Savy Infra And Logistics Limited is an Engineering, Procurement and Construction (EPC) company focused on earthwork and foundation preparation for infrastructure projects such as road construction, embankments, sub-grade preparation, granular sub-bases, and bituminous or concrete surfaces. Over the years, they have gradually expanded from supplying quartzite for infrastructure projects to providing a range of services, including excavation, grading, utility work, and paving. Initially focused on earthwork and foundation activities, they have also extended the expertise to managing the logistics of excavated materials, ensuring their efficient transportation and disposal. As part of the logistics segment, they offer Full Truck Load (FTL) services to clients in the infrastructure, steel and mining sectors. The FTL services involve the efficient and reliable movement of large volumes of freight from one location to another, tailored to meet the unique needs of each client. They ensure point-to-point delivery, meaning that the freight is transported directly from the client's designated starting location to the final destination without intermediate stops or transfers. This minimizes handling, reduces the risk of damage, and ensures timely delivery. They operate an asset light business model where they offer specialized services by renting trucks and drivers and managing the execution of transportation. This approach allows them to avoid the challenges of owning trucks, manpower issues, theft, accidents, and maintenance. By focusing on execution, they minimize costs related to interest, depreciation, and asset ownership, which helps improve the profit margins. As per financial performance, Savy Infra And Logistics Limited has posted total income / net profits of Rs 6.19 Cr / Rs 1.13 Cr (FY23), Rs 101.62 Cr / Rs 9.87 Cr (FY24) and Rs 283.77 Cr / Rs 23.88 Cr (FY25). So as per previous financials data, company has shown exceptional growth and sudden rise in net profit raises doubts. Company has posted an average EPS of Rs 11.08 and average RoNW of 62.90%% for last three fiscals. Issue is priced at a P/BV of 3.44 as per NAV of Rs 34.89/- 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 739.64, 25.31 and 10.46 respectively, which looks fairly priced. As per RHP, comparision between listed peers are shown in above table. On BRLM's front, Unistone Capital Private Limited is associated with this SME IPO and handled 9 Main board and 12 SME IPOs in last 3 years. From last 10 IPOs, 7 opened above issue price or at par and remaining below issue price on the day of listing. As of now from last 10 IPOs, 5 are trading above issue price and remaining are trading below issue price as on today. ( As on 15.07.25 ) As per financials, Savy Infra And Logistics Limited has shown good result, RoNW is 45.7% and P/E is respectively 739.64, 25.31 and 10.46 as per FY23, FY24 and FY25 earnings. So, issue looks fairly priced as per recent earnings, but if company can maintain similar growth rate in future that needs to be watched. As on 30.04.25, the Company has an Order Book of Rs 230/- Cr. Company is an EPC company focused on earthwork and foundation preparation for infrastructure projects, which is highly competitive business segment. Performance of BRLM is average. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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