Simca Advertising Limited was incorporated as a public limited company on June 17, 2022, with its registered and corporate office located in Mumbai. The company operates primarily in the advertising industry, focusing on Out-of-Home (OOH) media services such as billboards, gantries, bus shelters, and digital LED displays across Mumbai and Maharashtra. Its business history traces back to a proprietorship firm established in 1970, providing a foundation of several decades in the outdoor advertising sector. The company utilizes an asset-light business model, managing a network of more than 100 media assets situated in high-traffic locations like commercial hubs and arterial roads. These media sites are mostly acquired through lease or sub-lease agreements with third-party owners and the company's promoters. The company serves a diverse client base spanning sectors such as real estate, entertainment, financial services, and government institutions. Its operational focus is heavily concentrated within the Mumbai Metropolitan Region (MMR). The company is ISO 9001:2015 certified and has been recognized for excellence with multiple industry awards. These include being named the Best Corporate Outdoor Advertising Company in Mumbai at the SOS Nitelife Excellence Awards in 2022 and receiving the Lions Gold Award in 2023. In 2025, it secured gold, silver, and bronze awards at the 14th ACEF Global Customer Engagement Awards for campaigns related to the Maharashtra Pollution Control Board and T10 Global. The company is promoted by Fahim Batliwala and Ashma Fahim Batliwala, who hold nearly all of the pre-Issue equity capital. Fahim Batliwala, serving as Chairman and Managing Director, has over twenty years of experience in the OOH industry. Ashma Fahim Batliwala contributes over ten years of expertise in administration and human resources as a Non-Executive Director. This leadership is complemented by a senior management team with substantial experience in operations, marketing, and brand growth. The company’s Promoter, Fahim Batliwala, is involved in several ongoing litigations with the GST and Direct Tax departments. Specifically, there are 14 GST-related cases involving a substantial aggregate amount of approximately Rs 19.35 Crore. As per financial performance, Simca Advertising Limited has posted total income / net profits of Rs 11.95 / 1.56 Cr (FY23), Rs 49.30 / Rs 5.77 Cr (FY24), Rs 75.09 Cr / 9.97 Cr (FY25) and Rs 78.15 Cr / 10.67 Cr (Upto Q3 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises concerns. Trade receivables to total sales ratio improved from 46.08% in FY23 to 28.33% in FY25, indicating that the company became more efficient at collecting payments as its scale increased and average trade receivable days are 118 days. Company has an average EPS of Rs 8.23 and average RoNW of 70.92% for last three fiscals. Issue is priced at a P/BV of 5.74 as per NAV of Rs 31.87/- as on 31.12.25 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 37.93, 21.96 and 15.39 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Socradamus Capital Private Limited is associated with this IPOs, and has handled 4 IPOs in last three fiscal years. From last 4 IPOs, two opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 4 IPOs, two are trading below issue price and remaining all are trading above issue price or at par. (as on 04.05.26 ) As per financials, Simca Advertising Limited has shown good growth, RoNW is 57.44% and P/E is 37.93, 21.96 and 15.39 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. The company operates primarily in the advertising industry, focusing on Out-of-Home (OOH) media services, which is highly competitive business segment. Performance of BRLM is average 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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