Ganga Bath Fittings
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Jun 2025 – 06 Jun 2025
- Listing date
- 11 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹49 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹32.65 Cr
- Market cap at offer price
- ₹109 Cr
- Promoter holding
- 98.81% → 69.16% pre-issue → post-issue
- ISIN
- INE0ZI101018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Jawa Capital Services Pvt.Ltd.
- Registered office
- Survey No.121, Nr.Vraj Industrial Estate, SIDC Road, B/H Shantidham Residency, Veraval (Shapar), Kotda Sangani, 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 |
|---|---|---|---|
| Market maker | 3,36,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹49
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,47,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,94,000 |
| S-HNI (max) | 6 | 18,000 | ₹8,82,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,29,000 |
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 (₹) | 1.59 | 2.72 |
| P/E (×) | 30.82 | 18.01 |
| Price to book (×) | 2.95 | — |
| Market cap | — | ₹109 Cr |
Key performance indicators
- Return on net worth
- 15.07%
- ROCE
- 29.80%
- Debt / equity
- 0.87
- PAT margin
- 9.96%
- EBITDA margin
- 12.04%
- NAV per share
- ₹10
- Price to book
- 2.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ganga Bath Fittings
Ganga Bath Fittings Limited (formerly Ganga Plast Industries Limited) was incorporated as a company on May 22, 2024, evolving from a partnership firm founded in 2018. The company operates three manufacturing units: GI Unit (manufacturing CP taps and sanitary ware), GBS Unit (manufacturing stainless steel showers and bath accessories), and GPI Unit (manufacturing PTMT taps and ABS showers). The company generates revenues through three verticals: own-brand manufacturing, contract manufacturing for OEMs, and trading of sanitary ware. The business derives majority revenue from B2B customers through a distributor network across India. With ISO 9001:2015 certification and technologically aligned manufacturing facilities, the company maintains quality standards and customized production capabilities.
Company Analysis
from RHPGanga Bath Fittings Limited manufactures and supplies bathroom accessories including CP taps, PTMT taps, ABS showers, stainless steel showers, and bath accessories across three manufacturing units.
Ganga Bath Fittings Limited (formerly Ganga Plast Industries Limited) was incorporated as a company on May 22, 2024, evolving from a partnership firm founded in 2018. The company operates three manufacturing units: GI Unit (manufacturing CP taps and sanitary ware), GBS Unit (manufacturing stainless steel showers and bath accessories), and GPI Unit (manufacturing PTMT taps and ABS showers). The company generates revenues through three verticals: own-brand manufacturing, contract manufacturing for OEMs, and trading of sanitary ware. The business derives majority revenue from B2B customers through a distributor network across India. With ISO 9001:2015 certification and technologically aligned manufacturing facilities, the company maintains quality standards and customized production capabilities.
Objects of the Issue
- Capital Expenditure towards purchase of equipment/machineries for upgrade and installation of plants and machineries at manufacturing units ₹1,895.32 Lakhs p.109
- Repayment/prepayment of certain borrowings availed by our Company ₹532.66 Lakhs p.113
- Funding working capital requirements ₹270.10 Lakhs p.114
- General Corporate Purpose [●] Lakhs (not exceeding 25% of aggregate gross proceeds) p.119
Issue Structure
- Total Issue
- 66,63,000 Equity Shares of Face Value of ₹10 each aggregating up to Rs. [●] Lakhs
- Fresh Issue
- 66,63,000 Equity Shares
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹46 per Equity Share; Cap Price: ₹49 per Equity Share
- Lot Size
- 3,000 Equity Shares as minimum bid lot
- Face Value
- ₹10 per Equity Share
Business Model
The company operates through three revenue streams: (1) Manufacturing and selling bathroom accessories under own brand names (Ganga, Glimpse, Stepian, Tora) to distributors (B2B model); (2) Contract manufacturing for third-party OEMs who sell under their own brands; (3) Trading of sanitary ware procured from suppliers. The company maintains manufacturing facilities in Rajkot, Gujarat with capabilities for brass casting, stainless steel forming, and plastic injection molding.
Business Segments
SWOT Analysis
- • Experienced promoters with 3+ decades in bath fitting industry(p.39)
- • Three vertically-integrated manufacturing units(p.24)
- • ISO 9001:2015 certification demonstrating quality standards(p.26)
- • Strong customer retention through repetitive orders(p.26)
- • Diversified product portfolio across multiple bath fitting segments(p.24)
- • High trade receivables concentration (32.70% of total assets)(p.38)
- • Leased premises dependency with short renewal periods(p.37)
- • Limited operating history as a public company (incorporated May 2024)(p.38)
- • High working capital requirements with significant inventory needs(p.36)
- • Delays in regulatory filings (GST returns and EPF submissions)(p.53)
- • High dependence on few major customers (top 5 = 50.15% of revenue)(p.47)
- • Rapid urbanization driving demand for modern bath fittings(p.26)
- • Government Swachh Bharat Abhiyan raising sanitation awareness(p.26)
- • Growing consumer preference for premium and designer sanitary ware(p.26)
- • India Sanitary Ware Market projected to grow at 7.9% CAGR through 2029(p.26)
- • Expanding distribution network to new geographical regions(p.26)
- • Volatility in raw material prices (brass, steel, plastic)(p.40)
- • Geographic concentration of raw material sourcing in Gujarat(p.40)
- • High competition from organized and unorganized sector players(p.58)
- • Dependence on third-party transportation providers(p.55)
- • Regulatory changes affecting operations and compliance costs(p.63)
- • Potential natural disasters affecting manufacturing capacity(p.66)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Tusharkumar Vithaldas Tilva | Promoter | 15.19% | 10.64% |
| Mr. Jimmy Tusharkumar Tilva | Promoter | 32.60% | 22.82% |
| Mr. Sajan Tusharbhai Tilva | Promoter | 36.57% | 25.60% |
| Mrs. Niruben Tusharkumar Tilva | Promoter Group | 8.13% | 5.69% |
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.