Vedant Poly FabsIPO Review — Financials, Valuation & Peers
A data-only look at the Vedant Poly Fabs 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 | 49.73 | 0.64 | 1.48 | 3.86 | 18.88 | 6.35 | — |
| FY 2025 | 81.58 | 4.56 | 8.3 | 15.42 | 55.4 | 13.32 | — |
| FY 2026 | 115.31 | 10.97 | 19.18 | 42.26 | 97.8 | 46.82 | 7.45 |
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)
- 12.62x
- P/E (post-issue)
- 17.28x
- RoNW
- 25.95%
- RoE
- 38.03%
- RoCE
- 46.34%
- Debt / Equity
- 1.11
- EPS (pre-issue)
- ₹7.45
- EPS (post-issue)
- ₹5.44
- EBITDA Margin
- 16.5%
- PAT Margin
- 9.52%
- P/BV
- 3.28x
- NAV / share
- ₹28.7
- Market Cap
- ₹189.43 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 |
|---|---|---|---|---|---|---|
| Vedant Poly Fabs | 10.05 | 28.7 | — | 25.95% | — | Restated |
| B&a Packaging India Ltd | 14.24 | 180.16 | 12.25x | 7.9% | 0.97x | Standalone |
| Barflex Polyfilms Limited | 1.93 | 38.82 | 29.66x | 4.07% | 1.5x | 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: Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 70.08%
- Dilution
- 29.92%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Vedant Poly Fabs operates at an EBITDA margin of 16.5% and a net (PAT) margin of 9.52% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 46.34% and a return on equity (RoE) of 38.03%. At the upper band, the post-issue market capitalisation works out to about ₹189.43 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 the company (₹17.59 crore), alongside prepayment or repayment of all or a portion of certain secured or/and unsecured outstanding borrowings availed by the company (₹8 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Vedant Poly Fabs reported revenue of ₹115.31 crore and a net profit of ₹10.97 crore. Revenue grew from ₹49.73 crore in FY2024 to ₹115.31 crore in FY2026 (+132.0%). Net worth stood at ₹42.26 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.28× post-issue earnings and 3.28× book value, against a return on net worth of 25.95% and a debt-to-equity ratio of 1.11. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including B&a Packaging India Ltd and Barflex Polyfilms Limited, with a median peer P/E of about 21×. The issue's own post-issue P/E works out to 17.28×.
Promoters
The promoters of the company are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP. Promoter holding stands at 100% before the issue and comes down to 70.08% after listing.
Frequently asked questions
- Who are the promoters of Vedant Poly Fabs and what is their holding?
- The promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP. Promoter holding is 100% before the issue and 70.08% after listing.
- What is the P/E ratio of the Vedant Poly Fabs IPO?
- At the upper price band, the Vedant Poly Fabs IPO is valued at 12.62× pre-issue earnings and 17.28× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Vedant Poly Fabs IPO?
- The net proceeds go primarily toward funding incremental working capital requirements of the company, among 5 disclosed objects.