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Euro Pratik Sales Ltd IPO
Status:
Overview
IPO date
16 Sept 2025 to 18 Sept 2025
Face value
₹ 0 per share
Price
₹ 235 to ₹247 per share
Issue Size
18,271,862 shares
(aggregating up to ₹ 451.32 Cr)
(aggregating up to ₹ 451.32 Cr)
Allotment Date
19 Sept 2025
Listing at
NSE
Issue type
Book Building
Sector
Unlock Stock of the Month
T&C*
Strengths vs Risks of Euro Pratik Sales Ltd
Know the pros & cons
Strengths
- One of India's leading and largest organized wall panel brands in the organized Decorative Wall Panel industry.
- Comprehensive product portfolio across various categories.
- Staying ahead of market trends with our merchandising capabilities and a key focus on product novelty and new designs.
- Asset-light business model with global long-term partnerships.
- Pan-India presence with a well-established distribution network.
- Experienced Promoters and management team.
- Proven track record of robust financial performance and a strong balance sheet.
Risks
- We are significantly dependent on our contract manufacturers for manufacturing of our products. In the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022, 32.08%, 70.56%, 56.18% and 46.05%, respectively, of our total value of products purchased were manufactured by our top contract manufacturer and 47.95%, 91.66%, 87.88% and 86.02%, respectively, of our total value of products purchased were manufactured by our top 10 contract manufacturers. Any loss of our contract manufacturers, if not suitably replaced, could materially and adversely affect our business, results of operations and financial condition.
- We do not operate any manufacturing facilities and our dependence on contract manufacturers for all our products subjects us to risks which, if realized, could materially and adversely affect our business, results of operations and financial condition.
- We depend significantly on revenue from sale of Decorative Wall Panels, which contributed to 68.97%, 76.54%, 66.12% and 54.97% of our revenue from operations for the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022, respectively. As a result, our business may be materially and adversely affected if we are unable to sell our Decorative Wall Panels as expected or if substitute products become available or gain wider market acceptance.
- We do not own the brand name "Euro Pratik" which is crucial for our operations. Any failure to use, protect and leverage our "Euro Pratik" brand could materially and adversely affect our competitive position, business, results of operations and financial condition.
- Our Restated Consolidated Financial Information as at and for the six-month period ended September 30, 2024, which includes the effect of the Recent Acquisitions on our financial performance and financial condition, may not be comparable to our Restated Consolidated Financial Information in respect of prior periods.
- We depend on our top 30 distributors who contributed, in aggregate, to 54.89%, 49.66%, 45.38% and, 47.08% of our revenue from operations in the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022, respectively. Any non-performance by our distributors or a decrease in the revenue we earn from our distributors could adversely affect our business, results of operations, cash flows and financial condition.
- Our operations involve engagement with counterparties in countries such as South Korea, China, the United States, Romania, Turkey, Indonesia and Portugal due to our contract manufacturing operations. Developments in markets outside India or in India's trade policy could adversely affect our business and results of operations.
- Failure to promote or develop the "Euro Pratik" and "Gloirio" brands could materially and adversely affect our business performance and brand perception.
- We do not have any intellectual property protection for a majority of the designs used in our products. Any failure to protect and use our designs and other intellectual property rights could adversely affect our competitive position, business, financial condition and results of operations.
- Our operations are dependent on our market research and design activities. Our failure to derive the desired benefits from our product development efforts or to identify or respond to evolving trends in the Decorative Wall Panel and Decorative Laminates industries and our consumers' preferences or expectations could adversely affect our business, results of operations and financial condition.
- Exchange rate fluctuations could adversely affect our business, results of operations, cash flows and financial condition.
- We may be unable to manage our growth and expansion operations or to successfully implement our business plan and growth strategies in a timely manner or within budget estimates, which could materially and adversely affect our business, results of operations and financial condition.
- Our inability to expand or manage our growing distribution network, or any disruptions in our distribution chain could adversely affect our business, results of operations and financial condition.
- We operate in a highly competitive industry and our failure to compete in the competitive Decorative Wall Panel and Decorative Laminates industries could adversely affect our business, results of operations, cash flows and financial condition.
- We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our results of operations and financial condition.
- Our Promoters, Jai Gunvantraj Singhvi and Pratik Gunvantraj Singhvi, have in the past received an administrative warning from the SEBI. Such proceedings, or any further regulatory actions against our Promoters, could adversely affect our and our Promoter's reputation or divert the time and attention of our management and, accordingly, may adversely affect our business and results of operations.
- We have made strategic acquisitions or investments in order to grow our business and may continue to enter into further acquisitions or investments that we consider necessary or desirable. Any failure to achieve the anticipated benefits from these strategic acquisitions or investments could adversely affect our business, results of operations and financial condition.
- We do not have any exact comparable listed peers in India or abroad. Accordingly, valuation of our Company as compared with other selected peer group companies in India, may not be comparable and could be higher on account of certain aspects to other companies.
- We have experienced negative cash flows from operating activities during the six-month period ended September 30, 2024. If we experience similar negative cash flows from operating activities in the future, it could adversely affect our working capital requirements, our ability to operate our business and implement our growth plans, thereby adversely affecting our business, results of operations and financial condition.
- We depend on our third-party logistics and service providers for the transportation and delivery of our products and unsatisfactory services provided by them or failure to maintain relationships with them could disrupt our operations.
- We are exposed to counterparty credit risk and any delay in, or non-receipt of, payments by our distributors may adversely affect our cash flows and exert pressures on our ability to meet our working capital requirements, which could adversely affect our business, cash flows, results of operation and financial condition.
