Euro Pratik Sales Limited

Euro Pratik Sales Limited operates in the decorative wall panel and decorative laminates industry as a seller and marketer of Decorative Wall Panels and Decorative Laminates. They have established ourselves as one of the largest organized Wall Panel brands with a market share of 15.87% by revenue during FY 23. Company caters to various segments, including residential, and commercial applications. As at March 31, 2025, they offered the consumers a wide range of products in India, with over 30 product categories and over 3,000 designs. Company offers a quality and eco-friendly alternative to traditional wall decoration products such as wallpaper, wood and paint. The range of products competes with wallpaper products and premium wall paints in the Indian market by offering a durable and cost-effective product range. The products are anti-bacterial, anti-fungal, free from certain heavy metals such as lead and mercury, and are made from recycled and eco-friendly materials, offering greater environment consciousness than the substitutes in the Indian market such as wood and paint products. Company manages the distribution of the products through an established, extensive distribution network across 116 cities in India, as at March 31, 2025, which is distributed predominantly across Metros, Mini metros, Tier-I, Tier-II and Tier-III cities. As at March 31, 2025, they managed a distribution network of 180 distributors across 25 states and five union territories in India, who connect them with several Retail Touch points. To create demand for the products, they undertook strategic product placement and comprehensive marketing efforts by initially tapping into Metro cities. The warehouses spread across approximately 1,94,877.50 square feet in Bhiwandi, Maharashtra. Company operates on an asset-light business model by outsourcing manufacturing processes to the contract manufacturing partners and have long-term arrangements with select global manufacturers which assists them in offering unique products. During the Fiscal 2025, they worked with 36 contract manufacturers across countries including India, South Korea and China. As per financial performance, Euro Pratik Sales Limited has posted total income / net profits of Rs 268.55 Cr / 59.60 Cr (FY23), Rs 230.10 Cr / Rs 62.87 Cr (FY24) and Rs 291.52 Cr / 76.79 Cr (FY25). So as per previous financials data, company has shown zig-zag results, Trade receivables for FY25 is around 32% of total sales and inventory levels are around 33% of FY25 total sales, which looks high. Company has an average EPS of Rs 6.8 and average RoNW of 37.40% for last three fiscals. Issue is priced at a P/BV of 10.77 as per NAV of Rs 22.94/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 42.38, 40.13 and 33.02 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Axis Capital Limited and DAM Capital Advisors Limited are associated with this IPO, and have handled 62 IPOs in last three fiscal years. ( As on 12.09.25 ) As per financials, Euro Pratik Sales Limited has shown zig-zag results, RoNW is 32.6% and P/E is 42.38, 40.13 and 33.02 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced and trade receivables are also high. Company operates as a seller and marketer of Decorative Wall Panels and Decorative Laminates, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Pratik Gunvantraj Singhvi
• 2 Jai Gunvantraj Singhvi 
• 3 Pratik Gunwantraj Singhvi HUF
• 4 Jai Gunwantraj Singhvi HUF