UHM VacationIPO Review — Financials, Valuation & Peers
A data-only look at the UHM Vacation 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 2023 | 20.49 | 0.11 | 0.18 | 0.98 | 3.6 | — | — |
| FY 2024 | 30.66 | 5.27 | 5.87 | 13.72 | 19.34 | 0.38 | — |
| FY 2025 | 40.2 | 7.18 | 8.26 | 20.96 | 39.06 | 0.48 | — |
| Feb 2026 (interim) | 45.29 | 8.05 | 9.19 | 30.05 | 43.41 | 0.06 | 14.67 |
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)
- 11.32x
- P/E (post-issue)
- 15.36x
- RoNW
- 31.56%
- RoE
- 31.56%
- RoCE
- 35.14%
- Debt / Equity
- 0
- EPS (pre-issue)
- ₹14.67
- EPS (post-issue)
- ₹10.81
- EBITDA Margin
- 20.32%
- PAT Margin
- 17.8%
- P/BV
- 2.7x
- NAV / share
- ₹61.47
- Market Cap
- ₹110.32 Cr
As of 28 Feb 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 |
|---|---|---|---|---|
| UHM Vacation | 14.67 | 43.08 | 11.32x | 41.42% |
| Helloji Holidays Ltd. | 8.6 | 25.67 | 14.53x | 50.78% |
| International Travel House Ltd. | 33.96 | 206.83 | 9.86x | 17.64% |
| LGT Business Connextions Ltd. | 7.44 | 17.76 | 7.13x | 52.99% |
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: Izhar Ahmad and Rubeena Khatoon I Ahmed
- Holding (pre-issue)
- 97.35%
- Holding (post-issue)
- 65.4%
- Dilution
- 31.95%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. UHM Vacation operates at an EBITDA margin of 20.32% and a net (PAT) margin of 17.8% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 35.14% and a return on equity (RoE) of 31.56%. At the upper band, the post-issue market capitalisation works out to about ₹110.32 crore. These are offer-document figures for the latest reported period (as of 28 Feb 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 to meet the capital expenditure (₹10.47 crore), alongside to meet working capital requirements (₹6.42 crore). In all, 5 objects are disclosed.
Financials
In FY2026, UHM Vacation reported revenue of ₹45.29 crore and a net profit of ₹8.05 crore. Revenue grew from ₹20.49 crore in FY2023 to ₹45.29 crore in FY2026 (+121.0%). Net worth stood at ₹30.05 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 15.36× post-issue earnings and 2.7× book value, against a return on net worth of 31.56% and a debt-to-equity ratio of 0. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Helloji Holidays Ltd. and International Travel House Ltd., with a median peer P/E of about 9.9×. The issue's own post-issue P/E works out to 15.36×.
Promoters
The promoters of the company are Izhar Ahmad and Rubeena Khatoon I Ahmed. Promoter holding stands at 97.35% before the issue and comes down to 65.4% after listing.
Frequently asked questions
- What is the reservation split in the UHM Vacation IPO?
- Of the total shares offered, retail investors get 50.12%, QIBs 0.93%, non-institutional investors 48.95%.
- Who are the promoters of UHM Vacation and what is their holding?
- The promoters are Izhar Ahmad and Rubeena Khatoon I Ahmed. Promoter holding is 97.35% before the issue and 65.4% after listing.
- What is the P/E ratio of the UHM Vacation IPO?
- At the upper price band, the UHM Vacation IPO is valued at 11.32× pre-issue earnings and 15.36× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the UHM Vacation IPO?
- The net proceeds go primarily toward to meet the capital expenditure, among 5 disclosed objects.