Tenty IPO

Easy to miss in the prospectus

• Net worth here is the DRHP's own 'Restated Net-worth' from its eligibility table - ₹93.61 Cr at FY24, ₹121.33 Cr at FY25 and ₹269.51 Cr at FY26 - which excludes non-controlling interests and reserves created out of revaluation of assets. Total equity including non-controlling interests was larger: ₹319.12 Cr at FY25, of which ₹131.91 Cr was non-controlling interest, and ₹347.55 Cr at FY26, of which ₹1.91 Cr was.
• Why the minority was so large, and why it vanished. Tenty first controlled Polar on 31 March 2025 with 51.43%, part of it received when promoter Ranks Fiscals settled a loan of ₹51,24,52,500 from the company by transferring 51,24,525 Polar shares. On 30 March 2026 Tenty issued 66,36,125 of its own shares at ₹200 each, ₹13,272.25 lakh in all, to acquire 1,32,72,245 Polar shares by share swap from thirteen holders led by Ranks Fiscals (38,92,145 Tenty shares) and Kanishk Goyal (10,64,038). Of FY26 profit after tax of ₹2,264.83 lakh, ₹777.61 lakh was attributed to Polar's minority for the period before the increase.
• Return on net worth and EPS are held back. The DRHP prints FY26 RoNW of 6.68% and defines it as net profit after tax divided by average restated net worth, yet neither total profit of ₹2,264.83 lakh nor owners' profit of ₹1,487.22 lakh over the average of its printed net worth of ₹26,951.04 lakh and ₹12,133.20 lakh gives 6.68%. It prints FY26 basic and diluted EPS of ₹18.14 and defines EPS as profit attributable to owners over weighted average shares, but its own EPS note arrives at ₹18.14 by dividing the group's total profit of ₹2,264.83 lakh, non-controlling share included, by 1,24,83,992 weighted shares rather than the ₹1,487.22 lakh attributable to owners. Neither figure is published here until the issuer's basis is confirmed.
• Profit in the financials table is profit attributable to owners - ₹8.75 Cr in FY24, ₹6.80 Cr in FY25 and ₹14.87 Cr in FY26 - to match a net worth that excludes the minority. Total profit after tax was the same in FY24 and FY25 and ₹22.65 Cr in FY26. The DRHP's PAT margin of 2.75% for FY26 is struck on that total profit, so it is not used beside owners' profit here.
• The debt to equity ratio stored here is the DRHP's disclosed 0.75 for FY26 (0.55 for FY25, 0.31 for FY24), which divides borrowings by total equity including non-controlling interests; against the record's net worth, which excludes them, gross borrowings of ₹260.32 Cr are about 0.97 times. The DRHP's ROCE of 19.46% divides EBIT by capital employed on tangible net worth, a figure the DRHP does not print and this record could not reproduce from the restated balance sheet, so it is not stored.
• Comparisons across the three years are not like-for-like. The DRHP states that FY25 and FY24 reflect Tenty's own operations on a standalone basis, with Polar's assets and liabilities brought in only on the balance sheet at 31 March 2025; FY26 is the first year with Polar's results. The 97.91% revenue growth is primarily that consolidation.
• Net asset value per share was ₹213.45 at FY24, ₹97.47 at FY25 and ₹141.23 at FY26. The fall and rise are share count, not value: 18,38,000 shares were issued to Dolswap's shareholders on the amalgamation on 30 May 2024, 62,23,815 bonus shares on 24 September 2024 and 66,36,125 swap shares on 30 March 2026, taking the count from 43,85,815 to 1,24,47,630 and then 1,90,83,755.
• The fresh issue is fixed at up to 73,36,641 shares rather than a rupee amount, and a pre-IPO placement of up to ₹5,000 lakh may be made before the red herring prospectus, reducing the fresh issue. The four quantified objects add up to ₹220.36 Cr, of which ₹183.99 Cr is to be put into Polar rather than spent by Tenty itself.
• The promoters hold 75.59% of the pre-offer capital, 1,44,27,429 shares. The two promoter selling shareholders' weighted average cost of acquisition is ₹160.54 a share for Ranks Fiscals and ₹125.56 for Kanishk Goyal, and the most recent primary issue was the swap at ₹200 a share.
• Every industry figure in the DRHP - writing instruments, rigid plastic packaging, electric fans - comes from a CARE Analytics and Advisory report that the company commissioned and paid for exclusively for this offer. The DRHP finds no listed company comparable across its businesses and so prints no peer comparison.