Antala Industries
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 67.00×
- Big non-institutionalbNII · above ₹10 lakh
- 32.49×
- Small non-institutionalsNII · ₹2–10 lakh
- 1.17×
- Retail individualRII · up to ₹2 lakh
- 0.80×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Nov 2026 | ₹0 | — | ₹0 | ₹66 | ₹0 |
| 03 Nov 2026 | ₹0 | — | ₹0 | ₹66 | ₹0 |
| 02 Nov 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 01 Nov 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 31 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 30 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 29 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 28 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
| 27 Oct 2026 | ₹0 | — | ₹0 | ₹67 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 5,10,000 | 1,13,08,000 | ₹74.63 Cr | 22.17× |
| Big non-institutionalwithin NII | 3,42,000 | 1,11,12,000 | ₹73.34 Cr | 32.49× |
| Small non-institutionalwithin NII | 1,68,000 | 1,96,000 | ₹1.29 Cr | 1.17× |
| Total | 33,06,000 | 1,59,30,000 | ₹105 Cr | 4.82× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 04 Nov, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 29 Oct 2026 – 05 Nov 2026
- Listing date
- 11 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹62 – ₹66
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹23.33 Cr
- Fresh issue
- ₹21.82 Cr 33,06,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹80.23 Cr
- Promoter holding
- 72.92% → 0.00% pre-issue → post-issue
- ISIN
- INE15Z101013
- CIN
- U22208GJ2024PLC154065
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Vatsa Capital Venture Pvt.Ltd.
- Registered office
- Shapar RS No.84, Plot No.1, Opp. Shreeji Tiles, Veraval (Shapar), Rajkot, Kotda Sanghani, Gujarat, India, 360024
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 36,000 | 1.09% | 1.03% |
| NII (HNI) | 5,10,000 | 15.43% | 14.65% |
| bNII > ₹10L · within NII | 3,42,000 | — | 9.82% |
| sNII < ₹10L · within NII | 1,68,000 | — | 4.82% |
| Retail (RII) | 27,60,000 | 83.48% | 79.26% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,76,000 | — | 5.05% |
| Total issue | 34,82,000 | — | 100.00% |
Net offer to the public of 33,06,000 shares, out of a total issue of 34,82,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹66
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.88 | 6.89 |
| P/E (×) | 13.52 | 9.58 |
| Price to book (×) | 3.19 | — |
| Market cap | — | ₹80.23 Cr |
Key performance indicators
- Return on net worth
- 24.88%
- ROCE
- 36.00%
- Debt / equity
- 0.25
- PAT margin
- 8.94%
- EBITDA margin
- 12.97%
- NAV per share
- ₹20.67
- Price to book
- 3.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 47.53 | 25.13 | 12.59 |
| Revenue from operations | 47.4 | 25.02 | 12.51 |
| Other income | 0.13 | 0.11 | 0.08 |
| Total expenses | 41.87 | 22.99 | 11.41 |
| Operating profit | 5.66 | 2.14 | 1.18 |
| Operating margin | 11.91% | 8.52% | 9.37% |
| Profit before tax | 5.66 | 2.15 | 1.18 |
| Profit after tax | 4.24 | 1.5 | 0.89 |
| PAT margin | 8.92% | 5.97% | 7.07% |
| Balance sheet | |||
| Total assets | 28.41 | 15.95 | 5.97 |
| Current assets | 25.32 | 14.32 | 4.64 |
| Current liabilities | 10.35 | 6.34 | 2.03 |
| Total liabilities | 11.39 | 7.51 | 2.42 |
| Net worth | 17.03 | 8.44 | 3.54 |
| Current ratio | 2.45× | 2.26× | 2.29× |
| Return on equity | 24.90% | 17.77% | 25.14% |
| Cash flow | |||
| Operating cash flow | -4.88 | -3.15 | 0.48 |
| Investing cash flow | -1.78 | -0.47 | -0.03 |
| Financing cash flow | 4.95 | 5.8 | -0.1 |
| Net cash flow | -1.71 | 2.18 | 0.35 |
Objects of the issue
1 To Meet Working Capital Requirements ₹10.68 Cr
The company intends to utilize a portion of the Net Proceeds to fund its incremental working capital requirements, supporting existing operations and anticipated business growth. The total working capital requirement for Fiscal 2026-27 is projected at lakhs, of which a portion is proposed to be financed from IPO proceeds while the balance is to be met through internal accruals and borrowings.
