# S. D. International Limited: IPO analysis > S. D. International Limited (CIN U22203UP2008PLC036047) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 1,30,00,000 shares and an offer for sale of 35 lakh shares. In FY26 it reported revenue of ₹302 Cr (+34.1% on FY25) and a net profit of ₹32 Cr. Promoters hold 79.4% before the IPO. Our fact-check of its claims found no medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U22203UP2008PLC036047/s-d-international-limited/ - CIN: U22203UP2008PLC036047 - Last updated: 30 Sep 2026 ## Key facts - **Company:** S. D. International Limited - **CIN:** U22203UP2008PLC036047 - **Filing stage:** DRHP - **Latest SEBI filing:** 30 Sep 2026 - **Offer for sale:** 35,00,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹302 Cr - **Revenue growth:** +34.1% - **Net profit FY26:** ₹32 Cr - **Revenue CAGR FY24 to FY26:** 31.8% - **Promoter holding (pre-IPO):** 79.4% - **Lead managers:** Valmiki Leela Capital Private Limited - **Registrar:** KFIN Technologies Limited - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 31.8% a year. Sales FY24 to FY26; latest year +34.1%. - **Profitability** (looks fine): 10.7% net margin. FY26; operating margin steady. - **Debt** (look closer): 0.95x equity. ₹120 crore borrowed at the end of FY26. - **Profit into cash** (look closer): 51% of profit. Operations brought in ₹16.6 crore against ₹32.5 crore of profit in FY26. - **One-off income** (look closer): 2% of profit. Other and one-off income is 2% of pre-tax profit; management describes 6 one-off items. - **Where the money goes** (looks fine): 21% for sale. 79% is new shares issued by the company. 58% of the new money repays debt. - **Red flags** (looks fine): None serious. 40 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 174 | 225 | 302 | | Sales growth | – | 29.5% | 34.1% | | Operating profit | 30 | 44 | 58 | | Operating margin | 17.1% | 19.5% | 19.1% | | Net profit | 18 | 20 | 32 | | Net margin | 10.4% | 9.0% | 10.7% | | Net worth | 70 | 94 | 126 | | Borrowings | 76 | 117 | 120 | | Return on equity | 25.8% | 21.8% | 25.7% | ## Non-recurring items (as described by management) - Government grants related to expense are recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. (p.443) - Government grants related to Property, Plant and Equipment (PPE) are presented in the Balance Sheet by deducting the grant in arriving at the carrying amount of the asset. (p.443) - The benefit of a government loan at a below-market rate of interest (including interest-free loans) is treated as a government grant. (p.443) - The difference between the initial carrying amount of a below-market government loan and the unamortized loan proceeds received is recognized as a Deferred Government Grant under Non-Current / Current Liabilities. (p.443) - Loss on sale of Investments at fair value through profit or loss increased by 100.00% to ₹ 11.56 in Fiscal 2026 from ₹ 0 in Fiscal 2025. (p.456) - Tax expense increased by 6.93% to ₹9.32 Crore in Fiscal 2026 from ₹8.72 Crore in Fiscal 2025, primarily due to an increase in current tax expense by ₹3.95 Crore and an increase in tax expense relating to prior periods increased marginally by ₹1.10 Lakh. (p.457) ## Use of proceeds (fresh issue) - Repayment/prepayment, in full or in part, of certain borrowings availed by our Company: ₹70 crore - Funding of capital expenditure towards purchase of machinery and equipment by our Company: ₹51 crore - General corporate purposes(1)(2): amount not fixed yet ## Fact-checked claims - **NONE** (PromoterBackground): Poonam Agarwal is the Promoter and Non-Executive and Non-Independent Director of the Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Poonam Agarwal is the Promoter and Non-Executive and Non-Independent Director of S. D. International Limited. - **NONE** (PromoterBackground): Vinay Agarwal holds 42.47% of the pre-Offer issued, subscribed and paid-up Equity Share capital.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Vinay Agarwal holds 42.47% of the pre-Offer issued, subscribed and paid-up Equity Share capital. - **NONE** (PromoterBackground): Vinay Agarwal is the Promoter and Chairman and Managing Director of the Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Vinay Agarwal is the Promoter and Chairman and Managing Director of S. D. International Limited. - **NONE** (PromoterBackground): The Company has not declared or paid any dividends on Equity Shares for the period from April 01, 2026, until the date of this Draft Red Herring Prospectus.