Gala Precision Engineering specializes in design and manufacturing of precision components like High Tensile Fasteners, Disc & Strip Springs, Coil & Spiral Springs, and Wedge Lock Washers. Their primary clientele consists of major OEMs, Tier-1 & Channel Partners, spanning diverse industries including Renewable Energy, Industrial and Mobility.
Gala Precision, an Book Built Issue amounting to ₹167.92 crores, consisting an Fresh Issue of 2.55 Lakh Shares worth ₹135.34 Crores and an Offer for Sale of 0.61 Lakh Shares totaling to ₹32.58 Crores. The subscription period for the Gala Precision IPO opens on September 02, 2024, and closes on September 04, 2024. The allotment is expected to be finalized on or about Thursday, September 05, 2024, and the shares will be listed on the BSE NSE with a tentative listing date set on or about Friday, September 09, 2024.
The Share price band of Gala Precision IPO is set at ₹503 to ₹529 equity per share, with a minimum lot size of 28 shares. Retail investors are required to invest a minimum of ₹14,812, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (392 shares), amounting to ₹207,368.
PL Capital Markets Private Limited is the book-running lead manager, Link Intime India Private Limited is the registrar for the Issue.
Gala Precision Engineering Limited IPO GMP Today
The Grey Market Premium of Gala Precision Engineering Limited IPO is expected in the range of ₹250 to ₹270 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Gala Precision Engineering Limited IPO Live Subscription Status Today
As of 05:55 PM on 04 September 2024, the Gala Precision Engineering Limited IPO live subscription status shows that the IPO subscribed 117.58 times on its Last day of subscription period. Check the Gala Precision Engineering Limited IPO Live Subscription Status Today at BSE.
Gala Precision Engineering Limited IPO Allotment Status
Gala Precision IPO allotment date is 5th September, 2024, Thursday. Gala Precision Engineering IPO Allotment will be out on 5th September 2024 and will be live on Registrar Website from the allotment date. Check Gala Precision Engineering Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Gala Precision Engineering Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Gala Precision Engineering Limited IPO
Gala Precision Issue Proceeds from the Fresh Issue will be utilized towards the following objects :
1. ₹370.00 Millions is required to setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbuddur, Tamil Nadu for manufacturing high tensile fasteners and hex bolts;
2. ₹110.69 Millions is required for funding capital expenditure towards purchase of equipment, plant and machinery at Wada, Palghar, Maharashtra;
3. ₹454.30 Millions is required for repayment/ prepayment, in full or part, of certain borrowings availed by their Company; and
4. General corporate purposes.
Refer to Gala Precision Engineering Limited RHP for more details about the Company.
Check latest IPO Review & analysis, Live GMP today, Live Subscription Status Today, Share Price, Financial Information, latest IPO news, Upcoming IPO News before applying in the IPO.
The Upcoming IPOs in this week and coming weeks are Bajaj Housing Finance Limited, Gala Precision Engineering Limited, Baazar Style Retail Limited, Jeyyam Global Foods Limited, Boss Packaging Solutions Limited, Archit Nuwood Industries Limited.
The current active IPO is Travels & Rentals Limited, Aeron Composite Limited, ECOS (India) Mobility & Hospitality Limited, Paramatrix Technologies Limited IPO.
