01Executive Summary
Project Platinum is a precision fastener manufacturer that has moved from small fasteners and kits into engineered industrial fasteners for solar, automotive and general engineering customers. It operates from a single, recently expanded manufacturing facility in an established industrial belt of Western India.
The company was incorporated in 2017 and converted to a public limited company in 2024. It holds IATF 16949:2016 certification and has completed a capacity expansion programme that management describes as roughly ₹20 crore.
At a glance
| Sector | Industrial, solar and automotive fasteners (manufacturing) |
|---|---|
| Facility | About 70,000 sq. ft., single site |
| Shareholding | Promoters 95.25%, public 4.75% |
| Financials | FY23–FY25 audited; FY26 provisional and unaudited |
Revenue grew from ₹18.56 crore in FY23 to ₹78.57 crore in FY25 before a provisional decline to ₹56.14 crore in FY26, a year in which profitability was affected by higher depreciation and finance costs after the expansion.
02Investment Highlights
The points below are those supported by documents or by figures in the financial statements. Management claims that remain to be verified are marked as such.
- Established OEM-grade manufacturing base. IATF 16949:2016 certification and approvals as a supplier to Tier-1 automotive vendors (management statement).
- Demonstrated scale-up. Audited revenue rose from ₹18.56 crore (FY23) to ₹78.57 crore (FY25), a 4.2× increase over two years.
- Expanded and automated capacity. Completed capex of about ₹20 crore; management states capacity rose 2.5× and includes an integrated coating line.
- Solar-segment product development. Management states it was among the first Indian manufacturers to develop solar-specific fasteners; solar is the largest segment by revenue.
- Diversified end-markets and customer pipeline. Supplies solar, automotive and precision-engineering customers, including export customers. Management reports new customer additions and ongoing discussions with further OEMs; these are pipeline items, not a confirmed order book.
03Business Overview
The company manufactures high-performance industrial fasteners by cold forming, with finishing and coating arranged in-house and through job-work partners. It supplies OEMs and Tier-1 vendors directly.
Solar fasteners
Fasteners for solar mounting and tracker structures; the largest and, per management, highest-margin segment.
Automotive fasteners
Components for Tier-1 and OEM supply chains under IATF 16949 systems.
General engineering and others
Precision and standard fasteners for engineering and telecommunication uses.
Infrastructure
| Facility | About 70,000 sq. ft., single industrial-estate site |
|---|---|
| Certification | IATF 16949:2016 |
| Fixed assets (net, 31 Mar 2026, provisional) | ₹20.34 crore |
| Capex programme | About ₹20 crore completed (management) |
Milestones
- 2017Incorporated
- FY23₹18.56 crore revenue
- FY24₹36.54 crore revenue
- 2024Converted to public company
- FY25₹78.57 crore revenue
- FY26Expansion capex completed
The business transformed from conventional small fasteners and kits into a broader industrial fastener supplier, with raw material, forming, heat treatment, coating and job-work steps feeding dispatch to customers.
Facility photographs
The photographs below show the production environment and site. They are taken from management material and show the facility as presented by the company.
04Market & Opportunity
The company sits between metal-forming raw material and OEM assembly, serving customers whose demand is linked to solar installations and automotive production.
Solar build-out
Renewable-energy capacity targets and localisation of supply chains support domestic solar component demand.
Automotive supply chain
Tier-1 vendors qualify fastener suppliers on quality systems, creating approval-based demand.
Localisation
Domestic sourcing of fasteners for solar and auto programmes favours approved local makers.
Regional cluster
Proximity to automotive OEMs and Tier-1 suppliers shortens lead times.
Key end-markets: Solar structures · Automotive · Precision engineering · Telecommunication
05Business Model & Economics
Revenue is earned from manufacture and supply of fasteners to OEMs and Tier-1 vendors against purchase orders, with sales invoiced at standard GST rates.
Product sales
Domestic taxable sales form almost all revenue; export sales are small.
Recurring supply
Management states over 80% of business is recurring (unverified).
Other
Scrap and high-sea sales are minor items.
The FY26 provisional cost structure below is derived from the unaudited profit and loss account.
FY26 cost structure (provisional, ₹ crore)
| Item | ₹ crore | % of sales |
|---|---|---|
| Sales accounts | 56.14 | 100.0% |
| Materials consumed (opening stock + purchases − closing stock) | 31.80 | 56.6% |
| Direct expenses (incl. job-work labour 8.47, power 2.22) | 14.16 | 25.2% |
| Margin after materials and direct expenses | 10.18 | 18.1% |
Pricing and order characteristics
| Pricing basis | Per-piece/per-kg by product; to be confirmed |
|---|---|
| Imports | Import purchases of ₹6.78 crore in FY26 |
| Finishing | Largely job-work (labour charges ₹8.47 crore) |
Customer-level economics, order sizes and lead times will be shared in the information process.
06Competitive Positioning
The company competes as an approved domestic maker, with customers having the alternative of imported fasteners or other domestic suppliers.
