SS
ScaleSauce SME
SME₹40.21 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹40.21 Cr
1 lot at cut-off
₹1,28,400
Lot size
1,200shares
Allotment
10 Dec 2025
Listing
12 Dec 2025
Listing performance
Issue price
₹107
Listed at
₹203.30
Listing-day close
₹193.15
Latest price
₹244.50
Listing gain
+90.00%
Return since listing
+128.50%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹80
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Dec 2025 | ₹80 | +74.77% | ₹73,000 | ₹187 | ₹96,000 |
| 11 Dec 2025 | ₹80 | +74.77% | ₹73,000 | ₹187 | ₹96,000 |
| 10 Dec 2025 | ₹22 | +20.56% | ₹20,100 | ₹129 | ₹26,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 12 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹107 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹40.21 Cr
- Market cap at offer price
- ₹152 Cr
- Promoter holding
- 80.19% → 58.93% pre-issue → post-issue
- ISIN
- INE433T01015
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- 3Dimension Capital Services Ltd.
- Registered office
- Virwani Indl Estate, Shop No.A-101, Opp.Western ExpHighway, Goregaon, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 10,69,200 | — | — |
| Market maker | 1,88,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹107
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,28,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,56,800 |
| S-HNI (max) | 7 | 8,400 | ₹8,98,800 |
| B-HNI (min) | 8 | 9,600 | ₹10,27,200 |
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
10,69,200
Anchor portion
₹11.44 Cr
at ₹107 per share
Valuation and performance
Valuation at offer price
₹107 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.35 | 7.12 |
| P/E (×) | 10.34 | 15.03 |
| Price to book (×) | 0.13 | — |
| Market cap | — | ₹152 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 33.13%
- ROCE
- 40.49%
- Debt / equity
- 0.44
- PAT margin
- 19.75%
- EBITDA margin
- 30.86%
- NAV per share
- ₹835.88
- Price to book
- 0.13
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About ScaleSauce SME
Encompass Design India Limited was incorporated in 2010 as a trading enterprise and has since evolved to include manufacturing of home and lifestyle products (bed sheets, curtains, comforters, table linens, pillow covers) and food products (sauces) under its own brands 'Stoa Paris', 'QuirkLoom', and 'Small Batch'. The company also provides comprehensive digital and e-commerce support services including marketing, technology, and operations to enable consumer brand growth. Additionally, it engages in trading of agro-based products, cotton, and fabrics, with sales conducted through gated market platforms and online channels. The company was converted from private to public limited status in March 2025.
Company Analysis
from RHPEncompass Design India Limited (operating as 'ScaleSauce') manufactures home and lifestyle products, food items, provides e-commerce support services, and trades agro-based products for the consumer goods and e-commerce sectors.
Encompass Design India Limited was incorporated in 2010 as a trading enterprise and has since evolved to include manufacturing of home and lifestyle products (bed sheets, curtains, comforters, table linens, pillow covers) and food products (sauces) under its own brands 'Stoa Paris', 'QuirkLoom', and 'Small Batch'. The company also provides comprehensive digital and e-commerce support services including marketing, technology, and operations to enable consumer brand growth. Additionally, it engages in trading of agro-based products, cotton, and fabrics, with sales conducted through gated market platforms and online channels. The company was converted from private to public limited status in March 2025.
home and lifestyle products manufacturingfood products manufacturinge-commerce support servicestrading of agro-based productsdigital marketing and technology services
Objects of the Issue
- Funding capital expenditure requirements of the company towards purchasing office, interior work and refurbishment ₹1,148.58 lakhs p.27
- To Meet Working Capital Requirements of the Company ₹729.42 lakhs p.27
- Repayment/prepayment of certain borrowings availed by the Company ₹1,100.00 lakhs p.27
- General Corporate Purpose p.27
- Funding capital expenditure requirements of our company towards purchasing office, interior work and refurbishment ₹1148.58 lakhs p.103
- To Meet Working Capital Requirements of the Company ₹729.42 lakhs p.103
- Repayment/prepayment of certain borrowings availed by our Company ₹1100.00 lakhs p.103
- General Corporate Purpose p.103
- Repayment of Cash Credit Facility ₹1,100.00 lakhs p.112
- General Corporate Purpose ₹ [●] Lakh p.112
- Fund requirements for Objects of the Offer to be met entirely from Net Proceeds p.299
Issue Structure
- Total Issue
- 37,58,400 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- 37,58,400 equity shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- To be decided by the company in consultation with BRLM
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through multiple streams: (1) Manufacturing and sale of home and lifestyle products and food products under its own brands through third-party online marketplaces such as Amazon and Myntra; (2) Trading of fabrics, cotton, and agro-based products; (3) E-commerce support services providing end-to-end solutions for brand growth including marketing, technology, and operations support for D2C businesses and corporate clients.
