Euro Pratik Sales
Book Building issueMainboardBSE₹451 Cr issue
+10.71%
Listing gain over issue price
Issue size
₹451 Cr
1 lot at cut-off
₹14,820
Lot size
60shares
Open
16 Sep 2025
Close
18 Sep 2025
Allotment
19 Sep 2025
Listing
23 Sep 2025
Listing performance
Issue price
₹247
Listed at
₹273.45
Listing-day close
₹248.38
Latest price
₹172.06
Close on 12 Oct 2026
Listing gain
+10.71%
Return since issue
-30.34%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Sep 2025 – 18 Sep 2025
- Listing date
- 23 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹247 per share
- Lot size
- 60 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹451 Cr
- Market cap at offer price
- ₹2,524 Cr
- Promoter holding
- 87.97% → 70.10% pre-issue → post-issue
- ISIN
- INE198501012
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 601-602, 6th floor, Peninsula Heights, C.D.Barfiwala Lane, Andheri (West), Maharashtra
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 | 54,64,554 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 60 shares per lot, in multiples, at ₹247
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 60 | ₹14,820 |
| Retail (max) | 13 | 780 | ₹1,92,660 |
| S-HNI (min) | 14 | 840 | ₹2,07,480 |
| S-HNI (max) | 67 | 4,020 | ₹9,92,940 |
| B-HNI (min) | 68 | 4,080 | ₹10,07,760 |
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
54,64,554
Anchor portion
₹135 Cr
at ₹247 per share
Valuation and performance
Valuation at offer price
₹247 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.48 | 7.48 |
| P/E (×) | 33.02 | 33.02 |
| Price to book (×) | 10.77 | — |
| Market cap | — | ₹2,524 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.60%
- ROCE
- 44.58%
- Debt / equity
- 0.01
- PAT margin
- 26.08%
- EBITDA margin
- 38.74%
- NAV per share
- ₹22.94
- Price to book
- 10.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Euro Pratik Sales
Euro Pratik Sales Limited was originally incorporated on January 19, 2010 as 'Better Life Mission Multitrade Private Limited' and subsequently renamed to 'Euro Pratik Sales Limited'. The company operates on a contract manufacturing model, outsourcing product manufacturing to contract manufacturers rather than owning its own facilities. According to the Technopak Report, the company is one of India's leading decorative wall panel brands with a market share of 15.87% by revenue in the organized decorative wall panels industry. The company generates revenue by selling and marketing decorative wall panels and decorative laminates to distributors across India. In fiscal 2025, the company completed several acquisitions including the businesses of Vougue Decor, Euro Pratik Laminate LLP, Millenium Decor, and acquired controlling interests in EuroPratik Intex LLP and Euro Pratik USA, LLC to diversify its product range and expand into new markets.
Company Analysis
from RHPEuro Pratik Sales Limited is a seller and marketer of decorative wall panels and decorative laminates operating in India's interior decoration industry.
Euro Pratik Sales Limited was originally incorporated on January 19, 2010 as 'Better Life Mission Multitrade Private Limited' and subsequently renamed to 'Euro Pratik Sales Limited'. The company operates on a contract manufacturing model, outsourcing product manufacturing to contract manufacturers rather than owning its own facilities. According to the Technopak Report, the company is one of India's leading decorative wall panel brands with a market share of 15.87% by revenue in the organized decorative wall panels industry. The company generates revenue by selling and marketing decorative wall panels and decorative laminates to distributors across India. In fiscal 2025, the company completed several acquisitions including the businesses of Vougue Decor, Euro Pratik Laminate LLP, Millenium Decor, and acquired controlling interests in EuroPratik Intex LLP and Euro Pratik USA, LLC to diversify its product range and expand into new markets.
