Bhadora Industries IPO Live GMP Today 2025: Complete Analysis, Financials, Dates, LotSize, RHP Should You Invest

The Bhadora Industries IPO is generating significant buzz as it gears up for its market debut. This comprehensive guide provides everything potential investors need to know about this upcoming NSE SME offering – from live Grey Market Premium (GMP) updates and financial deep dives to allotment dates and expert analysis. Stay informed and make confident investment decisions.

Live GMP Update (As of February 9, 2025):

• Today’s GMP: ₹2
• Expected Listing Price Range: ₹103
• Expected Listing Gain: Approx 0%

Note: GMP is highly volatile, changes frequently based on market sentiment and demand, and is unofficial. This data reflects the latest available information.

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About Bhadora Industries IPO Details

The Bhadora Industries IPO marks a significant step for this established industrial cable manufacturer. It’s a pure fresh issue, meaning the company is raising new capital, and existing shareholders (including promoters) are not selling any of their stake at this stage.

• Issue Type: Book Built Issue (NSE SME Platform)
• Issue Size: ₹55.62 Crores (Aggregating)
• Total Shares Offered: 54,00,000 Equity Shares
• Face Value: ₹10 per share
• Price Band: ₹97 to ₹103 per share
• Market Maker Reservation: 2,73,600 shares (aggregating ₹2.82 Cr) allotted to NNM Securities Private Limited.
• Net Issue to Public: 51,26,400 shares (aggregating ₹52.80 Cr).
• Listing Exchange: NSE SME
• Book Running Lead Manager: Unistone Capital Pvt Ltd
• Registrar: MUFG Intime India Private Limited (Link Intime)
• Market Maker: NNM Securities Private Limited

Capital Structure:

• Pre-Issue Paid-up Capital: 1,32,00,000 shares
• Post-Issue Paid-up Capital: 1,86,00,000 shares

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Bhadora Industries IPO Snapshot

About the Company: Bhadora Industries Ltd.

Bhadora Industries Limited, operating under the brand name “Vidhut Cables”, is a well-established player in India’s industrial cable manufacturing sector. Incorporated in April 1986, the company has built a reputation for producing efficient electricity transmission and distribution cables, primarily catering to government discoms (distribution companies) and Engineering, Procurement, and Construction (EPC) companies across diverse industrial segments.

Core Business & Products:

• Manufactures critical cables for power transmission and distribution networks.
• Key Product Portfolio:
  • Polyvinyl Chloride (PVC) Cables (Low Voltage – LV)
  • LT Aerial Bunched Cables (ABC)
  • Cross-Linked Polyethylene (XLPE) Cables
• Products are essential for infrastructure development, power grids, industries, and construction.

Operational Strengths:

• Quality Certifications: Accredited by the Bureau of Indian Standards (BIS). Holds certifications in Quality Management (ISO 9001:2015), Environmental Management (ISO 14001:2015), and Occupational Health & Safety (ISO 45001:2018).
• Geographical Reach: Supplies products across 17+ Indian states including Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Haryana, Himachal Pradesh, J&K, Jharkhand, Kerala, MP, Maharashtra, Punjab, Rajasthan, Telangana, UP, and Uttarakhand.
• Client Base: Strong relationships with State Electricity Boards (SEBs), domestic industries, and major EPC contractors nationwide.
• Manufacturing Facility: Located in Tikamgarh, Madhya Pradesh, spanning 15,028 Sq. Ft.
• Human Capital: Employed 87 personnel as of June 30, 2025.

Competitive Advantages:

1. Experienced Leadership: Guided by promoters Shashank, Pradeep, and Anil Bhadora with deep industry knowledge.
2. Government Approved Vendor: Crucial status for participating in government tenders and schemes like SAUBHAGYA and DDUGJY.
3. Rigorous Quality Control: Commitment to high standards across raw materials, processes, and finished products.
4. Sustainable Practices: Focus on environmentally conscious manufacturing, enhancing long-term viability and brand image.