- We are subject to potential operational risks such as accidents and damage to our warehousing facility. Any significant malfunction or break-down of our warehousing facilities could adversely affect our business, results of operations and financial condition.
- Our inability to accurately manage inventory and forecast demand for particular products in specific markets could adversely affect our business, results of operations and financial condition.
- Our Registered and Corporate Office and some of our warehouses are situated on properties which we have obtained through lease arrangements. Any non-renewal of such lease arrangements may disrupt our operations and could adversely affect our business and results of operations.
- We face risk associated with losses incurred in Fiscal 2024 by our recently acquired entity, Europratik Intex LLP, which could adversely affect our business, results of operations and financial conditions.
- We are highly dependent on our Promoters, Key Managerial Personnel and Senior Management. Further, any inability on our part to retain or recruit skilled personnel could adversely affect our business, results of operations and financial condition.
- We may not be able to successfully protect our technical know-how, which may result in the loss of our competitive advantage.
- There are outstanding legal proceedings involving our Company, Subsidiaries, Directors and our Promoters. Any adverse outcome in such proceedings could adversely affect our reputation, business, results of operations, cash flows and financial condition.
- Our Subsidiaries, Gloirio and Euro Pratik USA, LLC, and another consolidated entity, Euro Pratik Intex LLP, have obtained unsecured loans from members of our Promoter Group and other third partes, which may be recalled at any time, and we may not have adequate funds to make timely payments or at all. Our inability to obtain further financing or meet our obligations could adversely affect our cash flows, financial condition, business and results of operations.
- Our Promoters, our Directors, our Key Managerial Personnel and Senior Management have interests in our business other than the reimbursement of expenses incurred or normal remuneration or benefits.
- We have certain capital commitments which, if materialised, could adversely affect our financial condition.
- We may be unable to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely manner, or at all.
- Our dependence on contract labourers may expose us to risks in relation to our operations and we may be subject to strikes, work stoppages or increased wage demands by our employees or the employees of our sub-contractors.
- Any disruption or failure of our technology systems could adversely affect our business and operations. Additionally, challenges in the implementation of new technologies for our operations could be significant.
- Our insurance coverage may not be adequate to protect us against all material risks.
- There have been delays in payment of statutory dues, in particular by our Company and our Subsidiaries, during the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022. Our inability to make timely payment of our statutory dues could result in us paying interest on the delayed payment of statutory dues which could adversely affect our business, our results of operations and financial condition.
- We have made investments in equity and debt instruments which are subject to market risk.
- We will continue to be controlled by our Promoters and Promoter Group after the completion of the Offer and there may be a conflict of interest between the interests of our Promoters and Promoter Group and other shareholders.
- Our Promoters, Directors, members of Promoter Group, Key Managerial Personnel and Senior Management may venture in businesses that operate in the same line of business as ours.
- This Draft Red Herring Prospectus includes certain non-GAAP measures and financial and operational performance indicators related to our operations and financial performance. The non-GAAP measures and financial and operational performance indicators may vary from any standard methodology that is applicable across the Decorative Wall Panel and Decorative Laminates industries and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The average cost of acquisition of Equity Shares held by our Promoters and Promoter Group Selling Shareholders may be less than the Offer Price.
- Industry information included in this Draft Red Herring Prospectus has been derived from the Technopak Report, which was prepared by Technopak and exclusively commissioned and paid for by our Company for the purposes of the Offer, and any reliance on information from the Technopak Report for making an investment decision in the Offer is subject to inherent risks.
- Our Company will not receive the proceeds from the Offer. Further, our Promoter Selling Shareholders and Promoter Group Selling Shareholders will receive the proceeds from the Offer for Sale (after deducting applicable Offer-related expenses and taxes).
- Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
- We have issued Equity Shares during the preceding twelve months at a price which may be below the Offer Price.
- On April 26, 2025, a fire incident occurred at the company is largest warehouse located in Swagat Complex, Rahanal Village, Bhiwandi, Mumbai, Maharashtra, which resulted in, among other things, destruction of the company inventories amounting to Rs.335.94 million. Such accidents could adversely affect its business, results of operations and financial condition.
- Exchange rate fluctuations could adversely affect its business, results of operations, cash flows and financial condition. In Fiscals 2025, 2024 and 2023, the company purchases in foreign currencies were Rs.1,152.77 million, Rs.1,134.60 million and Rs.1,385.90 million, respectively, constituting 54.72%, 92.22% and 81.17%, respectively, of its total purchases.
- The company is materially dependent on its largest contract manufacturer for manufacturing of the company products. In Fiscals 2025, 2024 and 2023, the total value of products purchased from its top contract manufacturer constituted 24.03 %, 70.56%, and 56.18%, respectively. Loss of the company is top contract manufacturer could materially and adversely affect its business, results of operations and financial condition.
- Its materially dependent on the company is contract manufacturers. In Fiscals 2025, 2024 and 2023, total value of products purchased from its top 10 contract manufacturers constituted 52.79%, 91.66%, and 87.88%, respectively. Any loss of the company is contract manufacturers, if not suitably replaced, could materially and adversely affect its business, results of operations and financial condition.
- The company is depend on its top 30 distributors who contributed, in aggregate, to 57.44%, 49.66%, and 45.38% of the company revenue from operations in Fiscals 2025 2024, and 2023, respectively. Any non-performance by its distributors or a decrease in the revenue its earn from the company distributors could adversely affect its business, results of operations, cash flows and financial condition.
