Published: 19 July 2026 | 6.00 AM
Last Updated: 20 July 2026 | 6.00 AM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | 🟢 Apply, subject to reasonable valuation |
| Overall Rating | ⭐⭐⭐⭐☆ (4/5) |
| GMP Today | Awaited |
| Issue Size | OFS of 2,59,31,407 shares |
| Price Band | To be declared |
| Lot Size | To be declared |
| Minimum Retail Investment | To be calculated after price band announcement |
| IPO Opens | 23 July 2026 |
| IPO Closes | 27 July 2026 |
| Allotment | 28 July 2026 |
| Refunds | 29 July 2026 |
| Credit of Shares | 29 July 2026 |
| Listing | 30 July 2026 |
| Face Value | Rs. 1 per share |
| Exchange | BSE and NSE |
| Issue Type | Book-built mainboard IPO |
| Fresh Issue | Nil |
| Offer for Sale | 2,59,31,407 shares |
| Pre-Issue Shares | 10,56,50,000 shares |
| Post-Issue Shares | 10,56,50,000 shares |
| Lead Managers | Equirus Capital and Motilal Oswal Investment Advisors |
| Registrar | MUFG Intime India Pvt. Ltd. |
Investor Decision Box
| Question | Chanakya View |
| Suitable for Listing Gain? | 🟡 Yes, if valuation and GMP remain supportive |
| Suitable for Long-Term? | 🟢 Yes, subject to reasonable pricing |
| Risk Level | Medium |
| Business Quality | ⭐⭐⭐⭐⭐ |
| Financial Strength | ⭐⭐⭐⭐⭐ |
| Balance Sheet | ⭐⭐⭐⭐☆ |
| Growth Visibility | ⭐⭐⭐⭐☆ |
| Industry Position | ⭐⭐⭐⭐⭐ |
| Valuation Comfort | Awaiting price band |
Chanakya View
Lohia Corp Limited is a high-quality industrial machinery manufacturer with a leading position in woven raffia machinery used to produce polypropylene and high-density polyethylene woven fabric and sacks.
The company offers an extensive range of machinery covering tape extrusion, circular weaving, coating, lamination, printing, conversion, recycling and yarn-processing applications. Its machinery is used across packaging and technical textile industries, including cement, fertiliser, food grains, chemicals, minerals, geotextiles, tarpaulins, carpet backing, ropes and flexible intermediate bulk containers.
The company’s financial performance is impressive. Total income grew by approximately 25% in FY26, while profit after tax increased by around 64%. EBITDA margin improved from 16.49% to 19.53%, while PAT margin rose from 8.50% to 11.13%.
Return ratios are particularly strong, with ROE of 36.80% and ROCE of 40.92% in FY26. Debt-to-equity improved significantly from 0.47 to 0.23, indicating a healthier balance sheet.
However, the IPO is entirely an offer for sale. Lohia Corp will not receive any fresh capital from the issue, and the proceeds will go to the selling shareholders. Therefore, the IPO does not provide a direct funding trigger for capacity expansion, debt reduction or working capital.
The company’s fundamentals are strong, but the final recommendation depends heavily on the price band and valuation. A reasonable P/E multiple could make Lohia Corp an attractive industrial-sector IPO, while aggressive pricing may limit listing gains.
Chanakya Recommendation: 🟢 Apply, subject to reasonable valuation
About the Company
Lohia Corp Limited is a global manufacturer of machinery and equipment used in technical textiles and woven raffia applications.
Although the present corporate entity was incorporated in 2023, the Lohia business group has a long operating history in machinery manufacturing and technical textile solutions.
The company’s machines are primarily used to manufacture polypropylene and high-density polyethylene woven fabrics, sacks and other technical textile products.
As of March 31, 2026, Lohia Corp had installed annual manufacturing capacity for:
- 240 tape extrusion lines
- 13,800 circular looms
- 1,08,000 winders
The company provides end-to-end machinery solutions for customers operating across packaging and non-packaging applications.
Its product portfolio includes:
- Tape extrusion lines
- Circular looms
- Coating and lamination lines
- Printing machines
- Conversion machines
- Multifilament yarn machines
- Twister winders
- Monofilament extrusion lines
- Recycling machines
- Spare parts and accessories
Product Applications
Lohia Corp’s machinery is used to manufacture products across a wide range of industries.
Packaging Applications: Cement bags, fertiliser bags, chemical bags, polymer bags, food-grain sacks, mineral bags, shopping bags and industrial packaging.
