Hyderabad, July 15, 2025 — Lamtuf Limited, a Hyderabad-based manufacturer of industrial laminates and composite insulation materials, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The public issue comprises a
fresh issue of up to 1 crore equity shares and an
offer for sale (OFS) of up to 20 lakh equity shares by promoter shareholders.
The IPO will be conducted via the 100% book-building route. The equity shares have a face value of ₹5 each and are proposed to be listed on both the
National Stock Exchange (NSE) and
BSE Limited. Unistone Capital Pvt Ltd is acting as the
Book Running Lead Manager (BRLM), and KFin Technologies Ltd is the
Registrar to the Issue.
Lamtuf IPO Issue Details: Fresh Issue and Offer for Sale
The total issue size is
1.2 crore equity shares, comprising the following:
| Component | Number of Shares | Face Value | Aggregating Up To |
|---|
| Fresh Issue | 1,00,00,000 | ₹5 | ₹[●] crore |
| Offer for Sale | 20,00,000 | ₹5 | ₹[●] crore |
| Total | 1,20,00,000 | ₹5 | ₹[●] crore |
The price band, offer dates, and valuation multiples will be announced in due course.
Promoter Selling Shareholders in the OFS
| Promoter Name | Shares Offered | Avg. Acquisition Cost |
|---|
| Surender Kumar Mehta | 7,50,000 | ₹0.75 |
| Kamlesh Mehta | 12,50,000 | ₹0.60 |
Both promoters have held these shares for over 12 months, in compliance with SEBI ICDR Regulations.
Use of IPO Proceeds: Capex and Working Capital
The company plans to utilise the net proceeds from the
fresh issue for:
- Capital expenditure of ₹6,042.60 lakh towards expansion of its manufacturing facility in Sangareddy, Telangana
- Working capital funding of ₹3,400 lakh for FY26–FY27
- General corporate purposes
The expansion will add 6,300 MTPA to the existing capacity of 7,200 MTPA, taking total capacity to 13,500 MTPA. New product segments such as pultruded profiles and epoxy filament wound tubes will be introduced to meet export and transformer sector demand.
Financial Highlights (Standalone)
| Metric | FY25 | FY24 | FY23 |
|---|
| Revenue from Operations | ₹18,554.51 L | ₹17,027.73 L | ₹20,073.97 L |
| EBITDA | ₹3,271.98 L | ₹2,972.28 L | ₹3,109.28 L |
| Net Profit (PAT) | ₹2,182.68 L | ₹1,980.01 L | ₹2,082.19 L |
| EBITDA Margin | 17.63% | 17.46% | 15.49% |
| Return on Equity (ROE) | 16.17% | 17.14% | 21.61% |
| Debt-to-Equity Ratio | 0.11 | 0.06 | 0.26 |
The company has maintained strong profitability and low leverage, with healthy cash reserves and a robust interest coverage ratio of 30.97x in FY25.
Shareholding Pattern Pre-IPO
| Shareholder | Stake (%) Pre-Offer |
|---|
| Surender Kumar Mehta | 44.63 |
| Prateek Mehta | 19.97 |
| Kamlesh Mehta | 18.90 |
| Predict Technologies Pvt Ltd | 16.16 |
| Rachna Mehta | 0.32 |
| Others (Promoter Group) | 0.02 |
| Total Promoters | 99.98% |
Post-IPO holding will be updated after allotment.
Lamtuf’s Business Model and Market Position
Lamtuf Limited is a vertically integrated player in
industrial laminates, catering to segments like:
- Distribution and power transformers
- Railways and locomotives
- Oil and gas equipment
- Electrical switchgear and civil infrastructure
Its product portfolio includes paper phenolic laminates, epoxy glass laminates, densified wood, rods, tubes, and GPO composites. The company exports nearly
46% of its products, with customers in the USA, Europe, and Southeast Asia.
Competitive Edge and Growth Outlook
- Vertically integrated manufacturing, enabling cost and quality control
- In-house R&D for custom insulation products and compliance with global standards
- Consistent EBITDA margins above 17% and PAT margins exceeding 11%
- Strong growth in exports aligned with India's rising transformer demand and localization drive
- Expansion-funded growth model with minimal debt burden
Lamtuf also plans to capitalize on emerging insulation applications in
renewable energy, EV charging, and high-speed rail segments.
Conclusion
Lamtuf Limited’s IPO marks a significant milestone for the company as it gears up for capacity expansion and export-led growth. With strong financials, a global customer base, and a dominant presence in transformer and rail insulation materials, the company aims to reinforce its market position and capture emerging sectoral opportunities.
Investors and market participants await further clarity on the
price band, valuation metrics, and
listing timeline, expected in the upcoming Red Herring Prospectus (RHP).
