EPack Prefab Technologies is set to hit the Indian primary markets with its IPO opening between 24–26 September 2025. The issue comprises a fresh issue of INR 300 crore and an offer for sale of 1 crore shares, aggregating to a total IPO size of INR 504 crore at a price band of INR 194–204 per share.
In EPack Prefab IPO review, we will go beyond headline numbers. The focus is to understand:
- How EPack Prefab business model is structured
- Where EPack’s revenues come from and how sustainable they are
- What strengths and risks exist in EPack’s operations
- How IPO proceeds will shape future scalability
By the end of EPack Prefab IPO analysis, readers will not only know whether the issue looks attractive but also gain deeper insight into the engine driving EPack Prefab’s growth.
Table of Contents
Company Overview
Incorporated in 1999, EPack Prefab Technologies has grown into a prominent player in two industries:
- Pre-Engineered Buildings (PEB) and Prefabricated Structures
- Expanded Polystyrene (EPS) Packaging Solutions
The company operates under two brands:
- EPACK PREFAB – specializing in turnkey pre-engineered steel buildings, modular structures, Light Gauge Steel Frame (LGSF) systems, and Sandwich Insulated Panels.
- EPACK PACKAGING – engaged in EPS sheets, block-molded and shape-molded products used across construction, packaging, consumer goods, and industrial applications.
From a modest start in Greater Noida, EPack has established 4 manufacturing facilities and 3 design centers across India, backed by a 233-member project execution team. By FY24, the company had captured an 8% domestic market share in EPS packaging, while ranking third in PEB production capacity in India with 1,33,924 MTPA, alongside 5,10,000 SQM Sandwich Panel capacity and 8,400 MTPA EPS production.
EPack Prefab IPO Review: Business Model
EPack Prefab operates with an integrated turnkey approach, covering every stage from design → manufacturing → supply → installation → erection. This single-window delivery model not only reduces project timelines but also makes the company a preferred partner for industries requiring speed, customization, and scalability. Its EPack Prefab business model rests on two strong verticals:
a) Pre-Fab Business – Core Growth Engine
- Products & Solutions: Pre-Engineered Buildings (PEBs), modular structures, LGSF systems, cold rooms, warehouses, industrial sheds, and insulated sandwich panels.
- Revenue Contribution: Largest segment, contributing INR 953.23 Cr (84.07% of FY25 revenue).
- Growth Rate: Witnessed a 55.48% CAGR (FY22–FY24), far above the ~8% industry CAGR, reflecting strong demand and execution capability.
- Order Book Strength:
- Pending orders at FY25-end stood at INR 916.96 Cr.
- New orders worth INR 1209.24 Cr booked in FY25, providing strong revenue visibility.
- Sustainability Advantage: According to CRISIL studies, EPack’s PEB solutions deliver up to 52% lower embodied carbon compared to conventional RCC construction—an important driver as India moves toward green infrastructure.
b) EPS Packaging Business – Diversification Lever
- Products: EPS sheets, block-molded and shape-molded products, used across construction, white goods, industrial packaging, and FMCG sectors.
- Revenue Contribution: Added INR 180.69 Cr (15.93% of FY25 revenue).
- Market Position: Commands ~8% market share in the domestic EPS packaging segment as of FY24.
- Customer Concentration: High dependency—top 10 customers contributed ~71% of revenues in FY25, though this is partially offset by long-term relationships and repeat demand.
- Capacity: Operates at 8,400 MTPA EPS production capacity.
c) Integration & Business Model Strengths
- Dual Vertical Synergy: Pre-Fab and EPS businesses complement each other—PEB drives bulk revenue while EPS provides steady diversification.
- Repeat Order Base: In FY25, 43.37% of revenues came from repeat orders, reflecting strong customer stickiness.
- Execution Workforce: A dedicated 233-member project execution team ensures timely delivery of complex projects across India.
- Capex-Led Scalability:
- New plant at Ghiloth, Rajasthan → 8,00,000 SQM Sandwich Panel capacity.
- Expansion at Mambattu, Andhra Pradesh → Additional 24,000 MTPA steel capacity.
- Sustainability Focus: Green certifications (BMTPC PAC, GRIHA) and alignment with global carbon-reduction goals give EPack a competitive edge with ESG-focused clients.
👉 With this dual-vertical, integrated and scalable business model, EPack Prefab has positioned itself as a fast-growing, sustainable, and customer-centric infrastructure solutions provider in India.
EPack Prefab IPO Analysis: Revenue Streams
EPack Prefab revenue streams are well diversified across segments, industries, and geographies, though with clear dominance from the Pre-Fab vertical.
a) Segment-Wise Revenue Mix
| Segment | FY23 | FY24 | FY25 | % of FY25 Revenue | CAGR FY23–FY25 |
|---|---|---|---|---|---|
| Pre-Fab Business | 768.21 | 964.64 | 953.23 | 84.07% | ~11.3% |
| EPS Packaging | 136.69 | 169.26 | 180.69 | 15.93% | ~14.5% |
| Total | 904.90 | 1,133.90 | 1,133.92 | 100% | – |
- Pre-Fab dominates the topline, but EPS is growing steadily and offers diversification.
b) Industry-Wise Revenue Bifurcation (FY25)
| Industry Segment | Contribution % | Commentary |
|---|---|---|
| Industrial & Warehousing | 35.44% | Driven by rising e-commerce and logistics investments. |
| Infrastructure | 18.16% | Government-led infra push, smart cities, airports, metros. |
| Housing | 16.61% | Affordable housing & prefabricated construction demand. |
| Retail | 9.04% | Growing retail expansion needing modular structures. |
| FMCG | 4.54% | EPS packaging demand from large FMCG players. |
| Others | 16.21% | Diversified exposure, reducing cyclicality risk. |
- No single sector contributes more than ~35%, offering demand stability across cycles.
c) Geographical Diversification
- Strong presence in North India (Noida-based HQ and plants).
