Lohia Corp Limited has launched its ₹1,101.28 crore mainboard IPO, offering investors an opportunity to invest in one of the world's leading manufacturers of machinery for technical textiles and woven polypropylene (PP) and high-density polyethylene (HDPE) packaging equipment. Headquartered in Kanpur, the company has built a strong global presence with manufacturing facilities across multiple countries and exports to more than 90 nations.
This Lohia Corp IPO Analysis 2026 provides a comprehensive overview of the company's business, Lohia Corp IPO details, IPO date, financial performance, valuation, strengths, risks, subscription information and investment outlook. Whether you are evaluating the issue for potential listing gains or long-term investment, this guide covers all the important information based on the company's disclosed data.
Table of Contents
- Lohia Corp IPO Details 2026
- About Lohia Corp Limited
- Lohia Corp Financial Performance
- Lohia Corp IPO Structure and Use of Proceeds
- Lohia Corp IPO Valuation Analysis
- Lohia Corp IPO GMP and Subscription Status
- Lohia Corp IPO Analysis: Strengths and Risks
- Should You Invest in Lohia Corp IPO?
The Lohia Corp IPO is a mainboard public issue comprising an Offer for Sale (OFS) entirely by existing promoter shareholders. Since there is no fresh issue component, the company will not receive any proceeds from the IPO, and the entire amount will go to the selling shareholders. The issue has been priced between ₹404 and ₹425 per share, with a minimum retail investment of ₹14,875.
Below are the complete Lohia Corp IPO details that investors should know before applying.
IPO Snapshot
| Particular |
Details |
| IPO Size |
₹1,101.28 crore |
| Issue Type |
100% Offer for Sale |
| Fresh Issue |
Nil |
| Offer for Sale |
2,59,31,407 Equity Shares |
| Face Value |
₹1 per share |
| Post-Issue Market Capitalisation |
Approximately ₹4,490.13 crore |
The IPO consists of 2,59,31,407 equity shares being sold by promoter group shareholders. As no new shares are being issued, the company's total outstanding equity shares remain unchanged at 10.565 crore shares before and after the IPO.
Important Dates
Investors planning to participate in the issue should keep track of the important dates associated with the IPO process.
| Event |
Date |
| IPO Opens |
23 July 2026 |
| IPO Closes |
27 July 2026 |
| Tentative Allotment |
28 July 2026 |
| Tentative Listing |
30 July 2026 |
| Stock Exchanges |
BSE & NSE |
Applicants can subscribe during the three-day bidding window, after which the allotment process will be completed before the expected listing on both exchanges.
Price Band and Lot Size
Lohia Corp has fixed the IPO price band between ₹404 and ₹425 per equity share.
The minimum application size for retail investors is one lot comprising 35 equity shares.
At the upper price band, the minimum retail investment works out to ₹14,875.
This pricing makes the IPO accessible to retail investors while maintaining the standard lot size prescribed for the issue.
Issue Size
The total issue size is ₹1,101.28 crore, making it one of the notable mainboard IPOs in the industrial engineering segment.
Unlike IPOs that raise fresh capital for expansion, this issue is entirely an Offer for Sale, meaning there is no dilution through fresh equity issuance.
The company's post-listing market capitalisation at the upper price band is estimated at around ₹4,490.13 crore.
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Get all the latest updates on the Lohia Corp IPO, including issue size, price band, subscription status, allotment details and listing timeline.
Reservation Breakdown
The IPO allocation follows the standard regulatory framework for mainboard issues.
| Investor Category |
Allocation |
| Qualified Institutional Buyers (QIBs) |
Not less than 75% |
| Non-Institutional Investors (NIIs/HNIs) |
Not more than 15% |
| Retail Individual Investors (RIIs) |
Not more than 10% |
| Employee Reservation |
Up to 2,00,000 Shares |
Ahead of the public issue, the company raised approximately ₹492.11 crore through its anchor investor book on 22 July 2026, indicating institutional participation before the IPO opened for subscription.
Employees are also eligible for a reservation of up to 2,00,000 equity shares, along with a discount of ₹40 per share.
Lead Managers and Registrar
The IPO is being managed by experienced capital market intermediaries.
- Book Running Lead Managers
- Equirus Capital Limited
- Motilal Oswal Investment Advisors Limited
- Registrar to the Issue
- MUFG Intime India Private Limited
These entities are responsible for managing the public issue process, allotment and post-issue activities.
Looking beyond IPOs? Explore Finology 30.
