Bhadora Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2025 – 06 Aug 2025
- Listing date
- 11 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹103 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹55.62 Cr
- Market cap at offer price
- ₹192 Cr
- Promoter holding
- 92.42% → 65.59% pre-issue → post-issue
- ISIN
- INE0ZRC01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Office No.505, Plot No 39.405, NRK BIZ PARK PU-4, Scheme N 54, DDU Nagar, Madhya Pradesh
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 | 15,31,200 | — | — |
| Market maker | 2,73,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹103
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,23,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (min) | 9 | 10,800 | ₹11,12,400 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.17 | 5.80 |
| P/E (×) | 12.61 | 17.76 |
| Price to book (×) | 6.49 | — |
| Market cap | — | ₹192 Cr |
Key performance indicators
- Return on net worth
- 51.51%
- ROCE
- 42.41%
- Debt / equity
- 0.94
- PAT margin
- 9.80%
- EBITDA margin
- 15.42%
- NAV per share
- ₹15.86
- Price to book
- 6.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bhadora Industries
Bhadora Industries Limited (formerly Bhadora Industries Private Limited) was initially established as a Partnership Firm on May 14, 1986, and converted into a Private Limited Company on May 17, 2013. The company was further converted into a Public Limited Company on August 07, 2024. With over three decades of experience in the cable industry, the company manufactures industrial cables including Polyvinyl Chloride (PVC) cables, Low Voltage (LV) cables, LT Aerial Bunched Cables, and Cross-Linked Polyethylene (XLPE) cables. These products provide efficient electricity transmission and distribution solutions to government discoms and EPC companies catering to diverse electrical connectivity needs of various industrial sectors. The company operates under the brand name 'Vidhut Cables' and is headquartered in Indore, Madhya Pradesh.
Company Analysis
from RHPBhadora Industries manufactures industrial cables for electricity transmission and distribution across government discoms and EPC companies, operating under the Vidhut Cables brand.
Bhadora Industries Limited (formerly Bhadora Industries Private Limited) was initially established as a Partnership Firm on May 14, 1986, and converted into a Private Limited Company on May 17, 2013. The company was further converted into a Public Limited Company on August 07, 2024. With over three decades of experience in the cable industry, the company manufactures industrial cables including Polyvinyl Chloride (PVC) cables, Low Voltage (LV) cables, LT Aerial Bunched Cables, and Cross-Linked Polyethylene (XLPE) cables. These products provide efficient electricity transmission and distribution solutions to government discoms and EPC companies catering to diverse electrical connectivity needs of various industrial sectors. The company operates under the brand name 'Vidhut Cables' and is headquartered in Indore, Madhya Pradesh.
Objects of the Issue
- Part finance the cost of establishing new manufacturing facility to expand production capabilities of cables at Plot Nos. 188/1, Village Panwa Tehsil Kasrawad, District Khargone, Madhya Pradesh, India ₹2,231.57 lakhs p.27
- Funding working capital requirements of the Company ₹2,000.00 lakhs p.27
- General Corporate Purposes p.27
- Part finance the cost of establishing new manufacturing facility to expand our production capabilities of industrial cables and conductors at Plot Nos. 188/1, Village Panwa Tehsil Kasrawad, District Khargone, Madhya Pradesh, India ₹2,231.57 lakhs p.110
- Funding working capital requirements of the Company ₹2,000.00 lakhs p.110
- General Corporate Purposes p.110
- Capex for setting up a new manufacturing plant (Unit-II) ₹2,400.00 lakhs p.104
- Funding working capital requirements ₹2,000.00 lakhs p.122
- General corporate purposes Not specified (balance proceeds up to 15% of gross proceeds or ₹1,000.00 lakhs, whichever is lower) p.125
- —
- Not specified in this document part
Issue Structure
- Total Issue
- Up to 54,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 54,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10 each
Business Model
The company earns revenue through manufacturing and sale of industrial cables. For FY 2025, the revenue breakdown was: EPC Contracts (90.12% of revenue) and Government Discoms (9.88% of revenue). Product-wise, LT Aerial Bunched Cables represented 75.48% of revenue, LT XLPE Power Cables 14.08%, LT Service Cables 10.02%, and LT PVC Power Cables 0.42%. The company sources raw materials from domestic suppliers and manufactures cables that are sold to government distribution companies and engineering-procurement-construction companies.
