Project Arvi
A certified precision mould-making and injection moulding company in India, offered for 100% sale.
Prepared by CA Dhiraj Ostwal — Transaction Advisory
01 — Executive Summary
Project Arvi designs and builds precision injection moulds and supplies the moulded parts made from them, giving customers one accountable partner from concept to serial production. The business has been trading for nine years and serves automotive, EV, HVAC, electrical, lighting and healthcare customers.
Its two owners hold equal shares and are seeking a full exit. They want a new owner who can fill newly installed capacity and support the working capital the business now needs.
At a glance
- Business: mould design and manufacture, plus injection-moulded and painted part supply.
- Certification: ISO 9001:2015, Lean Basic and Zero Defect Zero Effect (ZED).
- Customers: more than 25 OEM, tier-1 and industrial groups.
- Basis of figures: audited statements for FY23 to FY25.
02 — Investment Highlights
Each highlight rests on documents in the data pack.
Toolroom and moulding under one roof
Machining, EDM, spotting, three injection machines of 100 to 400 tons and a metrology lab resolving to 0.5 µm.
Approved-vendor customer base
More than 25 groups, including a vendor code with a leading automotive OEM held since 2018.
Operating leverage in FY25
Income grew 26.6% while adjusted EBITDA rose from ₹0.95 cr to ₹1.44 cr.
Capex cycle largely complete
Plant and equipment rose 81.8% in FY25, with further machines added in 2026 (management statement, unaudited).
Positioned for EV, energy and healthcare
Battery components since 2019, a fuel-cell component delivered in 2024, an HVAC panel developed for European markets, and healthcare moulds since 2023.
03 — Business Overview
Incorporated in 2016, the company has widened from domestic tooling to difficult materials, exports and new-energy work, and sells three connected offerings.
Product development
Manufacturability feasibility, material selection, design deliverables (DFMEA, DVP, SC/CC), prototypes and turnkey support.
Mould design and build
Flow simulation, dimensional analysis, texture and colour, validation and documentation.
Part supply
Serial production of HVAC panels, EV parts, lighting parts and painted components.
The photographs below show moulds and parts the company has made.
The shop floor combines multiple vertical machining centres, five EDM and wire-EDM machines, a 100-ton spotting press and three injection machines, with machining accuracy of 5 microns.
04 — Market & Opportunity
The business sits between a customer's design office and volume production, a step many OEMs and tier-1 suppliers prefer not to split across several vendors. Independent market sizing will be provided separately, and none is asserted here.
EV localisation
Battery parts under development since 2019, and an EV battery cover mould delivered in 10 weeks.
Export demand
Exports began in 2020, and an HVAC panel was developed for European markets in 2024.
Harder processes
Silicone rubber from 2017, thermoset from 2022 and healthcare moulds from 2023.
New energy
A fuel-cell component was delivered in 2024.
05 — Business Model & Economics
The company earns from one-time tooling projects and from per-piece part supply, and a mould win is the natural entry point to a longer part programme.
Mould sales
Project-priced, with documented lead times of 5 to 10 weeks and mould weights of 300 to 3,500 kg.
Part supply
Priced per piece and recurring for the life of a customer programme.
Material cost has fallen as a share of income, as the table shows.
Net material cost as % of income
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Net material cost | 47.9% | 44.0% | 40.3% |
Revenue mix by stream and by customer will be provided in the process.
06 — Competitive Positioning
Customers typically choose between imported moulds, small job-work toolrooms and large integrated suppliers, and this business competes on engineering ownership and speed.
Alternatives
Imported moulds are cheaper to quote but weaker on support. Small toolrooms machine to drawings without owning design. Large suppliers often overlook low and medium volume programmes.
Differentiation
Formal design deliverables, fill simulation, 5-micron machining with in-house metrology, difficult processes, and one party from concept to serial supply.
07 — Financial Snapshot
Profit has grown every year since FY23, with the sharpest step in FY25. FY23 is standalone, FY24 and FY25 are consolidated, and all three years are audited.
Three-year performance (₹ crore)
| FY23 | FY24 | FY25 | |
|---|---|---|---|
| Total income | 5.65 | 6.32 | 8.00 |
| Growth | — | 11.8% | 26.6% |
| Profit before tax | 0.26 | 0.29 | 0.51 |
| Profit after tax | 0.21 | 0.22 | 0.37 |
| Reported EBITDA | 0.74 | 0.70 | 1.18 |
| Reported EBITDA margin | 13.1% | 11.1% | 14.75% |
| Add-back: owner remuneration | — | 0.25 | 0.26 |
| ADJUSTED EBITDA | — | 0.95 | 1.44 |
| ADJUSTED EBITDA MARGIN | — | 15.0% | 18.0% |
Reported EBITDA is profit before tax plus finance cost and depreciation. Adjusted EBITDA adds back the remuneration paid to the two owner-directors, who are both exiting.
