Ishan International Limited is a **Government of India Certified Star Export House** and an **ISO 9001:2015** certified heavy engineering firm with over **29 years** of operational history. The company functions as a comprehensive **Engineering, Procurement, and Construction (EPC)** provider, specializing in the international marketing, supply, and commissioning of heavy engineering equipment and high-end technical services. --- ### **Core Business Verticals & Market Specialization** The company provides end-to-end solutions—including machine supply, erection, installation, commissioning, and operational training—across four high-growth sectors: * **Hydro Power Plants:** Specializing in small hydro projects ranging from **1 MW to 60 MW**. The company has promoted over **40 projects** in Southeast Asia since 2008. * **Sugar Plants:** Supply of machinery and engineering solutions; the company aims to become the **largest Indian supplier** in the ASEAN region and has recently expanded its buyer base to the **USA**. * **Renewable Energy & Solar:** Active participation in the **PM-KUSUM Yojna**, installing solar-powered agricultural pumps in **Maharashtra** with planned expansion into **Madhya Pradesh**. * **Pollution Control & Climate Systems:** Focus on industrial environmental management systems and plastic waste recycling projects. --- ### **Strategic Growth Framework: The "GRIP" Strategy** Ishan International is currently executing a **4-Dimensional Model** marketing strategy focused on **GRIP** (Growth, Reputation, Innovation, and Profits) to drive expansion through **2045**. **Key Strategic Targets (FY 2025-26):** * **Revenue Benchmark:** Target turnover of **₹100 crores** while maximizing **EBITDA** through cost-effective operations. * **Market Leadership:** Aiming for the largest market share in the small **Hydro** sector in **Vietnam** and the **Sugar Machinery** sector in **ASEAN**. * **Geographic Diversification:** Strengthening presence in the **Philippines, Vietnam, Indonesia, and USA**, while exploring new markets in **Mauritius and UAE**. --- ### **Financial Performance & Operational Scale** The company witnessed a significant surge in revenue during the most recent fiscal year, driven by large-scale domestic contracts, though profitability was impacted by rising operational costs. | Metric | FY 2024-25 | FY 2023-24 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **₹72.65 crore** | **₹30.13 crore** | **+141.1%** | | **Total Expenses** | **₹73.26 crore** | **₹30.67 crore** | **+138.9%** | | **Profit After Tax (PAT)** | **₹23.16 Lakhs** | **₹61.29 Lakhs** | **-62.2%** | **Major Project Performance:** * **Reliance Industries Limited (RIL):** Successfully fulfilled a continuous supply arrangement for construction materials valued at **₹51.42 crore** (Total **₹60.68 crore** including taxes) as of **March 31, 2025**. * **Supply Chain Efficiency:** Utilizes a **"Bill to Ship to"** model for large domestic contracts, where vendors deliver directly to the client to minimize logistical overhead. --- ### **Capital Structure & Shareholding Dynamics** Following a corporate restructuring involving a **10:1 stock split** (Face Value **₹10** to **₹1**) and a **2:1 Bonus Issue** in early 2024, the capital structure is as follows: * **Authorised Share Capital:** **₹23,00,00,000** (23 crore shares of **₹1** each). * **Paid-Up Share Capital:** **₹7,20,78,430** (as of October 2025). * **Managerial Remuneration:** Increased from **₹50 Lakhs** to **₹1 Crore** in March 2025 to align with director performance. **Shareholding Pattern (Major Holders >5%):** | Shareholder | Current Holding (%) | Previous Year (%) | | :--- | :--- | :--- | | **Shantanu Srivastava (Promoter)** | **32.00%** | **50.49%** | | **Satyam Srivastava (Promoter)** | **16.33%** | **16.33%** | | **Total Promoter Group** | **48.33%** | **66.81%** | --- ### **Asset Optimization & Capital Management** The company is actively restructuring its balance sheet to improve liquidity and fund working capital: * **Asset Disposal:** Seeking approval to sell two major properties: **Plot No. PYVB000199** (Jaypee Greens Sports City) and **1616, World Trade Tower** (Noida). * **IPO Proceeds:** Reallocated **₹2.43 crore** from "General Corporate Expenses" to **Working Capital**. Approximately **₹3.33 crore** in unutilized funds were regularized through parking with **Kalyan Capital Private Limited** (an NBFC). * **Strategic Reinvestment:** Recovered a **₹3.5 crore** investment from a dissolved JV with **SD Corporation** and reinvested **₹3.55 crore** into **Race Envision Private Limited**. --- ### **Risk Factors & Mitigation Challenges** #### **1. Financial & Credit Risks** * **Export Receivables:** Significant balances are outstanding for over **270 days**. The company is currently petitioning the **RBI** for extensions to regularize these accounts. * **Supplier Advances:** The company holds **₹24.64 crore** in unsettled advances (down from **₹44.87 crore**) paid to suppliers for materials a primary customer eventually declined. Management is working to recover these through alternate vendors. * **Credit Loss Provisions:** Recognized a total loss allowance of **₹1.09 crore** for FY25 under **Ind AS 109**. #### **2. Regulatory & Compliance Risks** * **SEBI Penalties:** Paid penalties totaling over **₹2.4 Lakhs** in 2024 for non-compliance with **Regulations 33, 44(3), and 295** (Quarterly results, voting results, and bonus issue delays). * **Audit Observations:** Auditors noted deficiencies in **fixed asset records** and the absence of a formal physical verification program. #### **3. Operational & Market Risks** * **Trade Barriers:** New **US tariffs** are impacting export margins; management is developing "creative mitigation plans" to maintain competitiveness. * **Vietnam Policy Shifts:** Changes in local government policies have delayed the finalization of new renewable energy projects in the ASEAN region. * **Title Risk:** The Noida corporate office is held under sub-lease with the title transfer pending from the Lessor. The property is currently **mortgaged to the Bank of India**, posing a potential risk to operational stability if the bank invokes the mortgage.