Decorative Wall PanelsDecorative LaminatesInterior Decoration
Objects of the Issue
- Carry out the offer for sale of equity shares by the selling shareholders and achieve the benefits of listing the equity shares on the stock exchanges Up to ₹4,513.15 million p.20
- The company will not receive any proceeds from the Offer. The Offer consists of an Offer for Sale by the Promoter Selling Shareholders and Promoter Group Selling Shareholders. p.44
- Offer for Sale ₹4,513.15 million p.108
- Achieve benefits of listing the Equity Shares on the Stock Exchanges p.108
Issue Structure
- Total Issue
- Up to [●] equity shares of face value of ₹1 each aggregating up to ₹4,513.15 million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to [●] equity shares of face value of ₹1 each aggregating up to ₹4,513.15 million
- Price Band
- [●] per equity share (Floor Price) to [●] per equity share (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹1 each
Business Model
The company operates as a seller and marketer of decorative wall panels and decorative laminates using a contract manufacturing model. It outsources manufacturing to contract manufacturers and sells finished products to distributors across India and internationally through its subsidiaries. Revenue is generated from the sale of decorative wall panels (which contributed 66.13% of revenue in FY2025), decorative laminates (25.64%), and other products (8.23%).
Business Segments
Interior decorative wall panel products sold and marketed to distributors
Decorative laminate products sold and marketed to distributors
Interior films, adhesives and other miscellaneous products
The company sells decorative wall panels under the Euro Pratik brand. As of March 31, 2025, the company had a market share of 15.87% by revenue in the organized Decorative Wall Panels industry in India, with total revenue of ₹1,742.89 million in Fiscal 2023.
Subsidiary engaged in sale of decorative products. Gloirio Decor Private Limited generated revenue of ₹860.84 million (30.29% of total revenue) in Fiscal 2025. The subsidiary has engaged Kareena Kapoor Khan as brand ambassador.
Sells and markets decorative wall panels as one of the primary product categories
Sells and markets decorative laminates as a key product category within the wall decorative industry
Decorative Wall Panels are composite materials designed to enhance both aesthetic and functional aspects of interior and exterior spaces, offering a range of materials with easy installation process. Available in 19 product ranges including Chisel series, Decolite and Miga Edge, with attributes such as being durable, sturdy, eco-friendly, anti-bacterial, anti-fungal, free from heavy metals such as lead and mercury, and moisture resistant.
Decorative Laminates are composite materials made by pressing together layers of paper or fabric with resins, creating durable surfaces. Enhance the look of walls by offering a wide range of textures, colours, and patterns that replicate natural materials like wood and stone. Available in 11 product ranges including Sapphire, Acroglass and Mirage. Widely used in furniture, cabinetry, countertops, and wall coverings.
Other products include interior films, adhesives, catalogues and miscellaneous products.
Manufacturing and trading of polystyrene panels, interior mouldings, PVC and acrylic plastic sheets, decorative plywood, commercial plywood, laminates and related decorative materials for interior and exterior use
Home décor and furnishings products including laminates, decorative products, and home furnishings sold to customers in India and outside India
Sale of decorative wall panel products
Sale of decorative laminate products
Sale of interior films, adhesives and other miscellaneous products
SWOT Analysis
Strengths
- • Leading market position in organized decorative wall panels(p.19)
- • Long-standing distributor relationships averaging 5+ years(p.39)
- • Established contract manufacturer relationships, including 10+ years with major supplier(p.42)
