Updated on 30.12.2025 @ 9:51 AM
EPW India Limited, an IT electronics refurbishing company based in Hyderabad, has announced its Initial Public Offering (IPO) on the NSE SME platform. You can also track all the upcoming and live IPOs at our IPO calendar.
The subscription is set to open on December 22, 2025, with a price band of ₹95 to ₹97 per share.
The company operates in the refurbished technology segment, managing an end-to-end reverse supply chain for laptops and desktops.
Proceeds from the fresh issue of approximately ₹31.81 Crores are earmarked for working capital requirements and debt repayment. Investors new to equity markets can also use our SIP Calculator to understand the power of long-term investing and explore basic concepts through our Mutual Fund Learning Hub before applying to IPOs.
In this article, you will find EPW India IPO GMP today, subscription status, allotment date, price band, and a detailed review.
EPW India IPO Details:
- Price Band: ₹95 – ₹97 per share
- IPO Open / Close Dates: December 22, 2025 – December 24, 2025
- Lot Size: 1,200 Shares (Note: Retail Minimum Application is 2 Lots / 2,400 Shares)
- Issue Size: 32,79,600 Equity Shares / Approx. ₹31.81 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt.Ltd.
- Listing Exchange: NSE Emerge (SME)
WHAT IS THE EPW India IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 97 | 111 | 14.43 |
Source: NSE India
What Are The Important EPW India IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline:
- IPO Open Date: Monday, December 22, 2025
- IPO Close Date: Wednesday, December 24, 2025
- Basis of Allotment Date: Friday, December 26, 2025
- Refund Initiation Date: Monday, December 29, 2025
- Credit of Shares: Monday, December 29, 2025
- Listing Date: Tuesday, December 30, 2025
What Are The Objectives of EPW India IPO?
The company operates in a capital-heavy sector where inventory must be procured upfront. The IPO proceeds are allocated as follows:
- Working Capital: A substantial ₹15.85 Crores is earmarked for working capital requirements, essential for procuring used IT assets and maintaining inventory.
- Debt Repayment: The company plans to use ₹8.50 Crores to repay existing banking facilities, aiming to deleverage its balance sheet.
- General Corporate Purposes: To meet ongoing operational contingencies (up to 15% of proceeds).
How is The Financial Performance of EPW India?
The table below summarises the company's financial health based on the Restated Consolidated Financial Information. These figures reflect the company's rapid scaling, particularly following the consolidation of business operations.
(Figures in ₹ Crores)
Period Ended | 30 Sep 2025 (6 Months) | 31 Mar 2025 (FY25) | 31 Mar 2024 (FY24) | 31 Mar 2023 (FY23) |
Total Income | 44.04 | 53.34 | 18.55 | 6.66 |
Profit After Tax (PAT) | 4.02 | 4.33 | 0.74 | 0.06 |
EBITDA | 6.37 | 6.21 | 1.03 | 0.11 |
Net Worth | 9.23 | 5.28 | 0.95 | 0.21 |
Total Borrowing | 16.96 | 12.25 | 0.23 | 0.58 |
Assets | 42.49 | 26.55 | 8.10 | 6.25 |
Source: RHP
Observations and Analysis:
Total Income:
The company's revenue has grown from ₹6.66 Crores in FY23 to ₹53.34 Crores in FY25. For the first half of FY26, revenue stands at ₹44.04 Crores, which represents over 80% of the full-year revenue for FY25.
Profit After Tax (PAT):
The company's Profit After Tax (PAT) was ₹0.06 Crores in FY23 and ₹4.33 Crores in FY25. For the first half of FY26, the reported PAT is ₹4.02 Crores, which is comparable to the full-year figure for FY25.
EBITDA:
The company's EBITDA for the first half of FY26 is ₹6.37 Crores, which exceeds the full-year EBITDA of ₹6.21 Crores reported for FY25.
Net Worth:
Shareholder equity has grown to ₹9.23 Crores as of September 2025, rising from ₹0.21 Crores in FY23. This growth reflects the accumulation of retained earnings on the company's balance sheet.
Total Borrowing:
The company's borrowings have risen to ₹16.96 Crores as of September 2025. This increase in debt is primarily to finance working capital needs, a standard requirement for a business that must purchase used IT equipment inventory before it can be refurbished and sold.
