KENS Investment

27/08/2025

VIKRAN ENGINEERING IPO REVIEW BY KENS INVESTMENT

📌 Key Points:

Sector Context

Despite slowdown in infra spending, FY26 outlay remains strong at ₹11.1 lakh crore.

Power sector is a major beneficiary (₹48,396 crore allocation in FY26).

IPO Details

Issue Size: ₹772 crore

₹721 crore (fresh issue) – for working capital & corporate purposes.

₹51 crore – Offer for sale.

Price Band: ₹92 – ₹97

Market Cap at upper band: ₹2,502 crore

Valuation

At ₹97, trades at 32x FY25 EPS (post-offer basis).

Comparisons:

SPML Infra (40x), Techno Electric (38x), Bajel Projects (155x).

BSE Capital Goods Index trades at 54x.

Hence, valuation looks reasonable.

Financials

FY23–FY25: Revenue CAGR 32.2%, EBITDA CAGR 41.8%.

FY25 Net Profit grew 34.8% YoY to ₹77.8 crore.

EBITDA margin: 17.5% (among industry’s highest).

Debt-equity ratio low at 0.58 (as of Mar 2025).

Order Book

Robust: ₹2,044 crore (2.2x FY25 revenues).

~80% orders from government & PSU clients (NTPC, PGCIL, State Utilities).

Remaining 20% from private sector.

Sector mix: 60.5% power, 37.4% water, 2.1% railways/infra.

Outlook

Strong pipeline in infra, water & power ensures visibility.

Government initiatives (National Infra Pipeline, ₹147 lakh crore outlay) are positives.

Risks: Heavy dependency on govt contracts & competitive bidding pressure.

✅ Investment View

Positives

Strong order book & visibility.

High EBITDA margins vs peers.

Reasonable valuation compared to industry.

Focused on power & water infra (policy-driven demand).

Risks

Heavy reliance on PSU/government clients (delayed payments possible).

Competitive EPC sector.

Modest scale compared to larger peers.

📊 Overall Verdict:

“Reasonably priced IPO with healthy margins and strong growth visibility.”
Good for medium to long-term investors seeking infra/power sector exposure.

17/05/2024

https://www.linkedin.com/feed/update/urn:li:activity:7197229398670864385?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A7197229398670864385%2C7197229841035755520%29&dashCommentUrn=urn%3Ali%3Afsd_comment%3A%287197229841035755520%2Curn%3Ali%3Aactivity%3A7197229398670864385%29

26/04/2024

EMMFORCE AUTOTECH LIMITED

26/04/2024

10/04/2024

*Business Standard*

📝 India likely to get normal monsoon this year: Private forecaster Skymet
📝 RBI launches manufacturing cos survey, a key input for policy formulation
📝 India, Chile may kickstart free trade agreement talks after elections
📝 Paytm Payments Bank MD, CEO Surinder Chawla resigns in latest blow to firm
📝 Ratio of GST collections to GDP is increasing, albeit at a slow pace
📝 Truck rentals remained flat in March 2024: Shriram Mobility Bulletin
📝 Swiggy gets another valuation hike to over $12.7 billion from Invesco
📝 ICICI Lombard ties up with Policybazaar to offer insurance products
📝 Ola cabs pulls the plug on international business amid 'rising competition'
📝 US small-biz sentiment slides to lowest level in more than 11 yrs in March
📝 Taiwanese firms look to set up headquarters abroad to avoid Chinese attack

*Economic Times*

📝 Govt makes stock disclosure mandatory for pulses; starts chana procurement at MSP
📝 Government appoints Manoj Panda as 16th Finance Commission member
📝 HDFC Credila raises USD 100 mn through ECB route for loan book expansion
📝 Former Gazprom unit says Russian sanctions disrupted LNG supply to GAIL
📝 Dhananjay Singh takes over as Merck Life Science India MD
📝 Steel industry says surge in imports 'warning signal' for country's Atmanirbhar mission
📝 Dixon to buy majority stake in Transsion manufacturing unit
📝 Potential for re-rating across verticals in RIL: Morgan Stanley
📝 TARC reports Rs 1,400 crore sales from Central Delhi project
📝 India has one of the largest web3 ecosystems globally with over 1,000 startups: Report
📝 Houses worth Rs 1.11 lakh crore were sold during Jan-Mar, says report

