Atharva Polyplast
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Jul 2026 | ₹10 | +16.67% | ₹15,200 | ₹70 | ₹20,000 |
| 05 Jul 2026 | ₹9 | +15.00% | ₹13,700 | ₹69 | ₹18,000 |
| 04 Jul 2026 | ₹9 | +15.00% | ₹13,700 | ₹69 | ₹18,000 |
| 03 Jul 2026 | ₹5.50 | +9.17% | ₹8,400 | ₹65.50 | ₹11,000 |
| 02 Jul 2026 | ₹2.50 | +4.17% | ₹3,800 | ₹62.50 | ₹5,000 |
| 01 Jul 2026 | ₹6 | +10.00% | ₹9,100 | ₹66 | ₹12,000 |
| 30 Jun 2026 | ₹6 | +10.00% | ₹9,100 | ₹66 | ₹12,000 |
| 29 Jun 2026 | ₹8 | +13.33% | ₹12,200 | ₹68 | ₹16,000 |
| 28 Jun 2026 | ₹8 | +13.33% | ₹12,200 | ₹68 | ₹16,000 |
| 27 Jun 2026 | ₹7 | +11.67% | ₹10,600 | ₹67 | ₹14,000 |
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.
Issue details
- IPO date
- 30 Jun 2026 – 02 Jul 2026
- Listing date
- 07 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹60
- Issue price
- ₹60 per share
- Lot size
- 2,000 shares
- Listing at
- BSE SME
- Total issue size
- ₹27 Cr
- Market cap at offer price
- ₹101 Cr
- Promoter holding
- 100.00% → 73.29% pre-issue → post-issue
- ISIN
- INE226801012
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- W-163A, S Block MIDC Bhosari, Maharashtra
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 | 12,74,000 | — | — |
| Market maker | 2,26,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹60
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,80,000 |
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.
Valuation and performance
Valuation at offer price
₹60 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.28 | 3.37 |
| P/E (×) | 14.02 | 17.80 |
| Price to book (×) | 5.70 | — |
| Market cap | — | ₹101 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 40.63%
- ROCE
- 35.31%
- PAT margin
- 11.12%
- EBITDA margin
- 19.32%
- NAV per share
- ₹10.53
- Price to book
- 5.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Atharva Polyplast
Atharva Poly-Plast Limited, incorporated on January 08, 2014 and converted to a public company on April 15, 2025, is a plastic injection molding manufacturer based in Pune, Maharashtra. The company designs and manufactures custom plastic components for original equipment manufacturers (OEMs) across home appliances, automotive, and consumer electronics sectors. Operating a 40,000 square-foot manufacturing facility in Satara District, Maharashtra, it serves customers by outsourcing manufacturing of specialized plastic components. The company generates revenue primarily through injection molding services and maintains significant customer concentration, with its top customer contributing 24.42% of revenues as of January 31, 2026.
Company Analysis
from RHPAtharva Poly-Plast Limited manufactures specialized plastic components through injection molding for OEMs in the home appliances, automotive, and consumer electronics sectors.
Atharva Poly-Plast Limited, incorporated on January 08, 2014 and converted to a public company on April 15, 2025, is a plastic injection molding manufacturer based in Pune, Maharashtra. The company designs and manufactures custom plastic components for original equipment manufacturers (OEMs) across home appliances, automotive, and consumer electronics sectors. Operating a 40,000 square-foot manufacturing facility in Satara District, Maharashtra, it serves customers by outsourcing manufacturing of specialized plastic components. The company generates revenue primarily through injection molding services and maintains significant customer concentration, with its top customer contributing 24.42% of revenues as of January 31, 2026.
