Samay Project Services Limited ( NSE SME IPO ) Analysis -
IPO Details -
IPO Date: 16 – 18 June 2025
Price Band: ₹32 – ₹34 per share
Lot Size: 4000 shares
Face Value: ₹10 per share
IPO Size: ₹14.69 crore ( 100% Fresh )
Business Summary -
Incorporated in 2001 as Samay Project Services Private Limited under the Companies Act, 1956.
Provides Engineering, Procurement and Construction ( EPC ) services.
Core expertise in design, engineering, supply, fabrication, erection and commissioning of Balance of Plant ( BOP ) systems.
Key service areas -
Piping Systems
Tanks, Vessels, and Fabricated Structures
Fire Protection, Detection & Firefighting Systems ( FFS )
Services multiple industries needing BOP & FFS solutions.
Financial Highlights ( Crores ) -
Net Worth -
FY25: ₹20
FY24: ₹16
FY23: ₹11.42
Total Revenue -
FY25: ₹37.72
FY24: ₹40.95
FY23: ₹20.82
Profit After Tax ( PAT ) -
FY25: ₹4.19 ( Margin - 11.29% )
FY24: ₹4.62 ( Margin - 11.33% )
FY23: ₹3.44 ( Margin - 16.88% )
Earnings Per Share ( EPS ) -
FY25: ₹3.80
FY24: ₹4.18
FY23: ₹3.12
Net Asset Value ( NAV ) per Share -
FY25: ₹18.34
FY24: ₹14.54
FY23: ₹10.35
Total Borrowings -
FY25: ₹2.09
FY24: ₹2.35
FY23: ₹2.99
Pros / Strengths -
Strong Order Book: ₹57 crore as on March 31, 2025.
PSU Projects: Works with reputed PSUs like
#BHEL, Engineering Projects ( India ) Ltd., BCG Vaccine Laboratory — lower cancellation risk.
Diversified Revenue Streams -
Tanks, Vessels & Fabricated Structures - ₹8.89 crore ( 23.93% in FY25 )
Piping Systems: ₹6.55 crore ( 17.64% in FY25 )
Combined Piping & Tanks: ₹10.08 crore ( 27.14% in FY25 )
Fire Fighting System: ₹11.62 crore ( 31.29% in FY25 )
Technical Expertise - Handles various pipe materials:
Carbon Steel, Galvanized, Stainless Steel, Ductile Iron, High-Temperature Alloy Steel ( SA 335 P11 & P22 )
Pipe sizes from 15 NB to 1600 NB; large cooling water headers from 350 NB to 1500 NB.
Certified Company - ISO 9001:2015 for engineering, supply, fabrication, erection, testing & commissioning.
Builds Large Storage Tanks - For fire water, demineralized water, condensate, HFO, slurries ( limestone, gypsum ), wastewater, process water, auxiliary absorbent tanks.
Cons / Weaknesses -
Industry Risk - Relies on EPC demand across multiple industries. Any slowdown affects revenue.
Sector Dependency -
Power Sector - 51% revenue ( ₹18.97 crore )
Iron & Steel - 19.91% revenue ( ₹7.39 crore )
Geographical Concentration: Heavy dependency on one state -
#Telangana - ₹15.72 crore ( 42.33% of total revenue in FY25 )
#Orissa - ₹5.55 crore ( 14.94% of total revenue in FY25 )
Raw Material Procurement Concentration -
#Maharashtra - ₹8.44 crore ( 42.75% )
#TamilNadu - ₹7.10 crore ( 35.96% )
Combined - 78% from these two states.
Customer Concentration Risk: Heavy reliance on few customers -
FY25 -
Top 5 customers - 63% of revenue
Top 10 customers - 84% of revenue
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