Euro Pratik Sales IPO: Price, Analysis, Allotment, GMP, and Details

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

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