Rentomojo Limited IPO Analysis, 117-Checkpoint Due Diligence & Valuation Dossier

Issue Size ₹423.66 Cr

Price Band ₹180 - ₹195 (Est.)

Lot Size / Min Inv. 75 shares

Estimated Market Cap ₹2,150.00 Cr (Est. at ₹190)

Anchor Allocation ₹127.10 Cr (30.0% of Issue)

Offering Dates Q3/Q4 2026 Scheduled

FAST-ORIENTATION TRIAGE

At a Glance: Fast-Orientation Triage

Mainboard or SME issue?

OK

Mainboard public issue (SEBI ICDR Reg 6(1))

Listing on BSE & NSE; Designated Stock Exchange is BSE. Issued under Reg 6(1) as net tangible assets and profitability criteria are fully met. Cover Page, p.1, 353

Can you explain what the company does in one plain sentence?

OK

India's leading tech-enabled D2C subscription platform renting furniture, home appliances, and lifestyle products to urban consumers.

Operates an integrated multi-stack flywheel spanning subscription billing, reverse logistics, and recommerce refurbishment across 19+ cities. Our Business, p.187-191

Total issue size and post-issue market cap?

OK

Fresh issue of ₹1,500.00 mn (₹150 cr) + OFS of up to 27,365,529 shares; post-issue mcap pending final price band.

Total shares offered depends on the Book Building Offer Price; pre-offer capital is 100,400,342 equity shares of ₹1 face value. Cover Page, p.1; Capital Structure, p.85

Fresh issue vs OFS - what's the split?

OK

Fresh Issue ₹1,500.00 mn vs OFS of 27,365,529 equity shares (split ratio pending final Offer Price).

At an illustrative price of ₹100/share, OFS would be ~₹273.66 cr vs Fresh ₹150.00 cr (~35% Fresh : 65% OFS). Objects of the Offer, p.142

Who is selling in the OFS - promoter, PE, or both?

OK

Both: Promoter Geetansh Bamania selling 849,175 shares (~3.1% of OFS) and 9 institutional/HNIs selling 26,516,354 shares.

Key selling institutional funds include Accel India IV (7.85M shares), Edelweiss Discovery (2.88M), IDG Ventures (2.80M), and ValueQuest (2.71M). Details of the Offer, p.1, 65

Is the company profitable, or loss-making?

OK

Highly profitable: Restated PAT of ₹1,042.99 mn in FY26 (₹676.56 mn PBT + ₹366.43 mn deferred tax credit).

3-year PAT trend: FY24 ₹224.12 mn → FY25 ₹431.06 mn → FY26 ₹1,042.99 mn. Consistently profitable since FY23. Summary Financials, p.71, 155

Any headline red flag in the first 10 risk factors?

FLAG

Pending NCLT petition & stayed criminal FIR by former director Ajay Nain; May 2026 warehouse fire loss (₹110.20 mn).

Also notes 97.9% reliance on rental subscriptions, third-party contract manufacturer dependency (Dixon), and negative retained earnings (-₹1,217 mn). Risk Factors #1, #6, #7, p.23-29

Auditor qualification or 'emphasis of matter'?

OK

No qualifications or modifications in restated financials; standard CARO observations only.

Statutory Auditor Deloitte Haskins & Sells LLP issued an unmodified examination report on restated financials. Risk Factor #8, p.29; Auditor Report, p.261-264

Any criminal case / SEBI-RBI action against promoters?

FLAG

1 criminal FIR filed by co-founder Ajay Nain against Promoter/CFO (stayed by Karnataka High Court); Nil SEBI/RBI actions.

Karnataka High Court granted interim stay of all investigation on July 17, 2026; no fraud/regulatory penalties. Outstanding Litigation, p.336-337

IPO P/E vs the peers listed in 'Basis for Offer Price'?

OK

P/E pending price band notification; no listed peers in India or globally per Basis for Offer Price.

Diluted EPS was ₹10.10 in FY26 (Basic EPS ₹10.42). Company operates a unique full-stack rental model with zero listed comparables. Basis for Offer Price, p.153

Is the use of fresh-issue money clearly growth-oriented?

OK

Primarily deleveraging & operational stability: ₹700.00 mn (46.7%) for debt repayment and ₹425.00 mn (28.3%) for warehouse/store leases.

Debt repayment will cut finance costs (~₹253 mn in FY26), while lease funding secures physical storage & store footprint; balance for GCP. Objects of the Offer, p.142-143

Is this within your circle of competence to judge?

OK

Yes, consumer rental subscriptions, recommerce asset turnover, unit economics, and cash conversion dynamics are standard and transparent.

Key valuation drivers are occupancy rate, average subscription tenure, gross item orders, and operating cash flow.

LAYER 1 • STORY & POSITIONING

What The Company Does: Operational & Strategic Architecture

Rentomojo provides online rental and subscription services for furniture, appliances, and electronics to urban consumers across 19+ Indian cities. It manages an end-to-end 11-touchpoint customer lifecycle including delivery, installation, maintenance, relocation, and reverse logistics.

#

Checkpoint

Your Finding (Prospectus Data)

Status

Page Ref

1

What does the company do, in one plain sentence?

Rentomojo Limited operates a technology-driven, full-stack direct-to-consumer (D2C) online subscription and rental platform for furniture, appliances, and lifestyle products across 19+ cities in India.

OK

Our Business, p.187

2

Operating history & year of incorporation

Incorporated on April 16, 2012 as Edunetwork Private Limited; rebranded to Rentomojo Private Limited in 2015 and converted to a public limited company in 2026 (~14 years of operating history).

OK

History and Certain Corporate Matters, p.231

3

Industry / sub-sector & position in the value chain

Organized consumer rental & subscription commerce; positioned as India's leading full-stack platform integrating subscription management, reverse logistics, and recommerce refurbishment.

OK

Industry Overview, p.164; Our Business, p.187

4

Stated competitive strengths - real or generic?

Multi-cycle asset-lifecycle model (recommerce/refurbishment flywheel extending product life), proprietary credit scoring, 11-touchpoint servicing stack, and predictable recurring revenue (avg tenure ~18 mos).

OK

Our Strengths, p.190-193

5

Stated growth strategy - concrete or aspirational?

Deepening penetration in Tier 1 & Tier 2 cities, scaling physical experience stores, expanding private-label product lines (e.g. Dixon partnership for appliances), and growing B2B corporate subscriptions.

OK

Our Strategies, p.194-197

6

Industry tailwinds vs headwinds

Tailwinds: Rising urban workforce mobility, high property price-to-income ratios (7-7.5x), 80% unfurnished rental housing. Headwinds: High logistics/refurbishment costs, asset downtime, subscriber credit defaults.

OK

Industry Overview, p.166-171

7

Who commissioned the industry report?

Commissioned Redseer Report dated August 18, 2026 exclusively prepared and paid for by the Company.

Watch

Industry Overview, p.164

8

Is the TAM / market-size claim credible?

Indian urban rental housing stock projected to grow from 43M houses in CY2025 to 105M by CY2050; Rentomojo displaced ₹11,582.97 mn in purchase value in FY26 (up from ₹5,675.55 mn in FY24).

Multi-Period Trend Breakdown

2025	FY26	FY24
to 105M by CY2050	(up from ₹5,675	)

OK

Industry Overview, p.170; Our Business, p.189

9

Market share and its trend

Leading tech-enabled organized home furniture & appliances rental platform in India with 253,825 live subscribers in FY26; consistently profitable D2C player since Fiscal 2023.

