Anya Polytech & Fertilizers Limited

As per financial performance, Anya Polytech & Fertilizers Limited has posted total income / net profits of Rs 91.98 Cr / Rs 0.7 Cr (FY22), Rs 116.02 Cr / Rs 5.7 Cr (FY23), Rs 125.06 Cr / Rs 9.98 Cr (FY24) and Rs 40.73 Cr / Rs 4.54 Cr (Q1 FY25). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts and also only Q1 data is provided. Company has posted an average EPS of Rs 0.74 and average RoNW of 19.07% for last three fiscals. Issue is priced at a P/BV of 2.96 as per NAV of Rs 4.73/- as on 30.06.24. If we attribute latest earnings of FY23, FY24 and annualized FY25 on fully diluted equity post issue, then asking price is at a P/E of around 29.46, 16.84 and 9.26 respectively, which looks fairly priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this SME IPO and this is 52nd IPO from the lead manager. From last 10 IPOs, all opened above issue price or at par on the day of listing. As of now from last 10 IPOs, two are trading below issue price and remaining are trading above issue price or at par as on today. ( As on 26.12.24 ) As per financials, Anya Polytech & Fertilizers Limited has shown steady growth, RoNW is 25.7% and P/E is respectively 29.46, 16.84 and 9.26 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fairly priced, but sudden rise in net-profit just before IPO raises concerns and only financials data upto Q1 FY25 is given. Company is engaged in the business of manufacturing of high-quality HDPE & PP bags (made from HDPE granules) and Zinc sulphate Fertilizers, which is highly competitive and fragmented business segment. Performance of BRLM post listing is good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Yashpal Singh Yadav
• 2 Anya Agro & Fertilizers Private Limited