SpectraA Technology SolutionsIPO Review — Financials, Valuation & Peers
A data-only look at the SpectraA Technology Solutions 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 2023 | 103.49 | 1.78 | 3.78 | 6.17 | 59.72 | 10.55 |
| FY 2024 | 89.68 | 2 | 4.48 | 8.18 | 66.64 | 14.19 |
| FY 2025 | 75.53 | 4.91 | 10.13 | 13.12 | 100 | 17.21 |
| Sep 2025 (interim) | 34.12 | 4.41 | 7.6 | 17.58 | 111.63 | 24.63 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 24.23x
- P/E (post-issue)
- 17.85x
- RoNW
- 46.59%
- RoE
- 60.95%
- RoCE
- 37.61%
- Debt / Equity
- 1.31
- EPS (pre-issue)
- ₹4.87
- EPS (post-issue)
- ₹6.61
- EBITDA Margin
- 19.04%
- PAT Margin
- 11.42%
- P/BV
- 4.8x
- NAV / share
- ₹24.58
- Market Cap
- ₹157.5 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 |
|---|---|---|---|---|---|---|
| SpectraA Technology Solutions | 11.45 | 24.58 | — | 46.59% | — | Consolidated |
| Praj Industries Limited | 1.3 | 71.23 | 258.89x | 1.82% | 4.73x | Consolidated |
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>A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela, Divya Praveen</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73%
- Dilution
- 27%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. SpectraA Technology Solutions operates at an EBITDA margin of 19.04% and a net (PAT) margin of 11.42% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 37.61% and a return on equity (RoE) of 60.95%. At the upper band, the post-issue market capitalisation works out to about ₹157.5 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 capital expenditure at jaipur manufacturing facility (₹12.41 crore), alongside working capital requirements (₹9.5 crore). In all, 4 objects are disclosed.
Financials
In FY2025, SpectraA Technology Solutions reported revenue of ₹34.12 crore and a net profit of ₹4.41 crore. Revenue declined from ₹103.49 crore in FY2023 to ₹34.12 crore in FY2025 (-67.0%). Net worth stood at ₹17.58 crore at the end of FY2025.
Valuation
At the upper band, the issue is priced at 17.85× post-issue earnings and 4.8× book value, against a return on net worth of 46.59% and a debt-to-equity ratio of 1.31. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela, Divya Praveen</p>. Promoter holding stands at 100% before the issue and comes down to 73% after listing.
Frequently asked questions
- Who are the promoters of SpectraA Technology Solutions and what is their holding?
- The promoters are <p>A L Arun Kumar, Sailaja Arun Kumar, Praveen Kumar Appukuttan Nair Leela, Divya Praveen</p>. Promoter holding is 100% before the issue and 73% after listing.
- What is the P/E ratio of the SpectraA Technology Solutions IPO?
- At the upper price band, the SpectraA Technology Solutions IPO is valued at 24.23× pre-issue earnings and 17.85× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the SpectraA Technology Solutions IPO?
- The net proceeds go primarily toward capital expenditure at jaipur manufacturing facility, among 4 disclosed objects.