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Rentomojo IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Sat, 05 Sep 2026 03:00:43 GMT

Rentomojo is entering the IPO market at an interesting point in its journey. The furniture and appliance rental platform has grown revenue by 45.51% in FY26, while its PAT more than doubled to Rs 104.30 crore. On the surface, those numbers make for an attractive growth story. But investors are being asked to value that growth at around 40.73x post-IPO earnings, with the company seeking a valuation of Rs 4,246.30 crore at the upper end of the price band.

So, the real question with the Rentomojo IPO isn't simply whether the business is growing. It is whether that growth is strong enough to justify the price investors are being asked to pay.

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Rentomojo IPO: Key Details

Rentomojo IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The basis of allotment is expected to be finalised on September 15, 2026, while the shares are scheduled to list on the NSE and BSE on September 17, 2026.

The Rentomojo IPO price band has been fixed at Rs 384 to Rs 404 per share, with a lot size of 37 shares. At the upper end of the price band, the minimum investment required by a retail investor is Rs 14,948 for one lot of 37 shares.

Rentomojo IPO: Business

Rentomojo operates a technology-driven, full-stack direct-to-consumer (D2C) online rental and subscription platform for furniture and appliances in India. According to the Redseer Report, the company was the largest online rental and subscription platform for home furniture and appliances in India based on live subscribers as of March 31, 2025 and September 30, 2025, as well as subscription revenue during FY25, among leading home furniture and appliance rental platforms in India.

As of March 31, 2026, Rentomojo had 253,825 live subscribers across 29 cities in India. The platform allows customers to access essential furniture and appliances through affordable, long-term and flexible subscription plans, supported by an integrated asset-lifecycle model.

The company’s full-stack asset-lifecycle model covers category management, product design, procurement, refurbishment, servicing, reverse logistics and multi-cycle redeployment. This allows Rentomojo to manage its products throughout their lifecycle and redeploy them across multiple customers, helping improve asset utilisation and capital efficiency. The company also focuses on service quality to improve customer satisfaction and retention.

Rentomojo operates through an omnichannel model that combines its online ordering platform with physical experience stores. As of March 31, 2026, the company had 82 experience stores across India, giving customers the option to discover and subscribe to products through both digital and physical channels.

The subscription model allows customers to access home essentials without the large upfront expenditure associated with purchasing furniture and appliances. It also reduces the burden of repair and maintenance, relocation, product upgrades and long-term ownership commitments. Customers can subscribe to everyday household products such as beds, mattresses, washing machines, refrigerators, wardrobes, sofas, televisions and water purifiers.

As of March 31, 2026, Rentomojo had a portfolio of 851,184 live products across its furniture and appliance categories. The company has also maintained a high occupancy rate, at 83.34% in FY26, 82.82% in FY25 and 86.43% in FY24. The relatively stable occupancy levels support recurring subscription revenue while allowing the company to utilise its asset base across multiple customer cycles.

Rentomojo IPO: Financials

Rentomojo has delivered strong growth in revenue and profitability over the last three financial years. Revenue from operations increased from Rs 192.70 crore in FY24 to Rs 265.96 crore in FY25 and Rs 386.99 crore in FY26. Revenue growth remained strong at 45.51% in FY26, following 38.02% growth in FY25.

The improvement in profitability has been even more notable. EBITDA increased from Rs 78.15 crore in FY24 to Rs 118.44 crore in FY25 and Rs 163.46 crore in FY26. The EBITDA margin stood at 41.48% in FY26, compared with 43.55% in FY25 and 39.92% in FY24. While the margin moderated slightly from FY25, it remains at a healthy level.

Rentomojo’s bottom line has expanded sharply. Restated PAT rose from Rs 22.41 crore in FY24 to Rs 43.11 crore in FY25 and Rs 104.30 crore in FY26. The PAT margin improved substantially from 11.63% in FY24 to 16.21% in FY25 and 26.95% in FY26. This indicates that the company has been able to achieve significant operating leverage as its revenue and subscriber base have scaled.

The company’s cash-generation profile has also improved. Cash profit increased from Rs 52.54 crore in FY24 to Rs 91.92 crore in FY25 and Rs 138.13 crore in FY26, providing a stronger financial base as Rentomojo continues to expand its rental asset portfolio.

Return ratios remain strong, although they have moved around considerably. ROE stood at 43.51% in FY26, compared with 26.67% in FY25 and 27.70% in FY24. Meanwhile, adjusted ROCE was 25.34% in FY26, broadly stable compared with 25.14% in FY25 but below 31.47% in FY24.

Rentomojo IPO: Industry Details

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The home furniture and appliances rental search volumes have surged nearly 1.7X, from CY2021 to CY2025. This upward trajectory is visible across the search volume of key home furniture and appliances, especially water purifiers and washing machines whose rental search volumes have grown nearly 1.5 to 2.5X over the last 4 years. This continuous upward trend underpins the strong momentum of flexible models in India.

When comparing search volumes for home furniture or appliances rental and housing rental, the divergence is significant. For every 100 people searching to rent a house, only approximately 15 are actively searching to rent furniture or appliances. As renters frequently relocate and therefore value flexibility, renting furniture and appliances become a natural extension of their housing choice.

The gap between search volumes for renting a house and renting furniture and appliances therefore highlights low awareness of the rental model, rather than low relevance. It implies significant headroom with an opportunity to convert the remaining approximately 85 people through better awareness and distribution.

Over the last 3 years, the search volumes for home furniture and appliances rental as a share of housing rental searches has grown by approximately 114%, showing how the category is rapidly gaining traction as digital exposure, retail visibility, affordability awareness, and mobility rise among India’s urban population. The strong momentum reflects a transition to flexible living as “renting the home” will increasingly extend to “renting what’s inside it”.

The home furniture and appliances rental industry in India represents a large and rapidly expanding opportunity with a total addressable market (”TAM”) of approximately ₹ 695.2 billion (approximately U.S.$ 8.2 billion) in CY2025.

Rentomojo IPO: Valuations

At the upper end of the IPO price band, Rentomojo is valued at a post-IPO market capitalisation of Rs 4,246.30 crore, compared with Rs 4,096 crore before the issue. The valuation is based on FY26 earnings, with EPS declining from Rs 10.29 pre-IPO to Rs 9.92 post-IPO because of the fresh shares issued in the IPO.

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At Rs 404 per share, the post-IPO P/E works out to 40.73x, compared with 39.26x on a pre-IPO basis. This is not a cheap valuation, particularly when viewed against the fact that Rentomojo is still operating in a competitive and asset-intensive rental market. However, the premium valuation is partly supported by the company’s strong FY26 performance, including 45.51% revenue growth and a 26.95% PAT margin.

Rentomojo IPO: Strengths

Consistently profitable D2C player since FY23, driven by predictable recurring revenues, acyclical performance and high return on capital employed
Leading furniture and appliance rental platform, where scale enables higher subscriber engagements – creating organic demand
Integrated multi-stack business model driving a self-reinforcing flywheel at the intersection of e-commerce, subscription, and re-commerce
Proven track record of extended reuse during asset life cycle and consistent cohort returns

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Rentomojo IPO: Growth Potential

Leveraging micro-market intelligence to drive omni-channel expansion and strengthen consumer trust
Capital-light expansion to capture urbanization driven growth
Invest in its technology stack to enhance customer experience, strengthen operational efficiency, and drive cost optimization
Strengthen and scale its platform solutions to provide a wider breadth of services

Rentomojo IPO: Risks

The biggest risk for Rentomojo is that it remains an asset-heavy rental business despite being positioned as a technology-driven platform. The company has to continuously invest in furniture and appliances, while also spending on warehousing, delivery, installation, maintenance and refurbishment. This creates a constant need for capital and makes asset utilisation critical. If products remain idle for longer periods, the returns generated on those assets can fall sharply. The company’s occupancy rate was 83.34% in FY26, which means a meaningful portion of its rental inventory was not generating rental income at any given time.

Rentomojo is also highly dependent on urban rental demand and a relatively concentrated geographic footprint. The top 10 cities contributed 89.51% of revenue from operations in FY26, making the company particularly exposed to changes in consumer demand in major metropolitan markets. A slowdown in these cities, weaker employment conditions, changes in consumer preferences or stronger competition could affect subscriber additions and retention.

Competition is another important risk. Rentomojo competes not only with other rental platforms but also with the traditional model of buying furniture and appliances, online marketplaces and alternative financing options such as EMIs. The rental proposition works only when customers find renting sufficiently attractive compared with owning. Any aggressive pricing by competitors could force Rentomojo to offer discounts or spend more on customer acquisition, putting pressure on its margins. The company itself has highlighted the need to continuously improve its technology and platform capabilities to remain competitive.

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Finally, customer payments, asset damage and operational execution remain important risks. Rentomojo’s model depends on subscribers making regular rental payments, while the company remains responsible for maintaining and redeploying the underlying assets. Delayed payments, defaults, damaged products or higher refurbishment and logistics costs can directly affect cash flows and asset economics. This becomes particularly important as the company scales, because a larger asset base also means a larger amount of capital exposed to these operational risks.

Rentomojo IPO: GMP

Rentomojo IPO last GMP is Rs 55, last updated Sep 4th 2026. With the upper price band of Rs 404.00, Rentomojo IPO's estimated listing price is Rs 459. The expected percentage gain/loss per share is 13.61%.

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Steamhouse India IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Fri, 04 Sep 2026 11:19:27 GMT

Steamhouse India is coming to the IPO market with a business that most consumers rarely think about, but industries cannot operate without: steam and nitrogen. The company has built a network-based model that supplies industrial gases directly to customers, while its financials show revenue rising to Rs 491.51 crore in FY26 and PAT reaching Rs 38.64 crore.

The Steamhouse India IPO offers investors a chance to assess whether this niche industrial-gas model can scale without taking on too much financial risk.

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Steamhouse India IPO: Key Details

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Steamhouse India IPO: Business

Steamhouse India is an Indian company specializing in the generation and centralized distribution of industrial gases, including steam and nitrogen, through its pipeline network. The company and its Promoters are pioneers of the community boiler system in India, which was first introduced in 2014, according to the F&S Report.

The company’s community industrial gas generation and distribution systems supply gases to multiple industrial customers through a centralized pipeline network. This model provides an alternative to individual customers setting up and maintaining their own gas-generation infrastructure, potentially offering greater efficiency and convenience for industrial users.

After establishing its steam generation business in India, Steamhouse India has expanded into the supply of other industrial gases. The company commenced nitrogen production and supply on February 1, 2025, and commissioned its first nitrogen supply project through a pipeline network at its Ankleshwar facility.

The nitrogen business is still at an early stage. Steamhouse India generated Rs 0.58 crore in revenue from nitrogen operations in FY26, compared with Rs 0.09 crore in FY25. The company is currently focused on expanding its industrial gas portfolio and building on its existing pipeline-based distribution model.

Steamhouse India states that it is the only company in India supplying nitrogen through a distributed pipeline network, rather than relying on the more commonly used models of supplying nitrogen in cryogenic tanks or generating nitrogen at the customer’s site. This differentiated distribution model is an important part of the company’s positioning as it expands beyond its established steam-generation business.

Steamhouse India IPO: Financials

Steamhouse India has reported steady revenue growth over the last three financial years, with revenue from operations increasing from Rs 291.79 crore in FY24 to Rs 395.11 crore in FY25 and Rs 491.51 crore in FY26. Revenue grew by 24.40% in FY26, following a stronger 35.44% growth in FY25.

Profitability has also improved in absolute terms, although margins have moderated from the FY24 levels. EBITDA increased from Rs 68.41 crore in FY24 to Rs 69.32 crore in FY25 and Rs 83.49 crore in FY26. The EBITDA margin stood at 16.99% in FY26, compared with 17.54% in FY25 and 23.45% in FY24. This suggests that while the company is growing, its operating margins have come under some pressure as the business has scaled.

The company reported restated PAT of Rs 38.64 crore in FY26, up from Rs 31.16 crore in FY25 and Rs 27.19 crore in FY24. However, the PAT margin remained broadly stable at 7.81% in FY26, compared with 7.82% in FY25, although it was higher at 9.27% in FY24.

The return ratios remain healthy but have been declining gradually. ROE stood at 22.36% in FY26, compared with 23.53% in FY25 and 26.26% in FY24. Similarly, ROCE was 16.06% in FY26, down from 17.20% in FY25 and 20.24% in FY24. The trend suggests that the company is generating good returns, but the efficiency of capital deployment needs to be watched as it expands.

Leverage is another important point. Net debt-to-equity improved from 1.77x in FY24 to 1.63x in FY25 and 1.57x in FY26, but the ratio remains relatively high. This means the company continues to carry meaningful debt compared with its net worth.

Steamhouse India IPO: Valuations

TBA

Steamhouse India IPO: Strengths

Leading market position offering customers an energy efficient solution across industries with high growth potential
High barriers to entry for competitors
Strategically located facilities offering community gas generation and distribution
Marquee customer base with long-term relationships driven by their value proposition

Steamhouse India IPO: Growth Potential

Expanding their capacity by setting up new facilities in and outside Gujarat
Continue to diversify its business offerings
Continue to focus on operational efficiency and reduction of our operating expenses
They intend to reduce their carbon footprint, which aligns with the industry’s increasing environmental awareness, regulatory pressures and market demand for sustainable practices

Steamhouse India IPO: Risks

1. Dependence on key customers and repeat orders: Steamhouse India’s top 10 customers contributed 47.87% of revenue from operations in FY26, indicating a meaningful level of customer concentration. The company also relies heavily on repeat business, with 90.72% of revenue from operations in FY26 coming from repeat orders. The loss of a major customer or a reduction in purchases or repeat orders could adversely affect the company’s business, financial performance, cash flows and financial condition.

2. Operations are geographically constrained: Steamhouse India’s business model depends on supplying steam and other industrial gases to customers located close to its facilities. Unlike gases that can be transported over longer distances, its pipeline-based distribution model limits the geographical reach of each facility. The company’s future growth is therefore dependent on finding suitable land for new facilities that is located close to industrial clusters and potential customers.

3. High dependence on coal for steam production: Coal is a critical input for Steamhouse India’s steam-generation business. Coal purchases accounted for 77.29% of total purchases in FY26, compared with 76.19% in FY25 and 92.01% in FY24. Any disruption in coal availability or a significant increase in coal prices could increase production costs and put pressure on the company’s profitability.

4. Significant related-party transactions: Steamhouse India has undertaken significant transactions with its Group Companies. In FY26, transactions with Group Companies accounted for 99.27% of the company’s total related-party transactions. The company may continue to enter into such transactions in the future. A high level of related-party transactions can create potential conflicts of interest and requires investors to closely monitor the nature, pricing and terms of these transactions.

Steamhouse India IPO: GMP

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Asset Reconstruction Company IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Fri, 04 Sep 2026 10:31:18 GMT

The Asset Reconstruction Company (India) IPO, popularly known as the ARCIL IPO, is an unusual issue because it brings one of India’s oldest asset reconstruction companies to the public markets at a time when the country’s stressed-asset ecosystem is evolving rapidly.

ARCIL was incorporated in 2002 and received its RBI registration in 2003, making it the first ARC established in India. The company acquires stressed assets from banks and financial institutions and works to recover value through restructuring, settlements, enforcement and other resolution strategies.

But this is not a conventional financial-services IPO. ARCIL’s earnings depend heavily on the resolution and recovery of stressed assets, and its revenue mix includes management fees, portfolio recovery fees and upside income or investment income. That makes the quality and recovery profile of its underlying asset portfolio extremely important.

In this Asset Reconstruction Company IPO review, I look at the business, how an ARC actually makes money, financial performance, AUM, IPO details, valuation, growth opportunities and the key risks investors should consider.

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Asset Reconstruction IPO: Key Details

The Asset Reconstruction IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The IPO allotment is expected to be finalized on September 15, 2026, while the shares are scheduled to list on both the NSE and BSE on September 17, 2026.

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The Asset Reconstruction IPO price band has been fixed at Rs 132 to Rs 139 per share. The lot size is 107 shares, requiring a minimum investment of Rs 14,873 for retail investors at the upper end of the price band.

Asset Reconstruction IPO: Business

To understand the Asset Reconstruction Company IPO, it is important to first understand what an Asset Reconstruction Company actually does.

Banks and financial institutions sometimes have loans where borrowers stop making payments and the loans become stressed or turn into non-performing assets. Instead of continuing to carry these difficult assets on their books and spending resources trying to recover them, banks can sell such stressed assets to an ARC.

The ARC then takes responsibility for recovering as much value as possible.

ARCIL typically acquires stressed secured and unsecured financial assets, either individually or as portfolios. Once acquired, the company can use different resolution strategies depending on the nature of the asset.

These can include:

Restructuring the debt
Negotiating settlements
Enforcing security interests
Recovery through legal proceedings
Sale of underlying assets
Resolution through the insolvency process
Collection activities in retail loans
Other recovery and resolution mechanisms

ARCIL operates across corporate loans, SME and other loans, and retail loans. It has built relationships with banks, NBFCs, housing finance companies and other financial institutions over its long operating history.

This makes ARCIL less like a traditional lender and more like a specialist recovery and resolution business.

ARCIL establishes trusts to acquire stressed assets. Qualified institutional investors participate in these structures through Security Receipts (SRs), while ARCIL acts as the trustee and asset manager and also invests in the SRs as required under regulations.

The company generates income through several channels.

1. Management fees: ARCIL receives management fees for managing the assets held in the trusts. These fees are linked to the underlying security receipts and the terms of individual trust structures. According to an IDBI Capital pre-IPO report based on the DRHP, management fees accounted for 20.90% of standalone revenue in FY25, compared with 25.68% in FY24.

