Energy-Mission Machineries (India)
Book Building issueSME₹41.15 Cr issue
+165.22%
Listing gain over issue price
Issue size
₹41.15 Cr
1 lot at cut-off
₹1,38,000
Lot size
1,000shares
Open
09 May 2024
Close
13 May 2024
Allotment
14 May 2024
Listing
16 May 2024
Listing performance
Issue price
₹138
Listed at
₹366
Listing-day close
₹384.25
Latest price
₹113.25
Close on 23 Oct 2026
Listing gain
+165.22%
Return since issue
-17.93%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 May 2024 – 13 May 2024
- Listing date
- 16 May 2024
- Face value
- ₹10 per share
- Issue price
- ₹138 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹41.15 Cr
- Market cap at offer price
- ₹156 Cr
- Promoter holding
- 100.00% → 73.67% pre-issue → post-issue
- ISIN
- INE0S1L01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- E-9/3 & E-12 Sanand-II Industrial Area, Bol GIDC Sanand, Bol, 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 | 8,49,000 | — | — |
| Market maker | 1,50,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹138
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,04,000 |
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
8,49,000
Anchor portion
₹11.72 Cr
at ₹138 per share
Valuation and performance
Valuation at offer price
₹138 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.47 | 9.88 |
| P/E (×) | 14.57 | 13.97 |
| Price to book (×) | 4.08 | — |
| Market cap | — | ₹156 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.54%
- ROCE
- 21.86%
- Debt / equity
- 0.77
- PAT margin
- 8.10%
- NAV per share
- ₹36.29
- Price to book
- 4.08
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Energy-Mission Machineries (India)
Incorporated in 2011, Energy-Mission Machineries (India) Limited (EMMIL) designs and manufactures CNC, NC and conventional metal forming machines serving the industrial sector's metal fabrication requirements. The company produces a wide spectrum of metal forming machines including press brake machines, shearing machines, plate rolling machines, iron workers machines, hydraulic presses and busbar bending, cutting & punching machines. These machines are utilized across diverse industries such as automotive, steel, pre-engineered building, furniture, HVAC, agricultural equipment, road construction equipment, elevators, food processing machinery and metalworking workshops. The company manufactures from a single facility in Sanand, Ahmedabad, Gujarat.
Company Analysis
from RHPEnergy-Mission Machineries designs and manufactures CNC, NC and conventional metal forming machines for metal fabrication and related industrial applications across automotive, construction, food processing and other sectors.
Incorporated in 2011, Energy-Mission Machineries (India) Limited (EMMIL) designs and manufactures CNC, NC and conventional metal forming machines serving the industrial sector's metal fabrication requirements. The company produces a wide spectrum of metal forming machines including press brake machines, shearing machines, plate rolling machines, iron workers machines, hydraulic presses and busbar bending, cutting & punching machines. These machines are utilized across diverse industries such as automotive, steel, pre-engineered building, furniture, HVAC, agricultural equipment, road construction equipment, elevators, food processing machinery and metalworking workshops. The company manufactures from a single facility in Sanand, Ahmedabad, Gujarat.
Metal forming machineryIndustrial equipment manufacturingCapital goodsMetal fabrication solutions
Objects of the Issue
- Funding of capital expenditure towards civil construction work at existing manufacturing unit located at Sanand, District Ahmedabad, Gujarat 686.40 lakhs p.22
- Funding of capital expenditure towards installation of new plant & machineries 742.93 lakhs p.22
- To meet working capital requirements 1500.00 lakhs p.22
- General Corporate Purpose p.22
- Funding of capital expenditure towards civil construction work at existing manufacturing unit located at Sanand, District Ahmedabad, Gujarat ₹ 686.40 Lakhs p.77
- Funding of capital expenditure towards installation of new plant & machineries ₹ 742.93 Lakhs p.77
- To meet working capital requirements ₹ 1500.00 Lakhs p.77
- General Corporate Purpose [●] p.77
- Civil construction work at our existing manufacturing unit located at Sanand, District Ahmedabad, Gujarat ₹686.40 lakhs p.110
- Capital expenditure for additional plant and machineries ₹742.93 lakhs p.110
Issue Structure
- Total Issue
- ₹ [●] Lakhs (29,82,000 equity shares including 1,50,000 market maker reservation)
- Fresh Issue
- 29,82,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [●] (Floor Price) to ₹ [●] (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares
- Face Value
- ₹ 10 per equity share
Business Model
The company designs and manufactures metal forming machines sold primarily to manufacturers requiring metal cutting and forming operations. Revenue is generated from the sale of machines across multiple product categories (press brake machines, shearing machines, plate rolling machines, busbar machines, press machines, iron worker machines) and related components, spare parts and maintenance services.
