Key Financial Figures

Income Statement (₹ Cr):

  • Revenue from operations: ₹36.69 Cr (H1 FY27) vs ₹20.67 Cr (H1 FY26) - +77.5% YoY
  • Total income: ₹38.42 Cr (H1 FY27) vs ₹22.11 Cr (H1 FY26) - +73.7% YoY
  • EBITDA: ₹7.45 Cr (H1 FY27) vs ₹7.37 Cr (H1 FY26) - +1.0% YoY
  • EBITDA margin: 20.3% (H1 FY27) vs 35.7% (H1 FY26) - -15.4 percentage points YoY
  • Profit after tax: ₹4.38 Cr (H1 FY27) vs ₹4.72 Cr (H1 FY26) - -7.1% YoY
  • PAT margin: 11.9% (H1 FY27) vs 22.8% (H1 FY26) - -10.9 percentage points YoY
  • EPS (not annualized): ₹3.03 (H1 FY27) vs ₹3.82 (H1 FY26) - -20.7% YoY

Sequential Performance (H1 FY27 vs H2 FY26):

  • Revenue: +8.8% (from ₹33.72 Cr to ₹36.69 Cr)
  • EBITDA: +92.0% (from ₹3.88 Cr to ₹7.45 Cr)
  • PAT: +150.3% (from ₹1.75 Cr to ₹4.38 Cr)
  • EBITDA margin: +8.8 percentage points (from 11.5% to 20.3%)

Balance Sheet (September 2026 vs March 2026):

  • Net worth: ₹46.06 Cr vs ₹19.58 Cr (post-IPO)
  • Total borrowings: -53%
  • Debt to equity: 0.10 times vs 0.50 times
  • Current ratio: 1.85 times vs 1.23 times

Management Commentary

Mr. Anujit Darade, Managing Director, commented on the results:

  • First half as a listed company saw strong growth with revenue increase of 77.5% to ₹36.69 Cr
  • New growth avenues with customers moved into production
  • Higher raw material cost during ramp-up reduced margins compared to last year (75% of revenue vs 54% in H1 FY26)
  • Business transformation from contract moulder to design and engineering partner for global OEMs over last three years
  • EBITDA margin improved from 10.5% in FY23 to 20.7% in FY26
  • IPO strengthened balance sheet and reduced debt
  • Spare capacity in plant and land available for expansion
  • Well positioned to grow in premium furniture, engineering services, and new mechanism business

Company Overview

Background:

  • Incorporated in 2014 in Pune, Maharashtra
  • Manufacturing plant commissioned in 2015
  • Manufactures engineered plastic components through injection moulding
  • Offers design, tooling and assembly services
  • Promoter family has over 35 years of experience in polymer industry

Infrastructure:

  • Owned land: 5.5 acres (2,34,614 sq ft)
  • Currently built up: 40,000 sq ft
  • Over 20 injection moulding machines (100 tonnes to 1,000 tonnes)
  • Produces more than 300 products

Customers:

  • Home appliances: Godrej, BSH, Versuni
  • Office furniture: MillerKnoll, Steelcase, HNI, Haworth, Kokuyo
  • Engineering and automotive: Toro, Varroc, Pricol

Certifications:

  • ISO 9001, ISO 14001, ISO 45001, SEDEX SMETA, CII GreenCo Gold, REACH/RoHS compliance
  • Steelcase Premier Supplier (Asia)
  • MillerKnoll Gold Supplier

Listing Details:

  • Raised ₹27 Cr through IPO
  • Listed on BSE SME on 7 July 2026

Revenue Contribution by Vertical

| Vertical | FY26 (Mar-26) | H1 FY27 (Sep-26) | Change |

| Premium furniture | 52.72% | 53.40% | +0.68 pp |

| Home appliances | 24.36% | 26.90% | +2.54 pp |

| Engineering & others | 22.91% | 19.70% | -3.21 pp |

  • Premium office furniture is largest vertical at 53.40% of revenue (vs 28% in FY23)
  • Home appliances provides stable volumes and cash flow
  • Engineering and others includes co-designed products and automotive components
  • Capacity utilization: 67% in H1 FY27 vs 78% in FY26 (one-third capacity available)

Historical Financial Performance

| ₹ Cr | FY23 | FY24 | FY25 | FY26 |

| Revenue from operations | 45.30 | 41.49 | 47.54 | 54.39 |

| EBITDA | 4.77 | 6.05 | 9.19 | 11.25 |

| EBITDA margin | 10.5% | 14.6% | 19.3% | 20.7% |

| Profit after tax | 0.71 | 2.00 | 5.29 | 6.47 |

| PAT margin | 1.6% | 4.8% | 11.1% | 11.9% |

Key drivers of margin improvement (FY23-FY26):

  • Change in product mix: Premium office furniture increased from 28% to over 50% of revenue
  • Change in business model: In-house design, engineering and tooling from concept stage
  • Lower finance cost: ₹2.14 Cr in FY23 to ₹1.35 Cr in FY26
  • Better use of existing assets: Higher revenue from same plant, fixed costs stayed flat

Growth Strategies

Chair mechanisms:

  • Moving from plastic parts to tilt-and-recline mechanisms
  • Market estimated at 6.7 million units/year (₹670 Cr)
  • Target 30% market share (₹201 Cr revenue opportunity)

Engineering services and localisation:

  • Global OEMs shifting production to India
  • Company converts concepts into drawings, prototypes and production moulds
  • OEM localisation currently at 8-10%, expected to reach 75% in five years

Co-design growth avenues:

  • Co-designed pressure-compensating drip irrigation product with Toro
  • Customer funds moulds and development
  • Comes with five years of assured business

Capacity expansion:

  • Plant running at 67% utilization
  • 40,000 sq ft built up of 2,34,614 sq ft owned land (5.8x room for brownfield expansion)

Expected Impact of Growth Strategies

  • Higher revenue: Mechanism business opens ₹201 Cr market, OEM localisation adds volumes
  • Better margins: Engineering projects deliver 16-18% net margins
  • Revenue visibility: Multi-year growth avenues, assured business, long qualification periods
  • Efficient capital use: Spare capacity, owned land, customer co-investment in moulds
  • Strong financial position: Debt to equity at 0.10 times, IPO funds available