Lohia Corp IPO

Lohia Corp makes the machines that turn polypropylene and HDPE into woven fabric and sacks, the material the trade calls raffia. The range runs from tape extrusion lines, circular looms and tape winders to coating and lamination lines, printing and conversion machines, multifilament yarn machines, monofilament extrusion lines and plastic recycling machines, plus the spare parts and commissioning services that go with them. Its customers are the converters whose output becomes cement, fertiliser, chemical, polymer, food-grain and mineral bags, shopping bags, FIBCs and container liners, and non-packaging goods such as tarpaulins, geotextiles, ground covers, carpet backing, ropes and twines. It runs six machine plants, four in India and one each in Burlington, North Carolina and Como, Italy, and employed 2,010 permanent staff at March 31, 2026.

Revenue is capital equipment sold against an order book, with a recurring spare-parts tail. In FY26 revenue from operations was Rs 1,717.00 Cr, of which spare parts for raffia machines were Rs 194.73 Cr, or 11.34%; sales outside India were 42.18% of revenue, down from 58.18% in FY25. Materials dominate cost: cost of materials consumed was Rs 914.01 Cr in FY26, leaving a material margin of 43.73%, against employee benefits of Rs 191.78 Cr. The structural constraint is throughput, not demand: installed capacity has been unchanged at 240 tape lines, 13,800 circular looms and 108,000 winders across FY24, FY25 and FY26, while the order book grew to Rs 1,358.52 Cr at March 31, 2026 from Rs 828.46 Cr a year earlier.