Bench Mark Infotech ServicesIPO Review — Financials, Valuation & Peers
A data-only look at the Bench Mark Infotech Services 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 | 34.76 | 1.48 | 2.28 | 10.5 | 39.33 | 1.41 | — |
| FY 2025 | 50.8 | 5.83 | 8.28 | 16.33 | 60.39 | 0.78 | — |
| FY 2026 | 63.99 | 10.22 | 14.06 | 26.55 | 74.05 | 2.71 | 9.4 |
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)
- 11.7x
- P/E (post-issue)
- 15.36x
- RoNW
- 38.48%
- RoE
- 47.65%
- RoCE
- 47.74%
- Debt / Equity
- 0.1
- EPS (pre-issue)
- ₹9.4
- EPS (post-issue)
- ₹7.16
- EBITDA Margin
- 21.97%
- PAT Margin
- 16.88%
- P/BV
- 4.5x
- NAV / share
- ₹24.42
- Market Cap
- ₹157 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 | P/BV |
|---|---|---|---|---|---|
| Bench Mark Infotech Services | 9.4 | 24.42 | — | 38.48% | — |
| Dynacons Systems & Solutions Ltd. | 66.64 | 247.54 | 26.55x | 26.9% | 1.12x |
| Esconet Technologies Ltd. | 4.66 | 60.77 | 15.66x | 7.68% | 17.38x |
| Xtranet Technologies Ltd. | 10.4 | 34.66 | 50.87x | 30.01% | 6.97x |
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>Vineet Kumar Gupta, Juli Gupta</p>
- Holding (pre-issue)
- 99.99%
- Holding (post-issue)
- 72.97%
- Dilution
- 27.02%
Analysis in brief
Anchor book
The anchor round of the Bench Mark Infotech Services IPO drew 6 institutional investors committing a combined ₹12.06 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 SHINCHO ASIA CAPITAL (INCORPORATED VCC SUB FUND) (₹4.01 crore), UPSURGE OPPORTUNITIES FUND I (₹3.01 crore) and VISIONARY CAPITAL APPRECIATION FUND (₹2.01 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 29 Oct 2026, with the remainder locked until 28 Dec 2026.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Bench Mark Infotech Services operates at an EBITDA margin of 21.97% and a net (PAT) margin of 16.88% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 47.74% and a return on equity (RoE) of 47.65%. At the upper band, the post-issue market capitalisation works out to about ₹157 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 the working capital requirements of the company (₹30 crore), alongside general corporate purposes (₹4.59 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Bench Mark Infotech Services reported revenue of ₹63.99 crore and a net profit of ₹10.22 crore. Revenue grew from ₹34.76 crore in FY2024 to ₹63.99 crore in FY2026 (+84.0%). Net worth stood at ₹26.55 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.36× post-issue earnings and 4.5× book value, against a return on net worth of 38.48% and a debt-to-equity ratio of 0.1. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Dynacons Systems & Solutions Ltd. and Esconet Technologies Ltd., with a median peer P/E of about 26.6×. The issue's own post-issue P/E works out to 15.36×.
Promoters
The promoters of the company are <p>Vineet Kumar Gupta, Juli Gupta</p>. Promoter holding stands at 99.99% before the issue and comes down to 72.97% after listing.
Frequently asked questions
- What is the reservation split in the Bench Mark Infotech Services IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 20.01% (plus 29.93% anchor), non-institutional investors 15.03%.
- Who are the promoters of Bench Mark Infotech Services and what is their holding?
- The promoters are <p>Vineet Kumar Gupta, Juli Gupta</p>. Promoter holding is 99.99% before the issue and 72.97% after listing.
- What is the P/E ratio of the Bench Mark Infotech Services IPO?
- At the upper price band, the Bench Mark Infotech Services IPO is valued at 11.7× pre-issue earnings and 15.36× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Bench Mark Infotech Services IPO?
- The net proceeds go primarily toward funding the working capital requirements of the company, among 3 disclosed objects.