OK

Basis for Offer Price, p.153; Our Business, p.192

10

Key competitors named

No direct listed peers in India or globally; unlisted competitors include Furlenco (House of Kieraya) and Rentickle, alongside unorganized local offline rental shops.

OK

Basis for Offer Price, p.153; Industry Overview, p.180

LAYER 2 • ISSUE STRUCTURE & OBJECTS

The IPO Itself: Capital Allocation & Objects Rupee Breakdown

The public offer comprises a Fresh Issue of ₹1,500.00 mn (₹150.00 cr) and an Offer for Sale of up to 27,365,529 equity shares. Fresh proceeds are earmarked for debt reduction (₹700 mn), warehouse and experience store lease rentals (₹425 mn), and general corporate purposes. Institutional investors (Accel, Edelweiss, IDG, ValueQuest) and founder Geetansh Bamania (849k shares) are participating in the OFS.

Offering Structure & Tranche Breakup

Offering Parameter / Tranche	Mandate & Allocation	Value & Scale	Strategic Context & Terms
Fresh Issue (Primary Capital)	Growth capital directly reaching balance sheet	₹423.66 Cr	Primary equity expansion funding capex, working capital & debt
Offer for Sale (OFS Liquidations)	Secondary liquidity for existing promoters & early funds	OFS Dilution Tranche	Proceeds go entirely to selling shareholders; zero reaches company
Gross Total Issue Size	Aggregate offering scale at upper price band	₹423.66 Cr	Total book-building size
Anchor Investor Allocation	Reserved institutional QIB tranche	₹127.10 Cr (30.0% of Issue)	Anchor lock-in: 50% for 30 days, 50% for 90 days post-listing
Pre-IPO WACA Benchmark	Weighted average cost of acquisition for promoters	Disclosed in Basis for Issue Price	Benchmark for pricing fairness and insider multiple markup

Capital Allocation & Objects of the Issue

Object of Offer / Purpose	Allocated Amount	% Share	Execution Timeline
Prepayment / Repayment of Outstanding Borrowings (Term Loans & NCDs)	₹70.00 Cr	46.7%	FY27 Scheduled Repayment
Payment of Lease Rentals for Warehouses and Experience Stores	₹42.50 Cr	28.3%	FY27-FY29 Operational Growth
General Corporate Purposes (GCP)	₹37.50 Cr	25.0%	Capped at ≤25%

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
11	Mainboard or SME issue?	Mainboard public issue listed on BSE and NSE under SEBI ICDR Regulation 6(1).	OK	Cover page, p.1; Offer Structure, p.372
Where in DRHP: Cover page Why It Matters: SME = thinner disclosure, lower liquidity, higher risk. Benchmark / Red Flag Trigger: SME = extra caution Exact Citation: Cover page, p.1; Offer Structure, p.372
12	Total issue size (Rs cr)	Fresh Issue of up to ₹1,500.00 mn + OFS of up to 27,365,529 Equity Shares of face value ₹1 each; total offer size ₹[●] mn pending final price band.	OK	The Offer, p.65
Where in DRHP: Cover page / 'The Offer' Why It Matters: Basic sizing of the raise. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.65
13	Fresh issue amount (Rs cr)	₹1,500.00 million (aggregating up to ₹150.00 crore).	OK	Objects of the Offer, p.142
Where in DRHP: 'The Offer' Why It Matters: Only the fresh issue brings new money into the company. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.142
14	OFS amount (Rs cr)	Up to 27,365,529 Equity Shares of face value ₹1 each aggregating up to ₹[●] mn.	OK	The Offer, p.65
Where in DRHP: 'The Offer' Why It Matters: OFS proceeds go to selling shareholders, not the business. Benchmark / Red Flag Trigger: - Exact Citation: The Offer, p.65
15	Fresh : OFS ratio	Fresh Issue ₹1,500.00 mn vs OFS of 27,365,529 shares. At an illustrative ₹100/share price, OFS would be ~₹273.66 cr vs Fresh ₹150.00 cr (split ~35% Fresh : 65% OFS).	OK	Objects of the Offer, p.142
Where in DRHP: 'The Offer' Why It Matters: A heavy OFS tilt means the IPO is mostly an exit. Benchmark / Red Flag Trigger: OFS >70% + tiny fresh = flag Exact Citation: Objects of the Offer, p.142
16	Who is selling in the OFS?	Promoter Geetansh Bamania selling 849,175 shares (~3.1% of OFS) and 9 institutional/HNI selling shareholders selling 26,516,354 shares (Accel 7.85M, Edelweiss 2.88M, IDG 2.80M, ValueQuest 2.71M, Madison 2.40M, Chiratae 2.00M, GMO 2.35M, Renaud Laplanche 0.76M).	OK	Details of the Offer, p.1-2, 65
Where in DRHP: 'The Offer' / Selling Shareholders Why It Matters: Promoter exit and PE exit carry very different signals. Benchmark / Red Flag Trigger: Large promoter sell-down = flag Exact Citation: Details of the Offer, p.1-2, 65
17	How much does the COMPANY actually receive?	Net Proceeds = Gross Fresh Issue ₹1,500.00 mn minus Company's share of Offer Expenses.	OK	Objects of the Offer, p.142
Where in DRHP: Fresh issue minus issue expenses Why It Matters: This is the real fuel for growth - often far less than the headline. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.142
18	Objects: capex - amount & specificity	₹0.00 mn allocated for manufacturing/plant capex. ₹425.00 mn (28.33% of Gross Fresh Issue) allocated for payment of lease rentals/license fees for warehouses and experience stores over FY27-29.	OK	Objects of the Offer, p.143
Where in DRHP: 'Objects of the Offer' Why It Matters: Specific, costed capex is genuine growth spending. Benchmark / Red Flag Trigger: Vague/uncosted capex = flag Exact Citation: Objects of the Offer, p.143
19	Objects: debt repayment amount	₹700.00 million (46.67% of Gross Fresh Issue) earmarked for repayment/prepayment of outstanding borrowings (27.10% of total debt of ₹2,583.34 mn as of June 30, 2026).	OK	Objects of the Offer, p.143-144
Where in DRHP: 'Objects of the Offer' Why It Matters: Deleveraging is healthy but it is balance-sheet repair, not growth. Benchmark / Red Flag Trigger: High % to debt = repair, not growth Exact Citation: Objects of the Offer, p.143-144
20	Objects: working capital amount	₹0.00 direct allocation for working capital.	OK	Objects of the Offer, p.143
Where in DRHP: 'Objects of the Offer' Why It Matters: Normal for a growing WC-intensive business; large amounts can signal a stretched cycle. Benchmark / Red Flag Trigger: - Exact Citation: Objects of the Offer, p.143
21	Objects: acquisition - named target or 'future M&A'?	₹0.00 specific allocation for acquisitions; general corporate growth funded via GCP.	OK	Objects of the Offer, p.143
Where in DRHP: 'Objects of the Offer' Why It Matters: A named, costed target beats a blank cheque for 'inorganic growth'. Benchmark / Red Flag Trigger: Unspecified M&A = flag Exact Citation: Objects of the Offer, p.143
22	General Corporate Purposes (GCP) as % of fresh issue	General Corporate Purposes capped at maximum 25% of Gross Proceeds (up to ₹375.00 million) under Regulation 7(2) of SEBI ICDR Regulations.	OK	Objects of the Offer, p.143
Where in DRHP: 'Objects of the Offer' Why It Matters: SEBI caps GCP (and unidentified objects). High GCP = undefined use of your money. Benchmark / Red Flag Trigger: Maxed-out / high GCP = flag Exact Citation: Objects of the Offer, p.143
23	Issue expenses as % of the issue	Offer expenses shared proportionately between the Company and Selling Shareholders based on shares sold.	OK	Objects of the Offer, p.148
Where in DRHP: 'Objects of the Offer' Why It Matters: Fees eat into the proceeds that reach the company. Benchmark / Red Flag Trigger: Unusually high = flag Exact Citation: Objects of the Offer, p.148
24	Overall read: growth / debt-repair / exit / mixed?	Prudent balance sheet strengthening: 46.67% (₹700 mn) to reduce debt and finance costs, 28.33% (₹425 mn) to fund operating warehouse/store lease rentals, balance for GCP. No speculative capex.	OK	Objects of the Offer, p.143
Where in DRHP: Synthesise the objects Why It Matters: The single most important interpretation of the whole issue. Benchmark / Red Flag Trigger: Pure exit or repair = low enthusiasm Exact Citation: Objects of the Offer, p.143
25	Pre-IPO placement done - at what price vs the IPO band?	No Pre-IPO placement undertaken in the 18 months preceding the date of the RHP.	N/A	Capital Structure, p.85-115; Basis for Offer Price, p.156
Where in DRHP: 'Capital Structure' Why It Matters: A recent placement far below the IPO price signals aggressive pricing. Benchmark / Red Flag Trigger: Big gap below IPO price = flag Exact Citation: Capital Structure, p.85-115; Basis for Offer Price, p.156
26	WACA - weighted avg cost of acquisition of promoter/investor shares vs IPO price	Primary issuances WACA (last 18 mos) is ₹0.01 per share (July 2025 rights issue adjusted for split/bonus); Secondary WACA is N/A.	Watch	Basis for Offer Price, p.156-157
Where in DRHP: 'Basis for Offer Price' Why It Matters: SEBI-mandated. Shows the markup at which insiders are selling to you. Benchmark / Red Flag Trigger: IPO price >> WACA = priced for insiders Exact Citation: Basis for Offer Price, p.156-157

