Aegeus TechnologiesIPO Review — Financials, Valuation & Peers
A data-only look at the Aegeus Technologies 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 | 15.28 | 0.93 | 1.66 | 5.83 | 13.56 | 4.16 | — |
| FY 2025 | 21.9 | 1.39 | 3.13 | 11.42 | 22.09 | 4.1 | — |
| FY 2026 | 41.22 | 4.02 | 6.48 | 15.4 | 39.36 | 11.93 | 6.57 |
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)
- 15.98x
- P/E (post-issue)
- 21.88x
- RoNW
- 29.93%
- RoE
- 29.93%
- RoCE
- 24.75%
- Debt / Equity
- 0.77
- EPS (pre-issue)
- ₹6.57
- EPS (post-issue)
- ₹4.8
- EBITDA Margin
- 15.82%
- PAT Margin
- 9.81%
- P/BV
- 5.62x
- NAV / share
- ₹25.18
- Market Cap
- ₹87.93 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>Suraj Vernekard, Roopa Vernekar, Nishith Rameshchandra Shah</p>
- Holding (pre-issue)
- 64.75%
- Holding (post-issue)
- 46.09%
- Dilution
- 18.66%
Analysis in brief
Anchor book
2 anchor investors participated in the Aegeus Technologies IPO ahead of the public offer, together allocated ₹6.01 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 AARTH AIF GROWTH FUND (₹3.01 crore) and M7 GLOBAL FUND PCC-CELL DEWCA FUND (₹3 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 6 Sept 2026, with the remainder locked until 5 Nov 2026.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Aegeus Technologies operates at an EBITDA margin of 15.82% and a net (PAT) margin of 9.81% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.75% and a return on equity (RoE) of 29.93%. At the upper band, the post-issue market capitalisation works out to about ₹87.93 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 to meet out the expenses for working capital to fund business growth (₹8 crore), alongside funding capital expenditure towards setting up of manufacturing facility through purchase of land and civil works. (₹5.74 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Aegeus Technologies reported revenue of ₹41.22 crore and a net profit of ₹4.02 crore. Revenue grew from ₹15.28 crore in FY2024 to ₹41.22 crore in FY2026 (+170.0%). Net worth stood at ₹15.4 crore at the end of FY2026. At the upper band, that puts the issue at roughly 16.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 21.88× post-issue earnings and 5.62× book value, against a return on net worth of 29.93% and a debt-to-equity ratio of 0.77. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Suraj Vernekard, Roopa Vernekar, Nishith Rameshchandra Shah</p>. Promoter holding stands at 64.75% before the issue and comes down to 46.09% after listing.
Frequently asked questions
- What is the reservation split in the Aegeus Technologies IPO?
- Of the total shares offered, retail investors get 35.01%, QIBs 20.3% (plus 29.61% anchor), non-institutional investors 15.08%.
- Who are the promoters of Aegeus Technologies and what is their holding?
- The promoters are <p>Suraj Vernekard, Roopa Vernekar, Nishith Rameshchandra Shah</p>. Promoter holding is 64.75% before the issue and 46.09% after listing.
- What is the P/E ratio of the Aegeus Technologies IPO?
- At the upper price band, the Aegeus Technologies IPO is valued at 15.98× pre-issue earnings and 21.88× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Aegeus Technologies IPO?
- The net proceeds go primarily toward to meet out the expenses for working capital to fund business growth, among 5 disclosed objects.