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2. Portfolio recovery fees: The company can also receive recovery or collection fees based on the amount recovered from certain portfolios. Portfolio recovery fees represented 7.83% of standalone revenue in FY25, compared with 5.67% in FY24.

3. Upside income and investment income: This is where the business becomes more interesting. If ARCIL manages to recover more than the relevant costs and investment requirements associated with a portfolio, it can participate in the upside according to the terms of the underlying trust.

Asset Reconstruction IPO: Financials

The financial performance of Asset Reconstruction Company (India) has remained strong over the last three years, with total income increasing from Rs 574.11 crore in FY24 to Rs 623.40 crore in FY25 and Rs 785.08 crore in FY26. The sharp increase in FY26 is particularly noteworthy, with income growing by around 26% year-on-year. Interest income, however, remained relatively modest at Rs 20.56 crore in FY26, while gains from fair value changes contributed Rs 195.16 crore.

The company has also maintained strong profitability. PAT increased from Rs 305.34 crore in FY24 to Rs 355.32 crore in FY25 and Rs 407.84 crore in FY26. Despite the increase in profit, the PAT margin declined from 57.00% in FY25 to 51.95% in FY26, although it remained significantly higher than the 53.19% reported in FY24. This is still a very strong profitability profile for a financial-services business.

The balance sheet has expanded alongside the business. Average net worth increased from Rs 2,351.13 crore in FY24 to Rs 2,615.16 crore in FY25 and Rs 2,923.60 crore in FY26. However, debt has increased meaningfully, with the debt-to-equity ratio rising from just 0.06x in FY24 to 0.11x in FY25 and 0.39x in FY26. While the leverage remains manageable, the sharp increase is worth monitoring as the company looks to expand its business.

From a return perspective, Return on Average Equity improved marginally from 12.99% in FY24 to 13.59% in FY25 and 13.95% in FY26. Return on Average Total Assets, however, declined from 11.73% in FY25 to 10.56% in FY26, indicating that the rapid expansion in the balance sheet has not translated into a proportionate improvement in asset-level returns.

Asset Reconstruction IPO: Valuations

At the upper end of the Rs 132-139 price band, the Asset Reconstruction Company (India) IPO implies a market capitalisation of around Rs 4,516 crore. Based on FY26 PAT of Rs 407.84 crore, the stock is valued at roughly 11.1x FY26 earnings. Since the IPO is entirely an OFS and there is no fresh issue, there is no equity dilution from new shares, which means the company’s earnings per share remain broadly unchanged after the IPO. The valuation therefore looks relatively reasonable when viewed against the company’s strong profitability and established position in the asset reconstruction industry.

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On the book value side, the company’s FY26 net worth was around Rs 3,079.39 crore, translating into a book value of approximately Rs 94.78 per share and a price-to-book multiple of about 1.47x at the upper price band. The company also reported a 13.95% Return on Average Equity in FY26.

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Asset Reconstruction IPO: Strengths

India’s First ARC with the second Largest AUM
Expertise in Acquiring Stressed Assets with increasing investment in SRs
Ability to Implement Resolution Strategies and a Robust Collections Framework
Track Record of Consistent Financial and Operational Performance

Asset Reconstruction IPO: Growth Potential

Increase the Proportion of its Retail, and SME and Other Loans
Continue to Grow their Corporate Loans Business
Continue to Focus on Effective Use of Technology and Data Analytics to improve operational efficiency
Strengthening its Retail Loan Collection Capabilities

Asset Reconstruction IPO: Risks

1. Earnings depend on recovery from stressed assets

The fundamental risk is straightforward: ARCIL makes money by resolving difficult financial assets. If recovery rates weaken, the company’s fee income, investment income and upside income can be affected.

ICRA has specifically highlighted the link between recovery ratings of security receipts and ARCIL’s financial profile.

2. Cash flows can be volatile

ARC businesses don’t necessarily generate earnings in a smooth, predictable manner.

Recoveries can take years, legal proceedings can be delayed and the timing of settlements can change. ICRA therefore describes cash flows in the ARC industry as volatile.

3. Regulatory risk

The ARC industry is closely regulated by the RBI, and changes to rules governing asset reconstruction, security receipts, capital requirements, accounting or recovery processes can affect the business model. ICRA has also identified regulatory changes as a constraint for the sector.

4. Borrowings have increased sharply

ARCIL’s total borrowings increased to approximately Rs 1,205.50 crore in FY26, compared with Rs 305.93 crore in FY25.

Although the debt-to-equity ratio remains moderate at around 0.39x, the sharp increase in borrowings is something investors should monitor as the company targets significant AUM expansion.

Asset Reconstruction IPO: GMP

GMP for Asset Reconstruction IPO has not started yet.

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Manipal Payment & Identity Solutions IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Fri, 04 Sep 2026 08:41:40 GMT

Manipal Payment & Identity Solutions IPO brings to the market a company operating across payment cards, identification solutions, secure printing, smart tagging and IoT solutions. Part of the Manipal Group, the company serves banks, fintechs, NBFCs and government customers across India and international markets.

In this Manipal Payment & Identity Solutions IPO review, I look at the company's business, financials, valuation, growth prospects and key risks to assess whether the IPO offers enough value for investors.

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Manipal Payment & Identity Solutions IPO: Key Details

Manipal Payment & Identity Solutions IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The IPO allotment is expected to be finalized on September 15, 2026, while the shares are scheduled to list on both the NSE and BSE on September 17, 2026.

The Manipal Payment & Identity Solutions IPO price band has been fixed at Rs 322 to Rs 339 per share. The IPO lot size is 44 shares, making Rs 14,916 the minimum investment required for retail investors at the upper end of the price band.

Manipal Payment & Identity Solutions IPO: Business

Manipal Payment & Identity Solutions is a provider of payment solutions, identification solutions, secure solutions, and smart tagging and Internet of Things (IoT) solutions. The company caters to banks, fintech companies, non-banking financial companies (NBFCs) and government entities across domestic and international markets.

Incorporated on February 19, 2008, Manipal Payment & Identity Solutions is part of The Manipal Group, which traces its origins to 1948 when it began operations as a printing company under the name Express Printers Private Limited. The group initially focused on secure printing requirements for banks in India and has since expanded its products and services across multiple industries.

Payment Solutions: The company’s payment solutions include payment cards, cheque solutions, near-field communication (NFC) and quick-response (QR) codes, payment-enabled wearables and digital automation solutions. These products cater to the evolving requirements of financial institutions and digital payment ecosystems.

Identification Solutions: Manipal Payment & Identity Solutions also provides identification products such as driving licences, registration certificates and national identity cards, along with transit management solutions. These offerings serve government and other institutional customers that require secure identification and document solutions.

Secure Solutions: Its secure solutions business includes secure logistics, personalization of insurance policies, premium notices, renewal letters and marketing collaterals. The company also provides security-enhanced packaging products, including tamper-evident envelopes, holograms and coated products, designed to improve document and product security.

Smart Tagging and IoT Solutions: The company has also expanded into smart tagging and IoT solutions. This includes printing excise labels with holograms and encrypted QR codes for various state excise departments, along with IoT and track-and-trace solutions using radio-frequency identification (RFID) tags. The business also provides anti-counterfeiting solutions.

Manipal Payment & Identity Solutions has established a significant position in the payment card market. The company was the highest-ranked company in India and the 14th-ranked company globally by shipment volume of payment cards with chips and magstripe in 2023. It was also among the top 10 card manufacturers for Mastercard and another global payment network in 2023.

Manipal Payment & Identity Solutions IPO: Financials

Manipal Payment & Identity Solutions has maintained a relatively stable revenue base over the last three financial years, while operating profitability has improved. Revenue from operations increased from Rs 1,247.52 crore in FY24 to Rs 1,256.07 crore in FY25 and Rs 1,326.75 crore in FY26. The growth has been modest, but the company has been able to expand its operating earnings at a faster pace.

EBITDA increased from Rs 355.56 crore in FY24 to Rs 408.77 crore in FY25 and Rs 455.83 crore in FY26. The EBITDA margin also improved consistently, rising from 28.04% in FY24 to 32.01% in FY25 and 33.60% in FY26. This indicates that the company has been able to improve operating profitability despite relatively moderate revenue growth.

The picture at the bottom line is slightly different. PAT stood at Rs 249.17 crore in FY24, increased to Rs 282.21 crore in FY25, but declined to Rs 253.46 crore in FY26. As a result, the PAT margin fell from 22.10% in FY25 to 18.68% in FY26, although it remained above the FY24 level of 19.65%. This divergence between EBITDA growth and PAT growth is something investors should keep an eye on.

The company’s return ratios have also moderated. ROE declined from 79.42% in FY24 to 55.08% in FY25 and 29.35% in FY26, while ROCE declined from 51.95% to 33.97% and 32.69% over the same period. The sharp decline in ROE is particularly notable and suggests that the very high returns seen in earlier years may not be sustainable as the company’s capital base expands.

Another metric worth watching is asset utilisation. The fixed asset turnover ratio declined from 9.78x in FY24 to 7.27x in FY25 and 4.73x in FY26. While the company continues to generate strong EBITDA margins, the decline indicates that its growing asset base is currently generating less revenue per unit of fixed assets.

Capital employed increased from Rs 897.46 crore in FY24 to Rs 1,184.22 crore in FY25 and Rs 1,260.19 crore in FY26. This expansion in the capital base, combined with the decline in ROE and fixed asset turnover, will be important to monitor as the company invests further in its manufacturing and payment solutions capabilities.

Manipal Payment & Identity Solutions IPO: Valuations

At the upper end of the IPO price band, Manipal Payment & Identity Solutions is valued at a P/E multiple of 31.02x on a post-IPO basis, compared with 29.74x pre-IPO. The post-issue EPS stands at Rs 10.93, compared with Rs 11.40 before the IPO, reflecting the impact of equity dilution.

The company’s post-IPO market capitalisation is around Rs 7,858.17 crore, while the pre-IPO market capitalisation stands at Rs 7,538 crore. The valuation therefore implies that investors are paying around 31 times the company’s earnings at the upper end of the price band.

The multiple is not particularly cheap, especially considering that FY26 revenue grew 5.6% to Rs 1,326.8 crore, while profit declined 10.2% to Rs 253.5 crore. The profit decline was partly due to a high base in FY25, which included exceptional gains.

Manipal Payment & Identity Solutions IPO: Strengths

Among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026
Long-standing relationships with marquee customers
Expansive product portfolio, powered by innovation, offering comprehensive solutions
Technology-driven facilities and operations, with a focus on security compliance

Manipal Payment & Identity Solutions IPO: Growth Potential

Increase payment cards market share globally
Focus on growing its metal cards portfolio
Consolidate its market leadership in India
Diversify its offerings through identity solutions projects in India and globally

Manipal Payment & Identity Solutions IPO: Risks

1. Dependence on a few large customers: A significant portion of the company’s business comes from large institutional customers, including banks, financial institutions, payment networks and government entities. This creates customer concentration risk. The loss of a major customer, reduction in order volumes or a decision to shift to another supplier could have a material impact on revenue and profitability.

2. Business is exposed to technological changes: The company’s payment solutions are closely linked to the rapidly evolving payments industry. Payment cards, contactless payments, QR codes, wearables and digital authentication technologies continue to change. New payment technologies or changes in consumer preferences could reduce demand for some of the company’s existing products.

3. Stringent security and regulatory requirements: Manipal Payment & Identity Solutions handles products and information related to payment cards, identification documents, government documents and secure printing. These businesses operate under stringent security, data protection and regulatory requirements.

IPO Open/Opening Soon: Pranav Constructions IPO and Prasol Chemicals IPO and Konahar Electricals IPO and Glass Wall System IPO and Karamtara Engineering IPO and LCC Projects IPO

4. High dependence on government and regulated industries: The company serves banks, fintechs, NBFCs and government customers, meaning a significant part of its business operates in highly regulated sectors. Changes in government policies, payment regulations, identification requirements or procurement procedures could affect demand for its products.

Manipal Payment & Identity Solutions IPO: GMP

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LCC Projects IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Fri, 04 Sep 2026 06:53:38 GMT

LCC Projects IPO is coming to the market at a time when India continues to invest heavily in irrigation, water supply and infrastructure development. The Gujarat-based EPC company has built a strong presence in irrigation and water supply projects and had an order book of Rs 7,953.18 crore as of FY26, more than twice its FY26 revenue of Rs 3,600.25 crore.

In this LCC Projects IPO review, I will cover company's business, financials, valuation, growth prospects and key risks to assess whether the IPO offers an attractive opportunity for investors.

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LCC Projects IPO: Key Details

LCC Projects IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The IPO allotment is expected to be finalized on September 15, 2026, while the shares are scheduled to list on both the NSE and BSE on September 17, 2026.

The LCC Projects IPO price band has been fixed at Rs 139 to Rs 146 per share. The IPO lot size is 102 shares, making Rs 14,892 the minimum investment required for retail investors at the upper end of the price band.

LCC Projects IPO: Business

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company based in Gujarat, with a strong presence in the irrigation and water supply projects segment, according to the ICRA Report. The company is positioned to undertake infrastructure projects across 12 states in India.

With more than two decades of experience, including projects executed through the partnership firm before its conversion into LCC Projects, the company has developed expertise across a wide range of irrigation and water infrastructure projects. Its work includes the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation systems, water supply schemes and other EPC projects.

LCC Projects has also expanded beyond its traditional irrigation and water supply business. The company has executed a metro rail project involving the construction of a station, approaches and viaducts and is currently executing a Mining Development and Operations (MDO) project.

As of March 31, 2026, LCC Projects had an order book comprising 103 projects. Its three largest projects by project value were the Sondwa Lift Micro Irrigation Project, with a project value of Rs 1,534.95 crore, the Sidhi Bansagar Multi-Village Scheme, valued at Rs 1,525.14 crore, and the Gandhi Sagar 1 Multi-Village Scheme, valued at Rs 1,153.90 crore. The company has also executed several notable projects in the past, including the Tawa Left Bank Canal, Parbati Dam Project, Dudhai Sub Branch Canal Project and AKOT Lift Irrigation Scheme.

To support its infrastructure operations, LCC Projects has established a manufacturing unit in Jaspur, Gujarat, for producing precast concrete solutions for the infrastructure and construction industries. The facility manufactures precast concrete elements in a controlled factory environment, after which the finished components are transported to construction sites for installation. This manufacturing capability gives the company an additional presence in the infrastructure value chain and supports its execution capabilities.

LCC Projects IPO: Financials

LCC Projects has delivered strong growth in both revenue and profitability over the last three financial years. Revenue from operations increased from Rs 2,438.91 crore in FY24 to Rs 2,918.29 crore in FY25 and Rs 3,600.25 crore in FY26. This represents a 23.37% growth in FY26, following 19.66% growth in FY25. The company’s order book also stood at Rs 7,953.18 crore in FY26, providing a sizeable revenue pipeline going forward.

Profitability has improved significantly alongside the increase in scale. EBITDA rose from Rs 241.37 crore in FY24 to Rs 401.04 crore in FY25 and Rs 519.90 crore in FY26. The EBITDA margin expanded from 9.90% in FY24 to 14.44% in FY26, indicating an improvement in operating profitability.

The bottom line has also grown sharply. PAT increased from Rs 121.98 crore in FY24 to Rs 223.62 crore in FY25 and Rs 286.44 crore in FY26. PAT margin improved from 5.00% to 7.96% during the same period. This suggests that LCC Projects has been able to translate its revenue growth into stronger earnings.

The balance sheet, however, remains an area to watch. Total debt increased from Rs 421.64 crore in FY24 to Rs 746.77 crore in FY25 and Rs 860.65 crore in FY26. The debt-to-equity ratio stood at 0.97x in FY26, lower than 1.23x in FY25 but still indicating meaningful leverage. At the same time, net worth increased substantially from Rs 382.83 crore in FY24 to Rs 888.41 crore in FY26.

Return ratios remain healthy. LCC Projects reported ROE of 32.24% and ROCE of 27.13% in FY26, showing that the company is generating strong returns on shareholder capital and capital employed.

LCC Projects IPO: Valuations

At the upper end of the IPO price band of Rs 146 per share, LCC Projects is valued at a P/E multiple of 14.76x on a post-IPO basis, compared with 13.87x on a pre-IPO basis. The increase in the multiple after the IPO is primarily due to the dilution in earnings, with EPS declining from Rs 10.53 pre-IPO to Rs 9.89 post-IPO.

The IPO gives LCC Projects a post-issue market capitalisation of Rs 4,229.20 crore, compared with Rs 3,971 crore before the issue. At this valuation, investors are paying around 14.8 times the company’s post-IPO earnings.

The valuation looks relatively reasonable rather than aggressive, particularly when viewed alongside the company’s recent financial performance. Revenue increased to Rs 3,600.25 crore in FY26, while PAT rose to Rs 286.44 crore. The company also had a sizeable Rs 7,953.18 crore order book at the end of FY26, providing visibility for future revenue

LCC Projects IPO: Strengths

Multidisciplinary EPC company in India for irrigation and water supply projects
Strong Order Book and diversified project portfolio
In-house project designing capabilities with robust technical knowledge
Strong risk management, project selection and dispute resolution processes

LCC Projects IPO: Growth Potential

Strengthen its presence in India by expanding geographical footprint
Diversify and optimize our project mix and cater to large and more complex projects
Continue to invest in its technology infrastructure to enhance in-house design and engineering, and project execution capabilities and thereby improve operational efficiencies
Continue to focus on efficient cost management in relation to project execution

LCC Projects IPO: Risks

1. Heavy dependence on government projects and a concentrated customer base: LCC Projects is significantly dependent on government authorities for its business. Irrigation and water supply projects accounted for 88.26% of the company’s order book as of September 30, 2024, and the company itself expects this segment to continue contributing a high proportion of revenue. Changes in government policies, tender eligibility criteria or project-award processes could therefore affect its ability to win new contracts.