2 To Meet Capital Expenditure Requirements Towards Purchase of Machinery ₹5.89 Cr
The company proposes to utilize a portion of the Net Proceeds for purchasing and installing additional plant and machinery at its existing manufacturing facility, including Fabric Cutting & Stitching Machine, Gusseting Cutting & Stitching Machine, Inspection Rewinding Machine, Extrusion Lamination Machine, and Printing Machine to augment manufacturing capacity and enhance operational efficiencies.
3 General Corporate Purposes —
The company intends to deploy the balance Fresh Issue proceeds towards general corporate purposes, including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to the limit of 15% of Gross Proceeds or lakhs, whichever is less.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Antala Industries
Antala Industries Limited was originally formed as a partnership firm, M/s Octagon Industries, under a partnership deed dated April 30, 2021. The firm was converted into a public limited company, Antala Industries Limited, under a certificate of incorporation dated August 05, 2024. The Company manufactures BOPP bags and PP woven bags, primarily using petroleum-derived plastic granules and films such as PP granules, LDPE granules, granules fillers, BOPP films and PP woven fabrics. Manufacturing involves energy-intensive processes including extrusion, weaving, lamination and printing. All production is concentrated at a single facility in Rajkot, Gujarat, which is held on a rented premise. The Company does not own vehicles and relies on third-party logistics providers for transport. Revenue from operations was Rs 4,740.47 lakhs for the financial year ended March 31, 2026, and Rs 3,011.12 lakhs for the period ended September 30, 2026.
Management
Rajeshkumar Chandulal Antala
MD
Pankajkumar Chandulal Antala
COO
Lataben Rajeshbhai Antala
Director
Hetalben Pankajkumar Antala
Director
Strengths
As stated in the offer document
Experienced Promoters and Management Team
The company's promoters, Rajeshkumar Chandulal Antala and Pankajkumar Chandulal Antala, possess over 29 years of experience in the packaging industry, with their operational expertise contributing to manufacturing operations, customer relationships, and business development.
Diversified Product Portfolio with Customization Capabilities
The company offers a diversified product portfolio comprising BOPP Bags, BOPP Printing Roll, BOPP Laminated Roll, PP Woven Bags, and PP Woven Lamination Roll, with manufacturing capabilities to produce customized packaging products across various end-user industries.
Presence Across Multiple End-User Industries
The company caters to customers across industries such as cement, chemicals, fertilizers, FMCG, and textiles, enabling a diversified customer base and reducing dependence on any single end-user industry.
Customer-Focused Manufacturing and Delivery Process
The company's manufacturing process is planned based on customer requirements, with coordination across production, quality control, and dispatch functions, enabling timely execution of orders as per customer specifications.
Established Supplier and Customer Relationships
The company has developed long-standing business relationships with customers and suppliers over the years, supporting raw material procurement on a need basis and facilitating continuity in manufacturing and supply operations.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives a substantial portion of its revenues from its Top 10 customers, who accounted for up to 94.28% of revenue from operations in FY2023-24. Any loss of a significant customer, reduction in order volumes, or adverse changes in market conditions could materially affect business, financial condition, and cash flows.
Raw Material Price Volatility and Supply Disruption
The company's manufacturing operations are significantly dependent on key raw materials including Polypropylene (PP) granules, LDPE granules, BOPP films, and PP woven fabrics, which constitute a substantial portion of operating costs. Prices are influenced by crude oil fluctuations, geopolitical developments, and supply chain disruptions, and the company may not always be able to pass on cost increases to customers in a price-sensitive market.
