Panchatv Bharat IPO

Panchatv Bharat Limitedpanchatvlimited.com

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹140
Issue size: ₹24.58 Cr
Lot size: 1000 sh
Bidding: 10 – 15 Sep
Grey market: —

Market data to 29 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Panchatv Bharat sells finished denim fabric in bulk; the record states that it owns no mill, that most of its cloth is made to order at third-party plants at Narol and Piplaj in Ahmedabad, and that nine people were on the payroll as on 1 July 2026. Revenue was Rs 39.31 Cr in FY24, Rs 48.99 Cr in FY25 and Rs 56.85 Cr in FY26; profit after tax over the same three years was Rs 2.02 Cr, Rs 2.83 Cr and Rs 4.03 Cr, and borrowings were Rs 7.66 Cr, Rs 7.74 Cr and Rs 14.18 Cr. The Rs 24.58 Cr fixed-price issue at Rs 140 was entirely fresh, with nil offer for sale, and was subscribed 1.40 times overall. It listed on BSE SME at Rs 128.95 on 18 September 2026 and last traded at Rs 51.75 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

62Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Panchatv Bharat, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1994 · New Delhi, India · 9 employees

Panchatv Bharat Limited sells finished denim fabric in bulk. It owns no mill. Most of its cloth is made to order at third-party plants at Narol and Piplaj in Ahmedabad, which weave and finish fabric from cotton yarn the company supplies; since July 2025 a smaller volume has come off ten loom machines it leases under a three-year agreement running from March 2025 to February 2028. It also buys finished denim from other distributors and suppliers for resale. Fabric is sold under the company's own registered trademark 'NJD' to garment manufacturers, distributors, dealers and wholesalers, mainly in Delhi, Uttar Pradesh, Gujarat and Rajasthan. The registered office is in Gandhi Nagar, East Delhi; the corporate office is in Ahmedabad. Nine people were on the payroll as on 1 July 2026.

Earnings are the spread between what denim costs and what it fetches, on a very thin asset base. In FY26 revenue from operations was Rs 5,685.11 lakh. Purchases of stock-in-trade ran to Rs 4,417.04 lakh (77.67% of total income) and cost of material consumed to Rs 866.18 lakh (15.23%), leaving EBITDA of Rs 643.74 lakh, an 11.32% margin, and PAT of Rs 403.10 lakh. Payroll was Rs 68.95 lakh across nine employees. The structural constraint is working capital: FY26 inventories of Rs 1,685.86 lakh and receivables of Rs 979.91 lakh against a working-capital gap of Rs 2,093.23 lakh and borrowings of Rs 1,417.58 lakh. Rs 1,150 lakh of the issue was earmarked for working capital.

The company on paper

Legal name: Panchatv Bharat Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 6 Mar 2024trading as Panchatv Bharat since 1994
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U13999DL2024PLC427903
Sector: Consumer Discretionary · Denim fabric manufacturing through third-party mills and leased looms, and bulk wholesale distribution
Employees: 9
Registered office: New Delhi, India
Promoters: Sanjay Gupta, Sooraj Gupta, Sanyogita Gupta
Promoter holding, pre-issue: 92.9%
Promoter holding, post-issue: 65.0%
Website: panchatvlimited.com

The numbers

Financial performance

Revenue has compounded at 20.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹24.58 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹24.58 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 88,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.9% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.40×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹140.00
Listed at: ₹128.95
Listing gain: down 7.9%
Since listing: down 63.7%
Against the issue price: down 66.6%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹140.00
Amount blocked: ₹2,80,000

One lot is 1000 shares at ₹1,40,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,80,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~41%

chance of one lot, per application

Retail subscription: 2.42×
Applicants per share available: 2.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹128.95

