Model Liotech Industries Limited specializes in the production and fabrication of hardware structures and accessories. The company’s core product portfolio encompasses a comprehensive selection of items, offering over 150 distinct specifications. This includes door kits, a wide variety of hinges (cut & butt, parliament, W, Z, and duck hinges), gate hooks, aldrops, locks, handles, tower bolts, and shelf bottoms. In addition to its manufacturing operations, Liotech engages in the trading of complementary hardware accessories, such as door stoppers, magnets, table brackets, bed lifters, and bell magnets. The company predominantly operates on a Business-to-Business (B2B) model, providing end-to-end product solutions that capture the entire value chain from designing and manufacturing to quality testing, packaging, and logistics. Liotech caters directly and indirectly to a diverse range of sectors, including housing, infrastructure, agriculture, automotive, power, cement, mining, solar energy, and general engineering. The company markets its products across approximately 9 states and Union Territories in India, with its largest market footprint rooted in the Western and Eastern regions, particularly Gujarat. Its strong client relationships have translated into a highly concentrated customer base. For the period ended December 31, 2025, the company's top 10 customers contributed a substantial 99.28% of its total revenue, demonstrating a high degree of client retention and repeat business. Operations are centralized at its integrated manufacturing unit located in Shapar, Rajkot, Gujarat, spanning an area of 12,632 square feet. This facility is equipped with modern automation and machinery and features dedicated departments for machining & polishing, storage & packing, as well as an employee quarter. The manufacturing infrastructure complies with strict quality standards, holding the ISO 9001:2015 certification for its Quality Management System and a certificate of compliance from UK Certificate and Inspection mapping to European construction product directives (CPD/CPR). The current IPO proceeds will partially fund the acquisition of advanced CNC fiber laser cutting machines, servo-driven injection molding machines, and heavy-duty polishing equipment to further expand this base. To match surging demand, Liotech has consistently scaled its operations and maximized capacity utilization over the tracked period. The installed production capacity grew significantly from 619.20 MT in FY 2023 to 4,759 MT during the nine-month period ending December 31, 2025. Capacity utilization levels were extremely strong as the company absorbed its expanded capacity, recording 74.04% (458.43 MT) in FY 2023, 84.60% (1,279 MT) in FY 2024, and 88.43% (2,174.09 MT) in FY 2025. For the nine months ended December 2025, capacity utilization stabilized at 75.81% (3,607.84 MT) on a much larger production base. As per financial performance, Liotech Industries Limited has posted total income / net profits of Rs 8.50 / 0.35 Cr (FY23), Rs 27.87 / Rs 2.93 Cr (FY24), Rs 40.69 Cr / 4.16 Cr (FY25) and Rs 51.79 Cr / 5.49 Cr (Upto Q3 FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 10.87 and average RoNW of 37.90% for last three fiscals. Issue is priced at a P/BV of 6.04 as per NAV of Rs 53.12/- as on 31.12.25 If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 42.78, 30.07 and 17.11 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Wealth Mine Networks Limited is associated with this IPOs, and has handled 2 IPOs in last three fiscal years. From last two IPO, all opened below issue price or at par, on the day of listing. As of now, from last two IPO, all are trading below price or at par. (as on 28.05.26) As per financials, Liotech Industries Limited has shown good growth, RoNW is 39.86% and P/E is 42.78, 30.07 and 17.11 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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