Om Galaxy Limited
A distinct read of SME-specific danger (liquidity, concentration, forensic flags) — separate from the FinMinutes Score. Higher band = more caution warranted.
- Strong operating cash flow conversion (CFO of Rs. 35.03 crore vs PAT of Rs. 16.64 crore in FY26).
- Pre-IPO bonus issue in Dec 2025 expanded promoter shares 5-fold, yielding a 3-year WACA of Rs. 17.14 vs Rs. 90 cap price.
- CARO note on quarterly stock statement variances submitted to banks vs books.
- Minimal related-party transaction risk (OM Enterprises job work at Rs. 0.58 crore).
- High tangible use of proceeds (70.9% for new factory setup at Poman, Vasai and 13.3% debt repayment).
Educational risk signal grounded in the filing — not a buy/sell call.
First time with SME IPOs? Read the SME IPO guide and the risks before applying.
FinMinutes Deep Business Model & Edge
Om Galaxy Limited is an ISO-certified manufacturer of precision dies and moulds, hot runner systems, and plastic household cleaning products under its brand 'WONDRA'.
What this company actually does — full breakdown ▾
Incorporated in 2008, Om Galaxy Limited operates in precision moulding and tooling, manufacturing pipe fitting moulds, industrial moulds, automotive moulds (via subsidiary OMG Auto Mould Private Limited), hot runner systems (via subsidiary Infuse HRS Private Limited), and plastic cleaning products under its brand 'WONDRA'. The company operates seven manufacturing units across Vasai and Pune in Maharashtra with a total production area of 88,652.16 sq. ft. across owned and leased premises, employing 645 personnel as of June 30, 2026. For FY26, installed capacity for moulds across units stood at 1,146 MTPA with 84% utilization for Om Galaxy Limited, 85% for OMG Auto, and 88% for Infuse HRS. Products are sold to B2B industrial clients in building materials, automotive, electricals, and consumer electronics, as well as B2C retail/online channels for WONDRA cleaning products. Domestic sales contributed 91.74% and exports contributed 5.10% to FY26 revenue from operations. Raw materials like tool steel, P20, and components are procured from domestic suppliers and imported from international markets.
In-house design, tooling, and Hot Runner Systems integration capabilities; forward integration into branded consumer cleaning products ('WONDRA'); long-standing relationships with repeat customers contributing 75.60% of FY26 revenue; and 18+ years of promoter experience in precision mould manufacturing.
The Offer
Follow the Money — Use of Proceeds
- Capital Expenditure towards setting up a New Manufacturing Unit for consolidation of existing manufacturing units and expansion of production capacities at Poman, Vasai — ₹74.66 cr
- Pre-payment/ re-payment, in full or in part, of certain outstanding borrowings availed by our Company — ₹14.00 cr
- General Corporate Purposes
Valuation at the Offer Price
These are the multiples the issuer is required to disclose under “Basis for the Offer Price”. The peer group is the one the filing itself names. A premium is not the same thing as expensive and a discount is not the same thing as cheap — the peer table and the reasons sit further down this page.
FinMinutes IPO Score — How It's Built
Transparent, deterministic, computed from the filing — not an opinion. Open any component below to see exactly what it measures and what it is worth. Components with no disclosed input are dropped from the weighting entirely rather than held at an invented neutral, because a constant inside a weighted average is not neutral — it quietly drags every score toward the middle. Weighted across 4 live components.
78% of the designed weighting had real data behind it on this issue. Not yet scored here: Filing Integrity, Valuation Vs Peers. A lower coverage figure does not mean a worse company — it means we are standing behind less of the picture, and you should read the findings below rather than the headline number.
How this is measured12%
Whether fresh capital actually enters the business. A predominantly offer-for-sale issue is marked down ONLY when the financials are weak. A profitable, cash-rich company selling down is treated as neutral, not penalised, because it does not need the money.
How this is measured32%
Driven by the models battery run on the filing's own restated numbers: the Piotroski fundamental tests (scored out of those we could actually run), the Altman Z-double-prime solvency zone, and the direction of profit across the disclosed period. It is not a single yes/no on last year's profit.
How this is measured6%
A proxy for syndicate strength, based today only on how many lead managers are on the issue: 75 where three or more banks are involved, 60 otherwise. We have not built a bank-by-bank track record, so treat this as a rough signal. When the filing does not disclose the syndicate, this component is dropped from the weighting rather than guessed.