Lohia Corp Limited is one of India's leading manufacturers of machinery used in the technical textiles and plastics processing industries. The company specialises in manufacturing equipment required for producing woven polypropylene (PP) and high-density polyethylene (HDPE) packaging products, which are widely used across industrial and commercial applications.
Over the years, the company has expanded beyond equipment manufacturing to become an end-to-end engineering solutions provider, serving customers across India and international markets. Its presence in more than 90 countries, diversified manufacturing facilities and strong intellectual property portfolio have established Lohia Corp as a recognised player in the global woven raffia machinery industry.
Company Overview
Headquartered in Kanpur, Uttar Pradesh, Lohia Corp designs, manufactures, installs and services machinery used in the production of woven PP and HDPE technical textile products.
Rather than focusing on a single machine category, the company offers complete manufacturing solutions that support the entire woven raffia production process. This integrated approach allows customers to source multiple production technologies from a single manufacturer.
The company's customer base spans various industries that require durable woven plastic packaging solutions, making its business less dependent on a single end-use sector.
Business Model
Lohia Corp follows an integrated business model that combines manufacturing, engineering and after-sales support.
Its revenue is generated from multiple business segments, including:
- Manufacturing industrial machinery
- Supplying complete production plants
- Installation and commissioning services
- Spare parts
- Equipment servicing and maintenance
- Machinery upgrades and modernisation
The presence of aftermarket services helps the company generate recurring revenue even after equipment sales, while long-term customer relationships create opportunities for future upgrades and replacement demand.
Product Portfolio
The company manufactures machinery covering almost every stage of woven raffia production.
Its product portfolio includes:
- Extrusion and tape lines
- Circular weaving looms
- Winders
- Coating and lamination lines
- Printing equipment
- Cutting and sewing machinery
- Multifilament yarn machines
- Monofilament production lines
- Twister winders
- Plastic recycling systems
This comprehensive product range enables customers to establish complete production facilities using equipment supplied by Lohia Corp.
Industries Served
The machinery manufactured by Lohia Corp supports packaging production across multiple industries.
Its equipment is commonly used for manufacturing woven packaging solutions for:
- Agriculture
- Cement
- Chemicals
- Industrial products
- Technical textiles
Since these industries continue to require durable packaging materials, the company serves a broad customer base across different sectors rather than relying on a single industry.
Manufacturing Facilities
Lohia Corp has established an international manufacturing footprint to support its global operations.
The company operates six manufacturing facilities located across:
- India
- United States
- Italy
Having manufacturing operations across multiple countries enables the company to serve customers efficiently while supporting its international business.
Global Presence
One of the company's notable strengths is its international reach.
Lohia Corp exports machinery to more than 90 countries, making it one of the globally recognised players in woven raffia machinery.
Its installed equipment base demonstrates the scale of its operations.
| Equipment Installed Worldwide |
Volume |
| Tape Extrusion Lines |
2,447+ |
| Circular Weaving Looms |
101,452+ |
| Winders |
502,940+ |
This extensive installed base also supports recurring demand for servicing, maintenance and spare parts.
Market Leadership
Lohia Corp has established a strong position in both domestic and international markets.
According to the disclosed data, the company held approximately 40.7% market share by value in India's woven raffia machinery market during FY25.
Globally, it accounted for around 15.4% of the woven raffia machinery market by value in CY2024.
These market shares reflect the company's established presence within a specialised industrial machinery segment.
Intellectual Property and Technology
Technology and product innovation continue to play an important role in Lohia Corp's business.
The company has built a global intellectual property portfolio comprising more than 125 granted patents, including:
- 71 patents in India
- 56 patents internationally
Its continued focus on engineering and technology supports product development while strengthening its competitive position in specialised industrial machinery.
Financial performance is one of the most important factors when evaluating an IPO, as it reflects a company's growth, profitability and operational efficiency. Lohia Corp has reported consistent improvement in its revenue, earnings and margins over the last three financial years. Alongside stronger profitability, the company has also improved its balance sheet by reducing debt and increasing its net worth.
The following analysis provides a closer look at how the business has performed financially and what these numbers indicate for prospective investors.
