Seemax Resources Limited, originally incorporated in 2015, is primarily engaged in providing comprehensive rental solutions for Material Handling Equipment (MHE). The company offers a diverse range of equipment including battery and diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), and reach trucks. To enhance its service capabilities and supply world-class machinery, the company also operates as an authorized dealer for HD Hyundai material handling equipment. The company's business model is strategically structured to serve a broad spectrum of industries, such as automotive, steel, glass, cement, textiles, engineering goods, warehousing, logistics, and retail. Over recent years, Seemax has made a strategic shift away from simple equipment trading and heavily focused on a service-led rental model. This approach includes providing value-added services such as Annual Maintenance Contracts (AMC), customized MHE solutions, and dedicated manpower or operator services, which allows the company to maintain better control over margins and ensure reliable, sustained service quality. Seemax Resources Limited caters to a growing Business-to-Business (B2B) clientele, serving 67 total customers as of December 31, 2025. The company’s revenue is geographically concentrated, with operations in the state of Gujarat (including SEZ regions) contributing over 94% to 96% of its total revenue from operations between FY23 and FY25. Furthermore, the company faces notable client concentration risks, as its top 10 customers accounted for 79.72% of its total revenue during the nine-month period ended December 31, 2025, and 79.21% in FY25. Because Seemax Resources Limited operates strictly in the equipment rental, service, and trading sectors, it does not own or operate any manufacturing plant units. Consequently, traditional manufacturing capacity and capacity utilization metrics are not applicable to the company. Instead, its operational strength is driven by the scale and health of its equipment fleet. As of December 31, 2025, the company's rental solutions division was supported by a robust fleet of 97 Material Handling Equipments, which are deployed directly to various customer sites to facilitate safe and efficient logistical operations. As per financial performance, Seemax Resources Limited has posted total income / net profits of Rs 13.28 / Rs 0.79 Cr (FY23), Rs 11.41 / Rs 1.43 Cr (FY24), Rs 14.46 Cr / 2.24 Cr (FY25) and Rs 12.43 Cr / 2.24 Cr (Q3 FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 5.75 and average RoNW of 39.66% for last three fiscals. Issue is priced at a P/BV of 5.31 as per NAV of Rs 26.53/- as on 31.12.25 If we attribute latest earnings of FY24, FY25 and FY26 on equity post issue, then asking price is at a P/E of around 43.50, 27.73 and 20.74 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Wealth Mine Networks Limited is associated with this IPOs, and has handled 3 IPOs in last three fiscal years. From last 3 IPOs, that opened below issue price or at par, on the day of listing. As of now, from last 3 IPO, it is trading below price or at par. (as on 25.06.26) As per financials, Jivial Industries Limited shown good growth, RoNW is 41.09% and P/E is 37.93, 30.80 and 23.29 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. 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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