[~] = estimate, [!] = unverified, [dir] = directory. Proprietorship: no MCA financials exist.

1. Company overview & snapshot

1.0 The connection — Nirdesh Sinha

1.1 Legal identity & structure

• R. Square Engineers — sole proprietorship (not a Pvt Ltd; no CIN), est. 1993
• GSTIN: 24ACYPP4306J1Z6 (Gujarat; PAN-based on an individual, consistent with proprietorship)
• Address: 904/10, GIDC Makarpura, Vadodara 390010
• Proprietor: Mahesh Patel (LinkedIn: owner since Dec 1994); directories also list Atul Bhagat [!]
• Brand: Hexello (honeycomb), website hexello.in; legacy site under rsquareeng.com domain

1.2 What they make & where money comes from

• Legacy: valves, pipe fittings, spools and fabricated piping for process industry.
• Hexello (2025): honeycomb core for abradable seals in gas turbines and aero engines, in stainless steel, nickel superalloys (Hastelloy X, Inconel-type) and titanium. Products offered with pre-loaded braze filler tape, diffusion aluminide coating, and “ready for vacuum brazing” to backing strips. Welding tested to ASME Section IX and AWS D17.2 (resistance welding for aerospace).
• Certifications: EN 9100:2018, ISO 9001, ISO 14001, ISO 45001 (Bureau Veritas UK accreditation).
• Market: turbine OEMs and MRO shops in India and abroad; exhibited at IMS 2025.

1.2a Scale, MSME status & revenue

Revenue range (mandatory)

Working revenue range: ₹2–10 Cr [~]. Confidence: low. The brief’s “MEDIUM pending size check” fails the size check: this is micro/small.

1.3 Plants & footprint

Shed size not public; a typical Makarpura GIDC plot is 500–2,000 sqm [~].

1.4 Leadership & champion map

Decision path (for Hexello itself): Nirdesh → Mahesh Patel. Not worth a pilot at current size.

1.5 Recent news & timing

• 2025: Hexello honeycomb line commissioned; EN 9100 and ISO trio certified; IMS 2025 exhibitor.
• Timing for a referral ask: good, as Nirdesh is visible and active in his network after the launch.

2. Energy profile

DISCOM: MGVCL (Madhya Gujarat Vij Company Ltd) — Vadodara city and GIDC Makarpura. Likely LT industrial or small HT connection [~].

2.1 Bill band

Working estimate: ₹0.5–3 lakh/month [~].

• Resistance seam/spot welding for honeycomb foil is intermittent and low-kWh; foil forming presses are small.
• Legacy fabrication (welding sets, cutting, small machining) adds a few tens of kW.
• Vacuum brazing: the brief assumed vacuum brazing furnaces as the energy driver. Hexello’s own product pages say parts are supplied “ready for vacuum brazing” and with pre-loaded braze tape, which means the customer usually brazes [!]. If Hexello adds an in-house vacuum furnace later, a 100–300 kW furnace running batches could add ₹3–8 lakh/month [~].
• Diffusion aluminide coating may be outsourced or done in a small furnace [!].

Fails the ₹30 lakh/month Band A gate by an order of magnitude.

2.2 Generation / renewables

Unknown. Gujarat rooftop solar is common in GIDC estates [~].

2.3 EnMS / ISO

ISO 14001 certified (environmental), not ISO 50001. No PAT, no BRSR.

2.4 Likely leak categories

Too small for Stamped’s ledger to pay back. If an in-house vacuum furnace arrives: furnace pump-down and holding, chiller, compressor.

3. Operations, equipment & digital stack

3.1 Process flow

Foil coil (Hastelloy/Inconel/SS/Ti) → corrugation/forming → resistance welding of nodes into honeycomb blocks → cutting/EDM or machining to shape → optional braze-tape loading / aluminide coating → inspection → dispatch to customer for brazing to backing rings.

3.1a Machine inventory

3.2 Shifts

Likely 1 shift, ramping with Hexello orders [~].

3.3 Metering / digital

Unknown; probably the DISCOM meter only.

4. Stamped Energy fit analysis

4.1 ICP scorecard

4.2 Fit score rationale

4/10. Down from the brief’s MEDIUM. Size check fails on both revenue and bill. The score is held at 4 rather than 2 because Nirdesh’s ex-Vedanta and Flexatherm network around Vadodara/Anand/Halol is a credible referral source, and a verified email makes the ask easy.

4.3 Wedge

The strongest wedge is: a referral ask. Nirdesh’s network across Vadodara heavy industry (Vedanta-era operations colleagues, Flexatherm, GIDC Makarpura neighbours, Hexello’s turbine customers) can open one or two plant heads at forges, foundries or heat-treatment plants on MGVCL, where a 60-Day Proof is worth doing.

4.4 Objections

4.5 Pilot design

None for Hexello now. Revisit if an in-house vacuum furnace is installed.

4.6 Concern scores (1–10)

4.7 Pitch sketches

1. Referral (Nirdesh): “You know who runs the big furnaces around Vadodara. One introduction, and if it works I’ll make sure they know it came from you.”
2. Future (Hexello): “If you bring vacuum brazing in-house, let’s meter it from day one. A furnace running half empty is where the money goes.”

5. Before you reach out

5.1 Discovery checklist

• Does Hexello plan an in-house vacuum brazing furnace? Size and timeline?
• Who does diffusion aluminide coating: in-house or outsourced?
• Current MGVCL connection type (LT/HT) and monthly bill
• Which Vadodara/Halol/Savli plants does Nirdesh know at plant-head level?
• Any Vedanta ex-colleagues now running Gujarat plants?
• Flexatherm’s own plant size and energy profile (possible prospect)
• Hexello’s Gujarat suppliers and customers with furnaces or forging

5.2 Do not lead with

• Do not lead with a pilot offer for Hexello; it’s too small and he’ll know it.
• Do not lead with vacuum brazing as if they run furnaces; evidence says the customer brazes.
• Do not lead with AI, ESG or solar.
• Do not lead with “verified on the next MGVCL bill”; lead with verified with evidence on Stamped’s ledger.

6. Risks, flags, controversies & sources

6.1 Risks & controversies

• Size check fails: micro/small proprietorship, bill far under the ₹30 lakh gate. This kit is a referral ask, nothing more.
• Entity confusion: brief says “R. Square Engineers / Hexello”; there is no Pvt Ltd entity. Contracts would be with the proprietorship.
• Controversy search: none found (searched: “R Square Engineers Vadodara”, “Hexello honeycomb”, “Mahesh Patel R Square Engineers” with lawsuit/penalty/GPCB/fraud). Nirdesh’s past employers (Vedanta) have public controversies unrelated to him or Hexello.

6.2 Data quality flags

• Revenue from directories only [dir].
• Vacuum brazing location [!]: inferred from product descriptions.
• Atul Bhagat’s role unclear.
• Phone numbers from directories, not the company site.

6.3 Sources consulted

• https://www.hexello.in — products, certifications, contact (Nirdesh Sinha email)
• https://www.linkedin.com/in/nirdesh-sinha-1665827
• https://www.linkedin.com/in/mahesh-patel-ba477930
• GST portal lookup for GSTIN 24ACYPP4306J1Z6
• IndiaMART / Justdial / AeroLeads listings for R. Square Engineers, GIDC Makarpura — turnover band, headcount, phones
• IMS 2025 exhibitor listing — Hexello
• News/legal search (Google, Indian Kanoon) — no controversies found