Gala Precision Engineering IPO Details |
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IPO Date | September 02, 2024 to September 04, 2024 | ||||||||||
Listing Date | September 09, 2024 | ||||||||||
Face Value | ₹10 | ||||||||||
Price | ₹503 to ₹529 per share | ||||||||||
Lot Size | 28 Shares | ||||||||||
Total Issue Size | 3,174,416 equity shares (aggregating up to ₹167.92 Cr) | ||||||||||
Fresh Issue | 2,558,416 Equity Shares (aggregating up to ₹135.34 Cr) | ||||||||||
Offer for Sale | 616,000 Equity Shares (aggregating up to ₹32.58 Cr) | ||||||||||
Issue Type | Book Built Issue IPO | ||||||||||
Listing At | BSE NSE | ||||||||||
Share holding pre issue | 10,111,584 | ||||||||||
Share holding post issue | 12,670,000 |
Gala Precision Engineering IPO Lot Size |
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Application | Lots | Shares | Amount | ||||||||
Retail (Min) | 1 | 28 | ₹14,812 | ||||||||
Retail (Max) | 1 | 28 | ₹14,812 | ||||||||
HNI (Min) | 14 | 392 | ₹207,368 |
Gala Precision Engineering IPO Timeline (Tentative Schedule) |
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IPO Open Date | Monday, September 2, 2024 | ||||||||||
IPO Close Date | Wednesday, September 4, 2024 | ||||||||||
Basis of Allotment | Thursday, September 5, 2024 | ||||||||||
Initiation of Refunds | Friday, September 6, 2024 | ||||||||||
Credit of Shares to Demat | Friday, September 6, 2024 | ||||||||||
Listing Date | Monday, September 9, 2024 | ||||||||||
Cut-off time for UPI mandate confirmation | 5 PM on September 04, 2024 |
Gala Precision Engineering IPO Reservation |
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Investor Category | Shares Offered | Reservation % | |||||||||
QIB Portion | 633,724 | Not More than 50% of the Net Issue | |||||||||
Non-Institutional Shares Offered | 475,293 | Not Less than 15% of the Net Issue | |||||||||
Retail Shares Offered | 1,109,017 | Not Less than 35% of the Net Issue | |||||||||
Employee Reservation Portion | 5,796 | - |
Gala Precision Engineering IPO Promoter Holding |
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Share Holding Pre Issue | 74.56% | ||||||||||
Share Holding Post Issue |
Gala Precision Engineering IPO Subscription Status |
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Investor Category | Shares Offered | Shares Bid For | No oF Times Subscribed | ||||||||
Qualified Institutional Buyers (QIBs) | 633,724 | 76,415,640 | 120.58 | ||||||||
Non Institutional Investors (NIIS) | 475,293 | 122,027,528 | 256.74 | ||||||||
Retail Individual Investors (RIIs) | 1,109,017 | 62,327,356 | 56.20 | ||||||||
Employee Reservation | 5,796 | 706,860 | 121.96 | ||||||||
Total | 2,223,830 | 261,477,384 | 117.58 |
Gala Precision Engineering is a precision component manufacturer of technical springs like disc & strip springs (“DSS”) including wedge lock washers; coil & spiral springs (“CSS”) and special fastening solution (“SFS”) supplying to original equipment manufacturers (“OEMs”), Tier 1 and channel partners; used in sectors like renewable energy including wind turbine and hydro power plants, various industrial sectors such as electrical, off highway equipments, infrastructure and general engineering, mobility segments such as automotive and railways. Their listed competitors include Harsha Engineers International Limited, SKF India Limited, Sundram Fasteners Limited, Rolex Rings Limited, Sterling Tools Limited and Ratnaveer Precision Engineering Limited. Their technical springs and high tensile fasteners have been supplied to customers in countries such as Germany, Denmark, China, Italy, Brazil, USA, Sweden, Switzerland etc. Accordingly, they are a key link in the global supply chain for OEMs.
The business primarily comprises of (i) springs technology division, under which we manufacture DSS including wedge lock washers (“WLW”), CSS and (ii) SFS in which we manufacture anchor bolts, studs and nuts. Their DSS products find applications in renewable energy, railways, automobiles, off highway vehicles, heavy machinery, electrical and power equipments. Their CSS products are used in commercial vehicles, passenger vehicles, railways and industrial infrastructure. They are mainly competing with Stumpp Schuele & Somappa Springs Private Limited, NHK Springs India Limited, and Muhr und Bender KG in the CSS market. Under their SFS, they manufacture make to order fasteners in the form of studs, anchor bolts and nuts which has end use applications in renewable energy, railways, off-highway vehicles, electrical and heavy machinery industries.
Over the years they have emphasised on developing manufacturing systems that comply with health and safety parameters, as well as environmental and social governance requirements. With a global clientele exceeding 175 customers, we export to over 25 countries, encompassing major markets such as Germany, Denmark, China, Italy, Brazil, USA, Sweden, Switzerland, contributing 37.53% to total sales as of March 31, 2024. Further, they are adding new customers for springs and fasteners in high potential markets such as Europe and USA.
