Suvira Industries Limited IPO

01At a glance

What the company does: designs, assembles and supplies audio-visual and display products, chiefly interactive flat panels (touch screens for classrooms and meeting rooms), projection and home cinema screens, and AV mounts and workspace products, from a leased factory at Saha, Ambala, Haryana; about a third of revenue is goods bought in and resold (DRHP p.161, DRHP p.166).

Who pays it: schools, government bodies, companies, dealers and distributors, and, from November 2025, consumers ordering online under the BIGVUE brand (DRHP p.161, DRHP p.275). Online consumer sales were ₹17.7 crore, 53.27% of FY26 revenue (DRHP p.166). The largest customer was 25.04% of FY26 revenue and the top five 56.60% (DRHP p.25). NY Retail Inc., a proprietorship of the Managing Director, bought ₹9.0 crore of goods from the company in FY26 (DRHP p.61, DRHP p.234).

Why it is raising money: ₹14.0 crore of the fresh issue is for working capital and ₹5.9 crore for a semi-automated assembly, testing and aging line for interactive flat panels with its air-conditioning; the general corporate purposes amount is blank (DRHP p.88). There is no offer for sale (DRHP p.1).

How fast it has grown: revenue from operations from ₹12.9 crore in FY24 to ₹33.2 crore in FY26, about 60.2% a year, and profit after tax from ₹1.9 crore to ₹8.0 crore, about 105.7% a year (our arithmetic, DRHP p.57). Most of the rise came in FY26, when revenue grew 124.94% (DRHP p.32).

The one thing to understand: the FY26 jump came with a new online consumer channel and with large sales to firms of the promoter family. Sales to NY Retail Inc. and Vutec Products LLC, both owned by Managing Director Gagan Wadhawan, were ₹9.3 crore, about 28.1% of FY26 revenue (our arithmetic, DRHP p.61, DRHP p.62, DRHP p.234, DRHP p.235). Income tax was low because of a start-up deduction of ₹6.2 crore under Section 80-IAC (DRHP p.258).

02The business, in plain words

What Suvira Industries does

Suvira Industries was incorporated on March 09, 2020 as Suvira Industries Private Limited and became a public company with a fresh certificate dated April 06, 2026; its object clause was changed on May 02, 2026 and a new CIN was issued on May 18, 2026 (DRHP p.2, DRHP p.161). It calls itself a manufacturer and exporter of audio-visual (AV), display and EdTech products (DRHP p.161). Its product lines, as the document groups them (DRHP p.26, DRHP p.168 to DRHP p.176):

• Display Solutions: interactive flat panels (IFPs, large touch screens with a built-in Android computer) in Pro, Plus and Ultra Prime series, portable 24 and 32 inch displays, and small LED projectors (DRHP p.168, DRHP p.169).
• Home cinema: projection screens of many kinds, including ambient-light-rejecting screens for ultra-short-throw projectors, motorised, tensioned, in-ceiling and large-venue screens, and screen fabrics (DRHP p.170 to DRHP p.175).
• Workspace Solutions: TV and projector mounts, lifts and related accessories (DRHP p.175, DRHP p.176).

How the work is done: screen fabric is cut, sealed and joined, aluminium frames are cut, bent, drilled and assembled, and panels are assembled and tested on workbenches; the document calls the present process "semi-manual, batch-based" (DRHP p.177, DRHP p.94). The machine list is small: fabric sealing, curving, drilling, cutting and welding machines, 12 work tables, a load-testing rig and a 20 KVA generator (DRHP p.182 to DRHP p.184). It had 35 permanent employees at August 31, 2026, 13 of them workers (DRHP p.186, DRHP p.187).

A school, a company, a dealer or an online shopper orders a touch screen, a projector screen or a mount → the company imports panels, chips and other parts, mostly from overseas suppliers, and assembles and tests them in Ambala, or imports finished goods and resells them → it ships through third-party logistics and, for online orders, from Amazon warehouses in Gurugram → it is paid the sale price, excluding GST (DRHP p.176, DRHP p.181, DRHP p.185, DRHP p.186, DRHP p.246).

Brands: SUVIRA, EURROS, VUTEC, VISION X and BIGVUE; BIGVUE is the online consumer brand (DRHP p.161). Its IFP models E5500, E6500, E7500 and E8600 are registered with the Bureau of Indian Standards under IS 13252, and the factory holds ISO 9001:2015 (DRHP p.162, DRHP p.184). The factory at 308E, HSIIDC Industrial Growth Centre, Saha, Ambala is leased, as are the registered office and two warehouses, all from promoters or a promoter-group firm; total area is about 17,850 sq. ft. (DRHP p.23, DRHP p.24, DRHP p.163).

Earnings equation: Revenue = units sold × price per unit, across three product groups and five channels. The document gives units produced, not units sold, and no prices, so the equation can only be approached through production (see section 04).

03Where the money comes from

By product group (₹ crore):

Source: DRHP p.26, converted from ₹ lakh. Display Solutions went from 6.86% of revenue in FY24 to 46.89% in FY26, and home cinema from 82.42% to 38.36% (DRHP p.26).

By what was sold: manufactured goods sold in India were ₹21.4 crore in FY26 (64.55%), manufactured goods exported ₹0.65 crore (1.95%) and traded goods ₹11.1 crore (33.50%); in FY24 the split was ₹8.2 crore manufactured and ₹4.8 crore traded (DRHP p.166).

