You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled “Financial Information of the Company” beginning on page 137. You should also read the section titled “Risk Factors” on page 26 and the section titled “Forward Looking Statements” on page 19 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us and, unless otherwise stated or the context requires otherwise, is based on our Restated financial Statements. Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated July 16, 2025 which is included in this Red Herring Prospectus under “Financial Statements”. The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year and all references to a particular financial year are to the twelvemonth period ended March 31 of that year.
BUSINESS OVERVIEW
Incorporated in 1995, our company is primarily engaged in the manufacturing of masterbatches, which are used in the plastics industry to impart colour and enhance the functional properties of plastic products. Masterbatches are concentrated mixtures of pigments and additives that are uniformly dispersed in polymer carriers, facilitating the effective integration of colour and performance-enhancing properties into plastic products. During plastic processing, masterbatches enable the uniform dispersion of pigments within the plastic resin, ensuring consistent colour distribution throughout the final plastic product without uneven patches or variations. They are also used to enhance visual appearance and impart specific properties to plastic materials such as UV resistance, flame retardancy and anti-static behavior.
In Fiscal 2025, we supplied our masterbatches to over 500+ customers spanning a broad array of industries, including stationery, plastic household products, plastic toys, agricultural tools, pipes and fittings, packaging materials, wires & cables, electrical switches & accessories, sheets and various other plastic products.
In addition to manufacturing masterbatches, our Company is also engaged in the sale of pigments, which are blended by us to create customized pigment solutions tailored to specific industry and customer requirements. Pigments are solid colourants in fine particle form that provide colour to plastic products. For the F.Y. 2024-25, Masterbatches and Pigments contributed 84.17 % and 15.83 % respectively to our revenue from operations.
Our product line includes colour masterbatches, additive masterbatches, special effect masterbatches and filler masterbatches to meet specific functional and aesthetic needs in plastic manufacturing. Colour masterbatches ensure uniform and consistent colouration across plastic products. Additive masterbatches enhance the durability, functionality and processability of plastics by imparting essential properties such as UV protection, slip resistance, tackiness, flame retardancy, impact strength and improved extrusion capabilities. These include UV Stabilizers, Slip/Anti-block agents, PIB Masterbatch, Flame Retardants, Impact Modifiers and PPA Masterbatch. Special effect masterbatches, offering finishes like pearl, metallic, sparkle, glitter, fluorescent and wood effects, alter the visual and tactile characteristics of plastics. Filler masterbatches, primarily composed of calcium carbonate (CaCO ), talc, or other mineral fillers, are used to enhance rigidity and processing efficiency.
Our manufacturing operations are carried at two production facilities within the Tungareshwar Industrial Estate, Sativali, Vasai East, Palghar, Mumbai, Maharashtra. The first of these facilities, encompassing Units 29 to 32, is equipped with an annual installed capacity of 10,56,000 kg and has a built-up area of 3200 sq. ft. The second facility, comprising Units 12 to 15, features an annual installed capacity of 2,28,000 kg and also has a total built-up area of around 3200 square ft.
Additionally, we have a dedicated Research & Development (R&D) and testing center at our facility located at Units 12 to 15, Tungareshwar Industrial Estate, Palghar. This laboratory is equipped with necessary machines and instruments for quality control, testing and product development, ensuring compliance with industry standards and customer specifications. Our Research and Development (R&D) activities focus on refining our product formulations to align with specific customer requirements.
For the fiscal year ended 2025, our company generated 93.17% of its total revenue from 16 states and 2 Union Territories in India, with key markets in Maharashtra, Gujarat, Dadra & Nagar Haveli and Kerala and the remaining 6.83% of our revenue were from exports to countries such as Canada, Jordan, Qatar and Thailand. During Fiscal 2025, Fiscal 2024 & Fiscal 2023, our exports reached markets including Canada, Chad, Jordan, Peru, Qatar, Saudi Arabia and Thailand.
Our Company is led by our Promoters and Directors, Mehul Pravinchandra Joshi and Bhakti Mehul Joshi, each bringing experience in the Masterbatches and pigment industry. Their experience has played a key role in shaping the companys growth. We believe that their expertise, along with the support of our senior management team, continues to drive the companys business and market reach.
