DP
Dachepalli Publishers
Book Building issueSMEBSE₹40.39 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹40.39 Cr
1 lot at cut-off
₹1,22,400
Lot size
1,200shares
Open
22 Dec 2025
Close
24 Dec 2025
Allotment
26 Dec 2025
Listing
30 Dec 2025
Listing performance
Issue price
₹102
Listed at
₹81.60
Listing-day close
₹79.15
Latest price
₹83
Listing gain
-20.00%
Return since listing
-18.63%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 29 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹102 | ₹0 |
| 28 Dec 2025 | ₹2 | +1.96% | ₹1,800 | ₹104 | ₹2,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 22 Dec 2025 – 24 Dec 2025
- Listing date
- 30 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹102 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹40.39 Cr
- Market cap at offer price
- ₹153 Cr
- Promoter holding
- 88.07% → 64.78% pre-issue → post-issue
- ISIN
- INE1F9M01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Synfinx Capital Pvt.Ltd.
- Registered office
- Plot No.2/B, (C.F.AREA) I.D.A, Cherlapalli, Phase-II, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,25,600 | — | — |
| Market maker | 1,99,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
11,25,600
Anchor portion
₹11.48 Cr
at ₹102 per share
Valuation and performance
Valuation at offer price
₹102 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.86 | 10.17 |
| P/E (×) | 14.87 | 10.03 |
| Price to book (×) | 4.11 | — |
| Market cap | — | ₹153 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.68%
- ROCE
- 18.22%
- PAT margin
- 11.83%
- EBITDA margin
- 19.53%
- NAV per share
- ₹24.80
- Price to book
- 4.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Dachepalli Publishers
Founded in 1998 by Mr. Vinod Kumar Dachepalli and Mr. Rushikesh Dachepally, Dachepalli Publishers Limited traces its roots to a bookstall established in the early 1900s. The company has evolved from retailing textbooks and magazines to publishing comprehensive academic content. With over a century of legacy in the book trade, the company operates a portfolio of over 600 titles under six brands: Dachepalli Publishers Limited, Apple Book Company, Orange Leaf Publishers, Pelican Publishing House, Sangam Publishing House, and School Book Company. Revenue is generated through textbook sales to schools and distributors, complemented by curriculum-aligned digital resources provided at no additional cost to schools purchasing their textbooks. The company handles approximately 85% of printing and binding in-house at its Hyderabad facility.
Company Analysis
from RHPDachepalli Publishers Limited is an established content-based educational publishing house serving the K-12 segment across CBSE, ICSE, and State Board curriculums with textbooks and integrated academic support services.
Founded in 1998 by Mr. Vinod Kumar Dachepalli and Mr. Rushikesh Dachepally, Dachepalli Publishers Limited traces its roots to a bookstall established in the early 1900s. The company has evolved from retailing textbooks and magazines to publishing comprehensive academic content. With over a century of legacy in the book trade, the company operates a portfolio of over 600 titles under six brands: Dachepalli Publishers Limited, Apple Book Company, Orange Leaf Publishers, Pelican Publishing House, Sangam Publishing House, and School Book Company. Revenue is generated through textbook sales to schools and distributors, complemented by curriculum-aligned digital resources provided at no additional cost to schools purchasing their textbooks. The company handles approximately 85% of printing and binding in-house at its Hyderabad facility.
