Company Overview
EPACK Prefab Technologies has a legacy of over 25 years, operating into two business verticals, i.e. (i) Pre-Fab Business, wherein they provide complete solutions to customers on turnkey basis and (ii) manufacturing of expanded polystyrene sheets and blocks for various industries such as construction, packaging, and consumer goods in India (“EPS Packaging Business”). They are the fastest growing in terms of revenue from operations, registering a CAGR of 41.79% between FY22-24. It also undertakes projects on turnkey basis, wherein they provide complete pre-fabricated structures that involves estimation, designing, engineering, manufacturing, transportation, installation and erection of pre-fabricated structures at the site of the customer.
The company sells their Pre-Fab Business products under the brand name ‘EPACK PREFAB’ and EPS Packaging Business products under the brand name ‘EPACK PACKAGING’. As per the CRISIL Report, they have the third largest production capacity in the pre-engineered steel building (PEB) industry. They have a diversified market presence and an extensive portfolio of comprehensive offerings. It has supplied Pre-Fab Business products and executed the projects across 30 States and Union Territories.
Objects of the Issue
Financing the capital expenditure requirements for setting up new manufacturing facility Ghiloth Industrial Area, Shahjahanpur, Alwar in Rajasthan (Rs.102.97 Cr.).
Financing the capital expenditure towards expansion of existing manufacturing facility at Mambattu (Unit 4) in Andhra Pradesh (Rs.58.17 Cr.).
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company (Rs.70 Cr.).
General corporate purposes.
Carry out the Offer for Sale of up to 10,000,000 Equity Shares of face value of Rs.2 each by the Selling Shareholders. The company will not receive any proceeds from the Offer for sale.
Our View
Subscribe for Long Term Horizon
EPack Prefab Tech, incorporated in 1999, has grown into a prominent player in two industries: (i) Pre-Engineered Buildings (PEB) and Prefabricated Structures and (ii) Expanded Polystyrene (EPS) Packaging Solutions. EPack has established 4 manufacturing facilities and 3 design centers across India, backed by a 252-member project execution team as at FY25.
The company has the 3rd largest production capacity in the pre-engineered steel building (PEB) industry. The pre-engineered steel buildings industry expanded at a CAGR of ~8.3% over fiscals 2019 and 2025 to Rs.210 billion and expected to clock a CAGR of 9.5-10.5% between fiscals 2025 and 2030 to Rs 330-345 billion.
Risks to Consider
High competition and market penetration risk.
Existing legal proceedings.
Customer concentration (Top 10 customers).
Geographic concentration risk.
Raw material price volatility.
Cyclicality of infrastructure & real estate demand.
Execution risks in expansion projects and negative cash flow from investing activities which may adversely affect the business, results and financial condition.
Financial Snapshot
On the financial front, the company has delivered Revenue/EBITDA/PAT CAGR of 31.4%/10.4%/57.31% between FY23-FY25. The company operated on an EBITDA and PAT margin of 10.39% and 5.2% respectively for FY25. At the same time its Return ratios ROE and ROCE are at 22.7% and 22.9% respectively featuring its capital-efficient and asset-light model. Its Debt to Equity is at 0.15x at FY25 improved from 0.73x in FY23.
The issue is priced at a P/BV of 4.47 based on its NAV of Rs.45.66 at FY25. At higher price band of Rs.204, and diluted EPS of 7.39, P/E stands at ~28x as at FY25. As per RHP the company has shown Pennar Ind., Everest Ind., Interarch Building, and Beardsell, as their listed peers. They are currently trading at a P/E of 27.5, (298.20), 30.32, and 12.02 as of September 12, 2025.
The company is into expansion mode with robust order book and sustainability advantage. The issue appears fully priced. Looking at all the factors, risks, opportunities and valuation, and also India’s growing infrastructure, warehousing, housing, and consumption sector investors can invest with long term horizon.
Key Takeaways
EPACK Prefab combines PEB turnkey capability and EPS packaging manufacturing — two complementary verticals.
Strong growth track record and order book, but IPO valuation is priced with expectations.
Investors should weigh growth and expansion plans against execution and concentration risks.
Frequently Asked Questions (FAQs)
What are the EPACK Prefab IPO key dates and price band?
Issue Opening Date: September 24, 2025. Issue Closing Date: September 26, 2025. Price Band: Rs.194 to Rs.204 per Equity Share. Lot Size: 73 Shares.
How big is the issue and what is the fresh issue amount?
Issue size: Rs.504 Cr. (@ upper Price Band of Rs.204). Fresh Issue: Rs.300 Cr. Offer For Sale: Rs.204 Cr.
What are the company’s major business verticals?
Pre-Fab turnkey solutions (EPACK PREFAB) and Expanded Polystyrene (EPS) packaging manufacturing (EPACK PACKAGING).
What is Sushil Finance's recommendation?
Subscribe for Long Term Horizon — the company is expanding and has an attractive order book, but risks exist (competition, concentration, execution).
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ’25 |
FY ‘24 |
FY ‘23 |
| Total Income |
11,404.91 |
9,063.75 |
6,604.92 |
| Total Expenditure |
10,576.77 |
8,478.43 |
6,277.74 |
| EBITDA |
1,177.94 |
870.02 |
515.30 |
| Profit before Tax |
808.93 |
584.75 |
326.98 |
| Profit after Tax |
593.22 |
429.59 |
239.72 |
| E.P.S. (Diluted) |
7.39 |
5.54 |
3.09 |
| P/E (x) (Diluted) |
27.60 |
- |
- |
| RONW (%) |
22.69 |
29.12 |
21.01 |
PRICE CHART (@ ₹ 204) (Retail Category)
| LOT SIZE |
| Amount |
| 73 |
14,892 |
| 146 |
29,784 |
| 219 |
44,676 |
| 292 |
59,568 |
| 365 |
74,460 |
| 438 |
89,352 |
| 511 |
1,04,244 |
| 584 |
1,19,136 |
| 657 |
1,34,028 |
| 730 |
1,48,920 |
| 803 |
1,63,812 |
| 876 |
1,78,704 |
| 949 |
1,93,596 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
1,022 |
2,08,488 |
| Big HNI |
4,964 |
10,12,656 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
29/9/2025 |
| Initiation of refunds/unblocking ASBA Fund |
30/9/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
30/9/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
1/10/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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