IPO Open/Opening Soon: Pranav Constructions IPO and Prasol Chemicals IPO and Konahar Electricals IPO and Glass Wall System IPO and Karamtara Engineering IPO

2. Working capital requirements are rising: EPC companies have to spend heavily on materials, labour and project execution before receiving payments from customers. LCC Projects specifically identifies working capital as a major risk in its IPO document. Its working capital increased from Rs 99.98 crore in FY23 to Rs 207.05 crore in FY24 and Rs 348.89 crore for the six months ended September 30, 2024.

3. Project delays can result in cost overruns and penalties: For an EPC company, having a large order book doesn’t automatically translate into revenue and profits. Projects can face delays because of engineering issues, regulatory approvals, land or right-of-way problems, financing constraints, weather conditions or unexpected cost increases. LCC Projects acknowledges that delays can lead to cost overruns, liquidated damages, termination of contracts and invocation of bank or performance guarantees. Under some contracts, liquidated damages can range from 0.01% per day up to 10% of the contract value.

4. Input-cost volatility and competitive bidding can pressure margins: LCC Projects operates in a highly competitive, tender-driven construction industry. Contracts are often won by submitting competitive bids, which can put pressure on margins. At the same time, the company’s costs depend heavily on construction materials, fuel, pipes, labour and equipment.

LCC Projects IPO: GMP

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Karamtara Engineering IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Fri, 04 Sep 2026 05:59:17 GMT

Karamtara Engineering IPO is attracting attention as the company looks to tap India's growing demand for renewable energy and power transmission infrastructure. The company is a leading manufacturer of solar mounting structures, tracker components and transmission-line products, with operations serving both domestic and international markets.

In this Karamtara Engineering IPO review, I review company’s business, financials, valuation, IPO details, growth opportunities and key risks to assess whether the issue offers enough upside at the current price.

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Karamtara Engineering IPO: Key Details

Karamtara Engineering IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The IPO allotment is expected to be finalized on September 15, 2026, with the shares scheduled to list on both the NSE and BSE on September 17, 2026.

The Karamtara Engineering IPO price band has been fixed at Rs 241 to Rs 254 per share. The IPO lot size is 59 shares, making Rs 14,986 the minimum investment required for retail investors at the upper end of the price band.

Karamtara Engineering IPO: Business

Karamtara Engineering is a backward-integrated manufacturer of products used in the renewable energy and power transmission sectors. According to the F&S Report, Karamtara Engineering was the largest integrated manufacturer in India by installed capacity for solar mounting structures and tracker components in FY26. The company has built an integrated manufacturing platform that allows it to offer a wide range of products to customers across the solar energy and transmission industries.

As of March 31, 2026, Karamtara Engineering had an aggregate installed capacity of 889,200 MTPA, including 492,000 MTPA for solar products, equivalent to approximately 16.81 GW, along with capacity of 480,000 pieces, excluding galvanizing capacity. Its broad product portfolio allows Karamtara Engineering to operate as a one-stop solution provider for solar structures, including both fixed-tilt structures and solar trackers.

Diverse Product Portfolio

Karamtara Engineering manufactures a range of products used across the renewable energy and transmission infrastructure value chain. Its portfolio includes solar mounting structures, tracker components and fasteners, along with overhead transmission line (OHTL) hardware fittings and accessories.

The company’s backward-integrated manufacturing capabilities give it greater control over various stages of production and allow Karamtara Engineering to serve customers with customised products across different applications. This diversified product portfolio also reduces its dependence on a single renewable-energy product category.

Expanding Beyond Solar

While solar remains a key part of the business, Karamtara Engineering is expanding into other renewable-energy segments. The company entered the wind energy sector by commencing production of angular towers for wind turbines in March 2025 and tubular towers for wind turbines in June 2025.

The company also plans to enter the battery energy storage systems (BESS) business through its wholly owned subsidiary, Karamtara Green Energy Limited (KGEL), which was incorporated in May 2025. In addition, Karamtara Engineering intends to establish manufacturing facilities for prefabricated engineered building (PEB) structures, creating another potential growth opportunity beyond its existing product portfolio.

Strong International Presence

Karamtara Engineering has developed a global delivery model with exports to more than 50 countries cumulatively as of March 31, 2026, covering markets across North America, Europe, Asia, Africa, Australia and Latin America.

The company has built a strong international customer base comprising original equipment manufacturers (OEMs), engineering, procurement and construction (EPC) companies and independent power producers (IPPs). According to the F&S Report, Karamtara Engineering served 16 of the top 24 EPC companies in the United States, based on installed capacity totalling approximately 233 GW, as of March 31, 2026.

Karamtara Engineering was also among the largest exporters of solar products from India to North America in FY2025, according to the F&S Report. The company is recognised as a Four Star Export House by the Directorate General of Foreign Trade under the Ministry of Commerce & Industry, Government of India.

Growing Export Business

Exports have become an important part of the Karamtara Engineering business model. Revenue from exports increased at a CAGR of 11.89%, rising from Rs 1,395.83 crore in FY2024 to Rs 1,747.49 crore in FY2026.

Exports accounted for 57.56% of revenue from operations in FY2024 and 40.52% in FY2026. While the export contribution to total revenue declined during this period, the absolute value of export revenue continued to increase, demonstrating the company’s established presence in international renewable-energy and transmission markets.

Karamtara Engineering IPO: Financials

Karamtara Engineering has delivered strong growth across revenue and profitability over the last three financial years. Revenue from operations increased from Rs 2,425.15 crore in FY24 to Rs 3,158.45 crore in FY25 and Rs 4,311.98 crore in FY26, translating into a 33.34% CAGR. FY26 revenue grew 36.52% year-on-year.

The company has also maintained a meaningful export business, although its contribution has declined as domestic revenue has grown faster. Domestic revenue increased to Rs 2,564.48 crore in FY26 from Rs 1,029.32 crore in FY24, with its share of total revenue rising from 42.44% to 59.48%. Export revenue stood at Rs 1,747.49 crore in FY26, contributing 40.52% of revenue.

Profitability has improved alongside the scale-up. EBITDA increased from Rs 262.91 crore in FY24 to Rs 346.83 crore in FY25 and Rs 498.11 crore in FY26. The EBITDA margin improved gradually from 10.84% to 11.55%, while the adjusted EBITDA margin reached 14.55% in FY26.

The improvement at the bottom line has been even stronger. Restated PAT rose from Rs 102.60 crore in FY24 to Rs 139.33 crore in FY25 and Rs 228.75 crore in FY26, representing a 49.28% CAGR. PAT margin also improved from 4.23% to 5.30% over the period.

The balance sheet, however, needs attention. Total equity stood at Rs 1,219.92 crore in FY26, while debt increased to Rs 1,030.13 crore from Rs 556.28 crore in FY25. As a result, the debt-to-equity ratio rose to 0.84x, compared with 0.57x in FY25. Net debt stood at Rs 881.34 crore, with net debt/EBITDA at 1.77x.

Despite the higher leverage, return ratios remain healthy. ROE stood at 20.77% and ROCE at 23.27% in FY26, indicating that the company is generating reasonable returns on the capital employed as it expands.

Karamtara Engineering IPO: Valuations

At the upper end of the IPO price band, Karamtara Engineering is being valued at a P/E multiple of 35.72x on a post-IPO basis, compared with 32.77x before the IPO. The difference comes from the dilution in earnings after the fresh issue. The company’s EPS declines from Rs 7.75 pre-IPO to Rs 7.11 post-IPO.

At the offer price, Karamtara Engineering’s post-IPO market capitalisation will be around Rs 8,174.30 crore, compared with Rs 7,499 crore before the issue.

On the face of it, 35.72x earnings is not a cheap valuation. Investors are paying a significant premium for a company that has delivered strong growth, with FY26 revenue reaching Rs 4,311.98 crore and restated PAT at Rs 228.75 crore. The company also has exposure to structural growth areas such as solar, transmission and wind.

Karamtara Engineering IPO: Strengths

Largest integrated manufacturer in India for solar mounting structures and tracker components
Diverse product offerings acting as a one-stop shop for solar structures (fixed-tilt and trackers)
Extensive global footprint with a track record of exports to over 50 countries
Established relationships with global customers and high customer retention

Karamtara Engineering IPO: Growth Potential

Expansion of its existing installed capacity in India
Strengthen its market position in renewable energy industries and related infrastructure sectors through new product development and expansion into allied offerings
Focus to increase customer base in international markets
Continue to improve operational efficiency and implement cost reduction measures by enhancing the capacity of existing facilities and realignment of capacities.

IPO Open/Opening Soon: Pranav Constructions IPO and Prasol Chemicals IPO and Konahar Electricals IPO and Glass Wall System IPO

Karamtara Engineering IPO: Risks

1. High dependence on the solar industry: The biggest structural risk is Karamtara Engineering’s dependence on the solar energy sector. Solar products accounted for around 81% of revenue in FY26, according to the company’s financial disclosures. The company’s earlier prospectus also identified its high exposure to the solar industry as a key risk. Any slowdown in solar installations, changes in government policies, project delays or weaker demand could therefore have a meaningful impact on revenue and profitability.

2. Working capital remains a major concern: Karamtara operates a working-capital-intensive business. India Ratings reported that its net working capital cycle was 165 days in FY25, compared with 170 days in FY24. Inventory stood at 117 days and receivable days increased to 109 days. The rating agency also noted that fund-based working-capital limits were being utilised at around 83%.

3. Raw material prices and forex can hurt margins: Steel and zinc are important raw materials for Karamtara Engineering, and India Ratings estimates that raw materials accounted for around 72% of total costs in FY25. A rise in steel or zinc prices can therefore put pressure on margins, particularly because many orders are contracted at fixed prices. The company does have hedging and backward integration measures, but these do not completely eliminate the risk.

4. Debt and financing requirements remain high: Karamtara’s rapid expansion has required significant working capital and capital expenditure. India Ratings noted that the company had negative free cash flow in FY24 and FY25 due partly to incremental capex, while additional debt-funded capex was planned. It also had term-loan repayment obligations of Rs 47.5 crore in FY26 and Rs 86.3 crore in FY27.

Karamtara Engineering IPO: GMP

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Glass Wall Systems IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Thu, 03 Sep 2026 12:16:52 GMT

The Glass Wall Systems IPO brings one of India's leading façade solutions and fenestration companies to the public markets, with operations spanning domestic projects as well as international markets such as the USA and Australia.

At a price band of Rs 172-182, the IPO is valued at a post-IPO P/E of 19.10x, making the valuation reasonably placed but leaving investors to assess whether the company's recent growth and profitability can be sustained. In this Glass Wall Systems IPO review, I look at the business, financials, valuation, IPO details, growth prospects and key risks.

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Glass Wall Systems IPO: Key Details

The Glass Wall Systems IPO will open for subscription on September 8, 2026, and close on September 10, 2026. The IPO allotment is expected to be finalized on September 11, 2026, while the shares are scheduled to list on both the NSE and BSE on September 16, 2026.

The Glass Wall Systems IPO price band has been fixed at Rs 172 to Rs 182 per share. The IPO lot size is 82 shares, requiring a minimum investment of Rs 14,924 for retail investors at the upper end of the price band.

Glass Wall Systems IPO: Business

Glass Wall Systems (India) is a premium façade solutions and fenestration provider operating in India as well as international markets, including the USA and Australia. The company is the second-largest provider of façade solutions in India by revenue in FY2025 and FY2024, according to the Ken Report. Glass Wall Systems (India) is also recognised as India’s largest façade exporter by revenue in 2024, highlighting its strong presence in both domestic and international markets.

With more than two decades of experience in the façade solutions industry, Glass Wall Systems (India) has completed 158 projects as of March 31, 2026. Over the years, the company has developed capabilities across design, engineering, fabrication, manufacturing, supply and installation, allowing it to provide end-to-end façade solutions for different types of projects.

The business operates through three key verticals:

1. Domestic Façade Solutions

Glass Wall Systems (India) provides comprehensive façade solutions covering design, engineering, fabrication and manufacturing, supply and installation. The company serves real estate developers, general contractors and corporate clients, primarily undertaking engineering, procurement and construction (EPC) and manufacturing services for façade projects.

This vertical allows Glass Wall Systems (India) to participate across multiple stages of a façade project, from initial design and engineering to manufacturing and final installation.

2. International Façade Products Supply

Through its international façade products supply business, Glass Wall Systems (India) focuses on providing design, engineering, fabrication, manufacturing and supply of sustainable façade products. These products are developed to meet the specific requirements of general contractors and façade contracting companies in international markets.

The company’s presence across markets such as the USA and Australia provides it with an opportunity to serve international customers while leveraging its manufacturing and technical capabilities in India.

3. Fenestration Solutions

Glass Wall Systems (India) has recently entered the high-end domestic fenestration market, targeting developers of luxury residential properties and high-net-worth individuals in India’s premium real-estate segment.

To strengthen this business, the company acquired Yes Systems Private Limited pursuant to a share purchase agreement dated August 21, 2025, with the acquisition taking effect from the same date.

Through its fenestration vertical, Glass Wall Systems (India) specialises in premium, customised windows, doors, skylights and partition systems designed for luxury residential projects. The company is therefore expanding beyond traditional façade solutions and entering a premium segment where customised designs, product quality and technical expertise are important purchasing considerations.

Glass Wall Systems IPO: Financials

Glass Wall Systems (India) has delivered strong growth in its core business over the last three years, although the revenue trajectory has not been completely linear. Revenue from operations increased from Rs 304.34 crore in FY24 to Rs 278.33 crore in FY25, before rising sharply to Rs 456.97 crore in FY26, representing a strong recovery in the latest year. FY26 revenue was also well supported by both businesses, with Rs 250.40 crore coming from Indian operations and Rs 206.57 crore from overseas operations, highlighting the company’s meaningful international exposure.

Profitability has improved significantly over the period. EBITDA increased from Rs 54.70 crore in FY24 to Rs 73.01 crore in FY25 and Rs 105.20 crore in FY26. The EBITDA margin, however, declined from 26.23% in FY25 to 23.02% in FY26, although it remained well above the 17.97% recorded in FY24. This suggests that while the company has scaled its operating profit substantially, the exceptional margin expansion seen in FY25 was not fully sustained in FY26.

The bottom line has shown an even sharper improvement. Restated profit for the year increased from Rs 20.25 crore in FY24 to Rs 57.51 crore in FY25 and Rs 83.79 crore in FY26. Adjusted PAT also stood at Rs 36.44 crore in FY24, Rs 57.51 crore in FY25 and Rs 83.79 crore in FY26. The adjusted PAT margin improved from 11.97% in FY24 to 20.66% in FY25, before moderating to 18.34% in FY26. Despite the moderation, the FY26 margin remains substantially higher than FY24.

The balance sheet has strengthened alongside the business. Total equity increased from Rs 120.91 crore in FY24 to Rs 174.06 crore in FY25 and Rs 259.88 crore in FY26. Operating cash flow was also healthy at Rs 73.25 crore in FY26, broadly similar to Rs 72.95 crore in FY25 and significantly higher than Rs 42.72 crore in FY24. Meanwhile, total borrowings remain relatively modest compared with equity, although non-current borrowings stood at Rs 4.74 crore and current borrowings at Rs 1.95 crore in FY26.

The return ratios also remain strong. ROCE stood at 43.01% in FY26, while adjusted ROCE was 55.48% and ROE was 38.62%. However, both ROCE and adjusted ROCE were lower than FY25 levels of 43.39% and 66.33%, respectively. Overall, the financials show a company that has scaled revenue sharply, more than doubled EBITDA since FY24 and significantly improved profitability, but investors should keep an eye on whether the high margins and return ratios can be sustained as Glass Wall Systems (India) continues to grow.

Glass Wall Systems IPO: Valuations

At the upper end of the Rs 172-182 price band, the Glass Wall Systems IPO is valued at a pre-IPO P/E of 18.38x and a post-IPO P/E of 19.10x. The company’s EPS is expected to reduce slightly from Rs 9.90 before the IPO to Rs 9.53 after the IPO, reflecting the impact of the additional shares issued through the IPO. At the offer price, the company’s market capitalisation increases from around Rs 1,540 crore pre-IPO to Rs 1,600.42 crore post-IPO.

A post-IPO P/E of 19.10x does not look excessively expensive, particularly when viewed alongside Glass Wall Systems’ strong improvement in profitability. The company reported adjusted PAT of Rs 83.79 crore in FY26, compared with Rs 57.51 crore in FY25 and Rs 36.44 crore in FY24, while FY26 ROE stood at a healthy 38.62%. However, investors should also consider the volatility in revenue and margins, with EBITDA margin declining from 26.23% in FY25 to 23.02% in FY26. At around 19x earnings, the valuation appears reasonable rather than cheap, meaning continued revenue growth and the ability to maintain healthy margins will be important to justify the IPO valuation.

Glass Wall Systems IPO: Strengths

Market leadership supported by a diversified business model and strong foothold in domestic and international markets
Marquee client base with proven track record of successful project execution
Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure
Focused on creating environmentally sustainable high-performance solutions

Glass Wall Systems IPO: Growth Potential

Their strategy is centered on expanding presence in existing markets and entering new geographies which have significant business opportunities
Continue to enhance leadership in domestic markets
Focus on expanding luxury fenestration business through integration of Yes Systems
Drive growth and improve profitability through capacity expansion, backward integration and technological advancement to enhance operational efficiency and market competitiveness

IPO Open/Opening Soon: Pranav Constructions IPO and Prasol Chemicals IPO and Konahar Electricals IPO

Glass Wall Systems IPO: Risks

1. High customer concentration: One of the biggest risks for Glass Wall Systems (India) is its dependence on a relatively small group of customers. The company’s top 10 customers accounted for 86.40% of revenue from operations in FY26, making the business vulnerable to the loss of a major customer, a reduction in orders or pressure on pricing. In a project-driven business, losing even one large client can have a meaningful impact on revenue and cash flows.

