Hyderabad-based Deepa Jewellers files DHRP for IPO

Hyderabad-based Deepa Jewellers has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The IPO, with a face value of Rs 2, is a fresh issue up to Rs 250 crore and an offer for sale up to 11,848,340 shares by promoters – Ashish Agarwal and Seema Agarwal.

The proceeds from its fresh issuance worth Rs 215 crore will be utilised for funding long-term working capital requirements towards procurement, maintenance and scaling up of inventory by the company, and general corporate purposes.

The issue is being made through the book-building process, in line with SEBI ICDR Regulations, with up to 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).

Incorporated in 2016, the company is an organized B2B designer, processor and supplier of hallmarked gold jewellery, primarily having operations in Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. According to a CRISIL Report, the company is one of the key processors and suppliers of vaddanam and CNC machine cut bangles, distributing to jewellery retail chains and standalone stores.

It is engaged in the business of processing 22-karat gold jewellery, job-work services and trading of jewellery and related products. The company designs, processes and sells a wide range of hallmarked plain gold and precious stone studded jewellery, operating through an outsourced manufacturing model, supported by a network of 40 karigars. Its products primarily include vaddanam (waist belt), CNC machine cut bangles, gents kada, vanki(armlet), dandpatti (bajuband), gundlamala haaram (traditional neck piece), gundlamala necklace, kangan, earring, mangtika (forehead pendant), maatil (ear chain), champasaralu (ear-to-hair chain), jada (braid ornament), and rings. 

In addition to its core jewellery processing, the company also undertakes job work assignments, wherein it receives raw material from its customers, which it processes and delivers finished ornaments to them. Furthermore, the company is also engaged in the trading of silver ornaments, 18 and 20-karat gold ornaments, precious stones and gold bullion.

As on November 30, 2025, the company has a product portfolio of 14 products and 76 SKUs across its product categories.

 

As of November 30, 2025, its customer network spans across 13 states and 1 union territory with a total customer base of 315 customers, comprising of 43 jewellery retail chains and 272 standalone stores. Its products span over a wide range of price points, enabling it to cater to customers across diverse segments. Its team of creative designers allows it to manage a large and wide portfolio of designs. With a diverse product portfolio and team of creative designers, the company has established a long-standing relationship with jewellery retail chains and standalone stores including, Joyalukkas India Limited, Kalyan Jewellers India Limited and Lalithaa Jewellery Mart Limited, among others.

Its revenue from operations for half year ended September 30, 2025 was Rs 812 crore and its net profit was Rs 48.6 crore. Its revenue from operations was Rs 1,397 crore during FY25 vis-à-vis Rs 921 crore during FY23. Its net profit was Rs 40.5 crore during FY25 vis-à-vis Rs 22 crore during FY23.

Emkay Global Financial Services and Valmiki Leela Capital are the book running lead managers, and Bigshare Services Private Limited is the registrar to the issue. The shares are proposed to be listed on the BSE and NSE.

India M&E & AVGC Outlook 2026 | Industry Perspective from Aptech Limited

 Mr. Sandip Weling, Whole-time Director & Chief Business Officer, Global Retail, Aptech Limited, highlighting the key shifts witnessed this year and what they signal for India’s creative economy going forward:

 

“2025 has witnessed the rapid evolution of India’s M&E and AVGC landscape. With virtual production, GenAI-powered workflows, and immersive technologies moving into mainstream adoption, the industry is witnessing a decisive shift toward high-skill, high-value content creation. What is particularly encouraging is the calibre of emerging talent and young creators who are confidently delivering professional work across the AVGC spectrum and digital storytelling. Their performance on global platforms this year signals a future where India is not just scaling output, but strengthening its position as a strategic hub for world-class creative and technological expertise.”

WhiteOak Capital India Opportunities Fund puts ₹ 50 crore in Tempsens Instruments (India) Limited in Pre-IPO round

Vadodara-based Tempsens Instruments (India), which is a thermal engineering and specialised cable manufacturer, engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions, and specialised cables, has completed its pre-IPO (Initial Public Offering) placement of around ₹ 50 crore.

As per a media advertisement that was published in the Financial Express (English). The Company, in consultation with the Book Running Lead Managers to the IPO has undertaken a private placement of 20,16,651 equity shares for cash considerations, at an issue price of ₹ 247.94 per equity share (including a premium of ₹ 243.94 per equity share), which saw participation from WhiteOak Capital India Opportunities Fund.

