[Dilip Davda] The company posted fluctuating bottom lines for the last three fiscals with static top line for the last two fiscals. The sudden boost in its bottom lines for the last 18 months’ periods is not only raise eyebrows, but also concern over the sustainability going forward. H1-FY24 performance appears to be the window dressing and issue appears fully priced based on this performance. Peers compare is nothing but an eyewash. The tiny paid-up equity capital post-IPO indicates longer gestation for migration to main board. Read detail review...

Shree Marutinandan Tubes IPO Peer Comparison

Shree Marutinandan Tubes Limited peer comparison with similar listed entities. (As on March 31, 2023)

Company Name	EPS (Basic)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio	Financial statements
Shree Marutinandan Tubes Limited	8.20	130.60	17.44	75.36	1.09	Standalone
Swastik Tubes Limited	4.53	89.67	17.51	4.40		Standalone
Hi Tech Pipes Limited	2.35	28.09	33.98	7.87		Standalone
APL Apollo Tubes Limited	18.47	13.25	65.26	19.91		Standalone

Notes:

Based on the March 31st, 2023 restated financial statements.
Annual Report of Peer Group Companies available on Stock Exchange.
Basic & diluted Earnings per share (EPS) is calculated in the weighted average number of shares after considering Bonus Issue of Shares.
Price Earing (P/E) Ratio in relation to the offer Price of ₹143.00 per share for the Issue Company and for Peer Companies Price on 31st March 2023.
The face value of Equity Shares of our Company is ₹10 per Equity Share and the Issue price is 14.30 times the face value of equity share.
The Issue Price of ₹143.00 is determined by our Company in consultation with the Lead Manager and is justified based on the above accounting ratios.

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