Panchatv Bharat
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.13×
- Retail individualRII · up to ₹2 lakh
- 2.42×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 8,34,000 | 3,22,000 | ₹4.51 Cr | 0.39× |
| Retail individual | 8,34,000 | 20,18,000 | ₹28.25 Cr | 2.42× |
| Total | 16,68,000 | 23,31,000 | ₹32.63 Cr | 1.40× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 15 Sep, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 10 Sep 2026 – 15 Sep 2026
- Listing date
- 18 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹140
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹24.58 Cr
- Fresh issue
- ₹23.35 Cr 16,68,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹81.91 Cr
- Promoter holding
- 92.91% → 65.02% pre-issue → post-issue
- ISIN
- INE0VXN01011
- CIN
- U13999DL2024PLC427903
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Mark Corporate Advisors Pvt.Ltd.
- Registered office
- Ground Floor, Property No. IX/3615, Sat Narayan Mandir Gali, Gandhi Nagar, East Delhi, Delhi, India, 110031
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| NII (HNI) | 8,34,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 8,34,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 8,34,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 88,000 | — | 5.01% |
| Total issue | 17,56,000 | — | 100.00% |
Net offer to the public of 16,68,000 shares, out of a total issue of 17,56,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.84 | 6.89 |
| P/E (×) | 14.23 | 20.32 |
| Price to book (×) | 4.54 | — |
| Market cap | — | ₹81.91 Cr |
Key performance indicators
- Return on net worth
- 31.93%
- ROCE
- 30.00%
- Debt / equity
- 2.26
- PAT margin
- 7.09%
- EBITDA margin
- 11.32%
- NAV per share
- ₹30.83
- Price to book
- 4.54
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 56.87 | 48.99 | 39.31 |
| Revenue from operations | 56.85 | 48.99 | 39.31 |
| Other income | 0.02 | 0 | 0 |
| Total expenses | 51.41 | 45.27 | 36.58 |
| Operating profit | 5.46 | 3.72 | 2.73 |
| Operating margin | 9.60% | 7.59% | 6.94% |
| Profit before tax | 5.46 | 3.72 | 2.73 |
| Profit after tax | 4.03 | 2.83 | 2.02 |
| PAT margin | 7.09% | 5.78% | 5.14% |
| Balance sheet | |||
| Total assets | 33.78 | 27.16 | 16.88 |
| Current assets | 33.01 | 23.33 | 13.05 |
| Current liabilities | 17.56 | 15.25 | 9.29 |
| Total liabilities | 21.15 | 18.11 | 13.49 |
| Net worth | 12.62 | 9.05 | 3.39 |
| Current ratio | 1.88× | 1.53× | 1.40× |
| Return on equity | 31.93% | 31.27% | 59.59% |
| Cash flow | |||
| Operating cash flow | -10.85 | 0.72 | -0.4 |
| Investing cash flow | 3 | 0 | -0.05 |
| Financing cash flow | 5.01 | 2.12 | 0.4 |
| Net cash flow | -2.85 | 2.84 | -0.05 |
Objects of the issue
1 Funding of capital expenditure towards purchase of property at Delhi and renovation, modernization and fit-out thereof ₹6 Cr
The company proposes to acquire an office-cum-godown space at Gandhi Nagar, Delhi to establish a dedicated, owned facility that integrates administrative and storage functions under one roof. This acquisition aims to reduce recurring rental outflows, improve inventory management, and enable more efficient coordination between business functions.
2 Funding working capital requirements of the company ₹11.50 Cr
The company proposes to utilize funds towards financing inventory, trade receivables, manufacturing and processing expenses, and other operating requirements in the ordinary course of business. The working capital will support procurement of raw materials, manufacturing expenses, inventory holding, logistics, and trade receivables.
3 General corporate purposes ₹3.67 Cr
The company proposes to utilize funds for meeting day-to-day expenses including short-term working capital requirements, salaries and wages, administration, insurance, repairs and maintenance, payment of taxes and duties, brand building and marketing expenses, and other purposes in the ordinary course of business.
About Panchatv Bharat
Panchatv Bharat Limited was incorporated on March 6, 2024, as a private limited company and converted to public limited on August 5, 2024. The Company acquired the businesses of three past proprietorship firms—M/s SR Fabrics (established 1994), M/s SG Trader (established 2017), and M/s Neelmadhav Textiles (established 2023)—to consolidate and expand textile operations. The Company operates through both contract manufacturing with third-party facilities in Ahmedabad and recently established in-house production using leased loom machineries. It generates revenue through manufacturing and wholesale trading of denim fabrics, primarily serving markets in Delhi, Uttar Pradesh, Gujarat, Haryana, and other states. The Company derives significant revenue from top ten customers (54.67% in FY 2025-26) and maintains working capital through inventory and trade receivables.
Management
Sanjay Gupta
MD
Sooraj Gupta
CEO
Sanyogita Gupta
Director
Archana Jain
Director
Tannu Shangle
Director
CS Chanchal Khandelwal
COO
Mohan Mishra
CFO
Strengths
As stated in the offer document
Leveraging the Experience of Promoters and Management Team
The company is led by experienced promoters with extensive textile industry knowledge. Mr. Sanjay Gupta brings over three decades of experience, having expanded sales network across six states since inception.
Strong Customer Base including Distributors & Dealers
The company has served over 89 active distributors across five states as of March 31, 2026. In FY 2025-26, approximately 52.75% of revenue was generated from repeat customers, reflecting strong customer retention.
Scalable Business Model
The company operates through third-party manufacturing arrangements and leased loom machineries, enabling operational flexibility without significant capital expenditure. The company has established sourcing relationships with approximately 18 raw material suppliers from Gujarat in FY 2025-26.
Risk factors
As stated in the offer document
Limited Operating History as a Company
The company was incorporated in March 2024 specifically to acquire proprietorship businesses of its promoters, providing only one year of operating history as a corporate entity. This limited track record makes it difficult for investors to evaluate historical performance or future prospects, and future revenues and profitability could fluctuate significantly.
Heavy Dependence on Third-Party Manufacturing Without Exclusivity
The company outsources manufacturing processes to third parties without exclusivity arrangements, creating risks of supply disruption, quality issues, and competitor interference. Any inability to obtain sufficient quantities of processed materials or operational disruptions at third-party facilities could adversely affect business operations and financial condition.
Negative Cash Flows from Operating Activities
The company experienced negative cash flows from operating activities of ₹1,085.12 Lakhs in FY 2025-26 and ₹40.24 Lakhs in FY 2023-24, primarily due to working capital management decisions including higher inventory levels and faster settlement of trade payables. Extended negative cash flows could materially impact business operations and growth plans.
High Customer Concentration Risk
The company derives 54.67% of revenue from its top ten customers in FY 2025-26, with no long-term contracts in place. The loss of one or more significant customers or reduction in business volume could have an adverse effect on business operations, results of operations, and financial condition.
Geographic Revenue Concentration
Revenue is heavily concentrated in Delhi (67.59% in FY 2025-26) and Uttar Pradesh (24.71% in FY 2025-26), creating exposure to regional economic shifts, competitive pressures, and demographic changes. Adverse developments in these regions could significantly impact revenue and operational outcomes.
High Working Capital Requirements
The business requires significant working capital with ₹2,093.23 Lakhs working capital gap in FY 2025-26, projected to increase to ₹3,370.16 Lakhs in FY 2026-27. Trade receivables stood at ₹979.91 Lakhs (17.24% of revenue) as of March 31, 2026, creating liquidity and collection risks.
Supplier Concentration and Raw Material Dependency
The company relies heavily on third-party suppliers without long-term agreements, with 20.71% of suppliers concentrated in Gujarat. Raw material costs and purchases represent substantial portions of total expenses, and any supply disruption, price volatility, or quality issues could adversely affect operations and financial performance.
Statutory Compliance Delays and Filing Inconsistencies
The company has experienced delays in statutory filings with RoC, including 112-day delay in ADT-1 filing and inconsistencies in various forms. While no penalties beyond additional fees have been imposed, repeated compliance issues could expose the company to regulatory actions and reputational risks.
Dependence on Leased Manufacturing Equipment
The company's self-manufacturing setup relies on ten loom machineries leased for three years from March 2025, with no ownership of the equipment. Any discontinuation or disruption in this arrangement could require alternative arrangements at significant additional costs and operational disruptions.
Promoter Group Disclosure Limitations
Certain immediate relatives of promoters who are deemed part of the Promoter Group have not provided required consents and information for disclosure. The company has disclosed details only to the extent available, and there can be no assurance that all relevant disclosures pertaining to such persons are complete.
Company Analysis
from PROSPECTUSPanchatv Bharat Limited is a textile company engaged in third-party manufacturing and wholesale trading of denim fabrics for menswear and womenswear across India.
Panchatv Bharat Limited was incorporated on March 6, 2024, as a private limited company and converted to public limited on August 5, 2024. The Company acquired the businesses of three past proprietorship firms—M/s SR Fabrics (established 1994), M/s SG Trader (established 2017), and M/s Neelmadhav Textiles (established 2023)—to consolidate and expand textile operations. The Company operates through both contract manufacturing with third-party facilities in Ahmedabad and recently established in-house production using leased loom machineries. It generates revenue through manufacturing and wholesale trading of denim fabrics, primarily serving markets in Delhi, Uttar Pradesh, Gujarat, Haryana, and other states. The Company derives significant revenue from top ten customers (54.67% in FY 2025-26) and maintains working capital through inventory and trade receivables.
