Apsis Aerocom Limited

Apsis Aerocom Limited is engaged in the field of precision engineering, with primary focus on manufacture of components and allied services for the aerospace, defence and healthcare industries. Driven by modern manufacturing techniques, they provide engineering and precision machining services, offering end-to-end solutions ranging from design support to final product delivery. The Company manufactures products based on specific customer requirements and preferences. Each product is customized in accordance with the individual specifications provided by customers and is manufactured pursuant to confirmed orders. The Company does not maintain a dealer or distributor network, and its sales are executed on a direct-to-customer basis. Company's manufacturing facility is located at Peenya Industrial Area, Bangalore, Karnataka. The facility is divided into Shed 1 (eastern portion) and Shed 2 (western portion) and is equipped with CNC machines capable of handling parts up to 1,200 mm in length. The facility supports CAD/CAM-based design, process development, and precision machining. In India, the Company has established a market presence in Karnataka, Telangana, Maharashtra and Kerala. Internationally, they have strategically focused its efforts on select global markets, catering to certain of their customers based in the United States of America (USA), Spain, and Israel. As per financial performance, Apsis Aerocom Limited has posted total income / net profits of Rs 10.41 / 1.02 Cr (FY23), Rs 16.87 / Rs 2.55 Cr (FY24), Rs 20.56 Cr / 6.63 Cr (FY25) and Rs 13.70 Cr / 3.12 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 4.93 and average RoNW of 65.53% for last three fiscals. Issue is priced at a P/BV of 7.07 as per NAV of Rs 15.55/- 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 51.90, 19.97 and 21.23 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Oneview Corporate Advisors Private Limited is associated with this IPOs, and has handled 5 IPOs in last three fiscal years. From last five IPOs, all opened above issue price or at par, on the day of listing. As of now, from last five IPOs, all are trading above issue price or at par. (as on 05.03.26 ) As per financials, Apsis Aerocom Limited has shown good results, RoNW is 62.82% and P/E is 51.90, 19.97 and 21.23 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is engaged in the field of precision engineering, with primary focus on manufacture of components and allied services for the aerospace, defence and healthcare industries. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Basavaraju Kanakatte Shivakumar
• 2 Mihir Kumar Pradhan
• 3 Vinod Kumar Mariyappan