Leapfrog EngineeringIPO Review — Financials, Valuation & Peers
A data-only look at the Leapfrog Engineering 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 2023 | 105.38 | 0.28 | 1.01 | 5.32 | 66.45 | 13.05 | — |
| FY 2024 | 162.88 | 16.39 | 19.73 | 21.71 | 51.11 | 13.78 | — |
| FY 2025 | 137.37 | 16.22 | 21.57 | 53.26 | 149.17 | 20.11 | — |
| Dec 2025 (interim) | 105.05 | 14.18 | 20.18 | 67.44 | 156.04 | 32.22 | 1.51 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 15.19x
- P/E (post-issue)
- 17.24x
- RoNW
- 21.03%
- RoE
- 21.03%
- RoCE
- 23.98%
- Debt / Equity
- 0.48
- EPS (pre-issue)
- ₹1.51
- EPS (post-issue)
- ₹1.33
- EBITDA Margin
- 19.98%
- PAT Margin
- 14.04%
- P/BV
- 3.66x
- NAV / share
- ₹6.29
- Market Cap
- ₹326.12 Cr
As of 31 Dec 2025 (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 |
|---|---|---|---|---|---|---|
| Leapfrog Engineering | 1.57 | 4.97 | 14.65x | 30.47% | — | — |
| Engineers India Ltd | 8.28 | 46.62 | 27.14x | 17.76% | 4.87x | Standalone |
| Konstelec Engineers Limited | 2.83 | 65.34 | 17.6x | 4.34% | 0.75x | Standalone |
Peer group as disclosed in the offer document, figures as of 28 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Prabhav Narasimha Rao and Priyashaila Prabhav Rao
- Holding (pre-issue)
- 92.59%
- Holding (post-issue)
- 67.27%
- Dilution
- 25.32%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Leapfrog Engineering operates at an EBITDA margin of 19.98% and a net (PAT) margin of 14.04% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 23.98% and a return on equity (RoE) of 21.03%. At the upper band, the post-issue market capitalisation works out to about ₹326.12 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); 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 requirements (₹36.05 crore), alongside funding capital expenditure towards setting up assembling unit (₹27 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Leapfrog Engineering reported revenue of ₹105.05 crore and a net profit of ₹14.18 crore. Revenue declined from ₹105.38 crore in FY2023 to ₹105.05 crore in FY2025 (+0.0%). Net worth stood at ₹67.44 crore at the end of FY2025. At the upper band, that puts the issue at roughly 15.2× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.24× post-issue earnings and 3.66× book value, against a return on net worth of 21.03% and a debt-to-equity ratio of 0.48. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Engineers India Ltd and Konstelec Engineers Limited, with a median peer P/E of about 22.4×. The issue's own post-issue P/E works out to 17.24×.
Promoters
The promoters of the company are Prabhav Narasimha Rao and Priyashaila Prabhav Rao. Promoter holding stands at 92.59% before the issue and comes down to 67.27% after listing.
Frequently asked questions
- What is the reservation split in the Leapfrog Engineering IPO?
- Of the total shares offered, retail investors get 60.07%, QIBs 1.03%, non-institutional investors 38.9%.
- Who are the promoters of Leapfrog Engineering and what is their holding?
- The promoters are Prabhav Narasimha Rao and Priyashaila Prabhav Rao. Promoter holding is 92.59% before the issue and 67.27% after listing.
- What is the P/E ratio of the Leapfrog Engineering IPO?
- At the upper price band, the Leapfrog Engineering IPO is valued at 15.19× pre-issue earnings and 17.24× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Leapfrog Engineering IPO?
- The net proceeds go primarily toward working capital requirements, among 4 disclosed objects.