Silverstorm Parks & ResortsIPO Review — Financials, Valuation & Peers
A data-only look at the Silverstorm Parks & Resorts 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 | 19.11 | 0.97 | 6.52 | 23.26 | 112.02 | 28.36 | — |
| FY 2025 | 31.64 | 9.71 | 16.56 | 50.47 | 151.6 | 29.95 | — |
| FY 2026 | 44.85 | 19.1 | 29.36 | 72.84 | 214.09 | 65.07 | 11.59 |
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)
- 11.47x
- P/E (post-issue)
- 15.79x
- RoNW
- 30.98%
- RoE
- 30.98%
- RoCE
- 25.22%
- Debt / Equity
- 0.89
- EPS (pre-issue)
- ₹11.59
- EPS (post-issue)
- ₹8.42
- EBITDA Margin
- 67.37%
- PAT Margin
- 42.59%
- P/BV
- 3.01x
- NAV / share
- ₹44.2
- Market Cap
- ₹301.6 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.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Imagicaaworld Entertainment Limited | 0.01 | 22.16 | 4,701x | 0.05% | 2.14x | Consolidated |
| Nicco Parks & Resorts Ltd | -0.58 | 22.35 | — | 10.74% | 3.55x | Consolidated |
| Silver Storm Parks and Resorts Limited | 12.59 | 44.2 | — | 30.98% | — | Standalone |
| Wonderla Holidays Limited | 12.89 | 283.2 | 36.65x | 4.64% | 1.66x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel, Shalimar Antharathara Ibrahim</p>
- Holding (pre-issue)
- 70.15%
- Holding (post-issue)
- 50.98%
- Dilution
- 19.17%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Silverstorm Parks & Resorts operates at an EBITDA margin of 67.37% and a net (PAT) margin of 42.59% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.22% and a return on equity (RoE) of 30.98%. At the upper band, the post-issue market capitalisation works out to about ₹301.6 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 capital expenditure in relation to setting up lucknow snow park and fec (₹26.12 crore), alongside repayment and/or pre-payment, in full or part, of certain borrowings availed by the company (₹24 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Silverstorm Parks & Resorts reported revenue of ₹44.85 crore and a net profit of ₹19.1 crore. Revenue grew from ₹19.11 crore in FY2024 to ₹44.85 crore in FY2026 (+135.0%). Net worth stood at ₹72.84 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.79× post-issue earnings and 3.01× book value, against a return on net worth of 30.98% and a debt-to-equity ratio of 0.89. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Imagicaaworld Entertainment Limited and Wonderla Holidays Limited, with a median peer P/E of about 2368.8×. The issue's own post-issue P/E works out to 15.79×.
Promoters
The promoters of the company are <p>Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel, Shalimar Antharathara Ibrahim</p>. Promoter holding stands at 70.15% before the issue and comes down to 50.98% after listing.
Frequently asked questions
- Who are the promoters of Silverstorm Parks & Resorts and what is their holding?
- The promoters are <p>Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel, Shalimar Antharathara Ibrahim</p>. Promoter holding is 70.15% before the issue and 50.98% after listing.
- What is the P/E ratio of the Silverstorm Parks & Resorts IPO?
- At the upper price band, the Silverstorm Parks & Resorts IPO is valued at 11.47× pre-issue earnings and 15.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Silverstorm Parks & Resorts IPO?
- The net proceeds go primarily toward funding capital expenditure in relation to setting up lucknow snow park and fec, among 4 disclosed objects.