Finbud Financial Services Limited

SK Minerals & Additives Limited is engaged in the business of trading and manufacturing of specialty chemicals, with a primary focus on food and feed additives. The product portfolio comprises a wide range of ingredients and additives that play a crucial role in enhancing the nutritional value, functionality, and shelf life of various end products. Company's key products include chelated minerals such as Glycinates and EDTAs (Ethylenediaminetetraacetic Acid) invariants of Zinc, Copper, and Magnesium; essential Mineral Mixtures; Calcium Propionate; Ferric Pyrophosphate; Technical Grade Urea; Virgin Base Oil; Magnesium Oxide; By-Pass Fat and other allied specialty chemicals. These products serve critical functions in various applications, particularly in the food and bakery, animal feed, petroleum, plywood, and other allied industries. Company operates through a flexible business model that integrates domestic trading, imports, and in-house production. A significant portion of the trading products is imported from global suppliers, particularly specialty chemicals, which are then stored at warehouses at ports before dispatch to customers.  As per financial performance, Game Changers Texfab Limited has posted total income / net profits of Rs 100.57 Cr / 0.53 Cr (FY23), Rs 97.86 Cr / Rs 4.26 Cr (FY24), Rs 115.58 Cr / 12.06 Cr (FY25) and Rs 24.10 Cr / 4.26 Cr (upto Q1 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Company has an average EPS of Rs 1.86 and average RoNW of 63.39% for last three fiscals. Issue is priced at a P/BV of 5.05 as per NAV of Rs 20.19/- as on 30.06.25. 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 42.77, 15.13 and 17.83 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corpwis Advisors Private Limited is associated with this SME IPO, and has handled 5 SME and Mainboard IPO One in last three fiscal years. One IPO opened below issue price on the day of listing. As of now, one IPO is trading below issue price.( As on 25.10.25 ) As per financials, Game Changers Texfab Limited has shown good growth, RoNW is 80.59% and P/E is 42.77, 15.13 and 17.83 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net profit just before IPO raises doubts. Company is engaged in the business of trading and manufacturing of specialty chemicals, with a primary focus on food and feed additives, which is highly competitive business segment. Performance of BRLM is average. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Parag Agarwal
• 2 Parth Pande
• 3 Vivek Bhatia