The company plans to utilize the IPO proceeds to establish a new manufacturing facility, expand its product portfolio and cater to rising domestic as well as international demand for catalysts, adsorbents and ceramic balls—critical products used across refineries, petrochemical complexes, steel plants, fertilizer units and other process industries.
“We are currently operating at nearly 90% of our manufacturing capacity and have an order backlog of almost five to six months. The IPO is a natural step in our growth journey, as it will help us expand capacity, strengthen working capital and support the development of new products,” said Savan Patel, Managing Director, Devson Catalyst Limited.
The company has already acquired land for the proposed manufacturing facility and finalized machinery vendors, allowing it to move ahead with expansion soon after the IPO.
According to Patel, the additional capacity will not only address existing demand but also enable Devson Catalyst to move into higher-value catalyst products.
“Our existing order pipeline gives us confidence that the new facility will begin contributing from the very start. Alongside capacity expansion, we are continuously investing in R&D to develop advanced catalyst solutions that cater to more complex industrial applications and offer better value addition,” he said.
Founded in 2004, Devson Catalyst has evolved from manufacturing ceramic insulators to becoming an integrated manufacturer of catalysts, adsorbents and ceramic balls. Today, the company supplies products to leading Indian refiners including IOCL, BPCL, Reliance, Nayara Energy and GAIL, besides serving customers across the steel, fertilizer and power sectors.
Patel believes the company’s biggest competitive advantage lies beyond manufacturing.
“This is not just a product business; it is a technology-driven business. Customers require technical expertise, process understanding, pilot testing and performance guarantees along with the product. Our in-house R&D and technical teams work closely with customers throughout the lifecycle of the catalyst, which creates long-term relationships and high entry barriers,” he explained.
He added that while several multinational companies operate in this segment, Devson Catalyst has positioned itself as one of the few indigenous manufacturers offering catalysts, adsorbents and ceramic balls under one roof.
The Managing Director also sees strong tailwinds from the government’s ‘Make in India’ initiative and increasing investments in India’s refining and petrochemical sectors.
“India’s refining capacity continues to expand, while public sector companies are increasingly encouraged to procure domestically through the GeM platform. As an MSME and a Make in India manufacturer, we benefit from this policy environment, which supports indigenous manufacturing and reduces dependence on imports,” Patel said.
Beyond the domestic market, exports remain an important growth pillar for the company.
Currently, exports contribute around 45% of Devson Catalyst’s revenue, with products being supplied to nearly 20 countries.
Looking ahead, the company plans to deepen its international presence by entering additional markets with significant refining activity.
“We see strong opportunities in countries such as Russia, South Korea and South Africa, where refining investments continue to grow. At the same time, India itself is witnessing large refinery and petrochemical expansion projects, creating substantial opportunities for domestic manufacturers like us,” he said.
Despite global uncertainties, Patel said the company remains confident about managing supply chain challenges, primarily because most of its raw materials are sourced domestically.
“Nearly 95% of our raw materials are procured from Indian suppliers, which ensures supply consistency and minimizes dependence on imports. This has helped us maintain operational stability despite fluctuations in global markets,” he noted.
Following the proposed capacity expansion, Devson Catalyst aims to sustain consistent business growth while increasing its presence in higher-value catalyst segments.
“Our objective is not only to increase production but also to manufacture more advanced and higher-value catalyst products. That will strengthen both our competitiveness and long-term profitability,” Patel said.
Sharing his message for investors, Patel expressed confidence that India’s catalyst industry is entering a period of sustained growth, driven by industrial expansion and greater emphasis on domestic manufacturing.
“Catalysts and adsorbents continue to be heavily import-dependent in India. We believe this presents a significant opportunity for indigenous manufacturers. With our technical capabilities, established customer relationships, expanding product portfolio and planned capacity addition, we remain focused on creating long-term and sustainable value for our shareholders,” he concluded.
