- POSITIVE
Annual Revenue Hi-Green Carbon Mar-2026 Annual Revenue is Rs 118 Cr which is growth of 30.7% YoY.
- NEGATIVE
Annual Net Profit Hi-Green Carbon Mar-2026 Annual Net Profit is Rs 8 Cr which is growth of -21.0% YoY.
Hi-Green Carbon, established on August 29, 2011, specialises in waste tyre recycling. The company operates a manufacturing plant that utilises a continuous pyrolysis process. This method allows for uninterrupted operation, featuring continuous feeding and discharging systems that are regulated by a program logic controller system.
| Bidding Dates |
|---|
| 21 Sep 2023 - 25 Sep 2023 |
| Subscription |
|---|
| 154.89x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹120,000 | 1 | 1 | 1600 | 7.0 M | ₹71 - ₹75 | 71.83 % | ₹499.8 M - ₹528.0 M | RHP DOC |
Hi-Green Carbon IPO SUBSCRIPTION STATUS
25 Sep '23Total154.89x
Retail Individual Investor257.05x
HNI (NII) Investors310.74x
Qualified Institutional Buyers36.61x
Hi-Green Carbon IPO overall subscription rate was 154.89 times the total available shares
Hi-Green Carbon IPO retail subscription rate was 257.05 times in the retail segment
Hi-Green Carbon IPO non-institutional investor subscription rate was 310.74 times in the non-institutional investor category
Hi-Green Carbon IPO Qualified Institutional Bidder subscription rate was 36.61 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
25 Sep 2023 (Day 3) | 257.05x | 310.74x | 36.61x |
22 Sep 2023 (Day 2) | 47.1x | 25.34x | 5.69x |
21 Sep 2023 (Day 1) | 14.37x | 4.54x | 4.14x |
Hi-Green Carbon FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY23 | 108.5 | 785.2 | 155.3 | 92.3 | 25.4% |
| FY22 | 36.8 | 511.1 | 67.0 | 30.7 | 17.3% |
| FY21 | 1.0 | 242.7 | -11.9 | -24.4 | 14.7% |
Hi-Green Carbon IPO SUBSCRIPTION STATUS DETAILS
Hi-Green Carbon had 7.0 M shares on offer
Hi-Green Carbon IPO offer price was in the range ₹71 - ₹75
Hi-Green Carbon IPO minimum Investment was ₹120000
Hi-Green Carbon IPO issue size was ₹ 499.8 M - ₹ 528.0 M
Hi-Green Carbon had a minimum lot size of 1600 Shares per application
Hi-Green Carbon NUMBER OF SHARES ON OFFER
Total7.0 M
Fresh Issue6.0 M
Offer for Sale1.1 M
Post Issue Promoter Holding %71.83 %
Hi-Green Carbon IPO IMPORTANT DATES
| Issue Open Date | 21 Sep 2023 |
| Issue close Date | 25 Sep 2023 |
| Allotment Date | 26 Sep 2023 |
| Refund Date | 27 Sep 2023 |
| Demat Account Credit Date | 28 Sep 2023 |
| Listing Date | 28 Sep 2023 |
| Listing on Exchange(s) | NSE |
| Hi-Green Carbon Allotment Status | Exchange |
Hi-Green Carbon IPO subscription opened on 21 Sep 2023, and closed on 25 Sep 2023
IPO allotment for Hi-Green Carbon was finalized on Tuesday, 26 Sep 2023
