Aastha SpintexIPO Review — Financials, Valuation & Peers
A data-only look at the Aastha Spintex IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2023 | 239.69 | 1.06 | 11.6 | 60.01 | 172.59 | — |
| FY 2024 | 305.67 | 16.29 | 34.25 | 76.38 | 240.57 | — |
| FY 2025 | 352.17 | 22.92 | 46.36 | 121.05 | 274.2 | — |
| Dec 2025 (interim) | 314.02 | 17.56 | 35.25 | 153.18 | 331.66 | 7.24 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 18.78x
- P/E (post-issue)
- 25.65x
- RoNW
- 11.46%
- RoE
- 12.8%
- RoCE
- 12.13%
- Debt / Equity
- 0.66
- EPS (pre-issue)
- ₹7.24
- EPS (post-issue)
- ₹5.3
- EBITDA Margin
- 11.25%
- PAT Margin
- 5.6%
- P/BV
- 3.11x
- NAV / share
- ₹50.53
- Market Cap
- ₹600.33 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Aastha Spintex | 8.29 | 43.8 | — | 18.93% | — | — |
| Ambika Cotton Mills Limited | 114.83 | 1,579.14 | 14.25x | 7.27% | 1.04x | Standalone |
| Lagnam Spintex Limited | 7.28 | 68.41 | 11.15x | 10.64% | 1.19x | Standalone |
| Pashupati Cotspin Limited | 0.82 | 9.78 | 106.54x | 8.35% | 9.67x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Patel Divyang Jashwantbhai, Rasiklal Valjibhai Patel, Gothi Vivek Rasiklal and Jashwantbhai Valjibhai Patel
- Holding (pre-issue)
- 74.23%
- Holding (post-issue)
- 53.21%
- Dilution
- 21.02%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Aastha Spintex operates at an EBITDA margin of 11.25% and a net (PAT) margin of 5.6% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 12.13% and a return on equity (RoE) of 12.8%. At the upper band, the post-issue market capitalisation works out to about ₹600.33 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward part payment of the purchase consideration for the acquisition of falcon yarns private limited (₹111.51 crore), alongside general corporate purpose (₹40.47 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Aastha Spintex reported revenue of ₹314.02 crore and a net profit of ₹17.56 crore. Revenue grew from ₹239.69 crore in FY2023 to ₹314.02 crore in FY2025 (+31.0%). Net worth stood at ₹153.18 crore at the end of FY2025. At the upper band, that puts the issue at roughly 18.8× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 25.65× post-issue earnings and 3.11× book value, against a return on net worth of 11.46% and a debt-to-equity ratio of 0.66. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Ambika Cotton Mills Limited and Lagnam Spintex Limited, with a median peer P/E of about 14.3×. The issue's own post-issue P/E works out to 25.65×.
Promoters
The promoters of the company are Patel Divyang Jashwantbhai, Rasiklal Valjibhai Patel, Gothi Vivek Rasiklal and Jashwantbhai Valjibhai Patel. Promoter holding stands at 74.23% before the issue and comes down to 53.21% after listing.
Frequently asked questions
- What is the reservation split in the Aastha Spintex IPO?
- Of the total shares offered, retail investors get 40%, QIBs 20%, non-institutional investors 40%.
- Who are the promoters of Aastha Spintex and what is their holding?
- The promoters are Patel Divyang Jashwantbhai, Rasiklal Valjibhai Patel, Gothi Vivek Rasiklal and Jashwantbhai Valjibhai Patel. Promoter holding is 74.23% before the issue and 53.21% after listing.
- What is the P/E ratio of the Aastha Spintex IPO?
- At the upper price band, the Aastha Spintex IPO is valued at 18.78× pre-issue earnings and 25.65× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Aastha Spintex IPO?
- The net proceeds go primarily toward part payment of the purchase consideration for the acquisition of falcon yarns private limited, among 4 disclosed objects.