Balance sheet, 31 March 2025 (₹ crore)
- Plant and equipment 3.18, up from 1.75
- Trade receivables 1.67, down from 2.60
- Borrowings 2.24; cash 0.25; net debt 1.99
- Net worth 1.01
08 — Management & Organisation
The company is run by its two owners, who are also its only directors.
| Role | Background |
|---|---|
| Managing Director | Twenty-six years in engineering, product development, manufacturing and project management; in the moulds and parts business since 2013. |
| Director, Operations | Engineering graduate; leads moulding and tooling operations and plant profitability since 2010. |
09 — M&A Proposition
The offer is 100% of the equity, and the owners are open to a defined transition period.
What is on offer
- Share sale of 100% of the equity, held by two shareholders.
- Proposed on a cash-free, debt-free basis with an agreed working-capital peg.
- The 51% pre-revenue subsidiary can be carved out before closing.
Buyer profile
A tier-1 or tier-2 supplier wanting captive tooling, a moulding group wanting a design-led front end, an international tooling group seeking an Indian base, or a platform building in precision engineering.
Value creation
- Fill installed capacity with the buyer's own order flow.
- Cross-sell into more than 25 established accounts.
- Convert one-time mould wins into recurring part supply.
- Scale EV, fuel-cell and export programmes.
Consideration goes to the exiting shareholders and no fresh capital enters the company. Pricing will be discussed with qualified parties in the process.
10 — Risks & Mitigants
The principal issues a buyer will weigh are set out with the current position on each.
Key-man dependency
Both owners run the business and both exit.
Position
Processes are documented under ISO 9001:2015. Transition, second-line retention and customer handover are to be agreed.
Cash conversion
FY24 operating cash flow was 20% of reported EBITDA.
Position
Receivables fell 35.9% in FY25. Ageing and a monthly working-capital model will be provided.
Leverage
Borrowings are ₹2.24 cr.
Position
Net debt is 1.69x reported EBITDA and is to be settled at closing on a cash-free, debt-free basis.
Customer concentration
No revenue split by customer is yet presented.
Position
The base spans more than 25 groups across several sectors. A top-10 table will be provided.
11 — Process
Qualified parties will move through four steps, beginning with a non-disclosure agreement.
Transaction adviser
CA Dhiraj Ostwal — Transaction Advisory
Project Arvi · SEL- 002
This summary is confidential and indicative. It is based on management information and audited statements for FY23 to FY25, is not an offer, and is subject to financial, tax, legal and commercial due diligence. Adjusted EBITDA is a management-adjusted measure and has not been audited. No representation is made as to completeness.
Annexure A — Machinery & Infrastructure
The plant combines machining, spark erosion, spotting, injection moulding and metrology, so a mould can be designed, built, validated and run without leaving the facility. Four sheets follow, one per machine group, using the company's own equipment information and photographs.
Sheet 1 — Vertical Machining Centres (VMCs)
Five VMC models are listed, with the HAAS VF2 model held in four units.
- TAKUMI VC85
- DMG Mori / CMX 800V
- STM / Manford
- VF2 HAAS (4 Nos)
- Makino (no photograph supplied)
Sheet 2 — Electrode Discharge Machines (EDMs) / Sparking Machines
Five machines cover die-sinking, double-head sparking and wire cutting.
- Chmer – Taiwan / D433CL
- HSPK Double Head – G126
- Sodick AD35L
- Sodick VN400 Wire EDM
- Agie Charmilles ACT SP1 (no photograph supplied)
Sheet 3 — Injection Moulding Machines and Spotting Press
Three injection machines run the moulds, and a tiltable spotting press is used to fit and validate them.
- Engel – Tiebarless: (a) 100 ton, (b) 400 ton
- Ferromatic Milacron 100 ton
- Spotting press: SXKH, 180° tiltable table, maximum capacity 100 ton
Sheet 4 — Quality Lab and Certifications
Dimensional inspection is done in-house on a coordinate measuring machine and a vision measuring system.
- Accurate Spectra CMM
- Vision Measuring System