INDIAN MANUFACTURING SECTOR OVERVIEW
The Indian manufacturing sector is a vital component of the country's economic landscape, contributing significantly to GDP growth, employment generation, and overall Industrials development. Marked by a diverse range of industries, including automobile, textiles, pharmaceuticals, electronics, and more, the sector reflects India's multifaceted Industrials prowess. Initiatives like the 'Make in India' campaign attracted foreign investment and positioned India as a global manufacturing hub. The government's strategic focus on ease of doing business, policy reforms, and the introduction of schemes such as the Production Linked Incentive (PLI) further emphasizes its commitment to nurturing a robust manufacturing ecosystem.
With a growing emphasis on innovation, sustainability, and technological advancements, the Indian manufacturing sector is on track for dynamic growth, contributing substantially to the nation's economic resilience and competitiveness on the global stage. The overall contribution of India’s manufacturing sector to GVA was 17.31 in FY24. The absolute GVA from manufacturing has increased with a CAGR of 3.7% from FY18 to FY24.
The Index of Industrials Production (IIP) is a key economic indicator that measures the growth of various sectors in the Industrials output of a country. The primary purpose of the IIP is to assess the Industrials output and production trends in the manufacturing, mining, and electricity sectors. Post COVID-19, IIP witnessed significant growth in FY22, growing at a rate of 12%. In FY24, IIP continued its growth and rose by 5% from FY23.
The growth of Indian manufacturing sector is influenced by several factors, primarily driven by government initiatives. “Make in India”, creating a favorable environment for Industrials expansion. Global companies’ "China Plus One" strategy, which involves diversifying supply chains and considering India as an alternative manufacturing hub, makes India more attractive to companies around the world.
Indian market for Disc & Strip Springs and Wedge Lock Washers (DSS & WLW)
DSS & WLW serve as spring and fastening solutions employed in Industrials settings where mechanical devices are needed to exert force. These elements find application across diverse industries such as renewables, infrastructure, automobiles, and more. Their usage spans a range of applications, including pressure controls and regulators, vehicle braking systems, valves, and shock absorbers, tailored to the specific needs of each industry. The Indian DSS & WLW market is valued at ~ US$ 115M in FY24 witnessing a CAGR of ~6% during FY21-24. Gala Precision Engineering is a major DSS manufacturer & has ~10% market share in the Indian disc spring market as of FY24.
The Indian DSS & WLW market is expected to reach a value of ~ US$ 138M in FY27 witnessing a growth of ~6% during FY24-27P. The end-user industry growth will be the key growth driver for the DSS & WLW market. Renewable energy, automobile & infrastructure are some of the key industries showing good growth potential.
RENEWABLE INDUSTRY
India has been actively working to achieve its climate change by implementing various policies and making substantial investments (~INR 20,000 Cr). It is one of the largest countries in hydro and solar power, continually increasing its capacity through various projects. DSS & WLW play a crucial role in ensuring the structural integrity of wind energy and hydroelectricity plants. The market for DSS & WLW in the Indian renewable industry was valued at US$ 1.4M in FY24 and is expected to increase at a CAGR of ~9% during FY24-27.
The renewable energy sector is experiencing growth thanks to increased investments and policies aimed at addressing international climate change. As the demand for renewables continues to increase, there will be a corresponding rise in the consumption of DSS & WLW. Rising investment coupled with policies for achieving climate targets and cost advantage has been key driver for growth in the renewable sector.
ELECTRICAL & POWER EQUIPMENT
Due to a rising demand for power and government initiatives, the electrical equipment industry is expected to grow at a rate of ~12%. Dampening vibrations in transformers and acting as spacers between transmission lines are among the various applications of DSS & WLW as previously mentioned in the global section. The Indian DSS & WLW for electrical & power equipment market was valued at ~US$ 18M in FY24 witnessing a CAGR of ~7% during FY21-24. Gala Precision Engineering has played an active role in in the installation of the electrical infrastructure of the new India Parliament house.
