Sonaselection IndiaIPO Review — Financials, Valuation & Peers
A data-only look at the Sonaselection 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 | 121.31 | 13.1 | 28.49 | 38.88 | 203.5 | 144.6 | — |
| FY 2025 | 316.47 | 18.56 | 58.12 | 70.07 | 374.77 | 207.4 | — |
| FY 2026 | 517.6 | 34.02 | 84.77 | 104.16 | 474.99 | 258.24 | 8 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 39.05%
- RoE
- 39.05%
- RoCE
- 19.69%
- Debt / Equity
- 2.48
- EPS (pre-issue)
- ₹8
- EPS (post-issue)
- ₹5.99
- EBITDA Margin
- 16.4%
- PAT Margin
- 6.58%
- NAV / share
- ₹24.78
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 | Statements |
|---|---|---|---|---|---|
| Sonaselection India | 8.09 | 24.78 | — | 39.05% | Consolidated |
| Nitin Spinners Limited | 31.58 | 261.6 | 18.22x | 12.77% | Consolidated |
| Sangam (india) Limited | 16.44 | 211.85 | 37.29x | 8.02% | Consolidated |
| Vishal Fabrics Limited | 1.52 | 26.12 | 12.23x | 6.33% | 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>Harshil Nuwal, Subhash Chandra Nuwal, Uma Nuwal, Deepank Bhandari, Sona Polyspin Pvt.Ltd.</p>
- Holding (pre-issue)
- 86.21%
- Holding (post-issue)
- 64.52%
- Dilution
- 21.69%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Sonaselection India operates at an EBITDA margin of 16.4% and a net (PAT) margin of 6.58% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.69% and a return on equity (RoE) of 39.05%. 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 (₹80 crore), alongside funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility situated at 18th k m stone, chittorgarh road, hamirgarh, bhilwara- 311025 rajasthan, india (₹50.61 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Sonaselection India reported revenue of ₹517.6 crore and a net profit of ₹34.02 crore. Revenue grew from ₹121.31 crore in FY2024 to ₹517.6 crore in FY2026 (+327.0%). Net worth stood at ₹104.16 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Nitin Spinners Limited and Sangam (india) Limited, with a median peer P/E of about 18.2×.
Promoters
The promoters of the company are <p>Harshil Nuwal, Subhash Chandra Nuwal, Uma Nuwal, Deepank Bhandari, Sona Polyspin Pvt.Ltd.</p>. Promoter holding stands at 86.21% before the issue and comes down to 64.52% after listing.
Frequently asked questions
- Who are the promoters of Sonaselection India and what is their holding?
- The promoters are <p>Harshil Nuwal, Subhash Chandra Nuwal, Uma Nuwal, Deepank Bhandari, Sona Polyspin Pvt.Ltd.</p>. Promoter holding is 86.21% before the issue and 64.52% after listing.
- What are the objects of the Sonaselection India IPO?
- The net proceeds go primarily toward repayment and/or pre-payment, in full or part, of certain borrowings, among 3 disclosed objects.