Mayur Electromeck Limited IPO

01At a glance

What the company does: makes and sells wires, cables and related products, among them winding wire, enamelled copper wire, panel wire, power, armoured, unarmoured, fire resistant, control and solar cables, and PVC compound, from three plants in Delhi and Ghaziabad (DRHP p.134). The business began in 1995 as Mayur Industries, a proprietorship of Vikram Bansal, which the company took over in 2011 (DRHP p.134).

Who pays it: distributors, stockists, wholesalers, electrical contractors, equipment makers, industrial customers and government and institutional buyers, mostly in north India (DRHP p.134). Customers are not named; the largest was 12.36% of FY26 revenue and the top ten 61.38% (DRHP p.27).

Why it is raising money: up to ₹16.5 crore for working capital, up to ₹11.0 crore to repay part of a bank cash credit, and up to ₹5.9 crore for four cable-making machines at the Ghaziabad plant, with the rest for general corporate purposes (DRHP p.87).

How fast it has grown: revenue from operations from ₹70.0 crore in FY24 to ₹114.9 crore in FY26, about 28.1% a year, and profit after tax from ₹1.6 crore to ₹6.3 crore, about 102.1% a year (our arithmetic, DRHP p.57).

The one thing to understand: profit has risen, but cash has not followed, and the company carries tax demands larger than its net worth. Operating cash flow was negative in FY24, FY26 and the June 2026 quarter (DRHP p.58). Contingent liabilities were ₹49.0 crore at June 30, 2026 against a net worth of ₹23.3 crore, most of it GST orders alleging wrongly taken input tax credit, which the company is appealing (DRHP p.59, DRHP p.56, DRHP p.259).

02The business, in plain words

What Mayur Electromeck does

The company was incorporated in Delhi as Mayur Electromeck Private Limited on December 2, 2011, and under a takeover agreement of November 24, 2011 took over the proprietorship M/s Mayur Industries, with its assets and liabilities, as a going concern (DRHP p.134). It became a public company with a fresh certificate dated June 2, 2025 (DRHP p.62).

It has three plants (DRHP p.134, DRHP p.28, DRHP p.29):

• Unit I, 452 Functional Industrial Estate, Patparganj, Delhi: winding wire; also the registered office; leased from Vikram Bansal at ₹75,000 a month to February 2028.
• Unit II, B-27 Jhilmil Industrial Area, Delhi: copper wire and enamelled winding wire; leased from Hanuman Prashad Bansal at ₹35,000 a month to February 2028.
• Unit III, plots 41/16 and 41/17, Sahibabad Industrial Area, Ghaziabad: cables and wires, copper and aluminium wire and PVC compound; plot 41/16 leased from UPSIDC to 2070 and plot 41/17 from M/s. Yadav Creations from August 2026.

Products are sold under brands including Mayur, Ultra, Jaivic, Vapcon, Hapin, Ishicon, Horizon, Ganga Sagar and Strawberry (DRHP p.135). Plants hold ISO 9001 and ISO 14001 certificates and BIS licences for several Indian Standards (DRHP p.137). The company had 62 employees including directors, 40 of them in production (DRHP p.159).

A distributor or contractor orders a cable of a given size and standard → the company buys copper or aluminium rod, PVC and other inputs on purchase orders → it draws, strands, insulates, armours and sheathes the cable at its plants → it is paid the invoice price, usually on credit.

The company says it buys raw material against customer orders, with a lead time of about six to seven days, from domestic suppliers and without long-term contracts (DRHP p.153, DRHP p.155).

Earnings equation: Revenue = kilograms of wire and cable sold × price per kilogram. The document gives production in kilograms by plant (DRHP p.154, DRHP p.155) but not sales volumes or prices, so the equation cannot be filled in. Cost of materials consumed was 85.55% of total revenue in FY26 (DRHP p.248).

03Where the money comes from

The company reports a single business vertical, wires and cables, and gives no split of revenue by product (DRHP p.256).

By state, share of revenue from operations (DRHP p.30):

Delhi and Uttar Pradesh together were 64.8% of FY26 revenue (our arithmetic, DRHP p.30). The company has no export obligation and its sales are in India (DRHP p.157, DRHP p.138).

Mayur Electromeck customers: how concentrated the revenue is

Source: DRHP p.27. Customers are not named, and there are no long-term agreements with them (DRHP p.27). Read from the filing: revenue depends on a small group of customers; the ten largest brought between 55% and 64% of sales in each period shown.

On the supply side, the ten largest suppliers were 75.10% of purchases in FY24, 72.53% in FY26 and 89.24% in the June 2026 quarter; the largest supplier was 27.28% of FY26 purchases (DRHP p.152). Suppliers are not named.

04The growth record

Mayur Electromeck financials: revenue, profit and margins

Source: DRHP p.57, DRHP p.135, DRHP p.58, DRHP p.56, converted from ₹ lakh; borrowings add the long-term and short-term lines (our arithmetic, DRHP p.56). Revenue from operations went from ₹70.0 crore in FY24 to ₹114.9 crore in FY26 (DRHP p.57). Profit after tax went from ₹1.6 crore in FY24 to ₹6.3 crore in FY26 (DRHP p.57). Return on equity was 42.29%, 60.65% and 42.86% in FY24 to FY26, and return on capital employed 32.51%, 44.83% and 44.08% (DRHP p.135). The June 2026 quarter is not annualised (DRHP p.135).

Our arithmetic over FY24 to FY26: revenue grew about 28.1% a year and profit after tax about 102.1% a year (our arithmetic, DRHP p.57); EBITDA grew about 72.6% a year (our arithmetic, DRHP p.135). EBITDA margin moved from 4.77% to 8.67%, up 390 basis points, so 4.8% → 8.7% rounded (DRHP p.135). Revenue rose 2.24% in FY24, 31.52% in FY25 and 24.75% in FY26 (DRHP p.135).

What sits around the record:

• Cash against profit: operating cash flow was −₹5.5 crore in FY26 against profit after tax of ₹6.3 crore (DRHP p.58, DRHP p.57). Over FY24 to FY26 profit added up to ₹11.7 crore and operating cash flow to −₹6.2 crore (our arithmetic, DRHP p.57, DRHP p.58).
• Money owed by customers: trade receivables were ₹6.6 crore at March 2024, ₹13.7 crore at March 2026 and ₹17.9 crore at June 2026 (DRHP p.56). The company puts receivable days at 47 in FY24, 36 in FY25 and 40 in FY26 (DRHP p.98).
• Stock: inventories rose from ₹11.2 crore at March 2024 to ₹21.8 crore at March 2026 and ₹22.0 crore at June 2026 (DRHP p.56); the company puts inventory days at 53 in FY24 and 69 in FY26 (DRHP p.98).
• Other income: ₹0.15 crore in FY26, about 1.7% of profit before tax (our arithmetic, DRHP p.57).
• Debt: total borrowings were ₹18.2 crore at June 30, 2026, ₹17.7 crore of it short-term, and total debt was 0.78 times shareholders' funds (DRHP p.257).
• Contingent liabilities: ₹49.0 crore at June 30, 2026, of which ₹44.6 crore claims not acknowledged as debt and ₹4.3 crore guarantees and inland letters of credit (DRHP p.59).
• Concentration: the largest customer was 12.36% of FY26 revenue and the top ten 61.38% (DRHP p.27).
• Related parties: rent of ₹0.13 crore was paid to Vikram Bansal and Hanuman Prashad Bansal in FY26 (our arithmetic, DRHP p.60).
• Cases: no outstanding case of any kind against the promoters (DRHP p.261).
• The issue: a fresh issue of up to 32,00,000 shares and no offer for sale (DRHP p.54, AP p.1).
• Industry: wires and cables, which is Electricals and cables in the fixed list (DRHP p.134).

05What the growth is made of

The company states that the increase in revenue "is by and large linked to increase in volume" (DRHP p.255). It gives production but not sales by weight. Production at the Ghaziabad cable line rose from 24,57,089 kg in FY24 to 50,03,982 kg in FY26 (DRHP p.155). The offer document does not disclose sales volumes or realisations by product, so the increase cannot be separated into volume and price.

The margin rise has two visible parts:

• Materials: cost of materials consumed plus the change in inventories was about 89.2% of revenue from operations in FY24 and about 85.4% in FY26 (our arithmetic, DRHP p.57).
• Other expenses: operational and other expenses were ₹3.3 crore in FY24, ₹6.9 crore in FY25 and ₹4.1 crore in FY26 (DRHP p.57). The document explains the FY26 fall only as a "decrease in other operational & Other expenses" (DRHP p.251).

Against that, employee costs rose from ₹0.82 crore in FY24 to ₹2.6 crore in FY26, which the company puts down to more employees, higher salaries and directors' remuneration (DRHP p.57, DRHP p.251).

06Earnings quality

The item that needs explaining is cash. In FY26 operating profit before working capital changes was ₹10.3 crore, but inventories rose ₹4.7 crore, receivables ₹1.9 crore, payables fell ₹3.5 crore and other current liabilities fell ₹3.5 crore, so operating cash flow came to −₹5.5 crore (DRHP p.58). In the June 2026 quarter receivables rose ₹3.8 crore (DRHP p.58). The days the company prints for the June 2026 quarter, 290 for inventory and 175 for receivables, are on one quarter's sales and are not annualised (DRHP p.98).

The FY26 financing cash flow shows ₹6.8 crore of share capital proceeds and ₹5.1 crore of long-term borrowings repaid (DRHP p.58); ₹4.7 crore of the share capital came from converting promoter loans into shares rather than from cash (DRHP p.76, DRHP p.104).

07The balance sheet

Source: DRHP p.56, converted from ₹ lakh; borrowings add the long-term and short-term lines (our arithmetic, DRHP p.56).

Borrowings at June 30, 2026: an IndusInd Bank cash credit of ₹17.4 crore against a limit of ₹20.0 crore, repayable on demand, and an IndusInd Bank working capital term loan of ₹0.74 crore, both secured by hypothecation (DRHP p.244). The promoters have given personal guarantees for loan facilities (DRHP p.42). At October 19, 2026 the cash credit outstanding was ₹18.1 crore, at 8.25% (DRHP p.100).

Contingent liabilities: ₹49.0 crore at June 30, 2026, against ₹1.7 crore at March 2024 (DRHP p.59). The company says these are not provided for in its financial statements (DRHP p.43).

After the issue: the fresh issue is stated in shares, not rupees, so the balance sheet after the issue cannot be computed. If the full ₹11.0 crore is used for repayment, the cash credit of ₹18.1 crore at October 19, 2026 would fall to about ₹7.1 crore (our arithmetic, DRHP p.100).

08What the money is for

Mayur Electromeck IPO objects: what the money is for

Source: DRHP p.87, DRHP p.88. The three named objects add to ₹33.4 crore (our arithmetic, DRHP p.87).

Machines: a 120 mm extrusion line (₹1.3 crore), a high-speed 100/50 mm extrusion line (₹0.85 crore) and a laying machine (₹0.82 crore) quoted by Shakti Industries and Shakti Engg. Works in September 2026, and a 630 mm rigid-frame stranding machine (₹2.95 crore) quoted by M/s Velocity in October 2026, all before GST (DRHP p.91, DRHP p.93, DRHP p.94, DRHP p.96). GST of ₹1.1 crore is to come from internal accruals (DRHP p.96). No order has been placed (DRHP p.47). The document says the machines add capacity at Unit III but does not quantify it (DRHP p.89).

Working capital: the company estimates its working capital gap at ₹39.1 crore at March 2027 and ₹50.7 crore at March 2028, against ₹34.0 crore at March 2026, and takes ₹5.0 crore and ₹11.5 crore of it from the issue (DRHP p.98). The estimate assumes inventory at 69 days, receivables at 41 and 42 days and payables at 20 days (DRHP p.98).

