Winsol Engineers IPO: Review, Valuation, Date & GMP

Winsol Engineers Limited IPO  - Complete Overview

Established in 2015, Winsol Engineers Limited is an integrated engineering, procurement, construction, and commissioning company specializing in providing Balance of Plant (BoP) Solutions for both wind and solar power generation companies. 

Its BoP Solutions encompass a range of services including foundation work, substation civil and electrical work, right-of-way services, cabling to substation and grid, and miscellaneous work.

The company holds ISO-9001-2015, ISO-14001-2015, and ISO-45001-2018 certifications, underscoring its commitment to quality execution. With a team strength exceeding 200 engineers and technicians, Winsol Engineers Limited is well-equipped to handle diverse projects.

Since 2018, the company has completed over 55 projects valued at more than Rs.17,000.00 lakhs. Additionally, it currently manages more than 41 major ongoing projects with a combined value of approximately Rs.11,953.31 lakhs, of which invoices totaling over Rs.2,115.54 lakhs have been booked as of March 31, 2024.

 

Winsol Engineers Limited IPO Overview

Winsol Engineers Limited IPO date is slated to be open for subscription from May 6, 2024, to May 9, 2024. This NSE SME IPO follows a Book Built Issue IPO.

Winsol Engineers Limited IPO price is fixed in the range of at Rs.71 to Rs.75 per share. 

The total issue size of this IPO amounts to Rs.23.36 Cr. The company has allocated shares 35% to retail investors, 50% to institutional and 15% to non instituional investors.

 

 

Company Financial

Compared to the financial year ending March 31, 2023, and March 31, 2022, Winsol Engineers Limited has seen growth in total assets, net worth and total revenue. The profit after tax and the total borrowing has also increased.

Amount in Lakhs

Period	31 Dec 2023	31 Mar 2023	31 Mar 2022
Total Assets	3,565.34	2,856.01	2,764.80
Total Revenue	5,202.28	6,544.53	6,080.00
PAT	677.26	518.07	108.46
Net worth	1,527.15	873.89	343.93
Reserve & Surplus	685.15	871.89	341.93
Total Borrowings	846.76	1,058.84	928.90

 

Vertical-wise Revenue Break up

(Amount in Lakhs)

Particulars	31 Dec 2023	31 Mar 2023	31 Mar 2022
Work Contract Income
Engineering & Consulting Work	3,493.73	5,489.83	4,685.96
Operation & Maintenance Work	872.64	730.77	482.09
Civil Work	828.86	318.06	902.14
Total	5,195.23	6,538.66	6,070.19

 

 

 

Geography-wise Revenue Break up

(Amount in Lakhs)

Particulars	31 Dec 2023	31 Mar 2023	31 Mar 2022
Gujarat	4,670.32	4,328.21	3,851.14
Karnataka	9.55	14.15	84.22
Madhya Pradesh	75.39	98.83	97.00
Rajasthan	227.39	2,008.48	1,962.29
Maharashtra	187.62	7.45	1.26
Andhra Pradesh	-	2.66	74.28
Delhi	-	0.50	-
Haryana	24.94	19.49	-
Tamil Nadu	-	58.90	-
Total	5,195.23	6,538.66	6,070.19

 

Sector-wise Revenue Break Up

(Amount in Lakhs)

Particulars	31 Dec 2023	31 Mar 2023	31 Mar 2022
Work Contract Income
Private Clients	5,104.48	6,452.68	5,968.84
Government Clients	90.75	85.98	101.35
Total	5,195.23	6,538.66	6,070.19

 

The Objective of the Issue

The Issue Proceeds from the Fresh Issue will be utilized to fulfill the following objectives:

1. Working Capital Requirements.

2. General Corporate Purposes.

 

Peers of Winsol Engineers Limited IPO 

Name of the Company	Face Value (Rs)	EPS (Rs)	P/E Ratio
Winsol Engineers Limited	10	6.15	-
Konstelec Engineers Limited	10	6.53	38.67

 

 

 

Evaluation

The IPO is priced within the range of Rs.71 to Rs.75 per share.

