Systematic Industries
Book Building issueSMEBSE₹116 Cr issue
-0.62%
Listing gain over issue price
Issue size
₹116 Cr
1 lot at cut-off
₹1,17,000
Lot size
600shares
Open
24 Sep 2025
Close
26 Sep 2025
Allotment
29 Sep 2025
Listing
01 Oct 2025
Listing performance
Issue price
₹195
Listed at
₹193.80
Listing-day close
₹196.45
Latest price
₹242.75
Close on 23 Oct 2026
Listing gain
-0.62%
Return since issue
+24.49%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Sep 2025 – 26 Sep 2025
- Listing date
- 01 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹195 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹116 Cr
- Market cap at offer price
- ₹435 Cr
- Promoter holding
- 99.95% → 73.41% pre-issue → post-issue
- ISIN
- INE1KLZ01011
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 418, 4th Floor, Nirmal Corporate Center, L.B.S.Marg, Mulund (West), 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 | 16,87,800 | — | — |
| Market maker | 3,00,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹195
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,17,000 |
| S-HNI (min) | 2 | 1,200 | ₹2,34,000 |
| S-HNI (max) | 8 | 4,800 | ₹9,36,000 |
| B-HNI (min) | 9 | 5,400 | ₹10,53,000 |
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
16,87,800
Anchor portion
₹32.91 Cr
at ₹195 per share
Valuation and performance
Valuation at offer price
₹195 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.99 | 8.27 |
| P/E (×) | 17.74 | 23.58 |
| Price to book (×) | 4.05 | — |
| Market cap | — | ₹435 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.84%
- ROCE
- 16.44%
- Debt / equity
- 1.23
- PAT margin
- 4.13%
- EBITDA margin
- 7.61%
- NAV per share
- ₹48.10
- Price to book
- 4.05
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Systematic Industries
Incorporated in 2000 and converted to a public company in 2024, Systematic Industries Limited is an ISO certified (9001:2015, 14001:2015, 45001:2018) manufacturer of steel wires and cables. The company produces various steel wire types including Carbon steel wire (MS Wire), High carbon wire (HC Wire), Galvanized Iron (GI) Wire, Cable Armour Wire, and Aluminium conductor steel-reinforced cable (ACSR Core wire), along with Optical Ground Wires (OPGW) and Optical Fibre Cable (OFC). These products serve multiple industries with electrical and mechanical properties suitable for power generation, data transmission, and distribution. The company operates multiple factories in Gujarat and the Union Territory of Dadra & Nagar Haveli and Daman & Diu, and has been growing its revenue, with total income of Rs. 44,920.61 lakhs in FY 2025 compared to Rs. 32,190.05 lakhs in FY 2023.
Company Analysis
from RHPSystematic Industries Limited manufactures and supplies specialized steel wires and optical cables for power transmission, infrastructure, telecommunications, and agricultural industries.
Incorporated in 2000 and converted to a public company in 2024, Systematic Industries Limited is an ISO certified (9001:2015, 14001:2015, 45001:2018) manufacturer of steel wires and cables. The company produces various steel wire types including Carbon steel wire (MS Wire), High carbon wire (HC Wire), Galvanized Iron (GI) Wire, Cable Armour Wire, and Aluminium conductor steel-reinforced cable (ACSR Core wire), along with Optical Ground Wires (OPGW) and Optical Fibre Cable (OFC). These products serve multiple industries with electrical and mechanical properties suitable for power generation, data transmission, and distribution. The company operates multiple factories in Gujarat and the Union Territory of Dadra & Nagar Haveli and Daman & Diu, and has been growing its revenue, with total income of Rs. 44,920.61 lakhs in FY 2025 compared to Rs. 32,190.05 lakhs in FY 2023.
