Leapfrog Engineering Services IPO Review | APPLY or AVOID?
Leapfrog Engineering Services Ltd. started in 2005. It operates in the Integrated Engineering Services (EPCC) industry and provides end-to-end EPCC solutions to its customers across Oil & Gas, Food Processing, Pharmaceuticals, and Metals sectors. This business is based in Bangalore. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio.
Leapfrog Engineering Services Ltd. is experiencing rapid growth, but the significant working capital requirements and the concentration of export revenue in the Middle East remain key points for investors to consider. The company’s focus on capital expenditures and working capital is positive, but aggressive growth could put pressure on liquidity.
IPO Details | |
|---|---|
| Issue Type | Book Building |
| IPO Category | SME |
| Face Value | ₹1 Per Share |
| Fresh Issue | ₹79.60 Cr. (3.46 crore shares) |
| Offer for Sale | ₹8.91 Cr. (0.39 crore shares) |
| Listing At | BSE SME |
Reservation & Lot Size | |
|---|---|
| Retail (Min) | 2 Lot | 12,000Shares | ₹2,76,000 |
| Retail (Max) | 2 Lot | 12,000Shares | ₹2,76,000 |
| S-HNI (Min) | 3 Lot | 18,000Shares | ₹4,14,000 |
| S-HNI (Max)| 7 Lot | 42,000Shares | ₹9,66,000 |
| B-HNI (Min) | 8 Lot | 48,000Shares | ₹11,04,000 |
| Market Maker | 19,26,000 Shares |
✅ Strengths
⚠️ Challenges
Financial Update
The company released its restated financial statements for the year ending March 31, 2025. Total revenue was 137.37 crore, increased from ₹162.88 crore in the previous year. The Profit After Tax for the same period was ₹16.22 crore, decreased from ₹16.39 crore in the previous year. Assets increased to 149.17 crores compared to the previous year’s 51.11 crores. The company has shown a decrease in revenue and profit in FY24. The profit after-tax margin also declined. The current order book of – crore indicates good revenue visibility for the future. Investors should note the increase in the debt-to-equity ratio. This trend should be carefully studied prior to any investment.
IPO Valuation
The upper price band is ₹23. This price leads to a Price-to-Earnings (P/E) ratio of –. The industry’s average P/E is 13.91x. The company’s RoNW of 21.03% as of Dec, 2025. Investors should look closely and compare the asking valuation with the overall industry trend.
IPO Objective
The company will use the proceeds of the offer to meet stated objectives:
Promoters & Lead Manager
Peer Comparison
Below is a comparison of the company with its listed peers, based on data as of March 31, 2025. Leapfrog Engineering Services Ltd. has a significantly higher Return on Net Worth (30.47%) than its peers. However, its Face Value is ₹1, which is lower. The company’s EPS of ₹1.57 is significantly lower than its peers’. This suggests the company is very efficient in utilizing its equity, but is currently smaller in scale.
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | RoNW (%) | P/BV Ratio | Financial Statements | |
|---|---|---|---|---|---|---|---|
| Leapfrog Engineering Services Limited | 1.57 | 1.57 | 4.97 | – | 30.47 | – | Restated |
| Engineers India Ltd. | 8.28 | 8.28 | 46.62 | 26.21 | 17.76 | 4.72 | – |
| Konstelec Engineers Limited | 2.83 | 2.83 | 65.34 | 14.82 | 4.34 | 0.63 | – |
Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).
IPO Review & Analyst Rating
Leapfrog Engineering Services Ltd. operates in a promising industry.
| Analyst Name | Recommendation |
|---|---|
| – | – |
| – | – |
| – | – |
Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.
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