3B Films
Fixed Price issueSMEBSE₹33.75 Cr issue
-3.00%
Listing gain over issue price
Issue size
₹33.75 Cr
1 lot at cut-off
₹1,50,000
Lot size
3,000shares
Open
30 May 2025
Close
03 Jun 2025
Allotment
04 Jun 2025
Listing
06 Jun 2025
Listing performance
Issue price
₹50
Listed at
₹48.50
Listing-day close
₹46.08
Latest price
₹13.06
Close on 21 Oct 2026
Listing gain
-3.00%
Return since issue
-73.88%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 May 2025 – 03 Jun 2025
- Listing date
- 06 Jun 2025
- Face value
- ₹1 per share
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹33.75 Cr
- Market cap at offer price
- ₹124 Cr
- Promoter holding
- 96.75% → 69.97% pre-issue → post-issue
- ISIN
- INE0TE101010
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Nirbhay Capital Services Pvt.Ltd.
- Registered office
- SF 220, Pancham Icon, Besides D-Mart, Vasna Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 3,42,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,50,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹50 per share
Valuation and performance
Valuation at offer price
₹50 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.02 | 2.26 |
| P/E (×) | 24.75 | 22.12 |
| Price to book (×) | 3.43 | — |
| Market cap | — | ₹124 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.88%
- ROCE
- 8.64%
- Debt / equity
- 3.45
- PAT margin
- 5.67%
- EBITDA margin
- 19.79%
- NAV per share
- ₹14.57
- Price to book
- 3.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About 3B Films
3B Films Limited, incorporated on September 3, 2014, and converted to a public limited company on March 14, 2024, is engaged in manufacturing and supplying CPP (Cast Polypropylene) and CPE (Cast Polyethylene) films tailored for the flexible packaging industry and high-end thermoforming applications. The company offers a wide range of customized packaging film solutions to B2B manufacturers across diverse industries including food and beverage, clothing, flowers, and other consumer goods, with manufacturing capabilities spanning a thickness range from 15 to 250 microns. The company is equipped with a manufacturing facility at Padra, Vadodara, Gujarat, with an installed capacity of 90,00,000 kg per annum for CPP/CPE films and 9,00,000 kg per annum for granules. In FY 2023-24, the company also began trading in adhesive laminated films, generating a turnover of Rs. 22.59 crore in the first financial year.
Company Analysis
from RHP3B Films Limited manufactures and supplies CPP and CPE films for flexible packaging and thermoforming applications, primarily serving the food and beverage, clothing, and consumer goods industries.
3B Films Limited, incorporated on September 3, 2014, and converted to a public limited company on March 14, 2024, is engaged in manufacturing and supplying CPP (Cast Polypropylene) and CPE (Cast Polyethylene) films tailored for the flexible packaging industry and high-end thermoforming applications. The company offers a wide range of customized packaging film solutions to B2B manufacturers across diverse industries including food and beverage, clothing, flowers, and other consumer goods, with manufacturing capabilities spanning a thickness range from 15 to 250 microns. The company is equipped with a manufacturing facility at Padra, Vadodara, Gujarat, with an installed capacity of 90,00,000 kg per annum for CPP/CPE films and 9,00,000 kg per annum for granules. In FY 2023-24, the company also began trading in adhesive laminated films, generating a turnover of Rs. 22.59 crore in the first financial year.
