,
Vodafone Idea, BSNL, and others, with a strong portfolio in horizontal directional drilling, network design, commissioning, and data communication solutions.
Its pan-India reach and client base in both public and private sectors offer a strategic moat in a capex-intensive domain.
Financially, the company has demonstrated robust growth, with FY25 revenue at Rs 42.47 crore, and a more-than-doubled PAT of Rs 5.53 crore, compared to Rs 2.61 crore in FY24. Margins have also improved, with EBITDA margins at 17.44% and PAT margins at 13.24%.
While the company’s fundamentals and order book offer long-term visibility, the IPO's price-to-earnings (P/E) ratio of 16.23x post-issue appears slightly full-valued for an SME counter, especially amid stiff competition and operational risks in large-scale infra execution.Post-issue, fresh capital earmarked for working capital needs, capex, and general corporate purposes. Investors and analysts will be closely watching if the stock can build momentum beyond listing and attract institutional interest in the secondary market.(: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
