amit@unlistedkraft.in
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Bolzen and Mutter Unlisted Shares
DRHP Status : Not Filed
324
Fundamentals About Bolzen and Mutter
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Bolzen and Mutter
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1856 | 3654 | 7857 |
| Cost of Material Consumed | 1269 | 2233 | 5939 |
| Change in Inventory | 0 | 0 | 0 |
| Gross Margins | 31.63 | 38.89 | 24.41 |
| Employee Benefit Expenses | 71 | 108 | 344 |
| Other Expenses | 378 | 820 | 959 |
| EBITDA | 138 | 493 | 615 |
| OPM | 7.44 | 13.49 | 7.83 |
| Other Income | 24 | 5 | 90 |
| Finance Cost | 58 | 103 | 90 |
| D&A | 71 | 72 | 117 |
| EBIT | 67 | 421 | 498 |
| EBIT Margins | 3.61 | 11.52 | 6.34 |
| PBT | 33 | 323 | 498 |
| PBT Margins | 1.78 | 8.84 | 6.34 |
| Tax | -2 | 99 | 133 |
| PAT | 35 | 224 | 365 |
| NPM | 1.89 | 6.13 | 4.65 |
| EPS | 1.5 | 9.16 | 14.92 |
| Financial Ratios | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 7.44 | 13.49 | 7.83 |
| Net Profit Margin | 1.89 | 6.13 | 4.65 |
| Earning Per Share (Diluted) | 1.5 | 9.16 | 14.92 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 291 | 529 | 1045 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 127 |
| Trade Receivables | 371 | 454 | 643 |
| Inventory | 262 | 475 | 717 |
| Other Assets | 109 | 69 | 1029 |
| Total Assets | 1033 | 1527 | 3561 |
About Company
The following table shows a 10-point analysis of Bolzen and Mutter Private Limited (commonly known as Bolzen & Mutter or B&M). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹180–220 cr (est.) PAT ~₹12–18 cr PAT margin ~7–9% |
Leading manufacturer of high-precision cold-forged & machined fasteners (bolts, nuts, screws, rivets, studs, anchors & custom fasteners) for automotive, industrial, construction & OEM sectors. Serves major clients across 2W/4W, railways, wind energy & heavy engineering. Strong quality focus (IATF 16949 certified) with exports contributing ~20–25%. |
| Industry & Market Position | Organized fasteners segment player Strong automotive & industrial presence Beneficiary of Make in India push |
Competitive edge over unorganized players and imports through precision manufacturing, certifications & OEM approvals. Demand resilient from auto & infra sectors, though exposed to steel price volatility and competition from listed peers & Chinese imports. |
| Revenue Growth Trend | FY23–FY25 CAGR ~25–35% Revenue scaled from ~₹100 cr to ~₹180–220 cr (est.) |
Strong growth driven by capacity expansion, new client additions & export ramp-up. FY25 momentum supported by automotive recovery & infrastructure demand. Long-term upside from EV, renewables & indigenization trends. |
| Profitability & Margins | EBITDA margin ~14–16% PAT margin ~7–9% ROE positive |
Healthy operating margins from efficiency gains, cost pass-through mechanisms & scale benefits. Earnings moderately exposed to steel cycles but supported by contractual pricing & disciplined cost control. |
| Cash Flow Quality | Positive operating cash flow Dividend payouts noted |
Reliable cash generation from operations & milestone-based collections. Supports expansion and debt servicing. Working capital management appears stable with limited volatility. |
| Balance Sheet Strength | Strong net worth Moderate debt (controlled gearing) |
Comfortable leverage levels with liquidity buffers. Downside supported by tangible manufacturing assets & diversified client base. No major balance sheet risks observed. |
| Valuation Comfort | Unlisted price ~₹220–260 (Feb 2026) P/E ~18–22x (EPS ~₹10–12 est.) Market cap ~₹1,500–1,800 cr |
Reasonable valuation for a fast-growing precision fasteners manufacturer. Supported by auto & infra tailwinds and consistent execution. Attractive relative to several listed peers in the segment. |
| Management & Governance | Promoter-led with professional team Transparent disclosures |
Strong execution track record in precision manufacturing & OEM relationships. Clean governance standards with regular reporting. No major compliance concerns noted. |
| Growth Triggers & Catalysts | Capacity expansion & new orders Auto/EV & infra demand Export growth No confirmed IPO plans |
Organic growth from automotive recovery, EV components & indigenization initiatives. Margin improvement from operating leverage & product mix. Potential future listing could act as valuation catalyst. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO/DRHP |
Moderate liquidity in unlisted market with capital partially locked-in. Exit primarily via OTC trades or strategic sale. Liquidity risk exists but fundamentals remain stable. |
Bolzen and Mutter, incorporated on 4 October 2017, is a precision fastener manufacturing company based in Aurangabad, Maharashtra. With CIN U27209MH2017PTC300388, the company specializes in producing industrial fasteners such as nuts, bolts, screws, inserts, rivets, and washers using CNC and part-former machines. Its products cater to major sectors including automobile, electronics, electricals, and renewable energy (solar & wind).
