ARC Insulation & Insulators
SMENSE₹41.19 Cr issue
+16.00%
Listing gain over issue price
Issue size
₹41.19 Cr
1 lot at cut-off
₹1,25,000
Lot size
1,000shares
Open
21 Aug 2025
Close
25 Aug 2025
Allotment
26 Aug 2025
Listing
29 Aug 2025
Listing performance
Issue price
₹125
Listed at
₹145
Listing-day close
₹137.75
Latest price
₹28.50
Close on 23 Oct 2026
Listing gain
+16.00%
Return since issue
-77.20%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Aug 2025 – 25 Aug 2025
- Listing date
- 29 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹125 per share
- Lot size
- 1,000 shares
- Listing at
- NSE
- Total issue size
- ₹41.19 Cr
- Market cap at offer price
- ₹129 Cr
- Promoter holding
- 94.48% → 64.11% pre-issue → post-issue
- ISIN
- INE0YDV01010
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- Village-Ramdevpur, PO-Bawali Bishnupur 2, Parganas South, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 9,37,000 | — | — |
| Market maker | 1,65,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹125
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,25,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,50,000 |
| S-HNI (max) | 8 | 8,000 | ₹10,00,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,25,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
9,37,000
Anchor portion
₹11.71 Cr
at ₹125 per share
Valuation and performance
Valuation at offer price
₹125 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.81 | 8.32 |
| P/E (×) | 10.58 | 15.02 |
| Price to book (×) | 3.59 | — |
| Market cap | — | ₹129 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 45.47%
- ROCE
- 49.84%
- Debt / equity
- 0.24
- PAT margin
- 26.18%
- EBITDA margin
- 38.22%
- NAV per share
- ₹34.78
- Price to book
- 3.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About ARC Insulation & Insulators
ARC Insulation & Insulators Limited, incorporated on September 10, 2008, is a manufacturer and supplier of GFRP/FRP composite products. The company acquired the running business of M/s ARC Insulation & Insulators (a sole proprietorship of promoter Mr. Manish Bajoria) through a business transfer agreement effective June 1, 2009. The company manufactures GFRP/FRP Rebars, GFRP/FRP Grating Walkways, GFRP/FRP Pipelines, GFRP/FRP Tubes, GFRP/FRP Fencing for Transformers, GFRP/FRP Cable Trays, and other related products designed for industrial, energy and marine sectors. It serves multiple industries including Infrastructure, Power, Cooling Tower, Chemical, Composite, Electrical Substation, Metal & Mining sectors.
Company Analysis
from RHPARC Insulation & Insulators Limited manufactures Glass Fiber Reinforced Polymers (GFRP) and Fiber Reinforced Polymers (FRP) composite products including rebars, grating walkways, pipelines, tubes, and fencing, serving industrial, energy, and marine sectors.
ARC Insulation & Insulators Limited, incorporated on September 10, 2008, is a manufacturer and supplier of GFRP/FRP composite products. The company acquired the running business of M/s ARC Insulation & Insulators (a sole proprietorship of promoter Mr. Manish Bajoria) through a business transfer agreement effective June 1, 2009. The company manufactures GFRP/FRP Rebars, GFRP/FRP Grating Walkways, GFRP/FRP Pipelines, GFRP/FRP Tubes, GFRP/FRP Fencing for Transformers, GFRP/FRP Cable Trays, and other related products designed for industrial, energy and marine sectors. It serves multiple industries including Infrastructure, Power, Cooling Tower, Chemical, Composite, Electrical Substation, Metal & Mining sectors.
