Archives: Ipos

Annu Projects Limited (APL) is an EPC and O&M player focused on essential utility infrastructure, with its business primarily driven by the telecom and sewerage segments, which together account for over 94% of FY26 revenue. The company also has an established presence in gas pipelines and is expanding into railway signalling, giving it exposure to multiple infrastructure spending themes. APL has delivered healthy growth in both scale and profitability, with revenue from operations growing at a 25.2% CAGR during FY24-FY26 and PAT growing at a 37.8% CAGR. EBITDA margin improved from 18.5% in FY24 to 20.8% in FY26, while PAT margin increased from 11.3% to 13.7%, supported by higher contribution from EPC execution and improving operating efficiency. APL’s profitability compares favourably with the peer group. Its 20.8% EBITDA margin is well above the 14.5% average of the comparable EPC peers excluding Suyog Telematics, whose asset-light tower-leasing model results in an unusually high margin. APL’s 13.7% PAT margin is broadly in line with the 14.5% peer average, while its 21.3% RoNW is significantly higher than the peer average of around 14.9%. The company’s 22.7% RoCE also indicates healthy capital efficiency. These metrics suggest that APL’s profitability and capital returns are already competitive despite its smaller operating scale. APL also has stronger revenue visibility relative to most peers, with a 3.9x book-to-bill ratio compared with an average of around 2.5x for Likhitha Infrastructure, Bondada Engineering and EMS. This provides a sizeable executable pipeline relative to the company’s current revenue base. However, the quality of earnings needs to be considered alongside its 237-day receivable cycle, volatile operating cash flows and high customer concentration, which can result in a significant gap between reported profitability and cash generation. At the upper price band of INR 99 per share, APL is valued at 19.64x FY26 post-issue EPS of INR 5.04, broadly in line with the 20x average P/E of its four listed peers. Given its faster revenue growth, above-peer profitability on most relevant measures, healthy capital efficiency and strong order visibility, we believe the valuation is reasonable. Accordingly, we recommend a “SUBSCRIBE” rating for the issue with a long-term investment horizon, while recognising the company’s working-capital intensity and customer concentration risks.

Symbiotec Pharmalab is a pharmaceutical and biotechnology company focused on APIs, corticosteroids and steroidal hormones, with capabilities in biotechnology, CDMO and complex injectables. Headquartered in Indore, Madhya Pradesh, it serves 200+ customers across 40+ countries. In FY26, 67% of revenue came from overseas markets out of which Europe stood at 29%, US at 13%, and rest of global revenues at 25%; while India contributed 33%. Its portfolio includes 60+ corticosteroid and steroidal-hormone APIs, alongside fermentation products, biologics and complex injectables. The top five products of Symbiotec are progesterone, hydrocortisone, testosterone, betamethasone and methylprednisolone which accounted for 62% of FY26 revenue. The company is expanding into complex injectables, biotechnology and contract development and manufacturing organization (CDMO), supported by its Ujjain and Mhow facilities, which take total fermentation capacity to 700 KL.  On the financial front, Symbiotec has demonstrated steady financial performance, with Revenue, EBITDA and PAT registering CAGRs of 10%, 14% and 5%, respectively, during FY24-FY26. The company’s strong positioning in steroidal APIs, backward-integrated manufacturing model and diversified presence across 40+ countries provide a strong base for sustained growth. At the issue price of Rs. 988, the IPO is valued at 52x FY26 diluted EPS of Rs. 19, representing a meaningful discount to the peer average. Given Symbiotec’s market leadership in steroidal APIs, strong customer relationships, backward integration and potential from emerging businesses, we believe the valuation offers an attractive entry point relative to its growth and diversification prospects. We thus recommend a “SUBSCRIBE” rating to the issue.

