NAPS Global India Limited

As per financial performance, Barflex Polyfilms Limited has posted total income / net profits of Rs 94.10 Cr / Rs 7.94 Cr (FY22), Rs 110.41 Cr / Rs 10.13 Cr (FY23), Rs 116.12 Cr / Rs 16.24 Cr (FY24) and Rs 78.02 Cr / Rs 13.49 Cr (8M FY25). So as per previous financials data, company has shown steady growth, but increase in net-profit just before IPO raises doubts. Company has posted an average EPS of Rs 5.65 and average RoNW of 23.35% for last three fiscals. Issue is priced at a P/BV of 1.76 as per NAV of Rs 34.07/- as on 30.11.24. If we attribute latest earnings of FY23, FY24 and annualized FY25 on fully diluted equity post issue, then asking price is at a P/E of around 14.66, 9.15 and 7.34 respectively, which looks fairly priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Almondz Financial Services Limited is associated with this SME IPO and this is 1st IPO from the lead manager as on today. ( As on 08.01.25 ) As per financials, Barflex Polyfilms Limited has shown steady results, RoNW is 25.4% and P/E is respectively 14.66, 9.15 and 7.34 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fairly priced, but sudden increase in net-profit just before IPO raises doubts. Company is manufacturer of flexible packaging material suitable for packaging products in different industries, 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 Pankaj Jain
• 2 Ronak Mistry