Epack Durable
Book Building issueMainboard₹640 Cr issue
-2.17%
Listing gain over issue price
Issue size
₹640 Cr
1 lot at cut-off
₹14,950
Lot size
65shares
Open
19 Jan 2024
Close
24 Jan 2024
Allotment
25 Jan 2024
Listing
30 Jan 2024
Listing performance
Issue price
₹230
Listed at
₹225
Listing-day close
₹207.70
Latest price
₹154.21
Close on 23 Oct 2026
Listing gain
-2.17%
Return since issue
-32.95%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jan 2024 – 24 Jan 2024
- Listing date
- 30 Jan 2024
- Face value
- ₹10 per share
- Issue price
- ₹230 per share
- Lot size
- 65 shares
- Issue type
- Book Building issue
- Total issue size
- ₹640 Cr
- Market cap at offer price
- ₹2,203 Cr
- Promoter holding
- 65.36% → 48.09% pre-issue → post-issue
- ISIN
- INE0G5901015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 61-B, Udyog Vihar, Surajpur, asna Road, Uttar 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 | 83,48,504 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 65 shares per lot, in multiples, at ₹230
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 65 | ₹14,950 |
| Retail (max) | 13 | 845 | ₹1,94,350 |
| S-HNI (min) | 14 | 910 | ₹2,09,300 |
| S-HNI (max) | 66 | 4,290 | ₹9,86,700 |
| B-HNI (min) | 67 | 4,355 | ₹10,01,650 |
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
83,48,504
Anchor portion
₹192 Cr
at ₹230 per share
Valuation and performance
Valuation at offer price
₹230 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.08 | 0.55 |
| P/E (×) | 56.37 | 418.18 |
| Price to book (×) | 4.98 | — |
| Market cap | — | ₹2,203 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 14.68%
- ROCE
- 11.85%
- Debt / equity
- 1.58
- PAT margin
- 2.08%
- NAV per share
- ₹46.21
- Price to book
- 4.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Epack Durable
EPACK Durable Limited, incorporated in 2019 and converted to a public limited company in 2023, manufactures room air conditioners (RAC) and small domestic appliances (SDA) including induction cooktops, mixer-grinders, and water dispensers, along with components such as heat exchangers, cross flow fans, PCBAs, and universal motors. The company operates three manufacturing facilities located in Dehradun (Uttarakhand), Bhiwadi (Rajasthan), and Sri City (Andhra Pradesh). The company generates revenue through a business-to-business model serving key customers in the consumer durables sector, with a significant portion of revenue concentrated among top five customers. The company has a wholly-owned subsidiary (EPACK Components Private Limited) and an associate (Epavo Electricals Private Limited).
Company Analysis
from RHPEPACK Durable Limited manufactures room air conditioners and small domestic appliances and their components, operating in the consumer durables market across RAC and SDA industry segments.
EPACK Durable Limited, incorporated in 2019 and converted to a public limited company in 2023, manufactures room air conditioners (RAC) and small domestic appliances (SDA) including induction cooktops, mixer-grinders, and water dispensers, along with components such as heat exchangers, cross flow fans, PCBAs, and universal motors. The company operates three manufacturing facilities located in Dehradun (Uttarakhand), Bhiwadi (Rajasthan), and Sri City (Andhra Pradesh). The company generates revenue through a business-to-business model serving key customers in the consumer durables sector, with a significant portion of revenue concentrated among top five customers. The company has a wholly-owned subsidiary (EPACK Components Private Limited) and an associate (Epavo Electricals Private Limited).
Room Air Conditioner (RAC) ManufacturingSmall Domestic Appliance (SDA) ManufacturingComponents Manufacturing (heat exchangers, fans, PCBAs, motors)Consumer Durables
Objects of the Issue
- Funding capital expenditure for the expansion / setting up of manufacturing facilities ₹ 2,300.00 million p.27
- Repayment and / or prepayment, in part or in full, of certain outstanding loans of our Company ₹ 800.00 million p.27
- General corporate purposes p.27
- Funding capital expenditure for the expansion / setting up of manufacturing facilities p.60
- Funding capital expenditure for the expansion / setting up of manufacturing facilities ₹2,300.00 million p.111
- Repayment and / or prepayment, in part or in full, of certain outstanding loans of our Company ₹800.00 million p.111
- General corporate purposes p.125
- Funding capital expenditure for the expansion / setting up of manufacturing facilities p.189
Issue Structure
- Total Issue
- Up to [●] equity shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] equity shares aggregating up to ₹ 4,000.00 million
- Offer for Sale
- Up to 10,437,047 equity shares aggregating up to ₹ [●] million
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The company operates a business-to-business model on a purchase order basis, manufacturing and supplying RAC units, SDA products, and components to original equipment manufacturers (OEMs) and original design manufacturers (ODMs) in the consumer durables industry. Revenue is generated from the sale of these products to customers who do not make long-term commitments but place recurring purchase orders.