( In Lakhs except percentages and ratios)
| Key Financial Performance | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Revenue from operations (1) | 2,282.20 | 2,193.64 | 2,117.92 |
| EBITDA (2) | 688.47 | 397.03 | 417.59 |
| EBITDA Margin (3) | 30.17% | 18.10% | 19.72% |
| PAT (4) | 550.30 | 321.82 | 293.96 |
| PAT Margin (5) | 24.11% | 14.67% | 13.88% |
| Net Worth (6) | 1,706.06 | 1,155.71 | 835.76 |
| RoE (%) (7) | 38.46% | 32.32% | 42.68% |
| RoCE (%) (8) | 43.53% | 36.67% | 49.41% |
Notes:
(1)
Revenue from operation means revenue from sale of products & services and other operating revenues (2) EBITDA is calculated as Profit before tax + Depreciation + Interest Cost - Other Income (3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations (4 PAT is calculated as Profit before tax Tax Expenses (5)PAT Margin is calculated as PAT for the period/year divided by revenue from operations.(6)
Net worth means Equity share capital + Reserves and surplus (including, Securities Premium, General Reserve and surplus in statement of profit and loss). (7) Return on Equity is ratio of Profit after Tax and Average Shareholder Equity (8) Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as Shareholders Fund + Long term borrowing + Short term borrowing+ Deferred Tax Liability.For details, please refer to the section “Basis for Issue Price Key Performance Indicators” on page 94 of the RHP.
For details in respect of “Statement of Significant Accounting Policies”, please refer to “Annexure 4 - Summary Statement of Significant Accounting Policies & Notes to Restated Financial Information” beginning on page 167 of this Red Herring Prospectus.
Our business is subject to various risks and uncertainties, including those discussed in the section titled “Risk Factors” on page 26 beginning of this Red Herring Prospectus.
Discussion on Result of Operations
The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for and financial years ended on March 31, 2025, 2024 and 2023.
(Rs. in Lakhs)
| For the year ended March 31, | ||||||
| Particulars | 2025 | % | 2024 | % | 2023 | % |
| Revenue: | ||||||
| Revenue From Operations | 2,282.20 | 96.24% | 2,193.64 | 96.82% | 2,117.92 | 99.13% |
| Other Income | 89.09 | 3.76% | 72.03 | 3.18% | 18.68 | 0.87% |
| Total Income | 2,371.29 | 100.00% | 2,265.67 | 100.00% | 2,136.60 | 100.00% |
| Expenses: | ||||||
| Cost of Material Consumed | 1,042.91 | 43.98% | 1,288.29 | 56.86% | 1,140.97 | 53.40% |
| Changes in Inventories of Finished Goods | -19.09 | -0.81% | -46.72 | -2.06% | -2.45 | -0.11% |
| Employee Benefit expenses | 245.93 | 10.37% | 235.41 | 10.39% | 224.90 | 10.53% |
| Finance Costs | 2.89 | 0.12% | 2.74 | 0.12% | 3.90 | 0.18% |
| Depreciation and Amortization expenses | 34.92 | 1.47% | 32.00 | 1.41% | 23.29 | 1.09% |
| Others Expenses | 323.36 | 13.64% | 319.22 | 14.09% | 335.99 | 15.73% |
| Total Expenses | 1,630.92 | 68.78% | 1,830.94 | 80.81% | 1,726.60 | 80.81% |
| Profit//(Loss) Before Exceptional ,Extraordinary Items and Tax | 740.37 | 31.22% | 434.73 | 19.19% | 410.00 | 19.19% |
| Less: Exceptional Items | - | - | - | - | - | |
| Profit/ /(Loss) Before Extraordinary Items and Tax (A-B) | 740.37 | 31.22% | 434.73 | 19.19% | 410.00 | 19.19% |
| Prior Period Items | - | - | - | |||
| Extra ordinary items | - | - | - | |||
| Profit//(Loss) before tax | 740.37 | 31.22% | 434.73 | 19.19% | 410.00 | 19.19% |
| Tax expense : | ||||||
| Current tax | 192.45 | 8.12% | 113.13 | 4.99% | 117.35 | 5.49% |
| Deferred Tax Expense/(Income) | -2.38 | -0.10% | -0.23 | -0.01% | -1.32 | -0.06% |
| Profit/(Loss) for the Period After Tax- PAT | 550.30 | 23.21% | 321.82 | 14.20% | 293.96 | 13.76% |
Revenue from operations:
Revenue from operations mainly consists of revenue from sale of Masterbatches, including Black, White, Colour and Additive Masterbatches and Pigments In addition, the company generates revenue from Custom duty refund, Interest, Dividend and Gain on Investment, Rental Income and Interest on Fixed Deposit. The following table sets forth the bifurcation of revenue (product-wise) for the fiscal years 2025, 2024 and 2023.
