Clay CraftIPO Review — Financials, Valuation & Peers
A data-only look at the Clay Craft 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 |
|---|---|---|---|---|---|---|
| FY 2025 | 154.44 | 20.76 | 35.39 | 139.05 | 217.39 | 47.75 |
| FY 2026 | 184.57 | 27.01 | 41.96 | 166.06 | 251.95 | 49.98 |
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)
- 11.38x
- P/E (post-issue)
- 15.46x
- RoNW
- 16.27%
- RoE
- 17.71%
- RoCE
- 18.26%
- Debt / Equity
- 0.3
- EPS (pre-issue)
- ₹17.84
- EPS (post-issue)
- ₹13.13
- EBITDA Margin
- 23.33%
- PAT Margin
- 15.02%
- P/BV
- 1.85x
- NAV / share
- ₹109.64
- Market Cap
- ₹417.58 Cr
As of 31 Mar 26 (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 | Statements |
|---|---|---|---|---|---|
| Clay Craft | 17.84 | — | — | 16.27% | 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: Rajesh Narain Agarwal, Vikas Agarwal, Bharat Agarwal and Deepak Agarwal
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.63%
- Dilution
- 26.37%
Analysis in brief
Anchor book
Before the issue opened to the public, Clay Craft placed shares with 18 anchor investors, who together put in ₹31.34 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 MOTILAL OSWAL FINVEST LTD. (₹4.9 crore), SANSHI FUND-I (₹4.9 crore) and SHUBHKAM VENTURES (INDIA) PVT.LTD. (₹4.9 crore). Investor categories represented include Other, Bank and FII/FPI. The lock-in on half the anchor shares ends on 22 Jul 2026, with the remainder locked until 20 Sept 2026.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Clay Craft operates at an EBITDA margin of 23.33% and a net (PAT) margin of 15.02% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 18.26% and a return on equity (RoE) of 17.71%. At the upper band, the post-issue market capitalisation works out to about ₹417.58 crore. These are offer-document figures for the latest reported period (as of 31 Mar 26); 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 fund capital expenditure towards setting up an additional manufacturing facility at manda, rajasthan (₹97 crore), alongside issue expenses (₹13.09 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Clay Craft reported revenue of ₹184.57 crore and a net profit of ₹27.01 crore. Revenue grew from ₹154.44 crore in FY2025 to ₹184.57 crore in FY2026 (+20.0%). Net worth stood at ₹166.06 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 15.46× post-issue earnings and 1.85× book value, against a return on net worth of 16.27% and a debt-to-equity ratio of 0.3. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Rajesh Narain Agarwal, Vikas Agarwal, Bharat Agarwal and Deepak Agarwal. Promoter holding stands at 100% before the issue and comes down to 73.63% after listing.
Frequently asked questions
- What is the reservation split in the Clay Craft IPO?
- Of the total shares offered, retail investors get 35.01%, QIBs 20% (plus 29.97% anchor), non-institutional investors 15.02%.
- Who are the promoters of Clay Craft and what is their holding?
- The promoters are Rajesh Narain Agarwal, Vikas Agarwal, Bharat Agarwal and Deepak Agarwal. Promoter holding is 100% before the issue and 73.63% after listing.
- What is the P/E ratio of the Clay Craft IPO?
- At the upper price band, the Clay Craft IPO is valued at 11.38× pre-issue earnings and 15.46× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Clay Craft IPO?
- The net proceeds go primarily toward to fund capital expenditure towards setting up an additional manufacturing facility at manda, rajasthan, among 3 disclosed objects.