Steelbuild Infra Projects Limited IPO

01At a glance

What the company does: designs, engineers, manufactures, supplies and erects pre-engineered buildings (PEBs, steel buildings whose frames and sheeting are made in a factory and bolted together on site) and structural steel for industrial, warehousing, logistics and infrastructure users (AP p.2, DRHP p.113).

Who pays it: 270 customers in FY26, of which 46 placed repeat orders; none is named (DRHP p.117). The largest customer was 16.79% of FY26 revenue and the top ten 43.63% (DRHP p.26). Haryana, Uttar Pradesh and Rajasthan together were 70.67% of FY26 revenue (DRHP p.26).

Why it is raising money: ₹2,987.22 lakh for a new PEB plant at Katwal, Sonipat, ₹2,250.00 lakh for working capital and ₹600.00 lakh to repay borrowings, plus general corporate purposes capped at 15% of gross proceeds or ₹10 crore, whichever is lower (DRHP p.76).

How fast it has grown: revenue from ₹15,773.02 lakh in FY24 to ₹33,980.32 lakh in FY26, about 46.8% a year, and profit after tax from ₹228.55 lakh to ₹1,521.95 lakh, about 158.1% a year (our arithmetic, DRHP p.49).

The one thing to understand: profit rose more than sixfold in two years, but the cash did not follow. FY26 operating cash flow was an outflow of ₹499.90 lakh against profit of ₹1,521.95 lakh, because trade receivables grew from ₹1,172.92 lakh to ₹5,639.22 lakh over two years and inventory from ₹2,045.89 lakh to ₹5,240.45 lakh (DRHP p.48, DRHP p.50).

02The business, in plain words

A warehouse developer or a factory owner wants a large steel shed with a wide clear span, built quickly. This company designs the building, cuts and welds the steel frame and rolls the roof and wall sheets in its Sonipat plants, trucks the parts to site and, on turnkey jobs, erects the building there.

A customer orders a building or a set of steel components → the company designs it and buys hot-rolled plates and coated coils → it cuts, welds, shot-blasts, paints and roll-forms the parts → it ships them and, on turnkey orders, erects them → it is paid for the steel supplied and, separately, for erection services.

The company was incorporated as a private company on November 3, 2020, began business on March 1, 2021 and became a public company by a fresh certificate dated June 10, 2026 (DRHP p.2). It sells in two ways: complete pre-fabricated buildings on a turnkey basis, and sales of PEB materials such as framing, purlins, roofing, cladding and decking (DRHP p.113). Its primary framing (columns and rafters) is welded from hot-rolled plate on a beam line; secondary framing (C and Z purlins) and sheeting are roll-formed from galvanised or coated coil (DRHP p.121, DRHP p.122).

All steel is bought in India; nothing was imported in the three years (DRHP p.125). Prices are fixed with customers at about the time raw material is bought, and most contracts are lump-sum, so the tonnage the design team specifies drives cost (DRHP p.25, DRHP p.27). The company had 362 payroll employees and 198 contract workers at August 31, 2026, including 17 design and engineering staff (DRHP p.125, DRHP p.113).

Earnings equation: Revenue ≈ tonnes shipped × realisation per tonne + erection and other services. Plants produced 31,874 tonnes in FY26 against revenue of ₹33,980.32 lakh, about ₹1.07 lakh of revenue for each tonne produced (our arithmetic, DRHP p.124, DRHP p.49). Material consumed, traded goods and the inventory change took 79.2% of FY26 revenue (our arithmetic, DRHP p.49).

03Where the money comes from

Source: DRHP p.199, DRHP p.200. The sheet row adds GI, galvalume and PPGL sheets, and the "other" row adds SAG rods and bracing to other miscellaneous items (our arithmetic). The rows add to revenue from operations less other operating revenue of ₹3.63 lakh in FY26 (DRHP p.199). All sales were in India (DRHP p.200).