- The company is inability to expand or manage Its growing distribution network, or any disruptions in The company is distribution chain could adversely affect its business, results of operations and financial condition.
- The company Promoters, Jai Gunvantraj Singhvi and Pratik Gunvantraj Singhvi, have in the past received an administrative warning from the SEBI. Such proceedings, or any further regulatory actions against its Promoters, could adversely affect the company and its Promoter's reputation or divert the time and attention of the company is management and, accordingly, may adversely affect its business and results of operations.
- The company has experienced negative cash flows from operating activities during Fiscal 2025. If the company experience similar negative cash flows from operating activities in the future, it could adversely affect Its working capital requirements, The company is ability to operate its business and implement the company growth plans, thereby adversely affecting its business, results of operations and financial condition.
- The company is enter into certain related party transactions in the ordinary course of Its business, which aggregated to 102.40%, 39.01% and 41.43% of the company total revenue from operations in Fiscals 2025, 2024 and 2023, and its cannot assure you that such transactions will not adversely affect the company results of operations and financial condition.
- The company does not operate any manufacturing facilities and its dependence on contract manufacturers for all the company products subjects us to risks which, if realized, could materially and adversely affect its business, results of operations and financial condition.
- The company is depend significantly on revenue from sale of Decorative Wall Panels, which contributed to 66 .13%, 76.54%, and 66.12% of its revenue from operations for Fiscals 2025, 2024, and 2023, respectively. As a result, the company is business may be materially and adversely affected if the company is unable to sell its Decorative Wall Panels as expected or if substitute products become available or gain wider market acceptance.
- the company does not own the brand name "Euro Pratik" which is crucial for its operations. Any failure to use, protect and leverage the company "Euro Pratik" brand could materially and adversely affect its competitive position, business, results of operations and financial condition.
- The company Promoters, Directors, members of Promoter Group, Key Managerial Personnel and Senior Management may venture in businesses that operate in the same line of business as its.
- Uncertainty regarding the real estate, infrastructure, and other related markets could adversely affect the demand for our products.
- The Company will not receive any proceeds from the Offer. Further, its Promoter Selling Shareholders and Promoter Group Selling Shareholders will receive the proceeds from the Offer for Sale (after deducting applicable Offer-related expenses and taxes).
- The company is Restated Consolidated Financial Information as at and for the financial year ended March 31, 2025, which includes the effect of the Recent Acquisitions on the company financial performance and financial condition, may not be comparable to its Restated Consolidated Financial Information in respect of prior periods.
- The company is operations involve engagement with counterparties in countries such as South Korea, China, the United States, Romania, Turkey, Indonesia and Portugal due to its contract manufacturing operations. Adverse developments in markets outside India or in India's trade policy could increase our import costs, cause supply disruptions, cause delays in deliveries, reduce profit margins, and limit product availability, which in turn could adversely affect its business and results of operations.
- Failure to promote or develop the "Euro Pratik" and "Gloirio" brands could materially and adversely affect its business performance and brand perception.
- The company does not have any intellectual property protection for a majority of the designs used in its products. Any failure to protect and use the company designs and other intellectual property rights could adversely affect its competitive position, business, financial condition and results of operations.
- None of the company Directors have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company, and in the event of any material noncompliance where the company Directors are held liable and responsible, its may have to appoint new directors.
- The company operations are dependent on its market research and design activities. the company is failure to derive the desired benefits from its product development efforts or to identify or respond to evolving trends in the Decorative Wall Panel and Decorative Laminates industries and the company consumers' preferences or expectations could adversely affect its business, results of operations and financial condition.
- The company is may be unable to manage its growth and expansion operations or to successfully implement the company is business plan and growth strategies in a timely manner or within budget estimates, which could materially and adversely affect its business, results of operations and financial condition.
- The company is operate in a highly competitive industry and its failure to compete in the competitive Decorative Wall Panel and Decorative Laminates industries could adversely affect its business, results of operations, cash flows and financial condition.
- The company has made strategic acquisitions or investments in order to grow its business and may continue to enter into further acquisitions or investments that we consider necessary or desirable. Any failure to achieve the anticipated benefits from these strategic acquisitions or investments could adversely affect its business, results of operations and financial condition.
- Industry information included in this Red Herring Prospectus has been derived from the Technopak Report, which was prepared by Technopak and exclusively commissioned and paid for by the Company for the purposes of the Offer, and any reliance on information from the Technopak Report for making an investment decision in the Offer is subject to inherent risks.
- The company does not have any exact comparable listed peers in India. Accordingly, valuation of the Company as compared with other selected peer group companies in India, may not be comparable and could be higher on account of certain aspects to other companies.
- The company is depend on its third-party logistics and service providers for the transportation and delivery of the company products and unsatisfactory services provided by them or failure to maintain relationships with them could disrupt its operations.
- The company is exposed to counterparty credit risk and any delay in, or non-receipt of, payments by its distributors may adversely affect the company cash flows and exert pressures on itsability to meet the company working capital requirements, which could adversely affect its business, cash flows, results of operation and financial condition.
- The company is inability to accurately manage inventory and forecast demand for particular products in specific markets could adversely affect its business, results of operations and financial condition.
- The company is Registered and Corporate Office and some of its warehouses are situated on properties which the company has obtained through lease arrangements. Any non-renewal of such lease arrangements may disrupt the company operations and could adversely affect its business and results of operations.
- Its face risk associated with losses incurred by the company is recently acquired entity, Europratik Intex LLP, which could adversely affect its business, results of operations and financial conditions.
- The company Promoters are not the original promoters of the Company.
