# PM Cona Industries Limited: IPO analysis

> PM Cona Industries Limited (CIN U31900MH2019PLC329317) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising an offer for sale of 45 lakh shares. In FY26 it reported revenue of ₹404 Cr (+7.2% on FY25) and a net profit of ₹31 Cr. Promoters hold 100.0% before the IPO. Our fact-check of its claims found no medium or high concerns across 38 claims checked.

- Page: https://ipo.innerkore.com/company/U31900MH2019PLC329317/pm-cona-industries-limited/
- CIN: U31900MH2019PLC329317
- Last updated: 6 Oct 2026

## Key facts

- **Company:** PM Cona Industries Limited
- **CIN:** U31900MH2019PLC329317
- **Filing stage:** DRHP
- **Latest SEBI filing:** 6 Oct 2026
- **Offer for sale:** 45,00,000 shares
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹404 Cr
- **Revenue growth:** +7.2%
- **Net profit FY26:** ₹31 Cr
- **Revenue CAGR FY24 to FY26:** 9.6%
- **Promoter holding (pre-IPO):** 100.0%
- **Lead managers:** Valmiki Leela Capital Private Limited
- **Registrar:** KFin Technologies Limited
- **Fact-check flags:** 0 high, 0 medium, 1 low

## Key signals (read from the filing; not investment advice)

- **Growth** (look closer): 9.6% a year. Sales FY24 to FY26; latest year +7.2%.
- **Profitability** (look closer): 7.6% net margin. FY26; operating margin steady.
- **Debt** (looks fine): No borrowings. Nothing borrowed at the end of FY26.
- **Profit into cash** (looks fine): 131% of profit. Operations brought in ₹40.5 crore against ₹30.8 crore of profit in FY26.
- **One-off income** (look closer): 7% of profit. Other and one-off income is 7% of pre-tax profit; management describes 6 one-off items.
- **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing.
- **Red flags** (looks fine): None serious. 38 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 336 | 377 | 404 |
| Sales growth | – | 12.2% | 7.2% |
| Operating profit | 35 | 43 | 47 |
| Operating margin | 10.5% | 11.5% | 11.5% |
| Net profit | 22 | 28 | 31 |
| Net margin | 6.7% | 7.3% | 7.6% |
| Net worth | 112 | 139 | 170 |
| Borrowings | 17 | 13 | 0.00 |
| Return on equity | 20.1% | 19.9% | 18.2% |

## Non-recurring items (as described by management)

- Other expenses included debtors written off increasing by 95.55 % from ₹25.60 Lakh in Fiscal 2025 to ₹50.00 Lakh in fiscal 2026 (p.392)
- Other expenses included fair value loss on financial instrument at fair value through profit and loss increasing from nil in Fiscal 2025 to ₹34.30 Lakh in Fiscal 2026 (p.392)
- Cost of goods sold increased by 12.01 % from ₹213.15 Crore in Fiscal 2024 to ₹238.76 Crore in Fiscal 2025 primarily due to increase in cost of materials consumed and increase in change in inventories of finished goods and work-in-progress (p.393)
- Cost of goods sold increased by 10.68 % from ₹216.04 Crore in Fiscal 2024 to ₹239.11 Crore in Fiscal 2025 primarily due growth in sales (p.393)
- Debtors written off decreased by 90.9 % from ₹2.81 Crore in Fiscal 2024 to ₹25.60 Lakh in Fiscal 2025, mainly on account of major write off done in Fiscal 2024 for the Fiscal 2024 as well as the preceding years. (p.394)
- Restated profit for the year increased by 23.54 % from ₹22.36 Crore in Fiscal 2024 to ₹27.62 Crore in Fiscal 2025 primarily due to growth in number of units sold, change in product mix with higher sales of better revenue products, introduction of newer SKUs with better margins, and decrease in finance cost. (p.395)

## Use of proceeds (fresh issue)

- Funding of capital expenditure towards brownfield expansion of manufacturing facility at SIDCUL Property, Haridwar (the: ₹11 crore
- Funding towards purchase of plant, machinery and equipment for various units of our current manufacturing facilities at (i) Vasai Facility, (ii) Haridwar Facility, (iii) Palghar Facility, (iv) Mumbai Facility; and (v) Silvassa Facility;: ₹10 crore
- Funding towards setting-up of 50 new display showrooms across India;: ₹9.4 crore
- Expenditure towards brand building and marketing; and: ₹51 crore
- General Corporate Purposes: amount not fixed yet

