Samay Project Services Limited faces key risks from high customer concentration, lack of long-term contracts, dependency on volatile industries, and raw material sourcing vulnerabilities. Additionally, its success is linked to competitive project bidding, customer satisfaction, and the financial health of its clients. Any disruption in these areas could materially impact the company’s operational and financial stability.
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Samay Projects Services IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
IPO Details
IPO GMP
IPO Subscription
Reviews
About Company
IPO Timeline
KPI
Financial Information
Peer Comparison
Allotment
Samay Project Services Limited (SPSL), incorporated in 2001, is in the business of design, engineering,supply, fabrication, erection and commissioning of LP Piping and Appurtenances, Hydrocarbon Pipelines, Fuel oil handling, Tanks and Vessels, Fabricated Structures and Fire Protection and Detection System for the past 23 years and is one of the established EPC Contractors in the Indian Industry.
Samay Projects Services, an Book Built Issue Issue amounting to ₹ 14.68 Crores, consisting entirely an Fresh Issue of 43.20 Lakh Shares. The subscription period for the Samay Projects Services IPO opens on June 16, 2025, and closes on June 18, 2025. The allotment is expected to be finalized on or about Thursday, June 19, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Monday, June 23, 2025.
The Share Price Band of Samay Projects Services IPO is set at ₹ 32 to ₹ 34 per equity share. The Market Capitalisation of the Samay Projects Services Limited at IPO price of ₹ 34 per equity share will be ₹ 52.18 Crores. The lot size of the IPO is 4,000 shares. Retail investors are required to invest a minimum of ₹ 1,36,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (8,000 shares), amounting to ₹ 2,72,000.
SMART HORIZON CAPITAL ADVISORS PRIVATE LIMITED is the book running lead manager of the Samay Projects Services IPO, while BIGSHARE SERVICES PRIVATE LIMITED is the registrar for the issue. Shreni Shares Limited (Formerly known as Shreni Shares Private Limited) is the Market Maker for Samay Projects Services IPO.
Samay Projects Services Limited IPO GMP Today
The Grey Market Premium of Samay Projects Services Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only
Samay Projects Services Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 18 June, 2025, the Samay Projects Services Limited IPO live subscription status shows that the IPO subscribed 27.03 times on Final Day of subscription period. Check the Samay Projects Services IPO Live Subscription Status Today at NSE.
Samay Projects Services Limited Day Wise IPO GMP Trend
|
Date |
IPO Price |
Expected Listing Price |
GMP |
Last Updated |
| 09 June 2025 | ₹ 34 | ₹ 34 | ₹ 0 (0.00%) | 12:00 PM; 09 June 2025 |
Samay Projects Services Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Samay Projects Services IPO allotment date is 19 June, 2025, Thursday. Samay Projects Services IPO Allotment will be out on 19th June, 2025 and will be live on Registrar Website from the allotment date. Check Samay Projects Services IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Samay Projects Services Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Samay Projects Services Limited IPO
Samay Projects Services proposes to utilise the Net Proceeds towards the following objects:
1. ₹ 1,200.00 Lakh is required for Funding working capital requirements of the company;
2. General corporate purposes.
Refer to Samay Projects Services Limited RHP for more details about the Company.
Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.
