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Economic Times
3 days ago
- Business
- Economic Times
Aditya Infotech IPO opens for subscription. Should you apply?
Aditya Infotech IPO GMP Business Overview and Financials Live Events Valuation and Recommendation (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Rs 1,300 crore initial public offering (IPO) of Aditya Infotech Ltd. opened for subscription today, July 29, and will remain open until July 31. The company, a technology solutions provider specializing in security surveillance and enterprise communication systems, has fixed a price band of Rs 640–675 per share. The issue is entirely a fresh offer of 1.93 crore shares and will be listed on both BSE and grey market premium (GMP) for the IPO was hovering around Rs 40–45 at the time of opening, indicating mild listing gains. However, the final response will hinge on institutional investor demand and broader market Infotech is a leading value-added distributor (VAD) in India for electronic security equipment. The company partners with global brands like Dahua, Seagate, TP-Link, Panasonic , and others, distributing across 650+ cities with over 15,000 channel portfolio includes video surveillance products, access control systems, and networking solutions—catering to government, corporates, and FY22 and FY24, the company's revenue grew at a CAGR of 24%, from Rs 2,090 crore to Rs 3,212 crore. PAT grew from Rs 102 crore in FY22 to Rs 210 crore in margins improved slightly from 9.6% to 10.7% over the same period. However, analysts note that the business remains working capital intensive and exposed to global supply chain the upper price band of Rs 675, Aditya Infotech is valued at a P/E of 36.2x on FY24 earnings, which is at a premium to industry peers like Redington and Ingram Micro. The IPO aims to raise funds primarily for working capital needs (Rs 600 crore), with the rest for general corporate firm Bajaj Broking has rated the IPO as 'Subscribe with Caution'. While acknowledging the company's strong brand partnerships, consistent growth, and deep distribution network, the note flags its high valuation and moderate return ratios (RoE 22%, RoCE 20%) as concerns.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
India Today
3 days ago
- Business
- India Today
5 IPOs worth Rs 7,000 crore to open for bidding this week. Check details
After a slow start to the year, the primary market seems to have finally picked up pace. Several companies had postponed their IPOs earlier due to weak market conditions, but July has seen a clear revival in week, five mainboard IPOs are opening for bidding: NSDL (National Securities Depository), M&B Engineering, Sri Lotus Developers & Realty, Aditya Infotech, and Laxmi India Finance. Together, they plan to raise a total of Rs 7,007.86 crore. In addition, IPOs of Shanti Gold International and Brigade Hotel Ventures remain open as of July have a look at the price band, minimum investment across categories, and important dates for these IPOs. LAXMI INDIA FINANCE IPOLaxmi India Finance aims to raise Rs 254.26 crore through a mix of fresh issue and offer for sale. It includes a fresh issue of 1.05 crore shares worth Rs 165.17 crore and an offer for sale of 0.56 crore shares worth Rs 89.09 IPO will open for subscription on July 29 and close on July 31. The allotment is expected on August 1, and the shares are likely to list on August 5 on both BSE and price band is Rs 150–158 per share, with a lot size of 94 shares. The minimum investment for retail investors is Rs 14,100. For small non-institutional investors (sNII), the lot size is 1,316 shares (14 lots) worth Rs 2,07,928. For big non-institutional investors (bNII), the lot size is 6,392 shares (68 lots) worth Rs 10,09, Capital Markets is the lead manager and MUFG Intime India (Link Intime) is the INFOTECH IPOAditya Infotech plans to raise Rs 1,300 crore, including a fresh issue of 0.74 crore shares worth Rs 500 crore and an offer for sale of 1.19 crore shares worth Rs 800 IPO opens on July 29 and closes on July 31. Allotment is expected on August 1 and the listing on August price band is Rs 640–675 per share. The lot size is 22 shares, requiring a minimum investment of Rs 14,080. For sNII, the lot size is 308 shares (14 lots) worth Rs 2,07,900. For bNII, it is 1,496 shares (68 lots) worth Rs 10,09, Securities is the lead manager, and MUFG Intime India (Link Intime) is the LOTUS DEVELOPERS IPOSri