Hy Tech Engineers Limited

This section primarily discusses the macroeconomic outlook for India and various economic indicators. It details projections for global economic growth, the impact of geopolitical tensions on India's energy imports, and the performance of the Indian economy across different fiscal and inflation metrics. The text covers aspects such as GDP growth forecasts, fiscal deficit trends, consumer price inflation, and Gross Value Added (GVA) in the industrial sector.

This section discusses various economic trends related to infrastructure investment, consumption, industrial growth, and budgetary expenditure, alongside market analysis for hydraulic fittings. It covers trends in Gross Fixed Capital Formation (GFCF) as a percentage of GDP, the growth in disposable income and consumer spending, the performance of the Industrial Production Index (IIP), and government budgetary allocations for infrastructure. Furthermore, it details the market dynamics for hydraulic fittings, including the drivers for growth in this market and projections for its expansion.

The analysis of the hydraulic fittings market reveals significant segmentation based on connection type and function. Compression fittings currently hold the largest share, benefiting from their superior sealing capabilities for demanding hydraulic systems. Other segments like threaded fittings, crimp fittings, flange fittings, push-to-connect fittings, end fittings, and others also show substantial growth, driven by increasing industrial and construction activity. Furthermore, the market for fittings that add or change direction is also growing, supported by the adoption of hydraulic systems across various sectors.

The market for hydraulic fittings is supported by ongoing investments in infrastructure like roads, railways, and mining, which drives demand for hydraulic equipment. Couplings continue to dominate the market, with projections showing robust growth for various fittings types through CY31. The market growth is expected to be fueled by public infrastructure spending, increased mechanization in agriculture and mining, expansion of domestic capital goods manufacturing, and rising industrial automation. Furthermore, there is a market shift towards precision-engineered, corrosion-resistant, and high-pressure hydraulic fittings to enhance equipment reliability and safety.

The Indian hydraulic fittings market is characterized by a dual market structure, with catalogue fittings dominating in terms of volume and reach, while customized fittings are gaining traction in the OEM segment. The market is influenced by various demand drivers, including the expansion of infrastructure, the growth of the agricultural sector, and the integration of fittings into automated manufacturing systems. Key challenges for the industry include a fragmented supply chain, a shortage of skilled workforce, issues with compliance and standardization, intense price competition, and reliance on imported raw materials.

The analysis covers several key sectors where hydraulic fittings are utilized, including Agriculture, Construction Equipment, Automotive, and Railways. The agricultural sector shows strong growth prospects driven by mechanization and precision farming, while the construction equipment industry benefits from infrastructure spending. The automotive industry is a major driver, and the railway sector demonstrates sustained growth in both passenger and freight operations. The overall demand for hydraulic fittings is expected to remain robust due to ongoing infrastructure development and technological advancements.

The text discusses the supportive environment for the Indian Railways sector due to continued government focus on infrastructure development, including allocations towards railways in the union budget. It also highlights the positive impact of various government schemes, such as the National Infrastructure Pipeline (NIP), on boosting investment and infrastructure creation in the sector. Furthermore, the demand for hydraulic fittings in the railway sector is projected to increase significantly, driven by ongoing investments in new lines, track doubling, and modernization efforts. The growth outlook for hydraulic fittings is supported by rising industrial automation and investments in infrastructure across various global regions.

The text details various aspects of the steel industry, including production growth, price trends, and trade dynamics. It highlights that steel production and consumption are driven by demand from key sectors like infrastructure, construction, and automotive goods, reinforcing India's position as the world's second-largest steel producer. Furthermore, the text discusses the impact of Industry 4.0 technologies on hydraulic components manufacturing, such as smart factories, digital twins, and predictive maintenance. It also outlines opportunities in the defence and railways sectors, which require specialized hydraulic components, and the need for compliance certifications to access these markets. Finally, the text covers government policies like the Production Linked Incentive (PLI) scheme and the National Infrastructure Pipeline (NIP), which aim to boost domestic manufacturing and infrastructure development.

The text discusses various government initiatives and schemes related to infrastructure, automotive development, and self-reliance. These include funding for state assistance, plans to expand national highways, and various mission plans for agriculture and automotive sectors. Several schemes aim to boost domestic manufacturing and competitiveness by encouraging local production and innovation. The text also highlights risks faced by the hydraulic fittings industry, such as volatile raw material prices, high competition, and supply chain fragmentation.

The company is an engineering firm involved in the design, manufacture, and supply of hydraulic fittings, possessing over four decades of experience in the hydraulics industry. Their product portfolio includes standard fittings like DIN-metric, JIC flared, and O-Ring Face Seal fittings, along with customized fittings. The company serves diverse industries such as construction machinery, automotive, farming machinery, and injection moulding machines, and has obtained certifications for sectors like railways and defence. The business operates on a business-to-business model through direct engagement with OEMs and a network of authorized distributors. The company maintains a significant manufacturing presence in India, with backward integration capabilities through its Nashik unit.

