Samay Project IPO – Comprehensive Analysis (June 2025)
🏢 Company Overview
Founded: 2001
Managing Director: Mr. Anand Rajgopal
Parent Organization: Samay Project Services Ltd
Business Model:
Samay Project Services Ltd specializes in Engineering, Procurement, and Construction (EPC) services, with a core focus on Balance of Plant (BOP) systems across industries like power, sugar, distilleries, iron & steel, infrastructure, and mining.
Key Offerings:
- Piping systems using carbon steel, stainless steel, and alloy steel
- Industrial tanks for storage of fire water and slurry
- Fire protection systems (hydrants, spray systems, alarms, extinguishers)
Client Base:
- Both public and private sector clients
- Executed projects across India and internationally (Mauritius)
Certifications: ISO 9001:2015 for quality management
Technology: Uses AutoPlant CAD for design & layout, Canute software for hydraulic calculations
📅 IPO Timeline
| Event | Date/Details |
|---|---|
| IPO Opening Date | 16 June 2025 |
| IPO Closing Date | 18 June 2025 |
| Allotment Date | [To be Announced] |
| Listing Date | [To be Announced] |
| Price Band | ₹32 – ₹34 |
| Lot Size | 4,000 Shares |
| Minimum Investment | ₹1,28,000 |
| Total Issue Size | ₹14.69 Crores |
| Type | Fresh Issue |
📈 Financial Performance (₹ in Crores)
| Period | Revenue | Profit |
|---|---|---|
| FY22 | 18.87 | 1.90 |
| FY23 | 20.36 | 3.44 |
| FY24 | 40.75 | 4.61 |
🔍 Industry & Peer Comparison
Sector: EPC (Engineering, Procurement, and Construction)
Peer Set Includes:
- ITD Cementation India
- NCC Ltd
- PSP Projects
- Engineers India Ltd
Competitive Positioning:
- Samay Project is a small-cap player with a niche in fire protection and piping systems within industrial and infrastructure EPC.
- Focuses on customized projects and has execution expertise in varied sectors.
- Lacks scale compared to listed peers but boasts specialized technical skills and quality certifications.
✅ Strengths
- 🔧 Technically skilled engineering team with sector-specific experience
- 🧠 In-house design capabilities using AutoPlant and Canute for optimized layout
- 🤝 Long-standing client relationships with public and private sector companies
- 🌐 Execution across India & overseas, indicating scalability
- 📈 Consistent revenue and profit growth from FY22 to FY24
⚠️ Risks & Concerns
- 🎯 High client concentration: Top 5 clients account for 62%+ revenue across years
- 💸 Negative cash flows from investing, financing, and operating activities in some periods
- 🏛️ Heavy reliance on government contracts, vulnerable to policy changes
- 💼 Supplier concentration risk, especially from Maharashtra & Tamil Nadu
- ⚡ Sectoral exposure to power EPC makes business cyclically sensitive
- ⚖️ Involvement in legal proceedings, could affect operations
- 🌍 Geographic concentration risk in states like Telangana
📄 IPO Document
Please refer to the official DRHP and RHP for full details:
[Samay Project Services Ltd RHP PDF – Official Link]
📌 Disclaimer
This analysis is based on publicly available information including the Draft Red Herring Prospectus (DRHP) and exchange filings. It is intended for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence and consult a financial advisor before making any investment decisions. Read the Disclaimer Page for more details.