Business Segments
Design and manufacture of room air conditioner units and components including indoor units (IDU), outdoor units (ODU), cross flow fans (CFF), and related assemblies
Design and manufacture of small domestic appliances including induction cooktops (ICT), mixer-grinders, and water dispensers
Manufacturing of heat exchangers, cross flow fans, axial fans, sheet metal press parts, injection moulded components, copper fabricated products, PCBAs, universal motors and induction coils for captive consumption and customer offerings
Manufacture and sale of room air conditioning and refrigeration products
Manufacture and sale of small domestic appliances including washing machines and kitchen appliances
Design and manufacturing of room air conditioning units for domestic and international brands
Design and manufacturing of small domestic appliances including induction cooktops, mixer-grinders, cooker hoods, electric cookers, blenders, food processors, coffee makers, electric kettles, irons, and others
Design and manufacture of complete RACs, comprising window air conditioners (WACs), indoor units (IDUs), and outdoor units (ODUs) with specifications ranging from 0.75 ton to 2 ton, across a range of energy ratings and types of refrigerants. Also manufactures split inverter air conditioners.
Design and manufacture of mixer-grinders, induction cooktops, and water dispensers. The company currently designs and manufactures these three products.
Manufacture of heat exchangers, cross flow fans, axial fans, sheet metal press parts, injection moulded components, copper fabricated products, PCBAs, universal motors and induction coils for captive consumption as well as part of product offerings to customers.
Manufacturing and sale of room air conditioners at the Dehradun facility (Uttarakhand) with operations through leased land from SIDCUL
Manufacturing and sale of room air conditioners at the Sri City facility (Andhra Pradesh) under electronics manufacturing cluster
Manufacturing of RAC components through wholly-owned subsidiary EPACK Components Private Limited
Design and manufacture of complete RACs comprising window air conditioners (WACs including inverter units), indoor units (IDUs), outdoor units (ODUs forming split air conditioners), and split inverter air conditioners with specifications ranging from 0.75 ton to 2 ton across various energy ratings and refrigerant types
Design and manufacture of induction cooktops, mixer-grinders, and water dispensers for domestic use
Manufacture of heat exchangers, cross flow fans, axial fans, sheet metal press parts, injection moulded components, copper fabricated products, PCBAs, universal motors and induction coils for captive consumption and as part of product offerings to customers
Manufacture and sale of room air conditioners
SWOT Analysis
Strengths
- • Among key RAC and SDA manufacturers with vertically integrated operations(p.130)
- • Established customer relationships with expansion potential(p.130)
- • Strong product development and design capabilities(p.130)
- • Experienced promoter and senior management team(p.130)
- • Selected under PLI Scheme with committed investment(p.150)
- • Strong revenue growth momentum(p.132)
- • Established brand and trademark in electronics manufacturing(p.222)
- • Experienced promoter-led management with technical expertise(p.228)
- • Established relationships with financial institutions for credit(p.222)
- • Subsidiary and associate entities providing vertical integration(p.272)
- • Wholly owned subsidiary with integrated operations(p.275)
- • Significant capital asset base and manufacturing capacity(p.282)
- • Substantial capital work-in-progress demonstrating expansion(p.284)
- • Multi-location operational presence(p.300)
- • Established government relationships and schemes participation(p.276)
- • Second largest ODM for RACs in India by unit volume(p.343)
- • Highest backward integration for RACs at single location in India(p.345)
- • Long-standing relationships with established customers including top RAC brands(p.345)
- • Consistent revenue growth trajectory(p.345)
- • Experienced management with over 100 years cumulative industry experience(p.346)
- • Multiple manufacturing facilities with significant installed capacity(p.345)
- • Diversified customer base with long-term relationships(p.374)
- • Multiple secured borrowing facilities across major lenders(p.376)
- • Registered intellectual property including patents and designs(p.395)
- • Established manufacturing facilities across multiple locations(p.375)
Weaknesses
- • Revenue concentration with few key customers(p.42)
- • Dependence on three manufacturing facilities(p.43)
