B. D. Industries (Pune)
SMEBSE₹45.36 Cr issue
+0.83%
Listing gain over issue price
Issue size
₹45.36 Cr
1 lot at cut-off
₹1,29,600
Lot size
1,200shares
Open
30 Jul 2025
Close
01 Aug 2025
Allotment
04 Aug 2025
Listing
06 Aug 2025
Listing performance
Issue price
₹108
Listed at
₹108.90
Listing-day close
₹108.15
Latest price
₹118
Close on 23 Oct 2026
Listing gain
+0.83%
Return since issue
+9.26%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jul 2025 – 01 Aug 2025
- Listing date
- 06 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹108 per share
- Lot size
- 1,200 shares
- Listing at
- BSE
- Total issue size
- ₹45.36 Cr
- Market cap at offer price
- ₹153 Cr
- Promoter holding
- 100.00% → 70.44% pre-issue → post-issue
- ISIN
- INE1LJ801017
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Aryaman Financial Services Ltd.
- Registered office
- 15th Flr, 1501-B, Universal Majestic, PL Lokhande Marg, G M Link Road, Nr RBK, International School, Govand West, Maharashtra
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 | 11,95,200 | — | — |
| Market maker | 2,16,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹108
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,29,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (min) | 8 | 9,600 | ₹10,36,800 |
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
11,95,200
Anchor portion
₹12.91 Cr
at ₹108 per share
Valuation and performance
Valuation at offer price
₹108 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.14 | 5.73 |
| P/E (×) | 13.27 | 18.85 |
| Price to book (×) | 6.42 | — |
| Market cap | — | ₹153 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 35.97%
- ROCE
- 43.50%
- Debt / equity
- 1.05
- PAT margin
- 9.23%
- EBITDA margin
- 18.92%
- NAV per share
- ₹21.12
- Price to book
- 6.42
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About B. D. Industries (Pune)
B.D. Industries (Pune) Limited was originally incorporated as a private limited company on April 16, 2010, and converted to a public limited company on December 24, 2024. The company started its journey in 1984 with repairs and manufacturing of traction batteries, then began making plastic container boxes for traction batteries using roto-moulding technology. It acquired Toyo Containers (a partnership firm) in 2010, after which it began producing high-quality rotomolded battery boxes and water tanks. Over time, the company expanded its capabilities to manufacture a wide range of plastic components for automotive and industrial applications. Currently, the company is engaged in the business of manufacturing and trading of plastic products for varied industries, with operations across multiple manufacturing facilities and a wholly owned subsidiary, B.D. Industries (India) Private Limited.
Company Analysis
from RHPB.D. Industries (Pune) Limited manufactures and trades plastic products (rotomolded containers, battery boxes, water tanks, and automotive components) for automotive OEM and industrial applications.
B.D. Industries (Pune) Limited was originally incorporated as a private limited company on April 16, 2010, and converted to a public limited company on December 24, 2024. The company started its journey in 1984 with repairs and manufacturing of traction batteries, then began making plastic container boxes for traction batteries using roto-moulding technology. It acquired Toyo Containers (a partnership firm) in 2010, after which it began producing high-quality rotomolded battery boxes and water tanks. Over time, the company expanded its capabilities to manufacture a wide range of plastic components for automotive and industrial applications. Currently, the company is engaged in the business of manufacturing and trading of plastic products for varied industries, with operations across multiple manufacturing facilities and a wholly owned subsidiary, B.D. Industries (India) Private Limited.
