Gulf LloydsIPO Review — Financials, Valuation & Peers
A data-only look at the Gulf Lloyds 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 2026 | 35.97 | 4.3 | 7.9 | 13.48 | 35.29 | 15.68 | 8.76 |
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)
- 11.41x
- P/E (post-issue)
- 15.64x
- RoNW
- 31.92%
- RoE
- 37.49%
- RoCE
- 24.88%
- Debt / Equity
- 1.15
- EPS (pre-issue)
- ₹8.76
- EPS (post-issue)
- ₹6.39
- EBITDA Margin
- 21.97%
- P/BV
- 3.64x
- NAV / share
- ₹27.46
- Market Cap
- ₹67.29 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.
Promoters & Shareholding
Promoters: <p>Jaykumar Bhavsar, Bhagirath Bhavsar, Anitaben Bhavsar, Shivaniben Bhavsar</p>
- Holding (pre-issue)
- 99.94%
- Holding (post-issue)
- 72.92%
- Dilution
- 27.02%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Gulf Lloyds operates at an EBITDA margin of 21.97%. Capital efficiency reads at a return on capital employed (RoCE) of 24.88% and a return on equity (RoE) of 37.49%. At the upper band, the post-issue market capitalisation works out to about ₹67.29 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 working capital requirement (₹7.15 crore), alongside capital expenditure for office premises (₹4.01 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Gulf Lloyds reported revenue of ₹35.97 crore and a net profit of ₹4.3 crore. Net worth stood at ₹13.48 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.64× post-issue earnings and 3.64× book value, against a return on net worth of 31.92% and a debt-to-equity ratio of 1.15. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Jaykumar Bhavsar, Bhagirath Bhavsar, Anitaben Bhavsar, Shivaniben Bhavsar</p>. Promoter holding stands at 99.94% before the issue and comes down to 72.92% after listing.
Frequently asked questions
- What is the reservation split in the Gulf Lloyds IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Gulf Lloyds and what is their holding?
- The promoters are <p>Jaykumar Bhavsar, Bhagirath Bhavsar, Anitaben Bhavsar, Shivaniben Bhavsar</p>. Promoter holding is 99.94% before the issue and 72.92% after listing.
- What is the P/E ratio of the Gulf Lloyds IPO?
- At the upper price band, the Gulf Lloyds IPO is valued at 11.41× pre-issue earnings and 15.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Gulf Lloyds IPO?
- The net proceeds go primarily toward working capital requirement, among 4 disclosed objects.