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
- Draft filedWed, 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
| Category | Shares | Of net offer | Stated 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| Period ended | 31 Mar 2026FY 2026 | 31 Mar 2025FY 2025 | 31 Mar 2024FY 2024 |
|---|---|---|---|
| Revenue from operations | 206.12 | 174.84 | 132.04 |
| Total income | 208.78 | 175.15 | 132.61 |
| EBITDA | 33.09 | 23.52 | 12.26 |
| Profit after tax | 17.93 | 10.36 | 6.96 |
| Net worth | 71.09 | 18.96 | 15.25 |
| Reserves and surplus | 63.77 | 11.64 | 15.19 |
| Total assets | 223.02 | 112.39 | 62.31 |
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
- Website
- sarvafoam.com
Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated
Promoters and shareholders
| Name | Before issue | After issue | Shares offered |
|---|---|---|---|
| Kunal Giani | 82.65% | — | 13,50,000 |
Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure for setting up a rebonded PU foam manufacturing facility at Bhopal | 90.00 |
| Repayment or prepayment of certain borrowings | 30.00 |
| General corporate purposes | Set with price |
Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Sarva Foam Industries LimitedIssuer | ₹12.06 | — | 24.83% | ₹48.57 |
| Sheela Foam Limited | ₹14.62 | 43.99× | 4.91% | ₹297.8 |
Source: Draft Red Herring Prospectus dated 30 Sept 2026Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- 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
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.
Related IPOs
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.