educational publishingK-12 textbooksacademic content and support services
Objects of the Issue
- To meet working capital requirements ₹2,500.00 lakhs p.26
- Repayment of certain borrowing availed by our Company, in part or full ₹600.00 lakhs p.26
- General Corporate Purpose p.26
- To part finance the requirement of Working Capital ₹2,500.00 lakhs p.91
- Repayment of certain borrowing availed by our Company, in part or full ₹600.00 lakhs p.91
- To meet General corporate purposes p.91
- Not stated in this document section
Issue Structure
- Total Issue
- Upto 39,60,000 Equity Shares at the Issue Price of Rs. [●] each aggregating Rs. [●] Lakhs
- Fresh Issue
- Upto 39,60,000 Equity Shares of Face Value of Rs. 10/- each aggregating Rs. [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price and Cap Price are [●] times and [●] times of the face value of the Equity Shares respectively
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company earns revenue primarily through the sale of textbooks to schools via a distribution network of over 300 dealers and distributors. Schools are offered curriculum-aligned digital tools including instructional videos, test generators, and academic software at no additional cost with textbook purchases, which encourages long-term partnerships typically lasting 3 to 4 years.
Business Segments
Publishing and distributing textbooks and academic content for kindergarten through 12th grade across CBSE, ICSE, and State Board curriculums, providing schools with curriculum-aligned digital resources including instructional videos, test generators, and academic software.
Publication and sales of educational books for K-12 institutions aligned with NEP 2020 and NCF framework, with in-house printing capabilities and extensive sales and distribution network
Pre-primary education segment designed for learners aged 3 to 6 years, introducing them to foundational concepts at the very start of their academic journey. These books are suitable for CBSE, State Boards, ICSE, and other educational boards, and are thoughtfully aligned with the National Education Policy (NEP) guidelines. The series offers a diverse range of options, varying by price point and the integration of technology-enabled or traditional learning features.
Primary education publishing business caters to students aged 7 to 11 years (Grades 1 to 5), offering a wide range of textbooks designed to build a strong academic foundation. The curriculum covers core subjects such as English, Hindi, Mathematics, Environmental Studies, General Science, and Social Studies. In addition to these, the company provides supplementary materials including Grammar, Computer Science, General Knowledge, Value Education, Aptitude, Drawing & Colouring, Coding, Cursive Writing, and Art & Craft. Resources are provided in multiple regional languages such as Telugu, Hindi, Tamil, and Kannada.
Secondary education segment serves students aged 12 to 16 years (Grades 6 to 10), offering a comprehensive range of textbooks across key academic subjects such as English, Hindi, Mathematics, Science, and Social Studies. In addition to these core areas, offerings include supplementary subjects like Grammar, Computer Science, General Knowledge, Value Education, Drawing & Colouring, Coding, and Aptitude. Select series feature integrated technology, enabling a blended physical and digital learning experience.
Publishing and distribution of educational books for K-12 segments across CBSE, ICSE, and State Board curriculums
SWOT Analysis
Strengths
- • Established publishing legacy with over a century of brand recognition in book trade(p.24)
- • Diversified portfolio of 600+ titles across six prominent brands(p.24)
- • Integrated digital and print ecosystem creating customer lock-in for 3-4 years(p.24)
- • In-house printing capacity handling 85% of production requirements(p.36)
- • Comprehensive curriculum coverage across CBSE, ICSE, and State Boards(p.24)
- • Established presence in K-12 educational publishing with long operational history(p.61)
- • Significant market position with strong revenue growth trajectory(p.59)
- • High profitability margins and improving operational efficiency(p.106)
- • Strong return metrics indicating efficient capital deployment(p.103)
- • Diversified shareholder base with institutional and individual investors(p.76)
