Alphalogic Industries Limited IPO

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i. Alphalogic Industries Limited was incorporated in the year 2020. The Company is engaged in Design, Manufacturing, Supply and Installation of Industrial and Institutional Storage Systems i.e. Compactor Storage System, Heavy Duty Storage Racks, Cantilever Racks, Lockers, Mezzanine Floors, Metal Pallets & Crates, Library Stacks, Book Case, Book Trolly, Periodical Display Rack, School Lockers, Book Support etc.

ii. Their commitment to innovation, excellence, quality, and customer service has ensured consistent growth for them and their clients. Their compact products with simple designs facilitate transport and assembling at the site. They are easy to operate and maintain, and beautifully become a part of clients workspace, enhancing its ambiance.

iii. The company has designed and delivered storage solutions for the automobile industry, e-commerce companies, food industry, logistics companies, engineering companies, pharmaceutical organizations, educational institutes, IT companies, etc. In Fiscal Year 2023, the company has served over 150 clients in different industries.


i. Heavy Duty Storage Racks:
ii. Cantilever Racks
iii. Lockers
iv. Mezzanine Floors
v. Metal Pallets and Crates

Competitive Strengths

i. Organizational stability along with management expertise:
ii. Smooth flow of operations:
iii. Well-defined organizational structure:

Objects of the Alphalogic Industries Limited IPO:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects: i. To meet Working Capital Requirements, ii. To meet the Issue Expenses, and iii. General Corporate Purposes.

Alphalogic Industries Limited IPO Details:

Open Date: Jul 03 2023
Close Date: Jul 06 2023
Total Shares: 1,341,600
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 12.88 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 96 Per Equity Share
Listing At: BSE SME
Listing Date: Jul 14 2023

Promoters And Management:

i. Mr. Vedant Goel, aged about 30 years, is the Managing Director of the Company. He has been on the board of the company since inception. He has over 9 years of rich experience in the field of marketing, sales, and management in various industries. He is a highly respected figure in the steel industry due to his deep understanding and insights of the market. He holds a Bachelor's degree in Commerce from the University of Pune. He has two Limca Book of Records to his name and is actively involved in social activities. He is highly skilled and experience in Strategic planning, Marketing and sales, Business development, Operations management, Team leadership, Risk management, Philosophy etc ii. Mr. Montubhai Gandhi, aged about 37 years, is the Executive Director and Chief Executive Officer of the Company. He has been on the board of the company since March 10, 2022. He has been appointed as Chief Executive Officer of the Company on May 18, 2023. He is an accomplished leader with a background in Mechanical Engineering and an impressive 12-year tenure in the racking and shelving industry, he brings a wealth of experience to his role. iii. Mrs. Krina Gandhi, aged about 33 years, is the Executive Director and Chief Financial Officer of the Company. She has been on the board of the company since March 10, 2022. She has been appointed as Chief Financial Officer of the Company on May 18, 2023. She has over 9 years of experience in leading teams and managing finances. She is a strategic thinker with a proven ability to identify opportunities for growth and profitability. She is also committed to delivering results that drive the success of the organization.

Financials of Alphalogic Industries Limited IPO:

A. Balance Sheet
Particular (In Lakhs) Mar-21 Mar-22 Mar-23
Equity Share Capital 10.00 19.61 31.28
Reserves 8 66 402
Borrowings 56 168 371
Trade Payables 0.5 96 28
Other Liabilities 2 24 85
Total Liabilities 59 288 484
Net Block 0.6 28 65
Capital Work in Progress 0 0 40
Other Assets 75 194 313
Total NC Assets 76 222 418
Receivables 1 81 239
Inventory 0 60 215
Cash & Bank 0.2 0.6 0
Other Assets 0 11 45
Face value 10 10 10
B. Profit & Loss Statement
Particular (In Lakhs) Mar-21 Mar-22 Mar-23
Sales 322 784 1,802
Raw Material Cost 298 673 1,281
Change in Inventory 0 -1 -36
Employee Cost 6 29 82
Other Expenses 1 10 156
Other Income 0 0 21
EBITDA 17 73 340
EBITDA Margin 5.37% 9.35% 18.89%
Depreciation 0.1 1 8
Interest 6 31 39
Profit before tax 11 41 293
Tax 3 11 74
Net profit 8 31 219
NPM (%) 2.57% 3.88% 12.03%
C. Cash Flow Statement
Particular (In Lakhs) Mar-21 Mar-22 9MFY23
Cash From Operating Activity
Profit From Operation 17 73 319
Receivable -1 -80 -158
Inventory 0 -60 -155
Payable 0.5 96 -68
Loans And Advances 0 0 2
Other WC Items 2 9 8
Working Capital Changes 1 -35 -372
Direct Taxes -2 -8 -55
Net Cash Inflow from Operating Activity 16 30 -107
Cash from Investing Activity
Fixed assets purchased -0.7 -29 -85
Investments purchased 0 0 -106
Other investing items -75 -119 6
Net cash inflow from investing activities -76 -147 -186
Cash from Financing Activity
Proceeds from shares 10 37 129
Proceeds from borrowings 56 112 203
Intrest paid fin -6 -31 -39
Net Cash Flow 0.2 0.4 -1

