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Bhadora Industries Ltd’s SME IPO opens on 04‑Aug‑2025 and closes on 06‑Aug‑2025, with an issue size of ₹55.62 crore via the fresh issuance of 5.40 million equity shares at a price band of ₹97–₹103 per share. The IPO aims to part‑finance a new manufacturing facility in Khargone (Madhya Pradesh), support working capital, and cover general corporate purposes. Listing is proposed on NSE‑SME.
Bhadora Industries Subscription and GMP Status
Category
Subscription (x)
QIBs
0.00
NIIs
0.45
Retails
0.25
Total
0.20
Last Updated: 6 Aug 2025 Time: 11 AM (Note: This data is updated every 2 hours) Source: NSE/BSE
GMP (₹)
IPO Price (₹)
103
Last Updated: 6 Aug 2025 Time: 11 AM
📌 Note: The above GMP data is unofficial and has been collected from multiple sources including grey market dealers and market observers. It is provided purely for informational and educational purposes. Please consult your financial advisor before making any investment decisions.
IPO Key Date
Core Business & Overview
Established in April 1986, Bhadora Industries Limited (BIL) is an industrial cable manufacturer headquartered in Tikamgarh, Madhya Pradesh, operating under the brand name “Vidhut Cables”.
The company produces a comprehensive portfolio of industrial cables, including PVC, Low‑Voltage (LV), LT Aerial Bunched, and XLPE cables, for use in electricity transmission and distribution across India.
BIL serves government electricity boards and EPC contractors under key schemes like RECPDCL and RDSS, covering operations in 18+ Indian states.
Strengths
Certified Manufacturing & Quality Controls The company holds ISO certifications (ISO 9001, 14001, 45001) and adheres to BIS and NABL testing standards. It maintains in‑house production of high‑purity electrolytic copper and aluminium wire, backed by research & development and advanced testing labs.
Government & Institutional Clientele with Pan‑India Reach The firm is an approved vendor for major state power utilities and has a presence across numerous states, ensuring steady demand from large contracts and established clients.
Potential Risks
Customer & Government Tender Dependency A significant portion of revenues comes from government contracts and the top‑10 customers. Failure to secure tenders or losing a key client could materially impact the company.
Single Manufacturing Facility & Supply‑Base Concentration Operating from one plant at Tikamgarh means production disruptions (e.g. breakdowns or natural hazards) could jeopardize operations. Raw material sourcing is limited to a few suppliers, increasing supply‑chain risk.
Competitive & Pricing Pressures The cable market is fragmented with many moderately sized players. This limits pricing power and can squeeze margins, particularly if raw material costs rise or competition intensifies
Financial Performance Overview (₹ in Crore)
Financial Year
Revenue
Profit (PAT)
Total Assets
FY 2023
₹18.44 Cr
₹0.18 Cr
₹20.13 Cr
FY 2024
₹81.39 Cr
₹4.95 Cr
₹25.87 Cr
FY 2025
₹110.11 Cr
₹10.79 Cr
₹48.76 Cr
Revenue
The company’s revenue rose sharply from ₹18.44 Cr in FY23 to ₹110.11 Cr in FY25, showing rapid business expansion.
This suggests successful acquisition of more government contracts and increased market demand for its cables.
Profitability
Net profit increased from just ₹0.18 Cr in FY23 to ₹10.79 Cr in FY25, a remarkable jump, reflecting improved operational efficiency and better margin control.
PAT margin improved from ~1% in FY23 to nearly 10% in FY25, indicating strong financial health.
Asset Base
Total assets doubled from ₹20.13 Cr to ₹48.76 Cr in just 3 years.
This could be due to capital investment in manufacturing capacity, infrastructure, or working capital.
✅ Pros
Strong revenue and profit growth in the last 3 years.
Certified quality and trusted by government electricity boards.
Expanding manufacturing capacity with IPO funds.
Wide client base across 18+ Indian states.
❌ Cons
Heavy dependence on government contracts and top 10 clients.
Operates from a single plant — risk of operational disruption.
Competitive industry with limited pricing power.
Disclaimer: The above IPO analysis and financial data are based on information provided by the company in its official documents. For complete details, please refer to the Red Herring Prospectus (RHP) linked above. Investors are strongly advised to consult their financial advisor before making any investment decisions.
