at USD 7.08 billion by 2036, about 7.29% a year from 2026 (DRHP p.120). It projects the global cookware market from USD 31.64 billion in 2025 to USD 57.04 billion by 2036, about 5.50% a year (DRHP p.118).

It also cites the Indian kitchen appliances market, "according to IBEF", at USD 16.19 billion in 2025 rising to USD 32.36 billion by 2036, and smart kitchen appliances at USD 1.87 billion growing to USD 15.11 billion (DRHP p.121, DRHP p.122). These are the report's projections, not figures from the company's accounts. The chapter gives no historical series for the Indian market, only 2025 and later.

Segments: the report divides the market by product (pressure cookers, non-stick and coated cookware, stainless steel cookware, triply, hard-anodised, bottles and flasks, gas stoves, induction cooktops, small appliances), by material, by end use (household and institutional), by supply model (OEM, private label, own brand, hybrid), by channel and by price band (DRHP p.114, DRHP p.115, DRHP p.116). The company sits in the hybrid OEM and own-brand model, in triply, stainless steel, coated cookware, pressure cookers and steel bottles, across value, semi-premium and premium price bands (DRHP p.139, DRHP p.143).

What drives demand: the chapter names urbanisation, nuclear households and rising incomes; awareness of materials, food-contact safety and induction cooking; organised retail, e-commerce and direct-to-consumer channels; product innovation and premiumisation; and replacement, gifting and institutional buying (DRHP p.127). It sets these against India's macro figures, such as per capita private consumption rising from ₹1,17,000 in FY24 to ₹1,38,000 in FY26 (DRHP p.112).

Structure: the chapter describes many regional and unorganised makers alongside branded and OEM players (DRHP p.114). It names three reference peers, Stove Kraft Limited (Pigeon, Gilma), TTK Prestige Limited (Prestige, Judge) and Hawkins Cookers Limited, while noting that the company differs from all three at the standalone level because it is principally a trading and branded-sales company (DRHP p.138, DRHP p.139). Barriers to entry it lists are manufacturing capital, raw material access, BIS compliance, technical skill, distribution and brand building, and working capital (DRHP p.136). No market shares are given for anyone.

Inputs and trade: stainless steel and aluminium are the main inputs, with coatings, glass lids, gaskets and handles (DRHP p.157, DRHP p.128). Material cost was 51.87% of the company's FY26 expenses (DRHP p.25). Imports of raw material were ₹1.2 crore in FY26 and of capital goods ₹8.4 crore (DRHP p.250). The chapter notes that anti-dumping and other trade measures on steel and aluminium are product and country specific (DRHP p.129).

Rules: the Cookware, Utensils and Cans for Foods and Beverages (Quality Control) Order, 2024 makes BIS conformity compulsory for covered products, under IS 14756 for steel utensils, IS 1660 for aluminium utensils and IS 2347 for pressure cookers; bottles fall under IS 17803:2022 and vacuum flasks under IS 17526:2021 (DRHP p.129, DRHP p.133, DRHP p.124). The group holds BIS licences under IS 2347, IS 14756, IS 1660 and IS 17803, the IS 1660 licence still in the name of Sumeet Steel pending amendment (DRHP p.286, DRHP p.291). The report says the PLI scheme for white goods is of limited relevance to cookware (DRHP p.129).

What the chapter says can go wrong: steel and aluminium price swings, price-based competition from unorganised and regional supply, multi-channel distribution and working capital, continuous spending on tooling and compliance, product quality and liability, and customer concentration where a few buyers or channels dominate (DRHP p.128, DRHP p.137). For bottles it adds counterfeit and look-alike products (DRHP p.126). The company says sales peak in the second and third quarters around Diwali and Christmas (DRHP p.272).

15Competitive position

Kasliwal Projects competitors

Source: DRHP p.101, DRHP p.102, DRHP p.103, converted from ₹ lakh. Stove Kraft's FY26 revenue is printed as ₹16,074.2 crore, ten times its printed total income of ₹1,599.0 crore, so its revenue and margins in the table cannot be relied on (DRHP p.102). The same comparison table prints the company's own RoCE as 52.92% and RoE as 28.40%, the reverse of the KPI table, so the peers' two columns may also be swapped (DRHP p.102, DRHP p.101).

