Founder of Stock Knocks | CS & an Alumni of London Business School | SME Explorer | Building AI to simplify SME investing
Jul 28 • 15 tweets • 3 min read
The SME IPO Market in 2025?
114 Listings, 58 Loses & 6 Crashes
Let’s unpack 2025’s SME market so far…
🧵A Thread 1/10
Around 114 SME IPOs hit the market in 2025!
🟢 82 opened green
🔴 32 in red
2/10
Jul 8 • 9 tweets • 3 min read
From Gujarat, sharing my recent visit to Swastika Castal Limited, where I had a conversation with Varun Sharda Ji!
This company is soon launching an SME IPO.
We explored their business, the upcoming IPO, and how they navigate challenges like the tariff war effects and the "China Plus One" policy-shaping global supply chains. A Factory Visit THREAD!
#SwastikaCastal #SMEIPO #BSE
What does Swastika Castal do?
They're an aluminium foundry, making ready-to-use aluminium castings based on customer specifications.
Their process involves melting raw ingots (from NALCO & Hindalco) and other materials like silicon, magnesium, and copper.
They even make their own alloys in-house!
Jun 25 • 11 tweets • 4 min read
In a recent conversation with Rajesh Mittal Ji, the Managing Director of Cedaar Textile Limited, shed light on the company's reducing its exposure to Bangladesh, manufacturing processes, and future vision as it prepares for an SME IPO.
The company aims to raise approximately ₹50-60 crore through this IPO.
A Thread 🧵👇
#CedaarTextile #SMEIPO #NSE #SME2/8 Business Segments & Differentiators:
Cedaar Textile operates across four major segments:
Mélange and Fancy Yarn, Technical Textile (made from specialized fibers), Dyed Yarn, and an upcoming Fabric manufacturing division.
Currently, 70% of sales come from Mélange & Fancy Yarn, 20% from Dyed Yarn, and 10% from fabric job work.
A key differentiator is the significant margin difference: normal yarns yield 4-5% margins, while Dyed Yarn, Technical Textile, and Fabric show 15-20% margins.
Jun 23 • 21 tweets • 5 min read
We had the opportunity to visit Safe Enterprises Retail Fixtures Ltd. and meet CA Mikdad Saleem Merchant Ji in Pune, Maharashtra.
We delved into their business, products, manufacturing process, and future vision in this miscellaneous industry.
A thread with a closer look at the company for investor clarity (1/17) 🧵
#SafeEnterprisesRetailFixturesLimitedIPO #SMEIPO #NSESME #RetailFixtures
2/17 What Does Safe Enterprises Do?
Safe Enterprises specializes in manufacturing retail fixtures, essentially the furniture that takes up 80% of a shop's visual space, used to display merchandise.
They provide end-to-end solutions, including design, manufacturing, supply, and installation of these shop fittings. They also offer technology-enabled solutions to transform shops into "smart shops".
Jun 18 • 25 tweets • 15 min read
SME Company Spotlight: Shera Energy Limited in manufacturing non-ferrous metal products and their alloy products, and winding wires
A few months ago, we visited Shera Energy Limited, a major winding wire manufacturer in India!
Shera Energy Limited, an Indian SME, operates in the vital sector of manufacturing non-ferrous metal products and winding wires. The company's core business involves the production of copper, aluminum, and brass-based items, which are critical components for industries such as transformers, motors, and electrical panels.
The investment appeal of Shera Energy is underpinned by its consistent financial growth, a strategic approach to vertical integration, and recent international market penetration, all designed to leverage the expanding infrastructure, renewable energy, and electric vehicle (EV) sectors within India and globally.
The company has demonstrated robust financial performance, achieving a consolidated total income of ₹1,279.05 crore, an EBITDA of ₹60.48 crore, and a net profit of ₹22.40 crore for the fiscal year ended March 31, 2025 (FY25).
Furthermore, Shera Energy reported a Return on Equity (ROE) of 14.76% and a Return on Capital Employed (ROCE) of 39.31% in FY25, indicating efficient utilization of shareholder funds and capital.
Strategically, the company has enhanced its operations through backward integration by investing in Rajputana Industries for recycling, forward integration with Shera Metal Private Limited to produce value-added products, and has expanded its geographical footprint into Central Africa with Shera Zambia Limited.
Significant opportunities for Shera Energy stem from the projected growth of the global winding wire market, which is anticipated to expand from USD 14.88 billion in 2024 to USD 23.02 billion by 2030. Similarly, India's non-ferrous metals market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 5.23% between 2025 and 2033.