Business Segments
Hydraulic CNC, NC and conventional press brake machines for metal forming operations
Hydraulic shearing and NC shearing machines for metal cutting operations
Plate rolling machines, busbar machines, press machines, iron worker machines, components and spare parts, and maintenance services
Hydraulic CNC, NC and conventional press brake machines used to bend or fold sheet metal, plate materials, or metal parts into a desired shape or angle for forming metal brackets, creating intricate components, and fabricating structural elements like steel beams and frames.
CNC hydraulic, NC hydraulic and hydraulic shearing machines used for cutting various materials such as metal sheets, plates and plastics into desired shapes and sizes.
Industrial machines designed for the process of rolling and curving sheet metal and metal plates into various forms including cylinders, cones, and arcs.
Specialized equipment used in electrical and power distribution industries to fabricate and modify busbars through cutting, punching, bending and shaping operations.
Machines used to shape, cut and deform materials by applying force and pressure with precision, available in deep drawing press, C Frame press, H Frame press and Servo press models.
Heavy-duty machines with hydraulic system and mechanical tools designed to perform cutting, punching, notching, and bending of metal materials.
Machinery tools and spare parts such as die punch, shearing blade, roller set, holding spring, limit switch, foot switch, seal kit, linear scale etc. which aids in after-sales support and services.
After-sales service and maintenance support provided by an after-sales service team to provide customers with access to maintenance services and spare parts and respond to customer grievances.
Design, development, manufacture and supply of CNC, NC and conventional metal forming machines including hydraulic CNC press brake machines, shearing machines, plate rolling machines, iron workers, hydraulic presses, busbar bending/cutting/punching machines, and provision of related after-sales services and spare parts
SWOT Analysis
Strengths
- • Diversified product portfolio across multiple metal forming machine types(p.29)
- • Established customer base with 1657 machines supplied to over 1150 customers in 3 fiscal years(p.29)
- • Growing revenue and profitability trend(p.23)
- • Manufacturing facility operational in established industrial area(p.35)
- • Well diversified customer base across industries and geography(p.86)
- • Varied product range with over 600 machine variants(p.86)
- • In-house manufacturing capability with stringent quality control(p.86)
- • Experienced promoters with domain knowledge and strong management team(p.86)
- • Strong profitability with improving EBITDA margins(p.88)
- • Rapid revenue growth with 108.3% YoY increase from FY20-21 to FY21-22(p.81)
- • ISO 9001:2015 certified manufacturing facility with capacity of 900 machines per annum(p.107)
- • Stringent quality control mechanisms including surface roughness, hardness, straightness testing and final product trial runs(p.110)
- • Experienced promoter-led management team with 28-30 years of domain expertise in capital machinery manufacturing(p.110)
- • Comprehensive in-house manufacturing operations enabling inventory management, cost efficiency and high-quality production standards(p.110)
- • Export capability demonstrated by sales to CERN and multiple international markets including USA, Saudi Arabia, UAE, Nepal(p.107)
- • Strong financial performance with improving profitability and EBITDA margins expanding from 9.47% (FY21) to 15.26% (Apr-Dec 23)(p.108)
- • Diversified product portfolio across 600+ variants addressing multiple industries including automotive, steel, pre-engineered buildings, food processing(p.107)
- • Wide product portfolio with 600+ machine variants across multiple metal forming categories(p.203)
- • Strong manufacturing capacity of 900 machines annually with ISO 9001:2015 certification(p.203)
- • Comprehensive in-house manufacturing capabilities including CNC shops, heavy fabrication, hydraulic facilities and testing infrastructure(p.203)
- • Established customer base across diverse industries and geographies including international markets(p.203)
- • Strong revenue growth trajectory from Rs. 47.61 Cr in FY 2020-21 to Rs. 83.28 Cr (9 months Apr-Dec 2023)(p.210)
- • Positive operating profitability with PAT margin improvement from 2% in FY 2020-21 to 8.1% in 9-month period ended Dec 31, 2023(p.210)
- • Dedicated design and development team with customization capabilities using advanced software (CAD, SolidEdge)(p.204)
Weaknesses
- • Heavy revenue concentration from single product category(p.27)
- • Heavy dependence on limited supplier base for key materials(p.29)
