Excellent Wires and Packaging
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Sep 2024 – 13 Sep 2024
- Listing date
- 19 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹90 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹12.60 Cr
- Market cap at offer price
- ₹40.23 Cr
- Promoter holding
- 91.90% → 63.11% pre-issue → post-issue
- ISIN
- INE0Y4801011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- Gala No.1, Jyoti Industrial Estate, Vevoor Village, Ganesh Nagar, Palghar-E, 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 |
|---|---|---|---|
| Market maker | 72,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹10,08,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.70 | 1.86 |
| P/E (×) | 33.33 | 48.39 |
| Price to book (×) | 5.66 | — |
| Market cap | — | ₹40.23 Cr |
Key performance indicators
- Return on net worth
- 20.90%
- PAT margin
- 148.39%
- NAV per share
- ₹15.90
- Price to book
- 5.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Excellent Wires and Packaging
The company was founded in April 2012 as Perfect Wire Industries, a partnership firm, manufacturing various types of wires including Spring Steel Wire, High Carbon Wire, Galvanised Wire, Mild Steel Wire, Stainless Steel Wire, and Wire Ropes under the brand 'Excellent'. Incorporated as a private limited company in March 2021 and converted to public limited in March 2024, it also sells packaging products (PP Strapping Rolls and BOPP Self Adhesive Tapes) purchased from the market. The company supplies to industries including packaging, engineering, stationery, imitation jewelry, and wires & cable. It operates manufacturing facilities at Palghar, Maharashtra with 880 MTPA installed capacity of owned machinery and has achieved ISO 9001:2015 certification. Revenue grew from ₹728.83 lakhs in FY2022 to ₹1,540.82 lakhs in FY2024.
Company Analysis
from RHPExcellent Wires and Packaging Limited manufactures specialty wires (brass, steel, stainless steel) and packaging products for industrial applications across packaging, engineering, stationery, and jewelry sectors.
The company was founded in April 2012 as Perfect Wire Industries, a partnership firm, manufacturing various types of wires including Spring Steel Wire, High Carbon Wire, Galvanised Wire, Mild Steel Wire, Stainless Steel Wire, and Wire Ropes under the brand 'Excellent'. Incorporated as a private limited company in March 2021 and converted to public limited in March 2024, it also sells packaging products (PP Strapping Rolls and BOPP Self Adhesive Tapes) purchased from the market. The company supplies to industries including packaging, engineering, stationery, imitation jewelry, and wires & cable. It operates manufacturing facilities at Palghar, Maharashtra with 880 MTPA installed capacity of owned machinery and has achieved ISO 9001:2015 certification. Revenue grew from ₹728.83 lakhs in FY2022 to ₹1,540.82 lakhs in FY2024.
Objects of the Issue
- Acquisition of Land and construction of Building ₹578.18 lakhs p.18
- Acquisition of Plant & Machineries ₹200.00 lakhs p.18
- Funding Additional Working capital requirements ₹150.00 lakhs p.18
- General Corporate Purposes ₹231.82 lakhs p.18
- Offer Expenses ₹100.00 lakhs p.18
- Acquisition of Land and construction of Building ₹578.18 lakhs p.65
- Acquisition of Plant & Machineries ₹200.00 lakhs p.65
- Funding additional working capital requirements ₹150.00 lakhs p.65
- General Corporate Purposes ₹231.82 lakhs p.65
- Funding capex for new manufacturing facility at Palghar and general corporate purposes p.167
Issue Structure
- Total Issue
- ₹1,260.00 lakhs
- Fresh Issue
- 14,00,000 Equity Shares at ₹90.00 per share aggregating ₹1,260.00 lakhs
- Offer for Sale
- N.A.
- Price Band
- Fixed Price Offer at ₹90.00 per Equity Share
- Face Value
- ₹10.00 per Equity Share
Business Model
The company manufactures and sells specialty wires (brass wires, steel wires) and packaging products on a business-to-business basis through purchase orders from customers. It generates revenue from sale of its products to various industries. Raw materials (MS Steel, Brass, Copper, Zinc) constitute 80.41% of total expenses.