Steel wire manufacturingPower transmission and infrastructureTelecommunicationsAgricultureOptical fiber cables
Objects of the Issue
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company Rs. 9,500.00 lakhs p.31
- General Corporate Purpose p.31
- Objects of the Offer - specific purposes not detailed in this excerpt p.66
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company 9500.00 p.103
- General Corporate Purpose p.107
Issue Structure
- Total Issue
- Up to 59,28,000 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 55,28,000 Equity Shares of face value of ₹10 each aggregating to ₹[●] Lakhs
- Offer for Sale
- Up to 4,00,000 Equity Shares of face value of ₹10 each by Siddhant Ispat Private Limited aggregating to ₹[●] Lakhs
- Lot Size
- [●] equity shares
- Face Value
- ₹10/- each
Business Model
The company manufactures and supplies specialized steel wires and optical cables to various industries. Revenue is generated through the sale of steel wires which accounted for 97.81% of total revenue from operations in FY 2025. The company serves Power and Transmission (68.47% of FY 2025 sales), Infrastructure (24.34%), Agriculture (6.01%), Telecommunications (0.46%), and Others (0.72%) segments.
Business Segments
Manufacturing and supplying of steel wires for power transmission applications
Manufacturing and supplying of steel wires for infrastructure applications
Manufacturing and supplying of steel wires for agricultural applications
Manufacturing and supplying of Optical Ground Wires (OPGW) and Optical Fibre Cable (OFC)
Manufacturing of steel wire, MS wire, and annealed wire used in power transmission, infrastructure, telecommunications, and agro-based industries
Manufacturing of Optical Ground Wires for power transmission and telecommunications infrastructure
Manufacturing of Optical Fibre Cables for telecommunications infrastructure
Steel wires, particularly for transmission lines, power cables, and wind power systems integral to the efficient storage and transmission of energy
Steel wires for construction projects including reinforced concrete, suspension bridges, cable constructions, binding wires and mesh products
Steel wires for agricultural applications like barbed wire or netting for livestock control and crop protection
Steel wires integral to the production of cables, providing strength for long-distance transmission
Manufacturing and supply of various steel wires including Mild Steel (MS) Wire, Galvanized Iron (GI) Wire, Galvasys Wire (Zinc-Aluminium Alloy wire), ACSR Core wire, and Aluminium Clad Steel (ACS) Wire
Manufacturing and supply of Optical Ground Wires (OPGW) and Optical Fibre Cable (OFC) with electrical and mechanical properties suitable for power generation, data transmission and distribution
The company operates in a single segment i.e. Manufacturing of Wires producing various types of steel wires including Carbon steel wire (MS Wire), High carbon wire (HC Wire), Mild Steel (MS) Wire, Galvanized Iron (GI) Wire, Cable Armour Wire, Aluminium conductor steel-reinforced cable (ACSR Core wire), Aluminium Clad Steel (ACS) Wire, Optical Ground Wires (OPGW) and Optical Fibre Cable (OFC)
SWOT Analysis
Strengths
- • ISO certified manufacturing with established quality standards(p.31)
- • Diversified product portfolio across multiple steel wire types and applications(p.31)
- • Market leadership position with strong installed capacity(p.31)
- • Revenue growth over past three years(p.33)
- • Established manufacturing capacity with recent expansion(p.49)
- • Strong revenue and profit growth trajectory(p.52)
- • Declining power and fuel costs as percentage of expenses(p.48)
- • Established multi-factory operations with comprehensive equipment and R&D capabilities(p.144)
- • Diversified product portfolio serving multiple high-growth industries(p.145)
- • Strong quality management system with ISO certifications(p.146)
- • Geographically diversified revenue base across 25+ states and 30+ countries(p.144)
- • Experienced promoter with 24 years industry expertise(p.143)
- • Regulatory approvals from key infrastructure bodies (Power Grid, BSNL)(p.143)
- • Strong revenue growth trajectory with improving profitability metrics(p.144)
- • Established manufacturing footprint with four operational factories(p.185)
- • Rapid revenue growth trajectory across three fiscal years(p.188)
- • Export House recognition from Ministry of Commerce(p.188)
- • Experienced management with 24 years in steel wire and cable industry(p.192)
- • Diverse product portfolio including specialty wires and cables(p.224)
