Liotech IndustriesIPO Review — Financials, Valuation & Peers
A data-only look at the Liotech Industries 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 | 8.5 | 0.35 | 0.87 | 2.36 | 4.02 | 1.38 | — |
| FY 2024 | 27.87 | 2.93 | 4.45 | 6.28 | 14.09 | 3.55 | — |
| FY 2025 | 40.69 | 4.16 | 6.56 | 10.45 | 19.77 | 4.22 | — |
| Dec 2025 (interim) | 51.79 | 5.49 | 8.39 | 15.93 | 30.5 | 4.81 | 13.88 |
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)
- 23.13x
- P/E (post-issue)
- 17.11x
- RoNW
- 34.44%
- RoE
- 34.44%
- RoCE
- 44.45%
- Debt / Equity
- 0.3
- EPS (pre-issue)
- ₹13.88
- EPS (post-issue)
- ₹18.76
- EBITDA Margin
- 16.25%
- PAT Margin
- 10.64%
- P/BV
- 6.04x
- NAV / share
- ₹53.12
- Market Cap
- ₹125.19 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.
Promoters & Shareholding
Promoters: Hiteshbhai Mansukhbhai Bhuva, Hetal Hitesh Bhuva, Vipul Mansukhbhai Bhuva, Pushpaben Mansukhbhai Bhuva, Mansukhbhai Kadvabhai Bhuva and Femina Vipulbhai Bhuva
- Holding (pre-issue)
- 99.99%
- Holding (post-issue)
- 71.23%
- Dilution
- 28.76%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Liotech Industries operates at an EBITDA margin of 16.25% and a net (PAT) margin of 10.64% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 44.45% and a return on equity (RoE) of 34.44%. At the upper band, the post-issue market capitalisation works out to about ₹125.19 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 capital expenditure towards acquiring machinery (₹8 crore), alongside working capital requirement (₹7 crore). In all, 5 objects are disclosed.
Financials
In FY2025, Liotech Industries reported revenue of ₹51.79 crore and a net profit of ₹5.49 crore. Revenue grew from ₹8.5 crore in FY2023 to ₹51.79 crore in FY2025 (+509.0%). Net worth stood at ₹15.93 crore at the end of FY2025. At the upper band, that puts the issue at roughly 23.1× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.11× post-issue earnings and 6.04× book value, against a return on net worth of 34.44% 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 Hiteshbhai Mansukhbhai Bhuva, Hetal Hitesh Bhuva, Vipul Mansukhbhai Bhuva, Pushpaben Mansukhbhai Bhuva, Mansukhbhai Kadvabhai Bhuva and Femina Vipulbhai Bhuva. Promoter holding stands at 99.99% before the issue and comes down to 71.23% after listing.
Frequently asked questions
- What is the reservation split in the Liotech Industries IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Liotech Industries and what is their holding?
- The promoters are Hiteshbhai Mansukhbhai Bhuva, Hetal Hitesh Bhuva, Vipul Mansukhbhai Bhuva, Pushpaben Mansukhbhai Bhuva, Mansukhbhai Kadvabhai Bhuva and Femina Vipulbhai Bhuva. Promoter holding is 99.99% before the issue and 71.23% after listing.
- What is the P/E ratio of the Liotech Industries IPO?
- At the upper price band, the Liotech Industries IPO is valued at 23.13× pre-issue earnings and 17.11× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Liotech Industries IPO?
- The net proceeds go primarily toward capital expenditure towards acquiring machinery, among 5 disclosed objects.