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Bhadora Industries IPO
Bhadora Industries Ltd
₹1,16,400 /1200 sharesMinimum Investment
Bhadora Industries IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹103.00 | ₹101.00 | -₹2.00 (1.94%) |
Bhadora Industries IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 4 Aug ‘25 - 6 Aug ‘25 | ₹2,32,800 | 1,200 | ₹97 - ₹103 |
| Issue Size | IPO Doc |
|---|---|
| 55.62Cr | RHP PDF |
Subscription rate
As of 06 Aug'25, 05:00 PM
| Qualified Institutional Buyers | 0.68x |
| Non-Institutional Investor | 1.65x |
| Retail Individual Investor | 0.87x |
| Total | 0.91x |
About Bhadora Industries
Founded in
1986
Managing director
Mr Shashank Bhadora
Parent organisation
Bhadora Industries Ltd
Strengths & Financials of Bhadora Industries
Strengths
Risks
Bhadora Industries claims to be an approved vendor for several state electricity boards and government schemes, such as the Rural Electrification Corporation Power Distribution Company Limited (RECPDCL) scheme in Jammu & Kashmir and the Revamped Distribution Sector Scheme (RDSS).
Bhadora Industries claims to have maintained steady growth by continuously expanding its product portfolio, from PVC cables to more advanced options like XLPE and aerial bunched (AB) cables. The company further states that it adheres to all regulatory standards, ensuring long-term stability, while also planning to introduce high-value products like high tension (HT) and medium voltage covered conductors (MVCC) cables.
The company is ISO 9001:2015 certified for its quality management systems, ISO 14001:2015 certified for its environmental management systems, and ISO 45001:2018 certified for occupational health and safety.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 18.44 crore in FY23 to Rs 81.39 crore in FY24 and Rs 110.11 crore in FY25. PAT increased from Rs 0.18 crore in FY23 to Rs 4.95 crore in FY24 and Rs 10.79 crore in FY25.
The top 10 customers accounted for Rs 95.71 crore (86.92 percent) of the company’s revenue in FY25, Rs 73.08 crore (89.79 percent) in FY24, and Rs 16.40 crore (88.95 percent) in FY23. Furthermore, the top customer alone accounted for Rs 40.30 crore (36.60 percent) of the company’s revenue in FY25, Rs 22.70 crore (27.89 percent) in FY24, and Rs 4.08 crore (22.12 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The cost of raw materials consumed accounted for Rs 84.23 crore (87.54 percent) of the company’s total expenses in FY25, Rs 66.82 crore (87.26 percent) in FY24, and Rs 15.38 crore (82.76 percent) in FY23. Any sudden increase in the prices, availability, or quality of raw materials could adversely affect the company’s operational results, financial condition, and cash flows.
The top 10 suppliers accounted for Rs 67.59 crore (78.82 percent) of the company’s total purchases of raw materials in FY25, Rs 52.18 crore (79.57 percent) in FY24, and Rs 15.27 crore (93.72 percent) in FY23. Furthermore, the top supplier alone accounted for Rs 11.93 crore (13.91 percent) of the company’s total purchases of raw materials in FY25, Rs 16.12 crore (24.59 percent) in FY24, and Rs 5.99 crore (36.78 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
A significant portion of the company’s revenue is derived from sales to engineering, procurement, and construction (EPC) contracts. They accounted for Rs 99.23 crore (90.12 percent) of the company’s revenue in FY25, Rs 60.31 crore (74.10 percent) in FY24, and Rs 8.69 crore (47.11 percent) in FY23. Any downturn in demand from this segment, due to factors such as intensified competition, market fluctuations, or delays in payment schedules, could negatively impact the company's operations and profitability.
The company, its promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
A significant portion of the company’s revenue is derived from LT aerial-bunched cables. It accounted for Rs 83.11 crore (75.48 percent) of the company’s revenue in FY25, Rs 34.35 crore (42.20 percent) in FY24, and Rs 6.31 crore (34.21 percent) in FY23. Any decline in sales volume or pricing of this product, or inability to sell it, could severely impact the company’s financial condition.
The company’s sole manufacturing facility is situated in Madhya Pradesh. Any adverse political, social, or economic developments in this region could harm the company’s business, results of operations, and financial condition.
As of FY25, the company had trade receivables of Rs 21.77 crore, a sharp increase from Rs 12.20 crore in FY24 and Rs 4.62 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of FY25, the company had contingent liabilities amounting to Rs 8.21 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of June 30, 2025, the company had outstanding financial indebtedness amounting to Rs 17.26 crore. Any failure to service or repay these loans on time could harm the company’s operations and financial position.
Bhadora Industries Financials
*All values are in Rs. Cr
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Application Details of Bhadora Industries IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹97 - 103 | ₹2 - 5 Lakh |
| High Networth Individual | ₹97 - 103 | ₹2 - 5 Lakh |
For Bhadora Industries IPO, eligible investors can apply as Regular.