(Rs. in lakhs)
| Particulars | FY 2024-25 | % of Revenue | FY 2023-24 | % of Revenue | FY 2022-23 | % of Revenue |
| Masterbatches | 1,920.83 | 84.17% | 1,805.04 | 82.29% | 1,678.00 | 79.23% |
| Pigments | 361.37 | 15.83% | 388.6 | 17.71% | 439.92 | 20.77% |
| Total Revenue from Operations | 2,282.20 | 100% | 2,193.64 | 100% | 2,117.92 | 100% |
Other Income:
Other income primarily comprises of Interest Income on Fixed Deposits, Rental Income, Profit on sale of fixed assets, Balances Written back, Custom Duty Refund, Foreign exchange gain, Interest, Dividend and Gain on Investment & Miscellaneous Income.
Total Expenses
Total expenses consist of operating cost like cost of material consumed, Change in inventories of Work in progress, Employee benefit expenses, Finance costs, Depreciation and Amortization Expenses and other expenses.
Cost of material consumed:
Cost of Material consumed expenses primarily comprise of purchase of raw material as adjusted with opening and closing stock.
Change in inventories of finished goods :
Changes in inventories of finished goods between opening and closing dates of a reporting period.
Employee benefits expense:
Employee benefits expense primarily comprises of Salaries & wages, Incentives and Bonus expenses, Directors remuneration, Staff welfare expenses, Employers contribution to PF and other funds and Keyman Insurance.
Finance Costs:
Our finance cost includes Interest on Bank overdraft and Processing and other Charges.
Depreciation and Amortization Expenses:
Depreciation includes depreciation on Building, plant & machinery, office equipment, furniture, computer and equipment.
Other Expenses:
Other Expenses include Power and fuel charges, Factory rent, Lab Testing charges, Freight outward, factory building maintenance, hamali charges and repairs and maintenance expenses. In addition, it covers Selling and Distribution Expenses, including, sales promotion, exhibition expenses, Administrative Expenses cover auditor remuneration, courier charges, insurance, legal & professional charges, printing and stationery, rates and taxes, travelling expenses, office expenses, motor car expenses, membership fees, bank charges, commission, Donations, bad debts and various miscellaneous expenses. It also includes foreign exchange losses reflecting the companys operational and administrative costs.
FINANCIAL PERFORMANCE HIGHLIGHTS FOR THE FINANCIAL YEAR 2024-25:
Total Income:
Total income for the year ended March 31, 2025 stood at Rs. 2371.29 Lakhs. The total income consists of revenue from operations and other income.
Revenue from Operations:
During the year ended March 31, 2025 the net revenue from operation of our Company was Rs.2282.20 Lakhs mainly from the sale of Masterbatches and Pigments.
Other Income:
During the year ended March 31, 2025 the other income of our Company stood at Rs. 89.09 Lakhs. Other income primarily comprises Interest on Bank Fixed Deposits, Foreign Exchange gain , Rental Income, Custom Duty Refund, Interest, Dividend and Gain on Investment, Excess Provision for Doubtful Debt Reversed & profit on sale of fixed assets.
