Aztec Fluids & Machinery
Book Building issueSME₹24.12 Cr issue
+34.33%
Listing gain over issue price
Issue size
₹24.12 Cr
1 lot at cut-off
₹1,34,000
Lot size
2,000shares
Open
10 May 2024
Close
14 May 2024
Allotment
15 May 2024
Listing
17 May 2024
Listing performance
Issue price
₹67
Listed at
₹90
Listing-day close
₹85.50
Latest price
₹98
Close on 23 Oct 2026
Listing gain
+34.33%
Return since issue
+46.27%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 May 2024 – 14 May 2024
- Listing date
- 17 May 2024
- Face value
- ₹10 per share
- Issue price
- ₹67 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹24.12 Cr
- Market cap at offer price
- ₹91.12 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE0SCB01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Part H Plinth, 4th Floor, Takshashila Square, Near Krishnabag Four Rd, Maninagar, 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 | 10,22,000 | — | — |
| Market maker | 1,82,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹67
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,34,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,68,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,38,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,72,000 |
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
10,22,000
Anchor portion
₹6.85 Cr
at ₹67 per share
Valuation and performance
Valuation at offer price
₹67 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.27 | 4.42 |
| P/E (×) | 20.49 | 15.16 |
| Price to book (×) | 3.37 | — |
| Market cap | — | ₹91.12 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.69%
- ROCE
- 25.38%
- Debt / equity
- 0.28
- PAT margin
- 8.85%
- NAV per share
- ₹19.86
- Price to book
- 3.37
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aztec Fluids & Machinery
Established in 2010, Aztec Fluids & Machinery Limited is a coding and marking solutions provider serving diverse industries. The company manufactures and distributes printers (continuous inkjet, thermal transfer over, drop on demand, and laser), printer inks, and printer consumable items (makeup and cleaning solvents). It operates as an exclusive distributor for Lead Tech (China) across multiple countries including India, Sri Lanka, Nepal, Bhutan, Bangladesh, Kenya and Nigeria. The company generates revenue from printer sales, inks, consumables, spare parts, and after-sales services. As of December 31, 2023, it had revenue from operations of ₹5,092.86 lakhs with profit after tax of ₹450.74 lakhs.
Company Analysis
from RHPAztec Fluids & Machinery Limited provides coding and marking solutions including printers, inks, and consumables to personal care, food & beverages, pharmaceuticals, construction materials, and other industries across capital goods and electronics sectors.
Established in 2010, Aztec Fluids & Machinery Limited is a coding and marking solutions provider serving diverse industries. The company manufactures and distributes printers (continuous inkjet, thermal transfer over, drop on demand, and laser), printer inks, and printer consumable items (makeup and cleaning solvents). It operates as an exclusive distributor for Lead Tech (China) across multiple countries including India, Sri Lanka, Nepal, Bhutan, Bangladesh, Kenya and Nigeria. The company generates revenue from printer sales, inks, consumables, spare parts, and after-sales services. As of December 31, 2023, it had revenue from operations of ₹5,092.86 lakhs with profit after tax of ₹450.74 lakhs.
personal carefood & beveragespharmaceuticalsconstruction materialscables, wires & pipesmetalsautomotive & electronicsagrochemicalschemicals & petrochemicals
Objects of the Issue
- Funding of the proposed acquisition of equity shares of Jet Inks Private Limited ₹1,400.00 lakhs p.20
- Repayment of a portion of certain borrowing availed by our Company ₹372.00 lakhs p.20
- General Corporate Purpose p.20
- Funding of the proposed acquisition of equity shares of Jet Inks Private Limited ₹1,400.00 lakhs p.66
- Repayment of a portion of certain borrowing availed by our Company ₹372.00 lakhs p.66
- General Corporate Purpose [●] lakhs p.66
- Acquisition of Jet Inks Private Limited 1400 lakhs p.188
Issue Structure
- Total Issue
- ₹[●] Lakhs (upto 36,00,000 equity shares)
- Fresh Issue
- 36,00,000 equity shares of face value ₹10 each aggregating ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 each
Business Model
The company earns revenue through: (i) sales of printers (₹1,707.48 lakhs, 33.54% of revenue in Apr-Dec 2023), (ii) sale of inks (₹1,320.89 lakhs, 25.95%), (iii) makeup and cleaning solvents (₹1,468.24 lakhs, 28.84%), (iv) spare parts (₹500.64 lakhs, 9.83%), and (v) after-sales services including AMC and service (₹93.84 lakhs, 1.84%). The company procures printers mainly from Lead Tech Group (China) under an exclusive distributorship and manufactures/sources inks and consumables.
