📌 Mahendra Realtors IPO Review with Financials

Mahendra Realtors Limited, established in 2011, is a real estate developer focusing on affordable and mid-segment housing as well as select commercial projects, largely in Tier-II and Tier-III cities. The company is set to raise Rs. 49.45 crore via NSE SME listing (fresh issue Rs. 40.17 crore + OFS Rs. 9.28 crore).

📊 Financial Performance

Observations:

• Revenues have been volatile, with FY24 income (Rs. 105.11 crore) significantly higher than FY23, but the first half of FY25 (Rs. 46.91 crore) indicates a moderation.

• Profitability improving: PAT rose to Rs. 11.58 crore in FY24, and Rs. 5.68 crore in H1 FY25 shows consistency.

• Net Worth strengthened from Rs. 40.40 crore in FY22 to Rs. 61.70 crore by Sep 2024, showing capital build-up.

• Asset base stable, indicating moderate growth without over-leveraging.

✅ Strengths

• Focus on affordable & mid-segment housing — a high-demand segment.

• Strengthened net worth and consistent profitability.

• Presence in Tier-II and Tier-III cities with potential for growth.

• Moderately valued compared to larger peers in realty space.

⚠️ Concerns

• Revenue volatility across years raises sustainability questions.

• Dependent on real estate cycles and regulatory policies.

• SME listing may limit liquidity for short-term investors.

🏁 Chanakya Verdict

Mahendra Realtors shows steady growth in net worth and profitability, with a focus on high-demand affordable housing. While revenues remain volatile, the balance sheet looks healthy, and profits are consistent.

• For Long-Term Investors: A reasonable bet on real estate demand in non-metro cities.

• For Listing Gains: Outlook cautious due to SME liquidity and sector cyclicality.

• IPO opens on 12 August 2025 and closes on 14 August 2025.

📌 Icodex Publishing Solutions IPO Review

Icodex Publishing Solutions Limited, incorporated in 2018, operates in a niche space—software solutions and business process management for the scholarly publishing industry. Its offerings include SaaS platforms, AI-driven quality checks, editorial services, and IT infrastructure support.

On the positive side, the company caters to a specialized global market, with technology-driven solutions and a workforce of 116 employees. The niche positioning and rising demand for digital publishing automation are strong tailwinds. During last 3 years, prior to the IPO, its revenues have increased from Rs. 9.72 Cr to Rs.22.08 cr in 202425 whereas its EBIDTA has increased to  Rs. 13.43 Cr from Rs. 1.95 Cr in 202223.  The rise in the revenuw and EBIDTA have been very sharp. 

However, as an SME IPO, liquidity may remain a concern. Investors must also evaluate profitability, scalability, and client concentration before subscribing.

Chanakya Verdict: So-so  with Short-term listing gains remain uncertain.

• IPO opens on 11 August 2025 and closes on 13 August 2025.

Chanakya’s IPO Review – Umiya Mobile Limited 

Umiya Mobile Private Limited, incorporated in 2012, is a Rajkot-based multi-brand retail chain dealing in mobile phones, accessories, laptops, and home appliances from top national and international brands.
The company has built a strong presence with 154 stores in Gujarat and 52 in Maharashtra, catering to a growing consumer base through a flexible retail model.

Over the past three years, the company has demonstrated a consistent rise in total revenue and net profits, indicating robust business performance. The retail electronics segment continues to offer strong growth potential due to rising demand for smartphones and digital devices. However, the sector also faces intense competition from both organised chains and unorganised local players.

The IPO is attractively priced with a post-issue P/E of 12.18, and the issue size of ₹24.88 crore is relatively small, increasing the likelihood of oversubscription.

Chanakya’s View: From a fundamental angle, the issue looks promising. Investors may consider applying, while also keeping an eye on grey market sentiment for additional cues.

• IPO opens on 28 July 2025 and closes on 30 July 2025.

Chanakya’s IPO Review – Repono Limited

Repono Limited is a niche player in the warehousing and logistics segment, with a sharp focus on India’s oil, gas, petrochemical, lube oil, and specialty chemical industries. The company provides integrated logistics solutions across the entire oil value chain, including storage, secondary transportation, and terminal operations. Its domain expertise and consistent execution have earned it a spot among the Top 10 3PL Logistics Service Providers in 2024, as recognized by Industry Outlook.

The company has shown a consistent uptrend in revenue and maintains strong profitability metrics. The upcoming IPO is sized at Rs. 58.80 crore, which is relatively small in the current market context. The retail quota is just 9.24 lakh shares, meaning even 385 valid applications can fully subscribe the segment — suggesting minimal risk of undersubscription.

At the upper price band, the shares are offered at a P/E multiple of 13.98, which appears reasonable given the company’s sectoral focus and earnings profile. Grey market activity will play a key role in determining listing performance.

Chanakya’s Take:
Considering the reasonable valuation, strong sectoral positioning, and small issue size, the IPO holds potential for listing gains. Monitor the grey market premium trend closely and consider applying.

• IPO opens on 28 July 2025 and closes on 30 July 2025.

Shree Refrigerations IPO Review 

Chanakya’s IPO Review – Shree Refrigerations Limited

Shree Refrigerations Limited is a niche player in the HVAC manufacturing segment, offering a wide portfolio that includes air and water-cooled condensing units, industrial chillers, marine HVAC systems, and spray dampening solutions. Its products are used across automotive, marine, chemical, pharmaceutical, and engineering sectors.

The company operates a well-equipped manufacturing facility in Karad, Maharashtra, supported by advanced machinery, quality testing infrastructure, and efficient material-handling systems — enabling production of reliable and industry-grade HVAC systems.

