Om Galaxy Limited IPO

Incorporated in 2008, Om Galaxy Limited designs and manufactures pipe fittings, industrial moulds, automotive moulds, Hot Runner Systems and cleaning products. As of June 30, 2026, the company offered 77 SKUs under the WONDRA brand. Its products are used across building materials such as pipes, fittings and sanitaryware, plastics and polymer processing, automotive and auto components and industrial and engineering applications. The company operates seven manufacturing units across Maharashtra, with operations in Vasai and Pune, and exports to North America, Asia and Africa. As of June 30, 2026, its order book stood at approximately ₹94.42 crore. The company is developing a larger integrated manufacturing facility to consolidate operations, increase capacity and enable production of larger and more specialised moulds. The promoters are Opindersingh Bachattarsingh Baddhan, Jyothish Rajamohanan Nambiar, Sathyapalan Ayadathil Poyil, Gagandeep Opinder Singh Baddhan and Meena O Baddhan.

Om Galaxy IPO is a ₹105 crore book-built SME issue comprising an entirely fresh issue of 1,16,67,200 equity shares at a price band of ₹85 to ₹90 per share. The company plans to use the proceeds primarily for capital expenditure toward a new manufacturing unit and capacity expansion, repayment of certain borrowings and general corporate purposes. At the ₹90 upper band, the reported pre-issue P/E is 12.02x based on FY2026 EPS of ₹7.49, while the post-issue P/E is 18.33x based on diluted EPS of ₹4.91. FY2026 revenue increased to ₹124.00 crore and PAT to ₹16.64 crore, with EBITDA margin of 26.33% and ROCE of 20.39%. Key strengths include diversified mould and hot runner product capabilities, recurring customer relationships, integrated product offerings and a sizeable order book. Key risks include dependence on industrial and automotive demand, execution risk in the proposed new facility, working-capital requirements and SME-market liquidity. The valuation appears reasonable on a pre-issue earnings basis, but investors should assess the substantial post-issue earnings dilution and execution requirements of the expansion plan.