Anand SeamlessIPO Review — Financials, Valuation & Peers
A data-only look at the Anand Seamless 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 | 37 | 3.36 | 6.51 | 11.4 | 35.55 | 14.21 | — |
| FY 2025 | 33.64 | 2.65 | 5.9 | 14.05 | 52.4 | 21.22 | 6.5 |
| FY 2026 | 56.17 | 5.48 | 10.22 | 19.52 | 67.58 | 28.21 | — |
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)
- 11.08x
- P/E (post-issue)
- 15.72x
- RoNW
- 16.57%
- RoE
- 16.57%
- RoCE
- 11.65%
- Debt / Equity
- 1.38
- EPS (pre-issue)
- ₹6.5
- EPS (post-issue)
- ₹4.58
- EBITDA Margin
- 16.09%
- PAT Margin
- 9.31%
- P/BV
- 4.32x
- NAV / share
- ₹19.98
- Market Cap
- ₹86.18 Cr
As of 30 Sept 2025 (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 |
|---|---|---|---|---|---|---|
| Anand Seamless | 6.5 | 23.17 | — | 28.05% | — | Restated |
| Gandhi Special Tubes Ltd | 56.26 | 260 | 15.69x | 21.64% | 3.39x | Consolidated |
| Ratnamani Metals & Tubes Ltd | 68.85 | 586.46 | 34.16x | 13% | 4.01x | Consolidated |
| Scoda Tubes Ltd | 6.79 | 65.15 | 19.62x | 9.95% | 2.05x | Consolidated |
| Venus Pipes & Tubes Ltd | 49.51 | 322.69 | 31.86x | 15.25% | 4.9x | 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>Kedar Mayank Choksi, Heta Kedar Choksi</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 70.39%
- Dilution
- 29.61%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Anand Seamless operates at an EBITDA margin of 16.09% and a net (PAT) margin of 9.31% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 11.65% and a return on equity (RoE) of 16.57%. At the upper band, the post-issue market capitalisation works out to about ₹86.18 crore. These are offer-document figures for the latest reported period (as of 30 Sept 2025); 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 financing the cost towards capacity expansion, technological upgradation, cost optimization of the operations and support to the manufacturing facility at survey no. 944, ankhol patiya, chhatral-kadi road, village indrad, mahesana, kadi, gujarat, india, 382715 (₹13.2 crore), alongside full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the company (₹5.49 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Anand Seamless reported revenue of ₹56.17 crore and a net profit of ₹5.48 crore. Revenue grew from ₹37 crore in FY2024 to ₹56.17 crore in FY2026 (+52.0%). Net worth stood at ₹19.52 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 15.72× post-issue earnings and 4.32× book value, against a return on net worth of 16.57% and a debt-to-equity ratio of 1.38. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Gandhi Special Tubes Ltd and Ratnamani Metals & Tubes Ltd, with a median peer P/E of about 25.7×. The issue's own post-issue P/E works out to 15.72×.
Promoters
The promoters of the company are <p>Kedar Mayank Choksi, Heta Kedar Choksi</p>. Promoter holding stands at 100% before the issue and comes down to 70.39% after listing.
Frequently asked questions
- What is the reservation split in the Anand Seamless IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Anand Seamless and what is their holding?
- The promoters are <p>Kedar Mayank Choksi, Heta Kedar Choksi</p>. Promoter holding is 100% before the issue and 70.39% after listing.
- What is the P/E ratio of the Anand Seamless IPO?
- At the upper price band, the Anand Seamless IPO is valued at 11.08× pre-issue earnings and 15.72× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Anand Seamless IPO?
- The net proceeds go primarily toward financing the cost towards capacity expansion, technological upgradation, cost optimization of the operations and support to the manufacturing facility at survey no. 944, ankhol patiya, chhatral-kadi road, village indrad, mahesana, kadi, gujarat, india, 382715, among 4 disclosed objects.