{"id":14433,"date":"2026-07-22T08:48:56","date_gmt":"2026-07-22T08:48:56","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14433"},"modified":"2026-08-10T08:50:25","modified_gmt":"2026-08-10T08:50:25","slug":"lohia-corp-ipo-it-makes-bags-well-not-exactly","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/lohia-corp-ipo-it-makes-bags-well-not-exactly\/","title":{"rendered":"Lohia Corp IPO: It Makes Bags. Well\u2026 Not Exactly"},"content":{"rendered":"

Lohia Corp Limited is filing a \u20b91,101 Cr IPO with a price band of \u20b9404 to \u20b9425, opening July 23, 2026. Lohia Corp has built machines for India\u2019s woven sack and Flexible Intermediate Bulk Container (FIBC) industry since 1981, and it controls ~40.7% of India\u2019s woven Raffia machinery market by value.<\/em><\/p>\n

IPO Summary<\/h2>\n
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The Big Picture<\/h2>\n

Woven sacks, FIBCs (large bulk bags), tarpaulins and similar plastic-based technical textiles form a large and growing packaging category in India, used mainly to pack cement, fertiliser, food grain and other bulk commodities.<\/p>\n

Within that, the woven Raffia segment is forecasted to reach US$ 14 billion by FY30<\/mark>, a ~11% CAGR, driven by cement, fertiliser, food grain and construction packaging demand and by the continued substitution of\u00a0jute bags\u00a0<\/strong>with woven plastic ones.<\/p>\n

This demand for woven Raffia products drives demand, in turn, for the machines that make them.<\/mark><\/p>\n

Lohia Corp Limited operates in this machinery segment, manufacturing the equipment used to produce woven Raffia products for customers in India and abroad.<\/p>\n

Business Model<\/h2>\n

According to RHP, Lohia Corp Limited held a ~41% share of the Indian woven Raffia machinery market by value in FY25 and 15% of global raffia machinery market by value<\/mark>, a share higher than the combined share of its four nearest rivals<\/p>\n

Lohia Corp Limited also makes the machines that other companies use to turn plastic resin into woven sacks, FIBCs, tarpaulins and similar technical textiles.<\/p>\n

Its customers are manufacturers of these products, spread across around\u00a0100 countries, and the company has served over 2,000 customers between FY24 to FY26<\/mark>.<\/p>\n

The product range includes tape extrusion lines, circular looms, tape winders, coating and lamination lines, printing machines, bag conversion machines, multifilament yarn machines, recycling machines, twister winders and monofilament extrusion lines.<\/p>\n

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Manufacturing is based in Kanpur, Uttar Pradesh, across four units, with an additional unit in Bengaluru.\u00a0The company also manufactures abroad through its subsidiaries.<\/mark><\/p>\n

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Revenue comes mostly from the sale of manufactured machinery.<\/p>\n

In FY26, sale of manufacturing goods was \u20b9 1,567 Cr of the \u20b9 1,717 Cr total revenue from operations.<\/p>\n

Within this, woven Raffia machines alone made up 88% of FY26 revenue from operations, with the remainder from raw material sales to vendors, scrap sales etc<\/p>\n

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Unit Economics<\/h2>\n
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Material cost holds steady at 43% to 44% of revenue across the three years, since the company passes on most raw material price movements to customers.<\/p>\n

The real change shows up below the material line.<\/p>\n

Employee cost fell from 16% of revenue in FY24 to 11% in FY26, and other expenses fell as well, as revenue grew faster than these largely fixed costs.<\/p>\n

This operating leverage is the main reason EBITDA margin more than doubled, from 9% in FY24 to 20% in FY26.<\/mark><\/p>\n

The Financials: From Revenue to PAT<\/h2>\n
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  • PAT rose from \u20b9 118 Cr in FY25 to \u20b9 193 Cr in FY26, a rise of about 64%, broadly tracking the growth in EBITDA.<\/li>\n
  • Finance costs fell in absolute terms even as revenue grew, reflecting a reduction in borrowings, which also supported the improvement in profit.<\/li>\n<\/ul>\n

    Operating Metrics<\/h2>\n
      \n
    1. Order Book:\u00a0<\/strong>The order book grew from \u20b9 769 Cr in FY24 to \u20b9 1,359 Cr in FY26, a 64% jump in the latest year alone. This gives some visibility into near-term revenue stability.<\/li>\n<\/ol>\n
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      1. Revenue Mix: Domestic vs Overseas:\u00a0<\/strong>The domestic-overseas split swung sharply in FY26. Overseas revenue fell from 58% in FY25 to 42% in FY26, even as total revenue grew, meaning domestic revenue rose faster than exports in the latest year.<\/li>\n<\/ol>\n
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          \n
        1. Net Working Capital Days:\u00a0<\/strong>Net working capital days stayed in a narrow band of 82 to 90 days across the three years. This stability, even as revenue nearly doubled between FY24 and FY26, suggests the company has managed inventory and receivables consistently.<\/li>\n<\/ol>\n
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          Lohia\u2019s Peers<\/h2>\n
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          Among the six companies compared, Lohia Corp posted the highest ROE at 37% and the second-highest EBITDA margin at 20%, behind only Jyoti CNC Automation at 27%.<\/p>\n

          Key Risks<\/h2>\n
            \n
          • Concentration in the Woven Raffia Machines Market: <\/strong>The company draws almost all its revenue from one product category. Woven raffia machines accounted for 88% of FY26 revenue from operations. This market depends on the health of end-use industries such as agriculture, construction, cement and packaging.<\/li>\n
          • Foreign Currency and Export Exposure: <\/strong>Overseas sales made up 42% of FY26 revenue, and imported raw materials made up 16% of FY26 revenue, both largely in US dollars and euros. Sudden movements in these currencies affect reported revenue, costs and margins.<\/li>\n
          • Order Book may not convert to Revenue: <\/strong>The company\u2019s order book stood at \u20b9 1,359 Cr as of March 31, 2026. The RHP states plainly that this figure is unaudited, and that orders may be delayed, modified in scope, or cancelled by customers.<\/li>\n<\/ul>\n

            Summary<\/h2>\n
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            <\/div>\n<\/div>\n

            According to RHP, The company holds the largest share of the Indian woven Raffia machinery market by value and ranked among the leading global manufacturers of such machinery by revenue in 2024, with a 15% share of the global market by value.<\/p>\n

            The company\u2019s revenue depends heavily on one product category, woven raffia machines, which made up 88% of FY26 revenue, and it carries meaningful exposure to foreign currency movements through its export business and imported raw materials.<\/p>\n

            Its order book is unaudited and may not fully convert into revenue. These factors, along with the other risks disclosed in the RHP, should be read alongside the company\u2019s market position and financial trajectory before forming a view on the offer.<\/p>\n","protected":false},"excerpt":{"rendered":"

            Lohia Corp Limited is filing a \u20b91,101 Cr IPO with a price band of \u20b9404 to \u20b9425, opening July 23, 2026. Lohia Corp has built machines for India\u2019s woven sack and Flexible Intermediate Bulk Container (FIBC) industry since 1981, and it controls ~40.7% of India\u2019s woven Raffia machinery market by value. IPO Summary The Big […]<\/p>\n","protected":false},"author":2,"featured_media":14435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nLohia Corp IPO: It Makes Bags. 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