Euro Pratik Sales is a leading name in India’s decorative wall panels and laminates market, a sector that has been witnessing strong growth driven by rising urbanization, premiumization of interiors, and consumer preference for stylish yet durable alternatives to paints and wallpapers. The company is opening its IPO between 16–18 September 2025 with a price band of INR 235 – 247 per share. The issue, comprising only an Offer for Sale (OFS) of 1.82 crore shares (~INR 429 – 451 crore), will list on NSE and BSE. Let’s delve into the Euro Pratik Sales IPO review, including its business model, financials, strengths, and whether it’s worth investing in
What sets Euro Pratik apart is not just its scale, but its ability to blend design innovation with an asset-light operating model. With a 15.87% market share in the organized decorative wall panel segment by FY23 revenue, a portfolio of 30+ product categories, and over 3,000 designs, the company has emerged as a fast-fashion brand in the interiors industry. Over the last four years, it has launched more than 100 new catalogues, consistently keeping pace with global design trends while offering eco-friendly and health-conscious products.
Company Overview & Business Model
Euro Pratik Sales operates as a consumer-focused, asset-light design and marketing enterprise in the interior décor industry. Its core business is around conceptualizing, designing and marketing decorative wall panels and laminates which are then manufactured through a network of 36 contract manufacturers across India and overseas (South Korea, China, USA, Romania, Turkey, Indonesia and Portugal). This outsourcing strategy helps the company to minimize capital expenditure and channelize resources into product design, branding and distribution expansion – resulting in industry leading margins.
The company operates through a structured group of subsidiaries and entities. Its wholly-owned Indian subsidiary, Gloirio Decor, focuses on wall cladding and decorative panels, while international subsidiaries such as Euro Pratik Trade FZCO (UAE) and Euro Pratik C Corp Inc. (USA) support global expansion. Further reach is achieved via step-down subsidiaries Euro Pratik USA LLC and Euro Pratik EU d.o.o. (Croatia). In India, strategic entities like Europratik Intex LLP and newly formed Euro Pratik Star LLP and Euro Pratik Craft LLP strengthen product diversity and market coverage.
Domestically Euro Pratik Sales has a strong distribution presence with 180 distributors across 25 states and 5 union territories. Its network covers not just metros and Tier-I cities but also goes deep into Tier-II and Tier-III cities ensuring pan-India reach. Internationally the company already exports to Singapore, UAE and Australia through its subsidiaries which act as gateways for further international expansion.
Brand building has been a key strategy for Euro Pratik. The company has engaged Hrithik Roshan as the brand ambassador for the flagship “Euro Pratik” brand since 2019 and Kareena Kapoor Khan for its premium subsidiary brand “Gloirio”. These associations along with campaigns across digital, broadcast and trade show platforms have helped in building brand recall and consumer trust.
Product Portfolio & Revenue Streams
Euro Pratik Sales has carefully crafted its product strategy around two major verticals—Decorative Wall Panels and Decorative Laminates—supported by adjacent categories like interior films, adhesives, and claddings. Together, these offerings cater to both residential and commercial applications, positioning the company as a one-stop solution in surface décor.
| Product Category | FY 2023 | % of Revenue | FY 2024 | % of Revenue | FY 2025 | % of Revenue |
|---|---|---|---|---|---|---|
| Decorative Wall Panels | 174.29 | 66.12 | 169.68 | 76.54 | 187.96 | 66.13 |
| Decorative Laminates | 75.41 | 28.61 | 42.82 | 19.31 | 72.87 | 25.64 |
| Others (films, adhesives, etc.) | 13.88 | 5.27 | 9.20 | 4.15 | 23.40 | 8.23 |
| Total Revenue | 263.58 | 100 | 221.70 | 100 | 284.23 | 100 |
Segmental Analysis
1. Decorative Wall Panels (Core Segment – ~66% of Revenue)
- This is the company’s flagship vertical, consistently contributing two-thirds of total revenue.
