Delhi-based Refrigeration Sealing Solutions Company Ajay Poly Limited files DRHP with SEBI for IPO

development of custom solutions. Its expansive customer base includes prominent multinational OEMs such as Haier Appliances (India), BSH Household Appliances, Seaga India, and Frigoglass India, alongside renowned Indian OEMs like Godrej & Boyce, Voltbek Home Appliances, and IFB Refrigeration. High customer retention highlights the company’s focus on strong, long-term partnerships.

The company operates ten strategically located manufacturing facilities across India, optimizing logistics and reducing lead times for delivery. These facilities are positioned near major appliance manufacturing hubs in key regions: five in Greater Noida (NCR), two in Maharashtra (Karegaon and Shirwal), and one each in Sanand (Gujarat), Mohali (Punjab), and Chennai (Tamil Nadu).

As of June 30, 2024, Ajay Poly boasts impressive annual installed capacities, including 91,353,600 meters of soft profile extrusion, 14,040,000 meters of rigid profile extrusion, 3,903,600 square meters of toughened glass, 63,648,000 meters of magnetic strips, 12,532 tonnes of PVC compound, 2,156 tonnes of epoxidized soybean oil, 6,000 tonnes of sheet extrusion, and 10,296 tonnes of magnet powder.

The company has undertaken backward integration initiatives, to enhance its production capabilities in key areas such as soft profile extrusion (gasket production), in-house PVC compound and plasticizer manufacturing, machinery assembly, and the production of magnet powders and strips. The strategic integration, coupled with a robust product portfolio and a strong customer base, positions Ajay Poly Limited as a leader in the appliance industry, delivering value-driven solutions with efficiency and innovation.

In the past three fiscal years, revenue from operations has grown at a CAGR of 60.38% from ₹141.67 crore in Fiscal 2022 to ₹364.41 crore in Fiscal 2024. Profit after tax grew at a CAGR of 157.08% from ₹3.39 crore in Fiscal 2022 to ₹22.41 crore in Fiscal 2024.

For the three months ended June 30, 2024, revenue from operations stood at Rs. 130.13 crore, and profit after tax stood at Rs. 12.29 crore.

Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited are the sole book-running lead managers and KFin Technologies Limited is the registrar to the issue. The equity shares are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited.

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