Om Galaxy IPO (10 Sep-15 Sep) Analysis

BSE SME IPO  |  Price Band: Rs. 85 to Rs. 90  |  Issue Opens: Sep 10, 2026  |  Issue Closes: Sep 15, 2026

Om Galaxy Limited is a Vasai, Maharashtra based manufacturer engaged in the design, development and manufacturing of precision moulds across four business verticals: pipe fitting and industrial moulds (under the Om Galaxy brand), automotive moulds (through subsidiary OMG Auto Mould Private Limited), Hot Runner Systems or HRS (through subsidiary Infuse HRS Private Limited), and household cleaning products (under the WONDRA brand).

The Company has been in the pipe fitting and industrial moulds segment for 17 years, automotive moulds for 6 years, and Hot Runner Systems for 4 years. The WONDRA cleaning products vertical was added in FY2025.

The Company specialises in moulds used for injection moulding and blow moulding processes. Injection moulds are used where molten plastic is injected under pressure into a mould cavity and require high dimensional precision and repeatability. Blow moulds are used to produce hollow plastic articles such as containers and bottles.

In FY2026, the Company manufactured 351 pipe fitting and industrial moulds with dimensions up to 1,125 mm x 725 mm x 712 mm with up to 4 cavities, and 89 automotive moulds with dimensions up to 2,230 mm x 620 mm x 300 mm. As of June 30, 2026, the WONDRA brand offered 77 SKUs including mops, brushes, scrubbers, brooms, wipers, and cleaning accessories.

The Company serves customers in the building materials industry (pipes, fittings, PVC, CPVC, HDPE, sanitaryware), plastics and polymer processing, automotive and auto components (including EV components), and industrial and engineering segments (consumer electronics, electricals, air conditioners, medical equipment).

The Company currently operates from seven manufacturing units spread across Vasai, Gokhivare, Poman (District Palghar), and Pune, Maharashtra, aggregating a total built up area of 88,652.16 sq. ft. The Company exports its products to North America, Asia and Africa and generated 5.10% of FY2026 revenue from exports.

Revenue Mix by Product Vertical (Rs. Lakhs)

Product Vertical	FY2026	% Revenue	FY2025	% Revenue
Pipe Fitting Moulds	9,129.20	73.62%	7,947.95	70.55%
Automotive Moulds	1,771.65	14.29%	2,582.14	22.92%
Industrial Moulds	756.65	6.10%	504.74	4.48%
Hot Runner Systems	263.59	2.13%	231.29	2.05%
Cleaning Products (WONDRA)	479.05	3.86%	Nil	Nil
Total	12,400.14	100%	11,266.12	100%

The Company has two wholly owned subsidiaries: OMG Auto Mould Private Limited (75% held), incorporated June 20, 2019, which provides specialised automotive moulding solutions; and Infuse HRS Private Limited (73% held), incorporated October 12, 2021, which manufactures Hot Runner Systems that are critical components in the injection moulding process for enhancing efficiency and reducing material waste.

Both subsidiaries have manufacturing units in and around Vasai and Pune, Maharashtra. The Company holds ISO 9001:2015 certification from TUV NORD CERT GmbH for Manufacturing Unit I and Manufacturing Unit III.

IPO BASICS

Parameter	Details
Issue Type	100% Book Built Issue (Pure Fresh Issue)
Total Fresh Issue Size	Up to 1,16,67,200 equity shares at Rs. 5 face value
Market Maker Portion	5,84,000 shares (Aikyam Capital Advisory Pvt. Ltd.)
Net Issue to Public	1,10,83,200 equity shares
Price Band	Rs. 85 (Floor) to Rs. 90 (Cap)
Minimum Bid Lot	1,600 shares
Minimum Application Amount	Rs. 1,44,000 (at cap price)
Pre IPO Shares Outstanding	2,22,10,824 shares
Post IPO Shares Outstanding	Up to 3,38,78,024 shares
Issue Opens	September 10, 2026
Issue Closes	September 15, 2026
Listing Platform	BSE SME Platform
Book Running Lead Manager	Indorient Financial Services Limited
Registrar	Bigshare Services Private Limited
P/E at Cap Price (Rs. 90)	12.50x (based on FY2026 EPS of Rs. 7.20)
P/E at Floor Price (Rs. 85)	11.81x (based on FY2026 EPS of Rs. 7.20)
Market Cap at Cap Price	Rs. 30,490.22 Lakhs (approx.)