Claimed differentiation
Early solar-fastener development, automation, cost position, near-zero rejection and a location close to OEM clusters (management statements).
Evidence available
IATF 16949:2016 certification and a customer base that includes Tier-1 vendors and export solar customers. Rejection and cost-advantage claims are not yet supported by data.
07Financial Snapshot
FY23 to FY25 reflect audited statements. FY26 is provisional and unaudited, taken from the company’s profit and loss account for the year ended 31 March 2026.
Financial summary (₹ crore)
| Particular | FY23 (A) | FY24 (A) | FY25 (A) | FY26 (Prov.) |
|---|---|---|---|---|
| Revenue from operations | 18.56 | 36.54 | 78.57 | 56.14 |
| Revenue growth | — | +96.9% | +115.0% | −28.6% |
| Profit / (loss) before tax | 0.33 | 3.23 | 4.98 | (3.21) |
| PBT margin | 1.8% | 8.8% | 6.3% | (5.7%) |
| Depreciation | 0.71 | 0.72 | 1.17 | 3.63 |
| Finance cost | 0.57 | 0.75 | 0.90 | 3.30 |
| Reported EBITDA | 1.61 | 4.70 | 7.05 | 3.72 |
| EBITDA margin | 8.7% | 12.9% | 9.0% | 7% |
Reported EBITDA is computed as profit before tax plus depreciation plus finance cost, so it includes other income. The FY26 bridge below shows how it moves when non-operating gains are removed.
FY26 EBITDA bridge (provisional, ₹ crore)
| Item | ₹ crore |
|---|---|
| Profit / (loss) before tax | (3.21) |
| Add: Depreciation | 3.63 |
| Add: Finance cost (financial overhead 2.76 + bill-discounting charges 0.54) | 3.30 |
| Reported EBITDA | 3.72 |
| Less: gain / profit on sale of machinery | (0.45) |
| Less: interest on fixed deposits | (0.14) |
| EBITDA before non-operating gains | 3.13 |
| Of which: government investment subsidy recognised in the year | 0.40 |
| EBITDA before non-operating gains and subsidy | 2.73 |
The unaudited FY26 profit and loss shows a net loss of ₹3.21 crore with no tax charge recorded, so it is used here as a proxy for pre-tax result. Reported EBITDA is ₹3.72 crore (6.6% of sales); excluding non-operating gains it is ₹3.13 crore (5.6%).
Balance sheet side panel (31 Mar 2026, provisional)
- Total borrowings ₹32.69 crore, including promoter-director loans
- Inventories ₹14.04 crore (₹7.17 crore a year earlier)
- Trade receivables ₹7.29 crore; payables ₹9.01 crore
- Cash and equivalents ₹0.31 crore
What the numbers show
- Revenue fell 28.6% in FY26 after doubling in FY25
- Depreciation rose from ₹1.17 crore to ₹3.63 crore with new assets
- Finance cost rose from ₹0.90 crore to ₹3.30 crore
- Inventory doubled, absorbing cash
08Management & Organisation
The company is run by two executive promoter-directors supported by a functional second line.
| Role | Background (management statement) |
|---|---|
| Managing Director | 35+ years in industrial fasteners |
| Whole-Time Director | 18+ years in operations and production |
| Chief Financial Officer | Financial planning |
| Finance Head | Chartered Accountant |
| Company Secretary | Governance and strategy |
| Plant, Marketing and Quality Heads | Automation; business development; process quality |
Governance follows public-company requirements following the 2024 conversion; the board and statutory auditor details will be provided in the process.
09M&A Proposition
The promoters are exploring a transaction for the business; stake, structure and price expectations are to be shared in the process.
Buyer profile
Fastener, auto-component or solar-component groups seeking OEM-approved capacity; and financial investors comfortable with a turnaround year.
Value creation
Utilising expanded capacity, recovering solar volumes and improving working capital.
10Risks & Mitigants
The following matters are likely to be examined by a prospective buyer.
| Risk | Current position |
|---|---|
| FY26 revenue decline and pre-tax loss | Management attributes to tariffs, expansion costs and manpower; FY26 is unaudited and current-year YTD is awaited. |
| Leverage and finance cost | Borrowings of ₹32.69 crore; repayment schedules and covenants not yet shared. |
| Customer and segment concentration | Solar is the largest segment; customer-wise revenue split to be provided. |
| Working capital and inventory build-up | Inventory ₹14.04 crore; ageing to be provided. |
| Import dependence and promoter dependence | Import purchases ₹6.78 crore in FY26; succession and transition plan to be discussed. |
11Process
Contact: CA Dhiraj Ostwal — Transaction Advisory. Please direct expressions of interest to the adviser.
- Sign non-disclosure agreement
- Receive detailed information memorandum
- Management meeting and site visit
- Submit non-binding offer
Disclaimer: This summary is confidential, prepared from information provided by the company, and has not been independently verified. FY26 figures are provisional and unaudited. Market data and management statements are not warranties. Recipients must conduct their own due diligence. This is not an offer or solicitation.