SARUP INDUSTRIES LTD.

Manufactures and sells shoes and shoe uppers from a Punjab-based operation with a manufacturing facility at Una, Himachal Pradesh. The business earns its entire revenue from this single footwear line — finished shoes sold under its own brand as well as shoe uppers supplied to other footwear players. In FY26, total revenue was Rs 16.08 crore, with materials accounting for 39.5% of revenue, employee costs 24.7%, and other operating expenses 21.5%, leaving depreciation at 3.5% and capex around 5.7% of revenue. A new brand, 'Lotus Bawa', was launched for men's real leather shoes, with a ladies' segment planned. Borrowings were cut from Rs 7.72 crore to Rs 3.08 crore in FY25, and a new machine was imported and installed at the Una plant. The promoter group holds 74.36% of the equity, and accumulated losses of Rs 2,400.51 lakh continue to keep reserves negative.