Repayment: of the IndusInd Bank cash credit sanctioned on April 2, 2026 for ₹20.0 crore (DRHP p.100).

Pre-IPO placement: the company is not considering one (DRHP p.77).

Into the business 32,00,000 new shares; the amount depends on a price not yet set (DRHP p.54). To selling shareholders nothing; there is no offer for sale (AP p.1).

09Who is selling

Mayur Electromeck IPO offer for sale: who is selling

There is no offer for sale; the whole issue is a fresh issue of up to 32,00,000 shares (AP p.1, DRHP p.54).

The promoters' average cost of acquisition per share, as certified by the auditor: ₹8.95 for Vikram Bansal, ₹10.06 for Poonam Bansal and nil for Ojasvi Bansal (DRHP p.82). The weighted average cost of the two allotments in the last 18 months, at ₹29.63 and ₹33.27, is ₹10.73, as the document computes it (DRHP p.108).

10Promoters

The promoters are Vikram Bansal, Poonam Bansal and Ojasvi Bansal (DRHP p.200).

• Vikram Bansal, 52, Chairperson and Managing Director, a commerce graduate of the University of Delhi with over 30 years in the business, a director since incorporation (DRHP p.183).
• Poonam Bansal, 51, Whole Time Director, a commerce graduate with over 14 years in the industry, a director since December 2, 2011 (DRHP p.183).
• Ojasvi Bansal, 22, Executive Director, a director since December 20, 2024, with over one year of experience (DRHP p.183).

The document states that Vikram Bansal is the spouse of Poonam Bansal and the father of Ojasvi Bansal (DRHP p.184). It names Hanuman Prashad Bansal as Vikram Bansal's father (DRHP p.204). The board has three independent directors (DRHP p.63).

Pay: Vikram Bansal ₹0.20 crore, Poonam Bansal ₹0.16 crore and Ojasvi Bansal ₹0.06 crore in FY26, against ₹0.13 crore and ₹0.10 crore for the first two in FY24 (DRHP p.60). Current terms allow up to ₹1.90 lakh a month for Vikram Bansal, up to ₹1.35 lakh a month for Poonam Bansal and ₹0.50 lakh a month for Ojasvi Bansal (DRHP p.185).

Premises: Unit I is leased from Vikram Bansal and Unit II from Hanuman Prashad Bansal (DRHP p.28).

Other businesses: the promoter group entities are Rainbow VSK Wires India Private Limited, Maybell Tradings Private Limited, M/s. Power Control Systems, and two HUFs (DRHP p.205). The document says Rainbow VSK Wires, Maybell Tradings and Power Control System are in a business similar to the company's, with no non-compete agreement (DRHP p.46). Vikram Bansal is a director of Rainbow Vsk Wires India Private Limited and Maybell Tradings Private Limited and a partner in M/s Power Control Systems (DRHP p.200). The company has no group company (DRHP p.206).

Pledges and guarantees: no promoter shares are pledged (DRHP p.77); the promoters have given personal guarantees for loans (DRHP p.42).

Promoter economics: Vikram Bansal and Poonam Bansal subscribed 10,000 shares at ₹10 on incorporation, and Vikram Bansal took 30,625 shares at ₹160 in August 2015 (DRHP p.75). A 100:1 bonus issue of 40,62,500 shares followed on January 27, 2025 (DRHP p.75). On May 10, 2025 the two converted loans into 15,75,834 shares at ₹29.63, ₹4.7 crore in all (DRHP p.76, DRHP p.104). In May 2025 Vikram Bansal transferred 10 shares each to two HUFs at ₹1,107 a share (DRHP p.80, DRHP p.81).

11Who already owns it

Mayur Electromeck promoter holding before and after the IPO

Source: DRHP p.79, DRHP p.80. The share after is our arithmetic on 95,09,549 shares, the 63,09,549 before the issue plus 32,00,000 new shares (our arithmetic, DRHP p.54). The promoters hold 56,78,737 shares, 90.00% (DRHP p.80); after the issue that would be about 59.7% (our arithmetic, DRHP p.80, DRHP p.54). The promoter group adds 222 shares (DRHP p.80).

Outside investors: Vivek Jain, Neha Jain and M/s Face Value Equity Partners were allotted 6,30,590 shares at ₹33.27 on January 19, 2026, ₹2.1 crore in all (DRHP p.76, DRHP p.104). The company has ten shareholders (DRHP p.78). There is no employee stock option scheme (DRHP p.76).

Lock-in: promoter shares equal to 20% of the post-issue capital for three years, half the rest for two years and half for one year; other pre-issue shares for one year (DRHP p.82, DRHP p.83).

12What changed just before the IPO

• Revenue and profit: revenue from operations went from ₹70.0 crore in FY24 to ₹114.9 crore in FY26 and profit after tax from ₹1.6 crore to ₹6.3 crore (DRHP p.57).
• Receivables: receivable days of 47 in FY24 and 40 in FY26, as the company computes them (DRHP p.98).
• Promoter pay: ₹0.23 crore in FY24 and ₹0.43 crore in FY26 for the three promoters together (our arithmetic, DRHP p.60).
• Bonus issue: 100:1, 40,62,500 shares on January 27, 2025 (DRHP p.75).
• Loan conversion: 15,75,834 shares at ₹29.63 to Vikram Bansal and Poonam Bansal on May 10, 2025 (DRHP p.76).
• Outside money: 6,30,590 shares at ₹33.27 to three investors on January 19, 2026 (DRHP p.76).
• Pre-IPO placement: none considered (DRHP p.77).
• Last allotment before the IPO: ₹33.27 a share, January 19, 2026 (DRHP p.75).
• Auditor: M/s Anil Ram and Associates resigned on November 8, 2024 and M/s DARPN and Company was appointed on November 11, 2024 (DRHP p.68).
• Became a public company: fresh certificate dated June 2, 2025 (DRHP p.62).
• Board: Ojasvi Bansal joined on December 20, 2024 and became Executive Director in August 2026; an independent director resigned on September 2, 2026 and another was appointed on August 17, 2026 (DRHP p.187, DRHP p.247).
• Bank loan: the IndusInd Bank cash credit was sanctioned for ₹20.0 crore on April 2, 2026 (DRHP p.244).
• Leases: the Unit I and Unit II leases from the promoter family began on March 1, 2025, and the plot 41/17 lease on August 3, 2026 (DRHP p.28, DRHP p.29).
• Tax orders: GST orders of ₹19.3 crore, ₹2.6 crore and ₹2.4 crore were passed on March 16, 2026, and one of ₹1.3 crore on December 27, 2025 (DRHP p.259, DRHP p.260).
• Company law: a suo motu adjudication application filed on June 11, 2025 over the 2015 private placement (DRHP p.37).
• Dividend: none since incorporation (DRHP p.207).

13Capacity and expansion

Source: DRHP p.34, DRHP p.154, DRHP p.155. Unit I capacity rose from 40,000 kg and Unit III cable and wire from 45,00,000 kg in FY26 (DRHP p.34). The company describes FY26 utilisation as about 60% at Unit I, 60% at Unit II and 70% to 80% at Unit III (DRHP p.89).

The June 2026 quarter figures, such as 14.63% for Unit III cable and wire, compare one quarter's output with a full year's capacity (DRHP p.34). The company spent ₹0.62 crore on property, plant and equipment in FY26 (DRHP p.58).

The issue-funded machines for Unit III are two extrusion lines, a laying machine and a stranding machine (DRHP p.89). The document does not state the capacity they add or when they will be commissioned beyond the spending schedule of FY27 and FY28 (DRHP p.88).

