1. Company Overview
Growest Industries Limited is an unlisted Indian manufacturing company focused on material handling equipment and industrial solutions.
The company manufactures equipment used for moving, lifting, positioning and storing materials across warehouses, factories, logistics centres and industrial facilities.
Its current product portfolio includes:
- Hand pallet trucks
- Electric pallet trucks
- Stackers
- Lift tables
- Drum-handling equipment
- Platform trucks
- Trolleys
- Pallets
- Industrial material-handling equipment
- Customised material-handling solutions
The company operates manufacturing facilities in Silvassa and Bhiwandi, with its corporate office in Mumbai. Its current website states that it has 15+ years of industry experience, 500+ products and 50,000+ sq. ft. of manufacturing facilities.
2. Important Corporate History
There is an important point investors should understand before evaluating Growest.
The current legal entity is:
Growest Industries Limited
CIN: U22209MH2022PLC380737
The company was incorporated on 18 April 2022.
Older public records show that the entity previously had CIN U74999MH2022PLC380737 and was known as Growest E-Auctioneers Limited. Some older websites still describe the company as a recycled-plastic/e-auction business.
Current company information and the company’s present website instead identify the business as Growest Industries Limited, focused on material-handling equipment.
Therefore, investors should rely on the latest MCA filings and current corporate documents when assessing the present business.
3. Company Details
| Particular | Details |
|---|---|
| Company | Growest Industries Limited |
| Former Name | Growest E-Auctioneers Limited |
| Incorporated | 18 April 2022 |
| CIN | U22209MH2022PLC380737 |
| ISIN | INE0W2R01012 |
| Status | Unlisted Public Company |
| Registered Office | Malad East, Mumbai |
| Manufacturing | Silvassa & Bhiwandi |
| Industry | Material Handling Equipment |
| Sector | Industrial Manufacturing |
| Paid-up Capital | ~₹8.22 Cr |
| Authorised Capital | ₹10 Cr |
| Face Value | ₹10 |
| Current Indicative Price | ~₹197/share* |
| Outstanding Shares | ~87.86 lakh |
| IPO | No DRHP identified |
| Website | Growest |
*Private/unlisted-market reference price; not an NSE/BSE traded price. Moneycontrol showed ₹198.25 in its latest available snapshot, while another unlisted-market source showed ₹197.
4. What Does Growest Do?
Growest operates in the material-handling equipment (MHE) industry.
Material-handling equipment is used throughout the industrial supply chain to move goods safely and efficiently.
A typical customer may use Growest products to:
Receive → Move → Lift → Store → Retrieve → Dispatch
This makes the company’s products relevant to:
- Warehouses
- Manufacturing plants
- Logistics companies
- E-commerce fulfilment centres
- Automotive companies
- Pharmaceutical companies
- Food-processing companies
- Construction companies
- Chemical companies
- Agriculture
- Mining
- Waste-management businesses
The company’s current website specifically lists manufacturing, logistics, warehousing, construction, e-commerce, chemical & fertiliser, automotive & aerospace, mining & energy, pharmaceutical & food, agriculture and waste management among the industries it serves.
5. Product Portfolio
Growest has a relatively broad product portfolio.
Manual Equipment
- Hand pallet trucks
- Stainless-steel pallet trucks
- Manual stackers
- Platform trolleys
- Drum carriers
- Drum lifters
Electric Equipment
- Electric pallet trucks
- Semi-electric stackers
- Fully electric stackers
- Electric platform trucks
- Reach trucks
Lifting Equipment
- Scissor lift tables
- Hydraulic equipment
- Drum lifting systems
- Material positioning equipment
Industrial Equipment
- Platform trucks
- Tow trucks
- Pallets
- Customised industrial solutions
The company’s website currently claims 500+ products, suggesting that the business is attempting to compete through breadth of product offering rather than a single-product strategy.
6. Manufacturing Infrastructure
Growest currently lists manufacturing operations in:
Silvassa
A manufacturing facility in Dadra & Nagar Haveli and Daman & Diu.
Bhiwandi
A manufacturing facility at Rajlaxmi Sulzer Park, Bhiwandi, Maharashtra.
The company states that its manufacturing capabilities include:
- Fabrication
- Machining
- Welding
- Assembly
- Injection moulding
- Quality inspection
- Product testing
Its current website describes the combined manufacturing footprint as 50,000+ sq. ft.
7. Manufacturing Model
One of Growest’s stated advantages is its attempt to maintain several manufacturing processes in-house.
The company says this allows it to maintain greater control over:
- Product quality
- Customisation
- Manufacturing cost
- Product development
- Production timelines
This can be particularly important in B2B industrial equipment because customers often require products customised for specific warehouse or factory applications.
8. Industry Opportunity
The material-handling industry benefits from several structural trends in India.
E-commerce
Expansion of e-commerce requires increasingly sophisticated warehousing and fulfilment infrastructure.
Warehousing
Modern warehouses require pallet trucks, stackers, lifts and other equipment to improve productivity.
Manufacturing
Growth in India’s manufacturing ecosystem increases demand for internal material movement.
Logistics
India’s logistics sector is gradually moving toward more organised and technology-enabled operations.
Make in India
Increasing domestic manufacturing can support demand for locally manufactured industrial equipment.
Warehouse Automation
The shift from manual handling toward semi-electric and electric equipment creates an opportunity for manufacturers with a broad product portfolio.
9. Competitive Landscape
Growest operates in a competitive industry.
Depending on the product category, competitors can include:
- Godrej Material Handling
- Voltas Material Handling
- Toyota Material Handling
- KION Group
- Jungheinrich
- Maini
- Nilkamal
- Local and regional MHE manufacturers
The competitive environment varies substantially by product.
For basic pallet trucks and trolleys, price competition can be intense.
For electric equipment and specialised solutions, technology, after-sales service, reliability and total cost of ownership become more important.
10. Competitive Positioning
Growest’s current positioning appears to be based on:
Wide Product Range
The company claims 500+ products.
Manufacturing Capability
In-house manufacturing across fabrication, machining, welding and assembly.
Customisation
Ability to customise products for specific industrial requirements.
Make in India
Domestic manufacturing provides an alternative to imported equipment for certain customers.
Multi-Industry Exposure
The company does not depend on a single end market.
11. Financial Performance
This is the section where investors should exercise extra caution.
Publicly accessible databases currently provide detailed audited financial information only through FY2024 for this entity.
The FY2024 revenue reported by The Company Check was approximately:
₹14.74 Cr
representing approximately 135% year-on-year growth.
Another corporate-information database reports FY2024 revenue in the ₹10–25 Cr range and shows strong year-on-year changes in several financial metrics. However, the detailed absolute P&L numbers are behind its paid database.
FY2024 Revenue
₹14.74 Cr
Revenue Growth
Approximately 135% YoY
This represents strong growth from a relatively small base.
12. Financial Data Availability – Important
Unlike many larger unlisted companies, Growest does not currently have a comprehensive public investor-relations section containing detailed FY2025/FY2026 audited financial statements.
Therefore, it would be inappropriate to present an unverified FY2025 or FY2026 revenue/PAT number as fact.
For serious valuation work, investors should obtain:
- Latest audited financial statements
- Latest balance sheet
- Latest P&L
- Cash-flow statement
- Notes to accounts
- Related-party transactions
- Auditor’s report
- Latest shareholding
This is particularly important because the company’s business appears to have evolved significantly from the older e-auction/recycling-related public descriptions.
13. Capital Structure
Current public corporate information shows:
Authorised Capital: approximately ₹10 Cr
Paid-up Capital: approximately ₹8.22 Cr
Outstanding Shares: approximately 87.86 lakh
Face Value: ₹10/share.
At an indicative private-market price around ₹197/share, the implied equity value is approximately:
₹173 Cr
Moneycontrol’s latest available snapshot similarly showed a market capitalisation of approximately ₹173.08 Cr.
14. Indicative Valuation
At approximately ₹197/share:
87.86 lakh shares × ₹197
≈ ₹173 Cr implied equity value
However, the valuation cannot be properly assessed using P/E or EV/EBITDA without the latest audited FY2025/FY2026 financial statements.