WhiteOak Capital India Opportunities Fund was allocated 20,16,651 equity shares of the Company on December 27, 2025, for ₹ 247.94 per equity share each aggregating to ₹ 50 crore.

Tempsens Instruments (India) is a thermal engineering and specialised cable manufacturer, engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions, and specialised cables. 

The company’s offerings are tailored to address each customer’s technical requirements. And by combining its technical expertise with a collaborative approach to customer relationships, the company delivers solutions that address complex thermal management and cable challenges across diverse industries. The company’s strong sales and operations teams are able to respond quickly to client needs, ensuring the timely and effective delivery of its customised solutions. 

According to the F&S Report, the company is the largest manufacturer of contact and non-contact temperature sensors in India in terms of revenue with a market share of approximately 10% in temperature sensor segment during the year ended March 31, 2025. The company is also the only Indian manufacturer of non-contact temperature sensors and held approximately 18% market share during Fiscal 2025 (Source: F&S Report).

Modern Diagnostic & Research Centre Limited IPO Opens on December 31, 2025

Total Issue Size – Up To 40,99,200 Equity Shares of ₹ 10 each

IPO Size - ₹ 36.89 Crore (At Upper Price Band)

Price Band - ₹ 85 - ₹ 90 Per Share

Lot Size - 1,600 Equity Shares

Mumbai, December 26, 2025 – Modern Diagnostic & Research Centre Limited, (Modern Diagnostic, The Company) service provider in diagnostic and related healthcare tests services in India proposes to open its Initial Public Offering on December 31, 2025, aiming to raise ₹36.89 Crore (At Upper Price Band) by fresh issue of 40,99,200 equity shares, to be listed on the BSE SME platform.

The issue size is 40,99,200 equity shares at a face value of ₹ 10 each with a price band of ₹85 - ₹90 Per Share.

Equity Share Allocation

QIB Anchor Portion – Not more than 11,61,600 Equity Shares

Qualified Institutional Buyer – Not more than 7,82,400 Equity Shares

Non-Institutional Investors – Not less than 5,85,600 Equity Shares

Individual Investors – Not less than 13,63,200 Equity Shares

Market Maker – 2,06,400 Equity Shares

The net proceeds from the IPO will be utilized for Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories, Working Capital Requirement, Repayment of certain outstanding borrowings availed by the Company and General Corporate Purposes. The anchor portion will open on Tuesday, Dec 30, 2025 and the issue will open on Wednesday, Dec 31, 2025 and will close on Friday, Jan 02, 2026.  

                                                                                  

The Book Running Lead Manager to the Issue Beeline Capital Advisors Private Limited, The Registrar to the Issue is MUFG Intime India Private Limited.

Dr. Devendra Singh Yadav, Chairman cum Managing Director of Modern Diagnostic & Research Centre Limited expressed, “The listing of the Company’s equity shares is a significant milestone for the company as it undertakes its next phase of expansion. Since inception, the Company has emphasized accuracy, timeliness, and accessibility in diagnostic services, with a focus on supporting clinicians and enhancing patient care outcomes.

The proposed IPO will provide us with the financial strength to accelerate our expansion strategy. The net proceeds will be strategically utilized towards capital expenditure for the acquisition of advanced medical equipment, strengthening our diagnostic and laboratory infrastructure, and expanding our network of centres. This will enhance testing capabilities, improve turnaround times, and ensure consistent, high-quality diagnostic services across locations.”

About Modern Diagnostic & Research Centre Limited:

Modern Diagnostic & Research Centre Limited (Modern Diagnostic, The Company) is a diagnostic and healthcare testing service provider in India, offering pathology and radiology services. The company’s diagnostic testing portfolio includes Pathology, encompassing Anatomical Pathology, Clinical Pathology, Forensic Pathology and Molecular Pathology, along with Radiology, which includes Diagnostic Radiology and Interventional Radiology services such as X-ray, Computed Tomography (CT scan), Magnetic Resonance Imaging (MRI) and Ultrasound. These services are delivered using advanced computerized instruments, ensuring precise and dependable test results.

With a network of 21 centres, including 17 laboratories and 4 diagnostic centres across 8 states, Modern Diagnostic & Research Centre Limited serves individual patients, hospitals, and corporate customers. The company’s centres are equipped with laboratories featuring advanced diagnostic equipment and staffed by highly qualified professionals. The company adhere to strict internal and external quality control programs to ensure patients receive accurate and reliable test results at all times. The laboratories conduct daily quality controls, regular calibrations, and participate in External Quality Assurance Programs (EQAP) with esteemed institutions such as Biorad Laboratories, AIIMS, RML, and CMC Vellore.