By state, Haryana was 41.47% of FY26 revenue, Uttar Pradesh 20.91%, Rajasthan 8.29%, Maharashtra 6.02% and Bihar 5.13%; Uttar Pradesh was 0.75% in FY24 (AP p.2, DRHP p.116). Revenue is weighted to the last quarter: Q4 was 39.11% of FY26 revenue, ₹13,289.70 lakh (DRHP p.115).

Source: DRHP p.26. The document computes these on total income; the MD&A repeats them on revenue from operations as 16.80%, 7.33% and 6.58% for the largest customer (DRHP p.227). Revenue depends on a few customers to this extent: the top ten have been about 43% in each of the three years, and the largest one rose from 6.57% to 16.79%, ₹5,708.29 lakh, in FY26 (DRHP p.26). The company works on purchase orders with no long-term contracts (DRHP p.26).

04The growth record

Source: DRHP p.48, DRHP p.49, DRHP p.50, DRHP p.92. EBITDA margin moved from 1.95% in FY24 to 6.01% in FY26 (DRHP p.92). Return on equity, on average equity, was 79.32%, 75.21% and 92.33%, and return on capital employed 55.05%, 51.34% and 53.13% (DRHP p.92). Return on closing net worth was 56.80%, 54.66% and 63.17% (DRHP p.207).

Our arithmetic over FY24 to FY26: revenue grew about 46.8% a year, EBITDA about 157.8% and profit after tax about 158.1% a year; EBITDA margin rose 406 basis points and PAT margin 303 basis points (DRHP p.49). Revenue rose 28.6% in FY25 and 67.5% in FY26 (our arithmetic, DRHP p.49). The company states its own revenue CAGR as 46.78% (DRHP p.114).

Cash: operating cash flow was an outflow of ₹499.90 lakh in FY26, after ₹2,313.90 lakh went into receivables and ₹1,914.70 lakh into inventory (DRHP p.50). Over three years profit totalled ₹2,235.55 lakh and operating cash flow ₹75.80 lakh (our arithmetic, DRHP p.49, DRHP p.50). Other income was ₹10.89 lakh in FY26, 0.6% of profit before tax (our arithmetic, DRHP p.49).

Balance sheet ratios: borrowings of ₹1,205.89 lakh less cash and bank balances of ₹417.80 lakh leave net debt of ₹788.09 lakh, 0.4 times FY26 EBITDA (our arithmetic, DRHP p.48). Holding periods were 27, 59 and 60 days for receivables, 54, 69 and 69 for inventory and 61, 84 and 76 for payables, so the FY26 working-capital cycle was 53 days (our arithmetic, DRHP p.82). Contingent liabilities and commitments were ₹334.35 lakh at March 31, 2026 (DRHP p.31). No year was restated for a change of year end.

05What the growth is made of

Revenue rose from ₹15,773.02 lakh in FY24 to ₹33,980.32 lakh in FY26, up 115.4% (our arithmetic, DRHP p.49). Production across the plants rose from 16,870 tonnes to 31,874 tonnes over the same years, up 88.9%, so most of the increase is volume (our arithmetic, DRHP p.124). Revenue for each tonne produced moved from about ₹0.93 lakh to about ₹1.07 lakh; that figure mixes price, product mix, trading and services, and production is not the same as tonnes sold (our arithmetic, DRHP p.49, DRHP p.124).

New capacity carried the FY26 volume. Unit II at Katwal, which the company established in 2025, produced 15,150 tonnes in FY26, while Unit III at Saidpur, which closed in June 2025, produced 894 tonnes against 5,705 the year before (DRHP p.124). Unit I at Halalpur rose from 11,800 to 15,830 tonnes as its installed capacity went from 20,400 to 25,000 tonnes (DRHP p.124).

By product, pre-fabricated steel structure nearly doubled from ₹9,719.14 lakh to ₹18,757.08 lakh in FY26, and sale of services, which includes erection, rose from ₹515.97 lakh in FY24 to ₹1,914.56 lakh (DRHP p.199). Trading fell from ₹1,714.89 lakh to ₹1,368.01 lakh (DRHP p.199).

The margin came from cost. Material consumed, traded goods and the inventory change were 82.8% of FY24 revenue and 79.2% of FY26 revenue (our arithmetic, DRHP p.49). The document does not disclose tonnes sold or realisation by product, so the margin change cannot be split into steel price, selling price and mix.

06Earnings quality

The item that needs explaining is receivables. They rose from ₹1,172.92 lakh to ₹5,639.22 lakh in two years, and at March 31, 2026 ₹1,969.36 lakh, 34.9%, was outstanding more than six months from the due date, including ₹1,130.59 lakh outstanding more than a year (our arithmetic, DRHP p.197). No allowance for doubtful debts was made (DRHP p.196). Advances from customers of ₹2,630.29 lakh and trade payables of ₹5,807.08 lakh fund much of the gap (DRHP p.189, DRHP p.191).

The emphases and remarks: in FY24 no gratuity provision had been made, which the restatement corrects; in FY25 an income-tax demand of ₹31.63 lakh for AY 2023-24 remained on the portal although the appeal had been allowed; and in FY26 the statements given to ICICI Bank differed from the books, for example inventory by ₹145.00 lakh at the fourth quarter (DRHP p.175, DRHP p.189). The restated statements were examined by a peer-review firm that is not the statutory auditor (DRHP p.27). The company pays tax under the concessional regime for new manufacturing companies; FY26 current tax was 17.5% of profit before tax (our arithmetic, DRHP p.97, DRHP p.49).

07The balance sheet

At March 31, 2026 total assets were ₹12,327.76 lakh: trade receivables ₹5,639.22 lakh, inventories ₹5,240.45 lakh, cash and bank balances ₹417.80 lakh, property, plant and equipment ₹774.67 lakh and capital work in progress ₹51.30 lakh (DRHP p.48). Of the cash and bank figure, ₹281.77 lakh is fixed deposits held as margin money (our arithmetic, DRHP p.198).

Against that: trade payables ₹5,807.08 lakh, other current liabilities ₹2,860.24 lakh, mostly advances from customers of ₹2,630.29 lakh, short-term borrowings ₹901.54 lakh and long-term borrowings ₹304.35 lakh, leaving net worth of ₹2,409.41 lakh (DRHP p.48, DRHP p.191). Borrowings are all from ICICI Bank apart from ₹47.74 lakh of unsecured, interest-free promoter loans that the bank treats as quasi-equity (DRHP p.189, DRHP p.218). Total debt to equity was 0.50 (DRHP p.228).

Contingent items: bank guarantees of ₹317.22 lakh, ₹6.69 lakh of a disputed GST penalty and ₹10.44 lakh of capital commitments (DRHP p.51, DRHP p.217). The plants are leased, not owned; the company owns 1.83 acres of vacant land at Katwal bought on May 15, 2026 (DRHP p.129).

Source: DRHP p.48, DRHP p.71, DRHP p.76. The loans named for repayment are ICICI term loans with ₹703.71 lakh outstanding at August 31, 2026, including ₹283.33 lakh drawn on June 29, 2026 (DRHP p.85).

08What the money is for

Source: DRHP p.76, DRHP p.77. The three named objects total ₹5,837.22 lakh: the plant is 51.2%, working capital 38.5% and repayment 10.3% (our arithmetic, DRHP p.76). The share of the fresh issue cannot be computed until the price is set.

The plant: a PEB shed of about 1,77,000 square feet with a 3,000 square metre mezzanine, on the 1.83 acres already owned plus 2.25 acres under an agreement for sale dated September 14, 2026 for ₹60.00 lakh, of which ₹2.00 lakh has been paid (DRHP p.78). It is budgeted at ₹2,140.99 lakh for building and civil works on a single contractor quotation and ₹846.23 lakh for 19 machinery items; no machinery order has been placed (DRHP p.78, DRHP p.80). The company expects a base capacity of 24,000 tonnes a year and commercial operation in January 2028 (DRHP p.78, DRHP p.81).

Working capital: the company's own projection, certified by the peer-review auditor, puts the working-capital gap at ₹6,111.24 lakh in FY27 and ₹11,167.24 lakh in FY28, with payable days cut from 76 to 36 (DRHP p.82). None of the objects has been appraised by a bank or agency (DRHP p.88).

Into the business the whole issue: up to 28,80,000 new shares, not priced at draft stage (DRHP p.46). To selling shareholders nothing: there is no offer for sale (AP p.1).

09Who is selling

No one. The issue is a fresh issue of up to 28,80,000 shares by the company, with no offer for sale (AP p.1, DRHP p.46). The issue is made under Regulation 229(2) of Chapter IX of the SEBI regulations, as post-issue paid-up capital will be more than ₹10 crore and less than ₹25 crore (DRHP p.239). The promoters and promoter group will not take part in the issue (DRHP p.74).

10Promoters

The promoters are Varun Arora, Sandeep Kumar Mendiratta and Mahima Gandhi (DRHP p.155). Varun Arora, aged 41, is Chairman and Managing Director, holds a post-graduate diploma in management from Jagan Institute of Management Studies and has more than 14 years in structural steel and PEBs, previously with AKMY Buildcon Private Limited, Jindal Buildsys Limited and Multicolors Steels (India) Pvt. Ltd. (DRHP p.143).

Sandeep Kumar Mendiratta, aged 41, is Whole-time Director, a B.Tech from Uttar Pradesh Technical University with more than 17 years in the industry, previously with AKMY Buildcon, Jindal Buildsys, Everest Industries and Kirby Building Systems, and runs manufacturing, design and compliance (DRHP p.143). Mahima Gandhi, aged 40, is a Non-Executive Director since March 16, 2026, holds an MBA and has about 5 years in sales and marketing (DRHP p.142, DRHP p.143). The document records Sandeep Kumar Mendiratta as the husband of Mahima Gandhi (DRHP p.144).

Other ventures: VST Warehousing LLP, where Mahima Gandhi is a designated partner, is the only promoter group entity named, and it is the landlord of Unit II (DRHP p.146, DRHP p.158). The related-party list also names Steeltech Infra Projects as a promoter group entity (DRHP p.205). No director has served on the board of a listed company (DRHP p.39).

Pay: the three promoters received ₹36.00 lakh in FY24 and ₹51.00 lakh in FY26, ₹17.00 lakh each in FY26 (our arithmetic, DRHP p.205). The directors' table shows ₹0.70 lakh paid to Mahima Gandhi in FY26 against the ₹17.00 lakh in the related-party table, and the document does not reconcile the two (DRHP p.145, DRHP p.205). From August 6, 2026 each executive director may be paid up to ₹50.00 lakh a year (DRHP p.144). Related-party transactions totalled ₹823.07 lakh in FY26, mostly sales to and rent from VST Warehousing LLP (our arithmetic, DRHP p.205).

Pledges and litigation: no promoter share is pledged, and there is no criminal, civil, regulatory or tax proceeding against any promoter or director (DRHP p.70, DRHP p.230, DRHP p.231). The promoters and Charu Arora, recorded as spouse of a director, and VST Warehousing LLP have personally guaranteed the ICICI Bank facilities (DRHP p.52, DRHP p.213).

Promoter economics: the company's 10,000 founding shares were subscribed at ₹10 each by Charu Arora and Mahima Gandhi on incorporation (DRHP p.66). Both blocks of 5,000 were gifted on February 8, 2024 to Varun Arora and Sandeep Kumar Mendiratta (DRHP p.70). A bonus of 800 shares for each share on March 17, 2026 turned them into 80,10,000 (DRHP p.66). In May 2026 each of the two gifted three single shares, one of them to Mahima Gandhi and the rest to promoter group members (DRHP p.70). The stated weighted average cost of acquisition is nil for all three promoters (AP p.5).