The company has over four decades of experience in the hydraulic fittings industry, with leadership from the Promoter, Hemant Tukaram Mondkar, who brings strategic vision and technical expertise. The company serves diverse end-use industries such as construction, agriculture, automotive, injection moulding machines, and hydraulic systems, which helps reduce exposure to single-sector demand fluctuations. The company maintains a global presence, having exported fittings to eleven countries and has established distribution agreements for products in North America, Canada, and Brazil. The company follows a cell-based manufacturing model to ensure accountability and customer focus, and it is strategically expanding its product portfolio and entering sectors like defence and railways.

The company has supplied hydraulic fittings to numerous countries over the last three fiscal years and plans to expand its geographical footprint by entering new export markets to diversify its revenue base and leverage increased margins. Growth strategy includes investing in logistics and localized support to improve service delivery and competitive pricing, alongside targeted marketing campaigns. The company focuses on cost optimization by enhancing designing and manufacturing efforts, leveraging supplier relationships, and implementing sustainability measures like installing solar panels and effluent treatment plants. The product portfolio includes various types of hydraulic fittings, and the company maintains long-term relationships with its customers and suppliers.

The company employs a structured approach to inventory management, utilizing a Kanban-based system to optimize stock levels and working capital efficiency. The business operates on a business-to-business (B2B) model, focusing on providing technical services and problem-solving capabilities to customers. Sales and marketing involves digital platforms, trade shows, and a dedicated sales team to manage customer relationships and market research. The company utilizes various software, including an ERP solution, for operational and financial efficacy, and has implemented HR management systems. Manufacturing facilities are equipped with utilities, including grid power supplemented by diesel generators and solar installations for energy. The company adheres to various industry regulations concerning environmental laws, labor laws, and legal metrology.

This section primarily details various Indian laws and regulations applicable to the company's operations, covering industrial relations, intellectual property, tax, foreign trade, and securities markets. It outlines several key acts such as the Industrial Relations Code, the Code on Social Security, the Trademarks Act, the Income Tax Act, the GST laws (CGST, MGST, MPGST, IGST), and various regulations under the Foreign Trade Policy. Furthermore, it lists laws concerning customs, securities, and the Digital Personal Data Protection Act, alongside the Information Technology Act.

The company was incorporated in 1978 as Hy-Tech Engineers Private Limited, which was later converted into a public limited company and renamed to Hy-Tech Engineers Limited in 2022. The company has undergone several changes to its registered office location over the years. The Memorandum of Association has seen significant amendments regarding the subdivision of equity shares and increases in authorized share capital. Major operational milestones include the setup of various units in different locations across Maharashtra and Madhya Pradesh, and the acquisition of a subsidiary in 2014. The company has received industry awards and certifications, and there have been no reported defaults on borrowings.

The company is Hy-Tech Engineers Limited, a public limited company incorporated under the Companies Act 1956. Its registered and corporate office is located at Plot No. A-160, Main Road, Wagle Industrial Estate, Thane-400604, Maharashtra. The definitions section details various terms related to the prospectus and the offer process. Key personnel such as the Managing Director is Hemant Tukaram Mondkar, and the Chief Financial Officer is Sunil Satwani. The company has several manufacturing facilities, including the Kavathe Unit and the Shirwal Unit.

This section defines various terms related to the offering process, including different types of bidders, the structure of the offer, and the legal/financial instruments involved. It specifies terms like 'Offer', which refers to an Initial Public Offering comprising both a Fresh Issue and an Offer for Sale. It also defines terms related to the agreement, pricing, and the parties involved in the offering, such as the Offer Agreement and the Offer Price.

This section primarily defines various financial and legal terms used within the prospectus. It details conventions regarding the use of currency, the presentation of numerical data, and the source of industry and market data. It also specifies that certain financial information is derived from restated consolidated financial statements and outlines the reliance risks associated with third-party industry reports.

This section primarily outlines various risk factors associated with the company's business and operations. It highlights risks related to customer concentration, dependency on export revenues, exposure to exchange rate fluctuations, and potential adverse developments in markets, regulations, and competition. The text also discusses the challenges in sustaining growth, implementing business plans, and managing relationships with customers and distributors. Furthermore, it details risks stemming from the reliance on foreign distributors and the potential impact of market disruptions on sales and financial performance.

The company has manufacturing facilities located in Maharashtra and Madhya Pradesh, with revenue derived from these facilities varying across fiscal years. The company highlights susceptibility to local and regional factors, such as economic conditions, natural disasters, and civil unrest, in these states, which could negatively impact operations. The company is dependent on third-party suppliers for raw materials, and volatility in commodity markets could affect production costs. Furthermore, the company relies on third-party logistics providers for transportation, and disruptions in this area could impact the supply chain. The company also notes that revenue is significantly dependent on direct sales to customers, and potential disruptions in the end-user industries they cater to could affect sales.

