IPO Details
Bidding Dates
04 Aug 25 - 06 Aug 25
Lot Size
2400
Price Range ₹
97 - 103
Exchange Status
NSE,BSE
Total Equity
₹ 55.62Cr
IPO Doc
IPO Timeline
Offer start
04 Aug 2025
Offer end
06 Aug 2025
Allotment
07 Aug 2025
Refund initiation
08 Aug 2025
Demat transfer
08 Aug 2025
Listing
11 Aug 2025
Offer start
04 Aug 2025
Offer end
06 Aug 2025
Allotment
07 Aug 2025
Refund initiation
08 Aug 2025
Demat transfer
08 Aug 2025
Listing
11 Aug 2025
About Company
Bhadora Industries Ltd., established in April 1986, is a long-standing manufacturer of industrial electrical cables under the brand name "Vidhut Cables." The company produces a range of cables, including PVC, LV, LT Aerial Bunched Cables, and XLPE cables, which are widely used in electricity transmission and distribution. It primarily serves State Electricity Boards (SEBs), EPC contractors, and domestic clients across multiple Indian states, operating from a BIS-certified facility in Tikamgarh, Madhya Pradesh. Between FY24 and FY25, the company saw a 33% increase in revenue and a 118% jump in profit, signaling robust financial momentum. The IPO funds will be used to expand manufacturing capacity, boost working capital, and support general corporate purposes.
Year Founded
17-05-2013
Promotor Details
Shashank Bhadora
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 95.24 | 0 |
| Share Capital | 12571680 | 12571680 |
Offer to Public
54,00,000.00 Cr
Highlights
- PAT surged 118%, and revenue rose 33% YoY, reflecting efficient scaling and healthy demand.
- Supplies to SEBs under government electrification schemes, which offers steady order flow and lower credit risk.
- Operating since 1986 with nationwide market reach and proven capabilities in a critical utility sector.
- Debt-to-equity at 0.94, showing balanced funding and manageable financial risk.
- Proceeds from IPO will fund a new manufacturing unit, enabling increased production and future growth.
Challenges
- PAT margin at 9.8% and EBITDA margin at 15.42% are lower compared to many FMCG or tech peers, indicating a high-volume, low-margin business model.
- The market has several players, and price competition can affect margins and order volumes.
- P/E rises to 17.76x and P/B at 6.49, which may be on the higher side unless growth justifies the premium.
- While stable, delays in government payments or project rollouts can disrupt cash flow.
- Only one current facility (though a new one is planned), so operational risk is geographically concentrated.