By channel: business sales (B2B) were ₹15.5 crore and online consumer sales (B2C) ₹17.7 crore in FY26; all FY24 and FY25 revenue was B2B (DRHP p.166, DRHP p.280). Online consumer sales began in November 2025 (DRHP p.275).

By place: Haryana was 48.32% of FY26 revenue, against 21.22% in FY25 and 9.93% in FY24; Telangana was 10.37% and no other state passed 5% (DRHP p.181). Exports were ₹0.34 crore to the United States and ₹0.31 crore to Libya, both in FY26 only (DRHP p.181). Read from the filing: the US export figure, ₹33.57 lakh, equals the FY26 sale to Vutec Products LLC, a Wyoming company of Gagan Wadhawan (DRHP p.62, DRHP p.181, DRHP p.235).

Suvira Industries customers: how concentrated the revenue is

Source: DRHP p.25. The business chapter repeats the table with different top ten figures, 61.77%, 37.17% and 21.31%, and a different FY25 top five, 30.90% (DRHP p.182). Neither table names the customers. The related-party note shows sales to NY Retail Inc. of ₹9.0 crore in FY26, ₹3.0 crore in FY25 and ₹1.0 crore in FY24 (DRHP p.61). Read from the filing: the FY26 sale to NY Retail Inc., ₹898.45 lakh, is larger than the ₹831.41 lakh the document gives for its largest customer, so one of the two figures does not reconcile with the other (DRHP p.25, DRHP p.61). The company has no long-term contracts with customers (DRHP p.40).

On the supply side, the largest supplier was 30.30% of FY26 raw material consumed and stock in trade, the top five 66.08% and the top ten 83.93% (DRHP p.27). The business chapter gives the top ten as 81.74% of total purchases (DRHP p.182). Imported raw materials were ₹14.4 crore and imported traded goods ₹7.4 crore of FY26 purchases (DRHP p.255).

04The growth record

Suvira Industries financials: revenue, profit and margins

Source: DRHP p.56, DRHP p.57, DRHP p.58, DRHP p.110, converted from ₹ lakh. Revenue from operations went from ₹12.9 crore in FY24 to ₹33.2 crore in FY26 and profit after tax from ₹1.9 crore to ₹8.0 crore (DRHP p.57). The company's EBITDA adds finance cost and depreciation to profit before tax and takes out other income (DRHP p.110).

Our arithmetic over FY24 to FY26: revenue grew about 60.2% a year (our arithmetic, DRHP p.57), which matches the document's own 60.17% (DRHP p.273); profit after tax grew about 105.7% a year (our arithmetic, DRHP p.57); EBITDA grew about 86.6% a year (our arithmetic, DRHP p.110). EBITDA margin moved from 19.34% to 26.26%, up 692 basis points, so from 19.3% to 26.3% rounded (DRHP p.110). Revenue rose 14.06% in FY25 and 124.94% in FY26 (DRHP p.110).

The year ends on March 31 throughout. Restatement changed profit slightly: FY26 profit after tax was ₹7.98 crore audited and ₹8.03 crore restated, FY24 ₹1.93 crore audited and ₹1.90 crore restated, for a change in the gratuity estimate (DRHP p.261). The abridged prospectus states that the auditor expressed no qualification or emphasis of matter for the periods covered (AP p.10). The restated statements are signed by Gandhi Minocha & Co. on September 10, 2026 (DRHP p.242).

What sits around the record:

• Cash: operating cash flow was −₹0.83 crore in FY26, −₹2.4 crore in FY25 and ₹1.4 crore in FY24 (DRHP p.58). In FY26 inventories absorbed ₹3.8 crore and receivables ₹2.8 crore (DRHP p.58). Operating cash flow FY26: −₹0.83 cr (DRHP p.58).
• Other income was ₹0.81 crore in FY26, about 9.0% of profit before tax (our arithmetic, DRHP p.57): ₹0.33 crore interest on fixed deposits, ₹0.22 crore currency gains and ₹0.26 crore miscellaneous income (DRHP p.255).
• Tax: total tax was ₹0.94 crore on profit before tax of ₹9.0 crore in FY26, an effective rate of about 10.4% (our arithmetic, DRHP p.57), after a deduction of ₹6.2 crore under Section 80-IAC (DRHP p.258).
• Debt: borrowings were ₹5.6 crore at March 31, 2026 (DRHP p.56), debt to equity 0.33 times, so 0.3× (DRHP p.112), and net of ₹0.10 crore of cash about 0.6× FY26 EBITDA (our arithmetic, DRHP p.56, DRHP p.110). Return on capital employed was 42.08%, so 42.1% rounded (DRHP p.110).
• Promoter loans: unsecured loans from five promoter directors were ₹3.5 crore at March 31, 2026 (DRHP p.35).
• Pledged deposits: fixed deposits of ₹4.77 crore were pledged to HDFC Bank for an overdraft (DRHP p.251), so ₹4.8 crore under lien (DRHP p.251).
• Customers and suppliers: the largest customer was 25.04% of FY26 revenue, so 25.0% rounded, the top five 56.60%, so 56.6%, and the top ten 64.03%, so 64.0% (DRHP p.25); online consumer sales were 53.27% of FY26 revenue, so 53.3% (DRHP p.166); the top ten suppliers were 83.93% of FY26 raw material consumed and stock in trade, so 83.9% (DRHP p.27).
• Related parties: sales to NY Retail Inc. and Vutec Products LLC came to ₹9.3 crore in FY26 (our arithmetic, DRHP p.61, DRHP p.62).
• Contingent liabilities: ₹0.37 crore at March 31, 2026, a customs demand and a small GST demand (DRHP p.59).
• Capacity: utilisation of the display line was 80.63% in FY26, so 80.6% rounded (DRHP p.28).
• Cases: no cases against the promoters or directors (DRHP p.292).
• Use of the issue: ₹14.0 crore of the fresh issue is for working capital and ₹5.9 crore for capital expenditure (DRHP p.88).

