Lohia Corp
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 9.11×
- Big non-institutionalbNII · above ₹10 lakh
- 7.35×
- Small non-institutionalsNII · ₹2–10 lakh
- 5.45×
- Retail individualRII · up to ₹2 lakh
- 2.51×
- Employeesreserved quota
- 1.37×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Jul 2026 | ₹17 | — | ₹500 | — | ₹595 |
| 29 Jul 2026 | ₹17 | — | ₹500 | — | ₹595 |
| 28 Jul 2026 | ₹16.5 | — | ₹400 | — | ₹577.5 |
| 27 Jul 2026 | ₹11.5 | — | ₹300 | — | ₹402.5 |
| 26 Jul 2026 | ₹7 | — | ₹200 | — | ₹245 |
| 25 Jul 2026 | ₹7.5 | — | ₹200 | — | ₹262.5 |
| 24 Jul 2026 | ₹14 | — | ₹400 | — | ₹490 |
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
- IPO date
- 23 Jul 2026 – 27 Jul 2026
- Listing date
- 30 Jul 2026
- Face value
- ₹1 per share
- Price band
- ₹404 – ₹425
- Issue price
- ₹425 per share
- Lot size
- 35 shares
- Sale type
- Offer for sale
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹1,101 Cr
- Fresh issue
- ₹0 Cr 0 shares
- Offer for sale
- ₹1,101 Cr 2,59,31,407 shares
- Market cap at offer price
- ₹4,490 Cr
- Promoter holding
- 89.04% → 68.66% pre-issue → post-issue
- ISIN
- INE0QJW01029
- CIN
- U28261UP2023PLC183476
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- D-3/A, Panki Industrial Estate, Udyog Nagar (Kanpur Nagar), Kanpur Nagar, Ratan Lal Nagar, Uttar Pradesh 208 022, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 77,19,423 | 54.55% | 53.79% |
| Anchor investor · within QIB | 1,15,79,133 | — | 80.68% |
| NII (HNI) | 38,59,711 | 27.27% | 26.89% |
| bNII > ₹10L · within NII | 25,73,141 | — | 17.93% |
| sNII < ₹10L · within NII | 12,86,570 | — | 8.96% |
| Retail (RII) | 25,73,140 | 18.18% | 17.93% |
| Employee | 2,00,000 | — | 1.39% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,43,52,274 | — | 100.00% |
Net offer to the public of 1,41,52,274 shares, out of a total issue of 1,43,52,274. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 35 shares per lot, in multiples, at ₹425
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,875 |
| Retail (max) | 13 | 455 | ₹1,93,375 |
| S-HNI (min) | 14 | 490 | ₹2,08,250 |
| S-HNI (max) | 67 | 2,345 | ₹9,96,625 |
| B-HNI (min) | 68 | 2,380 | ₹10,11,500 |
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.
Valuation and performance
Valuation at offer price
₹425 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 18.31 | 18.31 |
| P/E (×) | 23.21 | 23.21 |
| Price to book (×) | 8.61 | — |
| Market cap | — | ₹4,490 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 72.95%
- ROCE
- 44.00%
- Debt / equity
- 0.23
- PAT margin
- 11.13%
- EBITDA margin
- 19.53%
- NAV per share
- ₹49.37
- Price to book
- 8.61
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 |
|---|---|---|
| Profit and loss | ||
| Total income | 1,737.87 | 1,386.47 |
| Revenue from operations | 1,717 | 1,376.87 |
| Other income | 20.88 | 9.6 |
| Total expenses | 1,463.41 | 1,224.05 |
| Operating profit | 274.46 | 162.42 |
| Operating margin | 15.79% | 11.71% |
| Profit before tax | 265.04 | 162.43 |
| Profit after tax | 193.45 | 117.84 |
| PAT margin | 11.13% | 8.50% |
| Balance sheet | ||
| Total assets | 1,304.65 | 967.6 |
| Current assets | 903.45 | 551.42 |
| Current liabilities | 704.67 | 453.69 |
| Total liabilities | 778.93 | 596.01 |
| Net worth | 525.73 | 371.59 |
| Current ratio | 1.28× | 1.22× |
| Return on equity | 36.80% | 31.71% |
| Cash flow | ||
| Operating cash flow | 325.16 | 141.28 |
| Investing cash flow | -239.13 | -31.29 |
| Financing cash flow | -95.46 | -87.77 |
| Net cash flow | -9.43 | 22.22 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Offer for Sale by Selling Shareholders —
The company is conducting an Offer for Sale of Equity Shares by the Selling Shareholders. The company will not receive any proceeds from this Offer as all proceeds will be received by the Selling Shareholders.
2 Achieve Benefits of Listing on Stock Exchanges —
The company aims to achieve the benefits of listing the Equity Shares on the Stock Exchanges to enhance visibility and brand recognition. Listing will also provide liquidity to existing Shareholders and establish a public market for the Equity Shares in India.