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IPO GMP (Grey Market Premium) & Expected Listing Gain

The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and anticipated demand for an IPO before its formal listing. It represents the premium investors are willing to pay over the IPO’s issue price in informal, over-the-counter trading.

• Current GMP (Aug 1, 2025): ₹0
• Kostak Rate (Per Lot of 1200 shares): ₹1,800 – ₹2,200 (This is the premium paid for securing an assured allotment of one lot).
• Estimated Listing Price Calculation:
  • Upper Price Band: ₹103
  • Current GMP: ₹0
  • Estimated Listing Price Range: ₹103
• Expected Listing Gain:
  • Based on Upper Band (₹103): (121 – 103)/103 = ~17.48% to (125 – 103)/103 = ~21.36%
  • Based on Lower Band (₹97): (121 – 97)/97 = ~24.74% to (125 – 97)/97 = ~28.87% (Less relevant as GMP typically references upper band)
  • Focus Range: ~11.65% (if listed at ₹115) to 21.36% (if listed at ₹125) based on Upper Band and prevailing GMP estimates.

Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.

Important GMP Caveats:

• Unofficial & Unregulated: GMP operates outside formal exchanges. Prices are not guaranteed.
• High Volatility: GMP can change dramatically based on news, market conditions, and subscription levels.
• Not a Performance Guarantee: A high GMP doesn’t assure listing gains or long-term performance. Conversely, a low/negative GMP doesn’t always mean a poor listing.
• Use as a Sentiment Gauge: While insightful for short-term sentiment, base investment decisions on company fundamentals, financials, valuation, and risk factors, not solely on GMP. Learn more about how SME IPOs like Brigade work and their risks.

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IPO Company Financial Data

Bhadora Industries has demonstrated impressive financial growth in recent years, particularly in FY25. This strong performance forms a key part of the investment rationale.

Table: Bhadora Industries Financial Performance (₹ in Crores)

Financial Analysis:

• Explosive Growth: Both Revenue and PAT have shown remarkable growth in FY25 (33% and 118% YoY respectively), significantly outpacing FY24 growth over FY23. This indicates strong market demand and operational scaling.
• Profitability Surge: The surge in EBITDA (150% YoY) and PAT (118% YoY) highlights significantly improved operational efficiency and profitability margins.
• Asset Expansion: Total Assets nearly doubled in FY25, suggesting major investments in capacity or infrastructure.
• Increased Leverage: Total Borrowings also more than doubled in FY25, funding the asset growth but increasing financial risk. The IPO aims to address this (see Objectives).
• Net Worth Growth: Healthy increase in Net Worth reflects retained earnings and the infusion of capital.
• Reserves Dip: The slight decrease in Reserves & Surplus YoY requires scrutiny in the RHP (could be due to dividends, reclassifications, or prior period adjustments).

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IPO Application Details & Lot Size

Applying for the Bhadora Industries IPO is straightforward through ASBA (Applications Supported by Blocked Amount) enabled bank accounts or via your trading platform (like Zerodha, Groww, ICICI Direct, etc.).

• Lot Size: 1,200 Shares
• Minimum Application (Retail):1 Lot = 1,200 Shares
  • Minimum Investment Amount: ₹116,400 (1,200 * ₹97) to ₹123,600 (1,200 * ₹103)
• Application Multiples: Applications must be made in multiples of 1 Lot (1,200 Shares).
• Retail Investor Cap: The maximum investment for the Retail category is ₹2,00,000 per application. However, the Bhadora IPO lot structure means:
  • Retail Max: 1 Lot (1,200 Shares) only. [Note: This differs from the sample data provided. Based on standard SME practices and the lot size, Retail investors can typically apply for only 1 lot. The sample data mentioning 2 lots max for retail seems inconsistent; this guide assumes standard SME norms. Check final RHP for confirmation].
• HNI (NII) Application:
  • S-HNI (Min): 3 Lots (3,600 Shares) – Investment: ₹349,200 (₹97) to ₹370,800 (₹103)
  • S-HNI (Max): 8 Lots (9,600 Shares) – Investment: ₹931,200 (₹97) to ₹988,800 (₹103)
  • B-HNI (Min): 9 Lots (10,800 Shares) – Investment: ₹1,047,600 (₹97) to ₹1,112,400 (₹103)

IPO Reservation Quota

The net issue offered to the public (51,26,400 shares) is reserved for different investor categories as per SEBI/SME platform guidelines:

Table: Bhadora Industries IPO Reservation Quota

Note: The Market Maker allocation (2,73,600 shares) is separate from the Net Issue offered to public categories.