- • Material costs constitute majority of expenses with high exposure to price volatility(p.29)
- • High inventory levels relative to business size(p.33)
- • Significant trade receivables concentration in current assets(p.37)
- • Significant indebtedness with dependency on promoter guarantees(p.36)
- • Trademark not yet registered providing no statutory protection(p.35)
- • Audit qualifications regarding stock record maintenance and GST compliance(p.31)
- • Low capacity utilization at manufacturing facility(p.34)
- • Dependence on single manufacturing location in Gujarat(p.35)
- • Significant inventory holding period of 140-205 days constrains working capital(p.80)
- • High debt burden with short-term borrowings of ₹1635.72 lakhs as of Dec 31, 2023(p.49)
- • Dependence on external job work for structural machining(p.79)
- • Trade payables payment period of 109-158 days increases supplier concentration risk(p.81)
- • Limited cash reserves of only ₹3.25 lakhs as of December 31, 2023(p.51)
- • High reliance on a limited number of top geographic markets with Maharashtra, Gujarat and Karnataka contributing majority of domestic revenues(p.110)
- • Moderate capacity utilization at 61.33% as of Apr-Dec 23 compared to 900 machines per annum installed capacity(p.116)
- • Significant customer concentration with limited information on top customer reliance during the financial periods(p.107)
- • Dependence on imported components including press brake tools, quick release clamp and controllers from China and Netherlands(p.117)
- • Heavy dependence on bank financing with significant borrowing levels (Rs. 2,333.05 lakhs outstanding debt as of Dec 31, 2023)(p.210)
- • Mismatch in HDFC Bank loan balances with excess amounts reflected in bank statements relative to company books (Rs. 34,33,049 and Rs. 14,02,214)(p.189)
- • Company has ongoing income tax demand and appeals for multiple assessment years (AY 2013-14, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23)(p.214)
- • GST notice and demand of Rs. 27.73 lakhs for under-declared tax in 2018-19(p.215)
- • High inventory levels and working capital requirements with large inventory holding periods(p.180)
Opportunities
- • Expanding capital goods sector with strong growth trajectory(p.23)
- • Significant electrical equipment market growth potential(p.23)
- • Expansion of manufacturing capacity and modernization(p.22)
- • Working capital augmentation to support growth(p.22)
- • Geographic expansion beyond current concentrated markets(p.35)
- • Increasing international market presence with export opportunities(p.33)
- • Product innovation and technological upgradation capability(p.32)
- • Indian machine tool market expansion from $1.4B (2022) to $2.5B (2028) at 9.4% CAGR(p.100)
- • Infrastructure investment surge with ₹111 lakh crore NIP projected for FY20-25(p.102)
- • Expansion of manufacturing capabilities through capex investment in new machinery and civil works(p.78)
- • Growing domestic demand with 90 million non-farm jobs to be created between 2023-2030(p.99)
- • Strong energy capacity additions driving machinery demand(p.102)
- • Strong government budgetary support for infrastructure with Rs. 10 lakh crore (US$ 120 billion) allocation in Union Budget 2023-24, a 33% year-on-year increase(p.104)
- • Massive infrastructure development with national highways network growth of 48% from 2014-15 to Nov 2022 and plans to construct 28,391 km in 25 months(p.103)
- • Defence sector growth opportunity with budget allocation of Rs. 5.94 lakh crore (US$ 72 billion) in Union Budget 2023-24 and indigenisation targets of US$ 25 billion by 2025(p.105)
- • PLI schemes with Rs. 25,938 crore (US$ 3.17 billion) for automobile and auto components industry providing incentive growth(p.104)
- • Electrical equipment market opportunity with domestic market expected to grow at 12% annually to reach US$ 72 billion by 2025(p.106)
- • Auto components industry projected to grow 10-15% annually till FY24 with increased manufacturing investments and PLI scheme support(p.105)
- • De-licensing of electrical machinery industry with 100% FDI allowed, facilitating entry of major global players and market expansion(p.103)
- • Expansion opportunities in domestic and international markets through deepening penetration in existing key areas and strengthening sales networks(p.110)
- • Expansion into high-value machine segment with customers purchasing machines priced above Rs. 25 lakhs increasing from 48 in FY 2020-21 to 115 in FY 2021-22(p.209)
- • Development and commercialization of new products including four-roll machines and automated material handling systems(p.204)
- • International expansion potential with successful export sales to developed markets (Switzerland, USA, Russia) and emerging markets (UAE, Saudi Arabia, Kenya, Uganda)(p.203)