- • ISO certifications and quality standards compliance(p.268)
- • Diversified product portfolio across multiple applications(p.268)
- • Significant installed production capacity(p.268)
- • Strong revenue growth trajectory(p.268)
- • Profitability improvement with strong margins(p.270)
- • Experienced promoter leadership with 24 years in industry(p.269)
- • Established export presence in 30+ countries(p.268)
- • Government recognition and approvals(p.269)
- • Successfully established track record with profitability growth(p.306)
- • Strong net worth growth trajectory(p.306)
- • Reasonable leverage ratio within acceptable limits(p.306)
- • Clean regulatory and compliance standing(p.307)
- • Sound financial servicing record(p.306)
- • Promoter credibility and no legal impediments(p.305)
Weaknesses
- • Heavy capital intensity with high dependency on debt financing(p.41)
- • Excessive concentration on a few suppliers for raw materials(p.42)
- • High concentration of customer base in power and transmission sector(p.42)
- • Significant working capital requirements with high trade receivables and inventory levels(p.46)
- • Geographic concentration of operations in Gujarat and Dadra & Nagar Haveli(p.45)
- • Dependence on leased premises for registered office and certain factories(p.44)
- • Negative operating cash flows in prior periods(p.45)
- • Non-compliance with certain statutory provisions under Companies Act(p.41)
- • High concentration dependence on few customers(p.49)
- • Low capacity utilization for new product lines(p.49)
- • Significant indebtedness(p.52)
- • Dependence on external transportation without long-term agreements(p.54)
- • Reliance on few lenders for financing(p.59)
- • Past statutory compliance delays(p.59)
- • Promoter group member's association with delisted company(p.51)
- • Vehicles not registered in company's name(p.56)
- • Inadequate insurance coverage(p.50)
- • Contingent liabilities(p.54)
- • High financial leverage with significant outstanding debt(p.104)
- • Customer concentration risk with top 10 customers accounting for over one-third of revenue(p.146)
- • Geographic concentration with largest revenue from Maharashtra and Gujarat(p.146)
- • Very low capacity utilization in newly launched OPGW and OFC segments(p.165)
- • Rented facilities for registered office and one factory subject to renewal risk(p.169)
- • High dependence on short-term borrowings relative to capital structure(p.218)
- • Significant concentration of shareholding with promoters(p.208)
- • High finance costs relative to profitability(p.220)
- • Inventory management challenges with rising stock levels(p.218)
- • High debt-to-equity ratio indicating financial leverage(p.256)
- • Significant pending tax liabilities and disputes(p.284)
- • Outstanding tax demands against the company(p.282)
- • Multiple pending criminal proceedings for debt recovery(p.279)
- • High concentration of ownership with promoter(p.234)
- • Significant outstanding dues to creditors(p.286)
- • Limited scale with post-IPO capital below Rs. 25 crores(p.305)
- • Short operating history for IPO stage(p.305)
- • Moderate asset base with net tangible assets of Rs. 80.81 crores(p.305)
Opportunities
- • Expansion into telecommunications industry with OPGW and OFC products(p.42)
- • Strong projected growth in steel wire market(p.31)
- • Growing demand from multiple infrastructure and power transmission end-user segments(p.31)
- • Planned debt reduction through offer proceeds(p.31)
- • Expansion into new product lines(p.53)
- • Geographic and market expansion(p.48)
- • Growth in infrastructure and power transmission sectors(p.59)
- • Capitalize on projected steel wire industry growth at 6% CAGR through 2030(p.127)
- • Expand presence in growing power transmission and infrastructure sectors(p.145)
- • Grow optical fiber cable business driven by government infrastructure projects and 5G deployment(p.136)
- • Expand into emerging OPGW and ACS wire segments with strong demand drivers(p.129)
- • Increase export penetration with steel wire exports growing at 9.3% CAGR(p.147)
- • Leverage technological advancement investments to improve operational efficiency and market position(p.147)
- • Government policy support for domestic steel industry development(p.171)
- • Mandatory quality certification driving industry consolidation(p.171)
- • Growing demand for specialized wires in power transmission infrastructure(p.224)
- • Capacity expansion with new factory commencements(p.188)
- • Export market opportunities with established One Star Export House status(p.224)