FY24 Financial Performance
| Financial Metric |
FY24 |
| Revenue from Operations |
₹1,165.80 crore |
| EBITDA |
₹105.96 crore |
| EBITDA Margin |
9.09% |
| Profit After Tax (PAT) |
₹29.76 crore |
| PAT Margin |
2.55% |
FY25 Financial Performance
| Financial Metric |
FY25 |
| Revenue from Operations |
₹1,376.87 crore |
| EBITDA |
₹228.60 crore |
| EBITDA Margin |
16.60% |
| Profit After Tax (PAT) |
₹117.84 crore |
| PAT Margin |
8.56% |
| Net Worth |
₹371.59 crore |
| Gross Debt |
₹212.16 crore |
FY26 Financial Performance
| Financial Metric |
FY26 |
| Revenue from Operations |
₹1,716.99 crore |
| EBITDA |
₹339.45 crore |
| EBITDA Margin |
19.77% |
| Profit After Tax (PAT) |
₹193.45 crore |
| PAT Margin |
11.27% |
| Net Worth |
₹525.73 crore |
| Gross Debt |
₹152.78 crore |
Revenue Growth
Lohia Corp has reported steady growth in its revenue over the last three financial years.
Revenue from operations increased from ₹1,165.80 crore in FY24 to ₹1,376.87 crore in FY25, before reaching ₹1,716.99 crore in FY26.
This represents a 24.7% year-on-year growth in FY26, reflecting higher business activity and continued demand for the company's machinery across domestic and international markets.
Consistent revenue growth is particularly important for capital goods companies, as it indicates sustained order execution and healthy customer demand.
EBITDA Performance
The company's operating profitability has improved at a faster pace than revenue.
EBITDA increased from ₹105.96 crore in FY24 to ₹228.60 crore in FY25, and further to ₹339.45 crore in FY26.
During FY26 alone, EBITDA grew by 48.5% year-on-year, significantly outpacing revenue growth.
This suggests that the company has been able to improve operational efficiency while expanding its business.
Profit After Tax
Net profit has also shown strong growth over the review period.
Profit after tax increased from ₹29.76 crore in FY24 to ₹117.84 crore in FY25, before reaching ₹193.45 crore in FY26.
The company's PAT grew by 64.2% year-on-year during FY26.
The pace of profit growth being higher than revenue growth indicates improving profitability and better conversion of operating earnings into net income.
Margin Expansion
One of the notable aspects of Lohia Corp's financial performance is the improvement in operating and net profit margins.
The EBITDA margin increased from:
- 9.09% in FY24
- 16.60% in FY25
- 19.77% in FY26
Similarly, the PAT margin improved from:
- 2.55% in FY24
- 8.56% in FY25
- 11.27% in FY26
The expansion in margins suggests that the company has improved its operating efficiency while generating better profitability from its revenue.
Balance Sheet Analysis
Along with higher earnings, Lohia Corp has strengthened its balance sheet.
The company's net worth increased from ₹371.59 crore in FY25 to ₹525.73 crore in FY26, reflecting growth in shareholders' funds.
At the same time, gross debt reduced from ₹212.16 crore to ₹152.78 crore.
Lower borrowings improve financial flexibility and reduce leverage, which is generally viewed positively by investors, particularly in capital-intensive industries.
Key Financial Ratios
Several financial indicators highlight the company's improving financial position.
Return on Equity (ROE) stood at 36.80% in FY26, compared with 31.71% in FY25, indicating efficient utilisation of shareholders' capital.
The company's basic and diluted earnings per share (EPS) for FY26 was ₹18.31, based on the pre-issue equity capital.
Following the reduction in debt, the company reported a debt-to-equity ratio of approximately 0.29x, indicating a relatively comfortable leverage position.
These metrics reflect improvements in profitability, capital efficiency and balance sheet strength.
What the Financials Indicate
The financial performance suggests that Lohia Corp has witnessed growth across multiple parameters rather than relying solely on revenue expansion.
Key observations from the company's financials include:
- Revenue has grown consistently over the last three financial years.
- EBITDA has increased at a faster pace than revenue, indicating improved operating efficiency.
- Net profit has expanded significantly, supported by stronger margins.
- EBITDA and PAT margins have improved steadily over the review period.
- Net worth has increased while debt has reduced, strengthening the balance sheet.
- Return on equity has remained strong at more than 36%, reflecting efficient capital utilisation.
Overall, the disclosed financial data indicates an improvement in both operational performance and financial health during FY26.
Understanding the structure of an IPO is important because it explains whether the company is raising fresh capital for future growth or whether existing shareholders are partially exiting their investment. In the case of the Lohia Corp IPO, the issue is entirely an Offer for Sale (OFS), which has different implications compared with a fresh issue.
Offer for Sale Explained
The entire ₹1,101.28 crore IPO consists of an Offer for Sale of 2,59,31,407 equity shares.