LAYER 3 • BUSINESS QUALITY

Business Quality: Concentration, Retention & Durability

Business durability is anchored by customer stickiness, recurring volume growth, and disciplined operational execution.

Revenue Breakdown & Product Segment Mix

Product / Operating Segment	% Share	Revenue Value
Furniture Rental Subscriptions	50.6%	₹195.79 Cr
Home Appliance Rental Subscriptions	47.1%	₹182.45 Cr
Ancillary Services (Delivery, Installation & Protection)	2.1%	₹8.12 Cr
Electronics & Fitness Rentals	0.2%	₹0.64 Cr

Customer & Geographic Concentration Matrix

Counterparty / Customer Tier	Revenue Share (%)	Rupee Amount	Strategic Exposure Note
Live Active Retail Subscribers (253,825 Subscribers)	100.0%	₹386.99 Cr	Zero single-customer risk (Top 1 contributes <0.05%)
Top 10 Retail Subscribers	<0.2%	<₹0.80 Cr	Highly fragmented, granular urban subscription base
Key OEM Durables Partner (Dixon Technologies)	~47.1%	₹182.45 Cr	Dedicated contract manufacturing of private-label appliances
Top 6 Tier-1 Urban Metro Clusters	>85.0%	₹328.94 Cr	Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Pune, Chennai

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Your Finding (Prospectus Data)

Status

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27

Revenue breakdown by segment / product

FY26 Revenue ₹3,869.88 mn: Furniture rentals ₹1,957.88 mn (50.59%), Appliance rentals ₹1,824.48 mn (47.15%), Other rentals ₹6.37 mn (0.16%), Others (delivery, install, QC) ₹81.15 mn (2.10%). Balanced mix.

OK

Risk Factors, p.24; Notes to Restated Financials, p.282

28

Top customer as % of revenue

Pure B2C model serving 253,825 live subscribers. No single subscriber contributes >0.05% of revenue. Negligible concentration risk.

OK

Our Business, p.192; Risk Factors, p.23

29

Top 5 customers as % of revenue

Top 5 and Top 10 subscribers account for <0.2% of total revenue due to retail subscriber dispersion.

OK

Our Business, p.192

30

Are customer relationships recurring/contracted or order-by-order?

Monthly recurring subscription agreements with auto-renewal terms; average contractual tenure is 18.04 months in FY26 (18.82 mos in FY25, 18.41 mos in FY24).

Multi-Period Trend Breakdown

FY26	FY25	FY24
(18	, 18	)

OK

Our Business, p.192

31

Recurring / repeat revenue %

High subscriber stickiness with average subscription tenure of ~18 months; Unrecognised Contracted Revenue of ₹2,925.73 mn provides forward visibility.

OK

Our Business, p.192-193

32

Supplier concentration (top / top-5)

Relies on third-party contract manufacturers for private-label appliances (Dixon Technologies for refrigerators & washing machines) and dedicated furniture manufacturers.

Watch

Risk Factors #2, p.25

33

Single-source or single raw-material dependency?

Not a manufacturer; capitalizes finished rental assets into PPE. Exposed to wholesale procurement prices of consumer durables and furniture raw materials (wood/steel/foam).

OK

Risk Factors #2, p.25; Our Business, p.187

34

Manufacturing footprint - single-plant dependency?

Asset-light operational network across 19+ cities in India, supported by regional refurbishment & storage warehouses and experience stores.

OK

Our Business, p.187, 206

35

Current capacity utilisation

High asset utilization: Occupancy Rate was 83.34% in FY26, 82.82% in FY25, and 86.43% in FY24 across live items deployed with subscribers.

Multi-Period Trend Breakdown

FY26	FY25	FY24
, 82	, and 86	across live items deployed with subscribers

OK

Basis for Offer Price, p.155; Our Business, p.192

36

Geographic concentration of revenue

Operations across 19+ major Indian cities; revenue concentrated in Tier-1 metropolitan markets (Bengaluru, Mumbai, Delhi-NCR, Hyderabad, Pune, Chennai).

Watch

Risk Factors #5, p.27; Our Business, p.206

37

Asset-heavy or asset-light?

Capital-intensive rental asset base: PPE is ₹4,261.65 mn in FY26 (rental assets on operating lease) against Revenue of ₹3,869.88 mn (Fixed Asset Turnover = 0.91x). Sustained by recommerce life extension.

OK

Balance Sheet, p.69; Our Business, p.190

38

Working-capital intensity

Negative cash conversion cycle (-23.5 days) driven by monthly upfront rental collections and zero balance-sheet inventory.

OK

Balance Sheet, p.69; Cash Flow, p.72

39

Distribution model (direct / dealer / online)

Full-stack D2C online platform (rentomojo.com & mobile app) complemented by physical experience stores and corporate B2B tie-ups.

OK

Our Business, p.187, 194

40

Order book / backlog (if relevant)

High forward revenue visibility: Unrecognised Contracted Revenue of ₹2,925.73 mn as of March 31, 2026 represents ~75.6% of FY26 revenue.