11Who already owns it

Source: DRHP p.71. The five promoter group holders are Charu Arora, Chuni Lal, Ramesh Kumar, Bimlesh and Sunita, one share each (DRHP p.71). The company has 8 shareholders; there is no public holder, no institution, no fund and no employee stock option scheme (DRHP p.74).

After a full allotment of 28,80,000 shares the count rises from 80,10,000 to 1,08,90,000, and the promoters' holding falls from 100.00% to about 73.6% (our arithmetic, DRHP p.71). The securities premium account is nil before the issue (DRHP p.65). Twenty per cent of the post-issue capital held by the promoters will be locked in for three years (DRHP p.71).

12What changed just before the IPO

• Revenue more than doubled from ₹15,773.02 lakh in FY24 to ₹33,980.32 lakh in FY26, and profit after tax rose from ₹228.55 lakh to ₹1,521.95 lakh (DRHP p.49).
• Receivables stretched: receivable days went from 27 in FY24 to 60 in FY26 (DRHP p.82).
• One customer grew: the largest customer went from 6.57% of revenue in FY24 to 16.79% in FY26, while the top ten stayed at 43.63% (DRHP p.26). The top five suppliers fell from 66.91% of purchases in FY25 to 55.40% in FY26 (DRHP p.25).
• A plant opened and a plant closed: Unit II at Katwal ran at 60% of 25,000 tonnes in FY26, Unit I at 63%, and Unit III closed in June 2025 (DRHP p.124).
• Unit II is leased from a promoter group firm: a nine-year lease from January 1, 2026 at ₹15,00,000 a month with VST Warehousing LLP, signed by Mahima Gandhi for the lessor (DRHP p.129). Rent of ₹144.00 lakh was paid to VST Warehousing LLP in FY26, and sales to it rose from ₹249.19 lakh in FY25 to ₹603.73 lakh (DRHP p.205).
• Bonus issue: 800 shares for each share on March 17, 2026, out of reserves (DRHP p.66).
• No pre-IPO placement: apart from the bonus, no share was issued in the two years before the filing; the only allotment for cash was at ₹10 a share in November 2020 (DRHP p.66).
• Auditor changes: N G S M And Associates resigned on July 10, 2025; M A R S & Associates was appointed on August 5, 2025 and resigned on February 11, 2026 on merging into A D V And Co LLP, which was appointed on April 13, 2026 (DRHP p.62).
• Became a public company by a fresh certificate dated June 10, 2026 (DRHP p.138).
• Board rebuilt: two independent directors joined on May 9, 2026; Varun Arora and Sandeep Kumar Mendiratta ceased as directors on July 25 and July 28, 2026 and were reappointed two days later each (DRHP p.146). The company secretary was appointed on March 14, 2026 and the CFO on May 7, 2026 (DRHP p.154).
• Borrowings rose from ₹114.56 lakh to ₹1,205.89 lakh, all from ICICI Bank, which requires the company to route all its sales through it (DRHP p.48, DRHP p.217).

13Capacity and expansion

Source: DRHP p.124, certified by Er. Anil Kumar Singh, chartered engineer, on August 12, 2026. Unit I's installed capacity was 20,400 tonnes in FY24 and 23,000 in FY25 (DRHP p.124).

The new unit adds 24,000 tonnes of base capacity at Katwal, on a schedule from design and approvals in January 2027 to commercial operation in January 2028 (DRHP p.78, DRHP p.81). The existing two units already run at about 60% and 63% (DRHP p.124). The document does not say what utilisation or output the new plant is expected to reach, and the chain from capacity to revenue is not drawn.

