This week, several companies are Coming to the Indian IPO market. We’ve analyzed each with core financials like P/E, P/B, EPS, and marked them “Good” or “Bad” based on their fundamental health and valuation appeal.
1. Belrise Industries IPO
Sector: Auto Components
IPO Window: May 21–23 | Price Band: ₹85 – ₹90 | Issue Size: ₹2,150 Cr
Fundamentals:
P/E Ratio: ~31x – Bad (Relatively high for current margin profile)
P/B Ratio: ~1.7x – Good
EPS: ₹16.07 – Good
Debt-to-Equity: 1.0 – Neutral
Note: Despite growth through acquisition, falling margins are a concern.
2. Dar Credit & Capital (SME IPO)
Sector: NBFC
IPO Window: May 21–23 | Price Band: ₹57 – ₹60 | Issue Size: ₹25.66Cr
Fundamentals:
P/E Ratio: 13.1x – Good
P/B Ratio: 12.8x – Bad (Very high)
EPS: ₹3.97 – Good
RONW: 6.08% – Bad
Debt-to-Equity: 2.51x – Bad
Note: Valuation attractive, but financial health and high leverage are weak points.
3. Borana Weaves IPO
Sector: Textiles
IPO Window: May 20–22 | Price Band: ₹205 – ₹216 | Issue Size: ₹144.89 Cr
Fundamentals:
P/E Ratio: ~14.7x (Forward) – Good
EPS: ₹19.33 – Good
Note: Strong earnings and discounted valuation vs. industry average make it promising.
4. Leela Hotels (Schloss Bangalore) IPO
Sector: Luxury Hospitality
IPO Window: May 26–28 | Price Band: ₹413 – ₹435 | Issue Size: ₹3,500Cr
Fundamentals:
P/E Ratio: ~13.6x – Good
EPS: ₹8.59 – Good
Revenue (FY24): ₹1,226 Cr – Good
Note: Sound financial comeback post-pandemic. Debt reduction through IPO is a plus.
5. Unified Data-Tech Solutions (SME IPO)
Sector: IT Services
IPO Window: May 22–26 | Issue Size: ₹144.47 Cr
Fundamentals:
P/E / P/B Ratios: Not disclosed – Neutral
Note: Limited data available. Being a complete OFS IPO, due diligence is essential.
6. Blue Water Logistics IPO (SME)
Sector: Logistics
IPO Window: May 27–29 | Issue Size: ₹40.5 Cr
Fundamentals:
P/E Ratio: ~10.1x – Good
P/B Ratio: 11.4x – Bad
EPS: ₹13.34 – Good
ROE: 72% – Good
RONW: 52.9% – Good
Debt-to-Equity: 1.82x – Bad
Note: Extremely high profitability but expensive on book value and moderately leveraged.