Arunaya Organics
Book Building issueSMENSE₹33.99 Cr issue
-48.10%
Listing gain over issue price
Issue size
₹33.99 Cr
1 lot at cut-off
₹1,16,000
Lot size
2,000shares
Open
29 Apr 2025
Close
02 May 2025
Allotment
05 May 2025
Listing
07 May 2025
Listing performance
Issue price
₹58
Listed at
₹30.10
Listing-day close
₹31.60
Latest price
₹13
Close on 23 Oct 2026
Listing gain
-48.10%
Return since issue
-77.59%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Apr 2025 – 02 May 2025
- Listing date
- 07 May 2025
- Face value
- ₹10 per share
- Issue price
- ₹58 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.99 Cr
- Market cap at offer price
- ₹102 Cr
- Promoter holding
- 91.72% → 60.79% pre-issue → post-issue
- ISIN
- INE0TTG01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- C-8, GIDC Phase-II, Naroda, Gujarat
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 | 0 | — | — |
| Market maker | 2,96,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹58
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,16,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,32,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,28,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,44,000 |
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
0
Anchor portion
₹0 Cr
at ₹58 per share
Valuation and performance
Valuation at offer price
₹58 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.30 | 2.74 |
| P/E (×) | 17.58 | 21.17 |
| Price to book (×) | 5.29 | — |
| Market cap | — | ₹102 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.27%
- ROCE
- 55.71%
- Debt / equity
- 1.19
- PAT margin
- 6.52%
- NAV per share
- ₹10.88
- Price to book
- 5.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Arunaya Organics
Arunaya Organics Limited (formerly Arunaya Organics Private Limited) was incorporated on July 30, 2010, and converted to a public limited company on January 1, 2024. The company engages in trading and manufacturing of various dyes and intermediates. A significant portion of revenue is generated through outsourcing manufacturing to its group company Chinmay Chemicals Private Limited via job work arrangements. The company supplies reactive, acid, direct, basic, and solvent dyes, as well as dye intermediates, in multiple forms including spray-dried and tray-dried powders, granules, and crude products. Products are sold to both domestic and international markets, with the primary customers in textile and paper industries. The company operates its manufacturing facility in Ahmedabad with an annual capacity of approximately 30 metric tons per annum and holds ISO 9001:2015 and ISO 14001:2015 certifications.
Company Analysis
from RHPArunaya Organics Limited manufactures and trades dyes (direct, acid, reactive, solvent, basic) and dye intermediates, serving the textile, paper, and chemical industries.
Arunaya Organics Limited (formerly Arunaya Organics Private Limited) was incorporated on July 30, 2010, and converted to a public limited company on January 1, 2024. The company engages in trading and manufacturing of various dyes and intermediates. A significant portion of revenue is generated through outsourcing manufacturing to its group company Chinmay Chemicals Private Limited via job work arrangements. The company supplies reactive, acid, direct, basic, and solvent dyes, as well as dye intermediates, in multiple forms including spray-dried and tray-dried powders, granules, and crude products. Products are sold to both domestic and international markets, with the primary customers in textile and paper industries. The company operates its manufacturing facility in Ahmedabad with an annual capacity of approximately 30 metric tons per annum and holds ISO 9001:2015 and ISO 14001:2015 certifications.
