ARITAS VINYL LIMITED IPO Explain

Aritas Vinyl IPO Overview

Ahmedabad (Gujarat)-based synthetic leather manufacturer raising ₹37.53 cr (₹32.89 cr fresh issue + ₹4.63 cr OFS). Price: ₹40-47 (Book Building). Lot: 6,000 shares (₹2,82,000 min investment). GMP: Not yet started in grey market (as of Jan 2026).

Funds for working capital requirements, general corporate purposes (specific amounts not disclosed). Small 12.33% OFS by promoters.

Lead: Interactive Financial Services.

Registrar: Bigshare Services.

Incorporated 17 April 2020 (ONLY 5 years old! – VERY YOUNG COMPANY). Operating from 6,067 sq meter facility in Kubadthal, Ahmedabad with 7.8 million meters annual installed capacity.

Products: PU (Polyurethane) synthetic leather, PVC (Poly Vinyl Chloride) coated leather using advanced Transfer Coating Technology. Customized thickness range 0.35 mm to 6 mm. Applications: Automotive interiors (seat upholstery, door trims, steering covers), footwear, fashion accessories (bags, wallets, laptop sleeves, purses), furniture upholstery, healthcare, marine industries, interior design (wall coverings). B2B model serving distributors, wholesalers, manufacturers + exports to USA, Greece, Oman, UAE, Sri Lanka, SEZs.

Capacity: 7.8 million meters annually installed – capacity utilization data not disclosed.

IPO DETAILED INFORMATION

Issue Details

Parameter	Details
IPO Type	SME (BSE SME)
IPO Open Date	16 January 2026 (Thursday)
IPO Close Date	20 January 2026 (Monday) – 5 days
Anchor Investor Bidding	No anchor allocation for SME IPOs
Allotment Date	21 January 2026 (Tuesday) – Expected
Credit to Demat	22 January 2026 (Wednesday) – Expected
Refund Initiation	22 January 2026 (Wednesday) – Expected
Listing Date	23 January 2026 (Thursday) – Tentative
Price Band	₹40 to ₹47 per share (Book Building)
Face Value	₹10 per share
Lot Size	6,000 shares per lot
Min Investment (Retail)	₹2,82,000 (1 lot = 6,000 shares at ₹47)
sNII Investment	₹4,23,000 (1.5 lots minimum = 9,000 shares)
bNII Investment	Data not specified
Issue Size	₹37.53 crore at upper band (₹31.94-37.53 cr range)
Fresh Issue	₹32.89 crore (87.67%) – 69,98,600 shares
Offer for Sale (OFS)	₹4.63 crore (12.33%) – 9,84,400 shares by promoters
Total Shares Offered	79,83,000 equity shares (includes 4,02,000 for market makers)
Listing	BSE SME
Post-Issue Market Cap	~₹118-138 crore (estimated at upper band)

Issue Break-up

Category	Allocation	Shares (Approx)
QIB (Qualified Institutional Buyers)	50%	37,91,000 shares
NII (Non-Institutional Investors)	15%	11,37,000 shares
Retail Individual Investors	35%	26,53,000 shares
Market Maker	5.03%	4,02,000 shares

Selling Shareholders (OFS ₹4.63 crore)

Promoters Selling 9,84,400 shares (12.33% of total issue):

From 7 total promoters, partial exit by:

Mr. Anilkumar Prakashchandra Agrawal – Promoter (partial stake sale)
Mr. Sanjaykumar Kantilal Patel – Promoter (partial stake sale)
Mr. Ankit Anilbhai Agrawal – Promoter (partial stake sale)
Mr. Mohit Ashokkumar Agrawal – Promoter (partial stake sale)
Mr. Rohit Dineshbhai Agrawal – Promoter (partial stake sale)
Mr. Rutvik Patel – Promoter (partial stake sale)
Mr. Shubham Sunilbhai Agrawal – Promoter (partial stake sale)

Note: OFS at 12.33% is modest – promoters taking partial liquidity but retaining majority stake post-IPO. Small OFS indicates confidence vs. major exit. Promoters incorporated company only 5 years ago (Apr 2020) – quick IPO exit after short 5-year hold.