05What the growth is made of

Revenue from operations rose ₹20.3 crore from FY24 to FY26, ₹18.4 crore of it in FY26 alone (our arithmetic, DRHP p.57). By channel, FY26 against FY25 (our arithmetic, DRHP p.280):

• Online consumer sales (B2C): up ₹17.7 crore, from nil.
• Business sales (B2B): up ₹0.76 crore, from ₹14.8 crore to ₹15.5 crore.

By product group, FY24 to FY26 (our arithmetic, DRHP p.26):

• Display Solutions: up ₹14.7 crore, from ₹0.89 crore to ₹15.6 crore.
• Home cinema: up ₹2.1 crore, from ₹10.7 crore to ₹12.7 crore, after a dip to ₹9.3 crore in FY25.
• Workspace Solutions: up ₹3.5 crore, from ₹1.4 crore to ₹4.9 crore.

Volume: units produced on the display line were 133 in FY24, 562 in FY25 and 2,419 in FY26; home cinema units 3,651, 3,412 and 4,290; workspace units 425, 544 and 679 (DRHP p.28).

Realisation, read from production: Display Solutions revenue per display unit produced was about ₹59,000 in FY25 and about ₹64,000 in FY26; home cinema revenue per unit produced was about ₹29,000 to ₹30,000 in both FY24 and FY26 (our arithmetic, DRHP p.26, DRHP p.28). These are units made, not units sold, and Display Solutions revenue may include traded goods, which the document does not split by product group, so the arithmetic does not separate price, mix and resale.

The document gives no units sold and no prices, so the increase cannot be split into volume and price. That is the finding. The management discussion attributes the FY26 revenue rise primarily to the start of B2C sales, where it says prices are "relatively higher" than in B2B (DRHP p.279), and in another passage says it "commenced sales through the B2C channel from November 2025" (DRHP p.275). It attributes the FY26 profit rise to higher-margin B2C sales, lower purchase prices from bulk procurement, volume discounts and operating leverage (DRHP p.283), while the profit before tax paragraph credits "improved profitability from the Company's B2B sales" (DRHP p.282).

06Earnings quality

The item that needs explaining is cash. Profit before working capital changes was ₹9.0 crore in FY26, but inventories absorbed ₹3.8 crore, receivables ₹2.8 crore and other current assets ₹1.9 crore, leaving ₹0.16 crore of cash from operations before ₹0.99 crore of tax was paid (DRHP p.58). Inventory went from ₹2.0 crore at March 2024 to ₹10.7 crore at March 2026; raw material stock alone rose from ₹0.52 crore to ₹4.3 crore in FY26 (DRHP p.56, DRHP p.253). Advances to suppliers rose from ₹0.47 crore to ₹2.4 crore over the two years (DRHP p.255).

Tax is the second item. Profit before tax was ₹9.0 crore in FY26 and the tax charge ₹0.94 crore, after a ₹6.2 crore deduction under Section 80-IAC, which applies to recognised start-ups, and a MAT credit of ₹0.52 crore (DRHP p.57, DRHP p.258). The management discussion says the 80-IAC benefit was availed "During Fiscal 2025" (DRHP p.277); the tax computation shows it in both FY25 and FY26 (DRHP p.258). The document does not say how many years of the deduction remain.

Third, sales to the promoter family's firms. NY Retail Inc. is a sole proprietorship of Gagan Wadhawan that trades AV equipment online; the company sold it goods worth ₹9.0 crore in FY26, ₹3.0 crore in FY25 and ₹1.0 crore in FY24 and booked ₹0.21 crore of miscellaneous income from it in FY26 (DRHP p.61, DRHP p.234).

The financial summary of NY Retail Inc. in the group entities chapter shows total revenue of ₹5.2 crore in FY26, ₹2.6 crore in FY25 and ₹2.1 crore in FY24 (DRHP p.234). Read from the filing: in FY25 and FY26 NY Retail Inc.'s stated total revenue is lower than what it bought from the company in those years; the document does not explain the difference.

07The balance sheet

At March 31, 2026 total assets were ₹23.6 crore: inventories ₹10.7 crore, other current assets ₹4.6 crore, fixed deposits under lien shown as non-current ₹3.3 crore, trade receivables ₹3.6 crore, MAT credit ₹0.79 crore, property, plant and equipment ₹0.43 crore and cash ₹0.10 crore (DRHP p.56). Against them: short-term borrowings ₹4.1 crore, long-term borrowings ₹1.5 crore, trade payables ₹0.35 crore, other liabilities and provisions ₹0.89 crore and net worth ₹16.8 crore (DRHP p.56).

Borrowings of ₹5.6 crore at March 31, 2026 were (DRHP p.251, DRHP p.288):

Source: DRHP p.251, DRHP p.288. ₹2.1 crore of the promoter loans is shown as current (DRHP p.288). The Bank of India facility was secured by stock, by land and building at Plot No. 115, HSIIDC, Ambala Cantt owned by M/s Suvira International, a proprietorship of Rajiv Wadhawan, and by guarantees of five promoter directors and that firm (DRHP p.251).