- Ranges like Chisel, Decolite, Jade, Miga Edge, Allure, Iris have become category-defining products.
- Panels are not only decorative but also offer functional attributes such as soundproofing, insulation, moisture resistance, and anti-fungal properties.
- Ease of installation makes them a preferred alternative to wallpapers and premium paints, helping Euro Pratik Sales carve a niche in the fast-growing “affordable luxury” interior segment.
2. Decorative Laminates (Supporting Segment – ~26% Revenue)
- Though contribution dipped in FY24, laminates rebounded strongly in FY25 to INR 72.87 crore.
- Key brands: Sapphire, Acroglass, Mirage, LAMage Designer.
- Applications span furniture, cabinetry, countertops, and walls, offering durability with aesthetics.
- Laminates provide entry into both residential and commercial spaces, allowing Euro Pratik Sales to capture incremental demand from builders, architects, and interior designers.
3. Others (Emerging Segment – ~8% Revenue in FY25)
- Includes interior films, adhesives, catalogues, exterior claddings.
- Revenue has grown significantly (INR 9.2 Cr in FY24 → INR 23.4 Cr in FY25), highlighting successful diversification.
- This category is critical as it demonstrates Euro Pratik’s ability to continuously innovate beyond its core verticals, ensuring relevance in evolving décor markets.
Innovation & Catalogue Strategy
What differentiates Euro Pratik is its “fast-fashion approach” to product development:
- Over 113 product catalogues launched in just 4 years, keeping offerings refreshed.
- Products like Cassa series (Cassa 1–6) were developed iteratively based on consumer and distributor feedback—showing strong alignment with market needs.
- First-to-market innovations such as Louvers, Chisel, and Auris have given the company an early-mover advantage in pricing and design leadership.
- As of FY25, Euro Pratik Sales has a pipeline of 9 new products with 308+ designs under development, ensuring sustained growth momentum.
This innovation-driven strategy translates into high gross margins (45.5% in FY25) and positions Euro Pratik Sales as not just a décor manufacturer, but a trendsetter in surface design solutions.
Euro Pratik Sales IPO Review: Financial Performance
Euro Pratik Sales has delivered a strong and consistent financials over the last 4 years, showcasing the scalability of its asset light model and brand led growth strategy. Despite global supply chain issues and fluctuating raw material costs, the company has maintained healthy margins, strong return ratios and zero debt.
| Particulars | FY 2022 | FY 2023 | FY 2024 | FY 2025 | CAGR (FY22–25) |
|---|---|---|---|---|---|
| Revenue | 211.92 | 263.58 | 221.70 | 284.23 | ~10.3% |
| EBITDA | 62.12 | 83.63 | 88.99 | 110.10 | ~21% |
| Net Profit (PAT) | 44.52 | 59.57 | 62.91 | 76.44 | ~19% |
| PAT Margin (%) | 21.01 | 22.60 | 28.38 | 26.89 | – |
| Net Worth | 170.45 | 215.86 | 785.34 | 2,294.0 | – |
Key Takeaways:
- Strong topline growth with a CAGR of ~10% despite FY24 softness.
- Low leverage ensures financial flexibility.
Euro Pratik Sales IPO Analysis: Strategic Roadmap
Looking ahead, Euro Pratik Sales has laid out a clear multi-pronged strategy, balancing organic and inorganic growth levers:
(a) Geographic Expansion
- Strengthen presence in Tier-II & Tier-III Indian cities.
- Scale up international business via subsidiaries in UAE, USA, Croatia, and exports to 6+ countries.
- Focus on regions with rising disposable incomes and growing construction activity.
(b) Distribution & Logistics Enhancement
- Expand distributor base beyond current 180 partners.
- Improve inventory management systems using tech-enabled real-time tracking.
- Invest in new warehouses & optimized delivery routes to minimize stockouts.
(c) Brand Equity & Marketing Push
- Leverage celebrity endorsements for deeper consumer penetration.
