Boss Packaging Solutions Limited

As per financial performance, Boss Packaging Solutions Limited has posted total income / net profits of Rs 5.48 Cr / Rs 0.42 Cr (FY22), Rs 10.35 Cr / Rs 1.01 Cr (FY23) and Rs 12.18 Cr / Rs 1.01 Cr (FY24). So as per previous financials data, company has shown above average sales growth. Company has posted an average EPS of Rs 4.28 and average RoNW of 34.60% for last three fiscals. Issue is priced at a P/BV of 2.27 as per NAV of 29.1 as on post issue. If we attribute latest earnings of FY22, FY23 and FY24 on fully diluted equity post issue, then asking price is at a P/E of around 70.25, 29.20 and 29.04 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Fedex Securities Private Limited is associated with this SME IPO and handled 32 IPOs in last 4 years. From last 11 IPOs, all opened above issue price or at par on the day of listing. As of now from last 11 IPOs, five are trading below issue price and remaining all are trading above issue price as on today. ( As on 29.08.24 ) As per financials, Boss Packaging Solutions Limited has shown good results, RoNW is 22.31% and P/E is respectively 70.25, 29.20 and 29.04 as per FY22, FY23 and FY24 earnings. So, issue looks fully priced. Company is in business of manufacturing filling and sticker labeling machines, which is highly fragmented and competitive business segment. Performance of BRLM is good, but post listing average. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Ketan Suryakant Thakkar
• 2 Manishbhai Natvarbhai Brahmbhatt
• 3 Kamleshbhai Hasmukhbhai Patel
• 4 Jagrutiben Manishbhai Brahmbhatt
• 5 Bhavikaben Ketankumar Thakkar
• 6 Premkumar Manishbhai Brahmbhatt