Cash: the ₹0.10 crore of cash and cash equivalents at March 31, 2026 was all cash in hand, with nil in bank current accounts (DRHP p.254). Fixed deposits with HDFC Bank under lien were ₹3.3 crore of more than twelve months and ₹1.4 crore of three to twelve months (DRHP p.253, DRHP p.255).

Source: DRHP p.270, DRHP p.88. The capitalisation statement leaves the post-issue column blank (DRHP p.270). Contingent liabilities were ₹0.37 crore: a customs demand of ₹0.37 crore, of which ₹0.21 crore was deposited under protest, and a GST demand of ₹0.38 lakh (DRHP p.59). The company has no capital work in progress and no stated capital commitments (DRHP p.242). It had no outstanding performance guarantees (DRHP p.184).

08What the money is for

Suvira Industries IPO objects: what the money is for

Source: DRHP p.88, DRHP p.89, DRHP p.105. 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.88). Issue expenses incurred to August 31, 2026 were ₹0.27 crore (DRHP p.88).

Capital expenditure, ₹5.9 crore: an integrated semi-automated assembly, testing, high-temperature aging and quality inspection line for interactive flat panels, smart displays and computer-type display machines, quoted by Guangdong Hehongxin Intelligent Equipment Co., Ltd. at ¥34,19,675, ₹4.9 crore at ₹14.1897 to the yuan, plus ₹0.50 crore of ocean freight and ₹0.51 crore for ten Trane air-conditioning units and installation (DRHP p.90, DRHP p.91).

It goes into about 6,000 sq. ft. of the existing leased factory (DRHP p.96). It is scheduled for FY28 (DRHP p.89). No order has been placed and no advance paid (DRHP p.99). The company says the line will add 12,000 units a year of Display Solutions capacity (DRHP p.95).

Working capital, ₹14.0 crore: ₹4.0 crore in FY27 and ₹10.0 crore in FY28 (DRHP p.89). The board-approved estimate puts the working capital need at ₹28.6 crore at March 2027 and ₹52.6 crore at March 2028, against ₹17.7 crore at March 2026, assuming inventory of 130 and 148 days and receivables of 45 and 55 days, with internal accruals of ₹21.1 crore and ₹38.1 crore (DRHP p.102, DRHP p.103). The objects have not been appraised, and no monitoring agency will be appointed because the issue is below ₹50 crore (DRHP p.67, DRHP p.106).

Into the business the fresh issue of up to 37,94,000 shares, at a price not yet set (DRHP p.54). To selling shareholders nothing: there is no offer for sale (DRHP p.1).

09Who is selling

Suvira Industries IPO offer for sale: who is selling

Nobody. The whole issue is a fresh issue of up to 37,94,000 shares of ₹10, amount not set, of which 1,92,000 are reserved for the market maker (DRHP p.54). The cover page shows the offer for sale as “NIL” (DRHP p.1, AP p.1). The issue is 27.50% of the post-issue capital (DRHP p.2). The promoters and promoter group will not take part in the issue (DRHP p.86).

10Promoters

The promoters are Gagan Wadhawan, Rajiv Wadhawan, Pankaj Wadhawan, Rekha Wadhawan, Shaina Wadhawan and Mohini Wadhawan (DRHP p.2). The document states that Rajiv Wadhawan is the father of Gagan Wadhawan and Pankaj Wadhawan and the spouse of Rekha Wadhawan, that Shaina Wadhawan is the spouse of Gagan Wadhawan and that Mohini Wadhawan is the spouse of Pankaj Wadhawan (DRHP p.228, DRHP p.229). Holdings: Rajiv Wadhawan 50,00,000 shares (50.00%), Gagan Wadhawan 20,00,000 (20.00%), Pankaj Wadhawan 20,00,000 (20.00%), Rekha Wadhawan 5,00,000 (5.00%), Shaina Wadhawan 2,00,000 (2.00%) and Mohini Wadhawan 2,00,000 (2.00%), 99.00% in all (DRHP p.80).

• Gagan Wadhawan, 40, Managing Director since September 01, 2025, a director since incorporation, B.Tech and MBA, about 16 years of experience; previous employment given as Suvira International (DRHP p.204, DRHP p.208, DRHP p.221).
• Rajiv Wadhawan, 66, Whole-Time Director since September 01, 2025, B.Sc., about 41 years in trading, distribution and manufacturing of AV, electronics and industrial products (DRHP p.208).
• Pankaj Wadhawan, 38, Whole-Time Director, B.Tech, about 16 years of experience; previous employment given as Moxcare Products Inc. (DRHP p.208, DRHP p.221).
• Rekha Wadhawan, 62, Whole-Time Director, B.A., about 7 years of experience (DRHP p.208).
• Shaina Wadhawan, 37, Whole-Time Director, B.Tech and M.Tech, about 6 years of experience (DRHP p.208).
• Mohini Wadhawan, 35, Non-Executive Director since September 17, 2025, B.Com and M.Com, about one year of experience (DRHP p.209).

Pay: salaries to the five executive promoter directors were ₹0.99 crore in FY24, ₹1.0 crore in FY25 and ₹0.99 crore in FY26 (DRHP p.60, DRHP p.256), so ₹0.99 crore in FY24 and FY26 (DRHP p.60). The current terms are ₹30.00 lakh a year for Rajiv Wadhawan, ₹24.00 lakh for Gagan Wadhawan (₹12.00 lakh the previous year), ₹21.00 lakh for Pankaj Wadhawan and ₹18.00 lakh each for Rekha Wadhawan and Shaina Wadhawan (DRHP p.210, DRHP p.211).

