Devson Catalyst IPO

About Devson Catalyst IPO

The public issue of the Devson Catalyst IPO, a BSE-SME IPO, opens on July 9, 2026 and closes on July 13, 2026. The allotment of shares will take place on July 14, 2026. The credit of shares to the demat account will take place on July 15, 2026. The initiation of refunds will also take place on July 15, 2026. The listing of shares will take place on July 16, 2026.

The offer consists of a fresh issue and an offer for sale component. The fresh issue will include 31,58,000 shares (aggregating up to ₹37.26 crore). This excludes the market maker allocation of 1,80,000 shares (aggregating up to ₹2.12 crore). The offer for sale will comprise of 2,50,000 shares (aggregating up to ₹2.95 crore). The total number of shares is 35,88,000 aggregating to ₹42.34 crore.

Devson Catalyst IPO price band has been set in the range of ₹112 to ₹118 per share. The lot size for an application is dependent on the price, which has been set at 2 lots of 2,400 shares, entailing a minimum investment of ₹2,83,200. The minimum investment for HNIs is 3 lots of 3,600 shares aggregating to a total investment value of ₹4,24,800.

Devson Catalyst is a manufacturer of catalysts, absorbents, and ceramic balls; which are key inputs for various industrial processes. The company caters to specific sectors like oil & gas, refining, petrochemicals, steel, fertilizers etc. These catalyst products improve process efficiency and enhance operational reliability. Devson Catalyst has international customers too. Its manufacturing plant is located at Surendranagar in Gujarat, with installed manufacturing capacity of 6,205 MTPA. The company does not deal directly with the end consumer and is largely a B2B model. It is a key linkage point in the supply chain of various industries.

Objectives of Devson Catalyst IPO

• Funding the capital expenditure to set up a new manufacturing unit
  
• Financing the working capital requirements of the company
  
• General corporate purpose
  
• Listing the company on the stock exchanges
  

Industry Outlook

Industrial catalysts are critical materials that accelerate a chemical reaction and make it more efficient. Specialized catalysts include chloride guard catalysts, sulphur guard catalysts, Claus catalysts, and other process catalysts. Commercial absorbents include activated alumina and molecular sieves. These absorbents are key to material purification. Ceramic balls are used as inert support media and provide mechanical strength, thermal stability, and uniform distribution. Their end use applications include Hydrocarbon purification, synthesis gas production, sulphur recovery, gas drying & separation, and emission control. They find application in industries like oil & gas refineries, petchem plants, natural gas processing, fertilizers, specialty chemicals, polymers, and emission control appliances.

The industrial catalyst industry is expected to grow at a CAGR of 6%-7% till 2031, as there is a structural shift towards cleaner and environment friendly processes. With substantial capacity expansion coming up in oil & gas, petchem, and specialty chemicals, the demand for catalysts is expect to grow geometrically. Some of the key catalysts for growth in industrial catalysts are rapid urbanization, rising energy consumption, rapid industrialization, trend towards decarbonization, technology upgradation, focus on import substitution etc. On the regulatory front; chemical cluster development, reduced import tariffs on inputs, and regulatory streamlining will help. India is currently a net import in catalyst products and the opportunity is huge. There are not too many Indian players in this space. Globally, some of the big players in this segment are BASF, Johnson Matthey, Honeywell, Clariant, WR Grace etc.

About Devson Catalyst

Devson Catalyst manufactures catalysts, absorbents, and ceramic balls, which are used to speed up industrial processes. It is ISO 9001:2015 and ISO 45001:2018 certified. It has an annual manufacturing capacity of 6,205 MTPA. It supplies to oil & gas refiners, petchem companies, and other industries like steel, fertilizers etc. As of FY26, domestic sales account for 62.7% of total sales while international sales account for the balance 37.3%. Devson Catalyst is essentially a B2B player catering to institutional and industrial clients. For the latest year, the company has ROE of 45.97% and ROCE of 47.6%. The company has very low debt/equity ratio of just 0.07X, resulting in a debt service coverage ratio of 5.63X.