📊 Financial & IPO Snapshot

The IPO size stands at Rs. 117.33 crore, which is on the larger side for the SME segment. The retail portion can get fully subscribed with just 1,561 applications, making oversubscription relatively easy.

The company has delivered strong growth in both revenue and profitability over the past three years. However, as of March 31, 2025, it reports:

• Inventory of Rs. 47.40 crore

• Trade receivables of Rs. 95.20 crore

• Cash and bank balance of Rs. 5.94 crore

Given the FY25 revenue of Rs. 98.72 crore (approx. Rs. 8.23 crore/month), the trade receivables and inventory appear unusually high, raising concerns about the quality of revenue and working capital management.

At the upper band, the shares are offered at a P/E of 23.8, which may appear reasonable on surface, but the large receivables and inventory raise red flags.

🔍 Chanakya’s View:

Despite the growth story and sectoral relevance, the financial red flags — notably high receivables and inventory — make us cautious. Investors are advised to study the balance sheet closely and consider applying only if grey market activity and subscription trend remain strong in the coming days.

• IPO opens on 25 July 2025 and closes on 28 July 2025.

Sellowrap Industries IPO Review

🔍Chanakya’s Review – Sellowrap Industries Limited IPO

Established in 1983, Sellowrap Industries Limited is a well-established player in the automotive and white goods components space, offering a wide range of adhesive and non-adhesive products with a focus on quality, cost efficiency, and value delivery.

The company’s product portfolio includes:

• Plastic Injection Moulded Parts (Interior & Exterior)

• PU-Foam Mouldings

• Foam, Labels & Stickers

• Screen Sealing Parts

• EPP Mouldings

With four modern manufacturing units strategically located in Gurugram, Ranipet, Kancheepuram, and Pune, the company benefits from a robust infrastructure backed by centralized R&D and warehousing. This setup ensures consistent product quality and supports scalable operations.

On the financial front, Sellowrap Industries has demonstrated steady growth in revenue and profitability. Importantly, the company maintains healthy working capital discipline—there are no abnormal spikes in trade receivables or inventory levels, indicating operational efficiency.

The net public issue, excluding the market maker’s share, stands at ₹28.76 crore. Based on the retail quota, just 379 applications are enough for full subscription, which reflects a low threshold and makes it attractive from an oversubscription standpoint.

At the upper price band of Rs.83, the issue is valued at a P/E multiple of 8.40, which appears reasonable considering the company’s track record and sectoral positioning. There is a fair likelihood of listing gains, especially if market sentiment remains supportive.

Our View: The issue is attractively priced with strong fundamentals, stable growth, and efficient operations. Long-term investors and SME IPO participants may consider subscribing.

Chanakya’s Take: May Apply 

• IPO opens on 25 July 2025 and closes on 28 July 2025.

TSC India IPO Review 

TSC India Limited, founded in 2003, is a travel management company focused on the B2B and corporate travel segments, offering air ticketing and related services. With operational presence in cities like Jalandhar, Chandigarh, Lucknow, Ahmedabad, Jaipur, New Delhi, and Pune, the company caters to a wide network of travel agencies, corporate clients, and tour operators. However, the business model remains vulnerable to increasing competition from online travel aggregators and platforms.

From a financial perspective, there has been notable growth in recent years. The company reported a net profit of Rs.1.19 crore on revenue of Rs.9.85 crore in FY 2022–23, which rose to a net profit of Rs.4.69 crore on revenue of Rs.20.72 crore in FY 2023–24. However, investors should take note of the high trade receivables, which stood at Rs.29.85 crore as of March 31, 2024, against an average monthly revenue of Rs.1.61 crore (based on restated revenue of Rs.19.35 crore for the same period). This appears elevated and may be attributed to the outstanding value of booked tickets yet to be settled. The cash and bank balance at the end of the period was Rs.6.99 crore.

While the company shows strong operational expansion and profit growth, the elevated receivables and dependency on manual bookings in a tech-driven industry warrant careful consideration.

Chanakya’s Take: May apply

• IPO opens on 23 July 2025 and closes on 25 July 2025.

Monarch Surveyors IPO Review 

Monarch Surveyors & Engineering Consultants Limited, incorporated in 1992, is a well-established civil engineering consultancy firm with a proven track record spanning over three decades.

The company provides comprehensive consultancy services across the infrastructure value chain — including topographic and geospatial surveys, project management, engineering design, geotechnical investigations, land acquisition facilitation, GIS-based mapping, and feasibility studies. It has executed projects across key sectors such as railways, highways, ports, metros, and oil & gas.

On the financial front, there is a notable surge in performance just ahead of the IPO. The company’s total revenue jumped significantly from Rs.72.72 crore in FY 2022–23 to Rs.155.66 crore in FY 2024–25. Net profit also saw a sharp rise, increasing from ₹8.59 crore to Rs.34.83 crore over the same period.

However, the sudden and substantial improvement in topline and bottom-line performance raises questions about the sustainability of these numbers, especially in a business driven by project-based revenue. Another point of caution is the company’s trade receivables, which stood at Rs.39.63 crore as of March 31, 2025 — more than three times its average monthly revenue of Rs.12.84 crore. This figure appears elevated and warrants closer scrutiny in terms of collection cycles and client creditworthiness.

Investors should assess whether this growth is backed by long-term execution capability or reflects a pre-IPO performance boost.

Chanakya’s Take: So-So

• IPO opens on 22 July 2025 and closes on 24 July 2025.