2 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Raj Kumar Lohia | Promoter Selling Shareholder | 1,67,28,500 | ₹0.91 |
| Amit Kumar Lohia | Promoter Selling Shareholder | 9,20,187 | ₹0.05 |
| Gaurav Lohia | Promoter Selling Shareholder | 22,17,500 | ₹0.05 |
| Ritu Lohia | Promoter Group Selling Shareholder | 16,71,250 | ₹0.04 |
| Alok Kumar Lohia | Other Selling Shareholder | 21,71,460 | ₹0.02 |
| Anurag Lohia | Other Selling Shareholder | 11,37,610 | ₹0.07 |
| Anuja Lohia | Other Selling Shareholder | 10,84,900 | ₹0.05 |
7 sellers offering 2,59,31,407 shares.
About Lohia Corp
Lohia Corp Limited manufactures and sells machinery and equipment for technical textiles, primarily focusing on woven fabric and sacks. The company was incorporated on June 5, 2023, and subsequently acquired the Technical Textile Machinery business of Lohia Trade Services Limited (formerly Lohia Corp Limited) through a Scheme of Arrangement approved by the NCLT in April 2024. The business generates revenue from the manufacture and supply of woven raffia machines (88.16% of FY2026 revenue), spare parts, and other machinery. The company operates six manufacturing facilities (four in India, one each in USA and Italy), maintains warehouses in India, UAE, and USA, and has a global customer base across Africa, Asia-Pacific, Commonwealth of Independent States, Europe, MENA, and the Americas. Revenue from operations reached ₹17,169.95 million in FY2026 from ₹13,768.72 million in FY2025, with EBITDA of ₹3,394.51 million and ₹2,286.02 million respectively.
Management
Raj Kumar Lohia
MD
Gaurav Lohia
COO
Rajendra Kumar Arya
Director
Paritosh Kumar Mukherjee
Director
Strengths
As stated in the offer document
Market leader in India and among the leading manufacturers globally of woven raffia machinery
The company is among the leading global manufacturers of machinery and equipment for technical textiles with a 15.4% share of the global woven Raffia machinery market by value in 2024 and a dominant market share of 40.7% by value in the domestic woven Raffia machines market in Fiscal 2025.
Diverse product portfolio offering end-to-end solutions for the woven fabric ecosystem
The company provides comprehensive solutions for the entire ecosystem of woven fabric, offering services from 'concept to commissioning' throughout the complete production lifecycle required for the Raffia industry with a diverse suite of products including tape extrusion lines, circular loom, coating and lamination lines, printing machine, conversion machine, multifilament yarn machines, and recycling machines.
Strong relationships with a diverse, global customer base through an extensive global sales and distribution network
The company has supplied products to customers in around 100 countries in Fiscals 2026, 2025 and 2024, with four sales offices in India, five international offices located in Brazil, Russia, Thailand, UAE and USA, and 17 exclusive sales agents in major overseas markets.
Advanced manufacturing infrastructure with comprehensive backward integration, supported by an in-house training centre
The company owns and operates four machine manufacturing facilities along with one live experience centre in India with a total area of approximately 159,884.08 square meters, plus manufacturing facilities in USA and Italy, supported by the TTRC training centre in Kanpur with over 7,300.00 square meters of constructed area.
Technology-driven operations with strong focus on innovation-led research and development
The company has been granted 71 patents in India and 56 patents outside India, with 251 on-roll employees engaged in R&D activities representing 12.49% of total on-roll manpower, and operates the Hargovind Bajaj R&D Centre constructed over approximately 6,000 square meters.
Skilled and experienced management team with committed employee base
The company possesses a qualified senior management team with Chairman and Managing Director having over 43 years of experience, Whole-time Director with more than 20 years of experience, and 2,010 permanent employees as of March 31, 2026 with current average employee tenure of over 8.59 years.
Risk factors
As stated in the offer document
Heavy Dependence on Woven Raffia Machines Market
The company derived 88.16%, 87.28% and 85.68% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively, from woven raffia machines. Any slowdown in end-use industries such as agro-textiles, building-textiles, geo-textiles and packing-textiles can adversely impact business operations and financial performance.
Raw Material Price Volatility and Supply Chain Disruption
Cost of materials consumed represents 53.23% and 47.81% of revenue in Fiscals 2026 and 2025 respectively. The company faces cost fluctuations due to commodity market volatility and supply chain disruptions, with most raw materials sourced on purchase order basis without long-term agreements, exposing the company to price and supply risks.
Significant Import Dependency for Raw Materials
The company sources 16.06% and 14.84% of raw material costs from imports in Fiscals 2026 and 2025 respectively, primarily from Switzerland, USA, Singapore, China and Germany. Import restrictions, tariff changes, or currency fluctuations could significantly impact manufacturing operations and costs.
Foreign Exchange Rate Risk
The company has substantial foreign currency exposure with 42.18% and 58.18% of revenue from overseas operations in Fiscals 2026 and 2025 respectively, and unhedged foreign currency exposure of ₹117.00 million and ₹492.00 million. Currency fluctuations can significantly impact financial performance and competitiveness.
Manufacturing Facility Operational Risks
The company operates six manufacturing facilities across India, USA and Italy, with almost all revenue generated from these facilities. Any significant disruption, breakdown, natural disasters, or operational issues could cause production delays, increased costs, and inability to meet customer demand, severely impacting business operations.