There is no fresh issue component, meaning the company is not issuing new shares to raise capital.
Since no additional equity shares are being created, the total outstanding share capital remains unchanged before and after the IPO.
Selling Shareholders
The shares being offered through the IPO are being sold by members of the promoter group, including:
- Raj Kumar Lohia
- Gaurav Lohia
- Amit Kumar Lohia
- Ritu Lohia
- Alok Kumar Lohia
- Anurag Lohia
- Anuja Lohia
These shareholders will receive the proceeds from the sale of their shares.
Why There Is No Fresh Issue
Unlike many IPOs that raise funds for expansion, debt repayment or working capital, Lohia Corp has chosen not to issue fresh equity.
As a result, the company itself will not receive any proceeds from the IPO.
Instead, the public issue provides an opportunity for promoter shareholders to partially monetise their investment through the stock market.
What It Means for Investors
A 100% Offer for Sale does not necessarily indicate a negative investment case, but investors should understand its implications.
Since the company is not raising fresh capital:
- No IPO proceeds will be available for future expansion projects.
- The company's balance sheet will not change because of the public issue.
- Existing financial performance and future growth will continue to depend on business operations rather than additional IPO funding.
Investors may therefore focus more on the company's operational performance, profitability, market position and long-term business prospects while evaluating the IPO.
Valuation is an important factor when assessing any IPO, as it helps investors understand whether the issue is reasonably priced relative to the company's earnings and industry position. Lohia Corp has reported strong growth in revenue and profitability over the past few years, and the IPO pricing reflects these financial improvements.
While valuation should not be viewed in isolation, it becomes more meaningful when analysed alongside the company's market leadership, return ratios and financial performance.
Market Capitalisation
At the upper price band of ₹425 per share, Lohia Corp is expected to have a post-issue market capitalisation of approximately ₹4,490.13 crore.
This places the company among the established listed players in the industrial engineering and capital goods segment, reflecting the scale of its operations and global presence.
Price-to-Earnings (P/E) Analysis
Based on the FY26 earnings per share (EPS) of ₹18.31, the IPO is valued at a Price-to-Earnings (P/E) multiple of approximately 23.21x.
The valuation is derived from the company's latest reported financial performance and provides investors with a benchmark for comparing the IPO against other listed companies in similar industries.
Industry Comparison
According to the disclosed information, companies operating in the broader technical textiles and capital goods packaging machinery sector trade at an average P/E range of around 35x to 65x.
Compared with this range, Lohia Corp's IPO is priced at a relatively lower earnings multiple.
At the same time, the company has reported:
- Revenue growth of 24.7% in FY26.
- EBITDA growth of 48.5% in FY26.
- PAT growth of 64.2% in FY26.
- Return on Equity (ROE) of 36.80%.
These factors provide additional context while assessing the IPO valuation.
Is the IPO Reasonably Valued?
Based on the disclosed financials and pricing, the IPO appears to be valued at a lower multiple than the broader industry range.
However, valuation should not be considered independently. Investors should also evaluate the company's business model, profitability, industry outlook and potential risks before making an investment decision.
Many investors track the Lohia Corp IPO GMP and subscription figures before applying, as these indicators often reflect prevailing market sentiment. However, they should be considered alongside the company's fundamentals rather than being the sole basis for investment decisions.
What is Lohia Corp IPO GMP?
The Grey Market Premium (GMP) refers to the premium at which IPO shares are traded unofficially before listing on the stock exchanges.
The Lohia Corp IPO GMP may change daily depending on market conditions, investor sentiment and demand for the issue.
Since GMP is unofficial and not regulated by stock exchanges, it should only be viewed as a market indicator rather than a confirmed measure of listing performance.
Should Investors Depend on GMP?
While GMP often attracts significant attention, investors should avoid relying solely on it.
The actual listing price can differ from grey market expectations due to changing market conditions.
A more balanced approach is to consider factors such as:
- Business quality
- Financial performance
- Valuation
- Industry position
- Long-term growth prospects
These fundamentals generally provide a stronger basis for investment decisions than unofficial market premiums.
Subscription Categories
The IPO allocation has been divided among different investor categories as per regulatory requirements.
- Qualified Institutional Buyers (QIBs): Not less than 75% of the net offer.
- Non-Institutional Investors (NIIs/HNIs): Not more than 15%.
- Retail Individual Investors (RIIs): Not more than 10%.
- Employee Reservation: Up to 2,00,000 equity shares with a discount of ₹40 per share.