Therefore, investors should not rely solely on the quoted unlisted-market price.
The key question is:
Can Growest scale its manufacturing business sufficiently to justify a ₹170+ Cr valuation?
15. Historical Financial Context
Public FY2024 information indicates:
Revenue: ₹14.74 Cr
while the company’s current website presents a substantially broader manufacturing proposition, including:
- 500+ products
- 50,000+ sq. ft. facilities
- Silvassa manufacturing
- Bhiwandi manufacturing
- PAN-India market presence
- Export ambitions
This creates a potentially interesting scale-up story, but investors need current financial evidence to establish whether the operational expansion is translating into revenue and cash flow.
16. Management
The current public information identifies Jayanti Lal Mali as the founder/CEO/Managing Director.
Other management/director profiles include:
Jayanti Lal Mali
Founder and Managing Director.
The company’s website describes him as the driving force behind Growest’s expansion and says he has a background in commerce, finance and strategic management.
Shailesh Milind Kadam
Executive Director involved in factory operations, quality, production planning and manufacturing.
Greg Placid Dsouza
Executive Director with experience in polymer/industrial manufacturing, procurement and costing.
Deepak Thombare
Business Head with experience in material-handling equipment and national sales/channel development.
The current company website also identifies a broader leadership team covering manufacturing, commercial operations, finance and sales.
17. Promoter / Management Considerations
Management appears to have a significant role in the company’s business development and manufacturing expansion.
For an unlisted investment, however, investors should examine:
- Promoter shareholding
- Shares pledged, if any
- Related-party transactions
- Loans to/from directors
- Group-company transactions
- Auditor qualifications
- Corporate guarantees
- Outstanding charges
Public MCA-derived information currently indicates approximately ₹3.6 Cr of open charges on the company.
The existence of a charge does not by itself indicate financial stress; it should be evaluated against the underlying borrowing and security documents.
18. Growth Drivers
1. Warehouse Expansion
India’s warehousing infrastructure is becoming increasingly organised.
2. E-commerce
E-commerce fulfilment centres require efficient internal material movement.
3. Manufacturing Growth
Industrial expansion creates demand for material-handling equipment.
4. Electric Equipment
Customers are gradually moving from purely manual equipment toward electric and semi-electric solutions.
5. Customisation
Industrial customers often need application-specific equipment.
6. Export Opportunity
The company states that it has ambitions for domestic and international markets.
7. Product Expansion
A wide product catalogue allows cross-selling across the same customer base.
19. Key Risks
1. Small Revenue Base
FY2024 revenue of ₹14.74 Cr remains small relative to the implied ₹170+ Cr equity valuation.
2. Limited Public Financial Disclosure
Detailed recent financials are not easily available through the company’s website.
3. Valuation Risk
At approximately ₹197/share, the implied market capitalisation is around ₹173 Cr.
Without current earnings and cash-flow data, determining whether this valuation is attractive is difficult.
4. Competition
The industry includes established multinational and Indian players with significantly greater scale.
5. Working Capital
Industrial manufacturing businesses can require substantial working capital because of:
- Inventory
- Receivables
- Raw materials
- Dealer credit
6. Customer Concentration
If a meaningful portion of revenue comes from a small number of industrial customers, earnings could be volatile.
7. Commodity Prices
Steel, components and other raw-material prices can affect margins.
8. Unlisted Liquidity
There is no continuous NSE/BSE market for the shares.
An investor may have difficulty exiting at the desired price.
9. Corporate Transition
The historical public information around Growest contains different business descriptions, making it especially important to verify the latest audited accounts and legal documents before investing.
20. IPO Status
As of September 2026, I could not identify a DRHP filed by Growest Industries Limited.
Public unlisted-market data also currently indicates:
DRHP Filed: No.
Therefore, investors should not assume that a near-term IPO is confirmed.
21. Unlisted Share Price
Available private-market references in September 2026 show Growest around:
₹197–₹198/share
Moneycontrol’s latest available snapshot showed:
- Price: ₹198.25
- Market Capitalisation: ₹173.08 Cr
- 52-week high: ₹199.50
- 52-week low: ₹94.50
Another unlisted-market source showed ₹197/share.