2. Dependence on a limited number of suppliers and raw-material prices: Façade manufacturing requires materials such as performance glass, aluminium and silicone, and Glass Wall Systems (India) depends on a limited number of suppliers for these key inputs. The company does not have long-term agreements with all its suppliers, which exposes it to fluctuations in raw-material prices, shortages and supply disruptions. If higher input costs cannot be passed on to customers, profitability could come under pressure.

3. Heavy dependence on a single manufacturing facility: Glass Wall Systems (India) is heavily dependent on its Vile Bhagad manufacturing facility in Maharashtra. Any accident, equipment failure, natural disaster, regulatory issue or prolonged shutdown at the facility could disrupt production and delay project execution. The company’s own DRHP identifies the risk associated with a slowdown, shutdown or unscheduled disruption at this facility.

4. Business is linked to real estate and project execution: A significant portion of Glass Wall Systems (India)’s business comes from façade projects, which are closely linked to the real-estate and construction cycle. A slowdown in commercial or premium residential construction could reduce new project opportunities. At the same time, façade contracts involve execution risks such as project delays, design changes, site conditions and cost overruns. The company also wins a substantial proportion of projects through competitive bidding, which means future growth depends partly on its ability to continuously secure new contracts.

Glass Wall Systems IPO: GMP

Glass Wall Systems IPO last GMP is Rs 20, last updated Sep 3rd 2026. With the upper price band of Rs 182.00, Glass Wall Systems IPO's estimated listing price is Rs 202. The expected percentage gain/loss per share is 10.99%.

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Kanohar Electricals IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Thu, 03 Sep 2026 06:09:35 GMT

Kanohar Electricals IPO brings a fast-growing transformer manufacturer to the market at a time when India is investing heavily in power transmission, railway electrification and renewable energy infrastructure. The company has delivered a sharp improvement in financial performance. At the upper price band of Rs 632, the IPO commands a post-IPO P/E of 38.58x. In this Kanohar Electricals IPO review, I cover the business, financials, valuation, growth prospects, and key risks.

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Kanohar Electricals IPO: Key Details

The Kanohar Electricals IPO will open for subscription on September 8, 2026, and close on September 10, 2026. The IPO allotment is expected to be finalized on September 11, 2026, with the shares scheduled to list on both the NSE and BSE on September 16, 2026.

The Kanohar Electricals IPO price band has been fixed at Rs 601 to Rs 632 per share. The IPO lot size is 23 shares, making Rs 14,536 the minimum investment required by a retail investor at the upper end of the price band.

Kanohar Electricals IPO: Business

Kanohar Electricals is one of the leading domestic players in transformer manufacturing in India by revenue in FY26. The company caters to several high-growth sectors, including power transmission, railways, renewable energy and power distribution, giving it exposure to India’s expanding energy infrastructure. According to the CARE Report, as of March 31, 2026, Kanohar Electricals was one of only five companies in India to have short circuit test certification for 500 MVA 400 kV transformers, which are used in the power transmission industry.

Kanohar Electricals has significant capabilities in short circuit testing of transformers and, as of March 31, 2026, had tested more than 200 transformer ratings. The company is also among only four manufacturers in India certified by the Research Designs and Standards Organisation (RDSO), the research and development wing of Indian Railways, to manufacture 100 MVA 132 kV Scott transformers. Further, Kanohar Electricals is one of only two Indian manufacturers certified to manufacture 100 MVA 220 kV Scott transformers, which are used to support the electrification of India’s rail network.

Through its backward-integrated manufacturing facilities, Kanohar Electricals offers a wide range of products and solutions for India’s energy infrastructure. The company’s in-house technology and manufacturing capabilities are particularly focused on transformers, allowing it to participate across different applications within the power transmission and distribution ecosystem.

Kanohar Electricals is led by its Promoter, Chairman and Managing Director Dinesh Singhal, who is a graduate of the Indian Institute of Technology Roorkee and has more than 40 years of experience in the transformer manufacturing industry. This long operating experience provides the company with deep industry knowledge and technical expertise in a highly specialised manufacturing segment.

The company operates through two key business segments: Transformer Manufacturing and Engineering, Procurement and Construction (EPC). While the transformer manufacturing business forms the core of Kanohar Electricals’ operations, its EPC business undertakes engineering, procurement and construction projects in the power transmission and distribution sector. This combination allows the company to execute turnkey projects for substations and transmission lines, alongside supplying its own transformer products.

Kanohar Electricals IPO: Financials

The financial performance of Kanohar Electricals has improved sharply over the last three financial years, with strong growth in revenue, EBITDA and PAT. Revenue from operations increased from Rs 276.69 crore in FY24 to Rs 450.61 crore in FY25, before rising further to Rs 653.84 crore in FY26. This translates into a 53.72% CAGR between FY24 and FY26, highlighting the rapid expansion of the company’s business. Revenue growth was particularly strong in FY25 at 62.86%, followed by another healthy 45.10% growth in FY26.

The company’s order book provides further visibility to this growth. Kanohar Electricals had an order book of Rs 1,818.32 crore as of FY26, compared with Rs 861.47 crore in FY25 and Rs 595.85 crore in FY24. The order book has therefore grown at a 74.69% CAGR between FY24 and FY26 and stood at almost three times FY26 revenue from operations. This gives the company a sizeable revenue pipeline, particularly across the power transmission, distribution, railway and renewable energy segments.

What stands out even more is the improvement in profitability. EBITDA increased from Rs 31.07 crore in FY24 to Rs 93.39 crore in FY25 and Rs 180.42 crore in FY26, translating into a remarkable 140.96% CAGR over the two-year period. The EBITDA margin expanded from 11.23% in FY24 to 20.73% in FY25 and 27.59% in FY26. Gross margin also improved from 28.80% to 32.51% and then 38.88% during the same period. This suggests that Kanohar Electricals has been able to generate substantially higher operating profits as its revenue has scaled.

The improvement at the bottom line has been equally impressive. PAT rose from Rs 17.76 crore in FY24 to Rs 65.12 crore in FY25 and Rs 129.73 crore in FY26. That represents a 170.31% CAGR over FY24-FY26. The PAT margin expanded from just 6.32% in FY24 to 14.24% in FY25 and 19.57% in FY26, showing significant improvement in the company’s ability to convert revenue into net profit.

The return ratios also show a major improvement in capital efficiency. ROE increased from 10.49% in FY24 to 30.92% in FY25 and 42.12% in FY26, while ROCE jumped from 16.69% to 47.61% and then 70.13%. These are strong numbers and indicate that the company’s profitability has increased considerably relative to the capital employed in the business. However, investors should also examine whether these exceptionally high return ratios can be sustained as the company continues to expand its capacity and balance sheet.

Capacity expansion has accompanied the growth. Annual installed capacity increased from 15,000 MVA in FY24 to 19,200 MVA in FY25, and remained at 19,200 MVA in FY26. This additional capacity has helped Kanohar Electricals handle a much larger order book and support its growing presence in the transformer manufacturing industry.

Kanohar Electricals IPO: Valuations

At the upper end of the Kanohar Electricals IPO price band of Rs 632 per share, the company is being valued at a pre-IPO P/E of 36.26x. Based on the FY26 earnings, the company’s pre-IPO EPS stands at Rs 17.43, which falls to Rs 16.38 on a post-IPO basis because of the increase in the number of outstanding shares after the fresh issue. The corresponding post-IPO P/E rises to 38.58x. The IPO is therefore asking investors to pay nearly 39 times the company’s post-issue earnings.

38.58x post-IPO P/E is not a cheap valuation. Investors are effectively paying a premium for Kanohar Electricals’ strong growth, its transformer manufacturing capabilities, large order book and exposure to power transmission, railways and renewable energy.

Kanohar Electricals IPO: Strengths

Established player in the transformer manufacturing sector catering to high growth industries
Successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-value contracts across sectors.
Comprehensive presence across its Transformer Manufacturing Business and EPC Business enables them to serve a large total addressable market.
Integrated manufacturing facilities equipped to deliver high-quality products.

Kanohar Electricals IPO: Growth Potential

Capitalize on industry tailwinds by strengthening our manufacturing capabilities and enhancing operational efficiencies at its Manufacturing Facilities.
Strengthening its backward integration capabilities
Strategic focus on new product development and technology advancements
Commitment to robust execution standards for operational excellence.

Kanohar Electricals IPO: Risks

1. High dependence on the transformer business

Kanohar Electricals is heavily dependent on its Transformer Manufacturing Business, which contributed around 83% of its FY26 revenue. This makes the company particularly sensitive to demand for transformers across power transmission, railways and renewable energy. A slowdown in infrastructure spending, changes in government policies or weaker demand could therefore have a meaningful impact on revenue and profitability.

2. Significant exposure to government and utility tenders

A meaningful portion of Kanohar Electricals’ business comes from government-controlled entities and transmission utilities, where contracts are typically awarded through competitive tendering. The company may not win every tender it participates in, and failure to secure a sufficient number of contracts could affect its order inflow and future revenue visibility. Changes in government policies or spending priorities could also affect demand.

IPO Open/Opening Soon: Pranav Constructions IPO and Prasol Chemicals IPO

3. Manufacturing concentration in Meerut

Kanohar Electricals operates its manufacturing facilities in Meerut, Uttar Pradesh, creating geographical concentration risk. Any disruption affecting the company’s manufacturing facilities, whether due to operational issues, regional disruptions or other unforeseen events, could interrupt production and adversely affect its business. This is specifically highlighted as a risk in the company’s DRHP.

4. Raw material prices and EPC execution risks

Kanohar Electricals depends on suppliers for key raw materials, and the company does not have long-term agreements with all suppliers. Volatility in raw material prices or disruptions in supply could put pressure on margins. Its EPC business also faces execution, cost-overrun and delay risks, with potential exposure to claims, penalties and damages if transmission-line or substation projects are not completed as planned.

Kanohar Electricals IPO: GMP

Kanohar Electricals IPO last GMP is Rs 32, last updated Sep 3rd 2026. With the upper price band of Rs 632.00, Kanohar Electricals IPO's estimated listing price is Rs 664. The expected percentage gain/loss per share is 5.06%.

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Prasol Chemicals IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Thu, 03 Sep 2026 05:37:27 GMT

Prasol Chemicals IPO brings a specialty chemicals company to the market with a portfolio of 150+ products, customers across 56 countries and a growing export business. The IPO will be valued at a premium, making the key question whether the company’s strong improvement in profitability can continue. In this Prasol Chemicals IPO review, I cover the business, financials, valuation, IPO details, growth prospects, and key risks.

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Prasol Chemicals IPO: Key Details

The Prasol Chemicals IPO will open for subscription on September 8, 2026, and close on September 10, 2026. The IPO allotment is expected to be finalized on September 11, 2026, with the shares scheduled to list on both the NSE and BSE on September 16, 2026.

The Prasol Chemicals IPO price band has been fixed at Rs 643 to Rs 676 per share. The IPO lot size is 22 shares, making Rs 14,872 the minimum investment required by a retail investor at the upper end of the price band.

Prasol Chemicals IPO: Business

Prasol Chemicals was incorporated in 1992 and operates in the specialty chemicals industry. Its business is built around manufacturing chemicals based on acetone, phosphorus and other complex chemistries, with a focus on products that are used as inputs across multiple industries.

As of July 31, 2025, its portfolio consisted of 150+ specialty chemicals, including 21 acetone-based products, 53 phosphorus-based products and 76 other specialty chemicals such as surfactants, performance additives, ethers, esters, polymers and acids.

The company’s products are sold across five broad application categories:

Performance chemicals, including lubricant and mining additives
PICA, covering paints, inks, construction and adhesives
Pharmaceuticals
Agrochemicals
Home and personal care

This diversification is important because Prasol Chemicals is not dependent on a single end-use industry. Its products can find demand across several sectors, although individual products and chemistries can still have their own pricing and demand cycles.

Prasol Chemicals IPO: Financials

The financial performance of Prasol Chemicals has improved significantly over the last three years, particularly on the profitability front. Revenue from operations increased from Rs 876.57 crore in FY24 to Rs 1,012.49 crore in FY25, before rising further to Rs 1,232.59 crore in FY26. This represents a steady expansion in the company’s business, with revenue growing by around 41% over the two-year period.

What stands out more is the improvement in operating profitability. Operating EBITDA increased from Rs 60.53 crore in FY24 to Rs 87.77 crore in FY25 and Rs 139.32 crore in FY26. As a result, the operating EBITDA margin expanded from 6.91% in FY24 to 8.67% in FY25 and 11.30% in FY26. This is an encouraging trend because EBITDA has grown much faster than revenue, suggesting better operating leverage and improved profitability.

The improvement is even more visible at the bottom line. PAT increased from Rs 18.13 crore in FY24 to Rs 43.57 crore in FY25 and Rs 83.12 crore in FY26. The PAT margin consequently improved sharply from just 2.07% in FY24 to 4.30% in FY25 and 6.74% in FY26. In other words, Prasol Chemicals has moved from relatively thin profitability to a considerably stronger earnings profile within two years.

The return ratios also show a clear improvement. Adjusted ROAE increased from 5.71% in FY24 to 12.57% in FY25 and 20.37% in FY26, while Adjusted ROCE improved from 12.61% to 14.95% and then 22.43% during the same period. This suggests that the company is becoming more efficient at generating returns from the capital employed in the business.

Another positive is the company’s relatively manageable leverage. Net debt-to-equity stood at 0.22x in FY24, 0.23x in FY25 and improved to 0.19x in FY26. This means the sharp improvement in profitability has not been accompanied by a significant increase in leverage, which is particularly relevant for a capital-intensive chemicals business.

The operational numbers also point to a business with a growing customer and geographical footprint. Prasol Chemicals served 1,560 customers in FY24, 1,586 in FY25 and 1,618 in FY26, while the number of countries served increased from 50 to 56. Export revenue accounted for 25.32% of revenue in FY24, 28.35% in FY25 and 27.29% in FY26, showing that international markets are an important part of the company’s business. At the same time, the top 10 customers contributed 23.68% of revenue in FY26, up from 18.46% in FY24, which is worth monitoring from a customer-concentration perspective.

Prasol Chemicals IPO: Valuations

At the upper price band of Rs 676, the valuation needs to be examined carefully because the company has experienced a substantial improvement in earnings in FY26.

Based on the reported FY26 EPS of around Rs 14.33, the IPO is valued at approximately 47.2x FY26 earnings at the upper price band. The corresponding P/E range is roughly 44.9x to 47.2x, based on the FY26 pre-issue EPS.

That is not a cheap valuation.

Prasol Chemicals IPO: Strengths

1. Diversified specialty chemical portfolio

With more than 150 products, Prasol Chemicals has built a relatively broad product portfolio rather than relying on one or two chemicals. Its products serve multiple industries, including pharma, agrochemicals, paints, construction, adhesives and personal care.

2. Large and diversified customer base

The company had 1,107 customers across 69 countries as of July 31, 2025. This geographical and customer diversification reduces dependence on any single market.

3. Strong improvement in profitability

The jump in EBITDA from Rs 87.77 crore in FY25 to Rs 162.40 crore in FY26 and PAT from Rs 43.57 crore to Rs 97.36 crore is one of the strongest aspects of the recent financial performance.

4. Export presence

Exports accounted for approximately 28% of business, according to the company’s earlier IPO disclosures, providing Prasol Chemicals with access to international markets beyond India.

Prasol Chemicals IPO: Growth Potential

Debottleneck and expand its production capacities for existing product portfolio
Increased focus on R&D to support complex chemistries, product innovation, import substitution, and forward and backward integration of existing products
Inorganic growth through strategic acquisitions, technology acquisition/licensing or joint ventures
Increase its geographic reach and global footprint and increase wallet share with existing customers

IPO Open/Opening Soon: Pranav Constructions IPO

Prasol Chemicals IPO: Risks

The biggest risk is that the IPO is heavily weighted towards an OFS. Of the Rs 500 crore issue, only Rs 80 crore represents fresh capital, while Rs 420 crore will be sold by existing shareholders. This means a relatively small portion of the IPO proceeds will directly strengthen the company’s balance sheet.
The specialty chemicals business is also exposed to raw material price volatility. Changes in the prices or availability of key inputs can put pressure on margins, particularly if the company cannot immediately pass higher costs on to customers.
There is also export and currency risk. With customers across 69 countries, Prasol Chemicals is exposed to foreign exchange movements, international trade conditions, logistics costs and regulatory changes across different markets.

Another point to watch is profit volatility. Although FY26 profitability improved sharply, the company’s FY24 PAT was only Rs 18.13 crore before rising to Rs 43.57 crore in FY25. Investors should therefore understand what drove the FY26 jump and determine how much of the improvement is structural versus cyclical.

Prasol Chemicals IPO: GMP

Not yet available (3 September). Come back to check the GMP

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Pranav Constructions IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Thu, 03 Sep 2026 05:15:13 GMT

Pranav Constructions IPO is an interesting Mumbai redevelopment story, but the valuation needs a closer look. What makes the story more interesting is its pure-play redevelopment model, with 65 redevelopment projects across the MCGM region as of March 2026.

Today, I take a closer look at the Pranav Constructions IPO, its financials, valuation, growth opportunity and risks.