Objects of the Issue (Fund Utilization)

Fresh Issue Proceeds (₹32.89 crore at upper band) will be used for:

General Allocation (Specific breakdowns NOT disclosed in available public documents):

Working Capital Requirements – Majority allocation (estimated 60-70%)
- Day-to-day operational expenses for synthetic leather manufacturing
- Raw material procurement (PVC resin, PU chemicals, base fabrics, release paper, plasticizers, stabilizers, pigments)
- Managing receivables from B2B customers (distributors, wholesalers, manufacturers)
- Inventory financing for 7.8 million meters annual capacity operations
- Managing lumpy order-based revenue cycles
General Corporate Purposes – Balance funds (estimated 30-40%)
- Business expansion and market penetration
- Geographic expansion (domestic + international exports)
- Product development and R&D for new synthetic leather variants
- Sales & marketing for customer acquisition
- IPO offer-related expenses (registrar, BRLM fees, legal, documentation)
- Debt reduction (if any – debt levels not disclosed)
- Contingency reserves

Strategic Context:

NO specific capex allocation mentioned – suggests NOT aggressively expanding manufacturing capacity
Working capital heavy allocation reflects contract manufacturing model with delayed payment cycles
Synthetic leather manufacturing is raw-material intensive (PVC/PU chemicals 50-60% of costs)
B2B model (distributors, wholesalers, exports) creates 30-90 day receivables cycles
Company ONLY 5 years old (incorporated Apr 2020) – short track record for IPO deployment assessment
In-house accredited laboratory for testing suggests quality focus but limited disclosed capex plans

OFS Proceeds (₹4.63 cr):

Goes to 7 promoters for partial liquidity
12.33% of total issue – small promoter exit vs. major exits (like Amagi’s 54% OFS)
Promoters exit after ONLY 5 years since incorporation (Apr 2020) – quick monetization

Note: Lack of specific fund utilization breakdowns (debt repayment amount, capex amount, working capital specifics) is transparency gap. Investors relying on “general corporate purposes” face uncertainty on capital deployment effectiveness.

Lead Managers & Registrar

Book Running Lead Manager (BRLM):

Interactive Financial Services Limited
- Address: Office No. 508, Fifth Floor, Priviera, Nehru Nagar, Ahmedabad – 380015, Gujarat
- Phone: +91-9898055647
- Website: www.ifinservices.in

Registrar:

Bigshare Services Private Limited
- Address: S6-2, 6th Floor, Pinnacle Business Park, Mahakali Caves Road, next to Ahura Centre, Andheri East, Mumbai – 400093, Maharashtra
- Phone: +91-22-6263 8200
- Email: [email protected]
- Website: www.bigshareonline.com

Market Maker:

Aftertrade Broking Private Limited
- Provides liquidity on BSE SME platform post-listing

Promoters & Management

Key Promoters (7 Individual Promoters – Agrawal & Patel Families):

Mr. Anilkumar Prakashchandra Agrawal – Promoter (Partial OFS participant)
- Senior promoter, founding member
- Strategic leadership and business oversight
Mr. Sanjaykumar Kantilal Patel – Promoter (Partial OFS participant)
- Co-promoter from Patel family
- Operational and technical expertise
Mr. Ankit Anilbhai Agrawal – Promoter (Partial OFS participant)
- Next-generation Agrawal family member
- Involved in business operations
Mr. Mohit Ashokkumar Agrawal – Promoter (Partial OFS participant)
- Agrawal family co-promoter
- Operational responsibilities
Mr. Rohit Dineshbhai Agrawal – Promoter (Partial OFS participant)
- Agrawal family member
- Business development
Mr. Rutvik Patel – Promoter (Partial OFS participant)
- Patel family member
- Technical and manufacturing expertise
Mr. Shubham Sunilbhai Agrawal – Promoter (Partial OFS participant)
- Younger Agrawal family member
- Operations and growth initiatives

Promoter Holding:

Pre-IPO: Data not fully disclosed (likely 100% given private limited status till IPO)
Post-IPO: Estimated 70-75% after dilution (79.84 lakh shares issued, promoters retaining majority)
OFS: 9,84,400 shares (12.33% of issue) – small partial exit by all 7 promoters

Company History:

Incorporated: 17 April 2020 (ONLY 5 years old! – MCA CIN: U19200GJ2020PLC113437)
CRITICAL: Company is EXTREMELY YOUNG – only 5 years operational history!
Operations: 5 years total (Apr 2020-Jan 2026) – nascent track record
Evolution:
- April 2020: Incorporated as private limited in Ahmedabad during COVID pandemic
- Built 6,067 sq meter manufacturing facility in Kubadthal, Ahmedabad (Survey No. 1134, near Elegant Vinyl Private Limited, Daskroi)
- Installed 7.8 million meters annual production capacity using Transfer Coating Technology
- Developed product portfolio: PU synthetic leather, PVC-coated leather in thickness range 0.35 mm to 6 mm
- Set up in-house accredited laboratory for durability and compliance testing
- Built B2B customer base: Distributors, wholesalers, manufacturers (domestic) + exports (USA, Greece, Oman, UAE, Sri Lanka, SEZs)
- Positioned in automotive interiors, footwear, fashion accessories, furniture, healthcare, marine sectors
- FY24 (Mar 2024): Revenue ₹69.25 cr, PAT ₹1.67 cr (2.41% margin) – small base
- FY25 (Mar 2025): Revenue ₹98.02 cr (+41.55% YoY!), PAT ₹4.13 cr (+147.31% YoY!, 4.21% margin)
- FY25: Strong growth from FY24 base but absolute scale still small (₹98 cr revenue, ₹4.13 cr PAT)
- Jan 2026: IPO filing – raising ₹37.53 cr for working capital and general corporate purposes
- Competitive positioning: “Sustainable, environmentally friendly” synthetic leather vs. animal leather
- Focus: Quality (in-house testing), customization (0.35-6 mm thickness range), cost-efficiency, durability, waterproofing
Workforce: 6 professionals as per MCA data (likely minimal permanent staff + contractual manufacturing workers)
Milestones:
- Revenue ₹98.02 cr (FY25), PAT ₹4.13 cr (FY25) – 41.55% revenue growth, 147.31% PAT growth
- 7.8 million meters installed capacity
- In-house accredited testing laboratory
- Exports to USA, Greece, Oman, UAE, Sri Lanka, SEZs
- ISO/quality certifications data not disclosed

Company Contact:

Registered Office: Survey No. 1134, Near Elegant Vinyl Private Limited, Daskroi, Ahmedabad – 382430, Gujarat, India
Phone: +91 9998852850
Website: www.aritasvinyl.com

COMPANY DETAILS

Aritas Vinyl Limited is an Ahmedabad-based manufacturer of technical textiles specializing in synthetic leather production, incorporated on 17 April 2020, making it ONLY 5 years old as a corporate entity – EXTREMELY YOUNG. Operating from a 6,067 sq meter facility in Kubadthal, Ahmedabad, the company produces PU (Polyurethane) synthetic leather and PVC (Poly Vinyl Chloride) coated leather using advanced Transfer Coating Technology with an installed production capacity of 7.8 million meters annually, offering customized products in thickness range 0.35 mm to 6 mm for applications across automotive interiors (seat upholstery, door trims, steering covers), footwear, fashion accessories (bags, wallets, laptop sleeves), furniture upholstery, healthcare, marine industries, and interior design (wall coverings), serving B2B customers including distributors, wholesalers, manufacturers domestically and exports to USA, Greece, Oman, UAE, Sri Lanka, and SEZs, supported by in-house accredited laboratory for durability and compliance testing.

Key Highlights:

ONLY 5 Years Old: Incorporated 17 April 2020 (5-year operational history) – EXTREMELY LIMITED track record!
Location: Ahmedabad, Gujarat (Kubadthal, Daskroi industrial area) – located near “Elegant Vinyl” suggesting cluster presence
Strong Recent Growth: Revenue +41.55% (₹69.25 cr to ₹98.02 cr FY24-25), PAT +147.31% (₹1.67 cr to ₹4.13 cr) – EXPLOSIVE growth but from SMALL base
Low Absolute Scale: ₹98.02 cr revenue (FY25), ₹4.13 cr PAT – TINY for industrial manufacturing
Low PAT Margin: 4.21% (FY25) vs. 2.41% (FY24) – improving but still LOW margins (peer Mayur at 17%+)
Capacity: 7.8 million meters annually – utilization rate NOT disclosed (major gap)
GMP Not Started: Grey market premium not yet trading – indicates awaiting investor sentiment
NO Marquee Investors: Private limited till IPO, no institutional backing – family business
Small OFS: 12.33% promoter exit – quick monetization after only 5 years since incorporation

Operations

Geographic Presence:

Manufacturing: Ahmedabad, Gujarat (6,067 sq meter facility, Survey No. 1134, Kubadthal, Daskroi)
Markets: Domestic (distributors, wholesalers, manufacturers) + International exports (USA, Greece, Oman, UAE, Sri Lanka, SEZs)
Geographic Revenue: Data not disclosed (domestic vs. export split unknown)

Growth Trajectory:

Revenue Growth (FY24-25): +41.55% YoY (₹69.25 cr to ₹98.02 cr) – STRONG double-digit growth
PAT Growth (FY24-25): +147.31% YoY (₹1.67 cr to ₹4.13 cr) – EXPLOSIVE profit growth (2.5X!)
Margin Expansion: PAT margin improved from 2.41% (FY24) to 4.21% (FY25) – 180 bps improvement but still LOW
Absolute Scale: ₹98 cr revenue is SMALL for industrial manufacturing – comparable to mid-sized contract manufacturer
PAT ₹4.13 cr: TINY absolute profit – insufficient for public company scale expectations

CRITICAL CONTEXT:

41.55% revenue growth looks impressive but from SMALL ₹69.25 cr FY24 base (company only 4 years old in FY24!)
FY24 revenue ₹69.25 cr represents company’s first major operating year post-COVID incorporation (Apr 2020)
PAT 147% growth (₹1.67 cr to ₹4.13 cr) is off TINY base – absolute PAT ₹4.13 cr is SMALL
Low 4.21% PAT margin vs. peer Mayur Uniquoters 17%+ margins indicates:
- (1) Operational inefficiency, (2) Intense price competition, (3) High raw material/manufacturing costs, (4) Limited pricing power
Capacity utilization NOT disclosed – major red flag:
- If 7.8 million meters capacity underutilized, growth may be volume ramp-up, not new capacity
- If fully utilized, need fresh capex for growth (but NO capex allocation disclosed in IPO proceeds!)
No EBITDA, ROE, ROCE disclosure limits profitability and efficiency analysis

Sustainability Questions:

Can 41% revenue growth sustain beyond capacity ramp-up phase?
Will PAT margins (4.21%) compress with raw material inflation (PVC/PU chemicals volatile)?
Is growth sustainable with ONLY 5-year operational history and NO disclosed competitive moats?

Company Strengths

Strong Recent Growth – 41.55% Revenue, 147.31% PAT (FY24-25):
- Revenue grew 41.55% YoY (₹69.25 cr to ₹98.02 cr FY24-25) – strong double-digit growth
- PAT exploded 147.31% YoY (₹1.67 cr to ₹4.13 cr) – 2.5X profit jump
- PAT margin expansion 180 bps (2.41% to 4.21%) – operational efficiency improving
- Growth momentum demonstrates market acceptance of products and execution capability
India’s Synthetic Leather Market Boom – $4.5 Bn Market Growing at 6-8% CAGR:
- India synthetic leather market valued at ~$4.5 bn, growing at 6-8% CAGR
- Automotive demand: India’s automobile production (5.3 mn vehicles CY23) driving synthetic leather for interiors
- Footwear boom: India’s ₹1 lakh cr+ footwear industry shifting from real leather to synthetic (cost, sustainability)
- Fashion accessories: Growing middle class demand for bags, wallets, laptop sleeves using synthetic leather
- Furniture/interior design: Real estate boom driving synthetic leather upholstery demand
- Export opportunity: Global shift to vegan, cruelty-free, sustainable materials vs. animal leather
Transfer Coating Technology – Advanced Manufacturing vs. Traditional Methods:
- Uses “Transfer Coating Technology” (similar to industry leader Mayur Uniquoters)
- Superior quality vs. traditional coating: Better surface finish, durability, consistency
- Enables thickness customization (0.35 mm to 6 mm) – wide application range from fashion (thin) to automotive (thick)
- In-house accredited laboratory for durability, compliance testing ensures quality control
- Technology differentiation vs. low-tech regional players using cheaper Chinese lines
Diversified End-Use Applications – Automotive, Footwear, Fashion, Furniture, Healthcare, Marine:
- Five end-use sectors reduce single-industry dependency:
  - (1) Automotive interiors (seat upholstery, door trims, steering, gear covers)
  - (2) Footwear (shoe uppers, boots)
  - (3) Fashion accessories (bags, wallets, laptop sleeves, purses)
  - (4) Furniture upholstery (sofas, chairs, cushions)
  - (5) Healthcare + Marine industries
- Cross-sector diversification mitigates automotive slowdown, fashion cycles, real estate downturns
- Product portfolio: PU synthetic leather + PVC-coated leather (dual material expertise)
Export Presence – USA, Greece, Oman, UAE, Sri Lanka, SEZs:
- International footprint: USA, Greece, Oman, UAE, Sri Lanka, SEZs
- Export revenue provides forex earnings, geographic diversification vs. India-only revenue
- Global customer validation: Export to developed markets (USA, Greece) signals quality acceptance
- SEZ exports indicate duty-free manufacturing advantage
Small OFS (12.33%) – Promoters Retaining Majority Post-IPO:
- OFS at 12.33% (₹4.63 cr out of ₹37.53 cr) is modest vs. major exits (Amagi 54%)
- Promoters retaining estimated 70-75% stake post-IPO – demonstrates long-term commitment
- Fresh issue 87.67% (₹32.89 cr) goes to company for growth vs. promoter pockets
- NO major promoter exit despite 5-year quick IPO timing

