# Beauty Garage Limited: IPO analysis > Beauty Garage Limited (CIN U20237MH2021PLC354428) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹125 Cr and an offer for sale of 78.36 lakh shares. In FY26 it reported revenue of ₹97 Cr (+61.0% on FY25) and a net profit of ₹32 Cr. Promoters hold 96.5% before the IPO. Our fact-check of its claims found 2 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U20237MH2021PLC354428/beauty-garage-limited/ - CIN: U20237MH2021PLC354428 - Last updated: 11 Aug 2026 ## Key facts - **Company:** Beauty Garage Limited - **CIN:** U20237MH2021PLC354428 - **Filing stage:** DRHP - **Latest SEBI filing:** 11 Aug 2026 - **Fresh issue:** ₹125 Cr - **Offer for sale:** 78,36,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹97 Cr - **Revenue growth:** +61.0% - **Net profit FY26:** ₹32 Cr - **Revenue CAGR FY24 to FY26:** 37.8% - **Promoter holding (pre-IPO):** 96.5% - **Lead managers:** Systematix Corporate Services Limited - **Registrar:** Bigshare Services Private Limited - **Fact-check flags:** 0 high, 2 medium, 2 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 37.8% a year. Sales FY24 to FY26; latest year +61%. - **Profitability** (looks fine): 32.6% net margin. FY26; operating margin improving. - **Debt** (looks fine): No borrowings. Nothing borrowed at the end of FY26. - **Profit into cash** (look closer): 43% of profit. Operations brought in ₹13.5 crore against ₹31.6 crore of profit in FY26. - **One-off income** (looks fine): 1% of profit. Other and one-off income is 1% of pre-tax profit. - **Red flags** (look closer): 2 to review. 40 claims checked: 0 high, 2 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 51 | 60 | 97 | | Sales growth | – | 18.0% | 61.0% | | Operating profit | 14 | 20 | 42 | | Operating margin | 27.7% | 33.2% | 43.3% | | Net profit | 8.8 | 13 | 32 | | Net margin | 17.3% | 21.1% | 32.6% | | Net worth | 13 | 26 | 57 | | Borrowings | 4.9 | 0.22 | 0.00 | | Return on equity | 66.9% | 49.1% | 55.0% | ## Use of proceeds (fresh issue) - Funding the capital expenditure requirements of our Company towards setting up the Vasai Manufacturing Facility (the “Proposed Project”): ₹91 crore - General corporate purposes: amount not fixed yet ## Fact-checked claims - **MEDIUM** (LitigationStatus): The matter concerning the FIR is currently pending.. One search result mentions that a single case involves the company and its promoters, and directs users to check for details on outstanding litigation proceedings. Other results confirm the filing of draft papers with SEBI for an IPO, but do not explicitly confirm that a specific FIR is currently pending. - **MEDIUM** (PromoterBackground): None of the Directors are prohibited from accessing the capital market or debarred from buying, selling or dealing in securities under any order or direction passed by SEBI or any securities market regulator in any other jurisdiction or any other authority/court.. The search results mention instances where SEBI has taken action against listed companies (like Rajesh Exports) or ordered investigations into financial matters, which suggests that regulatory actions against entities exist. However, the results do not specifically confirm or deny the statement regarding the directors' freedom from being prohibited or debarred by SEBI or other regulators. - **LOW** (SubsidiaryPerformance): The company acquired trademarks from GoFab Genesis LLP through a MoU.. The search results corroborate the claim, indicating that Beauty Garage Professional acquired the hair cosmetics brand Gofab Genesis LLP. Multiple sources mention this acquisition, linking it to Beauty Garage and Gofab Genesis LLP. - **LOW** (RegulatoryAction): Applications made using the ASBA facility in initial public offerings shall be processed only after application monies are blocked in the bank accounts of investors (all categories), pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/75 dated May 30, 2022.. The search results confirm that Beauty Garage has filed papers with SEBI for an IPO and has faced regulatory actions, including the cancellation of an import registration related to a hair straightener. However, the results do not specifically corroborate or contradict the exact procedural detail mentioned in the DRHP claim regarding the blocking of application monies. - **NONE** (PromoterBackground): The Audit Committee was constituted by a Board resolution dated December 5, 2025.. The provided search results do not contain any information regarding the constitution of an Audit Committee by a Board resolution dated December 5, 2025, for Beauty Garage Limited. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search snippets. - **NONE** (PromoterBackground): Remuneration for Independent Directors in Financial Year 2026 included sitting fees as follows: Arun Dash received ₹0.70 Lakh, Dilip Pahilajrai Panjwani received ₹0.60 Lakh, and Rupal Dhiren Jhaveri received ₹0.70 Lakh.. The provided search results do not contain any information regarding the remuneration details for independent directors in the financial year 2026 for Beauty Garage Limited. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (SubsidiaryPerformance): The registered office address was changed on December 30, 2022, to align with the company’s laboratory and warehouse location.. The provided search results do not contain information regarding a change in the registered office address for Beauty Garage Limited on December 30, 2022, to align with its laboratory and warehouse location. Therefore, the claim cannot be corroborated or contradicted by the available search snippets. - **NONE** (SubsidiaryPerformance): The CIN of the company was changed to U20237MH2021PLC354428 following a Board Resolution on November 24, 2025, and a Special Resolution on December 5, 2025.. The search results do not contain any information regarding a change in the company's CIN to U20237MH2021PLC354428 following specific board resolutions on November 24, 2025, and December 5, 2025. The results primarily focus on the filing of the DRHP, financial performance, and business activities. - **NONE** (SubsidiaryPerformance): The BPC market was valued at INR 1,406 Bn in FY 2020 and has grown at a CAGR of 8.4% between FY 2020 to FY 2025.. The search results do not contain any information regarding the valuation or Compound Annual Growth Rate (CAGR) of the BPC market as claimed in the DRHP. Therefore, the claim cannot be corroborated or contradicted by the provided search snippets. - **NONE** (SubsidiaryPerformance): The organized retail segment is expected to account for ~25.4% of the overall retail market by FY 2030, up from ~20.5% in FY 2025.. The provided search results do not contain any information regarding the projection of the organized retail segment's market share by FY 2030, nor do they offer any corroboration or contradiction to the claim made in the DRHP. - **NONE** (SubsidiaryPerformance): Organized retail was valued at INR 18,917 Bn in FY 2025, accounting for approximately 20.5% of the retail market.. The search results do not contain any information regarding the valuation of the organized retail market or the specific claim that it was valued at INR 18,917 Bn in FY 2025. The results focus on the company's IPO filing, revenue, and financial performance. - **NONE** (SubsidiaryPerformance): Unorganized retail continued to hold the majority share at 79.5% of the total retail market in FY 2025, valued at INR 74,346 Bn.. The search results do not contain any information regarding the claim about the majority share held by unorganized retail in the total retail market in FY 2025. The results primarily focus on the filing of the DRHP, financial performance, and brand details of Beauty Garage Limited. ## Common questions ### How big is the Beauty Garage Limited IPO? Beauty Garage Limited's IPO comprises a fresh issue of ₹125 Cr and an offer for sale of 78.36 lakh shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Beauty Garage Limited's revenue and profit? Beauty Garage Limited reported revenue from operations of ₹97 Cr in FY26, +61.0% versus FY25. Net profit was ₹32 Cr (FY25: ₹13 Cr). Revenue grew at a compound rate of 37.8% a year from FY24 to FY26. Figures are read from the DRHP, as printed there. ### How much do promoters own in Beauty Garage Limited? Promoters hold 96.5% of Beauty Garage Limited before the IPO. ### How will Beauty Garage Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding the capital expenditure requirements of our Company towards setting up the Vasai Manufacturing Facility (the “Proposed Project”) (₹91 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Beauty Garage Limited's DRHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 2 medium and 2 low. The most notable: One search result mentions that a single case involves the company and its promoters, and directs users to check for details on outstanding litigation… The search results mention instances where SEBI has taken action against listed companies (like Rajesh Exports) or ordered investigations into financial… This is an automated screen, not a verdict; each finding links to its sources. ### What does Beauty Garage Limited do? Forget the hype: a single, serious legal case involving the promoters of Beauty Garage Limited is casting a shadow over its planned IPO. We dive deep into the filings to uncover what this litigation means for investors. ### Who manages the Beauty Garage Limited IPO? Book running lead managers: Systematix Corporate Services Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Beauty Garage Limited IPO documents? All 2 filings for Beauty Garage Limited (DAP, DRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [BEAUTY GARAGE LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/BEAUTY%20GARAGE%20LIMITED%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 11 Aug 2026) - [BEAUTY GARAGE LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786439399725.pdf) (Draft Red Herring Prospectus, filed 11 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.