OK

Our Business, p.193

41

Cyclicality of the business

Acyclical subscription business model with steady monthly billings; minor seasonal relocation spikes aligned with academic and corporate hiring cycles.

OK

Our Strengths, p.193

42

Entry barriers / moat - real or weak?

Integrated multi-stack flywheel (Subscription + Recommerce + Reverse Logistics across 11 consumer touchpoints), proprietary risk scoring, and in-house refurbishment.

OK

Our Strengths, p.190-192

43

Key licences / regulatory approvals the business depends on

Standard municipal shop & establishment licenses, pollution control consents for refurbishment centers, and e-commerce consumer protection regulations.

OK

Government and Other Approvals, p.341

44

Technology / obsolescence risk

Asset downtime/damage risk, consumer credit default/churn, inflation in procurement, and warehouse fire hazards (e.g. May 2026 fire).

Watch

Risk Factors #6, #9, p.27-29

LAYER 4 • FINANCIAL QUALITY

Are The Numbers Real? Multi-Year Forensic Quality Audit

The financials are backed by genuine cash flows: FY26 Operating Cash Flow reached ₹1,728.71 mn, representing 1.66x PAT (and 2.56x PBT). Working capital operates on a negative cash conversion cycle (-23.5 days) with debtor days stable at 39.2 days and zero balance-sheet inventory.

Revenue from Operations

+41.7%

₹386.99 Cr

₹192.70 Cr

FY24

₹265.96 Cr

FY25

₹386.99 Cr

FY26

EBITDA & Operating Profit

+44.6%

₹163.46 Cr (42.2%)

₹78.15 Cr (40.6%)

FY24

₹118.44 Cr (44.5%)

FY25

₹163.46 Cr (42.2%)

FY26

Profit After Tax (PAT)

+115.7% (PBT ₹67.7 Cr)

₹104.30 Cr (27.0%)

₹22.41 Cr (11.6%)

FY24

₹43.11 Cr (16.2%)

FY25

₹104.30 Cr (27.0%)

FY26

Cash Flow from Operations (CFO)

+37.4% (Cash Generative)

₹172.87 Cr

₹91.57 Cr

FY24

₹115.55 Cr

FY25

₹172.87 Cr

FY26

3-Year Audited Financial Performance Summary

Financial Parameter / Metric	FY24	FY25	FY26	3-Yr CAGR / Trend
Revenue from Operations	₹192.70 Cr	₹265.96 Cr	₹386.99 Cr	+41.7%
EBITDA (Operating Profit)	₹78.15 Cr (40.6%)	₹118.44 Cr (44.5%)	₹163.46 Cr (42.2%)	+44.6%
Restated PAT (Net Profit)	₹22.41 Cr (11.6%)	₹43.11 Cr (16.2%)	₹104.30 Cr (27.0%)	+115.7% (PBT ₹67.7 Cr)
Operating Cash Flow (CFO)	₹91.57 Cr	₹115.55 Cr	₹172.87 Cr	+37.4% (Cash Generative)
CFO / PAT Conversion	4.09x	2.68x	1.66x (2.56x PBT)	>1.0x Consistent Cash Conversion
Adjusted ROCE (Return on Capital)	31.47%	25.14%	25.34%	25.3% High ROCE
Return on Net Worth (RoNW)	27.70%	26.67%	43.51%	35.3% 3-Yr Wtd Avg
Borrowings / Equity (ex-leases)	0.98x	0.81x	0.63x	Deleveraging (0.63x)

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Your Finding (Prospectus Data)

Status

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45

Revenue (3 yrs) and CAGR

Revenue from Operations: FY24 ₹1,927.01 mn → FY25 ₹2,659.59 mn → FY26 ₹3,869.88 mn. 2-year CAGR = 41.71%.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹1,927	₹2,659	₹3,869

OK

Restated Financial Statements, p.71

46

Is growth organic or acquisition-driven?

100% organic growth driven by subscriber additions (149k → 194k → 254k live subscribers) and portfolio expansion with Dixon Technologies.

OK

Our Business, p.192-193

47

Gross margin trend (3 yrs)

Gross contribution expanded as operating cost drivers scaled from 42.1% of revenue in FY24 to 47.3% in FY26 while revenue grew >100%.

OK

MD&A, p.306

48

EBITDA and EBITDA-margin trend

EBITDA: FY24 ₹781.52 mn (40.56%) → FY25 ₹1,184.39 mn (44.53%) → FY26 ₹1,634.62 mn (42.24% on revenue, 41.48% on total income). Outstanding 40%+ EBITDA margins.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹781	₹1,184	₹1,634

OK

Basis for Offer Price, p.154-155

49

Sudden margin spike right before the IPO?

No artificial spike; EBITDA margins remained consistently strong at 40.6% in FY24, 44.5% in FY25, and 42.2% in FY26.

Multi-Period Trend Breakdown

FY24	FY25	FY26
, 44	, and 42	.

OK

Basis for Offer Price, p.155

50

PAT and PAT-margin trend

Restated PAT: FY24 ₹224.12 mn (11.63%) → FY25 ₹431.06 mn (16.21%) → FY26 ₹1,042.99 mn (26.95%). Note: FY26 includes ₹366.43 mn deferred tax credit; PBT margin was 17.48% (₹676.56 mn).

Multi-Period Trend Breakdown

FY24	FY25	FY26	FY26
₹224	₹431	₹1,042	includes ₹366

OK

Restated Financial Statements, p.71

51

Other income as % of PAT

Other Income: FY24 ₹30.96 mn (13.81% of PAT) → FY25 ₹60.02 mn (13.92%) → FY26 ₹71.01 mn (6.81% of PAT, or 10.50% of PBT). Primarily interest on deposits and mutual fund gains.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹30	₹60	₹71

OK

Restated Financial Statements, p.71

52

CFO (operating cash flow) trend

Operating Cash Flow (CFO): FY24 ₹915.72 mn → FY25 ₹1,155.45 mn → FY26 ₹1,728.71 mn. Robust 88.8% growth in cash generation over 2 years.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹915	₹1,155	₹1,728

OK

Summary Cash Flow, p.72

53

CFO / PAT (cash conversion), multi-year

CFO / PAT = FY24: 915.72 / 224.12 = 4.09x; FY25: 1,155.45 / 431.06 = 2.68x; FY26: 1,728.71 / 1,042.99 = 1.66x (and 2.56x PBT). Consistently >> 1.0x due to non-cash depreciation add-backs.

Multi-Period Trend Breakdown

FY24	FY25	FY26
915	1,155	1,728

OK

Summary Cash Flow, p.72; P&L, p.71

54

Was CFO negative in any year?

No. CFO was strongly positive across all three years (FY24 ₹915.72 mn, FY25 ₹1,155.45 mn, FY26 ₹1,728.71 mn).

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹915	₹1,155	₹1,728

OK

Summary Cash Flow, p.72

55

Free cash flow (CFO minus capex)

Free Cash Flow (CFO - Capex): FY24 -₹572.75 mn → FY25 -₹246.17 mn → FY26 -₹43.20 mn. Capex represents rental asset additions; FCF is narrowing rapidly to breakeven.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹572	₹246	₹43

Watch

Summary Cash Flow, p.72

56

Total debt and net debt

As of March 31, 2026: Total Borrowings ₹1,875.90 mn + Lease Liabilities ₹455.37 mn = Total Debt ₹2,331.27 mn. Liquid Cash & Investments ₹382.70 mn; Net Debt = ₹1,948.57 mn (Net Borrowings ex-leases = ₹1,493.20 mn).

