1. At a Glance
A ₹93.75 crore SME IPO from a geotechnical and engineering consultancy powerhouse. Monarch Surveyors is raising fresh capital to scale operations and fund growth. Price? ₹250 per share. Over 31x oversubscription says the street is definitely paying attention.
2. Introduction with Hook
Imagine if Google Maps could also file tenders, manage railway projects, dig boreholes, and draft DPRs. That’s Monarch Surveyors. A Pune-based firm that’s not just “measuring land”—they’re monetizing it.
- Revenue (FY25): ₹155.66 Cr
- PAT (FY25): ₹34.83 Cr
- ROCE: 39.59%. Yes, they’re engineering profits too.
3. Business Model (WTF Do They Even Do?)
Monarch is basically your civil contractor’s Swiss Army knife. They offer:
- Surveying & Mapping – from roads to railways, they plot the plot.
- Geo-technical Investigations – they literally dig for value.
- Design & Engineering – they don’t just measure—they blueprint.
- Land Acquisition & GIS Services – turning geography into revenue.
- Bid Process Management & DPRs – because civil projects need paperwork ninjas too.
Their clients span highways, metros, ports, railways, and even oil & gas. Basically, wherever the government spends, they’re nearby with a clipboard.
4. Financials Overview
₹ in Cr
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue | 155.66 | 141.27 | 72.72 |
| EBITDA | 51.10 | 42.78 | 11.68 |
| PAT | 34.83 | 30.01 | 8.59 |
| Total Assets | 148.06 | 102.12 | 64.51 |
| Net Worth | 108.80 | 73.97 | 43.96 |
| Debt | 14.29 | 12.96 | 8.37 |
Margins
- PAT Margin: 22.60%
- EBITDA Margin: 33.15%
- ROE: 32.01%
The firm’s financial compass points North.
5. Valuation
Issue Price: ₹250
Post-IPO EPS: ₹24.61
Post-IPO P/E: ~10.16x
Fair Value Estimate Range: ₹260 – ₹315
- At lower range: 10.5x FY25 EPS
- At higher range: 12.8x FY25 EPS, justified by growth, asset-light model, and sticky infra demand
Verdict: Not overpriced. Possibly under-loved.
6. What’s Cooking – News, Triggers, Drama
- Anchor Book worth ₹26.54 Cr raised on July 21 — solid vote of confidence
- Massive Day 2 subscription: 31.66x
- Retail Category: Oversubscribed 46.32x!
- B-HNI: 39.41x
- QIB: Only 2.23x – probably still on vacation?
Triggers Ahead:
- Railway & infra push in Budget FY26
- Increasing privatisation = more consultancy outsourcing
- Large pipeline of government tenders
7. Balance Sheet
₹ in Cr
| Particulars | FY25 | FY24 |
|---|---|---|
| Total Assets | 148.06 | 102.12 |
| Net Worth | 108.80 | 73.97 |
| Total Debt | 14.29 | 12.96 |
| Reserves | 98.40 | 73.88 |
Key Takeaways:
- Low leverage (D/E = 0.13)
- Strong reserves
- Efficient asset build-up — ₹45 Cr in added assets, mostly from profits
8. Cash Flow – Sab Number Game Hai
(Not disclosed fully, but inferred from earnings + asset buildup)
- Company is EBITDA positive, high margins
- Low debt = low interest outgo
- Cash flow is healthy given capex plans
Will become clearer post-listing when full FY26 statements drop.
9. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROE | 32.01% |
| ROCE | 39.59% |
| D/E | 0.13 |
| PAT Margin | 22.60% |
| EBITDA Margin | 33.15% |
| Price/Book Value | 2.39x |
Sexy Score: 9.5/10
Basically, this is what mutual fund managers call “decent visibility with upside surprise”.
10. P&L Breakdown – Show Me the Money
| Particulars | FY25 | FY24 |
|---|---|---|
| Revenue | 155.66 | 141.27 |
| Expenses | ~104.56 | ~98.49 |
| EBITDA | 51.10 | 42.78 |
| PAT | 34.83 | 30.01 |
YoY revenue growth: 10%
PAT growth: 16%
EBITDA growth: 19%
That’s not a hockey stick—it’s more like a nice, safe escalator.
11. Peer Comparison
| Company | P/E | ROE | Market Cap |
|---|---|---|---|
| Monarch Surveyors | 10.16 | 32% | ₹353 Cr |
| KPI Green Infra | 14.2 | 26% | ₹2,100 Cr |
| RailTel Corp | 13.8 | 18% | ₹6,800 Cr |
| RITES Ltd | 13.5 | 19% | ₹9,500 Cr |
Cheaper than peers. Profitable like a tech startup.
12. Miscellaneous – Shareholding, Promoters
- Promoters Pre-IPO Holding: 98.42%
- Post-IPO: 72.35%
- Promoters: Mr. Dattatraya Karpe & Co.
- Total Employees: 417
- No OFS – only fresh issue
- Bigshare is registrar
- Beeline Capital is the LM – decent IPO track record
13. EduInvesting Verdict™
Monarch Surveyors is what happens when a boring-sounding business becomes a profit factory. They dig, map, design, and manage — and mint 30%+ margins while doing it.
This IPO isn’t just reasonably priced, it’s competently structured, oversubscribed, and strategically placed to ride India’s ₹100 lakh crore infra wave.
Ideal for:
- Infra bulls
- Long-term players
- Investors sick of sugar stocks and looking for something civil but savage
Metadata
– Written by Eduinvesting Team | July 23, 2025
– Tags: Monarch Surveyors, IPO, Infra, Civil Engineering, SME IPO, Beeline Capital, Mapping Stocks
