Devson Catalyst Limited is an indigenous manufacturer of catalysts, adsorbents and ceramic balls used as key materials in various industrial processes The company operates a manufacturing facility in Gujarat with an annual production capacity of around 6,205 metric tons.
Its products are supplied to industries such as oil and gas refineries, petrochemicals, steel, fertilizers, and other industrial processing sectors. These materials help improve process efficiency, increase operational reliability, and support more sustainable industrial operations. The company serves customers in both domestic and international markets.
The manufacturing unit is located at Plot Nos. 213 to 218 and 233 to 237, Phase II, Ambawadi, GIDC, Wadhwan City, Surendranagar, Gujarat – 363030, India. The facility is equipped with the necessary machinery and infrastructure for production, and the company follows standard operating procedures and internal quality checks to maintain consistent product quality. The facility's total installed manufacturing capacity is 6,205 MT per year.
Devson Catalyst Limited operates entirely in thebusiness-to-business (B2B)segment. Its products are supplied mainly to institutional and industrial customers, and the company does not sell directly to individual consumers. This B2B model helps the company plan production and manage its supply chain according to the specific requirements of industrial clients, including product specifications, order schedules, and delivery timelines.
Products:
- Catalyst: A substance that speeds up the chemical reaction without being consumed or permanently changed itself.
- Adsorbent: It removes unwanted substances from air, gas or liquids by making them stick to its surface.
- Ceramic Balls: It is a small, hard sphere made from ceramic material that is placed inside industrial reactors and towers.
As of May 31, 2026, the company had 56 permanent employees.
Competitive Strengths
- Indigenous manufacturer of catalysts, adsorbents, and ceramic balls in India.
- Consistent profitability and financial performance in an industry with high entry barriers.
- Strategically located manufacturing facility with the capability to produce multiple product lines.
- Operates in an industry with significant entry barriers, supporting long-term business stability.
- Strong customer relationships and a growing presence in global markets.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit | ₹17 |
| Funding the working capital requirements of the Company | ₹12 |
| General corporate purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 42 | 27 | 21 |
| Revenue | 57 | 54 | 44 |
| PAT | 13 | 8 | 4 |
| EBITDA | 17 | 11 | 7 |
| Net Worth | 34 | 21 | 13 |
| Reserves | 23 | 21 | 13 |
| Total Borrowing | — | 3 | 4 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 67.75 | 1,663,200 | 112,689,600 |
| NII / HNI | 261.79 | 504,000 | 131,940,000 |
| Retail (RII) | 239.76 | 1,176,000 | 281,956,800 |
| Market Maker | — | 180,000 | — |
| Total | 1.22 | 64,800 | 79,200 |
* Amount calculated at upper price band (₹118) · ** Total includes all investor categories
- 1 Initiation of Refund 15 Jul 2026
- 2 Credit of Shares to Demat 15 Jul 2026
- The IPO P/E of 13x reflects a strong valuation relative to typical market ranges.
- Pre-issue EPS of ₹12 compares to post-issue EPS of ₹9 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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