- • Century-old legacy and deep brand trust in educational publishing(p.125)
- • Extensive portfolio of 616 titles across multiple educational boards and grade levels(p.125)
- • In-house printing infrastructure with 85% vertical integration(p.133)
- • Integrated technology platform (WeStudy) bundled free with textbooks to drive customer retention(p.125)
- • Strong and growing financial performance with PAT CAGR of 151.59% from FY2023 to FY2025(p.127)
- • Significant excess capacity; operating at ~40% of installed 15 tonnes per day printing capacity(p.145)
- • Experienced management team with over 40 years of industry expertise(p.135)
- • Robust distribution network spanning 10 states with over 300 distributors and dealers(p.150)
- • Legacy and brand recognition in educational publishing with over a century of presence(p.246)
- • Integrated digital and printed offering with bundled resources at no additional cost(p.246)
- • Strong customer retention through integrated ecosystem (3-4 year partnerships)(p.246)
- • Diversified portfolio across six brands and multiple curricula (CBSE, ICSE, State Boards)(p.246)
- • Improved profitability and margins through operational efficiency and cost reduction(p.247)
- • Reduced cost of materials through technological advancement and scale benefits(p.253)
Weaknesses
- • High geographical concentration of operations in Telangana(p.33)
- • Heavy dependence on top distributors for a significant portion of sales(p.33)
- • Manufacturing facility is leased, not owned(p.35)
- • Significant inventory and trade receivables forming major portion of current assets(p.40)
- • History of delays in filing statutory returns creating regulatory compliance risks(p.42)
- • Negative cash flows experienced in certain periods affecting liquidity(p.34)
- • Conflicts of interest with promoter group entities in similar business(p.45)
- • Only 2 registered trademarks; five major brands pending trademark registration(p.35)
- • High leverage with significant outstanding debt obligations(p.52)
- • Substantial working capital requirements and high trade receivables concentration(p.52)
- • Dependence on IPO proceeds for meeting working capital and operational objectives(p.52)
- • Unverified credentials of key personnel and management(p.51)
- • Concentration of shareholding among promoter group with limited public ownership(p.76)
- • High customer concentration; top 10 distributors account for 43.68% of FY2025 revenue(p.135)
- • Geographic concentration with 50% of revenue from Telangana and Andhra Pradesh(p.134)
- • Reliance on leased manufacturing facility with no long-term ownership security(p.154)
- • Exposure to key man dependency on promoter family members(p.174)
- • 100% revenue concentration in K-12 education segment with no diversification(p.132)
- • High dependence on a small number of customers for significant revenue(p.261)
- • Significant debt burden with leverage ratio of 1.24:1 (debt-to-equity)(p.262)
- • Dependence on related party borrowings for a substantial portion of total debt(p.264)
- • Declining cash balances and negative operating cash flow adjustments(p.258)
Opportunities
- • India Publishing Market expected to grow at 5.8% CAGR during 2025-2031(p.24)
- • Growing demand for regional language content addressing linguistic diversity(p.25)
- • Expansion into Maharashtra and CBSE Boards in different states(p.50)
- • Digital and mobile-first platforms creating new distribution channels(p.25)
- • E-learning adoption accelerating post-COVID with untapped rural/semi-urban markets(p.25)
- • Significant growth in Indian education sector driven by NEP 2020 implementation(p.120)
- • Large student population and expanding school infrastructure creating demand(p.120)
- • Integration of technology and digital learning aligning with NEP 2020 and NCF Framework(p.101)
- • Expansion of edtech market with significant growth projections(p.120)
- • Planned utilization of IPO proceeds for working capital expansion and debt reduction(p.91)
- • National Education Policy 2020 mandates GER increase to 50% by 2035, expanding addressable market(p.121)
- • Digital adoption in education accelerating; 62% of student enrolments now via digital channels(p.121)
- • Government funding for higher education increasing; Union Budget 2024-25 allocates Rs. 73,498 crores(p.121)
