LEAP IndiaIPO Review — Financials, Valuation & Peers
A data-only look at the LEAP India 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 | 371.94 | 37.17 | 209.92 | 714.18 | 1,400.28 | 513.07 | — |
| FY 2025 | 485.03 | 37.56 | 273.8 | 917.35 | 2,042.46 | 801.66 | — |
| FY 2026 | 747.36 | 62.34 | 378.83 | 1,006.33 | 2,401.05 | 1,017.73 | 1.52 |
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)
- 104.61x
- P/E (post-issue)
- 111.97x
- RoNW
- 6.19%
- RoE
- 6.48%
- RoCE
- 19.06%
- Debt / Equity
- 1.01
- EPS (pre-issue)
- ₹1.52
- EPS (post-issue)
- ₹1.42
- EBITDA Margin
- 50.69%
- PAT Margin
- 8.34%
- P/BV
- 6.48x
- NAV / share
- ₹24.52
- Market Cap
- ₹7,004.53 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>Sunu Mathew, Vertical Holdings II Pte.Ltd.</p>
- Holding (pre-issue)
- 90.04%
- Holding (post-issue)
- 55.64%
- Dilution
- 34.4%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the LEAP India 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, LEAP India placed shares with 32 anchor investors, who together put in ₹743.64 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 SMALLCAP WORLD FUND,INC. (₹159.99 crore), AXIS FLEXI CAP FUND (₹74.99 crore) and MONETARY AUTHORITY OF SINGAPORE (₹54.99 crore). Investor categories represented include Other, Insurance, FII/FPI and Bank. The lock-in on half the anchor shares ends on 10 Sept 2026, with the remainder locked until 9 Nov 2026.
Analyst view tally
1 third-party review is on record for the LEAP India IPO — among them Capital Market. 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
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. LEAP India operates at an EBITDA margin of 50.69% and a net (PAT) margin of 8.34% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.06% and a return on equity (RoE) of 6.48%. At the upper band, the post-issue market capitalisation works out to about ₹7,004.53 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.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment / prepayment, in full or in part, of certain borrowings availed by the company (₹360 crore), alongside issue expenses (₹112.19 crore). In all, 3 objects are disclosed.
Financials
In FY2026, LEAP India reported revenue of ₹747.36 crore and a net profit of ₹62.34 crore. Revenue grew from ₹371.94 crore in FY2024 to ₹747.36 crore in FY2026 (+101.0%). Net worth stood at ₹1,006.33 crore at the end of FY2026. At the upper band, that puts the issue at roughly 104.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 111.97× post-issue earnings and 6.48× book value, against a return on net worth of 6.19% and a debt-to-equity ratio of 1.01. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Sunu Mathew, Vertical Holdings II Pte.Ltd.</p>. Promoter holding stands at 90.04% before the issue and comes down to 55.64% after listing.
Frequently asked questions
- What is the reservation split in the LEAP India IPO?
- Of the total shares offered, retail investors get 34.98%, QIBs 19.99% (plus 29.98% anchor), non-institutional investors 14.99%.
- Who are the promoters of LEAP India and what is their holding?
- The promoters are <p>Sunu Mathew, Vertical Holdings II Pte.Ltd.</p>. Promoter holding is 90.04% before the issue and 55.64% after listing.
- What is the P/E ratio of the LEAP India IPO?
- At the upper price band, the LEAP India IPO is valued at 104.61× pre-issue earnings and 111.97× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the LEAP India IPO?
- The net proceeds go primarily toward repayment / prepayment, in full or in part, of certain borrowings availed by the company, among 3 disclosed objects.