Assets:
The company's total asset base has expanded from ₹6.25 Crores in FY23 to ₹42.49 Crores as of September 2025. This increase is primarily associated with higher inventory and trade receivables, which support the company's sales volume.
P/E Ratio and Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.28, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 18.37x at the upper end of the price band (₹97).
P/E Ratio = ₹97 (Price) / ₹5.28 (Earnings Per Share)
P/E Ratio ≈ 18.37x
Peer Analysis Table:
Company | P/E Ratio | RoNW (%) | EPS (₹) |
EPW India Limited | 18.37x | 41.19% | 4.28* |
GNG Electronics Ltd | 63.99x | 3.60% | 1.58 |
Newjaisa Technologies | N.A. (Loss) | Negative | -2.77 |
Cerebra Integrated Tech | N.A. (Loss) | Negative | -2.12 |
Analysis:
EPW India is entering the market with a P/E multiple of approximately 18.37x. This valuation is lower than that of its profitable peer, GNG Electronics, which trades at a P/E of around 64x.
Within this specific peer set, EPW India also reports a double-digit Return on Net Worth (RoNW) and positive Earnings Per Share (EPS), distinguishing it from peers such as Newjaisa and Cerebra, which are currently reporting net losses.
Industry Outlook
Growth Potential:
The global refurbished electronics market is projected to reach US$94.10 billion by 2030. In India, the market is driven by the rapid digitalisation of education and SMEs who prefer high-spec refurbished laptops over expensive new ones.
Market Trends:
There is a consolidation trend in which organised players, such as EPW, are taking market share from unorganised local repair shops by offering warranties and consistent quality. The addition of e-waste recycling (via its subsidiary) adds a sustainability angle that appeals to ESG-conscious corporate clients.
What Are The Strengths and Risks of the EPW India IPO?
Strengths:
- Financial Turnaround: The company has shown an impressive leap in revenue and profitability in FY25 and H1 FY26.
- Integrated Model: Unlike pure traders, EPW handles the entire lifecycle—procurement, refurbishment, retail, and recycling (via subsidiary).
- Profitability vs Peers: In a sector where many listed players are loss-making, EPW’s 8-9% PAT margin stands out as a sign of operational discipline.
Risks:
- Negative Cash Flow: The company reported negative cash flow from operations in FY25 (-₹10.94 Cr) and H1 FY26. This is a classic symptom of a business that burns cash to buy inventory before it collects revenue.
- High Debt: The balance sheet is leveraged with significant borrowings. While the IPO will help reduce this, the company remains sensitive to interest rate fluctuations.
- Regulatory Legacy: There are outstanding legal proceedings involving a promoter regarding tax penalties (approx ₹1 Crore). Such legacy issues can pose reputational and financial risks.
- Promoter Dependency: The rapid growth is largely due to the migration of the promoter's previous business. The company is highly dependent on the promoter's personal network and expertise.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note that this is an SME IPO with a high entry barrier.
- Minimum Investment: Retail investors must apply for a minimum of 2 Lots (2,400 shares), requiring an investment of ₹2,32,800. This is significantly higher than the typical ₹1.2 Lakhs seen in many SME IPOs.
- Valuation: Considering the high growth and peer valuations, the issue is priced favourably at around 18.37x P/E.
- Risk Profile: The negative cash flows and high working capital needs make this a high-risk bet. The company needs to constantly raise or borrow money to grow revenue.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹97 per share (Upper Band).
- Min Investment: ₹2,32,800 (2,400 Shares).
- Allotment Date: December 26, 2025.
- Listing: NSE SME platform on December 30, 2025.
FAQs on EPW India IPO
What is EPW India IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news sources or our GMP section for the latest updates.
What is EPW India IPO price band?
The price band is fixed at ₹95 to ₹97 per equity share.
What is EPW India IPO allotment date?
The allotment status is expected to be finalized on Friday, December 26, 2025. You can check allotment status of this and other IPOs at our IPO allotment status page.
How to check EPW India IPO allotment status?
Investors can check the status on the Registrar's website or via the NSE IPO allotment portal.
What is the EPW India IPO listing date?
The shares are tentatively scheduled to list on Tuesday, December 30, 2025.
Investment Perspective on EPW India IPO
EPW India presents a high-growth opportunity in the circular economy. While the valuation and profitability are attractive, the high minimum investment ticket size and cash-flow challenges suggest it is suitable only for investors with a higher risk appetite.