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Samay Projects Services Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|
Samay Projects Services IPO Details
| Market Capitalization | |
| IPO Date | June 16, 2025 to June 18, 2025 |
| Listing Date | June 23, 2025 |
| Face Value | ₹ 10.00 |
| Price Band | ₹ 32 to ₹ 34 per share |
| Issue Price | ₹ 32 to ₹ 34 per share |
| Employee Discount | |
| Lot Size | 4,000 Equity Shares |
| Total Issue Size | 43,20,000 Equity Shares (aggregating up to ? 14.68 Cr) |
| Fresh Issue | 43,20,000 Equity Shares (aggregating up to ? 14.68 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | NSE SME |
| Share holding pre issue | 1,10,29,320 |
| Share holding post issue | 1,53,49,320 |
| Rating |
Samay Projects Services IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Samay Projects Services IPO Timeline (Tentative Schedule)
| IPO Open Date | Monday, June 16, 2025 |
| IPO Close Date | Monday, June 16, 2025 |
| Basis of Allotment | Thursday, June 19, 2025 |
| Initiation of Refunds | Friday, June 20, 2025 |
| Credit of Shares to Demat | Friday, June 20, 2025 |
| Listing Date | Monday, June 23, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 16, 2025 |
Samay Projects Services IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 8,00,000 | Not More than 50% of the Issue |
| Non-Institutional Investor Portion | 6,36,000 | Not Less than 15% of the Issue |
| Retail Shares Offered | 14,56,000 | Not Less than 35% of the Issue |
| Market Maker Portion | 2,28,000 | 5.28% of the Net Issue |
| Anchor Investor Portion | 12,00,000 | Allotted from QIB Portion |
Samay Projects Services IPO Promoter Holding
| Share Holding Pre Issue | 96.29 % |
| Share Holding Post Issue | 69.19 % |
Samay Projects Services IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4,000 | ₹1,36,000 |
| Retail (Max) | 1 | 4,000 | ₹1,36,000 |
| S-HNI (Min) | 2 | 8,000 | ₹2,72,000 |
| S-HNI (Max) | 7 | 28,000 | ₹9,52,000 |
| B-HNI (Min) | 8 | 32,000 | ₹10,88,000 |
Samay Projects Services IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 846,000 | 1,81,12,000 | 21.41x | 2025-06-10 11:39:37 |
| Non Institutional Investors(NIIS) | 841,800 | 4,42,32,000 | 52.54x | 2025-06-10 11:40:25 |
| Retail Individual Investors (RIIs) | 1,432,200 | 2,19,84,000 | 15.35x | 2025-06-10 11:40:35 |
| Total | 3,120,000 | 8,43,28,000 | 27.03x | 2025-06-10 11:40:47 |
About Samay Projects Services Limited
Business Overview
Samay Project Services Limited is an Engineering, Procurement, and Construction (EPC) service provider specializing in the design, engineering, supply, fabrication, erection, and commissioning of Balance of Plant (BOP) systems. The company primarily undertakes EPC projects in three key areas: (i) Piping Systems, (ii) Tanks and Vessels with Fabricated Structures, and (iii) Fire Protection and Detection Systems / Firefighting Systems (FFS).
These systems are implemented across diverse industries, including Power, Sugar & Distilleries, Iron & Steel, and Infrastructure. The company manages end-to-end execution—from procurement of raw materials to on-site fabrication and erection, ensuring complete system functionality per tender specifications.
Key operations include the use of carbon steel or stainless steel for tanks, with site-based activities such as cutting, rolling, welding, and assembly conducted under the supervision of qualified engineers. The company has delivered multiple power plant orders for piping and FFS solutions and has also executed an international PHE system project in Mauritius in 2020.
As of October 31, 2024, the company had an employee base of 54 employees. The Company also hires contract labourers, as of October 31, 2024, they have total of 179 Skilled, Semi-skilled and unskilled contract labourers working on sites, where the labourers are required for execution of the EPC Projects. The Banker to the Company is Union Bank of India.
Industry Analysis
Indian Infrastructure Industry Overview
India’s growth trajectory in 2023 and beyond is closely tied to infrastructure development, a foundational pillar in its ambition to become a $26 trillion economy. The sector not only enhances economic efficiency but also supports key initiatives like improving ease of doing business and delivering good governance.
Infrastructure development has been prioritized by the Indian government through initiatives like the $1.3 trillion Gati Shakti Master Plan, aimed at systemic reform and improving project execution. Programs such as Smart Cities Mission, Housing for All, and increased emphasis on freight movement are reshaping the logistics and urban development landscape.
