Dudani RetailIPO Review — Financials, Valuation & Peers
A data-only look at the Dudani Retail 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 | 25.13 | 0.99 | 1.81 | 6.62 | 10.59 | 3.53 | — |
| FY 2025 | 25.29 | 1.78 | 2.86 | 8.4 | 14.28 | 4.03 | — |
| FY 2026 | 24.59 | 1.9 | 2.97 | 10.3 | 17.01 | 4.82 | 2.82 |
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)
- 10.28x
- P/E (post-issue)
- 15.85x
- RoNW
- 18.46%
- RoE
- 18.46%
- RoCE
- 25.88%
- Debt / Equity
- 0.47
- EPS (pre-issue)
- ₹2.82
- EPS (post-issue)
- ₹1.83
- EBITDA Margin
- 12.07%
- PAT Margin
- 7.73%
- P/BV
- 1.9x
- NAV / share
- ₹15.26
- Market Cap
- ₹30.12 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 | Statements |
|---|---|---|---|---|---|---|
| Dudani Retail | 2.82 | 15.26 | 10.3x | 18.46% | 1.93x | Restated |
| Mish Designs Ltd. | -3.24 | 52.62 | -11.27x | -6% | 0.69x | — |
| Nandani Creation Ltd. | 1.04 | 34.64 | 23.7x | 3.35% | 0.71x | Consolidated |
| Purple United Sales Ltd. | 15.81 | 78.8 | 26.72x | 22.3% | 5.41x | — |
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>Akshay Dudani, Charu Dudani</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 64.97%
- Dilution
- 35.03%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Dudani Retail operates at an EBITDA margin of 12.07% and a net (PAT) margin of 7.73% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.88% and a return on equity (RoE) of 18.46%. At the upper band, the post-issue market capitalisation works out to about ₹30.12 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 working capital requirements (₹3.97 crore), alongside repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company. (₹3 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Dudani Retail reported revenue of ₹24.59 crore and a net profit of ₹1.9 crore. Revenue declined from ₹25.13 crore in FY2024 to ₹24.59 crore in FY2026 (-2.0%). Net worth stood at ₹10.3 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.85× post-issue earnings and 1.9× book value, against a return on net worth of 18.46% and a debt-to-equity ratio of 0.47. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Mish Designs Ltd. and Nandani Creation Ltd., with a median peer P/E of about 23.7×. The issue's own post-issue P/E works out to 15.85×.
Promoters
The promoters of the company are <p>Akshay Dudani, Charu Dudani</p>. Promoter holding stands at 100% before the issue and comes down to 64.97% after listing.
Frequently asked questions
- What is the reservation split in the Dudani Retail IPO?
- Of the total shares offered, retail investors get 50.06%, non-institutional investors 49.94%.
- Who are the promoters of Dudani Retail and what is their holding?
- The promoters are <p>Akshay Dudani, Charu Dudani</p>. Promoter holding is 100% before the issue and 64.97% after listing.
- What is the P/E ratio of the Dudani Retail IPO?
- At the upper price band, the Dudani Retail IPO is valued at 10.28× pre-issue earnings and 15.85× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Dudani Retail IPO?
- The net proceeds go primarily toward to meet working capital requirements, among 5 disclosed objects.