IPO Promoter Holding Details

The promoters, Shashank Bhadora, Pradeep Bhadora, and Anil Bhadora, are the driving force behind the company. The IPO involves issuing new shares (dilution), not the sale of existing promoter shares.

• Promoters Pre-IPO Holding: 92.42% (1,32,00,000 shares pre-issue implies 1,21,99,440 promoter shares approx.)
• Promoters Post-IPO Holding: 65.59% (Promoter shares remain 1,21,99,440; Total shares become 1,86,00,000. 1,21,99,440 / 1,86,00,000 = ~65.59%)
• Dilution: 26.83% (92.42% – 65.59%). This dilution funds the company’s growth plans.
• Lock-in: Promoter shares are subject to a mandatory lock-in period as per SEBI/SME regulations (typically 3 years for minimum promoter contribution).

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IPO Objective of the Issue (Use of Proceeds)

The company intends to utilize the net proceeds from the fresh issue (approximately ₹52.80 Cr after expenses) for the following purposes:

Table: Objects of the Bhadora Industries IPO

Analysis:

• Capacity Expansion (Primary Focus): The major chunk (₹22.32 Cr) is allocated to building a new plant. This addresses the visible growth in demand (reflected in FY25 financials) and aims for future scalability. Expanding cable manufacturing capacity is crucial in the growing Indian power infrastructure sector.
• Working Capital Support: ₹20 Cr for working capital is substantial and necessary to support increased operational scale post-expansion and manage the existing business growth efficiently (inventory, receivables).
• General Corporate Purposes: Provides flexibility for other business needs like technology upgrades, R&D, or meeting contingencies. Transparency in its eventual use will be key.

IPO Timeline (Tentative Schedule)

Mark your calendars! Here are the critical dates for the Bhadora Industries IPO process:

Table: Bhadora Industries IPO Timeline

Investment Limits per Application:

• Retail Individual Investor (RII): Maximum investment capped at ₹2,00,000. For Bhadora IPO, this means 1 Lot (1,200 Shares) as the investment per lot exceeds ₹2 Lakhs at the upper band. [See Section 5 for confirmation based on final RHP].
• Non-Institutional Investors (NII/HNI): No upper limit per application. Can apply for multiple lots (Min 3 Lots, see Section 5).
• Qualified Institutional Buyers (QIB): No upper limit per application.

IPO Investor Category Reservations

This section details the reservation within the Net Offer. (Reiterated from Section 6 for clarity within the timeline context).

• QIB: Up to 50% of Net Offer (Up to 25,63,200 shares)
• NII: Up to 15% of Net Offer (Up to 7,68,960 shares)
• RII: Minimum 35% of Net Offer (Minimum 17,94,240 shares)

IPO Anchor Investor Details (If Applicable)

• Status: As a SME IPO, the Bhadora Industries issue does not have an Anchor Investor portion. Anchor allocations are typically a feature of mainboard IPOs. All shares in the QIB portion (up to 50%) will be available for subscription during the public bidding period.

IPO Key Performance Indicators (KPIs)

Analyzing KPIs helps assess operational efficiency, profitability, and valuation.

Table: Bhadora Industries Key Performance Indicators (Based on FY25 – Mar 31, 2025)

KPI Analysis:

• Exceptional Returns: ROE and ROCE are outstanding, indicating superb management efficiency in generating profits from capital. This is a major positive.
• Healthy Margins: PAT and EBITDA margins are robust and showing significant improvement.
• Valuation: Pre-IPO P/E (11.87x-12.61x) based on FY25 earnings looks attractive compared to peers. Post-IPO P/E (16.72x-17.76x) is higher due to dilution but potentially still reasonable if growth sustains. Post-IPO P/B (7.32x-7.77x) is high, reflecting the premium for high growth and profitability.
• Leverage: D/E of 0.94 is manageable but the IPO proceeds will significantly reduce debt (Objective #2), strengthening the balance sheet.

