Lamtuf, an industrial laminates manufacturer from Hyderabad, has filed its IPO papers with the Securities and Exchange Board of India (SEBI). The vertically integrated company has a decade of experience in the industry. Lamtuf IPO comprises a mix of fresh issue and offer for sale of up to 1.2 crore equity shares of face value INR 5 each.
Lamtuf IPO Snapshot
- Type of Issue: Fresh + OFS
- Fresh Issue: Up to 1 crore equity shares
- Offer for Sale (OFS): 20 lakh shares
- Total Offer Size: Up to 1.2 crore equity shares
- Face Value: INR 5 per share
- Book Running Lead Manager: Unistone Capital
- Registrar: KFIN Technologies
- Listing: Proposed on BSE and NSE
The offer for sale comes from promoter shareholders Surender Kumar Mehta (7.5 lakh shares) and Kamlesh Mehta (12.5 lakh shares).
Business Overview
Founded in 1978 as Lamtuf Plastics, the company has evolved into a full-fledged composite materials manufacturer under the name Lamtuf Limited since 2022. It operates through an integrated facility in Pashamylaram, Telangana, with a production capacity of 7,200 MT per annum.
The company’s manufacturing setup covers everything from resin synthesis and impregnation to pressing and finishing, giving it full control over quality, cost, and timelines. As of FY25, it boasted a capacity utilisation of 93.35%, indicating strong demand and operational efficiency.
📊 Financial Performance: Stable, Profitable, and Growing
Lamtuf has shown consistent profitability and margin resilience in the past three years:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 200.7 | 170.3 | 185.5 |
| EBITDA Margin | 15.49% | 17.46% | 17.63% |
| Net Profit | 20.8 | 19.8 | 21.8 |
| ROE (%) | 21.61% | 17.14% | 16.17% |
| Debt/Equity | 0.26 | 0.06 | 0.11 |
| EPS (Diluted) | 6.54 | 6.22 | 6.86 |
Despite a dip in revenue from FY23 to FY24, the company recovered in FY25, driven by a rebound in domestic sales and stable exports. Net profit margins have hovered above 11%, and EBITDA has improved, suggesting operational efficiencies.
Notably, international sales accounted for nearly 46% of FY25 revenues, highlighting Lamtuf’s export competitiveness.
🌐 Domestic and Global Footprint
- Domestic Reach: 512+ clients across 21 states and 4 UTs
- International Reach: Exporting to 15+ countries including the US, UK, Germany, Australia, and UAE
- Key Clients: Schneider Electric, Bharat Bijlee, Technical Associates, Atlas Fibre, Spaulding Composites
Lamtuf’s product suite—phenolic laminates, epoxy glass sheets, densified wood, polyester composites, and more—is geared toward performance-critical applications in power transformers, railways, defence, electricals, and civil infrastructure.
📈 Sector Outlook
India’s industrial laminates market is on a growth trajectory, forecasted to rise from 33,000 MT in CY24 to 49,000 MT by CY30, driven by sectors like automotive, power, electronics, and renewables. With government support via schemes like PLI and Atmanirbhar Bharat, the country is increasingly being seen as a global hub for industrial laminates manufacturing.
India’s laminate exports are also booming, with phenolic paper, epoxy glass, and fabric laminates leading the charge—segments in which Lamtuf has strong technical capabilities and presence.
🧪 R&D and Technological Edge
Lamtuf’s dedicated R&D division, led by Dr. G. Mutyalanaidu, focuses on advanced material development, including epoxy composites for semiconductor applications. With in-house capabilities like FTIR analysers and thermal cycling chambers, the company aims to push innovation and product differentiation.
Use of IPO Proceeds
The net proceeds from the fresh issue are earmarked for:
- Capacity Expansion – INR 60.4 Cr
- Working Capital – INR 34 Cr
- General Corporate Purposes – Balanch
The expansion will add 6,300 MT of new capacity, nearly doubling current levels. It includes new product verticals like pultrusion and diamond dotted paper (DDP), further enhancing the company’s product portfolio.
👥 Promoters and Shareholding
As of the filing, the company is owned by 7 shareholders. The major shareholders on a fully diluted basis are:
| Name | Shareholding (%) |
|---|---|
| Surender Kumar Mehta | 44.63 |
| Prateek Mehta | 19.97 |
| Kamlesh Mehta | 18.90 |
| Predict Technologies | 16.16 |
Bottom Line
Lamtuf IPO marks the transition of a legacy composite materials manufacturer into the public market spotlight. With strong fundamentals, export credentials, technological edge, and a vertically integrated facility, the company seems poised to benefit from structural trends in industrial infrastructure and electronics.
However, as with any IPO, valuation, competitive dynamics, and execution risks must be evaluated closely. Still, the company’s DRHP reveals a solid industrial player positioning itself for scalable, sustainable growth in a high-performance materials segment—an area gaining relevance amid India’s industrial renaissance.
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