LGT Business Connextions Limited

LGT Business Connextions Limited Company is working as a service aggregator in the travel and tourism industry. They connect and aggregate supply from third party hotels, airlines, car rentals, cruise companies and other travel service directly or through third-party aggregator wherever required and offer a wide range of services to the customers as per their desired requirements. They offer comprehensive range of travel services and tourism packages to the customers including MICE travel as well as cruise bookings, hotel bookings, in-transit arrangements, local sightseeing, and other tour and travels related services viz., customizing travel plans, travel arrangements for trade fairs, etc. In addition to consolidated tour packages, company provides hotel accommodation, ticketing & visa processing services on standalone basis also. They design travel packages for both corporate/ groups and individuals for their domestic as well as international leisure travel. Further as a part of the MICE (Meetings, Incentives, Conferences and Exhibitions) services, they make travel arrangements for the corporate clients to cater to their business meetings, conferences and events and as an incentive for their employees and business partners.  Company generates the revenue directly from the customers i.e., B2C without involving any intermediaries or dealers. The customers are classified into two main categories, corporate client and other than corporate clients from whom they generate revenue. However, majority of the revenue is concentrated towards corporate clients. As per financial performance, LGT Business Connextions Limited has posted total income / net profits of Rs 61.76 Cr / 2.97 Cr (FY23), Rs 89.53 Cr / Rs 3.63 Cr (FY24) and Rs 100.81 Cr / 5.22 Cr (FY25). So as per previous financials data, company has shown steady results. Company has an average EPS of Rs 6.15 and average RoNW of 51.44% for last three fiscals. Issue is priced at a P/BV of 2.66 as per NAV of Rs 40.26/- as on post issue. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 33.72, 27.61 and 19.23 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, MARK CORPORATE ADVISORS PRIVATE LIMITED is associated with this SME IPO, and has handled 3 SME IPOs in last three fiscal years. ( As on 18.08.25 ) As per financials, LGT Business Connextions Limited has shown steady results, RoNW is 51.44% and P/E is 33.72, 27.61 and 19.23 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is a service aggregator in the travel and tourism industry, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Wilfred Selvaraj
• 2 Ms. Padma Wilfred