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Devson Catalyst Limited (originally Devson Insulators Pvt Ltd, incorporated 2004, converted to public Nov 2025), based in Surendranagar, Gujarat, is an indigenous manufacturer of catalysts, adsorbents and ceramic balls used in industrial processes across oil & gas refining, petrochemicals, steel, fertilizers and other sectors. Manufacturing capacity ~6,205 MT/year. Serves domestic and international B2B customers. Revenue ₹56.84 Cr (FY26) vs ₹53.54 Cr (FY25), +6%; PAT ₹12.52 Cr vs ₹7.67 Cr, +63%. Promoters: Pratapbhai Devjibhai Siyania, Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai, Patel Krishna Savanbhai. Issue: fresh ₹39.39 Cr + OFS 2,50,000 shares. Final subscription 47.23x overall: QIB 2.66x, NII/HNI 53.67x, Retail 72.61x. Listed Jul 16, 2026 on BSE SME at ₹196 (+66%).