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🌟🌟LIST OF GOOD SME IPOs LISTED FROM 01 Jan 2026 (Sheet 1, Sheet 2 & Sheet 3)
🗒️Data Covers: IPO Price, IPO P/E, List Price, Current Price, Current P/E, % Gain with respect to IPO Price. For most recent stocks, Capex Completion target time is given in Comments.
🩷LIKE, SAVE in 🔖BookMarks for Detailed Study
Some stocks start discounting future earnings , very early, considering capex. But not all. If price is still at lower valuation, BUT major capex is ongoing, it's an opportunity to track and enter, when price action starts. 👍
Suggest not to take Promoter's every word in Investor presentations, as Ved Vakya. Lot of fluff and inaccurate stuff will be there in their talks. 👎
Please go through recent NSE order announcements / capex status / business updates too before investing.👍
Do note , even some of these stocks could fail, 👎since we are yet to see First Post-Listing Financials. And there can be cooked up 👎revenue and extra high margins which could disappear with H1 result. So one has to track results closely. No blind bets.
SHEET 1
ACME INDIA INDUSTRIES
TNA SOLUTIONS
EVERESTIMS TECHNOLOGIES
SJP ULTRASONICS
VANS ELECTROENGINEERING
ACME UNIVERSAL SAFEZONE 9
ROOPA SCREEN
POOJA LOGISTICS
FX MULTITECH
ROBOKIDZ EDUVENTURES
SPECTRAA TECHNOLOGY SOLUTIONS
RAKSAN TRANSFORMERS
MAHARAJA & SPEEDEX INDIA
AMTECH ESTERS
QUALIANCE INTERNATIONAL
ASHUTOSH FIBRE
🩷LIKE, SAVE in 🔖BookMarks for Detailed Study
Sheet 2 and Sheet 3 in Thread below 1/3
ONLY GOOD SME STOCKS, LISTED FROM 01 Jan 2026 - (After filtering out Cockroaches 🪳)
🌟By tomorrow. we will look at list of these stocks with IPO Price, IPO P/E, List Price, Current Price, Current P/E, % Gain with respect to IPO Price as well as List Price with Comments
This will help to quickly figure out stocks, where there could be further opportunity.
Hope to release on Monday Morning! Should help in your research and probably spot ones which have not gone up much 👍
WISCON INDUSTRIES SME IPO BUSINESS REVIEW. This Delhi company was purely into trading of TVs, eBikes, Washing Machines, Air Coolers, ACs etc Rs.73Cr annual sales in FY26 (standalone). In April FY25, the promoter’s manufacturing company, Dalmia Technologies which makes WISCON Brand LED TVs was made a WOS. This has made it a Rs.196Cr sales company. AVOIDED NOW. BUT the company is transforming into manufacturing via its WOS. So better keep in WATCH LIST to enter at appropriate time.👍
LIKE, READ FULL REVIEW & DECIDE
This business review is based on DRHP/RHP filed by the company at Exchange & is based on reviewer’s understanding of the documentation. For a full understanding of risks, financials, objectives & prospects suggest to go through the RHP in detail & form own opinion
OBJECTS: Out of Rs. 102Cr Raised, Rs.20Cr is OFS and Rs.88Cr Fresh Issue. Out of Rs.88Cr Fresh, Rs.15Cr for Capex, Rs.35Cr for WC for WOS, Rs.17Cr for WC of parent, Rs.5.2Cr for Marketing and rest for general and listing expenses
Capex is for installing 2 SMT lines in Dalmia Technologies for making own PCBs for TVs
BUSINESS & PROSPECTS:
The company was purely into trading of TVs, Electric Scooters, Washing Machines, Air Coolers, ACs etc with Rs.73Cr annual sales on stand alone basis in FY26. In April FY25, the promoter’s manufacturing company, Dalmia Technologies which makes WISCON Brand LED TVs was made a Wholly Owned Subsidiary. This has made WISCON a Rs.196Cr sales company with major contribution from Dalmia Technologies👍
With this, trading revenue has become less than 20%. Right now company has only one OWN product. ie WISCON TV. All other items are procured from third parties for trading.
80% revenue is from Delhi only and online presence is Negligible.