India continues to attract global investment interest. Notably, Saudi Arabia plans to invest $100 billion across sectors, including infrastructure. The government’s proactive stance through policies and incentives ensures time-bound delivery of large-scale projects across power, transport, water, and urban infrastructure, acting as a growth catalyst for allied sectors like housing and construction.
Strategic Initiatives & Policy Support
-
To achieve the $5 trillion economy target by 2025, infrastructure is central to India’s policy framework.
-
The National Infrastructure Pipeline (NIP), in synergy with the Make in India and PLI schemes, provides a roadmap for sectoral growth.
-
Historically, over 80% of infrastructure spending has been concentrated in transport, electricity, and irrigation, but the scope is now expanding to meet evolving urban and environmental demands.
Market Size & Key Developments
Budgetary Allocations & Projects
-
Interim Budget 2024-25 allocated ₹11.11 lakh crore (approx. $133.86 billion) for infrastructure—3.4% of India’s GDP.
-
Indian Railways received ₹2.55 lakh crore ($30.72 billion), marking a 5.8% increase YoY.
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NIP now includes 9,142 projects across 34 sub-sectors, with $1.9 trillion worth of developments underway—50% in transportation, especially roads and bridges.
Logistics and Transport
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India's logistics market is projected to grow from $317.26 billion in 2024 to $484.43 billion by 2029, at a CAGR of 8.8%.
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Government aims to improve Logistics Performance Index rank to 25 and reduce logistics cost from 14% to 8% of GDP over five years.
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Metro rail networks expanded to 945 km in 21 cities with another 919 km under construction.
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Monorail in Mumbai (20 km) is now the third-largest in the world.
Civil Aviation & Airports
-
Vision 2040 anticipates 190–200 operational airports by 2040.
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220 air connectivity destinations under UDAN are expected to be completed by 2026, covering 1,000 new routes.
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₹98,000 crore ($11.8 billion) is allocated over five years for airport expansion and infrastructure upgrades.
Real Estate & Urban Infrastructure
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Q2 2024 witnessed $2.77 billion in real estate investments.
-
Tier II and III cities are witnessing strong commercial real estate growth, driven by IT, BFSI, and decentralization trends.
-
Residential real estate also showed momentum with 360,000+ units sold in top-7 cities in 2022.
FDI & Private Sector Role
-
FDI from April 2000–March 2024 stood at:
-
$26.61 billion in construction development
-
$33.91 billion in infrastructure construction
-
-
The 12th Five-Year Plan proposed $1 trillion in infrastructure investments, with 40% from the private sector.
Growth Outlook and Future Prospects
India needs to invest $840 billion over the next 15 years in urban infrastructure to accommodate its rapidly growing population. A key challenge is ensuring long-term durability and sustainability of physical assets like bridges, ports, airports, and water systems.
Infrastructure expansion is also being driven by:
-
Urbanization trends and smart city development
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Increasing foreign investments and bilateral partnerships (e.g., India-Japan Forum for Northeast development)
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Strong emphasis on roads, shipping, and railways to support employment and rural consumption
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Government’s push for self-reliance in critical infrastructure
Conclusion
India’s infrastructure sector stands at the forefront of its economic ambitions. Backed by massive public spending, foreign investment, and structural reforms, the sector is undergoing rapid transformation. With the expected 8% GDP growth over the next three years, infrastructure will continue to be a key driver of long-term, sustainable growth. India’s future in infrastructure appears robust and full of opportunity, particularly in transportation, urban development, and digital integration.
Business Strengths
1. Strong Engineering and Design Capability
Equipped with a specialized engineering team and advanced tools like AutoPlant CAD for layout and detailed design, and Canute software for hydraulic calculations in Fire Protection Systems, enabling precision in engineering and routing.
2. Diverse EPC Segment Presence
Demonstrated credibility through successful execution of ₹4,074.66 lakh worth of EPC projects across India and overseas in sectors such as Power, Sugar & Distilleries, Infrastructure, Iron & Steel, and Mining.
3. Established Client Relationships
Long-standing relationships with major customers drive repeat business and high customer retention, contributing to a competitive edge in acquiring new clients.
