Logiciel Solutions Limited is an experienced outsourced software development firm, delivering end-to-end custom software solutions to enterprises and startups worldwide. The expertise spans Cloud Engineering, AI/ML, UI/UX Design, and ApplicationDevelopment, leveraging cutting-edge technologies to build high-performing digital solutions. Company's core operations are anchored at the central development centre in Ludhiana, Punjab, which houses the majority of the engineering and delivery teams. While a large portion of the workforce operates from the primary development centre, they also maintain a strategically structured remote engineering workforce across India. As on October 31, 2025, they have the 107 Employees in the payroll. As per financial performance, Logiciel Solutions Limited has posted total income / net profits of Rs 14.09 Cr / 1.34 Cr (FY23), Rs 17.10 Cr / Rs 3.97 Cr (FY24), Rs 21.19 Cr / 5.47 Cr (FY25) and Rs 12.82 Cr / 3.55 (upto Q2 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts. Also trade receivables is around 49% of FY25 total sales. Company has an average EPS of Rs 8.10 and average RoNW of 38.13% for last three fiscals. Issue is priced at a P/BV of 4.08 as per NAV of Rs 47.25/- 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 36.29, 26.33 and 20.28 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Fintellectual Corporate Advisors Private Limited is associated with this SME IPO, and has handled 2 SME IPOs in last two fiscal years. From last 2 IPOs, all opened above issue price on the day of listing. As of now, from last 2 IPOs, one is trading below issue price and remaining all are trading above issue price. ( As on 25.11.25 ) As per financials, Logiciel Solutions Limited has shown steady growth, RoNW is 32.80% and P/E is 36.29, 26.33 and 20.28 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, sudden rise in net profit just before IPO & higher trade receivables raises doubts. Company is a software development firm, delivering end-to-end custom software solutions, which is highly competitive & growing business segment. BRLM is vey new. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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