Glass Fiber Reinforced Polymers (GFRP) / Fiber Reinforced Polymers (FRP) manufacturingInfrastructurePowerCooling TowerChemicalCompositeElectrical SubstationMetal & Mining
Objects of the Issue
- Capital Expenditure towards set up of New Manufacturing unit ₹815.67 Lakhs p.31
- Purchase of New Office Space ₹443.65 Lakhs (total estimated expenditure); ₹305.64 Lakhs from Net IPO Proceeds p.31
- Repayment/Pre-payment of Certain Debt Facilities including Bridge Finance ₹118.30 Lakhs p.31
- Working Capital Requirements ₹4,115.66 Lakhs (total estimated); ₹1,000.00 Lakhs by FY 2026, ₹634.61 Lakhs by FY 2027 p.31
- General Corporate Purposes p.31
- Not explicitly stated in this section - referred to 'Objects of the Offer' chapter on page 103 p.71
- Capital Expenditure towards set up of New Manufacturing unit ₹815.67 lakhs p.104
- Purchase of New Office Space ₹443.65 lakhs (total estimated expenditure including bridge finance repayment and furniture) p.110
- Repayment/Pre-payment of Certain Debt Facilities ₹118.30 lakhs p.105
- Working Capital Requirements ₹1,634.61 lakhs p.113
- General Corporate Purposes [●] Lakhs (not exceeding 15% of Gross Offer Proceeds or ₹10 crores, whichever is less) p.117
- Setup of new integrated manufacturing unit - Land purchase ₹4,03,00,000 (plus ₹4.03 lakhs for land registration and ₹24.18 lakhs for stamp duty) p.164
- Setup of new integrated manufacturing unit - Factory construction and machinery installation ₹357.38 lakhs for factory construction; ₹443.29 lakhs total for machinery, civil construction and solar power plant p.164
Issue Structure
- Total Issue
- Up to 32,95,000 Equity Shares of face value ₹10.00 each aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 30,45,000 Equity Shares of face value ₹10.00 each aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 2,50,000 Equity Shares of face value ₹10.00 each aggregating up to ₹[●] Lakhs by Mr. Manish Bajoria (Selling Shareholder)
- Price Band
- ₹119.00 (Floor Price) to ₹125.00 (Cap Price)
- Lot Size
- The Market lot and Trading lot for the Equity Share is 1,000 and in multiples of 1,000 thereafter; subject to a minimum allotment of 1,000 Equity Shares
- Face Value
- ₹10.00 each
Business Model
The company manufactures and supplies GFRP/FRP composite products to customers across industrial, energy, and marine sectors. Revenue is generated from the sale of these manufactured products.
Business Segments
Manufacturing of GFRP/FRP Rebars with installed capacity of 1,320.00 tons
Manufacturing of GFRP/FRP Grating Walkways with installed capacity of 57.93 tons
Manufacturing of GFRP/FRP Pultrusion products with installed capacity of 507.23 tons
Manufacturing of GFRP/FRP Pipelines with installed capacity of 93.29 tons
Glass Fiber Reinforced Plastic reinforcing bars for construction and infrastructure
Fiber Reinforced Plastic pipes for various applications
Fiber Reinforced Plastic sheets for construction and industrial applications
Structural and pultruded profiles made from FRP/GFRP materials
Ladders manufactured from FRP/GRP materials
Lightweight, high-strength alternatives to steel rebars used in concrete structures. Highly resistant to corrosion, non-conductive and non-magnetic properties suitable for electrical installations. High strength-to-weight ratio with exceptional durability.
Bidirectional strength providing robust support in both longitudinal and transverse directions. Anti-slip surface enhancing safety. Highly resistant to chemicals, minimal maintenance required.
Exceptional chemical resistance for corrosive substance applications. Smooth interior surface ensures efficient flow. Customizable to various diameters for different industry needs.
Durable and corrosion-resistant for harsh environments. Lightweight with exceptional strength and high strength-to-weight ratio. Excellent electrical insulation properties.
Support and routing of electrical cables. Flame-retardant and corrosion-resistant solution for cable management. Non-conductive and shockproof insulation ensuring electrical safety.
Slip-resistant surface for high-traffic areas and hazardous environments. Corrosion and chemical resistant with lightweight design. Supports heavy loads and withstands tough conditions.
Engineered for reliable electrical safety and efficiency in grounding and discharging electrical systems. Non-conductive insulation for user protection. Corrosion-resistant and low maintenance.
High strength, thermal resistance, fire retardant properties. Can be moulded into different shapes with environmental resistance and electrical insulation.