- • Exclusive, royalty-free perpetual license to use Euro Pratik brand globally(p.43)
- • Diversified product portfolio across wall panels, laminates and other categories(p.35)
- • Revenue growth from 2,216.98 million (FY2024) to 2,842.27 million (FY2025)(p.22)
- • Leading organized Wall Panel brand with significant market share(p.52)
- • Experienced promoters with substantial industry tenure(p.58)
- • Strong brand ambassadors driving market recognition(p.46)
- • Recent acquisitions expanding product portfolio and market reach(p.44)
- • Consistent revenue growth trajectory(p.49)
- • Leading organized market position with 15.87% market share in decorative wall panels(p.182)
- • Comprehensive product portfolio of 30+ categories with 3,000+ designs and first-mover advantage on key products(p.183)
- • Asset-light business model with global contract manufacturing partnerships reducing capital requirements(p.183)
- • Well-established pan-India distribution network of 180 distributors across 25 states and union territories(p.190)
- • Strong financial performance with robust EBITDA margins and low leverage(p.192)
- • Fast-fashion brand positioning with 113 product catalogues launched over four years driving continuous innovation(p.183)
- • Experienced management team with deep domain expertise in decorative wall panels and laminates(p.191)
- • Eco-friendly product attributes including anti-bacterial, anti-fungal, and recycled materials(p.183)
- • Diverse product portfolio across decorative segments(p.221)
- • Strong employee engagement and low attrition in core workforce(p.210)
- • No labor disputes or work stoppages(p.210)
- • Established brand recognition with awards(p.223)
- • Successful multi-geography expansion(p.222)
- • Transition to Ind AS completed with unmodified audit opinion(p.270)
- • Strong equity base and low leverage(p.320)
- • Robust profitability and earnings growth(p.328)
- • Significant cash and investment holdings(p.320)
- • Diversified investment portfolio across mutual funds and equities(p.294)
- • Revenue growth from operations(p.308)
Weaknesses
- • Major fire incident in April 2025 destroyed ₹335.94 million in inventory (34.92% of total)(p.35)
- • No hedging contracts to manage foreign currency exposure(p.37)
- • Negative cash flows from operating activities in FY2025 of (₹306.50 million)(p.41)
- • High working capital days increased from 139 days (FY2024) to 168 days (FY2025)(p.41)
- • Trade receivables increased 116% from ₹443.65 million (FY2024) to ₹958.29 million (FY2025)(p.41)
- • Promoters received SEBI administrative warning for violations under Takeover Regulations(p.40)
- • No definitive agreements with distributors; no exclusivity terms(p.39)
- • High concentration of related party transactions at 102.40% of revenue in FY2025(p.42)
- • Limited intellectual property protection for majority of designs(p.47)
- • Lack of non-compete clauses with contract manufacturers(p.47)
- • No directors with prior listed company experience in India(p.48)
- • Heavy dependence on promoters and key management(p.58)
- • Significant working capital requirements and receivables concentration(p.54)
- • Recent fire incident destroying substantial inventory(p.31)
- • Dependence on small number of key contract manufacturers, particularly Miga South Korea (24% of purchases in FY2025)(p.202)
- • Concentration risk with top 5 contract manufacturers representing 41.72% of purchases(p.202)
- • Rising working capital days from 119 days in FY2023 to 168 days in FY2025 indicating cash flow management challenges(p.185)
- • Significant inventory destruction of ₹335.94 million from warehouse fire on April 26, 2025(p.31)
- • Lack of IP protection for majority of product designs limiting competitive moat(p.43)
- • Reliance on Promoter-owned Euro Pratik brand requiring licensed usage through registered user agreement(p.208)
- • Heavy dependence on lease arrangements for key properties(p.52)
- • Non-ownership of critical brand trademark(p.39)
- • Significant inventory concentration and loss exposure(p.31)