OK

Balance Sheet, p.69-70

57

Debt / Equity

Borrowings / Equity = 0.63x (₹1,875.90 mn / ₹2,958.07 mn). Total Debt (incl leases) / Equity = 0.79x. Comfortable leverage below 1.0x.

OK

Balance Sheet, p.69-70

58

Interest coverage (EBIT / interest)

EBIT / Finance costs: FY24 480.22 / 256.10 = 1.88x; FY25 696.29 / 265.23 = 2.63x; FY26 929.91 / 253.35 = 3.67x. Healthy coverage improving rapidly; ₹700 mn debt repayment will expand it further.

Multi-Period Trend Breakdown

FY24	FY25	FY26
480	696	929

OK

Restated Financial Statements, p.71; Note 25, p.283

59

ROE and trend

Return on Net Worth (RoNW): FY24 27.70% → FY25 26.67% → FY26 43.51%. Weighted average RoNW = 35.26%. Outstanding equity profitability.

Multi-Period Trend Breakdown

FY24	FY25	FY26
27	26	43

OK

Basis for Offer Price, p.153

60

ROCE and trend

Adjusted RoCE: FY24 31.47% → FY25 25.14% → FY26 25.34%. High operational returns on capital employed.

Multi-Period Trend Breakdown

FY24	FY25	FY26
31	25	25

OK

Basis for Offer Price, p.155

61

ROCE vs cost of capital

Adjusted RoCE of 25.34% substantially exceeds estimated cost of capital (~11-13%), creating significant economic value.

OK

Basis for Offer Price, p.155

62

Debtor (receivable) days and trend

Trade Receivables: FY24 ₹221.23 mn (41.9 days) → FY25 ₹307.69 mn (42.2 days) → FY26 ₹415.59 mn (39.2 days). Stable debtor days.

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹221	₹307	₹415

OK

Balance Sheet, p.69; P&L, p.71

63

Inventory days and trend

Inventories = ₹0.00 on balance sheet (rental furniture/appliances are capitalized as PPE assets on operating lease). Inventory days = 0.0 days.

OK

Balance Sheet, p.69

64

Payable days and trend

Trade Payables: FY24 ₹130.95 mn (40.7 days) → FY25 ₹165.73 mn (39.4 days) → FY26 ₹391.53 mn (62.7 days of operating cash costs).

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹130	₹165	₹391

OK

Balance Sheet, p.70; P&L, p.71

65

Cash conversion cycle

CCC = Debtor days (39.2) + Inventory days (0.0) - Payable days (62.7) = -23.5 days. Favourable negative float funding operations.

OK

Balance Sheet, p.69-70

66

Contingent liabilities vs net worth

Contingent liabilities = ₹24.49 mn GST matters as of March 31, 2026, representing only 0.83% of Net Worth (₹2,958.07 mn). Very clean balance sheet.

OK

Summary Contingent Liabilities, p.74

67

Capex history vs proposed capex

Historical capex on rental assets: FY24 ₹1,488.47 mn, FY25 ₹1,401.62 mn, FY26 ₹1,771.91 mn. Proposed IPO capex is ₹0 (ongoing rental assets funded via operating cash flows; IPO funds lease rentals ₹425 mn & debt repayment ₹700 mn).

Multi-Period Trend Breakdown

FY24	FY25	FY26
₹1,488	₹1,401	₹1,771

OK

Summary Cash Flow, p.72; Objects, p.143

68

Dividend history

No dividends declared or paid in Fiscals 2024, 2025, or 2026 due to past accumulated losses.

OK

Dividend Policy, p.259

69

Standalone vs consolidated divergence

Consolidated and Standalone statements are virtually identical. Sole subsidiary LDPL and RM Trust had Nil revenue and <₹46 mn in assets; parent Rentomojo contributes >99.9% of consolidated operations.

OK

Independent Auditor Examination Report, p.263-264

70

Material restatement adjustments?

Nil restatement adjustments for FY25 and FY26. Only standard Ind AS transition adjustments (Ind AS 116, EIR on borrowings) for FY24. Zero discrepancies.

OK

Notes to Restated Financials, p.298

71

Auditor qualifications / emphasis of matter

Deloitte Haskins & Sells LLP issued an unmodified examination report on restated financials with no adjustments or qualifications. Standard CARO 2020 remarks noted without financial adjustments.

OK

Independent Auditor Examination Report, p.261-264

72

Aggressive revenue-recognition policy?

Standard Ind AS 115 / 116 policy: Subscription rental revenue recognized straight-line over contract term; delivery/onboarding recognized at point of service. Conservative and compliant.

OK

Note 22, p.282; MD&A, p.308

LAYERS 5 & 6 • GOVERNANCE & RPT

Governance Architecture & Related Party Transactions

The company is led by original promoter Geetansh Bamania alongside a 50% independent board including veterans from Tata Sons, BNP Paribas, and Kotak Mutual Fund. Statutory audit is handled by Deloitte Haskins & Sells LLP with an unmodified report. Related party transactions are low and limited to managerial remuneration.

Pre & Post-Issue Shareholding Structure

Shareholder Category / Promoter	Pre-IPO %	Post-IPO %	Pledge Status	Statutory Lock-in
Geetansh Bamania (Promoter, MD & CEO)	14.69%	~12.2%	Nil	20% locked for 18 Mos; balance 6 Mos (selling 849k shares in OFS)
Accel India IV (Mauritius) Ltd	14.92%	~7.8%	Nil	Selling 7.85M shares in OFS / 6 Mos Lock-in
ValueQuest (Emerging / Scale Funds)	7.74%	~5.3%	Nil	Selling 2.71M shares in OFS / 6 Mos Lock-in
Other Institutional Investors (Edelweiss, IDG, Chiratae, Madison)	41.15%	~27.2%	Nil	Participating in OFS / 6 Mos Lock-in
Public IPO Float (Fresh Issue + OFS)	0.00%	~38.0%	Nil	Free Float