Lotus Developers is launching an entirely fresh issue worth Rs 792 crore, with 5.28 crore new IPO will open on July 30 and close on August 1. Allotment is expected on August 4 and the shares will likely list on August 6 on BSE and price band is Rs 140–150 per share. The lot size is 100 shares, requiring a minimum investment of Rs 14,000. For sNII, the lot size is 1,400 shares (14 lots) worth Rs 2,10,000. For bNII, it is 6,700 shares (67 lots) worth Rs 10,05, Oswal Investment Advisors is the lead manager and Kfin Technologies is the registrar.M&B ENGINEERING IPOM&B Engineering will raise Rs 650 crore, including a fresh issue of 0.71 crore shares worth Rs 275 crore and an offer for sale of 0.97 crore shares worth Rs 375 IPO opens on July 30 and closes on August 1. Allotment will be finalised on August 4, and listing is expected on August price band is Rs 366–385 per share. The lot size is 38 shares, with a minimum investment of Rs 13,908. For sNII, the lot size is 532 shares (14 lots) worth Rs 2,04,820. For bNII, it is 2,622 shares (69 lots) worth Rs 10,09, Capital is the lead manager and MUFG Intime India (Link Intime) is the IPONSDL plans to raise Rs 4,011.60 crore through a full offer for sale of 5.01 crore IPO opens on July 30 and closes on August 1. Allotment is expected on August 4 and the listing on BSE is likely to happen on August price band is Rs 760–800 per share. The lot size is 18 shares, and the minimum investment for retail investors is Rs 13,680. For sNII, the lot size is 252 shares (14 lots) worth Rs 2,01,600. For bNII, it is 1,260 shares (70 lots) worth Rs 10,08, Securities is the lead manager and MUFG Intime India (Link Intime) is the more IPOs lined up and the secondary market showing signs of recovery, investors may see more listings in the coming months. July has already brought more activity than the first half of 2025, and this trend may continue if market conditions remain stable. - Ends advertisement
Economic Times
21-07-2025
- Business
- Economic Times
Eternal Q1 Results: Zomato parent reports 90% YoY profit fall despite 70% revenue jump
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Food Delivery Business in Q1 and Outlook Tired of too many ads? Remove Ads Blinkit On competition Food delivery company Zomato 's parent on Monday reported a 90% year-on-year (YoY) drop in consolidated net profit for Q1FY26, at Rs 25 crore compared to Rs 253 crore in the same quarter last operator of Zomato and Blinkit reported revenue from operations of Rs 7,167 crore, up 70% from Rs 4,206 crore a year earnings were announced during market hours, and shares of Eternal surged over 7% following the announcement, hitting the day's high of Rs 274 on sharp decline in profit was on account of the continuing investments in quick commerce segment and going-out."On the profitability front, consolidated Adjusted EBITDA declined 42% YoY to Rs 172 crore in Q1FY26, largely on account of the continuing investments in quick commerce and going-out, which were partly offset by the improvement in food delivery Adjusted EBITDA margin (as a % of NOV) to 5.0% from 3.9% a year ago," said Akshant Goyal, CFO, company also reported a 15% YoY jump in its Q1FY26 expenses to Rs 2,137 crore, primarily under heads such as 'Delivery and related charges' and 'Advertisement and sales promotion'.Expenses stood at Rs 1,936 crore in Q4FY25 and Rs 1,854 crore in net order value (NOV) of Eternal's B2C businesses grew 55% YoY and 16% quarter-on-quarter to Rs 20,183 crore in Q1FY26."This was the first quarter where our quick commerce NOV exceeded food delivery NOV for the full quarter. On an annualized basis, we are now at nearly $10 billion in NOV across our B2C businesses, with quick commerce becoming our largest segment—contributing almost half of the annualized NOV," the company said in its letter to consolidated adjusted revenue grew 67% YoY and 22% QoQ to Rs 7,563 crore, and its growth rates here have been steady at 50%+ for the past 11 quarters, the filing B2B business Hyperpure's revenue grew 89% YoY (25% QoQ) and the company expects de-growth in this business in the next few Order Value (NOV) growth in Zomato's food delivery segment dipped slightly to 13% YoY in Q1FY26, compared to 14% in the previous quarter. The gap between Gross Order Value (GOV) and NOV growth widened during the Deepinder Goyal said he expects YoY growth to bottom out as the company recovers from the demand slowdown that began