Sollfege Smart ElectronicsIPO Review — Financials, Valuation & Peers
A data-only look at the Sollfege Smart Electronics 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 | 19.84 | 1.76 | 1.73 | 3.75 | 12.3 | 2.87 | — |
| FY 2025 | 21.28 | 2.13 | 3.24 | 9.43 | 24.83 | 4.46 | — |
| FY 2026 | 22.22 | 2.19 | 4 | 11.62 | 30.37 | 6.98 | 3.63 |
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)
- 15.15x
- P/E (post-issue)
- 25.11x
- RoNW
- 18.86%
- RoE
- 20.82%
- RoCE
- 23.57%
- Debt / Equity
- 0.6
- EPS (pre-issue)
- ₹3.63
- EPS (post-issue)
- ₹2.19
- EBITDA Margin
- 18.02%
- PAT Margin
- 9.86%
- P/BV
- 2.86x
- NAV / share
- ₹19.24
- Market Cap
- ₹55 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>Umesh Kumar Agarwal</p>
- Holding (pre-issue)
- 99.97%
- Holding (post-issue)
- 60.38%
- Dilution
- 39.59%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Sollfege Smart Electronics operates at an EBITDA margin of 18.02% and a net (PAT) margin of 9.86% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 23.57% and a return on equity (RoE) of 20.82%. At the upper band, the post-issue market capitalisation works out to about ₹55 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 working capital requirements (₹9.67 crore), alongside funding capital expenditure for expansion of our retail network by launching 12 new showrooms (₹8.54 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Sollfege Smart Electronics reported revenue of ₹22.22 crore and a net profit of ₹2.19 crore. Revenue grew from ₹19.84 crore in FY2024 to ₹22.22 crore in FY2026 (+12.0%). Net worth stood at ₹11.62 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 25.11× post-issue earnings and 2.86× book value, against a return on net worth of 18.86% and a debt-to-equity ratio of 0.6. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Umesh Kumar Agarwal</p>. Promoter holding stands at 99.97% before the issue and comes down to 60.38% after listing.
Frequently asked questions
- What is the reservation split in the Sollfege Smart Electronics IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Sollfege Smart Electronics and what is their holding?
- The promoters are <p>Umesh Kumar Agarwal</p>. Promoter holding is 99.97% before the issue and 60.38% after listing.
- What is the P/E ratio of the Sollfege Smart Electronics IPO?
- At the upper price band, the Sollfege Smart Electronics IPO is valued at 15.15× pre-issue earnings and 25.11× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Sollfege Smart Electronics IPO?
- The net proceeds go primarily toward working capital requirements, among 4 disclosed objects.