Objects of the Issue
- Working capital requirement ₹1,150.00 Lakhs p.32
- General corporate purposes
- Funding of capital expenditure towards purchase of property at Delhi and renovation, modernization and fit-out thereof ₹600.00 Lakhs p.87
- Funding working capital requirements of our Company ₹1,150.00 Lakhs p.87
- General corporate purposes ₹366.88 Lakhs p.87
- Funding capital expenditure for expansion of manufacturing capacity and modernization of existing facilities
- Repayment of borrowings
Issue Structure
- Total Issue
- 17,56,000 equity shares of face value of ₹10/- each at ₹140.00 per share aggregating ₹2,458.40 Lakhs
- Fresh Issue
- 17,56,000 equity shares of face value of ₹10/- each at ₹140.00 per share aggregating ₹2,458.40 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹140.00 per equity share (Fixed Price)
- Face Value
- ₹10/- per equity share
Business Model
The Company earns revenue through two primary channels: (1) third-party contract manufacturing of denim fabrics where manufacturing is outsourced to facilities in Narol and Piplaj, Ahmedabad, and (2) wholesale trading of finished denim fabrics. The business model is asset-light, relying on outsourced manufacturing while recently establishing limited in-house production through leased loom machineries. Revenue from operations in FY 2025-26 was ₹5,685.11 Lakhs, comprising both manufactured and traded denim fabrics sold primarily to customers in Delhi and other Indian states.
Business Segments
SWOT Analysis
- • Limited operating history but growing business foundation with cumulative track record of over three years(p.21)
- • Experienced promoter team with significant combined experience in textile manufacturing and trading(p.33)
- • Revenue growth trajectory with strong profit expansion(p.35)
- • Asset-light business model with established third-party manufacturing partnerships(p.22)
- • Recent establishment of self-manufacturing capacity for operational flexibility(p.23)
- • Management expertise and experience in denim fabric business(p.104)
- • Strong financial performance with consistent revenue and profit growth(p.100)
- • High return on net worth demonstrating profitability(p.107)
- • Scalable business model leveraging third-party manufacturing and distribution network(p.104)
- • Experienced promoter team with decades of textile industry expertise(p.134)
- • Strong established customer base with high repeat business(p.141)
- • Scalable asset-light business model with third-party manufacturing(p.141)
- • Diversified supplier base reducing dependency(p.140)
- • Strong revenue growth trajectory(p.134)
- • Experienced promoters with long tenure in textile industry(p.225)
- • Strong revenue growth trajectory with 32.47% CAGR(p.226)
- • Established geographic presence across key markets(p.225)
- • Integration of third-party manufacturing with self-production capability(p.226)
- • Profitability and positive financial metrics(p.226)
- • Heavily dependent on a small number of major customers for revenue(p.29)
- • Concentration of suppliers in Gujarat creates supply chain vulnerability(p.28)
- • High negative operating cash flows in recent periods despite profitability(p.25)
- • Rented office premises without ownership, creating operational vulnerability(p.22)
- • No long-term contracts with suppliers or customers(p.26)
- • Statutory filing compliance issues and delays(p.23)
- • High indebtedness with significant debt service obligations(p.37)
- • Limited direct control over manufacturing quality through third parties(p.41)
- • Reliance on few key customers creating concentration risk(p.47)
- • High leverage with short-term borrowing significantly exceeding long-term borrowings(p.50)
- • Limited own manufacturing capacity reliant on third-party job workers and leased machinery(p.92)
- • Increased working capital requirements and growing inventory levels(p.96)
- • Operational strain from becoming a listed company requiring compliance resources(p.47)
- • High customer concentration with top 10 customers generating majority revenue(p.145)
- • Limited geographical presence concentrated in Delhi(p.146)
- • Modest profit margins relative to revenue(p.134)
- • Declining asset turnover ratio indicating reduced operational efficiency(p.134)
- • Increased financial leverage with rising debt levels(p.134)
- • Heavy dependence on top ten customers for majority of revenue(p.236)
- • High financial leverage with debt-to-equity ratio of 1.12(p.226)
- • Concentration of revenue in single geographic market(p.231)
- • Recent management changes in key positions(p.174)
- • High working capital requirements reflected in inventory holding period of 102 days(p.227)
- • GST compliance issues and alleged excess ITC availment(p.244)
- • Pending GST liability for past supplier involvement(p.244)
- • Promoter Group consent not obtained from certain relatives(p.24)