Loans: unsecured loans from Gagan, Pankaj, Rajiv, Rekha and Shaina Wadhawan were ₹3.5 crore at March 31, 2026, at 9% a year; interest on them was ₹0.25 crore in FY26 (DRHP p.35, DRHP p.251, DRHP p.61). Unsecured loans from five promoter directors at March 31, 2026: ₹3.5 cr (DRHP p.35).

Property: the registered office (₹84,000 a month) and factory (₹54,500 a month) are leased from Rajiv Wadhawan, one warehouse from Rekha Wadhawan (₹31,500 a month) and another from Mahadev Industry (₹48,700 a month), a partnership of Rekha Wadhawan (51%) and Pankaj Wadhawan (49%) (DRHP p.23, DRHP p.24, DRHP p.234, DRHP p.235).

Other businesses: the group entities are NY Retail Inc., a proprietorship of Gagan Wadhawan established in 2020 that trades AV equipment online; Mahadev Industry, which trades lab equipment; and Vutec Products LLC of Wyoming, United States, established in 2024, of which Gagan Wadhawan is named as proprietor, in consumer electronics e-commerce (DRHP p.234, DRHP p.235).

The promoter group also lists Getner Instruments Private Limited, Sipcon Technologies Private Limited, Yogi Hotel Private Limited, Inovative Basics India LLP, Saiyogi Developers LLP, Alfalah Vutec Trading FZCO, Moxcare Products, Rajiv Wadhawan HUF, Kapoor Constructions, Vutec Inc and Divine Enterprises (DRHP p.232). NY Retail Inc., Vutec Inc and Vutec Products LLC are named as in similar business; the company signed non-compete agreements with them on May 30, 2026 (DRHP p.33, DRHP p.233).

Guarantees and pledges: five promoter directors and M/s Suvira International guaranteed the Bank of India cash credit, repaid on August 01, 2026 (DRHP p.251, DRHP p.288). No promoter shares are pledged (DRHP p.77).

Cases: no criminal or civil cases against the promoters or directors (DRHP p.292).

Promoter economics: Rajiv Wadhawan, Gagan Wadhawan and Pankaj Wadhawan subscribed 10,000 shares at incorporation and 4,90,000 rights shares at ₹10 on May 20, 2020 (DRHP p.74). On February 24, 2026 Rajiv Wadhawan gifted 25,000 shares to Rekha Wadhawan and 10,000 each to Shaina Wadhawan and Mohini Wadhawan, who became promoters from that date, and transferred 5,000 to Kamney Kathuria (DRHP p.76, DRHP p.230). A 19:1 bonus of 95,00,000 shares followed on July 15, 2026 (DRHP p.74, DRHP p.85). The average cost of acquisition is given as ₹0.50 a share, and ₹0.59 for Rajiv Wadhawan (DRHP p.44); the capital structure gives Nil for Rekha, Shaina and Mohini Wadhawan (DRHP p.80).

11Who already owns it

Suvira Industries promoter holding before and after the IPO

Source: DRHP p.80; the after-issue column is our arithmetic. There are 1,00,00,000 shares of ₹10 before the issue and seven shareholders (DRHP p.54, DRHP p.81). If all 37,94,000 new shares are issued the total becomes 1,37,94,000 shares (DRHP p.54), and the promoters' 99.00% becomes about 71.8%, so 99.0% → 71.8% (our arithmetic, DRHP p.54, DRHP p.80). The risk factors put promoters at 99.00% before and 72.49% after (DRHP p.33); read from the filing, 72.49% is the promoters and the promoter group together. The document leaves the after-issue percentages blank (DRHP p.80).

The promoter group table names Kamney Kathuria as the mother of Shaina Wadhawan (DRHP p.231). No fund or company holds shares, and the lead manager holds none (DRHP p.86). 27,80,000 promoter shares, 20.15% of the post-issue capital, are to be locked in for three years as the minimum promoters' contribution, and 35,60,000 more for two years (DRHP p.82, DRHP p.84).

12What changed just before the IPO

• Revenue and profit: revenue from operations went from ₹12.9 crore in FY24 to ₹33.2 crore in FY26 and profit after tax from ₹1.9 crore to ₹8.0 crore (DRHP p.57).
• Receivables: 15 days in FY24 and 39 days in FY26 as computed by the company (DRHP p.103).
• Promoter pay: ₹0.99 crore in FY24 and FY26 (DRHP p.60).
• Sales mix: online consumer sales began in November 2025 and were 53.27% of FY26 revenue (DRHP p.275, DRHP p.166); Haryana went from 9.93% of revenue in FY24 to 48.32% in FY26 (DRHP p.181); sales to NY Retail Inc. rose from ₹1.0 crore in FY24 to ₹9.0 crore in FY26 (DRHP p.61).
• Exports: first exports, ₹0.65 crore, in FY26 (DRHP p.166).
• Gifts of shares: Rajiv Wadhawan gifted 45,000 shares to three family members on February 24, 2026 (DRHP p.230).
• Bonus issue: 19:1, 95,00,000 shares on July 15, 2026, taking the count from 5,00,000 to 1,00,00,000 (DRHP p.74).
• Last allotment before the IPO: the bonus shares of July 15, 2026, issued for no payment; the last allotment for cash was the rights issue at ₹10 on May 20, 2020 (DRHP p.74).
• Converted to a public company: shareholders approved on March 11, 2026; fresh certificate April 06, 2026 (DRHP p.2).
• Board and officers: directors re-designated as Managing Director and Whole-Time Directors on September 01, 2025; independent directors Sapna from August 18, 2025, Chestha from September 17, 2025 and Samridhi Batra from February 28, 2026; Mohini Wadhawan from September 17, 2025; Company Secretary Shruti Gupta from February 02, 2026 and CFO Aman Aggarwal from March 06, 2026 (DRHP p.213, DRHP p.60).
• Pay: Gagan Wadhawan's pay doubled from ₹12.00 lakh to ₹24.00 lakh a year under the current terms (DRHP p.210).
• Debt: borrowings rose from ₹1.7 crore at March 2024 to ₹5.6 crore at March 2026 (DRHP p.56); the Bank of India cash credit was repaid on August 01, 2026 (DRHP p.288).
• Non-compete: agreements with NY Retail Inc., Vutec Inc and Vutec Products LLC on May 30, 2026 (DRHP p.33).
• Customs dispute: an order of December 09, 2025 reclassified imported touch screens and confirmed differential duty of ₹0.33 crore and a penalty; the company paid ₹0.21 crore on January 30, 2026 and appealed (DRHP p.291, DRHP p.292).
• Auditor: Gandhi Minocha & Co. throughout; re-appointed on September 08, 2026; no change in the last three years (DRHP p.64).
• Dividend: none in the last three financial years (DRHP p.42).

