The Bengaluru-based precision engineering company is raising Rs 35.77 crore
Apsis Aerocom Limited, a Bengaluru-based precision engineering company, opens its SME IPO today on NSE Emerge. Founded to serve the aerospace, defence, and healthcare industries, the company manufactures highly customised machined components directly for clients on a confirmed-order basis, with no dealer or distributor network.
It holds AS9100D and ISO 9001:2015 certifications and offers end-to-end capabilities from CAD-based design support through CNC machining, surface finishing, quality control, and final delivery. As of September 2025, it employs 105 people.
Domestically, the company operates across Karnataka, Telangana, Maharashtra, and Kerala. It also serves select international clients in the USA, Spain, and Israel, though export contribution to revenue remains minimal. IPO proceeds of Rs 27.02 crore will go toward purchase of machinery for capacity expansion, with the balance for general corporate purposes.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 11, 2026 |
| Issue Closes | March 13, 2026 |
| Price Band | Rs 104 – Rs 110 per share |
| Issue Size | Rs 35.77 crore (at upper band) |
| Total Shares Offered | 32,52,000 equity shares |
| Face Value | Rs 10 per share |
| Minimum Application | 2,400 shares |
| Minimum Investment | Rs 2,49,600 – Rs 2,64,000 |
| Post-Issue Market Cap | Rs 132.57 crore |
| IPO as % of Post-IPO Capital | 26.98% |
| Use of Proceeds | Rs 27.02 crore — machinery capex; balance — general corporate purposes |
| Lead Manager | Oneview Corporate Advisors Pvt. Ltd. |
| Registrar | Integrated Registry Management Services Pvt. Ltd. |
| Market Maker | Basan Equity Broking Ltd. |
| Listing | NSE SME Emerge |
Financials
| Particulars (Rs crore) | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Total Income | 10.41 | 16.88 | 20.57 | 13.70 |
| Net Profit | 1.03 | 2.55 | 6.64 | 3.12 |
| PAT Margin | 9.89% | 15.14% | 32.39% | 22.88% |
| RoCE | 42.18% | 64.04% | 65.79% | 25.62% |
| Average EPS — 3 years | 4.93 | |||
| Average RoNW — 3 years | 65.53% |
Revenue has grown consistently from Rs 10.41 crore in FY23 to Rs 20.57 crore in FY25, with H1 FY26 already at Rs 13.70 crore. The sharp jump in PAT margin from 15.14% in FY24 to 32.39% in FY25 is the standout feature of the financials — and the key question investors need to answer before applying. H1 FY26 margin has moderated to 22.88%, suggesting some normalisation is already underway.
Valuation and Peer Comparison
| Particulars | Details |
|---|---|
| P/E on FY25 earnings | 19.96x |
| P/E on annualised FY26 earnings | 21.24x |
| P/BV on pre-IPO NAV (Rs 15.55) | 7.07x |
| P/BV on post-IPO NAV (Rs 41.04) | 2.68x |
| Listed Peer — Unimech Aerospace P/E | 68.3x (as of March 6, 2026) |
| Promoter average acquisition cost | Rs 1.11 per share |
The offer document cites Unimech Aerospace as the sole listed peer, currently trading at 68.3x P/E — significantly higher than Apsis’s asking multiple of 20–21x. However, the two companies are not directly comparable given meaningful differences in scale, revenue mix, and business maturity. At 19.96–21.24x earnings, the issue is considered fully priced relative to its own recent financial performance. The promoter average acquisition cost of Rs 1.11 per share against an IPO price of Rs 110 is a significant gap worth noting.
Merchant Banker Track Record
This is the sixth mandate for Oneview Corporate Advisors, formerly Guiness Corporate Advisors, in the last three fiscals. Of the previous five listings, one listed at par and the remaining four delivered listing day premiums ranging from 1.81% to 90%.
Risks to Consider
Margin sustainability. The FY25 PAT margin of 32.39% is an outlier — H1 FY26 has already moderated to 22.88% and further normalisation cannot be ruled out. Customer concentration. Direct sales to a limited client base in southern India means any client loss hits revenue immediately and significantly. Small scale. At Rs 20 crore in annual revenue and 105 employees, there is limited financial cushion against operational disruptions. Rising competition. The precision machining segment is getting increasingly crowded, putting pressure on pricing and margins for smaller players. SME liquidity. Post-listing trading volumes on NSE SME Emerge will be thin, making exits difficult in adverse market conditions.