- • Expansion into new wire product categories(p.250)
- • Growth in power transmission and infrastructure sectors(p.268)
- • Government infrastructure development initiatives(p.269)
- • Expansion of domestic market presence(p.268)
- • Increased utilization of expanded production capacity(p.245)
- • Entry into new geographic markets for exports(p.269)
- • Potential migration to BSE mainboard upon meeting criteria(p.325)
- • Access to capital markets for future growth financing(p.325)
- • Liquidity provision through mandatory market making for 3 years(p.327)
Threats
- • Fluctuations in raw material prices and supply availability(p.29)
- • Regulatory and licensing risks affecting operations(p.40)
- • Power supply disruptions and cost increases(p.47)
- • Dependence on limited end-user industries subject to cyclical downturns(p.42)
- • Machinery breakdown and operational disruptions(p.44)
- • Intense competition from established players in new markets(p.45)
- • Risk of technological obsolescence(p.45)
- • Energy cost volatility(p.48)
- • Labour availability and cost pressures(p.48)
- • Foreign exchange rate fluctuation risk(p.48)
- • Intense competition in steel wire industry(p.50)
- • Environmental and labour law compliance risks(p.48)
- • Dependence on raw material suppliers(p.62)
- • Slowdown in Indian economy(p.61)
- • Global financial instability(p.61)
- • Transportation cost and logistics risks(p.54)
- • Natural disasters and force majeure events(p.63)
- • Significant industry competition from larger established players with greater capacity(p.138)
- • Fluctuating raw material costs particularly for steel and aluminum(p.140)
- • Supply chain disruption risks from geopolitical tensions and trade restrictions(p.140)
- • Regulatory compliance risks and potential non-compliance penalties(p.140)
- • Technological obsolescence and need for continuous innovation investment(p.140)
- • Dependence on key government projects for OPGW and OFC demand(p.136)
- • Mandatory quality control orders creating compliance burden(p.171)
- • Volatility in raw material costs and currency fluctuations(p.227)
- • Regulatory compliance costs across multiple jurisdictions(p.176)
- • Rising labor and employee benefit obligations(p.220)
- • Cyclicality and competition in steel wire industry(p.224)
- • Fluctuations in raw material prices affecting margins(p.270)
- • Intense competition in wire manufacturing sector(p.275)
- • Dependence on few large customers(p.275)
- • Regulatory and compliance changes affecting operations(p.270)
- • Forex and commodity price volatility(p.270)
- • Industry cyclicality and economic downturns(p.270)
- • Minimum 200 allottee requirement creates listing risk(p.321)
- • Dependency on maintaining listing standards for continued trading(p.313)
- • Compliance burden with SME platform regulations and disclosure requirements(p.320)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Siddharth Rajendra Agarwal | Promoter | 89.99% | 67.71% |
| Satya Rajendra Agrawal | Promoter | 0.91% | 0.68% |
| Siddharth Rajendra Agarwal | Promoter | 89.99% | 67.71% |
| Satya Rajendra Agrawal | Promoter | 0.91% | 0.68% |
| Siddhant Ispat Private Limited | Promoter Group/Selling Shareholder | 9.04% | 5.01% |
| Shruti Agrwal | Promoter Group | 0.01% | 0.01% |
| Siddharth Rajendra Agarwal | Promoter | — | — |
| Siddharth Rajendra Agarwal | Promoter | 89.99% | — |
| Satya Rajendra Agrawal | Promoter | 0.91% | — |
| Siddharth Rajendra Agarwal | Promoter/Chairman & Managing Director | 90.01% | — |
| Satya Rajendra Agrawal | Promoter/Non-Executive Director | 0.91% | — |
| Siddhant Ispat Private Limited | Selling Shareholder | — | — |
| Siddhant Ispat Private Limited | Selling Shareholder (via Siddharth Rajendra Agarwal, Director) | — | — |
Leadership
Siddharth Rajendra Agarwal · Chairman & Managing Director
Satya Rajendra Agrawal · Non-Executive Director
Vikas Navin Hegde · Whole Time Director
Dimple Lalwani · Company Secretary & Compliance Officer
Dwarika Prasad Agrawal · Chief Financial 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.
Systematic Industries IPO FAQs
What is the lot size of Systematic Industries IPO?
The minimum lot size of Systematic Industries IPO is 600 shares. One lot costs ₹1,17,000 at the cut-off price.
When does Systematic Industries IPO open and close?
Systematic Industries IPO opened for subscription on 24 Sep 2025 and closed on 26 Sep 2025.
What is the listing date of Systematic Industries IPO?
Systematic Industries IPO listed on 01 Oct 2025.