A 17-year-old Maharashtra-based precision-mould maker opens its Rs 105.01 crore BSE SME issue on September 10
A designer and manufacturer of pipe-fitting and industrial moulds for building materials, plastics, automotive and engineering applications plans to raise Rs 105.01 crore via a book-built SME listing on BSE SME.
Om Galaxy Ltd (OGL), a Vasai-and-Pune-based precision-mould and tooling company incorporated in 2008, opens for subscription on September 10 with the issue closing on September 15.
The operates in a technically-demanding niche — the design, development and manufacture of pipe-fitting moulds and industrial moulds, catering to the building-materials and plastics/polymer-processing industries, alongside automotive moulds for auto components, hot-runner systems (HRS), and cleaning products.
Moulds are the high-precision tooling that lets manufacturers mass-produce plastic pipes, fittings, sanitaryware, containers and components with dimensional accuracy and repeatability — a capital-goods-style business selling into a broad base of manufacturers.
The portfolio is diversified across four legs, partly via subsidiaries. The core is pipe-fitting and industrial moulds; subsidiary OMG Auto Mould (75%-held) makes automotive moulds from Pune; subsidiary Infuse HRS (73%-held) makes hot-runner systems used in injection moulding; and OGL manufactures consumer cleaning products — mops, brushes, scrubbers, wipers, brooms — under the WONDRA brand.
As of June 30, 2026, it had 77 SKUs under WONDRA. This diversification across moulds, automotive, HRS and cleaning products reduces dependence on any single line, though moulds remain the revenue backbone.
The operating base is substantial and integrated. OGL and its subsidiaries operate seven manufacturing units across Vasai (Palghar district) and Pune with a combined area of about 88,652 sq ft, with in-house design, manufacturing and HRS capabilities enabling customised solutions.
It generally receives orders directly from domestic and international clients, and is a member of the Tool and Gauge Manufacturers Association of India (TAGMA). For FY2026, it generated 91.74% of revenue from domestic sales and 5.10% from exports (to North America, Asia and Africa).
As of August 15, 2026, its order book stood at Rs 94.42 crore, and it had 585 employees as of March 31, 2026. The company has five promoters, including Opindersingh Bachattarsingh Baddhan and Jyothish Rajamohanan Nambiar.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 10, 2026 |
| Issue Closes | September 15, 2026 |
| Listing | BSE SME |
| Listing Date | September 18, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 85 – Rs 90 per share |
| Face Value | Rs 5 |
| Issue Size | Rs 105.01 crore (1,16,67,200 shares, entirely fresh) |
| Min. Application | 3,200 shares (multiples of 1,600 thereafter) |
| Min. Retail Investment | Rs 2,88,000 |
| Post-IPO Market Cap | Rs 304.90 crore |
| IPO as % of Post-IPO Capital | 34.44% |
| Lead Manager | Indorient Financial Services Ltd. |
| Market Maker | Aikyam Capital Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is entirely a fresh issue. From the net proceeds, OGL will utilise Rs 74.66 crore for capex on expanding production capacity (a new manufacturing unit), Rs 14.00 crore for repayment or prepayment of certain borrowings, and the rest for general corporate purposes.
The fresh-only, expansion-and-deleveraging use of proceeds is a positive. Ahead of the opening, OGL raised Rs 29.89 crore from anchor investors (anchor bid September 9).
Post-IPO, paid-up equity capital rises from Rs 11.11 crore (2,22,10,824 shares) to Rs 16.94 crore, with promoter holding falling from 100% to ~65.56%.
On capital history, the company issued further equity in the Rs 25–132 range between March 2019 and December 2025 and a 5:1 bonus in December 2025; the promoters’ average acquisition cost is not disclosed in the offer document.
Price Band Check
At the upper band of Rs 90, on FY26 earnings the issue is valued at a post-issue P/E of about 18.33x (pre-issue ~12x), with a P/BV of 2.50 on the March 31, 2026 NAV of Rs 35.94, easing to 1.65x on the post-IPO NAV of Rs 54.56.
On recent average earnings, analysts read the issue as fully priced
GMP Watch
Grey-market interest has been flat. As of the days around opening, the Om Galaxy IPO GMP stood at ₹0 — trackers recording no premium, offering no directional signal on listing-day demand.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 105.12 | 113.13 | 124.68 |
| Net Profit (PAT) | 12.04 | 15.92 | 16.64 |
| PAT Margin (%) | 11.51 | 14.13 | 13.42 |
| RoCE (%) | 21.57 | 25.11 | 20.39 |
The financials show steady, healthy growth rather than a pre-IPO spike. Total income rose from Rs 105.12 crore in FY24 to Rs 124.68 crore in FY26, with PAT climbing from Rs 12.04 crore to Rs 16.64 crore.
PAT margins are solid and stable in the 11–14% band, reflecting the value-added nature of precision-mould manufacturing, and the growth pattern is consistent — a reassuring sign of genuine operating quality.
The company reported an average EPS of about Rs 6.79 and an average RoNW of 24.71% over three fiscals. On earnings, the FY26-annualised P/E is about 18.33x and the FY25 P/E about 19.15x.
Two flags warrant attention: rising trade receivables year-on-year (a cash-conversion concern), and a contingent liability of Rs 14.05 crore as of March 31, 2026. Separately, the WONDRA cleaning-products segment reported a negative EBITDA of about Rs 70.46 lakh in FY2026 — a drag that may not turn profitable in the near term. The company has no dividend history but adopted a dividend policy in February 2026.
Peer Comparison
As per the offer document, the company has no listed peers to compare with — no directly comparable listed precision-mould/tooling maker — so the ~18.33x post-issue P/E stands without a clean like-for-like anchor, resting on the company’s own margins and order-book visibility.
Risks to Consider
Pipe-fitting-mould concentration is the headline risk. A significant portion of revenue comes from the pipe-fittings mould business, so any decline in demand for these moulds — tied to the building-materials and pipe/sanitaryware cycle — would directly hurt earnings.
The company has no long-term binding agreements with most customers, leaving order volumes exposed to shifts in client requirements and market conditions, despite recurring relationships.
Loss-making cleaning-products segment. The WONDRA business posted negative EBITDA in FY2026 and may not reach profitability soon — a drag on consolidated performance and a question mark over the diversification strategy.
Execution and under-utilisation risk on expansion. Setting up and consolidating operations into the new manufacturing unit involves substantial capital outlay and relocation risk; delays could disrupt continuity, and under-utilisation of expanded capacity could raise fixed costs and depress margins.