Anubhav Plast Limited

1. Overview

Anubhav Plast Limited is a Kanpur (Uttar Pradesh)-based steel products manufacturer engaged in the production of Electric Resistance Welding ("ERW") steel pipes and tubes in round and square hollow sections, and swaged steel tubular poles. Operating under the "ANUBHAV" brand, the Company has a manufacturing track record spanning more than three decades, having been originally incorporated in 1987.

The Company's products are positioned in the broader steel manufacturing / infrastructure-input sector and are sold across electricity transmission and distribution, street lighting, telecom infrastructure, construction, irrigation, water supply, general engineering, and fabrication. All ERW products are manufactured in compliance with multiple Bureau of Indian Standards (BIS) specifications (IS:2713, IS:9295, IS:1239, IS:4270, IS:1161, IS:4923, IS:3589) and carry the ISI certification mark.

Operationally, Anubhav Plast runs two manufacturing units in the Kanpur Dehat region of Uttar Pradesh — Unit I (focused on pole production) and Unit II (equipped for both ERW steel pipes and swaged steel tubular poles).

2. Business Model and Revenue Streams

Anubhav Plast operates a backward-integrated manufacturing model, internalising key stages of production (in-house slitting lines, forming equipment, two tube mills, and multiple pole-making units) to improve cost efficiency, reduce lead times, and control quality. The model is B2B and tender-driven, with work orders procured through a mix of competitive bidding and direct engagements with State Electricity Boards (SEBs), Public Sector Undertakings (PSUs), and private contractors. A portion of revenue flows from tenders on the Government e-Marketplace (GeM) portal, while a significant share is derived from reputed private clients.

Revenue Bifurcation by Product (₹ in crore)

The revenue base is roughly evenly split between ERW Steel Pipes and Steel Tubular Poles, which together accounted for ~90% of FY2025 revenue.

Geographic Concentration

The business is heavily concentrated in Uttar Pradesh, which contributed ₹90.79 crore (92.48%) of FY2025 revenue. Other states — Rajasthan, Jammu & Kashmir, Madhya Pradesh, Delhi and others — make up the balance, indicating limited geographic diversification and a key dependency to monitor.

Client Concentration (Key Risk)

Client concentration is elevated: the single largest customer contributed nearly 40% of FY2025 revenue, and the top 5 customers nearly 70%. This is a material dependency risk for investors to weigh.

Order Book

On a provisional basis, the Company achieved sales of ₹109.24 crore in FY2026 and held an order book of ₹35.88 crore as on March 31, 2026 — providing partial near-term revenue visibility.

3. Products and Service Portfolio

The Company's portfolio is built around three core product families:

1. ERW Steel Pipes & Hollow Sections — round pipes from 1.5 to 8 inches in diameter and square hollow sections up to 100x100 mm, manufactured to IS:3589, IS:4270 and IS:9295. The Company is expanding capacity to produce round pipes up to 10 inches and square sections up to 200x200 mm.
2. Swaged Steel Tubular Poles — over 80 standard sizes (410SP-1 to 410SP-80 per IS:2713), supplied to State Electricity Boards and private clients, with optional galvanization (outsourced to certified third-party vendors) for corrosion resistance.
3. Other operating revenue — HR Coil / Slit trading and job work / scrap.

Installed Capacity (single-shift basis)

The Company uses an automated High-Frequency Welding (HFW) unit enabling precision, non-contact, filler-free welding for consistent quality. Its registered office and Unit II are certified to ISO 9001:2015. Raw material (Hot-Rolled Steel Coil) is primarily sourced under an MoU with a "Navratna" PSU located within ~25 km of the units, supplemented by open-market purchases.

Margin Trajectory

Margins have expanded sharply over the three-year period, attributed by management to backward integration, reduced reliance on external processors, and an improved product mix.

4. Key Business Strengths

• Backward-integrated manufacturing — in-house tube mills, slitting lines and pole-making units improve cost control, lead times and gross margins (up from 10.75% in FY2023 to 15.69% in FY2025).
• Strategically located facilities — proximity to a Navratna PSU raw-material source (~25 km) and to key northern/eastern Indian markets reduces logistics costs and ensures supply continuity.
• Established infrastructure for project-based demand — long-standing supply relationships with multiple State Electricity Boards enable fulfilment of bulk, time-bound, tender-driven orders.
• Experienced promoter leadership — Managing Director Mr. Onkar Nath Gupta brings 38 years of steel-industry experience; Mr. Vinamra Gupta (Director since 2006, ~18 years' experience) led modernization and backward integration.
• Diversified, BIS-compliant product range with customization — over 80 pole sizes and a wide range of pipe dimensions, manufactured to multiple BIS standards and ISO 9001:2015 certified.
• Brand recall and three-decade track record — the "ANUBHAV" brand carries credibility with SEBs and private clients, supporting repeat business.

5. Future Growth Strategy

• Product diversification into Metal Crash Barriers — entering the highway-safety segment, supported by a Government of India push to install crash barriers across national and state highway networks (a primary use of IPO proceeds).
• Entry into Solar Panel Mounting Systems — targeting demand from rooftop and ground-mounted solar under programs such as PM-KUSUM and Surya Ghar: Muft Bijli Yojana.
• Enhancing manufacturing capability and efficiency — technology upgrades, automation (HFW units), and capacity expansion in both ERW pipe/tube and pole production, including larger diameters/sections.
• Strengthening the "ANUBHAV" brand — scaling brand visibility to reach private infrastructure developers, EPC companies and corporate buyers, reducing customer acquisition costs.
• Deepening government and institutional presence — increasing GeM participation, expanding pre-qualification approvals, and engaging EPC contractors in electrification and infrastructure projects.
• Geographic expansion — broadening distribution into underpenetrated, infrastructure-led states beyond the current Uttar Pradesh concentration.
• Talent development — attracting, retaining and training skilled personnel to maintain quality and execution capability amid rising industry competition.