- • Strategy to expand presence across CBSE, ICSE and State Boards with multi-board curriculum alignment(p.135)
- • District-level expansion strategy targeting grassroots market penetration(p.136)
- • Technology integration strategy leveraging NEP 2020 and NCF framework to differentiate(p.130)
- • India Publishing Market projected to grow at 5.8% CAGR from 2025-2031(p.123)
- • Benefit from National Education Policy (NEP) enabling nationwide curriculum standardization(p.253)
- • Expansion of distributor network to reduce reliance on major distributors(p.253)
- • Growth in full-school order capture through teacher training programs(p.252)
- • Expansion into new titles and segments within K-12 educational content(p.255)
Threats
- • Intense competition from established industry players and fragmented market(p.47)
- • Increased piracy and unauthorized copying of digital content reducing monetization(p.25)
- • Changing government policies and educational curriculum affecting business(p.49)
- • Availability of free or low-cost digital educational content from competitors and open-source platforms(p.49)
- • Dependence on unreliable public power supply creating production disruptions(p.36)
- • Price pressure from customers demanding lower-cost or bundled offerings(p.42)
- • Disruption from competitors offering curriculum management programs excluding competitors(p.41)
- • High costs of raw materials and supply chain disruptions affecting margins(p.40)
- • Natural disasters, power interruptions, and regional unrest affecting operations(p.33)
- • Exposure to global economic slowdown and political instability affecting education sector(p.54)
- • Dependence on Indian economic growth and vulnerability to domestic economic slowdown(p.54)
- • Seasonality of business tied to academic calendar creating revenue concentration(p.93)
- • Regulatory and tax compliance risks including GST and income tax authorities(p.51)
- • Infrastructure inadequacy and supply chain disruptions affecting operations(p.54)
- • High cost and logistics challenges of imported raw materials like paper threaten sustainability(p.123)
- • Digital content piracy and unauthorized reproduction significantly hindering monetization(p.123)
- • Rapidly evolving digital consumption trends forcing rapid adaptation(p.123)
- • Regulatory complexities around intellectual property rights and data usage posing barriers(p.123)
- • Inadequate digital literacy in rural areas impeding full e-publishing adoption(p.123)
- • Intense competition from both established national publishers and new edtech entrants(p.146)
- • Cyclical nature of education sector tied to curriculum changes and board policies(p.137)
- • Seasonal nature of educational publishing business affecting revenue and profitability(p.261)
- • Competition from both organized and unorganized players in educational publishing(p.261)
- • Exposure to raw material cost volatility, particularly paper prices(p.252)
- • General economic conditions and inflation impacting operational costs and demand(p.248)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Vinod Kumar Dachepalli | Promoter/MD | 12.78% | 9.40% |
| Mr. Rushikesh Dachepally | Promoter | 33.12% | 24.36% |
| Mrs. Manjula Dachepalli | Promoter | 34.18% | 25.14% |
| Mr. Harish Kumar Dachepalli | Promoter | 4.85% | 3.57% |
| Mr. Abhinav Dachepally | Promoter | 2.83% | 2.08% |
| Mr. Vinod Kumar Dachepalli | Promoter | 12.78% | 9.40% |
| Mr. Rushikesh Dachepally | Promoter | 33.12% | 24.36% |
| Ms. Manjula Dachepalli | Promoter | 34.18% | 25.14% |
| Mr. Harish Kumar Dachepalli | Promoter | 4.85% | 3.57% |
| Mr. Abhinav Dachepally | Promoter | 2.83% | 2.08% |
| Ms. Ramya Dachepalli | Promoter Group | 0.00% | 0.00% |
| Ms. Sneha Peddi | Promoter Group | 0.16% | 0.12% |
| Ms. Borra Ankitha Reddy | Promoter Group | 0.15% | 0.11% |
| Mr. Umesh Purushottam Chamdia | Public shareholder | 11.68% | — |
| Mr. Vinod Kumar Dachepalli | Promoter | 12.78% | — |
| Mr. Rushikesh Dachepally | Promoter | 33.12% | — |
| Ms. Manjula Dachepalli | Promoter | 34.18% | — |
| Mr. Harish Kumar Dachepalli | Promoter | 4.85% | — |
| Mr. Abhinav Dachepally | Promoter | 2.83% | — |
| D. Vinod Kumar | Promoter | — | — |
| D. Rushikesh | Promoter | — | — |
Leadership
Anand Joshi · Company Secretary & Compliance Officer
Ms. Somasila Priyanka · CFO
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.