Flexible Bulk Packaging: Flexible intermediate bulk containers, commonly known as FIBCs, and container liners.
Technical Textile Applications: Tarpaulins, geotextiles, ground covers, carpet backing, ropes and twines.
This diversified application base reduces dependence on any single end-user industry and provides exposure to infrastructure, agriculture, construction, chemicals, logistics and industrial packaging.
Manufacturing Capacity and Installed Base
Lohia Corp has developed a large installed machinery base globally.
As of March 31, 2026, the company had sold more than:
- 2,447 tape extrusion lines
- 5,02,940 winders
- 1,01,452 circular weaving looms
This substantial installed base provides long-term opportunities for spare parts, replacement equipment, upgrades, technical services and repeat orders.
The company also has advanced manufacturing infrastructure with significant backward integration. This allows it to manufacture critical components internally, improve quality control and reduce dependence on external vendors.
Global Presence
Lohia Corp has built an extensive international sales and service network.
As of March 31, 2026, the company had international offices in:
- Brazil
- Russia
- Thailand
- United Arab Emirates
- United States
It also operated warehouses in India, the United States and the UAE, along with stockists in eight countries.
This international network enables Lohia Corp to provide faster customer support, spare-part availability, installation assistance and after-sales service.
The global footprint is an important competitive advantage because machinery customers generally prefer suppliers capable of providing reliable technical support throughout the operating life of the equipment.
Technology and Intellectual Property
Lohia Corp places significant emphasis on research, product development and manufacturing innovation.
As of July 17, 2026, the company owned:
- 54 trademarks
- 71 patents in India
- 56 patents outside India
- Eight design registrations
In addition, 24 trademark applications and 19 patent applications were pending registration.
The company’s patent portfolio reflects its focus on technology-driven machinery development and provides some protection against direct replication of proprietary designs and processes.
Continuous research and development will remain essential because customers increasingly demand higher automation, lower energy consumption, improved productivity and better material efficiency.
Why This IPO Stands Out
✅ Market Leadership: Lohia Corp is a market leader in India and one of the leading global manufacturers of woven raffia machinery.
✅ End-to-End Product Portfolio: The company offers machinery across extrusion, weaving, coating, printing, conversion, recycling and yarn processing.
✅ Large Installed Base: More than 2,447 tape extrusion lines, 5.02 lakh winders and 1.01 lakh circular looms have been sold.
✅ Strong Global Presence: The company has international offices, warehouses and stockists across major markets.
✅ Technology-Driven Business: Lohia Corp owns a substantial portfolio of Indian and international patents.
✅ Strong Financial Growth: Revenue increased by 25% and PAT rose by 64% in FY26.
✅ Improving Margins: EBITDA margin rose to 19.53%, while PAT margin improved to 11.13%.
✅ Excellent Return Ratios: ROE stood at 36.80% and ROCE at 40.92%.
✅ Low Leverage: Debt-to-equity declined to 0.23 in FY26.
✅ Diversified End-User Industries: Machinery is used across packaging, infrastructure, agriculture, geotextiles and industrial applications.
Key Risks
⚠ Entire IPO Is an OFS: The company will not receive any fresh capital from the issue.
⚠ Valuation Not Yet Available: The price band and market capitalisation are still awaited.
⚠ Cyclical Capital-Goods Demand: Machinery orders may fluctuate depending on customer capital expenditure and industrial cycles.
⚠ Export Exposure: International sales expose the company to currency movements, geopolitical risks and global demand conditions.
⚠ Dependence on Woven Raffia Industry: A large portion of the business remains linked to PP and HDPE woven packaging machinery.
⚠ Customer Capital-Expenditure Risk: Customers may delay machinery purchases during periods of weak demand or economic uncertainty.
⚠ Raw Material and Component Costs: Changes in steel, electronics and component prices may affect margins.
⚠ Technological Obsolescence: Continuous investment in automation and product innovation is necessary to remain competitive.
⚠ Large Selling-Shareholder Exit: Investors should examine which shareholders are selling and their post-IPO holdings.
⚠ No Change in Share Capital: Since the IPO is entirely an OFS, the post-issue share count remains unchanged.
Financial Snapshot — Rs. Crore
| Particulars | FY26 | FY25 |
| Total Income | 1,737.87 | 1,386.47 |
| EBITDA | 339.45 | 228.60 |
| Profit After Tax | 193.45 | 117.84 |
| Total Assets | 1,304.66 | 967.60 |
| Reserves and Surplus | 519.16 | 358.14 |
| Total Borrowings | 152.78 | 212.16 |
Chanakya Financial Interpretation
Lohia Corp delivered a strong financial performance in FY26.
Total income increased from Rs. 1,386.47 crore in FY25 to Rs. 1,737.87 crore in FY26, representing growth of approximately 25%.
Profit after tax increased from Rs. 117.84 crore to Rs. 193.45 crore, reflecting growth of around 64%. PAT growth substantially exceeded revenue growth, indicating improved operating leverage and profitability.
EBITDA rose from Rs. 228.60 crore to Rs. 339.45 crore. EBITDA margin expanded from 16.49% to 19.53%, demonstrating better operating efficiency.
Borrowings declined from Rs. 212.16 crore to Rs. 152.78 crore, while reserves increased to Rs. 519.16 crore. This strengthened the balance sheet and reduced financial risk.
The combination of strong earnings growth, improving margins and declining debt makes Lohia Corp financially attractive. However, investors must assess whether these strengths are already fully reflected in the IPO valuation.
Key Performance Indicators
| KPI | FY25 | FY26 | Chanakya Interpretation |
| ROE | 31.71% | 36.80% | Excellent and improving |
| ROCE | 30.45% | 40.92% | Outstanding capital efficiency |
| Debt-to-Equity | 0.47 | 0.23 | Low and improving |
| RoNW | 106.11% | 72.95% | Exceptionally high, but calculation base should be examined |
| PAT Margin | 8.50% | 11.13% | Strong improvement |
| EBITDA Margin | 16.49% | 19.53% | Healthy expansion |
| Pre-IPO EPS | Rs. 18.31 | Rs. 18.31 | Valuation awaits price band |
| Promoter Holding | Approximately 93% | — | Strong pre-IPO ownership |
Business Quality Score
| Parameter | Rating |
| Business Model | ⭐⭐⭐⭐⭐ |
| Industry Position | ⭐⭐⭐⭐⭐ |
| Product Portfolio | ⭐⭐⭐⭐⭐ |
| Financial Performance | ⭐⭐⭐⭐⭐ |
| Return Ratios | ⭐⭐⭐⭐⭐ |
| Balance Sheet | ⭐⭐⭐⭐☆ |
| Management and Promoters | ⭐⭐⭐⭐☆ |
| Global Presence | ⭐⭐⭐⭐⭐ |
| Technology and Innovation | ⭐⭐⭐⭐⭐ |
| Growth Potential | ⭐⭐⭐⭐☆ |
| Valuation | Awaiting price band |
| Overall Business Quality | ⭐⭐⭐⭐⭐ |
IPO Proceeds and Why They Matter
| Purpose | Amount |
|---|---|
| Fresh Issue | Nil |
| Offer for Sale | 2,59,31,407 equity shares |
| Funds Received by Company | Nil |
| Funds Received by Selling Shareholders | Entire IPO proceeds |
Chanakya Interpretation
Unlike many mainboard IPOs, Lohia Corp IPO is a 100% Offer for Sale (OFS). This means the company itself will not receive any capital from the IPO.
The entire proceeds from the issue will go to the existing selling shareholders. Consequently, the IPO will not directly fund capacity expansion, debt repayment, research and development, acquisitions or working capital.
This does not necessarily make the IPO unattractive. Lohia Corp already has a healthy balance sheet with low leverage and does not require significant capital infusion at this stage. Investors should therefore evaluate the IPO primarily on the basis of business quality, profitability, market leadership and valuation rather than expecting immediate post-IPO expansion from fresh capital.
The final investment decision should largely depend on the valuation announced through the price band.
Business Outlook
The global technical textile industry continues to expand, driven by increasing demand for industrial packaging, flexible bulk containers, agricultural products, geotextiles, infrastructure materials and industrial fabrics.
Polypropylene (PP) and HDPE woven fabric remain among the most widely used industrial packaging materials because they offer durability, recyclability and cost efficiency.
Lohia Corp occupies a strong position in this ecosystem by supplying machinery rather than finished products. As manufacturers expand production capacities worldwide, demand for advanced weaving and extrusion machinery is expected to remain healthy.
Key long-term growth drivers include:
- Growing demand for sustainable industrial packaging.
- Expansion of infrastructure and construction activities.
- Increasing use of geotextiles in highways and railways.
- Growth in food storage and agricultural packaging.