- The company is highly dependent on its Promoters, Key Managerial Personnel and Senior Management. Further, any inability on the company part to retain or recruit skilled personnel could adversely affect its business, results of operations and financial condition.
- The company is may not be able to successfully protect its technical know-how, which may result in the loss of the company competitive advantage.
- There are outstanding legal proceedings involving the Company, Subsidiaries, Directors, Promoters, KMPs and members of Senior Management. Any adverse outcome in such proceedings could adversely affect its reputation, business, results of operations, cash flows and financial condition.
- The company is Step-Down Subsidiary, Euro Pratik USA, LLC, and another consolidated entity, Euro Pratik Intex LLP, have obtained unsecured loans from members of its Promoter Group and other third partes, which may be recalled at any time. As at July 31, 2025, such loans amounted to Rs.48.92 million. The company is may not have adequate funds to make timely payments or at all and Its inability to obtain further financing or meet the company obligations could adversely affect its cash flows, financial condition, business and results of operations.
- The company Promoters, its Directors, the company Key Managerial Personnel and Senior Management have interests in its business other than the reimbursement of expenses incurred or normal remuneration or benefits.
- The company has capital commitments of Rs.140.50 million as at March 31, 2025, which, if materialised, could adversely affect its financial condition.
- its may be unable to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all.
- The company is dependence on contract labourers may expose it to risks in relation to the company operations and its may be subject to strikes, work stoppages or increased wage demands by the company employees or the employees of its sub-contractors.
- The company is Subsidiaries have limited or no operating history, which may pose risks to their ability to successfully execute their business strategies and generate expected financial performance in the future.
- Any disruption or failure of the company technology systems could adversely affect its business and operations. Additionally, challenges in the implementation of new technologies for the company operations could be significant.
- The company insurance coverage may not be adequate to protect it against all material risks.
- There have been delays in payment of statutory dues, in particular by the Company and the company is Subsidiaries, during Fiscals 2025, 2024, and 2023. its inability to make timely payment of the company is statutory dues could result in it paying interest on the delayed payment of statutory dues which could adversely affect its business, the company results of operations and financial condition.
- The company has made investments in equity and debt instruments which are subject to market risk.
- The company will continue to be controlled by its Promoters and Promoter Group after the completion of the Offerand there may be a conflict of interest between the interests of the company Promoters and Promoter Group and other shareholders.
- This Red Herring Prospectus includes certain non-GAAP measures and financial and operationalperformance indicators related to the company operations and financial performance. The non-GAAP measuresand financial and operational performance indicators may vary from any standard methodology that isapplicable across the Decorative Wall Panel and Decorative Laminates industries and, therefore, may notbe comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The average cost of acquisition of Equity Shares held by the company Promoters and Promoter Group Selling Shareholders may be less than the Offer Price.
- The company is ability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements.
- The company has issued Equity Shares during the preceding twelve months at a price which may be below the Offer Price.
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The IPO opens on 16 Sept 2025 & closes on 18 Sept 2025.
Euro Pratik Sales Limited was incorporated as Better Life Mission Multitrade Private Limited' as a Private Limited Company at Mumbai dated January 19, 2010 issued by the RoC. Subsequently, Company's name was changed to Euro Pratik Sales Private Limited' by the RoC on May 2, 2017. It was then converted into a Limited Company, consequent to which, the name of the Company was changed to Euro Pratik Sales Limited' and a fresh Certificate of Incorporation, was by the Registrar of Companies, Central Processing Centre on October 11, 2024. The Company operate in creative designing and trading of decorative wall panel.
The Company is engaged in the business of creative design and trading in decorative panel products. The products competes with wallpaper products and premium wall paints in the Indian market by offering a durable and cost-effective product range. Some of the key products in Decorative Laminates are Saphhire, Acroglass, Aster, Corriano, Icore, Docore and Mirage. The products also include other decorative products such as profiles, mouldings, translucent panels, highlighters, interior films and exterior claddings. Several of product offerings offer a variety of attributes such as being, among other things, durable, sturdy, ecofriendly, anti-bacterial, anti-fungal, free from certain heavy metals such as lead and mercury, moisture resistant, light weight, and are available at different price points in a variety of finishes and effects.
The Company started business operations in wall panels in 2017. The Company later on expanded the production to US by acquiring Euro Pratik C Corp Inc. as a subsidiary in 2023. In 2024, Company incorporated a subsidiary, Gloirio Decor Private Limited, acquired the businesses of Vougue Decor, Millenium Decor and Euro Pratik Laminate LLP. Further, Company has expanded the business to UAE by incorporating Euro Pratik Trade FZCO, UAE as a subsidiary, expanded the business to Europe by incorporating the subsidiary, Euro Pratik EU d.o.o., Croatia in 2024.
In FY 2025, Company expanded the business into new product launches by incorporating Euro Pratik Star LLP and Euro Pratik Craft LLP.
Company has launched the Initial Public Offering of 18,275,007 Equity Shares of face value of Re 1 each by raising money via offer for sale aggregating to Rs 451.13 Crore in September, 2025.
Euro Pratik Sales Ltd IPO will close on 18 Sept 2025.
- One of India's leading and largest organized wall panel brands in the organized Decorative Wall Panel industry.
- Comprehensive product portfolio across various categories.
- Staying ahead of market trends with our merchandising capabilities and a key focus on product novelty and new designs.
- Asset-light business model with global long-term partnerships.
- Pan-India presence with a well-established distribution network.
- Experienced Promoters and management team.