Plastic manufacturingAutomotive componentsIndustrial productsRotomolding
Objects of the Issue
- Repayment or Pre-payment of borrowings of our Company ₹680 lakhs p.22
- Funding Working Capital Requirement of our Company ₹730 lakhs p.22
- Investment in B.D. Industries (India) Private Limited, our Material Subsidiary - Repayment or Pre-payment of its borrowings ₹1,160 lakhs p.22
- Investment in B.D. Industries (India) Private Limited, our Material Subsidiary - Purchase of Machinery ₹540 lakhs p.22
- Investment in B.D. Industries (India) Private Limited, our Material Subsidiary - Funding Working Capital Requirement ₹730 lakhs p.22
- General Corporate Purpose p.22
- Repayment or Pre-payment of borrowings of our Company 680 lakhs p.84
- Funding Working Capital requirements of our Company 730 lakhs p.84
- Investment in B.D. Industries (India) Private Limited for repayment or pre-payment of its borrowings 1,160 lakhs p.84
- Investment in B.D. Industries (India) Private Limited for purchase of machinery 540 lakhs p.84
- Investment in B.D. Industries (India) Private Limited for funding working capital requirement 730 lakhs p.84
- General Corporate Purpose p.93
- Augmenting Working Capital Base p.114
- Geographical Expansion p.114
- Repayment of borrowings p.228
- General corporate purposes
Issue Structure
- Total Issue
- Upto 42,00,000 Equity Shares of face value of ₹10 each aggregating upto ₹[●] lakhs
- Fresh Issue
- Upto 42,00,000 Equity Shares of face value of ₹10 each aggregating upto ₹[●] lakhs
- Offer for Sale
- NA
- Price Band
- Floor Price ₹[●] and Cap Price ₹[●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures rotomolded plastic products (battery boxes, water tanks, automotive components) and sells them primarily to automotive OEM customers and industrial users. It operates on a project/purchase order basis with customers, without long-term contracts. Revenue is generated through the sale of manufactured plastic components to customers in varied industries including automotive and industrial sectors.
Business Segments
Manufacturing of large-sized yet lightweight plastic components such as fuel tanks, fenders, and cabin roofs for automotive original equipment manufacturers
Manufacturing and trading of plastic products for varied industrial applications
Rotomolded plastic products including fuel tanks, urea tanks, fenders, hydraulic tanks, air ducts, mudguards, cabin roofs for automotive and industrial applications
Trading of plastic products
Plastic fuel tanks manufactured from LLDPE or other durable plastics, used in tractors, buses, trucks, motorcycles, ATVs, marine applications, and industrial machinery. They offer advantages including rust resistance, lightweight construction, flexible design, cost-effectiveness, and resistance to leaking and impacts.
Other automotive products including tractor fenders, transmission covers for insulation and safety, 2-meter barricades, cabin roofs with sunroof, bus seats, wind deflectors, urea tanks, battery boxes, door panels, and mudguards.
Plastic pallets used across F&B, pharma, e-commerce, automotive, electronics, and chemical industries. Key features include durability, lightweight construction, consistent quality, and regulatory compliance. Rotomolded pallets are the only approved pallets for warehousing in the pharma industry due to hygiene requirements.
Manufacturing of rotomolded plastic products for automotive (fuel tanks, urea tanks, fenders, hydraulic tanks, air ducts, mudguards, cabin roofs) and industrial applications (road & highway safety, material handling & storage, water management & disposal, marine, renewable energy, healthcare, custom molding)
Trading of plastic goods
SWOT Analysis
Strengths
- • Long operational history since 1984 with established manufacturing capabilities(p.21)
- • Diversified product portfolio and customer base across multiple industries(p.21)
- • Geographic proximity to key customers reduces logistics costs and improves service efficiency(p.44)
- • Expanding capacity with planned addition of three new machineries to increase installed capacity from 4,500 MT to 6,300 MT(p.44)
- • Ownership of multiple manufacturing facilities across strategically important Indian locations(p.32)
- • Experienced management team with deep industry expertise(p.112)
- • ISO 9001:2015 certified quality management system with advanced testing laboratory(p.113)
- • Strong long-standing customer relationships with repeat business(p.113)
- • Strategic geographic placement of manufacturing facilities reducing logistics costs(p.113)
- • Demonstrated market leadership in automotive fuel tank segment(p.114)
- • On-Time Delivery (OTD) performance achieving zero downtime for customers(p.113)
- • Strategically located manufacturing facilities across India reducing logistics costs(p.117)
- • ISO 9001:2015 certified quality management system(p.122)
- • Established long-term customer relationships and repeat orders(p.122)