Total Expenses:
Total expenses consist of operating cost like cost of material consumed, Changes in Inventories of finished Goods, Employee benefits expense, Finance costs, Depreciation and Amortization Expenses and other expenses. During the year ended March 31, 2025 the total expenses of our Company stood at Rs 1,630.92 Lakhs.
Cost Of Material Consumed:
During the year ended March 31, 2025 the Cost of Material Consumed of our Company stood at Rs. 1,042.91 Lakhs.
Change in inventories of Finished goods:
During the year ended March 31, 2025 the Change in inventories of Finished goods of our Company stood at Rs. (19.09) Lakhs.
Employee benefits expense:
During the year ended March 31, 2025 the employee benefit expenses of our Company stood at Rs. 245.93 Lakhs. The main components of the employee benefit expenses are Salaries & wages and Directors Remuneration.
Finance Costs:
During the year ended March 31, 2025 the finance cost expenses of our Company stood at Rs.2.89 Lakhs. Our finance cost includes Interest on Bank OD and Loan Processing charges and other charges.
Depreciation and Amortization Expenses:
During the year ended March 31, 2025 the Depreciation and amortization charges of our Company stood at Rs. 34.92 Lakhs.
Other Expenses:
Other expenses for the year ended March 31, 2025, were Rs. 323.36 Lakhs, including manufacturing expenses, administrative costs, repairs and maintenance, selling and distribution expenses and other operational outflows.
Restated Profit before tax:
The Company reported Restated profit before tax for year ended March 31, 2025 of Rs. 740.37 Lakhs.
Restated profit after tax:
The Company reported Restated profit after tax for year ended March 31, 2025 of Rs. 550.30 Lakhs.
FINANCIAL YEAR 2025 COMPARED TO FINANCIAL YEAR 2024
Total Income:
The total income for FY 2025 stood at Rs. 2,371.29 Lakhs, compared to Rs. 2,265.67 Lakhs in FY 2024, reflecting a growth of 4.66%. This increase was primarily driven by revenue from operations and other income
Revenue from Operations:
In FY 2025, the revenue from operations was Rs. 2,282.20 Lakhs, showing a significant increase from Rs. 2,193.64 Lakhs in FY 2024, reflecting an increase of 4.04%. This growth was primarily attributed to increased sales of Masterbatches, which contributed Rs. 1920.83 Lakhs (84.17% of revenue from operations) in FY 2025, compared to Rs. 1805.04 Lakhs (82.29% of revenue from operations) in FY 2024. Additionally, Pigments contributed to Rs.361.37 (15.83% of revenue from operations) in FY 2025, compared to Rs.388.60 (17.71% of revenue from operations) in FY 2024.
Other Income:
Other income for FY 2025 stood at Rs. 89.09 Lakhs, compared to Rs. 72.03 Lakhs in FY 2024, marking an increase of 23.68%. The increase was primarily due to Foreign Exchange Gain (Rs. 6.30 Lakhs in FY 2025 vs. Rs. 2.84 in FY 2024) and increase in income on interest, dividend and gain on investment (Rs. 57.68 Lakhs in FY 2025 vs Rs. 45.80 Lakhs in FY 2024).
Total Expenses:
Total expenses for FY 2025 were Rs. 1,630.92 Lakhs, compared to Rs. 1,830.94 Lakhs in FY 2024, reflecting a decline of 10.92 %. This decrease was due to decrease in cost of material consumed for the Company resulting into decline material costs. At the same time there was an increase in the employee benefits and other operational expenses.
Cost of Material Consumed:
The cost of material consumed decreased to Rs. 1,042.91 Lakhs in FY 2025 from Rs. 1,288.29 Lakhs in FY 2024, representing a decline of 19.05%. Such decrease was due to reduction in material cost.
Change in inventories:
Our Company has incurred Rs. (19.09) Lakhs as Change in inventories of finished goods during the financial year 2024-25 as compared to Rs. (46.72) Lakhs in the financial year 2023-24.
Employee benefits expense:
Our Company has incurred Rs. 245.93 Lakhs as Employee benefits expense during the financial year 2024-25 as compared to Rs. 235.41 Lakhs in the financial year 2023-24. The increase was due to increase in Salary and wages (Rs.91.61 Lakhs in FY 2025 as compare to Rs.75.05 Lakhs in FY 2024).
