1. At a Glance
Savy Infra & Logistics Ltd. raised ₹69.98 Cr via an all-fresh SME IPO at ₹120/share. A red-hot subscription of 22.14x tells us this isn’t just another construction IPO—it’s infrastructure with momentum. Retail investors had to shell out a minimum ₹2.88L for entry.
2. Introduction with Hook
From digging dirt to digging profits — Savy Infra is an earthwork and foundation EPC player that just posted 179% revenue growth and 142% PAT growth in FY25.
But wait:
- SME listing? ✅
- Asset-light model? ✅
- P/E of 10.5x? 😏
- Subscription frenzy? ✅✅✅
The numbers are yelling “goldmine,” but does the balance sheet whisper otherwise?
3. Business Model (WTF Do They Even Do?)
Core Biz:
- EPC contracts for roads, embankments, foundations
- Demolition services
- Transportation & excavation
- Rental of rock breakers & heavy machinery
Geographic Spread:
- Gujarat, MP, Maharashtra, Telangana, AP, Odisha, Chhattisgarh, Karnataka
Business Model:
- Asset-light: No large fleet ownership
- Execution-based: Rents machinery, outsources drivers, focuses on ops & mgmt
- Fewer headaches, more projects per ₹ invested
4. Financials Overview
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 6.19 | 101.62 | 283.77 |
| EBITDA | 0.57 | 14.95 | 35.62 |
| PAT | 0.34 | 9.87 | 23.88 |
| Net Worth | 0.64 | 10.51 | 52.25 |
| Borrowings | 3.12 | 8.49 | 44.84 |
YoY Revenue growth (FY25): 179%
YoY PAT growth: 142%
Turnaround story? More like a transformation.
5. Valuation
| Metric | Value |
|---|---|
| EPS (Post IPO) | ₹11.48 |
| P/E | 10.46x |
| Book Value | ₹34.90 |
| Price/Book | 3.44x |
| ROE | 76.1% (Insane) |
| ROCE | 36.7% (Impressive) |
Fair Value Estimate:
- Based on earnings, P/E of 10x–12x = Fair value ~₹110–₹138
- At ₹120 → It’s attractively placed for listing pop and fundamentals
6. What’s Cooking – News, Triggers, Drama
- ₹430 Cr worth of ongoing contracts in hand
- Asset-light = High ROCE, low capex needs
- ₹49 Cr to working capital → Will turbocharge project execution
- SME IPOs tend to overheat on listing — with 22.14x demand, fireworks expected
- Only 33 employees — means lean ops, heavy outsourcing
7. Balance Sheet
| Item | FY25 |
|---|---|
| Total Assets | ₹185.81 Cr |
| Net Worth | ₹52.25 Cr |
| Debt | ₹44.84 Cr |
| Debt/Equity | 0.86 ✅ |
Key Observations:
- Capital base expanded 5x in a year
- Post-IPO infusion strengthens WC without piling on debt
- Enough muscle now to execute larger projects
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| CFO | ₹0.41 | ₹6.98 | ₹14.20 |
| Capex | ₹-0.25 | ₹-0.60 | ₹-1.80 |
| FCF | ₹0.16 | ₹6.38 | ₹12.40 |
No nonsense in the cash flow — it’s clean, improving, and scalable.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 76.1% ✅✅✅ |
| ROCE | 36.7% ✅ |
| PAT Margin | 8.43% ✅ |
| EBITDA Margin | 12.57% ✅ |
| D/E | 0.86 ✅ |
| P/E | 10.5x ✅ |
A buffet of green flags.
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹6.2 | ₹101.6 | ₹283.8 |
| EBITDA | ₹0.57 | ₹14.95 | ₹35.6 |
| EBITDA Margin | 9.2% | 14.7% | 12.6% |
| PAT | ₹0.34 | ₹9.87 | ₹23.88 |
| PAT Margin | 5.5% | 9.7% | 8.4% |
From ₹6 Cr to ₹283 Cr revenue in 2 years? That’s not growth — that’s warp speed.
11. Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | P/E | ROE | Segment |
|---|---|---|---|---|---|
| Savy Infra | ₹283 | ₹23.9 | 10.5x | 76% | Infra EPC |
| Nirman Ltd (SME) | ₹400 | ₹28 | 12x | 28% | EPC |
| SKS Infra | ₹215 | ₹17 | 13x | 22% | Infra |
| Gensol Engg | ₹245 | ₹21 | 20x | 33% | Infra + Solar |
Savy Infra: Highest ROE, lowest P/E → Very likely undervalued on current numbers.
12. Miscellaneous – Shareholding, Promoters
| Promoters | Pre IPO | Post IPO |
|---|---|---|
| Tilak & Liladhar Mundhra | 85.87% | TBD (Likely ~65–68%) |
- Anchor Raised ₹19.93 Cr = ✅
- Listing at NSE SME
- Market Maker: Globalworth Securities
- LM: Unistone Capital
- Registrar: Maashitla Securities
Strong institutional confidence with healthy pre-listing lock-in.
13. EduInvesting Verdict™
Savy Infra is not just digging foundations, it’s laying one for your portfolio.
- Explosive growth ✅
- Margins improving ✅
- ROE/ROCE off the charts ✅
- P/E of 10.5x = a rarity in SME land ✅
- ₹49 Cr going into WC = more projects, more revenue
Risks?
- SME volatility
- Very few full-time employees — scaling execution quality may be tested
- Sudden surge in FY24–25 financials — can it sustain?
If you’re a bold investor in the SME jungle, this one might just be your diamond in the dirt.
Metadata
– Written by EduInvesting Team | July 23, 2025
– Tags: Savy Infra IPO, Infrastructure SME IPO, Earthwork EPC IPO, NSE SME, Unistone IPO, Construction SME IPO, Savy Logistics IPO, Anchor Investors
