India’s prefabricated construction sector is at an inflection point. Demand for faster, cost-efficient, and sustainable building solutions is reshaping the industry, and companies operating in this niche are drawing investor attention. Among them, EPack Prefab Technologies, which is set to launch its IPO between 24–26 September 2025, stands out as a high-growth contender.
The key question for investors, however, is not just about the IPO details, but about the company’s relative standing in the market. How does EPack stack up against established peers like Pennar Industries, Everest Industries, Interarch Building Solutions, and Beardsell? Does EPack Prefab’s valuation signal confidence backed by fundamentals, or simply IPO hype?
EPack Prefab IPO peer comparison analysis dives into the company’s fundamentals, compares it with peers across financials, profitability, valuations, and operational metrics, and provides an investor’s perspective on its position within India’s competitive prefab construction and building materials sector.
Table of Contents
Company Overview
Founded in 1999, EPack Prefab Technologies is a fast-growing player in India’s prefabricated construction and EPS packaging industry. The company operates across two verticals: Pre-Engineered Buildings (PEBs) and Expanded Polystyrene (EPS) packaging. Under the EPACK PREFAB brand, it designs, manufactures, and installs turnkey modular structures, sandwich insulated panels, and light-gauge steel framing systems. Its EPACK PACKAGING division caters to industries ranging from construction to consumer goods, holding an 8% domestic EPS market share as of FY24.
With an installed capacity of 1,33,922 MTPA in PEBs, 5,10,000 SQM sandwich panels, and 8,400 MTPA EPS packaging, EPack ranks among the top three integrated players in India. Between FY22 and FY24, it posted a 41.8% revenue CAGR and one of the sector’s highest RoE at 29%. Backed by a strong execution team and a lean balance sheet, EPack is leveraging its IPO to expand capacity, strengthen financials, and consolidate its growth leadership.
EPack Prefab IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Dates | 24 – 26 September 2025 |
| Price Band | INR 194 – 204 per share |
| Issue Size | INR 494 – 504 crore |
| Fresh Issue | INR 300 crore |
| Offer for Sale (OFS) | 1 crore shares (INR 194 – 204 crore) |
| Lot Size | 73 shares (INR 14,892 minimum investment) |
| Listing | NSE, BSE |
| Listing Date | 1 October 2025 |
EPack Prefab IPO Peer Comparison Analysis
The numbers tell an important story — not just about EPack Prefab, but about the entire prefab and building materials sector. By comparing EPack with its listed peers, investors can gauge whether its premium valuation is supported by fundamentals or not.
Financial Performance
| Metrics | EPack Prefab | Pennar Industries | Everest Industries | Interarch Building | Beardsell |
|---|---|---|---|---|---|
| Revenue | 1,133.9 | 3,226.6 | 1,722.8 | 1,453.8 | 268.4 |
| EBITDA | 117.8 | 310.8 | 29.9 | 136.2 | 22.7 |
| EBIT | 100.5 | 241.9 | (90) | 124.5 | 15.1 |
| PAT | 59.3 | 119.5 | (36) | (107.8) | 9.8 |
| Net Debt | 53.9 | 585.6 | 153.2 | (181.6) | 17.0 |
- Revenue Scale vs Growth: Pennar leads in absolute revenue, but its YoY growth is modest (~7%). EPack, with a much smaller base, clocked 25% revenue growth, far ahead of peers.
- Profitability Gap: Despite its smaller size, EPack’s PAT of INR 59.3 Cr beats Beardsell and Everest comfortably, showing better conversion of revenue into profit.
- Debt Profile: EPack’s Net Debt (INR 53.9 Cr) is a fraction of Pennar’s (~INR 585.6 Cr), giving it balance sheet flexibility. Interarch actually holds net cash (negative net debt), but EPack’s low gearing is still a big advantage over debt-heavy peers.
Profitability & Returns
| Metric | EPack Prefab | Pennar | Everest | Interarch | Beardsell |
|---|---|---|---|---|---|
| EBITDA Margin (%) | 10.4 | 9.6 | 1.7 | 9.4 | 8.5 |
| PAT Margin (%) | 5.2 | 3.7 | (0.2) | 7.3 | 3.6 |
| RoE (%) | 22.7 | 12.7 | (0.6) | 18.0 | 12.9 |
| RoCE (%) | 22.9 | 14.3 | (1.3) | 20.4 | 14.5 |
- Margins: EPack has double-digit EBITDA margins (10.4%), higher than Pennar and Beardsell. Everest, despite its legacy, is stuck with wafer-thin margins. Interarch edges ahead with a higher PAT margin, but its RoE is lower than EPack’s.
- Returns Story: EPack’s RoE (22.7%) and RoCE (22.9%) reflect efficient use of capital. Pennar and Beardsell operate in the mid-teens, while Everest dips negative. Investors usually pay a premium for companies that consistently deliver >20% RoE, and EPack qualifies here.
