About Ganga Bath Fittings Limited

Business Overview

Ganga Bath Fittings Limited, formerly Ganga Plast Industries LLP, is a public limited company engaged in the manufacturing and supply of a wide range of bathroom fittings and accessories. The company operates across three primary business verticals—own-brand sales, contract manufacturing for OEMs, and sale of traded sanitaryware under its in-house brand.

Company Evolution & Structure:

• Founded in 2018 as a partnership firm named Ganga Plast Industries, engaged in the production of ABS Showers, Health Faucets, Taps, and Accessories.

• Converted to LLP in 2020 to streamline operations and support business expansion as Ganga Plast Industries LLP.

• Incorporated as a public limited company on May 22, 2024, under the name Ganga Plast Industries Limited.

• Renamed to Ganga Bath Fittings Limited following a special shareholder resolution on June 7, 2024, and a fresh certificate issued on July 3, 2024.

Business Consolidation:

• Acquired business operations of:

  1. Ganga Industries – engaged in manufacturing bath fittings and parts.

  2. Ganga Bathing Solution – engaged in manufacturing showers and accessories.

• Ganga Bathing Solution was dissolved post-acquisition.

• Ganga Industries continues to exist, holding ownership of the premises used as the registered office and manufacturing unit (GI Unit), now leased to the company.

Core Business Activities:

• Manufacturing and supply of bathroom accessories including CP taps, showers, sanitaryware, ABS and PTMT taps, SS channel drainers, and door handles.

• Operations span three business segments:

  1. Own-Brand Sales: Products sold under proprietary brands Ganga, Glimpse, Stepian, and Tora.

  2. OEM Contract Manufacturing: Producing fittings and accessories for third-party brands.

  3. Traded Goods: Procurement and sale of sanitaryware branded as Ganga.

This structured transition and multi-vertical strategy position Ganga Bath Fittings Limited as a diversified player in the Indian sanitary and bathroom accessories industry. As on 31st December, 2025, the Company has 2 Executive Directors and 123 employees on its payroll. The Banker to the Compnay is Axis Bank Limited.

Industry Analysis

Overview of the Bath Fittings and Sanitary Ware Industry in India

The Indian sanitary ware market was valued at USD 318.8 million in 2023 and is projected to grow at a CAGR of 7.9% through 2029, driven by rapid urbanization, rising hygiene awareness, and strong infrastructure development. As part of the broader construction and home improvement sector, the market includes a diverse range of products such as toilets, washbasins, faucets, showers, and accessories for residential, commercial, and institutional use.

Urban migration continues to fuel demand for modern housing and commercial spaces, thereby increasing the need for aesthetically appealing and functional sanitary solutions. Government initiatives like "Swachh Bharat Abhiyan" (Clean India Mission) have further emphasized sanitation and hygiene, accelerating the adoption of modern bathroom fixtures.

Consumers are increasingly prioritizing comfort, design, and water efficiency, prompting a shift towards premium and technology-integrated products. The booming real estate and infrastructure sectors, including airports, hospitals, hotels, and educational institutions, have also contributed to the market’s growth by demanding high-quality fittings tailored to diverse needs.

However, challenges persist. Price sensitivity remains a major concern, especially in budget segments, where affordability often outweighs product features and design. The competitive landscape, with numerous domestic and global brands, exerts pressure on pricing and margins. Additionally, water scarcity and lack of awareness have slowed the adoption of water-efficient solutions, while infrastructure limitations in certain regions and COVID-19-related supply chain disruptions have posed operational hurdles.

Despite these challenges, the industry is poised for sustained growth. With rising consumer awareness, increasing urbanization, and supportive government policies, the market is expected to evolve with a strong focus on sustainability, water conservation, and innovation. These trends are likely to create significant opportunities for both domestic manufacturers and international entrants.

Business Strengths

1. Experienced Promoters and Management
The promoters and management team bring over three decades of experience in the bath fittings industry, driving both strategic decisions and daily operations. Their leadership has significantly contributed to the company’s growth and financial performance, supported by a motivated and skilled workforce.

