Rulka Electricals Ltd. (REL) specializes in turnkey electrical and firefighting projects. They offer services like electrical solutions, solar EPC contracts, and data & voice cabling for industrial, commercial, retail, and theater sectors. REL's FY24 post-IPO price translates to a P/E ratio of 16.22, making the issue fully priced. The company has shown steady profit growth with PAT margins improving from 2.74% in FY21 to 8.68% in 11M-FY24, and RoCE margins ranging between 24.66% and 37.82%. Despite no dividends in the past five years, REL has strong growth, blue-chip clients, and higher margins from bundled services. Based on FY24 earnings, long-term investors might find this IPO attractive.