Utkal SpecialityIPO Review — Financials, Valuation & Peers
A data-only look at the Utkal Speciality 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 | 46.23 | 2.21 | 4.23 | 6.07 | 35.27 | 25.41 | — |
| FY 2024 | 44.15 | 3.24 | 6.19 | 9.95 | 37.6 | 25.43 | — |
| FY 2025 | 50.28 | 6.68 | 9.22 | 21.64 | 44.04 | 17.37 | — |
| Dec 2025 (interim) | 40.9 | 5.48 | 7.76 | 27.12 | 48.63 | 17.16 | 4.67 |
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)
- 14.12x
- P/E (post-issue)
- 17.63x
- RoNW
- 25.26%
- RoE
- 22.5%
- RoCE
- 16.78%
- Debt / Equity
- 0.63
- EPS (pre-issue)
- ₹4.67
- EPS (post-issue)
- ₹3.74
- EBITDA Margin
- 19.51%
- PAT Margin
- 13.79%
- P/BV
- 3.48x
- NAV / share
- ₹18.97
- Market Cap
- ₹128.92 Cr
As of 31 Dec 2025 (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 |
|---|---|---|---|---|---|---|
| Utkal Speciality | 5.11 | 18.97 | — | 25.26% | — | Restated |
| Aaradhya Disposal Industries Limited | 8.78 | 76.05 | 12.81x | 15.93% | 1.47x | Standalone |
| Spinaroo Commercial Ltd | 1.75 | 33.5 | 33.66x | 5.28% | 1.76x | Standalone |
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: Akash Agrawal, Meena Agarwal and Manoj Agarwal
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.2%
- Dilution
- 26.8%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Utkal Speciality operates at an EBITDA margin of 19.51% and a net (PAT) margin of 13.79% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 16.78% and a return on equity (RoE) of 22.5%. At the upper band, the post-issue market capitalisation works out to about ₹128.92 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); 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 prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company (₹11 crore), alongside funding capital expenditure requirement towards purchase of machinery for the new manufacturing facility at khurda, odisha (₹9.6 crore). In all, 5 objects are disclosed.
Financials
In FY2025, Utkal Speciality reported revenue of ₹40.9 crore and a net profit of ₹5.48 crore. Revenue declined from ₹46.23 crore in FY2023 to ₹40.9 crore in FY2025 (-12.0%). Net worth stood at ₹27.12 crore at the end of FY2025. At the upper band, that puts the issue at roughly 14.1× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.63× post-issue earnings and 3.48× book value, against a return on net worth of 25.26% and a debt-to-equity ratio of 0.63. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Aaradhya Disposal Industries Limited and Spinaroo Commercial Ltd, with a median peer P/E of about 23.2×. The issue's own post-issue P/E works out to 17.63×.
Promoters
The promoters of the company are Akash Agrawal, Meena Agarwal and Manoj Agarwal. Promoter holding stands at 100% before the issue and comes down to 73.2% after listing.
Frequently asked questions
- What is the reservation split in the Utkal Speciality IPO?
- Of the total shares offered, retail investors get 59.4%, QIBs 1.01%, non-institutional investors 39.6%.
- Who are the promoters of Utkal Speciality and what is their holding?
- The promoters are Akash Agrawal, Meena Agarwal and Manoj Agarwal. Promoter holding is 100% before the issue and 73.2% after listing.
- What is the P/E ratio of the Utkal Speciality IPO?
- At the upper price band, the Utkal Speciality IPO is valued at 14.12× pre-issue earnings and 17.63× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Utkal Speciality IPO?
- The net proceeds go primarily toward prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, among 5 disclosed objects.