- Proven track record of robust financial performance and a strong balance sheet.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Pratik Gunvantraj Singhvi | 5283500 | 5.17 | 4139613 | 4.05 |
| 2 | Jai Gunvantraj Singhvi | 5216000 | 5.1 | 4087134 | 4 |
| 3 | Pratik Gunwantraj Singhvi HUF | 29326500 | 28.7 | 22983909 | 22.49 |
| 4 | Jai Gunwantraj Singhvi HUF | 29326500 | 28.7 | 22983909 | 22.49 |
| 5 | Dipty Pratik Singhvi | 7659000 | 7.49 | 6002036 | 5.87 |
| 6 | Nisha Jai Singhvi | 7659000 | 7.49 | 6002036 | 5.87 |
| 7 | Gunwantraj Manekchand Singhvi | 44200 | 0.04 | 44200 | --- |
| 8 | Gunwantraj Manekchand Singhvi | 22500 | 0.02 | 22500 | --- |
| 9 | Nidhi Seemant Sacheti | 2850000 | 2.79 | 2850000 | 2.79 |
| 10 | Niraj Intex LLP | 989560 | 0.97 | 989560 | 0.97 |
| 11 | Mirage Intex LLP | 1533100 | 1.5 | 1533100 | 1.5 |
- We are significantly dependent on our contract manufacturers for manufacturing of our products. In the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022, 32.08%, 70.56%, 56.18% and 46.05%, respectively, of our total value of products purchased were manufactured by our top contract manufacturer and 47.95%, 91.66%, 87.88% and 86.02%, respectively, of our total value of products purchased were manufactured by our top 10 contract manufacturers. Any loss of our contract manufacturers, if not suitably replaced, could materially and adversely affect our business, results of operations and financial condition.
- We do not operate any manufacturing facilities and our dependence on contract manufacturers for all our products subjects us to risks which, if realized, could materially and adversely affect our business, results of operations and financial condition.
- We depend significantly on revenue from sale of Decorative Wall Panels, which contributed to 68.97%, 76.54%, 66.12% and 54.97% of our revenue from operations for the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022, respectively. As a result, our business may be materially and adversely affected if we are unable to sell our Decorative Wall Panels as expected or if substitute products become available or gain wider market acceptance.
- We do not own the brand name "Euro Pratik" which is crucial for our operations. Any failure to use, protect and leverage our "Euro Pratik" brand could materially and adversely affect our competitive position, business, results of operations and financial condition.
- Our Restated Consolidated Financial Information as at and for the six-month period ended September 30, 2024, which includes the effect of the Recent Acquisitions on our financial performance and financial condition, may not be comparable to our Restated Consolidated Financial Information in respect of prior periods.
- We depend on our top 30 distributors who contributed, in aggregate, to 54.89%, 49.66%, 45.38% and, 47.08% of our revenue from operations in the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022, respectively. Any non-performance by our distributors or a decrease in the revenue we earn from our distributors could adversely affect our business, results of operations, cash flows and financial condition.
- Our operations involve engagement with counterparties in countries such as South Korea, China, the United States, Romania, Turkey, Indonesia and Portugal due to our contract manufacturing operations. Developments in markets outside India or in India's trade policy could adversely affect our business and results of operations.
- Failure to promote or develop the "Euro Pratik" and "Gloirio" brands could materially and adversely affect our business performance and brand perception.
- We do not have any intellectual property protection for a majority of the designs used in our products. Any failure to protect and use our designs and other intellectual property rights could adversely affect our competitive position, business, financial condition and results of operations.
- Our operations are dependent on our market research and design activities. Our failure to derive the desired benefits from our product development efforts or to identify or respond to evolving trends in the Decorative Wall Panel and Decorative Laminates industries and our consumers' preferences or expectations could adversely affect our business, results of operations and financial condition.
- Exchange rate fluctuations could adversely affect our business, results of operations, cash flows and financial condition.
- We may be unable to manage our growth and expansion operations or to successfully implement our business plan and growth strategies in a timely manner or within budget estimates, which could materially and adversely affect our business, results of operations and financial condition.
- Our inability to expand or manage our growing distribution network, or any disruptions in our distribution chain could adversely affect our business, results of operations and financial condition.
- We operate in a highly competitive industry and our failure to compete in the competitive Decorative Wall Panel and Decorative Laminates industries could adversely affect our business, results of operations, cash flows and financial condition.
- We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our results of operations and financial condition.
- Our Promoters, Jai Gunvantraj Singhvi and Pratik Gunvantraj Singhvi, have in the past received an administrative warning from the SEBI. Such proceedings, or any further regulatory actions against our Promoters, could adversely affect our and our Promoter's reputation or divert the time and attention of our management and, accordingly, may adversely affect our business and results of operations.
- We have made strategic acquisitions or investments in order to grow our business and may continue to enter into further acquisitions or investments that we consider necessary or desirable. Any failure to achieve the anticipated benefits from these strategic acquisitions or investments could adversely affect our business, results of operations and financial condition.
- We do not have any exact comparable listed peers in India or abroad. Accordingly, valuation of our Company as compared with other selected peer group companies in India, may not be comparable and could be higher on account of certain aspects to other companies.
- We have experienced negative cash flows from operating activities during the six-month period ended September 30, 2024. If we experience similar negative cash flows from operating activities in the future, it could adversely affect our working capital requirements, our ability to operate our business and implement our growth plans, thereby adversely affecting our business, results of operations and financial condition.
- We depend on our third-party logistics and service providers for the transportation and delivery of our products and unsatisfactory services provided by them or failure to maintain relationships with them could disrupt our operations.