- Expanding into South (Andhra Pradesh, Unit-4) and West (Rajasthan, Ghiloth plant under expansion).
- Selective international orders, showcasing scalability beyond domestic markets.
d) Customer Base & Repeat Orders
- Repeat business: 43.37% of FY25 revenue.
- EPS division: High concentration risk with top 10 customers contributing ~71% revenue.
- Blue-chip clientele across FMCG, consumer goods, infrastructure, and industrial sectors, providing credibility.
Financial Performance
EPack Prefab’s financials highlight a company in a rapid growth and margin expansion phase, supported by deleveraging and efficiency gains.
| Particulars | FY23 | FY24 | FY25 | CAGR / Trend |
|---|---|---|---|---|
| Revenue from Operations | 904.90 | 1,133.90 | 1,133.92 | 41.8% CAGR (FY22–FY24) |
| PAT | 23.97 | 42.96 | 59.32 | Strong growth |
| PAT Margin | 3.65 | 4.75 | 5.23 | Expanding |
| EBITDA Margin | 7.85 | 9.61 | 10.39 | Consistently rising |
| RONW (%) | 21.01 | 29.12 | 22.69 | High, slightly diluted post issue |
| ROCE (%) | 20.31 | 27.21 | 22.88 | Healthy vs peers |
| Debt/Equity | 0.73 | 0.77 | 0.15 | Strong deleveraging |
| EPS (INR) | 3.09 | 5.54 | 7.39 | Rising trend |
Key Takeaways
- Topline Growth: Fastest revenue CAGR among peers.
- Margin Expansion: PAT margin improved from 3.65% (FY23) → 5.23% (FY25).
- Capital Efficiency: RONW/ROCE among the highest in sector.
- Balance Sheet Strengthening: Debt repayment post IPO reduces leverage dramatically.
- Earnings Visibility: Strong order book supports sustained growth.
EPack Prefab IPO Review: Key Strengths
- Industry Outperformance
- Pre-Fab CAGR 55.48% vs 8% industry CAGR.
- EPS division has 8% domestic market share.
- Capacity & Expansion
- Existing: 1,33,922 MTPA steel + 5,10,000 SQM sandwich panels + 8,400 MTPA EPS.
- Pipeline: Ghiloth (8,00,000 SQM panels) + Mambattu (+24,000 MTPA steel).
- Sustainability Advantage
- 52% lower carbon footprint vs RCC structures.
- Certified by BMTPC PAC & GRIHA.
- Client Stickiness
- 43% repeat orders in FY25, showing trust & long-term relationships.
- Strong Promoter & Institutional Backing
- Promoters: Singhania & Bothra families.
- Institutional: South Asia Growth Fund III Holdings (12% stake pre-IPO).
EPack Prefab IPO Analysis: Risks & Challenges
While EPack Prefab demonstrates strong growth momentum, investors should be mindful of key risks:
- Raw Material Price Volatility: Steel and polystyrene are key inputs. Any sharp increase can impact margins since contracts may not allow full cost pass-through.
- Cyclicality of Infrastructure & Real Estate: Demand for pre-engineered buildings and modular structures is linked to economic cycles, infra spending, and real estate activity. A slowdown could hurt order inflows.
- Customer Concentration in EPS Business: In FY25, the top 10 EPS customers contributed ~71% of segment revenue. Loss of any large client could materially impact revenues.
- Execution Risks in Expansion Projects: Planned expansions at Ghiloth (Rajasthan) and Mambattu (AP) require timely execution. Delays or cost overruns could affect near-term returns.
EPack Prefab IPO Snapshot
- IPO Size: INR 494 – 504 crore
- Price Band: INR 194 – 204 per share
- Issue Structure:Fresh Issue: INR 300 Cr | Offer for Sale: ~INR 204 Cr
- Lot Size: 73 shares (INR 14,892)
- Listing: BSE & NSE
- Dates: Open: 24 Sept 2025 | Close: 26 Sept 2025 | Allotment: 29 Sept 2025 | Listing: 1 Oct 2025
Utilization of Fresh Issue Proceeds
| Purpose | Amount (INR Cr) | Impact |
|---|---|---|
| Ghiloth Plant (Rajasthan) – continuous Sandwich Panels & PEBs | 102.97 | Enhances production capacity, widens footprint |
| Expansion of Mambattu Unit (Andhra Pradesh) | 58.2 | Adds 24,000 MTPA steel building capacity |
| Debt Repayment | 70.0 | Reduces Debt/Equity from 0.77 → 0.15 |
| General Corporate Purposes | Balance | Provides flexibility for operations & growth |
Post-IPO, EPack Prefab will emerge with significantly enhanced capacity and a much stronger balance sheet, positioning it for scale-up.
Conclusion
EPack Prefab IPO comes at a time when India’s infrastructure, warehousing, housing, and consumption sectors are all expanding rapidly. The company’s dual vertical model (Pre-Fab + EPS) ensures both growth momentum and diversification.
- Strengths: Strong CAGR in revenue & profits, robust order book, high return ratios (RONW >22%), deleveraging balance sheet, and sustainability advantage.
- Risks: Customer concentration in EPS, cyclicality of infra demand, input cost volatility, and promoter dilution.
- Short-Term View: GMP trend shows a INR 15–20 premium (as of 23 Sept 2025), suggesting moderate listing gains potential.
- Long-Term Thesis: With expansion-led capacity, green construction focus, and strong repeat client base, EPack is structurally positioned for sustainable long-term growth.
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