Comrade Appliances Limited IPO

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i. Comrade Appliances is engaged in the process of manufacturing an extensive array of Air Coolers and Electric Geysers. They manufacture consumer durable goods and assemble a wide array of products and provide end-to-end product solutions. The company serve under both original equipment manufacturer (“OEM”) and original design manufacturer (“ODM”) business models.

ii. Under the OEM model, they manufacture and supply products basis designs developed by their customers, who then further distribute these products under their own brands.

iii. Under the ODM model, in addition to manufacturing, they conceptualize and design the products which are then marketed to their customers’ prospective customers under their brands.

iv. The company has over 5 years of experience in manufacturing sector. Since inception, they have expanded their product portfolio, customer base and gained technological expertise in designing and manufacturing of their products.

v. The Company has four departments which includes
1) Production Department,
2) Moulding Department,
3) Administration Department
4) Logistics Department.


i. Air Cooler-Tower Series
ii. Air Cooler-Personal Series
iii. Electric Geysers

Competitive Strengths
Strategic Location of Manufacturing Unit
ii. Constant focus on developing new and innovative products
iii. R&D and product design capabilities leading to generation of ODM business
iv. Strong relationships with a diverse top-tier customer base

Objects of the Comrade Appliances Limited IPO:

The Company intends to utilize the Net Fresh Issue Proceeds for the following Objectives: i. Working Capital Requirements ii. General Corporate Purposes

Comrade Appliances Limited IPO Details:

Open Date: May 31 2023
Close Date: Jun 05 2023
Total Shares: 2,278,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Built Issue IPO
Issue Size: 12.30 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 52-54 Per Equity Share
Listing At: BSE SME
Listing Date: Jun 13 2023

Promoters And Management:

Mr. Khursheed Alam, aged 45 years, is the Founder, Promoter and Managing Director of the Company. He is the Director of the Company since Incorporation of the Company. He was later reappointed as Managing Director with effect from November 10, 2022. He has more than 5 years of experience in the field of OEM. He is a visionary entrepreneur and has played a pivotal role in setting up business of the Company. He primarily looks after the overall business operations of the Company. He is the driving force behind the working of the company and has been the mentor to all the employees. His vast industry knowledge and experience has helped company to grow many folds. As a leader, he always delivers value to the customers and endeavour in fulfilling / exceeding their expectations and is involved in day-to-day execution of projects. Mr. Shakir Khan, aged 49 years, is the Executive Director of the Company. He was appointed as First Director upon Incorporation of the Company w.e.f. March 22, 2017. Further, his designation was changed from Executive Director to Non-Executive Director w.e.f November 10, 2022. He later became Executive Director w.e.f. January 02, 2023. He has more than 5 years of experience. He has Bachelor of Arts. He has been responsible for the sales and marketing. His expertise has led the company grow since its incorporation. Currently, he is Director of the Company and operations head and over sees the execution of each service of the company. Mr. Mehboob Alam, aged 43 is the Non-Executive Director of the Company. He was appointed as appointed as First Director upon Incorporation of the Company w.e.f. March 22, 2017. His designation was further changed from Executive Director to Non-Executive Director w.e.f. January 02, 2023. He has Masters of Arts. His role in the company includes overseeing whether company’s programmes are being executed in right direction as per its aim and objectives, recommending business policies to the board governing the company, establishing long-term business plans for supporting the vision and values of the company. He is responsible for providing strategic advice and guidance to the members of the board, to keep them aware of developments within the industry and ensure that the appropriate policies are developed to meet the company’s mission and objectives and to comply with all relevant statutory and other regulations.

Financials of Comrade Appliances Limited IPO:

Particulars (in lakh) 2023 2022 2021
Revenue 2,696 2,964 2,600
Other Income 3 8 3
Cost of Material Consumed 1,693.71 2,039.31 2,271.65
Purchase of Stock-in-trade 68.85 31.73 25.72
Change in Inventory -39.73 78.12 -165.02
Employee Benefit Expenses 223.74 206.24 125.1
Other Expenses 300 315 151
EBITDA 452.43 302 195
OPM 16.78% 10.18% 7.48%
Finance Cost 142 148 113
Depreciation 88 99 42
PAT 163 38 20

Comparison With Peers:

Name of the Company Revenue(Cr) Profit(Cr) EPS P/E CMP MCap
Comrade Appliances Limited 27 1.63 2.21 24 54 40
Dixon Technologies Limited 12,192 255 42.9 86.90 3,720 22,157
PG Electroplast Limited 2,160 77 34.06 46 1,566 3,561

Recommendation on Comrade Appliances Limited IPO:

Review and Recommendation of Comrade Appliances by IZ team is 5/10 1. The company was originally incorporated as Comrade Appliances Private Limited and later converted to Comrade Appliances Limited. The promoters of the company are Mr. Khursheed Alam and Mr. Mehboob Alam, with Mr. Khursheed Alam leading the organisation and making strategic decisions. 2. Comrade Appliances manufactures and assembles consumer durable goods like air coolers and electric geysers. They follow both OEM and ODM models, manufacturing products based on customer designs and creating their own designs as well. 3. They have four departments: Production, Moulding, Administration, and Logistics. 4. Comrade Appliances emphasises innovation and technology, evident from their registered designs and trademarks. They possess in-house capabilities in SMT lines, injection molding, sheet metal components, and testing labs, ensuring better cost efficiency and production control. 5. The company acquired the business of Troupe Technologies Private Limited, which was engaged in plastic injection molding. 6. Comrade Appliances provides a comprehensive solution suite, including global sourcing, fabrication, manufacturing, assembly, quality testing, packaging, and logistics support. They prioritise customer satisfaction by delivering high-quality products with standard and customised specifications. 7. There is no growth in the revenue from 2021 to 2023. It remained stafnated at 26 Cr. 8. The EBITDA has Increased from 1.85 Crore in FY21 to 4.52 Crore in FY23 due to margin expansion. 9. The PAT has Increased from 20 Lakhs in FY21 to 1.62 Cr in FY23. 10. As per FY23, EPS is 2.21, Market Capitalization is 40 Crore & P/E is 24x .

Lead Manager of Comrade Appliances Limited IPO:

  1. Gretex Corporate Services Private Limited

Registrar of Comrade Appliances Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Comrade Appliances Limited Shop No. 39, Ground Level I, Dewan Centre, 183-186, S.V. Road, Jogeshwari West, Mumbai - 400102 Phone: 022-66959545 Email: Website

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