Business Segments
SWOT Analysis
- • Established market presence with 30+ years in cable industry(p.113)
- • Diversified product portfolio across multiple cable types(p.113)
- • Strong existing manufacturing capacity and operational facility(p.113)
- • Established manufacturing presence with Bureau of Indian Standards licenses(p.198)
- • Experienced promoters with 35+ years in cable industry(p.206)
- • Strong revenue growth trajectory(p.236)
- • Diversified product portfolio including XLPE and aerial bunched cables(p.198)
- • Strategic shift to higher-margin EPC contracts(p.271)
- • Strong revenue growth and market expansion(p.269)
- • Improved operational efficiency and cost optimization(p.270)
- • Strong profitability margins improvement(p.270)
- • Robust debt service capability(p.262)
- • Vendor approvals for multiple states and market reach(p.272)
- • Heavy dependence on small customer base (EPC and government contracts)(p.41)
- • Lack of formal long-term transportation contracts(p.56)
- • History of statutory filing delays with significant delays recorded(p.55)
- • Absence of documentary evidence for key personnel experience(p.61)
- • Past employee fraud and misconduct incident(p.64)
- • Significant debt burden with secured lending constraints(p.61)
- • High dependence on unsecured borrowings from promoters and related parties(p.246)
- • Significant increase in short-term borrowings creating liquidity pressure(p.235)
- • Concentrated customer base with large trade receivables(p.235)
- • Limited scale compared to organized players; recent conversion to public company(p.198)
- • Significant dependence on top customers(p.278)
- • Dependence on top suppliers(p.278)
- • Significant outstanding indebtedness(p.280)
- • Promoter litigation(p.287)
- • Customer blacklisting and contract disputes(p.285)
- • Expansion into high-value cable products with premium margins(p.115)
- • Significant production capacity addition through new facility(p.116)
- • Automation enabling improved efficiency and product quality(p.115)
- • Government approval for vendor status across multiple states(p.64)
- • Growing cable demand in infrastructure and power distribution sectors(p.199)
- • Export opportunities through established EXIM policy schemes(p.197)
- • Capacity expansion with new land allotment(p.251)
- • Listing on emerging platform for improved access to capital markets(p.217)
- • Revamped Distribution Sector Scheme (RDSS) driving demand(p.271)
- • Infrastructure growth and government initiatives(p.271)
- • Demand for premium cables in high-growth sectors(p.270)
- • Recovery from pandemic disruptions(p.272)
- • Expansion potential in renewable energy and infrastructure sectors(p.270)
- • Government tender delays and changing political priorities(p.41)
- • Extended payment cycles straining cash flow(p.41)
- • Intense competition in EPC and government contract bidding(p.41)
- • Limited ability to adjust prices in fixed-term contracts(p.41)
- • Operational hazards risk in manufacturing activities(p.55)
- • Dependence on third-party transportation with no formal agreements(p.56)
- • Macroeconomic risks from Indian economy dependency(p.67)
- • Project cost estimates not appraised by financial institutions(p.55)
- • Regulatory changes in labour and employment laws could increase operational costs(p.190)
- • Interest rate volatility affecting borrowing costs(p.236)
- • Dependence on imported raw materials exposed to currency fluctuations and trade policies(p.236)
- • Competitive pressure from established organized cable manufacturers(p.199)
- • Regulatory and policy changes affecting power sector(p.267)
- • Increased market competition(p.267)
- • Government contract dependency and pricing pressure(p.275)
- • Customer concentration risk and payment cycle delays(p.275)
- • Material cost and input price volatility(p.269)
- • Technology system and infrastructure risks(p.267)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shashank Bhadora | Promoter | 18.41% | — |
| Pradeep Bhadora | Promoter | 44.44% | — |
| Anil Bhadora | Promoter | 25.57% | — |
| Pradeep Bhadora | Promoter | 44.44% | — |
| Anil Bhadora | Promoter | 25.57% | — |
| Shashank Bhadora | Promoter | 18.41% | — |
| Sandhya Bhadora | Promoter Group | 1.00% | — |
| Prachi Bhadora | Promoter Group | 1.00% | — |
| Shikha Bhadora | Promoter Group | 1.00% | — |
| Shaifali Bhadora | Promoter Group | 1.00% | — |
| Shashank Bhadora | Promoter/Managing Director | — | — |
| Anil Bhadora | Promoter/Director | — | — |
| Pradeep Bhadora | Promoter/Director | — | — |
| Shashank Bhadora | Promoter | 18.41% | — |
| Pradeep Bhadora | Promoter | 44.44% | — |
| Anil Bhadora | Promoter | 25.57% | — |
| Pradeep Bhadora | Promoter | — | — |
| Anil Bhadora | Promoter | — | — |
| Shashank Bhadora | Promoter | — | — |
Leadership
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.