I recently added a bit of Unihealth, my estimates are shared here.
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JAYKAY posted an update today as they listed in NSE exchange today.
Ongoing capex includes a 400,000 sq ft advanced manufacturing hub at Devanahalli Aerospace Park and evaluation of a 150‑acre aerospace and defence manufacturing zone at Lepakshi, Andhra Pradesh, along with existing composites facilities in Hyderabad and a precision machining and metal 3D printing centre in Bengaluru.
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what you think about its valuation?
I assume you are asking reg JAYKAY ,
For JAYKAY Trailing PE is very high, but looking at future potential and recent pref allotment at 142/- gives some comfort. I usually buy slow and take time to accumulate. Might add more if there is +ve news.
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This is a known issue and Company had informed the exchanges many months ago, this was a fraud done by ex Nuemesh labs director. Above snippet is from AGM note i posted here on oct 1st 2025.
Below is the current status of this issue.
What you have posted is the standalone part , we need to check the consolidated comments to get the larger picture.
I am not sure what will be recovered in this, management says it will be recovered fully and no provision to be done. Stock didn’t react to this 50 cr fraud news when it was disclosed, market seems to be on the same page as management on the recovery.
Here’s something I found about Digital Twin Technology
Thanks @BuyRightSitTight Just to be clear I understand DT , my question was mostly on What is the DT that Monarch was talking about, its anyways answered by @RocketMan .
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Hi, I met management recently, will share the detailed write up. Was little busy so couldn’t share, will do it tomorrow.
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MONARCH SURVEYORS WRITE-UP
I have created a presentation for my friends summarizing the business and recent updates. Anyone who wants to understand the company can go through this detailed document. I’m attaching it here.
Monarch Surveyors Presentation - Vedansh.pdf (1.7 MB)
Secondly, I am attaching a PDF of the brochure that was available at their stall in the GeoSmart Expo.
Monarch Surveyor Brochure GeoSmart Expo.pdf (3.6 MB)
Discussion with Senior Management (GeoSmart Expo)
I met the senior management team at the GeoSmart Expo and had a detailed conversation, primarily with the Vice President – Business Development.
Q. What was the objective of the IPO?
A. The primary objective of the IPO was to fund expansion. This is a highly technical business that requires competent engineers, scientists, and domain experts, who are expensive to hire and retain. With the capital raised, the company is confident it can strengthen its talent base across domains and scale the business.
Q. A large portion of the IPO proceeds is earmarked for technical equipment. Can you elaborate?
A. In this business, advanced equipment is critical for conducting surveys, feasibility studies, and technical work. Better equipment leads to more precise calculations, fewer errors, and faster project execution.
A few years ago, Monarch made a strategic decision to bring most of this technical equipment in-house, unlike many competitors who outsource it. This gives Monarch an edge, as they can mobilize heavy and specialized equipment quickly without depending on third-party suppliers.
Post-IPO, the company expects to have around 70 crore worth of advanced equipment on the balance sheet and plans to continue adding more as the business expands.
Q. Is all of your business tender-based?
A. Not entirely.
- On the private sector side, we work with clients like Tata Projects, L&T, etc.
- On the government side, projects are indeed tender-based.
Often, government organizations themselves are not fully clear about what they need. Our experts proactively pitch solutions and demonstrate how upcoming technologies can improve efficiency. These discussions usually happen in seminars and technical sessions where our experts are invited to present innovative solutions.
Most of the government work we win is based on QCBS (Quality and Cost Based Selection), where technical capability carries significant weight. Because of our strong expertise in areas like land acquisition and DPR (Detailed Project Report) projects, we tend to score higher on technical parameters and can therefore maintain better margins.
Example -
Q. Historically, most of your business has come from Maharashtra. What gives you confidence about expanding PAN India, and why hasn’t it happened earlier?
A. As mentioned earlier, the initial focus was on building internal talent and capabilities before scaling aggressively. We are now actively hiring senior talent, which will support our geographic expansion.
In terms of confidence, the problems faced by various states are broadly similar. Every state is looking to improve efficiency in infrastructure planning and execution. Whatever challenges Maharashtra has, states like Gujarat, Uttar Pradesh, Karnataka, etc., face similar issues. So demand is not a concern.
Recently, we also won a project of almost 100 crore in Gujarat, which further validates our ability to execute beyond Maharashtra.
Q. What is the outlook on margins? Are current margins sustainable?
A. Yes, management believes current margins are sustainable.
The company is selective in the type of work it undertakes and prefers more complex, higher-value projects rather than commoditized work. With strong technical experience and increasing deployment of advanced equipment, projects are being completed before deadlines and with minimal errors. This not only supports margins but also strengthens the company’s reputation with government organizations.
Q. How is payment collection from government clients? Debtor days have historically been less than a month. Can this be maintained?
A. Most projects have an execution timeline of 6 months to 2.5 years, making them long-gestation projects. Payments are typically milestone-based:
- Once a milestone is achieved, the company raises an invoice.
- Payments are generally received within 30 days of invoicing.
We operate at the initial stage of infrastructure projects, where there is a strong push from government bodies to expedite processes so that the project can move quickly to the construction phase. Because of this, payments have not been an issue historically and are not seen as a structural concern.
Q. Then why did debtor days increase in March ’25 and September ’25?
A. Management attributed this to month-end billing effects rather than any structural deterioration. They clarified that all such receivables were collected in the following month itself.
According to them, the company operates on a 30–45 day payment cycle, which has been consistent historically, and they expect to maintain this going forward as well.
Q. Any outlook for the future?
A. While they did not share specific numbers, management indicated that:
- The company is expanding PAN India.
- It is also exploring international opportunities.
- Order momentum remains strong.
Q. Does the company have its own technological IP in any domain?
A. The company positions itself as a service provider, not a technology developer:
- They are customers of all the major OEMs in this space.
- They integrate equipment and software from multiple OEMs and deliver a comprehensive solution based on their execution expertise.
- They **do not develop core technologies or proprietary IP.
They are more like TCS than Microsoft.
The person I met was the Vice President – Business Development. He mentioned that all six promoters/directors are technically strong industry professionals. They are not the type to give aggressive or unrealistic guidance and are naturally conservative.
He emphasized that:
- There is a strong culture of discipline in project execution,
- Timely payment collection is a priority, and
- Steady, quality-led growth is important to them, which is why they chose to come out with an IPO.
I also suggested that they revamp their investor presentation to give a clearer and more detailed picture of the business model. They noted this feedback positively.
Disclaimer
I have already highlighted various risks in my presentation (attached above). This is a recently listed business, and management commentary is only as good as its eventual reflection in numbers.
Please do not treat any of the above as a recommendation.
Kindly do your own research and due diligence before making any investment decisions.
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Sorry for the presumption on my part!
Thanks for sharing your good work.Do you have idea on the obsolense of the equipments that they have( how frequently it needs to be upgraded)? Is the depreciation less than what it should be?
I have done some scuttlebutt in industry.They have good connects/ relationships in government department and are known for their cutting edge in house survey equipments.
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I do have some idea on that, but won’t put it here as my confidence on correctness is not very high, this is something we can ask them in next con call. They do have very good equipment and they are adding more.
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