Skyways Air Services Limited (SASL), incorporated in 1984, is one of India’s leading air freight forwarding and multi-modal logistics service providers. Operating on an asset-light model across domestic and international trade lanes, it delivers integrated supply chain solutions spanning air cargo, ocean freight, express parcel, surface trucking, warehousing, and customs clearance.  India’s logistics sector is undergoing structural formalization and expansion driven by key policy initiatives such as the PM Gati Shakti National Master Plan, the National Logistics Policy (NLP), and manufacturing growth supported by Production Linked Incentive (PLI) schemes. Within this landscape, air cargo serves as the primary channel for high-value and time-critical EXIM merchandise trade, supported by governmental objectives aiming to scale national air cargo throughput to 10 million metric tonnes by 2030.  Financially, the company has demonstrated robust growth, with consolidated Revenue from Operations increasing at a 2-year CAGR of 47.72% from Rs. 1,289 crores in FY24 to Rs. 2,248 crores in FY25 and Rs. 2,813 crores in FY26. Consolidated Profit After Tax (PAT) grew at a 35.7% CAGR from Rs. 34 crores in FY24 to Rs. 64 crores in FY26, while operating EBITDA expanded from Rs. 48 crores (3.8% margin) to Rs. 126 crores (4.5% margin) over the same period. For FY26, the company posted a Return on Capital Employed (ROCE) of 18.1%, a Return on Net Worth (RoNW) of 12.3%, and a Debt-to-Equity ratio of 1.3x. At the upper price band of Rs. 138, Skyways Air Services Ltd. (SASL) is valued at a P/E multiple of 38.7x based on FY26 earnings. Given the company’s historical growth track record, expanding margins, scalable business model and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.

Hy-Tech Engineers is an established manufacturer of hydraulic fittings with over four decades of industry experience and a portfolio of more than 11,000 SKUs. The company’s integrated manufacturing capabilities, including in-house forging, machining, testing, and product development, support its ability to meet standard and application-specific requirements. Its diversified customer base across construction machinery, farming, automotive and other industrial applications, along with a presence across 11 international markets, provides a broad revenue base. The company’s growth prospects are further supported by the expanding hydraulic fittings market, driven by industrialization, infrastructure development, automation and increasing adoption of technologically advanced machinery. The Indian hydraulic fittings market grew at a CAGR of 10% between CY21 and CY25 and is expected to grow at 11% CAGR between CY26 and CY31. Globally, the market is also expected to maintain healthy growth, with Asia, the Middle East, the USA, and Europe projected to grow at CAGRs of 9.2%, 10.1%, 8.2% and 8.6%, respectively, during CY26-CY31. Financially, Hy-Tech Engineers delivered a 17.3% revenue CAGR over FY24-FY26, with revenue increasing from Rs. 138 crores to Rs. 189 crores. EBITDA grew at a significantly higher CAGR of 36.0% to Rs. 42 crores, while PAT increased at a CAGR of 39.6% to Rs. 23 crores during the same period. The company’s EBITDA margin improved from 16.4% in FY24 to 22.0% in FY26, while PAT margin increased from 8.4% to 11.9%, reflecting the improvement in profitability over the period. At the upper price band of Rs. 871, the issue is valued at a P/E multiple of 35.7x based on FY26 diluted EPS of Rs. 24.4. Considering the company’s established customer relationships, strong growth prospects, healthy financial performance, and favourable long-term industry outlook, we believe the valuation is fair. Accordingly, we assign a ‘SUBSCRIBE’ rating to the issue.

Augmont Enterprises is well positioned to benefit from the ongoing formalisation and digitalisation of India’s precious metals industry. The gold ecosystem is gradually shifting towards organised refining, transparent bullion trading, certified recycling and technology-enabled investment solutions. The increasing adoption of digital gold and the development of exchange-based products such as Electronic Gold Receipts (EGRs) are further supporting the evolution of a more transparent and organised gold market. Recent industry developments, including the NSE’s collaboration with Augmont for the EGR ecosystem, also highlight the growing role of organised infrastructure players in India’s bullion market. The organised refining and recycling segments are expected to benefit from increasing regulatory standards, greater emphasis on purity and traceability and the gradual shift of volumes from unorganised channels. Augmont’s integrated presence across refining, bullion trading, physical precious metals, recycling and digital gold enables it to participate across multiple stages of the precious metals value chain. Its technology-enabled distribution platform and strong jeweller network further provide scalability and access to both B2B and B2C opportunities. On the financial front, the company has delivered a robust growth trajectory, with Revenue, EBITDA and PAT registering CAGRs of approximately 64.2%, 92.7% and 114.1%, respectively, between FY24 and FY26. The stronger growth in EBITDA and PAT compared with revenue reflects improving operating leverage and profitability, while healthy return ratios and low leverage further strengthen the company’s financial profile. At the upper price band of Rs. 788, the issue is valued at 19.5x FY26 diluted EPS, which appears reasonable given the company’s strong earnings growth. Considering the company’s robust financial performance, integrated business model, favourable industry outlook, increasing formalisation and digitalisation of the gold market, and attractive valuation, we recommend a “SUBSCRIBE” rating.

