Renuprasath
450 posts
Renuprasath
@Renuprasath10
Confused Scholar
Coimbatore Katılım Mart 2015
864 Takip Edilen139 Takipçiler
HAPPY STEEL SME IPO BUSINESS REVIEW. 🌟APPLIED. GOOD COMPANY with high quality products. Ludhiana based company formed in 2016 makes forged, machined parts for heavy duty applications like tractors and other off-road vehicles as well as CVs. It supplies these to OEMs with “heavy duty axles” taking up ~60% of sales. Somewhat like EMMFORCE
🩷LIKE, READ FULL REVIEW & DECIDE
This business review is based on DRHP/RHP filed by the company at Exchange & is based on reviewer’s understanding of the documentation. For a full understanding of risks, financials, objectives & prospects suggest to go through the RHP in detail & form own opinion
OBJECTS: Out of Rs. 25Cr Raised, Rs.13Cr for capex, Rs.5 Cr for loan repayment and rest for general and listing expenses
Capex is for enhancing and introducing latest forging machines and processes to offer advanced products to the heavy duty vehicle industry
BUSINESS & PROSPECTS:
Company makes drive shafts, axles and spindles for CVs, tractors and other off road vehicles for OEMs. Also supplies to the repair and service market. Almost 70% revenue is from sales of Axles.
Business has been steady growing from 81Cr sales in Fy24 to Rs.94 Cr in Fy26 with about 18% export revenue
~60% revenue is from off road applications including tractors and other off road vehicles used in agriculture and infrastructure construction.
The manufacturing process is completely in-house with cutting, forging, heat treatment, machining etc at Ludhiana unit.
The 13Cr expansion is expected to drive growth since more advanced products can be offered for the latest heavy duty off-road as well as on-road vehicles.
Forging capacity will increase by 75% to 13,600MTPA. As per fund utilization plan, the capex is scheduled to be complete in Q4 Fy27 (This may spill over to next quarter. Some machinery needs to be imported)
The promoters have built a strong, high quality business with more than 400 employees on roll (not daily wage). 👍
This is NOT like so many crap, small-scale steel and machining IPOs listed in last 2 years.
There is QUALITY in this Heavy Duty, Forged & Machined drive-parts business.👍
Company has done good amount of capex in Fy26 (cutting & machining segments) with some work still in progress. This can contribute to increased sales in FY27 itself.
Further large business growth, will depend on new forging machinery installation with IPO funds and also growth in exports to expand TAM. Company has found foothold in Indonesia, to expand exports. (p 160) This is important, since growth within country may be steady only and not explosive for this segment.
VALUATION AND DECISION:
Rs. 66 is at 13x its TTM earnings, on post IPO equity basis. EMMFORCE is at 45p/e now. BUT for more than 2 years after listing, EMMFORCE was under 20p/e and there was long period of consolidation. That has to be noted. Feel initially HAPPY Steel may move in the range of 12 to 20 p/e)
APPLIED. If LISTING is poor, then will exit and re-enter later when things start looking up.
Even if market does not recognize worth of this company at listing time, somewhere in FUTURE, it will understand, this is a Different Player👍
Suggest to assess by yourself and take your own decision, after further study, considering various factors discussed and any other info available.
🩷LIKE, BOOKMARK HAPPY STEEL SME IPO REVIEW
English
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Today @soicfinance webinar topic
#vismaya
Dr Vismaya VR ✨Enigma✨@Vismaya9999
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Renuprasath retweetledi
Specially for my IPO friends
👉 Let’s be real,
Most people apply IPO for listing gains. They just want to book profit, move to the next IPO ✅
👉 Do not get stuck with the thoughts, what if I hold? … that is for investors, not for traders.
👉 Take my advice, if you understand the business naturally, numbers seem good, has a bright future, hold. Else, just trade it off.
But remember this rule, IPO kept in the beginning of the bull market, gives far better long term returns (over 2-3 year period) than IPOs at peak of bull market. DO NOT FORGET THIS.
🔸 How to sell??
In the past, I suggested many of you to use Trailing SL concept in IPOs, time and again, it proved its efficiency (may not work on odd occasions)
👉 Now a lot of people have asked, how to apply TSL ?
- Here is a thing, it totally depends on 2 factors
1. Technicals OR
2. Risk percentages
▫️For technicals :
90% people here don’t know it, so I won’t go in technicality. But due to SEBI rules, even I couldn’t share levels earlier.
But i recently got registered as SEBI RA ✌️which gives me right to share such information with you. So, no worries i will share it. ✅
But as soon as prices are quoted in public, operator can try to hit it. A risk may come in.
▫️Percentages:
Now you can also put TSL as per risk profile, you decide what percentage risk you want to take on your investment.
3%, 4%, 5%, 6% ??
Most investors choose 4-5%. So, you can let go of technicals and just use a percentage as SL and keep trailing, till it is hit.
❌ Once TSL is hit, you do not track IPO any further. Just forget it, even if it hits UC next day. Rule is Rule. 👍
⚡️ Overall, i wanted to share that keep IPOs that truly makes sense to you, for holding, and trade off IPOs using TSL for easy exits.
#IPOAlert
English
Renuprasath retweetledi
Unseen footage of Messi vs England x.com/ballerubin/sta…
Ankur@AnkurMessi_
LEO MESSI ✨✨ Greatest World Cup player of all time
English
Renuprasath retweetledi
Sen Messi’nin Arjantin ile yazdığı hikayenin en önemli parçasıydın Emiliano Martinez.
Kötü turnuva geçiriyorsun ama artık kim olduğunu hatırlama vakti. Son 2 maç Dibu, Messi ile bir dünya kupası daha kazanmaya sadece 2 maç lütfen…
Türkçe
மூளை சொல்றதை கேள்ண்ணா!..😉🏃🏿♂️➡️🏃🏿♂️➡️🏃🏿♂️➡️
Hades@Russetlane
Heart backs Argentina. Head backs England.
தமிழ்
Renuprasath retweetledi
Renuprasath retweetledi
