Leapfrog Engineering Services Limited (LESL) is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. They are an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. They have built a reputation for its expertise in developing large – scale projects including refineries, early productions facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals and fertilizers. As of the date of the RHP, company's Order Book includes a diverse range of projects across multiple states in India and international markets. As of December 31, 2025, the company has an outstanding order book of Rs 40,026.96 lakhs, comprising domestic orders worth Rs 2,656.06 lakhs and export orders worth Rs 37,370.90 lakhs. Further January 01, 2026 onwards, the company has received orders of Rs 2,028.04 lakhs comprising domestic order worth Rs 1,987.99 lakhs and export orders worth Rs 40.05 lakhs totalling to outstanding order book of RS 42,055.00 lakhs. This clientele includes a mix of globally recognized corporations, renowned Indian industrial entities, and government-owned enterprises. As per financial performance, Leapfrog Engineering Services Limited has posted total income / net profits of Rs 105.37 / 0.28 Cr (FY23), Rs 162.87 / Rs 16.39 Cr (FY24), Rs 137.36 Cr / 16.22 Cr (FY25) and Rs 105.04 Cr / 14.18 Cr (upto Q3 FY26). So as per previous financials data, company has shown zig-zag resilts, and sudden rise in net-profit just before IPO raises concerns. Also net-cash flow is negative for FY24, FY25 and 9M FY26. As on 01.01.26, order book of company is around Rs 420/- Cr. Company has an average EPS of Rs 1.33 and average RoNW of 41.29% for last three fiscals. Issue is priced at a P/BV of 3.66 as per NAV of Rs 6.29/- as on 31.12.25 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 19.89, 20.10 and 17.24 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Finshore Management Services Limited is associated with this IPOs, and has handled 33 IPOs in last three fiscal years. From last 10 IPOs, six opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, seven are trading below issue price and remaining all are trading above issue price or at par. (as on 18.04.26 ) As per financials, Leapfrog Engineering Services Limited has shown zig-zag results, RoNW is 30.47% and P/E is 19.89, 20.10 and 17.24 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. But, sudden rise in net-profit just before IPO and negative cash-flow raises doubts. As on 01.01.26, order book of company is around Rs 420/- Cr. Company is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems, 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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