Trimoorty Foamtech Files DRHP for SME IPO; Plans ₹2,710.60 Lakh Expansion in Maharashtra

Mumbai, October 17, 2025 – Trimoorty Foamtech Limited has filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Issue (IPO) on NSE Emerge’s SME platform. The proposed public issue will consist of a fresh issue of up to 28,58,000 equity shares of a face value of ₹10 each and an offer for sale (OFS) of up to 7,14,000 equity shares by promoters Makarand Narayan Joshi and Madhavi Makarand Joshi.

Trimoorty Foamtech IPO Details

The public issue of Trimoorty Foamtech Limited totals 35,72,000 equity shares. This comprises a fresh issue of 28,58,000 shares and an offer for sale (OFS) of 7,14,000 shares with 5,40,754 shares subscribed by Makarand Joshi and 1,73,246 shares by Madhavi Joshi. Each was issued with a face value of ₹10, and the issue will also make its debut on the NSE Emerge platform. Board approval of the IPO proposal was granted on September 18, 2025, and shareholders’ approval on September 25, 2025.

Proceeds from OFS shall not accrue to the company; the raised amounts from the fresh issue will go towards expansion and the construction of infrastructure at its manufacturing plant.

Trimoorty Foamtech Objects of the Issue

The company plans to utilise ₹2,710.60 lakh of the net proceeds toward financing its capital expenditure in establishing a new manufacturing facility at Gat No. 66, Village Ahire, Taluka Khandala, District Satara, Maharashtra – 412802.

An additional ₹169.21 lakh will also be used to develop infrastructure at its current manufacturing units, Unit-I (Pune Unit) and Unit-II (Khandala Unit). A portion of the funds will also be used for general corporate expenses.

Trimoorty Foamtech also spent ₹565 lakh from internal accruals in the acquisition of land towards the new facility, payable from issue proceeds. This new facility will enhance the firm’s manufacturing capabilities for EVA (Ethylene Vinyl Acetate) and EPE (Expanded Polyethylene) foam-based sheets, toys, components, and allied applications.

Trimoorty Foamtech Financial Performance

As per the restated financials in the DRHP, Trimoorty Foamtech has shown stable revenue and profitability growth in the past three years. In FY23, revenue from operations of Trimoorty Foamtech was ₹9,240.19 lakh; in FY24, it was ₹10,219.18 lakh; and in FY25, it was ₹11,880.91 lakh. Revenue in Q1 FY26 was ₹3,372.83 lakh. Total income rose from ₹9,245.00 lakh in FY23 to ₹11,939.22 lakh in FY25, while ₹3,382.93 lakh in Q1 FY26.

Profit before tax rose from ₹566.12 lakh in FY23 to ₹1,144.30 lakh in FY25, and profit after tax rose from ₹425.30 lakh in FY23 to ₹911.10 lakh in FY25. In Q1 FY26, PAT was ₹342.40 lakh. Earnings per share (EPS) remained steadily up from ₹4.09 in FY23 to ₹8.76 in FY25, with ₹3.29 in Q1 FY26.

Trimoorty Foamtech Shareholding Pattern (Pre-Issue)

Prior to the IPO, the promoter and the promoter group jointly held 1,03,91,535 shares, representing 99.97% of the equity. The public holds 3,465 shares, representing 0.03%, and therefore the total shares are 1,03,95,000.

Among the key shareholders, Makarand Narayan Joshi holds 78,54,251 shares, representing 75.56% of the company, while Madhavi Makarand Joshi holds 25,19,959 shares, representing 24.24%.

Trimoorty Foamtech Lead Manager and Registrar

Book Running Lead Manager to the Issue will be Arihant Capital Markets Limited, and Registrar to the Issue will be Purva Share Registry India Private Limited. The market maker for the IPO will be determined later.

Trimoorty Foamtech Business Overview

Trimoorty Foamtech Limited was founded in 2001. It produces foam products for the automotive, industrial, and consumer segments. PU-moulded components, converted foams, thermo-formed products, printed fabrics, and foam toys make up its product portfolio.

At present, it has two units at Khandala and Pune and intends to set up its third plant at Satara in a bid to increase the scale of production, lower the cost of logistics, and improve overall operational efficiency.

Industry Context

India’s automotive components and toy manufacturing industries also continue to grow significantly on the back of state-led initiatives such as Make in India and the Production-Linked Incentive (PLI) scheme. Foam-based materials are fast becoming popular due to their light weight, strength, and recyclability, which align with sustainability-based manufacturing trends.

REF: https://nsearchives.nseindia.com/emerge/corporates/content/Registration_16102025184201_TrimoortyDRHP.pdf

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