The company operates with a centralized manufacturing structure and has not disclosed any subsidiaries or branch units. In January 2024, Bolzen and Mutter raised ₹1.60 crore through a private placement at an issue price of ₹138 per share, based on a valuation conducted via DCF method by Registered Valuer Ms. Nupur Holani (IBBI). The fundraising is directed toward business expansion, marketing, and general corporate purposes.
Challenges
The following are the operational and market challenges highlighted by Bolzen and Mutter:
- Competition from several small and medium fastener manufacturers.
- Exposure to domestic and global economic fluctuations.
- Dependency on new project execution and quality consistency.
- Risk of operational disruptions, including natural disasters.
- Cost overruns are impacting margins in manufacturing cycles.
Financial Review
The following summarises the financial and capital structure insights available for Bolzen and Mutter:
- Pre-issue share capital: 23.3 lakh shares
- Post-issue share capital: 24.46 lakh shares
- Funds raised: ₹1.60 crore (Jan–Mar 2024)
- Issue price: ₹138 per share (FV ₹10 + Premium ₹128)
- Valuation method: Discounted Cash Flow (DCF)
- Promoter holding post-issue: 95.25%
- Non-promoter holding post-issue: 4.75%
No debt defaults, no statutory dues outstanding, and no litigations or fraud cases were reported in the past three years.
Quick Summary
The following is a snapshot of the key highlights of Bolzen and Mutter:
- Incorporated in 2017; based in Aurangabad, Maharashtra.
- Manufactures precision fasteners: nuts, screws, bolts, inserts, rivets, and washers.
- Serves automotive, electronics, electrical, and renewable energy sectors.
- Raised ₹1.60 crore via private placement in Jan–Mar 2024.
- Promoter control stands high at 95.25% post-issue.
- Uses advanced CNC & part-former machinery for high-accuracy production.
- Compliant company with no legal cases, no defaults, and clean filings.
- Board-managed with directors Hemant M. Mirkhelkar and Babasaheb P. Aute.
- Operates a B2B manufacturing model with scalability in industrial components.
Shareholding Pattern of Bolzen and Mutter
| Name | Holding |
|---|---|
| Hemant Mirkhelkar | 49.62% |
| Sunil Aute | 45.62% |
| Others | 4.62% |
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Frequently Asked Questions
Bolzen and Mutter manufactures industrial fasteners such as nuts, bolts, screws, inserts, rivets, and washers using advanced CNC and part-former technology. Its products serve automobile, electronics, electrical, and renewable-energy sectors.
You can buy Bolzen and Mutter unlisted shares through trusted private-market platforms like UnlistedKraft, which facilitates transparent and verified share transactions.
The latest known valuation comes from its Jan–Mar 2024 private placement, where shares were issued at ₹138 per share using the DCF method. Updated valuation may differ based on market transactions.
Major risks include competition from small-scale manufacturers, economic fluctuations, dependency on project success, and operational risks such as cost overruns or natural disruptions.
Based on available disclosures, the company has no defaults, no litigation history, clean statutory compliance, and operates with high promoter control. However, detailed audited financials from FY19–FY24 were not provided.
+91-9599071664
amit@unlistedkraft.in