Preeti Kapoor

  Moneyview IPO  — I went through the RHP. Here’s my simple view. Moneyview is not just a loan app. It is a digital lending platform , with personal loans as its main business. Growth looks strong • Revenue: ₹2,339 Cr → ₹3,351 Cr • Loan disbursals: ₹17,621 Cr → ₹23,099 Cr • FY26 reported profit: ₹243 Cr  One important point — ₹160 Cr CEO incentive FY26 profit was impacted by a one-time ₹160 Cr incentive paid to CEO Puneet Agarwal . This was a performance/long-term value-linked incentive and was recognised as an expense in FY26. So, on a simplified basis: ₹243 Cr reported profit + ₹160 Cr one-time expense = ~₹403 Cr adjusted profit This makes the valuation look different. But the important question is: Will such a large payout recur in the future, and was it justified by the value created?  Valuation at ₹34 • Market Cap: ~₹5,985 Cr • Reported P/E: ~21.7x • P/B: ~2.3x • Adjusted P/E: ~15x The valuation doesn't look extremely expensive on ...

I went through the NSE RHP, and honestly, this is not a typical IPO story. What stands out? 🔹 Strong business moat: NSE has massive scale and around 51% global share in equity-derivatives contracts. 🔹 Excellent profitability: FY26 EPS ₹41.62 and RoNW 33.21%. The business has maintained strong profitability. 🔹 Ownership structure: NSE does not have an identifiable promoter . It is a widely held market-infrastructure company, so the usual promoter holding analysis is not directly applicable here. 🔹 100% OFS: Existing shareholders are selling their shares; NSE itself is not raising fresh capital through the IPO. 🔹 Valuation: At ₹1,785, NSE is valued at roughly 43x FY26 earnings — not cheap, but below BSE’s RHP-reported 54.3x P/E. 🔹 Key risks: High dependence on derivatives, regulatory changes and technology/cybersecurity risks. My takeaway: NSE looks like a high-quality and highly profitable market-infrastructure business, but the IPO comes at a premium valuation. The bigger ...

 SS Retail IPO - My Quick Take                                                        I went through the RHP of SS Retail to understand what’s actually behind the IPO, rather than looking at it only from the listing-gain perspective. SS Retail is a multi-brand retailer focused mainly on mobiles, electronics and pre-owned smartphones , with 503 stores , largely concentrated in Maharashtra. The growth story definitely stands out: Revenue: ₹1,207 Cr → ₹2,351 Cr EBITDA: ₹56 Cr → ₹125 Cr PAT: ₹27 Cr → ₹59 Cr (FY24–FY26) But there’s another side to the story — margins are still quite thin , with EBITDA margin at 5.3% and PAT margin at 2.5%. Where is the IPO money going? Out of the ₹500 Cr issue: • ₹360 Cr Fresh Issue — mainly for working capital and store expansion • ₹140 Cr OFS — goes to existing share...

  LCC PROJECTS vs KARAMTARA ENGINEERING WHAT STANDS OUT? LCC PROJECTS ✓ Higher margins ✓ Higher ROE & ROCE ✓ Much lower valuation ✓ Strong promoter holding KARAMTARA ✓ Faster profit growth ✓ Renewable energy exposure ✓ Lower Debt/Equity ✓ Strong growth opportunity MY VERDICT LCC = VALUE + PROFITABILITY KARAMTARA = GROWTH + THEME My preference: Better numbers at a reasonable valuation over high growth at an expensive valuation. "Financial data is based on FY26 projections and the upper price band. This post is for informational and educational purposes only and does not constitute financial or investment advice." 

 Rentomojo IPO — Quick Take I went through the RHP. Here’s my simple view: Business: Furniture, appliances & electronics on monthly subscription/rental. FY26: * Revenue: →₹387 Cr * PAT: →₹104 Cr * 2.53 lakh live subscribers * 29 cities Financials: Strong improvement. Revenue almost doubled from FY24, while PAT grew much faster — showing better profitability.  IPO: →₹1,256 Cr * Fresh Issue: →₹150 Cr * OFS: →₹1,106 Cr * ₹70 Cr → Debt repayment * ₹42.5 Cr → Lease payments  Key Concerns: * Asset-heavy business * Debt & lease liabilities * Promoter-related NCLT dispute * Large OFS component Valuation: At ₹404, market cap ~₹4,000 Cr → P/E ~38x. My View Business: Good  Financials: Strong  Governance: Watch  Valuation: Expensive   Good business, but not a cheap IPO. The key question is not  Is Rentomojo a good company? It is "How much should we pay for its growth?" For educational/research purposes only, not an investment recommendation.

  Glass Wall Systems IPO — My Quick Take Went through the RHP of Glass Wall Systems .At first glance, the numbers look impressive: Revenue: ₹304 Cr → ₹457 Cr (FY24–FY26) PAT: ₹20 Cr → ₹84 Cr EBITDA Margin: ~23% ROCE: ~43% Debt/Equity: ~0.03x Fresh issue: ₹60 Cr, with ~₹50 Cr for a new Glass Processing Unit. But a few things make me cautious • Top 10 customers = ~86% of revenue • 45% revenue comes from international business • Receivables ~₹109 Cr • RHP highlights related-party & historical accounting/control issues . Valuation = Fair to Slightly Expensive At ₹182, valuation is ~18x FY26 earnings My view: Good business + strong financials, but risks need to be watched. Not an investment recommendation. Do your own research.