Sarva Foam Industries IPO
Sarva Foam Industries 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 54,00,000 shares and an offer for sale of up to 13,50,000 shares by promoter Kunal Giani. In FY26 the company made a profit of ₹17.93 crore on revenue of ₹206.12 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Beeline Capital Advisors Private Limited
- Last SEBI contact
- 29 Oct 2026
- Price band and dates
- Not announced
Where it stands
Sarva Foam Industries IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Oct 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 1 October 2026, 36 days ago, and its last communication on the draft was on 29 October 2026 (day count is our calculation).
DRHP at a glance
Sarva Foam Industries DRHP at a glance
Draft red herring prospectus, 30 Sep 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. 218) and Risk Factors (p. 26 to 31)Sarva Foam Industries makes and trades rebonded polyurethane (PU) foam, turning foam trims and off-cuts into new foam products. It says it is India's largest rebonded PU foam maker, with about 33% of the market in FY26, and its largest exporter.
Exports were 34.71% of FY26 revenue, up from almost nothing in FY25. The top 10 customers gave 81.00% of FY26 revenue. It plans a new plant with money from the IPO.
The offer
DRHP cover page and The Offer (p. 75)| Fresh issue | Up to 54,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 13,50,000 sharesBy promoter Kunal Giani; his average cost is ₹1.14 a share |
| Shares before the IPO | 1,69,69,605Face value ₹5. The fresh issue equals about 31.8% and the offer for sale about 8.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Beeline Capital Advisors Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoter | Kunal Giani |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 117 to 118)| Object | ₹ crore |
|---|---|
| New rebonded PU foam plant | 90.00 |
| Repaying or prepaying certain borrowings | 30.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹120 crore (our sum). The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Financial Information and Basis for Offer Price, KPIs (p. 152 onwards), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 132.04 | 174.84 | 206.12 |
| EBITDA | 12.26 | 23.52 | 33.09 |
| EBITDA margin | 9.29% | 13.45% | 16.05% |
| Profit after tax | 6.96 | 10.36 | 17.93 |
| Diluted EPS (₹) | 4.77 | 7.15 | 12.06 |
| Total equity | 15.57 | 19.80 | 72.16 |
| Cash from operations | 3.21 | 1.78 | 15.41 |
| Return on equity | 58.65% | 60.53% | 39.21% |
| Debt to equity | 2.22 | 3.27 | 1.39 |
Restated figures. Revenue grew about 24.9% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 153 to 154).The DRHP names one listed peer. The P/E for Sarva Foam is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Sarva Foam Industries (FY26) | 12.06 | Set with the price band | 39.21% (RoE) |
| Sheela Foam | 14.59 | 43.99x | 4.91% |
Risks the draft lists first
DRHP, Risk Factors (p. 26 to 31)- Key customersThe top 10 customers gave 81.00% of FY26 revenue. (Risk factor 1, p. 26)
- InventoryInventory rose to 100 days in FY26 from 59 days in FY24. (Risk factor 3, p. 27)
- Raw materialsPrice swings or shortages of primary raw materials would hurt results. (Risk factor 4, p. 28)
- ExportsExports were 34.71% of FY26 revenue, up from 0.06% in FY25. (Risk factor 6, p. 30)
- Working capitalThe business needs a lot of working capital. (Risk factor 7, p. 31)
Documents
Sarva Foam Industries 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
Sarva Foam Industries IPO FAQs
When will the Sarva Foam Industries 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 36 days ago (our calculation).
Has SEBI approved the Sarva Foam Industries 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 Sarva Foam Industries 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 Sarva Foam Industries 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 Sarva Foam Industries IPO?
Beeline Capital Advisors Private Limited 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 Sarva Foam Industries do with the IPO money?
According to the DRHP, the fresh issue money goes to new rebonded PU foam plant (₹90.00 crore), repaying or prepaying certain borrowings (₹30.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Sarva Foam Industries do?
Sarva Foam Industries makes and trades rebonded polyurethane (PU) foam, turning foam trims and off-cuts into new foam products. It says it is India's largest rebonded PU foam maker, with about 33% of the market in FY26, and its largest exporter.
Where can I read the Sarva Foam Industries DRHP?
On SEBI's website, where the draft red herring prospectus was published on 30 September 2026. The draft is dated 30 September 2026 and runs to 511 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 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.