The electrical and power equipment industry experiences growth from various factors. The rising domestic demand for electricity, increased investments, and government policies aiming to meet targets contribute to the expansion of the electrical and power equipment sector. This increased growth will also boost the demand for DSS & WLW, which are utilized in electrical and power equipment.
HEAVY MACHINERY
Heavy machinery refers to various equipment that enable or power the inner workings of various industries such as manufacturing, infrastructure, and HVAC. DSS & WLW play multifaceted roles in each of these industries as mentioned in global section detail. The Indian DSS & WLW market for heavy machinery industry was valued at ~ US$ 1M in FY24 witnessing a CAGR of ~7% during FY21-24.
The heavy machinery industry is set to grow strongly because of key factors. Heavy machinery is essential for steel production, and the increasing demand for steel, driven by construction and urbanization, contributes to this growth. Additionally, energy-efficient solutions for heat exchangers and the demand for HVAC systems due to urbanization further fuel this expansion. Investments in domestic infrastructure are expected to support various industries, including cement, construction equipment, and components like disc springs, both during construction and operations. Growth in steel processing industry, increase demand for elevators and Heat exchanger on account of urbanization and industrialization wil provide traction for heavy machinery industry.
MOBILITY
Mobility, covering both railways and automobiles, relies heavily on DSS & WLW. DSS & WLW is crucial in the railway domain, applied in rolling stock and infrastructure. It also plays an integral role in 4-wheeled and 2-wheeled vehicles, notably contributing to vehicle clutch and brake mechanisms. The mobility sector has experienced significant expansion, with automobiles playing a substantial role in this development. The main contributors to this growth are proactive government initiatives such as FAME II and AMP, coupled with incentives linked to products. Additionally, the surge in investments is another key driver, leading to an escalating demand for DSS (Driver Support Systems) and WLW (Wireless Local Area Network) utilized in vital automobile components. Furthermore, government investments in railways are contributing to the increased demand for mobility.
RAILWAY INFRASTRUCTURE
The Indian railway network is among the largest in Asia and the second largest globally, operating 19,000 trains per day. As mentioned earlier in application and essentiality of global section, within the railway system DSS & WLW are primarily employed in suspension systems to stabilize rolling stock. Infrastructure elements like pull rods, compressors, traction motors, and coaches are also utilized to ensure safety during high vibrations. These components play a crucial role in maintaining the efficiency and longevity of both railways and tracks.
Gala Precision Engineering is the first Indian company to supply WLW to Indian railways for LHB, ICF, MCF, RCF & Vande Bharat coaches. They also supply highly technical springs as import substitute used in various assemblies of metro trains, electric locomotives and other railway parts.
The market for DSS & WLW is ready to experience growth, fuelled by government initiatives, increased foreign direct investment, and investments in upgrading railway tracks and development of new trains. The market's potential for expansion is also enhanced by the growing investments in railway infrastructure and the versatility of railways in meeting various sustainable transportation demands. Government initiatives to expand railway network, upgradation of railway infrastructure and development of new train will drive growth for railway infrastructure.
Indian market for Coil & Spiral Spring (CSS)
A coil spring is a mechanical device with a helical shape, and it can be either close-wound or open-wound. Spiral springs, on the other hand, are a specific type of spring made from rectangular metal strips that are wound into a flat spiral. While coil springs store mechanical potential energy, spiral springs are designed to store and release rotational energy in the form of torque. These types of springs find applications in various areas such as automotive suspensions, electronic devices, valves, switches, machinery, and more. The effectiveness of coil and spiral springs depends on how and where they are used. The Indian CSS market is valued at ~ US$ 459M in FY24 witnessing a CAGR of ~9.8% during FY24-27P.
Gala Precision Engineering is positioning itself as a key import substitution opportunity for European spring suppliers looking to take advantage of government schemes such as the production-linked incentives scheme. It has also entered a new related product category called retractor springs. These springs are a critical component for increasing vehicle safety.
