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
- P/E (pre-issue)
- -13.75x
- P/E (post-issue)
- -16.26x
- RoNW
- -160.33%
- RoE
- -160.33%
- RoCE
- -23.56%
- EPS (pre-issue)
- ₹-41.83
- EPS (post-issue)
- ₹-35.37
- EBITDA Margin
- 5.44%
- PAT Margin
- -51.16%
- P/BV
- 31.47x
- NAV / share
- ₹-7.69
- Market Cap
- ₹4,639.63 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>Abhishek Agarwal</p>
- Holding (pre-issue)
- 26.34%
- Holding (post-issue)
- 0%
- Dilution
- 26.34%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Avoid |
Third-party analyst views on the Pernia's Pop-up Studio 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, Pernia's Pop-up Studio placed shares with 10 anchor investors, who together put in ₹306 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 ICICI PRUDENTIAL SMALLCAP FUND (₹88 crore), ADITYA BIRLA SUN LIFE INSURANCE CO.LTD. (₹68 crore) and JUPITER INDIA FUND (₹49.67 crore). Investor categories represented include Other, Insurance and FII/FPI. The lock-in on half the anchor shares ends on 2 Oct 2026, with the remainder locked until 1 Dec 2026.
Analyst view tally
1 third-party review is on record for the Pernia's Pop-up Studio IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "Avoid". 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. 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%. At the upper band, the post-issue market capitalisation works out to about ₹4,639.63 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 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, 4 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.
Valuation
At the upper band, the issue is priced at -16.26× post-issue earnings and 31.47× book value, against a return on net worth of -160.33%. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Abhishek Agarwal</p>. Promoter holding stands at 26.34% before the issue and comes down to 0% after listing.
Frequently asked questions
- What is the reservation split in the Pernia's Pop-up Studio IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%.
- 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 and 0% after listing.
- What is the P/E ratio of the Pernia's Pop-up Studio IPO?
- At the upper price band, the Pernia's Pop-up Studio IPO is valued at -13.75× pre-issue earnings and -16.26× post-issue earnings, based on the financials disclosed in the offer document.
- 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 4 disclosed objects.