Mr. Vinod Visaria Juthalal, aged 53, is the Promoter and Managing Director of the company with over 15 years of experience in the decorative laminates, plywood, and hardware industry. His expertise in market dynamics, customer preferences, and design aesthetics has been instrumental in driving innovation and delivering premium-quality products to customers. Mr. Jitesh Khushalchand Mamaniya, aged 46, is the Promoter and Executive Director of the company, with over 10 years of experience in the laminates and plywood industry. His deep understanding of the field has been pivotal since the company's inception. Mr. Jay Manilal Chheda, aged 29, is the Promoter, Executive Director, and CFO of the company, with over 5 years of experience in the plywood and laminates industry. Holding a Bachelor's degree in Commerce from Mumbai University, he brings a strong foundation in finance and accounting, driving the company toward new horizons of success.

Conclusion: Should You Invest in This IPO?

1. The company initially established itself as a trader of products such as flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood. In September 2023, Lamosaic ventured into manufacturing by setting up a workshop in Chembur, Mumbai, covering an area of approximately 650 sq. ft. 2. The company now manufactures laminated and decorative laminated flush doors while offering customized solutions like designing laminates and acrylic sheets based on client requirements. Its business operations, which include both trading and manufacturing, are primarily focused in Maharashtra, with products sold under the brand name "Lamosaic." In addition to direct sales, the company operates through a franchisee located in Mumbai. 3. The company's reported EBITDA margin of 25% for FY24 raises concerns, as it significantly deviates from the industry benchmark of 5-10%, achieved by peers operating in the same sector (Flush Doors and Laminates). This discrepancy could indicate aggressive accounting practices or unsustainable operations. 4. While the company's valuation of ₹206 crore with a P/E of 25x appears comparable to Sylvan Plyboard (P/E 26x), it lags behind Duroply Industries (P/E 85x). However, given the nature of the business, the high margins seem difficult to digest and could signal risks for long-term investors. 5. Verdict: Unless there is greater clarity on how the company is sustaining such exceptional margins and delivering value, it may be prudent to avoid this IPO for now. Focus on peers with more transparent and consistent financial performance.

Lamosaic India Limited Shop No 32 3B 2B Prop 295 Pisoli Road Kondhwa Pune -411048 Phone: +91 876 876 7777 Email: cs@lamosaic.in Website: https://www.lamosaic.in/