Fascinate TextilesIPO Review — Financials, Valuation & Peers
A data-only look at the Fascinate Textiles 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 | 28.9 | 0.48 | 1.68 | 4.45 | 25.45 | 12.33 | — |
| FY 2025 | 60.28 | 5.81 | 10.01 | 10.45 | 42.26 | 18.21 | — |
| FY 2026 | 117.23 | 15.07 | 24.15 | 31.44 | 92.75 | 26.02 | 14.62 |
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)
- 10.33x
- P/E (post-issue)
- 13.79x
- RoNW
- 48.02%
- RoE
- 72.08%
- RoCE
- 54.82%
- Debt / Equity
- 0.83
- EPS (pre-issue)
- ₹14.62
- EPS (post-issue)
- ₹10.95
- EBITDA Margin
- 20.5%
- PAT Margin
- 12.89%
- P/BV
- 4.95x
- NAV / share
- ₹30.52
- Market Cap
- ₹207.79 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 |
|---|---|---|---|---|---|
| Fascinate Textiles | 14.66 | 30.52 | — | 48.02% | — |
| Iris Clothings Limited | 0.85 | 37.24 | 54.92x | 11.42% | 1.24x |
| Kewal Kiran Clothing Ltd | 23.03 | 181.66 | 21.71x | 13.6% | 2.76x |
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>Vishal Nahar, Chirag Ahuja, Rishabh Nahar, Narinder Kumar Ahuja, Vishal Nahar (HUF)</p>
- Holding (pre-issue)
- 99.46%
- Holding (post-issue)
- 68.4%
- Dilution
- 31.06%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Fascinate Textiles operates at an EBITDA margin of 20.5% and a net (PAT) margin of 12.89% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 54.82% and a return on equity (RoE) of 72.08%. At the upper band, the post-issue market capitalisation works out to about ₹207.79 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 (₹19.03 crore), alongside funding capital expenditure requirement towards setting up additional manufacturing facility. (₹12.4 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Fascinate Textiles reported revenue of ₹117.23 crore and a net profit of ₹15.07 crore. Revenue grew from ₹28.9 crore in FY2024 to ₹117.23 crore in FY2026 (+306.0%). Net worth stood at ₹31.44 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 13.79× post-issue earnings and 4.95× book value, against a return on net worth of 48.02% and a debt-to-equity ratio of 0.83. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Iris Clothings Limited and Kewal Kiran Clothing Ltd, with a median peer P/E of about 38.3×. The issue's own post-issue P/E works out to 13.79×.
Promoters
The promoters of the company are <p>Vishal Nahar, Chirag Ahuja, Rishabh Nahar, Narinder Kumar Ahuja, Vishal Nahar (HUF)</p>. Promoter holding stands at 99.46% before the issue and comes down to 68.4% after listing.
Frequently asked questions
- What is the reservation split in the Fascinate Textiles IPO?
- Of the total shares offered, retail investors get 59.32%, QIBs 1.06%, non-institutional investors 39.62%.
- Who are the promoters of Fascinate Textiles and what is their holding?
- The promoters are <p>Vishal Nahar, Chirag Ahuja, Rishabh Nahar, Narinder Kumar Ahuja, Vishal Nahar (HUF)</p>. Promoter holding is 99.46% before the issue and 68.4% after listing.
- What is the P/E ratio of the Fascinate Textiles IPO?
- At the upper price band, the Fascinate Textiles IPO is valued at 10.33× pre-issue earnings and 13.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Fascinate Textiles IPO?
- The net proceeds go primarily toward funding the working capital requirements, among 5 disclosed objects.