Plastic films and flexible packagingFood and beverage packagingThermoforming applicationsFMCG packagingConsumer goods packaging
Objects of the Issue
- Capital Expenditure 443.20 lakhs p.22
- Working Capital Requirements 715.00 lakhs p.22
- General Corporate Purposes 443.50 lakhs p.22
- Capital Expenditure for installing printing and lamination machines at existing manufacturing facility to enable printing, lamination and pouching of CPP and CPE films ₹443.20 Lakhs p.73
- Working Capital Requirements to support incremental business requirements, funding growth opportunities and strategic, business and corporate purposes ₹715.00 Lakhs p.76
- General Corporate Purposes including strategic initiatives, funding growth opportunities, strengthening marketing network and capability, brand building and meeting exigencies ₹443.50 Lakhs p.78
- Funding capex for installation of printing and lamination machines at existing manufacturing unit for forward integration p.104
- General corporate purposes
Issue Structure
- Total Issue
- 67,50,000 equity shares aggregating to ₹ 3,375.00 lakhs
- Fresh Issue
- 35,52,000 equity shares aggregating to ₹ 1,776.00 lakhs
- Offer for Sale
- 31,98,000 equity shares by Ashokbhai Dhanjibhai Babariya (10,68,000), Mukesh Dhanjibhai Babariya (10,65,000), and Gulabben Nitin Babariya (10,65,000), aggregating to ₹ 1,599.00 lakhs
- Price Band
- ₹ 50/- per equity share (including share premium of ₹ 40/-)
- Face Value
- ₹ 10/- per equity share
Business Model
The company manufactures and sells CPP and CPE films on a purchase order basis to B2B customers in the flexible packaging industry. Revenue is generated from the sale of customized plastic films to manufacturers across industries such as FMCG, chemicals, food products, textiles, pesticides, fertilizers, and ceramics. The company also earns revenue from trading of adhesive laminated films and plans to establish in-house manufacturing for adhesive laminated films in the future.
Business Segments
Manufacturing and supply of Cast Polypropylene and Cast Polyethylene films for flexible packaging and thermoforming applications, with thickness range from 15 to 250 microns
Trading of adhesive laminated films; plans to install machines for in-house manufacturing in the future
Manufacture and sale of Cast Polypropylene (CPP) and Cast Polyethylene (CPE) films used in flexible packaging applications for food and consumer goods industries, revenue from sale of scrap, and foreign exchange gains
Manufacturing of Cast Polypropylene and Cast Polyethylene films in various grades including transparent/natural CPP, metallized CPP, white opaque CPP, retort grade CPP, high metal bond CPP, nitrogen flushing grade CPP, EVOH based CPP, wide range SIT films, easy-peelable CPP, anti-fog CPP, matte CPP, window metallized CPP, and equivalent CPE variants for flexible packaging and thermoforming applications.
Trading of adhesive laminated films; company plans to install machines for in-house manufacturing in future as part of forward integration strategy.
Reprocessing of scrap generated during CPP and CPE film manufacturing into granules for sale as raw material for injection molding, thermoforming, and sheet manufacturing.
Metalised CPP and CPE films for packaging solutions
Natural CPP and CPE films for packaging applications
White opaque CPP films for packaging
Trading of adhesive laminated films for flexible packaging
Granules production from manufacturing processes
Other miscellaneous products and services
SWOT Analysis
Strengths
- • Established manufacturing capability with wide product range(p.22)
- • Diversified customer base across multiple industries(p.22)
- • Strong revenue growth from trading operations(p.22)
- • Growing net worth and profitability trajectory(p.23)
- • Strong promoter backing and experienced management team(p.81)
- • Established manufacturing capacity and production capability(p.73)
- • End-to-end execution capabilities(p.81)
- • Long-term customer relationships(p.81)
- • Quality assurance and control systems(p.81)
- • Improving profitability metrics(p.83)
- • Positive return on equity trajectory(p.83)
- • Advanced manufacturing facility with 100% imported machinery from Italy and Germany(p.112)
- • Own manufacturing unit providing full control over supply chain and production(p.113)