- • Expansion of land holdings for future manufacturing capacity with assignment of leasehold rights for Rs. 184 lakhs (Rs. 130 lakhs paid as of RHP date)(p.212)
- • Growing addressable market across automotive, steel, HVAC, food processing, elevators and furniture industries(p.203)
Threats
- • Intense competition from larger manufacturers with greater resources(p.29)
- • Dependence on volatile Application Industries for demand(p.30)
- • Absence of long-term customer contracts creating order uncertainty(p.29)
- • Exposure to foreign currency fluctuation risks(p.33)
- • Economic slowdown and inflation risks in India(p.44)
- • Input material price volatility and supply disruptions(p.29)
- • Outstanding litigation exposures(p.32)
- • Regulatory changes and compliance risks including GST(p.44)
- • Exposure to natural disasters and pandemic risks affecting operations(p.45)
- • Labor-intensive operations with unionization risks(p.39)
- • Political and regulatory uncertainties in India(p.45)
- • Global economic slowdown impacting machinery demand(p.94)
- • Competition from international machinery manufacturers entering India market(p.101)
- • Commodity price volatility affecting raw material costs(p.98)
- • Supply chain disruptions and logistics cost pressures(p.96)
- • Risk of failure to obtain sufficient financing for expansion plans(p.46)
- • Post-IPO share dilution and market price volatility risk(p.47)
- • Highly competitive and fragmented industry with competition from large international companies with greater financial and technical resources(p.117)
- • Vulnerability to fluctuations in raw material prices, particularly MS Steel and imported components, which could impact margins(p.117)
- • Exposure to foreign exchange risks from international imports of critical components including press brake tools and controllers(p.117)
- • Dependence on state electricity board (Uttar Gujarat Vij Company Ltd.) for power supply with potential for disruptions(p.117)
- • Industry cyclicality and economic downturn risk affecting capital machinery demand across construction and manufacturing sectors(p.103)
- • Inherent manufacturing risks including equipment failure, work accidents, fire, earthquakes, flood and force majeure events(p.118)
- • Intense competition from existing and new competitors in metal forming machinery sector(p.212)
- • Dependence on imported raw materials with exposure to foreign exchange fluctuation risks(p.188)
- • Regulatory changes in taxation and compliance requirements affecting operational costs(p.205)
- • Potential impact from amendments to Social Security Code, 2020 affecting provident fund and gratuity contributions(p.193)
- • Economic cycles affecting demand for capital equipment and customer purchasing capacity(p.204)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Satishkumar Kanjibhai Parmar | Promoter | 19.70% | — |
| Dineshkumar Shankarlal Chaudhary | Promoter | 20.00% | — |
| Sanjay Shantukumar Khankar | Promoter | 20.00% | — |
| Ashokkumar Ramjibhai Panchal | Promoter | 20.00% | — |
| Snehal Narendra Mehta | Promoter | 19.32% | — |
| Sumitraben Mehta | Promoter | 0.68% | — |
| Satishkumar Kanjibhai Parmar | Promoter | 19.70% | [●] |
| Dineshkumar Shankarlal Chaudhary | Promoter | 20.00% | [●] |
| Sanjay Shantukumar Khankar | Promoter | 20.00% | [●] |
| Ashokkumar Ramjibhai Panchal | Promoter | 20.00% | [●] |
| Snehal Narendra Mehta | Promoter | 19.32% | [●] |
| Sumitraben Mehta | Promoter Group | 0.68% | [●] |
| Amisha Satishkumar Parmar | Promoter Group | 0.30% | [●] |
| Satishkumar Kanjibhai Parmar | Promoter | 19.70% | — |
| Dineshkumar Shankarlal Chaudhary | Promoter | 20.00% | — |
| Sanjay Shantukumar Khankar | Promoter | 20.00% | — |
| Ashokkumar Ramjibhai Panchal | Promoter | 20.00% | — |
| Snehal Narendra Mehta | Promoter | 19.32% | — |
| Sumitraben Mehta | Promoter | 0.68% | — |
| Satish K. Parmar | Promoter | 19.70% | — |
| Dinesh S. Chaudhary | Promoter | 20.00% | — |
| Ashok R. Panchal | Promoter | 20.00% | — |
| Sanjay S. Khankar | Promoter | 20.00% | — |
| Snehal N. Mehta | Promoter | 19.32% | — |
Leadership
Satishkumar Kanjibhai Parmar · Chief Financial Officer / Promoter
Dineshkumar Shankarlal Chaudhary · Managing Director / Promoter
Bhargavi Dilipbhai Gupta · 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.
Energy-Mission Machineries (India) IPO FAQs
What is the lot size of Energy-Mission Machineries (India) IPO?
The minimum lot size of Energy-Mission Machineries (India) IPO is 1,000 shares. One lot costs ₹1,38,000 at the cut-off price.
When does Energy-Mission Machineries (India) IPO open and close?
Energy-Mission Machineries (India) IPO opened for subscription on 09 May 2024 and closed on 13 May 2024.
What is the listing date of Energy-Mission Machineries (India) IPO?
Energy-Mission Machineries (India) IPO listed on 16 May 2024.