In terms of product break-up, catalysts account for 50.6% of revenues, ceramic balls account for 38.6%, and absorbents making up the balance 10.8% of revenues. Nearly 93% of revenues comes from manufacturing with just the balance 7% coming from trading activities. The states of Gujarat and Maharashtra account for bulk of the sales of Devson Catalyst. The top-10 customers of the company account for 76% of the total sales. Out of its global sales, nearly half the global sales go to Kuwait, while other key international markets are Qatar, UAE, USA, and Turkey. Nearly 57% of the customers are repeat customers, which is a good trend.

Strengths of Devson Catalyst

• One of the very few indigenous manufacturer of catalysts and ceramic balls in India.
• Strong potential for growth with rapid industrialization and decarbonization expected.
• Consistent track record of robust profits and margins in the last 3 years.
• Manufacturing facility located close to the major domestic and global markets.
• Strong customer base created through visible entry barriers in the industry.

Risks of Devson Catalyst

• Customer concentration with 10 customers giving 76% revenues is a risk.
• The business is subject to frequent technological obsolescence.
• Supplier concentration is also high with top 10 suppliers accounting for 75.8% of inputs.
• Orders are obtained through competitive bidding, and that remains a risk.
• The company has faced previous lapses in compliances with regulatory requirements.
• Raw material availability and price volatility are key risks.
• The business comes from 4-5 end user industries and cyclicality could have an impact.
• Export business has a Middle East concentration, which is currently in turmoil.

They have mentioned listed peers which fall in the similar line of business as of the company for broad comparison purposes.

Note: (i) Source – All the financial information for listed industry peer mentioned above is sourced from the Financial Results/ Red Herring Prospectus/ Prospectus/ of the aforesaid companies for the year ended March 31,2026 and stock exchange data dated May 18, 2026 to compute the corresponding financial ratios.

(ii) For the company, they have taken Current Market Price as the issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of the company are taken as per Restated Financial Statement for the F.Y. 2025-26.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on March 31, 2026.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of the Company is ₹ 10/- per Equity Share and the Issue price at the upper band is [11.8X] times the face value of equity share.

Anchor Investor Bidding Date: July 8, 2026

Registrar Details
MUFG Intime India Private Ltd
Email: devsoncatalyst.smeipo@in.mpms.mufg.com
Phone: +91-81081-14949

Book Running Lead Manager
JJ IPO Advisors Private Ltd

Devson Catalyst Contact Details
Plot No. 213 to 218 and 233 to 237, Phase II, Ambawadi GIDC, Wadhwan City,
Surendranagar, Wadhwan City, Gujarat – 363-030
Email: info@devsongroup.com
Phone: +91-72010-10244

Devson Catalyst Business Model

Devson Catalyst is positioned as a catalyst manufacturer, which is key to enhancing the efficiency of industrial processes. It has a good demand visibility with rising industrialization in India, greater environmental consciousness, and the trend towards decarbonization globally.

Devson Catalyst Growth Trajectory

Devson Catalyst Total Income for FY26 was ₹56.84 crores, whereas in FY25 and FY24 it was ₹53.54 crores and ₹43.75 crores, respectively.

The Profit After Tax for FY26 was ₹12.52 crores, whereas in FY25 and FY24 it was ₹7.67 crores and ₹4.08 crores, respectively. PAT margins went up from 9.38% to 22.45% between FY24 and FY26.

Their EBITDA for FY26 was ₹16.77 crores, whereas in FY25 and FY24 it was ₹10.93 crores and ₹6.69 crores, respectively. EBITDA margins went up from 15.29% to 29.49% between FY24 and FY26.

Devson Catalyst Market Position

The company derives its entire revenues from 3 products viz. catalysts, absorbents, and ceramic balls. These are industrial catalysts that help in speeding up the industrial process and making it more efficient. There are not prominent Indian companies that compete with Devson Catalyst and most of the requirements of industrial catalysts are imported from other countries.

The company derives 62.7% sales from the domestic market while 37.3% comes from exports, predominantly to the Middle East region. Devson Catalyst is positioned as a B2B company directly catering to institutions and industries that require such catalysts to speed up their industrial processes and make it more efficient. Its manufacturing facility in Gujarat is very close to two of its largest domestic market located in the states of Gujarat and Maharashtra.

How to apply for Devson Catalyst IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.