Additionally, the company offers value-added services, including home sample collection, online report access, and customized test packages for institutions and individuals. The company remains committed to providing quality and affordable diagnostic and healthcare testing services through the use of advanced laboratory technology. 

For the period ended 31st March 2025, the company reported Revenue of ₹ 7,794.54 Lakhs and EBITDA of ₹ 1,796.25 Lakhs & PAT ₹ 896.81 Lakhs. 

For the period ended 30th June 2025, the company reported Revenue of ₹ 2,250.10 Lakhs and EBITDA of ₹ 586.19 Lakhs & PAT ₹ 299.82 Lakhs.

Disclaimer: 

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

MAAC (Maya Academy of Advanced Creativity) unveils first of its kind industry collaborated academic programs – Career X & Creator X

India’s first AVGC-XR academy to bring holistic industry integrated academic programs taught by industry experts.

Career X and Creator X represent MAAC’s commitment to building the most robust, contemporary, and outcome-driven creative education programs for its learners with a focus on nurturing the creator mindset.

The new future-ready programs will pioneer the next phase of creativity and careers for students of MAAC.

MUMBAI, December 22, 2025: MAAC (Maya Academy of Advanced Creativity) proudly announces the launch of its new learning initiative for its students of animation, visual effects, gaming, and digital content creation, Career X and Creator X, ushering in a new era of structured, multi-level, layered learning. The framework enhances creative skills, boosts employability, and prepares aspirants for high-demand roles in today’s global digital content creation industry.

The new programs are designed to provide learners with a holistic, future-focused approach to creative education by integrating foundational learning, specialised tracks, and advanced career pathways. This is the first time an academy has not only designed a program holistically aligned with AVGC industry needs but is also ensuring it is facilitated by seasoned industry practitioners. MAAC has collaborated with 13 knowledge partners to strengthen this initiative across the fields of post-production, studios, gaming companies, and technology giants. The confirmed names include Cimpress (parent company of VistaPrint), PhysicsWallah, Godspeed Gaming, Pocket Films, phantomFX, Rocket Science Animation, Cedge Productions, Pixel and Ratio, Resonance Digital LLP, Nilee Games, Mugafi and Zebu Animation Studios, among others. Furthermore, Canon, the world’s foremost leader in imaging technologies has come onboard as knowledge partner for the Creator X curriculum and experience with MAAC. 

With the demand for skilled talent across AVGC-XR (animation, VFX, gaming, comics and extended reality), digital content production, and immersive media, MAAC aims to bridge the gap between academic learning and industry expectations.

Speaking at the launch, Mr. Sandip Weling, Whole-time Director and Chief Business Officer, Global Retail, Aptech Limited, shared “The creative industry today requires talent that is technically strong, adaptable and capable of contributing from day one. Career X and Creator X are designed to meet this need by offering students clear learning outcomes, deeper specialisation and exposure to real-life workflows, aimed at developing a mindset that prioritises originality and storytelling—skills crucial for all the creators today. Whether learners aim to secure high-growth roles in studios or pursue their own ambitions, MAAC’s programs are designed to equip them with the discipline, industry alignment and future-ready skills essential for success.”

The programs are designed to deliver hands-on, industry-relevant learning experiences that fully engage MAAC students in real-world production practices. Available across select career courses, MAAC students go through their regular course module, i.e., career-focused learning for the initial tenure of the course.

Once the fundamentals are clear and delivered, interested and promising students can avail the Creator-X program designed as a first of its kind industry-integrated and practitioner led learning pathway that prepares the next generation of digital creators for the rapidly evolving Creator Economy. Built in collaboration with leading technology partners, content platforms, filmmaker communities, and creator networks, the program equips learners with the skills, tools, and industry exposure needed to ideate, produce, publish, and monetise content across formats.

The objective of CreatorX is to empower young storytellers to become production-ready creators, skilled in short-form video, digital comics, AI-enabled workflows, and multi-platform publishing—while also strengthening their understanding of branding, monetisation, IP rights, and responsible creation. By bridging creative education with real industry opportunities, CreatorX aims to nurture confident, future-ready creators who can contribute meaningfully to India’s fast-growing digital content and creator ecosystem.

Essentially, MAAC is empowering students with two clear learning outcomes with this layered approach. Through Career X, learners continue to go through the course leading to career opportunities eventually. Alternatively, interested learners also get to enrol into the Creator X program should they aspire to be entrepreneurs or content creators in the future.