Business Segments
Trading of fabrics, cotton, agro-based products, and other goods primarily through gated market platforms
Manufacturing of home and lifestyle products including bed sheets, curtains, comforters, table linens, and pillow covers marketed under brands 'Stoa Paris' and 'QuirkLoom'
Development and marketing of food products, particularly sauces, marketed under brand 'Small Batch'
Comprehensive digital and e-commerce support services including marketing, technology, and operations to enable growth of consumer brands in online space for D2C businesses and corporate clients
Manufacturing of home furnishing products including bedsheets, curtains, comforters, pillow covers, and other related textile products
Trading of fabrics and bio-products
Manufacturing and sales of home and lifestyle products (Stoa Paris, Quirkloom) and gourmet food products (Small Batch) through D2C websites, e-commerce marketplaces, and other sales channels
Procurement and distribution of agro byproducts (mustard husk, cotton straw, paddy bales, rice husk, moong straw) and textile fabrics (premium polyester shirting materials, premium ultrasateen soft fabrics)
Strategic partnerships with leading rewards and loyalty programs across India (BI Worldwide, Rewards360, Loyalty Rewardz), aggregating products from trusted brands for exclusive user groups accessing private, access-controlled platforms
Comprehensive digital and e-commerce support services including performance marketing & e-commerce management, media advertising, commission-based marketplace sales support, professional fees & marketing advisory, web services development, and marketing executional services
Premium home furnishings and textiles including Stoa Paris (high-fashion furnishings) and Quirkloom (home décor products) sold through online and offline channels. Products include dyeing/printing fabrics, cutting, stitching, and finished furnishing products with quality checks at every stage.
SmallBatch brand offering chef-developed innovative and preservative-free gourmet food products with elevated taste experience. Products made through cloud kitchen partners following standardized quality control for fresh fruits, vegetables, spices, and finished products with checks for taste, viscosity, pH levels.
Manufacturing and sale of home and lifestyle products including bed sheets, curtains, comforters, table linens, and pillow covers under owned brands
Manufacturing and sale of food products with primary focus on sauces marketed under owned brands
Trading of agro-based products, cotton, fabrics and various other goods, primarily through gated market platforms
Comprehensive range of digital and e-commerce support services providing end-to-end solutions across marketing, technology, and operations for D2C businesses and corporate clients
SWOT Analysis
Strengths
- • First-time public issue with EMERGE platform listing(p.3)
- • Diversified revenue streams across multiple business segments(p.34)
- • Strong EBITDA margins demonstrating operational efficiency(p.27)
- • Established brand portfolio with three distinct brands(p.46)
- • Experienced promoter-driven management team with deep industry expertise(p.55)
- • Strong established customer relationships built by promoters over years(p.55)
- • Strong Brand and Innovative Products(p.144)
- • Agile and Scalable Business Model(p.144)
- • Experienced Leadership Team(p.144)
- • Technology and Data Capabilities(p.144)
- • Data-Led Marketing and Brand Growth(p.145)
- • Multi-Channel Distribution Strategy(p.145)
- • Diversified multi-brand portfolio across Home & Lifestyle and Gourmet Food with direct-to-consumer reach(p.177)
- • Strong differentiation in Home & Lifestyle through distinctive design aesthetic and high fashion positioning(p.177)
- • Gourmet Food differentiation via chef-developed recipes and premium ingredient sourcing(p.177)
- • Rigorous multi-stage quality control processes for both product lines(p.177)
- • Geographic expansion strategy from metros to Tier-2 and Tier-3 markets(p.177)