How this is measured28%
Starts at 100 and loses points for every material finding: 12 for a flagged finding, 4 for a noted one. Two kinds feed it. DERIVED findings are computed from the filed numbers against stated thresholds — operating cash negative while profit is positive, related-party revenue above 15% of total, revenue rising while profit falls, goodwill above 30% of net worth, receivables growing more than 1.3x faster than sales, cash below half of short-term debt. Those are reproducible: the same filing gives the same answer every time, and the rule is printed beside the finding. READ findings come from the forensic sweep of the notes. Contingent liabilities, related-party intensity, customer concentration, litigation, auditor qualifications, statutory dues, promoter funding. Findings that record the ABSENCE of a problem — no litigation pending, an unmodified audit opinion — deduct nothing. This is the component our forensic read drives directly, and it moves most between companies.
3-Year Financial & Growth Trend
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 124.0014 | 112.6612 | 104.5568 |
| Net Profit (₹ Cr) | 16.6358 | 15.9164 | 12.0392 |
| PAT Margin | 13.42% | 14.13% | 11.51% |
Market Context
NOT part of the FinMinutes ScoreThe Score above is what the filing says. Everything in this box is what the crowd says. We keep them apart on purpose — every other site blends the two and calls the result a rating. Demand is real information, but it is information about the market, not about the company, and it changes by the hour while the company does not.
Demand and our read of the filing are broadly in the same territory.
Subscription is low early in a book and high at the end, because most bids arrive in the final hours. A number read on day one says more about the clock than the company — which is precisely why it is not in the Score. GMP is unofficial, unregulated, and easily moved. Neither is a recommendation.
Why the numbers moved, in management’s own words
Taken from the Management’s Discussion and Analysis section of the filing. A number tells you what happened; this is the company’s explanation of why, and whether it calls the cause temporary or structural.
| Metric | Move | Management's stated reason | Type |
|---|---|---|---|
| Employee Benefits Expense (FY26 vs FY25) | ↑ 32.7% | Employee benefit expenses increased due to annual salary increments, workforce additions to support business expansion, and recruitment of senior technical personnel. | Structural |
| Finance Costs (FY26 vs FY25) | ↑ 41.7% | Finance costs increased due to higher interest on increased borrowings availed during the year to finance capital expenditure and expansion initiatives. | Structural |
| Depreciation and Amortisation Expense (FY26 vs FY25) | ↑ 31.5% | Depreciation increased due to the capitalization of new property, plant, and equipment during the year, expanding the depreciable asset base. | Structural |
| Trade Receivables (FY26 vs FY25) | ↓ 28.5% | Trade receivables declined due to improved collection efficiency and timely realization of outstanding dues from customers. | Structural |
| Inventories (FY26 vs FY25) | ↑ 28.1% | Inventories increased due to higher work-in-progress inventory given the long execution cycle of customized moulds requiring design, machining, and trial stages. | Structural |
| Operating Cash Flow (FY26 vs FY25) | ↑ 30.9% | Operating cash flows expanded due to higher profit before tax and favorable working capital adjustments. | Structural |
| Total Borrowings (FY26 vs FY25) | ↑ 50.4% | Total borrowings increased primarily due to higher working capital borrowings and term loans taken to fund ongoing capital expenditure. | Structural |
| EBITDA (FY25 vs FY24) | ↑ 19.3% | EBITDA expanded due to top-line revenue growth, procurement efficiencies, and improved absorption of fixed overheads. | Structural |
| Finance Costs (FY25 vs FY24) | ↓ 17.6% | Finance costs decreased due to net repayment of long-term borrowings and reduction in working capital borrowings. | Structural |
| Profit After Tax (FY25 vs FY24) | ↑ 32.2% | Net profit increased due to top-line growth, margin expansion, and lower finance and depreciation costs. | Structural |
| Operating Cash Flow (FY25 vs FY24) | ↑ 679.6% | Operating cash flow surged due to strong growth in operating profit before working capital changes and improved working capital management. | Structural |
| Inventories (FY25 vs FY24) | ↑ 28.9% | Inventories grew to maintain higher raw material and finished goods stock to support expanding business operations. | Structural |
| Total Borrowings (FY25 vs FY24) | ↓ 21.6% | Total borrowings decreased due to scheduled net repayments of outstanding term loans and reduced working capital debt. | Structural |
Headwinds
- Price volatility and supply constraints in tool steel and alloy inputs sector
Fluctuations in domestic and global steel prices can increase production costs, and inability to pass on costs to customers could adversely impact operating margins. - Geographic concentration of manufacturing facilities in Maharashtra company
All seven manufacturing facilities are located in Vasai and Pune, Maharashtra, exposing operations to localized regional, political, or operational disruptions.