- • Auditor qualification on financial statements(p.45)
- • Product quality and compliance risks(p.45)
- • Substantial power, water and fuel requirements with supply disruption risk(p.48)
- • High working capital requirements and debt burden(p.48)
- • Auditor emphasis of matter and CARO qualifications on lease deeds and internal audit(p.49)
- • Dependence on third-party suppliers with concentrated supplier base(p.52)
- • Limited locations for manufacturing facilities concentrated in three states(p.62)
- • Lease dependence for key facilities without assurance of renewal(p.51)
- • Contingent liabilities from tax and GST matters(p.64)
- • Key management dependence with historical high attrition rates(p.57)
- • High customer concentration with top 10 customers generating majority of revenue(p.132)
- • Significant financial leverage with debt-to-equity ratio above 1.5(p.132)
- • Low profitability margins in H1 FY2024(p.132)
- • Elevated inventory and receivables cycles(p.132)
- • Funding requirements not independently appraised(p.112)
- • High promoter guarantees for company debt obligations(p.222)
- • Significant borrowing liabilities relative to equity(p.267)
- • Concentration of promoter shareholding with complex share structures(p.248)
- • Dependency on key managerial personnel and technical expertise(p.246)
- • Material shareholder restrictions through agreements until listing(p.219)
- • High leverage with significant debt obligations(p.318)
- • Dependence on multiple bank lenders for credit facilities(p.299)
- • Trade receivables discounting and factoring dependency(p.291)
- • Concentration of equity holding among promoters(p.294)
- • Outstanding tax and regulatory demands(p.312)
- • Land title deed conversion and formalization pending(p.283)
- • Heavy dependence on top five customers for majority of revenue(p.346)
- • High debt burden relative to equity(p.345)
- • Material reliance on imported raw materials(p.347)
- • Risk of customer in-house manufacturing reducing ODM/OEM demand(p.348)
- • Lease deed title defect at primary manufacturing location(p.336)
- • High revenue concentration among top customers(p.374)
- • Variable interest rate exposure on debt facilities(p.374)
- • Outstanding regulatory and tax compliance matters(p.388)
- • Independent director subject to SEBI investigation(p.389)
Opportunities
- • Expansion of manufacturing capacity in new locations(p.60)
- • PLI scheme incentives for electronics manufacturing(p.61)
- • Indian consumer durables market growing at 13.7% CAGR(p.153)
- • RAC penetration in India at only 8%, indicating significant growth headroom(p.153)
- • PLI scheme incentives for AC components manufacturing(p.149)
- • Indian ODM market for consumer durables projected to grow at 21% CAGR(p.155)
- • Planned capex expansion into new manufacturing facilities(p.112)
- • Expansion through capital investment in manufacturing capacity(p.267)
- • Growth in consumer durables sector(p.272)
- • Strategic business segregation agreement with East India Technologies(p.222)
- • Investor backing and professional management post-IPO(p.219)
- • Expansion through multiple greenfield manufacturing projects(p.284)
- • Strategic partnership with electronics manufacturing clusters(p.312)
- • Government scheme participation for industrial incentives(p.312)
- • Equity investment in associate company for business synergies(p.288)
- • Expansion of domestic RAC manufacturing market with strong expected CAGR(p.347)
- • Production Linked Incentive scheme driving component ecosystem development(p.348)
- • PLI scheme beneficiary status already secured(p.348)
- • Growing RAC market penetration in middle-class segment(p.347)
- • Expansion into small domestic appliances market with existing infrastructure(p.345)
- • New manufacturing facility at Sri City commenced in December 2023(p.345)
- • Expansion at Sri City Manufacturing Facility(p.375)
- • New patent applications pending approval(p.395)
- • Growth in RAC business during summer months(p.375)
Threats
- • Customer order cancellations and sourcing changes(p.42)
- • Manufacturing disruptions and operational risks(p.43)
- • Inability to introduce new products timely(p.44)
- • Loss of quality certifications and accreditations(p.46)
- • Competitive market pressures(p.47)
- • Cost overruns on capital expenditure projects(p.47)
- • Seasonal demand variations in RAC business(p.55)
- • Pricing pressure from customers affecting margins(p.55)
- • Foreign exchange fluctuation exposure(p.58)
- • Restrictions on import of raw materials from China(p.57)
- • Regulatory and compliance burden including environmental and labour laws(p.53)