- Rising adoption of FIBCs across logistics and exports.
- Modernisation of manufacturing facilities globally.
- Demand for automation and energy-efficient machinery.
- Increasing recycling and circular economy initiatives.
The company’s diversified customer base across more than 100 countries reduces dependence on any single geography and supports long-term growth visibility.
Industry Outlook
Technical textiles represent one of the fastest-growing segments within the global textile industry.
Unlike conventional textiles used primarily for clothing, technical textiles are designed for industrial performance, strength and durability. Demand is supported by sectors such as:
- Infrastructure
- Construction
- Agriculture
- Logistics
- Chemicals
- Cement
- Food processing
- Mining
- Packaging
- Transportation
Governments worldwide are increasingly promoting sustainable packaging, recyclable materials and stronger logistics infrastructure. These trends are expected to support demand for woven raffia products and, consequently, machinery supplied by companies such as Lohia Corp.
The company also benefits from high entry barriers because customers generally prefer proven machinery suppliers with global servicing capabilities and established product performance.
Promoters and Management
The promoters include:
- Raj Kumar Lohia
- Gaurav Lohia
- Amit Kumar Lohia
The promoters collectively hold approximately 93% of the company before the IPO.
The Lohia Group has built one of India’s most recognised engineering businesses in woven raffia machinery and has established a global reputation over several decades.
Investors should review the Red Herring Prospectus for:
- Post-IPO promoter holding.
- Details of the selling shareholders.
- Related-party transactions.
- Outstanding litigation, if any.
- Corporate governance practices.
- Management succession plans.
Strengths versus Concerns
| 👍 Strengths | ⚠ Concerns |
| Market leader in woven raffia machinery | Entire IPO is an OFS |
| Excellent global brand recognition | No fresh capital for business expansion |
| More than 180 patents globally | Price band yet to be announced |
| Strong international distribution network | Capital goods industry remains cyclical |
| Diversified machinery portfolio | Export-related currency risk |
| Strong EBITDA and PAT growth | Customer capex cycles influence demand |
| ROE above 36% | Industrial slowdown may delay machinery orders |
| ROCE above 40% | Valuation risk if priced aggressively |
| Low debt-equity ratio | Selling shareholders are monetising holdings |
| Strong balance sheet | Listing gains depend largely on pricing |
Valuation Interpretation
The final valuation can only be assessed once the IPO price band is announced.
The company’s pre-IPO EPS is Rs. 18.31.
The indicative P/E ratio can be calculated as:
IPO Price ÷ Rs. 18.31
Investors should compare the resulting valuation with:
- Indian capital goods companies.
- Industrial machinery manufacturers.
- Global machinery peers.
- Return on equity.
- Return on capital employed.
- Growth rate.
- Profitability.
- Market leadership.
Given Lohia Corp’s excellent return ratios and global market position, the company deserves a premium valuation. However, excessive pricing could reduce listing gains.
Chanakya Valuation Framework
| Indicative Valuation | Chanakya View |
| Up to 25x earnings | Attractive |
| 25–35x earnings | Fair and reasonable |
| 35–45x earnings | Premium but acceptable for quality businesses |
| Above 45x earnings | Expensive unless justified by exceptional growth |
This framework should be revisited after the company announces the final price band.
Peer Comparison
Recently listed industrial-product companies have delivered mixed outcomes.
| Company | IPO P/E | Listing Performance |
| Omnitech Engineering | 54.47x | -9.72% |
| Epack Prefab Technologies | 29.49x | -6.54% |
| Aditya Infotech | 21.09x | +60.39% |
The comparison highlights that listing performance depends not only on sector fundamentals but also on valuation, institutional demand, market sentiment and subscription quality.
Lohia Corp’s strong fundamentals may attract institutional participation, but the final listing outcome will largely depend on pricing and demand during the subscription period.
OFS Interpretation
The IPO consists entirely of an Offer for Sale.
This means:
- No new shares are being issued.
- Share capital remains unchanged.
- Existing shareholders are partially monetising their holdings.
- No dilution occurs because of fresh capital.
- The company receives no IPO proceeds.
A 100% OFS is not necessarily negative. Mature and profitable companies often use this route when they do not require additional capital.
However, investors generally prefer fresh issues because they directly support future business growth.
