Wakefit Innovations Limited is the largest D2C home and furnishings company in India in terms of revenue in Fiscal 2024. (as per Redseer Report) The revenue from operations has grown at a CAGR of 24.87% from Fiscal 2022 to Fiscal 2024, which is approximately 1.64 times higher than the growth of the average revenue from operations of the organised peers (as per Redseer Report). They offer a wide range of products, including mattresses, furniture, and furnishings, through the omni channel presence, ensuring a seamless customer experience across all touch points, both online and offline. They are a full-stack vertically integrated company, enabling them to control every aspect of the operations, from conceptualizing, designing and engineering the products to manufacturing, distributing and providing customer experience and engagement. They are the only D2C home and furnishings company in India that has scaled across all three product categories, namely, mattresses, furniture, and furnishing and décor:Mattresses: The mattress product category includes a wide variety of options, including memory foam, latex, grid, high resilience foam models such as dual comfort, spring, plus, rollup, and foldable options to cater to various customer preferences. They have also integrated advanced sleep technology into the mattresses, which regulates the mattress temperature and tracks sleep patterns, offering valuable insights to users. Furniture: The furniture product category includes beds (including engineered wood, natural wood and metal beds), sofas and recliners, wardrobes, dining tables, chairs and seating (including office chairs, gaming chairs and ottomans), cabinets, tables (including coffee tables, computer tables and bedside tables), shelves, kids' furniture including cribs and utility furniture designed to cater to different styles and needs, providing both comfort and durability.Furnishings: The furnishings product category includes pillows and cushions, home essentials such as towels, mats, rugs and carpets, yoga mats, runners, curtains, bathrobes, bean bags, deck tiles, dinner-ware, kitchen-ware, service-ware, mattress protectors, table linen, mirrors, ladders and home décor including table décor, lights and lamps, garden décor and wall décor. Company sells the products through a comprehensive omni-channel strategy that integrates both their own channels and external channels, enabling them to reach customers in more than 700 districts across 28 states and 6 union territories. Their own channels comprise the website and the COCO – Regular Stores, while external channels comprise various marketplaces, such as major e-commerce platforms, including Pepperfry Limited and quick commerce platforms, and multi-branded outlets ('MBOs') including Pai International Electronics Limited. The COCO – Regular Stores have grown from 23 as of March 31, 2023 to 125 as of September 30, 2025, located in 62 cities across 19 states and 2 union territories. Further, they commenced the MBO operations on April 5, 2022, and within a period of less than three and a half years, the MBO store count has grown to 1,504 stores, located in 395 cities across 24 states and 4 union territories, as on September 30, 2025. As on the date of this RHP, they operate five manufacturing facilities of which two are situated at Bengaluru, Karnataka, two at Hosur, Tamil Nadu and one at Sonipat, Haryana. They have established a logistics network comprising one central mother warehouse, 7 inventory holding points ('INHPs') and 18 points of delivery ('PODs') as of September 30, 2025, all strategically positioned to optimize logistics and distribution. As per financial performance, Wakefit Innovations Limited has posted total income / net profits of Rs 820.00 Cr / Rs (145.68) Cr (FY23), Rs 1,017.33 Cr / Rs (15.05) Cr (FY24), Rs 1,305.42 Cr / (35.00) Cr (FY25) and Rs 741.30 Cr / 35.57 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, and recently become profitable. Company has an average EPS of Rs (1.68) and average RoNW of (9.09)% for last three fiscals. Issue is priced at a P/BV of 10.89 as per NAV of Rs 17.9/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around NA, NA and 89.58 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Axis Capital Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited IPO are associated with this IPO, and has handled 119 IPOs in last three fiscal years. ( As on 28.11.25 ) As per financials, Wakefit Innovations Limited has shown good growth, RoNW is (9.09)% and P/E is NA, NA and 89.58 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks very aggressively priced, but company has shown high sales growth in past. Company is the largest D2C home and furnishings company in India, 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.
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