IPO Risk Factors

Investing involves risks. Carefully consider these key risks outlined in the RHP:

• Business & Operational Risks:
  • Customer Concentration: Significant dependence on government discoms and EPC companies. Delays in payments or project cancellations impact revenue.
  • Raw Material Price Volatility: Prices of key inputs (copper, aluminum, polymers) are volatile, impacting margins if not passed on.
  • Working Capital Intensity: Large inventory and receivables cycles require constant funding.
  • Competition: Intense competition from organized & unorganized cable manufacturers.
  • Manufacturing & Capacity Constraints: Existing facility limitations; risks associated with new plant setup (timeline, cost overruns).
  • Quality Failures: Product defects could lead to liability, reputation damage, and loss of certifications.
• Industry & Regulatory Risks:
  • Government Policy Changes: Alterations in power sector policies, subsidies, or tender processes.
  • Regulatory Compliance: Stringent BIS, safety, and environmental norms; non-compliance risks penalties.
  • Economic Slowdown: Reduced infrastructure spending impacts demand.
• Financial Risks:
  • High Leverage (Pre-IPO): Existing debt burden increases interest costs and financial risk. Success depends on using IPO proceeds effectively for debt reduction.
  • Inability to Sustain Growth: FY25 growth is exceptional; replicating it consistently is challenging.
  • Margin Pressure: Intense competition and input costs could squeeze future margins.
• IPO Specific Risks:
  • Equity Dilution: Post-IPO EPS reduction.
  • Market Sentiment: Stock price volatility post-listing.

Company Contact Details

Bhadora Industries Limited (Operating as Vidhut Cables)

• Registered Office: Office No. 505, Plot No 39.405, NRK BIZ PARK PU-4, Scheme N 54, DDU Nagar, Indore, Madhya Pradesh – 452010
• Phone: +91-70000 61995
• Email: cs@vidhutcables.com
• Website: https://www.vidhutcables.com/

IPO Registrar Details

MUFG Intime India Private Limited (Link Intime)

• Address: C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083.
• Phone: +91-22-4918 6270
• Email: bhadora.ipo@linkintime.co.in
• Website: https://linkintime.co.in
• IPO Status/Allotment Link: (Will be active closer to allotment date) – Usually found under ‘IPO’ section -> ‘Public Issues’ -> Select Bhadora Industries IPO.

IPO Recommendation: Buy or Not?

(Analysis, Not Advice)

Bhadora Industries presents a compelling yet high-risk/high-reward proposition typical of high-growth SMEs.

Arguments FOR Subscription (Potential “Buy”):

1. Exceptional Financial Growth: FY25 performance (Revenue +33%, PAT +118%) is outstanding and demonstrates strong execution.
2. Superb Profitability Metrics: Industry-leading ROE (51.51%) and ROCE (42.41%) are major highlights.
3. Healthy Margins: PAT Margin (~10%) and EBITDA Margin (~15.5%) are robust.
4. Growth Capital Utilization: Clear plan to use IPO proceeds for capacity expansion (addressing visible demand) and working capital/debt reduction (strengthening balance sheet).
5. Government Sector Focus: Positioned to benefit from continued government investment in power infrastructure.
6. Quality Certifications: BIS and ISO certifications enhance credibility and market access.
7. Attractive Pre-IPO Valuation: Pre-IPO P/E of ~12x based on stellar FY25 earnings seems reasonable for the growth profile. Post-IPO P/E (~17x) demands sustained growth.
8. Positive Market Sentiment (GMP): Strong unofficial premium indicates high demand expectations.