Business Segments
SWOT Analysis
- • Established brand and quality certifications(p.17)
- • Growing financial performance and profitability(p.26)
- • Comprehensive product portfolio across wire and packaging categories(p.17)
- • Established presence in Western India with pan-India operations(p.31)
- • Experienced management team with deep industry expertise(p.96)
- • Strong customer relationships and established reputation(p.96)
- • Diversified product portfolio across multiple industries(p.96)
- • Continuous operational improvement and capacity expansion(p.96)
- • ISO 9001:2015 certification demonstrating quality standards(p.94)
- • Experienced management with long tenure in packaging and wire industries(p.125)
- • Improved raw material consumption efficiency reducing wastage(p.171)
- • Significant revenue growth and improved profitability(p.171)
- • Increased production capacity(p.172)
- • Improved EBITDA margins(p.171)
- • Heavy dependence on few major customers(p.27)
- • No long-term customer contracts(p.27)
- • High dependence on few vendors for raw materials(p.28)
- • Significant working capital requirements and high inventory/receivables(p.28)
- • Raw materials costs constitute significant portion of total expenses(p.28)
- • All manufacturing concentrated in single geographic location(p.30)
- • Unsecured loans recallable on demand(p.35)
- • Promoter group entities have objects similar to the Company with no non-compete agreements(p.33)
- • Dependence on Maharashtra market for majority of sales(p.95)
- • Limited product manufacturing scale relative to industry peers(p.74)
- • High net debt relative to equity capital(p.75)
- • Recent business disruptions from facility closures(p.94)
- • Lack of trademark registration and intellectual property protection(p.104)
- • Significant dependence on top 10 customers for revenue(p.174)
- • Heavy reliance on top 10 suppliers(p.174)
- • High short-term borrowings relative to assets(p.149)
- • Significant unsecured loans from directors and related parties(p.149)
- • New manufacturing facility investment may not be profitable(p.167)
- • Significant growth potential in India's steel and wire sector(p.18)
- • Expected increase in wire consumption as proportion of steel(p.18)
- • Cable and wire industry expected to grow at 12% CAGR(p.18)
- • Multiple growth drivers from infrastructure and electrification(p.18)
- • Planned capacity expansion at new manufacturing facility(p.25)
- • Opportunity to diversify customer base and reduce dependence(p.27)
- • Backward integration to internalize brass wire production(p.97)
- • Geographic expansion beyond Maharashtra to Gujarat(p.97)
- • Launch of new sub-products in construction and automotive sectors(p.97)
- • Strong tailwinds in Indian steel and wire industry growth(p.84)
- • Growing demand in cable, construction and automotive sectors(p.88)
- • Expansion through new manufacturing facility investment(p.167)
- • Market growth in packaging and wire industries(p.125)
- • Expansion of customer base and market reach(p.125)
- • Volatility in raw material prices and supply disruptions(p.28)
- • Intense competition from larger wire manufacturers(p.29)
- • Potential economic downturn in India(p.37)
- • Natural disasters, pandemics, and other uncontrollable events(p.37)
- • Regulatory changes and evolving compliance requirements(p.37)
- • Regional economic and political disruptions in Western India(p.31)
- • Labour disruptions in labour-intensive wire manufacturing(p.30)
- • Risk of losing customers due to inability to pass cost increases(p.28)
- • Intense competition from larger, better-capitalized competitors(p.104)
- • Volatility in raw material prices affecting profitability(p.103)
- • Dependence on key raw material suppliers without long-term contracts(p.103)
- • Industry cyclicality and economic slowdown risks(p.68)
- • Regulatory changes and compliance burden in manufacturing(p.106)
- • Volatility in raw material prices(p.167)
- • Macro-economic conditions and demand fluctuations(p.167)
- • Regulatory and policy changes(p.167)
- • Competitive market conditions(p.167)
- • COVID-19 related impacts on operations(p.173)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bhavya Vasant Shah | Promoter | 30.75% | 21.12% |
| Rachit Paresh Masalia | Promoter | 35.31% | 24.25% |
| Darshil Hasmukh Shah | Promoter | 23.25% | 15.96% |
| Bhavya Vasant Shah | Promoter | 30.75% | 21.12% |
| Rachit Paresh Masalia | Promoter | 35.31% | 24.25% |
| Darshil Hasmukh Shah | Promoter | 23.25% | 15.97% |
| Manisha Bhavya Shah | Promoter Group | 1.30% | 0.90% |
| Ankita Rachit Shah | Promoter Group | 0.29% | 0.20% |
| Deepali Darshil Shah | Promoter Group | 0.63% | 0.43% |
| Pooja Rishil Jhaveri | Promoter Group | 0.34% | 0.02% |
| Vasant Bapulal Shah | Promoter Group | 0.03% | 0.23% |
| Bhavya Vasant Shah | Promoter | 30.75% | — |
| Rachit Paresh Masalia | Promoter | 35.31% | — |
| Darshil Hasmukh Shah | Promoter | 23.25% | — |
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.