13Capacity and expansion

Source: DRHP p.28, certified by Garg & Associates, chartered engineer, on September 16, 2026. Display utilisation was 4.43% in FY24 and 18.73% in FY25 (DRHP p.28). Installed capacity is the same in all three years (DRHP p.28).

The planned addition is 12,000 units a year of Display Solutions capacity, taking it to 15,000, from the ₹5.9 crore line in the objects (DRHP p.95). The document says the added capacity "will be subject to assessment and certification by the Company's Chartered Engineer" (DRHP p.101). The commercial production date is not given beyond deployment of funds in FY28 (DRHP p.89).

The industry report commissioned by the company describes "an annual manufacturing capacity of over 40,000 units" and a 50,000 sq. ft. facility (DRHP p.158), against the certified total of 11,100 units and the 17,850 sq. ft. of leased space in the business chapter (DRHP p.28, DRHP p.163). The step from capacity to revenue cannot be made from the filing.

14Market size and industry structure

Suvira Industries industry: market size and growth

As claimed: the chapter is taken from the “Industry Report on Indian AV & Digital classroom Technology Market” dated September 08, 2026 by Dun & Bradstreet Information Services India Private Limited, commissioned and paid for by the company for the issue (DRHP p.19, DRHP p.118).

The commissioned report sizes the Indian EdTech market at ₹33,000 crore in FY21 and ₹73,100 crore in FY25, a growth rate of about 22.0% a year (DRHP p.142), and the Indian smart classroom market at ₹2,700 crore in FY21, ₹4,100 crore in FY24 and ₹4,800 crore in FY25, about 15.5% a year (DRHP p.143).

The chapter opens with several pages on the world and Indian economies that do not bear on this segment (DRHP p.118 to DRHP p.135).

The part that is addressable: the company supplies interactive flat panels, projection and home cinema screens, small projectors and AV mounts to schools, offices, dealers and online consumers (DRHP p.161). The smart classroom figure covers projectors, panels, AV equipment, software and connectivity together (DRHP p.142). The commissioned report does not separately size interactive flat panels, projection screens, AV mounts, the home cinema segment or the online consumer market, which together make up all of the company's revenue (DRHP p.26).

What the company is today: revenue from operations was ₹33.2 crore in FY26 (DRHP p.57). Against the smart classroom market of ₹4,800 crore in FY25 that is about 0.7% (our arithmetic, DRHP p.57, DRHP p.143); the two figures are for different years, and much of the company's revenue, home cinema screens and consumer sales, sits outside the classroom market.

Size over time: the commissioned report projects the smart classroom market at ₹5,700 crore in FY26, ₹6,700 crore in FY27, ₹8,000 crore in FY28 and ₹13,700 crore by FY31, a growth rate it puts at 19.1% a year (DRHP p.152). The report projects the EdTech market at ₹3,17,400 crore by FY31, about 27.7% a year from FY25 (DRHP p.151). These are the report's projections, not figures newboard has checked.

Segments: the report divides AV products into interactive flat panels and digital displays, projectors and home cinema systems, and AV accessories such as mounts, lifts, cabling and projection screens (DRHP p.136). By application it names education, workplaces, home entertainment, hospitality and healthcare, and calls education the largest (DRHP p.138, DRHP p.139). By route to market it names OEM supply, retail, institutional tenders and EdTech integrators (DRHP p.140). The company sits in all three product groups and uses the retail, institutional and dealer routes (DRHP p.180).

What drives demand: the chapter names the National Education Policy 2020, Samagra Shiksha and PM eVIDYA (DRHP p.145). In FY25 the Department of School Education and Literacy was allocated ₹73,008 crore, of which ₹37,010 crore went to Samagra Shiksha, about ₹4,700 crore to school technology and over ₹1,900 crore to smart classrooms (DRHP p.136).

It says only 35% of government schools have smart classrooms and 23% ICT labs (DRHP p.138), and elsewhere that about 21.2% of schools in India have smart classrooms and about 15% projectors (DRHP p.144). Schools with computers rose from 38.5% in 2019-20 to 57.2% in FY24 and with internet from 22.3% to 53.9% (DRHP p.146). Public spending on education is about 4.1% of GDP against the policy target of 6% (DRHP p.146).

