Lords Mark Industries
First Indian Company to List on BSE via IBC Pre-Packaged Route | July 2026
Company Snapshot
Lord’s Mark Industries Ltd., founded 1998 in Mumbai by Dr. Sachidanand Upadhyay (MD), started as a copier paper manufacturer (“Sapphire” brand). Now a diversified conglomerate across three verticals: (1) IVD & MedTech, (2) Renewable Energy & Smart LED, and (3) Paper. By FY24, IVD and Energy/LED each contributed ~41% of revenue. Revenue targets: ₹650 Cr (FY25) and ₹950 Cr (FY26). Market cap at listing: ~₹2,688 Cr. Headquarters: Thane, Maharashtra.
Business Verticals
MedTech & Diagnostics: 25-year BARC agreement for cancer/TB detection equipment; IIT Bombay partnership for AI-enabled sickle cell testing (₹650 Cr govt. project, 5% royalty to IIT-B); ICMR-approved rapid kits (LordsMed); E-Smart Clinics for rural areas; AI-powered Remote Patient Monitoring (RPM) via Texas subsidiary (75% stake, $1M US order); saliva-based genome testing (MyDNA, with Dozee); 30+ patents and technology licences. Recently acquired 30% in Aivita Pvt. Ltd. for robotic surgery (July 2026).
Renewable Energy & LED: In-house “Praak” brand supplies ~40% of Vande Bharat train lighting; Ministry of Defence contract (until 2028); solar rooftop projects in UP/Bihar (Saubhagya Scheme); smart solar street lighting in Ayodhya & Varanasi; ₹300 Cr order pipeline.
Listing Route — Reverse Merger via PPIRP
Lord’s Mark bypassed the traditional IPO route. Instead, it merged into Kratos Energy & Infrastructure Ltd. (KEIL) — a dormant BSE-listed shell (10 lakh shares, no operations) that had initiated a Pre-Packaged Insolvency Resolution Process (PPIRP) under the IBC in Feb 2024. Lord’s Mark entered as the strategic investor.
Key steps: (1) Dr. Upadhyay acquired KEIL promoter’s 49% stake + launched mandatory open offer at ₹30/share. (2) NCLT Mumbai approved the resolution plan (July 28, 2025). (3) Share swap: 1 LMI share (₹5 FV) = 1.25 KEIL shares (₹10 FV); post-merger shares expanded to ~22.60 Cr. (4) KEIL renamed Lords Mark India Ltd. (5) BSE listing on July 9, 2026; Opening Bell Ceremony at BSE Heritage Hall on July 10. This is the first-ever Indian listing via the IBC PPIRP framework.
Promoter & Governance
Promoter-led by MD Dr. Sachidanand H. Upadhyay. 7-member board includes ED Manav Kishore Teli (20+ yrs, IVD head) and 4 independent directors. Post-NCLT allotments to promoter group (Neetu Upadhyay, Shakuntla Upadhyay, Smitha Korgaonkar). BBB+ credit rating. 158 employees; 750+ professionals across group operations.
Forward Plans
Planned ₹500 Cr FPO (₹325 Cr for working capital); demerger of MedTech division into separate listed entity; NSE listing within one year; expansion into US/EU/Australia for RPM technology; early cancer detection facility by 2029.
Key Investor Considerations
Strengths: Structural growth sectors; differentiated IP (BARC, IIT-B); govt. contract visibility; novel listing route.
Risks: Reverse merger route draws institutional caution; FY25 annual report unavailable at listing; low ROE (10.8%, 3-yr); high debtor days (341); massive post-merger dilution (old KEIL holders at ~0.44%); 6-month lock-in for pre-IPO investors.
Disclaimer: For informational purposes only. Not investment advice. Conduct independent due diligence.