The text discusses various risks related to the company's operations, including dependency on certain markets, potential adverse developments, and the impact of disruptions on business activities. It details that a significant portion of domestic revenues comes from the western and central zones, and adverse developments in these markets could affect operations. Furthermore, it highlights risks associated with the supply of raw materials, such as carbon steel or stainless steel, and the potential for cost increases to impact profitability. The text also covers risks related to the reliability of manufacturing facilities and equipment, and the potential for delays or disruptions in production. Finally, it mentions risks concerning the collection of receivables from customers and the potential for issues with historical records and regulatory filings.

The text details various compliance issues, including past discrepancies in filings with the Registrar of Companies (RoC) and issues related to the appointment date of a Director. It also mentions delays in filing special resolutions and adjudication applications, though no current legal proceedings are pending. Furthermore, the company's manufacturing facilities and registered office are located on leased properties, creating risks regarding lease renewals and commercial terms. The company is also subject to various statutory and regulatory requirements, including the risk of non-compliance leading to operational interruptions or penalties. The text also discusses risks related to product quality, dependency on key personnel, and exposure to changes in international trade policies and geopolitical tensions.

The section details various legal and operational risks faced by the company, including potential liabilities from civil, tax, and regulatory proceedings, as well as risks related to insurance coverage and supply chain issues. The company faces risks from competition, exchange rate fluctuations, dependence on utilities, and potential disruptions to manufacturing operations. Furthermore, there are concerns regarding the timely payment of statutory dues and the ability to achieve the objectives of the proposed offer.

This section details various risks related to the company's operations, including technology dependency, competitive landscape, and manufacturing hazards. It discusses the vulnerability of technology infrastructure to various disruptions, potential issues with inventory management due to demand forecasting inaccuracies, and risks associated with the competitive nature of the hydraulic fittings industry. Furthermore, the text covers risks related to legal claims and the potential for adverse effects on the business due to litigation or regulatory actions.

The provided text discusses various risks facing the company, including market competition, changes in technology, and adverse actions by governments or customers. It also covers risks related to internal controls, such as fraud and mismanagement, and the evolving nature of laws and regulations, including anti-corruption laws. Furthermore, the text addresses risks concerning intellectual property protection and potential claims from third parties. The prospectus also details risks associated with production schedules, potential disruptions to operations due to equipment failure or supply chain issues, and the impact of accidents or natural disasters. Finally, it covers risks related to future funding requirements, the potential dilution of shareholder equity, and the uncertainty surrounding future dividend payments.

This section discusses various tax and regulatory risks that may affect the company's business operations and financial condition. It covers potential issues related to changes in tax laws, competition law, and data protection regulations. Furthermore, it details risks associated with credit ratings, the nature of financial accounting standards, and restrictions on foreign investment and share transfers. The text also addresses market volatility, the process for determining the offer price, and the tax implications on the sale of equity shares.

The provided text discusses various risks related to currency fluctuations, interest rate movements, and the ability of investors to sell equity shares, which may impact returns and trading prices. It also details the process for listing equity shares, including timelines for allotment and trading commencement, and potential delays in these processes. Furthermore, the text outlines restrictions on pre-emptive rights for existing equity holders under Indian law and the potential for future dilution of ownership. The section also provides details on the structure of the offer for equity shares, including the breakdown of Fresh Issue and Offer for Sale components, and the allocation process to different categories of bidders.

The company is HY-TECH ENGINEERS LIMITED, with a CIN of U99999MH1978PLC020853. The provided text includes restated consolidated financial statements, including the statement of assets, profit and loss, and cash flows for various years. The financial data covers assets, liabilities, income, expenses, profit before tax, tax expenses, profit for the year, and cash flows from operating, investing, and financing activities. The document also mentions that the company does not have any contingent liabilities as of March 31, 2026.

This section details various corporate and regulatory information related to the Draft Red Herring Prospectus, including the registered and corporate office details, the board of directors, the company secretary and compliance officer, and the entities involved in the offering process. It also outlines the filing procedures and lists of various intermediaries such as Book Running Lead Managers, Legal Counsel, Statutory Auditors, and the Registrar to the Offer.

The process for the offer involved newspaper advertisements and the offer price was determined by the Company in consultation with the BRLM after the closing date. Bidders were required to use the ASBA process, with UPI bidders having options to use either the ASBA account details or the UPI mechanism. Restrictions were placed on bidders regarding the withdrawal or lowering of bids depending on their investor category. Furthermore, an underwriting agreement was entered into with the Registrar and Underwriters for the equity shares proposed to be issued.

