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EPACK IPO

EPACK Durable Limited
Start Date19-01-2024
Application Timing10am-5pm
Price Range₹218 - ₹230
Min Qty65
Min. Investment₹14170
Listing DateNA
Close Date23-01-2024

About EPACK Durable Limited

EPACK Durable is the fastest growing room air conditioner original design manufacturer (ODM) in India. They are the second largest ODM manufacturer in the Indian room air conditioner manufacturing market, with a market share of 29%.

Their product portfolio includes:

Room air conditioners: EPACK Durable designs and manufactures complete Room ACs, e.g. window a/cs, indoor units, outdoor units, split air conditioners, and inverter ACs.

Small domestic appliances: EPACK manufactures induction cooktops, mixer grinders, and water dispensers. - 

Components: They manufacture heat exchangers, cross-flow fans, axial fans, sheet metal press parts, injection moulded components, copper fabricated products, PCBAs, universal motors, and induction coils.

ABOUT THE INDUSTRY

The overall market size of the consumer durables market for FY23 is estimated at INR 1,303 billion, and the market is expected to grow at a 13.7% CAGR until FY28. In the near future, the market is anticipated to experience growth acceleration fuelled by rising rural consumption, a shorter replacement cycle, increased retail penetration, and the availability of numerous brands and products at various price points

Why To Invest in EPACK Durable Limited

India's leading Original Design Manufacturer of room air conditioners serving leading brands. The IPO proceeds will be utilised for funding capital expenditure for the expansion/setting up of manufacturing facilities and repayment of outstanding loans.

Financial Table
YearFY 2021FY 2022FY 2023
Revenue from Operations (Rs. Crores)739.6927.31540.2
Profit After Tax (Rs. Crores)7.817.431.9
Strengths And Risks
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Long-standing customer relationships: EPACK has established relationships with reputed customers that include Blue Star, Daikin Aircon, Carrier Midea, Voltas Limited, Havells, Haier Appliances, Infiniti Retail, Godrej and Boyce, Bajaj Electricals Limited, Usha International etc.
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High Entry Barriers: The Indian RAC and SDA manufacturing industries pose higher barriers to new entrants. Typically, integration into the supply chain of the RAC and SDA brands involves a long gestation period, lengthy approval process and requires long term relationships with them to be developed and maintained over several years.
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Robust R&D : EPACK Durables have dedicated R&D centres in Greater Noida, Uttar Pradesh, Bhiwadi, Rajasthan and Dehradun, Uttarakhand, which are equipped with modern infrastructure such as endurance test labs for RACs and SDAs. The company focusses on new product development, quality improvement, better design, engineering and quality control capabilities.
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Experienced Promoters : Company promoters have substantial industry knowledge and experience in this sector, with a cumulative work experience of over 100 years. They demonstrated ability to create, build and grow businesses, including the company, EPACK Polymers Private Limited and EPACK Prefab Solutions Private Limited.
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Key Customer Risk: A significant portion of company's revenue is generated from certain key customers, and the loss of one or more such customers, any deterioration of their financial condition or prospects could adversely affect the business. and cash flows.
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Seasonal Demand: RAC business is subject to seasonal variations and cyclicality that could result in fluctuations in EPACK Durable's results of operations.
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Pricing Pressure: Large customers often pursue price reduction initiatives with their suppliers. Any reduction in prices for our products while maintaining stringent quality standards may lead to a decrease in margins.
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Tax Incentives Removal: EPACK Durable enjoys certain tax incentives from the government such as PLI for White Goods. Any newly introduced or revised policies in relation to the tax, duties, or other such levies issued by relevant tax authorities, may adversely impact cash flows.
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