Structure: the chapter calls the market “highly competitive and fragmented” (DRHP p.155). Global brands named are ViewSonic, BenQ, Samsung, LG and Epson; Indian names are Senses Electronics and CP Plus (display segment), with many regional manufacturers and distributors (DRHP p.155). Barriers to entry it lists are technology and R&D, capital, brand trust, access to components and fast obsolescence (DRHP p.157). Government purchases run mostly through the Government e-Marketplace and state tenders (DRHP p.150). The only listed peer profiled is PRIZOR Viztech Limited (DRHP p.157).

Inputs and trade: India's imports of AV equipment under the HSN codes the report uses were US$15,443.5 million in FY26 to January, against exports of US$1,465.2 million (DRHP p.147). China supplied 41.4% of imports, US$6,391.1 million (DRHP p.148, DRHP p.149). The report calls the market “predominantly import-oriented” (DRHP p.149). The company itself imported 93% of its FY26 raw materials and components by value (DRHP p.265).

Rules: the report names BIS compulsory registration, the IS/IEC 62368-1 safety standard, ISO standards, and for exports FCC rules in the United States and CE and RoHS marks in Africa and the Middle East (DRHP p.150). The company's own registrations include BIS for four IFP models, an import-export code and EPR registration as producer and importer (DRHP p.184, DRHP p.295).

What the chapter says can go wrong: rapid technology change, with products obsolete “within 2-3 years”, intense price competition from low-cost makers and multinationals such as Epson and BenQ, dependence on imported LCD panels and chips, and dependence on institutional buyers with tender delays and slow payment (DRHP p.153). The chapter does not discuss the online consumer market, marketplace commissions or the customs classification of imported panels.

15Competitive position

Suvira Industries competitors

Source: DRHP p.113, DRHP p.160, converted from ₹ lakh. PRIZOR Viztech's revenue is about 4.6 times the company's (our arithmetic, DRHP p.113). PRIZOR Viztech makes CCTV cameras, recorders and smart displays at Gandhinagar, Gujarat, with over 11,000 dealers (DRHP p.157). The comparison uses PRIZOR Viztech's consolidated figures (DRHP p.113). The chapter names ViewSonic, BenQ, Samsung, LG, Epson, Senses Electronics and CP Plus as competitors but gives no figures for them (DRHP p.155).

What the company puts forward: rising use of its display line, a range of products and brands, several sales channels including its own online brand, project installation work and a presence in the United States and Africa (DRHP p.164, DRHP p.165). Against that: one leased factory with a short machine list, parts mostly imported, no long-term customer or supplier contracts, and a quarter of revenue from one customer (DRHP p.23, DRHP p.182, DRHP p.32, DRHP p.40, DRHP p.25).

16Peers the company named

Peers named in the offer document: PRIZOR Viztech Limited (DRHP p.109).

The document itself says that “the peers are not strictly comparable” (DRHP p.109). PRIZOR Viztech is several times the company's size and mainly in surveillance cameras (DRHP p.113, DRHP p.157). The document gives its price as ₹1,128.10 at September 26, 2026, EPS of ₹19.58 and a P/E of 58.20, which it also shows as the highest industry P/E, with an average of 29.10 (DRHP p.109). The company's FY26 EPS is ₹8.03 on 1,00,00,000 bonus-adjusted shares (DRHP p.57). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Suvira Industries IPO risks

Customers: related parties: NY Retail Inc., owned by the Managing Director, bought ₹9.0 crore of goods in FY26 (DRHP p.61) → that firm's own reported revenue is smaller than its purchases, so where the goods went is not shown → sales to promoter firms were about 28.1% of FY26 revenue (our arithmetic, DRHP p.57, DRHP p.61, DRHP p.62).

Customers: concentration: the largest customer was 25.04% of FY26 revenue (DRHP p.25) → there are no long-term contracts and orders can stop without notice (DRHP p.40) → the top five went from 14.88% in FY24 to 56.60% in FY26 (DRHP p.25).

Business: new channel: online consumer sales started in November 2025 (DRHP p.275) → there is no earlier year to compare and the document gives no figures on marketplace terms or returns → they were 53.27% of FY26 revenue (DRHP p.166).

Suppliers: imports: raw materials and components were 93% imported in FY26 (DRHP p.265) → currency moves, freight and duty changes reach costs directly → the top supplier was 30.30% of FY26 purchases (DRHP p.27).

Regulation: customs: customs reclassified imported touch screens under a heading with higher duty (DRHP p.290, DRHP p.291) → if upheld, other imports may be treated the same way; the document does not say → differential duty of ₹0.33 crore, a penalty of ₹0.03 crore and goods valued at ₹0.87 crore liable to confiscation are under appeal (DRHP p.291, DRHP p.292).

Financial: tax: profit after tax relied on a start-up deduction of ₹6.2 crore in FY26 (DRHP p.258) → the document does not say when it ends → the FY26 tax charge was about 10.4% of profit before tax (our arithmetic, DRHP p.57).

Financial: working capital: operating cash flow was negative in FY25 and FY26 (DRHP p.58) → the plan assumes inventory of up to 148 days (DRHP p.103) → the company estimates its working capital need at ₹52.6 crore by March 2028, against ₹17.7 crore at March 2026 (DRHP p.102).

Financial: promoter loans: ₹3.5 crore of unsecured loans from directors “may be recalled at any time” (DRHP p.35) → a call would need other money → they were about 63% of borrowings at March 2026 (our arithmetic, DRHP p.35, DRHP p.56).

Business: one site: the factory, office and warehouses are leased, three of the four from promoters (DRHP p.23) → a dispute or non-renewal would disrupt work → the new line goes into the same leased factory (DRHP p.96).