Key Risks & Challenges

ONLY 5 YEARS OLD – Incorporated April 2020 (5-Year Track Record!) – EXTREMELY YOUNG:
- Company incorporated 17 April 2020 – ONLY 5 years operational history!
- EXTREMELY LIMITED track record – unproven long-term sustainability, business cycle resilience untested
- FY24 revenue ₹69.25 cr represents essentially first full operating year (incorporated during COVID 2020)
- FY25 revenue ₹98 cr is second meaningful operating year – only TWO years of substantial scale
- 41% growth may be initial capacity ramp-up, not sustainable competitive advantage
- Management team (7 promoters from Agrawal + Patel families) has limited disclosed experience in synthetic leather industry
TINY Scale – ₹98 Cr Revenue, ₹4.13 Cr PAT (FY25) – INSUFFICIENT for Public Company:
- Revenue ₹98.02 cr (FY25) is MINUSCULE vs. industry leader Mayur Uniquoters ₹812+ cr (FY25)
- PAT ₹4.13 cr is TINY – insufficient earnings base for public company expectations
- Post-IPO market cap ~₹118-138 cr at ₹40-47 band – PE ratio ~28-33X on ₹4.13 cr PAT (expensive for unproven 5-year company)
- Small absolute scale creates vulnerability to single customer loss, raw material cost shocks, competitive undercutting
- Difficult to attract institutional investors or analyst coverage at ₹118-138 cr market cap SME stock
LOW PAT Margin 4.21% (FY25) – MUCH Lower Than Peer Mayur (17%+):
- PAT margin 4.21% (FY25), improved from 2.41% (FY24) but still VERY LOW
- Peer Mayur Uniquoters: 17.35% PAT margin (FY25), 44% gross margin (2021) – 4X+ higher profitability
- Low margins indicate: (1) Operational inefficiency vs. established players, (2) Limited pricing power, (3) High raw material/manufacturing costs, (4) Intense price competition
- Margin compression risk: PVC/PU raw material prices volatile (oil-linked) – cost inflation directly hits thin 4.21% margins
- Revenue growth may not translate to profit if margins compress further with competition
Capacity Utilization NOT Disclosed – Major Transparency Gap:
- Installed capacity: 7.8 million meters annually – utilization rate NOT disclosed!
- CRITICAL GAP: If capacity underutilized (e.g., 50-60%), 41% revenue growth may be ramping up EXISTING capacity, not genuine market share gains
- If fully utilized, need fresh capex for growth – but IPO proceeds allocate ZERO to capacity expansion (only working capital + general corporate)
- Unable to assess scalability: Is company capacity-constrained (need capex) or demand-constrained (poor sales)?
- Peer Mayur discloses capacity utilization – Aritas’s non-disclosure is red flag
Intense Competition – Mayur Uniquoters (₹812+ Cr, Listed), H.R. Polycoats, Responsive Industries, Marvel Vinyls, 100s of Regional Players:
- Competes with DOMINANT industry leader:
  - Mayur Uniquoters (Listed): ₹812+ cr revenue (FY25), 17.35% PAT margin, 44% gross margin, 4.05 mn LMPM PVC capacity + 0.6 mn LMPM PU capacity, supplies Maruti, Tata, Mahindra, MG Hector, Hero, Bajaj, Italian coating lines (superior quality), Forbes Asia Top 200 under $1Bn, market cap ₹2,238 cr
- Other established players: H.R. Polycoats, Responsive Industries (listed, diversified polymer company), Marvel Vinyls
- Regional players: 100s of small synthetic leather manufacturers in Tamil Nadu (35.2% national production), Maharashtra (18.7%), Gujarat using cheaper Chinese lines
- Global imports: Cheaper synthetic leather from China, Vietnam, South Korea undercutting prices