Introduced during MAAC’s landmark 25th anniversary year and on the sidelines of 24FPS Creator Fest, the new programs mark a major advancement in the institution’s commitment to preparing students for the next era of creative and digital-first professions.

“MAAC has always led the shift in creative education in India. With CareerX and our new CreatorX program, we are building a future-ready ecosystem that prepares students for both the AVGC-XR industry and the fast-emerging Creator Economy. Our CreatorX program is a standout initiative—built as a launchpad for young creators who want to succeed in the rapidly growing Creator Economy. Alongside CareerX, which strengthens talent for the AVGC-XR industry, CreatorX empowers students with real-world production skills, AI-driven workflows, and opportunities to publish and monetise their content. Together, they form a future-forward ecosystem that prepares learners for the next decade of digital careers.” added Mr. Abir Aich, Executive Vice President, Content, Academics & Emerging Technologies at Aptech Ltd.

As MAAC celebrates its silver jubilee year, the successful launch of these pathways stands as a defining chapter in its legacy. Together, Career X and Creator X strengthen MAAC’s mission to expand opportunities for India’s creative talent base and support the country’s rise as a global AVGC-XR powerhouse.

By prioritising structure, innovation and industry alignment, MAAC reaffirmed its commitment to nurturing creators who are not only job-ready but future-ready, equipped to excel in studios, digital platforms, independent ventures and entrepreneurial journeys alike. With these new programs, MAAC continues its mission to nurture creative talent and contribute to India’s growing role in the global media & entertainment ecosystem. 

For admissions, enrolment details, or program-specific information, visit: 

https://www.maacindia.com/ 

About MAAC: 

Maya Academy of Advanced Creativity (MAAC) is India’s leading training institute for high-end 3D Animation and Visual Effects. Founded in 2001 & a major brand of Aptech Ltd, MAAC has trained over lakhs of students, worldwide. It has in total over 130 centres globally with cutting-edge infrastructure in over 65+ cities. 

MAAC offers industry relevant career courses on 3D Animation, Visual Effects, Gaming, Digital Design, Filmmaking, Broadcast, VR & AR. MAAC courses are thoughtfully designed to provide students thorough insights about the dynamics of the industry. It provides real-life training environment to students, backed by excellent faculty, world-class infrastructure, and the latest technical tools.

MAAC students are placed across all domains of the Media & Entertainment industry in India & overseas. With our job-ready courses, MAAC students are placed in leading production houses and studios such as DNEG, Amazon, Red Chillies VFX, Accenture, Green Gold Animation, NY VFXWAALA, Industrial Light & Magic (ILM), Framestore, PhantomFX, BotVFX, 88 Pictures, and Folks VFX, amongst others. 

Tiann upsets top seed for title; Padwal bags a double

Pic: Shyam Bhatia (Event Sponsor); Sunil Gavaskar; Ms. Aparna Popat (Arjuna Awardee and Olympian); Supriya Devgun (Founder and Managing Director, Badminton Gurukul); Ayaz Bilawala (Tournament Secretary, Bombay Gymkhana); and Khalid Ansari (Renowned Journalist) with the champions of the Yonex–Sunrise Gautam Thakkar Memorial Junior State Badminton Championships

 

The big match temperament of third seed Tiann Castellino was once again on display against top seed Anvisha Ghorpade, as she scored an upset win in three games to lift the Girls U-15 singles title in Yonex-Sunrise Gautam Thakkar Memorial Junior State Badminton Championships, sponsored by Shyam Bhatia (Cricket for Care) at the Bombay Gymkhana late on Sunday.

 

The young shuttlers were cheered on by a star studded crowd, among them close friends of the late Gauram Thakkar, Sunil Gavaskar, Shyam Bhatia, Khalid Ansari and Aparna Popat, to name a few. The event was promoted by Badminton Gurukul.

 

After losing the first game 17-2,Tiann made a strong comeback in the closely-fought second. With Anvisha trying to close out the match and Tiann hanging on to stay in contention, the game saw long rallies and some clever moves at the net, but it was Tiann, who kept her nerves in the final stages to close out the game 22-20. Tiann then won the decider relatively easily to emerge a 17-21, 22-20-21-14 winner.

 

Boys U-15 top seed Aditya Padwal also had a scare against Chandranshu Gundle when he dropped the second game, but that proved a temporary setback as he collected his wits to win the decider and close out the match 21-17, 15-21, 21-15. Padwal bagged a creditable double when he partnered with Gundle to defeat Sairaj Samant and Sumedh Surve 16-21, 21-10, 21-12.