## Fact-checked claims

- **LOW** (PromoterBackground): Corporate governance provisions of the Companies Act and SEBI Listing Regulations will be applicable immediately upon listing.. The search results mention that PM Cona Industries filed its DRHP with SEBI for an IPO, but they do not provide any direct information confirming that corporate governance provisions will be applicable immediately upon listing. One result references SEBI (Listing Obligations and Disclosure Requirements) regulations in the context of a past report.
- **NONE** (PromoterBackground): Bhavika Mohit Motwani holds negligible equity share percentage.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Bhavika Mohit Motwani holds a negligible equity share percentage.
- **NONE** (PromoterBackground): Mohit Prakash Motwani holds 5.62% of the pre-Offer issued, subscribed and paid-up Equity Share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mohit Prakash Motwani holds 5.62% of the pre-Offer issued, subscribed and paid-up Equity Share capital.
- **NONE** (PromoterBackground): No loans have been availed by the Directors from the Company.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that no loans have been availed by the Directors from the Company.
- **NONE** (PromoterBackground): PM Family Trust was formed pursuant to a trust deed dated January 25, 2025, under the Indian Trusts Act, 1882.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that PM Family Trust was formed pursuant to a trust deed dated January 25, 2025, under the Indian Trusts Act, 1882.
- **NONE** (PromoterBackground): Kruti Parshwa Shah is the Company Secretary and Compliance Officer of the Company and has been associated with the Company since August 1, 2026.. The provided search results do not contain any information confirming or denying the claim that Kruti Parshwa Shah is the Company Secretary and Compliance Officer of PM Cona Industries Limited, nor do they mention any association with the company since August 1, 2026.
- **NONE** (SubsidiaryPerformance): Clause V of the Memorandum of Association was amended on August 27, 2019, to increase the authorized share capital from ₹30,00,00,000 to ₹45,00,00,000.. The provided search results do not contain any information regarding an amendment to Clause V of the Memorandum of Association of PM Cona Industries Limited to increase the authorized share capital from ₹30,00,00,000 to ₹45,00,00,000. The results focus on IPO details, financial performance, and the filing of the DRHP.
- **NONE** (SubsidiaryPerformance): The registered office of the Company changed from Unit No. 28, Andheri Sainath Premises, Co. op. Soc. Ltd., to 3rd floor, 302 Brahans Business Park, Mahakali Caves Road, Near Sun Pharma, Andheri (E), Mumbai - 400093, Maharashtra, India, on September 16, 2019.. The provided search results do not contain information that directly corroborates or contradicts the specific claim about the change of registered office address on September 16, 2019. The search results primarily relate to IPO filings, financial performance, and DRHP filings.
- **NONE** (LitigationStatus): Prakash Naraindas Motwani has filed a complaint against Parveen Rani for the dishonour of three cheques aggregating to ₹1.50 Lakh under Section 138 of the Negotiable Instruments Act, 1881, which is currently pending.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim made about Prakash Naraindas Motwani filing a complaint against Parveen Rani under Section 138 of the Negotiable Instruments Act, 1881.
- **NONE** (LitigationStatus): Mohit Prakash Motwani has filed a complaint against K. Nazar for dishonour of a cheque for ₹12.60 Lakh under Section 138 of the Negotiable Instruments Act, 1881, which is currently pending.. The provided search results discuss the filing of the Draft Red Herring Prospectus (DRHP) for PM Cona Industries for an IPO, but they do not contain any information regarding a specific complaint filed by Mohit Prakash Motwani against K. Nazar for dishonor of a cheque.
- **NONE** (PromoterBackground): An exemption application to disclose details of the Relevant Persons Group was not acceded to by SEBI.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that an exemption application to disclose details of the Relevant Persons Group was not acceded to by SEBI.
- **NONE** (PromoterBackground): The company included disclosures pertaining to the Relevant Persons and Connected Entities based on publicly available information from various websites to comply with SEBI ICDR Regulations.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that the company included disclosures pertaining to Relevant Persons and Connected Entities based on publicly available information to comply with SEBI ICDR Regulations.

## Common questions

### How big is the PM Cona Industries Limited IPO?

PM Cona Industries Limited's IPO comprises an offer for sale of 45 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 PM Cona Industries Limited's revenue and profit?

PM Cona Industries Limited reported revenue from operations of ₹404 Cr in FY26, +7.2% versus FY25. Net profit was ₹31 Cr (FY25: ₹28 Cr). Revenue grew at a compound rate of 9.6% a year from FY24 to FY26. Figures are read from the DRHP, as printed there.

### How much do promoters own in PM Cona Industries Limited?

Promoters hold 100.0% of PM Cona Industries Limited before the IPO. Largest holders listed: Prakash Naraindas Motwani (62.7%); Neelu Prakash Motwani (31.7%); Mohit Prakash Motwani (5.6%).

### How will PM Cona Industries Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Funding of capital expenditure towards brownfield expansion of manufacturing facility at SIDCUL Property, Haridwar (the (₹11 Cr); Funding towards purchase of plant, machinery and equipment for various units of our current manufacturing facilities at (i) Vasai Facility, (ii) Haridwar Facility, (iii) Palghar Facility, (iv) Mumbai Facility; and (v) Silvassa Facility; (₹10 Cr); Funding towards setting-up of 50 new display showrooms across India; (₹9.4 Cr); Expenditure towards brand building and marketing; and (₹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 PM Cona Industries Limited's DRHP?

We fact-checked 38 claims from the filing against the open web: 0 raised a high concern, 0 medium and 1 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does PM Cona Industries Limited do?

Here’s what almost nobody noticed about the PM Cona Industries IPO filing: they didn't specify if corporate governance rules would kick in the second the company listed. That’s a huge gap, and it raises serious questions about what the actual listing requirements will look like.

### Who manages the PM Cona Industries 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 PM Cona Industries Limited IPO documents?

All 1 filing for PM Cona Industries 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

- [PM CONA INDUSTRIES LIMITED](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791271808233_1407.pdf) (Draft Red Herring Prospectus, filed 6 Oct 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.