Sotefin BharatIPO Review — Financials, Valuation & Peers
A data-only look at the Sotefin Bharat 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 | 56.87 | 6.25 | 10.54 | 21.92 | 60.64 | 18.78 | — |
| FY 2025 | 94.15 | 11.31 | 18.46 | 50.63 | 98.68 | 12.16 | — |
| FY 2026 | 118.23 | 17.37 | 29.83 | 78.11 | 129.06 | 24.01 | 13 |
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)
- 14.38x
- P/E (post-issue)
- 19.55x
- RoNW
- 26.98%
- RoE
- 26.98%
- RoCE
- 33.31%
- Debt / Equity
- 0.31
- EPS (pre-issue)
- ₹13
- EPS (post-issue)
- ₹9.56
- EBITDA Margin
- 25.55%
- PAT Margin
- 14.88%
- P/BV
- 4.68x
- NAV / share
- ₹60
- Market Cap
- ₹339.6 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.
Promoters & Shareholding
Promoters: <p>Arup Choudhuri, Jignesh Pravinchandra Sanghavi, PISA International Pvt.Ltd.</p>
- Holding (pre-issue)
- 41.54%
Analysis in brief
Anchor book
15 anchor investors participated in the Sotefin Bharat IPO ahead of the public offer, together allocated ₹25.59 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 AIDOS INDIA FUND LTD. (₹3.53 crore), GETFIVE OPPORTUNITY FUND I (₹3.01 crore) and MINT FOCUSED GROWTH FUND PCC-CELL 1 (₹2.01 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 20 Aug 2026, with the remainder locked until 19 Oct 2026.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Sotefin Bharat operates at an EBITDA margin of 25.55% and a net (PAT) margin of 14.88% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 33.31% and a return on equity (RoE) of 26.98%. At the upper band, the post-issue market capitalisation works out to about ₹339.6 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 working capital requirements of the company (₹40 crore), alongside funding capital expenditure requirements for setting up a manufacturing facility in kolkata, west bengal (₹20.13 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Sotefin Bharat reported revenue of ₹118.23 crore and a net profit of ₹17.37 crore. Revenue grew from ₹56.87 crore in FY2024 to ₹118.23 crore in FY2026 (+108.0%). Net worth stood at ₹78.11 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.55× post-issue earnings and 4.68× book value, against a return on net worth of 26.98% and a debt-to-equity ratio of 0.31. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Arup Choudhuri, Jignesh Pravinchandra Sanghavi, PISA International Pvt.Ltd.</p>. Promoter holding is 41.54% before the issue.
Frequently asked questions
- What is the reservation split in the Sotefin Bharat IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Sotefin Bharat and what is their holding?
- The promoters are <p>Arup Choudhuri, Jignesh Pravinchandra Sanghavi, PISA International Pvt.Ltd.</p>. Promoter holding is 41.54% before the issue.
- What is the P/E ratio of the Sotefin Bharat IPO?
- At the upper price band, the Sotefin Bharat IPO is valued at 14.38× pre-issue earnings and 19.55× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Sotefin Bharat IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects.