Shakti Polytarp
Shakti Polytarp is a leading manufacturer of tarpaulins and plastic-based products, operating under the brand name 'Dinotarp'. The company specializes in creating water-resistant sheets using PP, LLDPE, LDPE, and HDPE materials for diverse industrial and agricultural applications.
Price Band
₹56 - ₹59
Lot Size
4000 Shares
Issue Size
₹26.93 Cr
Fresh Issue
₹26.93 Cr
OFS
N/A
Registrar
AI Sentiment Score
Current GMP
₹0
Est. Listing: ₹59 (0%)
📅 IPO Timeline
1
Open
Sep 15
2
Close
Sep 17
3
Allotment
Sep 18
4
Refund
Sep 21
5
Demat
Sep 21
6
Listing
Sep 22
✨ AI Analysis & Prediction
+0.5%
predicted listing gain
The listing gain is adjusted slightly upward from the zero-baseline GMP due to a very small float size creating a scarcity squeeze and strong ROE of 44.04%. However, this is significantly offset by a high debt-to-equity ratio of 2.6 and current zero institutional subscription velocity.
💪 Strengths
- Exceptional ROE of 44.04%
- Rapid revenue growth from 62Cr to 216Cr in 3 years
- 100% Fresh Issue indicates promoter confidence
⚠️ Weaknesses
- High Debt-to-Equity ratio of 2.6
- Low PAT margins (4.66%)
🚀 Opportunities
- Expansion of 'Dinotarp' brand across new industrial segments
- Utilization of IPO funds for Capex to increase capacity
🛡️ Threats
- Volatility in raw material costs for PP/PE granules
- Intense competition in the plastic sheeting and tarpaulin market
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Capital Expenditure | ₹20.88 |
| General Corporate Purposes | ₹6.05 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 62.00 Cr | Rs 159.00 Cr | Rs 216.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 1.00 Cr | Rs 5.00 Cr | Rs 10.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 4.00 Cr | Rs 11.00 Cr | Rs 19.00 Cr |
| Borrowings (₹ Cr) | Rs 24.00 Cr | Rs 48.00 Cr | NA |
| Total Assets (₹ Cr) | Rs 40.00 Cr | Rs 71.00 Cr | NA |
| ROCE % | 10.00% | 20.00% | NA |
Debt/Equity
2.60
📋 Live Subscription Status
QIB
0.00x
NII
0.00x
Retail
0.00x
Total
0.00x
Updated: Sep 12, 2026 8:05 AM
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in March 2018, Shakti Polytarp has evolved into a prominent player in the plastic-based protective sheeting industry. The company has established a strong manufacturing footprint to cater to the growing demand for durable, water-resistant materials used across various sectors.
Its core business model revolves around the production of tarpaulins utilizing a variety of polymer granules including Polypropylene (PP), Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), and High-Density Polyethylene (HDPE). These products are marketed under the 'Dinotarp' brand, ensuring quality and durability for end-users.
The company's products serve a wide array of industries, including agriculture, construction, automotive, transportation, logistics, and general consumer goods. By offering various sizes, colors, and thicknesses, they maintain a versatile market position.
Operationally, the company operates a significant manufacturing facility in Nimrani, Khargone, Madhya Pradesh, spanning approximately 1,98,450 sq. ft. This plant is equipped with high-speed extrusion tapelines, circular looms, and wide-width extrusion lamination machines to ensure high-volume production.
The company is led by its promoters: Ravi Singhal, Vivek Singhal, Trisha Singhal, and Priyal Singhal, who have steered the firm from its inception to its current scale of operations.
Shakti Polytarp is launching a book-built IPO to raise approximately ₹26.93 Crores, consisting entirely of a fresh issue of shares. The price band is set between ₹56 and ₹59 per share, with a minimum retail lot size of 4,000 shares requiring an investment of ₹2,36,000. The IPO is scheduled to open on September 15, 2026, and close on September 17, 2026, with listing on the BSE SME platform on September 22, 2026.
The proceeds from the fresh issue are primarily earmarked for growth, with ₹20.88 Crores allocated toward Capital Expenditure to expand their production capabilities. This indicates a focus on scaling operations rather than promoter offloading, as there is no Offer for Sale (OFS) component.
Financial performance has shown aggressive growth over the last three years. Revenue surged from ₹62.23 Crores in 2024 to ₹216.10 Crores in 2026. Similarly, the Profit After Tax (PAT) grew from ₹0.98 Crores in 2024 to ₹10.06 Crores in 2026, reflecting a strong upward trajectory in profitability.
In terms of valuation, the company reports a Basic EPS of ₹8.00 and a very high ROE of 44.04%. While a specific P/E ratio is not provided, the financial growth suggests a scaling business, though it must be compared against peers like Commercial Syn Bags and Shree Tirupati Balajee Agro Trading.
Key strengths include the rapid revenue growth and the 100% fresh issue structure, which signals promoter confidence. However, a significant risk is the high Debt-to-Equity ratio of 2.6, which suggests heavy reliance on borrowed capital to fund expansion.
Overall, the IPO presents a growth story in the industrial plastics sector. Investors may view the high ROE and revenue jump positively, but should carefully weigh this against the leverage on the balance sheet.