Business Segments
Continuous inkjet printers (CIJ), Thermal Transfer Over printers (TTO), Drop on demand printers (DOD), NIJ printers (piezoelectric printers) and laser printers
Inks for coding and marking printers
Makeup and cleaning solvents for printers
Spare parts for printers and related equipment
AMC, service, and maintenance support
Distribution and import of coding and marking printers including continuous inkjet printers (CIJ), Thermal Transfer Over printers (TTO), Drop on demand printers (DOD), NIJ printers (piezoelectric printers) and laser printers. After import, the company performs configuration, stand installation, testing and trial runs.
Manufacturing and supply of printer inks including retort ink, invisible ink, colored ink, UV ink, high-temperature resistance ink, alcohol-resistant inks, and pigment inks. Inks are procured from Fluidtech Corp and also manufactured from the company's manufacturing setup at Vatva, Ahmedabad.
Manufacturing of makeup (thinner/solvent for maintaining ink viscosity consistency) and cleaning solvents (MEK thinner for printer maintenance and cleaning) from manufacturing setup at Vatva, Ahmedabad.
Supply of spare parts and components for printers and related equipment.
After-market services including Annual Maintenance Contracts (AMC) and other related services.
Manufacturing of inks for use in printing machines through a process involving raw material selection, weighing, mixing, dispersion, grinding, testing, filtration and packaging into cartridges
Manufacturing of cleaning solvents and makeup for printers through weighing, mixing and quality checking, with packaging in bottles and cartridges
Importing and distributing printers primarily from China for sale in the Indian market
Import and configuration of CIJ, TTO, DOD and NIJ printers for resale
Manufacturing of printer consumables including makeup, cleaning solvents and inks at Vatva facility
Trading of inks procured from suppliers
Sale of printer spare parts and accessories
Annual maintenance contracts and printer repair services
SWOT Analysis
Strengths
- • Established market presence since 2010 with diversified product portfolio(p.20)
- • Exclusive distributorship agreement with Lead Tech for CIJ and TTO printers across multiple geographies(p.27)
- • Strong revenue growth trajectory with consistent profitability(p.21)
- • Diversified customer base across industries and geographies(p.96)
- • Exclusive distributor of Lead Tech printers with established relationships(p.94)
- • Long-standing customer relationships spanning five years(p.98)
- • Registered patents on cartridge design for competitive advantage(p.94)
- • Varied product portfolio serving diverse end-user industries(p.94)
- • Strong profitability and returns metrics(p.95)
- • Established regional presence with dedicated sales and support teams(p.102)
- • Strong customer relationships managed by experienced promoters(p.102)
- • Registered intellectual property including trademark and patents(p.105)
- • Owned manufacturing facility and warehousing infrastructure(p.106)
- • Improving capacity utilization in consumables production(p.101)
- • Patent protection and IP portfolio for cartridge design(p.181)
- • Improving profitability margins year-over-year(p.181)
- • Strong return on equity and capital efficiency(p.181)
Weaknesses
- • Heavy dependence on single largest customer representing 35% of FY 2023 revenue(p.29)
- • Significant concentration on Lead Tech supplier representing 68% of total purchases in FY 2023(p.30)
- • Outstanding litigation including substantial custom duty disputes and GST cases totaling ₹463.28 lakhs(p.22)
- • Audit qualifications regarding TDS defaults, missing confirmations from related entities, and custom duty disputes(p.28)
- • High dependence on promoters with unsecured loans from them totaling ₹163.09 lakhs as of Dec 2023(p.23)
- • Rented facilities without long-term ownership creating operational vulnerability(p.28)
- • Jet Inks acquisition incomplete with execution risks and integration uncertainties(p.30)
- • Dependence on single ink supplier (Fluidtech partnership)(p.94)
- • Geographic revenue concentration in Gujarat(p.96)
- • High dependence on two promoter-shareholders controlling 100% pre-issue capital(p.60)
- • Limited manufacturing capacity relative to distribution focus(p.94)
- • Extreme customer concentration risk with single customer dependency(p.102)
- • High supplier concentration with dominant single supplier(p.103)
- • Heavy dependence on imported printer inventory from China(p.103)
- • Reliance on third-party transportation without formal agreements(p.103)
- • Moderate installed capacity utilization in ink production(p.101)
- • Customer concentration risk(p.188)
- • Growing bad debts expense(p.186)