 

There was also an upset in the Girls U-13 final, with second seed Riddhi Khopkar getting the better of top seed Spruha Jpshi 21-15, 12-21, 22-20.

 

Results (all finals)

BS U11: Vivaan Waingankar (1) bt Nevan Denis 21-7, 21-14; U13:

Shlok Goyal (1) bt Alfy Mekkadath (5) 21-10, 21-9; U15: Aditya Padwal (1) bt Chandranshu Gundle 21-17, 15-21, 21-15.

 

BD U15: Aditya Padwal/Chandranshu Gundle (1) bt Sairaj Samant/Sumedh Surve 16-21, 21-10, 21-12.

 

GS U11: Priya Amburle (1) bt Khrisha Goyal 21-12, 21-19; U13: Riddhi Khopkar (2) bt Spruha Joshi (1) 21-15, 12-21, 22-20; U15: Tiann Castellino (3) bt Anvisha Ghorpade (1) 17-21, 22-20, 21-14.

 

GD U15: Aaradhya Shukla/Riddhi Khopkar (2) bt Poorvi Shirke/Rudra Gawde 15-21, 23-21, 21-19.

Tiann enters final with upset win

Third seed Tiann Castellino scored an upset win over second seed Ridhima Mhatre to set up a title clash with top seed Anvisha Ghorpade in the Girls U-15 category of the Yonex- Sunrise Gautam Thakkar Memorial Junior State Badminton Championships at the Bombay Gymkhana on Sunday.

After dropping the opening game 12-2, Tiann rallied to win the second. However, it was in the decider that the third seed showed character in a match that was neck to neck, keeping her composure to close out the tight game and win 12-21, 21-14, 24-22. Tiann will have a fight on her hands against th inform Anvisha, who scored a 21-15, 21-14 win over Jagruti Jadhav.

The boys U-15 final will feature top seed Aditya Padwal against Chandranshu Gundle, both advancing with straight game wins.

Brief Score:

Boy’s U11 QF: Vivaan Waingankar (1) bt Amey Madhekar 21-11, 21-12; Abhimanyu Shete (3) bt Vir Butani 22-20, 21-4; Piyush Suthar bt Sharvil Kale 21-9, 21-11; Nevan Denis bt Ziaan Ghiya 21-11, 21-10.

Boy’s U11 SF: Vivaan Waingankar (1) bt Abhimanyu Shete (3) 21-13, 21-19; Nevan Denis bt Piyush Suthar 21-14, 21-19.

Girl's U11 QF: Priya Amburle (1) bt Kavya Saravanakumar 21-10, 21-10; Shanaya Bansal bt Aarini Singh (4) 21-17, 21-16; Shanaya Tavate (3) bt Eman Choksi 21-15, 21-16; Khrisha Goyal (2) bt Taara Patwardhan 21-11, 21-11.

Girl's U11 SF: Priya Amburle (1) bt Shanaya Bansal 21-11, 21-8; Khrisha Goyal (2) bt Shanaya Tavate (3) 21-11 21-13.

Boy’s U13 QF: Shlok Goyal (1) bt Mcdonald Colaco (9) 21-8, 21-7; Yuvraj Singh (3) bt Advay Adhav 25-23, 21-14; Ronit Jadhav (4) bt Shlok Bhosale 17-21, 21-16, 21-17; Alfy Mekkadath (5) bt Kaveer Mehta (2) 21-15, 27-25.

Boy’s U13 SF: Shlok Goyal (1) bt Yuvraj Singh (3) 21-11 23-21; Alfy Mekkadath (5) bt Ronit Jadhav (4) 21-16, 21-17.

Girl’s U13 QF: Spruha Joshi (1) bt Arohi More (5) 17-21, 21-17, 21-19; Priya Amburle bt Shanaya Tak (3) 21-13, 21-11; Aradhya Mohite (7) bt Aaradhya Shukla (4) 21-11, 21-19; Riddhi Khopkar (2) bt Charvi Lapsiya 21-11, 21-11.

Girl’s U13 SF: Spruha Joshi (1) bt Priya Amburle 21-15, 17-21, 21-13; Riddhi Khopkar (2) bt Aradhya Mohite (7) 21-19, 21-17.

Boy’s U15 QF: Aditya Padwal (1) bt Sumedh Surve 21-16, 21-15; Narayan Amdoskar bt Yuvraj Singh 21-10, 21-15; Sairaj Samant bt Aditya Sarvade 21-12, 21-9; Chandranshu Gundle bt Aditya Sagar 21-9, 19-21, 21-14.