- • Experienced management team led by promoter with 30+ years entrepreneurship experience(p.103)
- • Wide product portfolio with 17 different CPP and CPE film variants(p.113)
- • ISO certifications and quality management systems in place(p.113)
- • Multi-market presence across domestic and international markets(p.113)
- • Strategic location near major ports enabling efficient export logistics(p.104)
- • Experienced management with deep industry knowledge(p.198)
- • State-of-the-art manufacturing facility with imported machinery(p.198)
- • Wide product portfolio and manufacturing capability(p.198)
- • In-house R&D capabilities and quality certifications(p.198)
- • Diversified domestic and export revenue base(p.200)
- • Improved financial performance and profitability trajectory(p.203)
Weaknesses
- • High dependence on few customers for revenue(p.30)
- • Significant contingent liabilities not provided for(p.31)
- • Low capacity utilization of manufacturing facility(p.31)
- • Outstanding unsecured loans from promoters repayable on demand(p.38)
- • Instances of delays in statutory compliance and payments(p.32)
- • No long-term contracts with customers or suppliers(p.33)
- • Heavy geographic concentration in Gujarat(p.40)
- • Outstanding litigation involving company and promoters(p.29)
- • High financial leverage(p.83)
- • Heavy reliance on short-term borrowings(p.49)
- • Significant inventory holding requirements(p.49)
- • Limited scale relative to capital requirements(p.73)
- • Concentrated shareholder base prior to IPO(p.63)
- • High input costs due to labor-intensive operations(p.114)
- • Energy price volatility in India affecting operational costs(p.114)
- • Dependence on small customer base with top 5 customers accounting for 73.53% of revenue(p.120)
- • Dependence on small supplier base with top 5 suppliers accounting for 80.52% of procurement(p.120)
- • Capacity utilization below 40% for CPP/CPE films at 34.07% as of December 2024(p.118)
- • Short manufacturing cycle requiring continuous sales and marketing efforts(p.116)
- • High financial leverage and debt burden(p.195)
- • Significant customer concentration creating revenue dependency(p.205)
- • Supplier concentration risk(p.205)
- • Recently appointed key managerial personnel with limited tenure(p.141)
- • Limited cash reserves relative to operations(p.203)
- • New trading business segment with unproven profitability(p.198)
- • Multiple criminal cases involving promoters and company(p.207)
- • Disputed dishonored cheque involving company and promoters(p.207)
- • Material creditor concentration risk(p.210)
- • Pending commercial litigation against company and promoters(p.208)
- • Fraud allegations against company promoters(p.209)
- • No registered trademarks held by company(p.213)
Opportunities
- • Planned manufacturing capacity expansion for adhesive laminated films(p.22)
- • Large and growing Indian plastic industry with government support(p.22)
- • Plastic parks development across multiple states(p.22)
- • Expansion into new geographic markets beyond Gujarat(p.40)
- • Growing flexible packaging demand across multiple industries(p.22)
- • Forward integration into printing and lamination(p.73)
- • Expansion of specialized product manufacturing(p.73)
- • Public listing to enhance corporate image and access capital markets(p.73)
- • Growth in flexible packaging demand(p.73)
- • Global flexible packaging market projected to grow from $197.4 billion in 2022 to $325.8 billion by 2032 at 5.1% CAGR(p.99)
- • Indian packaging industry growing at 26.7% CAGR from $50.5 billion in 2019 to $204.81 billion by 2025(p.100)
- • Asia-Pacific region holds highest market share of flexible packaging at nearly two-fifths of global revenue(p.99)
- • Pharmaceutical segment projected to grow at 7.4% CAGR from 2023 to 2032(p.99)
- • Forward integration opportunity through installation of printing and lamination machines(p.104)
- • India's strong economic growth and government support for manufacturing(p.95)
- • Government initiatives promoting plastic industry including plastic parks and tax incentives(p.100)
- • Growing demand for sustainable and recyclable packaging materials(p.99)
- • Expansion into adhesive laminated films manufacturing(p.198)
- • Growing export market for specialty films(p.183)
