1. At a Glance
Euro Pratik Sales Ltd is what happens when interior design meets Instagram aesthetics and a spreadsheet. Listed in September 2025 at peak optimism, the stock now trades around ₹280, giving it a market cap of ~₹2,865 crore on TTM sales of just ~₹211 crore. Yes, read that again slowly. That’s a Price-to-Sales of ~13.6x, the kind usually reserved for luxury brands or SaaS companies, not wall panels you stick behind a TV unit.
Yet, the company flexes some serious financial muscle: ROCE of 40.6%, ROE of 31.9%, almost zero debt, and operating margins north of 30%. Q3 FY26 delivered ₹80.4 crore revenue (+7% YoY) and ₹23.6 crore PAT (+17% YoY), helped by operating leverage and brand pull. But the stock is down ~14% over the last three months, suggesting the market has finally started asking uncomfortable questions.
So what’s going on here? Is Euro Pratik a premium brand compounding machine… or just a very well-marketed laminates business priced like a unicorn? Let’s peel the panel. Literally.
2. Introduction
Euro Pratik is not your traditional plywood-laminate uncle business. No factories, no heavy machinery, no smoke-belching chimneys. Instead, it’s a design-first, catalogue-heavy, brand-obsessed company that behaves more like Zara for walls than a construction material supplier.
Founded in 2010, the company sells decorative wall panels and laminates under the brands Euro Pratik and Gloirio, outsourcing manufacturing to 36 contract manufacturers across India and overseas. The company focuses on what it believes really matters: design, branding, distribution, and speed.
And speed they have. Over 113 catalogues launched in four years, 3,000+ designs, and around 30 product categories. If Asian Paints updates shades, Euro Pratik updates textures.
But here’s the twist. Despite all the branding jazz and celebrity endorsements (Hrithik Roshan + Kareena Kapoor Khan), the company operates in a slow-moving, cyclical, construction-linked industry. Which raises a big question: can “fast fashion” really exist in wall panels?
Hold that thought.
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Euro Pratik does not manufacture. It designs products, curates collections, prints glossy catalogues, convinces distributors, and lets
contract manufacturers do the dirty work. Think of it as the Swiggy of decorative surfaces — asset-light, commission-heavy, and design-driven.
What they sell:
- Decorative Wall Panels (66% of revenue)
- Decorative Laminates (25.6%)
- Others (8.2%) – films, adhesives, profiles, mouldings, etc.
How they sell:
- 180 distributors
- 25 states + 5 UTs
- 116 cities, including Tier-II and Tier-III
- Mostly exclusive distributor arrangements
Where it gets interesting:
- 36 contract manufacturers
- Spread across India, South Korea, China, Vietnam, Indonesia, Turkey, Romania, Portugal, and the USA
- Key tech partner: Miga (South Korea)
This model gives Euro Pratik scalability without capex, but also zero control over manufacturing risk. Any supply disruption, quality issue, or pricing squeeze hits margins directly.
Question for you: asset-light is great… but what happens when everyone else goes asset-light too?
4. Financials Overview
Quarterly Comparison Table (₹ crore, standalone)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 80.4 | ~75.1 | ~65.0 | +7% | +24% |
| EBITDA | 34.6 | ~27.5 | ~30.0 | +26% | +15% |
| PAT | 23.6 | ~20.2 | ~17.0 | +17% | +39% |
| EPS (₹) | 1.51 | 1.42 | 1.67 | +6% | -10% |
Commentary:
Margins are doing yoga-level stretches. EBITDA margin ~43% in Q3 is exceptional for a decorative products company. However, EPS QoQ decline despite PAT growth hints at timing issues, other income volatility, or tax normalization.
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 → already reflected in TTM EPS ₹4.63.
Now the uncomfortable bit.
At ₹280, P/E = ~53.6x.
Is Euro Pratik growing fast enough to justify that? Or is the market pricing in Hrithik Roshan’s abs?
5. Valuation Discussion