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company has not declared or paid any dividends on equity shares for the specified period. - **NONE** (PromoterBackground): The Company has neither declared nor paid any dividends (including interim dividend) on the Equity Shares in Fiscal 2026, Fiscal 2025, and Fiscal 2024 preceding the date of this Draft Red Herring Prospectus.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the Draft Red Herring Prospectus concerning the declaration or payment of dividends by S. D. International Limited. - **NONE** (PromoterBackground): The dividend distribution policy of the Company was approved and adopted by the Board on August 20, 2026.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the dividend distribution policy was approved and adopted by the Board on August 20, 2026. - **NONE** (PromoterBackground): The declaration and payment of dividends, including interim dividends, will be recommended by the Board and approved by shareholders at their discretion, subject to the provisions of the Companies Act, 2013, Article of Association and other applicable laws, each as amended.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim from the DRHP. Therefore, no relevant information could be found. - **NONE** (PromoterBackground): Shubham Kumar is the Company Secretary and Compliance Officer and has been associated with the Company since February 24, 2025.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Shubham Kumar is the Company Secretary and Compliance Officer associated with the company since February 24, 2025. - **NONE** (PromoterBackground): Manoj Sahu is the Chief Operating Officer and has been associated with the Company since April 01, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Manoj Sahu is the Chief Operating Officer and has been associated with the company since April 01, 2025. - **NONE** (PromoterBackground): Himanshu Bairoliya is the Chief Financial Officer and has been associated with the Company since July 01, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Himanshu Bairoliya is the CFO and has been associated with the company since July 01, 2026. - **NONE** (PromoterBackground): The IPO Committee was constituted by a Board resolution on July 07, 2026 and was further re-constituted on September 18, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the constitution and re-constitution of the IPO Committee by S. D. International Limited. - **NONE** (PromoterBackground): The Corporate Social Responsibility Committee was last reconstituted by a Board resolution on July 07, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Corporate Social Responsibility Committee was last reconstituted by a Board resolution on July 07, 2026. ## Common questions ### How big is the S. D. International Limited IPO? S. D. International Limited's IPO comprises a fresh issue of 1,30,00,000 shares and an offer for sale of 35 lakh shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are S. D. International Limited's revenue and profit? S. D. International Limited reported revenue from operations of ₹302 Cr in FY26, +34.1% versus FY25. Net profit was ₹32 Cr (FY25: ₹20 Cr). Revenue grew at a compound rate of 31.8% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in S. D. International Limited? Promoters hold 79.4% of S. D. International Limited before the IPO. Largest holders listed: Vinay Agarwal(2) (42.5%); S.D. Polytex Private Limited (14.1%); Lakshya Agarwal (12.1%). ### How will S. D. International Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment/prepayment, in full or in part, of certain borrowings availed by our Company (₹70 Cr); Funding of capital expenditure towards purchase of machinery and equipment by our Company (₹51 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in S. D. International Limited's DRHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does S. D. International Limited do? Here’s a detail about S. D. International Limited that almost nobody notices: there’s zero verifiable information linking Poonam Agarwal to the promoter or any directorship of the company. That’s a significant gap we need to look into when we analyze this IPO. ### Who manages the S. D. International Limited IPO? Book running lead managers: Valmiki Leela Capital Private Limited. Registrar to the offer: KFIN Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original S. D. International Limited IPO documents? All 1 filing for S. D. International Limited (DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [S. D. INTERNATIONAL LIMITED](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790767812069_1376.pdf) (Draft Red Herring Prospectus, filed 30 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.