Regulation: filings: company law forms were filed late in every year from 2022-23, and GST returns up to 18 days late (DRHP p.34, DRHP p.35) → penalties may follow → the company says no proceedings are pending (DRHP p.34).

Issue-specific: no order has been placed for the ₹5.9 crore line and the Chinese quotation is valid for nine months from August 18, 2026 (DRHP p.99) → price or currency changes are to be met from internal accruals (DRHP p.99) → the document names no other source of funding (DRHP p.45).

18Litigation and regulatory matters

Cases against Suvira Industries and its promoters

Totals: the summary table puts the amount involved in cases against the company at ₹1.5 crore, ₹151.90 lakh (DRHP p.23, AP p.10). Criminal: none against the company, promoters, directors or key managers (DRHP p.292, DRHP p.293). Regulatory: no actions by regulatory authorities (DRHP p.23). Promoters and group: no cases (DRHP p.292). Creditors: no material creditors; 16 small-enterprise creditors were owed ₹0.26 crore at March 31, 2026 (DRHP p.293). Penalties:

the document states there were no penalties in the last five years (DRHP p.292) while the customs order imposed a penalty of ₹3.30 lakh (DRHP p.291) and the tax computation shows a customs penalty of ₹8.31 lakh disallowed in FY26 (DRHP p.258).

19Related-party transactions

Source: DRHP p.60, DRHP p.61, DRHP p.62, converted from ₹ lakh. Other items: vehicle lease to directors of ₹0.03 crore a year, rent to Mahadev Industry of ₹0.02 crore a year, and miscellaneous income from NY Retail Inc. of ₹0.21 crore in FY26 (DRHP p.61).

Read from the filing: the monthly rents in the lease table for the three premises leased from Rajiv and Rekha Wadhawan, ₹1,70,000 in all, come to about ₹0.20 crore a year and about ₹0.06 crore for the Mahadev Industry warehouse, more than the FY26 rent shown in the related-party note (our arithmetic, DRHP p.23, DRHP p.24, DRHP p.61); the document does not say when the current leases began.

What appeared or changed in the two years before filing: sales to Vutec Products LLC and purchases from NY Retail Inc. began in FY26; sales to NY Retail Inc. rose nearly ninefold from FY24 to FY26; directors' loans rose from ₹1.4 crore at March 2024 to ₹3.5 crore at March 2026; and new leases and non-compete agreements were signed (DRHP p.61, DRHP p.62, DRHP p.35, DRHP p.33). An auditor's certificate of September 14, 2026 states that the related-party transactions were at arm's length (DRHP p.29).

20What the offer document does not say

The names of the largest customers are not given, and the two customer concentration tables do not agree (DRHP p.25, DRHP p.182). How much of the B2C revenue passed through NY Retail Inc., Amazon or other marketplaces is not stated. Why NY Retail Inc.'s stated revenue is lower than its purchases from the company is not explained (DRHP p.61, DRHP p.234).

Units sold and prices are not given, so growth cannot be split into volume and price. Margins by product group, by channel or for manufactured against traded goods are not given. When the Section 80-IAC deduction ends is not stated. The capacity the new line adds is not yet certified (DRHP p.101). The issue size, price band, general corporate purposes amount and issue expenses are blank (DRHP p.88). The after-issue shareholding is blank (DRHP p.80).

There is no order book. The commissioned industry report does not size the company's own segments.

Some inconsistencies are recorded as document matters, not business ones: the risk factors say the statements are under Ind AS while the statements are under Indian GAAP (DRHP p.41, DRHP p.245); the management discussion calls the statements consolidated, says the company was incorporated under the Companies Act, 1913 and puts the factory in “Ambala, Punjab” (DRHP p.273);

the commissioned report says the company was “established in 1989” with a 50,000 sq. ft. facility of over 40,000 units, against incorporation in 2020 and 11,100 certified units (DRHP p.157, DRHP p.158, DRHP p.2, DRHP p.28); NAV per share of ₹335.82 is struck on 5,00,000 shares while EPS of ₹8.03 is on 1,00,00,000 bonus-adjusted shares (DRHP p.109, DRHP p.57);

the February 2026 gifts show a price of ₹10 and cash consideration in one table and nil in another (DRHP p.76, DRHP p.230); the average cost for three promoters is ₹0.50 in one table and Nil in another (DRHP p.44, DRHP p.80); the trade chart describes import values as export volumes (DRHP p.147); the management discussion places the 80-IAC benefit in FY25 only (DRHP p.277);

and the risk factors mention cases involving the promoter group and key managers while the litigation chapter shows none (DRHP p.22, DRHP p.292). The auditor's examination report pages, PDF pages 238 to 241, carry no readable text in the filed copy.

21Five questions for management

1. What share of FY26 B2C revenue of ₹17.7 crore was billed to NY Retail Inc. or Vutec Products LLC, and how did NY Retail Inc. report revenue of ₹5.2 crore after purchases of ₹9.0 crore from the company?
2. How many units of each product group were sold in FY26 through B2B and through B2C, and at what average price per unit?
3. How many more years of the Section 80-IAC deduction remain, and what would the FY26 tax charge have been without it?
4. How much of the March 2026 inventory of ₹10.7 crore was imported panels and modules, and how many days of FY27 sales does it cover?
5. What is the total duty and penalty exposure if the customs classification upheld in December 2025 is applied to all touch screen imports since then?

2Sources and cited facts

This study was read from 2 documents the company filed. The 202 figures it cites are listed under the document each came from, with the page and the sentence as printed.