Shayona Engineering Limited is an engineering solutions and manufacturing company engaged in fabrication and supply of industrial engineering components and assemblies. The company earns revenue by executing B2B orders from industrial clients, primarily through customised manufacturing contracts. Its offerings are used in industrial machinery, infrastructure, and project-based applications, where precision engineering and timely execution are critical to client operations.

Key Clients and Manufacturing Facilities

The company serves a diversified base of domestic industrial customers, including EPC contractors and engineering-led enterprises. Shayona Engineering operates manufacturing facilities equipped with modern fabrication, machining, and quality-testing infrastructure, enabling it to meet customised specifications. These facilities support end-to-end production, from raw material processing to finished component dispatch, ensuring delivery reliability and compliance with industry standards .

Product Portfolio and Order Book Execution

Shayona Engineering’s portfolio includes engineered components, fabricated structures, and customised assemblies. These products are typically used during the core and maintenance stages of client asset life cycles, ensuring repeat demand. Orders are largely project-based, executed within defined timelines. The company follows a structured execution model that aligns manpower, raw materials, and machinery to ensure order book visibility and timely completion .

Mergers, Capex, and Expansion Plans

As per the RHP, the company has no major merger activity disclosed but has outlined plans to utilise IPO proceeds towards capacity expansion, working capital requirements, and strengthening operational efficiency. The capex strategy is focused on upgrading machinery and enhancing manufacturing throughput, enabling the company to service larger orders and expand its industrial client base sustainably .

Employees and Banker Details

As of Nov 30, 2025, the company had 22 employees. The Banker to the Company is HDFC Bank Limited.

Management and Growth Vision

The management team comprises professionals with hands-on experience in engineering, manufacturing, and project execution. Their near-term focus is on capacity utilisation, margin improvement, and working capital efficiency. Long-term targets include scaling manufacturing capabilities and expanding into higher-value engineering solutions. Funding for capex and expansion is planned through IPO proceeds, internal accruals, and disciplined leverage, ensuring balance-sheet stability while pursuing growth .

Industry Overview

Shayona Engineering operates within the Indian industrial engineering and fabrication sector, which is supported by infrastructure spending, manufacturing growth, and capital goods demand. The Indian engineering industry is valued at several lakh crore rupees, growing at a high single-digit to low double-digit CAGR. Globally, the engineering and industrial manufacturing market runs into hundreds of billions of dollars, with steady growth driven by infrastructure, energy, and industrial automation. Market leaders include large EPC and engineering conglomerates, while SMEs like Shayona cater to specialised and customised demand segments .

Key Risk Factors

1. Client Concentration Risk
   A significant portion of revenue may come from a limited number of customers, exposing the company to order volatility if any major client reduces or delays procurement .
2. Project Execution Risk
   Delays in raw material availability, labour shortages, or technical challenges can impact timely execution of orders, affecting revenue recognition and margins .
3. Raw Material Price Volatility
   Fluctuations in steel and other input prices may compress margins, especially where contracts are fixed-price and cost escalation clauses are limited .
4. Working Capital Intensity
   The business requires substantial working capital due to receivables and inventory cycles, which may strain liquidity during periods of rapid growth .
5. Competition Risk
   The engineering sector is highly competitive, with pressure from organised players and regional manufacturers impacting pricing power and order inflow .
6. Regulatory and Compliance Risk
   Non-compliance with industrial, environmental, or safety regulations could lead to penalties, operational disruptions, or reputational damage .

Key Strengths and Opportunities

1. Customised Engineering Capability
   The company’s ability to deliver tailor-made engineering solutions enhances client stickiness and differentiates it from commoditised manufacturers .
2. Integrated Manufacturing Setup
   In-house fabrication and machining facilities enable better quality control, cost management, and execution flexibility .
3. Experienced Management Team
   Leadership with operational expertise supports disciplined execution and prudent capital allocation, critical for scaling manufacturing businesses .
4. Growing Industrial Capex Cycle
   Rising infrastructure and manufacturing investments in India create sustained demand for engineering and fabrication services .
5. Capacity Expansion Opportunity
   Proposed capex can improve throughput, allowing the company to bid for larger and more complex projects .
6. Long-Term Client Relationships
   Repeat orders from existing customers provide revenue visibility and stability, reducing dependence on continuous client acquisition .