14Market size and industry structure

Mayur Electromeck industry: market size and growth

As claimed: the chapter says its information is taken from websites and publicly available documents, which neither the company nor anyone connected with the issue has verified (DRHP p.115). It is not a commissioned industry report. Citing Fortune Business Insights, it puts the India wires and cables market at USD 9.32 billion in 2024 and USD 10.01 billion in 2025 (DRHP p.126). Quoting IMARC Group news, it also describes the Indian wires and cables market as an estimated INR 35,000 crore (DRHP p.132).

The part that is addressable: the company sells low voltage building and industrial cables, winding wire, control and power cables and PVC compound in India, mostly in the north (DRHP p.134, DRHP p.30). The chapter does not size the north Indian market or the company's product segments separately.

What the company is today: FY26 revenue of ₹114.9 crore is about 0.33% of the INR 35,000 crore figure the chapter quotes (our arithmetic, DRHP p.57, DRHP p.132). The two figures are from different sources and years, so the share is indicative only.

Size over time: Fortune Business Insights, as cited, projects the market at USD 17.08 billion by 2032, a compound rate of 7.94% over its forecast period (DRHP p.126). This projection is the source's own, not newboard's. The chapter's wider pages cover the world economy, India's GDP, population and the Union Budget, which are general rather than about cables (DRHP p.115, DRHP p.118, DRHP p.124).

Segments: by voltage, the chapter says low voltage cables held the largest share in 2023, used in homes, offices and commercial buildings (DRHP p.128). By end user, construction held the largest share in 2023, with power transmission and distribution, telecom, oil and gas, automotive and others also named (DRHP p.128, DRHP p.129). The company's building wires, panel wires and power cables sit mostly in low voltage, as the chapter describes that segment (DRHP p.128, DRHP p.145).

What drives demand: the chapter names renewable energy, saying a 1 MW solar project uses about 50 km of solar cable (DRHP p.126); smart grids and the Revamped Distribution Sector Scheme with an outlay of 3.03 trillion over 2021-22 to 2025-26 (DRHP p.127); public capital spending budgeted at INR 12.2 lakh crore for FY2026-27 against INR 11.21 lakh crore the year before (DRHP p.124); and electrification and renewable capacity in Rajasthan and Uttar Pradesh (DRHP p.129).

Structure: citing Mordor Intelligence, the chapter says the organised segment holds about 74% of the market but no single player has more than a fifth; Polycab about 18%, KEI Industries about 9% and RR Kabel about 7% (DRHP p.129). It lists Polycab, RR Kabel, Finolex Cables, Havells India, KEI Industries, Tortek India, Plaza Cables Electric, Universal Cables, V-Guard Industries and Gupta Power Infrastructure as top Indian companies (DRHP p.131), and names new entrants such as UltraTech Cement, with an INR 18 billion plant planned in Gujarat (DRHP p.132). Organised players expect the branded share to rise to 80% as BIS enforcement tightens, the chapter says (DRHP p.129).

Inputs and trade: copper or aluminium makes up about 40% to 60% of a cable's raw material, and polymers such as PVC much of the rest (DRHP p.128). India's refined copper capacity is 12.85 lakh tonnes across Hindustan Copper, Hindalco, Vedanta and Kutch Copper, and private refiners rely on imported concentrate (DRHP p.130). The company buys its raw material in the domestic market (DRHP p.155).

Rules: the company holds BIS licences for IS 694, IS 1554, IS 7098, IS 8783 and IS 14255, ISO 9001 and ISO 14001 certificates and a CE certificate (DRHP p.137, DRHP p.155). The chapter links tighter BIS enforcement to a shift towards branded products (DRHP p.129).

What the chapter says can go wrong: swings in copper and aluminium prices, with cost variations of up to 20% in a single quarter (DRHP p.132); counterfeit and substandard products sold at lower prices, linked to an estimated 15% of electrical accidents in some segments (DRHP p.132); buying on lowest price rather than quality; and a shortage of skilled workers (DRHP p.132). It also says stagnant domestic metal supply can hold back the market (DRHP p.128).

15Competitive position

Mayur Electromeck competitors

Source: DRHP p.106, converted from ₹ lakh. The document gives no borrowings or margins for the peers.