Arguments AGAINST Subscription (Cautions/ “Neutral/Avoid” Considerations):

1. Execution Risk: The core thesis relies on successfully building the new plant and managing increased scale. SME track records on large expansions can be mixed. Explore bd industries live ipo gmm risk and manufacturing expansions.
2. Customer Concentration Risk: Heavy reliance on government/EPC clients exposes to payment delays and policy shifts.
3. Leverage (Pre-IPO): High debt levels (D/E 0.94) need effective reduction via IPO funds.
4. Valuation Stretch Post-IPO: Post-IPO P/E of ~17x and P/B of ~7.5x are high, leaving less room for error. Future growth must meet lofty expectations.
5. SME Market Volatility: SME listings can be highly volatile; liquidity might be lower than mainboard stocks.
6. Sustainability of FY25 Growth: Replicating the explosive FY25 growth consistently is a significant challenge.
7. Competitive Intensity: Fierce competition could pressure margins and market share.

Recommendation Summary: The Bhadora Industries IPO is highly aggressive. It offers exposure to a company with demonstrably superb recent performance and high return metrics in a crucial infrastructure sector. However, it carries substantial risks related to execution, customer concentration, pre-IPO leverage, and demanding post-IPO valuation.

• Aggressive Investors: With high risk tolerance and conviction in the management’s ability to execute the expansion and sustain growth, subscribing could be considered, attracted by the high growth potential and strong KPIs. The current positive GMP adds to the short-term listing gain appeal.
• Moderate/Conservative Investors: The combination of SME status, execution risks, concentration, and high valuation warrants caution. A “Neutral” stance or avoiding until post-listing performance clarity might be more suitable.

Final Note: This is not personalized investment advice. Carefully read the RHP, assess your risk appetite, consider your portfolio diversification, and ideally, consult a SEBI-registered financial advisor before deciding. The decision hinges entirely on your confidence in the company’s future execution versus the risks and valuation.

IPO Allotment and Refunds

• How to Check Allotment Status (Tentative: Aug 7, 2025):
  1. Registrar Website: Visit Link Intime’s website. Navigate to ‘IPO’ -> ‘Public Issues’ -> Select ‘Bhadora Industries IPO’ -> Click ‘Status’. Enter your PAN, Application Number, or DP ID/Client ID.
  2. BSE Website: Visit BSE website -> ‘Investor Services’ section -> ‘Status of Issue Application’ -> Select ‘Equity’ -> Select ‘Bhadora Industries Ltd’ from dropdown -> Enter Application Number and PAN.
  3. Trading/Bank Platform: Your broker (Zerodha, Groww, etc.) or bank (if applied via ASBA netbanking) may also show status.
• Refund Timelines: Unblocked/Refunded to your bank account by August 8, 2025 for unsuccessful/partially successful applications.
• Payment Methods: Only UPI (ASBA) was used for blocking application funds. Refunds will be processed back to the same bank account linked to the UPI mandate.
• Actions After Allotment: Hold or Sell?
  • Hold: If you believe in the long-term growth story, expansion potential, and are comfortable with the risks and post-IPO valuation. Suitable for investors with a longer horizon.
  • Sell on Listing: If your goal was primarily to capture the listing gain (driven by GMP) and you are uncomfortable with the long-term risks or valuation. Common strategy for IPO flippers. Monitor GMP closer to listing.
  • Partial Sell: Sell a portion to book listing gains and hold the rest for potential long-term upside. Balances profit-taking with continued exposure.

IPO RHP/DRHP

• RHP (Red Herring Prospectus): This is the final offer document filed with SEBI/NSE after receiving observations. It contains all definitive details about the IPO, company, financials, risks, objectives, and offer terms. It is legally binding.
• DRHP (Draft Red Herring Prospectus): This is the initial document filed with SEBI/NSE to seek approval for the IPO. It may contain estimates and is subject to change based on regulator feedback.
• Accessing RHP: The final Bhadora Industries IPO RHP will be available on:
  • Draft DRHP: Bhadora Industries IPO DRHP
  • Final RHP: Bhadora Industries IPO RHP
• Importance: READ THE RHP THOROUGHLY BEFORE INVESTING. It’s the single most crucial source of verified information.

