Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on May, 2026
• The company that started biotech segment operations initially, has now diverse activities in the field of Dairy, Healthcare, Pharma, Engineering, Agriculture and Infrastructure.
• It marked inconsistency in its working.
• Based on its recent financial data, the issue appears exorbitantly priced.
• The counter is currently trading at a discount to offer price.
• Simply stay away from this pricey and dicey offer.
ABOUT COMPANY:
Indrayani Biotech Ltd., (IBL), is having business operations in the field of Food & Hospitality as well as in Engineering. IBL through its subsidiaries have business operations in the field of Diary, Healthcare, Pharma, Engineering, Biotech, Agriculture and Infrastructure. The company follows a model of aggregation of high potential MSMEs and unlocking value and has business interests in diverse domains.
The company is primarily operating in the tri-segment viz., Foods & Hospitality, Engineering and Healthcare divisions post the scheme of amalgamation. In the FY 2021-22 the company also entered into newer divisions viz., Infrastructure, Agri and Biotech divisions. Further, during the FY 2022-2023, the company has included an object clause to carry on the operations and business of High-tech and / or customary agriculture and stepped into newer divisions viz., Dairy division and Verticals of Healthcare.
The company, on an ongoing basis, identifies MSME companies with high growth potential and expertise and facilitates vertical growth in that business. IBL allows the aggregated business to be managed by the existing promoters of the aggregated company and allow them to focus on their core competency to achieve vertical growth. At an appropriate stage, IBL unlocks value of that business using available platforms like SME-IPO, equity sale etc thereby benefiting IBL as well as the promoters of the aggregated company. IBL has already aggregated several companies this way and they are either part of IBL or managed as subsidiaries/step subsidiaries of IBL.
IBL is having business operations in the field of Food & Hospitality as well as in Engineering. IBL through its subsidiaries have business operations in the field of Diary, Healthcare, Pharma, Engineering, Biotech, Agriculture and Infrastructure. The company follows a model of aggregation of high potential MSMEs and unlocking value and has business interests in diverse domains. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 32525897 equity shares of Rs. 10 each at a fixed price of Rs. 15 per share to mobilize Rs. 48.79 cr. The RI opens for subscription on May 27, 2026, and will close on June 25, 2026. The company is offering RI in the ratio of 5 for 7 to its eligible stakeholders as of the record date of April 28, 2026. The company is asking for 25% (i.e., Rs. 3.75 per share) application money for number of shares applied. Balance Rs. 11.25 to be paid by one or more subsequent calls as determined by the board of directors. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.75 cr. for this RI process, from the net proceeds, it will utilize Rs. 20.65 cr. for working capital, Rs. 5.00 cr. for set off amount for loan given by the promoter, Rs. 12.75 cr. for set off amount of loans form BIPL, and Rs. 9.64 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and MUFG Intime India Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 45.54 cr. will stand enhanced to Rs. 78.06 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 117.09 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit/ – (loss), of Rs. 166.44 cr. / Rs. 10.42 cr. (FY24), Rs. 133.35 cr. / Rs – (6.11) cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net loss of Rs. 1.18 cr. on a total income of Rs. 103.75 cr. It posted negative earnings for FY25 financial performance, that remains a major concern.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 526445 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 12.19 on April 27, 2026, and opened on an ex-right basis at Rs. 12.44 on April 28, 2026. Since then, it has marked a high/low of Rs. 12.44 / Rs. 10.20. The scrip last closed at Rs. 10.21 as of May 25, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 16.96 / Rs. 6.10. The counter is under ESM: Stage 1.
The promoters’ holding has been constant at 33.26% for the last three quarters ended on March 31, 2026. The counter currently trades at a discount to offer price at Rs. 10.21 per share against offer price of Rs. 15 per share.
Conclusion / Investment Strategy
IBL that started biotech segment operations initially, has now diverse activities in the field of Dairy, Healthcare, Pharma, Engineering, Agriculture and Infrastructure. It marked inconsistency in its working. Based on its recent financial data, the issue appears exorbitantly priced. The counter is currently trading at a discount to offer price. Simply stay away from this pricey and dicey offer.
Review By Dilip Davda on May, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
