Executive Summary & Key Highlights
Lohia Corp Limited is launching its ₹1,101.28 Crore IPO open from July 23, 2026 to July 27, 2026 with a price band of ₹404 to ₹425 per share. The company is a domestic and global market leader in technical textiles machinery (specifically PP/HDPE woven fabric & sacks/raffia machinery) holding a 40.7% domestic share and 15.4% global share. Financial performance reflects rapid expansion with PAT surging from ₹29.76 Cr in FY24 to ₹193.45 Cr in FY26, driven by EBITDA margin expansion to ~19.5% and a strong 72.95% RONW.
1. IPO Overview
Lohia Corp Limited has officially filed its prospectus for a mainboard initial public offering (IPO) on BSE and NSE. Below is a structured summary of the capital issue setup:
| Parameter |
Issue Details |
| Issue Opens On |
July 23, 2026 |
| Issue Closes On |
July 27, 2026 |
| Price Band |
₹404 to ₹425 per equity share |
| Face Value |
₹1 per equity share |
| Employee Discount |
₹40 per share |
| Minimum Lot Size |
35 Shares (and in multiples thereafter) |
| Total Issue Size |
₹1,101.28 Crore (2,59,31,407 Shares) |
| Listing Venues |
BSE & NSE |
2. Key IPO Details
Issuance Breakdown
| Issuance Category |
Amount (in ₹ Crore) |
| Fresh Issue |
- |
| Offer for Sale (OFS) |
₹1,101.28 Crore |
| Total Issue Size |
₹1,101.28 Crore |
Issue Allocation / Reservation Breakup
| Reservation Category |
% Allocation |
Amount in ₹ Cr (at Upper Band) |
| Qualified Institutional Buyers (QIB) |
75% |
₹825.96 Cr |
| High Net-worth Individuals (HNI / NII) |
15% |
₹165.19 Cr |
| Retail Individual Investors (RETAIL) |
10% |
₹110.13 Cr |
| Total |
100% |
₹1,101.28 Cr |
Lead Managers & Intermediaries
- Lead Managers: HDFC Bank Limited, Axis Capital Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited
- Registrar: MUFG Intime India Pvt. Ltd.
3. Company Overview
Lohia Corp Limited is among the leading global manufacturers of machinery and equipment for technical textiles, with a strong focus on end-to-end solutions for producing polypropylene (PP) and high-density polyethylene (HDPE) woven fabric and sacks ("Raffia").
Manufacturing Capabilities & Capacity
As of March 31, 2026, the company's manufacturing facilities had an installed annual production capacity to produce:
- 240 tapelines
- 13,800 circular looms
- 108,000 tape winders
Comprehensive Product Portfolio
The company manufactures a comprehensive and diverse suite of machinery providing end-to-end 'concept to commissioning' solutions across the woven fabric ecosystem:
- Tape Extrusion Lines
- Circular Looms
- Coating and Lamination Lines
- Printing Machines
- Conversion Machines
- Multifilament Yarn Machines
- Twister Winders
- Monofilament Extrusion Lines
- Recycling Machines
- Spare Parts and Aftermarket Components
Global Infrastructure & Facilities
The company operates six manufacturing facilities globally:
- 4 facilities in India: Two in Kanpur, Uttar Pradesh and two in Bengaluru, Karnataka.
- 2 international facilities: One in Burlington, USA and one in Como, Italy.
These units are supported by dedicated research and training infrastructure based in Kanpur, including a live experience centre, the Hargovind Bajaj R&D Centre, a manufacturing technology training centre, and a technical training and research centre.
Intellectual Property Moat
As of the RHP date, the group holds 71 patents in India and 56 patents outside India, along with 54 registered trademarks, underscoring its strong technology-led market position.
4. Objects of the Issue
The IPO is structured entirely as an Offer for Sale (OFS) of 25,931,407 equity shares of face value ₹1 each by the Selling Shareholders.
Consequently, the Company will not receive any proceeds from the Offer. All proceeds will accrue directly to the Selling Shareholders after deduction of offer-related expenses and applicable taxes.
The explicit objects of the Offer are limited to:
- Carrying out the Offer for Sale of equity shares by selling shareholders.
- Achieving the benefits of listing the equity shares on Stock Exchanges (BSE & NSE), which the Company expects will enhance its brand visibility, provide liquidity to existing shareholders, and create a public market for its equity shares in India.
5. Key Business Highlights
- Dominant Market Leadership: Market leader in India (40.7% market share) and among the leading manufacturers globally (15.4% market share) of woven raffia machinery in a growing market segment.