Tailwinds
- Global supply chain diversification toward India (China Plus One) macro
Global tooling manufacturing is shifting toward India due to reduced turnaround times, competitive cost structures, and technical capability upgrades. - Government PLI schemes and infrastructure growth in key end-user sectors macro
Production Linked Incentive schemes and manufacturing growth in automotive, EV, building materials, and packaging drive sustained demand for precision dies, moulds, and hot runner systems.
| Facility | Period | Utilisation |
|---|---|---|
| Om Galaxy Limited - Moulds (Units I-IV) | FY26 | 84.0% |
| Om Galaxy Limited - Moulds (Units I-IV) | FY25 | 85.0% |
| Om Galaxy Limited - WONDRA Brand (Unit III) | FY26 | 60.0% |
| OMG Auto Mould Private Limited (Units I-II) | FY26 | 80.0% |
| OMG Auto Mould Private Limited (Units I-II) | FY25 | 87.0% |
| Infuse HRS Private Limited (Unit I) | FY26 | 88.0% |
| Infuse HRS Private Limited (Unit I) | FY25 | 89.0% |
Issue Timeline
Dates as carried by the exchange feed. Allotment, refund and credit dates move more often than the open and close dates do.
- Refunds initiated2026-09-17
- Pre Application Start2026-09-09
- Bidding Start2026-09-10
- Bidding End2026-09-15
- Allotment Process Start2026-09-16
- Allotment Finalization2026-09-17
- Listing Day2026-09-18
- Mandate End2026-10-27
Applying, and Who Handles the Allotment
Check allotment status on the registrar’s own portal → We link the registrar directly rather than mirroring the form.
Deep Financials
Revenue, EBITDA and profit are what every listing site prints. Below are the full restated statements as disclosed, the ratios we compute from them, and a DuPont decomposition of the return on equity. A prospectus carries three years, not ten — that is the document’s ceiling, and within it we go as deep as it allows.
Income StatementThe profit and loss as filed, then what we derive from it — kept apart.
Statutory order, exactly as restated in the filing. Finance cost and depreciation sit inside Total Expenses under Ind AS, which is why they are listed among the expense lines here rather than below the total. The expense rows sum to the total. Rows the filing does not disclose separately are omitted rather than left blank.
| Income Statement — as filed (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | 124.00 | 112.66 | 104.56 |
| Other Income | 0.68 | 0.47 | 0.56 |
| Total Income | 124.68 | 113.13 | 105.12 |
| Cost of Materials Consumed | 49.30 | 49.41 | 45.54 |
| Purchases of Stock-in-Trade | 0.00 | 0.00 | 0.00 |
| Changes in Inventories | -7.81 | -6.36 | -0.82 |
| Employee Benefit Expense | 29.69 | 22.38 | 19.59 |
| Finance Cost | 2.69 | 1.90 | 2.30 |
| Depreciation & Amortisation | 8.37 | 6.36 | 6.85 |
| Other Expenses | 20.68 | 18.35 | 16.22 |
| Total Expenses | 102.91 | 92.03 | 89.67 |
| Profit Before Exceptional Items and Tax | 22.34 | 21.64 | 16.01 |
| Profit Before Tax | 22.34 | 21.64 | 16.01 |
| Tax Expense | 5.70 | 5.73 | 3.97 |
| Profit After Tax | 16.64 | 15.92 | 12.04 |
| EPS - Basic | 7.20 | 6.89 | 5.38 |
| EPS - Diluted | 7.20 | 6.89 | 5.38 |
Balance SheetWhat the company owns, owes, and is worth on paper.
| Balance Sheet (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Share Capital | 11.11 | 1.85 | 1.83 |
| Reserves & Surplus | 69.80 | 62.93 | 47.30 |
| Net Worth | 80.90 | 64.78 | 49.13 |
| Long-term Borrowings | 20.16 | 13.53 | 15.75 |
| Short-term Borrowings | 17.63 | 11.60 | 16.32 |
| Total Borrowings | 37.79 | 25.13 | 32.07 |
| Trade Payables | 37.31 | 28.70 | 22.45 |
| Current Liabilities | 70.15 | 61.72 | 50.51 |
| Total Liabilities | 175.31 | 142.81 | 117.49 |
| Property, Plant & Equipment | 69.82 | 46.30 | 37.25 |
| Capital Work in Progress | 15.86 | 0.60 | 0.00 |
| Intangible Assets | 0.73 | 0.51 | 0.43 |
| Investments | 0.00 | 0.00 | 0.00 |
| Inventories | 43.02 | 33.59 | 26.07 |
| Trade Receivables | 29.96 | 41.93 | 41.56 |
| Cash & Equivalents | 6.10 | 5.74 | 5.28 |
| Current Assets | 83.96 | 88.30 | 75.06 |
| Total Assets | 175.31 | 142.81 | 117.49 |
Cash FlowWhere the cash actually went. Often the most honest statement of the three.
| Cash Flow (₹ Cr) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Cash from Operating Activities | 35.03 | 26.77 | 3.43 |
| Capital Expenditure | -47.42 | -16.29 | -5.08 |
| Net Cash from Investing Activities | -44.43 | -18.08 | -5.28 |
| Net Cash from Financing Activities | 10.16 | -8.47 | 2.13 |
| Net Change in Cash | 0.86 | 0.23 | 0.28 |
Ratio AnalysisProfitability, leverage, liquidity, efficiency and earnings quality — computed by us.
