Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on November 7, 2025
- The company is engaged in the marketing of organic farming products and women hygiene products.
• It marked erratic performances for the reported period, making this RI an aggressively priced bet.
• The counter is well operated by vested interests and kept above the RI price to tempt investors.
• Though the RI price looks attractive based on its current traded price, it is not worth.
• Investors may skip this “High Risk/Low Return” bet.
PREFACE:
The offer document is dated 27.10.25, and the record date is 31.10.25, but the documents were uploaded only on 07.11.25 for this RI. Are SMEs permitted to have such last moment uploading of documents on designated exchanges?
ABOUT COMPANY:
Times Green Energy (India) Ltd. (TGEIL) started with distributing organic farming products to rural villages. It later acquired agricultural land to research and develop methods to improve crop yields. The company also started educating and supporting rural women in farming, selling their products to get better realization and also encouraged use of its products such as fertilizers and pesticides for improving yield on their farms. With these it created an ecosystem supporting small farmers specifically women and expanded network to promote women’s hygiene awareness.
With dedication and vision to provide clean and safer products for women hygiene in rural areas it launched sanitary napkins, under brand name “Monthly Times”, thereby entering in women hygiene business vertical. Currently it has also started ecommerce business vertical for FMCG goods i.e., essential daily use products on its website – “Bazaartimes.in” and also through prominent e-commerce platform such as Amazon and Flipkart.
On June 30, 2021, the Company vide an Initial Public Offer listed its equity shares on BSE SME Platform embarking its journey of being a public listed company. As of the date of this offer document, it had just 14 employees including management.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 1123200 equity shares of Rs. 10 each at a fixed price of Rs. 80 per share to mobilize Rs. 8.99 cr. The RI opens for subscription on November 07, 2025, and will close on November 17, 2025. The company is offering RI in the ratio of 27 for 40 to its eligible stakeholders as of the record date of October 31, 2025. The company is asking for full money on application for the number of shares applied. Post allotment, RI shares will be listed on BSE SME. The company is spending Rs. 0.35 cr. for this RI process, and from the net proceeds, it will utilize Rs. 8.00 cr. for working capital, and Rs. 0.64 cr. for general corporate purposes.
The RI is self-managed by the company itself, and Bigshare Services Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 1.66 cr. will stand enhanced to Rs. 2.79 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 22.30 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit/ – (loss), of Rs. 32.74 cr. / Rs. 0.47 cr. (FY24), and Rs. 40.10 cr. / Rs. 0.37 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 0.16 cr. on a total income of Rs.9.05 cr. It has posted a minuscule financial performance for the reported periods. As of September 30. 2025, it had paid up capital of Rs. 1.66 cr. with Rs. 32.67 cr. of reserve and surplus.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 543310 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 107.10 on October 30, 2025, and opened on an ex-right basis at Rs. 96.00 on October 31, 2025. Since then, it has marked a high/low of Rs. 102.50 / Rs. 96.00. The scrip last closed at Rs. 102.50 as of November 07, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 102.50 / Rs. 57.59. The counter is currently under ESM: Stage 1. The counter is being jacked up with thin volume post ex-right trades.
The promoters’ holding has been constant at 47.60% for the last three half years ended with September 30, 2025. The counter is managed by vested interests well above the RI price.
Conclusion / Investment Strategy
TGEIL is engaged in the marketing of organic farming products and women hygiene products. It marked erratic performances for the reported period, making this RI an aggressively priced bet. The counter is well operated by vested interests and kept above the RI price to tempt investors. Though the RI price looks attractive based on its current traded price, it is not worth. Investors may skip this “High Risk/Low Return” bet.
Review By Dilip Davda on November 7, 2025
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/