This section details the authorized and issued equity share capital of the company as of the date of the Prospectus, including various components of the offer. It outlines the structure of the share capital history, which includes numerous allotments and issues over several years. The data provided covers the authorized share capital, the shares issued before the offer, the details of the current offer, and the shares issued after the offer. Furthermore, the text references various regulatory disclosures related to the authorization of the offer for sale by promoter selling shareholders.

This section details various events related to the allotment and transfer of equity shares, including different types of issuances such as cash, bonus issues, and allotments pursuant to schemes of amalgamation. It covers transactions involving promoters, the promoter group, and promoter selling shareholders, as well as disclosures regarding the issuance of equity shares for consideration other than cash. Furthermore, it clarifies that the company has not issued preference shares and has not made equity share issues at a price lower than the Offer Price in the preceding year.

The company's current shareholding pattern shows that Promoters hold 97.99% of the pre-offer, subscribed, and paid-up equity share capital. The section details various transactions and changes in shareholding over time, including transfers, further issues, and bonus issues. The history of promoter shareholding build-up includes several transactions dating back to December 1980 and subsequent transfers and allotments. Furthermore, the section confirms that none of the Equity Shares held by the Promoters are currently pledged.

This section details various transactions and shareholding structures related to the company's promoters and related parties. It outlines several share transfers, allotments, and bonus issues occurring over different dates. Furthermore, it discusses lock-in provisions for promoter contributions, including requirements for holding shares for specified periods. The text also provides breakdowns of pre-offer and post-offer shareholding percentages for promoters, directors, and key managerial personnel, along with details on the average cost of acquisition for various shareholders.

This section details the weighted average cost of acquisition for the company's shares, providing data for the last 18 months and the last three years. It then presents the shareholding of the Promoters, members of the Promoter Group, and additional top 10 shareholders, showing pre-issue and post-allotment figures across different price bands. Furthermore, the text asserts that no equity shares held by the Promoters or Promoter Group are pledged or otherwise encumbered, and clarifies various procedural aspects related to the offer, such as the method of allotment and the absence of certain financial arrangements.

The Offer involved a Fresh Issue of 1,13,20,754 Equity Shares, aggregating to ₹60.00 Crore, and an Offer for Sale of 1,42,89,450 Equity Shares, totaling ₹75.73 Crore, by the Promoter Selling Shareholders. The Net Proceeds from the Offer were calculated as ₹51.93 Crore after deducting estimated expenses related to the Fresh Issue. The company proposed to utilize these Net Proceeds for various objects, including funding capital expenditure for machinery and equipment expansion, repayment of outstanding borrowings, and general corporate purposes.

The section details various proposed capital expenditures, including machinery and equipment, which will be funded from the net proceeds of the offer. The total estimated cost for the proposed machinery and equipment amounts to ₹28.54 Crore, with an additional contingency of ₹1.43 Crore, leading to a total requirement of ₹29.97 Crore. The company management has flexibility to revise these costs, and any surplus proceeds after covering the total cost may be used for general corporate purposes up to 25% of the amount raised. Furthermore, the company intends to utilize a significant portion of the net proceeds for the repayment or prepayment of outstanding borrowings.

The company may use the balance of the Net Proceeds, aggregating to ₹5.96 Crore, for general corporate purposes, subject to not exceeding 25% of the Gross Proceeds, in compliance with SEBI ICDR Regulations. These general purposes include funding growth, strengthening marketing, asset development, meeting working capital needs, and paying various expenses. The Board has the flexibility to utilize surplus amounts, and the company may use any other approved expenditure. Furthermore, the company may utilize unutilized amounts in subsequent fiscal years.

This section provides various financial metrics for the company, including earnings per share, profitability ratios, and net asset values. It details performance across different financial years and compares the company against industry peers. Key financial performance indicators (KPIs) are disclosed, which are used to track business performance and growth across various verticals. The section also includes detailed calculations for financial ratios and operational metrics.

The provided text details various aspects related to the offer documents, including criteria for determining the price per share based on primary and secondary issuances, and a statement regarding potential special tax benefits. It outlines procedures for calculating the weighted average cost of acquisition (WACA) and the resulting floor and cap prices. Furthermore, it includes a statement concerning the availability of special tax benefits under the Income-Tax Act, 2025, and the implications of opting for a lower corporate tax rate under Section 200 of the Act.

The section details various deductions and tax implications related to income and capital gains under the Income Tax Act, including provisions concerning inter-corporate dividends and employment of new employees. It also outlines tax benefits and implications for shareholders, such as dividend income taxation, capital gains tax rates, and exemptions for individuals and HUFs. Furthermore, the text lists special indirect tax benefits available to the company, such as input tax credit refunds and various duty drawbacks and subsidies related to various schemes.

