Devson Catalyst IPO is a book-built issue worth ₹42 crore. The IPO consists of a fresh issue worth ₹37 crore and an offer for sale (OFS) worth ₹3 crore, while shares worth ₹2 crore are reserved for the market maker, aggregating 35.88 lakh equity shares. The IPO opens for subscription on July 9, 2026, and closes on July 13, 2026. The allotment is expected to be finalised on July 14, 2026, with tentative listing on the BSE SME scheduled for July 16, 2026.
The IPO is priced in a band of ₹112 - ₹118 per share. Retail investors must apply for a minimum of 2 lots comprising 2,400 shares, requiring an investment of ₹2,83,200 at the upper price band. HNI investors must apply for a minimum of 3 lots (3,600 shares), amounting to ₹4,24,800.
JJ IPO Advisors Private Limited is the book-running lead manager to the issue, and MUFG Intime India Private Limited is the registrar.
Industry Outlook
The Indian industrial catalyst and adsorbent market is projected to grow at a CAGR of 6%–7% during FY25–FY31, driven by capacity expansion, industrial modernisation, and stricter environmental regulations.
Refining and petrochemicals are expected to remain key demand drivers. India's refining capacity is projected to increase from 256.82 MMTPA in 2024 to 300 MMTPA by 2028, while the petrochemical industry is expected to grow at a CAGR of 8.4% between FY20 and FY30.
The natural gas and hydrogen sectors are likely to create additional demand for catalysts and adsorbents. India's LNG regasification capacity is expected to reach 66.7 MMTPA by FY30, while hydrogen production is projected to increase to 17 MMTPA, supported by the National Green Hydrogen Mission.
Fertiliser production is projected to grow from 426 LMT in FY20 to 600 LMT by FY30, supporting demand for industrial catalysts used in ammonia and related chemical production.
India's pharmaceutical and specialty chemicals industry is expected to expand significantly, with pharma turnover projected to increase from ₹2.9 lakh crore in FY20 to ₹11.1 lakh crore by FY30, creating long-term demand for specialised catalysts and adsorbents.
India continues to be a net importer of industrial catalysts and adsorbents, highlighting opportunities for domestic manufacturers to substitute imports.
Between FY21 and FY25, exports increased by nearly 96% from ₹462.81 crore to ₹907.47 crore, while imports rose to ₹2,028.95 crore from ₹1,498.57 crore, indicating sustained domestic demand.
Government initiatives such as Atmanirbhar Bharat are expected to support domestic manufacturing by encouraging import substitution and strengthening India's industrial supply chain.
Devson Catalyst IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
₹17.40 crore towards capital expenditure for setting up a new manufacturing unit. As part of the expansion, the company plans to use ₹12.21 crore for the purchase of plant and machinery. The proposed facility will include a batching plant with an extruder and a 350 kWp rooftop solar power plant, increasing the company's installed catalyst and adsorbent production capacity by 5,088 MTPA to 11,293 MTPA.
₹12 crore to meet the company's working capital requirements, including funding day-to-day operations, maintaining raw material inventory, and supporting higher production following the expansion.
General corporate purposes.
About Devson Catalyst Limited
Devson Catalyst Limited was incorporated on September 10, 2004, as Devson Insulators Private Limited, initially manufacturing electrical insulators. In June 2017, the company shifted its focus to manufacturing industrial catalysts, adsorbents, and ceramic balls to cater to process industries. It was converted into a public limited company on November 6, 2025, and adopted its present name, Devson Catalyst Limited. The company is headquartered in Surendranagar, Gujarat.
Devson Catalyst manufactures a range of industrial products used to improve process efficiency, enhance equipment performance, and support cleaner manufacturing. Its product portfolio includes:
Industrial catalysts, including chloride guard, sulphur guard, Claus, hydrotreating, and reforming catalysts.
Industrial adsorbents, such as activated alumina and molecular sieves, used for drying, gas separation, and purification.
Ceramic support media, including ceramic and alumina balls and ceramic tower packing, used in industrial reactors and process columns.
The company operates a single integrated manufacturing facility in Wadhwan City, Surendranagar, Gujarat, with an installed production capacity of 6,205 MTPA, comprising 2,545 MTPA for catalysts and adsorbents and 3,660 MTPA for ceramic balls. The facility also features a 263.7 kWp rooftop solar power plant and a Zero Liquid Discharge (ZLD) system to support sustainable manufacturing.
Devson Catalyst follows a business-to-business (B2B) model, serving industries such as oil & gas refining, petrochemicals, fertilisers, steel, and specialty chemicals. In FY26, the company generated 62.70% of its revenue from the domestic market and 37.30% from exports, supplying products to more than 15 countries, including the United States, Kuwait, Qatar, Turkey, and the UAE.
