Bhadora Industries IPO Review

Vidhut Cables, a trusted brand under Bhadora Industries Limited, is a leading manufacturer of premium industrial and power cables. Established in 1988, the company has earned a reputation for delivering innovative, reliable, and eco-friendly cable solutions tailored to diverse industrial requirements. With state-of-the-art manufacturing facilities and a steadfast commitment to quality, Vidhut Cables adheres to BIS and international standards. Its extensive product range includes Armoured Cables, XLPE Cables, AB Cables, ACSR Conductors, and more. 

The promoters have over three decades of experience in the cable industry. The Promoter and Managing Director, Shashank Bhadora, has good understanding of industrial cables products. His knowledge and experience have played a key role in the company’s ongoing growth. The other promoters, Pradeep Bhadora and Anil Bhadora, also bring more than three decades of experience in the industrial cable industry.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 11,069.33 Lakh, ₹ 8,327.48 Lakh and ₹ 1,880.85 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,756.24 Lakh, ₹ 866.95 Lakh and ₹ 140.38 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,078.69 Lakh, ₹ 495.52 Lakh and ₹ 18.06 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 8.17 and post-issue EPS of ₹ 5.80 for FY24. The pre-issue P/E ratio is 12.60x, while the post-issue P/E ratio is 17.76x against the Industry P/E ratio is 16x. The company's ROCE for FY24 is 42.41%, ROE for FY24 is 51.51% and RoNW is 51.51%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Bhadora Industries showing listing gains of 9.70 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the Bhadora Industries Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.