High strength-to-weight ratio, corrosion resistance, durability and long service life. Used in industrial structures, utility poles, railway structures, and safety equipment. Substitute for steel profiles.
Used in electrical and telecommunications systems for cable support, grounding, and reinforcement. Non-conductive properties ensure electrical safety. Durable for harsh environments.
Easy installation for safe access to cooling tower components. Withstand harsh environments ensuring long-term performance. Corrosion resistant, durable, and low maintenance.
Designed for durability and reliability in power industry applications. Resistant to corrosion, thermal stress, and impact. Superior for handling chemicals, water, and essential fluids.
Enhanced durability and resistance to harsh chemicals reducing maintenance costs. Lightweight yet sturdy design for operational efficiency and safety. Superior corrosion resistance.
Suitable for chemical processing plants with exposure to corrosive chemicals. Chemical resistant and non-reactive. Preferred for ensuring safety and durability in challenging environments.
Lightweight and non-conductive properties ensure easy installation and maintenance. Withstand harsh environments providing safety and longevity. Durable and corrosion-resistant.
Used in mining industry applications. Lightweight, high-strength alternatives to steel rebars. Non-conductive and non-magnetic properties. High strength-to-weight ratio with exceptional durability.
Glass fiber reinforced plastic rebars for construction and reinforcement
Pultruded and moulded gratings used in walkways, platforms, and industrial applications
Structural profiles for construction and industrial applications
Pipes for fluid handling and structural applications
Cable management systems and fencing applications for industrial use
Manufacturing and supply of GFRP composite products including GFRP Rebars, GFRP Grating Walkways, GFRP Pipelines, GFRP Tubes, GFRP Fencing for Transformers, GFRP Cable Trays, and other related products
SWOT Analysis
Strengths
- • Established manufacturing capability in GFRP/FRP sector(p.29)
- • Long operational history with business acquired from proprietorship(p.2)
- • Strong financial performance with improving profitability(p.32)
- • High return on equity demonstrating capital efficiency(p.33)
- • Established customer base across multiple industrial sectors(p.29)
- • Strong revenue growth trajectory with diversified product portfolio(p.51)
- • Established market presence with historical business relationships(p.58)
- • Improving capacity utilization across key product lines(p.63)
- • Established brand with long operational history(p.143)
- • ISO 9001:2015 certification and quality infrastructure(p.143)
- • Strong financial performance with high profitability margins(p.123)
- • High return on equity demonstrating efficient capital deployment(p.123)
- • Diversified customer base across multiple industries(p.143)
- • Revenue growth and production capacity expansion(p.123)
- • Diverse product portfolio across multiple industries(p.163)
- • Established domestic and international market presence(p.163)
- • Superior material quality and corrosion resistance(p.163)
- • Advanced manufacturing technology with automation(p.163)
- • Customization capabilities and product flexibility(p.163)
- • Cost competitiveness with maintained quality(p.163)
- • Lightweight with high strength properties(p.163)
- • Eco-friendly and sustainable manufacturing process(p.164)
- • Experienced management with 16 years in GFRP industry(p.218)
- • Diversified customer base with 89 customers across multiple industries(p.263)
- • Strong profitability with 45.47% return on equity in FY2025(p.259)
- • Improved profit margins with PAT margin of 26.18% in FY2025(p.263)
- • Significant revenue growth of 14.98% in FY2025(p.269)
- • Strong EBITDA margin of 38.22% in FY2025(p.263)
Weaknesses
- • Extreme dependence on top 10 suppliers for raw materials(p.38)
- • High customer concentration creating revenue vulnerability(p.40)
- • Very high inventory and receivables holding periods affecting cash flow(p.39)
- • Restated financial statements provided by non-statutory auditors(p.42)
