PH1 Industries Files DRHP With NSE Emerge for IPO of Up to 37.4 Lakh Shares

Hyderabad-based PH1 Industries Limited has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge for a proposed initial public offering of up to 37,40,000 equity shares of face value ₹10 each. The offer comprises a fresh issue of up to 30,00,000 shares and an offer for sale of up to 7,40,000 shares by promoter selling shareholders.

The engineering solutions provider offers alternative fuel and raw material (AFR) systems and bulk material handling (BMH) systems. The company says it is the leading liquid AFR system manufacturer in India with over 75 per cent market share in the segment, quoting a Mordor Intelligence report in the DRHP. Proceeds from the fresh issue are earmarked for working capital of up to ₹22.34 crore, machinery and equipment of up to ₹2.03 crore, corporate office capex of up to ₹2.80 crore, and repayment of borrowings of up to ₹9.98 crore.

GYR Capital Advisors is the book running lead manager and KFin Technologies is the registrar to the issue, with a proposed listing on the EMERGE platform of the National Stock Exchange.

The financials show a sharp growth curve. Revenue from operations rose from ₹16.63 crore in FY2024 to ₹56.49 crore in FY2026, while profit after tax climbed from ₹34.35 lakh to ₹7.83 crore over the same period, with EBITDA margins improving from 7.78 per cent to 21.74 per cent. The company has completed 80+ commissioned installations across 16 states and international markets including Bangladesh, the UAE and Mexico.