USE OF PROCEEDS

The IPO is a pure fresh issue with no offer for sale component. The net proceeds (after deducting issue expenses) will be deployed as outlined below. The Company has already purchased land (Rs. 555.62 Lakhs) for the proposed new integrated manufacturing unit at Poman, Vasai, from internal accruals.

Purpose	Amount (Rs. Lakhs)
New Manufacturing Unit: Factory Building Construction	2,867.75
New Manufacturing Unit: Plant and Machinery	4,598.61
Repayment of Certain Borrowings	1,400.00
General Corporate Purposes	Balance of Net Proceeds
Total Fresh Issue (at cap price)	10,500.48 (approx.)

The proposed new integrated manufacturing unit will be set up at Survey No. 14, Hissa No. 3, Poman, Vasai, District Palghar (Maharashtra) and will consolidate operations of the existing four manufacturing units of Om Galaxy Limited into a single location. The new unit will cover a building area of 1,83,965.67 sq. ft.

Construction of the factory building is underway (plinth work completed, RCC work of first slab completed). Installation and commissioning of new machinery is proposed to be completed by June 2027, with commercial production expected to commence by July 2027.

The consolidation is expected to improve operational efficiency, reduce production costs, strengthen manufacturing capacity, and provide better control over quality and production timelines by relocating operations from rented premises at Manufacturing Units I, III and IV to the fully owned new premises.

FINANCIAL PERFORMANCE

All financial figures below are based on Restated Consolidated Financial Statements of Om Galaxy Limited, which include the performance of subsidiaries OMG Auto Mould Private Limited and Infuse HRS Private Limited.

Income Statement Summary (Rs. Lakhs)

Particulars	FY2026	FY2025	FY2024
Revenue from Operations	12,400.14	11,266.12	10,455.68
EBITDA	3,282.14	2,935.69	2,459.85
EBITDA Margin	26.33%	25.95%	23.40%
PAT (Total)	1,663.58	1,591.64	1,203.92
PAT (Attributable to Owners)	1,599.74	1,527.55	1,179.37
PAT Margin	13.42%	14.13%	11.51%
EPS (Rs.)	7.20	6.89	5.38

Balance Sheet and Returns (Rs. Lakhs)

Particulars	FY2026	FY2025	FY2024
Total Assets	17,531.14	14,280.97	11,749.40
Total Borrowings	3,778.90	2,513.12	3,206.57
Shareholders Equity	8,090.17	6,477.93	4,912.88
Inventories	4,302.34	3,359.34	2,606.93
Trade Receivables	2,995.97	4,192.58	4,155.61
Operating Cash Flow	3,503.35	2,676.65	343.33
RoNW	22.13%	26.82%	28.26%
RoCE	20.39%	25.11%	21.57%
Net Debt to Equity	0.45x	0.38x	0.64x
Net Working Capital Days	88 days	121 days	141 days
NAV per Share (Pre IPO)	Rs. 35.94	Rs. 29.21	Rs. 22.14

Revenue has grown steadily from Rs. 10,455.68 Lakhs in FY2024 to Rs. 12,400.14 Lakhs in FY2026, representing a CAGR of approximately 8.8%. EBITDA margins have improved from 23.40% in FY2024 to 26.33% in FY2026, reflecting better operating leverage and product mix. The PAT margin dipped slightly from 14.13% in FY2025 to 13.42% in FY2026 primarily due to increased depreciation and finance costs on account of expanded operations.

Operating cash flows have improved substantially from Rs. 343.33 Lakhs in FY2024 to Rs. 3,503.35 Lakhs in FY2026, driven by improved collection cycles and better working capital management. Net working capital days improved from 141 days in FY2024 to 88 days in FY2026, indicating significantly better cash conversion.

The NAV per share post IPO at the cap price is expected to be Rs. 54.56. The Company had an order book of Rs. 8,027.54 Lakhs as of March 31, 2026 and Rs. 9,442.00 Lakhs as of August 15, 2026, providing near term revenue visibility.

PEER COMPARISON

The Company has stated in the Red Herring Prospectus that there are no listed companies in India comparable to Om Galaxy Limited in terms of business activities, size and scale. Accordingly, no peer comparison table has been provided. The absence of direct listed peers makes it difficult to benchmark the Company's valuation against industry comparables.

At the cap price of Rs. 90, the issue is priced at 12.50x FY2026 earnings (EPS: Rs. 7.20) and at a price to book of approximately 1.65x pre IPO NAV (Rs. 35.94). The NAV per share post IPO at the cap price is estimated at Rs. 54.56.