Market Competition and Environmental Regulatory Challenges
The global woven raffia machines market faces challenges including environmental regulations, anti-plastic sentiment, high capital costs for advanced machinery, and competition from alternative materials. These factors may reduce demand for the company's products and affect market position.
Working Capital and Cash Flow Management
The company experienced negative cash flows from operating activities in Fiscal 2024 and has net working capital of 84 days in Fiscal 2026. High working capital requirements and potential cash flow constraints could affect operational flexibility and growth capacity.
Company Analysis
from DRHPLohia Corp Limited is a leading manufacturer of machinery and equipment for technical textiles, specifically for woven fabric and sacks production, with operations across India, USA, Italy, and international markets.
Lohia Corp Limited manufactures and sells machinery and equipment for technical textiles, primarily focusing on woven fabric and sacks. The company was incorporated on June 5, 2023, and subsequently acquired the Technical Textile Machinery business of Lohia Trade Services Limited (formerly Lohia Corp Limited) through a Scheme of Arrangement approved by the NCLT in April 2024. The business generates revenue from the manufacture and supply of woven raffia machines (88.16% of FY2026 revenue), spare parts, and other machinery. The company operates six manufacturing facilities (four in India, one each in USA and Italy), maintains warehouses in India, UAE, and USA, and has a global customer base across Africa, Asia-Pacific, Commonwealth of Independent States, Europe, MENA, and the Americas. Revenue from operations reached ₹17,169.95 million in FY2026 from ₹13,768.72 million in FY2025, with EBITDA of ₹3,394.51 million and ₹2,286.02 million respectively.
Objects of the Issue
- Offer for Sale ₹11,012.85 million p.59
Issue Structure
- Total Issue
- ₹11,012.85 million
- Fresh Issue
- Not applicable
- Offer for Sale
- 25,931,407 Equity Shares aggregating to ₹11,012.85 million
- Price Band
- ₹404 to ₹425 per Equity Share
- Lot Size
- 35 Equity Shares (minimum Bid Lot)
- Face Value
- ₹1 per Equity Share
Business Model
The company manufactures and sells machinery for technical textile production on both direct purchase orders and stock basis. Revenue streams include: (1) Sale of woven raffia machines (88.16% of FY2026 revenue, ₹15,136.95 million); (2) Sale of spare parts for woven raffia machines (11.34% of FY2026 revenue, ₹1,947.30 million); (3) Sale of other equipment and services (11.84% of other revenue). The company sources raw materials both domestically and internationally (16.06% of raw material costs are imported), manufactures products at its facilities, and sells globally with 42.18% of FY2026 revenue from overseas operations.
Business Segments
SWOT Analysis
- • Leading global manufacturer of woven raffia machinery with significant market share(p.25)
- • Strong revenue generation and profitability from woven raffia machines(p.25)
- • Domestic woven raffia machinery market dominance(p.36)
- • Significant export presence across multiple regions(p.33)
- • Established R&D capabilities and substantial workforce expertise(p.38)
- • Multiple manufacturing facilities across India, USA and Italy(p.29)
- • Certain subsidiaries have incurred losses in recent fiscal years(p.31)
- • Dependence on third-party raw material suppliers with no long-term formal agreements(p.27)
- • Significant corporate guarantee obligation to subsidiary creditor(p.60)
- • Unhedged foreign currency exposure creating volatility risk(p.33)
- • Certain facilities located on leased premises with renewal uncertainties(p.41)
- • Joint auditors' emphasis of matter regarding Scheme of Arrangement accounting treatment(p.44)
- • Entry into recycling machinery for plastic waste market(p.57)
- • Expansion of conversions and processing machineries segment in India(p.42)
- • Strategic acquisitions and technical alliances for scale(p.42)
- • Growing government support through export incentive schemes(p.36)
- • Digitisation and innovation in machinery equipment(p.57)
- • Bridging quality-affordability gap with globally competitive India-manufactured machines(p.57)
- • Heavy dependence on woven raffia machines market performance(p.25)
- • Environmental regulations and anti-plastic sentiment threatening market demand(p.29)
- • Rising competition from low-cost Asian suppliers and Chinese manufacturers(p.30)
- • Cyclicality and seasonality in agriculture, textiles and construction sectors(p.25)
- • Volatility in raw material prices and supply chain disruptions(p.30)
- • Stringent environmental compliance requirements and regulations(p.30)
- • Uncertainty from geopolitical tensions affecting global trade(p.64)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Raj Kumar Lohia | Promoter | 55.72% | 39.89% |
| Gaurav Lohia | Promoter | 9.71% | 7.62% |
| Amit Kumar Lohia | Promoter | 4.26% | 3.38% |
| Ritu Lohia | Promoter Group | 3.16% | 1.58% |
| Alok Kumar Lohia | Other Selling Shareholder | 2.06% | — |
| Anurag Lohia | Other Selling Shareholder | 1.30% | 0.22% |
| Anuja Lohia | Other Selling Shareholder | 1.03% | — |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.