- Aritas’s ₹98 cr vs. Mayur’s ₹812 cr – TINY scale, ZERO competitive advantage
Raw Material Price Volatility – PVC/PU Chemicals 50-60% of Costs, Oil-Linked:
- Synthetic leather manufacturing heavily dependent on PVC resin, PU chemicals (50-60% of costs)
- PVC/PU prices linked to crude oil, naphtha (petrochemical derivatives) – volatile
- Limited pricing power: B2B model (distributors, wholesalers) creates price-sensitive customers
- Thin 4.21% PAT margin vulnerable to 10-15% raw material cost inflation
- Mayur Uniquoters mitigated via backward integration (own knitted fabric unit reducing costs 23-25%) – Aritas has NO disclosed integration
NO Disclosed Moats – Commoditized Product, Price-Based Competition:
- Synthetic leather is COMMODITIZED product – limited differentiation beyond price
- Quality advantage claim (Transfer Coating Technology, in-house lab) NOT validated by industry certifications disclosure
- NO disclosed patents, proprietary technology, exclusive supply agreements, brand equity (B2B industrial product)
- Price-based competition: Customers (distributors, auto OEMs, footwear manufacturers) switch for 5-10% cost savings
- Mayur’s moats: Italian coating lines (superior quality), backward integration (own fabric unit), scale (4.05 mn LMPM), OEM relationships (Maruti, Tata) – Aritas has NONE of these
Working Capital Intensive – Majority IPO Allocation (60-70% Estimated) for Working Capital:
- IPO proceeds primarily for working capital (estimated 60-70% given no specific capex allocation)
- Indicates: (1) Poor receivables management, (2) Long payment cycles from distributors/wholesalers, (3) High inventory requirements
- Synthetic leather manufacturing requires 60-90 day inventory (raw materials + finished goods) + 30-90 day customer credit
- If working capital stress persists post-IPO, need continuous capital infusion – not self-sustaining growth
- Limited disclosed debt data – D/E ratio, interest coverage unknown
Quick IPO Timing – Incorporated Apr 2020, IPO Jan 2026 (5 Years, 9 Months) – Promoter Exit Concerns:
- Company incorporated Apr 2020, IPO filing Jan 2026 – ONLY 5 years, 9 months elapsed
- Quick IPO after short 5-year hold suggests promoters monetizing early vs. building long-term enterprise
- OFS at 12.33% (₹4.63 cr) by ALL 7 promoters – partial liquidity grab after quick 5-year ramp-up
- Retail investors buying at peak valuation narrative (41% growth story) while promoters de-risking
- Historical precedent: Many SME IPOs by young companies (3-5 years) underperform post-listing when growth normalizes

Disclaimer

Aritas Vinyl Limited (incorporated 17 April 2020 – ONLY 5 years old, EXTREMELY YOUNG company) manufactures PU synthetic leather and PVC-coated leather using Transfer Coating Technology from 6,067 sq meter Kubadthal (Ahmedabad) facility with 7.8 million meters annual installed capacity (utilization rate NOT disclosed – major transparency gap), offering customized 0.35-6 mm thickness range products for automotive interiors, footwear, fashion accessories, furniture, healthcare, marine industries, serving B2B distributors/wholesalers/manufacturers domestically + exports (USA, Greece, Oman, UAE, Sri Lanka, SEZs), with FY25 revenue ₹98.02 cr (+41.55% YoY from ₹69.25 cr FY24), PAT ₹4.13 cr (+147.31% YoY from ₹1.67 cr, 4.21% margin vs. 2.41% FY24, 180 bps expansion), yet raising ₹37.53 cr (₹32.89 cr fresh 87.67% + ₹4.63 cr OFS 12.33% by all 7 promoters) primarily for working capital (60-70% estimated) + general