2. Diverse Product Portfolio
The company offers an extensive product range with 250 SKUs in the GI unit, 32 in the GBS unit, and 150 in the GPI segment. The portfolio includes CP taps, showers, sanitary ware, ABS and PTMT taps, door handles, vanities, sinks, and drainage solutions—catering to a broad customer base across India.

3. Robust Distribution and Client Network
A long-standing network of over 2,500 distributors enables deep market penetration and customer engagement. Strong relationships with distributors, clients, and suppliers have been cultivated over time, especially under the direct involvement of Promoter Director Mr. Jimmy Tusharkumar Tilva.

4. Commitment to Quality
Holding ISO 9001:2015 certification, the company maintains rigorous quality standards across its product line. Continuous improvement in production processes ensures delivery of globally benchmarked products at competitive prices.

5. Established Legacy
Operational since 2011, the business has evolved through consistent diversification and product innovation. The promoters have built enduring goodwill and trust across the value chain, fostering sustained business growth.

6. Strong R&D Capabilities
A dedicated R&D team focuses on innovation and customization, developing new and complex components to meet dynamic market requirements within competitive timelines

Business Strategies

1. Expansion of Geographical Presence
Currently based in Rajkot, Gujarat, the company aims to expand across India and into international markets. Plans include participation in overseas exhibitions and development of global distribution channels to boost client acquisition and revenue growth.

2. Product Portfolio Diversification
The strategy includes expanding the product line through advanced electronic integration and innovative designs tailored to market demand. A broader product range is intended to strengthen customer retention and attract new clients from untapped regions.

3. Enhanced Working Capital Management
To support extended credit offerings and scale operations, the company plans to utilize IPO proceeds to strengthen liquidity and working capital. This approach is expected to improve margins and reduce reliance on debt.

4. Leveraging Market Expertise and Relationships
Strong customer relationships and skilled personnel form the foundation for growth. Continued focus on timely order fulfillment, relationship renewal, and client satisfaction is expected to drive customer base expansion and long-term business sustainability.

Business Risk Factors and Concerns

1. Raw Material Price Volatility:
Fluctuations in the prices of key raw materials—brass (for GI unit), steel (GBS unit), and plastic (GPI unit)—pose a major risk. Prices are influenced by global demand-supply dynamics, trade policies, and input availability. For instance, brass prices are tied to copper and zinc trends. These cost changes significantly impact financial performance, with raw material expenses comprising up to 141.44% of income in certain periods.

2. Procurement Risk Due to Geographic Concentration:
Approximately 87% of raw materials are sourced from suppliers in Gujarat. Any economic, regulatory, or natural disruptions in this region may hinder material availability and procurement efficiency, directly affecting production and revenue stability.

3. Manufacturing and Market Concentration in Gujarat:
All manufacturing units are located in Rajkot, Gujarat, and over 45% of revenue is generated within the region. Such geographical concentration increases vulnerability to regional risks like competition, policy changes, and demographic shifts.

4. Workforce Data Discrepancies:
Differences exist between employee counts reported under factory licenses and those submitted to the Employees' Provident Fund Organization (EPFO). For instance, the licensed workforce for Ganga Plast Industries LLP is 50, but reported numbers may vary due to reporting period differences or administrative inconsistencies, potentially raising compliance concerns.

5.Operational Hazards:
Production involves high-risk processes such as brass scrap melting, exposing facilities to dangers like explosions, fires, mechanical failures, and hazardous chemical releases. These incidents could disrupt production, cause injuries, increase costs, and impair customer delivery capabilities.

Ganga Bath Fittings operates in a highly material-dependent and geographically concentrated environment, exposing it to multiple operational and regulatory risks. Key challenges include raw material price volatility, regional dependence for procurement and manufacturing, workforce data inconsistencies, and safety hazards associated with its production processes.