Every ratio below is computed by us from the line items the company disclosed — not copied from anywhere. The arithmetic is standard; the point is that somebody actually did it. Blank cells mean the filing did not disclose the inputs, and we would rather show a gap than invent a number.
| Ratio | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin (%) | 26.8 | 26.4 | 23.9 |
| EBIT Margin (%) | 20.1 | 20.8 | 17.4 |
| PAT Margin (%) | 13.4 | 14.1 | 11.5 |
| Return on Equity (%) | 20.6 | 24.6 | 24.5 |
| Return on Capital Employed (%) | 21.1 | 26.2 | 22.6 |
| Return on Assets (%) | 9.5 | 11.1 | 10.2 |
| Leverage | |||
| Debt / Equity (x) | 0.47 | 0.39 | 0.65 |
| Net Debt / EBITDA (x) | 0.95 | 0.65 | 1.06 |
| Interest Coverage (x) | 9.3 | 12.4 | 7.95 |
| Liquidity | |||
| Current Ratio (x) | 1.2 | 1.43 | 1.49 |
| Quick Ratio (x) | 0.58 | 0.89 | 0.97 |
| Efficiency | |||
| Asset Turnover (x) | 0.71 | 0.79 | 0.89 |
| Receivable Days | 88 | 136 | 145 |
| Inventory Days | 127 | 109 | 91 |
| Payable Days | 110 | 93 | 78 |
| Cash Conversion Cycle (days) | 105 | 152 | 158 |
| Quality of Earnings | |||
| Operating Cash Flow / PAT (x) | 2.11 | 1.68 | 0.29 |
| Accruals Ratio (%) | -10.5 | -7.6 | 7.3 |
| Capex / Depreciation (x) | 5.67 | 2.56 | 0.74 |
DuPont DecompositionWhy the return on equity is what it is: margin, efficiency, or leverage.
A headline return on equity tells you what. The DuPont decomposition tells you why — whether the return is earned through margin, through asset efficiency, or simply through leverage. Two companies can post an identical ROE for opposite reasons, and only one of them is safe.
| Component | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Margin (PAT / Revenue) | 13.4% | 14.1% | 11.5% |
| Asset Turnover (Revenue / Assets) | 0.71x | 0.79x | 0.89x |
| Equity Multiplier (Assets / Net Worth) | 2.17x | 2.2x | 2.39x |
| = Return on Equity | 20.6% | 24.6% | 24.5% |
| Tax Burden (PAT / PBT) | 0.74x | 0.74x | 0.75x |
| Interest Burden (PBT / EBIT) | 0.89x | 0.92x | 0.87x |
| Operating Margin (EBIT / Revenue) | 20.2% | 20.9% | 17.5% |
Computed from the disclosed statements. Where the filing omits an input, the row is left blank rather than estimated.
Quality of EarningsWhat the statements say when you read them against each other.
What the statements say once you read them against each other. These are observations, not verdicts — every one is arithmetic on the numbers the company itself disclosed, and each is stated so you can go and check it in the filing.
- Operating cash flow was 2.11x reported profit in FY26. Earnings are converting into cash, which is what you want to see and frequently is not the case.
- Receivable days fell from 145 to 88. Collections improved over the disclosed period.
- Interest coverage was 9.3x in FY26. Debt servicing is comfortably covered by operating profit.
Forensic ModelsBeneish, Altman and Piotroski — plus our own final-year check.
Beneish M-Score
M = -2.78An eight-variable model built to detect earnings manipulation, and built to run on exactly two consecutive years — which is what a prospectus gives us. It belongs here more than anywhere: a company about to list has the maximum possible incentive to have dressed up the very years it is about to show you. A score above −1.78 is the threshold at which the model says the accounts merit a closer look. It is a screening signal, not an accusation, and it was calibrated on listed companies elsewhere. Read the eight components, not just the total.
