Shree Balaji MalaIPO Review — Financials, Valuation & Peers
A data-only look at the Shree Balaji Mala 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 |
|---|---|---|---|---|---|---|
| FY 2024 | 195.89 | 2.46 | 10.23 | 16.7 | 127.51 | 51.37 |
| FY 2025 | 193.44 | 4.95 | 13.2 | 21.65 | 138.88 | 48.75 |
| FY 2026 | 212.4 | 5.85 | 15.5 | 27.51 | 148.64 | 69.08 |
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)
- 8.62x
- P/E (post-issue)
- 11.84x
- EPS (pre-issue)
- ₹8.13
- EPS (post-issue)
- ₹5.91
- PAT Margin
- 2.56%
- P/BV
- 2.33x
- NAV / share
- ₹30.05
- Market Cap
- ₹69.33 Cr
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Shree Balaji Mala | 8.13 | 38.17 | — | 21.28% | — |
| N R Vandana Tex Industries Limited | 4.73 | 31.11 | 15.03x | 14.43% | 2.29x |
| Saraswati Saree Depot Limited | 5.89 | 49.16 | 9.32x | 12.02% | 1.1x |
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>Binod Kumar Kedia, Anita Kedia, Mrityunjay Commosales Pvt.Ltd.</p>
- Holding (pre-issue)
- 100%
Analysis in brief
Anchor book
The anchor round of the Shree Balaji Mala IPO drew 4 institutional investors committing a combined ₹5.35 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 SHINCHO ASIA CAPITAL (INCORPORATED VCC SUB FUND) (₹1.93 crore), VISIONARY CAPITAL APPRECIATION FUND (₹1.4 crore) and SHINE STAR BUILD-CAP PVT.LTD. (₹1.01 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 25 Aug 2026, with the remainder locked until 25 Oct 2026.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Shree Balaji Mala operates at a net (PAT) margin of 2.56%. At the upper band, the post-issue market capitalisation works out to about ₹69.33 crore. These are offer-document figures for the latest reported period; 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 working capital requirements of the company (₹16.5 crore), alongside issue expenses (₹1.91 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Shree Balaji Mala reported revenue of ₹212.4 crore and a net profit of ₹5.85 crore. Revenue grew from ₹195.89 crore in FY2024 to ₹212.4 crore in FY2026 (+8.0%). Net worth stood at ₹27.51 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 11.84× post-issue earnings and 2.33× book value. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including N R Vandana Tex Industries Limited and Saraswati Saree Depot Limited, with a median peer P/E of about 12.2×. The issue's own post-issue P/E works out to 11.84×.
Promoters
The promoters of the company are <p>Binod Kumar Kedia, Anita Kedia, Mrityunjay Commosales Pvt.Ltd.</p>. Promoter holding is 100% before the issue.
Frequently asked questions
- What is the reservation split in the Shree Balaji Mala IPO?
- Of the total shares offered, retail investors get 35.1%, QIBs 19.89% (plus 29.8% anchor), non-institutional investors 15.21%.
- Who are the promoters of Shree Balaji Mala and what is their holding?
- The promoters are <p>Binod Kumar Kedia, Anita Kedia, Mrityunjay Commosales Pvt.Ltd.</p>. Promoter holding is 100% before the issue.
- What is the P/E ratio of the Shree Balaji Mala IPO?
- At the upper price band, the Shree Balaji Mala IPO is valued at 8.62× pre-issue earnings and 11.84× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shree Balaji Mala IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 3 disclosed objects.