Standard Glass Lining Technology Limited IPO

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The company is a leading player in the pharmaceutical and chemical equipment manufacturing sector in India. As per the F&S Report, the company ranks among the top five specialized engineering equipment manufacturers for these industries in terms of revenue in Fiscal 2024.

Additionally, it holds the following distinctions:
i. Top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment in India.
ii. Top three suppliers of polytetrafluoroethylene (PTFE) lined pipelines and fittings in India.
iii. Recognized as the fastest-growing company in its industry over the past three fiscal years in terms of revenue.

Product Portfolio

The company’s product portfolio encompasses core equipment critical for the pharmaceutical and chemical manufacturing processes. The portfolio can be broadly categorized into:
i. Reaction Systems: – Specialized systems used in chemical reactions during manufacturing processes.
ii. Storage, Separation, and Drying Systems: – Solutions for material handling, separation, and storage requirements.
iii. Plant, Engineering, and Services: – Includes ancillary parts and comprehensive engineering services.

Key Materials and Technologies

The company is renowned for its expertise in manufacturing using advanced materials and technologies:
i. Glass-Lined Equipment                                       ii. Stainless Steel and Nickel Alloy Equipment
iii. PTFE Lined Pipelines and Fittings

These materials ensure high performance, durability, and compliance with the stringent requirements of the pharmaceutical and chemical industries.

Vision

The company is committed to driving innovation and operational excellence in the pharmaceutical and chemical sectors. By leveraging its market leadership, advanced capabilities, and a customer-first approach, it aims to strengthen its position as a preferred partner for engineering solutions in India and beyond.

Objects of the Standard Glass Lining Technology Limited IPO:

The Company proposes to utilize the Net Proceeds towards funding the following objects: i. Funding of capital expenditure requirements of the Company towards the purchase of machinery and equipment; ii. Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company and investment in the wholly owned Material Subsidiary, S2 Engineering Industry Private Limited, for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by S2 Engineering Industry Private Limited, from banks and financial institutions; iii. Investment in the wholly owned Material Subsidiary, S2 Engineering Industry Private Limited, for funding its capital expenditure requirements towards purchase of machinery and equipment; iv. Funding inorganic growth through strategic investments and/or acquisitions and v. General corporate purposes. Total number of share issue :- i Fresh issue is 1,50,00,000 shares, ii. Offer for sale is 1,42,89,367 shares.
DRHP of Standard Glass Lining Technology Limited IPO
RHP of Standard Glass Lining Technology Limited IPO

Standard Glass Lining Technology Limited IPO Details:

Open Date: Jan 06 2025
Close Date: Jan 08 2025
Total Shares: 2,92,89,367
Face Value: ₹ 10 Per Equity Share
Issue Size: 410.05 Cr.
Lot Size: 107 Shares
Issue Price: ₹ 133 - 140 Per Equity Share
Listing At: NSE,BSE
Listing Date: Jan 13 2025

Promoters And Management:

Sambasiva Rao Gollapudi, the Non-Executive Chairman and Independent Director of the Company since May 29, 2024, is a Fellow of the Institute of Chartered Accountants of India. With over two decades of experience in accounting, auditing, and consultancy, he is a practicing chartered accountant and partner at M/s G. Sambasivarao & Co. Nageswara Rao Kandula, the Managing Director of the Company since its inception, holds a Diploma and MBA in Finance Management from the Indian School of Business Management and Administration. He has over 10 years of professional experience in the glass lining industry. Kandula Krishna Veni, an Executive Director of the Company since its inception, holds an MBA and a Graduate Diploma in Finance Management from the Indian School of Business Management and Administration. With over 14 years of experience in glass lining, engineering, and allied industries, she is also a partner at M/s S2 Engineering Services.

Financials of Standard Glass Lining Technology Limited IPO:

Particulars Sep 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 307.19 543.66 497.58 240.18
YOY Revenue Growth 9.26% 107.17%
EBITDA 62.70 100.91 88.25 41.77
EBITDA Margins 20.09% 18.36% 17.65% 17.30%
PAT 36.26 60.01 53.42 25.14
PAT Margins 11.62% 10.92% 10.68% 10.41%
D/E Ratio 0.39 0.32 0.53 1.01
ROCE 20.74% 47.56% 54.89%
CFOA -19.33 -65.02 1.75 -7.14

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Standard Glass Lining Technology  (FY 2024) 543.66 Cr. 18.36% 10.92% 0.32 2,792.88 Cr. 46.54
GMM Pfaudler (TTM) 3,187 Cr. 12% 3.07% 0.91 5,404 Cr. 55.30
HLE Glascoat (TTM) 1,009 Cr. 12% 4.06% 0.83 2,464 Cr. 82.50
Thermax (TTM) 9,884 Cr. 9% 7.40% 0.32 49,565 Cr. 78.1
Praj Industries (TTM) 3,363 Cr. 12% 8.92% 0.13 14,972 Cr. 53.80

Recommendation on Standard Glass Lining Technology Limited IPO:

Review and Recommendation of Standard Glass Lining Technology IPO by team IZ is 5/10.

Lead Manager of Standard Glass Lining Technology Limited IPO:

  1. IIFL Securities Ltd
  2. Motilal Oswal Investments Advisors Private Limited

Registrar of Standard Glass Lining Technology Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Standard Glass Lining Technology Limited 10th Floor, PNR High Nest, Hydernagar, KPHB Colony Hyderabad- 500085 Phone: + 040 3518 2204 Email: corporate@standardglr.com Website: https://www.standardglr.com/

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