Neetu Yoshi
Book Building issueSMEBSE₹77.04 Cr issue
+40.00%
Listing gain over issue price
Issue size
₹77.04 Cr
1 lot at cut-off
₹1,20,000
Lot size
1,600shares
Open
27 Jun 2025
Close
01 Jul 2025
Allotment
02 Jul 2025
Listing
04 Jul 2025
Listing performance
Issue price
₹75
Listed at
₹105
Listing-day close
₹110.25
Latest price
₹218.90
Close on 23 Oct 2026
Listing gain
+40.00%
Return since issue
+191.87%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Jun 2025 – 01 Jul 2025
- Listing date
- 04 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹75 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹77.04 Cr
- Market cap at offer price
- ₹291 Cr
- Promoter holding
- 95.23% → 70.03% pre-issue → post-issue
- ISIN
- INE0UZO01024
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- 2/155, Jakhan, Rajpur Road, Uttarakhand
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 | 29,20,000 | — | — |
| Market maker | 5,20,000 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
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
29,20,000
Anchor portion
₹21.90 Cr
at ₹75 per share
Valuation and performance
Valuation at offer price
₹75 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.41 | 4.12 |
| P/E (×) | 17.01 | 18.20 |
| Price to book (×) | 10.29 | — |
| Market cap | — | ₹291 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 99.20%
- ROCE
- 43.74%
- Debt / equity
- 0.88
- PAT margin
- 26.58%
- EBITDA margin
- 36.31%
- NAV per share
- ₹7.29
- Price to book
- 10.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Neetu Yoshi
Neetu Yoshi Limited, incorporated in January 2020 and converted to public limited company in May 2024, operates a manufacturing facility in Uttarakhand producing ferrous metallurgical casting products ranging from 0.2 kg to 500 kg. The company is RDSO certified as a Class A foundry for manufacturing and supply of over 25 casting products for Indian Railways, with ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. The company combines modern manufacturing technology with engineering expertise and cost-efficient processes to deliver quality products at competitive prices. Revenue derives substantially from Indian Railways and entities undertaking railway-related projects.
Company Analysis
from RHPNeetu Yoshi Limited is a foundry with integrated CNC machine shop manufacturing customized ferrous metallurgical products (mild steel, spheroidal graphite iron, cast iron, manganese steel) primarily for Indian Railways and related industries.
Neetu Yoshi Limited, incorporated in January 2020 and converted to public limited company in May 2024, operates a manufacturing facility in Uttarakhand producing ferrous metallurgical casting products ranging from 0.2 kg to 500 kg. The company is RDSO certified as a Class A foundry for manufacturing and supply of over 25 casting products for Indian Railways, with ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. The company combines modern manufacturing technology with engineering expertise and cost-efficient processes to deliver quality products at competitive prices. Revenue derives substantially from Indian Railways and entities undertaking railway-related projects.
ferrous metallurgyfoundry and castingrailway infrastructuremanufacturing
Objects of the Issue
- Set up of new Manufacturing Facility ₹5,078.37 lakhs p.25
- General corporate purposes p.25
- Setting up of new manufacturing facility ₹5,078.37 lakhs p.88
- General corporate purposes [●] p.88
- Funding capex for setting up new manufacturing facility ₹5,078.37 lakhs p.146
- Funding capital expenditure for expansion and modernization of manufacturing facilities
Issue Structure
- Total Issue
- Up to ₹[●] lakhs
- Fresh Issue
- Up to 1,02,72,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price ₹[●] per Equity Share; Cap Price ₹[●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5 each
Business Model
The company manufactures customized ferrous metallurgical products to order, primarily serving Indian Railways through RDSO-certified products. Cost of materials consumed (including purchase of stock in trade and changes in inventory) represented 51.28% of revenue from operations for Fiscal 2024. The company sources raw materials from third-party local suppliers and relies on work orders issued through tenders to govern volume and sales terms. Products are delivered to customers through third-party transporters.
Business Segments
Manufacturing customised ferrous metallurgical products in different grades including mild steel, spheroidal graphite iron, cast iron and manganese steel, ranging from 0.2 kg to 500 kg finished products
The company manufactures and sells safety parts and engineering components for railways and related industrial applications through its RDSO-approved foundry facility.
Manufacturing of critical railway safety products including CP Assembly, Wedges, Brake beam, End Casting, Strut Castings, Axle box housing, adopters, liners, striker casting, back stop, and yoke pin support plate used in bogie, coupler, wagon, coach and locomotive components for Indian Railways.