Objects of the Issue
- Funding Capital Expenditure requirements and General Corporate purposes, including working capital funding Rs. 1,300.00 Lakhs proposed to be utilized towards working capital requirements in Fiscal 2027 p.33
- Funding Capital Expenditure towards purchase of Machinery Up to ₹300.00 Lakhs p.92
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company Up to ₹300.00 Lakhs p.92
- Funding working capital requirements of the Company Up to ₹1300.00 Lakhs p.92
- General Corporate Purpose [●] p.92
Issue Structure
- Total Issue
- 45,00,000 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Fresh Issue
- Fresh Issue of 45,00,000 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Offer for Sale
- Not Applicable - The entire issue constitutes a Fresh Issue of Equity Shares
- Price Band
- Price Band of Rs. [●] (Floor Price) to Rs. [●] (Cap Price) - to be decided by the Company in consultation with the BRLM
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
Atharva Poly-Plast earns revenue through injection molding manufacturing services. The company procures polymer-based raw materials (Polypropylene, ABS, Nylon, Polycarbonate) and manufactures custom plastic components to customer specifications. For the year ended March 31, 2025, materials consumed represented 76.18% of revenue from operations (Rs. 3,160.30 lakhs). The company operates on a job-order basis, receiving purchase orders from OEM customers who specify product requirements, pricing, and delivery schedules.
Business Segments
SWOT Analysis
- • Established track record and proven manufacturing capabilities with quality management systems(p.94)
- • Diversified product portfolio across multiple industrial verticals(p.94)
- • Full-cycle manufacturing support from design to production(p.94)
- • Strong profitability metrics with improving EBITDA margins(p.107)
- • Established domestic demand driven by urbanization and industrial growth(p.130)
- • Government policy support through PLI schemes and Make in India initiatives(p.138)
- • Favorable demographic dividend with young, expanding workforce(p.123)
- • Growing domestic consumption from rising disposable incomes and urbanization(p.127)
- • Strong growth in furniture, appliances, and automotive sectors utilizing plastic components(p.131)
- • Experienced promoter leadership with deep plastics manufacturing expertise(p.187)
- • Integrated value chain from material selection to final assembly(p.219)
- • Strong financial performance with improving profitability(p.217)
- • Solid asset base including land, building and machinery(p.216)
- • Compliance with corporate governance norms(p.192)
- • Advanced manufacturing capabilities with ODM/OEM expertise(p.253)
- • Diversified customer base across multiple industries(p.253)
- • Strong profitability with improving margins(p.257)
- • Quality certifications and compliance framework(p.271)
- • High customer concentration with top 5 customers representing 75.39% of revenue(p.29)
- • Significant supplier concentration with top 5 suppliers representing 51.42% of raw material consumed(p.30)
- • Negative cash flows from investing and financing activities across multiple years(p.31)
- • Heavy dependence on Maharashtra operations generating 89.81% of revenue(p.33)
- • Unsecured loans of Rs. 296.78 lakhs that can be recalled at any time(p.36)
- • Trademark application pending with formalities check pass status only(p.34)
- • Raw materials represent 70.11% of revenue with exposure to volatile commodity prices(p.32)
- • Outstanding litigation including criminal proceedings and tax demands totaling Rs. 103.46 lakhs(p.50)
- • High customer concentration risk with top five customers representing 75% of revenue(p.109)
- • Significant debt burden relative to EBITDA(p.107)
- • Limited alternative financing arrangements for capital requirements(p.88)
- • High dependency on few major customers for revenue stability(p.168)
- • Limited technological adoption and advanced manufacturing capabilities, especially among SMEs(p.137)
- • Shortage of skilled workforce and technical expertise(p.137)
- • Quality inconsistencies and lack of standardized certifications across the industry(p.138)
- • Import dependency for raw materials and specialty polymers(p.137)
- • High dependence on few customers indicated by concentrated receivables(p.216)
- • Significant short-term borrowings requiring regular refinancing(p.227)
- • Promoter concentration risk with 96.39% shareholding(p.225)
- • Relatively high finance costs impacting profitability(p.217)
- • Rising trade payables indicating potential supplier pressure(p.227)
- • Significant debt burden relative to equity(p.261)
