NSB BPO Solutions Q1 FY26 IPO – Call Centers, Chana Dal, and a 34× P/E? ☎️🍚
1. At a Glance
NSB BPO Solutions, the Bhopal-based “jack of all trades” BPO+FMCG trader, is hitting BSE SME with a ₹77.9 crore fresh issue. Price band ₹140–147. Retail ticket: a whopping ₹2.94 lakh for the smallest lot (2,000 shares). FY25 revenue grew 8% to ₹139 crore, but PAT jumped 79% to ₹8.5 crore—either cost-cutting magic or “Excel sheet yoga.” Promoter stake falls from 45.8% to 33.6%. And yes, they do customer care calls and sell dal. Truly, “All-in-One BPO ki Dukaan.”
2. Introduction
Imagine this pitch: “Sir, we will handle your customer’s telecom complaint… and also deliver sugar, rice, and dry fruits to your warehouse.” Confused? Same.
That’s NSB BPO—founded in 2005, grown into a curious hybrid: part voice call center, part back-office processor, part FMCG trader. Basically, a company where a telecaller can log off from chasing credit card bills and help dispatch chana dal in the same shift.
IPO comes at a time when Indian outsourcing is booming again (AI hasn’t killed call centers yet), and SME markets are hungry for stories with some buzz. But at 34× post-issue P/E, is this a growth story or just “telemarketing hype”?
3. Business Model – WTF Do They Even Do?
NSB’s business has four pillars:
Voice Business Call Centre – Inbound, outbound, collections, grievances, telesales. Classic “Hello Sir, I’m calling from your bank” operations.
Payroll Management – Recruitment, onboarding, leave, compliance. HR outsourcing without the HR drama.
FMCG Trading – Dal, rice, sugar, dry fruits, vegetables. Yes, BPO also means “Basmati Procurement Organization” here.
USP: Diversification. Joke: Diversified to the point of confusion. Investors love focus; this company sells both “customer service” and “kaju katli.”
4. Financials Overview
Source table
Metric
FY25
FY24
YoY %
FY23
Revenue
₹138.5 Cr
₹128.3 Cr
+8%
₹285.2 Cr
EBITDA
₹18.9 Cr
₹13.0 Cr
+45%
₹8.1 Cr
PAT
₹8.5 Cr
₹4.8 Cr
+79%
₹2.2 Cr
EPS (₹)
5.82 (Pre) / 4.27 (Post)
3.25
+79%
1.50
⚡ Commentary: FY23 revenue was ₹285 Cr, then halved to ~₹130 Cr. Either they dropped a massive client or FMCG trading collapsed. The IPO RHP blames “restructuring.” Investors call it “volatility.”
5. Valuation Discussion – Fair Value Range
P/E Method
EPS (Post): ₹4.27
Apply 18–25× (SME BPO peer range)
Range: ₹77–107
EV/EBITDA
EBITDA: ₹18.9 Cr
EV multiple: 8–10×
Range: ₹96–120
DCF
Assume 15% growth, 12% discount
Range: ₹90–110
🎯 Fair Value Range: ₹77–120 per share. IPO Price Band ₹140–147 = well above fair range.
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
