Sanjay Bambhaniya · Jul 20, 2026

Silverstorm Parks & Resorts SME IPO Review | APPLY or AVOID?

SME Book Build Open

Travel And Tourism

BSE SME

Price Band

₹123 - ₹133

Issue Size

₹82.43 Cr

Lot Size

1000

Min. Investment

₹1,33,000

Live GMP ₹0

0.00% Est. Listing: ₹133

SIP Calc Compare

IPO Timeline

DRHP FILED —

OPEN July 24, 2026

CLOSE July 28, 2026

ALLOTMENT July 29, 2026

LISTING July 31, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

Silverstorm Parks & Resorts SME IPO Review

Silverstorm Parks & Resorts Ltd. started in 1998. It operates in the Travel And Tourism industry and provides amusement parks, water parks, snow parks, and resort services to its customers across India. This business is based in Thrissur, Kerala. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio. Silverstorm Park and Resorts Ltd. shows steady growth. The company relies heavily on its Athirappilly park for most of its earnings.

Strengths & Risks

Strengths

Multi-format portfolio drives visitor engagement.

Operations span over 25 years.

Revenue grew 42% yearly.

Net profit doubled in FY26.

High operating EBITDA margins achieved.

Excellent return on net worth.

Expansion targets strategic UP market.

Executive pay aligns with profits.

8 Strengths Competitive Edge

Weaknesses

Heavy dependence on single location.

Sudden profit spike raises questions.

High cash transactions create risks.

Post-IPO promoter holding drops significantly.

Total debt doubled in FY26.

Lead manager past listings underperformed.

SME listing limits reporting frequency.

Large lot size restricts retail.

8 Weaknesses Monitor Closely

Financial Update

The company released its restated financial statements for the year ending March 31, 2026. Total revenue was ₹44.85 crore increased from ₹31.64 in previous year. The net profit for the same period was ₹19.10 crore increased from ₹9.71 in previous year. Assets increased by 41.22% compared to the previous year. The business shows sharp top-line momentum in recent years. Profits grew at a very rapid pace. Higher footfalls and new attractions supported this growth

IPO Valuation

The upper price band is ₹133. This price leads to a Price-to-Earnings (P/E) ratio of 15.79. The average P/E for the industry is –. The issue asking price looks reasonable on FY26 earnings. Mainboard peer multiples trade at higher numbers. Investors must check profit sustainability before placing bids.

IPO Objective

Company will use Offer proceeds to meet stated objectives:

Capital expenditure for Lucknow Snow Park and FEC (₹26.12 Cr)

Expansion and upgradation of Athirappilly Theme Park (₹15.14 Cr)

Repayment or prepayment of outstanding debt (₹24.00 Cr)

Funding general corporate requirements

Promoters & Lead Manager

Promoters are Arup Choudhuri, Jignesh Pravinchandra Sanghavi, and PISA International Pvt.Ltd.

Lead manager is Choice Capital Advisors Pvt.Ltd.

The team brings years of heavy industrial execution experience to the table

Bigshare Services Pvt.Ltd. is the official registrar.

Peer Comparison

Below is the comparison of the company with its listed peers using data from July 21, 2026. The listed peers trade at varied valuations in the market. Silverstorm delivers strong return on net worth relative to peers. The company operates on a smaller SME platform scale.

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Silver Storm Parks and Resorts Limited	12.59	11.59	44.2		30.98
Wonderla Holidays Limited	12.89	12.83	283.2	37	4.64	1.66
Imagicaaworld Entertainment Limited	0.01	0.01	22	4,701	0.05	2.14
Nicco Parks & Resorts Ltd	-0.58	-0.58	22.35		10.74	3.55

IPO Review & Analyst Rating

Silverstorm Park and Resorts Limited runs integrated leisure destinations in Southern India. Analysts note fast revenue growth alongside expansion plans in Northern India.

Analyst Name	Recommendation
Overall	Mixed Reviews
–	–
–	–

Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

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