- • Unable to trace historical bank statements for past share allotments(p.42)
- • Multiple corporate compliance discrepancies and delayed statutory filings(p.43)
- • Dependence on key promoter and management for operations(p.46)
- • Outstanding litigation including tax proceedings against the company(p.47)
- • Heavy concentration of revenue in top 5 products creates business risk(p.51)
- • Significant trade receivables creating working capital challenges(p.51)
- • Historical delays in statutory and regulatory compliance(p.49)
- • Reliance on in-house engineering team with key person risk(p.61)
- • Unsecured loans repayable on demand from related parties(p.57)
- • Negative cash flows from operating activities in recent years(p.52)
- • Restrictive covenants in loan agreements limit operational flexibility(p.52)
- • Significant customer concentration risk(p.144)
- • Supplier concentration in raw materials(p.144)
- • Heavy dependence on domestic market(p.145)
- • Single manufacturing facility creating concentration risk(p.107)
- • Limited global market penetration(p.164)
- • Dependence on third-party suppliers for critical materials(p.164)
- • Costs associated with regulatory compliance and international standards(p.164)
- • High dependence on few customers for revenue(p.275)
- • Significant concentration of fixed assets with potential utilization risk(p.273)
- • Dependence on external suppliers for all raw materials with no long-term contracts(p.275)
- • Declining inventory turnover indicating slower conversion of raw materials(p.273)
- • Outstanding income tax demand of ₹72.29 lakhs with unresolved matters(p.279)
- • Open income tax demands and proceedings(p.282)
- • Open GST demands for late filing(p.282)
- • Open TDS demands across multiple years(p.282)
- • Outstanding creditor dues of ₹544.39 lakhs(p.282)
- • Material creditor dues of ₹454.51 lakhs(p.282)
- • Pending approvals and name change requirements across multiple licenses(p.287)
- • No registered intellectual property(p.289)
- • Negative free cash flow to equity in recent year(p.295)
Opportunities
- • Expansion of manufacturing capacity through IPO proceeds(p.30)
- • Growth in GFRP/FRP industry driven by multiple sectors(p.29)
- • International market expansion opportunity(p.45)
- • Working capital optimization and facility consolidation(p.30)
- • Debt reduction improving financial leverage(p.30)
- • International market expansion into new geographies(p.62)
- • Growing infrastructure sector demand for GFRP/FRP products(p.63)
- • Product diversification and new market vertical penetration(p.58)
- • Capacity expansion through capital investments(p.61)
- • Increasing e-commerce and bulk industry vertical penetration(p.58)
- • Expansion through new manufacturing facility(p.107)
- • Strong global GFRP composites market growth trajectory(p.107)
- • Growing adoption in infrastructure and construction sectors(p.106)
- • Expanding marine industry demand for GFRP(p.106)
- • India's growing manufacturing sector and export potential(p.135)
- • Growing demand for energy-efficient and sustainable building solutions(p.164)
- • Expansion into emerging markets and geographic regions(p.164)
- • Setup of new integrated manufacturing unit to expand production capacity(p.164)
- • Adoption of advanced manufacturing technologies for efficiency(p.164)
- • Diversification of product portfolio with new product lines(p.164)
- • Expansion into new geographical markets(p.269)
- • Growing demand in infrastructure and power sectors(p.262)
- • Potential to increase production volumes given capacity additions(p.271)
- • Revenue growth trajectory with domestic sales increasing 15.2% year-over-year(p.269)
- • Acquisition of promoter's sole proprietorship business provides established customer base(p.233)
- • Migration to NSE Main Board potential(p.312)
- • Potential capital raises through subsequent offers(p.313)
- • Compulsory market making for 3 years post-listing(p.313)
- • SME platform provides pathway to main board with defined migration criteria(p.312)
Threats
- • Raw material price volatility and import dependency(p.38)
- • Supply chain disruption from geopolitical and environmental factors(p.38)
- • Intense competition from organized and unorganized players(p.40)
