*Monolithisch SME IPO – Final Verdict 🧱📈* High-growth, high-margin, debt-free company with strong ROE/ROCE (~50%), solid capex visibility, and strategic raw material/logistics edge. At 22× FY25 vs peer at 88×, valuation is compelling. Only minor overhang: group company clarity pending. *Verdict: Strong Apply ✅* – Rare SME with mainboard-quality fundamentals.