Novus Loyalty Limited is a technology-driven company offering loyalty and rewards solutions tailored for industries such as Fintech, E-commerce, Software, Finance, Banking, FMCG and Real Estate. Focused on enhancing customer engagement, retention, and acquisition, the company has developed a modern, scalable loyalty platform using the latest technology stack. This platform delivers comprehensive, data-driven solutions that help enterprises build meaningful relationships with their customers. The company provides both customizable and ready-to-use program models, including point-based rewards, event-triggered campaigns, cashback systems, purchase-linked promotions, and digital vouchers. It ensures customers have a smooth and consistent experience whether they interact through a website, mobile app, or in a physical store. The company offers both On-premises with infrastructure and SaaS (software as a service) models along with AI powered analytics to its clients. With the On-Premises model, the platform is installed on the client's own servers or private cloud. This gives full control over data, allows for custom setups, and is ideal for large businesses with strict security or compliance needs. The SaaS model is cloud-based, meaning clients can use the platform through a subscription without worrying about servers or maintenance. It's faster to set up, easier to manage, and great for businesses that want a ready-to-use solution. The company operates in both Domestic Market as well as International Market. In the Domestic markets, their customer base is spread in states namely Uttar Pradesh, Rajasthan, Karnataka, Telangana, Maharashtra, Haryana, Punjab, Delhi and Tamil Nadu. In the international markets, their spread across the globe with presence in countries majorly in UAE, USA, Australia and Puerto Rico. Beyond banking, Novus has also built a flexible loyalty solution for retailers, modern trade stores, and digital retailers. This allows them to reward their customers effectively and use data analytics to focus on the most profitable areas of their business. In addition, Novus offers digital voucher solutions that enable real-time tracking of customer behaviour and usage. For eCommerce businesses, their platform helps monitor customer activity and reward them - supporting cross-selling and customer retention strategies. The company holds several quality certifications including ISO/IEC 27001:2013 for Providing Professional IT Service Software Development, Website Development, Mobile Application Development. They are also CMMI Maturity level – 3 certified for providing IT and Marketing Services and PCI DSS compliance certified following the successful completion of an information security assessment, ensuring the secure handling of payment and customer data. Further, they also follow OWASP security guidelines to ensure the applications are protected against common online threats and vulnerabilities. As per financial performance, Novus Loyalty Limited has posted total income / net profits of Rs 59.60 / 0.54 Cr (FY23), Rs 73.61 / Rs 2.96 Cr (FY24), Rs 104.62 Cr / 3.58 Cr (FY25) and Rs 71.43 Cr / 5.80 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 2.34 and average RoNW of 25.48% for last three fiscals. Issue is priced at a P/BV of 9.47 as per NAV of Rs 15.42/- 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 76.64, 63.33 and 19.56 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Smart Horizon Capital Advisors Private Limited is associated with this IPOs, and has handled 21 IPOs in last three fiscal years. From last 10 IPOs, three 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, six are trading below issue price and remaining all are trading above issue price or at par. (as on 10.03.26 ) As per financials, Novus Loyalty Limited has shown average results, RoNW is 27.39% and P/E is 76.64, 63.33 and 19.56 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. But, sudden rise in net-profit just before IPO raises doubts. Company is a technology-driven company offering loyalty and rewards solutions, which is growing business segment with high competition. Performance of BRLM is poor post listing. 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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