- • High exposure to related party transactions(p.37)
- • Significant proportion of contractual workforce(p.209)
- • Significant increase in inventory levels post-acquisition(p.328)
- • Rising expected credit loss provision on trade receivables(p.295)
- • Deterioration in return on equity(p.328)
- • Increase in finance costs(p.309)
- • Significant lease obligations with long-term commitments(p.331)
- • Concentration of sales revenue in few customers(p.332)
Opportunities
- • Decorative Wall Panels and Decorative Laminates industries valued at ₹28,411.71 million and ₹102,051.04 million in FY2025 with expected expansion(p.19)
- • Recent acquisitions to diversify product range and access wider distributor channels(p.30)
- • Distribution network expansion across 25 states and 5 union territories with 180 distributors(p.40)
- • Geographic expansion into international markets via subsidiaries(p.30)
- • Growing urbanization and increased disposable income driving demand(p.19)
- • Geographic expansion into new markets and international presence(p.50)
- • Expansion of product portfolio and market segments(p.50)
- • Growing demand for decorative solutions with consumer preference shifts(p.50)
- • Strategic inorganic growth through acquisitions(p.51)
- • High growth potential in decorative wall panels market with projected CAGR of 17.99% from FY2025-FY2029(p.155)
- • Transition from unorganized to organized sector with organized segment projected to grow at 13.4% CAGR(p.154)
- • Expansion into Tier-II and Tier-III markets driven by urbanization and rising disposable incomes(p.154)
- • Growing demand for sustainable and eco-friendly materials in wall decorations(p.153)
- • DIY home improvement trend driving demand for easy-to-install peel-and-stick wallpapers and alternatives(p.153)
- • Government infrastructure initiatives including Smart Cities Mission and Housing for All driving construction demand(p.159)
- • International expansion potential with exports currently only 2.6% of FY2025 revenue(p.184)
- • Growing hospitality and commercial sector driving demand for aesthetic interior solutions(p.165)
- • Entry into new product categories and business segments(p.222)
- • Strategic acquisitions to consolidate market position(p.222)
- • Growing geographic market presence through subsidiaries(p.225)
- • Business acquisitions and integration strategy(p.333)
- • Expansion of subsidiary network and international presence(p.271)
- • Growth in export sales(p.332)
- • Rental income from investment properties(p.288)
- • Product diversification and market expansion(p.327)
Threats
- • Material dependence on largest contract manufacturer (Miga, South Korea) at 24.03% of purchases in FY2025(p.37)
- • Top 30 distributors account for 57.44% of FY2025 revenue with no long-term agreements(p.34)
- • Significant exposure to foreign exchange fluctuations; purchases in foreign currencies were 54.81% of total purchases in FY2025(p.37)
- • High product concentration: Decorative Wall Panels represent 66.13% of FY2025 revenue(p.43)
- • Real estate and infrastructure sector slowdown could reduce product demand(p.43)
- • Dependence on contract manufacturers exposes company to supply chain disruption risks(p.42)
- • Risk of design copying by contract manufacturers or competitors(p.42)
- • Dependence on imports from geographically concentrated suppliers(p.44)
- • Highly competitive market from organized and unorganized sectors(p.50)
- • Risk of design copying and counterfeiting by competitors(p.47)
- • Vulnerability to macroeconomic downturns and real estate cycles(p.51)
- • Regulatory and compliance risks in multiple jurisdictions(p.46)
- • Foreign exchange fluctuation exposure(p.45)
- • Cyclical demand linked to real estate sector which is highly susceptible to macroeconomic conditions and interest rates(p.166)
- • Heavy dependence on imported raw materials particularly from China and Korea creating supply chain vulnerability(p.166)
- • Import data shows India imports 47.45% of PVC and PS wall panels by value, creating competitive pressure from cheaper imports(p.161)
