Pranav ConstructionsIPO Review — Financials, Valuation & Peers
A data-only look at the Pranav Constructions 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 | 449.75 | 39.62 | 59.73 | 88.37 | 966.8 | 99.34 | — |
| FY 2025 | 638.24 | 62.25 | 98.54 | 175.59 | 1,246.29 | 196.5 | — |
| FY 2026 | 763.93 | 71.32 | 130.83 | 246.7 | 1,799.19 | 258.44 | 8.18 |
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)
- 15.16x
- P/E (post-issue)
- 19.59x
- RoNW
- 33.78%
- RoE
- 33.78%
- RoCE
- 24.34%
- Debt / Equity
- 1.08
- EPS (pre-issue)
- ₹8.18
- EPS (post-issue)
- ₹6.33
- EBITDA Margin
- 17.18%
- PAT Margin
- 9.37%
- NAV / share
- ₹28.3
- Market Cap
- ₹1,396.52 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 |
|---|---|---|---|---|---|---|
| Pranav Constructions | 8.18 | 28.3 | — | 33.78% | — | Consolidated |
| Arkade Developers Ltd | 0.29 | 47.51 | 482.59x | 0.6% | 2.96x | Consolidated |
| Godrej Properties Ltd | 61.43 | 642.58 | 33.25x | 9.97% | 3.18x | Consolidated |
| Kalpataru Ltd | 4.76 | 198.04 | 56.64x | 2.45% | 1.36x | Consolidated |
| Keystone Realtors Ltd | 6.25 | 229.29 | 64.86x | 3.34% | 1.76x | Consolidated |
| Kolte-patil Developers Ltd | -4.51 | 135.84 | — | -3.73% | 2.87x | Consolidated |
| Lodha Developers Ltd | 34.34 | 234.55 | 33.48x | 15.71% | 4.9x | Consolidated |
| Suraj Estate Developers Ltd | 19.51 | 207.87 | 9.94x | 9.53% | 0.93x | 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: <p>Pranav Kiran Ashar, Ravi Ramalingam</p>
- Holding (pre-issue)
- 63.35%
- Holding (post-issue)
- 48.54%
- Dilution
- 14.81%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Pranav Constructions operates at an EBITDA margin of 17.18% and a net (PAT) margin of 9.37% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.34% and a return on equity (RoE) of 33.78%. At the upper band, the post-issue market capitalisation works out to about ₹1,396.52 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 funding costs towards obtaining government and statutory approvals and purchase of additional fsi and cost towards compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the under-construction redevelopment projects, and certain of the upcoming redevelopment projects (funding redevelopment expenses (₹145.72 crore), alongside repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company (₹91.5 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Pranav Constructions reported revenue of ₹763.93 crore and a net profit of ₹71.32 crore. Revenue grew from ₹449.75 crore in FY2024 to ₹763.93 crore in FY2026 (+70.0%). Net worth stood at ₹246.7 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.59× post-issue earnings, against a return on net worth of 33.78% and a debt-to-equity ratio of 1.08. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Arkade Developers Ltd and Godrej Properties Ltd, with a median peer P/E of about 45.1×. The issue's own post-issue P/E works out to 19.59×.
Promoters
The promoters of the company are <p>Pranav Kiran Ashar, Ravi Ramalingam</p>. Promoter holding stands at 63.35% before the issue and comes down to 48.54% after listing.
Frequently asked questions
- Who are the promoters of Pranav Constructions and what is their holding?
- The promoters are <p>Pranav Kiran Ashar, Ravi Ramalingam</p>. Promoter holding is 63.35% before the issue and 48.54% after listing.
- What is the P/E ratio of the Pranav Constructions IPO?
- At the upper price band, the Pranav Constructions IPO is valued at 15.16× pre-issue earnings and 19.59× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Pranav Constructions IPO?
- The net proceeds go primarily toward funding costs towards obtaining government and statutory approvals and purchase of additional fsi and cost towards compensation to members towards alternate accommodation, and hardship compensation, in relation to the development of certain of the under-construction redevelopment projects, and certain of the upcoming redevelopment projects (funding redevelopment expenses, among 3 disclosed objects.