Salem (Tamil Nadu) [India], October 9: Vetrivel Explosives Limited, an integrated manufacturer of industrial explosives, explosive accessories and blasting systems, has filed its Draft Red Herring Prospectus with the EMERGE Platform of the National Stock Exchange of India Limited (NSE Emerge) in preparation for its Initial Public Offering.
The IPO will comprise a Fresh Issue of up to 61,00,000 equity shares with a face value of ₹10 each, with no Offer for Sale component. The equity shares are proposed to be listed on the EMERGE Platform of the National Stock Exchange of India Limited.
The Company proposes to utilise the Net Proceeds from the Issue towards:
- ₹4,374.37 lakhs towards pre-payment or repayment of all or a portion of certain outstanding borrowings
- General Corporate Purposes
The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited & Integrated Registry Management Services Private Limited is Registrar to the Issue.
Key Business Highlights
Established Brands: The Company sells all its products under the Lion brand trademark registered. Its key products, including SUN 90 (E), SUN PRIME, SUN CORD and SUN DET, are registered trademarks under the Trademarks Act, 1999.
Backward Integration into PETN: The Company manufactures PETN in-house through four dedicated production lines, with an installed capacity of 2,000 MT per annum, supporting its detonating cord and booster manufacturing capabilities.
International Market Presence: The Company has secured a 90 MT PETN export order valued at USD 873,000 from Vietnam and exported 2 million metres of detonating cord to Nigeria in July 2026.
Experienced Leadership: Promoter, Chairman and Managing Director Mr. Vijayakannan Ramalingam has over 26 years of experience in the explosives industry and also serves as Chairman of explosives and Graphite panel in Chemical & Allied Products Export Promotion Council (CAPEXIL), bringing extensive industry and export-related expertise to the Company.
About Vetrivel Explosives Limited
Vetrivel Explosives Limited was incorporated in 1999 and has an operating history of over 25 years in the explosives industry. The Company caters to the requirements of the mining, quarrying, infrastructure, construction, tunnelling, oil exploration and water development sectors. Vertivel is ISO 9001:2015 certified for the manufacture and export of industrial and civil explosives and related accessories.
The Company operates a 154-acre licensed manufacturing facility in Tiruchirappalli, where it manufactures emulsion and slurry explosives, detonating cord and Pentaerythritol Tetranitrate (PETN), with licensed capacity for bulk explosives. Its established annual manufacturing capacity includes 50,000 MT of nitrate mixture, 80 million meters of detonating cord, 2,000 MT of PETN and 20 MT of cast boosters.
Its product portfolio includes emulsion explosives, slurry explosives, detonating cord and PETN, catering to applications across mining, quarrying, tunnelling, well sinking, civil excavation and infrastructure development projects. The Company had 265 customers in Fiscal 2026, all of whom were repeat customers.
For the period ended 31st March 2026, the Company reported Revenue from Operations of ₹23,209.77 Lakhs, EBITDA of ₹3,815.32 Lakhs and Profit After Tax of ₹1,463.17 Lakhs. The explosives segment contributed ₹19,347.25 Lakhs, accounting for 83.36% of Revenue from Operations during Fiscal 2026.
Disclaimer: Vetrivel Explosives Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an Initial Public Offering of its equity shares and has filed a Draft Red Herring Prospectus dated September 30, 2026 with the EMERGE Platform of National Stock Exchange of India Limited. Investments in equity and equity-related securities involve a degree of risk, and investors should not invest any funds in the Issue unless they can afford to take the risk of losing their entire investment. Investors are advised to read the Draft Red Herring Prospectus carefully, including the section titled “Risk Factors,” before making any investment decision.