Leapfrog Engineering Services
Leapfrog Engineering Services (LESL) is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. They are an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. With over 20 years of a strong, customer -focused approach and a continuous quest for outstanding quality, has unmatched capabilities across Electrical, Instrumentation, Automation, Fire Protection, Modular Substation and Project Execution. Leapfrog has built a reputation for its expertise in developing large – scale projects including refineries, early productions facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals and fertilizers. Their expertise spans a wide range of engineering solutions,
Weak fundamentals and premium/expensive valuation
SME IPOs are higher risk, less liquid and more volatile than mainboard IPOs. Invest only after reading the offer document and understanding the risks.
Plain-English Summary✨
What does the company do?
Leapfrog Engineering Services IPO is open with a price band of 21-23. The company has shown improving financials, with revenue and PAT growth in recent years.
Why are investors interested?
The company's financials have shown improvement, but the lack of consistent data and high debt-equity ratio in FY23 are concerns.
What should beginners watch out for?
Data quality is a concern, with missing data on anchor investors, subscription, and objects of issue.
Key IPO Metrics
GMP Today
0.0%
Total Subscription
Overall demand
Retail Subscription
Retail Queue
QIB Subscription
Institutional Queue
NII (HNI) Subscription
Non-Institutional
Anchor Book
Subscribed
SME Risk Radar
GYR Capital Market Maker
Merchant banker track record is not available.
Post-listing volume can be low. Trading takes place in large retail lots.
Top 5 customers account for more than 40% of revenues.
Scale of operations is relatively small, with minor audit flags.
Business Overview
About the Company
Leapfrog Engineering Services (LESL) is engaged in engineering, procurement, construction, and commissioning (EPCC) with a specialized focus on electrical, instrumentation, fire safety, modular substation and automation systems. They are an integrated Engineering Services Company that provides EPCC services for a wide range of industries, including Oil and Gas, Food processing, Pharma, Metals among others. With over 20 years of a strong, customer -focused approach and a continuous quest for outstanding quality, has unmatched capabilities across Electrical, Instrumentation, Automation, Fire Protection, Modular Substation and Project Execution. Leapfrog has built a reputation for its expertise in developing large – scale projects including refineries, early productions facilities, gas sweetening facilities, petrochemical plants, pharma, food processing, metals, chemicals and fertilizers. Their expertise spans a wide range of engineering solutions,
Industry
Engineering - EPC
Business Segments
Objects of the Issue
Promoters
Promoters group
Whole-time Directors & Promoter group
Lead Managers
Registrar
Issue & Valuation
Peer Snapshot (FY24)
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| Leapfrog Engineering Services (IPO) | 14.65x | 30.45% | -14.7% | 16.0% | -- |
| Atmastco Limited | 12.62x | -- | -- | -- | ₹241.2 Cr |
| AVP Infracon | 12.77x | -- | -- | -- | ₹190.41 Cr |
| Bondada Engineering | 8.88x | -- | -- | -- | ₹555.87 Cr |
| Chiraharit Limited | 19.11x | -- | -- | -- | ₹178.89 Cr |
| Effwa Infra | 13.75x | -- | -- | -- | ₹217.74 Cr |
| Greenleaf Envirotech | 17.17x | -- | -- | -- | ₹58.275 Cr |
| H.M. Electro | 15.39x | -- | -- | -- | ₹136.2 Cr |
| Harshdeep Hortico | 13.62x | -- | -- | -- | ₹66.735 Cr |
| HEC Infra | 15x | -- | -- | -- | ₹169.8 Cr |
| Icon Facilitators | 15.78x | -- | -- | -- | ₹87.09 Cr |
| Jash Engineering | 14x | -- | -- | -- | ₹248.46 Cr |
| K2 Infragen | 12.36x | -- | -- | -- | ₹178.17 Cr |
| Kay Cee | 12.25x | -- | -- | -- | ₹57.3 Cr |
| Knowledge Marine | 5x | -- | -- | -- | ₹48.96 Cr |
| Oval Projects | 18.92x | -- | -- | -- | ₹153.42 Cr |
| Power & | 12x | -- | -- | -- | ₹96.555 Cr |
| Pratham EPC | 12.72x | -- | -- | -- | ₹102.9 Cr |
| Presstonic Engineering | 18.23x | -- | -- | -- | ₹42.75 Cr |
| RBM Infracon | 11.61x | -- | -- | -- | ₹61.5 Cr |
| Rulka Electricals | 16.21x | -- | -- | -- | ₹106.68 Cr |
| Safety Controls | 15.51x | -- | -- | -- | ₹121.38 Cr |
| Samay Project | 12.89x | -- | -- | -- | ₹56.58 Cr |
| Sathlokhar Synergys | 12.89x | -- | -- | -- | ₹370.98 Cr |
| Sattva Engineering | 14.34x | -- | -- | -- | ₹140.475 Cr |
| Sharika Enterprises | 16x | -- | -- | -- | ₹3.645 Cr |
| Univastu India | 17x | -- | -- | -- | ₹62.445 Cr |
| Vishnusurya Projects | 9.63x | -- | -- | -- | ₹198.555 Cr |
Financials & Performance(Standalone)
Revenue (₹ Cr)
CAGR 13.7%PAT (₹ Cr)
CAGR 661.1%EBITDA Margin (%)
ImprovingROCE (%)
Healthy TrendROE (%)
ImprovingFinancial Quality
GoodGood / Improving metrics, margins and cash flows with comfortable leverage.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY23 | ₹104.18 Cr | 0.97% | ₹0.28 Cr | 10.95% | 5.26% | 2.45x |
| FY24 | ₹157.85 Cr | 12.50% | ₹16.39 Cr | 68.10% | 75.50% | 0.63x |
| FY25 | ₹134.66 Cr | 16.01% | ₹16.22 Cr | 32.45% | 30.45% | 0.38x |
Why this IPO looks good
- Improving financials with increasing revenue and PAT
- Reasonable debt-equity ratio of 0.48
- Decent ROE and ROCE of 21.03% and 23.98% respectively
Demand & Momentum
Subscription Trend (Times)
GMP Trend
GMP Trend (₹)
Documents
AI Research Q&A
Who is this IPO suitable for?
Ideal for investors who:
- Believe in India's regional industrial manufacturing expansion
- Have a medium to long-term investment horizon
- Are comfortable with moderate to high risk appetite