in late 2024.'For FY26, it looks unlikely that the business will deliver 20%+ NOV growth, but we should be north of 15% and hopefully trending towards 20% YoY growth in FY27,' Goyal tackle the sluggish demand environment, Zomato saw an increase in restaurant-funded discounts (as a percentage of GOV) in Q1FY26, which led to the lower NOV growth relative to GOV.'We expect such quarterly fluctuations to be a regular feature as restaurants calibrate their investment in discounts based on changes in demand,' Goyal in the food delivery business expanded YoY but declined sequentially—breaking a 14-quarter streak of continuous improvement.'Margins in both food delivery and quick commerce tend to come under pressure in Q1 every year due to lower availability of delivery partners during festivals and adverse weather conditions,' he explained.'In the past, these Q1 margin pressures were offset by improvements in other areas. But now that food delivery margins have matured, fluctuations driven by seasonal factors are possible. Long term, we still see scope for some margin expansion, but our current focus is on ramping up investments to drive further growth while maintaining margins in the 5% (of NOV) range.'Blinkit added 243 net new stores in Q1FY26, bringing its total store count to 1, business reported a 127% YoY growth in NOV, driven by a 123% YoY increase in average monthly transacting customers (MTC), from 7.6 million to 16.9 also improved: margins narrowed from -2.4% of NOV in Q4FY25 to -1.8%, despite ongoing investments in new store rollouts and seasonal cost pressures.'We are on track to reach 2,000 stores by December 2025,' said Blinkit CEO Albinder Dhindsa. 'We also added 0.4 million sq. ft. of warehousing space this quarter and now operate over 5.6 million sq. ft. across the country. Including store space, we manage ~10.4 million sq. ft. across our supply chain.'Dhindsa also downplayed concerns about profitability.'Despite long-term infrastructure investments and intense competition, a large portion of our business is already profitable—with some cities achieving 2.5%+ Adjusted EBITDA margins (as a percentage of NOV). Reaching this stage so early is a strong signal of our ability to meet our long-term target of 5–6% margins,' he added."New ideas, new entrants and disruption are all inevitable. I think it also makes our business stronger as long as we are able to learn, adapt and out-innovate potential competition. At this point, we do not see any innovation in the space which makes us believe that this business is under any obvious threat," Goyal added.
Economic Times
17-07-2025
- Business
- Economic Times
ITC Hotels shares hit record high, rise over 3% after Q1 profit jumps 54% YoY
ITC Hotels shares surged over 3% to hit a record high of Rs 246 in Thursday's intraday trade on the BSE after the company posted a 54% year-on-year (YoY) rise in net profit for Q1FY26. Net profit attributable to the owners of the company stood at Rs 133 crore, up from Rs 87 crore in the same quarter last year. ADVERTISEMENT Revenue from operations for the quarter stood at Rs 816 crore, up 15.5% from Rs 706 crore in the corresponding quarter of the previous financial year. The company's profit after tax (PAT) fell 48% sequentially, compared to Rs 257 crore reported in Q4FY25. The decline in PAT is attributed to a 23% drop in ITC Hotels' revenue in the current quarter, down from Rs 1,061 crore in the January–March period. The year-on-year growth in PAT and revenue boosted investor sentiment, pushing the stock up nearly 4% to an intraday high of Rs 237 on ITC-promoted company incurred expenses of Rs 675 crore in Q1FY26, compared to Rs 596 crore in Q1FY25 and Rs 750 crore in Q4FY25. This reflects a 13% year-on-year increase and a 10% quarter-on-quarter decline. The expenses were primarily under the heads of consumption of food & beverages, employee benefits expense, and finance cost. Also Read: 9 undervalued mid-cap stocks with upside potential of up to 23% ADVERTISEMENT Revenue from the hotel business stood at Rs 801 crore, up from Rs 690 crore in Q1FY25, but down from Rs 1,043 crore in Q4FY25. ADVERTISEMENT The company's realty business did not report any revenue. It stated that the Group is constructing super-premium branded residences in Colombo, Sri Lanka, and revenue from this segment will be recognised upon completion and sale of the projects. Also Read: SBI, Federal Bank among 11 banks that saw NPA improvement in Q4 (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
