Beauty Garage IPO
Beauty Garage Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to ₹125 crore and an offer for sale of up to 78,36,000 shares by promoters Jigar Babubhai Ravaria and Mahesh Babubhai Ravaria. In FY26 the company made a profit of ₹31.62 crore on revenue of ₹96.93 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 30 Jul 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Systematix Corporate Services Ltd
- Last SEBI contact
- 21 Oct 2026
- Price band and dates
- Not announced
Where it stands
Beauty Garage IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Jul 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 30 July 2026, 99 days ago, and its last communication on the draft was on 21 October 2026 (day count is our calculation).
DRHP at a glance
Beauty Garage DRHP at a glance
Draft red herring prospectus, 28 Jul 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 194) and Basis for Offer Price, KPIs (p. 118)Beauty Garage sells premium, salon-grade haircare products, such as hair treatment and maintenance products, to luxury and premium salons, beauty professionals and shoppers across India. Its products are used in salon chains including Lakmé Salons, Enrich, Jean Claude Biguine, Toni & Guy and Bounce Salons.
It relies on outside suppliers for raw materials, packaging and semi-finished products, and imports most of its raw materials. It plans a manufacturing facility at Vasai. It was incorporated in 2021 and is based in Mumbai.
Revenue by channel, FY26
- Offline: 82.11%
- Online: 17.89%
The offer
DRHP cover page, The Offer (p. 69) and Capital Structure (p. 87)| Fresh issue | Up to ₹125 croreMoney goes to the company |
| Offer for sale | Up to 78,36,000 shares39,18,000 each by Jigar Babubhai Ravaria and Mahesh Babubhai Ravaria; average cost ₹0.44 a share |
| Shares before the IPO | 4,05,00,000The offer for sale is about 19.3% of them (ours) |
| Pre-IPO placement | Up to ₹25 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Systematix Corporate Services Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Jigar Babubhai Ravaria, Mahesh Babubhai Ravaria and Bharti Mahesh Ravaria |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 103 to 104)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| New manufacturing facility at Vasai | 91.16 | 72.9% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹125 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 72 to 74) and Basis for Offer Price, KPIs (p. 116 to 119), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 51.02 | 60.21 | 96.93 |
| EBITDA | 14.13 | 19.97 | 42 |
| EBITDA margin | 27.69% | 33.16% | 43.33% |
| Profit after tax | 8.82 | 12.71 | 31.62 |
| Diluted EPS (₹) | 2.18 | 3.14 | 7.81 |
| Net worth | 13.18 | 25.87 | 57.45 |
| Cash from operations | 5.56 | 12.85 | 13.46 |
| Return on equity | 100.98% | 65.10% | 75.90% |
| Working capital (days) | 43.78 | 93.57 | 95.12 |
Restated figures. Net worth is total equity. Return on equity uses average equity. Revenue grew about 37.8% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 117).The DRHP names one listed peer. The P/E for Beauty Garage is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Beauty Garage (FY26) | 7.81 | Set with the price band | 55.04% |
| Bajaj Consumer Care | – | 37.35x | – |
Risks the draft lists first
DRHP, Risk Factors (p. 22 to 26)- SuppliersIt depends on outside suppliers for raw materials, packaging and semi-finished products. (Risk factor 1, p. 22)
- Key customersLosing key customers, or sales to them, would hurt results. (Risk factor 2, p. 23)
- Service providersIt relies on outside providers to sell, distribute and deliver its products. (Risk factor 3, p. 24)
- ImportsMost raw materials are imported, so supply problems or higher duties would hurt. (Risk factor 4, p. 25)
- CurrencyReliance on imports exposes margins to exchange rate changes. (Risk factor 5, p. 25)
- LicencesIt needs many approvals and licences, which it may fail to get or renew on time. (Risk factor 6, p. 26)
Documents
Beauty Garage DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Beauty Garage IPO FAQs
When will the Beauty Garage IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 99 days ago (our calculation).
Has SEBI approved the Beauty Garage IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Beauty Garage IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Beauty Garage IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Beauty Garage IPO?
Systematix Corporate Services Ltd is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Beauty Garage do with the IPO money?
According to the DRHP, the fresh issue money goes to new manufacturing facility at Vasai (₹91.16 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Beauty Garage do?
Beauty Garage sells premium, salon-grade haircare products, such as hair treatment and maintenance products, to luxury and premium salons, beauty professionals and shoppers across India. Its products are used in salon chains including Lakmé Salons, Enrich, Jean Claude Biguine, Toni & Guy and Bounce Salons.
Where can I read the Beauty Garage DRHP?
On SEBI's website, where the draft red herring prospectus was published on 11 August 2026. The draft is dated 28 July 2026 and runs to 449 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 28 July 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.