14Market size and industry structure

As claimed: the industry section draws on the "Industry Report on Pre-Engineering Building" dated September 25, 2026 by D&B, which the company commissioned and paid for (DRHP p.41). The report does not size the PEB market; it uses steel output as a proxy because PEB revenue data are fragmented (DRHP p.104). It states India's finished steel production rose from 113.6 million tonnes in FY22 to 160.9 million tonnes in FY26 (DRHP p.104).

It projects construction gross value added rising from ₹26.64 lakh crore in FY26 to ₹38.84 lakh crore in FY31, about 7.8% a year (DRHP p.108). It cites a warehouse market of USD 38.99 billion in 2025 projected to USD 59.34 billion by 2030 (DRHP p.110).

The part that is addressable: PEBs and structural steel for factories, warehouses and logistics buildings, mostly in north India. The document does not size that part.

What the company is today: ₹33,980.32 lakh of FY26 revenue from two operating plants with 50,000 tonnes of installed capacity (DRHP p.49, DRHP p.124).

Structure, as the commissioned report describes it: fragmented, with organised national players such as Kirby Building Systems, Interarch Building Products and PEBS Pennar and many regional fabricators (DRHP p.111). Standard sheds compete on price and turnaround; complex buildings compete on engineering and execution record (DRHP p.111). Steel is the main cost, and most contracts are fixed-price, so steel price movement between bid and purchase lands in the margin (DRHP p.107).

15Competitive position

Source: DRHP p.93, DRHP p.48; FY26 figures, converted from ₹ lakh (our arithmetic). The document gives no borrowings for the peer.

Why customers choose this company, as the document puts it: an in-house plant with beam welding, plasma cutting, shot blasting and roll-forming lines and in-house testing, an ISO 9001:2015 certificate, a spread across many states and a record of on-time execution (DRHP p.115, DRHP p.116). The document offers no measure of on-time delivery. Against that, the company is about a fifth of its named peer by revenue, its plants are leased, its logo trademark is not yet registered, and 70.67% of revenue comes from three states (our arithmetic, DRHP p.93, DRHP p.28, DRHP p.26).

16Peers the company named

Peers named in the offer document: Interarch Building Solutions Limited, at a price to earnings ratio of 21.36 on the NSE close of September 18, 2026 (DRHP p.91).

The comparison is with one company about 5.6 times this one's FY26 revenue, with a higher PAT margin, 7.09% against 4.48% (our arithmetic, DRHP p.93). Its return on net worth was 15.27% against this company's 63.17% (DRHP p.91). The business chapter names four competitors, Interarch Building Solutions Limited, Pennar Industries Limited, Epack Prefab Technologies Limited and M&B Engineering Limited, and a risk factor calls Interarch and Pennar direct listed peers, but only Interarch is in the table (DRHP p.128, DRHP p.37). The industry chapter's profile calls the peer Interarch Building Products Limited (DRHP p.112).

17Risks, in plain words

Cash not following profit: operating cash flow was an outflow of ₹499.90 lakh in FY26 on profit of ₹1,521.95 lakh (DRHP p.50) → growth is being paid for with receivables, inventory and supplier credit → ₹1,969.36 lakh of receivables was more than six months past due at March 2026, with no allowance made (our arithmetic, DRHP p.197).

Customers: the largest customer was 16.79% of FY26 revenue and the top ten 43.63%, with no long-term contracts (DRHP p.26) → the loss of the largest would remove a sixth of revenue → the largest customer's revenue rose from ₹1,487.60 lakh to ₹5,708.29 lakh in one year (DRHP p.26).

Suppliers and steel: the top five suppliers were 55.40% of FY26 purchases and the largest 25.15% (DRHP p.25) → steel is the main input and contracts are mostly lump-sum → material cost was 81.19% of total expenses in FY26 (DRHP p.25).

Geography: Haryana, Uttar Pradesh and Rajasthan were 70.67% of FY26 revenue (DRHP p.26) → regional demand drives results → Uttar Pradesh alone went from 0.75% to 20.91% in two years (DRHP p.26).