IPO listing for Hi-Green Carbon was on NSE on Thursday, 28 Sep 2023
Hi-Green Carbon IPO LISTING GAINS
| Issue Price (adjusted) | 75.0 |
| Listing Open Price | 77.0 |
| Listing Close Price | 80.8 |
| Listing Gain% | 2.7% |
| Current Gain% | 84.0% |
Hi-Green Carbon Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hi-Green Carbon Ltd. | 138 | 344.9 | 100.5 | -1.5 | 2.4 | 3.8 | 2 | 141.3 | 43 | 3.4 | -69.2 | 1.4 | -69.2 |
| EMS Ltd. | 289.2 | 1605.7 | 23.6 | -0.4 | 2.5 | 8.6 | 6.8 | 745 | -24.1 | 90.5 | -50.7 | 12.3 | -63.1 |
| Antony Waste Handling Cell Ltd. | 291.6 | 827.5 | 14.2 | -0.4 | 0.8 | 10.2 | 4.3 | 1084.1 | 13.1 | 75.4 | -11.6 | 20.6 | -31.8 |
| Eco Recycling Ltd. | 396.4 | 765 | 31.8 | 6.1 | 13.9 | 21.2 | 17.2 | 52.8 | 14.1 | 23.1 | -64.9 | 12.4 | 5.2 |
| Concord Enviro Systems Ltd. | 236.7 | 489.8 | -31.2 | 0.2 | 0.9 | 3.4 | 2.1 | 585.7 | -2.3 | 19.8 | -61.6 | -7.6 | -133.3 |
| Organic Recycling Systems Ltd. | 218 | 340.1 | 13.6 | 20.4 | 11.9 | 105.7 | 116.9 | 25.1 | 59.6 | 16.1 |
Annual
Balance Sheet
Ratios
Cash Flow
Hi-Green Carbon annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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Standalone
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Actual
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| Indicator | Graph | CAGR 3 Yrs | CAGR 5 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 | Mar '22 | Mar '21 |
|---|---|---|---|---|---|---|---|---|---|
14.3% | 37.2% | 118.1 | 90.4 | 70.6 | 79 | 51.1 | 24.3 | ||
Operating Exp. Ann. | 17% | 35.3% | 93.8 | 70.2 | 52.4 | 58.6 | 42.3 | 20.7 | |
Operating Profit Ann. | 1.6% | 42.2% | 20.9 | 18.1 | 17.9 | 19.9 | 8.9 | 3.6 | |
OPM Ann. % | -11.2% | 3.8% | 17.66% | 20.06% | 25.33% | 25.23% | 17.31% | 14.66% | |
18.6% | 34.1% | 105 | 77.3 | 56.6 | 62.9 | 46.5 | 24.2 | ||
EBITDA Ann. | 5.8% | 46.5% | 24.3 | 20.2 | 18.3 | 20.5 | 8.9 | 3.6 | |
EBITDA Ann. margin % | -7.4% | 6.9% | 20.57% | 22.36% | 25.84% | 25.88% | 17.38% | 14.75% | |
Interest Ann. | 2.7% | 21.1% | 1.3 | 1.3 | 1.2 | 1.2 | 1.2 | 0.5 | |
Depr. | 46.8% | 26.7% | 9.8 | 5.8 | 3.1 | 3.1 | 3 | 3 | |
PBT Ann. | -6.4% | 165.5% | 13.2 | 13.2 | 14 | 16.1 | 4.7 | 0.1 | |
Tax Ann. | -3.2% | - | 4.8 | 2.6 | 3.7 | 5.3 | 1 | 0 | |
-8.3% | 142.6% | 8.4 | 10.6 | 10.3 | 10.9 | 3.7 | 0.1 | ||
Net Profit Ann. | -8.3% | 142.6% | 8.4 | 10.6 | 10.3 | 10.9 | 3.7 | 0.1 | |
NPM Ann. % | -19.2% | 79.6% | 7.28% | 11.96% | 14.62% | 13.81% | 7.19% | 0.39% | |
EPS Adj. latest Ann. | -8.4% | - | 3.3 | 4.2 | 4.1 | 4.3 | 1.5 | 0 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
30.6%
2Y CAGR
29.3%
3Y CAGR
14.3%
5Y CAGR
37.2%
Total Revenue Annual growth is stable compared to historical averages.
Net Profit Ann.
