Entrepreneur at Dexter Capital (https://xitter.cf/t.co/l3Y8gX5x9r) & Investor at Dexter Ventures (https://xitter.cf/t.co/Ic9nYOsVyJ)
Bengaluru, India
Joined November 2008
- Tweets9.4K
- Following3.7K
- Followers3.4K
- Likes6.8K
Carver Roboweld SME IPO opens today. The Rajkot company makes welding wires, rods and electrodes, and rents out welding robots, all to forging companies in India. FY26 revenue was INR 32.7 cr.
Carver sells standardised welding products in a crowded market, with little pricing power and one customer giving 43.4% of recent revenue. Its margins rose in FY26 as inventory piled up, and operating cash flow turned negative. The valuation is in line with peers, but given the business quality and weak cash generation, we would skip the issue at the IPO and for both the short and long term.
Detailed note can be accessed via - deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link-
chat.whatsapp.com/Hc34H6pXYV…
5/n
We are also trying out a scorecard that rates every IPO on ten parameters, weighted separately for investors looking for listing gains, the short term and the long term. Carver scores 11.4 out of 100 at the IPO, 18.7 for the short term and 16.2 for the long term. Valuation is its only parameter rated Good, while auditors, board, team and governance are all rated Poor.
6/n
At 19.6x FY26 P/E, the valuation is in line with the peer average of 19.9x. The quality of the business and its weak cash generation keep us away, so we would skip the issue at the IPO and for both the short and long term.
The GMP is nil (27 October 2026), which leaves no case for listing gains either.
Ajwa Projects SME IPO opens today. The Surat company is a sub-contractor that fabricates and erects steel structures for steel plants, refineries and infrastructure projects. FY26 revenue was INR 48.4 cr.
Ajwa reported profits over the last three years, but its operating cash flow stayed negative as more money got stuck with clients. Its top three clients gave two-thirds of recent revenue, and the order book covers less than a year of sales. The largest shareholder joined only in December 2024, at a cost of INR 0.50 a share against the IPO price of INR 203, and the company hasn’t stated why he was brought in. Furthermore, at 21x FY26 P/E, the issue is priced above its listed peers. We would skip it at the IPO and for both the short and long term.
Detailed note can be accessed via -
deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link-
chat.whatsapp.com/Hc34H6pXYV…
6/n
We are also trying out a scorecard that rates every IPO on ten parameters, weighted separately for investors looking for listing gains, the short term and the long term. Ajwa scores 17.0 out of 100 at the IPO, 12.9 for the short term and 13.9 for the long term. The GMP lifts the IPO score, while governance, auditors, board and valuation are all rated Poor.
7/n
At 20.6x FY26 P/E, Ajwa is priced above both its listed peers, and we would skip the issue at the IPO and for both the short and long term.
The GMP of 19% (28 October 2026) suggests some listing gains, but investors applying for them should do so with caution, as GMP is unofficial and has not been a reliable indicator in recent SME IPOs.
M. K. Sons Fine Jewels IPO opens today. The company sells gold and diamond jewellery through five showrooms in Mumbai and Ahmedabad, buying ready-made pieces from outside suppliers. FY26 revenue was INR 539 cr.
Revenue grew 53.4% in FY26, but we see little that protects a five-store jeweller in a crowded market, especially when one store gives 57.2% of its revenue. The growth has also been funded by borrowing, as operating cash flow stayed negative over the last three years. The previous auditor also qualified the FY24 accounts before resigning, which adds to our governance concerns. We would skip the issue at the IPO and for both the short and long term.
Detailed note can be accessed via - deltainvest.in/ipo/
We are also building a community for public market investing wherein we share analysis on all IPOs, and other interesting companies. Interested investors are requested to join from the following link-
chat.whatsapp.com/Hc34H6pXYV…
5/n
We are also trying out a scorecard that rates every IPO on ten parameters, weighted separately for investors looking for listing gains, the short term and the long term. M. K. Sons scores 14.0 out of 100 at the IPO, 18.3 for the short term and 20.1 for the long term. Growth and valuation help, while governance, auditors, team and the lack of any institutional investor weigh on the scores.