The capex is basically for backward integration and do not add to capacity but will improve manufacturing margin
Dalmia Tech has capacity to make 4,89,600 TVs per year. The utilization is around 70%
Dalmia Tech seem to be very well organized with modern manufacturing facilities and building.👍
BUT , WISCON’s own warehouses and office is in shambles and photographs are AWFUL. 👎With 75Cr standalone income, it is surprising that Company operates from such shanties. This brings down respectability and standing in market. 👎If someone circulates the pictures given in the RHP, then it will be the END!👎
VALUATION AND DECISION:
Rs.204 is at 18 x its TTM earnings, on post IPO equity basis. Considering good Q1 numbers, can expect higher Revenue and PAT in Fy27.👍
CELLECORE is at 16x and has reported over Rs.1200Cr sales. There is long way to go for WISCON if it expands the manufacturing activity at Dalmia Technologies.
AVOIDED now due to negative vibe of WISCON Standalone trading activity being done from slum like godowns. 👎
BUT the company may relocate all this and become good too like its WOS, Dalmia Tech. ADDED TO WATCHLIST.
Regarding Listing Gain opportunity, you may take own decision, as usual
Suggest to assess by yourself and take your own decision, after further study, considering various factors discussed and any other info available.
🩷LIKE BOOKMARK WISCON INDUSTRIES SME IPO REVIEW
SME Results: Tomorrow all eyes on the market favorite "CRYOGENICS OGS". Will it report decent growth with about 28% margin or follow ShreeRef?
Parth, Teamwork and Kheria also would be interesting.
Thanks for the list @nileshkurhade !
SME Financial Result Dates
Period Ending 31/03/2026
31/10/2026 SHANTHALA
Period Ending 30/09/2026
29/10/2026 NAMAN
29/10/2026 KKSHL
29/10/2026 PARTH
29/10/2026 SUNSKY
29/10/2026 SRIVASAVI
29/10/2026 SIYARAM
29/10/2026 RANJEET
29/10/2026 KHERIAAUTO
29/10/2026 AATMAJ
29/10/2026 CRYOGENIC
29/10/2026 HIGREEN
29/10/2026 PRARUH
29/10/2026 SIHORA
29/10/2026 KLASSROOM
29/10/2026 TEAMTECH
30/10/2026 RADIOWALLA
30/10/2026 AAKAAR
30/10/2026 CHEMKART
30/10/2026 IBLFL
30/10/2026 FXML
30/10/2026 BMETRICS
30/10/2026 VPL
30/10/2026 RULKA
30/10/2026 PRIZOR
30/10/2026 SSEGL
30/10/2026 MSAFE
30/10/2026 KDML
30/10/2026 WAA
30/10/2026 ACEALPHA
30/10/2026 BHAVIK
30/10/2026 FIDEL
30/10/2026 ACML
30/10/2026 ELGNZ
30/10/2026 PULZ ❌
30/10/2026 MEGAFLEX
30/10/2026 ARUNAYA
30/10/2026 TRUECOLORS
30/10/2026 QUALIANCE
30/10/2026 COTFAB
30/10/2026 PESB
30/10/2026 SEALMATIC
30/10/2026 GJL
30/10/2026 MADHUSUDAN
30/10/2026 SUGSLLOYD
30/10/2026 FABCLEAN
30/10/2026 USASEEDS
30/10/2026 HRS
30/10/2026 URBAN
30/10/2026 ACMEUNIV
30/10/2026 KIZI
30/10/2026 RIYAASAT
31/10/2026 NANTA
31/10/2026 OBSCP
31/10/2026 INNOVATIVE
31/10/2026 VALINDIA
31/10/2026 VAHH
31/10/2026 GMPL
31/10/2026 NUKLEUS
31/10/2026 TECHNOCRAT
31/10/2026 TRIDHYA
31/10/2026 ACCPL
31/10/2026 ANL
31/10/2026 SHREEOSFM
