Nagpur-based Kataline Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing an initial public offering comprising a fresh issue of up to 43,00,000 equity shares and an offer for sale of up to 43,00,000 equity shares by promoter selling shareholders Amit Arvind Thatte and Ketaki Amit Thatte. The company may also consider a pre-IPO placement of up to 6,70,000 equity shares, subject to applicable regulations.
Kataline, incorporated in 2008, has expanded from manufacturing road-marking paint into an integrated traffic safety business covering road safety marking products, in-house quality testing, distribution and project execution. The company operates across road safety marking materials and components and provides end-to-end project execution using specialised equipment and trained manpower.
Kataline IPO: Use Of Fresh Issue Proceeds
The net proceeds from the fresh issue are proposed to be used for working capital requirements, upgrading the company's manufacturing facility, purchasing project execution equipment and general corporate purposes.
Kataline manufactures products across four categories: hot-applied thermoplastic marking materials, cold-applied plastic materials, water- and solvent-based road safety marking paints, and road safety components and devices.
Hot-applied thermoplastics accounted for 84.82 percent of revenue from operations in FY2026. The products are used for flat-line, broken-line, arrow, chevron and bar markings on medium- and heavily trafficked roads and highways. The company also produces profiled and dot markings intended to provide audible and vibratory alerts to drivers.
Kataline Road Safety Projects And FIA-Listed F1 Paint
Kataline has completed more than 60 projects with a contribution of over ₹50 lakh each during the preceding three fiscals. Its project portfolio covers highways, expressways, airports, smart cities and urban infrastructure.
Projects listed in the DRHP include the Samruddhi Mahamarg, Delhi–Vadodara Expressway, Eastern Peripheral Expressway, Ganga Expressway, Bundelkhand Expressway, Raipur–Visakhapatnam Economic Corridor Expressway, Purvanchal Expressway and Chennai Peripheral Ring Road. The company has served customers across 24 states and union territories in India.
The company has also developed specialised road-marking paint for Formula 1 racing circuits. According to its DRHP, Kataline is among the few manufacturers globally, one of two manufacturers from Asia and the only manufacturer from India currently listed by the Fédération Internationale de l'Automobile (FIA) with paint homologated to FIA Standard 3503-2019 for motor racing circuits.
Kataline Expands Into Infrastructure Protection
Beyond road-marking products and project execution, Kataline has expanded into adjacent infrastructure protection and sustainable urban infrastructure applications through products including Trakguard and Flexipave.
The company plans to expand its presence in specialised road safety applications, including pedestrian-zone markings, black-spot remediation and advanced road-stud systems.
Kataline Financial Performance FY2026
Kataline's revenue from operations increased 38.79 percent to ₹220.58 crore in FY2026 from ₹158.93 crore in FY2025. EBITDA rose to ₹36.26 crore from ₹24.46 crore, while the EBITDA margin increased to 16.44 percent from 15.39 percent.
Restated profit after tax increased 61.15 percent to ₹26.83 crore in FY2026 from ₹16.65 crore in FY2025. Revenue from sale of services increased 92.68 percent to ₹65.57 crore from ₹34.03 crore.
According to the CAREEdge Report cited in the DRHP, Kataline was the largest company in India providing end-to-end traffic safety project execution services by revenue from sale of services in Fiscal 2025.
The company's integrated model covers manufacturing, quality control, distribution and on-site project execution. It has served customers across 24 states and union territories over the last three fiscals.
The DRHP also cites data indicating that India accounted for 7.18 percent of the global protective coatings market in CY2025. The Indian protective coatings market is projected to increase from ₹10,816.93 crore in CY2025 to ₹15,366.25 crore in CY2030, representing a CAGR of 7.27 percent.
InCred Capital Financial Services and Ashika Capital are the book-running lead managers to the issue.