Aureate TraddeIPO Review — Financials, Valuation & Peers
A data-only look at the Aureate Tradde 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 2023 | 211.6 | 1.13 | 0.08 | 5.14 | 38.71 | 22.73 | — |
| FY 2024 | 172.19 | 1.45 | 3.25 | 10.59 | 64.18 | 32.46 | — |
| FY 2025 | 176.62 | 2.57 | 5.07 | 12.95 | 83.11 | 32.17 | — |
| Dec 2025 (interim) | 102.79 | 4.36 | 7.33 | 17.24 | 98.58 | 38.07 | 2.83 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 24.71x
- P/E (post-issue)
- 15.64x
- RoNW
- 28.87%
- RoE
- 28.87%
- RoCE
- 25.07%
- Debt / Equity
- 2.21
- EPS (pre-issue)
- ₹2.83
- EPS (post-issue)
- ₹4.47
- EBITDA Margin
- 7.2%
- PAT Margin
- 4.28%
- P/BV
- 0.05x
- NAV / share
- ₹18.98
- Market Cap
- ₹90.9 Cr
As of 31 Dec 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 |
|---|---|---|---|---|---|
| Aureate Tradde | 2.83 | 1,361.91 | 24.73x | 21.88% | 0.05x |
| Bhavik Enterprises | 3.58 | 61.62 | 43.85x | 5.97% | 2.57x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Kalash Kevin Shah and Punit Devendrabhai Shah
- Holding (pre-issue)
- 92.35%
- Holding (post-issue)
- 64.63%
- Dilution
- 27.72%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Aureate Tradde operates at an EBITDA margin of 7.2% and a net (PAT) margin of 4.28% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.07% and a return on equity (RoE) of 28.87%. At the upper band, the post-issue market capitalisation works out to about ₹90.9 crore. These are offer-document figures for the latest reported period (as of 31 Dec 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 funding working capital requirements of the company (₹10 crore), alongside repayment/pre-payment, in full or in part, of certain borrowings availed by the company (₹9.93 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Aureate Tradde reported revenue of ₹102.79 crore and a net profit of ₹4.36 crore. Revenue declined from ₹211.6 crore in FY2023 to ₹102.79 crore in FY2025 (-51.0%). Net worth stood at ₹17.24 crore at the end of FY2025. At the upper band, that puts the issue at roughly 24.7× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.64× post-issue earnings and 0.05× book value, against a return on net worth of 28.87% and a debt-to-equity ratio of 2.21. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Kalash Kevin Shah and Punit Devendrabhai Shah. Promoter holding stands at 92.35% before the issue and comes down to 64.63% after listing.
Frequently asked questions
- What is the reservation split in the Aureate Tradde IPO?
- Of the total shares offered, retail investors get 50.03%, non-institutional investors 49.97%.
- Who are the promoters of Aureate Tradde and what is their holding?
- The promoters are Kalash Kevin Shah and Punit Devendrabhai Shah. Promoter holding is 92.35% before the issue and 64.63% after listing.
- What is the P/E ratio of the Aureate Tradde IPO?
- At the upper price band, the Aureate Tradde IPO is valued at 24.71× pre-issue earnings and 15.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Aureate Tradde IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects.