Lohia Corp IPO Opens July 23: Technical Textile Machinery Manufacturer Targets ₹1,102 Crore Through Offer for Sale

Kanpur-based machinery maker with over 40% export revenue plans IPO priced at ₹404–425 per share; issue values the company at up to ₹4,490.1 crore.

Lohia Corp, incorporated in 2023, manufactures machinery used in the production of technical textiles and woven packaging materials. The company is offering shares through an offer for sale (OFS) of up to ₹1,102 crore, which will reduce the promoter group's stake to 75.2% from 95.6% after the IPO.

The IPO is priced between ₹404 and ₹425 per share, implying a market capitalisation of up to ₹4,490.1 crore. The face value of each share is ₹1, with a lot size of 35 shares. The retail investor allocation has been fixed at 10%.

Business Operations

Lohia Corp manufactures a range of machinery including tape extrusion lines, circular looms, coating and lamination lines, printing and conversion machines, multifilament yarn machines, twister winders, and related spare parts.

These machines are used in the production of polypropylene and high-density polyethylene woven fabric and sacks, among other products.

The company operates six manufacturing facilities, including four in India and one each in the USA and Italy.

According to the article, around 88% of the company's revenue is generated from woven raffia machines. The business serves the agriculture, textile and construction sectors, with demand influenced by factors such as crop prices, weather conditions, fertilizer costs, real estate activity and overall economic conditions.

As cited in the report by Frost & Sullivan, Lohia Corp held a 40.7% market share by value in the domestic woven raffia machinery market in FY25.

Financial Performance

For FY26, revenue from operations increased 24.7% year-on-year to ₹1,717 crore, while net profit rose 64.2% to ₹193.5 crore.

The company's EBITDA margin expanded to 19.5% in FY26, compared with 16.5% a year earlier.

Cash flow from operations grew 130.1% to ₹325.2 crore in FY26 from FY25.

The order book stood at ₹1,358.5 crore as of March 31, 2026, compared with ₹828.5 crore on March 31, 2025.

Net debt-to-equity improved to 0.2 times in FY26 from 0.5 times in FY25.

Exports and Risk Factors

More than 40% of the company's revenue comes from overseas markets. Imported raw materials accounted for around 16% of raw material costs in FY26.

The article notes that increases in import duties, tariffs, logistics disruptions or geopolitical developments could affect production costs and manufacturing timelines.

Valuation

Based on post-IPO FY26 earnings, the company is seeking a price-to-earnings (P/E) multiple of 23.

The report states that there are no directly comparable listed companies. It identifies Jyoti CNC Automation and LMW as engineering and capital goods manufacturers serving industrial customers, with P/E multiples ranging between 53 and 131.