Samay Project Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Jun 2025 – 18 Jun 2025
- Listing date
- 23 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹34 per share
- Lot size
- 4,000 shares
- Listing at
- NSE
- Total issue size
- ₹14.69 Cr
- Market cap at offer price
- ₹52.19 Cr
- Promoter holding
- 96.29% → 69.19% pre-issue → post-issue
- ISIN
- INE124101010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Plot No.1218, 17th Street, West End Colony, Mogappair, Thiruvallur, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,00,000 | — | — |
| Market maker | 2,28,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹34
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,36,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,72,000 |
| S-HNI (max) | 7 | 28,000 | ₹9,52,000 |
| B-HNI (min) | 8 | 32,000 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.80 | 2.73 |
| P/E (×) | 8.95 | 12.45 |
| Price to book (×) | 1.85 | — |
| Market cap | — | ₹52.19 Cr |
Key performance indicators
- Return on net worth
- 20.73%
- ROCE
- 24.56%
- Debt / equity
- 0.10
- PAT margin
- 11.29%
- EBITDA margin
- 15.50%
- NAV per share
- ₹18.34
- Price to book
- 1.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Samay Project Services
Samay Project Services Limited was incorporated on November 8, 2001 as a private limited company and was converted to a public limited company in February 2024. The company specializes in Engineering, Procurement and Construction (EPC) services for balance of plant (BOP) systems across multiple industries including Power, Sugar and Distilleries, Iron and Steel, Infrastructure, and Mining. The company provides three main service lines: (i) Piping Systems including low and high pressure piping for power plants and industrial applications; (ii) Tanks, Vessels and Fabricated Structures for storage applications; and (iii) Fire Protection and Detection Systems including pump houses, hydrant systems, foam systems, and fire alarm systems. The company has executed projects for both public sector undertakings (including BHEL, Engineering Projects India Limited) and private sector clients, generating revenue of ₹4,074.67 lakhs in FY2024 and ₹1,816.67 lakhs in the six months ended September 30, 2024.
Company Analysis
from DRHPSamay Project Services Limited is an engineering, procurement, and construction (EPC) company providing specialized design, engineering, supply, fabrication, erection and commissioning services for balance of plant systems including piping systems, tanks and vessels, and fire protection systems across power, industrial and infrastructure sectors in India and select international markets.
Samay Project Services Limited was incorporated on November 8, 2001 as a private limited company and was converted to a public limited company in February 2024. The company specializes in Engineering, Procurement and Construction (EPC) services for balance of plant (BOP) systems across multiple industries including Power, Sugar and Distilleries, Iron and Steel, Infrastructure, and Mining. The company provides three main service lines: (i) Piping Systems including low and high pressure piping for power plants and industrial applications; (ii) Tanks, Vessels and Fabricated Structures for storage applications; and (iii) Fire Protection and Detection Systems including pump houses, hydrant systems, foam systems, and fire alarm systems. The company has executed projects for both public sector undertakings (including BHEL, Engineering Projects India Limited) and private sector clients, generating revenue of ₹4,074.67 lakhs in FY2024 and ₹1,816.67 lakhs in the six months ended September 30, 2024.
Objects of the Issue
- Funding working capital requirements of our company Up to ₹1,400 Lakhs p.92
- General Corporate Purposes [●] p.85
Issue Structure
- Total Issue
- Up to 43,20,000 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 43,20,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] Lakhs
- Offer for Sale
- N.A. - The entire issue constitutes fresh issue of equity shares
- Price Band
- ₹[●] to ₹[●] per Equity Share
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10/- each
Business Model
The company operates as an EPC services provider, generating revenue through engineering design, procurement of materials, fabrication, erection, testing and commissioning of balance of plant systems for industrial clients. Revenue is earned on a project-to-project basis through competitive bidding (particularly for government projects) and direct engagement with private sector clients. The business is working capital intensive, requiring funds to finance raw material procurement, subcontractor engagement, and customer retention amounts. The company sources materials from a diversified supplier base across India and internationally, with major raw materials including steel plates, structural steel, pipes, fittings, flanges and bolts.
Business Segments
SWOT Analysis
- • Strong engineering and technical design team with CAD modeling and hydraulic calculation software expertise(p.128)
- • Diversified EPC presence across multiple industries and geographies(p.128)
- • ISO 9001-2015 certification demonstrating commitment to quality management(p.128)
- • Established customer relationships with repeat business potential(p.128)
- • Experienced management team with 16+ years in EPC and mechanical systems(p.128)
- • Heavy concentration of revenue from top 5 and top 10 customers creating dependence risk(p.33)
- • Dependence on few government entities for significant portion of revenue(p.35)
- • High working capital intensity with substantial increase in receivable days(p.45)
- • Contingent liabilities related to direct and indirect tax matters(p.29)
- • KYC document of one promoter not renewed(p.52)
- • Growing infrastructure investment with government spending at record levels(p.122)
- • Expansion into larger EPC projects and new market segments(p.129)
- • India targeting Net Zero emissions by 2070 creating renewable energy demand(p.122)
- • Strong domestic demand from power, sugar, steel and industrial sectors(p.128)
- • Loss of major customers or reduction in order volume could materially impact business(p.33)
- • Government policy changes and budget constraints affecting project awards(p.36)
- • High volatility in raw material prices and supply chain disruptions(p.37)
- • Intense competition requiring aggressive bidding and price competitiveness(p.50)
- • Dependence on few suppliers and geographical concentration of procurement(p.38)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Anand R | Promoter | 65.95% | — |
| Ms. Santhi Karthikeyan | Promoter | 30.30% | — |
| Ms. Neela Anand | Promoter Group | 0.01% | — |
| Mr. Mukul Anand | Promoter Group | 0.01% | — |
| Mr. Karthikeyan A | Promoter Group | 0.01% | — |
| Ms. Sruthi Saranya Karthikeyan | Promoter Group | 0.01% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.