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Pranav Constructions IPO: Key Details

The Pranav Constructions IPO will open for subscription on September 7, 2026, and close on September 9, 2026. The IPO allotment is expected to be finalized on September 10, 2026, while the shares are scheduled to list on both the NSE and BSE on September 15, 2026.

The Pranav Constructions IPO price band has been fixed at Rs 118 to Rs 124 per share. The IPO lot size is 120 shares, meaning retail investors need to invest a minimum of Rs 14,880 at the upper end of the price band.

Pranav Constructions IPO: Business

Pranav Constructions is a leading real estate company in Mumbai, particularly in the MCGM redevelopment segment, based on the supply of units and the number of completed and under-construction MCGM redevelopment projects. They have a total of 1,864 units across 34 MCGM redevelopment projects, which is significantly higher than the 4 to 11 MCGM redevelopment projects undertaken by other developers launched between CY17 and Q1 CY26, according to the C&W Report.

Pranav Constructions is among the leading redevelopment companies based out of Mumbai, with our operations predominantly focused on the Western Suburbs of the MCGM Region. Their portfolio is focused on Economical, Mid and Mass, and Aspirational homes, allowing us to address a broad segment of Mumbai’s residential housing market.

Pranav Constructions is ranked 1st in the MCGM Region for the highest combined supply in MCGM redevelopment projects launched between CY21 and Q1 CY26. We also ranked 2nd in the MCGM Region for the highest supply in MCGM redevelopment projects launched between CY17 and Q1 CY26, based on the C&W Report.

As of March 31, 2026, the portfolio comprised 65 redevelopment projects across the MCGM Region. This included 28 completed redevelopment projects with a combined Total Developable Area of 1.42 million sq. ft., 20 under-construction redevelopment projects with a combined Total Developable Area of 1.63 million sq. ft., and 17 upcoming redevelopment projects with a combined Total Developable Area of 1.96 million sq. ft.

Pranav Constructions IPO: Financials

Pranav Constructions has delivered strong growth in its financial performance over the last three financial years, with revenue, EBITDA, PAT and net worth all increasing significantly between FY24 and FY26. The company’s consolidated revenue from operations increased from Rs 447.48 crore in FY24 to Rs 636.27 crore in FY25 and further to Rs 761.60 crore in FY26. This represents a healthy growth trajectory for a real estate business focused predominantly on redevelopment projects in Mumbai.

Profitability has also improved meaningfully. EBITDA increased from Rs 59.73 crore in FY24 to Rs 98.54 crore in FY25 and Rs 130.83 crore in FY26, while the EBITDA margin expanded from 13.35% to 15.49% and then 17.18% over the same period. This suggests that Pranav Constructions has not only grown its topline but has also improved its operating profitability as the scale of its redevelopment business has increased.

The company’s PAT rose from Rs 39.62 crore in FY24 to Rs 62.25 crore in FY25 and Rs 71.32 crore in FY26. Interestingly, the PAT margin was 8.85% in FY24, 9.78% in FY25 and 9.37% in FY26, indicating that profitability remained broadly stable despite the company’s rapid revenue growth. The FY26 EPS stood at Rs 8.18, compared with Rs 7.22 in FY25 and Rs 4.66 in FY24.

The balance sheet has expanded substantially alongside the business. Total equity increased from Rs 88.37 crore in FY24 to Rs 175.59 crore in FY25 and Rs 246.70 crore in FY26, reflecting the accumulation of profits and growth in the company’s capital base. At the same time, total debt increased from Rs 104.26 crore in FY24 to Rs 201.65 crore in FY25 and Rs 265.64 crore in FY26. However, the debt-to-equity ratio improved from 1.18x in FY24 to 1.15x in FY25 and 1.08x in FY26, suggesting that equity growth has outpaced the increase in leverage.

One area investors should watch is the return ratios. ROE declined from 64.93% in FY24 to 47.17% in FY25 and 33.78% in FY26, primarily as the company’s equity base expanded significantly. ROCE was relatively stable at 28.62% in FY24, 24.83% in FY25 and 24.34% in FY26. The current ratio remained comfortable at 1.16x in FY26, while the debt service coverage ratio improved to 1.65x from 1.58x in FY25 and 0.95x in FY24.

Pranav Constructions IPO: Valuations

At the upper end of the Pranav Constructions IPO price band of Rs 124, the company is valued at a post-IPO P/E multiple of 19.59x. This is higher than the pre-IPO P/E of 15.16x, primarily because the fresh issue increases the number of outstanding shares and consequently dilutes earnings per share. The post-IPO EPS falls from Rs 8.18 to Rs 6.33.

The IPO implies a post-issue market capitalisation of around Rs 1,396.52 crore at the upper price band. On the other hand, the pre-IPO market capitalisation at the same Rs 124 offer price is around Rs 1,081 crore. This gives investors a clear picture of the valuation impact of the fresh equity being raised.

The valuation also looks relatively moderate when compared with several listed real estate peers. Based on the peer data disclosed for the IPO, Godrej Properties trades at around 33.25x P/E, Lodha Developers at 33.48x, Keystone Realtors at 64.86x and Kalpataru at 56.64x, while Suraj Estate Developers trades at 9.94x. The peer set is quite diverse, so a direct P/E comparison should be treated with caution.

Pranav Constructions IPO: Strengths

Among the leading real estate companies in the Western Suburbs with a demonstrated growth and strong pipeline
Demonstrated project execution capabilities with in-house functional expertise
Capital efficient business model with high barriers to entry
Established a customer-centric brand in the Western Suburbs with robust stakeholder managementPranav Constructions IPO: Growth Potential

Pranav Constructions IPO: Growth Potential

Continue to focus on Redevelopment and expand in other regions of MCGM
Continue to focus on asset-light business model
Upgrade technology to drive operational efficiency and deliver quality Redevelopment Projects to its customers
Enhance and leverage the ‘PCPL’ brand

Pranav Constructions IPO: Risks

he company’s redevelopment activities are geographically concentrated in the MCGM Region, which accounted for 99.70%, 99.69% and 99.50% of its revenue from operations in FY26, FY25 and FY24, respectively. This concentration exposes the company to changes in market conditions, economic activity, regulations and other factors affecting the MCGM Region. Natural disasters or other adverse events in the region could also negatively impact its business, results of operations, cash flows and financial condition.
The company also faces execution risk on its redevelopment projects. Any delay in completing its under-construction or upcoming redevelopment projects within their expected timelines, or an inability to complete them at all, could adversely affect its business, reputation, financial performance and overall financial condition.

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Another key risk is inventory sales. If the company is unable to sell inventory from its redevelopment projects within a reasonable period, it could tie up capital and adversely affect its cash flows, business operations and financial performance.
The company does not enter into agreements for the supply of construction materials for its redevelopment projects and is dependent on a limited number of suppliers. Its top 10 suppliers accounted for 61.78% of total material costs in FY26, 69.80% in FY25 and 52.50% in FY24. Any significant increase in construction material prices or disruption in their availability could therefore increase project costs and negatively impact the company’s margins, results of operations and financial condition.

Pranav Constructions IPO: GMP

Pranav Constructions IPO last GMP is Rs 27, last updated Sep 3rd 2026. With the upper price band of Rs 124.00, Pranav Constructions IPO's estimated listing price is Rs 151 (cap price + today's GMP). The expected percentage gain/loss per share is 21.77%.

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Investing Lessons from Success Story of Hanuman Ansh

Abhinav Mishra — Thu, 03 Sep 2026 04:37:00 GMT

There is a rather unusual investment lesson playing out at the box office right now.

A small devotional film called Hanuman Ansh arrived in theatres without the kind of star power, marketing budget or initial buzz that usually creates a successful Bollywood movie. The film reportedly cost around Rs 2 crore to make and opened with just Rs 10 lakh. Its first two weeks were particularly underwhelming, with the movie collecting only around Rs 1.5 crore. By all conventional measures, it looked like a flop.

Then something changed.

From the third week onwards, audiences started turning up in much larger numbers, driven largely by word of mouth. The film’s third-week collection jumped to around Rs 10.5 crore, compared with just Rs 1.5 crore during its first two weeks combined. By September 2, reports put its India gross collection at around Rs 64.89 crore, with a net collection of Rs 55.03 crore.

A film made for roughly Rs 2 crore had suddenly become one of the biggest success stories of the year.

And that got me thinking.

There are some surprisingly good investing lessons hidden in the Hanuman Ansh story.

If you have not watched the movie, I encourage you to go out with your family and watch it.

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Lesson 1: Quality eventually finds its audience

The first lesson is perhaps the simplest.

Good businesses can take time to be recognised. When Hanuman Ansh released, the market, or in this case the audience, didn’t seem particularly interested. The opening numbers were weak, theatres were limited, and the film could easily have disappeared without anyone noticing.

But the initial numbers weren’t necessarily telling us that the underlying product was bad. They were telling us that the audience had not discovered it yet.

Once people started watching the movie and talking about it, the economics changed dramatically.

This happens in the stock market too.

A company can report decent numbers, have a strong balance sheet, operate in an attractive industry, and still remain ignored for years. The stock may move sideways while investors chase the latest theme, the latest IPO or whatever happens to be popular that month.

Then something changes.

Earnings accelerate. A new product starts working. Capacity gets utilised. Debt falls. Management executes better than expected. The industry enters a favourable cycle.

Suddenly, the market notices what was already there.

That is one reason I like looking beyond price charts when analysing companies.

The question isn’t always “What is the market excited about today?” It can also be “What is the market completely ignoring today?”

Hanuman Ansh is a rather dramatic example of what happens when something goes from ignored to discovered.

Lesson 2: Valuation matters more than the headline success

This, for me, is the most important lesson.

Everyone is talking about the film because it has reportedly generated more than Rs 60 crore against a production budget of roughly Rs 2 crore. That’s an extraordinary outcome.

But imagine the exact same movie had cost Rs 50 crore to make. Or Rs 80 crore. Would we still be calling it the same extraordinary success? Probably not.

This is where the difference between growth and returns becomes important. A fantastic business isn’t necessarily a fantastic investment.

If you buy an outstanding company at an absurd valuation, the future returns can still be disappointing because the price you paid already assumes a large part of the future success.

On the other hand, a good company purchased at a sensible valuation can produce exceptional returns if earnings compound faster than the market expected.

That’s why I don’t think investors should ask only: “Is this a good company?”

The better question is: “Is this a good company at the price I am paying?”

Hanuman Ansh is such an interesting analogy because its success isn’t simply about Rs 60 crore of collections. It’s about what it achieved relative to the capital required to make it. That’s essentially what investors are trying to do. We aren’t simply looking for companies that make money.

We’re looking for companies that can generate attractive returns on the capital we are paying for them.

Lesson 3: Patience can completely change the outcome

The third lesson is about something investors know intellectually but struggle to practise.

Patience.

After two weeks and around Rs 1.5 crore of collections, it would have been perfectly reasonable for the makers, distributors and exhibitors to conclude that the movie wasn’t working. But the story wasn’t finished.

The third week changed everything.

The film’s collections surged, word of mouth spread and theatres started seeing demand. Some reports suggest that audiences were even travelling significant distances because there were limited screenings. As demand increased, exhibitors added more shows and screens, creating a feedback loop that helped the movie reach a much larger audience.

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This is incredibly similar to investing. You buy a company because you believe earnings will grow over five or ten years. Six months later, the stock hasn’t moved. A year later, it is still flat. Then another company in a fashionable sector goes up 50%, and you start wondering whether you made a mistake.

You sell.

Three months later, your company announces exactly the earnings growth you were expecting. The market finally notices. The stock rerates. And you’re no longer holding it.

This is why time and patience are not passive concepts in investing. They are part of the investment thesis. If the original thesis remains intact, sometimes the best thing an investor can do is simply allow the business enough time to prove itself.

Lesson 4: The market can be very wrong in the short term

The first two weeks of Hanuman Ansh essentially represented the market’s initial judgement. And that judgement turned out to be dramatically different from what happened subsequently.

This doesn’t mean every falling stock is secretly a multibagger. That’s an important distinction. Most weak stocks don’t suddenly become successful because investors were impatient.

But it does demonstrate something important: Short-term numbers can sometimes tell you what is happening, without telling you why it is happening or what happens next.

A stock falling 20% doesn’t automatically mean the business has deteriorated. A stock rising 30% doesn’t automatically mean the business has improved. Price is information, but it isn’t the complete story. For an investor, the job is to understand whether the underlying business is changing or merely the market’s perception of that business.

That’s a much harder question.

And that’s where fundamental research matters.

Lesson 5: Small does not mean insignificant

Perhaps the most inspiring part of this story is the sheer difference in scale.

A film made on a reported budget of around Rs 2 crore has managed to compete for attention with movies carrying budgets hundreds of times larger. Recent reports have even highlighted its performance against much bigger releases.

The lesson isn’t that every small company will become a giant.

Most won’t.

But investors should be careful about dismissing something simply because it is small.

Some of the best businesses start with tiny revenue, limited market share and very little attention.

The important question is not: “How big is the company today?”

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It is: “How big can this company reasonably become?”

A Rs 100 crore company operating in a Rs 10,000 crore market has a very different opportunity from a Rs 10,000 crore company operating in a Rs 12,000 crore market.

That’s why I spend so much time thinking about addressable market, scalability and competitive advantage rather than simply looking at today’s revenue.

Before You Go

The Hanuman Ansh story has one number that really sticks with me:Rs 2 crore.

Not because Rs 60 crore or Rs 64.89 crore isn’t impressive. But because the starting point was so small. The film reportedly took around Rs 2 crore to make and has now crossed Rs 60 crore in gross collections.

That’s roughly 30x the reported production budget in gross box-office collections.

And that’s where the investment lesson becomes very clear. Returns are always relative to the capital you put at risk. A company earning Rs 1,000 crore isn’t automatically better than a company earning Rs 100 crore.

A stock going up Rs 100 isn’t automatically better than one going up Rs 20.

A movie collecting Rs 100 crore isn’t automatically a bigger success than one collecting Rs 50 crore.

You have to ask:

How much did you have to invest to get there?

That is valuation.

And perhaps that is the most important investing lesson hidden inside the unlikely success of Hanuman Ansh.

Find quality. Don’t overpay for it. And then give it enough time to prove you right.

Because sometimes the biggest mistake isn’t buying the wrong thing.

It’s giving up on the right thing before everyone else realises what they were looking at.

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Investing Is A Zero-Sum Game

Abhinav Mishra — Wed, 02 Sep 2026 01:46:40 GMT

Currently, I am reading a book on Value Investing (link HERE). One line from a book has stayed with me since I read it: “Before transaction costs, investing is a zero-sum game. After transaction costs, it becomes a negative-sum game.”

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Initially, it sounds strange because investing is usually associated with wealth creation, economic growth, and long-term compounding. We naturally assume that markets are designed so that everyone who participates benefits together over time. But the statement becomes extremely powerful once you separate “the stock market” from “active stock picking.”

Because when we talk about active investing, the math becomes unavoidable.

If the market as a whole delivers 12% return in a year, then collectively all investors together can only average that same 12% before costs. Which means if somebody earns 30%, somebody else somewhere has necessarily earned less than average. Outperformance does not emerge magically. It comes directly from another investor underperforming relative to the market.

And then reality becomes even harsher.

Brokerage costs, taxes, slippage, fund management fees, option premiums, and frequent transaction costs further reduce aggregate returns. So while markets themselves may generate wealth over time, the collective pool of active participants, after costs, actually underperforms the market average. That is why the idea becomes a negative-sum game once expenses are factored in.

Every Trade Is A Disagreement Between Two Intelligent People

One thing markets slowly teach is that confidence alone has absolutely no value.

Every single time you buy a stock believing it will outperform, somebody else is selling the exact same stock believing the future return may disappoint. Both people may have read annual reports. Both may understand the industry. Both may genuinely believe they are making a rational decision.

But both cannot be right simultaneously.

I think retail investors underestimate how important this realization is because social media has created the illusion that investing success simply comes from finding “good companies.” But markets are not that simple. The moment a stock becomes publicly traded, every known positive and negative argument starts to be reflected as millions of participants analyze the same information differently.

This is why investing eventually becomes less about certainty and more about probability.

The market is one of the few places where highly intelligent people with access to the same information consistently arrive at opposite conclusions. One investor may see a buying opportunity because valuations look attractive. Another may see structural risk because growth is slowing. A third participant may require liquidity for reasons completely unrelated to the business itself.

That complexity is what makes markets both fascinating and humbling.

Why Most Active Investors Quietly Lose Over Time

The difficult truth most investors emotionally resist is that consistently outperforming markets is extraordinarily difficult.

Not occasionally. Consistently.

Globally, studies repeatedly show that most actively managed funds fail to beat benchmark indices over long periods once costs are considered. And these are professionals with research teams, management access, industry experts, expensive tools, and decades of experience.

Yet millions of individual investors still believe they can consistently outperform by constantly buying, selling, reacting, predicting, and optimizing their portfolios every few weeks.

Personally, I think markets reward emotional discipline far more than intelligence alone.

Because once investors start feeling the need to act constantly, returns often begin to deteriorate. Activity creates friction. Friction creates costs. Costs quietly compound negatively over time. The irony is that many investors end up working extraordinarily hard only to perform worse than simple index investing.

And this is where passive investing becomes intellectually powerful. Not because it is exciting. But because it accepts something psychologically difficult:

You may not consistently be smarter than the market as a whole. That mindset sounds humble, but mathematically, it is often extremely rational.

Long-Term Investing Is Still Wealth Creation

At the same time, this does not mean markets themselves are pointless or purely speculative.

The economy still grows.
Businesses still innovate.
Profits still expand.
Consumption still rises.
Productivity still improves.

