Devson Catalyst Ltd IPO
Miscellaneous
Price Band
₹112 – ₹118
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹283200
Issue Size
₹42.34Cr
Opens
2026-07-09
Closes
2026-07-13
Listing
16-07-2026
Subscription Status
Qualified Institutional Buyers
168.56 x
Non-Institutional Investor
192.47 x
Retail Individual Investor
241.21 x
Total
203.71 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE2KRP01017
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Devson Catalyst Limited is engaged in the manufacturing of catalysts, adsorbents, and ceramic balls used in various industrial processes. Its catalysts help accelerate chemical reactions, adsorbents are used to remove impurities such as moisture and dust from gases and liquids, and ceramic balls provide support for catalyst beds in industrial reactors and towers. The company’s products are supplied to industries including oil and gas refineries, petrochemicals, steel, fertilisers, and other industrial processing sectors. Devson Catalyst operates a manufacturing facility at GIDC, Wadhwan City, Surendranagar, Gujarat, with an installed production capacity of approximately 6,205 metric tonnes per annum. The company primarily serves business-to-business (B2B) customers and supplies its products to domestic as well as international markets, with exports to more than 15 countries. It was incorporated in 2004 and was initially engaged in manufacturing electrical products before transitioning to its current business.
Pros
- • The company is an indigenous manufacturer of catalysts, adsorbents, and ceramic balls used across multiple industrial sectors. It manufactures products used by industries such as oil and gas refining, petrochemicals, steel, and fertilisers. The company also claims to have an installed manufacturing capacity of approximately 6,205 metric tonnes per annum and the capability to manufacture customised products based on customer requirements.
- • The company claims to have a strategically located manufacturing facility in Surendranagar, Gujarat. The facility is spread across approximately 11,619 square metres and is supported by storage infrastructure for raw materials, semi-finished goods, and finished products. It also benefits from connectivity through road, rail, and nearby ports, which supports domestic as well as export logistics.
- • The company derives a significant portion of its business from repeat customers. As of FY26, it had 88 repeat customers, who contributed approximately 79.33% of its revenue from operations, compared to 49.81% in FY24. This indicates a relatively high level of repeat business from its existing customer base.
Cons
- • The company’s revenue is concentrated among a limited number of customers. The top 10 customers contributed Rs 41.98 crore (76.03%), Rs 35.73 crore (67.57%), and Rs 27.57 crore (63.87%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, reduction in their order volumes, or loss of business from them could adversely affect the company’s business, financial condition, and cash flows.
- • The company depends on a limited number of suppliers for procuring key raw materials. The top 10 suppliers accounted for Rs 24.37 crore (75.82%), Rs 29.14 crore (86.74%), and Rs 22.40 crore (82.85%) of its total raw material purchases in FY26, FY25, and FY24, respectively. Any disruption in supply, increase in raw material prices, or inability to source materials from these suppliers could adversely affect the company’s production, operations, and financial performance.
- • The company’s revenue is concentrated in a few domestic states and export markets. In FY26, 62.70% of its revenue came from domestic markets, with Gujarat contributing Rs 14.71 crore (26.63%) and Maharashtra contributing Rs 6.50 crore (11.76%), while exports accounted for 37.30% of revenue, led by Kuwait at Rs 9.50 crore (17.21%). Adverse political, economic, regulatory, or logistical developments in these key domestic or international markets could adversely affect the company’s business, financial condition, and results of operations.
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