⚡ At a Glance
Samay Project Services, born in 2001, is a low-profile but high-precision EPC firm working on piping, tanks, and industrial fire systems across steel plants, ports, distilleries, and more. With a 2x order book, 29.8% ROCE, and a modest ₹52 Cr valuation, it’s small — but definitely not superficial.
1. 🏗️ What Does Samay Actually Build?
Samay isn’t a civil contractor laying highways or highrises.
They’re balance-of-plant (BOP) engineers — the unsung heroes behind complex industrial infrastructure like:
- High-pressure steam pipelines
- Cross-country hydrocarbon lines
- Giant fluid tanks
- Steel structures
- 🔥 And industrial fire suppression systems that could humble an airport hangar
They work across sectors like Power, Steel, Sugar, Mining, Infra, Pharma — but are rarely the face of the project.
Think of them as backstage engineers with a welding torch, not a mic.
2. 🔩 The Service Portfolio – Engineering with Fire
Here’s what’s on the Samay service menu:
🔧 a) Piping Systems
- Steam pipes (up to 200 bar & 600°C)
- Hydrocarbon pipelines
- Water lines (UG/overground)
- Fire & foam water lines
🛢️ b) Tanks & Structures
- Firewater tanks
- DM water & slurry storage
- Rubber, epoxy & flake coatings
- Fabricated vessels
🔥 c) Fire Protection Systems
- Flame & gas detection systems
- Sprinklers, foam deluge systems
- Entire turnkey fire projects for:
- Ports, Steel Plants, Hospitals, Cement Factories
They’re niche — but that niche is industrial-grade hot.
3. 🌍 Geographic & Sector Reach
🧭 Footprint:
| Geography | Revenue Share |
|---|---|
| 🇮🇳 India | 97.2% (FY24) |
| 🌍 Exports | 2.8% (FY24) |
🛫 From Mauritius to Mauritania, Samay has completed EPC contracts abroad — though recent focus is squarely domestic.
🏭 Sector-Wise Revenue (H1FY25):
| Industry | % Share |
|---|---|
| Power | 40.4% |
| Iron & Steel | 26.6% |
| Sugar & Distillery | 13.3% |
| Mining | 12.0% |
| Infra + Others | 7.7% |
No IT, no BPO, no retail.
Just sweaty, metal, fire-prone industries.
4. 🔥 What’s Driving the Business?
🔌 Service-Wise Revenue (H1FY25):
| Segment | % Share |
|---|---|
| Firefighting Systems | 37.1% |
| Piping Systems | 22.5% |
| Tanks | 14.9% |
| Piping + Tanks | 25.5% |
So ironically, the fire business is keeping the company cool.
5. 📚 Order Book: Future Looks 🔥
As of Oct 2024, Samay had an order book of ₹69 Cr, 2x its FY25 revenue run rate.
For context:
- FY25 Revenue (Annualized) ≈ ₹37 Cr
- Orders in hand = almost 24 months of work
🛠️ Translation: No chasing clients. They’re executing backlog, not cold-calling for tenders.
6. 📈 Financials – Small, Solid, and Surprisingly Efficient
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 18.8 | 20.3 | 40.7 | 37.1 |
| Net Profit (₹ Cr) | 1.9 | 3.4 | 4.6 | 4.2 |
| OPM % | 15.7% | 17.8% | 16.3% | 15.5% |
| ROCE | – | 31.9% | 40.3% | 29.8% |
| ROE | – | 27% | 23% | 22.7% |
| P/E | – | – | – | 12.7x |
💥 OPM at 15%+ in EPC is rare. Most peers barely cross 8-10%.
⚠️ Debtor days are volatile: spiked to 157 in FY23, still at 130+ now.
7. 🧮 IPO Details – A Tiny Raise with Targeted Use
💸 IPO Snapshot:
- Size: ₹14.7 Cr
- Market Cap (Post-Listing): ₹52.2 Cr
- Valuation: ~12.7x P/E
- Use of Funds:
- Working Capital
- General Corp Expenses
💬 A small, no-nonsense IPO. They didn’t overraise or make fantasy announcements about AI-powered EPC drones.
8. 🧠 Verdict: Unsung Hero Stock?
✅ What We Like:
- 🔥 Firefighting biz = high-margin niche
- 🧠 Strong engineering capabilities
- 📚 Healthy order book (2x revenue)
- 📈 Stable profits, rising OPM
- 💡 Reasonable IPO valuation (P/E <13x)
❌ What Worries Us:
- ⚠️ 130+ debtor days = delayed payments = working capital strain
- ⚙️ Only 54 full-time employees – heavy reliance on 179 contractors
- 🇮🇳 Domestic-heavy — recent export revenue collapsed (78% → 2.8% over 2 years)
- 🧱 Scale limitations – can they handle 3–4x size?
TL;DR for Lazy Investors:
- EPC contractor for tanks, pipes, fire safety in steel & power plants
- Low capex, niche projects, strong order book
- Margins are 🔥, but working capital needs are risky
- IPO valuation is fair, listing should be stable unless sector sentiment tanks
Final EduVerdict: BOP Specialist With Solid Firepower
Samay isn’t building India’s highways or metros — but it might just be lining up the steel pipes and fire tanks that keep those factories running.
It’s not sexy. It’s not SaaS. But it’s profitable, under-the-radar, and weirdly impressive.
Don’t expect a 10x. But don’t be shocked if this one quietly doubles over 3 years, while other “hot” IPOs burn out.
✍️ Written by Prashant | 📅 June 15, 2025
Tags: Samay Project IPO, SME EPC Company, Fire Protection Systems, Infrastructure India, EduInvesting SME Series, BOP Contractor India, SME Listing 2025
order book as per RHP is 58 cr. Please assume this with GST. So net order book is of Rs49 cr. still good