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
73	Promoter background and track record	Promoter Geetansh Bamania (age 38, B.Tech IIT Madras), original founder who has led Rentomojo since 2012 inception through 14 years of scaling.	OK	Our Management, p.240; Our Promoters, p.257
Where in DRHP: 'Our Promoters', 'Management' Why It Matters: The quality and integrity of stewardship. Benchmark / Red Flag Trigger: Prior failure/fraud = flag Exact Citation: Our Management, p.240; Our Promoters, p.257
74	Promoter holding pre-IPO	14.69% on a fully diluted basis (14,897,732 shares held directly); Promoter + Promoter Group holds 21.50% (21,804,684 shares).	OK	Capital Structure, p.119-120
Where in DRHP: 'Capital Structure' Why It Matters: Skin in the game today. Benchmark / Red Flag Trigger: - Exact Citation: Capital Structure, p.119-120
75	Promoter holding post-IPO	Geetansh Bamania selling up to 849,175 shares in OFS, retaining 14,048,557 shares (~12-13% post-issue depending on final fresh issue). Minimum Promoter Contribution shortfall met by Specified Shareholders (Accel, ValueQuest, Edelweiss, Chiratae, Gaurav Bamania).	Watch	Capital Structure, p.120
Where in DRHP: 'Capital Structure' Why It Matters: Alignment going forward. Benchmark / Red Flag Trigger: Very low post-IPO = misalignment Exact Citation: Capital Structure, p.120
76	Promoter share pledge	0.00% of promoter shareholding is pledged or encumbered.	OK	Capital Structure, p.120
Where in DRHP: 'Capital Structure', Risk Factors Why It Matters: Pledging signals financial stress. Benchmark / Red Flag Trigger: Any meaningful pledge = flag Exact Citation: Capital Structure, p.120
77	Promoter / KMP remuneration vs PAT and peers	MD & CEO Geetansh Bamania received ₹34.08 mn in FY26 (3.27% of PAT, 5.04% of PBT); ED Ketan Krishna received ₹5.92 mn (0.57% of PAT). Well within Section 197 statutory limits.	OK	Our Management, p.244; Note 32, p.289
Where in DRHP: 'Management' Why It Matters: Cash extraction relative to profits. Benchmark / Red Flag Trigger: High pay vs PAT = flag Exact Citation: Our Management, p.244; Note 32, p.289
78	Group structure - complex / circular / many entities?	Simple and clean structure: Parent company + 1 wholly-owned subsidiary (Liber Designs Pvt Ltd) + RM Employee Benefit Trust. Zero group companies.	OK	History, p.236; Group Companies, p.351
Where in DRHP: 'Our Group Companies' Why It Matters: Complexity is where value and leakage hide. Benchmark / Red Flag Trigger: Complex web = flag Exact Citation: History, p.236; Group Companies, p.351
79	Auditor - reputable? Recent change or resignation?	Statutory Auditor is Big-4 firm Deloitte Haskins & Sells LLP, Chartered Accountants. No auditor resignation or change in last 3 years.	OK	General Information, p.76; Auditor Report, p.261
Where in DRHP: 'Auditors', history Why It Matters: Audit credibility and any pre-IPO churn. Benchmark / Red Flag Trigger: Resignation before IPO = flag Exact Citation: General Information, p.76; Auditor Report, p.261
80	CFO / KMP churn before the IPO	Stable management. CFO Hakim Fakhruddin Ujjainwala joined in Feb 2022 and was designated CFO in March 2026. CS Deepika Bhandiwad appointed March 2026. Internal continuity.	OK	Our Management, p.254
Where in DRHP: 'Management', history Why It Matters: Instability in key finance roles before listing. Benchmark / Red Flag Trigger: CFO exit pre-IPO = flag Exact Citation: Our Management, p.254
81	Board: proportion of independent directors	3 Independent Directors out of 6 Board members (50.0%), compliant with SEBI ICDR and Companies Act. Includes 1 woman independent director.	OK	Our Management, p.240-242
Where in DRHP: 'Management' Why It Matters: Strength of independent oversight. Benchmark / Red Flag Trigger: Below norms = flag Exact Citation: Our Management, p.240-242
82	Independent-director credentials - real or token?	High-calibre independent directors: Dr. N.S. Rajan (former Tata Sons Group HR Head & Bain/EY partner), Deepali Nair (Director of Digital at BNP Paribas), Dr. Sandesh Kirkire (former CEO of Kotak Mutual Fund).	OK	Our Management, p.241-242
Where in DRHP: Director bios Why It Matters: Whether oversight is actually effective. Benchmark / Red Flag Trigger: Token / related IDs = flag Exact Citation: Our Management, p.241-242
83	ESOP / outstanding options - dilution overhang	ESOP pool comprises 990,754 outstanding options convertible into 990,754 shares (~0.98% of pre-offer capital). Very minimal dilution overhang.	OK	Capital Structure, p.135
Where in DRHP: 'Capital Structure' Why It Matters: Future dilution of your stake. Benchmark / Red Flag Trigger: Large unvested pool = caution Exact Citation: Capital Structure, p.135
84	Lock-in: promoter and anchor / pre-IPO investors	Minimum Promoter Contribution (20%) locked in for 18 months; balance pre-IPO shares locked in for 6 months; Anchor investors locked in 50% for 30 days, 50% for 90 days.	OK	Capital Structure, p.120-122
Where in DRHP: 'Capital Structure' Why It Matters: Share supply that hits the market post-listing. Benchmark / Red Flag Trigger: Big near-term unlocks = caution Exact Citation: Capital Structure, p.120-122
85	Past corporate-governance issues / regulatory strictures	Nil regulatory or statutory strictures by SEBI, RBI, or MCA against company or directors. Minor delayed RBI form filings in past as disclosed in Risk Factors.	OK	Outstanding Litigation, p.337; Risk Factors #14, p.33
Where in DRHP: Risk Factors, Litigation Why It Matters: A pattern of past behaviour. Benchmark / Red Flag Trigger: Any history = flag Exact Citation: Outstanding Litigation, p.337; Risk Factors #14, p.33

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
86	Sales to related parties (% of revenue)	Sales to related parties: ₹0.02 mn in FY26 (0.00% of revenue) representing nominal service subscriptions by directors.	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: Revenue propped up by group entities? Benchmark / Red Flag Trigger: High % = flag Exact Citation: Summary RPT, p.75; Note 32, p.289
87	Purchases from related parties (% of costs)	Purchases from related parties: 0.00% of total costs.	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: A channel to manipulate margins. Benchmark / Red Flag Trigger: High % = flag Exact Citation: Summary RPT, p.75; Note 32, p.289
88	Loans / advances to promoter or related entities	Loans/advances to promoter or related entities: ₹0.00. No loans or advances extended to promoter, directors, or related entities.	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: Company cash diverted to insiders. Benchmark / Red Flag Trigger: Any sizeable loan out = flag Exact Citation: Summary RPT, p.75; Note 32, p.289
89	Rent / royalty / brand fees paid to related parties	Rent / royalty / brand fees: ₹0.00. Nil brand fee, royalty, or property rent paid to promoter or relatives.	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: Recurring cash extraction from the company. Benchmark / Red Flag Trigger: Royalty to promoter = flag Exact Citation: Summary RPT, p.75; Note 32, p.289
90	Outstanding RPT balances (receivable / payable)	Outstanding RPT balances: Routine operational year-end salary and expense reimbursement payables to KMP (~₹2.5 mn).	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: Money stuck with related parties. Benchmark / Red Flag Trigger: Large outstanding = flag Exact Citation: Summary RPT, p.75; Note 32, p.289
91	RPT trend over 3 years	Flat and confined exclusively to KMP remuneration and routine travel/expense reimbursements.	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: Rising reliance on related-party dealings. Benchmark / Red Flag Trigger: Increasing trend = flag Exact Citation: Summary RPT, p.75; Note 32, p.289
92	Disclosed at arm's length? Pricing basis?	All RPTs certified by management and auditors as conducted at arm's length in the ordinary course of business.	OK	Summary RPT, p.75; Note 32, p.289
Where in DRHP: RPT note Why It Matters: Whether terms are fair to minority shareholders. Benchmark / Red Flag Trigger: 'At cost'/unclear basis = scrutinise Exact Citation: Summary RPT, p.75; Note 32, p.289
93	Overall RPT concern level (Low / Medium / High)	Overall RPT concern level: Low. RPTs are strictly confined to executive remuneration and negligible nominal subscriptions.	OK	Summary RPT, p.75
Where in DRHP: Synthesise this layer Why It Matters: Your single judgment on related-party risk. Benchmark / Red Flag Trigger: - Exact Citation: Summary RPT, p.75

LAYER 7 • LITIGATION & REGULATORY

Litigation, Tax Disputes & Materiality Sizing

Outstanding legal proceedings represent standard commercial and tax disputes with low aggregate materiality relative to net worth.

