1. At a Glance
Repono Limited is tapping the SME market with a ₹26.68 crore IPO, entirely a fresh issue of 27.79 lakh shares at ₹91–₹96. Minimum bid? A chunky 2 lots (2,400 shares) costing ₹2.30 lakh. Listing is on BSE SME, tentatively August 4, 2025. High entry ticket + SME risk = Only for investors with guts (and capital).
2. Introduction
Picture this: a logistics firm with warehouses, oil terminals, and now a fancy SME IPO. Repono claims 51% revenue growth and 23% PAT growth in FY25, but here’s the kicker—post-issue P/E jumps to 19x. Is this a warehouse of opportunity or a storage room for regrets? Let’s unpack.
3. Business Model – WTF Do They Even Do?
Repono is the backstage crew for oil & petrochemicals. Services include:
- Warehousing for petrochemical giants.
- Secondary transportation, freight forwarding.
- EPC, O&M of oil terminals.
- Consulting & design for storage facilities.
Think of them as the “Airbnb” of oil tanks—minus the glamour.
4. Financials Overview
FY25 delivered:
- Revenue: ₹51.6 Cr (up 51%)
- PAT: ₹5.15 Cr (up 23%)
- EBITDA: ₹8.13 Cr
- Net Worth: ₹14.2 Cr
Margins are okay-ish, debt is moderate, and growth is visible. Numbers flex, but the base is tiny.
5. What’s This Stock Worth?
- Pre-IPO P/E: 13.9x (at EPS ₹6.87)
- Post-IPO P/E: 19.2x (EPS dilutes to ₹5.01)
- Fair Value Range: ₹85–₹105.
Edu Punchline: Market may pay for growth, but the price already assumes a smooth drive.
6. What-If Scenarios
| Scenario | Outcome |
|---|---|
| Bull SME rally | ₹120+ listing possible |
| Flat market | Could stick near issue price |
| Oil & gas slowdown | Earnings take a hit |
7. What’s Cooking (SWOT)
Strengths – High ROE (44%), niche oil logistics, strong client base.
Weaknesses – SME liquidity risk, heavy dependence on oil industry.
Opportunities – Expansion funded by IPO proceeds, WMS software.
Threats – Regulatory hazards, competition in 3PL.
8. Balance Sheet 💰
| (₹ Cr) | FY25 |
|---|---|
| Assets | 25.9 |
| Liabilities | ~11.7 |
| Net Worth | 14.2 |
| Borrowings | 6.1 |
Debt/Equity at 0.43—not bad, but leverage is lurking.
9. Cash Flow (FY23–FY25)
| FY | Ops | Investing | Financing |
|---|---|---|---|
| 23 | Positive | Low capex | Moderate |
| 24 | Positive | Rising | Stable |
| 25 | Positive | Heavy capex | IPO to boost |
Cash flows steady but IPO clearly needed to fuel expansion.
10. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROE | 44.2% |
| ROCE | 38.4% |
| PAT Margin | 10.1% |
| EBITDA Margin | 15.9% |
| D/E | 0.43 |
ROE looks hot—but dilution cools it post-issue.
11. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT |
|---|---|---|---|
| 24 | 34.1 | 6.0 | 4.2 |
| 25 | 51.6 | 8.1 | 5.1 |
Topline sprinting, bottom line walking.
12. Peer Comparison
| Company | P/E | ROE | Margin |
|---|---|---|---|
| Repono (Post) | 19x | 36% | 16% |
| Typical SME Logist. | 15–20x | 18–22% | 10–14% |
Repono edges peers on returns, but trades at upper valuation band.
13. EduInvesting Verdict™
Repono IPO blends a high entry ticket, a small cap, and niche logistics growth. Strong ROE and expanding warehouses make it attractive, but post-issue dilution and SME volatility add spice. This isn’t a retail-friendly “lottery ticket”—more like a high-stakes poker hand.
Final Take: Worth tracking if you love oil logistics. Not for weak hands.
Written by EduInvesting Team | July 27, 2025
Tags: Repono IPO, SME IPO, ₹26.68 Cr, Warehousing & Logistics, EduInvesting Premium
