Acetech E-Commerce Limited is engaged in the e-commerce business with a focus on drop shipping, teleshopping, and direct-to-consumer strategies. Acetech distributes products through major online platforms such as Naaptol, Shop101, and GlowRoad, as well as through its own dedicated portals. The Company’s business model is centred on identifying innovative and trending products and sourcing them primarily from domestic manufacturers and traders, with the majority of procurement taking place within Maharashtra, while also exploring select sourcing opportunities from international markets. Additionally, company operates in the United States through the wholly owned subsidiary, Acetech Ventures Inc., which functions as the international business development arm. The subsidiary focuses on e-commerce and wholesale distribution activities, leveraging a drop shipping model to collaborate with brands, identify promising products, and sell them across global platforms. As per financial performance, Acetech E-Commerce Limited has posted total income / net profits of Rs 52.47 / 1.51 Cr (FY23), Rs 60.27 / Rs 4.02 Cr (FY24), Rs 70.41 Cr / 6.87 Cr (FY25) and Rs 40.43 Cr / 5.73 Cr (upto Q2 FY26). So as per previous financials data, company has shown steady growth, but net cash flow is negative for FY24, FY25 and 6M FY26. Company has an average EPS of Rs 5.31 and average RoNW of 94.21% for last three fiscals. Issue is priced at a P/BV of 5.82 as per NAV of Rs 19.25/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 45.63, 26.67 and 16 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Gretex Corporate Services Limited is associated with this IPOs, and has handled 27 IPOs in last three fiscal years. From last 10 IPOs, opened above issue price or at par, on the day of listing. As of now, from last 10 IPOs, six are trading below issue price and remaining all are trading above issue price or at par. (as on 25.02.26 ) As per financials, Acetech E-Commerce Limited has shown average results, RoNW is 73.75% and P/E is 45.63, 26.67 and 16 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced. Also cash flow is negative for FY24, FY25 and 6M FY26. Company is engaged in the e-commerce business with a focus on drop shipping, teleshopping, and direct-to-consumer strategies, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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