Preeti Kapoor

  Vishal Nirmiti IPO – I went through the DRHP. Here’s what caught my attention. Vishal Nirmiti is into railway sleepers, MS pipes, precast prod ucts and infrastructure-related businesses. Financials: Revenue grew from around ₹325 Cr to ₹344 Cr , while PAT increased from ₹23.6 Cr to ₹25 Cr . The interesting part is the improvement in profitability, but I would still watch whether this growth continues. IPO price band: ₹208–₹220 At ₹220, the valuation works out to roughly 17–18x earnings based on FY26 numbers. So, on P/E alone, it doesn't look stretched. But valuation always needs to be seen along with future growth and earnings quality. Where is the IPO money going? The fresh issue is mainly for working capital, repayment/pre-payment of loans and general corporate purposes. Promoters & business: The company is promoted by the Tapadiya family and has an established operating history. Its exposure to railway and infrastructure spending gives it a potential gro...

  SRIT India IPO — QuickView I went through the RHP, and honestly, this is not a “story-only” IPO. SRIT has been in the IT business since 1999 , working across e-governance, telecom & healthcare, with government/public-sector clients and a 26-year operating track record. Financials look decent: Revenue grew from ₹271 Cr → ₹450 Cr and PAT from ₹29 Cr → ₹43 Cr between FY24–FY26. At the ₹123–130 price band , FY26 EPS of ₹9.47 implies roughly 13.0–13.7x P/E . The disclosed peer average is 18.3x, so the headline valuation doesn't look stretched. Promoters: RHP does not disclose criminal proceedings, SEBI penalties, regulatory actions or material civil proceedings against the promoters. That’s a positive from a governance-screening perspective. But here’s what I don't want to ignore: FY26 operating cash flow was negative ₹12 Cr despite ₹43 Cr PAT . The company also has a sizeable working-capital requirement, which is why ₹124 Cr of IPO proceeds is earmarked for wor...

  German Green Steel & Power IPO – Quick RHP Analysis   Business & Sector The company is into steel manufacturing , mainly TMT bars. Steel is a cyclical business, so margins can change with steel prices and demand. Financials look positive Profit increased from ₹41.7 Cr (FY24) → ₹59.9 Cr (FY25) → ₹79.9 Cr (FY26) . FY26 ROCE was around 20% . Valuation IPO price band is ₹132–₹139 . With FY26 EPS of ₹14.91 , the IPO is valued at roughly 8.9x–9.3x P/E . The RHP peer range is quite wide, so the important question is not just growth, but whether this valuation is justified by the company's future growth and profitability . Promoters Promoters are involved in the business, but there are promoter guarantees against certain borrowings , which investors should keep an eye on.  Liabilities/Risks The company has working-capital borrowings and bank guarantees. So, the balance sheet is not completely risk-free . Overall Financial growth looks encouraging a...

  Roopa Screen IPO – My Simple Take After Reading the RHP I went through the RHP of Roopa Screen Ltd. and here’s what I understood in simple words. The company makes Nickel Rotary Screens , mainly used in textile printing. Business is growing: Revenue went from ₹35.7 Cr → ₹50.7 Cr in 2 years, while profit increased from ₹1.5 Cr → ₹6.5 Cr . The company is also running at around 96% capacity utilisation , so expansion is clearly important. Where will the IPO money go? • ₹9.9 Cr → New manufacturing facility • ₹6 Cr → Working capital Valuation: At ₹60–64 IPO price, the valuation looks relatively moderate based on FY26 earnings. But the real question is whether the company can maintain this growth after expansion. Promoter & legal check: The RHP does not report outstanding criminal proceedings against the company or promoters. However, there is a ₹33.38 lakh GST matter and some other small legal/tax matters disclosed in the RHP. What I would watch: Capacity ...

  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.

  Pranav Constructions IPO — Quick Take Reviewed the RHP. Key points: • Revenue: ₹447 Cr → ₹762 Cr (FY24–FY26) • Profit: ₹39.6 Cr → ₹71.3 Cr • EBITDA margin: ~17% • Focus: Mumbai redevelopment Fresh issue of up to ₹315.6 Cr , mainly for project funding and debt repayment. OFS is up to 28.57 lakh shares . What I’m watching: Profit growth is encouraging, but cash conversion needs improvement . Debt, working capital and governance also need monitoring. My view: WATCH / CONDITIONAL The business has an attractive opportunity, but I’d like to see better cash generation and greater comfort on governance before taking a long-term view. Key question: Is the reported profit translating into sustainable cash flow? RHP-based personal analysis. Not investment advice. #PranavConstructions #IPO #IPOAnalysis