Finance Cost:
Our Company has incurred Rs. 2.89 Lakhs as finance cost during the financial year 2024-25 as compared to Rs. 2.74 Lakhs in the financial year 2023-24. The increase was due to the increase in Processing and Other Charges from Rs.0.62 Lakhs to Rs.0.40 Lakhs during the FY 2024-25.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2024-25 stood at Rs. 34.92 Lakhs as against Rs. 32.00 Lakhs during the financial year 2023-24. The increase in depreciation was around 9.12 % which was due to purchase of Plant & machinery and computer.
Other Expenses:
Our Company incurred Rs.319.22 Lakhs in other expenses during FY 2024-25, compared to Rs.319.22 Lakhs in FY 2023-24, an increase of 1.30 %. This increase was driven by rise in costs of Auditor Remuneration, Legal & Professional charges, membership fees, office expenses, rates and taxes expense, and other operational areas. However, there was a decline in Commission Expense, Factory Building Maintenance and provision for doubtful debts.
Restated profit before tax:
Net profit before tax for the financial year 2024-25 increased to Rs. 740.37 Lakhs as compared to Rs. 434.73 Lakhs in the financial year 2023-24, marking an increase of 70.32%. This significant growth was primarily driven by the factors mentioned above. The revenue from operations of the company increased by approximately 4.04%, mainly due to sales of Masterbatches, increase in other income by 23.68% and decline in cost of goods sold by 11.74%. from FY 2024-25 to FY 2023-24
Restated profit for the year:
As a result of the foregoing factors, our profit after tax increased by 71.00 %, rising from Rs. 321.82 Lakhs in the financial year 2023-24 to Rs. 550.30 Lakhs in the financial year 2024-25.
FINANCIAL YEAR 2024 COMPARED TO FINANCIAL YEAR 2023
Total Income:
The total income for FY 2024 stood at Rs. 2,265.67 Lakhs, compared to Rs. 2,136.60 Lakhs in FY 2023, reflecting a growth of 6.04%. This increase was primarily driven by revenue from operations and other income
Revenue from Operations:
In FY 2024, the revenue from operations was Rs. 2,193.64 Lakhs, showing a significant increase from Rs. 2,117.92 Lakhs in FY 2023, reflecting an increase of 3.57%. This growth was primarily attributed to increased sales of Masterbatches, which contributed Rs. 1805.04 Lakhs (82.29% of revenue from operations) in FY 2024, compared to Rs. 1678.00 Lakhs (79.23% of revenue from operations) in FY 2023. Additionally, Pigments contributed to Rs.388.60 (17.71% of revenue from operations) in FY 2024, compared to Rs.439.92 (20.77% of revenue from operations) in FY 2023.
Other Income:
Other income for FY 2024 stood at Rs. 72.03 Lakhs, compared to Rs. 18.68 Lakhs in FY 2023, marking an increase of 285.70%. The increase was primarily due to sale of fixed assets (Rs. 12.52 Lakhs in FY 2024 vs. Rs. Nil in FY 2023) and increase in income on interest, dividend and gain on investment (Rs. 46.16 Lakhs in FY 2024 vs Rs. 12.33 Lakhs in FY 2023).
Total Expenses:
Total expenses for FY 2024 were Rs. 1,830.94 Lakhs, compared to Rs. 1,726.60 Lakhs in FY 2023, reflecting a rise of 6.04 %. This increase was due to increase in business operations of the Company resulting into higher material costs, employee benefits and other operational expenses.
Cost Of Material Consumed:
The cost of material consumed increased to Rs.1,288.29 Lakhs in FY 2024 from Rs. 1140.97 Lakhs in FY 2023, representing an increase of 12.91%. Such increase was due to higher material cost on account of increase in business operations of the Company.
