Euro Pratik Sales IPO – Company Analysis
-
Company: Euro Pratik Sales Ltd., incorporated in 2010.
-
Business: A leading name in decorative wall panels and laminates.
-
Market Position: Holds a 15.87% revenue share in India’s organized decorative wall panel market (Technopak Report).
-
Products: Decorative wall panels and laminates with antibacterial, antifungal, and eco-friendly properties.
-
Innovation: Known for pioneering designs such as Louvres, Chisel, and Auris.
-
Exports: Present in six international markets.
-
Strategy: Focused on design innovation and sustainable materials.
Euro Pratik Sales IPO Details
-
IPO Opening Date: Sep 16, 2025
-
IPO Closing Date: Sep 18, 2025
-
IPO Allotment Date: Sep 19, 2025
-
Refund Initiation: Sep 22, 2025
-
Tentative Listing Date: Sep 23, 2025 (BSE & NSE)
-
Issue Size: Rs. 451.31 Cr (1.83 crore shares)
-
Type: Entirely Offer for Sale (OFS)
-
Price Band: Rs. 235 – Rs. 247 per share
-
Registrar: MUFG Intime India Pvt. Ltd.
-
Issue Type: Book Built Issue IPO
Euro Pratik Sales IPO – Analysis & Hidden Facts
-
Promoters’ Low Cost of Shares: Promoter HUFs acquired shares at just Rs. 0.06 each, now being sold at IPO prices. This results in windfall gains for promoters.
-
International Affiliates: Subsidiaries in the USA and Croatia exist, but their scale is still modest, raising integration risks.
-
Brand Risk: The “Euro Pratik” brand is owned by a promoter personally, not by the company, creating legal ambiguity.
-
Full OFS Issue: No fresh issue, meaning the company won’t receive any funds for expansion.
-
Inorganic Acquisitions: Recent acquisitions of Vogue Decor, Euro Pratik Laminate LLP, and Millenium Decor were slump sales involving related parties, inflating FY25 revenues.
Industry Outlook
-
Decorative wall panels and laminates are seeing strong demand due to rising urban housing and commercial projects.
-
Indian interior design and decor market projected CAGR: 8–9% (2024–2030).
-
Increasing demand for sustainable, recyclable, and designer products supports long-term growth.
Company Financials (as of March 31)
-
Total Assets: FY25 – Rs. 273.84 Cr | FY24 – Rs. 174.49 Cr | FY23 – Rs. 159.12 Cr
-
Total Revenue: FY25 – Rs. 291.52 Cr | FY24 – Rs. 230.11 Cr | FY23 – Rs. 268.55 Cr
-
Profit After Tax: FY25 – Rs. 76.44 Cr | FY24 – Rs. 62.91 Cr | FY23 – Rs. 59.57 Cr
-
EBITDA: FY25 – Rs. 110.10 Cr | FY24 – Rs. 89.00 Cr | FY23 – Rs. 83.63 Cr
-
Net Worth: FY25 – Rs. 234.49 Cr | FY24 – Rs. 155.73 Cr | FY23 – Rs. 130.02 Cr
-
Borrowings: FY25 – Rs. 2.68 Cr | FY24 – NIL | FY23 – Rs. 3 Cr
The Objective of the Issue
-
Since the IPO is a 100% OFS, all proceeds go to selling shareholders.
-
The company will not receive fresh capital for expansion.
Listed Peers of Euro Pratik Sales Ltd.
-
Greenlam Industries Ltd. – EPS: Rs. 2.68 | P/E: 87.54x
-
Asian Paints Ltd. – EPS: Rs. 38.25 | P/E: 62.64x
-
Berger Paints India Ltd. – EPS: Rs. 10.13 | P/E: 55.77x
-
Indigo Paints Ltd. – EPS: Rs. 29.76 | P/E: 40.32x
Evaluation of P/E Ratio
-
EPS (FY25): Rs. 7.53
-
P/E Ratio: 32.80x
-
Industry Average P/E: 61.57x
-
Interpretation: Stock seems undervalued compared to industry averages, though brand ownership and inorganic growth risks remain.
IPO’s Strengths
-
Strong market presence in India’s decorative wall panel segment.
-
Diverse product line catering to residential and commercial demand.
-
Focus on design-led innovation and sustainability.
-
Asset-light business model with international subsidiaries.
-
Wide distribution network across India.
IPO’s Weaknesses
-
Ownership of brand lies with a promoter, not the company.
-
Heavy reliance on suppliers.
-
No fresh issue; no new capital for expansion.
-
Integration risk from recent acquisitions.
Euro Pratik Sales IPO GMP
-
As of 10 Sep 2025, no active GMP is reported.
Euro Pratik Sales IPO Summary
-
I