31/10/2026 TRANSWIND ❌
31/10/2026 DCG
31/10/2026 SACHEEROME
31/10/2026 GREENLEAF
31/10/2026 INNOMET
31/10/2026 MAHICKRA
31/10/2026 KORE
31/10/2026 RAJINDLTD
31/10/2026 STANBIK
31/10/2026 YCCL
31/10/2026 BROACH
31/10/2026 BIKEWO
31/10/2026 SURANI
31/10/2026 SPUNWEB
31/10/2026 BRRL
31/10/2026 FTL
31/10/2026 SONALIS
31/10/2026 OMFURN
31/10/2026 SONUINFRA
02/11/2026 GCMCAPI
02/11/2026 CTCL
02/11/2026 DEVSON
02/11/2026 SUNLITE
02/11/2026 JFLLIFE
02/11/2026 TRANSWIND
02/11/2026 SMARTEN
02/11/2026 ROOPA
02/11/2026 GANGAPHARM
02/11/2026 GRCL
02/11/2026 HOACFOODS
02/11/2026 ARVINDPORT
02/11/2026 MEDISTEP
02/11/2026 FASCINATE
02/11/2026 PATRON
02/11/2026 KKJEWELS
02/11/2026 PAJSON
02/11/2026 ATHARVA
02/11/2026 KCEIL
02/11/2026 UML
02/11/2026 SHERA
02/11/2026 RAJESH
02/11/2026 SMR
02/11/2026 CNCRD
02/11/2026 AVATAR
02/11/2026 MSECL
02/11/2026 KODYTECH
02/11/2026 BAHETI
02/11/2026 EFFWA
02/11/2026 PALUCK
02/11/2026 UNISEM
02/11/2026 SCARNOSE
02/11/2026 SUSAN
02/11/2026 SVS
02/11/2026 ACLD
02/11/2026 LABELKRAFT
03/11/2026 SBRANDS
03/11/2026 BAGDIGITAL
03/11/2026 LAXMIPATI
03/11/2026 MACHLTD
03/11/2026 MARUSHIKA
03/11/2026 VIVAA
03/11/2026 SMAUTO
03/11/2026 TGIF
03/11/2026 BCCL
03/11/2026 ADON
03/11/2026 SBVCL
03/11/2026 SODHACAP
03/11/2026 RETAGGIO
03/11/2026 VIGOR
03/11/2026 VANDAN
03/11/2026 FILTRA
03/11/2026 HRHYGIENE
03/11/2026 MILTON
03/11/2026 SHIVAM
03/11/2026 GLOBTIER
03/11/2026 REMUS
03/11/2026 GPECO
03/11/2026 ENFUSE
04/11/2026 AERON
04/11/2026 HPTL
04/11/2026 REETECH
04/11/2026 SELLOWRAP
04/11/2026 DANISH
04/11/2026 RCAN
04/11/2026 SADHAV
04/11/2026 TIRUPATI
04/11/2026 RBS
04/11/2026 CCAL
04/11/2026 ASTRONMULT
04/11/2026 GOELCONS
04/11/2026 SKP
04/11/2026 PELATRO
04/11/2026 INFLUX
04/11/2026 KAARYAFSL
04/11/2026 GRETEX
04/11/2026 BRISK
04/11/2026 PRIMECAB
04/11/2026 TITAANIUM
04/11/2026 SHOORA
04/11/2026 MANAV
05/11/2026 AKIKO
05/11/2026 BIOPOL
05/11/2026 ISHAN
05/11/2026 PATELCHEM
05/11/2026 CLASSICEIL
05/11/2026 TECHNICHEM
05/11/2026 SHIGAN
05/11/2026 WALPAR
05/11/2026 MRIL
05/11/2026 ADVANCETL
05/11/2026 SAVY
05/11/2026 WINNY
05/11/2026 DRA
05/11/2026 CHAVDA
05/11/2026 UCL
05/11/2026 MASTER
05/11/2026 PULZ
05/11/2026 AHASOLAR
05/11/2026 RIKHAV
05/11/2026 MICROPRO
05/11/2026 BASILIC
05/11/2026 BRGIL
05/11/2026 DML
05/11/2026 HELLOJI
05/11/2026 ARITAS
06/11/2026 APS
06/11/2026 VMARCIND
06/11/2026 MINDPOOL
06/11/2026 INNOVATORS
06/11/2026 INFINIUM
06/11/2026 POBS
06/11/2026 TBI
07/11/2026 SIDDHIKA
11/11/2026 PFL
12/11/2026 GCMCOMM
12/11/2026 SILVERPRL
12/11/2026 RAFL
13/11/2026 NIKITA
13/11/2026 BENARA
13/11/2026 CARGOSOL
14/11/2026 APRAMEYA
👎SHREE REFRIGERATION FY27 H1 RESULTS. H1FY27 RESULTS. Rs.340 was at 56p/e. Now 45x👍
Let’s say H2 will be very strong and make ourselves feel very happy! 😀
But margin has come down sharply from 26% in H2Fy26 to ~14.5%
Receivable issue continues to linker. (Rs.128Cr). (-)Rs.42Cr CF matter is also there.