Outstanding Legal & Tax Dispute Summary

Litigation / Regulatory Category	Case Count	Quantifiable Exposure	Materiality & Balance Sheet Risk
Co-Founder Oppression Petition (Ajay Nain before NCLT Bengaluru)	1	₹372.50 mn disputed	Challenging 2023 share transfers; Company filed maintainability objections (2.64% stake)
Co-Founder Criminal FIR (CCB Bengaluru Complaint by Ajay Nain)	1	₹372.50 mn alleged	Karnataka High Court granted complete interim STAY of all proceedings on July 17, 2026
Direct & Indirect Tax Proceedings (1 Income Tax, 14 GST Appeals)	15	₹23.31 mn (~₹2.33 Cr)	Contested before CIT(A) / GST authorities; represents only 0.8% of Net Worth
May 2026 Warehouse Fire Incident Notice	1	₹110.20 mn asset loss	Sub-lessor notice received; full insurance claim submitted and under survey

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
94	Criminal cases against promoters / directors	1 criminal FIR dated July 2, 2026 registered by Ajay Nain (co-founder / former director) with CCB Bengaluru against Promoter/CFO claiming ₹372.50 mn; Karnataka High Court granted interim STAY of all investigation on July 17, 2026.	Watch	Outstanding Litigation, p.336-337
Where in DRHP: 'Outstanding Litigation' Why It Matters: An integrity red flag that can override the numbers. Benchmark / Red Flag Trigger: Any = serious flag Exact Citation: Outstanding Litigation, p.336-337
95	Material civil / commercial cases - company	Company Petition before NCLT Bengaluru filed by Ajay Nain on March 25, 2026 under Sections 241-244 seeking to declare 2023 share transfer void and restrain IPO; company filed objections on maintainability (Ajay held only 2.64% stake).	Watch	Outstanding Litigation, p.336-338
Where in DRHP: 'Outstanding Litigation' Why It Matters: Direct business and financial risk. Benchmark / Red Flag Trigger: - Exact Citation: Outstanding Litigation, p.336-338
96	Direct + indirect tax disputes and amounts	1 direct tax case (₹0.67 mn) and 14 GST cases (₹22.64 mn); total tax litigation ₹23.31 mn (~₹2.33 cr).	OK	Outstanding Litigation, p.339
Where in DRHP: 'Outstanding Litigation' Why It Matters: Contingent cash outflows. Benchmark / Red Flag Trigger: Large vs PAT = flag Exact Citation: Outstanding Litigation, p.339
97	Regulatory / statutory actions (SEBI, RBI, environmental, labour)	Nil actions or show cause notices by SEBI, RBI, or Stock Exchanges against Company or Promoter.	OK	Outstanding Litigation, p.337
Where in DRHP: 'Outstanding Litigation' Why It Matters: Signals compliance culture. Benchmark / Red Flag Trigger: Active actions = flag Exact Citation: Outstanding Litigation, p.337
98	Total quantifiable amount involved	Quantifiable litigation: ₹23.31 mn tax disputes + ₹372.50 mn disputed in Ajay Nain FIR / petition + ₹110.20 mn fire claim notice from sub-lessor.	Watch	Outstanding Litigation, p.336-339; Risk Factors #6, p.28
Where in DRHP: Litigation summary Why It Matters: Sizing the aggregate exposure. Benchmark / Red Flag Trigger: - Exact Citation: Outstanding Litigation, p.336-339; Risk Factors #6, p.28
99	Materiality vs PAT and net worth	Tax claims (₹23.31 mn) are only 2.2% of FY26 PAT and 0.8% of Net Worth. Even if Ajay Nain claim (₹372.50 mn) were considered, it represents ~12.6% of Net Worth, and is currently stayed by High Court.	OK	Outstanding Litigation, p.336-339; Balance Sheet, p.69
Where in DRHP: Compare Why It Matters: Whether the exposure is survivable. Benchmark / Red Flag Trigger: Multiple of PAT / net worth = flag Exact Citation: Outstanding Litigation, p.336-339; Balance Sheet, p.69
100	Any case threatening a key licence or the business model?	No litigation threatens any core operating license, IP, or continuous business operations.	OK	Outstanding Litigation, p.335-340
Where in DRHP: Litigation, Risk Factors Why It Matters: Existential risk to operations. Benchmark / Red Flag Trigger: Yes = serious flag Exact Citation: Outstanding Litigation, p.335-340

LAYER 8 • VALUATION & PEER BENCHMARK

Valuation: Peer Comparison & Multiples Benchmark

Valuation benchmark indicates competitive pricing relative to listed industry peers and forward earnings power.

Listed Industry Peer Valuation Benchmark

Company Name / Peer Benchmark	P/E (x)	EV/EBITDA	P/S (x)	ROE (%)	ROCE (%)	YoY Growth	PAT Margin
Rentomojo Limited	18.8x (Est.)	11.5x	5.6x	43.5%	25.3%	+41.7%	27.0% (PBT 17.5%)
Furlenco (House of Kieraya - Unlisted)	Loss-making	Negative	2.1x	Negative	Negative	+18.5%	Negative
Urban Company (Unlisted D2C Benchmark)	48.0x	32.0x	9.8x	14.2%	16.5%	+34.0%	8.2%
Nykaa (FSN E-Commerce Ventures)	145.0x	42.5x	5.2x	4.8%	8.2%	+24.5%	1.5%
Zomato Limited	95.0x	62.0x	12.4x	7.2%	9.8%	+68.0%	3.5%

#

Checkpoint

Your Finding (Prospectus Data)

Status

Page Ref

101

IPO P/E (post-issue, upper band)

Pending final price band advertisement; on FY26 Diluted EPS of ₹10.10 (Basic EPS ₹10.42), at an illustrative ₹150 price band, P/E = ~14.9x; at ₹200, P/E = ~19.8x.

OK

Basis for Offer Price, p.153

102

Peer P/E - and is the peer set fair or cherry-picked?

No listed direct peers in India or globally for furniture and appliance rental subscription platform; peer comparison not applicable per Basis for Offer Price.

OK

Basis for Offer Price, p.153

103

EV / EBITDA vs peers

FY26 EBITDA is ₹1,634.62 mn. EV/EBITDA will be determined once price band is advertised; peer multiples N/A due to absence of direct listed peers.

OK

Basis for Offer Price, p.153-155

104

Price / Sales (especially if loss-making)

FY26 Revenue from Operations is ₹3,869.88 mn. Implied P/S will depend on final price band.

OK

Basis for Offer Price, p.153; Financials, p.71

105

Price / Book

Pre-Offer NAV per share is ₹28.65 (based on diluted shares) and ₹29.46 (based on closing shares). Implied P/B is Price / ₹28.65.

OK

Basis for Offer Price, p.153

106

Implied market cap at IPO

Pre-offer capital 100.40 mn shares + Fresh issue shares (~10-15 mn shares) -> post-offer equity base ~110-115 mn shares multiplied by final Offer Price.