Over long periods, equity markets generate wealth because productive companies create real economic value. The mistake many investors make is confusing active competition against other investors with long-term participation in economic growth itself.

Those are two very different games.

Trying to consistently outperform everyone else is brutally difficult because the market already includes institutions, professionals, algorithms, global funds, and millions of participants competing simultaneously.

But participating patiently in long-term economic growth itself is much simpler.

I think this realization completely changes investing. Because once you stop trying to “win every year,” investing becomes calmer, more sustainable, and psychologically healthier.

The Thought That Quietly Changed My Investing Approach

Now, whenever I buy a stock, I occasionally think about the invisible person on the other side of the trade. That person may understand the business differently.

May know risks I am ignoring.
May have longer investing experience.
Or may have an opposite interpretation of the same facts.

That thought itself creates humility. And humility may be one of the most underrated advantages in investing because markets punish certainty far more aggressively than most people realize.

Over time, I have come to believe that successful investing is not really about repeatedly proving you are smarter than everyone else. It is more about avoiding unnecessary mistakes, reducing emotional overconfidence, and staying invested long enough for compounding to work quietly in the background.

Because in a system where active investing collectively becomes a negative-sum game after costs, survival itself becomes an underrated edge.

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Deepa Jewellers IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Mon, 31 Aug 2026 05:15:31 GMT

The Deepa Jewellers IPO brings a fast-growing B2B jewellery business to the public markets. The company designs and supplies hallmarked gold jewellery to jewellery retail chains and standalone stores, with a strong presence in Southern India. Its financial performance has also improved significantly, with revenue rising to Rs 1,926.68 crore in FY26 and PAT reaching Rs 104.79 crore.

At a P/E of around 13.85x at the upper price band, the valuation looks reasonable compared with the reported peer average of 23.92x. In this newsletter, let us look at Deepa Jewellers IPO, its business, financials, valuation, GMP, strengths and key risks.

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Deepa Jewellers IPO: Key Details

The Deepa Jewellers IPO will open for subscription on September 1, 2026, and close on September 3, 2026. The Deepa Jewellers IPO allotment is expected to be finalized on September 4, 2026, with the shares scheduled to list on both the NSE and BSE on September 8, 2026.

The Deepa Jewellers IPO price band has been fixed at Rs 168 to Rs 177 per share, with a lot size of 84 shares. At the upper end of the price band, the minimum investment required for the Deepa Jewellers IPO is Rs 14,868 for one lot of 84 shares.

Deepa Jewellers IPO: Business

Deepa Jewellers is an organised B2B designer, processor and supplier of hallmarked gold jewellery, with its primary operations across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. The company is also one of the key processors and suppliers of vaddanam and CNC machine-cut bangles, supplying its jewellery to retail chains as well as standalone jewellery stores.

The Deepa Jewellers business model is focused on the business-to-business (B2B) segment. Instead of selling directly to end consumers, Deepa Jewellers designs jewellery, gets it manufactured and supplies the finished gold jewellery to other businesses, including jewellery retail chains and standalone stores.

Deepa Jewellers has a team of in-house designers who develop new jewellery designs based on customer requirements, prevailing market trends and regional preferences. This allows the company to maintain a diverse and customised product portfolio that can cater to different customer needs and regional tastes.

For manufacturing, Deepa Jewellers follows an outsourced model supported by a network of 41 karigars. Under this arrangement, the company provides raw materials such as gold, alloys and precious stones to the karigars. The karigars manufacture the jewellery according to Deepa Jewellers’ designs and specifications and return the finished, ready-to-sell jewellery to the company in return for making charges.

This outsourced manufacturing model gives Deepa Jewellers operational flexibility and allows the company to scale its production based on business requirements without making significant investments in manufacturing infrastructure.

Another important aspect of the Deepa Jewellers business is the supply of hallmarked gold jewellery. The finished jewellery supplied by the company is hallmarked, which certifies its purity in accordance with applicable regulatory standards and provides customers with assurance regarding the quality and authenticity of the gold used.

Deepa Jewellers IPO: Financials

The Deepa Jewellers financials show a sharp improvement in scale over the last three years. Revenue from operations increased from Rs 1,024.57 crore in FY2024 to Rs 1,397.01 crore in FY2025, before rising further to Rs 1,926.68 crore in FY2026. That means revenue grew by nearly 38% in FY2026, following a strong 36% increase in FY2025.

Profitability has improved even faster. EBITDA rose from Rs 35.77 crore in FY2024 to Rs 56.01 crore in FY2025 and Rs 146.34 crore in FY2026. As a result, the EBITDA margin expanded from 3.49% to 4.01% and then 7.60%. This is an important improvement because it shows that Deepa Jewellers is not merely growing revenue, but also generating better operating profitability as its business scales.

The bottom line shows an even stronger trend. PAT increased from Rs 24.35 crore in FY2024 to Rs 40.58 crore in FY2025 and Rs 104.79 crore in FY2026. The PAT margin consequently improved from 2.37% in FY2024 to 2.90% in FY2025 and 5.44% in FY2026. Return ratios are also strong, with ROE at 56.45% and ROCE at 52.08% in FY2026.

Another positive is the reduction in leverage. Deepa Jewellers’ debt-to-equity ratio declined from 0.84x in FY2024 to 0.61x in FY2025 and 0.47x in FY2026. Overall, the Deepa Jewellers IPO financials show strong revenue growth, significant margin expansion, rapid PAT growth and improving leverage. The key question for investors will be whether the company can sustain this sharp improvement in profitability as it continues to grow.

Deepa Jewellers IPO: Valuations

At the Deepa Jewellers IPO price band, the company is valued at approximately 13.15x FY2026 diluted earnings at the floor price of Rs 168 and around 13.85x at the upper price of Rs 177. This compares with the reported FY2026 peer average P/E of around 23.92x. On this basis, the Deepa Jewellers IPO is being offered at a discount to the reported valuation of its peers.

However, the valuation should also be looked at alongside the company’s NAV and profitability. At the upper price of Rs 177, the IPO values the company at approximately 6.1x its reported NAV of Rs 29.03 per share. This indicates that while the P/E multiple looks relatively attractive compared with peers, investors are still paying a significant premium to the company’s book value.

Deepa Jewellers IPO: Strengths

Significant revenue contribution from Southern India
Well established customer base with long-standing relationship with jewellery retail chains and standalone stores
Diverse product portfolio with varied weight ranges, designs and specialisation in vaddanam and CNC machine cut bangles
Established procurement network and long -standing relationship with karigars

Deepa Jewellers IPO: Growth Potential

Setting up in-house manufacturing facility
Further strengthening presence in Southern India through new sales offices
Expanding its product portfolio by adding new product categories, designs and SKUs.
Invest in brand building and marketing initiatives by participating in various trade exhibitions and trade shows

Deepa Jewellers IPO: Risks

Deepa Jewellers has a high concentration of revenue among a small number of customers. The company’s top 10 customers accounted for Rs 1,246.03 crore, Rs 883.93 crore and Rs 690.19 crore, representing 64.67%, 63.27% and 67.36% of revenue from operations in FY26, FY25 and FY24, respectively. Any decision by these key customers to reduce or terminate their business with Deepa Jewellers could have a significant impact on its business, financial condition and results of operations.

Deepa Jewellers is significantly dependent on the sale of vaddanam and CNC machine-cut bangles. Revenue from vaddanam accounted for 41.85%, 34.58% and 36.66% of revenue from operations in FY26, FY25 and FY24, respectively. Meanwhile, CNC machine-cut bangles contributed 30.87%, 41.82% and 39.78% during the same periods. Any cancellation or reduction in purchase orders for these products could adversely affect Deepa Jewellers’ business, cash flows, financial condition and overall results of operations.

Deepa Jewellers’ operations are heavily concentrated in Southern India. Revenue from the region accounted for 94.37% in FY26, 98.33% in FY25 and 99.55% in FY24 of total revenue. Such a high geographical concentration exposes the company to regional economic conditions, local market trends, cultural factors and other risks that could affect demand and business operations.

IPO OPEN NOW/OPENING SOON: Lumino Industries IPO and Priority Jewels IPO and Rays of Belief and Purple Style Labs IPO and ESDS Software Solutions IPO

Inventory management is also important for Deepa Jewellers’ financial performance. The company’s results depend on its ability to accurately forecast demand and maintain appropriate inventory levels. Any inability to manage inventory efficiently or accurately predict customer demand could result in excess inventory, higher costs or missed sales opportunities, potentially affecting its business, financial condition, results of operations and cash flows.

Deepa Jewellers IPO: GMP

The Deepa Jewellers IPO GMP is Rs 45, as of August 31, 2026. With the upper end of the Deepa Jewellers IPO price band set at Rs 177, the estimated listing price is Rs 222, calculated by adding the latest GMP to the cap price. This indicates an estimated 25.42% gain per share over the IPO upper price band.

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I Stole 3 Ideas From Japan And They Made Me A Better Investor

Abhinav Mishra — Fri, 28 Aug 2026 01:45:35 GMT

A few years ago, I realized that most investing books were teaching me how to analyze businesses, read balance sheets, calculate valuations, and understand economic cycles. All of that was useful, but I kept running into a different problem. The biggest mistakes in my investing journey were rarely caused by a lack of knowledge. They were caused by behavior.

I bought stocks because everyone else was buying them. I worried about things completely outside my control. I held onto bad investments longer than I should have. And sometimes, I forgot why I was investing in the first place.

Interestingly, some of the best lessons I found did not come from finance books. They came from Japanese philosophies that have been around for decades, and in some cases, centuries. These ideas were never designed for investing, yet they ended up improving my investing decisions more than many market theories ever did.

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Shikata Ga Nai: Focus On What Matters

One of my favorite Japanese phrases is Shikata Ga Nai, which roughly translates to “it cannot be helped.”

At first glance, it sounds passive. In reality, it is incredibly liberating.

Markets fall. Interest rates rise. Governments change policies. Wars happen. FIIs sell. Global recessions arrive unexpectedly. Investors spend countless hours worrying about these things, even though they have absolutely no control over them.

The problem is that worrying about uncontrollable events does not improve returns. It only increases anxiety.

Over time, I realized that successful investing is largely about separating what you can control from what you cannot. I cannot control whether the market falls 20% next month, but I can control how diversified my portfolio is. I cannot control crude oil prices, but I can control position sizing. I cannot control a global crisis, but I can control whether I panic and sell quality businesses at the worst possible time.

Once I accepted this idea, investing became significantly less stressful.

Danshari: Learning To Throw Things Away

Most people associate the Japanese concept of Danshari with decluttering their homes. The idea is simple: remove things that no longer add value to your life.

I eventually realized that portfolios also need periodic decluttering.

Many investors have stocks in their portfolios that they would never buy today. Yet they continue holding them because selling feels like admitting a mistake. Sometimes the business has deteriorated. Sometimes, management quality has declined. Sometimes the original investment thesis simply no longer exists.

Yet investors hold on. This is where Danshari becomes useful.

A portfolio should not be a museum of past decisions. It should be a collection of your best current ideas. One lesson that took me years to learn is that selling a bad investment is not a failure. Refusing to recognize a mistake is.

Every rupee locked in a poor investment is a rupee that cannot be allocated to a better opportunity. Some of the best investment decisions are not new purchases. They are timely exits.

The market does not reward loyalty. It rewards sound judgment.

Ikigai: Remember Why You Started

The final concept is perhaps the most important of all.

Ikigai is often described as the reason you get up in the morning. It represents purpose. When applied to investing, it forces a simple but powerful question: Why are you investing?

Most investors know what they own, but surprisingly few know why they are building wealth.

Is it for financial freedom? Early retirement? Your children’s education? Supporting your parents? Creating a safety net? Having the freedom to pursue work you enjoy?

Without a clear purpose, investing becomes an endless race. There is always another stock to buy, another benchmark to beat, another investor to compare yourself against.

The irony is that comparison often destroys the very thing investing is supposed to create: peace of mind.

Once your purpose becomes clear, decision-making becomes easier. You stop chasing every market trend. You stop feeling inadequate because someone else’s portfolio performed better. You start measuring success based on whether your investments are helping you achieve your own goals rather than somebody else’s.

That shift changes everything.

BEFORE YOU GO

The longer I invest, the more convinced I become that successful investing is not just about numbers. It is about mindset. Shikata Ga Nai taught me to stop worrying about what I cannot control. Danshari taught me to remove what no longer serves me. Ikigai reminded me why I started investing in the first place.

None of these ideas were created for investors. Yet together, they might be some of the most valuable investing lessons I have ever learned.

Thanks for reading Abhinav’s Substack! This post is public so feel free to share it.

ESDS Software Solution IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Thu, 27 Aug 2026 05:23:14 GMT

The ESDS Software Solution IPO brings a fast-growing player in India's cloud, data centre and digital infrastructure space to the public market. The numbers are particularly interesting: revenue from operations rose to Rs 472.21 crore in FY26, PAT jumped to Rs 120.82 crore, and EBITDA margin expanded sharply to 49.60%. But at a post-IPO P/E of 41.61x, investors are also paying a premium for that growth.

In this newsletter, I look at the ESDS Software Solution IPO, its business, financials, valuation, strengths and key risks.

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ESDS Software Solution IPO: Key Details

The ESDS Software Solution IPO will open for subscription on August 28, 2026, and close on September 1, 2026. The ESDS Software Solution IPO allotment is expected to be finalized on September 2, 2026, with the shares scheduled to list on both the NSE and BSE on September 4, 2026.

The ESDS Software Solution IPO price band has been fixed at Rs 408 to Rs 429 per share, with a lot size of 34 shares. At the upper end of the price band, the minimum investment required for the ESDS Software Solution IPO is Rs 14,586 for one lot of 34 shares.

ESDS Software Solution IPO: Business

ESDS Software Solution is an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider in India. The company is among the two players in India offering the full spectrum of GPU-as-a-Service (GPUaaS), cloud services, managed services, data centre infrastructure and software solutions.

The ESDS Software Solution business offers an integrated platform of cloud infrastructure and software solutions covering Infrastructure-as-a-Service (IaaS), managed services and Software-as-a-Service (SaaS). Its IaaS offerings broadly include colocation and data centre services, cloud services and cloud computing. Through these offerings, ESDS Software Solution provides cloud adoption solutions designed to help customers reduce costs while offering security, flexibility, scalability and reliability.

ESDS Software Solution was also among the early cloud service providers in India to offer community cloud services. These services operate on a multi-tenant model and are designed for groups of organisations with similar business models and requirements, particularly around data privacy, security, compliance and regulatory needs.

The ESDS Software Solution customer base spans multiple end-user industries. Its customers include banking, financial services and insurance (BFSI) companies, government and public sector entities, and enterprises. The government segment includes central, state and local government departments, public sector undertakings, government agencies and institutions that procure products and services for administrative, infrastructure and public service requirements.

With its combination of AI-enabled cloud infrastructure, GPUaaS, data centre services, managed services and SaaS offerings, ESDS Software Solution operates across several areas of India’s rapidly expanding digital infrastructure ecosystem. This integrated business model is a key part of the ESDS Software Solution IPO story.

ESDS Software Solution IPO: Financials

ESDS Software Solution has delivered strong growth in both revenue and profitability over the last three financial years. Revenue from operations increased from Rs 286.52 crore in FY2024 to Rs 361.34 crore in FY2025 and Rs 472.21 crore in FY2026. This represents a significant increase in scale, with FY2026 revenue growing by around 31% year-on-year.

The improvement in profitability is even more notable. EBITDA increased from Rs 101.88 crore in FY2024 to Rs 154.89 crore in FY2025 and Rs 234.23 crore in FY2026. The EBITDA margin also expanded consistently, rising from 35.56% in FY2024 to 42.86% in FY2025 and 49.60% in FY2026. This indicates strong operating leverage and improving profitability as the business has scaled.

PAT grew sharply from Rs 13.61 crore in FY2024 to Rs 55.61 crore in FY2025 and Rs 120.82 crore in FY2026. The PAT margin consequently improved from just 4.75% in FY2024 to 15.39% in FY2025 and 25.59% in FY2026. Return ratios also strengthened, with ROE rising to 25.12% and ROCE reaching 32.78% in FY2026.

The balance sheet has also become considerably stronger. The debt-equity ratio declined from 0.66x in FY2024 to 0.15x in FY2025 and just 0.08x in FY2026. Days Sales Outstanding also improved to 79 days in FY2026, from 101 days in FY2025. Overall, the ESDS Software Solution financials show a combination of strong revenue growth, expanding margins, sharp PAT growth and significantly lower leverage, making the financial performance one of the key positives to consider in the ESDS Software Solution IPO.

ESDS Software Solution IPO: Valuations

At the offer price, ESDS Software Solution is valued at a post-IPO P/E of 41.61x, compared with 35.66x on a pre-IPO basis. The higher post-IPO multiple is partly because EPS declines from Rs 12.03 pre-IPO to Rs 10.31 post-IPO, indicating some dilution in earnings per share after the issue.

The market capitalisation at the offer price is expected to increase from around Rs 4,308 crore pre-IPO to Rs 5,028.35 crore post-IPO. This puts the company at a fairly substantial valuation relative to its current earnings.

That said, the valuation needs to be viewed alongside the company’s recent financial performance. ESDS Software Solution has delivered strong revenue and PAT growth, while EBITDA margins have expanded significantly to 49.60% in FY2026. If the company can sustain this growth and its high margins, the premium valuation could be supported by future earnings growth.