With just Rs.6.9Cr PAT in H1, H2 has to have upwards of Rs.25Cr PAT, to avoid serious market mess at the year end.
May be there will be blockbuster numbers in H2 with margin moving back to 26%
H1 FY27 Vs.H2 FY26
REV: Rs.94Cr Rs. Vs Rs.104 Cr👎
PAT: Rs.6.9Cr Vs Rs.20 Cr 🔴
(May Compare with H1FY26 Rev=Rs.50 Cr & PAT=Rs. 1.6Cr )
TTM Vs FY26
REV: Rs. 198Cr Vs Rs.156Cr👍
PAT: Rs. 26.9Cr Vs Rs.21.6Cr👍
SME IPO was in AUG 2025 at Rs125.
🍏Credent Connect N Care FY27 H1 RESULTS. H1FY27 RESULTS. Rs.348 was at 34 p/e. Now 25x 👍
(Diagnostic sample collection and logistics for Healthcare & Qualified Manpower for labs)
Receivables need to be managed. Hopefully that will be done in H2.
H1 FY27 Vs.H2 FY26
REV: Rs.138Cr Rs. Vs Rs.124 Cr👍
PAT: Rs. 14.6Cr Vs Rs. 10.8Cr👍
(May Compare with H1FY26 Rev=Rs.90 Cr & PAT=Rs.6.85 Cr )
TTM Vs FY26
REV: Rs. 262Cr Vs Rs. 214Cr👍
PAT: Rs. 25.4Cr Vs Rs. 18.4Cr👍
SME IPO was in Aug 2026 at Rs.189
🍏WOMANCART FY27 H1 RESULTS. H1FY27 RESULTS. Rs.84 was at 8.5p/e. Now 6.3x 👍
Margin is back at ~22% 👍after the collapse in H2FY26 when company went for topline growth without caring about profitability.
That chapter seem to be closed. 👍 2 Good quarters with good margin shows, the company has managed to pull things together. 👍
Now, biggest problem will be to get back the lost market goodwill. If market accepts the turnaround , then valuation multiple should start moving up.
H1 FY27 Vs.H2 FY26
REV: Rs. 69.6Cr Rs. Vs Rs.85.2Cr👎
PAT: Rs. 8.1Cr Vs Rs. 2.81Cr 🔥 Margin recovered.
(May Compare with H1FY26 Rev=Rs. 50.3Cr & PAT=Rs.5.3 Cr )
TTM Vs FY26
REV: Rs.154.8Cr Vs Rs. 135Cr 👍
PAT: Rs. 10.91Cr Vs Rs. 8Cr👍
SME IPO was in OCT 2023 at Rs.86
📌 Womancart Limited informed the exchange about its approval for the financial results for the period ended September 30, 2026. #SME #WOMANCART 📄🧾
TNA SOLUTIONS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.42.5 was at 9 p/e. Now 7.7x 👍
Its a weak result. No doubt on that. With 50% export, cant blame season.
Now, with IPO funds (October ) in hand, company has to really show remarkable improvement in H2
H1 FY27 Vs.H2 FY26
REV:Rs. 52Cr Rs. Vs Rs. 66Cr👎
PAT:Rs. 4.7Cr Vs Rs. 6.4Cr👎
(May Compare with H1FY26 Rev=Rs. 44Cr & PAT=Rs.3.2 Cr )
TTM Vs FY26
REV:Rs.118Cr Vs Rs. 109Cr 👍
PAT: Rs.11.1Cr Vs Rs. 9.6Cr 👍
SME IPO was in OCT 2026 at Rs.70
MACFOS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.1120 was at 45p/e. Now 40x 👍
May be next 2 quarters will continue the good work seen in Q2. That is very much needed.
H1 FY27 Vs H2 FY26
REV: Rs. 182Cr Rs. Vs Rs.183 Cr 🫱
PAT: Rs. 13.16Cr Vs Rs. 15.6Cr 👎
(May Compare with H1FY26 Rev=Rs.129 Cr & PAT=Rs.10.1Cr )
TTM Vs FY26
REV: Rs.365 Cr Vs Rs. 312Cr 👍
PAT: Rs.28.76 Cr Vs Rs. 25.7Cr 👎
SME IPO was in March 2023 at Rs.102 (1:10 Bonus in March 26)
🫱PNGS GARGI FY27 H1 RESULTS. H1FY27 RESULTS. Rs.516 is at 17p/e🫱
We can see, last 3 half-yearly growth, has been very ordinary. 76Cr then 79cr. Now 88Cr . And bottomline flat at ~16Cr over this period
Valuation struggles at 17x. How is the growth pipeline??? Needs a big biz / expansion push.