- We are exposed to counterparty credit risk and any delay in, or non-receipt of, payments by our distributors may adversely affect our cash flows and exert pressures on our ability to meet our working capital requirements, which could adversely affect our business, cash flows, results of operation and financial condition.
- We are subject to potential operational risks such as accidents and damage to our warehousing facility. Any significant malfunction or break-down of our warehousing facilities could adversely affect our business, results of operations and financial condition.
- Our inability to accurately manage inventory and forecast demand for particular products in specific markets could adversely affect our business, results of operations and financial condition.
- Our Registered and Corporate Office and some of our warehouses are situated on properties which we have obtained through lease arrangements. Any non-renewal of such lease arrangements may disrupt our operations and could adversely affect our business and results of operations.
- We face risk associated with losses incurred in Fiscal 2024 by our recently acquired entity, Europratik Intex LLP, which could adversely affect our business, results of operations and financial conditions.
- We are highly dependent on our Promoters, Key Managerial Personnel and Senior Management. Further, any inability on our part to retain or recruit skilled personnel could adversely affect our business, results of operations and financial condition.
- We may not be able to successfully protect our technical know-how, which may result in the loss of our competitive advantage.
- There are outstanding legal proceedings involving our Company, Subsidiaries, Directors and our Promoters. Any adverse outcome in such proceedings could adversely affect our reputation, business, results of operations, cash flows and financial condition.
- Our Subsidiaries, Gloirio and Euro Pratik USA, LLC, and another consolidated entity, Euro Pratik Intex LLP, have obtained unsecured loans from members of our Promoter Group and other third partes, which may be recalled at any time, and we may not have adequate funds to make timely payments or at all. Our inability to obtain further financing or meet our obligations could adversely affect our cash flows, financial condition, business and results of operations.
- Our Promoters, our Directors, our Key Managerial Personnel and Senior Management have interests in our business other than the reimbursement of expenses incurred or normal remuneration or benefits.
- We have certain capital commitments which, if materialised, could adversely affect our financial condition.
- We may be unable to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely manner, or at all.
- Our dependence on contract labourers may expose us to risks in relation to our operations and we may be subject to strikes, work stoppages or increased wage demands by our employees or the employees of our sub-contractors.
- Any disruption or failure of our technology systems could adversely affect our business and operations. Additionally, challenges in the implementation of new technologies for our operations could be significant.
- Our insurance coverage may not be adequate to protect us against all material risks.
- There have been delays in payment of statutory dues, in particular by our Company and our Subsidiaries, during the six-month period ended September 30, 2024 and in Fiscals 2024, 2023 and 2022. Our inability to make timely payment of our statutory dues could result in us paying interest on the delayed payment of statutory dues which could adversely affect our business, our results of operations and financial condition.
- We have made investments in equity and debt instruments which are subject to market risk.
- We will continue to be controlled by our Promoters and Promoter Group after the completion of the Offer and there may be a conflict of interest between the interests of our Promoters and Promoter Group and other shareholders.
- Our Promoters, Directors, members of Promoter Group, Key Managerial Personnel and Senior Management may venture in businesses that operate in the same line of business as ours.
- This Draft Red Herring Prospectus includes certain non-GAAP measures and financial and operational performance indicators related to our operations and financial performance. The non-GAAP measures and financial and operational performance indicators may vary from any standard methodology that is applicable across the Decorative Wall Panel and Decorative Laminates industries and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The average cost of acquisition of Equity Shares held by our Promoters and Promoter Group Selling Shareholders may be less than the Offer Price.
- Industry information included in this Draft Red Herring Prospectus has been derived from the Technopak Report, which was prepared by Technopak and exclusively commissioned and paid for by our Company for the purposes of the Offer, and any reliance on information from the Technopak Report for making an investment decision in the Offer is subject to inherent risks.
- Our Company will not receive the proceeds from the Offer. Further, our Promoter Selling Shareholders and Promoter Group Selling Shareholders will receive the proceeds from the Offer for Sale (after deducting applicable Offer-related expenses and taxes).
- Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
- We have issued Equity Shares during the preceding twelve months at a price which may be below the Offer Price.
- On April 26, 2025, a fire incident occurred at the company is largest warehouse located in Swagat Complex, Rahanal Village, Bhiwandi, Mumbai, Maharashtra, which resulted in, among other things, destruction of the company inventories amounting to Rs.335.94 million. Such accidents could adversely affect its business, results of operations and financial condition.
- Exchange rate fluctuations could adversely affect its business, results of operations, cash flows and financial condition. In Fiscals 2025, 2024 and 2023, the company purchases in foreign currencies were Rs.1,152.77 million, Rs.1,134.60 million and Rs.1,385.90 million, respectively, constituting 54.72%, 92.22% and 81.17%, respectively, of its total purchases.
- The company is materially dependent on its largest contract manufacturer for manufacturing of the company products. In Fiscals 2025, 2024 and 2023, the total value of products purchased from its top contract manufacturer constituted 24.03 %, 70.56%, and 56.18%, respectively. Loss of the company is top contract manufacturer could materially and adversely affect its business, results of operations and financial condition.
- Its materially dependent on the company is contract manufacturers. In Fiscals 2025, 2024 and 2023, total value of products purchased from its top 10 contract manufacturers constituted 52.79%, 91.66%, and 87.88%, respectively. Any loss of the company is contract manufacturers, if not suitably replaced, could materially and adversely affect its business, results of operations and financial condition.