- • Established trademark portfolio with 12 registered trademarks protecting brand assets(p.179)
- • Strong revenue growth: FY2025 revenue of ₹5464.94L vs ₹4004.18L in FY2024(p.183)
- • Profitable operations with PAT of ₹1079.38L in FY2025(p.183)
- • Established brand portfolio across multiple consumer segments(p.256)
- • Diversified revenue streams across manufacturing, trading, and e-commerce services(p.256)
- • Significant geographic presence with multi-state GST registrations(p.288)
- • Positive operating profit from operations for at least two out of three financial years, meeting IPO eligibility criteria(p.299)
- • Positive net worth and improving financial position across years(p.299)
- • Clean regulatory and compliance record with no BIFR referral or insolvency proceedings(p.298)
- • No material regulatory or disciplinary actions against the company(p.298)
- • No winding up petition or default on debt obligations(p.298)
- • No investor complaints received in the three years preceding the IPO(p.307)
Weaknesses
- • Heavy dependence on limited number of suppliers for raw materials(p.34)
- • Significant revenue concentration among top customers(p.39)
- • Rising employee attrition rates(p.41)
- • Reliance on unsecured, demand-repayable loans from lenders(p.46)
- • Lease arrangement for all major operational facilities(p.44)
- • No long-term contractual agreements with customers(p.47)
- • High sales return rates from e-commerce operations(p.47)
- • Heavy dependence on key promoters for business continuity(p.55)
- • Limited corporate governance experience among board members(p.52)
- • Significant related-party transactions with potential conflicts of interest(p.52)
- • Promoter ownership concentration poses minority shareholder risks(p.53)
- • Recent issuance of shares at lower prices than IPO price(p.53)
- • Nascent Brand Portfolio(p.169)
- • Dependence on External Partnerships(p.169)
- • Limited Offline Presence(p.169)
- • Financial Scale Constraints(p.169)
- • Concentration of ownership with Promoters holding 80.19% shareholding(p.216)
- • Limited workforce of 89 employees concentrating operational risk(p.178)
- • High leverage with short-term borrowings of ₹1128.49L as of 30.09.2025(p.228)
- • Significant inventory holdings of ₹1527.27L indicating potential working capital pressure(p.228)
- • Dependence on cloud kitchen partners for SmallBatch raw material sourcing(p.178)
- • Substantial dependence on limited customer base(p.271)
- • Significant dependence on limited supplier base(p.270)
- • Elevated short-term borrowings relative to long-term debt(p.260)
- • Pending income tax and GST assessments creating contingent liabilities(p.274)
- • Positive free cash flow but reliant on debt financing for operations(p.298)
- • SME platform listing limits future growth opportunities compared to main board(p.313)
Opportunities
- • Expansion of e-commerce and digital support services segment(p.26)
- • Growth potential in Indian manufacturing sector(p.26)
- • Diversification into manufacturing and branded product categories(p.26)
- • Capital expenditure funding for facility expansion(p.27)
- • Large addressable market in home and living segment(p.26)
- • Capital expansion to support business growth(p.104)
- • Enhanced working capital to increase manufacturing and trading capacity(p.109)
- • Debt reduction improving financial flexibility(p.104)
- • Listing benefits to enhance corporate image and brand(p.104)
- • Large and Growing Addressable Market(p.169)
- • Affluent Consumer Segment Growth(p.169)
- • Multi-Channel Expansion Opportunities(p.169)
- • Technology-Driven Innovation(p.169)
- • Structured Brand Building and Scaling(p.145)
- • Continuous Product Innovation(p.146)
- • International market entry with export operations commenced to United States(p.197)
- • Expansion into Tier-2 and Tier-3 markets with growing e-commerce adoption(p.177)
- • Leverage digital marketing and influencer collaborations for brand reach(p.177)
