PM CONA Industries IPO
PM CONA Industries Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹120 crore and an offer for sale of up to 45,00,000 shares by promoter Prakash Naraindas Motwani. In FY26 the company made a profit of ₹30.83 crore on revenue of ₹403.93 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 23 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Valmiki Leela Capital Private Limited
- Last SEBI contact
- 27 Oct 2026
- Price band and dates
- Not announced
Where it stands
PM CONA Industries IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI23 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 23 September 2026, 44 days ago, and its last communication on the draft was on 27 October 2026 (day count is our calculation).
DRHP at a glance
PM CONA Industries DRHP at a glance
Draft red herring prospectus, 22 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 217 to 219)PM CONA Industries makes electrical products for homes and offices under the PM CONA brand: modular and non-modular switches, accessories such as plug tops and multi-plugs, MCBs and switchgear, LED lighting and wires. The business has been in the trade for over five decades and became a company in 2019.
It has six plants, at Andheri, Vasai and Palghar in Maharashtra, Silvassa, Haridwar and Mangolpuri in Delhi. As of 31 July 2026 it made over 1,585 products and sold in 25 states and 5 union territories through 2,739 dealers (FY26). Some lighting, accessories and MCBs are made for it by outside manufacturers.
Revenue by product, FY26
- Modular switches and accessories: 48.79%
- Non-modular switches and accessories: 13.52%
- Supported accessories: 12.82%
- Lighting: 7.20%
- MCBs and switchgear: 5.79%
- Wires: 4.71%
- Other operating revenue: 7.17%
The offer
DRHP cover page and The Offer (p. 68)| Fresh issue | Up to ₹120 croreMoney goes to the company |
| Offer for sale | Up to 45,00,000 sharesBy promoter Prakash Naraindas Motwani; his average cost is ₹10 a share |
| Shares before the IPO | 3,62,00,000The offer for sale is about 12.4% of them (ours) |
| Pre-IPO placement | Up to ₹15 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Valmiki Leela Capital Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Prakash Naraindas Motwani, Neelu Prakash Motwani, Mohit Prakash Motwani, Bhavika Mohit Motwani and PM Family Trust |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 102 to 103)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Brownfield expansion of the plant at SIDCUL, Haridwar | 10.75 | 9.0% |
| Plant, machinery and equipment for existing units | 10.09 | 8.4% |
| 50 new display showrooms across India | 9.37 | 7.8% |
| Brand building and marketing | 50.89 | 42.4% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Shares of the ₹120 crore fresh issue are our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Financial Information (p. 71 to 73) and Basis for Offer Price, KPIs (p. 124 to 127), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 336.02 | 376.90 | 403.93 |
| EBITDA | 35.33 | 43.29 | 46.51 |
| EBITDA margin | 10.52% | 11.49% | 11.51% |
| Profit after tax | 22.36 | 27.62 | 30.83 |
| Diluted EPS (₹) | 6.18 | 7.63 | 8.52 |
| Net worth | 111.53 | 138.85 | 169.66 |
| Cash from operations | 17.14 | 25.04 | 40.45 |
| Return on equity | 22.26% | 22.06% | 19.99% |
| Debt to equity | 0.15 | 0.09 | Nil |
| Net operating cycle (days) | 132 | 136 | 140 |
Restated figures. Net worth is equity share capital plus other equity (our sum). Revenue grew about 9.6% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 125 to 126). Peer prices as of 21 Sep 2026 on NSE.The DRHP says no listed company does exactly the same business. The P/E for PM CONA is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| PM CONA Industries (FY26) | 8.52 | Set with the price band | 19.99% |
| Havells India | 27.18 | 40.58x | 19.15% |
| Orient Electric | 4.49 | 37.42x | 13.18% |
| V-Guard Industries | 5.90 | 55.08x | 12.28% |
Risks the draft lists first
DRHP, Risk Factors (p. 22 to 31)- BrandThe business depends on the recognition of the PM CONA brand. (Risk factor 1, p. 22)
- Raw material pricesSharp rises or shortages in the prices of key raw materials could hurt costs and margins. (Risk factor 2, p. 23)
- Outside manufacturersSome lighting, supported accessories and MCBs are made by third-party manufacturers and OEMs. (Risk factor 4, p. 25)
- SwitchesModular and non-modular switches and accessories gave 62.31% of FY26 revenue (our sum). (Risk factor 5, p. 26)
- Promoter group disclosuresSome promoter group members did not give their consent or information; their details come from public sources. (Risk factor 8, p. 28)
- Past filing delaysSome forms were filed late with the Registrar of Companies; compounding applications are pending. (Risk factor 13, p. 31)
Documents
PM CONA Industries DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
PM CONA Industries IPO FAQs
When will the PM CONA Industries IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 44 days ago (our calculation).
Has SEBI approved the PM CONA Industries IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the PM CONA Industries IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the PM CONA Industries IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the PM CONA Industries IPO?
Valmiki Leela Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will PM CONA Industries do with the IPO money?
According to the DRHP, the fresh issue money goes to brownfield expansion of the plant at SIDCUL, Haridwar (₹10.75 crore), plant, machinery and equipment for existing units (₹10.09 crore), 50 new display showrooms across India (₹9.37 crore), brand building and marketing (₹50.89 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does PM CONA Industries do?
PM CONA Industries makes electrical products for homes and offices under the PM CONA brand: modular and non-modular switches, accessories such as plug tops and multi-plugs, MCBs and switchgear, LED lighting and wires. The business has been in the trade for over five decades and became a company in 2019.
Where can I read the PM CONA Industries DRHP?
On SEBI's website, where the draft red herring prospectus was published on 6 October 2026. The draft is dated 22 September 2026 and runs to 499 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 22 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.