Neeti Yoshi Limited IPO

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Incorporated in 2020, the company is an RDSO-certified foundry with an integrated CNC machine shop, engaged in the manufacturing of customized ferrous metallurgical products. Initially launched as a raw material trader for Indian Railways OEMs, the company has evolved into a full-fledged engineering and manufacturing firm, specializing in the production and machining of railway safety components.

Core Operations & Product Portfolio

i) Manufactures a wide range of castings from 0.2 kg to 500 kg in mild steel, spheroidal graphite iron, cast iron, and manganese steel.

ii) Supplies over 25 RDSO-approved components to Indian Railways, including Bogie components (brake beams, axle boxes, strut castings), Coupler components (striker casting, yoke pin support plates) and Coach and locomotive parts

iii) Equipped to handle both standardized and fully customized production as per client specifications.

Primarily serving the Indian Railways, with scope to expand into other heavy industries requiring high-quality castings and engineered components.

Manufacturing Facility Highlights

The company’s manufacturing facility is located at Fakkarhedi, Bhagwanpur, Uttarakhand, spanning 7,173 sq. meters. As of March 2024, it had an installed capacity of 4,493 MTPA, which has since expanded to 8,087 MTPA. The facility is fully integrated with advanced infrastructure, including melting, moulding, machining, heat treatment, forging, and painting capabilities, enabling efficient production of high-quality ferrous metallurgical components.

Competitive Strengths

1. Fully Equipped & RDSO-Approved Facility: High entry barriers secure its niche in railway safety components.
2. Strategic Location: Near Jagadhri Railway Workshop, reducing raw material procurement cost.
3. Robust Quality Systems: Strict quality checks and certifications ensure product reliability and compliance.
4. Experienced Promoters & KMPs: Led by Promoters with industry expertise and strategic foresight.

Objects of the Neeti Yoshi Limited IPO:

The Company proposes to utilise the net proceeds towards the following objects: 1. Setting up of new manufacturing facility (₹50.78 cr) 2. General corporate purposes

Neeti Yoshi Limited IPO Details:

Open Date: Jun 27 2025
Close Date: Jul 01 2025
Total Shares: 1,02,72,000
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 77.04 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 71-75 Per Equity Share
Listing At: BSE SME

Promoters And Management:

1. Himanshu Lohia is the Managing Director, CFO, and Promoter of the Company. A Commerce graduate in International Business from the University of Wollongong, he has been associated since January 2020. He oversees finance, marketing, sales, and operations, with strong expertise in accounts and finance. He is also involved in other ventures like Neetus Delight Pvt. Ltd. and Neetu Realty Pvt. Ltd. 2. Subodh Lohia is the Whole-Time Director and Promoter, holding a Commerce degree in International Business from the University of Middlesex. Associated with the Company since January 2020, he manages finance, production, and operations, with over 4 years of experience in these areas. He is also a promoter in Neetus Delight Pvt. Ltd. and Neetu Realty Pvt. Ltd. 3. Saundarya Lohia is the Non-Executive Director and also one of the Promoters of our Company. She is an Associate member of the Institute of Chartered Accountants of India from February 9, 2020. She possesses 4 years of work experience as a Chief Financial Officer (CFO) in Hariom Industries Limited. She has been associated with our Company since August 3, 2024.

Financials of Neeti Yoshi Limited IPO:

In Crores
Particulars 9M FY2025  FY 2023-24 FY 2022-23    FY 2021-22
Total Income 51.36 47.33 16.23 4.58
EBITDA 16.84 17.18 1.20 0.17
EBITDA Margins 32.80% 36.31% 7.43% 3.81%
PAT 11.99 12.57 0.42 0.07
PAT Margins 23.35% 26.57% 2.61% 1.53%
Debt to Equity Ratio 0.21 0.88 1.48 -
ROCE 32.02% 43.74% 6.28% 4.76%
Operating Cash Flows 9.83 7.67 -1.95 -0.01

Comparison With Peers:

Companies Revenue (In Cr.) EBITDA Margins PAT Margins D/E Ratio ROCE MCap (In Cr.) P/E
Neeti Yoshi (FY 2024) 47.33 36.31% 26.57% 0.88 43.74% 291.09 23.15*
Gujarat Intrux (FY 2025) 65 21% 16.92% 0.00 21.90% 165  15.60
Nelcast (FY 2025) 1,252 7% 2.95% 0.53 9.51% 1,318 38.30
Steelcast (FY 2025) 376 28% 19.14% 0.00 32.90% 2,237 31
*Forward PE is 18.21 on the basis of FY 25 PAT.

Lead Manager of Neeti Yoshi Limited IPO:

  1. Horizon Financial Pvt Ltd

Registrar of Neeti Yoshi Limited IPO:

  1. Skyline Financial Services Private Ltd

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