Shayona Engineering IPO

Shayona Engineering makes machined metal parts and industrial equipment to customer drawings from two units in Vadodara, Gujarat. The original Makarpura workshop does CNC turning and milling, heavy fabrication, dies and moulds, assembly and process automation, and supplies castings and forgings produced through outside foundries under business alliances, in grades from carbon and stainless steel to copper and aluminium alloys. It also builds turnkey project machinery and ships automobile components as a Tier-II supplier, mainly to Canada. A second unit at Menpura, which the prospectus dates to 7 November 2024 and describes as spanning over 41,800 sq ft, extrudes PVC and HDPE pipes and moulds fittings for agriculture and infrastructure buyers, with installed capacity of 250 MT a month. The company had 22 people on its own rolls at the date of the prospectus, plus ten contract workers.

Revenue is build-to-print and job-work manufacturing billed per order: revenue from operations was Rs 23.09 Cr in FY25 and Rs 19.14 Cr in the eight months to 30 November 2025. Materials dominate the cost base, with Rs 14.07 Cr of materials consumed plus Rs 3.14 Cr of traded goods in FY25 against that Rs 23.09 Cr, leaving EBITDA of Rs 5.00 Cr. Two constraints are disclosed. Customers are concentrated: the top five were 48.07% of total revenue in FY25 and 76.82% in the stub period. Working capital is heavy: trade receivables stood at Rs 11.74 Cr on 31 March 2025, and total borrowings rose from Rs 5.42 Cr at FY24 to Rs 22.61 Cr by 30 November 2025 as the pipe unit was built out.