The company calls the Indian cables market highly competitive, with organised and unorganised players, and says it competes on product quality, timely delivery, price and service (DRHP p.156). Its stated strengths are an experienced management team, repeat orders, quality standards and integrated in-house manufacturing (DRHP p.104). In its own SWOT table it lists limited brand visibility against larger players, high working capital needs, dependence on copper prices and no long-term customer contracts as weaknesses (DRHP p.156, DRHP p.157). Three promoter group entities are in a similar business (DRHP p.46).

16Peers the company named

Peers named in the offer document: Prime Cable Industries Limited, JD Cables Limited and Jigar Cables (DRHP p.106).

Source: DRHP p.106, standalone figures for the year to March 31, 2026, with P/E on closing prices of October 19 or 21, 2026 as the document prints them. Prime Cable Industries is about twice the company's revenue and JD Cables about three times; Jigar Cables is about half (our arithmetic, DRHP p.106). The company's FY26 EPS was ₹11.27 and its net asset value ₹37.94 a share at March 31, 2026 (DRHP p.106). With no price band, no P/E can be stated for the company.

17Risks, in plain words

Mayur Electromeck IPO risks

Legal: GST orders: orders under section 74 and 74A, alleging input tax credit taken without real supply, of ₹19.3 crore for FY2024-25 in Delhi and ₹2.6 crore and ₹2.4 crore in Uttar Pradesh, plus ₹1.3 crore for FY2019-20 (DRHP p.259, DRHP p.260) → the company is appealing each one, and the amounts are not provided for (DRHP p.43) → contingent claims were ₹44.6 crore at June 30, 2026 against net worth of ₹23.3 crore (DRHP p.59, DRHP p.56).

Financial: cash flow: operating cash flow was negative in FY24, FY26 and the June 2026 quarter (DRHP p.31) → growth is being funded with short-term bank credit → the cash credit stood at ₹18.1 crore at October 19, 2026 (DRHP p.100).

Customers: the largest ten: the top ten were 61.38% of FY26 revenue (DRHP p.27) → there are no long-term agreements with them (DRHP p.27) → the largest alone was 12.36% (DRHP p.27).

Suppliers: a few metal sources: the ten largest suppliers were 89.24% of June 2026 quarter purchases, with no formal contracts (DRHP p.31, DRHP p.32) → material costs were 85.51% of revenue in that quarter (DRHP p.31) → the largest supplier was 27.28% of FY26 purchases (DRHP p.152).

Business: one region: Delhi and Uttar Pradesh were 64.8% of FY26 revenue (our arithmetic, DRHP p.30) → all three plants are in Delhi and Ghaziabad (DRHP p.29) → local disruption would hit both sales and production (DRHP p.30).

Business: rented plants: all three plants are leased, two of them from the promoter family (DRHP p.28) → the Delhi leases run to February 2028 (DRHP p.28) → rent to the family was ₹0.13 crore in FY26 (our arithmetic, DRHP p.60).

Promoters: related businesses: three promoter group entities are in a similar line of business without a non-compete (DRHP p.46) → interests may conflict (DRHP p.46) → the promoters hold 90.00% before the issue (DRHP p.80).

Issue-specific: capital spending and working capital: the machines are unordered and quotes valid for about six months (DRHP p.47, DRHP p.91) → costs may rise (DRHP p.96) → ₹16.5 crore of the proceeds is for working capital that the company's own estimate sets at ₹50.7 crore by March 2028 (DRHP p.98).

Regulation: past lapses: late filings with the Registrar of Companies, one of them 1,604 days late, and late statutory payments (DRHP p.36, DRHP p.35) → penalties may follow (DRHP p.36) → a suo motu adjudication application on the 2015 placement is pending (DRHP p.37).