H1 FY27 Vs.H2 FY26
REV: Rs. 88Cr Rs. Vs Rs.79 Cr👍
PAT: Rs. 15.8Cr Vs Rs. 15.7Cr🫱
(May Compare with H1FY26 Rev=Rs.76Cr & PAT=Rs. 15.6Cr )
TTM Vs FY26
REV: Rs. 167Cr Vs Rs. 153Cr👍
PAT: Rs.31.9 Cr Vs Rs. 31.4Cr🫱
20Cr +ive cash Flow. That is not helping.
SME IPO was in Dec 2022 at Rs.30
🫱 NEOCHEM SOLUTIONS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.108 was at 15p/e. Now 13 x👍
Only 45% utilization in Fy26. Much more was expected due to available capacity. Means, unable to sell beyond ~65 to 70Cr range. May be textile chem market is too tight for new companies to grow. 👎
Makes ((i) Polymers, (ii) Surfactants, (iii) Silicones and (iv) Esters) for textile industry
H1 FY27 Vs.H2 FY26
REV:Rs. 69Cr Rs. Vs Rs. 66Cr👍
PAT:Rs. 7.8Cr Vs Rs.6.5 Cr 👍
(May Compare with H1FY26 Rev=Rs. 47Cr & PAT=Rs. 5.5Cr )
TTM Vs FY26
REV:Rs. 135Cr Vs Rs. 114Cr 👍
PAT: Rs. 14.3Cr Vs Rs. 12Cr 👍
SME IPO was in Dec 2025 at Rs.98
EXCELLENT WIRES & PACKAGING FY27 H1 RESULTS. H1FY27 RESULTS. Rs.180 was at 55p/e. Now 29x👍
Unexpected topline!! But Margin collapsed from 12 to 6%. Cost of material shot up. Not a good situation.
H1 FY27 Vs.H2 FY26
REV:Rs.41 Cr Rs. Vs Rs.12.8 Cr🔥
PAT:Rs. 1.72Cr Vs Rs.1.06 Cr (Margin said Tata Bye, Bye!)👎
(May Compare with H1FY26 Rev=Rs.10 Cr & PAT=Rs. 0.45Cr )
TTM Vs FY26
REV:Rs. 53.8Cr Vs Rs. 23Cr
PAT: Rs. 2.78Cr Vs Rs. 1.51Cr
SME IPO was in Sept 2024 at Rs.90.
📌 Excellent Wires and Packaging Limited informed the exchange about its approval for the financial results for the period ended September 30, 2026. #SME #EXCELLENT 📄🧾
🍏SHREEDHAR SPINNERS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.164 was at 57 p/e. Now 36 x👍
This is a high quality cotton yarn company as stated in Review. Very rare in SME textile segment to have such quality or processes and product especially in cotton segment
Stock price had already moved up anticipating high turnover because the expansion was already completed in January and full scale production was to happen
From review “Company has expanded capacity to 10,000MTPA in Jan 2026 by increasing spindle count from 18240 to 28600 . With this capacity utilization is round 65%. Hence substantial spare capacity available for topline growth in Fy27 . Till Jan 2026, utilization was 95%”
Currently 2000MTPA addition is in progress 👍and has raised pref capital to increase capacity further to 15500MTPA, by adding 3500MTPA soon.
And true to form, it has reported smashing numbers.
H1 FY27 Vs.H2 FY26
REV: Rs. 133Cr Rs. Vs Rs.76 Cr🔥
PAT: Rs. 10Cr Vs Rs.3 Cr🔥
(May Compare with H1FY26 Rev=Rs.70 Cr & PAT=Rs. 3Cr )
TTM Vs FY26
REV: Rs. 209Cr Vs Rs. 146Cr👍
PAT: Rs. 13Cr Vs Rs. 6Cr👍👍
SME IPO was in JULY 2026 at Rs.53
📌 Shreedhar Spinners Limited informed the exchange about its approval for the financial results for the period ended September 30, 2026. #SME #SHREEDHAR 📄🧾
😡SAJ HOTELS FY27 H1 RESULTS. Awful situation continues. No growth even after 2 years . Instead, "happily" company slips into LOSS. 🔴
Oct 2024 IPO at Rs.65 at very high asking p/e of 30.