1Y CHG
-20.8%
2Y CAGR
-9.7%
3Y CAGR
-8.3%
5Y CAGR
142.6%
Net Profit Annual is falling faster than historical averages.
Operating Exp. Ann.
1Y CHG
33.6%
2Y CAGR
33.8%
3Y CAGR
17%
5Y CAGR
35.3%
Operating Expenses Annual Cr growth is stable compared to historical averages.
Hi-Green Carbon INFORMATION ON IPO ISSUE
About Hi-Green Carbon
Hi-Green Carbon, established on August 29, 2011, specialises in waste tyre recycling. The company operates a manufacturing plant that utilises a continuous pyrolysis process. This method allows for uninterrupted operation, featuring continuous feeding and discharging systems that are regulated by a program logic controller system.
Object of the Issue
- Setting up of new manufacturing unit at maharashtra
- To meet working capital requirements
- General corporate purpose
- To meet public issue expenses
Hi-Green Carbon - PROMOTERS
| Name |
|---|
| RNG Finlease Private Limited |
| Amitkumar Hasmukhrai Bhalodi |
| Shaileshkumar Vallabhdas Makadia |
| Krupa Chetankumar Dethariya |
| Radhika Amitkumar Bhalodi |
| Shriyakumari Shaileshkumar Makadia |
| Koosh Chetanbhai Dethariya |
Hi-Green Carbon Lead Manager to the Issue
Beeline Capital Advisors Private Limited
mb@beelinemb.com
Hi-Green Carbon Registrar to the Issue
Link Intime India Private Limited
higreencarbon.ipo@linkintime.co.in
Hi-Green Carbon Strengths
Strategic location
The manufacturing facility is near a major highway, offering easy access to key states. The area has good infrastructure like electricity, roads, and labor, making both raw material procurement and product sales convenient
Strength
Quality assurance
The company holds certifications for environmental management (ISO 14001:2015), occupational health & safety (ISO 45001:2018), and quality management (ISO 9001:2015). It also complies with good manufacturing practices, RoHS, and REACH sustainability standards
Strength
Wide application of product
The company's product enjoys steady demand because it serves multiple applications, including as fuel for energy and carbon black used in plastic processing, toners, tyres, and rubber products
Strength
Hi-Green Carbon Risks
Certain litigation and claims
The promoters are involved in various legal proceedings currently under review by different regulatory authorities. An unfavourable outcome could result in liabilities or penalties, negatively impacting the business
Risk
Outstanding income tax demands
The company and its promoters have previously defaulted on income tax payments and currently have outstanding income tax demands. This could pose a risk to the business
Risk
Dependent on few customers
The company and its promoters have previously defaulted on income tax payments and currently have outstanding income tax demands. This could pose a risk to the business
Risk
Geographically concentrated
The company's revenues are heavily reliant on its operations in the Rajasthan region, which could be a point of vulnerability
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 7.9 crore, of 1,050,000 shares. It also consists of a fresh issue of Rs 44.9 crore.
The promoters of the company are RNG Finlease Private Limited, Amitkumar Hasmukhrai Bhalodi, Shaileshkumar Vallabhdas Makadia, Krupa Chetankumar Dethariya, Radhika Amitkumar Bhalodi, Shriyakumari Shaileshkumar Makadia and Koosh Chetanbhai Dethariya.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 71.0 - 75.0.
The IPO application opens on Sep 21, 2023 and closes on Sep 25, 2023.
The minimum lot size for the IPO is 1600. The maximum lot size for the IPO is 1600.
For all category investors, the minimum application amount for this IPO is Rs. 120,000.0, the maximum value for this IPO is Rs 120,000.0.
This IPO will be allotted on Sep 26, 2023.
The refund will be credited to your account on Sep 27, 2023.
The allotted shares will be credited to your demat on Sep 28, 2023.
Hi-Green Carbon Ltd.’s shares listed on the stock exchanges on Sep 28, 2023.