Safecure IPO

Financially, Safecure demonstrates robust growth, with FY24 revenue at ₹62.83 crore (up from ₹47.53 crore in FY23) and PAT rising 42% to ₹5.58 crore, yielding an impressive RoNW of 37.82% and RoCE of 28.31%. EBITDA margin stands at 17.92%, reflecting efficient operations despite a debt-to-equity ratio of 0.95, which the IPO proceeds will partly address through ₹8.25 crore in repayments. Working capital funding of ₹13 crore will support scalability, positioning the firm for pan-India expansion amid a sector projected to grow at 15-20% annually. Biggest issue with this is, its not getting profits in cash form. Profits are getting stuck in trade receivable that to competitors are not having this problem. its a very big red signal.