What the company puts forward: a range across materials and price bands, a subsidiary manufacturing base, a multi-channel B2B network, ISO 9001 certificates and experienced promoters (DRHP p.98). Against that: the company is a fraction of each peer's size, it has no long-term contracts with customers or suppliers, ten customers bring 83.66% of revenue, all manufacturing is in Vasai, and two of its four plants are only partly owned (DRHP p.29, DRHP p.28, DRHP p.295).

16Peers the company named

Peers named in the offer document: Hawkins Cookers Limited, TTK Prestige Limited and Stove Kraft Limited (DRHP p.99).

The document picks them as listed companies in the same or similar line of business, while saying they may not be comparable in size or portfolio (DRHP p.99). Hawkins is about seven times the company's FY26 revenue with a similar PAT margin; TTK Prestige about sixteen times, with a lower PAT margin (our arithmetic, DRHP p.101, DRHP p.102).

The chapter describes all three as running their own manufacturing plants, while the company itself is principally a trading and branded-sales company (DRHP p.138, DRHP p.139). The document prints their P/E on September 24, 2026 prices as 32.50, 43.97 and 64.49, an average of 46.99 (DRHP p.99, DRHP p.100). The company's FY26 EPS is ₹4.05 on 4,09,32,555 shares (DRHP p.100). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Kasliwal Projects IPO risks

Financial: cash and working capital: operating cash flow of −₹8.5 crore in FY26 against ₹18.0 crore of profit, as inventory rose to ₹68.4 crore (DRHP p.54, DRHP p.52) → growth is being paid for with bank and supplier credit → borrowings rose from ₹18.1 crore to ₹45.1 crore in one year (DRHP p.52).

Customers: the top ten customers were 83.66% of FY26 revenue, none named, with no long-term contracts or price agreements (DRHP p.29) → losing one or two large buyers would remove a share of revenue the company cannot quickly replace → the top five alone were ₹118.4 crore of FY26 revenue (DRHP p.272).

Business: dependence on subsidiaries: the company owns no plant; 86.55% of its FY26 purchases came from subsidiaries, two of which it only half or barely more than half owns (DRHP p.23, DRHP p.24) → profit at Smidge and Splashcraft is shared with outside holders → ₹1.5 crore of FY26 profit went to minority holders (DRHP p.53).

Business: one place: all manufacturing is at Vasai, Maharashtra, on leased premises, and the new plant is also in Palghar district (DRHP p.28, DRHP p.88) → any local disruption affects all production → Suyukti already runs at 94.12% (DRHP p.27).

Promoters: related-party trade: the company bought ₹25.0 crore from the promoter's proprietorship Sumeet Steel in FY25, and that business then moved into a subsidiary at an undisclosed price (DRHP p.58, DRHP p.297) → the terms are not shown → the document says only that past transactions were at arm's length (DRHP p.36).

Financial: obligations for others: the company stands behind a ₹4.6 crore loan of the promoter group company Kasliwal Capital Management and behind its subsidiaries' bank loans (DRHP p.183, DRHP p.184) → a default elsewhere in the group can fall on the company.

Financial: unsecured loans: ₹7.5 crore borrowed from twelve private companies, with no rate or term shown, part of ₹11.7 crore of unsecured loans repayable on demand (DRHP p.259, DRHP p.38) → these can be recalled at any time.

Issue-specific: the plant's machinery quotations from a Chinese supplier are valid for 90 days from September 20, 2026, while orders are planned for June 2027 (DRHP p.90, DRHP p.92) → cost escalation is to be met from internal accruals → the selling promoters' average cost is ₹0.21 and ₹0.31 a share (DRHP p.91, DRHP p.82).

Regulation: compulsory BIS standards cover steel utensils, aluminium utensils and pressure cookers (DRHP p.129) → a lapse in a licence can stop sales of that product → one BIS licence is still in the name of the transferred proprietorship (DRHP p.291).

18Litigation and regulatory matters

Cases against Kasliwal Projects and its promoters

Criminal: none by or against the company, promoters, directors, key managerial personnel, subsidiaries or group companies (DRHP p.275, DRHP p.276, DRHP p.277, DRHP p.278). Regulatory: no actions by statutory or regulatory authorities against any of them (DRHP p.275, DRHP p.277). Tax: the company's two matters total ₹1,362 of interest and default (DRHP p.275), and the document's summary puts the subsidiaries' four matters at about ₹18,000 (DRHP p.31).

