Vahh ChemicalsIPO Review — Financials, Valuation & Peers
A data-only look at the Vahh Chemicals 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 2025 | 23.75 | 2.58 | 4.68 | 6.87 | 39.28 | 11.25 | — |
| FY 2026 | 43.19 | 5.09 | 8.23 | 14.92 | 43.87 | 11.31 | 8.39 |
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)
- 7.15x
- P/E (post-issue)
- 9.79x
- RoNW
- 32.21%
- RoE
- 34.11%
- RoCE
- 31.76%
- Debt / Equity
- 0.76
- EPS (pre-issue)
- ₹8.39
- EPS (post-issue)
- ₹6.13
- EBITDA Margin
- 19.06%
- PAT Margin
- 11.79%
- P/BV
- 2.44x
- NAV / share
- ₹24.6
- Market Cap
- ₹49.84 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 |
|---|---|---|---|---|---|---|
| Vahh Chemicals | 8 | 24.6 | 7.5x | 32.21% | 2.5x | Consolidated |
| Bhatia Colour Chem Ltd. | 2.95 | 73.8 | 18.07x | 4% | 0.73x | Standalone |
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: Hiren Indravadan Desai, Hetal Hirenbhai Desai and Aayush Hiren Desai
- Holding (pre-issue)
- 88.52%
- Holding (post-issue)
- 64.63%
- Dilution
- 23.89%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Vahh Chemicals operates at an EBITDA margin of 19.06% and a net (PAT) margin of 11.79% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 31.76% and a return on equity (RoE) of 34.11%. At the upper band, the post-issue market capitalisation works out to about ₹49.84 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 incremental working capital requirements of company (₹5.84 crore), alongside general corporate purposes (₹2.02 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Vahh Chemicals reported revenue of ₹43.19 crore and a net profit of ₹5.09 crore. Revenue grew from ₹23.75 crore in FY2025 to ₹43.19 crore in FY2026 (+82.0%). Net worth stood at ₹14.92 crore at the end of FY2026. At the upper band, that puts the issue at roughly 7.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 9.79× post-issue earnings and 2.44× book value, against a return on net worth of 32.21% and a debt-to-equity ratio of 0.76. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Hiren Indravadan Desai, Hetal Hirenbhai Desai and Aayush Hiren Desai. Promoter holding stands at 88.52% before the issue and comes down to 64.63% after listing.
Frequently asked questions
- What is the reservation split in the Vahh Chemicals IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%.
- Who are the promoters of Vahh Chemicals and what is their holding?
- The promoters are Hiren Indravadan Desai, Hetal Hirenbhai Desai and Aayush Hiren Desai. Promoter holding is 88.52% before the issue and 64.63% after listing.
- What is the P/E ratio of the Vahh Chemicals IPO?
- At the upper price band, the Vahh Chemicals IPO is valued at 7.15× pre-issue earnings and 9.79× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vahh Chemicals IPO?
- The net proceeds go primarily toward funding incremental working capital requirements of company, among 5 disclosed objects.