4. Commitment to Quality and Safety
Holds ISO 9001:2015 certification for EPC services in Piping Systems, Tanks & Vessels, and Fire Protection Systems, ensuring adherence to strict quality and safety standards.
5. Experienced Leadership
Promoted by Mr. Anand R and Ms. Santhi Karthikeyan, with over 16 years of experience in mechanical systems for power plants and industrial projects, providing strategic guidance and sustainable engineering solutions.
Business Strategies
1. Focus on High-Value EPC Projects
Plans include continued operations and maintenance of existing projects while selectively targeting larger EPC contracts, independently or through partnerships. Emphasis will remain on efficient project execution, adoption of modern equipment, enhancement of internal systems, and upskilling of personnel through training in complex infrastructure projects.
2. Strengthening Operational Controls
Aims to improve operational efficiency and cost management to ensure timely and quality service delivery. Strategic measures include adopting industry best practices and continuous employee training to optimize performance.
3. Customer Relationship Development
Strategy focuses on building long-term customer relationships through regular engagement, understanding project-specific needs, and ensuring accurate, timely delivery of quality services to drive repeat business and growth.
Business Risk Factors and Concerns
1. High Customer Concentration
Revenue is heavily dependent on a few key clients—69.14% and 89.13% (H1 FY24) and 62.34% and 87.14% (FY24) was derived from the top five and top ten customers, respectively. Loss of any major client or reduction in their order volumes could adversely impact financial performance and increase revenue volatility.
2. Absence of Long-Term Contracts
Business is primarily driven by purchase orders without long-term agreements. Project orders are placed on an as-needed basis depending on the CAPEX plans of clients. Any sudden cancellation or delay in these plans due to budget constraints or market dynamics may disrupt revenue flow.
3. Risk of Project Non-Award or Termination
EPC projects, especially from government clients, are awarded through competitive bidding and depend on meeting strict technical and financial pre-qualification criteria. There is no assurance of order continuity or future wins, and non-reimbursable bid preparation costs pose additional financial exposure.
4. Dependency on Raw Material Procurement
Major sourcing is done from Chhattisgarh, Maharashtra, Tamil Nadu, Telangana, and internationally from China, Europe, and UAE. Any disruption in these supply chains could affect project timelines and operational costs.
5. Industry Demand Volatility
EPC services are closely linked to the performance of customer industries like Power, Sugar, Distilleries, Iron & Steel, and Infrastructure. Any downturn in these sectors could reduce demand, causing pricing pressure and order fluctuations.
6. Customer Relationship Sensitivity
Business sustainability depends on maintaining strong customer relationships, meeting expectations on price, delivery, and quality. Inability to do so may lead to order losses or reduced business volumes.
7. Lack of Contractual Exclusivity
Customers are free to engage multiple EPC providers. No exclusivity clauses increase competition and pose a challenge to repeat or sustained business engagements.