Boy’s U15 SF: Aditya Padwal (1) bt Narayan Amdoskar 21-14, 21-13; Chandranshu Gundle bt Sairaj Samant 27-25, 21-19.

SHYAM DHANI INDUSTRIES LIMITED IPO Opens on December 22, 2025

Total Issue Size – Up To 54,98,000 Equity Shares of ₹ 10 each

IPO Size - ₹ 38.49 Crore (At Upper Price Band)

Price Band - ₹ 65 - ₹ 70 Per Share

Lot Size - 2,000 Equity Shares

Mumbai, December 11, 2025 – Shyam Dhani Industries Limited (The Company Shyam) is engaged primarily in manufacturing and processing varieties of spices under the brand ‘SHYAM’, proposes to open its Initial Public Offering on Monday, December 22, 2025 aiming to raise ₹ 38.49 Crore (At Upper Price Band), with shares to be listed on the NSE Emerge platform.

The issue size is 54,98,000 equity shares at a face value of ₹ 10 each with a price band of 

₹ 65 - ₹ 70 Per Share.

Equity Share Allocation

Anchor Portion – Up To 15,60,000 Equity Shares

Qualified Institutional Buyer – Up To 10,44,000 Equity Shares

Non-Institutional Investors – Not less than 7,86,000 Equity Shares

Retail Individual Investors - Not less than 18,28,000 Equity Shares

Market Maker – Up To 2,80,000 Equity Shares

The net proceeds from the IPO will be utilized for Funding the incremental working capital requirements, Repayment/Pre-Payment of certain outstanding borrowings, Brand Creation and Marketing Expenses, Capital Expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit, Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit and General Corporate Purposes. The anchor portion will open on Friday, Dec 19,2025 and the issue will open on Monday, Dec 22, 2025 and will close on Wednesday, Dec 24, 2025.

                                                                                    

The Book Running Lead Manager to the Issue is Holani Consultants Private Limited, The Registrar to the Issue is Bigshare Services Private Limited.

Mr. Ramawtar Agarwal, Chairman & Managing Director of Shyam Dhani Industries Limited expressed, “The launch of our Initial Public Offering marks a defining milestone in the growth journey of Shyam Dhani Industries Limited. Over the years, our Company has evolved into a diversified food processing sector, delivering varieties of spices under our flagship brand ‘SHYAM’, along with a wide portfolio of groceries, herbs, and seasonings tailored to India’s dynamic culinary preferences.

This IPO will provide strategic capital to reinforce our capabilities and accelerate the next phase of expansion. The proceeds will be utilized to enhance working capital, strengthen brand visibility, upgrade machinery at our existing manufacturing unit, and invest in a solar rooftop system. These initiatives will improve operational efficiency, expand capacity, and support sustainable value creation as we scale our presence across India and international markets.”

Mr. Ashok Holani, Director of Holani Consultants Private Limited said, “The Initial Public Offering of Shyam Dhani Industries Limited marks an important inflection points for a company that has steadily built a remarkable presence in India’s fast-growing food processing segment. With a robust portfolio and an expanding range of groceries, herbs, and seasonings, the Company is well-positioned to leverage evolving consumer preferences and the rising demand for trusted home-grown brands.

The IPO will equip the company Industries with the capital required to strengthen its operational backbone and drive the next phase of sustainable expansion. The proposed investments toward working capital, brand building, manufacturing upgrades, and renewable energy initiatives reflect a clear focus on scale, efficiency, and long-term value creation. We believe this public offering will further enhance the Company’s market position and support its ambition to grow across India and emerging global markets.”

About Shyam Dhani Industries Limited:

Shyam Dhani Industries Limited has established itself as a diversified player in the food processing sector, primarily engaged in manufacturing and processing 160+ varieties of spices under the brand “SHYAM.” The company’s portfolio extends beyond spices to include the trading of essential groceries and a wide range of herbs and seasonings, catering to evolving culinary trends.

Operationally, the company benefits from a vertically integrated supply chain, sourcing raw materials directly from mandis across India and processing them at its dedicated facility in Jatawali, Chomu, Jaipur. This facility supports end-to-end production capabilities, including cleaning, grading, and grinding.

