Bhadora Industries IPO: Price, GMP, Analysis, And Details

Bhadora Industries IPO - Company Analysis

Bhadora Industries IPO under the SME IPO category is a bookbuilding of Rs. 55.62 Cr by Bhadora Industries Ltd, which was incorporated in 1986 and produces industrial cables for effective power distribution and transmission, catering to government discoms and EPC businesses in a range of industrial sectors. "Vidhut Cables" is the brand name that the company uses.

Polyvinyl chloride (PVC), Low Voltage (LV), and Cross-Linked Polyethylene (XLPE) cables make up the company's product line and it sells its products in Andhra Pradesh and Assam in addition to other states.

It supplies its goods to residential and EPC enterprises as well as State Electricity Boards throughout India.

The company's 15028 square foot production facility is situated in Tikamgarh, Madhya Pradesh.

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Bhadora Industries IPO Details

The Bhadora Industries IPO date is on 04 August 2025, and its initial public offering will end on 06 Aug with IPO allotment on Aug 07, and refund initiation on Aug 08, 2025.

The Rs. 55.62 crore new SME IPO comprises a wholly fresh issue of 54 lac shares.

The Bhadora Industries IPO listing date (expected) might be on Monday, Aug 11, 2025, and listing at the NSE and SME. 

The Bhadora Industries IPO price band is Rs. 97 to Rs. 103.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Aug 04, 2025
IPO Closing Date	Aug 06, 2025
IPO Allotment Date	Aug 07, 2025
Refund Initiation	Aug 08, 2025
IPO Listing Date	Aug 11, 2025

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	48.76	25.87	20.13
Total Revenue	110.69	83.27	18.81
PAT	10.79	4.96	0.18
EBITDA	16.98	6.79	1.04
Net Worth	20.94	10.15	5.20
Reserves & Surplus	7.74	8.50	3.55
Borrowings	19.67	9.47	10.13

 

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	233.67	280.83	122.29
Net Cash Flow Investing Activities	(729.97)	(36.80)	56.77
Net Cash Flow Financing Activities	744.63	(238.52)	(212.38)

 

Revenue Bifurcation

State-wise Revenue Breakdown

 

Revenue from Operations Breakdown

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• To increase its capacity to produce cables, it would partially finance the establishment of a new manufacturing plant in Madhya Pradesh. "Proposed new facility".

• Meeting the company's working capital needs.

• General corporate purposes.
  
  

Listed Peers of Bhadora Industries Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Dynamic Cables Limited	10	27.13	16.59
DCG Cables & Wires Limited	10	4.46	16.32

 

Valuation

Metric	Value
ROE	51.51%
ROCE	42.41%
Debt/Equity	0.94
RoNW	51.51%
PAT Margin	9.80%
EBITDA Margin	15.42%
Price to Book Value	6.49

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 8.17 from the last year, the resulting P/E ratio is 12.60x (taking the upper price). When compared with the industry’s average P/E of 16.46x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the B.D Industries IPO.

IPO's Strengths 

• Visionary management and leadership.

• Approved supplier for government programs.

• Highest quality requirements for all of our materials, processes, and products.

• Operations of sustainable businesses.

 

 

IPO’s Weaknesses 

• The revenue of Bhadora Industries is mostly dependent on a limited number of clients.  The revenue and profitability of the company could be greatly impacted by the loss of even one important client or a decline in orders.

• The company is closely associated with the construction, real estate, and infrastructure industries because it produces metal products such as MS pipes. Any slowdown in these industries may hurt revenue and demand.

• Despite being incorporated in 2019, the company's fundamental functions under the current configuration are comparatively new. This brief history might not give enough information about resilience and long-term performance.

• The business's activities are quite capital-intensive, needing large amounts of cash flow for inventories and the purchase of raw materials. Production and delivery schedules may be impacted by any cash cycle disturbance.
  
  

Bhadora Industries IPO GMP

Bhadora Industries IPO GMP (grey market premium) has not started yet as of 31 Jul 2025 at the time of writing this information.

Bhadora Industries IPO Summary

The Bhadora IPO has a market maker portion size of 2,73,600 Shares (Rs. 2.82 Cr).

IPO Opening & Closing Date	04 Aug, 2025 to 06 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 97 to Rs. 103 per Share.
Lot Size	1200 Shares
Issue Size	54,00,000 Shares (Rs. 55.62 Cr)
Offer for Sale	-
Fresh Issue	54,00,000 Shares (Rs. 55.62 Cr)
Listing at	NSE, SME
Issue Type	Bookbuilding Issue
Registrar	MUFG Intime India Private Limited (Link Intime)

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,47,200 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (3600 Shares) for Rs. 3,70,800.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	50%
Retail’s Portion	35%
Non-Institutional Portion	15%

 

Bhadora Industries IPO Allotment Status

To check the IPO Allotment Status of Bhadora Industries, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website- Link Intime IPO allotment status

Using BSE Website- ​BSE IPO allotment status

 

Promoters And Management of Bhadora Industries Ltd.

• Shashank Bhadora

• Pradeep Bhadora

• Anil Bhadora.

Pre-Issue Promoter Shareholding	92.42%
Post-Issue Promoter Shareholding	65.59%

 

IPO Lead Managers

• Unistone Capital Pvt Ltd.

 

 

Dividend Policy

The company has not paid a dividend in the last three financial years.

 

Conclusion

The Bhadora Industries IPO offers robust financial growth, great margins, and a return on equity (ROE) of more than 50%. However, there is a risk of concentration due to its dependence on a small number of clients and demand related to real estate. If properly implemented, the new factory expansion plan might facilitate future scalability. Before subscribing, investors should evaluate the company's short history and other risks.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.