Pernia's Pop-up StudioIPO Review — Financials, Valuation & Peers
A data-only look at the Pernia's Pop-up Studio 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 | 510.03 | -47.71 | 31.63 | 39.51 | 458.39 | 116.33 | — |
| FY 2025 | 494 | -188.38 | 41.99 | 117.5 | 497.05 | 112.79 | — |
| FY 2026 | 567.07 | -285.4 | 30.37 | -52.28 | 829.6 | 371.4 | -41.83 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- -160.33%
- RoE
- -160.33%
- RoCE
- -23.56%
- EPS (pre-issue)
- ₹-41.83
- EBITDA Margin
- 5.44%
- PAT Margin
- -51.16%
- NAV / share
- ₹-7.69
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>Abhishek Agarwal</p>
- Holding (pre-issue)
- 26.34%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Pernia's Pop-up Studio operates at an EBITDA margin of 5.44% and a net (PAT) margin of -51.16% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of -23.56% and a return on equity (RoE) of -160.33%. 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 investment in wholly owned subsidiary, psl retail for expenditure towards lease liabilities of experience centers, and back-end offices in india (₹371.13 crore), alongside funding towards sales and marketing expenses to be incurred by the company (₹138.9 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Pernia's Pop-up Studio reported revenue of ₹567.07 crore and a net loss of ₹285.4 crore. Revenue grew from ₹510.03 crore in FY2024 to ₹567.07 crore in FY2026 (+11.0%). Net worth stood at ₹-52.28 crore at the end of FY2026.
Promoters
The promoters of the company are <p>Abhishek Agarwal</p>. Promoter holding is 26.34% before the issue.
Frequently asked questions
- Who are the promoters of Pernia's Pop-up Studio and what is their holding?
- The promoters are <p>Abhishek Agarwal</p>. Promoter holding is 26.34% before the issue.
- What are the objects of the Pernia's Pop-up Studio IPO?
- The net proceeds go primarily toward investment in wholly owned subsidiary, psl retail for expenditure towards lease liabilities of experience centers, and back-end offices in india, among 3 disclosed objects.