Devson Catalyst Ltd.
DEVSONSME
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Overview
Devson Catalyst Limited is a Gujarat-based, ISO-certified manufacturer of industrial catalysts, adsorbents and ceramic support media used in purification and process applications across oil & gas, petrochemicals, fertilizers and steel. Founded in 2004 and later transitioned from electrical insulators to catalyst and advanced materials, the company produces products such as chloride and sulphur guard catalysts, Claus catalysts, hydrotreating/reforming catalysts, activated alumina, molecular sieves, inert ceramic balls and ceramic tower packing from an integrated manufacturing site with in-house R&D and quality systems, selling predominantly B2B in India and to export markets.
Opening Date
Jul 09, 2026
Closing Date
Jul 13, 2026
Listing Date
Jul 16, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
42.34 Cr
Fresh Issue
39.39 Cr
Offer for Sale
2.95 Cr
Price Band
₹112 - ₹118
Lot Size
1200
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
9.66
EPS
12.22
ROE
45.97%
ROCE
47.6%
RONW
37.38%
Debt to Equity Ratio
—
PAT Margin
22.03%
EBITDA Margin
29.49%
P/B
5.76
Bull vs Bear
Bull case
- •
High utilisation is hard to replicate: total capacity utilisation 86.83% in FY2026 on 6,205 MT installed capacity, indicating established production, QC and dispatch capability.
- •
Customer stickiness: 88 repeat customers (56.77% of 155) contributed 79.33% of FY2026 revenue, suggesting qualification-driven relationships in process-critical applications.
- •
Industry tailwind: India industrial catalyst market expected CAGR 6%–7% during FY2025–FY2031, supported by refinery upgrades and cleaner-fuel compliance needs.
Bear case
- •
Revenue is concentrated in few customers; top 10 contributed 76.03% and top 1 contributed 17.21% of FY2026 revenue, with no long-term contracts increasing volatility.
- •
Raw material sourcing is concentrated; top 10 suppliers were 75.82% of FY2026 raw material cost and top 1 was 22.58%, raising disruption and pricing power risk.
- •
Orders are won through price-competitive tenders; in FY2026 the company incurred ₹39.28 lakhs liquidated damages (0.71% of revenue), highlighting execution and contract penalty exposure.
Net takeaway
At its core this is a bet on sustaining operating profitability: EBITDA margin improved to 29.49% in FY2026 from 15.29% in FY2024 on revenue ₹5,577.59 lakhs. If you believe repeat business (79.33% of FY2026 revenue) stays resilient, the upside holds. If you believe concentration (top 10 at 76.03%) persists, the risk holds. Keep watching working-capital strain: trade receivable days rose to 96 in FY2026 from 55 in FY2024, and net working capital requirement reached ₹2,122.69 lakhs.
Subscription Rate
Application Details
Frequently Asked Questions about Devson Catalyst Ltd.
Devson Catalyst Limited is a Gujarat-based, ISO-certified manufacturer of industrial catalysts, adsorbents and ceramic support media used in purification and process applications across oil & gas, petrochemicals, fertilizers and steel. Founded in 2004 and later transitioned from electrical insulators to catalyst and advanced materials, the company produces products such as chloride and sulphur guard catalysts, Claus catalysts, hydrotreating/reforming catalysts, activated alumina, molecular sieves, inert ceramic balls and ceramic tower packing from an integrated manufacturing site with in-house R&D and quality systems, selling predominantly B2B in India and to export markets.
The Devson Catalyst Ltd. IPO is scheduled to open for subscription on Jul 09, 2026 and close on Jul 13, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Devson Catalyst Ltd. IPO is ₹112 to ₹118. Investors can place bids within this range once the issue opens.
The minimum lot size for the Devson Catalyst Ltd. IPO is 1200 shares. The minimum investment amount ₹1,41,600.
The total issue size of the Devson Catalyst Ltd. IPO is approximately ₹42.34. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Devson Catalyst Ltd. IPO has been subscribed 220.35 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Devson Catalyst Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Devson Catalyst Ltd. are expected to list on stock exchanges on Jul 16, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Devson Catalyst Ltd. IPO are proposed to be used for The net proceeds of the Offer, i.e. gross proceeds of the Offer less the Offer expenses to the Offer ('Net Proceeds') are proposed to be utilized for the following object:, Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit, Funding the working capital requirements of our Company., General corporate purposes.
Before applying for the Devson Catalyst Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