This demand is primarily driven by the increasing adoption of EVs, the expansion of renewable energy projects, and ongoing infrastructure development. However, the company faces inherent risks, including the volatility of raw material prices, intense competition from both large organized and smaller unorganized players, evolving regulatory compliance requirements such as new Extended Producer Responsibility (EPR) norms for recycled content, and the inherent execution risks associated with its ambitious expansion projects.
Jun 14 • 11 tweets • 3 min read
Patil Automation's SME IPO is buzzing!
But beyond the hype, what are the true risks?
We tasked our AI with a deep dive analysis, and the findings are in.
I've had the insightful opportunity to visit Influx Healthtech Limited's factory in Palghar, Maharashtra, and engage in a conversation with their Managing Director, Mr. Munir Chandniwala.
The company is set to launch an SME IPO, and this visit provided a comprehensive overview of its operations and future plans.
A Factory Visit Thread 🧵👇
#InfluxHealthtech #InfluxHealthtechLimitedIPO #SMEIPO #NSESME #IPOAlert1/ Influx Healthtech Limited is a contract manufacturing organization (CMO) operating in the allied pharmaceutical space. They specialize in providing end-to-end services for nutraceuticals, cosmetics, veterinary, home care, and ayurvedic products.
Jun 11 • 11 tweets • 3 min read
Risk Analysis of Monolithisch India Ltd. (MIL)
Monolithisch India Ltd., a niche player in refractory materials, is launching its ₹82.02 Cr IPO on June 12, 2025.
The company makes specialized "ramming mass" for steel and foundry furnaces, riding on India’s growing steel demand.
Let’s break down the financials, risks, and growth potential in this thread. 🧵👇
Sacheerome Ltd., a B2B creator of fragrances and flavors since 1992, is launching a book-built fresh issue of ₹61.62 Cr (60.41 L shares) at ₹96–102/share. The IPO opens on Jun 9, 2025, closes on Jun 11, and lists on NSE SME on Jun 16.
May 31 • 14 tweets • 8 min read
SME Company Spotlight in the financial technology firm that offers B2B and B2B2C solutions
RNFI Services Limited (Relipay) operates as a financial technology firm, delivering B2B and B2B2C solutions through its integrated online portal and mobile application. The company's core focus lies in providing essential banking, digital, and Government-to-Citizen (G2C) services across India.
A Thread 🧵
A key differentiator for RNFI is its emphasis on addressing the "last-mile" service delivery challenge, particularly in underserved communities. This positions the company to capitalize on the significant growth opportunities within India's growing financial inclusion landscape.
The company's model of "last-mile service delivery," especially in financial inclusion and G2C services, strategically positions it to leverage India's vast rural and semi-urban populations that remain underserved. RNFI specializes in providing financial inclusion services and a diverse range of payment solutions tailored to these communities.
Given India's substantial unbanked and underbanked population and the government's push for deeper financial inclusion through initiatives like UPI, RNFI's "Relipay Sahayaks" directly address a critical market need that traditional banking infrastructure often struggles to reach efficiently.
This approach carves out a defensible niche and also aligns with national priorities, potentially fostering government partnerships and enabling lower customer acquisition costs compared to conventional financial service models.
May 5 • 11 tweets • 2 min read
Srigee DLM IPO
Breaking Down Key Details 🧵⬇️
Srigee DLM Ltd. (SDL) is launching its IPO to raise ₹16.98 Cr by selling 17.15 lakh shares at ₹94–₹99 each. Opens May 5–7, 2025. Listing on BSE SME by May 12.
- Face Value: ₹10/share
- Lead Manager: Bigshare Services
- Market Maker: Globalworth Securities
May 3 • 13 tweets • 4 min read
SME Company Spotlight in the Engineering, Construction & Development company
Teerth Gopicon Ltd (NSE: TGL), incorporated in 2019, operates as an Engineering, Construction, and Development (EPC) contractor.
A Thread 🧵
#TeerthGopicon #SME #NSE #SMEIPO #StockMarketIndia
Teerth Gopicon Ltd (NSE: TGL | ISIN: INE0K6601012), incorporated in 2019, operates as an Engineering, Construction, and Development (EPC) contractor.
It offers end-to-end services including engineering, procurement, execution, and O&M.
Core projects involve roads, sewerage systems (networks & STPs), and water distribution infrastructure (pipelines, WTPs, tanks), primarily for government bodies in Madhya Pradesh (MP).
