Veegaland DevelopersIPO Review — Financials, Valuation & Peers
A data-only look at the Veegaland Developers 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 | 114.61 | 7.87 | 16.72 | 45.07 | 221.01 | 120.23 | — |
| FY 2025 | 196.22 | 20.43 | 33.77 | 65.44 | 326.65 | 176.97 | — |
| FY 2026 | 254.16 | 26.61 | 42.64 | 266.9 | 483.81 | 85.59 | 7.89 |
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)
- 17.74x
- P/E (post-issue)
- 25.64x
- RoNW
- 16.02%
- RoE
- 16.02%
- RoCE
- 11.89%
- Debt / Equity
- 0.32
- EPS (pre-issue)
- ₹7.89
- EPS (post-issue)
- ₹5.46
- EBITDA Margin
- 16.78%
- PAT Margin
- 10.47%
- P/BV
- 1.77x
- NAV / share
- ₹79.08
- Market Cap
- ₹682.5 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 |
|---|---|---|---|---|
| Veegaland Developers | 8.77 | 79.08 | — | 16.02% |
| Puravankara | 2.69 | 75.37 | 84.24x | 3.23% |
| Shriram Properties | 5.91 | 85.55 | 12.91x | 7.16% |
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>Kochouseph Thomas Chittilappilly, K.Chittilappilly Trust</p>
- Holding (pre-issue)
- 92%
- Holding (post-issue)
- 0%
- Dilution
- 92%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Veegaland Developers operates at an EBITDA margin of 16.78% and a net (PAT) margin of 10.47% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 11.89% and a return on equity (RoE) of 16.02%. At the upper band, the post-issue market capitalisation works out to about ₹682.5 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 a part of the expense to be incurred in the development of the ongoing projects and upcoming projects (₹119.83 crore), alongside funding unidentified acquisition of land and general corporate purposes.
Financials
In FY2026, Veegaland Developers reported revenue of ₹254.16 crore and a net profit of ₹26.61 crore. Revenue grew from ₹114.61 crore in FY2024 to ₹254.16 crore in FY2026 (+122.0%). Net worth stood at ₹266.9 crore at the end of FY2026. At the upper band, that puts the issue at roughly 17.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 25.64× post-issue earnings and 1.77× book value, against a return on net worth of 16.02% and a debt-to-equity ratio of 0.32. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Puravankara and Shriram Properties, with a median peer P/E of about 48.6×. The issue's own post-issue P/E works out to 25.64×.
Promoters
The promoters of the company are <p>Kochouseph Thomas Chittilappilly, K.Chittilappilly Trust</p>. Promoter holding stands at 92% before the issue and comes down to 0% after listing.
Frequently asked questions
- Who are the promoters of Veegaland Developers and what is their holding?
- The promoters are <p>Kochouseph Thomas Chittilappilly, K.Chittilappilly Trust</p>. Promoter holding is 92% before the issue and 0% after listing.
- What is the P/E ratio of the Veegaland Developers IPO?
- At the upper price band, the Veegaland Developers IPO is valued at 17.74× pre-issue earnings and 25.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Veegaland Developers IPO?
- The net proceeds go primarily toward funding a part of the expense to be incurred in the development of the ongoing projects and upcoming projects, among 2 disclosed objects.