Products and services supplied to customers other than Indian Railways.
Manufacturing and sale of bogie components, locomotive components and railway track components
Manufacturing of food products & beverages
Manufacturing and sale of customized products in different grades of ferrous metallurgical products including mild steel, spheroidal graphite iron, cast iron and manganese steel. Products range from 0.2 kg to 500 kg finished metallurgical products. Products are supplied to Indian Railways for critical safety applications including braking solutions, suspensions, propulsion aids, coupling attachments, bogie components, LHB bogie components, coupler components, coach components, locomotive components and railway track components.
SWOT Analysis
Strengths
- • RDSO certified vendor for Indian Railways with established quality accreditations(p.25)
- • Integrated manufacturing facility with modern technology and cost-efficient processes(p.25)
- • Diversified product portfolio with customized manufacturing capabilities(p.25)
- • No material bad debts and established customer relationships(p.35)
- • Strategically located manufacturing facility near raw material sources with logistics advantages(p.117)
- • Class A certification from Indian Railways for quality standards(p.117)
- • Fully equipped and RDSO-approved manufacturing facility(p.117)
- • Experienced promoters with professional management team(p.117)
- • Strong profitability metrics with high EBITDA margin(p.120)
- • RDSO approved manufacturing facility with certified vendor status for 25+ railway products(p.145)
- • Strategic location near raw material sources and low-cost power in Uttarakhand(p.145)
- • Strong financial performance with high profitability margins(p.144)
- • ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 quality and safety certifications(p.145)
- • Installed capacity expansion from 4,493 to 8,087 MTPA demonstrating growth trajectory(p.144)
- • Comprehensive in-house testing facilities for quality assurance(p.144)
- • Revenue growth trajectory with significant YoY increases(p.204)
- • Strong profitability with expanding margins(p.204)
- • Asset base expansion and capital investment capability(p.203)
- • Improved trade receivables management and customer base(p.203)
- • Positive equity position and balance sheet strength(p.203)
- • RDSO certified vendor for railways casting products(p.272)
- • Multiple ISO certifications for quality and safety management(p.272)
- • Diversified product portfolio with customization capability(p.272)
- • Modern manufacturing technology with cost-efficient processes(p.272)
- • Strong financial performance with high profitability(p.273)
Weaknesses
- • Single manufacturing facility location creates operational concentration risk(p.33)
- • Rented premises for registered office with potential disruption risk(p.33)
- • High dependence on limited customer base, particularly Indian Railways(p.34)
- • Limited experience in manufacturing operations since 2023(p.36)
- • Significant historical negative cash flows from operations(p.37)
- • Promoters have limited industry experience(p.37)
- • High material cost dependency representing majority of revenue(p.33)
- • Significant debt burden with restrictive covenants and personal guarantees(p.39)
- • Dependence on a limited customer base(p.54)
- • All directors and officers are Indian nationals with assets concentrated in India(p.53)
- • Existing debt obligations requiring management(p.59)
- • High customer concentration with top 3 customers representing 53.9% of 9-month revenue(p.149)
- • Overdependence on Indian Railways, representing 98.98% of revenue(p.148)
- • Limited product diversification with focus only on ferrous metallurgical products(p.143)
- • Single manufacturing facility location creating concentration risk(p.144)
- • High leverage with significant debt obligations(p.203)
- • Substantial finance costs impacting profitability(p.210)
- • Current assets heavily concentrated in trade receivables(p.203)
- • Reliance on subsidiary with limited performance(p.201)
- • Provision shortfall in CSR obligations(p.211)
- • High dependence on railway sector customers(p.272)
- • Concentrated customer base - top 5 customers represent 62.2% of revenue(p.286)
- • Significant leverage with debt-to-equity ratio of 0.88(p.299)
- • Single manufacturing location concentration(p.272)
Opportunities
- • Strong growth in railway sector with government infrastructure investments(p.25)
- • Expansion into new product segments through new manufacturing facility(p.36)
- • Technology and innovation trends in rail transport sector(p.25)
- • Potential to expand beyond railway sector to other industries(p.36)
- • Expansion through new manufacturing facility setup(p.88)