Specialty chemicalsDyes and pigmentsTextilesPaper
Objects of the Issue
- Setting up of a new manufacturing facility located at Dahej, Bharuch, Gujarat ₹1,178.95 lakhs p.29
- Funding working capital requirements of the company ₹900.00 lakhs p.29
- General corporate purposes p.29
- Setting up of a new manufacturing facility located at D-3/26/3, Dahej III, Industrial Estate, Dahej-392 130, Vagra, Bharuch, Gujarat (Proposed Greenfield Project) ₹1,178.95 lakhs p.99
- Funding working capital requirements of our company ₹900.00 lakhs p.99
- General corporate purposes p.99
- Funding capex for the new manufacturing facility at Dahej for production of Acid, Basic, Intermediate, Reactive, Solvent and Direct Dyes, and dye intermediates (J Acid Urea/Amino C Acid/Mixed cleve acid/Gamma acid), including equipment such as MS Vessel, Membrane Filter Press, Glass Line (Under EPCG), Nitration - Enamel Reactor (Under EPCG), Sulfonation - Glass Line Reactor (Under EPCG) p.147
- Funding capex for new facility p.261
Issue Structure
- Total Issue
- Up to 58,60,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 52,60,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 6,00,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs by Shivali Agrawal
- Price Band
- [●] per Equity Share (Floor Price and Cap Price to be determined)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue through three channels: (1) Job work sales (outsourced manufacturing from group company Chinmay Chemicals, representing 91.87% of revenue for the period ended December 31, 2024), (2) Trading sales of dyes and intermediates (4.09% of revenue), and (3) Manufacturing sales from its own facility (3.75% of revenue). The company procures raw materials on a purchase order basis from suppliers, outsources production for the majority of its products to its group company, and sells finished products to customers primarily in the textile and paper industries.
Business Segments
Direct dyes for textile and paper industries
Dye intermediates for various applications
Acid dyes for textile applications
Reactive dyes for textile industry
Solvent-based dyes
Basic dyes for textile applications
Manufacturing and trading of synthetic organic dyes and intermediates for food, cosmetics, textile, and pharmaceutical industries
Production of various types of dyes including Acid, Basic, Intermediate, Reactive, Solvent and Direct Dyes, primarily for textile and paper industries. Manufacturing process comprises Material Procurement, Material Inspection, Inputting, Synthesis, Process Inspection, Drying, Blending, Final Inspection, Packaging, Storage, and Delivery.
Sourcing and selling of dyes and intermediates to industries such as textiles and paper manufacturing. Products include Acid, Basic, Reactive, Solvent Dyes, and Direct Dyes, and Intermediate. Company majorly sources products from suppliers in Gujarat and China and sells to customers in Gujarat, Brazil, and China.
Supply of raw materials to Chinmay Chemicals Private Limited (group company) which processes materials (70-75% of manufacturing process including inputting and synthesizing), with Arunaya completing standardization (drying, blending, packing) and final delivery to customers. Job Work Agreement dated May 15, 2024.
Manufacture of dyes, dye intermediates, and acid dyes used in textiles, paints, plastics, mining, leather, and paper industries
Trading of dyes and related chemical products
Sale of acid dye products
Sale of basic dye products
Sale of direct or substantive dye products
Sale of solvent dye products
Sale of intermediate dye products
Sale of reactive dye products
SWOT Analysis
Strengths
- • Established market position in dyes and dye intermediates manufacturing with diversified product portfolio(p.28)
- • ISO 9001:2015 and ISO 14001:2015 certifications demonstrating quality and environmental management standards(p.28)
- • Strong historical profitability with consistent positive return on net worth(p.30)
- • High capacity utilization rates in manufacturing operations(p.46)
- • Long-term lease agreement for manufacturing facility at favorable 99-year term(p.44)
- • Established job work relationships with Chinmay Chemicals(p.100)
- • High existing capacity utilisation at current facility(p.100)
- • Experienced promoter with significant dye industry expertise(p.146)
- • Diverse product portfolio across multiple dye categories(p.146)
- • Strong R&D and quality control capabilities(p.146)