Listed on NSE SME Emerge in April 2024 via a ₹44.4 Cr IPO (₹111/share) to fund working capital, TGL recently announced a strategic diversification into the renewable energy (solar) sector, expanding beyond its MP focus.
Apr 30 • 10 tweets • 4 min read
My recent coverage of MVD Fasteners Private Limited in the unlisted space.
Here's a detailed look at the business and my lively conversation with Promoter & MD Mr. Kumaraswamy Ji.
A Thread🧵👇
According to Mr. Kumaraswamy Ji, they deal in Fasteners related to both the automobile and non-automobile sectors.
"Fasteners are defined simply as anything that joins things together, like bolts and nuts, though their range goes beyond just hardware store items."
They offer more than 10,000 different Fastener products, using materials such as plastic, nylon, rubber, and metal.
Apr 30 • 11 tweets • 2 min read
🚨 Ather Energy IPO
Hero MotoCorp’s Exit & the EV Bloodbath Ahead
Can a premium EV startup survive giants like Hero, Bajaj, and Ola?
🧵👇🏻
🔥 The Hero Exit Paradox: Conflict of Interest or SEBI Cleanup?
Hero MotoCorp, Ather’s largest shareholder (37.2%), is ditching its "board observer" rights and access to sensitive data.
Why?
SEBI’s listing norms demand neutrality. But here’s what you are overlooking: Hero’s Vida EV brand competes directly with Ather.
Conflict: Did Hero use insider insights to fuel Vida’s strategy?
Compliance vs. Competition: Hero’s exit removes a governance grey zone but exposes Ather to a cutthroat EV race.
Apr 28 • 10 tweets • 2 min read
Iware SupplyChain Services IPO is going live today!
A Thread 🧵
📊 IPO Structure & Shareholding
- Face Value: ₹10/share
- Fixed Price Issue: ₹95 per share, aggregating ₹27.13 Cr
Don't Forget to Bookmark and Share with your Peers.
#PremierRoadlines #NSE #SME #SMEIPO
I. Executive Summary
Premier Roadlines Ltd. (PRL) is an Indian surface logistics provider specializing in Over Dimensional Cargo (ODC) and Project Logistics, handling complex B2B shipments for clients primarily in the infrastructure, energy, and heavy engineering sectors. Incorporated in 2008, the company successfully launched its IPO on the NSE SME platform in May 2024. Operating primarily through an asset-light model that utilizes third-party vehicles alongside a small but growing owned fleet, PRL manages a PAN India network with expanding reach into Nepal and Bhutan.
Financially, PRL has demonstrated robust growth in recent years, with revenue and profit after tax (PAT) achieving Compound Annual Growth Rates (CAGR) of approximately 34% and 99%, respectively, between FY21 and FY24.
This growth continued into the first nine months of FY25 (9MFY25), with revenue reaching ₹193 crore. Profit margins have shown improvement, though they remain modest, while return ratios like ROE and ROCE are strong. A key development post-IPO has been the significant debt reduction, strengthening the balance sheet.
The company operates in a logistics sector buoyed by strong economic growth forecasts and significant government infrastructure initiatives in India, particularly benefiting the project cargo segment.
Key opportunities lie in leveraging its niche expertise, capitalizing on sector tailwinds, and potential margin expansion. However, PRL faces challenges typical of SMEs, including managing working capital (evidenced by historically high debtor days and a negative operating cash flow in FY23), intense industry competition, sensitivity to economic cycles and fuel costs, and execution risks associated with complex logistics.
From an investment perspective, PRL presents a case of a specialized SME logistics player with a strong growth track record and a strategically relevant niche focus.
The recent deleveraging post-IPO is a significant positive. However, investors must weigh this against the inherent risks of the SME segment, including operational scale, working capital management, stock volatility, and competitive pressures. The company's valuation appears reasonable on a P/E basis relative to the broader market but requires careful comparison with direct peers. Continued execution within its niche, sustained profitable growth, and effective working capital management are key factors to monitor.
Apr 18 • 7 tweets • 2 min read
After a prolonged delay, SME IPOs are knocking on investors' doors.
Tankup Engineers is finally launching its ₹19.53 crore SME IPO on NSE’s SME platform.
#TankupEngineers #SMEIPO #IPO #NSE
The subscription window runs from April 23 to April 25, 2025, with shares likely listing on April 30, 2025. Allotments will be finalized by April 28, so mark your calendars!