Injecto Polymers
Injecto Polymers is a manufacturer of diverse plastic packaging products and a trader of plastic granules and Polyvinyl Chloride (PVC) resins. The company operates in the industrial packaging sector, serving various industries including agriculture, pharmaceuticals, and food.
Price Band
₹98 - ₹100
Lot Size
2400 Shares
Issue Size
₹56.12 Cr
Fresh Issue
₹56.12 Cr
OFS
N/A
AI Sentiment Score
Current GMP
₹0
Est. Listing: ₹100 (0%)
📅 IPO Timeline
1
Open
Sep 11
2
Close
Sep 16
3
Allotment
Sep 17
4
Refund
Sep 18
5
Demat
Sep 18
6
Listing
Sep 21
✨ AI Analysis & Prediction
-2.0%
predicted listing gain
The listing gain is adjusted downwards primarily due to extremely poor subscription velocity (Total 0.29x) and an institutional demand score of only 0.62x, which typically indicates a lack of market appetite. While the small float and strong ROE provide a slight buffer, the absence of any Grey Market Premium and minimal HNI/Retail interest suggest a high probability of listing at or below the issue price.
💪 Strengths
- Rapid revenue and PAT growth over three years
- 100% Fresh Issue indicating capital infusion into the business
- Strong ROE of 28.94%
⚠️ Weaknesses
- Extremely low subscription rates across NII and Retail categories
- Low PAT margins (4.26%) relative to revenue scale
🚀 Opportunities
- Capacity expansion via Phase IV manufacturing facility
- Diversified presence across multiple industrial sectors
🛡️ Threats
- Dependence on plastic resin price volatility
- Strong competition in the SME packaging space
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company | ₹10.00 |
| Funding the Capital expenditure towards setting up phase IV at our existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal | ₹30.50 |
| General Corporate Purposes | ₹15.62 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 109.00 Cr | Rs 261.00 Cr | Rs 376.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 4.00 Cr | Rs 8.00 Cr | Rs 16.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 12.00 Cr | Rs 23.00 Cr | Rs 38.00 Cr |
| Borrowings (₹ Cr) | Rs 83.00 Cr | Rs 101.00 Cr | Rs 165.00 Cr |
| Total Assets (₹ Cr) | Rs 121.00 Cr | Rs 171.00 Cr | Rs 271.00 Cr |
| ROCE % | 12.00% | 16.00% | 19.00% |
📋 Live Subscription Status
QIB
1.02x
NII
0.08x
Retail
0.26x
Total
0.29x
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
- 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.
Incorporated in September 1998, Injecto Polymers has evolved over nearly three decades into a specialized player in the plastic packaging industry. The company has built its operational footprint primarily in West Bengal, focusing on high-utility packaging solutions for a wide array of industrial applications.
Its core business model revolves around the manufacturing of a wide range of packaging products. This includes Polypropylene (PP) Woven Fabrics, PP Woven Bags, Biaxially Oriented Polypropylene (BoPP) Bags, Leno Bags, and specialized Low-Density and Polyester Pouches. Additionally, they produce Flexible Intermediate Bulk Container (FIBC) Bags and Non-Woven Bags.
The company's products serve a diverse set of critical sectors, including agriculture, construction, textiles, chemicals, food, pharmaceuticals, cosmetics, and general consumer goods. This broad sectoral exposure helps the company mitigate risks associated with a downturn in any single industry.
Operationally, Injecto Polymers operates two modern manufacturing facilities located in West Bengal—specifically at Jaugram, Jamalpur, and Andul Road, Howrah. These plants are equipped with modern machinery, software-based monitoring systems, and dedicated in-house testing facilities to ensure quality control.
The promoter group consists of Ramesh Kumar Rateria, Ashok Kumar Rateria, and several associated entities including Suman Financial Advisory Pvt.Ltd., Suman Towers Pvt.Ltd., Vinayak Tie-Up Pvt.Ltd., Nivedeeka Commercial Pvt.Ltd., and Bhagyashri Trading Pvt.Ltd.
Injecto Polymers is launching a Book Build Issue to raise approximately ₹56.12 Crores. The entire issue consists of a fresh issue of ₹56.12 Crores with no Offer for Sale (OFS) component. The price band is set between ₹98 and ₹100 per share, with a minimum retail lot size of 2400 shares requiring an application amount of ₹2,40,000. The IPO is scheduled to open on September 11, 2026, and close on September 16, 2026, with listing on the BSE SME platform on September 21, 2026.
The proceeds from the fresh issue are earmarked for strategic growth and debt reduction. Specifically, ₹30.50 Crores will be utilized for capital expenditure to set up 'Phase IV' at the existing manufacturing facility in Jaugram, Jamalpur, West Bengal, while ₹10.00 Crores will be used for the repayment or pre-payment of certain outstanding borrowings.
Financial performance shows an aggressive growth trajectory. Revenue increased from ₹109.80 Crores in FY24 to ₹261.85 Crores in FY25, reaching ₹375.83 Crores in FY26. Similarly, Profit After Tax (PAT) grew from ₹4.44 Crores in FY24 to ₹8.11 Crores in FY25, and jumped significantly to ₹16.01 Crores in FY26.
From a valuation perspective, the company reports a Basic EPS of ₹10.55 for FY26. While a specific P/E ratio is not provided in the summary, a comparison with peers like Emmbi Industries and RDB Rasayans shows varying industry multiples. The company boasts a strong Return on Equity (ROE) of 28.94% and a Return on Net Worth (RoNW) of 25.28%.
Key strengths include the 100% fresh issue structure, which signals promoter confidence, and a strong upward trend in profitability and revenue. However, the primary concern is the extremely low subscription demand from the NII and Retail segments, which may signal a lack of confidence in the current pricing.
Investors should view this IPO as a long-term play given the capacity expansion plans. While the fundamentals are growing, the current market sentiment—reflected in the low subscription numbers—suggests caution regarding immediate listing gains.