This section details the scope and reliance on the Restated Consolidated Financial Information provided for the purpose of the Initial Public Offer. It outlines the review process, the reliance on auditor's reports, and the nature of the financial statements presented for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. The text also includes tables showing the restated consolidated balance sheet, profit and loss, and cash flow statements, along with notes on accounting policy changes and audit trail preservation issues.

This section details the restated consolidated financial information for HY-Tech Engineers Limited and its subsidiary, HY Tech ACR Private Limited, covering the financial years ended March 31, 2026, 2025, and 2024. The text includes information on changes in equity, cash flows, and the basis of preparation for the financial statements. It clarifies that the control over the subsidiary ceased on January 20, 2026, due to a strike-off application, and the impact of this de-consolidation was recognized in the profit and loss for the year ended March 31, 2026.

This section details the accounting policies for Hy-Tech Engineers Limited, covering material accounting policies, functional and presentation of currency, fair value measurement, use of estimates and judgments, and treatment of various assets and liabilities. It specifies criteria for classifying assets and liabilities as current or non-current, defines fair value measurement hierarchies, outlines assumptions and estimates related to impairment, and describes the recognition and measurement of property, plant and equipment, leases, and intangible assets.

This section details various accounting policies related to inventory, revenue recognition, financial instruments, employee benefits, and taxes for Hy-Tech Engineers Limited. It outlines specific methods for valuing inventories, recognizing revenue based on contracts, handling discounts and rebates, and accounting for various income and expense items. The policies cover aspects such as revenue recognition over time or at a point in time, treatment of foreign currency transactions, and recognition of government grants. Furthermore, it specifies how to account for employee benefits, borrowing costs, taxes, and provisions for contingent liabilities.

This section details the accounting policies for various financial instruments, including the recognition, measurement, and impairment of financial assets and liabilities. It covers different classifications for financial assets such as those held for trading, those measured at amortised cost, and those at fair value through profit or loss (FVTPL). The policies specify how transaction costs are handled, how interest income and expense are recognized, and the treatment of gains and losses arising from re-measurement or disposal of these instruments.

This section details various accounting policies, notes to consolidated financial information, and schedules for Property, Plant and Equipment, Intangible Assets, Capital Work-in-Progress, and investment holdings. It includes historical and year-end balances for these assets, as well as information on deferred tax assets and liabilities. The text also mentions the de-recognition of financial liabilities and the classification of liabilities under accounting standards.

This section details various financial statement line items, including deferred tax assets, capital advances, working capital components, trade receivables, cash balances, and various types of borrowings and financial liabilities. It also provides information on the structure and changes in the equity share capital, including details about promoter shareholding and the history of equity share capital modifications.

This section details various financial figures for HY-TECH ENGINEERS LIMITED across fiscal years ending March 31, 2026, 2025, and 2024. It includes information on borrowings, payables, revenue recognition, contract balances, income, and various operating expenses. The data covers aspects of working capital, sales, contract performance, and cost components.

This section details various expense categories for the years ending March 31, 2026, 2025, and 2024, including Rent, repairs, travelling, and insurance. It also lists payments to directors, legal fees, and CSR expenses. Tax expenses are broken down into various components, including current tax, non-deductible expenses, and provisions for various tax items. Furthermore, the text includes detailed schedules for trade receivables ageing, showing amounts categorized by the duration they are outstanding, and calculations involving credit impairment allowances.

This section details various financial and liability aspects of HY-TECH ENGINEERS LIMITED, including borrowings, trade payables aging, contingent liabilities, and provisions related to defined benefit plans. It provides historical data for various loan facilities, trade payables, and the movement in actuarial valuations for gratuity plans. Furthermore, it outlines the geographical breakdown of revenue and trade receivables, along with segment information.

This section details various financial and related party transactions for HY-TECH ENGINEERS LIMITED, including movement in warranty provisions, breakdowns of consolidated income, related party dealings, and the classification of financial instruments. It provides comparative data for different financial years and outlines the methodology used for valuing financial assets and liabilities.

This section details various financial and regulatory information for HY-TECH ENGINEERS LIMITED, including movement in credit allowance, various liquidity and market risk exposures, and reconciliation of financial statements. It presents historical data for borrowings, trade payables, and other financial liabilities across different reporting dates. Furthermore, it includes sensitivity analyses for interest rates, foreign currency fluctuations, and commodity prices, along with details on dividend distribution and capital management policies.

This section details the capitalisation statement as of March 31, 2026, showing the breakdown of equity and borrowings, including pre-offer and adjusted figures. It also includes a management's discussion and analysis section, noting the basis of financial statements, the reliance on industry research reports, and various risks related to revenue mix, customer dependency, input cost volatility, and exposure to tariff structures. The text further outlines accounting policies concerning asset classification, currency presentation, fair value measurement, and the use of management estimates and judgments.