Samay Projects Services Limited Financial Information ()
Amount in (₹ in Lakh)
| Period Ended | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
|---|---|---|---|---|
| Reserve of Surplus | 919.65 | 500.33 | 1,111.10 | 767.35 |
| Total Assets | 3,176.83 | 2,483.03 | 2,128.14 | 1,493.07 |
| Total Borrowings | 208.80 | 234.92 | 298.73 | 180.92 |
| Fixed Assets | 264.49 | 259.27 | 269.11 | 261.09 |
| Cash | 431.33 | 319.94 | 221.92 | 193.33 |
| Cash flow from operating activities | ||||
| Cash flows from investing activities | ||||
| Cash flow from financing activities | ||||
| Net Borrowing | -222.53 | -85.02 | 76.81 | -12.41 |
| Revenue | 3,772.17 | 4,095.30 | 2,082.05 | 1,947.88 |
| EBITDA | 633.65 | 681.42 | 518.21 | 354.20 |
| PAT | 419.32 | 461.53 | 343.75 | 190.14 |
| PAT Margin | ||||
| EPS | 3.8 | 4.18 | 2.35 | 1.72 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on 31st March, 2025 Data, given in RHP.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | ₹ 3.8 |
| EPS Post IPO (Rs.) | ₹ 2.73 |
| Adjusted 12M EPS Post IPO (Rs.) | |
| P/E Pre IPO | 8.94 |
| P/E Post IPO | 12.45 |
| Adjusted 12M P/E Post IPO | |
| ROE | 23.13 % |
| ROCE | 24.56 % |
| P/BV | 1.85 |
| Debt/Equity | 0.1 |
| RoNW | 20.73 % |
| EBITDA Margin | |
| PAT Margin |
Samay Projects Services Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Samay Projects Services Limited | ₹ 2.73 | 12.45 | 23.13 % | 24.56 % | 1.85 | 0.1 | 20.73% |
| Pratham EPC Projects Limited | ₹ 7.75 | 20.4 | 20.2 % | 26.0 % | 3.75 | 0.16 | 20.2 % |
Samay Projects Services Limited Contact Details
SAMAY PROJECT SERVICES LIMITED
Plot No.1218, 17th Street, West End Colony, Mogappair, Thiruvallur, Chennai, Tamil Nadu, India, 600050
Contact Person : Ms. Ramaa Krishnakumar
Telephone : +91 9344139102
Email : investor@samayprojects.in
Website : www.samayprojects.com
Samay Projects Services IPO Registrar and Lead Manager(s)
Registrar : BIGSHARE SERVICES PRIVATE LIMITED
Contact Person : Mr. Asif Sayyed
Telephone : 022 - 6263 8200
Email : ipo@bigshareonline.com
Website : https://www.bigshareonline.com/
Lead Manager : SMART HORIZON CAPITAL ADVISORS PRIVATE LIMITED
Contact Person : Mr. Parth Shah
Telephone : 022-2870 6822
Email : director@shcapl.com
Website : https://shcapl.com/
Samay Projects Services IPO Review
Samay Project Services Limited (SPSL), incorporated in 2001, is in the business of design, engineering,supply, fabrication, erection and commissioning of LP Piping and Appurtenances, Hydrocarbon Pipelines, Fuel oil handling, Tanks and Vessels, Fabricated Structures and Fire Protection and Detection System for the past 23 years and is one of the established EPC Contractors in the Indian Industry.
The Company is promoted by Mr. Anand R and Ms. Santhi Karthikeyan, possessing an average experience of more than 16 years in the field of providing end-to-end mechanical system for power plants and industrial projects. The diverse experience of over 16 years allows them to provide unique, optimized and sustainable engineering solutions, they will continue to leverage on the experience of the management team and their understanding of the industry they operate in, to take advantage of current and future market opportunities.
The Revenues from operations for the period ended on Mar 31, 2025, Fiscals ended 2024, 2023 and 2022 were ₹
3,772.17 Lakh, ₹ 4,095.30 Lakh, ₹
2,082.05 Lakh and ₹ 1,947.88 Lakh respectively. The EBITDA for the period ended on Mar 31, 2025, Fiscals ended 2024, 2023 and 2022 were ₹
633.65 Lakh, ₹ 681.42 Lakh, ₹
518.21 Lakh, and ₹ 354.20 Lakh, respectively. The Profit after Tax for the period ended on Mar 31, 2025, Fiscals ended 2024, 2023 and 2022 were ₹
419.32 Lakh, ₹ 461.53 Lakh, ₹
343.75 Lakh, and ₹ 190.14 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 3.8 and post-issue EPS of ₹ 2.73 for FY24. The pre-issue P/E ratio is 8.94x, while the post-issue P/E ratio is 12.45x against the Industry PE ratio is 20x. The company's ROCE for FY24 is 24.56%, ROE for FY24 is 23.23% and RoNW is 20.73%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Samay Projects Services showing listing gains of 0.00 %. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Samay Projects Services Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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