Negative Cash Flows from Operations and Investing Activities
The company has experienced negative cash flows from operating activities (₹488.26 lakhs in FY2025-26 and ₹315.17 lakhs from August 2024 to March 2025) and from investing activities across multiple periods. Sustained negative cash flows could impair the company's ability to fund growth, meet obligations, and maintain business continuity.
Absence of Long-Term Customer Agreements
The company operates primarily without formal long-term contracts, with customer orders placed through purchase orders that do not obligate minimum procurement volumes or guarantee pricing continuity. This exposes the company to revenue volatility, demand forecasting challenges, and risk of customer attrition in a highly competitive, commoditised market.
Environmental Regulations and Shift Away from Plastic Packaging
The company manufactures BOPP and PP woven bags using petroleum-derived plastic materials, which face increasing regulatory scrutiny and public pressure due to environmental concerns. Future restrictions on plastic packaging, adoption of biodegradable alternatives, or ESG-driven procurement shifts by customers could materially reduce demand for the company's products.
Single Manufacturing Facility Concentration Risk
All of the company's production is concentrated at a single facility in Rajkot, Gujarat, exposing it to region-specific risks including natural disasters, power outages, labour disputes, regulatory changes, and infrastructure constraints. Any interruption or shutdown at this facility could result in production losses, delivery failures, and significant adverse financial impact.
Company Analysis
from RHPAntala Industries Limited manufactures BOPP bags and PP woven bags for industries including agriculture, food products, fertilizers, cement, animal feed and chemicals.
Antala Industries Limited was originally formed as a partnership firm, M/s Octagon Industries, under a partnership deed dated April 30, 2021. The firm was converted into a public limited company, Antala Industries Limited, under a certificate of incorporation dated August 05, 2024. The Company manufactures BOPP bags and PP woven bags, primarily using petroleum-derived plastic granules and films such as PP granules, LDPE granules, granules fillers, BOPP films and PP woven fabrics. Manufacturing involves energy-intensive processes including extrusion, weaving, lamination and printing. All production is concentrated at a single facility in Rajkot, Gujarat, which is held on a rented premise. The Company does not own vehicles and relies on third-party logistics providers for transport. Revenue from operations was Rs 4,740.47 lakhs for the financial year ended March 31, 2026, and Rs 3,011.12 lakhs for the period ended September 30, 2026.
Objects of the Issue
- Funding capital expenditure for the purchase of plant and machinery p.29
- Working capital requirements ₹ 1,068.00 Lakhs p.89
- Capital expenditure towards purchase of machinery for the existing manufacturing facility 589.10 Lakhs (total basic amount of capex, exclusive of GST) p.92
- General corporate purposes p.97
Issue Structure
- Total Issue
- Up to 34,82,000 Equity Shares aggregating to ₹ [•] Lakhs
- Fresh Issue
- Up to 34,82,000 Equity Shares aggregating to ₹ [•] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [•] to ₹ [•] per Equity Share
- Lot Size
- Minimum of [•] Equity Shares and multiples of [•] Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
The Company earns revenue by selling BOPP bags and PP woven bags to business customers. Orders are typically placed through purchase orders or order-specific arrangements, and the Company has no formal long-term customer agreements or minimum purchase commitments. The Top 10 customers accounted for 47.43% of revenue from operations in FY 2025-26.