The entire blame on this IPO has to be on Lead Manager "Corpwis Advisors" 🔴
They have done awful work with other IPOs too. They pushed the IPO on investors by CONCEALING the fact that the company has NO APPROVAL to do any construction in buffer zone of Pench Tiger Reserve.
Everyone knows approval is very difficult / time consuming and has to come from Central Govt. After that, state Forest Department has to approve and then State local revenue departments.
🚨Dumping IPO on investors without DISCLOSING Approval risk is serious CRIME. Affected investors should go after this Corpwis Advisors and take up matter with SEBI too. (@SEBI_updates )
17Cr was for 45 rooms(!!!!). 7.3cr is unspent obviously since there is no way they can build without approval. Hopefully money is there.
As for company , it says its spent 9.7Cr on Capex. So out of 45 rooms they built more than half in other location. THEN WHY IS REVENUE NOT RISING?
There has to be investigation of possible diversion of IPO funds for capex as well as WC.
The IPO Review had brought out the Risks including approval and potential diversion of funds: teapawt.net/RajStockWatch/status/1…
📌 Saj Hotels Limited informed the exchange about its approval for the financial results for the period ended September 30, 2026. #SME #SAJHOTELS 📄🧾
Companies slipping into loss after taking public money in IPO, should all be INVESTIGATED and investors should be compensated by selling all assets and extracting diverted money from promoters. @SEBI_updates - GO AFTER THEM and get money out. Lead Manager should be blacklisted and heavily fined. SAJ HOTELS IPO.
They are in QUEST to report bigger loss at every opportunity! 😁
Meson Valve assembly workshop..
📌 Quest Flow Controls Ltd informed the exchange about its approval for the financial results for the period ended September 30, 2026. #SME #QUESTFLOW 📄🧾
CORE4 ENGINEERS SME IPO BUSINESS REVIEW. 👎AVOIDED. Company is into Industrial Waste / Effluent Water Treatment (ETP) with 68% revenue from that. It also does Railway electrification works (28% revenue) rest NEGLIGIBLE revenue came from from HT /LT electrical works and SCADA
LIKE, READ FULL REVIEW & DECIDE
This business review is based on DRHP/RHP filed by the company at Exchange & is based on reviewer’s understanding of the documentation. For a full understanding of risks, financials, objectives & prospects suggest to go through the RHP in detail & form own opinion
OBJECTS: Out of Rs.54.82 Cr Raised, Rs.40.5Cr for WC, Rs.4Cr for capex and rest for general and listing expenses
Rs.4Cr is for plot of land with existing building near Mysore. The rented assembly unit will be shutdown and equipment shifted to this new premises. Company makes Electrical Control Panels for in-house use in their EPC Projects
BUSINESS & PROSPECTS:
Company is an EPC contractor mainly into Waste Water Treatment Systems. It also does Railway and Station Electrification / Signages , SCADA and similar control / communication systems.
Most of the electrical panels required for their EPC works are fabricated in house.
It has grown from 30Cr in Fy24 to Rs.91Cr in Fy26.
Railway Electrification is ~28% of revenue and 68% Came from Industrial Waste Waste Treatment Plant projects. SCADA and Ht/LT line project revenue was negligible in Fy26.
Order book is stated to be Rs.286Cr (As of filing RHP – Assume its Oct 2026) (Break up nopt given. BUT assumes this is mostly ongoing ETP works as subcontractor)
Company plans to directly quote for Municipal waste water treatment projects also in future (Currently some works are done on subcontract basis)
RISKS: From the last 3 year financials, we can see the revenue jump in Fy26 and in Fy27 Q1 is due to the ongoing Waste Water (ETP) works. Its growth is highly dependent on winning ETP contracts 👎
Receivables are 101Cr as of June 2026 while Fy26 revenue is only Rs.91Cr 👎
The Financials seem to be messy with certain comments by Auditors 👎
On execution side the company seem to be getting into mess with Railways 👎with termination of contracts.
All ETP work done are as subcontractors not direct.👎
VALUATION AND DECISION:
Rs. 93 is at 12.5x its TTM earnings, on post IPO equity basis. Company itself has suggested that the struggling K2Infragen (4p/e) is its closes peer. 👎
OVERALL, not an efficiently run business. May be it will become good in future. Mainly into subcontract of waste water treatment projects. As of now, no point in taking risk. Hence AVOIDED.
Regarding Listing Gain opportunity, you may take own decision, as usual
Suggest to assess by yourself and take your own decision, after further study, considering various factors discussed and any other info available.
LIKE BOOKMARK CORE4 ENGINEERS SME IPO REVIEW
ADMACH SYSTEMS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.445 was at 30p/e. Now 25x👍
Company makes machinery for steel product conditioning, finishing and inspection which is required in all steel making industries whether billets, flats, rods, pipes, or shell body / barrel of Gun Systems or whatever else . It is steel industry dependent. And can be impacted by steel cycles.Hence need monitoring👎
H1 FY27 Vs.H2 FY26
REV: Rs. 42Cr Rs. Vs Rs.41Cr🫱
PAT: Rs. 6.53Cr Vs Rs.5.54 Cr👍
(May Compare with H1FY26 Rev=Rs.28Cr & PAT=Rs. 4.5Cr )
TTM Vs FY26
REV: Rs. 83Cr Vs Rs.70 Cr👍
PAT: Rs. 12.07Cr Vs Rs.10 Cr👍
SME IPO was in DEC2025 at Rs.239.
DIGILOGIC SYSTEMS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.179 was at 50p/e. Now 40 x 👍
Company has reiterated its H2 will be strong and H1 will generally be mild. We can see this in Fy26 H1 Vs H2. It has guided for around 100Cr in Fy27. Means need to bill ~Rs.65Cr in H2
This company will STRUGGLE to grow 👎TILL its 58Cr IPO funded expansion is fully ready and commercially operational, possibly somewhere in year 2028. So Chill & RELAX till capex nears completion or some big WHITE NIGHT steps in with investment!
H1 FY27 Vs.H2 FY26
REV: Rs. 35Cr Rs. Vs Rs. 60Cr👎
PAT: Rs. 4.85Cr Vs Rs. 8.5Cr👎
(May Compare with H1FY26 Rev=Rs. 18Cr& PAT=Rs. 1.7Cr )👍
TTM Vs FY26
REV: Rs. 95Cr Vs Rs. 78Cr👍
PAT: Rs. 13Cr Vs Rs. 10.2Cr👍
SME IPO was in JAN 2026 at Rs.104 .
📌 Digilogic Systems Ltd informed the exchange about its approval for the financial results for the period ended September 30, 2026. #SME #DIGILOGIC 📄🧾
INDOBELL INSULATIONS FY27 H1 RESULTS. H1FY27 RESULTS. Rs.65 was at 55p/e. Now 23 x👍
The business is very small and growth will be slow and steady. Mineral wool is too common a product with hundreds of makers / traders. It’s a commodity item. Not much scope in this
H1 FY27 Vs.H2 FY26
REV: Rs.14.4Cr Rs. Vs Rs.8.6Cr👍
PAT: Rs.1.43 Cr Vs Rs.0.33Cr👍
(May Compare with H1FY26 Rev=Rs. 8.4Cr & PAT=Rs.0.48Cr )
TTM Vs FY26
REV: Rs. 23Cr Vs Rs. 17Cr👍
PAT: Rs.1.76 Cr Vs Rs.0.8Cr👍
SME IPO was in JAN 2025 at Rs. 45
🍏NOVUS LOYALTY FY27 H1 RESULTS. H1FY27 RESULTS. Rs.181 was at 31p/e. Now 24x👍
Compared to the Zaggle meltdown, NOVUS has done well.
{ZAGGLE operates employee benefit programs. Difference is in the consumer base. Zaggle’s offer is strictly from Businesses to their employees managing Spent and then rewarding. But NOVUS helps Businesses to target their consumers.}
H1 FY27 Vs.H2 FY26
REV: Rs.99Cr Rs. Vs Rs.56 Cr 👍
PAT: Rs. 7.56Cr Vs Rs.4 Cr 👍👍
(May Compare with H1FY26 Rev=Rs.71Cr & PAT=Rs.5Cr )
TTM Vs FY26
REV: Rs.155Cr Vs Rs.127 Cr👍
PAT: Rs.11.56 Cr Vs Rs.9.28Cr👍
SME IPO was in March 2026 at Rs.146