- • Competition from alternative materials including decorative paints, wallpaper and traditional wall finishes(p.166)
- • Price sensitivity in market segments particularly during periods of rising input costs and economic uncertainty(p.166)
- • Environmental regulations increasing pressure to adopt sustainable practices and eco-friendly materials raising operational costs(p.166)
- • Limited e-commerce adoption in industry reflects consumer preference for physical examination reducing online sales potential(p.160)
- • Supply chain and logistics challenges in certain regions potentially causing delivery delays and increased costs(p.166)
- • Dependence on lease continuity with potential renewal risks(p.52)
- • Insurance coverage may be insufficient(p.60)
- • Vulnerability to fire and catastrophic incidents at warehouses(p.215)
- • Significant exposure to regulatory compliance across multiple jurisdictions(p.217)
- • Customer concentration risk in revenue(p.321)
- • Credit risk on trade receivables with aging issues(p.296)
- • Foreign exchange risk exposure(p.322)
- • Operating lease obligations extending beyond 5 years(p.331)
- • Interest rate and borrowing cost exposure(p.309)
- • Regulatory and compliance risks in transition period(p.284)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pratik Gunvantraj Singhvi | Promoter Selling Shareholder | 5.17% | — |
| Jai Gunvantraj Singhvi | Promoter Selling Shareholder | 5.10% | — |
| Pratik Gunwantraj Singhvi HUF | Promoter Selling Shareholder | 28.70% | — |
| Jai Gunwantraj Singhvi HUF | Promoter Selling Shareholder | 28.70% | — |
| Dipty Pratik Singhvi | Promoter Group Selling Shareholder | 7.49% | — |
| Nisha Jai Singhvi | Promoter Group Selling Shareholder | 7.49% | — |
| Pratik Gunvantraj Singhvi | Promoter and Promoter Selling Shareholder | 7,673,500 equity shares (7.50%) | — |
| Jai Gunvantraj Singhvi | Promoter and Promoter Selling Shareholder | 7,606,303 equity shares (7.44%) | — |
| Pratik Gunwantraj Singhvi HUF | Promoter and Promoter Selling Shareholder | 29,380,000 equity shares (28.75%) | — |
| Jai Gunwantraj Singhvi HUF | Promoter and Promoter Selling Shareholder | 29,380,000 equity shares (28.75%) | — |
| Dipty Pratik Singhvi | Promoter Group Selling Shareholder | 7,674,000 equity shares (7.51%) | — |
| Nisha Jai Singhvi | Promoter Group Selling Shareholder | 7,674,000 equity shares (7.51%) | — |
| Pratik Gunvantraj Singhvi | Promoter | 5.17% | — |
| Jai Gunvantraj Singhvi | Promoter | 5.10% | — |
| Pratik Gunwantraj Singhvi HUF | Promoter | 28.70% | — |
| Jai Gunwantraj Singhvi HUF | Promoter | 28.70% | — |
| Pratik Gunvantraj Singhvi | Promoter/Chairman and Managing Director | — | — |
| Jai Gunvantraj Singhvi | Promoter/Executive Director and Chief Financial Officer | — | — |
| Pratik Gunvantraj Singhvi | Promoter | 5.17% | — |
| Jai Gunvantraj Singhvi | Promoter | 5.10% | — |
| Pratik Gunwantraj Singhvi HUF | Promoter Group | 28.70% | — |
| Jai Gunwantraj Singhvi HUF | Promoter Group | 28.70% | — |
| Pratik Gunvantraj Singhvi | Promoter | 8.57% | 5.17% |
| Jai Gunvantraj Singhvi | Promoter | 8.50% | 5.10% |
| Pratik Gunvantraj Singhvi HUF | Promoter Group | 32.85% | 28.70% |
| Jai Gunvantraj Singhvi HUF | Promoter Group | 32.85% | 28.70% |
| Dipty Pratik Singhvi | Promoter | 8.57% | 7.49% |
| Nisha Jai Singhvi | Promoter | 8.57% | 7.49% |
| Pratik Gunvantraj Singhvi | Promoter | — | — |
| Jai Gunvantraj Singhvi | Promoter | — | — |
| Pratik Gunvantraj Singhvi | Promoter | — | — |
| Jai Gunvantraj Singhvi | Promoter | — | — |
| Pratik Gunwantraj Singhvi HUF | Promoter Group | — | — |
| Jai Gunwantraj Singhvi HUF | Promoter Group | — | — |
| Dipty Pratik Singhvi | Selling Shareholder | — | — |
| Nisha Jai Singhvi | Selling Shareholder | — | — |
Leadership
Pratik Gunvantraj Singhvi · Chairman and Managing Director
Jai Gunvantraj Singhvi · Executive Director and Chief Financial Officer
Shruti Kuldeep Shukla · Company Secretary and Compliance Officer
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.