| Component | Value | What it captures |
|---|---|---|
| DSRI Days Sales in Receivables Index (Receivables_t / Sales_t) / (Receivables_t-1 / Sales_t-1) | 0.649 | Above 1 means receivables grew faster than sales. Revenue may be being recognised ahead of collection. |
| GMI Gross Margin Index GrossMargin_t-1 / GrossMargin_t | 0.932 | Above 1 means margins deteriorated. A firm with worsening prospects has more incentive to manipulate. |
| AQI Asset Quality Index AQ_t / AQ_t-1, where AQ = 1 - (CurrentAssets + PPE) / TotalAssets | 2.136 | Above 1 means a rising share of assets is soft (neither current nor fixed) — capitalised costs can hide here. |
| SGI Sales Growth Index Sales_t / Sales_t-1 | 1.101 | Growth is not manipulation. But high-growth firms face more pressure to keep the streak going. |
| DEPI Depreciation Index DepRate_t-1 / DepRate_t, where DepRate = Dep / (Dep + PPE) | 1.129 | Above 1 means assets are being depreciated more slowly — a quiet way to lift reported profit. |
| SGAI SG&A Index (SGA_t / Sales_t) / (SGA_t-1 / Sales_t-1), SGA proxied as employee cost + other expenses | 1.124 | A proxy, because filings rarely break out SG&A cleanly. Read it as a direction, not a precise figure. |
| LVGI Leverage Index Leverage_t / Leverage_t-1, where Leverage = (CurrentLiab + LongTermDebt) / TotalAssets | 0.978 | Above 1 means leverage rose. Debt covenants create pressure to hit numbers. |
| TATA Total Accruals to Total Assets (PAT - CashFromOperations) / TotalAssets | -0.1049 | The gap between reported profit and cash generated. The single heaviest term in the model — and the one that catches profit that never became cash. |
M = -2.78, below the −1.78 threshold. The model does not flag these accounts.
Altman Z″-Score (emerging markets)
Z″ = 6.51 · SafeA distress-prediction model. We use the Z″ variant deliberately: the original Z was calibrated on American manufacturers and misleads badly on Indian services companies. Above 2.6 is the safe zone, 1.1 to 2.6 is grey, below 1.1 is the distress zone. Like every model of its kind it is a screen, not a prophecy.
| X1 — Working Capital / Total Assets | 0.079 |
| X2 — Retained Earnings / Total Assets | 0.398 |
| X3 — EBIT / Total Assets | 0.143 |
| X4 — Net Worth / Total Liabilities | 0.461 |
| Z″ = 3.25 + 6.56·X1 + 3.26·X2 + 6.72·X3 + 1.05·X4 | 6.51 |
Piotroski F-Score (adapted)
4 / 8Nine yes-or-no tests of fundamental strength — except we run eight. One of the original nine asks whether the company issued new shares, which is plainly absurd to ask of a company whose entire purpose at this moment is to issue shares. We drop that test and score out of eight, and we would rather tell you that than quietly fudge it.
- ✓Positive return on assets
- ✓Positive operating cash flow
- ✗Return on assets improving
- ✓Cash flow exceeds profit (quality of earnings)
- ✗Long-term leverage decreasing
- ✗Current ratio improving
- ✓Gross margin improving
- ✗Asset turnover improving
Ratios Nobody Prints
- Contingent liabilities / Net worth: 17.4%
Contingent liabilities of 14.05 cr against a net worth of 80.90 cr — 17.4% of what the company is worth on paper. These are obligations that sit off the balance sheet but could land on it. What they consist of matters as much as the size: a corporate guarantee to a subsidiary is a different animal from a disputed tax demand, and the filing says which. - Related-party revenue / Total revenue: 0%
0% of revenue in FY26 came from entities connected to the promoters. Revenue you sell to yourself is not the same as revenue you won in the market. - Cash / Short-term borrowings: 0.35x
Short-term borrowings of 17.63 cr against cash of 6.10 cr. Debt that must be refinanced within a year is only comfortable while lenders stay comfortable. - Promoter remuneration / PAT: 21.8%
Managerial remuneration to the promoter group was 3.63 cr against a profit of 16.64 cr. This is a legitimate cost — but it is also a route by which value leaves a company before it ever reaches a minority shareholder.
The Formula NotebookEvery number above, with the working shown. Check us.
Every number we publish, with the working shown. The formula, the same formula with this company’s actual figures put into it, the answer, and what it is for. Check us. That is the point.
PAT ÷ Net Worth16.64 ÷ 80.90What the company earned on the money shareholders have in it. The headline measure of return — and the one the DuPont section takes apart.
EBIT ÷ (Net Worth + Total Borrowings)25.03 ÷ (80.90 + 37.79) = 25.03 ÷ 118.69Return on ALL the capital in the business, borrowed as well as owned. Unlike ROE, it cannot be flattered by taking on debt.
EBITDA ÷ Revenue33.39 ÷ 124.00Operating profitability before the effects of debt, tax and depreciation. What the business earns from the act of trading.
Total Borrowings ÷ Net Worth37.79 ÷ 80.90How much the company has borrowed against what it owns. High is not automatically bad — ask whether the borrowing is being serviced comfortably.
EBIT ÷ Finance Cost25.03 ÷ 2.69How many times over operating profit covers the interest bill. Below about 2x, a meaningful share of what the business earns is going to lenders rather than owners.