These are indicative unlisted-market references, not exchange-traded prices.
Actual buy/sell prices can differ based on:
- Quantity
- Seller availability
- Buyer demand
- Transfer process
- Brokerage
- Transaction timing
22. What Makes Growest Interesting?
The potential investment story is based on:
Material Handling Equipment
↓
Manufacturing Capacity
↓
Warehouse & Logistics Growth
↓
E-commerce + Manufacturing Capex
↓
Electric & Automated Equipment
↓
Potential Scale-Up
The company is operating in an industry with multiple structural demand drivers.
Its relatively broad product range could also allow it to sell multiple products to the same industrial customer.
23. What Needs to Be Proven?
The investment thesis still requires evidence on several fronts.
Revenue Scale
Can the company move materially beyond its FY2024 ₹14.74 Cr revenue?
Margin
Can manufacturing scale generate sustainable EBITDA margins?
Cash Flow
Does accounting profit convert into operating cash?
Working Capital
How much capital is required to support growth?
Customer Base
How diversified are customers?
Manufacturing Utilisation
How much of the available manufacturing capacity is currently utilised?
Export Business
How significant are exports relative to domestic sales?
FY2025/FY2026 Financials
This is perhaps the most important missing piece for valuation.
24. Company Snapshot
| Parameter | Growest Industries |
|---|---|
| Industry | Material Handling Equipment |
| Incorporated | 18 April 2022 |
| Current Name | Growest Industries Limited |
| Former Name | Growest E-Auctioneers Limited |
| CIN | U22209MH2022PLC380737 |
| ISIN | INE0W2R01012 |
| Status | Unlisted |
| Headquarters | Mumbai |
| Manufacturing | Silvassa & Bhiwandi |
| Products | 500+ claimed |
| Manufacturing Footprint | 50,000+ sq. ft. claimed |
| FY2024 Revenue | ₹14.74 Cr |
| FY2024 Revenue Growth | ~135% |
| Paid-up Capital | ~₹8.22 Cr |
| Outstanding Shares | ~87.86 lakh |
| Indicative Price | ~₹197–198 |
| Implied Market Cap | ~₹173 Cr |
| DRHP | Not identified |
| IPO | No confirmed timeline |
25. Investment Perspective
Growest is an early-stage industrial manufacturing opportunity, rather than a mature listed-equivalent business.
The positive side of the story is:
✔ Material-handling industry exposure
✔ Broad product portfolio
✔ Manufacturing facilities
✔ Silvassa + Bhiwandi presence
✔ Warehouse/logistics/manufacturing tailwinds
✔ Customisation capabilities
✔ Potential for electric-equipment growth
The concerns are equally important:
⚠ Small reported revenue base
⚠ Limited recent financial disclosure
⚠ Competitive industry
⚠ Working-capital requirements
⚠ Unlisted liquidity
⚠ Current valuation requires substantial future growth
⚠ Historical corporate/business descriptions require careful verification
In other words, the opportunity is primarily a scale-up thesis. The most important future indicator will be whether the company’s manufacturing expansion translates into strong, recurring revenue and cash-flow growth.
26. Important Links
Growest Official Website:
Growest Industries – Official Website
Company Overview:
Growest Industries – About Us
Product & Manufacturing Information:
Growest Industries – Products & Manufacturing
Unlisted Share Information:
Growest Industries – Unlisted Share Information
Market Reference:
Growest Industries – Moneycontrol
Corporate Information:
Growest Industries – Corporate Records
27. Disclaimer
This report is prepared for investor education and informational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns.
Growest Industries Limited is an unlisted company. Its shares do not trade on NSE/BSE and private-market prices are indicative. Actual transaction prices, availability and liquidity may vary.
The company’s historical public records contain different business descriptions associated with its earlier name/CIN history. Investors should therefore obtain and verify the latest audited financial statements, MCA filings, shareholding, related-party transactions, charges and corporate documents before entering into any transaction.
FY2024 is the latest detailed audited financial period readily verifiable from the public sources reviewed for this report. No unverified FY2025/FY2026 financial numbers have been presented as fact.
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