The GST demand against Smidge was cut from ₹19,96,525 to ₹2,247 on rectification (DRHP p.278). Corporate law: the company breached Section 62(1) on three rights issues in 2018 and 2021, compounded the offences and paid penalties; it also records late and erroneous ROC filings (DRHP p.34). Statutory dues: provident fund, ESI and GST payments were late on a few occasions in FY24 to FY26, with interest paid (DRHP p.33).

19Related-party transactions

Source: DRHP p.57, DRHP p.58, DRHP p.24, converted from ₹ lakh. Purchases from subsidiaries cancel out on consolidation; Sumeet Steel purchases do not. Kasliwal Capital Management Private Limited had lent ₹0.98 crore to Suyukti and Splashcraft, and the company owed it ₹0.85 crore, at March 2026 (DRHP p.224, DRHP p.225, DRHP p.226). Relatives Mina Devi Jain, Jyoti Jain and Poonam Jain drew salaries from Suyukti in FY26 (DRHP p.246). Suyukti paid rent to Padam Kumar Jain and Anish Padam Jain (DRHP p.246). Directors of Splashcraft lent it ₹6.0 crore in FY26 (DRHP p.244).

What appeared or changed in the two years before filing: Sumeet Steel's business moved into Sumeet Home Solutions from April 2025 and the large Sumeet Steel purchases stopped (DRHP p.153, DRHP p.58); purchases from Suyukti more than doubled in FY26 (DRHP p.24); and a non-compete agreement between the company and Chef Story Home Appliances was signed on August 23, 2025 (DRHP p.185). The company says its related-party transactions were at arm's length (DRHP p.36).

20What the offer document does not say

Customers are not named and the largest customer's share is not given. Pieces sold and prices by product are not given, so growth cannot be split into volume and price. The consideration paid for Sumeet Steel's business is not stated (DRHP p.297). What Tint Tech Coatings Pvt Ltd does and why ₹4.0 crore was invested in it are not stated (DRHP p.231).

The interest rate and terms of the ₹7.5 crore of loans from twelve private companies are not stated (DRHP p.259). The Indian bottle market and the OEM segment are not sized. The issue size in rupees, the price band, general corporate purposes and offer expenses are blank (DRHP p.88). The after-issue shareholding is blank (DRHP p.83).

Some inconsistencies are recorded as document matters, not business ones: Sumeet's capacity is 17,47,200 units on one page and 13,10,241 pieces on another (DRHP p.27, DRHP p.139); the Wada coated cookware addition is 1,62,400 a month on one page and 1,66,400 on another (DRHP p.89, DRHP p.26); the machinery cost is said to include GST on one page and exclude taxes on another (DRHP p.89, DRHP p.91);

FY26 revenue differs by ₹27,000 between the accounts and the MD&A and FY24 other income is ₹0.78 crore in the accounts and ₹0.16 crore in the MD&A (DRHP p.53, DRHP p.265); FY24 EBITDA is ₹7.1 crore in the KPIs and ₹7.7 crore in the other financial information (DRHP p.101, DRHP p.256); the MD&A refers once to a "D&B Report" though the report is by Infomerics (DRHP p.261);

the offer-for-sale table labels each seller's 5.56% as a share of pre-offer capital when it is a share of the seller's own holding (DRHP p.305); and the peer table swaps the company's RoCE and RoE (DRHP p.102).

21Five questions for management

1. How many pieces of each product were sold in FY24, FY25 and FY26, at what average price, so that FY26 growth can be split into volume, price and the Sumeet transfer?
2. Of the ₹68.4 crore of inventory at March 31, 2026, how much has since been sold, and how much is finished goods older than six months?
3. What price was paid for Sumeet Steel's business on April 1, 2025, and on what prices and credit terms did the company purchase ₹25.0 crore of goods from Sumeet Steel in FY25?
4. Who are the twelve companies that lent ₹7.5 crore, at what interest, and when must the loans be repaid?
5. What utilisation does the Wada plant need to cover its own depreciation and interest, and how much of its output is already committed to existing OEM customers?

1Sources and cited facts

This study was read from 1 document the company filed. The 177 figures it cites are listed under the document each came from, with the page and the sentence as printed.