- • Growth potential in organized home furnishings and gourmet food segments(p.177)
- • Corporate gifting channel development for Home & Lifestyle products(p.177)
- • Expansion into new geographic markets via multi-state GST infrastructure(p.288)
- • Growth in e-commerce and D2C service offerings(p.257)
- • Migration pathway to NSE MainBoard after 3 years with defined criteria(p.313)
- • Access to capital markets for funding growth and operations(p.316)
- • Mandatory market making support for three years post-listing(p.314)
Threats
- • Dependence on third-party online marketplace platforms and their commission rates(p.35)
- • Exposure to raw material price volatility(p.40)
- • Concentrated geographic revenue dependence(p.42)
- • Exposure to foreign exchange fluctuations in export activities(p.49)
- • Regulatory compliance delays and related penalties(p.37)
- • Intense competition in fragmented apparel and food segments(p.51)
- • Infrastructure and transportation dependency risks(p.48)
- • Single manufacturing facility concentration risk(p.48)
- • Regulatory compliance burden and potential ESG-related penalties(p.52)
- • Dependency on regulatory approvals and licenses for operations(p.54)
- • Indian economic policy and liberalization risks(p.58)
- • Exposure to Indian infrastructure constraints(p.59)
- • Vulnerability to natural calamities and geopolitical events(p.59)
- • Global macroeconomic and geopolitical instability(p.59)
- • Intense Market Competition(p.169)
- • Platform Dependency Risks(p.169)
- • Economic and Market Risks(p.169)
- • Supply Chain Vulnerabilities(p.169)
- • Intense competition from both organized legacy brands and emerging D2C players(p.177)
- • Regulatory compliance requirements across multiple jurisdictions and product categories(p.187)
- • Dependence on e-commerce platform policies and algorithm changes affecting sales(p.177)
- • Sensitivity to raw material price fluctuations in fabrics and food ingredients(p.178)
- • Foreign exchange risk from US export operations(p.197)
- • E-commerce regulatory changes including proposed flash sale bans and seller registration(p.187)
- • Revenue volatility from customer concentration risk(p.271)
- • Ongoing tax department scrutiny and uncertain outcomes(p.274)
- • Dependency on supplier relationships and input cost volatility(p.270)
- • Minimum subscription requirement of 90% of the Issue for completion(p.342)
- • Minimum 200 allottees requirement or entire IPO will be failed and amounts refunded(p.299)
- • Market-making obligation and regulatory compliance requirements post-listing(p.314)
- • Promoter lock-in and minimum shareholding requirements may restrict operations(p.313)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Amit Rajendraprasad Dalmia | Promoter | 69.63% | — |
| Susmita Amit Dalmia | Promoter | 1.92% | — |
| Ruman Kailash Agarwal | Promoter | 4.32% | — |
| Yogendra Vashishta | Promoter | 4.32% | — |
| Mr. Amit Rajendraprasad Dalmia | Promoter | 69.63% | — |
| Mrs. Susmita Amit Dalmia | Promoter | 1.92% | — |
| Mr. Ruman Kailash Agarwal | Promoter | 4.32% | — |
| Mr. Yogendra Vashishta | Promoter | 4.32% | — |
| Amit Rajendraprasad Dalmia | Promoter | — | — |
| Susmita Amit Dalmia | Promoter | — | — |
| Ruman Kailash Agarwal | Promoter | — | — |
| Yogendra Vashishta | Promoter | — | — |
| Mr. Amit Rajendraprasad Dalmia | Promoter | 69.63% | — |
| Mrs. Susmita Amit Dalmia | Promoter | 1.92% | — |
| Mr. Ruman Kailash Agarwal | Promoter | 4.32% | — |
| Mr. Yogendra Vashishta | Promoter | 4.32% | — |
| Amit Rajendraprasad Dalmia | Promoter | 69.63% | — |
| Susmita Amit Dalmia | Promoter | — | — |
| Ruman Kailash Agarwal | Promoter | — | — |
| Yogendra Vashishta | Promoter | — | — |
Leadership
Amit Rajendraprasad Dalmia · Chairman & Managing Director
Susmita Amit Dalmia · Whole-Time Director
Ruman Kailash Agarwal · Whole-Time Director
Tarak Amrutlal Nagda · CFO
Nikita Dinesh Chandak · 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.