Om Galaxy Limited, a specialist in pipe fitting and industrial moulds, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company plans to raise funds through a fresh issue to consolidate four manufacturing units into a new facility and repay outstanding borrowings.

About the Company

Om Galaxy Limited is a Maharashtra-based manufacturer established in 2008, specializing in the design and production of injection and blow moulds for building materials, plastic processing, and automotive industries. Over 17 years, it has expanded from producing small moulds to large-scale units weighing up to 7 tons with up to 64 cavities. The company operates seven manufacturing units across Vasai and Pune, employing approximately 630 people.

Its product portfolio includes automotive moulds through subsidiary OMG Auto Mould Private Limited and Hot Runner Systems (HRS) via Infuse HRS Private Limited. In Fiscal 2025, the company diversified into consumer cleaning products under the brand 'WONDRA'.

Financial Performance

The company demonstrated consistent revenue growth over the last three fiscal years. Consolidated revenue from operations increased from ₹104.56 crore in FY2024 to ₹124.00 crore in FY2026. Net profit after tax rose from ₹12.04 crore to ₹16.64 crore during the same period.

Operating cash flows improved significantly, reaching ₹35.03 crore in FY2026 compared to ₹3.43 crore in FY2024. Total assets grew by 49.21% over two years to ₹175.31 crore, driven by capital investments.

Why the Company Is Raising Funds

The proceeds from the fresh issue will be utilized for the following purposes:

• Capital Expenditure: ₹74.66 crore for setting up a new manufacturing unit to consolidate four existing facilities, including land acquisition, construction, and machinery.
• Debt Repayment: ₹14.00 crore for pre-payment or repayment of outstanding borrowings.
• General Corporate Purposes: Residual amount for working capital and administrative expenses.

Business Strengths

• In-house HRS Capability: Rare among Indian MSMEs, allowing complete tooling solutions.
• Repeat Customer Base: 75.60% of FY2026 revenue came from repeat customers.
• Experienced Management: Promoters possess decades of experience in mould manufacturing.
• Diversified Portfolio: Operations span building materials, automotive, and consumer products.

Key Risks

• Customer Concentration: Top 10 customers contributed 73% of revenue in FY2026.
• Supplier Dependency: Top 10 suppliers accounted for 49% of purchases in FY2026.
• Compliance Issues: Statutory auditor qualification on MSMED Act compliance and pending secretarial adjudication applications.
• New Segment Losses: WONDRA cleaning products reported negative EBITDA of ₹70.46 lakhs in FY2026.
• Execution Risk: Consolidation of manufacturing units involves significant operational transition risks.

Important IPO Dates

• IPO Open Date: 10-Sep-2026
• IPO Close Date: 15-Sep-2026
• Allotment Date: 16-Sep-2026
• Listing Date: 18-Sep-2026

Offer Details

The offer consists entirely of a fresh issue. No Offer for Sale (OFS) component is disclosed. Price band, lot size, and face value details are not available in the current filing.

Bottom Line

Om Galaxy Limited seeks to capitalize on its strong position in the mould manufacturing sector by consolidating operations and strengthening its balance sheet. While revenue growth and operating cash flows remain robust, investors must weigh these against high customer concentration and compliance-related qualifications.