- • Risk of manufacturing facility disruption(p.46)
- • Regulatory and statutory approval risks(p.42)
- • Significant power supply dependency and tariff risk(p.48)
- • Polymer material substitution risk from environmental alternatives(p.39)
- • Employee attrition and labor availability risks(p.42)
- • Regulatory changes and compliance requirements in manufacturing and environment(p.53)
- • Foreign exchange fluctuations impacting costs and revenues(p.55)
- • Import dependency creating supply chain vulnerability(p.63)
- • Transportation cost inflation and logistics dependency(p.57)
- • Intense competition and pricing pressures in the industry(p.51)
- • Technology obsolescence and alternative product development by competitors(p.58)
- • Customer order cancellations and payment defaults(p.57)
- • General economic downturn and macroeconomic volatility in India(p.59)
- • Potential conflict of interest with promoter's other business ventures(p.62)
- • High volatility and cost of raw materials(p.141)
- • International raw material sourcing and currency exposure(p.116)
- • Intense competition from established players(p.123)
- • Regulatory and government policy risks(p.110)
- • Global economic slowdown and cyclical demand(p.130)
- • Intense competition from domestic and international manufacturers(p.164)
- • Vulnerability to economic downturns affecting construction sector(p.164)
- • Changes in trade policies and regulatory barriers(p.164)
- • Stricter environmental regulations increasing compliance costs(p.164)
- • Risk of technological disruption and rapid technological changes(p.164)
- • Volatility in raw material prices and commodity market fluctuations(p.275)
- • Construction industry seasonality affecting demand during monsoon(p.275)
- • Exposure to currency fluctuations in foreign exchange transactions(p.266)
- • Competition from existing and potential organized and unorganized competitors(p.275)
- • Interest rate and credit risk exposure from outstanding borrowings(p.273)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manish Bajoria | Promoter and Selling Shareholder | 50.95% | — |
| M/s. Swabhumi Distributors Private Limited | Promoter | 23.44% | — |
| Ms. Neelam Bajoria | Promoter | 17.04% | — |
| M/s. Manish Bajoria HUF | Promoter | 1.93% | — |
| Mr. Ashish Bajoria | Promoter | 0.01% | — |
| Mr. Manish Bajoria | Promoter | 50.95% | — |
| M/s. Swabhumi Distributors Private Limited | Promoter Group | 23.44% | — |
| Ms. Neelam Bajoria | Promoter | 17.04% | — |
| M/s. Manish Bajoria (HUF) | Promoter Group | 1.93% | — |
| Mr. Ashish Bajoria | Promoter Group | 0.01% | — |
| Mr. Manish Bajoria | Promoter | 36,95,280 shares (50.84%) | — |
| M/s. Swabhumi Distributors Private Limited | Promoter | 17,00,000 shares (23.39%) | — |
| Ms. Neelam Bajoria | Promoter | 12,36,000 shares (17.01%) | — |
| M/s. Manish Bajoria HUF | Promoter | 1,40,000 shares (1.93%) | — |
| Mr. Ashish Bajoria | Promoter | 400 shares (0.01%) | — |
| Mr. Aman Bajoria | Promoter Group | 80,000 shares (1.10%) | — |
| Ms. Prem Lata Bajoria | Promoter Group | 400 shares (0.01%) | — |
| Mr. Manish Bajoria | Promoter | 50.95% | — |
| Ms. Neelam Bajoria | Promoter | 17.04% | — |
| Mr. Ashish Bajoria | Promoter | 0.01% | — |
| M/s. Swabhumi Distributors Private Limited | Promoter Group | — | — |
| M/s. Manish Bajoria (HUF) | Promoter Group | — | — |
| Manish Bajoria | Promoter | 53.93% | — |
| Neelam Bajoria | Promoter | 18.04% | — |
| Swabhumi Distributors Private Limited | Promoter Group | 24.81% | — |
| Manish Bajoria (HUF) | Promoter Group | 2.04% | — |
Leadership
Manish Bajoria · Managing Director & CFO
Neelam Bajoria · Director
Shraddha Dhacholia · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
ARC Insulation & Insulators IPO FAQs
What is the lot size of ARC Insulation & Insulators IPO?
The minimum lot size of ARC Insulation & Insulators IPO is 1,000 shares. One lot costs ₹1,25,000 at the cut-off price.
When does ARC Insulation & Insulators IPO open and close?
ARC Insulation & Insulators IPO opened for subscription on 21 Aug 2025 and closed on 25 Aug 2025.
What is the listing date of ARC Insulation & Insulators IPO?
ARC Insulation & Insulators IPO listed on 29 Aug 2025.