listed at, −7.9% against the issue price

Issue price: ₹140.00
Premium said: —
If allotted 1000 shares: −₹11,050

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was higher in each successive year on record: Rs 39.31 Cr in FY24, Rs 48.99 Cr in FY25 (up 24.62%) and Rs 56.85 Cr in FY26 (up 16.04%). Profit after tax rose by a larger percentage in both steps, from Rs 2.02 Cr to Rs 2.83 Cr (up 40.10%) and then to Rs 4.03 Cr (up 42.40%).
EBITDA margin was 8.19% in FY24 (Rs 3.22 Cr on Rs 39.31 Cr), 9.29% in FY25 (Rs 4.55 Cr on Rs 48.99 Cr) and 11.33% in FY26 (Rs 6.44 Cr on Rs 56.85 Cr); the record's own business-model note puts the FY26 figure at 11.32%, from EBITDA of Rs 643.74 lakh on revenue from operations of Rs 5,685.11 lakh. PAT margin on the same revenue was 5.14%, 5.78% and 7.09%. Net worth was Rs 3.39 Cr in FY24, Rs 9.05 Cr in FY25 (up 166.96%) and Rs 12.62 Cr in FY26 (up 39.45%).
The issue was entirely fresh: Rs 24.58 Cr of fresh issue, nil offer for sale, and a total size of Rs 24.58 Cr. Rs 1,150 lakh of it was earmarked for working capital, 46.79% of the Rs 24.58 Cr raised. Promoter holding is recorded at 92.91% pre-issue and 65.02% post-issue, a fall of 27.89 percentage points.

What to weigh against it

Borrowings were Rs 7.66 Cr in FY24, Rs 7.74 Cr in FY25 and Rs 14.18 Cr in FY26, an increase of 1.04% and then 83.20%. Set against net worth of Rs 3.39 Cr, Rs 9.05 Cr and Rs 12.62 Cr, borrowings to net worth works out at 2.26x, 0.86x and 1.12x, so the FY26 ratio is below the FY24 level but above the FY25 level.
Bought-in goods dominate the cost base. The record's business-model note puts FY26 purchases of stock-in-trade at Rs 4,417.04 lakh, or 77.67% of total income, and cost of material consumed at Rs 866.18 lakh, or 15.23% — together 92.90% of total income. Payroll was Rs 68.95 lakh across nine employees, and the record's facilities list is empty.
FY26 inventories of Rs 1,685.86 lakh and receivables of Rs 979.91 lakh total Rs 2,665.77 lakh, against revenue from operations of Rs 5,685.11 lakh and a stated working-capital gap of Rs 2,093.23 lakh. The Rs 1,150 lakh earmarked from the issue is 54.94% of that stated gap.
The issue was subscribed 1.40 times overall, with retail at 2.42 times and the non-institutional category at 0.39 times, on the single subscription row recorded (15 September 2026, the closing day); no QIB figure is recorded. It listed at Rs 128.95 against the fixed issue price of Rs 140, a listing gain of -7.89%, closed the first day at Rs 122.55, and last traded at Rs 51.75 on 23 October 2026 — -63.04% against the issue price and 57.77% below that first-day close.

Easy to miss in the prospectus

The record carries no cash flow from operations for FY24, FY25 or FY26 (the field is null in all three periods), so the working-capital figures above cannot be set against cash generated. It also carries no valuation block, no allocation split, no peer set and no listed offer objects.
The record gives an incorporation date of 6 March 2024 (CIN U13999DL2024PLC427903) alongside a founded year of 1994, and reports revenue of Rs 39.31 Cr for FY24, the year ended 31 March 2024.
Manufacturing is described as outsourced: most cloth made to order at third-party plants at Narol and Piplaj from cotton yarn the company supplies, plus ten loom machines leased under a three-year agreement stated to run from March 2025 to February 2028, with a smaller volume coming off those looms since July 2025. The record lists no facilities of its own and leaves export share null.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Panchatv Bharat — Prospectus dated 2026-09-033 Sep 2026Filed after pricing, with every placeholder filled in.Opens on panchatvlimited.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Mark Corporate Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to Panchatv Bharat's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Panchatv Bharat Limited - Prospectus dated 3 September 2026 (fixed price issue, BSE SME), company website · read 16 Oct 2026
BSE cash-market Bhavcopy, 18 September 2026 (listing day) - row ISIN INE0VXN01011, scrip 544926, ticker PANCHATV, series MT · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 10 Sep 2026
Closes: 15 Sep 2026
Allotment: 16 Sep 2026
Lists: 18 Sep 2026
Revenue (FY26): ₹56.85 Cr
Profit (FY26): ₹4.03 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.