(Trade Receivables ÷ Revenue) × 365(29.96 ÷ 124.00) × 365How long the company waits to be paid. Rising receivable days mean revenue is being booked faster than it is collected — which is where a great many accounting problems begin.
Inventory Days + Receivable Days − Payable Days127 + 88 − 110How long cash is tied up in the operating cycle before it comes back. The longer it is, the more working capital the business must fund.
Cash from Operations ÷ PAT35.03 ÷ 16.64Did the profit turn into cash? Profit is an opinion; cash is a fact. When this sits well below 1x for long, the two are drifting apart, and the filing is where you find out why.
(PAT − Cash from Operations) ÷ Total Assets(16.64 − 35.03) ÷ 175.31 = -18.40 ÷ 175.31The share of reported profit that exists on paper rather than in the bank. It is also the heaviest single term in the Beneish model, for good reason.
Price × Post-issue Shares₹90.00 × 33,878,024 sharesWhat the whole company is being valued at, if the issue prices at the top of the band.
Market Cap + Total Borrowings − Cash304.90 + 37.79 − 6.10What it would actually cost to buy the whole business: you take on its debt and you get its cash. This is the number a buyer cares about, and it is the reason a P/E on its own can mislead.
Enterprise Value ÷ EBITDA336.59 ÷ 33.39The multiple that includes debt. Two companies on the same P/E — one debt-free, one heavily borrowed — are not the same investment, and only this number tells you so.
Market Cap ÷ PAT304.90 ÷ 16.64The familiar multiple. Useful, but blind to debt — read it alongside EV/EBITDA, never instead of it.
EBIT × (1 − tax rate) ÷ (Net Worth + Debt − Cash)NOPAT ÷ Invested CapitalWhat the business earns on the capital actually at work in it. We do not compare this to a cost of capital: that would need a beta, an unlisted company has none, and inventing one would be theatre.
P/E ÷ trailing PAT growth (%)18.33 ÷ 4.5%PEG was designed for FORWARD growth. This one uses TRAILING growth, because that is all a prospectus gives us — and the final year before an IPO is very often the best year the company will have for a while. A low PEG here may say more about the timing of the filing than about the price. We show it because it was asked for; we show the growth denominator beside it so it cannot mislead you quietly.
Workspace
The numbers are already loaded. Move the offer price and watch every multiple move with it. Set your own growth and margin and see what they imply two years out. These are your assumptions, not our forecast — we have no view on what this company will earn, and the moment we published one we would be doing something we are not registered to do. What we can do is put the arithmetic in front of you and get out of the way.
Price defaults to the top of the band. Margin defaults to what the company actually reported in FY26.
Projections are arithmetic on the inputs you typed. They are not a forecast, not a recommendation, and not a view on whether this offer is worth taking. Educational only.
Institutional Alpha: DRHP Deep Dive
Strong Cash Conversion: CFO Reaches Rs. 35.03 Crore Against PAT of Rs. 16.64 Crore
Unlike typical SME issuers experiencing working capital lockup, Om Galaxy demonstrated strong operating cash conversion in FY26. Cash flow from operations reached Rs. 35.0335 crore (210.6% of restated PAT), supported by trade receivables declining from Rs. 41.93 crore in FY25 to Rs. 29.96 crore in FY26.
Source: p.68, 70, 279, 283Tangible Proceeds Utilization: Rs. 74.66 Crore Dedicated to Factory Consolidation
Om Galaxy is deploying 70.9% of its IPO funds (Rs. 74.6636 crore) toward setting up a new consolidated manufacturing facility at Poman, Vasai. This physical expansion aims to merge 7 fragmented manufacturing units currently operating across Vasai and Pune into an owned hub while expanding capacity beyond 1,146 MTPA.
Source: p.29, 105, 106Pre-IPO Bonus Allotment Reduces Promoter 3-Year WACA to Rs. 17.14 per Share
In December 2025, the company issued 18,509,020 bonus shares at Rs. 0.00 to existing promoter shareholders following stock splits in August 2024 and December 2025. This expanded promoter share count 5-fold and lowered their 3-year Weighted Average Cost of Acquisition to Rs. 17.14 per share compared to the public issue price band of Rs. 85 to Rs. 90.
Source: p.89, 132Shareholding, Syndicate & Leadership
Leadership & Skin in the Game
Leadership: Opindersingh Bachattarsingh Baddhan
Litigation: There are no material civil, criminal or tax litigations against the Company, Promoters or Directors exceeding the materiality threshold of Rs. 0.8318 Crore.
Auditor / RPT Flags: CARO 2020 annexure for FY26 noted that quarterly stock statements submitted to bank differed from books of accounts due to provisional numbers, but year-end working capital agreed with books without material misstatement.