11-07-2025
- Business
- Economic Times
Smartworks Coworking IPO subscribed 73% so far on Day 2; GMP at 7%. Check details
Smartworks Coworking Spaces' IPO has seen 73% subscription on Day 2, driven by strong NII interest. The IPO aims to raise between Rs 576 crore and Rs 583 crore, with proceeds allocated for expansion and debt repayment. While analysts offer mixed recommendations, citing growth potential versus profitability concerns, the company's strong revenue growth and market position are key factors. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) The initial public offering (IPO) of Smartworks Coworking Spaces, which opened for subscription on July 10, has been subscribed 73% so far on Day 2 of the bidding process, driven by strong interest from non-institutional investors (NIIs).As of 12:14 pm today, NIIs had subscribed to the issue 1.36 times, applying for 30,21,372 shares against the 22,17,233 shares reserved for them. This was followed by retail investors, who subscribed to 86% of their allotted quota. Qualified institutional buyers (QIBs), however, bid for just 5,724 shares were trading at a premium of Rs 30–32 in the grey market, up from Rs 25–27 before the IPO launch. This reflects a grey market premium (GMP) of about 7.4%, compared to around 6% company is aiming to raise between Rs 576 crore and Rs 583 crore through a mix of a fresh issue and an offer for sale. The IPO is open for subscription until July 14, with the listing scheduled for July 17 on the BSE and issue includes a fresh equity issue worth Rs 445 crore and an offer for sale of 33.79 lakh shares. The price band has been set at Rs 387–407 per share, with an employee discount of Rs 37. Investors can bid in lots of 36 shares and in multiples the net proceeds, Rs 225.8 crore will be used for fit-outs and security deposits at new centres, while Rs 114 crore has been allocated for debt repayment. The remainder will be used for general corporate in 2015, Smartworks is India's largest managed workspace operator by leased area, with over 8.99 million sq ft spread across 50 centres in 15 cities as of March 31, 2025. It also operates two centres in company primarily caters to mid-to-large enterprises across sectors such as IT, BFSI, and startups. Operating on a straight lease model, Smartworks is gradually incorporating variable rental agreements to enhance cost has demonstrated robust revenue growth, with operational income nearly doubling from Rs 711.39 crore in FY23 to Rs 1,374.05 crore in FY25. EBITDA improved significantly to Rs 857.26 crore in FY25. However, the company remains loss-making, reporting a net loss of Rs 63.17 crore in FY25, although margins have been of March 2025, the company had an occupancy rate of 83.1%, catering to 738 enterprise clients across a total seating capacity exceeding 2 addition to its core offerings, Smartworks provides value-added services such as wellness zones, convenience stores, and design-build (FaaS) solutions to strengthen its enterprise-focused IPO is being managed by JM Financial , BOB Capital Markets, IIFL Securities , and Kotak Mahindra You Subscribe? Analysts at Anand Rathi believe the IPO is fully priced and have assigned a 'Subscribe – Long Term' rating. The brokerage notes that at the upper price band, the company is valued at a price-to-sales (P/S) ratio of 3.3x, with an EV/EBITDA of 9.7x and a post-issue market cap of Rs 46,448 Securities, on the other hand, has issued an 'Avoid' rating for the IPO. The firm believes that other players like Awfis Space Solutions offer better investment opportunities in the coworking space, as Awfis is currently profitable and trades at a FY25 EV/Adjusted EBITDA multiple of Broking has recommended a 'Subscribe for Long Term' rating, citing Smartworks' position as a leading provider of office experience and managed campus platforms, with a focus on long-term contracts with the company has shown strong top-line growth and positive cash EBITDA at the gross level, it continues to report net losses due to provisioning under new accounting standards. Smartworks operates with high lease liabilities under fixed-cost agreements across centres, leading to significant interest and depreciation expenses under Ind AS 116. This accounting treatment boosts EBITDA but exerts pressure on net profitability.: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