The company also raised ₹492.11 crore through its anchor investor allocation on 22 July 2026, ahead of the public issue.
Retail Investment Calculation
Investors applying under different categories need to meet the following investment requirements.
| Category |
Shares |
Investment Amount |
| Retail Minimum |
35 |
₹14,875 |
| Retail Maximum |
455 |
₹1,93,375 |
| Small HNI Minimum |
490 |
₹2,08,250 |
| Big HNI Minimum |
2,380 |
₹10,11,500 |
Retail investors can apply for up to 13 lots, while applications above the retail investment limit fall under the HNI category.
Every IPO presents a combination of opportunities and risks. Lohia Corp has several business strengths, including market leadership and improving financial performance, but investors should also consider factors such as the issue structure and industry cyclicality before investing.
Key Strengths
Lohia Corp has built a strong position in the specialised woven raffia machinery segment over several decades.
Some of its key strengths include:
- Around 40.7% market share in India's woven raffia machinery market.
- Approximately 15.4% share of the global woven raffia machinery market by value.
- Presence in more than 90 countries through exports.
- Six manufacturing facilities across India, the United States and Italy.
- A diversified product portfolio covering the complete woven raffia production process.
- More than 125 granted patents, supporting its technology-driven business model.
These factors highlight the company's established position in a specialised industrial machinery segment.
Growth Drivers
Several factors support the company's future business prospects.
The large installed equipment base creates recurring demand for spare parts, servicing and equipment upgrades.
Its international presence across multiple markets provides geographical diversification, while its broad product portfolio enables it to serve different customer requirements across the technical textiles value chain.
The company's improving profitability, expanding margins and lower debt also strengthen its financial position.
Key Risks
Despite its strengths, investors should also consider the risks associated with the business.
Since the IPO is entirely an Offer for Sale, the company will not receive fresh capital to support future expansion or acquisitions.
Demand for industrial machinery is also linked to capital expenditure by industries such as packaging, cement, agriculture and chemicals. Any slowdown in investment activity across these sectors may affect new equipment demand.
The company may also be impacted by fluctuations in steel prices, electrical component costs and international freight rates, which can influence manufacturing costs and export deliveries.
Things Investors Should Monitor
Investors evaluating the company over the long term may monitor factors such as:
- Future revenue and profit growth.
- Continued improvement in operating margins.
- Demand across domestic and export markets.
- Capital expenditure trends in end-user industries.
- Balance sheet strength and debt levels.
- Growth in recurring aftermarket revenue through servicing and spare parts.
Monitoring these factors can help investors assess how the business performs after listing.
The Lohia Corp IPO Analysis 2026 indicates that the company has reported consistent financial improvement while maintaining a leading position in the woven raffia machinery industry. Revenue, EBITDA and profit have all grown over the past three financial years, supported by expanding margins and a stronger balance sheet.
The company also benefits from a diversified global presence, manufacturing facilities across multiple countries and an extensive installed equipment base that supports recurring service-related revenue.
For Listing Gain Investors
From a listing perspective, investors may consider factors such as the IPO valuation, institutional participation and prevailing market sentiment.
The IPO is priced at around 23.21x FY26 earnings, while the disclosed industry valuation range is 35x to 65x. Additionally, the company raised ₹492.11 crore through its anchor investor allocation before the issue opened.
However, listing performance will also depend on overall market conditions and investor demand at the time of listing.
For Long-term Investors
For investors with a longer investment horizon, the focus shifts from listing gains to business fundamentals.
Lohia Corp has demonstrated:
- Consistent revenue growth.
- Improving operating and net profit margins.
- Strong return on equity.
- Lower debt.
- Leadership in a specialised industrial machinery segment.
- Presence across more than 90 countries.
At the same time, investors should remain aware that demand for industrial machinery is cyclical and depends on capital expenditure across end-user industries.
Final Verdict
Based on the available information, Lohia Corp enters the public markets with an established business, improving financial performance and a strong position in the woven raffia machinery industry.
The IPO is entirely an Offer for Sale, meaning the company will not receive fresh capital from the issue. Nevertheless, its financial growth, improving profitability, global operations and market leadership make it a business worth evaluating.
As with any IPO, investors should assess the valuation, business fundamentals, industry outlook and their own investment objectives before making an investment decision.
Want to compare Lohia Corp's valuation with other recently listed industrial and manufacturing companies? Use the IPO dashboard to benchmark pricing, subscription trends and listing performance.