- • Heavy dependence on unsecured related-party loans(p.252)
- • Working capital management challenges(p.259)
- • Pending litigation exposure(p.263)
- • Capacity expansion through new machinery investment(p.96)
- • Strong order book and expected revenue growth(p.97)
- • India's robust economic growth and position as fastest-growing major economy(p.118)
- • Growing demand in key customer segments including home appliances and automotive(p.94)
- • Expanding global plastic moulding market projected to grow at 5.93% CAGR through 2033(p.128)
- • Automotive lightweight component demand through EV adoption and fuel efficiency mandates(p.129)
- • Shift toward sustainable and recyclable plastic materials aligned with circular economy(p.145)
- • Free Trade Agreements reducing tariff barriers for Indian plastic exports(p.133)
- • Government support for infrastructure development, plastic parks, and industrial clusters(p.145)
- • Rising demand for smart furniture and appliances with integrated plastic components(p.130)
- • Expansion into new markets leveraging integrated manufacturing capabilities(p.187)
- • Growing demand in home-appliance, electrical & electronic, and automotive sectors(p.219)
- • Sustainable manufacturing practices as market differentiator(p.187)
- • Capacity utilization through new market segments(p.219)
- • Industry growth in plastic and rubber moulding sectors(p.253)
- • Revenue growth trajectory and market expansion(p.257)
- • Potential migration to main board for access to larger capital markets(p.296)
- • Export market potential(p.270)
- • Risk of loss of key customer relationships affecting revenue significantly(p.29)
- • Dependence on limited suppliers with no long-term supply agreements(p.30)
- • Volatility in polymer pricing influenced by global crude oil prices(p.32)
- • Disruption risk from manufacturing facility concentration in Satara District(p.35)
- • Seasonal volatility in home appliances sector with revenue concentration(p.47)
- • Intense competition with larger competitors having greater resources(p.46)
- • Downward trend in OEM outsourcing could reduce demand for manufacturing services(p.32)
- • Regulatory and compliance requirements that are increasingly stringent(p.31)
- • Global trade fragmentation and tariff uncertainties(p.116)
- • Dependence on global economic conditions and customer-specific demand volatility(p.52)
- • Susceptibility to natural disasters and external shocks affecting operations(p.53)
- • Exposure to fluctuating commodity prices and input cost pressures(p.52)
- • Volatility in raw material and crude oil prices affecting manufacturing margins(p.137)
- • Stringent environmental regulations and compliance requirements for plastic waste(p.137)
- • Global macroeconomic headwinds and geopolitical tensions impacting demand(p.128)
- • Deceleration in industrial production and manufacturing momentum in FY25(p.121)
- • Intense competitive pressure from established global players and price-based competition(p.143)
- • Global supply chain disruptions and logistical complexities(p.143)
- • Fluctuating raw material costs affecting gross margins(p.217)
- • Regulatory changes impacting plastic manufacturing operations(p.192)
- • Currency fluctuation risks given export exposure(p.232)
- • Competition from established plastics manufacturers(p.187)
- • Working capital cycle pressures with rising receivables(p.216)
- • Highly fragmented and competitive industry landscape(p.260)
- • No entry barriers enabling increased competition(p.260)
- • Outstanding tax liabilities and regulatory demands(p.265)
- • Customer credit concentration risk(p.267)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anujit Shivaji Darade | Promoter and Managing Director | — | — |
| Shivaji Kisan Darade | Promoter and Director | — | — |
| Ashish Shivaji Darade | Promoter and Director | — | — |
| Sadhana Shivaji Darade | Promoter and Non-Executive Director | — | — |
| Anujit Shivaji Darade | Promoter | 77.44% | [●] |
| Shivaji Kisan Darade | Promoter | 18.95% | [●] |
| Ashish Shivaji Darade | Promoter | 1.80% | [●] |
| Sadhana Shivaji Darade | Promoter | 1.80% | [●] |
| Anujit Shivaji Darade | Promoter/Managing Director | — | — |
| Shivaji Kisan Darade | Promoter/Executive Director | — | — |
| Ashish Shivaji Darade | Promoter/CFO | — | — |
| Sadhana Shivaji Darade | Promoter/Non-Executive Director | — | — |
| Anujit Shivaji Darade | Promoter | 77.44% | — |
| Shivaji Kisan Darade | Promoter | 18.95% | — |
| Ashish Shivaji Darade | Promoter | 1.80% | — |
| Sadhana Shivaji Darade | Promoter | 1.80% | — |
| Anujit Shivaji Darade | 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.