Evaluation of P/E Ratio

• Considering the FY23 EPS of Rs 6.15 from the last year, the resulting P/E ratio is 12.19x.

• Taking into account the weighted EPS of Rs 3.60 for the last three years, the P/E ratio amounts to 20.83x.

Comparative Analysis with Listed Peers

• The industry's average P/E is 38.67x.

As a result, the IPO price range, with a P/E ratio ranging from 12.19x to 20.83x, seems fully priced to the industry average of 38.67x.

 

IPO's Strengths

• Seasoned promoters and management team with extensive experience.

• Comprehensive execution capabilities from start to finish.

• Efficient utilization of resources to maximize effectiveness.

• Established and enduring relationships with clients.

 

IPO's weaknesses 

• The company is currently involved in certain legal outstanding.

• It Operations have experienced negative cash flows.

• A significant portion of revenue is derived from Engineering & Consulting Work, and any decrease in demand for such services could negatively impact the business.

• The company operates under various laws requiring approvals from regulatory authorities as part of its regular operations.

• The business is solely focused on and reliant upon the Renewable Energy (RE) sector.

• The majority of company revenues originate from the state of Gujarat, making it vulnerable to adverse effects in the region.

 

IPO GMP Today 

The Latest GMP of Winsol Engineers Limited is Rs.200.

 

Winsol Engineers Limited IPO timetable (Tentative)

Winsol Engineers Limited IPO is scheduled from May 6 to May 9  2024, with allotment on May 10, refund initiation on May 13, and listing on May 14, 2024.

Events	Date
IPO Opening Date	May 6, 2024
IPO Closing Date	May 9, 2024
IPO Allotment Date	May 10, 2024
Refund initiation	May 13, 2024
IPO Listing Date	May 14, 2024

 

Winsol Engineers Limited IPO Details 

Winsol Engineers Limited IPO, with a face value of Rs.10 per share, opens on May 6 and closes on May 9, 2024, offering 3,115,200 shares at Rs.71 to Rs. 75 per share, with a lot size of 1600 shares, aiming to raise Rs.23.36 Cr, and will be listed on NSE SME.

IPO Opening & Closing Date	May 6, 2024 to May 9, 2024
Face Value	Rs. 10 per Share
Issue Price	Rs. 71 to Rs. 75 per Share
Lot Size	1600 Shares
Price of 1 lot	Rs. 120,000
Issue Size	3,115,200 Shares (aggregating up to Rs.23.36 Cr)
Fresh Issue	3,115,200 Shares (aggregating up to ₹23.36 Cr)
Listing at	NSE SME
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Limited

 

Winsol Engineers Limited IPO Lot Details 

For Winsol Engineers Limited IPO, the retail investor minimum and maximum lot investments are both 1 lot (1600 shares) at Rs.120,000 while for HNI investors, the minimum investment is 2 lots (3200 shares) at Rs.240,000.

Minimum Lot Investment (Retail)	1 lot
Maximum Lot Investment (Retail)	1 lot
Minimum Lot Investment (HNI)	2 lot

 

 

 

Winsol Engineers Limited IPO Reservation

Institutional share Portion	50%
Non-institutional share Portion	15%
Retail share Portion	35%

 

Promoters and Management of Winsol Engineers Limited

• Mr. Ramesh Jivabhai Pindariya

• Mrs. Amri Ramesh Pindariya

• Ms. Pindariya Kashmira

• Ms. Kashish Ramesh Pindariya 

• Mr. Kishor Jivabhai Pindariya.

Pre-issue Promoter shareholding	100.00%
Post-issue Promoter shareholding	72.99%

 

Winsol Engineers Limited IPO Lead Managers

• Beeline Capital Advisors Pvt Ltd

 

Dividend Policy

 The Company has not paid dividend in last three years. 

 

Conclusion

The upcoming IPO presents an exciting opportunity for investors. However, the company has experienced sudden growth in its revenue in FY 22, likely attributed to its robust order book. Experienced investors are encouraged to apply for the IPO after thoroughly evaluating all factors for optimal gains.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

 

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

 

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