Harit Industries IPO

Harit Industries Limitedharitindustries.com

AnnouncedSMEConsumer DiscretionaryNSE Emerge

Price band: —
Issue size: ₹70.00 Cr
Lot size: —
Bidding: —
Grey market: —

Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

64Balanced

IPOVista score

A trade-off in both directions

61% of the scoring model was backed by disclosed data for Harit Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2019 · Bhiwandi, Thane, Maharashtra · 253 employees

Harit Industries makes home-textile fabric and finished curtains, and dyes fabric for other textile firms. It weaves, embroiders, dyes, prints, finishes and stitches in-house across four operating units in Bhiwandi, Maharashtra, with a fifth dyeing unit taken on long lease and still awaiting approvals. Three lines carry the business: woven curtain and upholstery fabric (jacquard, dobby, embroidery, print) sold to wholesalers, retailers and corporate buyers under its own brands and on a white-label basis; fabric processing on a job-work basis, mostly dyeing, for apparel and curtain manufacturers who send their own cloth; and readymade curtains. Subsidiaries trade yarn and greige fabric. All sales are domestic, spread across 16 states, with Maharashtra at 71.23% of FY25 revenue.

Two different economics sit side by side. Fabric sales carry the raw material — yarn and greige cloth — while job work bills only the processing, because the customer supplies the fabric. That split is why FY25 revenue of Rs 128.84 crore came 49.49% from processing yet material consumed was only Rs 31.55 crore against Rs 53.10 crore of direct manufacturing expense (coal, chemicals, colours, power). EBITDA margin was 17.07% in FY25 against 12.87% in FY23. The constraint is capital, not demand: dyeing units ran at 95-98% utilisation in FY25, so growth means new plant, and borrowings stood at Rs 57.48 crore against Rs 39.14 crore of net worth, costing Rs 5.63 crore in FY25 finance charges. The issue is earmarked to repay Rs 52.48 crore of it.

The company on paper

Legal name: Harit Industries Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 1 Nov 2019
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U17299MH2019PLC332459
Sector: Consumer Discretionary · Home textiles: curtain fabric, upholstery, dyeing job work
Employees: 253
Registered office: Bhiwandi, Thane, Maharashtra
Promoters: Pankaj Chandrakant Mishra, Devyani Pankaj Mishra
Promoter holding, pre-issue: 94.4%
Website: haritindustries.com

The numbers

Financial performance

Revenue has compounded at 11.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.

P/E at the band, post-issue

Not priced yet

No price band has been fixed yet, so there is no multiple to quote

Median P/E of its named peers

12.9×

3 listed companies the prospectus names itself

What you pay

Earnings and sales behind one share, and the multiple the band asks for them.

EPS, pre-issue (FY25): ₹8.65
EPS, post-issueNot disclosed, so computed from FY25 profit after tax and the disclosed share count — this is the figure the multiple above is built on: ₹8.16
Price / sales: —
Net asset value per shareBook value behind one share — a floor, not a target: ₹27.96

What it earns on what it has

Returns and margins on FY25. These are the figures that say whether the multiple above is deserved.

Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.: 36.6%
Return on capital employed: 23.9%
EBITDA margin: 17.1%
Net margin: 9.4%

What it owes

Gearing at the latest balance-sheet date.

Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.: 1.47×

Valuation against listed peers

Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.

Harit Industries
Listed peers

Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 11 Mar 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹70.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹70.00 Cr
Shares offered in the OFS: None — this is a fresh issue only
Pre-issue shares outstanding: 1,48,32,000
Employee discount: —

Who the shares are reserved for

Share of the net offer set aside for each investor category

Select a category to see who bids in it and how allotment works there.

Percentages are of the net offer, which excludes any employee or shareholder reservation.

Use of proceeds

Stated objects of the fresh issue, largest first

General corporate purposes, not to exceed 15% of the Gross Proceeds or Rs 1,000.00 lakhs, whichever is lesser — amount not quantified in the prospectus

Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.

Who owns it before the issue

14 holders named, covering 97.2% of pre-issue equity. The prospectus does not name the rest.

Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples

No dates have been set yet, so bidding has not opened.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

The lot size and price band are not fixed yet, so there is nothing to calculate.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

Retail subscription figures are not available yet, so there is nothing to estimate from.

What the grey market implies

Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.

No grey-market quote has been recorded for this issue.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

Borrowings rose after the last fiscal year end: total borrowings were Rs 80.39 crore at 30 September 2025 against Rs 57.48 crore at 31 March 2025, as long-term debt funded Rs 21.78 crore of capital work in progress. The Rs 52.48 crore repayment object should be read against the later figure, not the FY25 one.
The company's 'total production' figure (59.87 million metres in FY25, also quoted on its website) double-counts: the DRHP states that output from one stage is input to the next, so the number includes internal consumption and is not distinct units.
EBITDA as defined in the DRHP excludes other income, so it will not tie to Total Income less expenses.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Draft Red Herring Prospectus dated 19 March 2026 (NSE Emerge)19 Mar 2026The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Indorient Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Harit Industries's own prospectus and to exchange disclosures, then cross-checked against 2 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: —
Closes: —
Allotment: —
Lists: —
Revenue (FY25): ₹129 Cr
Profit (FY25): ₹12.11 Cr

Timeline

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.