OFF-HIGHWAY VEHICLE INDUSTRY
Off-highway vehicles refer to all types of vehicles utilized for non-transportation-related purposes such as agriculture, construction, and mining. Common uses examples are vehicles such as tractors, combine harvesters, excavators, dozers, dump trucks, etc. CSS plays a critical role in various internal components of off-highway vehicles such as the clutch to absorb shocks.
The demand for coil springs, integral for safety and proper utilization in off-highway vehicles, is driven by the growth in agriculture mechanization and the increasing need for construction equipment due to urbanization. Mechanized agriculture, government initiatives will be key driver for growth in off highway industry.
Indian market for Special Fasteners (Studs, Nuts, & Bolts)
The fastener industry in India is vital for renewable, construction, and electrical equipment. As the economy grows and Industrialization increases, there’s a rising demand for fasteners. Indian manufacturers serve both domestic and international markets, contributing to exports. Fasteners are crucial in the expanding renewable sector, and the construction boom drives the need for reliable solutions. Challenges like fluctuating raw material prices and global quality standards persist, but the industry’s resilience positions it as a key player in India’s manufacturing.
The Indian SFS market size stands at ~US$ 6.6B as of FY24, growing at a CAGR of 18% between FY24-27. This market consists of renewables, mobility, Industrials & others.
India’s construction & mining industries are booming due to the increased investment, leading to more government support and project budgets. The renewable energy sector is also on the rise, with ambitious expansion plans, driving demand for specialized fasteners in green energy infrastructure construction.
GALA PRECISION ENGINEERING LIMITED COMPETITIVE STRENGTHS
1. Well established manufacturer of precision engineering components with diversified product portfolio and diverse market
2. Long-standing customer relationships with both Indian and global OEM and Tier 1 players
3. Well-equipped manufacturing facilities along with in-house design and other capabilities which offer scale, flexibility, and comprehensive solutions
4. Experienced management team supported by large, diverse and skilled work force
5. Track record of consistent financial growth and performance characterized by operational efficiency and high repeat business
GALA PRECISION ENGINEERING LIMITED STRATEGIES
1. Strengthening our core capabilities in precision engineering for sustainability
2. Moving up the value chain from niche markets to large addressable markets
3. Leverage in-house design and development capabilities to grow our product offerings and capitalize on future trends.
4. Strengthen relationships with our existing customers and expand customer base
5. Expand manufacturing capacity at our existing facilities and set-up additional strategically located facility
GALA PRECISION ENGINEERING LIMITED RISK FACTORS & CONCERNS
1. The Business and revenue from operations of ther Company is dependent on demand of customer's products.
2. The revenue is dependent on the springs technology segment of their business.
3. The business is dependent on the performance of the application industries with a large portion of revenue being derived from a select few of application industries.
4. They export their products to various countries including, Germany, Switzerland, Finland, Italy, Denmark, USA, China, Brazil and any adverse events affecting these countries including any exchange rate fluctuations, depreciation in the India Rupee and compliance could have an adverse impact on their business.
5. They may not be able to improve their profit margins in the future.
Period Ended | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
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Reserve of Surplus | 946.74 | 811.27 | 567.88 |
Total Assets | 1,886.85 | 1,703.86 | 1,456.17 |
Total Borrowings | 550.27 | 585.98 | 568.92 |
Fixed Assets | 412.71 | 381.54 | 383.52 |
Cash | 13.83 | 5.34 | 5.29 |
Net Borrowing | 536.44 | 580.64 | 563.63 |
Revenue | 1,767.90 | 1,493.84 | 1,367.35 |
EBITDA | 2043.77 | 1,670.82 | 1,479.63 |
PAT | 225.32 | 225.63 | 66.31 |
EPS | 22.28 | 22.34 | 6.56 |
Note 1:- ROE & ROCE calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit for the year from continuing operations) on 31st Mar, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on NAV Cap Price after completion of an Offer, given in Financial Express.