This section details various accounting treatments and recognition principles for different aspects of the financial statements, including impairment provisions, treatment of financial instruments, property, plant, and equipment, leases, intangible assets, inventories, revenue recognition, and various income/expense items. It outlines the methodology used for measuring assets, liabilities, and revenues according to accounting standards and internal judgments. Specific attention is given to how different transactions, such as foreign currency movements, discounts, and government grants, are accounted for.

This section details various accounting treatments related to employee benefits, borrowings, taxes, cash management, provisions, and financial instruments as per accounting standards. It covers recognition criteria for various liabilities and assets, including treatment for defined benefit plans, borrowing costs, tax expenses, cash equivalents, and the accounting for financial assets and liabilities.

This section details the financial performance of the company across fiscal years 2026, 2025, and 2024, covering key components of the profit and loss statement. Revenue from operations showed significant growth, driven by increased product sales and improved capacity utilization. Total income increased substantially, although other income saw a decrease, which was partially offset by higher foreign exchange gains. Total expenditure also rose, reflecting higher production volumes and input price variations. The analysis further breaks down costs, including raw materials, manufacturing expenses, and various other operational and finance costs.

This section details various financial performance metrics for the company across fiscal years, highlighting operational ramp-up and profitability improvements. Manufacturing expenses showed increases due to higher input costs and operational scale-up, while employee benefits expenses rose due to wage revisions and staff additions. Profit before tax and net profit showed growth, driven by revenue increases and operating leverage, although the profit after tax margin saw a slight dip. Cash flow analysis indicates changes in working capital components and debt management.

This section details the cash flows for the fiscal years 2026, 2025, and 2024, covering operating, investing, and financing activities. Net cash generated from operating activities showed fluctuations across the three years, with specific breakdowns related to non-cash adjustments and working capital movements. Investing activities involved capital expenditure for asset additions, with some offset by the sale of property, plant, and equipment. Financing activities included various borrowings, repayments, and interest payments. The section also provides information on the outstanding indebtedness as of June 30, 2026, and details regarding credit risk management for trade receivables and financial instruments.

This section details various aspects of the company's financial structure, including borrowings, market risks, and foreign currency exposures. It discusses the group's reliance on sanctioned lines of credit, the risks associated with interest rates and foreign exchange fluctuations, and the sensitivity analysis related to these risks. Furthermore, it outlines the nature of the company's debt, the monitoring of its capital structure via a gearing ratio, and various disclosures regarding unusual events, economic changes, and dependencies on suppliers and customers.

This section details the penal interest rate applicable for non-compliance with terms and conditions, which ranges from 2% to 4% per annum. It also outlines various restrictive covenants within borrowing arrangements, requiring prior consent from lenders for certain corporate actions such as changes in capital structure, ownership, management, or the entry into new borrowing arrangements. The company confirms that necessary consents have been obtained under the relevant loan documentation for undertaking certain activities.

The section confirms that as of the date of the Prospectus, there are no outstanding criminal proceedings, actions by regulatory or statutory authorities, or material pending litigation involving the Company, its Promoters, Directors, Key Managerial Personnel, or Senior Management. It also states that there are no outstanding dues to creditors of the Company, except for amounts exceeding 5% of the restated total trade payables, which were considered material for disclosure purposes. Furthermore, the section details a pending tax matter concerning discrepancies in GST returns, and provides a breakdown of outstanding dues to various creditors, including micro, small, and medium enterprises.

This section details various governmental and regulatory approvals, licenses, registrations, and permissions obtained by the Company necessary for its business activities in India. It lists approvals related to incorporation, business operations, tax matters, employment provisions, and operational manufacturing facilities across several units (Thane, Nashik, Pithampur-I, Pithampur-II, Shirwal, and Kavathe). The section also clarifies that no material approvals were applied for but not received, nor were any material approvals required but not obtained or applied for, and no approvals had expired and required renewal.

The section details various corporate and regulatory approvals related to the issuance process. It confirms that the Fresh Issue received Board and shareholder approvals, and the Draft Red Herring Prospectus was approved for filing with SEBI and Stock Exchanges. It also confirms that Promoter Selling Shareholders have complied with Regulation 8 of the SEBI ICDR Regulations and held the shares for at least one year. Furthermore, the company received in-principle listing approvals from BSE and NSE.

The document outlines various procedural and legal aspects related to the offering, including conditions for listing and trading, requirements for consents from various parties, and provisions concerning investor grievances. It details timelines for completing listing formalities and the consequences for failing to complete them, such as repayment of monies received. Furthermore, it specifies mechanisms and compensation rules for investor issues arising from the UPI mechanism, including delays in fund unblocking or issues with allotment, as mandated by SEBI regulations.