- • Increasing demand from FMCG and flexible packaging sectors(p.198)
- • Capacity for higher production through thickness range optimization(p.198)
- • SME platform listing and market making support(p.227)
- • Migration to main board after 3 years(p.227)
- • Compulsory market making for 3 years post-listing(p.227)
Threats
- • Volatility and unavailability of raw material supply and prices(p.29)
- • Dependence on power supply with no backup systems(p.29)
- • Regulatory risks including plastic bans and stricter environmental norms(p.41)
- • Exchange rate fluctuations impacting import-export operations(p.39)
- • Intense competition and technological changes in packaging industry(p.37)
- • Labor unrest and stringent labor legislation risks(p.40)
- • Macroeconomic and political volatility affecting Indian economy(p.41)
- • Exposure to natural disasters and catastrophic events(p.39)
- • Geopolitical tensions and terrorism affecting global trade(p.42)
- • Natural disasters disrupting operations(p.42)
- • India's sovereign debt downgrade impacting borrowing costs(p.42)
- • Inadequate insurance coverage for operational risks(p.42)
- • Global financial instability affecting Indian markets(p.42)
- • Inflation eroding margins and increasing costs(p.42)
- • Protectionist trade policies and tariff barriers(p.42)
- • Intense competition from organized and unorganized players in domestic and international markets(p.119)
- • Volatility in raw material prices affecting margins(p.114)
- • Regulatory changes related to packaging materials and environmental standards(p.114)
- • Plastic waste management regulations increasing compliance requirements(p.126)
- • Complex recycling process for plastic packaging waste requiring specialized infrastructure(p.99)
- • Global economic uncertainties and geopolitical risks affecting international markets(p.115)
- • Rising labor costs and occupational safety requirements(p.124)
- • Decline in India's plastic exports by 4.3% year-over-year to USD 907 million in April 2024(p.101)
- • Volatility in raw material prices and currency fluctuations(p.199)
- • Intense competition in CPP/CPE films industry(p.205)
- • Regulatory risks and compliance requirements(p.199)
- • Dependence on import machinery and technology(p.198)
- • Exposure to foreign exchange risk(p.168)
- • Indirect tax demands and GST exposure(p.208)
- • Mandatory compliance with regulatory approvals expiry(p.211)
- • Pending regulatory compliance applications(p.213)
- • Trademark application pending approval(p.213)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashokbhai Dhanjibhai Babariya | Promoter | 25.25% | — |
| Mukesh Dhanjibhai Babariya | Promoter | 27.25% | — |
| Gulabben Nitin Babariya | Promoter | 26.40% | — |
| Dishank Nitin Babariya | Promoter | 5.85% | — |
| Ashokbhai Dhanjibhai Babariya | Promoter | 25.25% | 17.32% |
| Mukesh Dhanjibhai Babariya | Promoter | 27.25% | 19.04% |
| Gulabben Nitin Babariya | Promoter | 26.40% | 18.31% |
| Ashokbhai Dhanjibhai Babariya | Promoter | 25.25% | 17.32% |
| Mukesh Dhanjibhai Babariya | Promoter | 27.25% | 19.04% |
| Dishank Nitin Babariya | Promoter | 5.85% | 5.01% |
| Gulabben Nitin Babariya | Promoter | — | — |
| Ashokbhai Dhanjibhai Babariya | Promoter, Chairman and Managing Director | 25.25% | — |
| Mukesh Dhanjibhai Babariya | Promoter and Non-Executive Director | 27.25% | — |
| Gulabben Nitin Babariya | Promoter | 26.40% | — |
| Dishank Nitin Babariya | Promoter and Whole-Time Director | 5.85% | — |
| Ashokbhai Dhanjibhai Babariya | Promoter | — | — |
| Mukesh Dhanjibhai Babariya | Promoter | — | — |
| Nitin Babariya | Promoter | — | — |
| Gulabben Nitin Babariya | Promoter | — | — |
Leadership
Ashokbhai Dhanjibhai Babariya · Chairman and Managing Director
Dishank Nitin Babariya · Whole-time Director
Janki Raj · Company Secretary and Compliance Officer
Dhavalkumar Maheshbhai Panchal · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
3B Films IPO FAQs
What is the lot size of 3B Films IPO?
The minimum lot size of 3B Films IPO is 3,000 shares. One lot costs ₹1,50,000 at the cut-off price.
When does 3B Films IPO open and close?
3B Films IPO opened for subscription on 30 May 2025 and closed on 03 Jun 2025.
What is the listing date of 3B Films IPO?
3B Films IPO listed on 06 Jun 2025.