Tempsens Instruments (India) Limited is an established thermal engineering and specialised cable manufacturer, offering customised temperature sensing solutions, electrical heating solutions and specialised cables. The company has a diversified product portfolio catering to customers across metals, oil & gas, power, automotive, chemicals, defence, renewables and other end-user industries. Its strong market position, customised product capabilities, established customer relationships and global presence provide a solid foundation for long-term growth. The Indian industrial automation, manufacturing and engineering sectors offer structural growth opportunities, supported by rising industrial capex, increasing automation, localisation and growing demand for specialised sensing and heating solutions, which could benefit organised players such as Tempsens. On the financial front, the company has demonstrated strong operating performance, with Revenue/EBITDA/PAT increasing from Rs.275 Cr/Rs.55 Cr/Rs.41 Cr in FY24 to Rs.445 Cr/Rs.100 Cr/Rs.71 Cr in FY26, translating into CAGRs of approximately 27.2%/34.9%/31.7%, respectively. The company has also maintained healthy profitability, with EBITDA margin improving from 20.0% in FY24 to 22.5% in FY26. At the upper price band of Rs.300, the issue is valued at approximately 36.0x FY26 diluted EPS of Rs.8.3. While the strong earnings growth and favourable industry outlook provide some support to the premium valuation, the multiple remains relatively demanding. Considering the company’s strong growth prospects, we recommend a “SUBSCRIBE” rating with a long-term investment horizon.

Gaja Alternative Asset Management operates a differentiated alternative asset management model, capturing 100% of the economic value generated from its managed and advised funds. Its diversified revenue streams across management fees, carried interest and sponsor commitments provide a balance of recurring income and performance-linked upside, while its Rs. 274 crores sponsor commitments as of September 2025, substantially above regulatory requirements, create strong alignment with investors. With a 20-year track record across multiple investment cycles, Gaja has completed 28 investments and demonstrated strong exit capabilities through IPOs, M&A and secondary sales. Its Prior Investments delivered a 5.6x gross MOIC, while Fund IV ranks in the 1st quartile on both TVPI and IRR versus vintage peers, supporting its ability to raise larger successive funds. Gaja is well positioned to benefit from the rapid expansion of India’s alternative investment industry, with AIF commitments growing at 30% CAGR during FY19-FY25 and expected to reach Rs. 53-56 trillion by 2030. Its focus on the growing mid-market segment and sectors such as financial services, consumer and digital technology provides a differentiated opportunity set. The proposed Rs. 250 crores Fund V and Rs. 125 crores Secondaries Fund should further expand its income-generating capital. The business has demonstrated strong operating leverage, with PAT growing at a 35.3% CAGR during FY24-FY26 and PAT margins expanding from 46.7% to 50.7%, reaching 60.4% in FY26. Its lean operating model, low reliance on third-party distributors and 0.07x Debt-to-Equity in H1FY26 support capital-efficient growth. Overall, Gaja’s proven investment pedigree, differentiated value-capture model, strong alignment and expanding product pipeline position it well for sustained growth. Larger fund vintages, entry into secondaries and rising alternative investment penetration provide multiple avenues to grow recurring management fees and performance-linked carried interest over the medium to long term. At the upper price band, the issue is valued at a P/E of around 22.3x based on FY26 earnings. Given Gaja’s strong investment track record, differentiated value-capture model, high sponsor alignment, robust operating leverage and expanding fund pipeline, we believe the company is well positioned to benefit from the structural growth in India’s alternative asset management industry. Accordingly, we recommend “SUBSCRIBE” to the issue for investors with a medium-to-long-term investment horizon.