The company has obtained authentication on the SCORES platform for investor grievance redressal, and it has responded to certain investor complaints, with one pending. The terms of the offer specify that equity shares are subject to various laws and regulations, including those of the Companies Act and SEBI ICDR Regulations. The offer details the pricing structure, including a Floor Price, Cap Price, and Anchor Investor Offer Price, which were determined in consultation with the BRLM. Furthermore, the document outlines strict timelines and procedures for the submission and processing of bids and applications during the subscription list period.

This section details various aspects of the offer structure, including the handling of discrepancies in bid data, the conditions for minimum subscription requirements for the Fresh Issue and Offer for Sale, and the procedures for allotment based on different bidder categories. It outlines specific rules regarding the allocation of shares to Qualified Institutional Buyers (QIBs), Non-Institutional Bidders (NIBs), and Retail Individual Bidders, including provisions for reserving shares for specific application sizes and the handling of under-subscription across different portions of the offer.

The section details various procedural aspects related to the public issue, including the use of different bid mechanisms and timelines mandated by SEBI. It outlines the availability of various documents, the phased implementation of the UPI mechanism for applications, and specific requirements for processing applications, especially concerning fund blocking. It also specifies rules regarding the allocation of shares across different investor categories and the handling of bid submissions.

This section details various rules and restrictions concerning who can bid for the equity shares in the Offer, including different categories of investors such as Mutual Funds, HUFs, Eligible NRIs, FPIs, and various corporate/institutional entities. It outlines specific requirements for documentation, such as SEBI registration certificates or proof of corporate registration, depending on the bidder type. Furthermore, it specifies investment limits and rules related to different investor types, such as the maximum holding limits for NRIs and FPIs, and procedures for handling multiple bids or bids from certain entities.

This section details numerous instructions and prohibitions related to the electronic bidding process, covering various aspects such as bidder eligibility, submission procedures, and documentation requirements. It outlines specific rules for different types of bidders, including QIBs, Non-Institutional Bidders, and UPI Bidders, concerning bid revisions, fund blocking, and the use of various accounts and documents. Furthermore, it lists technical grounds for the rejection of bids, such as improper submission formats or issues with PAN details.

The section details various aspects related to the allotment process, including how equity shares are distributed among different investor categories, such as Retail Individual Bidders and Non-Institutional Investors. It also outlines specific procedures for payments into escrow accounts for Anchor Investors and the various requirements for pre-offer and allotment advertisements as prescribed by SEBI ICDR Regulations. Furthermore, the text discusses legal provisions concerning impersonation and the liabilities associated with fraud under the Companies Act, 2013, as well as undertakings provided by the company and the promoter selling shareholders.

This section primarily defines various terms used within the company's documents, such as debentures, depositories, directors, and various types of meetings. It outlines definitions for financial concepts like free reserves and various legal entities. Furthermore, it details provisions related to the issuance, increase, and reduction of share capital, including conditions for issuing new shares and the disposal of existing securities. The text also covers the power to issue securities in the international capital markets and the requirements for accepting shares.

This section details various provisions related to the issuance, transfer, and enforcement of share certificates, including rules for numbering and subdivision. It outlines procedures for handling lost, destroyed, or defaced certificates, including the process for issuing new ones. Furthermore, the text covers the company's power to buy back its own securities and rules concerning underwriting and brokerage commissions. It also specifies the process for directors to make calls on unpaid amounts due on shares, including provisions for interest on defaults, and the company's lien rights over securities.

This section details various procedural aspects concerning the distribution of sums, the transfer and transmission of shares, and the conduct of general meetings. It outlines how sums are to be applied, the requirements for documenting share transfers, and the powers of the Board regarding such transfers. Furthermore, it covers provisions related to the handling of securities held by Depositories, the nomination of successors upon death, and the procedures for calling general meetings.

This section outlines various procedural rules governing General Meetings, including requirements for notice periods, quorum, and the role of the Chairperson. It details rules regarding voting rights, including electronic voting and the handling of proxy votes, specifying that a member can vote only once. The text also covers the maintenance and inspection of meeting minutes, the composition and appointment powers of the Board of Directors, and provisions related to the retirement, resignation, and removal of directors. Furthermore, it discusses the remuneration structure for directors and the provisions related to independent directors.

This section primarily outlines the procedural and substantive rules governing the Board of Directors' meetings and actions, including issues related to director appointments, contracts, and the use of electronic modes for participation. It details requirements for notice, quorum, decision-making, and the maintenance of minutes. Furthermore, it addresses various restrictions and powers vested in the Board, such as the ability to invest, borrow money, or dispose of substantial undertakings.