- • Listing benefits and enhanced brand visibility(p.88)
- • Liquidity creation for existing shareholders(p.88)
- • Growth in revenue demonstrated with year-on-year increases(p.120)
- • Expansion of RDSO product portfolio and approvals for additional railway products(p.145)
- • New manufacturing facility in Kanpur for Bogie and coupler production and export potential(p.146)
- • Indian Railways infrastructure modernization and expansion programs driving demand(p.140)
- • India's strong economic growth and expected 6.5% GDP growth in FY26(p.137)
- • Expansion into high-value-added technology products and new customer segments(p.146)
- • Expansion of manufacturing operations for railway and bogie components(p.213)
- • Growth in food products and beverages sector through subsidiary(p.213)
- • Capital infrastructure development in progress(p.203)
- • Access to capital markets through SME IPO platform(p.213)
- • Expansion of railway sector demand for critical safety components(p.272)
- • Growth strategy and expansion plans implementation(p.274)
- • Leverage manufacturing capacity for additional product lines(p.272)
Threats
- • Significant dependence on Indian Railways government policies and budget allocation(p.35)
- • Raw material availability and price volatility(p.33)
- • Stringent environmental, health and safety regulations and compliance requirements(p.45)
- • Intense competition with potential for pricing pressure(p.44)
- • Disruption risks from natural disasters and external shocks in Uttarakhand(p.33)
- • Regulatory compliance risks and potential penalties(p.35)
- • Loss of RDSO approval and quality certifications critical to business(p.35)
- • Economic slowdown and geopolitical uncertainties(p.52)
- • Limited legal recourse for foreign investors due to lack of reciprocal jurisdiction recognition(p.53)
- • Political and economic instability in India affecting business conditions(p.53)
- • Foreign exchange fluctuations and currency control restrictions(p.54)
- • Macroeconomic and monetary policy impacts on financing costs(p.54)
- • Inflation impacting production costs(p.54)
- • Natural calamities and disaster risks(p.55)
- • Pandemic and contagious disease outbreak risks(p.55)
- • Constraints on foreign capital raising due to exchange controls(p.55)
- • Global trade tensions and tariff uncertainties impacting demand(p.130)
- • Competition from other RDSO approved domestic players(p.162)
- • Raw material cost volatility and supply chain disruptions(p.141)
- • Skilled labor shortage impacting manufacturing quality and efficiency(p.141)
- • Infrastructure and logistics constraints affecting supply chain costs(p.141)
- • Dependence on monsoon for agricultural raw materials and potential commodity price fluctuations(p.138)
- • Dependence on major customers for significant revenue concentration(p.239)
- • Interest rate exposure on floating-rate borrowings(p.249)
- • Deferred tax liabilities linked to fixed asset valuations(p.237)
- • Reliance on manual assessment of provisions and contingencies(p.238)
- • Foreign exchange exposure from international trade(p.248)
- • Dependence on government policies and regulatory changes(p.274)
- • Exposure to rapid technological changes in manufacturing(p.274)
- • Cyclical nature of foundry and metallurgical industry(p.274)
- • Macroeconomic and inflation risks affecting material costs(p.274)
- • Environmental compliance and regulatory risks(p.274)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Himanshu Lohia | Promoter | 46.38% | — |
| Subodh Lohia | Promoter | 46.38% | — |
| Saundarya Lohia | Promoter | 2.45% | — |
| Himanshu Lohia | Promoter | 46.38% | [●] |
| Subodh Lohia | Promoter | 46.38% | [●] |
| Saundarya Lohia | Promoter | 2.45% | [●] |
| Neelam Gupta | Promoter Group | Negligible | [●] |
| Virendra Kumar Gupta | Promoter Group | Negligible | [●] |
| Shradha Agarwal | Promoter Group | Negligible | [●] |
| Himanshu Lohia | Promoter | 46.38% | — |
| Subodh Lohia | Promoter | 46.38% | — |
| Saundarya Lohia | Promoter | 2.45% | — |
| Poonma Laths | Promoter | 50.00% | — |
| Sahali Laffs | Promoter | 50.00% | — |
| Himanshu Lohia | Promoter | — | — |
| Subodh Lohia | Promoter | — | — |
Leadership
Himanshu Lohia · Managing Director & Chief Financial Officer
Subodh Lohia · Whole-time Director
Saundarya Lohia · Non Executive Director
Pranjul 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.
Neetu Yoshi IPO FAQs
What is the lot size of Neetu Yoshi IPO?
The minimum lot size of Neetu Yoshi IPO is 1,600 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Neetu Yoshi IPO open and close?
Neetu Yoshi IPO opened for subscription on 27 Jun 2025 and closed on 01 Jul 2025.
What is the listing date of Neetu Yoshi IPO?
Neetu Yoshi IPO listed on 04 Jul 2025.