- • ISO certifications for quality and environmental management(p.147)
- • Strategic location near major logistics hubs(p.135)
- • Experienced promoter with over a decade in dye industry and multi-sector management background(p.175)
- • Strong profitability and liquidity position with improved earnings(p.220)
- • Established production capabilities and customer relationships spanning multiple sectors(p.175)
- • Diversified customer base across geographies including exports to multiple countries(p.210)
- • Established manufacturing presence with quality certifications(p.241)
- • Diverse product portfolio serving domestic and international markets(p.241)
- • Improving profitability with margin expansion(p.246)
- • Strong return on net worth demonstrating operational efficiency(p.239)
- • Strategic facility location enabling logistics optimization(p.241)
Weaknesses
- • High dependence on group company Chinmay Chemicals for 91.87% of revenue through job work arrangement(p.35)
- • Concentration of customer base with top 10 customers representing 63.38% of total revenue(p.36)
- • No long-term supply agreements with raw material suppliers, exposing the company to supply chain risks(p.37)
- • Lack of long-term customer contracts, leaving revenue continuity uncertain(p.36)
- • History of delays in statutory and regulatory payments including GST, EPF and Professional Tax(p.48)
- • Past instances of non-compliance with RoC filing requirements and discrepancies in statutory filings(p.45)
- • Company had delay in loan payments resulting in SMA-1 and SMA-2 categorization by lender(p.43)
- • Negative cash flows from operations in certain periods affecting liquidity(p.52)
- • Heavy reliance on single job-work supplier for majority of revenue(p.100)
- • Pending trademark registrations creating IP vulnerability(p.58)
- • No alternative source of financing identified for Objects of Offer(p.56)
- • Capital expansion project lacks independent appraisal(p.57)
- • Machinery and equipment dependent on single designated service provider(p.58)
- • Management flexibility in fund deployment creates investor uncertainty(p.56)
- • Heavy dependence on job work from single group company(p.147)
- • Declining revenues and deteriorating margins(p.137)
- • High leverage with declining debt-to-equity ratio but substantial indebtedness(p.138)
- • Concentration risk with top 10 customers accounting for significant revenue(p.138)
- • Minimal R&D investment relative to revenue(p.147)
- • High dependence on a few major customers for revenue(p.208)
- • Significant debt burden relative to equity(p.199)
- • High reliance on working capital financing with multiple short-term borrowings(p.204)
- • Outstanding contingent liabilities and regulatory compliance issues(p.220)
- • FEMA Regulation violation with unquantifiable liability(p.236)
- • Undocumented educational qualifications of key management personnel(p.175)
- • High debt burden with significant borrowings(p.240)
- • Significant dependence on few customers(p.250)
- • Heavy dependence on few suppliers(p.250)
- • Promoter tax liabilities involving unexplained cash credits(p.255)
- • Significant finance costs burden(p.244)
Opportunities
- • Planned expansion with new 6,000 MTPA manufacturing facility at Dahej to increase production capacity(p.41)
- • India's dominant position as world leader in dye manufacturing accounting for 16%-18% of global dyestuff exports(p.28)
- • Strong export market with dyes exported to 90+ countries and significant export values(p.28)
- • Expansion into new markets and product segments including Food and Cosmetic industry applications(p.41)
- • Increasing working capital to support business growth with proposed net proceeds allocation(p.29)
- • Transition from job work to in-house manufacturing with new facility at Dahej(p.100)
- • Significant capacity expansion with new 6,000 MT facility(p.101)
- • Strategic location at Dahej industrial hub with special economic regulations(p.100)
- • Expansion into synthetic organic dyes for food and cosmetics industries(p.101)
- • Working capital financing to support business growth(p.99)
- • Backward integration into raw material manufacturing to reduce costs(p.147)
- • Expansion into new manufacturing facility for organic and specialty dyes(p.147)
- • Strong growth in India's chemical exports and dye industry(p.131)
- • Increasing domestic demand from paper and textile industries(p.138)
- • Potential market expansion into emerging geographies(p.136)