🔍 Forensic Findings — What the Footnotes Say
Findings from across the filing — the notes, MD&A, related-party disclosures, contingent liabilities, CARO and litigation, alongside the risk section itself. Each carries where it was found, so you can see which were buried and which were disclosed. Findings marked derived are computed from the filed numbers against a stated rule, shown beside them.
On December 18, 2025 (9 months prior to the IPO), the company issued 18,509,020 bonus shares at Rs. 0.00 to existing promoter shareholders, following stock splits in August 2024 and December 2025. This reduced the promoters' 3-year Weighted Average Cost of Acquisition (WACA) to Rs. 17.14 per share against the IPO cap price of Rs. 90.00 (an 80.96% discount).
p.89, 132The statutory auditor noted in the CARO 2020 annexure for FY26 that quarterly stock statements submitted to lending banks differed from the company's books of accounts due to provisional estimations, although year-end inventory reconciled cleanly.
p.306In FY26, Om Galaxy generated Rs. 124.0014 crore in revenue and Rs. 16.6358 crore in net profit with a net worth of Rs. 80.9017 crore. Despite meeting scale parameters for a mainboard listing, the company chose the BSE SME platform.
p.1, 7, 68The company paid Rs. 0.5831 crore in FY26 to OM Enterprises, a promoter-owned entity, for mould job work and manufacturing services. Promoters also provided personal guarantees covering 100% of company borrowings (Rs. 37.7890 crore).
p.73, 164The DRHP states that there are no listed companies in India comparable to Om Galaxy Limited in terms of business model, product mix (precision moulds, hot runner systems, and plastic cleaning products), and scale.
p.127There are no material civil, criminal or tax litigations against the Company, Promoters or Directors exceeding the materiality threshold of Rs. 0.8318 Crore.
p.2, 3, 25, 306CARO 2020 annexure for FY26 noted that quarterly stock statements submitted to bank differed from books of accounts due to provisional numbers, but year-end working capital agreed with books without material misstatement.
p.2, 3, 25, 306Short-term borrowings of ₹17.63 cr against cash of ₹6.10 cr. Debt that must be refinanced within a year is comfortable only while lenders stay comfortable.
rule: cash < 0.5x short-term debtCompany's Claims vs Reality
We stress-test each claim against the filing's own data.
Existing manufacturing units operate at high capacity utilization (84-88% across units), and physical operations are currently scattered across 7 leased/owned facilities in Vasai and Pune. Consolidating into a single owned facility directly addresses physical fragmentation and capacity constraints.
p.29, 105, 118Total borrowings stood at Rs. 37.7890 crore in FY26 with finance costs of Rs. 2.6901 crore. Repaying Rs. 14.00 crore will reduce debt by 37.05% and directly lower annual interest outflows.
p.68, 105, 106Backward integration via subsidiary Infuse HRS Private Limited allows in-house hot runner system installation, contributing to higher gross margins and custom tooling execution across 1,146 MTPA installed capacity.
p.48, 118, 184Live Subscription Status
Allotment Status
Check your allotment on the registrar's portal → Registrar: Bigshare Services
Allotment is decided by the registrar, not by us and not by the exchange. In an oversubscribed retail book, allotment is by lottery, so a large application does not improve your odds beyond one lot. If money stays blocked after the refund date, the mandate expiry (27 Oct 2026) is the date to raise with your bank.
Analyst Q&A: Burning Questions
Facts from the filing. No recommendation — that layer arrives once our Research Analyst registration is live.
How are the fresh issue IPO proceeds allocated across capital expenditure, debt repayment, and general corporate purposes?
Fresh issue proceeds of up to Rs. 105.00 crore (at cap price of Rs. 90) are allocated as: Rs. 74.6636 crore for setting up a new consolidated manufacturing unit at Poman, Vasai; Rs. 14.0000 crore for pre-payment/repayment of bank borrowings; and the balance for General Corporate Purposes (GCP capped at 25%).
p.105, 106What is the promoters' shareholding pre and post-issue, and what is their acquisition history?
Promoters Opindersingh Baddhan, Jyothish Nambiar, Sathyapalan Poyil, Gagandeep Baddhan, and Meena Baddhan hold 100.00% pre-issue shareholding, diluting to 75.00% post-issue. Promoters received 18,509,020 bonus shares in December 2025, yielding a 3-year WACA of Rs. 17.14 per share against the cap price of Rs. 90.00.
p.76, 89, 98, 132What are the key related-party transactions with promoter-owned entities and directors?
Promoter directors received Rs. 3.6330 crore in total managerial remuneration in FY26. Job work paid to promoter-owned entity OM Enterprises was Rs. 0.5831 crore. Promoters provided personal guarantees for 100% of company borrowings (Rs. 37.7890 crore) and unsecured loans totaling Rs. 0.0628 crore.
p.42, 72, 73, 165How did operating cash flow perform relative to restated profits over FY24 to FY26?