- • Intellectual property infringement risk(p.32)
- • Geographic expansion strategy beyond current market concentration(p.40)
- • Scaling up of in-house manufacturing capacity and operational efficiency(p.23)
- • Growing denim fabric demand in Indian textile market(p.22)
- • Market consolidation and potential for acquisitions in fragmented textile sector(p.21)
- • Diversification of customer base to reduce concentration risk(p.30)
- • Expansion into major textile hubs including Delhi, Uttar Pradesh, Rajasthan and Gujarat(p.99)
- • Acquisition of owned office-cum-godown property to reduce rental outflows and improve efficiency(p.91)
- • Expected growth in Indian textile and denim fabric sector(p.92)
- • Partial integration of manufacturing through leased machinery improving operational efficiency(p.92)
- • Favorable government policies supporting textile sector growth(p.100)
- • Government policy support for textile manufacturing expansion(p.126)
- • Rising domestic consumption driven by increasing per capita income(p.125)
- • Global textile trade expansion with strong growth projections(p.125)
- • India's strategic positioning in 'China Plus One' strategy(p.130)
- • Expansion into new product lines and geographic markets(p.141)
- • Geographic expansion to new states beyond current market presence(p.231)
- • Value addition through increased self-manufacturing capacity(p.226)
- • Growing demand from existing and new distributors(p.231)
- • Potential to diversify customer base and reduce concentration risk(p.236)
- • Eligibility for SME listing platform expansion(p.250)
- • Potential migration to main board after meeting criteria(p.269)
- • Acquisition of established business operations with track record(p.253)
- • Operating profit growth trajectory(p.253)
- • Volatility in raw material and fabric prices due to external market factors(p.27)
- • Economic slowdown in India affecting demand for textile products(p.44)
- • Supply chain disruptions from Ahmedabad-based manufacturing facilities(p.19)
- • Intense competition from established and new textile manufacturers(p.19)
- • Changing consumer preferences and fashion trends in apparel market(p.19)
- • Regulatory and policy changes affecting textile manufacturing and trade(p.19)
- • Natural disasters and epidemics affecting business continuity(p.44)
- • Rising employee compensation eroding competitive advantage and margins(p.45)
- • Foreign exchange volatility and currency fluctuations affecting costs(p.19)
- • Regional concentration of revenue in Delhi creating exposure to localized risks(p.32)
- • Potential delays in listing and regulatory compliance affecting market positioning(p.47)
- • Industry cyclicality and volatility in input prices affecting profitability(p.47)
- • Inability to secure adequate financing for expansion plans(p.47)
- • Foreign exchange and monsoon risks affecting agricultural inputs(p.47)
- • Competitive pressure and market concentration risk in textile sector(p.105)
- • Intense competition from both organized and unorganized sectors(p.144)
- • Global trade uncertainty and tariff escalation impacting demand(p.114)
- • Volatility in raw material costs and commodity prices(p.114)
- • Global inflation and currency depreciation pressures(p.116)
- • Absence of contractual relationships with manufacturers and suppliers(p.142)
- • Lack of long-term contracts with major customers creating revenue volatility(p.236)
- • Regulatory compliance issues with delayed/inconsistent RoC filings(p.175)
- • Non-receipt of consent from certain promoter group members creating disclosure risk(p.180)
- • Outstanding GST demands and tax proceedings against predecessors(p.217)
- • High interest rate exposure on unsecured borrowings(p.239)
- • Market-making dependency and limited liquidity on SME platform(p.271)
- • Limited financial headroom with leveraged capital structure(p.253)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sanjay Gupta | Promoter | — | — |
| Mr. Sooraj Gupta | Promoter | — | — |
| Ms. Sanyogita Gupta | Promoter | — | — |
| Sanjay Gupta | Promoter | 53.15% | 37.19% |
| Sooraj Gupta | Promoter | 39.76% | 27.82% |
| Sanyogita Gupta | Promoter Group | — | — |
| Sanjay Gupta | Promoter | — | 53.15% |
| Sooraj Gupta | Promoter | — | 39.76% |
| Sanyogita Gupta | Promoter | — | — |
| Sanjay Gupta | Promoter/Managing Director | 53.15% | — |
| Sooraj Gupta | Promoter/Whole-time Director | 39.76% | — |
| Sanyogita Gupta | Promoter/Non-Executive Director | 0% | — |
Leadership
Auto-extracted from the company's PROSPECTUS 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 PROSPECTUS before relying on it.
Offer documents
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Panchatv Bharat limited THIS ISSUE | 9.84 | 30.83 | 20.32, computed at the offer price | 4.54, computed at the offer price | 31.93% |
| 2.57 | 60.64 | 9.05 | 0.38 | 4.24% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.