- • Expansion of manufacturing and trading business across paper, leather, textile and other sectors(p.175)
- • Increased export opportunities through RODTEP scheme and duty drawback benefits(p.210)
- • Access to multiple export markets with established regional presence(p.210)
- • Startup ecosystem support and involvement in state-level innovation initiatives(p.175)
- • Growth through capacity expansion at new facility(p.262)
- • Expansion into new markets via improved export infrastructure(p.241)
- • Benefit from reduced raw material costs through margin improvement(p.246)
- • Growing dyestuff industry demand(p.241)
Threats
- • Geographic concentration of operations in Gujarat exposes company to localized risks(p.39)
- • Heavy dependence on paper and textile industries accounting for 73.39% of revenue(p.40)
- • Exposure to foreign exchange fluctuations and import duties due to reliance on imported raw materials(p.38)
- • Revenue concentration in West Zone (particularly Gujarat) representing 88.82% of domestic revenue(p.43)
- • Significant raw material cost volatility representing 104.74% of total expenses in recent period(p.47)
- • Industry cyclicality and economic downturn risks affecting customer demand(p.40)
- • Contingent liabilities of ₹279.79 lakhs including income tax and GST demands(p.54)
- • Potential slowdown in Chinese economy and strained China-India relations affecting exports(p.36)
- • Regulatory and compliance risks in highly regulated manufacturing environment(p.51)
- • Competition from both organized and unorganized sector players pressuring margins(p.55)
- • Substantial exposure to foreign exchange rate fluctuations(p.56)
- • Currency repatriation restrictions in operating countries(p.56)
- • Requirement for multiple regulatory approvals and licenses(p.57)
- • Machinery downtime risk affecting business operations(p.58)
- • Dependence on evolving customer preferences and market trends(p.58)
- • Dye industry-specific challenges affecting operations(p.64)
- • Broader economic slowdown risk in India and key markets(p.63)
- • Intense competition from organized and unorganized sectors(p.150)
- • Exposure to global economic slowdown affecting exports(p.130)
- • Regulatory and environmental compliance requirements(p.150)
- • Raw material price volatility and supply chain dependencies(p.142)
- • Customer concentration risk with declining customer base(p.151)
- • Dependence on third-party logistics providers without long-term contracts(p.150)
- • Highly competitive dye industry with external competitive pressures(p.191)
- • Foreign exchange volatility affecting export revenues and import costs(p.230)
- • Regulatory compliance risks including GST, income tax, and FEMA violations(p.220)
- • Concentration of receivables from major customers with extended payment terms(p.208)
- • Capital market access constraints and interest rate exposure on substantial debt(p.211)
- • Weak global demand affecting export sales(p.245)
- • Intense competition from Chinese producers(p.245)
- • Currency and crude price volatility impacting profitability(p.245)
- • External economic factors affecting demand(p.249)
- • Potential regulatory and compliance risks(p.285)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vinod Agrawal | Promoter | 69.92% | — |
| Shivali Agrawal | Promoter/Promoter Selling Shareholder | 21.70% | — |
| Vinod Agrawal | Promoter | 69.92% | — |
| Shivali Agrawal | Promoter / Promoter Selling Shareholder | 21.70% | — |
| Vinod Agrawal HUF | Promoter Group | 0.10% | — |
| Vinod Agrawal | Promoter | — | — |
| Shivali Agrawal | Promoter | — | — |
| Vinod Agrawal | Promoter | 69.92% | — |
| Shivali Agrawal | Promoter | 21.70% | — |
| Vinod Agrawal | Individual promoter | — | — |
| Shivali Agrawal | Promoter Selling Shareholder | — | — |
Leadership
Vinod Agrawal · Chairman/Managing Director
Shivali Agrawal · Promoter
Tanvi Patel · Company Secretary and Compliance Officer
Bikash Tarafdar · Chief Financial 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.
Arunaya Organics IPO FAQs
What is the lot size of Arunaya Organics IPO?
The minimum lot size of Arunaya Organics IPO is 2,000 shares. One lot costs ₹1,16,000 at the cut-off price.
When does Arunaya Organics IPO open and close?
Arunaya Organics IPO opened for subscription on 29 Apr 2025 and closed on 02 May 2025.
What is the listing date of Arunaya Organics IPO?
Arunaya Organics IPO listed on 07 May 2025.