Panchatv Bharat
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.11×
- Retail individualRII · up to ₹2 lakh
- 0.07×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹11 | +7.86% | ₹8,400 | ₹151 | ₹11,000 |
| 12 Sept 2026 | ₹11 | +7.86% | ₹8,400 | ₹151 | ₹11,000 |
| 11 Sept 2026 | ₹7 | +5.00% | ₹5,300 | ₹147 | ₹7,000 |
| 10 Sept 2026 | ₹7 | +5.00% | ₹5,300 | ₹147 | ₹7,000 |
| 09 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹140 | ₹0 |
| 08 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹120 | ₹0 |
| 07 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹140 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 10 Sept 2026 – 15 Sept 2026
- Listing date
- 18 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹140
- Lot size
- 1,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹24.58 Cr
- Fresh issue
- ₹23.35 Cr 16,68,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹81.91 Cr
- Promoter holding
- 92.91% → 65.02% pre-issue → post-issue
- ISIN
- INE0VXN01011
- CIN
- U13999DL2024PLC427903
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Mark Corporate Advisors Pvt.Ltd.
- Registered office
- Ground Floor, Property No. IX/3615, Sat Narayan Mandir Gali, Gandhi Nagar, East Delhi, Delhi, India, 110031
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 8,34,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 8,34,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 8,34,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 88,000 | — | 5.01% |
| Total issue | 17,56,000 | — | 100.00% |
Net offer to the public of 16,68,000 shares, out of a total issue of 17,56,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹140 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.84 | 6.89 |
| P/E (×) | 14.23 | 20.32 |
| Price to book (×) | 4.54 | — |
| Market cap | — | ₹81.91 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 31.93%
- ROCE
- 30.00%
- Debt / equity
- 2.26
- PAT margin
- 7.09%
- EBITDA margin
- 11.32%
- NAV per share
- ₹30.83
- Price to book
- 4.54
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 56.87 | 48.99 | 39.31 |
| Revenue from operations | 56.85 | 48.99 | 39.31 |
| Other income | 0.02 | 0 | 0 |
| Total expenses | 51.41 | 45.27 | 36.58 |
| Operating profit | 5.46 | 3.72 | 2.73 |
| Operating margin | 9.60% | 7.59% | 6.94% |
| Profit before tax | 5.46 | 3.72 | 2.73 |
| Profit after tax | 4.03 | 2.83 | 2.02 |
| PAT margin | 7.09% | 5.78% | 5.14% |
| Balance sheet | |||
| Total assets | 33.78 | 27.16 | 16.88 |
| Current assets | 33.01 | 23.33 | 13.05 |
| Current liabilities | 17.56 | 15.25 | 9.29 |
| Total liabilities | 21.15 | 18.11 | 13.49 |
| Net worth | 12.62 | 9.05 | 3.39 |
| Current ratio | 1.88× | 1.53× | 1.40× |
| Return on equity | 31.93% | 31.27% | 59.59% |
| Cash flow | |||
| Operating cash flow | -10.85 | 0.72 | -0.4 |
| Investing cash flow | 3 | 0 | -0.05 |
| Financing cash flow | 5.01 | 2.12 | 0.4 |
| Net cash flow | -2.85 | 2.84 | -0.05 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of capital expenditure towards purchase of property at Delhi and renovation, modernization and fit-out thereof ₹6 Cr
The company proposes to acquire an office-cum-godown space at Gandhi Nagar, Delhi to establish a dedicated, owned facility that integrates administrative and storage functions under one roof. This acquisition aims to reduce recurring rental outflows, improve inventory management, and enable more efficient coordination between business functions.
2 Funding working capital requirements of the company ₹11.5 Cr
The company proposes to utilize funds towards financing inventory, trade receivables, manufacturing and processing expenses, and other operating requirements in the ordinary course of business. The working capital will support procurement of raw materials, manufacturing expenses, inventory holding, logistics, and trade receivables.
3 General corporate purposes ₹3.67 Cr
The company proposes to utilize funds for meeting day-to-day expenses including short-term working capital requirements, salaries and wages, administration, insurance, repairs and maintenance, payment of taxes and duties, brand building and marketing expenses, and other purposes in the ordinary course of business.
About Panchatv Bharat
Panchatv Bharat Limited is a textile company incorporated in March 2024, engaged in manufacturing denim fabrics through third-party arrangements and leased loom machinery, as well as procuring finished denim fabric from distributors and suppliers. The company operates under the brand name 'NJD' and sells finished denim fabric in bulk to garment manufacturers, distributors, dealers and wholesalers across multiple states in India including Delhi, Uttar Pradesh, Gujarat and Rajasthan.
Management
Sanjay Gupta
MD
Sooraj Gupta
CEO
Sanyogita Gupta
Director
Archana Jain
Director
Tannu Shangle
Director
CS Chanchal Khandelwal
COO
Mohan Mishra
CFO
Strengths
As stated in the offer document
Leveraging the Experience of Promoters and Management Team
The company is led by experienced promoters with extensive textile industry knowledge. Mr. Sanjay Gupta brings over three decades of experience, having expanded sales network across six states since inception.
Strong Customer Base including Distributors & Dealers
The company has served over 89 active distributors across five states as of March 31, 2026. In FY 2025-26, approximately 52.75% of revenue was generated from repeat customers, reflecting strong customer retention.
Scalable Business Model
The company operates through third-party manufacturing arrangements and leased loom machineries, enabling operational flexibility without significant capital expenditure. The company has established sourcing relationships with approximately 18 raw material suppliers from Gujarat in FY 2025-26.
Risk factors
As stated in the offer document
Limited Operating History as a Company
The company was incorporated in March 2024 specifically to acquire proprietorship businesses of its promoters, providing only one year of operating history as a corporate entity. This limited track record makes it difficult for investors to evaluate historical performance or future prospects, and future revenues and profitability could fluctuate significantly.
Heavy Dependence on Third-Party Manufacturing Without Exclusivity
The company outsources manufacturing processes to third parties without exclusivity arrangements, creating risks of supply disruption, quality issues, and competitor interference. Any inability to obtain sufficient quantities of processed materials or operational disruptions at third-party facilities could adversely affect business operations and financial condition.
Negative Cash Flows from Operating Activities
The company experienced negative cash flows from operating activities of ₹1,085.12 Lakhs in FY 2025-26 and ₹40.24 Lakhs in FY 2023-24, primarily due to working capital management decisions including higher inventory levels and faster settlement of trade payables. Extended negative cash flows could materially impact business operations and growth plans.
High Customer Concentration Risk
The company derives 54.67% of revenue from its top ten customers in FY 2025-26, with no long-term contracts in place. The loss of one or more significant customers or reduction in business volume could have an adverse effect on business operations, results of operations, and financial condition.
Geographic Revenue Concentration
Revenue is heavily concentrated in Delhi (67.59% in FY 2025-26) and Uttar Pradesh (24.71% in FY 2025-26), creating exposure to regional economic shifts, competitive pressures, and demographic changes. Adverse developments in these regions could significantly impact revenue and operational outcomes.
High Working Capital Requirements
The business requires significant working capital with ₹2,093.23 Lakhs working capital gap in FY 2025-26, projected to increase to ₹3,370.16 Lakhs in FY 2026-27. Trade receivables stood at ₹979.91 Lakhs (17.24% of revenue) as of March 31, 2026, creating liquidity and collection risks.
Supplier Concentration and Raw Material Dependency
The company relies heavily on third-party suppliers without long-term agreements, with 20.71% of suppliers concentrated in Gujarat. Raw material costs and purchases represent substantial portions of total expenses, and any supply disruption, price volatility, or quality issues could adversely affect operations and financial performance.
Statutory Compliance Delays and Filing Inconsistencies
The company has experienced delays in statutory filings with RoC, including 112-day delay in ADT-1 filing and inconsistencies in various forms. While no penalties beyond additional fees have been imposed, repeated compliance issues could expose the company to regulatory actions and reputational risks.
Dependence on Leased Manufacturing Equipment
The company's self-manufacturing setup relies on ten loom machineries leased for three years from March 2025, with no ownership of the equipment. Any discontinuation or disruption in this arrangement could require alternative arrangements at significant additional costs and operational disruptions.
Promoter Group Disclosure Limitations
Certain immediate relatives of promoters who are deemed part of the Promoter Group have not provided required consents and information for disclosure. The company has disclosed details only to the extent available, and there can be no assurance that all relevant disclosures pertaining to such persons are complete.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Panchatv Bharat limited THIS ISSUE | 9.84 | 30.83 | 20.32, computed at the offer price | 4.54, computed at the offer price | 31.93% |
| 2.57 | 60.64 | 9.05 | 0.38 | 4.24% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.