I discovered the story of Ador Multi Products about two months back and started to tie the various loose ends I could find on the company. The result of all this effort is in the work we have pieced together below. This post is in no way a recommendation to buy/sell. It is just a humble submission from a part-time analyst and enthusiast who wants to put together his work in one place for the investor community to benefit and collaborate.
Disclosure: I am personally invested with an average buying price of Rs. 71 per share and I’d be on the look-out for the price coming to a reasonable range to add more.
Post starts below:
Executive Summary
Ador Multi Products Ltd., a contract manufacturer in the cosmoceutical space, has undergone a major change in ownership. The Pasricha family—known for building and exiting TCNS Clothing—acquired control through a preferential allotment and open offer, injecting approximately ₹44.3 crore into the business. The transaction brings in strong financial and intellectual capital, including professionals like architect Goonmeet Singh Chauhan and former NCRTC MD Vinay Kumar Singh. This acquisition marks the Pasricha family’s expanding interest into both consumer products and luxury real estate.
Thanks for reading Devesh’s Newsletter! Subscribe for free to receive new posts and support my work.
It will be very interesting to look at the size and scale this company acquires, especially considering it currently is a 30 Cr M-Cap company.
Transaction Overview
The acquisition of Ador Multi Products involved three main components: A preferential allotment of shares, a warrant allotment and an open offer
A. Preferential Allotment (May 2025)
Shares Issued: 4,887,356 equity shares
Warrants Issued: 9,312,364
Issue Price: ₹31.41 per share/warrant
Total Capital Raised: ₹44.3 crore
Approval: Received in-principle nod from BSE
B. Warrant Terms
Conversion: 1:1 ratio
Timeframe: Within 18 months
Exercise Price: 35 Rs per share
Payment: 25% upfront, 75% on conversion
C. Open Offer
Trigger: Change in control via Share Purchase Agreement (SPA)
Acquirers: Arvinder Singh Pasricha & Associates- including his daughter, son-in law and a family office
Public Announcement: March 22, 2025
Post-Transaction Shareholding
Pre-Transaction Equity Capital: ₹9.56 crore
Post-Transaction (Fully Diluted): ₹18.87 crore
Acquirer Holding: ~71.5% (68.39 lakh shares)
Key Stakeholders
Promoters
The Pasricha family, who built TCNS Clothing (brands: W, Aurelia, Wishful), sold the business to Aditya Birla Fashion in 2023 at a ₹3,000 crore valuation. TCNS clothing was initially a family based impex business trading in clothes.
However under the leadership of Arvinder and Onkar Pasricha, the company was transformed into a house of brands for contemporary ethnic wear targeting women between the ages of 25-40. They are credited with bringing in extensive research for these brands, private equity investments and were largely led by a professional team while this brand prospered.
Their newer business interest seems to be on the real-estate side because of a deep interest that Arvinder Pasricha acquired as he took part in the building of factories and office space while building TCNS
A small document detailing how Arvinder Pasricha got interested in real estate and how he has been nurturing this interest through different private projects
Warrant Allottees- Pure Pedigree Professionals On Board
Goonmeet Singh Chauhan: A celebrated architect (Select City Walk, Saket) and founder of DFI Architects. His profile, along with details of DFI can be found here.
Vinay Kumar Singh: Former MD of NCRTC; now appointed CFO of Ador. Both bring high professional pedigree and industry experience. He is credited with leading the fastest turnaround railway project in India- the NCR Rapid Metro Project. His detailed profile can be found here.
Business Profile: Ador Multi Products
Originally part of the JB Advani-Ador Group, Ador is a third-party manufacturer for cosmoceutical and personal care brands, with a production facility in Pondicherry.
Key Details
Capacity: Over 10 KL/kg per day
Utilization: 15% (liquids/creams), 35% (talcum)
Clients: Himalaya, Apollo Pharmacy, Wipro, TTK, Deconstruct, Cocomo, Indē Wild
The company had earlier expressed interest in launching its own branded products, marking a potential strategic pivot, however the plans didn’t fly.
From my conversation with Vinay Kumar Singh, I got a sense that they want to continue manufacturing business and launch a luxury real estate business with it.
New Ventures: Real Estate Play
Parallel to Ador’s acquisition, the Pasricha family launched WOCO Ventures, led by Angad Pasricha. Their flagship commercial property, WOCO-1, is located at the Delhi-Gurgaon border near Udyog Vihar Phase 3—a rapidly developing commercial zone. Details can be found here.
Architect: Designed by Goonmeet Singh Chauhan (DFI Architects)
Location: Extremely prime location in Udyog Vihar-Phase 3, near Mahipalpur Border with Delhi
The location of the project is near the Delhi Gurgaon border and close to Udyog Vihar Phase 3, a major upcoming commercial real estate location in Gurgaon. I was very surprised on how these guys got this land parcel
Tenants: Currently limited to Awfis Spaces
Reception: Strong initial user ratings (~20 reviews)
This move aligns with Arvinder Pasricha’s execution capability. The private entity was formed just five months ago and they have delivered on a project already. It will be very interesting to look at what they do with the listed entity.
Conclusion
The acquisition of Ador Multi Products appears to be a strategic play by the Pasricha family, combining their consumer product experience with infrastructure aspirations. The inclusion of top-tier professionals and real estate initiatives hints at a broader vision for Ador—possibly transforming it from a behind-the-scenes manufacturer to a consumer-facing and asset-backed brand.
Thanks for reading Devesh’s Newsletter! Subscribe for free to receive new posts and support my work.