- • Established trademark since 1984 and strong brand legacy(p.123)
- • Experienced management team with 3+ decades in manufacturing and operations(p.141)
- • Diversified product portfolio serving multiple industries(p.118)
- • Established manufacturing capabilities in rotomolded plastic products with diversified industrial applications(p.194)
- • Significant revenue growth driven by consolidation of subsidiary(p.205)
- • Strong profitability improvement with PAT increasing 139% year-over-year(p.205)
- • Improved operating margins through better raw material cost management(p.206)
- • Multiple strategically located manufacturing facilities across India(p.195)
- • Strong return on equity at 43.86% for FY 2025(p.190)
- • Quality certifications including ISO 9001, ISO 14001 and ISO 45001(p.222)
Weaknesses
- • High dependence on a limited number of customers for revenue generation(p.29)
- • Significant reliance on a small number of raw material suppliers(p.30)
- • Negative cash flows from operating activities in prior years(p.31)
- • Substantial unsecured loans from directors that are recallable on demand(p.42)
- • High inventory levels relative to total assets indicating potential working capital challenges(p.46)
- • Leasehold properties at key facilities (Mumbai office and Dewas factory) with renewal risks(p.32)
- • Low capacity utilization at Hoshiarpur facility indicating underutilized assets(p.44)
- • History of delays in statutory compliance including GST, TDS, EPF, and ESI payments(p.33)
- • High leverage with Net Debt to EBITDA ratio of 1.30 as of FY 2024-25(p.112)
- • Substantial increase in short-term borrowings from ₹396 lakhs to ₹1,236 lakhs(p.57)
- • Rising finance costs increasing from ₹84 lakhs (FY 2023-24) to ₹250 lakhs (FY 2024-25)(p.59)
- • Zaheerabad facility under construction with no current manufacturing activity(p.111)
- • Rapid inventory buildup with holding days increasing from 72 to 93 days(p.88)
- • High dependence on limited customer base with top 1 customer representing 33% of FY2025 revenue(p.122)
- • Significant reliance on few suppliers with top 3 suppliers accounting for 51.4% of purchases(p.121)
- • Low capacity utilization at Hoshiarpur facility at only 30% in FY2025(p.121)
- • Raw material costs represent 51.15% of revenue, creating cost pressure sensitivity(p.121)
- • Limited working capital base constraining growth without external financing(p.114)
- • Substantial borrowings with short-term borrowings of ₹1,236.44 lakhs at March 31, 2025(p.166)
- • High dependence on top 10 customers for majority of revenue(p.208)
- • Significant increase in finance costs due to higher borrowings(p.205)
- • Elevated debt-to-equity ratio of 1.05 as of March 31, 2025(p.190)
- • High inventory dependency relative to revenue(p.190)
- • Significant raw material cost exposure representing 51.15% of total income(p.203)
- • High dependence on top 10 suppliers for 80.45% of purchases(p.208)
- • Pending tax litigations and GST/Excise disputes(p.213)
- • Trade receivables collection issues with significant ageing balances(p.179)
Opportunities
- • Significant global growth in plastic production and manufacturing demand(p.21)
- • Capacity expansion to capture growing customer demand and market opportunities(p.44)
- • Funding for machinery purchase to enhance production capabilities and technological advancement(p.32)
- • Working capital funding to support operational growth and customer demand fulfillment(p.22)
- • Debt reduction through issue proceeds to improve financial leverage and operational flexibility(p.22)
- • Subsidiary company investment for expansion into new geographic markets and product lines(p.22)
- • Rapidly growing adoption of plastic fuel tanks in automotive sector with emission regulations(p.114)
- • Substantial market headroom with only 3 lakh plastic fuel tank tractors out of 8 lakh annual tractor production(p.114)
- • Government initiatives supporting plastic industry including plastic parks and plastic sector growth targets(p.109)
- • Scalable business model enabling geographic expansion and new market penetration(p.113)
- • Diversification into multiple industrial applications beyond automotive(p.111)
- • Zaheerabad facility expansion enabling enhanced production capacity and supply chain efficiency(p.114)
- • India's position as fastest-growing major economy with strong GDP growth trajectory(p.107)
- • Expansion into new geographical markets to reduce logistics costs and capitalize on emerging opportunities(p.114)
- • Augmenting working capital to support increased demand and enhanced credit terms(p.114)
- • Growing demand for plastic fuel tanks in tractors, buses, and trucks due to weight and corrosion advantages(p.118)
- • Regulatory advantage: rotomolded plastic pallets are only approved pallets for pharma warehouse storage(p.119)
- • Completion of Zaheerabad facility (6047 sq.m.) to increase production capacity(p.114)
