1. It has an order book of Rs.9470 cr (3 times of FY24 Revenue) which means 3 years of Revenue visibility. In this 80% of order book is from NHAI and remaining 20% from Central govt, state govts and local departments.
2. Net cash in hand without IPO proceeds: 243 cr
3. Negligble contingent liabilities instead company has raised litigation for 119 cr.
4. After debt repayment of Rs.414 cr from IPO proceeds, finance cost will come down by 40 cr which will directly add to profit.
5. After IPO, promoter still hold 82% which means they have strong conviction on the growth prospects of the company.
6. For FY24 its P/E=21, ROE=33, ROCE=32, EBITDA margin=17.1% and PAT margin=10.1% which are wonderful KPIs for an infrastructure company.
7. After IPO proceeds, D/E=0.71 which is very reasonable for an infrastruture company.
As far as listing is concerned I am expecting a suprise listing gains compared to current GMP but whatever may be the listing gain, this is a portfolio stock and can easily double in next 6 months to 1 year. Market for whatever macro reasons has given a wonderful opportunity to grab Ceigall India and Akums pharma.
Note: Government has allocated massive amount for infrastructure in previous budgets and current budget as well. So even if this company can grab a pie of that it can give very good profits.
Do take ur investment decisions based on your risk profile and investment horizon.