Asset ReconstructionIPO Review — Financials, Valuation & Peers
A data-only look at the Asset Reconstruction 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 | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 574.11 | 305.34 | 416.36 | 2,462.51 | 2,795.34 | 149.95 | — |
| FY 2025 | 623.4 | 355.32 | 491.88 | 2,767.8 | 3,263.82 | 305.93 | — |
| FY 2026 | 785.08 | 407.84 | 588.93 | 3,079.39 | 4,460.85 | 1,205.5 | 12.55 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.08x
- P/E (post-issue)
- 11.08x
- RoNW
- 13.95%
- Debt / Equity
- 0.39
- EPS (pre-issue)
- ₹12.55
- EPS (post-issue)
- ₹12.55
- EBITDA Margin
- 78.21%
- PAT Margin
- 51.95%
- P/BV
- 1.7x
- NAV / share
- ₹94.78
- Market Cap
- ₹4,516.07 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Avenue India Resurgence Pte.Ltd., State Bank of India</p>
- Holding (pre-issue)
- 88.47%
- Holding (post-issue)
- 77.45%
- Dilution
- 11.02%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Asset Reconstruction IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Asset Reconstruction placed shares with 21 anchor investors, who together put in ₹219.9 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO (₹35 crore), ADITYA BIRLA SUN LIFE SMALL CAP FUND (₹26 crore) and TATA MULTI ASSET ALLOCATION FUND (₹26 crore). Investor categories represented include Other, Insurance and Bank. The lock-in on half the anchor shares ends on 14 Oct 2026, with the remainder locked until 13 Dec 2026.
Analyst view tally
1 third-party review is on record for the Asset Reconstruction IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Asset Reconstruction operates at an EBITDA margin of 78.21% and a net (PAT) margin of 51.95% — the share of revenue retained at the operating and the net level respectively. At the upper band, the post-issue market capitalisation works out to about ₹4,516.07 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Financials
In FY2026, Asset Reconstruction reported revenue of ₹785.08 crore and a net profit of ₹407.84 crore. Revenue grew from ₹574.11 crore in FY2024 to ₹785.08 crore in FY2026 (+37.0%). Net worth stood at ₹3,079.39 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.1× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 11.08× post-issue earnings and 1.7× book value, against a return on net worth of 13.95% and a debt-to-equity ratio of 0.39. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Avenue India Resurgence Pte.Ltd., State Bank of India</p>. Promoter holding stands at 88.47% before the issue and comes down to 77.45% after listing.
Frequently asked questions
- What is the reservation split in the Asset Reconstruction IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Asset Reconstruction and what is their holding?
- The promoters are <p>Avenue India Resurgence Pte.Ltd., State Bank of India</p>. Promoter holding is 88.47% before the issue and 77.45% after listing.
- What is the P/E ratio of the Asset Reconstruction IPO?
- At the upper price band, the Asset Reconstruction IPO is valued at 11.08× pre-issue earnings and 11.08× post-issue earnings, based on the financials disclosed in the offer document.