- • Expansion of product portfolio through mould manufacturing and design consultancy services(p.132)
- • Expansion of Indian plastic industry with government support to scale from Rs 3 lakh crore to Rs 10 lakh crore(p.194)
- • Growing demand for eco-friendly and sustainable plastic solutions(p.197)
- • Advancement in automation and production efficiency through technology investments(p.197)
- • Expansion into new markets and geographies through additional manufacturing facilities(p.195)
- • Growing automotive sector demand for rotomolded plastic components(p.195)
- • Diversification into road & highway safety, material handling, water management and renewable energy sectors(p.195)
- • Government-backed plastic parks infrastructure development(p.194)
Threats
- • Geographic revenue concentration with 85% of sales from seven Indian states creating regional dependency(p.31)
- • Foreign exchange risk from material imports primarily from Thailand(p.30)
- • Fluctuations in electricity costs and supply reliability affecting manufacturing operations(p.43)
- • Increasing labor costs due to competition for quality employees and wage inflation(p.44)
- • Regulatory changes and compliance requirements in environmental, health and safety, and labor laws(p.50)
- • Natural disasters and local social unrest disrupting manufacturing operations at multiple facility locations(p.48)
- • Increased competition in the plastic, polymer, and OEM manufacturing industry(p.19)
- • Disruption risks in third-party transportation and logistics services critical to operations(p.49)
- • Regulatory changes and government policy uncertainty affecting business operations(p.52)
- • Global economic volatility and macroeconomic uncertainties impacting Indian economy(p.52)
- • Inflation risks potentially increasing costs that cannot be passed to customers(p.54)
- • Geopolitical tensions and terrorism risks affecting financial markets and business(p.53)
- • Foreign exchange fluctuations and currency volatility risks(p.53)
- • Tax policy changes and loss of tax incentives affecting profitability(p.53)
- • India's sovereign debt downgrade risk affecting interest rates and liquidity(p.53)
- • Global financial market instability and contagion effects from other economies(p.54)
- • Intense competition in plastic products industry requiring continuous cost reduction(p.122)
- • Raw material price volatility and input cost fluctuations (LLDPE, XLPE commodities)(p.121)
- • Regulatory compliance requirements under multiple environmental and labor laws(p.129)
- • Dependency on power supply from multiple state electricity distribution companies(p.121)
- • Plastic waste management regulations requiring segregation and disposal compliance(p.130)
- • Foreign exchange fluctuations impacting import costs and international competitiveness(p.130)
- • High volatility in raw material prices impacting profitability(p.195)
- • Risk of facility shutdown or production disruption(p.195)
- • Dependence on third-party logistics and transportation infrastructure(p.196)
- • Increased competitive pressure in the plastic industry(p.196)
- • Regulatory compliance costs and environmental protection requirements(p.197)
- • Global trade policy changes and raw material price fluctuations(p.197)
- • Exposure to foreign exchange fluctuations on imports(p.185)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dalbirpal Saini | Promoter | 51.00% | 35.93% |
| Arti Saini | Promoter | 31.00% | 21.84% |
| Akshay Saini | Promoter | 9.00% | 6.34% |
| Rahul Saini | Promoter | 9.00% | 6.34% |
| Dalbirpal Saini | Promoter | 51.00% | 35.93% |
| Arti Saini | Promoter | 31.00% | 21.84% |
| Akshay Saini | Promoter | 9.00% | 6.34% |
| Rahul Saini | Promoter | 9.00% | 6.34% |
| Ridhima Saini | Promoter Group | Negligible | Negligible |
| Mahesh Bhatia | Promoter Group | Negligible | Negligible |
| Minal Vaswani | Promoter Group | Negligible | Negligible |
| Dalbirpal Hemraj Saini | Promoter | 51.00% | — |
| Arti Saini | Promoter | 31.00% | — |
| Akshay Saini | Promoter | 9.00% | — |
| Rahul Saini | Promoter | 9.00% | — |
| Dalbirpal Hemraj Saini | Promoter | — | — |
| Akshay Saini | Promoter/Promoter Group | — | — |
| Rahul Dalbirpal Saini | Promoter/Promoter Group | — | — |
Leadership
Dalbirpal Saini · Chairman
Prerana Bhargav Gor · Company Secretary & Compliance Officer
Pranshu Garg · CFO
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.
B. D. Industries (Pune) IPO FAQs
What is the lot size of B. D. Industries (Pune) IPO?
The minimum lot size of B. D. Industries (Pune) IPO is 1,200 shares. One lot costs ₹1,29,600 at the cut-off price.
When does B. D. Industries (Pune) IPO open and close?
B. D. Industries (Pune) IPO opened for subscription on 30 Jul 2025 and closed on 01 Aug 2025.
What is the listing date of B. D. Industries (Pune) IPO?
B. D. Industries (Pune) IPO listed on 06 Aug 2025.