Bhadora Industries Limited IPO

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Bhadora Industries Limited is a prominent manufacturer of industrial cables, providing high-quality electricity transmission and distribution solutions to government discoms and EPC companies. Operating under the brand name “Vidhut Cables”, the company plays a vital role in addressing the diverse electrical connectivity requirements of various industrial sectors.

Product Portfolio

Bhadora Industries manufactures a comprehensive range of industrial cables designed for low and medium voltage applications LT Aerial Bunched Cable, LT Power Cables, PVC Power Cables, LT Service Cable, XLPE Power Cables. These products cater to critical functions in electricity distribution and are aligned with industry norms and technological advancements.

Business Evolution and Expansion

Starting with PVC cables, Bhadora Industries has expanded into XLPE and Aerial Bunched (AB) cables. The company is now gearing up to manufacture High Tension (HT) Cables and Medium Voltage Covered Conductors (MVCC) up to 33 KV — reflecting its readiness to meet evolving market demand.

Clientele and Government Approvals

Bhadora Industries is an approved vendor for multiple state electricity boards, qualifying under government tender schemes like:

i) RECPDCL Scheme – Jammu & Kashmir
ii) RDSS Scheme – PAN India

Apart from this, Bhadora Industries Limited holds an outstanding order book of ₹8,504 lakh. The company’s revenue has grown from ₹1,844.03 lakh in FY 2023 to ₹11,011.18 lakh in FY 2025, registering an impressive CAGR of 144.36%.

Competitive Strengths

i) Visionary leadership with three decades of industry experience
ii) Approved government vendor with established tender eligibility
iii) Certified quality assurance systems
iv) Strong revenue and profit growth
v) Focus on sustainable operations and regulatory compliance

Objects of the Bhadora Industries Limited IPO:

Company proposes to utilize the Net Proceeds from the Issue towards the following objects: 1. Establishing new manufacturing facility and to expand production capabilities (₹ 22.31 cr) 2. Funding working capital requirements (₹ 20 cr) 3. General Corporate Purposes
DRHP of Bhadora Industries Limited IPO
RHP of Bhadora Industries Limited IPO

Bhadora Industries Limited IPO Details:

Open Date: Aug 04 2025
Close Date: Aug 06 2025
Total Shares: 54,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 55.62 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 97-103 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Shashank Bhadora (32) is the Promoter and Managing Director of the company. He holds an M.Sc. in Finance from BITS Pilani and has over 7 years of experience in the industrial cable manufacturing industry. His expertise spans manufacturing, marketing, and business development. Under his leadership, the company has seen consistent growth and strategic direction. 2. Pradeep Bhadora (61), Promoter and Executive Director, holds a provisional B.E. certificate from Bhopal University. A founding member, he started the business in 1986 as a partnership firm. With over 35 years of experience, he currently oversees marketing, production, and finance. 3. Anil Bhadora (70), Promoter and Executive Director, completed Part III of LL.B. from APS University, Rewa. A co-founder of the business, he also has over 35 years of experience. He currently leads business development and manages key customer and supplier relationships, playing a vital role in market expansion and client satisfaction.

Financials of Bhadora Industries Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 110.11 81.39 18.44
EBITDA 16.98 6.78 1.03
EBITDA Margins 15.42% 8.34% 5.62%
PAT 10.78 4.95 0.18
PAT Margins 9.80% 6.09% 0.98%
ROCE 51.51% 48.80% 3.47%
Debt to Equity Ratio(In Times) 0.94 0.93 1.95
Operating Cash Flows 2.33 2.8 1.22

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Bhadora Industries Ltd 110.11 15.42% 9.80% 51.51% 0.94 185.4 17.20
Dynamic Cables Limited 1079 10.3% 6.33% 26.40% 0.16 1,947 27.3
DCG Cables & Wires Limited 128 13% 6.35% 17.70% 0.44 136 16.8

Lead Manager of Bhadora Industries Limited IPO:

  1. Unicon Capital Services Private Ltd

Registrar of Bhadora Industries Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Bhadora Industries Limited IPO:

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