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Anubhav Plast Limited is a steel infrastructure products manufacturer engaged in producing Electric Resistance Welding (ERW) steel pipes, tubes, hollow sections and swaged steel tubular poles under the “ANUBHAV” brand. Its products serve electricity transmission and distribution, telecom infrastructure, street lighting, irrigation, water supply, construction and engineering sectors. Revenue is generated through manufacturing and supply of standardized steel products primarily for government projects, utilities and private-sector infrastructure customers.

Customers, Market Presence and Manufacturing Facilities (50–80 words)

The company supplies products to State Electricity Boards, government contractors and private customers across multiple states. Manufacturing operations are conducted through two facilities in Kanpur Dehat, Uttar Pradesh. Unit I produces poles and ERW pipes, while Unit II manufactures both ERW steel pipes and swaged steel tubular poles. Strategic proximity to raw material sources enhances operational efficiency, logistics management and timely execution of customer orders.

Product Portfolio and Value Chain Positioning (50–80 words)

The company operates across the steel infrastructure value chain through manufacturing of ERW pipes, hollow sections and steel tubular poles. Its portfolio includes over 80 standard pole sizes, round pipes ranging from 1.5 inches to 8 inches, and square and rectangular hollow sections. Installed capacity stands at 90,000 MTPA for ERW pipes and tubes and 150,000 units annually for poles. Value-added galvanization services are outsourced through specialized vendors.

Expansion Plans, Capex and Growth Initiatives (50–80 words)

The company has expanded through backward integration by establishing two tube mills for ERW pipe manufacturing. Management is pursuing diversification into scaffolding pipes, automotive components, solar structures and crash barriers to broaden revenue streams. Growth initiatives include increasing direct sales of pipes, expanding product offerings and reducing dependence on specific customers. Expansion is supported through institutional borrowings and operational scale-up to address rising infrastructure demand.

Employee Base and Banking Relationships (30–40 words)

The company is led by promoters Mr. Onkar Nath Gupta and Mr. Vinamra Gupta and operates through an experienced workforce focused on quality manufacturing and timely execution. Banking and issue-related relationships include Yes Bank Limited as banker to the issue.

Note: Detailed employee count, specific banking consortium details, order book value, segment-wise order backlog and acquisition history were not disclosed in the available RHP.

Management & Strategic Vision

Anubhav Plast is promoted by experienced industry professionals led by Mr. Onkar Nath Gupta and Mr. Vinamra Gupta. Management has transformed the company from a single-product pole manufacturer into an integrated steel infrastructure products business with manufacturing capabilities across poles, pipes and hollow sections.

The near-term strategy focuses on expanding production capabilities, strengthening customer relationships with government utilities and infrastructure contractors, and increasing market penetration across multiple states. The company aims to capitalize on rising demand from power transmission, water infrastructure, telecom and construction sectors.

Long-term growth is expected to be driven by diversification into higher-value steel products including scaffolding pipes, solar structures, automotive components and crash barriers. Management is also focused on expanding direct pipe sales and broadening the customer base to reduce revenue concentration risks.

Funding for expansion has historically been supported through institutional borrowings and working-capital financing. Management intends to continue balancing internal accruals, debt facilities and IPO proceeds to support capacity utilization, product diversification and working-capital requirements associated with larger infrastructure contracts.

Industry Analysis

Anubhav Plast operates within India's steel pipes, tubes and infrastructure products industry. Demand is driven by power transmission and distribution networks, water supply projects, irrigation systems, telecom infrastructure, urban development and construction activities. The company benefits from India's ongoing infrastructure expansion and government-led capital expenditure programs.

India's National Steel Policy 2017 aims to promote domestic steel demand, improve manufacturing competitiveness and support infrastructure-led economic growth. The government has targeted an increase in rural steel consumption from approximately 19.6 kg per capita to 38 kg per capita by FY2031, creating significant long-term demand opportunities for steel product manufacturers.

Industry growth drivers include:

• Expansion of power transmission and distribution infrastructure.
• Increasing telecom and broadband deployment.
• Growth in irrigation and water supply projects.
• Rising urbanization and construction activity.
• Government infrastructure spending.
• Growth in renewable energy projects.

The company reported revenue from operations of ₹9,816.74 lakh in FY25. Management highlighted revenue growth from 7.23% in FY23 to 12.41% in FY25, supported by strong order inflows and larger infrastructure contracts. Installed manufacturing capacity stands at 90,000 MTPA for pipes and 150,000 poles annually, positioning the company to benefit from industry demand growth.

Peer companies disclosed in the prospectus include New Malayalam Steel Limited and P S Raj Steels Limited.

Key Risk Factors

1. Customer Concentration Risk

The company derives a significant portion of revenue from a limited number of customers. The top five customers contributed approximately 53.55% of revenue during the period ended December 2025. Loss of major customers could materially impact revenue and profitability.

2. Supplier Concentration Risk

The business relies heavily on a limited supplier base for procurement of raw materials. The top ten suppliers accounted for approximately 98.30% of purchases during the period ended December 2025, exposing operations to procurement disruptions and pricing risks.

3. Dependence on Infrastructure Spending

Demand for poles and ERW steel products is closely linked to government infrastructure expenditure, utility investments and industrial capital spending. Delays in project execution or lower infrastructure spending may reduce order inflows and capacity utilization.

4. Raw Material Price Volatility

The company's profitability is sensitive to fluctuations in steel and HR coil prices. Sharp increases in raw material costs may compress margins if cost escalations cannot be passed on to customers in a timely manner.

5. Working Capital Intensive Operations

Large infrastructure contracts require substantial investments in inventory and receivables. Expansion of operations and execution of larger projects may increase working-capital requirements and dependence on external financing facilities.

6. Government Tender Dependency

A meaningful portion of business originates from government tenders, State Electricity Boards and public infrastructure projects. Changes in procurement policies, qualification norms or project delays could adversely affect revenue visibility and growth prospects.

7. Competitive Industry Environment

The steel products industry remains highly competitive with numerous organized and regional manufacturers competing on pricing, product quality, certifications and execution capabilities. Sustained competition may impact margins and market share.

Note: Detailed order-book concentration metrics and customer contract tenure disclosures were not available.

Strengths & Opportunities

1. Established Operating Track Record

Anubhav Plast has operated for more than three decades and has developed long-standing relationships with utilities, contractors and infrastructure customers. This operating history supports credibility, repeat business opportunities and market positioning.

2. Integrated Manufacturing Platform

The company has expanded from pole manufacturing into integrated production of ERW pipes, tubes and hollow sections through backward integration. This improves operational control, manufacturing flexibility and cost competitiveness.

3. Strong Manufacturing Capacity

Installed capacity of 90,000 MTPA for pipes and 150,000 poles annually provides scale advantages and enables participation in larger infrastructure projects across multiple sectors.

4. Quality Certifications and Technical Standards

Products are manufactured in accordance with multiple BIS and IS standards and supported by ISO 9001:2015-certified facilities. Compliance with recognized standards enhances customer confidence and tender eligibility.

5. Diversified End-Market Exposure

The company serves power, telecom, irrigation, water supply, construction and engineering sectors. Exposure to multiple infrastructure segments reduces reliance on any single industry and provides broader growth opportunities.

6. Expansion into Emerging Product Segments

Management's plans to diversify into solar structures, crash barriers, scaffolding pipes and automotive components provide opportunities for revenue diversification, improved margins and participation in fast-growing infrastructure and industrial markets.