Business Segments
SWOT Analysis
- • Revenue from operations grew strongly, from ₹1,251.25 lakh in FY2023-24 to ₹4,740.47 lakh in FY2025-26.(p.33)
- • Repeat customers made up 85.34% of revenue (₹2,569.76 lakh of ₹3,011.12 lakh) for the period ended September 30, 2026.(p.25)
- • An in-house maintenance team handles routine repair and maintenance of machines.(p.23)
- • Insurance coverage ratio of 142.80% as of March 31, 2026, with a sum insured of ₹2,400 lakh.(p.28)
- • Niche market focus with quality and timely delivery(p.101)
- • Quality assurance standards(p.101)
- • Experienced promoters(p.101)
- • Continuous product and process improvement(p.101)
- • Skilled and experienced workforce(p.101)
- • Revenue from operations grew from 1,251.25 lakhs (FY2024) to 4,740.47 lakhs (FY2026)(p.56)
- • Promoters have about 29 years of industry experience(p.132)
- • Diversified product portfolio with customization(p.132)
- • Customer base spans several end-user industries, per the company(p.132)
- • Established relationships with customers and suppliers(p.132)
- • In-house integrated manufacturing from printing to packaging(p.122)
- • Quality and management system certifications(p.122)
- • Entire production process at a single location(p.123)
- • Integrated in-house manufacturing across printing, lamination, cutting, stitching, finishing and packaging(p.235)
- • Promoters have over 29 years of packaging industry experience(p.235)
- • Customer-focused approach supports repeat business(p.235)
- • Products serve diverse end-use industries(p.236)
- • Substantial rise in printing and lamination machinery utilisation in FY 2025-26(p.241)
- • Statutory auditor's examination report carries no reservations or adverse remarks(p.238)
- • Top 10 customers accounted for 56.43% of revenue in the period ended September 30, 2026 and 47.43% in FY2025-26.(p.20)
- • No formal or long-term contracts with customers. Orders are placed by purchase order, with no minimum volume commitment.(p.24)
- • Revenue is concentrated in a few states. Gujarat contributed 70.01% of revenue in the period ended September 30, 2026.(p.21)
- • All production is at a single facility in Rajkot, Gujarat.(p.24)
- • Negative operating cash flow of ₹(488.26) lakh in FY2025-26, with negative investing and financing cash flows in some periods.(p.23)
- • Management depends heavily on the Promoters and Directors for leadership and customer relationships.(p.26)
- • No backup power (generators, inverters or alternatives) at the premises, despite reliance on grid electricity.(p.41)
- • Delayed statutory filings under the Companies Act, 2013 in the last three years, with 14 delayed forms listed. The longest delay was 294 days (Form MGT-14).(p.27)
- • Compliance with listed-company obligations will consume management time, financial resources and administrative effort(p.46)
- • Future equity issuances would dilute existing shareholders(p.46)
- • Sale or perceived sale of substantial shares by promoters or significant shareholders may depress the share price(p.47)
- • Revenue dependent on a few customers(p.236)
- • High customer concentration in the stub period(p.239)
- • No long-term contracts with customers(p.236)
- • Dependence on key personnel(p.236)
- • Negative operating cash flow in FY 2025-26 despite positive profit(p.246)
- • Working capital absorbed cash through inventory and receivables build-up(p.246)
- • Unresolved income tax demand with pending payment status(p.263)
- • Plans to use part of the net IPO proceeds for plant and machinery capex. Quotations are received but no firm purchase orders are placed yet.(p.29)
- • Plans to broaden the customer base and cut customer concentration by entering new markets and strengthening existing and prospective customer relationships.(p.25)
- • Expansion of manufacturing capacity and product range through new machinery from IPO proceeds(p.92)
- • Management expects further revenue growth in coming years(p.91)
- • In-house lamination capacity to meet demand for value-added packaging(p.97)
- • Printing machine to offer branded and customized packaging(p.97)
- • Expand into more end-user industries(p.133)
- • Expand product portfolio with value-added packaging(p.133)
