Monarch Surveyors And Engineering Consultants Limited

Monarch Surveyors And Engineering Consultants Limited is engaged in the business to provide comprehensive consultancy services under Concept to Commissioning of infrastructure projects which includes Survey, design and technical supervision for roads, railways, metros, town planning, geospatial, mapping, land acquisition, water, transmission Line, pipelines and other civil engineering sectors. Company provides comprehensive consultancy services throughout the entire lifecycle of infrastructure projects, from concept to commissioning. The expertise spans a wide array of sectors, including: Surveying: They conduct detailed surveys to gather critical data, ensuring that all project planning is based on accurate and reliable information. Design Services: The team designs innovative and efficient infrastructure solutions tailored to the specific needs of each project, ensuring compliance with all regulatory requirements. Technical Supervision: They provide oversight and management during the construction phase, ensuring that all work aligns with the established design and quality standards. As per financial performance, Monarch Surveyors And Engineering Consultants Limited has posted total income / net profits of Rs 72.72 Cr / Rs 8.59 Cr (FY23), Rs 141.27 Cr / Rs 30.01 Cr (FY24) and Rs 155.66 Cr / Rs 34.83 Cr (FY25). So as per previous financials data, company has shown good results. Company has posted an average EPS of Rs 27.72 and average RoNW of 32.78% for last three fiscals. Issue is priced at a P/BV of 2.39 as per NAV of Rs 104.56/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on fully diluted equity post issue, then asking price is at a P/E of around 41.20, 11.79 and 10.16 respectively, which looks fully priced. As per RHP, comparision between listed peers are shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this SME IPO and handled 60 SME IPOs & 2 Mainboard IPOs in last 4 years. From last 10 IPOs, all opened 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 above issue price as on today. ( As on 17.07.25 ) As per financials, Monarch Surveyors And Engineering Consultants Limited has shown good result, RoNW is 32.01% and P/E is respectively 41.20, 11.79 and 10.16 as per FY23, FY24 and FY25 earnings. So, issue looks fairly priced as per recent earnings. Company is engaged in the business to provide comprehensive consultancy services under Concept to Commissioning of infrastructure projects, which is highly competitive business segment. Performance of BRLM is very good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Dattatraya Mohaniraj Karpe
• 2 Mr. Sanjay Bhalchandra Vidwans
• 3 Mr. Sunil Shrikrishna Bhalerao
• 4 Mr. Bhartesh Rajkumar Shah