Key Performance Indicator |
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KPI | Values | ||||||||||
EPS Pre IPO (Rs.) | ₹22.28 | ||||||||||
EPS Post IPO (Rs.) | ₹17.78 | ||||||||||
P/E Pre IPO | 23.74 | ||||||||||
P/E Post IPO | 29.75 | ||||||||||
ROE | 23.59% | ||||||||||
ROCE | 19.91% | ||||||||||
P/BV | 2.79 | ||||||||||
Debt/Equity | 0.53 | ||||||||||
RoNW | 21.38% |
Gala Precision Engineering Limited IPO Peer Comparison |
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Company Name | EPS | ROCE | ROE | P/E (x) | P/Bv | Debt/Equity | RoNW (%) | ||||
Gala Precision Engineering Limited | ₹17.78 | 19.91% | 23.59% | 29.75 | 2.79 | 0.53 | 21.38% | ||||
Harsha Engineers International Limited | ₹14.9 | 13.4% | 10.6% | 35.1 | 3.79 | 0.08 | 10.6% | ||||
SKF India Limited | ₹113 | 29.2% | 21.9% | 46.5 | 9.62 | 0.00 | 21.9% | ||||
Sundram Fasteners Limited | ₹25.5 | 18.5% | 16.2% | 52.6 | 8.26 | 0.19 | 16.2% | ||||
Rolex Rings Limited | ₹57.8 | 28.0% | 21.8% | 38.1 | 7.46 | 0.02 | 21.8% | ||||
Sterling Tools Limited | ₹16.8 | 14.7% | 12.9% | 30.5 | 4.10 | 0.26 | 12.9% | ||||
Ratnaveer Precision Engineering Limited | ₹7.29 | 12.9% | 17.3% | 23.5 | 3.31 | 0.82 | 17.3% |
GALA PRECISION ENGINEERING LIMITED
A-801, 8th Floor, Thane One DIL Complex, Ghodbunder Road Majiwade, Thane (West), Maharashtra, India, 400610
Contact Person : Pooja Ladha
Telephone : +91 22-6930 9224
Email Id : investor.relations@galagroup.com
Website : https://architgroupofficial.com/
Registrar : Link Intime India Private Limited
Contact Person : Shanti Gopalkrishnan
Telephone : +91 810 811 4949
Email Id : galaprecision.ipo@linkintime.co.in
Website : https://www.linkintime.co.in/
Lead Manager : PL Capital Markets Private Limited
Contact Person : Wincy Nadar/Ashwinikumar Chavan
Telephone : +91 22 6632 2222
Email Id : galaprecisionipo@plindia.com
Website : https://www.plindia.com/investment-banking.aspx
Gala Precision Engineering specializes in design and manufacturing of precision components like High Tensile Fasteners, Disc & Strip Springs, Coil & Spiral Springs, and Wedge Lock Washers. Their primary clientele consists of major OEMs, Tier-1 & Channel Partners, spanning diverse industries including Renewable Energy, Industrial and Mobility.
The Company is led by the Promoter, Chairman and Managing Director, Kirit Vishanji Gala who has helped expand their operations within India and globally and has been associated with their Company since incorporation. Kirit Vishanji Gala has more than three decades of experience in engineering and manufacturing activities.
Financially, Gala Precision Engineering revenue increased from ₹1,367.35 Millions in FY22 to ₹1,493.84 Millions in FY23 and currently at ₹1,767.90 Millions in FY24. Similarly, EBITDA is increased from ₹1,479.63 Millions in FY22 to ₹1,670.82 Millions in FY23 and currently at ₹2043.77 Millions in FY24. The PAT also increased from ₹66.31 Millions in FY22 to ₹225.63 Millions in FY23 and currently at ₹225.32 Millions in FY24. This indicates a steady financial performance.
For the Gala Precision Engineering IPO, the company is issuing shares at a pre-issue EPS of ₹22.28 and a post-issue EPS of ₹17.78. The pre-issue P/E ratio is 23.74x, while the post-issue P/E ratio is 29.75x against Industry P/E ratio is 31.70x. The company's ROCE for FY24 is 19.91% and ROE for FY24 is 23.59%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Gala Precision Engineering potential listing gains of 47% - 50%. Given the company's financial performance and the valuation of the IPO, we recommend only Investors to Apply to the Gala Precision Engineering Limited IPO for Listing gain or long term investment purposes.
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