IPO OPEN NOW/OPENING SOON: HyTech Engineers and Annu Projects IPO and Lumino Industries IPO and Priority Jewels IPO and Rays of Belief and Purple Style Labs IPO

ESDS Software Solution IPO: Strengths

They are a leading player offering end-to-end cloud, managed services, Data Centre infrastructure and software solutions in India
Their comprehensive Security-as-a-Service (SECaaS) framework enables businesses to proactively manage threats and achieve robust security and compliance objectives
They have long-term relationships with well-established banks and other businesses
Strong Government Partnerships and Policy Advocacy

ESDS Software Solution IPO: Growth Potential

Expand business by focusing on enhancing infrastructure, driving AI/ML innovation, and committing to sustainability for efficient scaling and customer value
Continue to scale AI-driven solutions
Enhance collaboration with Government and business partners

ESDS Software Solution IPO: Risks

ESDS Software Solution operates in a technology-driven industry where continuous innovation is important. If the company fails to respond to new technological developments, adapt to changing technologies or keep pace with evolving industry standards, its business, financial condition and results of operations could be adversely affected.
ESDS Software Solution has a meaningful exposure to government entities and government projects. Revenue, directly or indirectly, from government entities and government projects accounted for 27.37%, 29.52% and 34.04% of revenue from operations in FY2026, FY2025 and FY2024, respectively. Any changes in government policies or budgetary allocations, or the company’s inability to meet eligibility and selection criteria for outsourced services, could adversely affect its business, financial condition, results of operations and cash flows.
ESDS Software Solution is also exposed to cybersecurity and data security risks. Any unauthorised access to the company’s network or data could damage its reputation, result in additional liabilities and adversely affect its financial condition, results of operations and cash flows.
The company also has a relatively concentrated customer base. In FY2026, revenue from ESDS Software Solution’s top client accounted for 15.93% of revenue from operations, while its top 10 clients contributed 45.36%. The loss of a major customer or a reduction in business from these clients could have a material adverse effect on the company’s business, financial condition, results of operations and cash flows.

ESDS Software Solution IPO: GMP

ESDS Software Solution IPO last GMP is Rs 365, last updated Aug 27th 2026. With the upper price band of Rs 429.00, ESDS Software Solution IPO's estimated listing price is Rs 794. The expected percentage gain/loss per share is 85.08%.

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Purple Style Labs IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Thu, 27 Aug 2026 04:48:53 GMT

The Purple Style Labs IPO brings one of India's prominent luxury fashion platforms to the public markets through its flagship brand, Pernia's Pop-Up Shop. The company has built a large designer network and an omnichannel presence across India and international markets, but the financial picture is more complicated.

With the IPO valuation difficult to assess on traditional earnings multiples, the real question is whether Purple Style Labs can turn its scale, designer relationships and luxury fashion positioning into sustainable profitability.

In this newsletter, I look at the Purple Style Labs IPO, its business, financials, valuation, key strengths and risks.

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Purple Style Labs IPO: Key Details

The Pernia’s Pop-up Studio IPO will open for subscription on August 31, 2026, and close on September 2, 2026. The Pernia’s Pop-up Studio IPO allotment is expected to be finalized on September 3, 2026, while the IPO is scheduled to list on both the NSE and BSE on September 7, 2026.

The Pernia’s Pop-up Studio IPO price band has been fixed at Rs 546 to Rs 575 per share. The IPO lot size is 26 shares, meaning retail investors need to apply for at least one lot. At the upper end of the price band, the minimum investment required for the Pernia’s Pop-up Studio IPO is Rs 14,950 for 26 shares.

Purple Style Labs IPO: Business

Purple Style Labs, through its flagship brand Pernia’s Pop-Up Shop (PPUS), operates one of India’s largest and fastest-growing multi-brand luxury omnichannel fashion platforms by revenue in FY2025. The Purple Style Labs business serves customers in India as well as international markets through a combination of physical stores, digital platforms and other sales channels.

The Pernia’s Pop-Up Shop platform offers a curated selection of luxury fashion from 1,109 active designer brands as of March 31, 2026. Its designer portfolio includes names such as Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna. The product range covers womenswear, menswear, jewellery, accessories and kidswear, with a particular focus on wedding and occasion wear. In FY2026, the PPUS Average Order Value (AOV) stood at Rs 75,504.88, reflecting its positioning in the premium and luxury fashion segment.

Purple Style Labs acquired the website of Pernia’s Pop-Up Shop, along with its related business intellectual property rights, goodwill and fixed and movable assets, through an asset purchase agreement in February 2018. Since then, the company has expanded the PPUS brand into an omnichannel luxury fashion platform, combining online and offline shopping experiences.

The Purple Style Labs omnichannel platform includes its website, mobile application, telephonic and digital sales channels, events and exhibitions, as well as physical Experience Centers. Customers can shop through the PPUS website, its Android and iOS mobile applications, or visit its physical stores.

The company has also been expanding its Large Format Experience Centers, which range from 20,000 to 60,000 square feet in built-up area. These centres are designed to provide customers with an immersive luxury shopping experience in key fashion markets. Purple Style Labs opened Experience Centers at Fort and Linking Road in Mumbai in July 2025 and March 2026, respectively, along with a centre at South Extension in Delhi in June 2025 and another at Madison Avenue in New York City in February 2026.

The combination of a large designer network, high-value fashion categories, digital channels and expanding Experience Centers forms the core of the Purple Style Labs business model and will be an important part of the Purple Style Labs IPO story.

Purple Style Labs IPO: Financials

Purple Style Labs’ revenue has remained relatively stable over the last three financial years. Revenue from operations stood at Rs 504.37 crore in FY2024, declined slightly to Rs 489.91 crore in FY2025, and increased to Rs 557.84 crore in FY2026. The FY2026 growth is encouraging, although revenue remains a key parameter to watch as the company continues to expand its luxury fashion platform.

The bigger concern is profitability. Purple Style Labs reported a net loss of Rs 285.40 crore in FY2026, compared with a loss of Rs 188.38 crore in FY2025 and Rs 47.71 crore in FY2024. EBITDA remained positive at Rs 30.37 crore in FY2026, but declined from Rs 41.99 crore in FY2025. As a result, the EBITDA margin fell from 8.57% to 5.44%, indicating pressure on operating profitability.

The balance sheet and working capital position also deserve attention. Net working capital increased to Rs 86.85 crore in FY2026, from Rs 79.85 crore in FY2025, while the cash conversion cycle improved to 105.26 days from 123.57 days. Overall, the Purple Style Labs financials show improving revenue but continued pressure at the bottom line. The key question for the Purple Style Labs IPO is whether the company can convert its scale and brand presence into sustainable profitability.

Purple Style Labs IPO: Valuations

The Purple Style Labs IPO valuation is difficult to assess using the traditional P/E ratio because the company is currently loss-making. Its pre-IPO EPS stands at negative Rs 41.83, resulting in a negative P/E of -13.75x. Post-IPO EPS and P/E are also shown as negative, meaning the company does not currently have positive earnings against which investors can meaningfully compare the offer price.

At the offer price, Purple Style Labs’ market capitalisation is expected to increase from around Rs 3,924 crore pre-IPO to Rs 4,639.63 crore post-IPO. This represents a significant valuation despite the company’s substantial losses.

Purple Style Labs IPO: Strengths

Multi-brand omni-channel luxury platform in India with a wide portfolio of products and strong designer relationships
Omni-channel business model with a focus on operational efficiency
They have established a strong and growing international presence, serving a diverse global customer base across multiple continents
They are established as a premier luxury fashion destination for Indian Designer Brands

Purple Style Labs IPO: Growth Potential

Expand footprint in key luxury markets
By carefully curating product range, they aim to provide its existing customers with more of the products they want.
Increase and optimize product categories and Designer Brand mix
Continue to focus on profitability and cost structure

IPO OPEN NOW/OPENING SOON: HyTech Engineers and Annu Projects IPO and Lumino Industries IPO and Priority Jewels IPO and Rays of Belief

Purple Style Labs IPO: Risks

Purple Style Labs has incurred losses in the past, along with negative retained earnings and negative net cash flows from operating activities. The company’s negative retained earnings stood at Rs 710.29 crore as of March 31, 2026. If Purple Style Labs continues to report higher losses, negative retained earnings or negative operating cash flows for an extended period, it could adversely affect the company’s results of operations, financial condition and cash flows.
Purple Style Labs is heavily dependent on the womenswear category. Womenswear accounted for 77.70%, 75.66% and 77.88% of total PPUS GMV in FY2026, FY2025 and FY2024, respectively. Any change in consumer preferences or a decline in demand for womenswear products could materially affect the company’s business, financial condition, cash flows, results of operations and future prospects.
Experience Centers are an important contributor to Purple Style Labs’ business. GMV generated through the company’s Indian Experience Centers accounted for 74.72%, 66.41% and 56.20% of total PPUS GMV in FY2026, FY2025 and FY2024, respectively. Any disruption to these centres, or difficulties in expanding and growing the Experience Center network, could adversely affect Purple Style Labs’ business and financial performance.
Purple Style Labs is also exposed to changes in international trade policies and geopolitical conditions. Changes in trade tariffs, export controls, economic or trade sanctions and broader geopolitical developments could affect the company’s international business and may have a material adverse impact on its financial condition and results of operations.

Purple Style Labs IPO: GMP

Pernia's Pop-up Studio IPO last GMP is Rs 0, last updated Aug 27th 2026. With the upper price band of Rs 575.00, Pernia's Pop-up Studio IPO's estimated listing price is Rs 575 (cap price + today's GMP). The expected percentage gain/loss per share is 0.00%.

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Nifty P/B Ratio at 6-Year Low: Is the Nifty 50 Cheap Now?

Abhinav Mishra — Wed, 26 Aug 2026 01:30:52 GMT

The Nifty 50’s price-to-book ratio has fallen to around 2.58x, its lowest level in roughly six years. On the surface, that sounds like an obvious signal that Indian equities have become cheaper. But there is an important catch: the P/B ratio isn’t falling only because share prices have corrected. Rising book values, weak banking stocks and a change in the way NSE calculates the index’s book value are all playing a role.

And this is where the current number becomes interesting. A P/B of 2.58x is well below the Nifty’s 5-year average of 3.18x and 10-year average of 2.99x. Even the one-year forward P/B of around 2.96x is higher than the current level.

So, is the Nifty genuinely cheap?

The answer isn’t as straightforward as the headline suggests.

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First, what exactly is the P/B ratio?

The price-to-book ratio, or P/B ratio, compares a company’s market value with its net book value.

The calculation is simple: P/B = Market Value ÷ Net Book Value

Consider a hypothetical company with assets worth Rs 120 crore and liabilities of Rs 20 crore. Its net book value, or shareholders’ equity, would be Rs 100 crore.

If the market values that company at Rs 250 crore, its P/B ratio would be:

Rs 250 crore ÷ Rs 100 crore = 2.5x

That means investors are willing to pay Rs 2.50 for every Rs 1 of book value. The same concept can be applied to the Nifty 50. The important question is not simply whether the P/B is low, but why it is low.

Nifty P/B is now below its long-term average

The current Nifty P/B of around 2.58x is significantly below historical averages.

At 2.58x, the Nifty is trading at a discount to both its five-year and ten-year average P/B ratios. That certainly looks encouraging for investors looking for valuation comfort.

But there is another way of looking at it. The P/B ratio is simply a relationship between share price and book value. If book value grows faster than the share price, the P/B ratio will fall even if the market does not experience a major correction.

That is exactly what has been happening in parts of the market.

Banking is a big reason behind the lower P/B

Banks and financial companies account for roughly 35% of the Nifty 50, making BFSI the largest sector within the index.

This matters because book value is particularly important for financial companies. When a bank earns profits and retains those profits, its net worth increases. If the share price does not rise at the same pace, its P/B multiple naturally falls.

For example, imagine a bank with a book value of Rs 100 and a share price of Rs 240.

Its P/B would be: Rs 240 ÷ Rs 100 = 2.40x

Now suppose the bank retains profits and its book value increases from Rs 100 to Rs 120, while the share price only moves from Rs 240 to Rs 245.

The new P/B becomes: Rs 245 ÷ Rs 120 = 2.04x

Nothing dramatic happened to the share price. Yet the P/B ratio fell from 2.40x to 2.04x.

This is the denominator effect. And it is particularly relevant for banks because their book values can grow meaningfully through retained earnings.

A low P/B doesn’t automatically mean a cheap stock

This is probably the most important point for investors. A company trading at a lower P/B isn’t necessarily cheaper than another company trading at a higher P/B.

Consider two banks.

Bank A trades at 1x book but generates an ROE of only 5%.
Bank B trades at 2.5x book but generates an ROE of 20%.

At first glance, Bank A looks cheaper because its P/B is only 1x. But Bank B is generating substantially higher returns on shareholders’ capital. Investors may therefore be willing to pay a premium for its book value.

This is why P/B should be considered alongside ROE, rather than in isolation.

For financial companies in particular, a high P/B can be justified when the business consistently generates strong returns on equity and compounds its book value.

Similarly, a low P/B can remain low if the company’s profitability is weak.

There is another catch: the methodology changed

This is where comparing today’s Nifty P/B with older numbers becomes more complicated.

The NSE changed its methodology for calculating the Nifty P/B ratio in September 2023. Earlier, the calculation used standalone financials. The methodology subsequently shifted to consolidated financials.

That change matters because the underlying book value used in the calculation changed. Before the methodology change, the Nifty P/B was around 4.31x in the example shown in the presentation. After moving to consolidated financials, the comparable figure was around 3.45x.

So, when someone says the Nifty P/B is at a six-year low, investors should be careful about comparing every historical data point on a perfectly like-for-like basis.

The methodology itself has changed.

This doesn’t make the current 2.58x figure meaningless. It simply means that historical P/B comparisons need to be interpreted with some caution.

Three things are pulling the Nifty P/B lower

Putting everything together, there appear to be three important factors behind the current low P/B.

1. Banking underperformance

Banks and financial companies have a large weight in the Nifty. If their share prices underperform while their book values continue to rise, the index-level P/B naturally comes down.

2. Rising book values

Companies, particularly banks, continue to build their net worth through retained earnings. If share prices don’t keep pace with the growth in book value, the P/B multiple compresses.

3. Methodology change

The shift from standalone to consolidated financials in the Nifty P/B calculation means that current and historical numbers aren’t always directly comparable.

These three factors make the current P/B more nuanced than simply saying “Nifty is at a six-year low, therefore the market is cheap.”

What should investors take away?

The Nifty’s 2.58x P/B is certainly below its historical averages. That provides some valuation comfort, particularly when compared with the 5-year average of 3.18x and the 10-year average of 2.99x.

But I wouldn’t use that number alone to make an investment decision.

The Nifty has also delivered relatively weak performance recently. The figures in the presentation show a 1-year return of -2.64% and a 2-year return of -1.31%. That weak price performance, combined with rising book values, has contributed to the lower P/B.

The more interesting question is what happens from here.

If corporate earnings continue to grow, banks keep increasing their book values, and share prices eventually catch up, today’s lower P/B could turn out to have been a useful entry point.

But if earnings growth disappoints, a low P/B by itself won’t protect investors.

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For me, the current Nifty P/B is a valuation signal worth paying attention to, not a standalone buy signal. The market may be cheaper on book value than it has been for several years, but investors still need to look at earnings growth, ROE, sector valuations and the quality of that book value before concluding that Indian equities are genuinely cheap.

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Rays of Belief IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Tue, 25 Aug 2026 05:09:58 GMT

The Rays of Belief IPO brings an interesting business to the public markets. The company operates in the specialised behavioural health space, providing intervention plans for children with neurodevelopmental disorders through its growing network of centres under the Mom’s Belief brand.

In this newsletter, I look at the Rays of Belief IPO, its business, financials, valuation, strengths, risks and what investors should watch.

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Rays of Belief IPO: Key Details

The Rays of Belief IPO will open for subscription on September 1, 2026, and close on September 3, 2026. The Rays of Belief IPO allotment is expected to be finalized on September 4, 2026, while the IPO is scheduled to list on both the NSE and BSE on September 8, 2026.

The Rays of Belief IPO price band has been fixed at Rs 227 to Rs 239 per share. The IPO lot size is 62 shares, meaning retail investors need to apply for at least one lot. At the upper end of the price band, the minimum investment required for the Rays of Belief IPO is Rs 14,818 for 62 shares.

Rays of Belief IPO: Business

Rays of Belief is a for-profit social enterprise that provides personalised intervention plans for children with Neurodevelopmental Disorders (NDDs). The Rays of Belief intervention plans are tailored to each child’s individual needs and the severity of their condition. The company addresses a range of NDDs, including Autism Spectrum Disorder (ASD), Attention-Deficit/Hyperactivity Disorder (ADHD), Down Syndrome (DS), Cerebral Palsy (CP), Intellectual Disability (ID), Learning Disabilities (LD) and Global Developmental Delays (GDD).

Rays of Belief was founded to address key challenges in the behavioural health domain related to NDDs, including limited awareness, inadequate access to services, quality of care and affordability. The company’s intervention plans are designed to involve parents and families as co-therapists, enabling them to actively participate in their child’s developmental journey.

Based on the number of centres as of March 31, 2026, Rays of Belief ranks first in India among providers offering intervention plans for children with neurodevelopmental disorders. The company also ranks seventh globally among listed players operating in a similar behavioural health segment, according to the CARE Report.

The Rays of Belief business started with its first centre in Gurgaon in 2018 and has expanded significantly since then. The company increased its network from 71 centres in FY2023 to 136 centres as of March 31, 2026, excluding three centres recently acquired under its step-down subsidiary in the US.

The 136 Rays of Belief centres are spread across 57 cities in 20 states and union territories in India and operate under the brand name Mom’s Belief. The network includes 42 centres in Tier 1 cities, 77 centres in Tier 2 cities and 17 centres in Tier 3 cities. A significant presence in Tier 2 cities allows Rays of Belief to reach semi-urban and underrepresented markets where access to developmental care has traditionally been more limited.

