Panchatv Bharat Limited

Panchatv Bharat Limited is engaged in the manufacturing and wholesale distribution of denim fabrics under its proprietary brand name 'NJD'. Incorporated in March 2024, the company consolidated the operations of three promoter-owned proprietorship concerns—M/s SR Fabrics, M/s SG Trader, and M/s Neelmadhav Textiles—to build a unified corporate entity in the textile value chain. The company operates a flexible business model that combines third-party contract manufacturing with leased loom production to supply high-quality grey and finished denim fabrics to B2B apparel markets.

The company functions primarily through an asset-light production framework, partnering with established integrated manufacturing units located in Narol and Piplaj, Ahmedabad, for outsourced warping, yarn dyeing, weaving, and fabric finishing processes. In addition to job-work manufacturing, the company directly procures finished denim fabrics from specialized traders to fulfill diverse commercial specifications. Raw material procurement relies on established commercial relationships with approximately 18 yarn and dye chemical suppliers based in Gujarat, providing cost efficiencies and supply chain stability without long-term fixed contracts.

To support value chain integration, the company established a self-manufacturing setup by leasing ten loom machines (Model JA2S-250ES-EF-T910) for a three-year term spanning March 01, 2025 to February 28, 2028. Located at a leased facility in Mauje Gam Miroli, Daskroi (Ahmedabad), each loom possesses an installed monthly capacity of 5,000 meters (equivalent to 6,00,000 meters annually for denim fabrics or 12,00,000 meters for shirting fabrics). Commercial production commenced in July 2025, achieving an average capacity utilization of 84.00% across all ten operational looms as of June 30, 2026. Specific capacity figures for third-party job-work facilities are non-determinable as production lines are shared across multiple client orders.

Panchatv Bharat Limited caters to a broad B2B client base comprising garment manufacturers, wholesale distributors, dealers, and retail traders. The company expanded its distribution footprint from 83 distributors in FY24 to 89 distributors in FY26. Strong client retention is a core operational pillar, with repeat customers accounting for 52.75% of total revenue in FY26. The company's sales model is heavily sample-driven, utilizing stitched denim swatches mounted on hangers to display color variations, stretchability, weights, and finish grades directly to prospective buyers.

Geographically, the company's revenue generation is heavily concentrated in North India, with Delhi serving as its main market and accounting for 67.59% of FY26 revenue from operations. Additional sales are distributed across Uttar Pradesh, Gujarat, Haryana, Rajasthan, and West Bengal. To reduce geographic concentration and capture market share, the company is expanding its field sales force and establishing a centralized office-cum-godown facility in Delhi, while simultaneously onboarding new distribution partners across major textile hubs such as Surat (Gujarat) and Bhilwara (Rajasthan).

As per financial performance, Panchatv Bharat Limited has posted total income / net profits of Rs 39.31 Cr / Rs 2.02 Cr (FY24), Rs 48.99 Cr / Rs 2.83 Cr (FY25) and Rs 56.87 Cr / Rs 4.03 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and net profit growth alongside escalating total borrowings from Rs 7.66 Cr in FY24 to Rs 14.18 Cr in FY26. Company has an average EPS of Rs 8.56 and average RoNW of 45.65% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.54 as per NAV of Rs 30.83 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.20. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 40.53, 28.96, and 20.32 respectively. As per RHP, a comparison between listed peers is shown in above table.

On the BRLM front, Mark Corporate Advisors Private Limited is associated with this IPO and has handled 4 IPOs in the past. Of the last 4 IPOs, two opened below the issue price and the remaining two opened above the issue price or at par on listing day. As of now, all four are trading below the issue price or at par (as on 09.09.2026).

• 1 Mr. Sanjay Gupta
• 2 Mr. Sooraj Gupta
• 3 Ms. Sanyogita Gupta