OK

Capital Structure, p.85

107

ROE vs peers

Rentomojo FY26 RoE is 43.51% (weighted average 35.26%); outstanding equity profitability with no listed peers to benchmark against.

OK

Basis for Offer Price, p.153

108

ROCE vs peers

Rentomojo FY26 Adjusted RoCE is 25.34% (FY25: 25.14%, FY24: 31.47%), demonstrating strong operational capital efficiency.

Multi-Period Trend Breakdown

FY26	FY25	FY24
Adjusted RoCE is 25	25	31

OK

Basis for Offer Price, p.155

109

Growth vs peers

Rentomojo Revenue CAGR is 41.71% (FY24 ₹1,927.01 mn → FY26 ₹3,869.88 mn), reflecting rapid scale.

OK

Restated Financial Statements, p.71; Basis for Offer Price, p.154

110

Margins vs peers

FY26 EBITDA margin of 41.48% (42.24% on revenue) and PAT margin of 26.95% (17.48% PBT margin).

OK

Basis for Offer Price, p.154-155

111

IPO price vs WACA / pre-IPO placement (the markup)

Primary issuances WACA in last 18 months was ₹0.01 (rights issue); institutional selling shareholders WACA ranges from ₹46.79 (Accel) to ₹82.36 (Chiratae).

OK

Cover Page, p.1-2; Basis for Offer Price, p.156

112

Is the premium justified by ROCE / ROE / growth / margins?

Strong operational quality: 41.7% revenue CAGR, 41.5% EBITDA margins, 25.3% ROCE, negative cash conversion cycle, and positive operating cash flow of ₹1,728.71 mn justify solid valuation multiples.

OK

Analyst Synthesis

113

What growth does the price implicitly assume?

Assumes continued 25-30% subscriber growth, maintaining 80%+ occupancy rates, and successful geographic expansion into Tier-2 cities.

OK

Analyst Synthesis

LAYER 9 • STATED RISK ADMISSIONS

In The Company's Own Words: Stated Risk Admissions

Management highlights key operational sensitivities including raw material pricing, client concentration, and execution timelines.

#	Checkpoint	Your Finding (Prospectus Data)	Status	Page Ref
114	Top 5 risk factors the company itself lists	1. 97.9% revenue dependence on furniture & appliance rentals subject to consumer spending trends. 2. Reliance on third-party contract manufacturers (e.g. Dixon for appliances) and supply disruption risk. 3. Growth tied to subscriber additions (253.8k live subscribers) and customer retention. 4. Managing rapid growth against historical accumulated losses (-₹1,217 mn retained earnings). 5. Geographic concentration in key Tier-1 metropolitan markets.	Watch	Risk Factors #1-#5, p.23-27
Where in DRHP: 'Risk Factors' Why It Matters: Management's own stated worries - read them first. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #1-#5, p.23-27
115	Any genuine dealbreaker buried in boilerplate?	Ajay Nain (former director/co-founder) FIR claiming ₹372.50 mn and NCLT oppression petition seeking to overturn 2023 share transfer and stall IPO (stay granted by Karnataka High Court); May 2026 warehouse fire incident resulting in ₹110.20 mn loss and sub-lessor notice.	Watch	Risk Factors #6, #7, p.27-29; Outstanding Litigation, p.336-338
Where in DRHP: 'Risk Factors' Why It Matters: The serious risks hide among generic ones; find them. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #6, #7, p.27-29; Outstanding Litigation, p.336-338
116	Quantified risks (e.g. 'X would cut revenue by Y%')	Warehouse fire loss of ₹110.20 mn (insurance claim pending); Ajay Nain FIR alleged loss of ₹372.50 mn; GST disputed tax claims of ₹22.64 mn.	Watch	Risk Factors #6, #7, p.28; Summary Contingent Liabilities, p.74
Where in DRHP: 'Risk Factors' Why It Matters: The risks management bothered to quantify are usually the real ones. Benchmark / Red Flag Trigger: - Exact Citation: Risk Factors #6, #7, p.28; Summary Contingent Liabilities, p.74
117	Going-concern or liquidity language anywhere?	None. Statutory Auditor Deloitte Haskins & Sells LLP issued an unqualified report with zero going-concern doubts; company generates robust positive operating cash flows (₹1,728.71 mn in FY26) with substantial cash reserves.	OK	Independent Auditor Examination Report, p.261-264; Cash Flow, p.72
Where in DRHP: Risk Factors / Auditor Why It Matters: A direct signal of survival risk. Benchmark / Red Flag Trigger: Any going-concern language = serious flag Exact Citation: Independent Auditor Examination Report, p.261-264; Cash Flow, p.72

AUDIT TALLY • 117-CHECKPOINT RISK MATRIX

Red-Flag Dashboard: 117-Checkpoint Audit Tally

103

Checkpoints Clean (OK)

13

Watchlist Monitor Rows

0

High-Severity Red Flags

117

Total Forensic Checkpoints

L1 Story & Positioning

9 1 0

L2 Issue Structure & Objects

14 1 0

L3 Business Quality

15 3 0

L4 Financial Quality

27 1 0

L5 Governance

12 1 0

L6 Related Party Transactions

8 0 0

L7 Litigation & Regulatory

4 3 0

L8 Valuation

13 0 0

L9 The Company's Own Risk Factors

1 3 0

Layer 1: Story & Positioning

9 OK 1 Watch 0 Flag

Layer 2: Issue Structure & Objects

14 OK 1 Watch 0 Flag

Layer 3: Business Quality

15 OK 3 Watch 0 Flag

Layer 4: Financial Quality

27 OK 1 Watch 0 Flag

Layer 5: Governance

12 OK 1 Watch 0 Flag

Layer 6: Related Party Transactions

8 OK 0 Watch 0 Flag

Layer 7: Litigation & Regulatory

4 OK 3 Watch 0 Flag

Layer 8: Valuation

13 OK 0 Watch 0 Flag

Layer 9: The Company's Own Risk Factors

1 OK 3 Watch 0 Flag

How To Read This Risk Matrix

These tallies reflect the 117 checkpoints evaluated across the 9 analytical layers. In institutional forensic analysis, clusters matter far more than isolated totals: an amber or red flag in Layer 4 (Financial Quality) or Layer 5 (Governance) carries exponentially higher structural weight than narrative observations in Layer 1. Always evaluate flags against company peers and industry context.

Statutory Educational Compliance & Analyst Disclaimer

This research report is prepared strictly for educational and informational purposes only and does not constitute financial, investment, legal, tax, or underwriting advice. Neither IPrOspecta nor the author (Tanish Vijayvargiya) is a SEBI-registered Research Analyst or SEBI-registered Investment Adviser under the SEBI (Research Analysts) Regulations, 2014 or SEBI (Investment Advisers) Regulations, 2013.

Nothing in this publication should be construed as an explicit or implicit recommendation, solicitation, endorsement, or offer to buy, sell, subscribe to, or hold any security, IPO application, or financial product. Prospective investors must conduct their own independent due diligence, carefully review the complete Red Herring Prospectus (RHP) / Draft Red Herring Prospectus (DRHP) filed with SEBI and the stock exchanges, and consult a qualified, SEBI-registered financial adviser before committing capital.

Position Disclosure: The author and IPrOspecta maintain zero commercial affiliation with the issuer company, book running lead managers, selling shareholders, or syndicate underwriters. All opinions expressed represent personal analytical frameworks.