Restated PAT grew from Rs. 12.0392 crore in FY24 to Rs. 15.9164 crore in FY25 and Rs. 16.6358 crore in FY26. Cash flow from operations (CFO) expanded strongly from Rs. 3.4333 crore in FY24 to Rs. 26.7665 crore in FY25 and Rs. 35.0335 crore in FY26, demonstrating 210.6% cash conversion of net profit in FY26.
p.68, 70, 279What secretarial, statutory compliance, and workforce findings exist for the issuer?
The company operates 7 manufacturing units across Vasai and Pune with 645 total personnel. Disclosed statutory compliance findings include administrative delays in depositing GST, TDS, and EPF dues, as well as CARO disclosures noting provisional quarterly stock statement variances submitted to banks. Statutory auditor M/s Shetty Naik & Associates has served for 3+ years.
p.25, 39, 40, 306What are the lot size, application ticket cost, market maker terms, and liquidity constraints for public investors?
The issue price band is Rs. 85 to Rs. 90 per share with a market lot size of 1,600 shares, requiring a minimum retail application of 2 lots (3,200 shares) amounting to Rs. 2,88,000 at the cap price. Trading occurs strictly in standardized market lots of 1,600 shares, and because lots are indivisible, partial exit or fractional lot trading is impossible. Aikyam Capital Private Limited is the Market Maker with 584,000 reserved shares (5.01%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.1, 7, 8, 84, 85, 351What Earlier Investors Paid
Early capital takes real risk and is fairly rewarded for it — a large multiple built over many years is normal. What deserves a closer look is a steep step-up in a short window: a round priced cheaply only months before the offer.
| Shareholder | Priced at | When | vs IPO price |
|---|---|---|---|
| Existing Shareholders | — | 2024-08-03 | — |
| Existing Shareholders | — | 2025-12-16 | — |
| Existing Shareholders | — | 2025-12-18 | — |
| Allotted below the band — 15 entries | |||
| Initial Subscribers to MOA | ₹100.00 | 2008-10-08 | as disclosed |
| Existing Shareholders | ₹100.00 | 2015-02-27 | as disclosed |
| Existing Shareholders | ₹100.00 | 2016-03-15 | as disclosed |
| Existing Shareholders | ₹100.00 | 2017-03-31 | as disclosed |
| Existing Shareholders | ₹100.00 | 2018-03-31 | as disclosed |
| Existing Shareholders | ₹500.00 | 2019-03-30 | as disclosed |
| Existing Shareholders | ₹750.00 | 2020-03-30 | as disclosed |
| Existing Shareholders | ₹960.00 | 2021-03-31 | as disclosed |
| Existing Shareholders | ₹1,100.00 | 2022-03-25 | as disclosed |
| Existing Shareholders | ₹1,400.00 | 2023-03-31 | as disclosed |
| Existing Shareholders | ₹2,000.00 | 2024-01-16 | as disclosed |
| Existing Shareholders | ₹2,000.00 | 2024-02-17 | as disclosed |
| Existing Shareholders | ₹2,000.00 | 2024-04-05 | as disclosed |
| Existing Shareholders | ₹263.99 | 2025-03-31 | as disclosed |
| Existing Shareholders | ₹263.99 | 2025-04-11 | as disclosed |
The 15 allotments listed under “allotted below the band” are shown at their as-disclosed per-share price. They are not adjusted for any later bonus issue or share split, so where a company has issued bonus shares the raw multiple understates the true return and can even read as a loss when none was made. We show them as filed and decline to compute a misleading multiple.
Prices are as stated in the filing’s allotment history and are not adjusted for later bonus issues or share splits. Where a company has issued bonus shares, the multiples above understate the true return and can even read as losses. Adjusting for that is on our list; until it is done we would rather show the raw disclosure and tell you its limits than publish a confident number that is wrong.
Lock-in Expiry Calendar
Shares held before the IPO cannot be sold immediately; they unlock in tranches. When a tranche unlocks, more shares become eligible to trade. Retail investors are frequently caught unaware by these dates. The schedule below follows from the listing date; quantities are shown only where the filing discloses them.
- 18 Sep 2029promoter3 years6,779,000 shares (20.01% of total)
- 18 Sep 2028promoter2 years7,715,900 shares
- 18 Sep 2027promoter1 year7,715,900 shares
An unlock means more shares may be sold — not that they will be, and not that the price will move. We state the dates; what you do with them is your call.
Educational, grounded entirely in the company's filings (DRHP/RHP). Not investment advice. FinMinutes does not provide buy/sell recommendations.