*(Formerly Naman In-Store (India) Limited)* Naman Industries Proxima Limited is a premier Indian B2B provider of design-to-delivery solutions for retail, office, and industrial environments. The company operates an integrated "turnkey" model, managing the entire lifecycle of a project—from 3D conceptual design and precision engineering to large-scale manufacturing and nationwide installation. Following its **April 2024 listing on the NSE Emerge platform**, the company is currently undergoing a strategic transformation, rebranding and expanding its manufacturing footprint to capture high-growth industrial and international markets. --- ### Strategic Rebranding and "Proxima" Evolution In late **2025**, the company transitioned its identity to **Naman Industries Proxima Limited**. This shift signifies a move beyond its legacy as a retail fixture specialist toward becoming a diversified industrial enterprise. The company has expanded its Memorandum of Association to enter high-margin sectors, including: * **Electrical Switchgear:** Manufacturing of control panels and automation boards (Revenue expected by **FY26**). * **B2C Furniture:** Entry into consumer-facing home and office furniture. * **Specialized Retail:** Deepening penetration into the **Jewellery, Beauty, and Cosmetics** segments. * **Infrastructure Projects:** Specialized execution such as **Airport smoking lounges** (18+ projects completed). --- ### Core Business Segments and Product Portfolio The company utilizes multi-material expertise in **wood, metal, and plastic** (including thermoforming and CNC panel processing) to serve three primary verticals: | Segment | Key Products & Solutions | Target Industries | | :--- | :--- | :--- | | **Retail Infrastructure** | Kiosks, POS materials, display units, modular shop-fittings, and **railway-grade TV enclosure boxes**. | Apparel, Beauty, FMCG, Consumer Electronics, and Railways. | | **Industrial Solutions** | **Electrical Control Panels (MCC/PCC)**, server racks, petrol pump kiosks, HVAC housings, and battery racks. | Data Centers, IT Infrastructure, Petroleum, and Energy Management. | | **Office & Commercial** | **Modular workstations**, partition systems, ergonomic chairs, and metallic office data utilities. | Corporate offices, Education, and Government (e.g., **BMC**). | --- ### Manufacturing Infrastructure and Capacity Expansion The company is currently executing a pivotal shift in its operational base to consolidate production and enhance logistical efficiency. * **Current Base:** Operates from **Palghar, Maharashtra**, with over **275,000 sq. ft.** of production and warehouse space. * **The Wada Project:** A new facility is under construction in **Wada, Maharashtra** (Capital Work-in-Progress of **₹27.26 crore**). This site was chosen over Nagpur due to its proximity to the **Delhi-Mumbai Expressway** and lower land costs (**₹1,360/sq. mtr.** vs **₹1,755/sq. mtr.** in Nagpur). * **Advanced Machinery:** The shop floor features high-tech automation, including **CNC Turret Punching**, **Fiber Laser Cutting**, **9-axis Press Brakes**, and the **Salvagnini P2 Panel Bender** for precision sheet metal folding. #### Capacity Scaling Projections | Feature | Current Status (Vasai) | Post-Expansion (Wada - Phase 1) | | :--- | :--- | :--- | | **Facility Area** | ~**200,000 sq. ft.** | **150,000 sq. ft.** (New Build) | | **Peak Revenue Potential** | **₹175–180 Cr** | **₹270–300 Cr** | | **Estimated Capex** | - | **₹45–50 Cr** | | **Operational Timeline** | Active | **12–18 months** (from late 2025) | --- ### Financial Performance and Growth Targets Naman has demonstrated a consistent ability to scale, supported by a **working capital-intensive** model that creates high entry barriers for competitors. * **Revenue (FY25):** **₹155.63 crore** (up from **₹144.74 crore** in FY24). * **Net Profit (FY24):** **₹9.27 crore** (with a **6.41% Net Profit Margin**). * **Customer Loyalty:** Approximately **80%** of revenue is derived from repeat orders, with retail clients typically renovating every **4-5 years**. * **Order Book Highlight:** Secured a **₹4.64 crore** order from the **Brihanmumbai Municipal Corporation (BMC)** in March 2025. #### Multi-Year Financial Guidance | Fiscal Year | Revenue Target | EBITDA Margin Target | Strategic Focus | | :--- | :--- | :--- | :--- | | **FY26** | **₹150 - ₹160 Cr** | **5-6%** | Stability during facility transition. | | **FY27** | **~₹175 Cr** | **10-11%** | Scaling Jewellery & Switchgear. | | **FY28** | **>₹300 Cr** | **~12%** | Full utilization of Wada facility. | --- ### Capital Structure and Funding The company has successfully tapped capital markets to fund its aggressive expansion: * **IPO (March 2024):** Raised **₹25.35 crore** at **₹89/share**. * **Preferential Allotment (Late 2024):** Raised **₹35 crore** at **₹139/share** to fund working capital (**₹26.50 crore**) and corporate growth. * **Bonus Issue:** Issued **6,300,000 bonus shares** in FY24 at a **9:2 ratio**. * **Talent Retention:** Approved the **Naman ESOS Scheme 2025** with a pool of **700,000 options** to align employee interests with long-term growth. --- ### Market Dynamics and Risk Mitigation While the company is positioned to benefit from the **$2 Trillion** Indian retail market (projected by 2032), it manages several critical risks: * **Execution Risk:** The relocation from Vasai to Wada involves potential **time and cost overruns**. Management mitigates this through a formal risk oversight system reviewed by the Board. * **Concentration Risk:** While currently reliant on the **Top 10 customers**, the move into **Industrial Fabrication** and **International Markets** (USA/Europe pilot orders of **₹2.40 crore**) is diversifying the revenue base. * **Operational Costs:** As a labor-intensive business, the company focuses on **KRA-linked incentives** to maintain productivity and offset wage inflation. * **Competitive Landscape:** To counter price wars from unorganized players, Naman focuses on **"China Plus One"** export strategies and high-precision engineering that unorganized shops cannot replicate. ### Investment Summary Naman Industries Proxima Limited represents a transition story from a niche service provider to a diversified industrial manufacturer. With a **Debt-Equity Ratio of 0.97** and a clear roadmap to double its revenue potential through the **Wada facility**, the company is positioning itself as a critical infrastructure partner for India’s organized retail and industrial sectors.