- • Scale higher-margin BOPP laminated packaging with new machinery(p.135)
- • Industry growth potential in Indian plastics(p.119)
- • Lightweight flexible formats gain value as logistics costs rise(p.118)
- • Government plastic parks to expand manufacturing output(p.121)
- • Industry described as highly fragmented, commoditised and intensely competitive, with pricing pressure.(p.20)
- • Raw material prices (PP, LDPE and other granules) are driven by crude oil and petrochemical prices, which the company does not control.(p.20)
- • Electricity tariff, levy and duty increases could raise production costs.(p.22)
- • Growing government and public pressure to reduce conventional plastic use could bring new restrictions or compliance costs.(p.28)
- • Alternatives such as paper, jute and biodegradable packaging may reduce demand for woven and BOPP products.(p.29)
- • Labour market competition and wage inflation could raise labour costs.(p.35)
- • Consolidation in logistics could reduce transport capacity and raise freight charges, since the company owns no vehicles.(p.33)
- • Consent to Operate from the relevant authority is still pending, and any delay or onerous conditions could affect operations.(p.40)
- • Changes in laws, regulations or their enforcement could raise compliance costs and disrupt operations(p.48)
- • Changes in central or state taxes and levies, including customs duties on raw material imports, could raise costs and reduce demand(p.50)
- • Political instability and changes in government policy could affect the economy and the business(p.49)
- • Global economic and political conditions beyond the company's control could affect performance and costs(p.50)
- • Inflation could raise costs that the company may not pass on to customers(p.51)
- • Natural calamities such as prolonged abnormal rainfall could hurt the Indian economy and the business(p.51)
- • Changes in regulations and economic policy in India and abroad(p.236)
- • Competition from organised and unorganised packaging manufacturers(p.235)
- • Inflation, deflation and interest rate volatility(p.236)
- • Natural disasters or calamities(p.236)
- • Rising labour costs due to scarce digital-skill talent(p.248)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Rajeshkumar Chandulal Antala | Promoter | — | — |
| Mrs. Lataben Rajeshbhai Antala | Promoter | — | — |
| Mr. Pankajkumar Chandulal Antala | Promoter | — | — |
| Mrs. Hetalben Pankajkumar Antala | Promoter | — | — |
| Mr. Nevil Pankajbhai Antala | Promoter | — | — |
| Mr. Aaryan Rajesh Antala | Promoter | — | — |
| Ms. Shaily Rajeshkumar Antala | Promoter | — | — |
| Rajeshkumar Chandulal Antala | Promoter | 52.31% | — |
| Pankajkumar Chandulal Antala | Promoter | 3.64% | — |
| Lataben Rajeshbhai Antala | Promoter | 3.97% | — |
| Hetalben Pankajkumar Antala | Promoter | 5.15% | — |
| Nevil Pankajbhai Antala | Promoter | 4.33% | — |
| Aaryan Rajesh Antala | Promoter | 3.06% | — |
| Shaily Rajeshkumar Antala | Promoter | 0.47% | — |
| Rajeshkumar Chandulal Antala | Promoter | — | — |
| Pankajkumar Chandulal Antala | Promoter | — | — |
| Hetalben Pankajkumar Antala | Promoter Group (Promoter and Non-Executive Director) | — | — |
| Lataben Rajeshbhai Antala | Promoter Group (Promoter and Non-Executive Director) | — | — |
| Rajeshkumar Chandulal Antala | Promoter | 52.31% | — |
| Pankajkumar Chandulal Antala | Promoter | 3.64% | — |
| Lataben Rajeshbhai Antala | Promoter | 3.97% | — |
| Hetalben Pankajkumar Antala | Promoter | 5.15% | — |
| Nevil Pankajbhai Antala | Promoter | 4.33% | — |
| Aaryan Rajesh Antala | Promoter | 3.06% | — |
| Shaily Rajeshkumar Antala | Promoter | 0.47% | — |
| Rajeshkumar Chandulal Antala | Promoter | — | — |
| Pankajkumar Chandulal Antala | Promoter | — | — |
Leadership
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.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Antala Industries Ltd. THIS ISSUE | 7.40 | 20.67 | 9.58, computed at the offer price | 3.19, computed at the offer price | 24.88% |
Knack Packaging Ltd | 8.94 | 30.48 | 24.62 | 6.83 | 34.41% |
Dhaval Packaging Ltd | 8.08 | 30.78 | 18.50 | 3.60 | 31.58% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.