Popular Vehicle & Services IPO Review

Popular Vehicles & Services Ltd. (PVSL), a leading Indian automobile dealership, offers a complete range of services from vehicle sales to maintenance, spare parts distribution, and pre-owned vehicle sales. With consistent revenue growth over the past three fiscal years, PVSL recorded a net profit of Rs. 64.07 cr. in FY23. Notably, H1 of FY24 saw further growth with a net profit of Rs. 40.04 cr. The IPO is priced at a P/BV of 4.82 based on NAV of Rs. 61.26 and 3.54 post-IPO NAV of Rs. 83.30. PVSL operates across four states with 400 touch points, positioning it as a diversified leader in the industry. Considering its solid financial performance, the IPO seems reasonably valued based on FY24 earnings.