Samay Projects Services IPO Review

Samay Project Services Limited (SPSL), incorporated in 2001, is in the business of design, engineering,supply, fabrication, erection and commissioning of LP Piping and Appurtenances, Hydrocarbon Pipelines, Fuel oil handling, Tanks and Vessels, Fabricated Structures and Fire Protection and Detection System for the past 23 years and is one of the established EPC Contractors in the Indian Industry.

The Company is promoted by Mr. Anand R and Ms. Santhi Karthikeyan, possessing an average experience of more than 16 years in the field of providing end-to-end mechanical system for power plants and industrial projects. The diverse experience of over 16 years allows them to provide unique, optimized and sustainable engineering solutions, they will continue to leverage on the experience of the management team and their understanding of the industry they operate in, to take advantage of current and future market opportunities.

The Revenues from operations for the period ended on Mar 31, 2025, Fiscals ended 2024, 2023 and 2022 were ₹  3,772.17 Lakh, ₹ 4,095.30 Lakh, ₹  2,082.05 Lakh and ₹ 1,947.88 Lakh respectively. The EBITDA for the period ended on Mar 31, 2025, Fiscals ended 2024, 2023 and 2022 were ₹  633.65 Lakh, ₹ 681.42 Lakh, ₹  518.21 Lakh, and ₹ 354.20 Lakh, respectively. The Profit after Tax for the period ended on Mar 31, 2025, Fiscals ended 2024, 2023 and 2022 were ₹  419.32 Lakh, ₹ 461.53 Lakh, ₹  343.75 Lakh, and ₹ 190.14 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 3.8 and post-issue EPS of ₹ 2.73 for FY24. The pre-issue P/E ratio is 8.94x, while the post-issue P/E ratio is 12.45x against the Industry PE ratio is 20x. The company's ROCE for FY24 is 24.56%, ROE for FY24 is 23.23% and RoNW is 20.73%. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Samay Projects Services showing listing gains of 0.00 %. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Samay Projects Services Limited IPO for Listing gain.

Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com

About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.