- End-to-End Product Suite: Diverse product portfolio offering complete 'concept to commissioning' solutions across the entire woven fabric ecosystem.
- Global Customer Base & Distribution: Long-standing relationships with a diverse global customer base backed by an extensive international sales and distribution network.
- Advanced Integrated Infrastructure: State-of-the-art manufacturing facilities with comprehensive backward integration, supported by specialized in-house technical training centres.
- Strong Technological & R&D Focus: Technology-driven operations with robust, innovation-led research and development (holding 127 total global patents) catering dynamically to global market requirements.
6. Brief Financial Summary & Analysis
| Particulars (₹ Crore) |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
1,173.60 |
1,386.47 |
1,737.87 |
| Total Expenditure |
1,133.96 |
1,224.05 |
1,463.42 |
| EBITDA |
105.96 |
228.60 |
339.45 |
| Profit Before Tax (PBT) |
39.64 |
162.43 |
265.04 |
| Profit After Tax (PAT) |
29.76 |
117.84 |
193.45 |
| E.P.S. (Basic/Diluted) (₹) |
(0.90)* |
13.70 |
18.31 |
| RONW (%) |
11.92% |
106.11% |
72.95% |
*Note on FY24 EPS: Represents carved-out baseline calculation.
7. Bidding & Payment Charts (Retail & HNI)
Retail Category Price Chart (@ Upper Band ₹425)
| Lot Size (Number of Shares) |
Application Amount (₹) |
| 35 | 14,875 |
| 70 | 29,750 |
| 105 | 44,625 |
| 140 | 59,500 |
| 175 | 74,375 |
| 210 | 89,250 |
| 245 | 1,04,125 |
| 280 | 1,19,000 |
| 315 | 1,33,875 |
| 350 | 1,48,750 |
| 385 | 1,63,625 |
| 420 | 1,78,500 |
| 455 | 1,93,375 |
HNI / NII Category Payment Structure
| Category |
No. of Shares |
Minimum Bid Lot Amount (₹) |
| Small HNI |
490 |
2,08,250 |
| Big HNI |
2,380 |
10,11,500 |
8. Indicative IPO Timeline
| Tentative Event Schedule |
Indicative Dates |
| Issue Opening Date |
July 23, 2026 |
| Issue Closing Date |
July 27, 2026 |
| Finalisation of Basis of Allotment with Designated Stock Exchange |
28/07/2026 |
| Initiation of Refunds / Unblocking of ASBA Funds |
29/07/2026 |
| Credit of Equity Shares to Demat Accounts of Allottees |
29/07/2026 |
| Commencement of Trading of Equity Shares on Stock Exchanges |
30/07/2026 |
9. Our View / Research Recommendation
Lohia Corp's financials show a clear improving trend: consolidated Total Income rose from ₹1,173.6 crore (FY24, carve-out basis) to ₹1,737.9 crore (FY26), while EBITDA margin expanded sharply from ~9% to ~19.5% and PAT grew from ₹29.8 crore to ₹193.5 crore over the same period, taking diluted EPS to ₹18.31 and RONW to a robust 72.95% in FY26.
The business is debt-light (Net Debt/EBITDA of 0.36x) and cash-generative, and it holds clear domestic (40.7% share) and global (15.4% share) leadership in a niche, moderately consolidated machinery segment.
However, the issue is a pure Offer for Sale — the Company receives no primary proceeds for growth capex and with the price band yet to be announced, valuation comfort cannot be confirmed from the RHP alone; listed peers trade at a wide 18x-134x band (67.3x composite).
Final Verdict: On the strength of the operating metrics and leadership position, we lean SUBSCRIBE for long-term investors.
10. Frequently Asked Questions (FAQs)
Q1: Who is the research analyst behind this Lohia Corp IPO note?
A: This research note was prepared by Swapneel Mantri (swapneel.mantri@sushilfinance.com) from Sushil Financial Services Private Limited.
Q2: Does Lohia Corp receive any proceeds from this IPO?
A: No. The issue is entirely an Offer for Sale (OFS) of 25,931,407 equity shares. All proceeds go to the selling shareholders.
Q3: What are the primary global manufacturing locations for Lohia Corp?
A: Lohia Corp has six manufacturing facilities: four in India (two in Kanpur, UP and two in Bengaluru, KT), one in Burlington, USA, and one in Como, Italy.
Q4: What is the financial leverage profile of Lohia Corp Limited?
A: The business operates on a debt-light balance sheet with a Net Debt to EBITDA ratio of 0.36x as of FY26.
Q5: What is the employee discount offered in this issue?
A: Eligible employees receive a discount of ₹40 per share.
Disclaimer & Disclosures:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