- The company is depend on its top 30 distributors who contributed, in aggregate, to 57.44%, 49.66%, and 45.38% of the company revenue from operations in Fiscals 2025 2024, and 2023, respectively. Any non-performance by its distributors or a decrease in the revenue its earn from the company distributors could adversely affect its business, results of operations, cash flows and financial condition.
- The company is inability to expand or manage Its growing distribution network, or any disruptions in The company is distribution chain could adversely affect its business, results of operations and financial condition.
- The company Promoters, Jai Gunvantraj Singhvi and Pratik Gunvantraj Singhvi, have in the past received an administrative warning from the SEBI. Such proceedings, or any further regulatory actions against its Promoters, could adversely affect the company and its Promoter's reputation or divert the time and attention of the company is management and, accordingly, may adversely affect its business and results of operations.
- The company has experienced negative cash flows from operating activities during Fiscal 2025. If the company experience similar negative cash flows from operating activities in the future, it could adversely affect Its working capital requirements, The company is ability to operate its business and implement the company growth plans, thereby adversely affecting its business, results of operations and financial condition.
- The company is enter into certain related party transactions in the ordinary course of Its business, which aggregated to 102.40%, 39.01% and 41.43% of the company total revenue from operations in Fiscals 2025, 2024 and 2023, and its cannot assure you that such transactions will not adversely affect the company results of operations and financial condition.
- The company does not operate any manufacturing facilities and its dependence on contract manufacturers for all the company products subjects us to risks which, if realized, could materially and adversely affect its business, results of operations and financial condition.
- The company is depend significantly on revenue from sale of Decorative Wall Panels, which contributed to 66 .13%, 76.54%, and 66.12% of its revenue from operations for Fiscals 2025, 2024, and 2023, respectively. As a result, the company is business may be materially and adversely affected if the company is unable to sell its Decorative Wall Panels as expected or if substitute products become available or gain wider market acceptance.
- the company does not own the brand name "Euro Pratik" which is crucial for its operations. Any failure to use, protect and leverage the company "Euro Pratik" brand could materially and adversely affect its competitive position, business, results of operations and financial condition.
- The company Promoters, Directors, members of Promoter Group, Key Managerial Personnel and Senior Management may venture in businesses that operate in the same line of business as its.
- Uncertainty regarding the real estate, infrastructure, and other related markets could adversely affect the demand for our products.
- The Company will not receive any proceeds from the Offer. Further, its Promoter Selling Shareholders and Promoter Group Selling Shareholders will receive the proceeds from the Offer for Sale (after deducting applicable Offer-related expenses and taxes).
- The company is Restated Consolidated Financial Information as at and for the financial year ended March 31, 2025, which includes the effect of the Recent Acquisitions on the company financial performance and financial condition, may not be comparable to its Restated Consolidated Financial Information in respect of prior periods.
- The company is operations involve engagement with counterparties in countries such as South Korea, China, the United States, Romania, Turkey, Indonesia and Portugal due to its contract manufacturing operations. Adverse developments in markets outside India or in India's trade policy could increase our import costs, cause supply disruptions, cause delays in deliveries, reduce profit margins, and limit product availability, which in turn could adversely affect its business and results of operations.
- Failure to promote or develop the "Euro Pratik" and "Gloirio" brands could materially and adversely affect its business performance and brand perception.
- The company does not have any intellectual property protection for a majority of the designs used in its products. Any failure to protect and use the company designs and other intellectual property rights could adversely affect its competitive position, business, financial condition and results of operations.
- None of the company Directors have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company, and in the event of any material noncompliance where the company Directors are held liable and responsible, its may have to appoint new directors.
- The company operations are dependent on its market research and design activities. the company is failure to derive the desired benefits from its product development efforts or to identify or respond to evolving trends in the Decorative Wall Panel and Decorative Laminates industries and the company consumers' preferences or expectations could adversely affect its business, results of operations and financial condition.
- The company is may be unable to manage its growth and expansion operations or to successfully implement the company is business plan and growth strategies in a timely manner or within budget estimates, which could materially and adversely affect its business, results of operations and financial condition.
- The company is operate in a highly competitive industry and its failure to compete in the competitive Decorative Wall Panel and Decorative Laminates industries could adversely affect its business, results of operations, cash flows and financial condition.
- The company has made strategic acquisitions or investments in order to grow its business and may continue to enter into further acquisitions or investments that we consider necessary or desirable. Any failure to achieve the anticipated benefits from these strategic acquisitions or investments could adversely affect its business, results of operations and financial condition.
- Industry information included in this Red Herring Prospectus has been derived from the Technopak Report, which was prepared by Technopak and exclusively commissioned and paid for by the Company for the purposes of the Offer, and any reliance on information from the Technopak Report for making an investment decision in the Offer is subject to inherent risks.
- The company does not have any exact comparable listed peers in India. Accordingly, valuation of the Company as compared with other selected peer group companies in India, may not be comparable and could be higher on account of certain aspects to other companies.
- The company is depend on its third-party logistics and service providers for the transportation and delivery of the company products and unsatisfactory services provided by them or failure to maintain relationships with them could disrupt its operations.
- The company is exposed to counterparty credit risk and any delay in, or non-receipt of, payments by its distributors may adversely affect the company cash flows and exert pressures on itsability to meet the company working capital requirements, which could adversely affect its business, cash flows, results of operation and financial condition.
- The company is inability to accurately manage inventory and forecast demand for particular products in specific markets could adversely affect its business, results of operations and financial condition.
