Shayona Engineering Limited, operates in two strategically located manufacturing units in Vadodara, Gujarat. The core business of company divided in following sections:1. Casting & Forging: They provide customized solutions for precision castings in special grades, with weights ranging from a few grams to 3 metric tons in a single piece.2. Sand Casting: They specialize in all types of ferrous and nonferrous grades, with casting weights ranging from 1 kg to 1,500 kg per single piece. The sand-casting services cater to diverse industries including general engineering, pumps and valves, automotive, cement, paper, mining, material handling equipment, and steel plants.3. Centrifugal Casting: Their expertise lies in stainless steel, copper, and aluminum-based alloys, with casting sizes ranging from 70 mm to 600 mm in diameter and lengths up to 3.8 meters. They serve various sectors including marine, automotive, sponge iron, cement, and oil & gas industries.4. Machined parts: At SEL, they manufacture precision metal, rubber and plastic parts, assemblies, and fixtures with exceptional quality. They value engineered products consistently meet and exceed client expectations.5. Structural Engineering: - Heavy Fabrication, Installation & Commissioning: SEL, with its team of engineering professionals who specializes in designing, manufacturing, and installing process equipment structures including columns, tanks, gantries, heat exchangers, and pressure vessels. They maintain a comprehensive inventory of tools and equipment to handle large-scale projects, with the capacity to deploy over 50 welders on-site.- Industrial Automation: They offer comprehensive turnkey project management services that encompass system design, build, integration, installation, and commissioning, complete with training support. The Company has established a new state-of-the-art manufacturing unit situated at Menpura, Gujarat, India. This facility is focused on the manufacturing of PVC (Polyvinyl Chloride) and HDPE (High-Density Polyethylene) pipes and fittings, catering primarily to the agricultural and infrastructure sectors. The Menpura unit has an installed production capacity of 250 metric tons per month across its product categories. As per financial performance, Shayona Engineering Limited has posted total income / net profits of Rs 12.63 / 0.60 Cr (FY23), Rs 15.28 / Rs 1.70 Cr (FY24), Rs 23.17 Cr / 2.41 Cr (FY25) and Rs 19.14 Cr / 2.45 Cr (upto 30.11.25 FY26). So as per previous financials data, company has shown good growth. But operating cash flow of company is negative, debt is hight and trade receivables is around 50% for FY25 total sales. Company has an average EPS of Rs 9.83 and average RoNW of 43.33% for last three fiscals. Issue is priced at a P/BV of 3.33 as per NAV of Rs 43.21/- as on 30.11.25. 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 32.79, 23.17 and 15.25 respectively. As per RHP, there is no listed peers in Indian market. On BRLM's front, Horizon Management Private Limited is associated with this IPOs, and has handled 23 IPOs in last three fiscal years. From last 10 IPOs, four 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, four are trading below issue price and remaining all are trading above issue price or at par. (as on 17.01.26 ) As per financials, Shayona Engineering Limited has shown good growth, RoNW is 34.81% and P/E is 32.79, 23.17 and 15.25 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but negative cash-flow, high debt and high trade receivables raises concerns. Company is engaged in customized castings of various grades for varied industries, which is very competitive business segment. Performance of BRLM is good post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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