KusumgarIPO Review — Financials, Valuation & Peers
A data-only look at the Kusumgar 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 | 474.55 | 84.4 | 131.85 | 140.36 | 584.74 | 76.53 | — |
| FY 2025 | 790.21 | 111.99 | 188.39 | 257.75 | 632.4 | 246.5 | — |
| FY 2026 | 711.78 | 98.2 | 187.85 | 502.95 | 905.07 | 223.58 | 9.35 |
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)
- 44.8x
- P/E (post-issue)
- 44.8x
- RoNW
- 25.82%
- RoE
- 25.82%
- RoCE
- 24.76%
- Debt / Equity
- 0.44
- EPS (pre-issue)
- ₹9.35
- EPS (post-issue)
- ₹9.35
- EBITDA Margin
- 27.15%
- PAT Margin
- 13.8%
- P/BV
- 8.45x
- NAV / share
- ₹49.56
- Market Cap
- ₹4,399.14 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.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Kusumgar | 9.68 | 49.56 | — | 25.82% | — | Restated |
| Arvind Ltd | 15.8 | 154.47 | 32.72x | 10.91% | 3.35x | Consolidated |
| Garware Technical Fibres Ltd | 20.01 | 136.44 | 39.8x | 15.29% | 5.85x | Consolidated |
| Srf Ltd | 61.91 | 473.74 | 43.77x | 13.76% | 5.73x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and Siddharth Yogesh Kusumgar (HUF)
- Holding (pre-issue)
- 89.44%
- Holding (post-issue)
- 74.72%
- Dilution
- 14.72%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Kusumgar IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Kusumgar IPO drew 23 institutional investors committing a combined ₹193.96 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 BLACKROCK GLOBAL FUNDS-INDIA FUND (₹20 crore), GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO (₹20 crore) and WHITEOAK CAPITAL BALANCED ADVANTAGE FUND (₹17.11 crore). Investor categories represented include FII/FPI, Other and Insurance. The lock-in on half the anchor shares ends on 12 Aug 2026, with the remainder locked until 11 Oct 2026.
Analyst view tally
For the Kusumgar IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "May Apply". 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
Away from the price multiples, the offer document also discloses the shape of the underlying business. Kusumgar operates at an EBITDA margin of 27.15% and a net (PAT) margin of 13.8% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.76% and a return on equity (RoE) of 25.82%. At the upper band, the post-issue market capitalisation works out to about ₹4,399.14 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, Kusumgar reported revenue of ₹711.78 crore and a net profit of ₹98.2 crore. Revenue grew from ₹474.55 crore in FY2024 to ₹711.78 crore in FY2026 (+50.0%). Net worth stood at ₹502.95 crore at the end of FY2026. At the upper band, that puts the issue at roughly 44.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 44.8× post-issue earnings and 8.45× book value, against a return on net worth of 25.82% and a debt-to-equity ratio of 0.44. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Arvind Ltd and Garware Technical Fibres Ltd, with a median peer P/E of about 39.8×. The issue's own post-issue P/E works out to 44.8×.
Promoters
The promoters of the company are Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and Siddharth Yogesh Kusumgar (HUF). Promoter holding stands at 89.44% before the issue and comes down to 74.72% after listing.
Frequently asked questions
- What is the reservation split in the Kusumgar IPO?
- Of the total shares offered, retail investors get 34.79%, QIBs 19.88% (plus 29.82% anchor), non-institutional investors 14.91%.
- Who are the promoters of Kusumgar and what is their holding?
- The promoters are Yogesh Kantilal Kusumgar, Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar and Siddharth Yogesh Kusumgar (HUF). Promoter holding is 89.44% before the issue and 74.72% after listing.
- What is the P/E ratio of the Kusumgar IPO?
- At the upper price band, the Kusumgar IPO is valued at 44.8× pre-issue earnings and 44.8× post-issue earnings, based on the financials disclosed in the offer document.