PM CONA IPO

Easy to miss in the prospectus

• The prospectus is a draft red herring prospectus dated 22 September 2026, which SEBI listed among draft offer documents filed with it on 6 October 2026. The record uses the date printed on the document itself for the filing; the SEBI listing date is the later of the two.
• The fresh issue may be smaller than 1,200.00 million rupees. The DRHP permits a pre-IPO placement of up to 150.00 million rupees, not exceeding 20% of the fresh issue, and anything raised that way is deducted from it.
• Return on net worth is calculated by the issuer on AVERAGE net worth, as its own note states. The 19.99% for FY26 becomes 18.17% if profit is measured against closing net worth of 1,696.57 million rupees instead. The peer-comparison table on page 125 reports the same 19.99% for the issuer under a note that says the ratio there is computed on closing net worth, so the table and its own footnote do not agree.
• The peer group is an approximation and the prospectus says so: it states there are no exact listed players in India in the same line of business, and selects Havells India, Orient Electric and V-Guard Industries on the basis of the broader fast-moving electrical goods sector. Their price-earnings ratios of 40.58, 37.42 and 55.08 are struck on the NSE close of 21 September 2026 against FY26 diluted earnings, and are frozen at that date.
• Earnings per share of 8.52 rupees for FY26, and net asset value of 46.87 rupees a share, are struck on the pre-offer base of 36,200,000 shares. A fresh issue adds shares, so the same profit spread over post-offer capital is a smaller figure per share; the draft prospectus carries a placeholder for the post-offer share count, as a draft prospectus does.
• The reservation split stored here is the Offer Structure's own wording on page 430 - not more than 50% of the offer for qualified institutional buyers, not less than 15% for non-institutional bidders and not less than 35% for retail individual bidders - under Rule 19(2)(b) of the SCRR and Regulation 31 of the SEBI ICDR Regulations.
• Unit 4 of the Mumbai facility belongs to Ratan Naraindas Motwani, one of the two relatives who declined to be named in the promoter group, and the DRHP records that it has been used by the company historically without any formal agreement.
• The shareholding chart shows the three holders whose percentages the prospectus states. Four more holders - Bhavika Mohit Motwani and the PM Family Trust among the promoters, and the two minor children in the promoter group - hold 10 or 20 shares each and are disclosed only as 'Negligible', so no percentage is carried for them. Promoters and promoter group together hold 100.00% of the 36,200,000 pre-offer shares.
• Exports are rounded to zero in the record because that is how the prospectus prints them: sales outside India were 0.12 million rupees in FY26 and 0.42 million in FY25, both to Nepal, and 0.00% of revenue from operations in the DRHP's own tier-wise table.
• The industry context in the prospectus - market sizes, growth rates and the case for the modular segment - comes from a CareEdge report dated 22 September 2026 that the company commissioned and paid for in connection with this offer. No figure in this record is taken from it.
• The statutory auditor changed during the period covered. Rangani & Co. resigned on 21 July 2025 citing other professional pre-occupations; SMMP & Company was appointed on 11 August 2025 and re-appointed on 30 September 2025, and signed the restated financial information. A Form ADT-1 for the appointment of Rangani & Co. as statutory auditor in financial year 2026 was among the forms the company filed with the RoC late.
• The company has no subsidiaries, associates, joint ventures or group companies, so the three years of restated financial information are standalone throughout and directly comparable.
• The restated financial information covers the three years to 31 March 2026 and the draft prospectus carries no stub period after it, so 31 March 2026 is the latest balance sheet date behind every financial figure in this record.