- The company is Registered and Corporate Office and some of its warehouses are situated on properties which the company has obtained through lease arrangements. Any non-renewal of such lease arrangements may disrupt the company operations and could adversely affect its business and results of operations.
- Its face risk associated with losses incurred by the company is recently acquired entity, Europratik Intex LLP, which could adversely affect its business, results of operations and financial conditions.
- The company Promoters are not the original promoters of the Company.
- The company is highly dependent on its Promoters, Key Managerial Personnel and Senior Management. Further, any inability on the company part to retain or recruit skilled personnel could adversely affect its business, results of operations and financial condition.
- The company is may not be able to successfully protect its technical know-how, which may result in the loss of the company competitive advantage.
- There are outstanding legal proceedings involving the Company, Subsidiaries, Directors, Promoters, KMPs and members of Senior Management. Any adverse outcome in such proceedings could adversely affect its reputation, business, results of operations, cash flows and financial condition.
- The company is Step-Down Subsidiary, Euro Pratik USA, LLC, and another consolidated entity, Euro Pratik Intex LLP, have obtained unsecured loans from members of its Promoter Group and other third partes, which may be recalled at any time. As at July 31, 2025, such loans amounted to Rs.48.92 million. The company is may not have adequate funds to make timely payments or at all and Its inability to obtain further financing or meet the company obligations could adversely affect its cash flows, financial condition, business and results of operations.
- The company Promoters, its Directors, the company Key Managerial Personnel and Senior Management have interests in its business other than the reimbursement of expenses incurred or normal remuneration or benefits.
- The company has capital commitments of Rs.140.50 million as at March 31, 2025, which, if materialised, could adversely affect its financial condition.
- its may be unable to obtain or renew approvals, licenses, registrations and permits to operate its business in a timely manner, or at all.
- The company is dependence on contract labourers may expose it to risks in relation to the company operations and its may be subject to strikes, work stoppages or increased wage demands by the company employees or the employees of its sub-contractors.
- The company is Subsidiaries have limited or no operating history, which may pose risks to their ability to successfully execute their business strategies and generate expected financial performance in the future.
- Any disruption or failure of the company technology systems could adversely affect its business and operations. Additionally, challenges in the implementation of new technologies for the company operations could be significant.
- The company insurance coverage may not be adequate to protect it against all material risks.
- There have been delays in payment of statutory dues, in particular by the Company and the company is Subsidiaries, during Fiscals 2025, 2024, and 2023. its inability to make timely payment of the company is statutory dues could result in it paying interest on the delayed payment of statutory dues which could adversely affect its business, the company results of operations and financial condition.
- The company has made investments in equity and debt instruments which are subject to market risk.
- The company will continue to be controlled by its Promoters and Promoter Group after the completion of the Offerand there may be a conflict of interest between the interests of the company Promoters and Promoter Group and other shareholders.
- This Red Herring Prospectus includes certain non-GAAP measures and financial and operationalperformance indicators related to the company operations and financial performance. The non-GAAP measuresand financial and operational performance indicators may vary from any standard methodology that isapplicable across the Decorative Wall Panel and Decorative Laminates industries and, therefore, may notbe comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- The average cost of acquisition of Equity Shares held by the company Promoters and Promoter Group Selling Shareholders may be less than the Offer Price.
- The company is ability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements.
- The company has issued Equity Shares during the preceding twelve months at a price which may be below the Offer Price.
The Issue type of Euro Pratik Sales Ltd is Book Building.
The minimum application for shares of Euro Pratik Sales Ltd is 60.
The total shares issue of Euro Pratik Sales Ltd is 18271862.
Initial public offering of up to 18,271,862 equity shares of face value of Re.1 each ("equity shares") of Euro Pratik Sales Limited (the "company" or the "issuer") for cash at a price of Rs.247 per equity share (including a premium of Rs.235 per equity share) (the "offer price") aggregating up to Rs.451.31 crores through an offer for sale (the"offer") comprising up to 11,43,724 equity shares of face value of Re.1 each aggregating up to Rs.28.25 crores by Pratik Gunvantraj Singhvi, up to 11,28,744equity shares of face value of Re.1 each aggregating up to Rs.27.88 crores by Jai Gunvantraj Singhvi, up to 63,42,510 equity shares of face value of Re.1 each aggregating up to Rs.156.66 crores by Pratik Gunwantraj Singhvi huf, up to 63,42,510 equity shares of face value of Re.1 each aggregating up to Rs.156.66 crores by Jai Gunwantraj Singhvi huf (the "promoter selling shareholders"), up to 16,57,085 equity shares of face value of Re.1 each aggregating up to Rs.40.93 crores by Dipty Pratik Singhvi, up to 1657085 equity shares of face value of Re.1 each aggregatingup to Rs.40.93 crores by Nisha Jai Singhvi (the "promoter group selling shareholders", collectively with the promoter selling shareholders, the"selling shareholders", and each individually, as a "selling shareholder" and such offer for sale of equity shares by the selling shareholders, the "offerfor sale" and such equity shares, the "offered shares"). The offer includes a reservation of up to [*] equity shares,aggregating up to Rs. 1.4 crores, for subscription by eligible employees not exceeding 5% of our post offer paid-up equity share capital (the "employee reservation portion"). The company in consultation with the brlms, may offer adiscount of up to [*]% to the offer price (equivalent of Rs.[*] per equity share)to eligible employees bidding in the employee reservation portion ("employeediscount"). The offer less the employee reservation portion is hereinafterreferred to as the "net offer". The offer and the net offer shall constitute[*]% and [*]%, respectively, of the post-offer paid-up equityshare capital of the company.