Ganga Bath Fittings IPO Review

Ganga Bath Fittings is engaged in the business of manufacturing and supplying Bathroom Accessories including but not limited to bath fittings items such as CP taps and their parts, showers, bath accessories, Sanitary wear, ABS Shower, ABS Health faucet, ABS Taps, ABS Accessories, PTMT Taps, Door Handles, Bathroom Vanities, Bathroom Sinks, SS Showers, Shower Drains, SS Channel Drainer etc.

The company is led by a highly experienced board of directors, and a professional and experienced management team with extensive experience in the Bath fitting industry. The Company is mentored by Mr. Tusharkumar Vithaldas Tilva, Mr. Jimmy Tusharkumar Tilva, Mr. Sajan Tusharbhai Tilva, who own and control the Company along with their family members. 

The Revenues from operations for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹  3,230.90 Lakh, ₹ 3,201.47 Lakh, ₹  3,068.32 Lakh and ₹ 2,234.48 Lakh respectively. The EBITDA for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹  728.67 Lakh, ₹ 495.00 Lakh, ₹  253.74 Lakh, and ₹ 187.34 Lakh, respectively. The Profit after Tax for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹  452.74 Lakh, ₹ 247.82 Lakh, ₹ 31.16 Lakh, and ₹ 21.16 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 1.51 and post-issue EPS of ₹ 1.12 for FY24. The pre-issue P/E ratio is 32.45x, while the post-issue P/E ratio is 43.91x against the Industry P/E Ratio is -8.0x. The company's ROCE for FY24 is 358.93%, ROE for FY24 is 15.07% and RoNW is 15.07%. The Annualised EPS based on the latest financial data is ₹ 2.72 and PE ratio is 18.03x. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Ganga Bath Fittings showing listing gains of 0.00 %. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Ganga Bath Fittings Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.