This section details various powers granted to the Board of Directors, including the ability to contribute to charitable funds, the scope of the Board's powers regarding contracts, property acquisition, and legal proceedings. It outlines the Board's authority to manage various financial aspects, such as borrowing money, dealing with company property, and handling disputes through arbitration. Furthermore, the text covers provisions related to the appointment and remuneration of directors, the power to take insurance, and the handling of dividends and reserves.

This section details various provisions related to the payment of dividends, the deduction of money owed by members, and the handling of dividends when shares are transferred. It also covers procedures for issuing notices regarding dividends and the manner in which dividends or other monies may be paid. Furthermore, the text outlines rules concerning the preservation of company accounts, the inspection rights of members, and the requirements for the preparation of revised financial statements by the Board. The section also addresses the appointment and regulation of statutory and cost auditors, as well as provisions for the indemnification of directors and officers.

This section details the material contracts and documents that were attached to the Draft Red Herring Prospectus and filed with the Registrar of Companies (RoC), outlining the period during which these documents could be inspected. It lists numerous agreements, resolutions, and various certificates from different professionals and entities related to the offer and the prospectus. The section also includes a declaration certifying compliance with relevant laws and the accuracy of the disclosures made in the Prospectus.

The provided section consists entirely of declarations from various directors certifying compliance with relevant provisions under the Companies Act and SEBI regulations. These declarations affirm that all statements made in the Prospectus are true and correct and comply with the rules and guidelines issued by the Government or SEBI under Section 3 of the SEBI Act. No specific regulatory approvals, licenses, non-compliance issues, or pending applications are detailed in this excerpt.

The provided section primarily consists of declarations from various company officials and promoters affirming compliance with relevant laws and regulations. These declarations confirm that the statements made in the Prospectus adhere to the provisions of the Companies Act, SCRA, SCRR, SEBI Act, and related rules or guidelines. The declarations cover various roles, including the Director, Chief Financial Officer, and the Promoters Selling Shareholders.

This section summarizes related party transactions for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, as per Ind AS 24 and SEBI ICDR Regulations. The transactions involve various related parties such as different entities, directors, and officers, covering aspects like sales, purchases, loans, remuneration, and commissions. Key relationships include transactions with NR HyTech Engineers, Hy-Tech Fluid Power Private Limited, and Hy-Tech USA Inc., alongside various financial dealings with key managerial personnel and independent directors.

The company has eight directors on its Board, consisting of a Managing Director, two Whole-time Directors, one Non-Executive Director, and four Independent Directors, including one woman director. Key personnel details include the Chairman and Managing Director, Hemant Tukaram Mondkar, who has extensive experience in the hydraulic fittings industry and is associated with several other companies. The Board details include the designations, directorship periods, and some past associations of the directors. Various terms of appointment and remuneration details for the different classes of directors are provided.

The company has no service contracts with its Directors that provide benefits upon termination of employment, nor does it have a bonus or profit-sharing plan for the Directors. Directors may be deemed interested in certain financial arrangements, such as remuneration or sitting fees, or in equity shares held by them or their relatives. Furthermore, certain Directors are excluded from having interests in the promotion or formation of the Company. The Board has been authorized to borrow funds up to ₹100.00 Crore, subject to certain conditions regarding the aggregate amount borrowed. The company is in compliance with corporate governance requirements under the Companies Act, 2013, and the SEBI Listing Regulations.

The management section details various committees constituted by the Board, including the Nomination and Remuneration Committee and the Corporate Social Responsibility Committee, outlining their respective functions. The Risk Management Committee was also established, with defined terms of reference for managing business risks and ensuring compliance with regulatory requirements. Key managerial personnel, including the Chairman and Managing Director, the Company Secretary, the Chief Financial Officer, the Chief Operating Officer, and the Head of Marketing and Business Development, are listed along with their appointments and tenure. The section also confirms that Key Managerial Personnel and Senior Management are permanent employees and details regarding their interest in the company and compensation arrangements are provided.

The section details the identity and shareholding of the company's Promoters, who are Hemant Tukaram Mondkar, Surekha Hemant Mondkar, and Ashwin Hemant Mondkar. The Promoters collectively hold a significant portion of the issued equity shares. The text also outlines various confirmations regarding the Promoters' interests, such as the lack of payments made to them and the absence of material guarantees given to third parties concerning the company's equity shares. Furthermore, it lists entities with which the Promoters have recently disassociated and identifies the entities considered as Group Companies under SEBI ICDR Regulations.

The section details various aspects related to related party transactions, dividend policy, and the history of dividend payments. It confirms that there are no related business transactions with group companies, nor are there business interests in the company by group companies. Furthermore, it states that the group company is not listed on any stock exchange and has not made any public or rights issues recently. The dividend policy is governed by board recommendations and shareholder approval, and future dividend declarations depend on several factors like profits and cash flows. The text also provides historical data on the face value of equity shares, dividend amounts, and the rate of dividend on equity shares for recent fiscal years.