Injecto Polymers

Incorporated in September 1998, Injecto Polymers has established itself as a key player in the plastic packaging industry over more than two decades of operation. The company specializes in the production of a wide array of packaging solutions, ranging from PP Woven Fabrics and BoPP Bags to Leno Bags and Flexible Intermediate Bulk Container (FIBC) Bags. These products are essential for the transport and storage of goods across multiple sectors, including chemicals, textiles, and food.

The company's business model is bifurcated into the manufacturing of high-quality packaging products and the trading of essential raw materials like PVC resins and plastic granules. This integrated approach allows them to maintain a presence across the value chain of plastic packaging.

Operational scale is anchored by two modern manufacturing facilities located in West Bengal, specifically at Jaugram, Jamalpur, and Andul Road, Howrah. These plants are equipped with software-based monitoring systems and in-house testing facilities to ensure stringent quality control and operational efficiency.

The company's market position is strengthened by its ability to serve a wide variety of end-user industries, including the construction and cosmetic sectors. The promoter group, led by Ramesh Kumar Rateria and Ashok Kumar Rateria, along with several associated financial and trading firms, maintains a significant controlling interest in the business.

Injecto Polymers is launching a book-built IPO to raise approximately ₹56.12 Crores, consisting entirely of a fresh issue of equity shares. The price band is set between ₹98 and ₹100 per share, with a minimum retail lot size of 2,400 shares requiring an application amount of ₹2,40,000. The issue opens on September 11, 2026, and closes on September 16, 2026, with listing scheduled for September 21, 2026, on the BSE SME platform.

The proceeds from the fresh issue are earmarked for strategic growth and debt management. Specifically, ₹30.50 Crores will be utilized for capital expenditure to set up 'Phase IV' at the company's existing manufacturing facility in Jaugram, Jamalpur, West Bengal, while ₹10.00 Crores will be used for the repayment or prepayment of outstanding borrowings.

Financial performance shows a strong upward trajectory. Revenue grew significantly from ₹109.80 Crores in FY24 to ₹261.85 Crores in FY25, reaching ₹375.83 Crores in FY26. Net Profit (PAT) followed a similar growth curve, increasing from ₹4.44 Crores in FY24 to ₹16.01 Crores in FY26, demonstrating improved operational efficiency and scale.

From a valuation perspective, the company reports a Basic EPS of ₹10.55 and a Net Asset Value (NAV) of ₹41.73. While the company's ROE is impressive at 28.94%, the lack of direct P/E comparisons with peers like Emmbi Industries or RDB Rasayans makes it difficult to determine a precise margin of safety.

Investment strengths include the 100% fresh issue structure, which indicates that capital is entering the company rather than promoters exiting. However, the low subscription levels from QIBs and HNIs suggest a lack of institutional appetite at the current price band. Investors should weigh the strong revenue growth against the modest institutional demand before committing funds.