Beezaasan Explotech Limited IPO

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Beezaasan Explotech Limited specializes in the manufacturing and supply of a wide range of explosives and explosive accessories, catering to industries such as cement, mining, defense, and infrastructure development. The company’s product portfolio includes:
Cartridge Explosives:
i. Slurry Explosives                              ii. Emulsion Explosives
iii. Detonating Fuse

These explosives are manufactured using nitrate mixtures to meet diverse industrial needs and stringent application standards.

Key Clientele:
i. Cement Industry                               ii. Mining Industry                             iii. Defense Industry
iv. Government bodies like Border Roads Organization (BRO) and Public Sector Undertakings (PSUs)

Commitment to Quality and Innovation

With a focus on diverse industrial applications, Beezaasan Explotech has developed products that meet stringent quality requirements. Its promoters bring extensive expertise across industries, ensuring products are tailored for maximum efficiency and reliability. Advanced manufacturing technologies and rigorous quality assurance systems underpin the company’s consistent delivery of high-standard products.

Future Outlook

Beezaasan Explotech Limited aims to continue innovating and expanding its operations in the explosives industry. By maintaining its commitment to safety, compliance, and quality, the company is well-positioned to cater to the evolving needs of its diverse clientele and support critical industries globally.

Objects of the Beezaasan Explotech Limited IPO:

The company proposes to utilize the Net Proceeds from the Issue towards funding the following objects: i. Funding the Capital expenditure towards civil construction required for the Expansion of the existing manufacturing unit for the Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujarat; ii. Funding of Capital expenditure towards the purchase of Plant and machinery for Expansion of existing manufacturing unit for the Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujarat; iii. Funding of capital expenditure towards civil construction is required for the expansion of an additional magazine (Storage) facility for the emulsion cartridge explosives and detonating fuse at the existing location situated at Felsani, Gujarat; iv. Purchase of Commercial Vehicle; v. Repayment/prepayment of all or certain of the borrowings availed of by the Company vi. General corporate purposes.
DRHP of Beezaasan Explotech Limited IPO
RHP of Beezaasan Explotech Limited IPO

Beezaasan Explotech Limited IPO Details:

Open Date: Feb 21 2025
Close Date: Feb 25 2025
Total Shares: 34,24,800
Face Value: ₹ 10 Per Equity Share
Issue Size: 59.93 Cr.
Lot Size: 800 Shares
Issue Price: ₹ 165 - 175 Per Equity Share
Listing At: BSE SME
Listing Date: Feb 28 2025

Promoters And Management:

Mr. Navneetkumar Radheshyam Somani, 46, is the Promoter, Chairman, and Managing Director of the Company, with 17 years of experience in logistics and transport management, including 10 years in the explosives industry. He oversees logistics, operations, vendor coordination, and resource management. Mr. Somani is also associated with Rajan Enterprise, Asawara Earthtech, Vedant Enterprise, and subsidiary companies Asawara Industries and Beezaasan Defence Industries, handling roles in logistics, compliance, sales, and supplier relations. Mr. Sunil Radheshyam Somani, 51, is a Promoter and Whole-Time Director of the Company with 17 years of experience in logistics and transport management, including 10 years in the explosives industry. He oversees financial matters, procurement, supplier management, and quality assurance. Mr. Somani is also associated with Rajan Enterprise, Asawara Earthtech, Asawra Explotrans Services, and subsidiary companies Asawara Industries and Beezaasan Defence Industries, managing roles in operations, production, product development, and compliance. Mr. Rajan Sunilkumar Somani, 27, is a Promoter and Executive Director of the Company with 2 years of experience in the explosives industry. Holding a Bachelor's in Mechanical Engineering (Anglia Ruskin University, 2020) and a Master's in Management (Imperial College London, 2021), he joined the company in July 2022. Initially serving as Plant & Production Supervisor, he became an Executive Director in May 2024. He oversees production planning, quality control, process management, and continuous operational improvement.

Financials of Beezaasan Explotech Limited IPO:

In Cr.
Particulars Sep 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 100.68 186.35 227.91 140.94
EBITDA 13.40 10.57 7.85 5.77
EBITDA Margins 13.31% 5.67% 3.45% 4.10%
PAT 8.32 4.86 2.93 2.74
PAT Margins 8.27% 2.61% 1.29% 1.95%
ROCE 16.20% 12.90% 15.42%
D/E ratio 1.27 1.59 3.02 2.29
CFOA 1.98 10.03 2.19 -1.19

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Beezaasan Explotech  (FY 2024) 186.35 5.67% 2.61% 1.59 226 Cr. 46.52*
Premier Explosives (TTM) 430 Cr. 15% 7.21% 0.40 1,973 Cr. 62.60
Solar Industries (TTM) 6,984 Cr. 25% 16.96% 0.32 80,033 Cr. 71.30
*Forward PE is 13.58 on the basis of FY 25 PAT.

Recommendation on Beezaasan Explotech Limited IPO:

Review and Recommendation of Beezaasan Explotech Limited IPO by team IZ is 4/10.

Lead Manager of Beezaasan Explotech Limited IPO:

  1. Smart Horizon Capital Advisors Private Limited

Registrar of Beezaasan Explotech Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Beezaasan Explotech Limited 5th Floor, 511, Pramukh Tangent Complex Pramukh Tangent Complex, Sargasan Cross Road S.G. Highway, Gandhinagar, -382421 Phone: +91 6359607701 Email: investors@beezaasan.in Website: http://www.beezaasan.com/

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