Horizon Industrial Parks offers exposure to India’s rapidly formalizing industrial and logistics infrastructure ecosystem through a scaled portfolio of Grade-A assets, high occupancy levels and a sizeable development pipeline. Its long-term growth prospects remain favourable, supported by increasing Grade-A warehousing penetration, manufacturing and consumption growth, e-commerce adoption and supply-chain consolidation. The ~30.03 mn sq. ft. development pipeline, strategic presence across key markets, established customer relationships and Blackstone-backed platform provide a strong foundation for future rental income growth. On the financial front, revenue from operations increased from Rs. 228.9 crores in FY24 to Rs. 691.4 crores in FY26, while EBITDA margin stood at a robust 76.9% and operating cash flow reached Rs. 464.1 crore. Although the company reported a net loss of Rs. 203.6 crores in FY26, this largely reflects the asset-intensive nature of the business, with high depreciation and finance costs associated with portfolio expansion. Over the medium to long term, the ~33 mn sq. ft. land pipeline provides additional growth potential as assets are developed and converted into rent-generating properties. Further, allocation from the fresh issue towards debt repayment should support deleveraging and reduce finance costs. Overall, we believe the combination of strong asset quality, high occupancy, healthy cash generation, sizeable development potential and structural growth in India’s logistics and industrial real estate market provides a favourable outlook for sustained rental income and cash-flow growth. At the upper IPO price band of Rs. 60 per share, the company commands an implied post-issue market capitalization of ~Rs. 17,298 crores, translating into a Market cap/sales of ~25.0x on FY26. We thus, recommend a “SUBSCRIBE” rating from a medium to long-term perspective.

Lalithaa Jewellery Mart is a mass-market jewellery retailer focused primarily on gold, along with silver and diamond jewellery. Its “Dhana Vandhanam” and “Free-yo-Flexi” schemes support customer retention and repeat purchases through jewellery linked monthly savings programmes which has contributed sharply to the working capital of the company. The advances as a percent of revenue have also increased to 9% from FY24-26. LJM operates 61 stores across 51 cities, supported by in-house manufacturing facilities in Chennai and Kanchipuram. Tamil Nadu contributed 54% of FY26 revenue, followed by Andhra Pradesh at 18%, Telangana at 15%, Karnataka at 11% and Puducherry at 2%. The company has a strong Tier-II/III presence, with 45 of its 61 stores contributing around 60% of revenue. Revenue from operations, EBITDA and PAT grew at CAGRs of 22%, 57% and 68%, respectively, between FY24-26. EBITDA margin also improved from 4% to 7%, reflecting operating leverage and benefits from scale and backward integration. Gold jewellery remains the key revenue driver, accounting for 92% of FY26 revenue. The company aims to primarily expand by setting up 10 new stores, enabling it to extend its footprint beyond its existing South Indian markets. Increasing organised jewellery penetration, strong Tier-II/III traction, customer purchase schemes and in-house manufacturing provide a favourable growth outlook. At the upper price band of Rs. 201, the issue is valued at 11.1x FY26 diluted EPS of Rs.18.0, compared with the listed peer average P/E of 29.7x. The valuation represents a meaningful discount to peers, this combined with the company’s return ratios, regional franchise and store expansion opportunities we recommend a “SUBSCRIBE” rating for the issue.

Behari Lal Engineering Limited is an established manufacturer of customised iron and steel products, with integrated capabilities across steel melting, foundry and rolling mill operations. Its diversified portfolio includes alloy steel products, metal rolls, engineering castings and forging ingots/forged shafts and blocks, catering to customers across multiple end-user industries. The company’s integrated manufacturing capabilities, established customer relationships and presence across the steel value chain provide a strong foundation for growth. The Indian engineering and specialty steel industry offers structural growth opportunities, supported by infrastructure spending, industrial capex and rising demand for value-added steel products, which could support long-term growth for organised players such as Behari Lal Engineering. On the financial front, the company has demonstrated strong operating performance, with Revenue/EBITDA/PAT increasing from Rs.4461 mn/Rs.610 mn/Rs.358 mn in FY24 to Rs.5340 mn/Rs.1013 mn/Rs.646 mn in FY26, translating into CAGRs of approximately 9.4%/28.9%/34.4%, respectively. The improvement in profitability was supported by higher contribution from value-added products, while net debt declined from Rs.40.7 mn in FY24 to Rs.16.6 mn in FY26, indicating a strengthening balance sheet. The company’s diversified product portfolio, integrated manufacturing capabilities, improving profitability and low leverage provide healthy long-term growth visibility. At the upper price band of Rs.285, the issue is valued at a P/E multiple of 17.2x based on FY26 diluted EPS of Rs.16.56. The valuation appears reasonable considering the company’s strong earnings growth, improving financial position and favourable long-term outlook for infrastructure and industrial capex. Accordingly, we recommend a “SUBSCRIBE” rating for the issue with a long-term investment horizon.