Pulsar Intl. BSE RI review - (Not Rated)

•    The company is engaged in integrated agri-supply chain management, with prime focus on perishable commodities -fruits and vegetables.
•    The company posted erratic financial performances for the reported periods.
•    Post-RI, its paid-up equity will stand six folds, indicating its servicing issue.
•    Promoters’ holding stands at NIL currently, indicating a major concern.
•    Though it’s at par offer, there is no harm in skipping this dicey bet.

ABOUT COMPANY:
Pulsar International Ltd. (PIL) is a Gujarat-based enterprise engaged in integrated agri-supply chain management (SCM) with a strategic focus on agriculture, technology-based agricultural applications, wholesale trade, and contract farming. The Company primarily operates in the procurement, processing, and distribution of perishable commodities, especially fresh fruits and vegetables. Through its integrated infrastructure and digital innovations, the company bridges the gap between rural production zones and high-demand urban markets, ensuring timely, efficient, and quality-driven delivery of agricultural produce.

The Company operates from three strategic locations: • Corporate Office: Palanpur, Gujarat – serving as the administrative and strategic centre, • Logistics & Warehousing Hub: Zak GIDC, Ahmedabad – equipped for post-harvest handling, storage, and dispatch, • Agri-Processing & Procurement Facility and Cold Storage: Village Santhal, District Mehsana – supporting regional sourcing, aggregation, and cold chain management.

This tri-location framework enables the Company to efficiently manage sourcing, processing, and distribution functions, thereby reducing lead times, maintaining freshness, and ensuring consistent supply across diverse markets.

The core business activities of the Company encompass an integrated and technology-driven approach to agricultural supply chain management. The Company’s operations primarily include (i) Farm-Sourcing and Aggregation, involving direct procurement of fresh produce from farmers, Farmer Producer Organizations (FPOs), and cooperatives through sustainable sourcing models; (ii) Innovative Digital Solutions for Agriculture, through proprietary platforms such as AgriSmart and FarmConnect that leverage artificial intelligence, data analytics, and automation to enhance productivity and transparency; (iii) Cold Storage and Services, offering temperature-controlled facilities for preservation, storage, and distribution of perishable commodities; (iv) Contract Farming, integrating advanced digital solutions to ensure traceable, efficient, and mutually beneficial relationships with farmers; and (v) Post-Harvest Management, comprising sorting, grading, packaging, and logistics services to maintain product quality and extend shelf life. Together, these activities form a seamless value chain connecting farm-level production with end-market delivery, ensuring efficiency, quality, and sustainability across the agri-business ecosystem.

The Company follows a farmer-first approach, emphasizing fair pricing, transparent dealings, technical training, and knowledge-sharing. Its field teams provide ongoing support in Good Agricultural Practices (GAP), pest management, and post-harvest handling. Through data-driven tools, PIL ensures end-to-end traceability and supply chain visibility from farm gate to end consumer.

PIL intends to expand its product portfolio, adopt environmentally sustainable practices, and explore opportunities in international markets. To strengthen its supply chain and maintain product freshness, it is planning to establish cold storage facilities and dedicated retail outlets in major cities of Gujarat. This expansion will enhance its ability to serve customers efficiently, reduce post-harvest losses, and improve value realization for both farmers and the Company. The offer document is silent on its employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 356950000 equity shares of Re. 1 each at par value to mobilize Rs. 35.70 cr. The RI opens for subscription on December 31, 2025, and will close on January 19, 2026. The company is offering RI in the ratio of 5 for 1 to its eligible stakeholders as of the record date of December 22, 2025. The company is asking for full money on application for the number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 1.00 cr. for this RI process, and from the net proceeds, it will utilize Rs. 5.70 cr. for capex on constructing cold storage facility, Rs. 7.00 cr. to finance activities related to contract farming, Rs. 13.35 cr. for working capital, and Rs. 8.65 cr. for general corporate purposes.

The RI is solely lead managed by the company itself., and Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue. KFin Technologies Ltd. is the RTA for the company.

Post-RI, company’s current paid-up equity capital of Rs. 7.14 cr. will stand enhanced to Rs. 42.83 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 42.83 cr. post-RI nearly six time paid-up capital raises major concern.

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit/ - (loss), of Rs. 19.78 cr. / Rs. 2.50 cr. (FY24), Rs. 31.17 cr. / Rs. 1.76 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 0.58 cr. on a total income of Rs. 15.48 cr. For the reported periods, it marked growth in its top line, but bottom line continued to decline.

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It has adopted a dividend policy, based on its financial performance and future prospects. 

SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 512591 (FV Re.1).
The scrip last closed on cum-right basis at Rs. 1.41 on December 19, 2025, and opened on an ex-right basis at Rs. 1.12 on December 22, 2025. Since then, it has marked a high/low of Rs. 1.54 / Rs. 1.11. The scrip last closed at Rs. 1.54 as of December 29, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 18.95 / Rs. 1.00. Currently the counter is under ASM ST: Stage 1.

The promoters’ holding stood NIL as of September 30, 2025, against 8.18% for the quarter ended June 30, 2025. The counter is trading well above the RI price, with market operations by vested interest operators.