- Investor Insight: High return ratios suggest that every rupee invested in EPack generates stronger profits compared to peers, a key reason behind its higher valuations.
Valuation Multiples
| Ratio | EPack Prefab | Pennar | Everest | Interarch | Beardsell |
|---|---|---|---|---|---|
| P/E | 34.5 | 26.1 | NA | 29.7 | 11.9 |
| D/E | 0.15 | 0.81 | 0.44 | 0.03 | 0.35 |
| Current Ratio | 1.42 | 1.14 | 1.38 | 2.14 | 1.21 |
| P/B | 4.47 | 3.27 | 1.87 | 4.53 | 1.54 |
| P/S | 1.81 | 0.98 | 0.66 | 2.25 | 0.45 |
- Premium Valuations: At a P/E of 34.5, EPack trades above Pennar and Interarch. This premium is backed by its high-growth trajectory and superior return ratios.
- Balance Sheet Health: With a D/E of 0.15, EPack is financially stronger than Pennar (0.81) and Everest (0.44). Only Interarch has a cleaner balance sheet.
- Liquidity: Interarch leads with a Current Ratio of 2.14, but EPack’s 1.42 is comfortably above Pennar’s 1.14.
- Valuation Mix: While Interarch is priced slightly higher on P/B (4.53), EPack’s blend of high growth + strong balance sheet justifies its 4.47 P/B.
Operational Metrics
| Metric | EPack Prefab | Pennar | Everest | Interarch | Beardsell |
|---|---|---|---|---|---|
| PEB Capacity (MTPA) | 1,33,922 | 90,000 | NA | 1,61,000 | NA |
| EPS Packaging (MTPA) | 8,400 | NA | NA | NA | 2,880 |
| Sandwich Panel (SQM) | 5,10,000 | NA | NA | NA | NA |
| Facilities (Pre-Fab) | 3 | 13 | 8 | 5 | NA |
- Capacity Edge: Interarch leads with 1,61,000 MTPA, but EPack is not far behind with 1,33,922 MTPA, and expansion from IPO proceeds will further close the gap.
- Diversification Advantage: Unlike peers, EPack has meaningful presence in EPS packaging (8,400 MTPA) and Sandwich Panels (5,10,000 SQM). This diversification creates multiple revenue levers.
- Facilities vs Productivity: Pennar has 13 facilities and Interarch 5, compared to EPack’s 3. Yet, EPack’s asset turnover ratio (4.22x) is higher than Pennar’s (3.44x) and Everest’s (3.28x), meaning it generates more revenue per unit of assets.
Analytical Summary
EPack Prefab peer comparison analysis reveals a clear pecking order in India’s prefab and building materials sector. While larger players like Pennar Industries and Interarch Building Solutions command scale, and smaller ones like Beardsell trade at bargain valuations, EPack Prefab stands out for its growth trajectory, balance sheet strength, and superior return ratios.
- Growth Leadership: Between FY22 and FY24, EPack delivered 41.8% revenue CAGR, far outpacing the industry’s ~8% growth. Its Pre-Fab business alone grew at 55.5% CAGR, the fastest among peers.
- Return Ratios: With RoE at 22.7% and RoCE at 22.9%, EPack leads the pack. These metrics highlight efficient use of capital and justify why investors are paying a premium multiple. In contrast, Pennar and Beardsell operate in the mid-teens, while Everest continues to post negative returns.
- Operational Diversification: EPack is not just a PEB manufacturer. Its presence in EPS packaging and sandwich panels gives it revenue diversification peers largely lack. This dual-vertical model adds resilience to its earnings profile and reduces reliance on a single business line.
- Balance Sheet Strength: The company has aggressively de-leveraged, cutting its D/E from 0.77 in FY24 to 0.15 in FY25. This provides headroom for future expansion while insulating it from interest rate risks, unlike Pennar and Everest which continue to carry heavy debt loads.
Investor Takeaway
The big picture is this:
- Pennar commands scale, but debt remains a drag.
- Interarch is a strong, established competitor, but its growth trajectory is slower than EPack’s.
- Everest struggles with negative profitability, despite legacy presence.
- Beardsell remains a micro-cap with limited influence.
Against this backdrop, EPack Prefab positions itself as the high-growth, high-return, low-debt play in the prefab construction space. Its premium valuation is not just about market optimism; it is underpinned by robust fundamentals and expansion visibility.
The IPO proceeds will further boost capacity, repay debt, and strengthen liquidity, ensuring that the company can sustain its growth momentum without overstretching its balance sheet.
In a sector where scale often comes at the cost of returns, and returns are often diluted by debt, EPack offers a rare combination of growth, efficiency, and resilience.