Company Overview

Rexpro Enterprises Limited was originally incorporated as 'Rexpro Enterprises Private Limited' on March 12, 2012. It has since emerged as a leading manufacturer of retail fixtures and displays in India. Subsequently, the Company was converted into a Public Limited Company, and a fresh Certificate of Incorporation dated August 9, 2024, was issued. The company was listed on NSE SME on January 29, 2025, following a successful IPO at ₹145 per share.

Based in Vasai, Maharashtra, the group has also diversified into home furniture, institutional projects, and industrial fabrication. What began as a specialized furniture and fixture provider for retailers has evolved into a comprehensive manufacturing enterprise serving multiple sectors including retail, commercial, industrial, and infrastructure.

Business Model and Product Portfolio

#### Retail Fixtures and Displays

The company started as a one-stop solution to meet the furniture and fixture requirements for retailers, acquiring clients across multiple retail segments such as fashion, lifestyle, electronics, grocery, beauty, and telecom. Rexpro has created complete standalone stores, shop-in-shops, kiosks, and displays for leading global brands and several large Indian retailers.

The company's impressive client portfolio includes leading brands such as Shoppers Stop, Samsung (through One RX India Private Limited), Hindustan Unilever, Lenskart, Marks & Spencer, Reliance India Private Limited, and Godrej & Boyce Manufacturing Company Limited. Its products, made from wood, metal, and other materials, undergo all manufacturing processes in-house to ensure quality and timely delivery. The company operates on a B2B model.

#### Commercial and Institutional Furniture

Leveraging its multi-material manufacturing capability for customized products, Rexpro Enterprises has diversified into commercial and institutional furniture for multiple segments. Initially established to provide furniture and fixture solutions for retailers, Rexpro Enterprises has expanded its portfolio to include commercial, institutional, and home furniture.

#### Industrial Products

The company's offerings extend to industrial products such as racks, cabinets, and trolleys. With the rise of e-commerce and logistics, Rexpro Enterprises manufactures racking systems and fixtures for the warehousing industry.

#### Infrastructure Solutions

The company has strategically entered the infrastructure sector, recognizing the opportunities in India's growing infrastructure development. India has witnessed high growth in the infrastructure sector, with roads and metros being integral parts. To enter this sector, the company initiated the manufacturing of sound barriers, which are now installed on a few flyovers in Mumbai, helping to reduce noise pollution and providing a better environment to the neighborhood.

The company has also ventured into infrastructure products like high-precision double doors for metro stations (platform screen doors), enhancing safety and reducing noise pollution.

Financial Performance and Market Position

#### Current Market Metrics

As of June 19, 2025, Rexpro Enterprises Ltd (REXPRO)'s share price on NSE is ₹83.10, and the current market capitalization is ₹95.25 Crore. The current PE ratio is 11.89, and the current PB ratio is 1.54. The company's 52-week high share price is ₹120.00, and the 52-week low share price is ₹73.35.

#### Financial Performance

The company recorded revenue from operations of ₹49.54 Crore and net profit of ₹4.08 Crore for the period ending September 30, 2024. The company's profit after tax stood at ₹5.18 Crore in FY 2023-24, a significant increase compared to ₹63 Lakh in FY 2022-23. Income was at ₹83 Crore in FY 2023-24, compared to ₹62.89 Crore in FY 2022-23, showing substantial growth in profitability.

Manufacturing Capabilities and Operations

The company has three manufacturing units located in Vashi, Maharashtra. As of September 30, 2024, the company had a total employee strength of 65 employees on a permanent basis, and an additional 126 on a contractual basis. The company's products are mainly made from wood and metal or a combination thereof. It also uses various support materials like laminates, paints, acrylics, prints, solid surfaces, and LEDs for accessorizing and finishing the final products.

Leadership and Management

The main management includes Premal Niranjan Shah as Chairman and Khushboo Nilesh Rawat as Company Secretary for Rexpro Enterprises Ltd. The Promoters of the company are Minesh Anilbhai Chovatia, Premal Niranjan Shah, Ragesh Deepak Bhatia, and Ravishankar Sriramamurthi Malla.

Recent Corporate Actions and IPO Details

Promoter holding in Rexpro Enterprises Ltd decreased to 66.98% as of January 2025 from 100.00% as of August 2024, following the public listing. The IPO was a combination of a fresh issue of 32.50 lakh shares aggregating to ₹47.13 Crores and an offer for sale of 4.50 lakh shares aggregating to ₹6.53 Crores, priced at ₹145 per share.

The Company proposes to utilize the Net Proceeds from the Issue towards funding working capital requirements, equipment purchases, and factory renovation. The company's debut on the stock market was challenging, with shares opening at ₹117, marking a significant 19% discount from its initial public offering (IPO) price of ₹145. The stock's performance further declined, hitting its lower circuit limit of 5% and settling at ₹111.15.

Rexpro Enterprises represents a growing player in India's diversified manufacturing sector, with strong capabilities across retail fixtures, commercial furniture, and emerging infrastructure solutions. The company's strategic positioning across multiple growth sectors, combined with its established client relationships and manufacturing expertise, positions it well for future expansion in India's evolving retail and infrastructure landscape.