IPO Review: Pros and Cons Summary

Pros:

1. Exceptional Recent Financial Performance (FY25).
2. Outstanding Profitability Metrics (ROE/ROCE).
3. Clear Growth Strategy with IPO Fund Utilization (Expansion, WC, Debt).
4. Strong Position in Government/Infrastructure Cable Segment.
5. Relevant Quality Certifications (BIS, ISO).
6. Attractive Pre-IPO Valuation based on FY25 earnings.
7. Positive Grey Market Premium (GMP) indicating strong demand.
8. Experienced Promoter Group.

Cons:

1. High Execution Risk on New Manufacturing Facility.
2. Significant Customer Concentration (Govt/EPC).
3. Pre-IPO High Leverage (D/E 0.94) – Needs effective reduction.
4. Demanding Post-IPO Valuation (P/E ~17x, P/B ~7.5x).
5. SME Market Volatility and Liquidity Risks.
6. Sustainability of FY25’s Explosive Growth is Challenging.
7. Vulnerability to Raw Material Price Fluctuations.
8. Intense Competitive Landscape.

20. Bhadora Industries IPO FAQs (Frequently Asked Questions)

1. Q: What is the Bhadora Industries IPO?
   A: It’s an initial public offering (fresh issue) by Bhadora Industries Ltd., a manufacturer of industrial power cables (Vidhut Cables), raising ₹55.62 Cr on the NSE SME platform.
2. Q: When does the Bhadora Industries IPO open and close?
   A: Tentatively from August 4, 2025, to August 6, 2025.
3. Q: What is the Bhadora Industries IPO price band?
   A: ₹97 to ₹103 per equity share.
4. Q: What is the lot size and minimum investment?
   A: Lot size is 1,200 shares. Minimum investment for Retail is 1 lot: ₹116,400 (₹97) to ₹123,600 (₹103). *[Confirm 1-lot max for Retail in RHP]*.
5. Q: How can I apply for the Bhadora Industries IPO?
   A: Use the ASBA facility through your net banking or trading account (like Zerodha, Groww, ICICI Direct, etc.) by submitting a UPI mandate. Learn know about Groww etf.
6. Q: When is the Bhadora Industries IPO allotment date?
   A: Tentatively on August 7, 2025.
7. Q: When is the Bhadora Industries IPO listing date?
   A: Tentatively on August 11, 2025, on NSE SME.
8. Q: What is the current GMP for Bhadora Industries IPO?
   A: As of Feb 9, 2025, GMP is ₹18 – ₹22 (unofficial and volatile).
9. Q: What is the expected listing price?
   A: Based on upper band (₹103) and current GMP, approximately ₹115 – ₹125 per share.
10. Q: Should I subscribe to the Bhadora Industries IPO?
    A: This depends on your risk profile. It offers high growth potential (strong FY25, expansion plans) but carries high risks (execution, customer concentration, valuation). Review the analysis (Section 16), read the RHP carefully, and consider consulting a financial advisor. It’s suited for aggressive investors comfortable with SME risks.

Conclusion:

The Bhadora Industries IPO presents a classic high-growth, high-risk SME opportunity. Its stellar FY25 financials, exceptional return ratios (ROE/ROCE), and clear plans for capacity expansion are significant strengths. The company operates in the vital power infrastructure sector, benefiting from government focus. However, risks loom large: executing the new plant build-out flawlessly, managing customer concentration with government entities, reducing pre-IPO leverage effectively, and justifying the demanding post-IPO valuation are critical challenges. The current Grey Market Premium (GMP) suggests strong investor appetite and potential listing gains.

Ultimately, the decision hinges on your individual risk tolerance. Aggressive investors seeking high-growth infrastructure plays might find the potential rewards compelling, especially given the strong KPIs. Moderate or conservative investors should carefully weigh the significant risks against the growth narrative and valuation. Thoroughly scrutinize the RHP, the company’s ability to sustain its explosive growth, and align this opportunity with your overall investment strategy before committing funds. Stay updated on final dates and GMP trends as the IPO approaches.