Who Should Apply?
| Investor Type | Suitability |
| Listing Gain Investors | ⭐⭐⭐⭐☆ (subject to GMP and valuation) |
| Long-Term Investors | ⭐⭐⭐⭐☆ |
| Conservative Investors | ⭐⭐⭐☆☆ |
| Growth Investors | ⭐⭐⭐⭐⭐ |
| Industrial Sector Investors | ⭐⭐⭐⭐⭐ |
Chanakya View
Lohia Corp is one of the highest-quality industrial machinery companies expected to enter the Indian primary market this year.
Its leadership position, global presence, patented technologies, diversified machinery portfolio and excellent financial ratios make it fundamentally attractive.
However, investors should remember that this IPO is entirely an OFS and therefore does not provide any fresh growth capital to the company.
If the valuation remains reasonable, long-term investors may find the IPO attractive because of the company’s global leadership and healthy profitability.
Listing gain investors should monitor:
- Grey Market Premium
- Anchor investor participation
- QIB demand
- HNI subscription
- Overall market conditions
- Final issue pricing
Listing Gain Probability
| Parameter | Assessment |
| Business Quality | Excellent |
| Financial Growth | Excellent |
| Institutional Interest | Strong |
| Industry Position | Excellent |
| IPO Structure | Neutral (100% OFS) |
| Valuation | Awaited |
| GMP | Awaited |
| Listing Gain Probability | Medium to High, subject to pricing |
The strong fundamentals should support institutional interest. However, the absence of a fresh issue means listing performance will depend more heavily on valuation and market sentiment.
Long-Term Investment Score
| Parameter | Score |
| Business Model | 9.5/10 |
| Market Leadership | 10/10 |
| Financial Performance | 9.5/10 |
| Balance Sheet | 9/10 |
| Return Ratios | 10/10 |
| Technology & Patents | 9.5/10 |
| Global Presence | 9.5/10 |
| Management | 9/10 |
| Growth Visibility | 9/10 |
| Valuation | Pending |
| Provisional Score | 90/100 |
The score is provisional until the company announces its valuation.
Chanakya Final Verdict
Lohia Corp represents a high-quality industrial engineering business with global leadership in woven raffia machinery.
The company has delivered outstanding financial performance, with revenue growing by 25%, PAT increasing by 64%, ROE improving to 36.80% and ROCE reaching 40.92%. Its balance sheet has strengthened through lower borrowings and improved profitability.
The principal limitation is that the IPO is entirely an Offer for Sale. Since the company receives no fresh capital, investors should base their decision on business quality and valuation rather than future deployment of IPO proceeds.
If the IPO is priced reasonably, Lohia Corp could emerge as one of the stronger industrial-sector IPOs of 2026.
Chanakya Recommendation: 🟢 Apply, subject to reasonable valuation.
Long-term investors may consider the IPO favourably if the valuation remains within reasonable limits. Listing gain investors should wait for GMP and subscription trends before taking the final call.
Frequently Asked Questions
What is the Lohia Corp IPO?
Lohia Corp IPO is a mainboard book-built public issue comprising only an Offer for Sale of 2,59,31,407 equity shares.
When will the Lohia Corp IPO open and close?
The IPO opens on 23 July 2026 and closes on 27 July 2026.
When will Lohia Corp IPO shares be allotted?
The tentative allotment date is 28 July 2026.
When will Lohia Corp list on the stock exchanges?
The company is expected to list on 30 July 2026 on both NSE and BSE.
What does Lohia Corp manufacture?
Lohia Corp manufactures machinery used for producing PP and HDPE woven fabrics, sacks and technical textile products.
How many patents does Lohia Corp own?
The company owns more than 127 patents globally, along with numerous trademarks and design registrations.
Will Lohia Corp receive money from the IPO?
No. Since the IPO is entirely an Offer for Sale, the company will not receive any proceeds.
Should investors apply for the Lohia Corp IPO?
Chanakya’s provisional recommendation is Apply, subject to reasonable valuation. Investors should review the final price band, GMP and subscription response before making the final decision.
Summary
Lohia Corp Limited is launching a mainboard IPO consisting entirely of an Offer for Sale. The company is a global leader in woven raffia machinery with an extensive product portfolio, strong international presence and a significant patent portfolio.
The company reported excellent financial performance in FY26, supported by strong revenue growth, improving margins, declining debt and outstanding return ratios.
Although the IPO will not raise fresh capital for the company, the business remains fundamentally strong.
The final investment decision should depend on the announced valuation, Grey Market Premium and subscription demand.
Chanakya Recommendation: Apply, subject to reasonable valuation.