- • High receivables aging and collection risk(p.164)
Opportunities
- • Diversification through acquisition of Jet Inks to expand customer base and South India presence(p.31)
- • Growing Indian capital goods and electronics manufacturing sector(p.20)
- • Expansion of manufacturing and assembly facilities in new location(p.35)
- • Expansion through Jet Inks acquisition to strengthen southern presence(p.98)
- • Dedicated printer assembly unit for improved operational efficiency(p.98)
- • Expansion into underserved states with high growth potential(p.99)
- • Growing Indian chemical and electronics manufacturing sectors(p.86)
- • Rising demand for electrical equipment and coding/marking solutions(p.92)
- • Expansion of ink and consumable manufacturing capacity(p.102)
- • Development of printer assembly capabilities with owned facility(p.106)
- • Planned acquisition of Jet Inks Private Limited to expand product portfolio(p.119)
- • Expansion of manufacturing footprint with new facility(p.181)
- • Inorganic growth via acquisition of Jet Inks(p.188)
- • Counterfeit mitigation through PCB chipset technology(p.181)
Threats
- • Termination risk of Lead Tech exclusive distributorship agreement valid till December 2026(p.27)
- • Import restrictions and tariff/non-tariff barriers on key product imports from China(p.31)
- • Foreign exchange fluctuation risks with 86.91% of materials sourced internationally in 9M Dec 2023(p.33)
- • Dependence on third-party logistics with no formal agreements in place(p.34)
- • Vulnerability to Indian economic slowdown and macroeconomic conditions(p.40)
- • Regulatory and licensing uncertainties including pending shop and establishment registrations(p.33)
- • Geographic concentration of business in Gujarat, Rajasthan and Tamil Nadu creating regional exposure(p.34)
- • Working capital intensity with significant trade receivables representing major current assets(p.36)
- • Foreign exchange and currency fluctuation risks(p.94)
- • Global economic slowdown and weakened external demand(p.81)
- • Intense competition in coding and marking solutions industry(p.94)
- • Dependence on import of printers from overseas suppliers(p.94)
- • Supply chain vulnerabilities and logistics complexity(p.94)
- • Highly competitive and fragmented industry with large international competitors(p.103)
- • Risk of transportation disruptions and increased logistics costs(p.103)
- • Exposure to foreign exchange fluctuations on imported goods(p.103)
- • Dependence on raw materials from domestic market subject to price volatility(p.103)
- • Customs duty and GST regulatory disputes(p.190)
- • Multiple pending customs classification appeals(p.191)
- • Import-dependent supply chain vulnerability(p.172)
- • Litigation in subsidiary affecting operations(p.191)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pulin Kumudchandra Vaidhya | Promoter | 75.00% | — |
| Amisha Pulin Vaidhya | Promoter | 25.00% | — |
| Kumudchandra Bhagwandas Vaidya | Promoter | 0.00% | — |
| Rekhaben Kumud Vaidya | Promoter Group | 0.00% | — |
| Jayeshbhai Ramjibhai Vakani | Promoter Group | 0.00% | — |
| Chandrabhaga Jayeshbhai Vakani | Promoter Group | 0.00% | — |
| Pulin K Vaidhya HUF | Promoter Group | 0.00% | — |
| Pulin Kumudchandra Vaidhya | Promoter & Chairman & Managing Director | 75% | [●]% |
| Amisha Pulin Vaidhya | Promoter & Whole-Time Director | 25% | [●]% |
| Kumudchandra Bhagwandas Vaidya | Promoter Group & Non-Executive Director | Negligible | [●]% |
| Rekhaben Kumud Vaidya | Promoter Group | Negligible | [●]% |
| Jayeshbhai Ramjibhai Vakani | Promoter Group | Negligible | [●]% |
| Chandrabhaga Jayeshbhai Vakani | Promoter Group | Negligible | [●]% |
| Pulin K Vaidhya HUF | Promoter Group | Negligible | [●]% |
| Pulin Kumudchandra Vaidhya | Promoter | 75.00% | — |
| Amisha Pulin Vaidhya | Promoter | 25.00% | — |
| Kumudchandra Bhagwandas Vaidya | Promoter | 0.001% | — |
| Pulin K. Vaidhya | Promoter/Managing Director | — | — |
| Amisha P. Vaidhya | Promoter/Director | — | — |
| Kumudchandra B. Vaidhya | Promoter/Director | — | — |
Leadership
Pulin Kumudchandra Vaidhya · Managing Director
Amisha Pulin Vaidhya · Director
Kumudchandra Bhagwandas Vaidya · Director
Harsh Tejeenath Rawal · Chief Financial Officer
Rekha Vishal Jhanwar · Company Secretary & 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.
Aztec Fluids & Machinery IPO FAQs
What is the lot size of Aztec Fluids & Machinery IPO?
The minimum lot size of Aztec Fluids & Machinery IPO is 2,000 shares. One lot costs ₹1,34,000 at the cut-off price.
When does Aztec Fluids & Machinery IPO open and close?
Aztec Fluids & Machinery IPO opened for subscription on 10 May 2024 and closed on 14 May 2024.
What is the listing date of Aztec Fluids & Machinery IPO?
Aztec Fluids & Machinery IPO listed on 17 May 2024.