Comparison With Peers:

* They believe that none of the listed companies in India offer products or services across the various business segments in which they operate.

Recommendation on Alphalogic Industries Limited IPO:

Review and Recommendation of Alphalogic Industries Limited IPO by IZ team is 4/10 1. Industry: Alphalogic Industries Limited operates in the Storage System industry, specifically in the design and manufacturing of customized storage systems. They are among the top-rated storage system manufacturers in Pune, India​. 2. Founded: The company was established in 2020 by professionals experienced in the Storage System industry​. Mr. Montu B. Gandhi, the Executive Director, brings over 12 years of industry-specific knowledge and experience to the team. As a mechanical engineer, he has worked in the Industrial Storage & Material Handling Solutions industry before becoming an entrepreneur. 3. Products: The company manufactures a wide range of storage solutions including, but not limited to, Mobile Compactor Systems, Selective Racking Systems, Library Products, Double Deep Pallet Racking, Live Pallet Racking, Slotted Angle Shelving, Long Span Shelving, Multi Tier Shelving, Cantilever Racking, Mezzanine Floor, Cage Pallet, Flat Pallet, Slotted Angle Mezzanine, Column Based Mezzanine, Lockers, and Metal Pallets​. 4. Services: Alphalogic Industries provides a range of services to support their products. These include consultancy, design, installation, and after-sales support​. 5. Target Market: The company serves a variety of industries including document management custodies, corporate entities, sports facilities, hotels, libraries, warehouses, and hospitals​. 6. Value Proposition: The company's value proposition is focused on improving productivity and efficiency for its customers by providing high-quality storage solutions. They highlight their ability to provide comprehensive solutions and emphasize their track record of customer satisfaction. 7. The company, which commenced operations in 2020, has shown impressive growth over the past three years, increasing its revenue from approximately 4 Crores to around 18 Crores. This notable growth, achieved on a comparatively modest lower base, demonstrates the company's potential. However, further observation of its performance in the coming years will be necessary to assess its continued success. 8. The company does not possess its own manufacturing facilities and relies on third-party manufacturers to produce its products. 9. Share History: When the company was established in 2020, Alphalogic Techsys Limited served as the holding company and made an initial investment of 10 lakhs by acquiring 1 lakh shares. Approximately one year prior to the IPO, the promoters were also issued shares at a price of Rs. 38.50 per share. Just before the IPO in March 2023, Alphalogic Techsys Limited further purchased 1,16,672 shares at a price of Rs. 115 per share. Subsequently, a bonus of 11 shares for every 1 share held was given in April, resulting in an effective value of approximately Rs. 6 per share for Alphalogic Techsys Limited. Prior to the IPO, Alphalogic Techsys Limited holds approximately 70% of the company's shares. 10. Alphalogic Techsys, the holding company, was listed on BSE in 2020 at Rs. 84 per share, at that time Mcap was ~24 Cr and now, the Mcap is 167 Cr. Almost 7x return in the last 4 years. 11. The Current IPO is coming at P/E of 23x looks over priced.

Lead Manager of Alphalogic Industries Limited IPO:

  1. Finshore Management Services Limited

Registrar of Alphalogic Industries Limited IPO:

  1. Cameo Corporate Services Limited

Company Address:

Alphalogic Industries Limited 405, Pride Icon, Near Columbia Asia Hospital, Kharadi Bypass Road, Pune – 411014 Phone: +91 82977 40000 Email: Website:

Discussion on Alphalogic Industries Limited IPO:

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