While no direct listed comparable exists, the Company operates in the precision moulds and dies industry, which serves high growth end markets including automotive, building materials and packaging. The India Dies and Moulds Market was valued at Rs. 4,95,600 Crores in FY2026 and is expected to witness a CAGR of 11.7% through FY2030.

KEY RISKS

Segment Concentration Risk

Pipe fitting moulds contributed 73.62% of total revenue in FY2026. Any slowdown in the building materials or pipe and fittings sector in India could materially impact the Company's financial performance. The automotive moulds segment, which contributed 14.29% in FY2026, declined significantly from 22.92% in FY2025, indicating dependence on a narrow customer base within each segment.

New Manufacturing Unit Execution Risk

A substantial portion of IPO proceeds (Rs. 7,466.36 Lakhs) is earmarked for the new integrated manufacturing unit at Poman. Construction is currently underway, with full commissioning expected only by June 2027 and transfer of existing manufacturing operations expected to complete by July 2028. Any delays in construction, procurement of machinery, or regulatory clearances could defer the expected capacity expansion benefits and impact returns.

Working Capital Intensive Business

Despite improvement to 88 days in FY2026 from 141 days in FY2024, the business remains working capital intensive. Moulds are custom made to client specifications with long manufacturing cycles, requiring significant inventory and extended receivable periods. Delays in client payments or order cancellations could strain liquidity.

No Listed Peer Benchmarking

The Company has acknowledged in the prospectus that there are no listed comparable peers in India. This makes it difficult for investors to benchmark the Company's valuation, margins and return metrics against an industry standard, adding an element of pricing uncertainty.

Raw Material Price Volatility

The primary raw materials used in mould manufacturing include special alloy steel and tool steel. Prices of these metals are subject to global commodity cycles and currency fluctuations, particularly given that India imports a significant portion of specialty steels. The Company may not always be able to pass on input cost increases to customers on short notice.

Geographical Concentration

All manufacturing facilities are located in and around Vasai and Palghar, Maharashtra, and Pune. Any region specific disruptions such as natural disasters, local regulatory changes, or logistical disruptions in this area could adversely impact operations across multiple units simultaneously.

KEY POSITIVES

Diversified Multi Segment Business Model

The Company operates across four product verticals: pipe fitting and industrial moulds, automotive moulds, Hot Runner Systems, and household cleaning products. This diversification reduces dependence on any single industry segment and provides avenues to capture growth across multiple high potential markets. The WONDRA brand adds a consumer facing segment that provides a different demand profile compared to industrial B2B sales.

Consistent Revenue and Margin Improvement

Revenue grew from Rs. 10,455.68 Lakhs in FY2024 to Rs. 12,400.14 Lakhs in FY2026 at a CAGR of approximately 8.8%. EBITDA margins improved from 23.40% in FY2024 to 26.33% in FY2026, reflecting operating leverage gains. Operating cash flows have grown dramatically from Rs. 343.33 Lakhs in FY2024 to Rs. 3,503.35 Lakhs in FY2026, demonstrating strong cash generation capability.

Strong Order Book Provides Revenue Visibility

The Company had an order book of Rs. 9,442.00 Lakhs as of August 15, 2026, up from Rs. 8,027.54 Lakhs in March 2026 and Rs. 3,860.31 Lakhs in March 2025. This strong and growing order book provides near term revenue visibility and indicates healthy demand momentum across business segments.

Attractive Valuation at IPO Price

At the cap price of Rs. 90, the IPO is priced at 12.50x FY2026 earnings. Given the Company's growth trajectory, improving margins, and multiple business verticals, this represents a reasonable valuation for a specialised precision moulds manufacturer with no direct listed peers. The post IPO NAV per share at Rs. 54.56 represents a price to book of approximately 1.65x.

New Integrated Facility to Enhance Efficiency and Capacity

The proposed new manufacturing unit at Poman will consolidate four existing rented and owned units into a single modern facility of approximately 1,83,965.67 sq. ft. This consolidation is expected to reduce rental costs, improve logistics, enhance quality control, and provide additional production capacity. The Company has already completed land purchase and commenced construction, reducing execution risk on this front.

ISO Certified Operations with Technical Expertise

The Company holds ISO 9001:2015 certification from TUV NORD CERT GmbH for its key manufacturing units. With 17 years of experience in precision mould manufacturing, 585 permanent employees as of FY2026, and a management team with deep domain expertise, the Company is well positioned to execute complex mould orders. The promoters have hands on experience in traditional mould making, CNC machining, CAD/CAM design, and tool room management, providing strong technical leadership.