With its expanding centre network and focus on personalised intervention plans, Rays of Belief has built a presence beyond India’s major urban centres. Its predominantly Tier 2 city footprint is an important part of the Rays of Belief IPO business story, as the company continues to expand access to developmental care across a wider geographic base.

Rays of Belief IPO: Financials

Rays of Belief has delivered strong growth in revenue over the last three years. Revenue from operations increased from Rs 30.61 crore in FY2024 to Rs 36.42 crore in FY2025 and Rs 81.66 crore in FY2026. The sharp increase in FY2026 was supported by growth across domestic, export and overseas operations, with export revenue reaching Rs 20.87 crore and overseas revenue contributing another Rs 34.09 crore.

The improvement in operating profitability is particularly notable. EBITDA increased from Rs 1.49 crore in FY2024 to Rs 3.02 crore in FY2025 and Rs 11.91 crore in FY2026, while the EBITDA margin improved significantly from 4.87% to 14.59%. This suggests that the company has achieved better operating leverage as its business has scaled.

PAT, however, needs to be viewed with some caution. PAT stood at Rs 4.96 crore in FY2026, compared with Rs 5.88 crore in FY2025 and Rs 0.85 crore in FY2024. The FY2026 PAT includes an exceptional item, while the PAT margin declined to 6.07% from 16.15% in FY2025. At the same time, ROE stood at 21.64% in FY2026, indicating a healthy return on equity despite the change in profitability.

Overall, the Rays of Belief financials show strong revenue growth and a significant improvement in EBITDA and operating margins, particularly in FY2026. The key point to watch is whether the company can sustain this growth and convert the sharp improvement in operating profitability into consistent bottom-line growth going forward.

Rays of Belief IPO: Valuations

The Rays of Belief IPO valuation looks expensive based on the numbers provided. The company’s EPS falls from Rs 3.16 pre-IPO to Rs 2.37 post-IPO, while the P/E multiple rises sharply from 75.63x to 100.84x. In other words, investors are being asked to pay more than 100 times the company’s post-IPO earnings.

The post-IPO market capitalisation at the offer price is around Rs 499.55 crore, compared with Rs 375 crore pre-IPO. This valuation becomes difficult to justify purely on the current earnings base, particularly because FY2026 PAT was Rs 4.96 crore, lower than Rs 5.88 crore in FY2025 despite the sharp increase in revenue.

Rays of Belief IPO: Strengths

India’s first (1st) ranking enterprise in terms of number of centres offering intervention plans for children with NDDs
Focus on accessibility
They offer comprehensive, multidisciplinary, high-quality care and follow a client-focused approach
Research and Development (“R&D”) focused approach and digital adaptability

Rays of Belief IPO: Growth Potential

Continued expansion of its network with a focus on driving cost efficiencies across its operations
Attracting and retaining qualified clinical professionals through continuous training, knowledge sharing and upskilling
Continuance of R&D for further integration of modern technology in therapy services.
Continue to improve on its service portfolio and build on value leadership

Rays of Belief IPO: Risks

The Rays of Belief centres operate on leased premises with lease tenures ranging from 11 months to three years. A significant portion of the company’s capital expenditure comprises immovable fit-outs on these leased properties, which may not be recoverable if a lease is not renewed or if a centre is closed or relocated.

During FY2026, 15.36% of Rays of Belief’s revenue from operations was derived from centres located in Uttar Pradesh, Karnataka and the Union Territory of Delhi. Additionally, 17.58% of revenue from operations was derived from centres in Tier 2 cities. Any loss of business from these regions could adversely affect the company’s revenues and profitability.

Rays of Belief operates in a highly specialised and sensitive domain, providing care to children with Neurodevelopmental Disorders. Since commencing operations in 2018, the company has served more than 58,000 children. Its business depends on maintaining standardised and reliable quality of services across all its centres. Any disruption, limitation or deficiency in service delivery could adversely affect the company’s reputation, business operations and financial performance.

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During FY2026, 73.79% of Rays of Belief’s revenue came from centre operations, of which 26.52% was generated through its “Company Learning Centres in partnership with Licensed Professionals” model. Under this model, the company depends on its arrangements with these Licensed Professionals. Any termination or suspension of these arrangements could adversely affect Rays of Belief’s business and revenue.

Rays of Belief IPO: GMP

Rays of Belief IPO last GMP is Rs 0, last updated Aug 25th 2026. With the upper price band of Rs 239.00, Rays of Belief IPO's estimated listing price is Rs 239 (cap price + today's GMP). The expected percentage gain/loss per share is 0.00%

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Priority Jewels IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Mon, 24 Aug 2026 10:31:21 GMT

The Priority Jewels IPO brings a jewellery manufacturer to the market that focuses on lightweight, affordable diamond-studded gold and platinum jewellery, with a customer base that includes some of India's biggest jewellery retailers. The company has also reported strong growth in revenue and profitability, with FY2026 revenue reaching Rs 538.95 crore and PAT rising to Rs 17.65 crore.

But with customer concentration, dependence on raw material prices and working capital requirements, there is more to the Priority Jewels IPO than just the growth numbers. Let us explore the business, financials, valuation, strengths, risks and whether the IPO looks attractive at the offer price.

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Priority Jewels IPO: Key Details

The Priority Jewels IPO will open for subscription on August 28, 2026, and close on September 1, 2026. The Priority Jewels IPO allotment is expected to be finalized on September 2, 2026.

The Priority Jewels IPO is proposed to list on both the NSE and BSE, with the tentative listing date scheduled for September 4, 2026.

The Priority Jewels IPO price band has been fixed at Rs 190 to Rs 200 per share. The IPO lot size is 75 shares, meaning retail investors need to apply for a minimum of one lot.

At the upper end of the price band, the minimum investment required for the Priority Jewels IPO is Rs 15,000 for 75 shares.

Priority Jewels IPO: Business

Priority Jewels is engaged in the design, manufacturing and sale of a wide range of lightweight and affordable diamond-studded gold and platinum jewellery. The company sells its products directly to independent jewellers and jewellery chains across India, along with select international markets. Priority Jewels supplies jewellery to several established retail chains, including CaratLane Trading Private Limited, Kalyan Jewellers India Limited, Reliance Retail Limited, Malabar Gold & Diamonds FZCO, Tribhovandas Bhimji Zaveri Limited and Senco Gold Limited.

Over the years, Priority Jewels has built long-standing relationships with major Indian jewellery retailers by combining traditional craftsmanship with modern design and manufacturing techniques. According to the CARE Report, these relationships have helped Priority Jewels establish itself as a trusted supplier to leading jewellery players.

The Priority Jewels manufacturing process starts with product design and includes rapid prototyping, model making, mould making, waxing, casting, sprue grinding, filing, polishing, stone setting, final polishing, rhodium plating and quality control. This integrated manufacturing process allows the company to develop jewellery across different designs and categories while maintaining a focus on quality and consistency.

The Priority Jewels product portfolio primarily consists of lightweight, daily-wear jewellery, including rings, earrings, pendants, neckwear and bracelets, along with occasion couture jewellery. The company uses contemporary designs and modern manufacturing techniques to create products aimed at a broad consumer base. Priority Jewels also manufactures lab-grown diamond jewellery based on specific orders received from its customers.

The company’s focus on lightweight and affordable jewellery is central to the Priority Jewels business model. By combining innovative designs, modern aesthetics and functionality, Priority Jewels aims to cater to changing consumer preferences and growing demand for designer jewellery that is suitable for both everyday use and special occasions. The company’s presence across multiple jewellery categories and its relationships with established retail chains form an important part of the Priority Jewels IPO investment story.

Priority Jewels IPO: Financials

Priority Jewels has delivered strong growth in revenue and profitability over the last three financial years. Revenue from operations increased from Rs 410.51 crore in FY2024 to Rs 435.50 crore in FY2025 and Rs 538.95 crore in FY2026, registering growth of around 24% in FY2026. The company also has a fairly balanced revenue mix, with domestic sales contributing 50.87% and exports contributing 49.13% in FY26.

The improvement in profitability is more encouraging. EBITDA increased from Rs 19.35 crore in FY2024 to Rs 24.28 crore in FY2025 and Rs 33.62 crore in FY2026, while the EBITDA margin improved from 4.71% to 6.24% over the same period. PAT also increased sharply from Rs 7.15 crore in FY2024 to Rs 10.51 crore in FY2025 and Rs 17.65 crore in FY2026, with the PAT margin rising from 1.74% to 3.27%.

The balance sheet has also improved, with the debt-to-equity ratio declining from 1.32x in FY2024 to 0.74x in FY2026. Net debt to EBITDA also improved from 5.68x to 2.86x during the same period. However, working capital remains an important area to watch, with days working capital at 148 days in FY2026, compared with 172 days in FY2025.

Overall, the Priority Jewels financials show healthy revenue growth, improving margins, strong PAT growth and lower leverage. The nearly equal contribution from domestic and export sales also gives the company a diversified revenue base. The key question for the Priority Jewels IPO will be whether the company can sustain this growth while managing its working capital efficiently.

Priority Jewels IPO: Valuations

At the offer price, Priority Jewels will be valued at a post-IPO P/E of 13.9x, lower than its pre-IPO P/E of 15.21x. Interestingly, post-IPO EPS increases from Rs 13.15 to Rs 14.39, which means the IPO does not result in EPS dilution based on the figures provided.

The company’s market capitalisation at the offer price rises from around Rs 269 crore pre-IPO to Rs 360 crore post-IPO. Despite the increase in market capitalisation, the lower post-IPO P/E makes the valuation look relatively reasonable.

Priority Jewels IPO: Strengths

Diversified product portfolio supported by design capabilities and customer-centric approach
Integrated manufacturing facilities and established operational systems
Experienced Promoters and leadership team
Longstanding relationships with customers

Priority Jewels IPO: Growth Potential

Expansion of manufacturing facilities
Strengthen customer relationships
Enhance product portfolio to broaden customer base and improve margins
Focus on growth through strategic partnerships and joint ventures

Priority Jewels IPO: Risks

Priority Jewels is dependent on a relatively concentrated customer base. The company’s top 10 customers contributed 53.19% of its revenue for the period ended June 30, 2026, while its top five customers accounted for 33.36%. The loss of any major customer or a reduction in business from these customers could have a significant adverse impact on Priority Jewels’ business and results of operations.
Priority Jewels is exposed to the availability and pricing of gold, diamonds, precious metals and semi-precious stones. Raw materials and components consumed accounted for 108.13% of total expenses for the three months ended June 30, 2026, compared with 92.53%, 85.41% and 86.37% in FY2026, FY2025 and FY2024, respectively. The company does not have long-term supply agreements for its raw materials. Any disruption in procurement, increase in input costs or inability to source suitable alternatives on acceptable terms could affect production schedules, increase costs and adversely impact the company’s business and financial condition.
Priority Jewels also depends on a concentrated supplier base. For the three months ended June 30, 2026, the company’s top 10 suppliers accounted for 59.40% of total purchases of raw materials and other components. The top three suppliers contributed 34.85%, while the top five suppliers accounted for 43.44% of total purchases. Continued dependence on a limited number of suppliers could create supply chain risks and adversely affect Priority Jewels’ business, results of operations, cash flows and financial condition.
Priority Jewels has not entered into long-term contracts with customers for the supply of its products. As a result, there is no assurance that the company will be able to maintain consistent demand for its products in the future, including from its top 10 customers. Any decline in customer demand or inability to retain existing customers could adversely affect Priority Jewels’ revenue and financial performance.

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Priority Jewels IPO: GMP

Not Yet Available

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Lumino Industries IPO: Review, GMP, Price Band, Financials & Valuation

Abhinav Mishra — Mon, 24 Aug 2026 05:16:01 GMT

Lumino Industries Ltd. is an integrated engineering, procurement and construction (EPC) company in India, with a focus on manufacturing and supplying conductors, power cables, electrical wires and specialised products for the power transmission and distribution industry. Let us look at the details to understand if it is worth investing in the company or not.

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Lumino Industries IPO: Key Details

The Lumino Industries IPO will open for subscription on August 27, 2026, and close on August 31, 2026. The Lumino Industries IPO allotment is expected to be finalized on September 1, 2026.

The Lumino Industries IPO is proposed to list on both the NSE and BSE, with the tentative listing date set for September 3, 2026.

The Lumino Industries IPO price band has been fixed at Rs 78 to Rs 82 per share. The IPO lot size is 182 shares, which means retail investors need to apply for at least one lot.

At the upper end of the price band, the minimum investment required for the Lumino Industries IPO is Rs 14,924 for 182 shares.

Lumino Industries IPO: Company Overview

Lumino Industries is a product-driven, integrated engineering, procurement and construction (EPC) company in India, with a strong focus on manufacturing and supplying conductors, power cables, electrical wires and other specialised products and components for the growing power transmission and distribution industry.

Lumino Industries also manufactures high-temperature low-sag (HTLS) conductors, which are used in power transmission and distribution lines across India. The company reported an Operating EBITDA Margin of 11.71% in FY2026, highlighting the profitability of its product-driven business model.

With more than three decades of experience in the power transmission and distribution industry, Lumino Industries has built an integrated business model covering the design, engineering, manufacturing and distribution of specialised electrical products. Its products cater to a wide range of applications, including power transmission and distribution, industrial projects, electrical wiring, renewable energy projects, communication systems, electrical panels and railway networks.

Through its diversified product portfolio and industry experience, Lumino Industries has positioned itself across several infrastructure and industrial applications, making its manufacturing capabilities an important part of the Lumino Industries IPO investment story.

Lumino Industries IPO: Financials

Lumino Industries has delivered strong financial growth over the last three years. Revenue from operations increased from Rs 1,407.32 crore in FY2024 to Rs 1,917.97 crore in FY2025 and Rs 2,041.07 crore in FY2026. While revenue growth moderated to around 6% in FY2026, the company continued to expand its profitability.

The bigger positive is the improvement in earnings. Operating EBITDA increased from Rs 145.03 crore in FY2024 to Rs 238.95 crore in FY2026, while the Operating EBITDA margin improved from 10.31% to 11.71%. PAT also increased sharply from Rs 86.61 crore to Rs 160 crore during the same period, taking the PAT margin from 6.08% to 7.66%.

The balance sheet has also become healthier. Total debt declined to Rs 384.16 crore in FY2026 from Rs 418.83 crore in FY2025, while the debt-to-equity ratio improved from 0.73x to 0.53x. The debt-to-operating EBITDA ratio also fell to 1.61x, indicating that earnings have grown faster than the company’s debt burden.

Lumino Industries IPO: Valuations

At the IPO price, Lumino Industries will command a post-IPO P/E multiple of 15.62x, compared with 12.48x pre-IPO. The higher multiple reflects the dilution in post-IPO EPS, which falls from Rs 6.57 to Rs 5.25 after the fresh issue.

At the offer price, Lumino Industries’ market capitalisation increases from around Rs 1,997 crore pre-IPO to Rs 2,497.34 crore post-IPO. A P/E of around 15.6x does not look particularly aggressive when viewed against the company’s improving profitability, rising margins and strong PAT growth.

However, the valuation also assumes that Lumino Industries can sustain its earnings growth going forward. With revenue growth slowing in FY2026, investors will need to see continued improvement in earnings and margins to justify the post-IPO valuation.

Lumino Industries IPO: Strengths

They are a growing player in the power EPC industry with in-house manufacturing capabilities
Cost-efficient and unique business model with complementary and integrated business segments.
Well-developed and integrated manufacturing facilities with an extensive product range
Strong and diversified order book.

Lumino Industries IPO: Growth Potential

Leveraging market opportunities and core competencies for growth in EPC of power transmission and distribution sector
Expand its manufacturing capabilities and product development
Expansion and diversification into allied EPC sectors by leveraging existing project execution capabilities
Focus on increasing global presence and entering new markets

IPO OPEN NOW/OPENING SOON: Augmont Enterprises IPO and Skyways Air IPO HyTech Engineers and Annu Projects IPO

Lumino Industries IPO: Risks

Lumino Industries’ business and revenues are substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. Government entities contributed 53.12%, 79.89% and 85.58% of Lumino Industries’ revenue from operations in FY2026, FY2025 and FY2024, respectively. If one or more of these clients were to reduce or stop issuing tenders, it could adversely affect Lumino Industries’ business.
Lumino Industries is also dependent on its top 10 customers for a significant portion of its revenue. The company’s top 10 customers accounted for 46.52%, 80.33% and 90.78% of revenue from operations in FY2026, FY2025 and FY2024, respectively. Any adverse change in the financial condition of these customers, or the loss of any major customer, could negatively impact Lumino Industries’ business, results of operations, financial condition and cash flows.
The sale of cables and conductors manufactured by Lumino Industries contributes a significant portion of its revenue. This segment accounted for more than 60% of revenue from operations in FY2026, FY2025 and FY2024. Any adverse development in the company’s manufacturing business could therefore have a material impact on its business, cash flows, results of operations and financial position.
Lumino Industries is exposed to fluctuations in the prices and availability of its primary raw materials. Any significant increase in raw material prices, or any delay or disruption in their supply, could affect the company’s estimated costs, expenditures and project timelines. This could have a material adverse effect on Lumino Industries’ business, financial condition, results of operations and cash flows.

Lumino Industries IPO: GMP

Lumino Industries IPO last GMP is Rs 49, last updated Aug 24th 2026. With the upper price band of Rs 82.00, Lumino Industries IPO's estimated listing price is ₹131 (cap price + today's GMP). The expected percentage gain/loss per share is 59.76%.

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