Change in inventories :
Our Company has incurred Rs. (46.72) Lakhs as Change in inventories of finished goods during the financial year 2023-24 as compared to Rs. (2.45) Lakhs in the financial year 2022-23
Employee benefits expense:
Our Company has incurred Rs. 235.41 Lakhs as Employee benefits expense during the financial year 2023-24 as compared to Rs. 224.90 Lakhs in the financial year 2022-23. The increase was due to increase in Employees Salary and wages (Rs.75.05 Lakhs in FY 2024 as compare to Rs.62.57 Lakhs in FY 2023) .
Finance Cost:
Our Company has incurred Rs. 2.74 Lakhs as finance cost during the financial year 2023-24 as compared to Rs. 3.90 Lakhs in the financial year 2022-23. The decline was due to the decrease in Interest on overdraft from Rs.2.97 Lakhs to Rs.2.34 Lakhs during the FY 2023-24.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2023-24 stood at Rs. 32.00 Lakhs as against Rs. 23.29 Lakhs during the financial year 2022-23. The increase in depreciation was around 37.39 % which was due to purchase of Plant & machinery, furniture & fixture, computer and other office equipment.
Other Expenses:
Our Company incurred Rs.319.22 Lakhs in other expenses during FY 2023-24, compared to Rs. 335.99 Lakhs in FY 2022-23, a decrease of 4.99%. This decline was driven by reduction in costs of Factory rent, Power & fuel, Provision for doubtful debts, Repairs & Maintenance, Sales Promotion expense, among other operational areas. However, there was an increase in Commission Expense, Factory Building Maintenance and Freight outward.
Restated profit before tax:
Net profit before tax for the financial year 2023-24 increased to Rs. 434.73 Lakhs as compared to Rs. 410.00 Lakhs in the financial year 2022-23, marking an increase of 6.03%. This significant growth was primarily driven by the factors mentioned above. The revenue from operations of the company increased by approximately 3.57%, mainly due to sales of Masterbatches and increase in other income by 285.70% and decrease in provision for doubtful debts covered under other expense.
Restated profit for the year:
As a result of the foregoing factors, our profit after tax increased by 9.48%, rising from Rs. 293.96 Lakhs in the financial year 2022-23 to Rs. 321.82 Lakhs in the financial year 2023-24.
Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
1. Unusual or infrequent events or transactions:
There has not been any unusual events or transactions on account of our business activity.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations:
Other than as described in the section titled “Risk Factors” beginning on page 26 of this Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.
3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations:
Apart from the risks as disclosed under Section “Risk Factors” beginning on page 26 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.
4. Future changes in the relationship between costs and revenues:
Other than as described in the sections “Risk Factors”, “Our Business” and “Managements Discussion and Analysis of Financial Condition and Results of Operations” on pages 26, 111 and 211 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.
5. Segment Reporting:
Our company operates in a single segment i.e. Masterbatches and Pigments.
6. Status of any publicly announced New Products or Business Segment:
Our Company has not announced any new product or service during the last three financial years.
7. Seasonality of business:
Our business is not subject to seasonality. For further information, see “Industry Overview” and “Our Business” on pages 102 and 111 respectively.
8. Dependence on single or few customers:
Substantial portion of our revenue has been dependent upon few customers with which we do not have any firm commitments. For details, please refer to risk factor “Substantial portion of our revenue has been dependent upon few customers with which we do not have any firm commitments. The loss of any one or more of our major customers would have a material adverse effect on our business, cash flows, results of operations and financial conditions” on page 27 of this RHP.
9. Competitive conditions:
Competitive conditions are as described under the Chapter “Our Business Competition” beginning on page 119 of this Red Herring Prospectus.
10. Details of material developments after the date of last balance sheet i.e., March 31, 2025:
After the date of last Balance sheet i.e., March 31, 2025, the following material events have occurred after the last audited period:
On July 02, 2025, Mr. Mehul Pravinchandra Joshi, Promoter and chairman and Managing Director had sold 2,37,000 equity shares at Rs. 48/- per equity share, through off market transfer to Amrut Bharat Opportunities Fund - Series I , Sunrise India Growth Trust - Sunrise India Growth Fund and Ms. Priya Vijay Thakkar (classified in the public category).
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund & Specialized Investment Fund Distributor), PFRDA Reg. No. PoP 20092018
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
