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Sarva Foam Industries IPO

Sarva Foam Industries Limited · Rebonded Polyurethane Foam

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Draft stage. Sarva Foam Industries filed its Draft Red Herring Prospectus with SEBI on 30 Sept 2026. SEBI reviews the draft and issues its observations before the issue can open. The issue dates, price band and lot size are set in a later offer document (the Red Herring Prospectus or Prospectus); this page is updated when it is filed.

Price band
To be announcedNot in this filing
Issue size
67,50,000 sharesAmount set with price
Face value
₹5per equity share
Lot size
To be announcedMin. investment shown once set
  1. Draft filed
    Wed, 2026

Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.

Issue details

Issue type
Book built, fresh issue and offer for sale
Fresh issue
54,00,000 shares
Offer for sale
13,50,000 shares
Total issue
67,50,000 shares
Face value
₹5
Listing at
NSE, BSE

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Reservation

CategorySharesOf net offerStated in RHP
Retail individual investors——35%
Non-institutional investors (NII)——15%
Qualified institutional buyers (QIB)——50%

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Valuation

FY 2026, pre-issue
EPS (basic)
₹12.06
EPS (basic) (FY 2025)
₹7.15
EPS (basic) (FY 2024)
₹4.77
EPS (basic) (Weighted average)
₹9.21
EPS (diluted)
₹12.06
RoNW
24.83%
RoNW (FY 2025)
54.61%
RoNW (FY 2024)
45.26%
RoNW (Weighted average)
38.16%
NAV per share
₹48.57
ROCE
22.17%
Debt to equity
1.39
EBITDA margin
16.05%
PAT margin
8.56%

P/E and market cap are calculated once the price band is announced.

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Financials

Consolidated, restated · ₹ crore
RevenueProfit after tax
Period ended31 Mar 2026FY 202631 Mar 2025FY 202531 Mar 2024FY 2024
Revenue from operations206.12174.84132.04
Total income208.78175.15132.61
EBITDA33.0923.5212.26
Profit after tax17.9310.366.96
Net worth71.0918.9615.25
Reserves and surplus63.7711.6415.19
Total assets223.02112.3962.31

FY 2026 vs FY 2025: revenue +17.9%, profit after tax +73.1%.

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

About the company

The company makes rebonded polyurethane foam sheets, blocks and carpet underlays by recycling PU foam trims and off-cuts. It also trades foam binders, trims and finished foam products. It runs four manufacturing units in northern, western and southern India, and has overseas subsidiaries that include a UK trading arm.

Incorporated
2018
Industry
Rebonded Polyurethane Foam
CIN
U22209MP2018PLC046815

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Promoters and shareholders

NameBefore issueAfter issueShares offered
Kunal Giani82.65%—13,50,000

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Objects of the issue

₹ crore
PurposeAmount
Capital expenditure for setting up a rebonded PU foam manufacturing facility at Bhopal90.00
Repayment or prepayment of certain borrowings30.00
General corporate purposesSet with price

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Peer comparison

As listed in the offer document
CompanyEPSP/ERoNWNAV per share
Sarva Foam Industries LimitedIssuer₹12.06—24.83%₹48.57
Sheela Foam Limited₹14.6243.99×4.91%₹297.8

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Strengths and risks

Our summary of what the offer document states

Strengths

  • Claims to be the largest rebonded PU foam manufacturer in India, with an estimated market share of about 33% in FY 2026 per the D&B report.
  • Operates four manufacturing units spread across northern, western and southern India.
  • Has long-standing relationships with a large base of customers, including major mattress and flooring brands.
  • Promoter and management team with long experience in the foam industry.
  • Revenue and profit after tax grew across FY 2024 to FY 2026.

Risks

  • Top 10 customers contributed 81.00% of revenue from operations in FY 2026, so losing key customers would hurt results.
  • Relies on a small set of suppliers without long-term contracts; top 10 suppliers were 81.76% of purchases in FY 2026.
  • Inventory days rose from 59 in FY 2024 to 100 in FY 2026.
  • The Fresh Issue depends on a large capex plan for which most orders are not yet placed and the funding estimate is not bank-appraised.
  • Debt-equity ratio of 1.39 in FY 2026 and borrowings rely on bank facilities that may be affected by market conditions.

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Contacts

Lead manager
Beeline Capital Advisors Private Limited
SEBI INM000012917
Company
Sarva Foam Industries Limited
investors@sarvafoam.com
+91 78800 99651

Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated

Frequently asked questions

When will the Sarva Foam Industries IPO open?

No dates have been announced yet. Sarva Foam Industries filed its Draft Red Herring Prospectus with SEBI on 30 Sept 2026. The issue dates, price band and lot size are set in a later offer document (the Red Herring Prospectus or Prospectus); this page is updated when it is filed.

What is the Sarva Foam Industries IPO price band?

The Draft Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.

Where will Sarva Foam Industries shares list?

On NSE and BSE.

Who is the registrar of the issue?

Bigshare Services Private Limited (SEBI registration INR000001385). Allotment status is checked on the registrar's website.

How do I check the Sarva Foam Industries IPO allotment status?

Search by PAN, application number or DP/client ID on the registrar's website (Bigshare Services Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.

How will the money raised be used?

₹90 Cr for capital expenditure for setting up a rebonded PU foam manufacturing facility at Bhopal, ₹30 Cr for repayment or prepayment of certain borrowings, and the rest for the other stated purposes.

Spotted something wrong?

Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.