18Litigation and regulatory matters

Cases against Mayur Electromeck and its promoters

The FY2022-23 order determines ₹2.5 crore, while the appeal text speaks of a demand of ₹1.9 crore (DRHP p.259). The company argues in its appeals that the orders rely on third-party statements without cross-examination and on suppliers' defaults (DRHP p.259, DRHP p.260). There are also small income tax and TDS amounts, ₹0.16 crore of TDS defaults among them (DRHP p.259).

Summary: the litigation summary counts ten tax proceedings against the company for ₹27.4 crore and one material civil case filed by it (DRHP p.27). Promoters: no criminal, regulatory, tax or other case against them (DRHP p.261). Directors: an income tax notice on a defective return against independent director Radhey Shyam Sharma, amount not ascertainable (DRHP p.262). By the company: an appeal in the Delhi High Court against the cancellation of trademark registration No. 1332839, next hearing January 25, 2027 (DRHP p.260, DRHP p.261). Company law: a suo motu application over the 2015 placement (DRHP p.37). Creditors: 29 creditors were owed ₹4.9 crore at June 30, 2026 (DRHP p.263).

19Related-party transactions

Source: DRHP p.60, converted from ₹ lakh. Loans from Vikram Bansal and Poonam Bansal stood at ₹4.7 crore at March 2025 and nil at March 2026 (DRHP p.60), the same as the ₹4.7 crore converted into shares on May 10, 2025 (our arithmetic, DRHP p.60, DRHP p.104).

What appeared or changed in the two years before filing: the conversion of promoter loans into shares in May 2025 (DRHP p.76); rent to Vikram Bansal from FY25 under a lease from March 1, 2025 (DRHP p.60, DRHP p.28); pay for Ojasvi Bansal from FY25 (DRHP p.60); and pay for a chief financial officer and company secretary from FY25 (DRHP p.60).

20What the offer document does not say

The price band, the rupee size of the issue, offer expenses, the market maker and the post-issue shareholding are blank (DRHP p.54, DRHP p.71, DRHP p.80). Customers and suppliers are not named. Revenue by product, sales volumes and prices are not given, nor margins by product. The capacity the new machines add is not stated.

The restated statements and their notes, including the auditor's report, receivables ageing and the detail of contingent liabilities, are images in the copy read. The business of M/s Face Value Equity Partners is not described. The trade and amounts, if any, between the company and the three promoter group entities in a similar business are not set out beyond the related party table.

Some inconsistencies are recorded as document matters, not business ones: claims against the company not acknowledged as debt of ₹3.4 crore at March 2025 and ₹0.24 crore at March 2024 equal the other current assets on those dates to the rupee (DRHP p.59, DRHP p.56); Unit II is given as 669.22 sq. m on one page and 351.16 sq. m on another (DRHP p.134, DRHP p.28);

the GST orders in the litigation chapter add to about ₹28.0 crore, against ₹27.4 crore in the summary table and ₹44.6 crore of claims in the contingent liabilities (our arithmetic, DRHP p.259, DRHP p.260, DRHP p.27, DRHP p.59); plot 41/17 is part of Unit III in all periods, though its lease is shown as starting on August 3, 2026 (DRHP p.34, DRHP p.29);

the May 2025 loan conversion is called a preferential allotment in the cost-of-acquisition table (DRHP p.104); and the capital expenditure text speaks of "food safety" for a cable plant (DRHP p.89).

21Five questions for management

1. How many kilograms of each product were sold in FY24 and FY26, and how much of the revenue growth came from volume rather than copper and aluminium prices?
2. What made up the ₹44.6 crore of claims not acknowledged as debt at June 30, 2026, and how much of it is the FY2024-25 input tax credit order?
3. Which suppliers were behind the input tax credit the GST orders dispute, and what share of FY25 purchases came from them?
4. What did operational and other expenses consist of in FY25 and FY26, and why did they fall from ₹6.9 crore to ₹4.1 crore while revenue rose?
5. What were the purchases from and the sales to Rainbow VSK Wires, Maybell Tradings and Power Control Systems in each year?

2Sources and cited facts

This study was read from 2 documents the company filed. The 170 figures it cites are listed under the document each came from, with the page and the sentence as printed.