Minerva Capital Research Solutions

Panchatv Bharat

ListedListed 18 Sep 2026BSE SMENSE: PANCHATVCheck allotment
Current price₹ 49.2−64.86% since issue
Listing day−7.89%
Issue price
₹ 140
Issue size
₹ 24.58 Cr.
Min. investment
₹ 1,40,000
Listing price
₹ 128.95
Lot size
1,000 shares
P/E
20.32
RoNW
31.25%
RoCE
26.81%
PAT margin
5.77%
EPS
₹ 6.89
Promoter stake
65.02%

About

Panchatv Bharat works in denim fabric. It does two things. It gets denim fabric manufactured at facilities belonging to other parties, and it also buys denim from distributors and sells it wholesale across India. The production cycle it describes covers buying yarn, warp dyeing, weaving, finishing and quality inspection, but this work is carried out at third party facilities rather than at a plant of its own. Its fabric is used for men's and women's wear, and it supplies mainly to Delhi, Uttar Pradesh, Gujarat and other states. It had 35 distributors as on 30 June 2024 and more than 80 during FY2023-24, with most of its revenue coming from Delhi. As on 30 June 2025 it had 13 employees, counting the Managing Director, the Whole-Time Director, key managerial personnel and middle level and support staff.

Timeline

  1. Opens
    10 Sep
    done
  2. Closes
    15 Sep
    done
  3. Allotment
    16 Sep
    done
  4. Refunds
    17 Sep
    done
  5. Demat credit
    17 Sep
    done
  6. Listing
    18 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 21 on 14 Sep 2026
Lowest
₹ 3 on 15 Sep 2026
First quoted
₹ 7 on 10 Sep 2026

Subscription

How many times each investor group bid for its share, as of 18 Sep 2026, 06:32 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,000₹ 1,40,000
Retail (Max)11,000₹ 1,40,000
HNI (Min)22,000₹ 2,80,000

Company overview

Financials

Financials by year
Assets27.1616.8812.45
Total Income48.9939.3124.45
Profit After Tax2.832.020.34
EBITDA4.553.220.82
NET Worth9.053.391.1
Reserves and Surplus4.95——
Total Borrowing7.747.667.08

Strengths

  • Sales have doubled in two years, from Rs 24.45 crore in FY2023 to Rs 39.31 crore in FY2024 and Rs 48.99 crore in FY2025.
  • Profit has grown from Rs 0.34 crore in FY2023 to Rs 2.02 crore in FY2024 and Rs 2.83 crore in FY2025.
  • EBITDA improved from Rs 0.82 crore in FY2023 to Rs 4.55 crore in FY2025.
  • Return ratios are good on the reported numbers, with RoCE of 26.81% and RoNW of 31.25%.
  • Net worth grew from Rs 1.10 crore in FY2023 to Rs 9.05 crore in FY2025.
  • Getting fabric made at third party facilities keeps the fixed cost low, since the company does not have to run and maintain a mill of its own.
  • It already has a distributor base, with more than 80 distributors during FY2023-24, and sells across several states.
  • The whole issue is fresh capital, with Rs 4.50 crore for a corporate office and warehouse at Ahmedabad and Rs 11.50 crore for working capital.

Risks

  • There is a serious inconsistency in the offer document data. The company is stated to have been incorporated in 2024, yet financial figures are shown for FY2023, FY2024 and FY2025, and it reports having had distributors during FY2023-24. This must be checked in the RHP before relying on the three year record.
  • The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
  • The company does not own a manufacturing facility. All fabric is made at third party premises, so it does not control capacity, quality or scheduling.
  • It is extremely small in people terms, with only 13 employees in total including the directors.
  • The profit margin is thin at 5.77%, which is normal for a trading led fabric business.
  • The issue is priced at about 20.32 times earnings on an EPS of Rs 6.89, which is high for a business that mostly buys and resells.
  • Most of the revenue comes from Delhi, so it depends heavily on one market.
  • The category wise reservation for this issue is not available in the data we have, so it must be read from the RHP.
  • This is a fixed price issue at Rs 140 per share, so there is no price discovery through bidding, and promoter holding falls from 92.91% to 65.02%.
  • This is an SME issue. One lot is 1,000 shares, which is Rs 1.40 lakh at the issue price, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Capital Expenditure for setting up of Corporate office and warehousing facility at Ahmedabad4.5
Working Capital Requirements11.5
General Corporate Purposes3

Promoters

  • Sanjay Gupta
  • Sooraj Gupta
  • Sanyogita Gupta
Promoter holding92.91%→65.02%before → after the issue · down 27.89 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Lead managers
Mark Corporate Advisors Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.