Phychem TechnologiesIPO Review — Financials, Valuation & Peers
A data-only look at the Phychem Technologies 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 | 47.59 | 1.69 | 2.76 | 6.86 | 17.83 | 5.61 | — |
| FY 2025 | 51.11 | 2.84 | 4.37 | 9.7 | 20.75 | 4.59 | — |
| FY 2026 | 57.48 | 4.09 | 6.09 | 13.79 | 25.32 | 5.91 | 5.42 |
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)
- 9.96x
- P/E (post-issue)
- 13.53x
- RoNW
- 29.66%
- RoE
- 34.82%
- RoCE
- 32.73%
- Debt / Equity
- 0.43
- EPS (pre-issue)
- ₹5.42
- EPS (post-issue)
- ₹3.99
- EBITDA Margin
- 10.78%
- PAT Margin
- 7.24%
- P/BV
- 4.2x
- NAV / share
- ₹18.29
- Market Cap
- ₹55.3 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>Umakant Nivrutti Savadekar, Ulka Umakant Savadekar, Nivrutti Sonu Savdekar, Vijaya Nivrutti Savdekar</p>
- Holding (pre-issue)
- 98.55%
- Holding (post-issue)
- 72.56%
- Dilution
- 25.99%
Analysis in brief
Anchor book
The anchor round of the Phychem Technologies IPO drew 4 institutional investors committing a combined ₹4.1 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to INNOVATIVE VISION FUND (₹1.1 crore), LRSD SECURITIES PVT.LTD. (₹1 crore) and SB OPPORTUNITIES FUND II (₹1 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 3 Oct 2026, with the remainder locked until 2 Dec 2026.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Phychem Technologies operates at an EBITDA margin of 10.78% and a net (PAT) margin of 7.24% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 32.73% and a return on equity (RoE) of 34.82%. At the upper band, the post-issue market capitalisation works out to about ₹55.3 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 capital expenditure towards procurement of plant and machinery (₹5.15 crore), alongside issue expenses (₹2.8 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Phychem Technologies reported revenue of ₹57.48 crore and a net profit of ₹4.09 crore. Revenue grew from ₹47.59 crore in FY2024 to ₹57.48 crore in FY2026 (+21.0%). Net worth stood at ₹13.79 crore at the end of FY2026. At the upper band, that puts the issue at roughly 10.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 13.53× post-issue earnings and 4.2× book value, against a return on net worth of 29.66% and a debt-to-equity ratio of 0.43. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Umakant Nivrutti Savadekar, Ulka Umakant Savadekar, Nivrutti Sonu Savdekar, Vijaya Nivrutti Savdekar</p>. Promoter holding stands at 98.55% before the issue and comes down to 72.56% after listing.
Frequently asked questions
- What is the reservation split in the Phychem Technologies IPO?
- Of the total shares offered, retail investors get 35.13%, QIBs 19.91% (plus 29.74% anchor), non-institutional investors 15.22%.
- Who are the promoters of Phychem Technologies and what is their holding?
- The promoters are <p>Umakant Nivrutti Savadekar, Ulka Umakant Savadekar, Nivrutti Sonu Savdekar, Vijaya Nivrutti Savdekar</p>. Promoter holding is 98.55% before the issue and 72.56% after listing.
- What is the P/E ratio of the Phychem Technologies IPO?
- At the upper price band, the Phychem Technologies IPO is valued at 9.96× pre-issue earnings and 13.53× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Phychem Technologies IPO?
- The net proceeds go primarily toward funding the capital expenditure towards procurement of plant and machinery, among 5 disclosed objects.