*Mint*

📝 Lupin launches first generic version of Oracea in US
📝 Swiggy gears up for IPO: Food aggregator converts to public limited company
📝 Global Biofuels Alliance to prepare charter, finalize governance structure
📝 HDFC ERGO introduces Paws n Claws insurance to cover pet treatment
📝 Tesla's former CEO slams Elon Musk's plans to delay low-cost EV models
📝 Centre plans action against firms not complying with fire-resistant fabric rule
📝 Birla Pivot clocks revenue of more than ₹1,000 crore in a year
📝 Google expands in-house chip efforts in costly AI battle
📝 Embattled Byju's begins salary payout for March after a delay of two months
📝 Goldman Sachs head of its China business, E.G. Morse, will retire after 16 years
📝 IIHL signs definitive agreement with Invesco to form a joint venture
📝 Maruti Suzuki commissions another vehicle assembly line at its Manesar facility.

05/04/2024

Bharti Hexacom Limited IPO Final Subscription.

11/03/2024

POPULAR VEHICLES & SERVICES LTD IPO

- Company Overview: Popular Vehicles & Services Limited, established in 1983, operates automobile dealerships in India.
- Business Segments:
1. Passenger vehicles (including luxury vehicles)
2. Commercial vehicles
3. Electric two-wheeler and three-wheeler vehicles
- Services Offered:
- Sales of new and preowned vehicles
- Servicing
- Spare parts distribution
- Driving schools
- Third-party financial and insurance product sales
- Operational Network:
- 59 showrooms
- 126 sales outlets and booking offices
- 31 pre-owned vehicle showrooms and outlets
- 134 authorized service centres
- 40 retail outlets
- 24 warehouses across 14 districts of Kerala, eight districts in Karnataka, 12 districts in Tamil Nadu, and seven districts in Maharashtra.
- Financial Performance:
- Total Income: ₹29,192.52 million (FY 2021), ₹34,841.99 million (FY 2022), and ₹48,926.28 million (FY 2023)
- Profit After Tax (PAT): ₹324.55 million (FY 2021) to ₹640.74 million (FY 2023)
- Employee Count: 10,275 employees as of July 31, 2023.
- Promoters: John K. Paul, Francis K. Paul, and Naveen Philip.
- Financial Growth:
- Revenue increased by 40.42%
- Profit After Tax (PAT) rose by 90.31% between FY ending March 31, 2023, and March 31, 2022.
- Utilization of Net Proceeds:
- Repayment/pre-payment of borrowings
- General corporate purposes.

11/03/2024

Krystal Integrated Services Limited

- Date: 14th - 18th March, 2024
- Price Band: ₹680 - ₹715
- Market Lot: 20 Shares
- Application Amount: ₹14,300
- Size: Approximately ₹300 Crore
- Retail Portion: 35%
- Retail Form: 73,457
- HNI Small Form: 750
- HNI Big Form: 1,499
- Face Value: ₹10

22/02/2024

Exicom Tele-Systems Ltd IPO
Date : 27-Feb to 29-Feb-2024
FV : ₹10
Price : ₹135 - ₹142
Market Lot : 100 Shares
App Amt : ₹14,200
Size : ₹429. Cr
Retail Form : 30,211
HNI Small Form : 1,007
HNI Big Form : 2,014
QIB : 75%
NII : 15%
Retail : 10%
Listing At : BSE, NSE
Registrar : Link Intime
Allotment : 04-Mar-2024
Listing : 05-Mar-2024
GMP- 80