The company employs a robust multi-channel distribution strategy, effectively penetrating both B2B and D2C markets. Its B2B presence spans General Trade, Modern Trade, Quick Commerce, and HoReCa, alongside export operations and private labeling services. This is complemented by a direct-to-consumer online channel. With SKU flexibility ranging from 5 gm sachets to 25 kg bulk packs, Shyam Dhani Industries Limited is well-positioned to address diverse demand segments across household and commercial demographics.

During FY25, The Company achieved a Revenue of ₹ 12,468.04 Lakhs, EBITDA of ₹ 1,452.06 Lakhs & PAT of ₹ 804.16 Lakhs. 

For the six-month period ended September 2025, the Company achieved a Revenue of ₹ 6,377.96 Lakhs, EBITDA of ₹ 865.85 Lakhs & PAT of ₹ 420.03 Lakhs.

Disclaimer: 

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Zee 24 Taas Reinforces Editorial Excellence with ‘Mahanagarpalikacha Ranasangram’ Election Coverage and a Legacy of Trusted Journalism

Mumbai, 16th December 2025:  As part of the Elections Mahacoverage with Maharashtra’s No. 1 Election Team, ZEE 24 Taas is airing a special election coverage, “Mahanagarpalikacha Ranasangram,” delivering continuous updates from various districts, towns, and villages.  The Mahanagar Palika elections are widely seen as a Mini-Vidhan Sabha elections, as they reflect voter sentiment and political momentum ahead of larger state-level contests. Through Mumbai Kunachi - A focused show tracking the political battle for Mumbai, Jahir Sabha, and Nivadnuk Yatra, ZEE 24 Taas shall deliver comprehensive election coverage with sharp analysis, insights, and strong on-ground reporting from across Maharashtra. 

ZEE 24 Taas has built a strong reputation for fast, reliable information grounded in on-ground reporting. With reporters positioned across Maharashtra, the channel keeps its focus on issues that shape daily life giving it a clear hyperlocal pulse. This connection with viewers is evident from the recently concluded Bihar elections, where 28% of households in Maharashtra tuned in to Zee 24 Taas during prime time, significantly outperforming competing Marathi news channels. 

 Mahanagarpalikacha Ranasangram brings this strength together, offering real-time updates, constituency-level tracking, and authentic stories captured directly from the field.

Mahanagarpalikacha Ranasangram Kamlesh Sutar, Editor, ZEE 24 Taas, added: “Our strength lies in our presence on the ground and viewers rely on us for clear, insightful analysis. ZEE 24 Taas reporters are out there from the polling booths to the narrow lanes of Maharashtra’s remotest districts capturing real voices and real stories. The trust viewers place in us comes from this commitment. ‘Mahanagarpalikacha Ranasangram’ continues our tradition of deep, district-level engagement, ensuring that the public receives news that reflects their everyday realities.”

ZEE 24 Taas will maintain its comprehensive coverage, providing verified updates, constituency insights, candidate profiles, and result analyses with unmatched speed and accuracy.

Through Mahanagarpalikacha Ranasangram, ZEE 24 Taas reinforces its promise of news that comes straight from the communities that define Maharashtra’s story.

*Source: BARC, 1900Hrs to 2300Hrs, TG: 13-21, Market: Mah / Goa 10-75L, GAMA'000, Screen: TV, Rank is based AMA'000, Channels: 7 Marathi News Channels, WK 45'2025 (14th Nov. 2025)*

Aspri Spirits Limited Files Draft Red Herring Prospectus with SEBI for Initial Public Offering

Mumbai, December 12, 2025 – Aspri Spirits Limited, a Mumbai-headquartered powerhouse in the premium alco-beverage sector, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). This strategic move highlights the company's entrenched leadership and unwavering commitment to excellence in importing, marketing, and distributing world-class spirits across India and South Asia.

The IPO comprises a fresh issue of equity shares with a face value of ₹5 each, aggregating up to ₹140 crore, alongside an offer for sale of 5,000,000 equity shares by promoters—including Jaikishan Sham Matai, Matai Jackie Sham HUF, Gautam Nandkishore Matai, Arunkumar Venkat Bangalore, Duru Matai, Kajal Matai, and Vrutika Matai—and other selling shareholders such as Parameshwari Narang, Emerald Electronics Private Limited, Pavan Narang, and Whiteline Impex Private Limited. Proceeds from the fresh issue, totaling ₹76 crore, will support the repayment or pre-payment of outstanding borrowings for the company and its subsidiaries—Vinspri Distributors Private Limited, P M Marketing Private Limited, Asdis Drinks India Private Limited, and Aspri Spirits FZE—along with ₹29 crore earmarked for investments in these subsidiaries to address their borrowings, and the balance for general corporate purposes.

