Prasol ChemicalsIPO Review — Financials, Valuation & Peers
A data-only look at the Prasol Chemicals 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 | 887.56 | 18.13 | 60.53 | 325.84 | 626.36 | 82.07 | — |
| FY 2025 | 1,015.54 | 43.57 | 87.77 | 367.46 | 723.09 | 101.05 | — |
| FY 2026 | 1,237.85 | 83.12 | 139.32 | 448.51 | 839.28 | 110.06 | 14.33 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 18.53%
- RoE
- 20.37%
- RoCE
- 22.43%
- Debt / Equity
- 0.19
- EPS (pre-issue)
- ₹14.33
- EBITDA Margin
- 11.3%
- PAT Margin
- 6.74%
- NAV / share
- ₹77.33
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 |
|---|---|---|---|---|
| Prasol Chemicals | 14.33 | 77.33 | — | 18.53% |
| Aarti Industries Ltd. | 11.56 | 164.27 | 46.75x | 7.04% |
| Atul Ltd. | 230.25 | 2,136.46 | 28.04x | 10.95% |
| Excel Industries Ltd | 60.19 | 1,354.74 | 17.12x | 4.44% |
| Laxmi Organic Industries Ltd. | 2.87 | 71.66 | 59.74x | 4% |
| Privi Speciality Chemicals Ltd. | 81.08 | 368.79 | 42.67x | 21.99% |
| Vinati Organic Ltd. | 42.8 | 304.99 | 30.95x | 14.03% |
| Yasho Industries Ltd | 20.95 | 368.18 | 206.68x | 5.69% |
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>Nishith Rajnikant Shah, Gaurang Natwarlal Parikh, Dhaval Nalin Parikh, Pankil Nishith Dharia, Sachin Jatin Parikh, Rakesh Gupta, Nishith Rasiklal Dharia, Kunal Tushar Dharia, Suketu Navinchandra Parikh, Usha Rajnikant Shah</p>
- Holding (pre-issue)
- 86.89%
- Holding (post-issue)
- 75.25%
- Dilution
- 11.64%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Prasol Chemicals IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Prasol Chemicals IPO drew 14 institutional investors committing a combined ₹149.99 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 ADITYA BIRLA SUN LIFE INSURANCE CO.LTD. (₹20 crore), TATA AIA LIFE INSURANCE CO.LTD.-SMALL CAP DISCOVERY FUND (ULIF 071 22/05/23 SCF 110) (₹20 crore) and TURNAROUND OPPORTUNITIES FUND (₹15 crore). Investor categories represented include Insurance and Other. The lock-in on half the anchor shares ends on 10 Oct 2026, with the remainder locked until 9 Dec 2026.
Analyst view tally
For the Prasol Chemicals 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. Prasol Chemicals operates at an EBITDA margin of 11.3% and a net (PAT) margin of 6.74% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 22.43% and a return on equity (RoE) of 20.37%. 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 and/ or pre-payment, in full or part, of certain borrowings availed by the company (₹60 crore), alongside issue expenses (₹21.95 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Prasol Chemicals reported revenue of ₹1,237.85 crore and a net profit of ₹83.12 crore. Revenue grew from ₹887.56 crore in FY2024 to ₹1,237.85 crore in FY2026 (+39.0%). Net worth stood at ₹448.51 crore at the end of FY2026. At the upper band, that puts the issue at roughly 47.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Peer comparison
The offer document names listed peers including Aarti Industries Ltd. and Atul Ltd., with a median peer P/E of about 42.7×.
Promoters
The promoters of the company are <p>Nishith Rajnikant Shah, Gaurang Natwarlal Parikh, Dhaval Nalin Parikh, Pankil Nishith Dharia, Sachin Jatin Parikh, Rakesh Gupta, Nishith Rasiklal Dharia, Kunal Tushar Dharia, Suketu Navinchandra Parikh, Usha Rajnikant Shah</p>. Promoter holding stands at 86.89% before the issue and comes down to 75.25% after listing.
Frequently asked questions
- What is the reservation split in the Prasol Chemicals IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Prasol Chemicals and what is their holding?
- The promoters are <p>Nishith Rajnikant Shah, Gaurang Natwarlal Parikh, Dhaval Nalin Parikh, Pankil Nishith Dharia, Sachin Jatin Parikh, Rakesh Gupta, Nishith Rasiklal Dharia, Kunal Tushar Dharia, Suketu Navinchandra Parikh, Usha Rajnikant Shah</p>. Promoter holding is 86.89% before the issue and 75.25% after listing.
- What are the objects of the Prasol Chemicals IPO?
- The net proceeds go primarily toward repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company, among 3 disclosed objects.