Financial Performance of Devson Catalyst Limited
Particulars | Year ending on March 31, 2026 | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
Revenue from Operations (₹ Lakh) | 5,577.59 | 5,319.21 | 4,346.99 |
Growth in Revenue from Operations (%) | 4.86% | 22.37% | - |
EBITDA (₹ Lakh) | 1,676.46 | 1,093.17 | 669.08 |
EBITDA Margin (%) | 29.49% | 20.42% | 15.29% |
PAT (₹ Lakh) | 1,252.09 | 767.23 | 407.84 |
PAT Margin (%) | 22.45% | 14.42% | 9.38% |
RoE (%) | 45.97% | 44.76% | 36.20% |
RoCE (%) | 47.60% | 44.71% | 36.67% |
Debt to Equity Ratio (Times) | 0.07 | 0.13 | 0.33 |
Devson Catalyst Limited Peer Details Comparison
As per the RHP, the company has not identified any listed peers operating in the same line of business.
Strengths and Opportunities of Devson Catalyst IPO
Devson Catalyst manufactures a wide range of industrial catalysts, adsorbents, and ceramic support media, catering to multiple process industries.
The company reported consistent growth between FY24 and FY26, with revenue increasing at a CAGR of 13.21%, EBITDA rising to ₹1,676.46 lakh with an EBITDA margin of 29.49%, and PAT growing to ₹1,252.09 lakh.
The company operates in a specialised and regulated industry where customers typically have long qualification and product validation cycles, making vendor switching relatively difficult.
As a registered MSME, the company benefits from government initiatives promoting domestic manufacturing, including support under the Make in India initiative.
Devson Catalyst serves customers across India and exports its products to more than 15 countries, with exports contributing 37.30% of revenue from operations in FY26.
The company is led by promoters and directors with extensive experience in catalyst and ceramic manufacturing.
India continues to import a significant portion of specialised catalysts and adsorbents, creating opportunities for domestic manufacturers as the government promotes local manufacturing.
The company plans to establish a new manufacturing unit, which is expected to increase its installed production capacity by 5,088 MTPA to 11,293 MTPA.
Government initiatives such as the National Green Hydrogen Mission are expected to support demand for advanced catalysts and adsorbents used in hydrogen production and purification.
Rising investments in refining, petrochemicals, fertilisers, pharmaceuticals, and specialty chemicals are expected to drive long-term demand for the company's products.
The company continues to invest in research and development to introduce new catalyst and adsorbent products, helping expand its product portfolio and strengthen customer relationships.
Risks and Threats of Devson Catalyst IPO
A significant portion of the company's revenue comes from a limited number of customers. In FY26, its top customer contributed 17.21% of revenue, while the top 5 and top 10 customers accounted for 60.12% and 76.03%, respectively.
The company depends on a limited number of suppliers for key raw materials and does not have long-term supply agreements. Its top 5 suppliers accounted for 60.15% of total purchases in FY26.
The company relies on competitive bidding to secure orders, which exposes it to intense competition from domestic and international players.
The company's manufacturing operations are concentrated at a single facility in Surendranagar, Gujarat, making its operations vulnerable to regional disruptions.
A substantial portion of the company's domestic revenue is generated from Gujarat, increasing its geographic concentration risk.
The company's existing manufacturing facility and the proposed expansion unit are located on leasehold land, which may expose it to lease renewal or termination risks.
As of March 31, 2026, the company had an outstanding GST demand of ₹32.46 lakh, which is pending before the SGST Appellate Authority.
The company had not placed firm orders for machinery and equipment related to its proposed manufacturing expansion as of the RHP date, which could result in project delays or cost overruns.
The company is exposed to foreign exchange fluctuations as it exports products to more than 15 countries and imports certain raw materials.
The company has unsecured loans that are repayable on demand, which could create liquidity pressure if lenders seek early repayment.
Demand for the company's products depends on the capital expenditure and operating cycles of industries such as oil & gas, petrochemicals, and fertilisers.
Global trade disruptions, geopolitical tensions, and fluctuations in freight costs may affect the company's export business and input costs.
Devson Catalyst IPO Reservation
Investor Category | Shares Offered (% of Total Issue) |
QIB (Including Anchor) | 16,63,200 (47.21%) |
| 10,00,800 (28.41%) |
| 6,62,400 (18.80%) |
NII (HNI) | 5,04,000 (14.31%) |
| 3,34,800 (9.50%) |
| 1,69,200 (4.80%) |
Retail Investors | 11,76,000 (33.38%) |
Market Maker | 1,80,000 (5.11%) |
Total | 35,23,200 (100.00%) |
Devson Catalyst IPO Promoter Holding
The promoters of the company are Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai, Pratapbhai Devjibhai Siyania, and Patel Krishna Savanbhai.
Share Holding Pre-Issue
| 100% |
Share Holding Post Issue | NA |
Devson Catalyst IPO Prospectus
Devson Catalyst IPO Registrar and Lead Managers
Devson Catalyst IPO Lead Managers
JJ IPO Advisors Pvt.Ltd.
Registrar for Devson Catalyst IPO
MUFG Intime India Pvt.Ltd.
Contact Number: 022-49186000
Email Address: devsoncatalyst.smeipo@in.mpms.mufg.com
Devson Catalyst IPO Registrar
How To Apply for Devson Catalyst IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Devson Catalyst IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Devson Catalyst IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Devson Catalyst IPO
Registered Office: Plot No 213 To 218 and 233 To 237, Phase II, Ambawadi, GIDC Wadhwancity, Surendranagar, Gujarat, 363030
Phone: +91 7201010244
E-mail: info@devsongroup.com