Structured via the book-building process in accordance with SEBI's ICDR Regulations, the issue allocates up to 50% to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Investors (NIIs), and at least 35% to Retail Individual Investors (RIIs). Aspri, in consultation with book-running lead managers Motilal Investment Advisors Private Limited and Nuvama Wealth Management Limited, may pursue a pre-IPO placement of up to ₹28 crore, which, if undertaken, would accordingly adjust the fresh issue size. Bigshare Services Private Limited serves as the registrar, with equity shares slated for listing on the BSE and NSE.

Founded in 2004, Aspri Spirits stands as India's premier alco-beverage distribution entity, distinguished by its expansive portfolio of 323 brands as of September 30, 2025—the largest in the nation by brand count. With a sophisticated, integrated approach to marketing development and distribution, Aspri serves as the trusted partner for global icons, delivering unparalleled route-to-market solutions that span all major categories, including whiskey, rum, brandy, vodka, gin, wine, beer, and tequila. This robust ecosystem underscores Aspri's pivotal role in elevating premium alco-beverages to discerning consumers, backed by enduring supplier relationships that reflect a negligible attrition rate across fiscal years 2023, 2024, 2025, and the three months ended June 30, 2025.

In a sector experiencing remarkable vitality—India's alcohol market reached a valuation of USD 200 billion in 2025, with the overall alcoholic drinks segment posting an impressive 11% compound annual growth rate from 2025 to 2033, and spirits alone surging at 6.8% to approximate USD 64 billion—Aspri's focus on luxury and premium segments positions it at the forefront of this dynamic landscape. The company commands dominant market shares, including a commanding 57% in liqueur imports, a top-three ranking in wine imports, and a top-five position in total imported beverages in fiscal 2025, complemented by its status as the largest importer of BIO wines by volume that year (Source: The Knowledge Company Report). Aspri's premium orientation shines through with an average net realization per case of ₹17,666 in fiscal 2025—far exceeding the industry average of ₹1,000 to ₹2,000—affirming its unmatched value proposition in India's thriving premium alco-beverage arena (Source: The Knowledge Company Report).

Aspri's illustrious portfolio features 323 brands from 89 suppliers across 835 stock-keeping units (SKUs) and 36 countries, encompassing timeless legacies like Whyte & Mackay and The Dalmore (Scotch whisky), Camus (cognac), Molinari (sambuca), Beluga (vodka), Black Tower (still wine), Henkell (sparkling wine), and Amarula (liqueur). Exclusive partnerships further amplify its prestige, including arrangements with Bunnahabhain, Beluga Vodka, Evan Williams Bourbon, M. Chapoutier, Mateus Rosé, Meukow Cognacs, and Zonin Wines. 

Complementing these global treasures, Aspri's proprietary lineup—such as Barrhead’s, Dos Flamos, U’Luvka, Baronet, Born West, Bush Ballad, Casa El Unico, Golden Sparrow, Monte Pacifico, and What The Fox—adds a distinctive flair, blending innovation with heritage.

Operationally, Aspri's footprint is expansive and efficient, spanning 28 states and union territories with coverage of over 17,000 outlets as of September 30, 2025. A dedicated team of 168 sales and marketing professionals, bolstered by specialized compliance units and state-of-the-art warehousing, ensures seamless execution.

The company nurtures relationships with more than 1,800 customers across institutional, retail, hospitality, and travel retail channels, including state corporations, luxury hotel chains, upscale bars and restaurants, and duty-free outlets. This multifaceted network extends beyond India to key South Asian markets like Sri Lanka, Bhutan, and Nepal, as well as the UAE, Poland, and the Maldives, showcasing Aspri's global acumen.

Financially, Aspri demonstrates resilient performance and steady expansion. Revenues from operations climbed to ₹460.6 crore in fiscal 2025, marking a solid 22% increase from ₹378.2 crore in fiscal 2024. In the June 2025 quarter, revenues reached ₹119.5 crore, with net profit at ₹9.8 crore, reflecting the company's operational prowess and market traction.

Aspri Spirits Limited's filing exemplifies its solid foundation, market dominance, and dedication to premium excellence, reinforcing its stature as a cornerstone of India's vibrant alco-beverage ecosystem.

About Aspri Spirits Limited Aspri Spirits Limited, established in 2004, is India's leading integrated marketing, development, and distribution partner for premium international alco-beverages, with an unmatched portfolio and nationwide reach.