PM Cona Industries IPO

Strengths · 7

• 01Revenue from operations rose from Rs 336.02 crore in FY2024 to Rs 376.90 crore in FY2025 and Rs 403.93 crore in FY2026, while profit after tax rose from Rs 22.36 crore to Rs 30.83 crore.
• 02Operating cash flow was Rs 40.45 crore in FY2026 against a profit after tax of Rs 30.83 crore, and it was Rs 17.14 crore in FY2024.
• 03The company had no borrowings on 31 March 2026. Short-term borrowings were Rs 12.81 crore a year earlier and Rs 17.13 crore on 31 March 2024.
• 04EBITDA margin improved from 10.52% in FY2024 to 11.51% in FY2026, and return on capital employed was 26.79% in FY2026.
• 05The dealer network grew from 2,566 in FY2024 to 2,657 in FY2025 and 2,739 in FY2026, backed by 20 carrying and forwarding agents.
• 06Sales are spread over six product lines. Modular switches gave 48.79% of revenue from operations, and no other line gave more than 13.52%.
• 07The company owns 153 registered trademarks, 12 registered copyrights and 4 registered designs, and runs six manufacturing facilities.

Risks · 10

• 01Trade receivables were Rs 99.56 crore on 31 March 2026, which is 24.65% of revenue from operations, and debtor days were 91. Dealers get 0 to 90 days of credit.
• 02The company has guaranteed dealer loans under channel financing. Guarantees of Rs 17.71 crore were outstanding on 31 March 2026 and are shown as a contingent liability.
• 03Raw materials were 69.98% of total expenses in FY2026. Copper and brass follow LME prices and polymers follow crude oil, and the company has no long-term supply contracts.
• 04Some products, such as lighting, supported accessories and a few MCBs, are made by third-party manufacturers and OEMs with no formal agreements.
• 05Rs 50.89 crore of the fresh issue is for brand building and marketing, which the document says may not create any tangible or intangible asset. Money for general corporate purposes is not yet fixed and can go up to 25% of gross proceeds.
• 06Promoter Prakash Naraindas Motwani is selling up to 45,00,000 shares. The company gets no money from this part, and his weighted average cost is Rs 10.00 per share.
• 07Ratan Naraindas Motwani and Ram Naraindas Motwani, brothers of the promoter, did not give information or consent as promoter group members. SEBI rejected the company's exemption request on 5 August 2026.
• 08The company filed 27 GSTR 3B returns late in FY2026 and 54 in FY2025. The amounts involved were Rs 5.08 crore and Rs 4.70 crore.
• 09There are 20 criminal cases filed by the company, 2 tax proceedings against it involving Rs 4.11 crore, and 19 tax proceedings against promoters.
• 10Inventory days rose from 73 in FY2024 to 84 in FY2026, and the net operating cycle was 140 days. Promoters have also given personal guarantees for loans of Rs 25.00 crore.

PM CONA Industries Limited is a Mumbai-based maker of fast-moving electrical goods (FMEG) and wires. Its products are modular switches and accessories, non-modular switches and accessories, supported accessories, MCBs and switchgear, lighting and wires. The company sells under the PM CONA brand and the legacy CONA brand.

Modular switches and accessories are the biggest line. They brought in Rs 197.08 crore in FY2026, which is 48.79% of revenue from operations. Non-modular switches gave 13.52%, supported accessories 12.82%, lighting 7.20%, MCBs and switchgear 5.79% and wires 4.71%. Other operating revenue was 7.17%.

The company runs six manufacturing facilities: Andheri (Mumbai), Vasai and Palghar in Maharashtra, Silvassa in Dadra and Nagar Haveli and Daman and Diu, Haridwar in Uttarakhand and Mangolpuri in Delhi. It also uses third-party manufacturers and OEMs for some products, mainly the Skylight lighting range, the Allied accessories range and some MCBs. It had 634 employees on 31 March 2026.

Products reach the market through 2,739 dealers across India as on 31 July 2026, along with 20 carrying and forwarding agents who run its depots. Dealers do not sell its products exclusively and orders are mostly placed through purchase orders. The dealer count was 2,566 in FY2024.

The CONA brand was set up in 1968 by a third-party individual and moved to a partnership firm of promoter Prakash Naraindas Motwani in 1979. He ran it as a sole proprietorship from 1984. In August 2019 the family businesses were merged into CONA Industries Private Limited, which was renamed PM CONA Industries Private Limited in February 2022 and became a public limited company in April 2026. The company holds 153 registered trademarks and 12 registered copyrights.

The industry

The CareEdge report in the document puts the Indian FMEG market, excluding lighting, at Rs 7,78,708.22 million in CY25 and projects Rs 13,70,221.25 million by CY30, a 12% CAGR. Within switches, modular switches were Rs 31,373.69 million in CY25 against Rs 22,824.47 million for non-modular switches. Modular switches are projected to reach Rs 71,752.25 million by CY30 at an 18% CAGR. The report calls the industry highly competitive, with large organised brands, regional makers and many unorganised players competing on price.

Customer concentration: The company sells through 2,739 dealers and does not report a top-customer share. Trade receivables were 24.65% of FY2026 revenue from operations.