MARC Technocrats Limited is engaged in the business of infrastructure consultancy services, comprising Supervision andQuality Control (SQC), preparation of Detailed Project Reports (DPRs), Third-Party Techno-Financial Auditor andPre-Bid Advisory services. They provide the services for the infrastructure projects, such as roads and highways, railways, buildings, and water resources. The company primarily operates on a Business-to-Government (B2G) model, with the majority of the revenue derived from delivering the services to government department and ministries such as Ministry of Road Transport and Highways (MoRTH), National Highways and Infrastructure Development Corporation Limited (NHIDCL), National Highways Authority of India (NHAI), Public Works Departments (PWDs) and Railways. As per financial performance, MARC Technocrats Limited has posted total income / net profits of Rs 20.57 Cr / 2.63 Cr (FY23), Rs 26.94 Cr / Rs 3.45 Cr (FY24), Rs 48.55 Cr / 7.47 Cr (FY25) and Rs 32.63 Cr / 5.75 (upto Q2 FY26). So as per previous financials data, company has shown good growth. As of September 30, 2025, the order book for the consultancy services business was approximately Rs. 25,546.23 Lakhs. Company has an average EPS of Rs 3.91 and average RoNW of 24.49% for last three fiscals. Issue is priced at a P/BV of 3.77 as per NAV of Rs 24.64/- 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 46.64, 21.54 and 13.98 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Narnolia Financial Services Limited is associated with this SME IPOs, and has handled 26 IPOs in last three fiscal years. From last 10 IPOs, one 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, one is trading below issue price and remaining all are trading above issue price or at par. ( As on 15.12.25 ) As per financials, MARC Technocrats Limited has shown good growth, RoNW is 31% and P/E is 46.64, 21.54 and 13.98 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. As of September 30, 2025, the order book of company was approximately Rs. 25,546.23 Lakhs. Company is into manufacturing of instant noodles on contract basis, which is highly competitive business segment. Performance of BRLM is very good. 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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