- Increase digital campaigns, social media presence, and e-commerce listings.
- Participate actively in global trade fairs (Milan, Dubai, Singapore, Johannesburg).
(d) Product Innovation & Diversification
- Continue fast-fashion approach to launch frequent catalogues.
- Focus on eco-friendly, anti-bacterial, moisture-resistant products.
- Broaden laminates and films categories, complementing core wall panel leadership.
(e) Inorganic Growth (Acquisitions)
- Successfully integrated Vougue Decor, Millenium Decor, Euro Pratik Intex LLP in FY24–25.
- Plans to pursue further acquisitions/joint ventures to diversify portfolio & expand markets.
Euro Pratik Sales IPO Review: Valuation Snapshot
| Metrics | FY 2023 | FY 2024 | FY 2025 | Commentary |
| EPS | 5.85 | 6.19 | 7.53 | Strong EPS growth, 3-year CAGR ~13%. |
| P/E (x) | – | – | 31.21 – 32.80 | Attractive vs peers, given margins & RoCE. |
| RoNW (%) | 45.81 | 40.39 | 32.60 | Still healthy, though moderating with equity base expansion. |
| RoCE (%) | 61.42 | 55.17 | 44.58 | Best-in-class efficiency, sustaining >40%. |
| EBITDA Margin (%) | 31.73 | 40.15 | 38.74 | Significantly higher than peers. |
| Debt/Equity | 0.02 | – | 0.01 | Virtually debt-free. |
Key Takeaway:
- At a P/E of 31–33x FY25 earnings, Euro Pratik Sales is fairly valued compared to paint companies (40–63x).
- Superior margins (38% EBITDA, 27% PAT) and asset-light model justify premium valuations.
- Strong return ratios (RoCE 44.6%) enhance its investment case.
- EBITDA margins consistently high (35–40%), driven by the company’s pricing power and premium product mix.
- Return ratios (RoNW > 30%) significantly outperform industry averages, making Euro Pratik Sales one of the most efficient players in the decorative interiors space.
Euro Pratik Sales IPO Analysis: Selling Shareholders
| Name of Shareholder | No. of Shares Offered | % of Pre-Offer Capital |
|---|---|---|
| Pratik Gunwantraj Singhvi HUF | 29,326,500 | 28.70 |
| Jai Gunwantraj Singhvi HUF | 29,326,500 | 28.70 |
| Dipty Pratik Singhvi | 7,659,000 | 7.49 |
| Nisha Jai Singhvi | 7,659,000 | 7.49 |
| Pratik Gunvantraj Singhvi | 5,283,500 | 5.17 |
| Jai Gunvantraj Singhvi | 5,216,000 | 5.10 |
| Prakash Suresh Rita | 3,628,200 | 3.55 |
| Manoj Pravinchardra Gala | 3,342,040 | 3.27 |
| Nidhi Seemant Sacheti | 2,850,000 | 2.79 |
| Kulmeet Sarup Saggu | 1,962,340 | 1.92 |
| Seemant Hemkumar Sacheti | 1,900,000 | 1.86 |
| Mirage Intex LLP | 1,533,100 | 1.50 |
| Manish Gala | 1,020,100 | 1.00 |
| 100,706,280 | 98.54% |
📌 Promoters (Singhvi family) remain the dominant shareholders post-IPO, ensuring continuity of management control and alignment of interests with public investors.
Conclusion
Euro Pratik Sales is a differentiated consumer décor company which can scale while maintaining strong profitability. Its asset light business model with 36 global manufacturing partners ensures efficient operations and industry leading margins. The company’s financials—revenue growth, EBITDA growth and debt light balance sheet—showcase its resilience.
At 31-33x FY25 earnings the IPO is reasonably priced compared to paint and laminate companies which trade at higher multiples with weaker return ratios. With strong brand equity, pan India distribution network and clear growth levers in domestic and international markets, Euro Pratik Sales offers investors an opportunity to participate in India’s growing premium home décor industry. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.