- • Business restrictions from MoU with East India Technologies on product lines(p.55)
- • Promoter personal guarantees on group company loans(p.69)
- • Inflation and inability to pass costs to customers(p.77)
- • Potential cost overruns in capex projects affecting financial condition(p.112)
- • Competition in fragmented Indian RAC market(p.153)
- • Dependence on global supply chains and import costs(p.155)
- • Rising temperature dependency and climate sensitivity(p.154)
- • Regulatory and policy changes affecting manufacturing economics(p.154)
- • Qualified opinion on accounting treatment of convertible preference shares(p.264)
- • Related party transaction risks and conflicts of interest(p.232)
- • Uncertainty in regulatory and taxation matters(p.264)
- • Dependency on restrictive shareholder agreements and investor exit provisions(p.219)
- • Interest rate and borrowing cost volatility(p.300)
- • Trade receivables aging and credit risk concentration(p.291)
- • Inventory obsolescence and slow-moving stock risk(p.290)
- • Exposure to GST and customs regulatory demands(p.312)
- • Foreign exchange fluctuation exposure(p.276)
- • Supply chain dependency on single and related party suppliers(p.314)
- • RAC business subject to seasonal variations affecting annual results(p.348)
- • Intense competition from multinational and regional competitors(p.348)
- • Price pressure from customers and imports from low-cost countries(p.348)
- • Dependence on raw material availability and price volatility(p.347)
- • Manufacturing facility risks including equipment breakdown and labor disruption(p.346)
- • Risk of government policy changes affecting PLI and tax incentives(p.348)
- • Foreign exchange exposure from import-heavy material sourcing(p.373)
- • Seasonal variation and cyclicality in RAC business(p.375)
- • Rising inflation impacting business environment(p.374)
- • Fluctuating interest rates affecting debt servicing costs(p.374)
- • Dependency on trademark license from related party(p.396)
- • Competitive market environment in appliance sector(p.375)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bajrang Bothra | Promoter | 12.32% | — |
| Laxmi Pat Bothra | Promoter | 7.00% | — |
| Sanjay Singhania | Promoter | 11.79% | — |
| Ajay DD Singhania | Promoter | 11.79% | — |
| Bajrang Bothra | Promoter | — | — |
| Laxmi Pat Bothra | Promoter | — | — |
| Sanjay Singhania | Promoter | — | — |
| Ajay DD Singhania | Promoter | — | — |
| Bajrang Bothra | Promoter | 12.32% | — |
| Laxmi Pat Bothra | Promoter | 7.00% | — |
| Sanjay Singhania | Promoter | 11.79% | — |
| Ajay DD Singhania | Promoter | 11.79% | — |
| Bajrang Bothra, Laxmi Pat Bothra, Sanjay Singhania, Ajay DD Singhania, Rajjat Kumar Bothra, Nitin Bothra, Nikhil Bothra, Pinky Ajay Singhania and Preity Singhania | Promoter Group Parties | — | — |
| Bajrang Bothra | Promoter | 12.32% | — |
| Laxmi Pat Bothra | Promoter | 7.00% | — |
| Sanjay Singhania | Promoter | 11.79% | — |
| Ajay DD Singhania | Promoter | 11.79% | — |
| Bajrang Bothra | Promoter | 25.00% | 18.54% |
| Ajay DD Singhania | Promoter | 50.00% | 17.75% |
| Nikhil Bothra | Promoter | 25.00% | 25.00% |
| Sanjay Singhania | Promoter | — | 17.75% |
| Laxmi Pat Bothra | Promoter | — | 10.54% |
| Pinky Ajay Singhania | Promoter | — | 6.79% |
| Preity Singhania | Promoter | — | 6.79% |
| Nitin Bothra | Promoter | — | 7.00% |
| Rajjat Kumar Bothra | Promoter | — | 6.00% |
| Bajrang Bothra | Promoter | — | — |
| Laxmi Pat Bothra | Promoter | — | — |
| Sanjay Singhania | Promoter | — | — |
| Ajay DD Singhania | Promoter | — | — |
| Pinky Ajay Singhania | Promoter | — | — |
| Preity Singhania | Promoter | — | — |
| Nikhil Bothra | Promoter | — | — |
| Nitin Bothra | Promoter | — | — |
| Rajjat Kumar Bothra | Promoter | — | — |
| India Advantage Fund S4 I | Investor Selling Shareholder | — | — |
| Dynamic India Fund S4 US I | Investor Selling Shareholder | — | — |
| Bajrang Bothra | Promoter | — | — |
| Laxmi Pat Bothra | Promoter | — | — |
| Sanjay Singhania | Promoter | — | — |
| Ajay DD Singhania | Promoter | — | — |
Leadership
Bajrang Bothra · Chairman
Ajay DD Singhania · Managing Director and Chief Executive Officer
Rajesh Kumar Mittal · Chief Financial Officer
Esha Gupta · Company Secretary and 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.
Epack Durable IPO FAQs
What is the lot size of Epack Durable IPO?
The minimum lot size of Epack Durable IPO is 65 shares. One lot costs ₹14,950 at the cut-off price.
When does Epack Durable IPO open and close?
Epack Durable IPO opened for subscription on 19 Jan 2024 and closed on 24 Jan 2024.
What is the listing date of Epack Durable IPO?
Epack Durable IPO listed on 30 Jan 2024.