Spinaroo Commercial IPO Review

Spinaroo Commercial is based out of Kolkata and are one of the high quality Manufacturers of Aluminum Foil Container, Aluminum Home Foil, Paper Cup, Raw Material for Paper Cups viz. paper coating, printing, blanking etc, established in 2012. They also deal in wide range of Paper Cup related Machinery like – High-Speed Paper Cup Making Machine, Flexo Printing Machine, Automatic Roll Die Cutting Machine etc. with full end to end support.

The Company is led by Promoters, Mr. Amit Sultania has over 16 years of experience, Mr. Aditya Todi has over 10 years of experience in handling the manufacturing of disposable products and Mrs. Mridula Todi.

The Revenues from operations for the period ended on Sep 30, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 2,101.65 Lakh, ₹ 4,121.31 Lakh, ₹ 5,319.30 Lakh and ₹ 4,757.60 Lakh respectively. The EBITDA for the period ended on Sep 30, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 132.92 Lakh, ₹ 302.31 Lakh, ₹ 226.02 Lakh, and ₹ 230.02 Lakh, respectively. The Profit after Tax for the period ended on Sep 30, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 61.48 Lakh, ₹ 140.05 Lakh, ₹ 93.06 Lakh, and ₹ 51.89 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 2.8 and post-issue EPS of ₹ 2.0 for FY24. The pre-issue P/E ratio is 18.21x, while the post-issue P/E ratio is 25.47x. The company's ROCE for FY24 is 37.58%, ROE for FY24 is 23.23% and RoNW 23.23%. The Annualised EPS based on the latest financial data is ₹ 2.46 and PE ratio is 20.73x. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Spinaroo Commercial 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 Spinaroo Commercial Limited IPO for Listing gain or long-term Investment Purposes.

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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.