Promoters and a related landlord: Unit II is leased for nine years from VST Warehousing LLP, a promoter group firm, at ₹15,00,000 a month (DRHP p.129) → ICICI Bank treats a default by VST Warehousing LLP as a default by the company, with joint and several liability (DRHP p.218) → VST Warehousing LLP owed the company ₹462.23 lakh for sales at March 2026 (DRHP p.206).

Regulation: the Consent to Operate for Unit I was applied for only in September 2026, the contract labour licence has not been applied for, and some approvals are still in the old private company name (DRHP p.237). Filing delays are recorded: 11 of 12 GSTR-3B returns in FY25 and 8 provident fund filings in FY25 were late, and an application to adjudicate penalties for director appointment lapses is pending with the Registrar of Companies (DRHP p.32, DRHP p.28).

Financial: borrowings rose to ₹1,205.89 lakh, all from ICICI Bank, with covenants including a minimum adjusted tangible net worth of ₹19.88 crore and a cap of ₹24.00 crore on total indebtedness (DRHP p.48, DRHP p.217).

Issue-specific: the plant machinery of ₹846.23 lakh has not been ordered, the building cost rests on one contractor's quotation, the objects have not been appraised, and the general corporate purposes amount is left blank (DRHP p.80, DRHP p.78, DRHP p.88).

18Litigation and regulatory matters

The one case: Haryana GST officers intercepted a vehicle carrying the company's building material on June 27, 2025, alleged discrepancies in quantity and value, and imposed a penalty of ₹6.69 lakh under IGST, which the company paid to release the goods; its appeal filed on April 27, 2026 is pending (DRHP p.230). The auditor also noted an income-tax demand of ₹31.63 lakh for AY 2023-24 shown on the portal although the company's appeal had been allowed (DRHP p.175). The document names 3 material creditors owed ₹2,823.62 lakh (DRHP p.231).

19Related-party transactions

Source: DRHP p.205, DRHP p.206; the promoter pay row is our arithmetic. Loans from promoters were repaid in FY25, leaving ₹47.74 lakh owed to Varun Arora and Sandeep Kumar Mendiratta (DRHP p.189).

What appeared in the two years before the filing: sales to VST Warehousing LLP from FY25, rent to it from FY26, and the Unit II lease dated February 26, 2026 (DRHP p.205, DRHP p.129). What disappeared: the loans given to Charu Arora and Mahima Gandhi in FY24 were received back in FY25 (DRHP p.205). All transactions are stated to be at arm's length (DRHP p.205).

20What the offer document does not say

Tonnes sold and realisation per tonne by product are not disclosed, so growth and margin cannot be split into volume, price and mix. No customer or supplier is named, including the customer that was 16.79% of FY26 revenue. The order book is not disclosed. What the receivables more than six months overdue consist of, and why no allowance was made, is not explained. The document does not say why Unit III closed in June 2025.

The size of the PEB market is not given; the commissioned report uses steel output instead. Expected utilisation and output of the new plant are not stated. The borrowings of the peer are not given. The ₹0.70 lakh and ₹17.00 lakh figures for Mahima Gandhi's FY26 pay are not reconciled (DRHP p.145, DRHP p.205). The general corporate purposes amount, the issue expenses and the price band are left blank.

21Five questions for management

1. How many tonnes were sold in FY24, FY25 and FY26, and at what average realisation per tonne?
2. What make up the ₹1,969.36 lakh of receivables more than six months past due, and how much has been collected since March 2026?
3. Who is the customer that was ₹5,708.29 lakh of FY26 revenue, and what share of FY27 orders does it hold?
4. Why did Unit III close in June 2025, and what did the move to the Unit II lease from VST Warehousing LLP cost against the old unit?
5. What products does the company supply to VST Warehousing LLP, and what of the ₹462.23 lakh it owed at March 2026 has been paid?

2Sources and cited facts

This study was read from 2 documents the company filed. The 124 figures it cites are listed under the document each came from, with the page and the sentence as printed.