Seemax Resources IPO

Seemax Resources operates in the Material Handling Equipment (MHE) industry and caters to a wide range of industries such as automotive, steel, glass, cement, textiles, engineering goods, warehousing and logistics, retail and e-commerce, ports and shipping, construction and infrastructure, aviation, and railways. Its business is divided into two major segments: Rental solutions and trading of material handling equipment.

It provides material handling equipment on rent along with value-added services such as Annual Maintenance Contracts (AMC), preventive maintenance, on-call technical support, and trained operators under the rental solutions segment. As of December 31, 2025, the company owned a fleet of 97 material handling equipment units, including battery forklifts, diesel forklifts, Hydra cranes, Battery Operated Pallet Trucks (BOPT), and reach trucks.

Under the trading of material handling equipment segment, the company supplies new equipment and also offers customised solutions based on customer requirements through authorised dealership arrangements with reputed global manufacturers. The rental business remains the primary revenue contributor to the company's business. During 9MFY26, rental income stood at ₹10.54 crore, contributing 91.73% of revenue from operations, while product sales contributed ₹0.94 crore or 8.27%.

The business is highly concentrated in Gujarat. For 9MFY26, 96.32% of total revenue was generated from Gujarat, while the balance revenue came from Union Territory Silvassa and export revenue generated through Special Economic Zone (SEZ) operations in Gujarat. During 9MFY26, the largest customer contributed 22.3% of total revenue. The top 10 customers together accounted for 79.7% of revenue from operations.