Injecto Polymers
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.02×
- Big non-institutionalbNII · above ₹10 lakh
- 0.10×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.03×
- Retail individualRII · up to ₹2 lakh
- 0.25×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 6 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 12 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 11 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 10 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 09 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 08 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹100 | ₹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.
Issue details
- IPO date
- 11 Sept 2026 – 16 Sept 2026
- Listing date
- 21 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹98 – ₹100
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹56.12 Cr
- Fresh issue
- ₹53.29 Cr 53,29,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹208 Cr
- Promoter holding
- 88.14% → 64.35% pre-issue → post-issue
- ISIN
- INE1JJF01019
- CIN
- U28113WB1998PLC087875
- Registrar
- Integrated Registry Management Services Pvt.Ltd.
- Lead managers
- Indcap Advisors Pvt.Ltd.
- Registered office
- 5th Floor, Room No. 2, Gate No. 3, Poddar Court, 18, Rabindra Sarani, Lalbazar, Kolkata 700001, West Bengal, India
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 | 6,38,400 | 14.60% | 13.71% |
| Anchor investor · within QIB | 9,57,600 | — | 20.57% |
| NII (HNI) | 18,66,000 | 42.68% | 40.09% |
| bNII > ₹10L · within NII | 12,44,400 | — | 26.73% |
| sNII < ₹10L · within NII | 6,21,600 | — | 13.35% |
| Retail (RII) | 18,67,200 | 42.71% | 40.11% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,83,200 | — | 6.08% |
| Total issue | 46,54,800 | — | 100.00% |
Net offer to the public of 43,71,600 shares, out of a total issue of 46,54,800. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,20,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (min) | 9 | 10,800 | ₹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
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.55 | 7.70 |
| P/E (×) | 9.48 | 12.99 |
| Price to book (×) | 2.40 | — |
| Market cap | — | ₹208 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 41.73%
- ROCE
- 19.00%
- Debt / equity
- 2.61
- PAT margin
- 4.26%
- EBITDA margin
- 10.13%
- NAV per share
- ₹41.73
- Price to book
- 2.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 375.83 | 261.85 | 109.8 |
| Revenue from operations | 375.53 | 261.48 | 109.05 |
| Other income | 0.3 | 0.38 | 0.75 |
| Total expenses | 352.84 | 250.66 | 104.86 |
| Operating profit | 22.99 | 11.19 | 4.94 |
| Operating margin | 6.12% | 4.27% | 4.50% |
| Profit before tax | 23.45 | 11.2 | 4.94 |
| Profit after tax | 16.01 | 8.11 | 4.44 |
| PAT margin | 4.26% | 3.10% | 4.04% |
| Balance sheet | |||
| Total assets | 270.93 | 170.57 | 121.25 |
| Current assets | 227.16 | 127.7 | 85.88 |
| Current liabilities | 195.84 | 106.15 | 66.7 |
| Total liabilities | 207.59 | 123.25 | 100.03 |
| Net worth | 63.34 | 47.33 | 21.22 |
| Current ratio | 1.16× | 1.20× | 1.29× |
| Return on equity | 25.28% | 17.14% | 20.92% |
| Cash flow | |||
| Operating cash flow | -48.8 | -16.9 | -12.95 |
| Investing cash flow | -3.07 | -9.44 | -2.92 |
| Financing cash flow | 51.79 | 26.31 | 15.84 |
| Net cash flow | -0.08 | -0.02 | -0.03 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment of certain outstanding borrowings ₹10 Cr
The company proposes to utilize funds for full or partial repayment of certain borrowings from banks/financial institutions to reduce outstanding indebtedness and debt servicing costs, maintain favorable debt to equity ratio and enable utilization of internal accruals for business growth.
2 Funding Capital expenditure for Phase IV expansion at existing manufacturing facility ₹30.5 Cr
The company plans to establish additional manufacturing facility at Unit-I to add capacity and enhance production capabilities. The expansion includes civil construction, purchase of plant and machinery, and utilities installation.
3 General Corporate Purposes —
The company proposes to deploy balance proceeds towards general corporate purposes including meeting operating expenses, development costs for capex, business development or marketing initiatives, and other exigencies as approved by management.
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 Injecto Polymers
Injecto Polymers Limited is a packaging company engaged in manufacturing diverse packaging products including Polypropylene Woven Fabrics, PP Woven Bags, BOPP bags, FIBC bags, and non-woven bags, alongside trading plastic granules and PVC resins. The company operates two manufacturing units in West Bengal with a combined installed capacity of 18,070 MT and serves customers across agriculture, construction, textiles, chemicals, and consumer goods industries through a B2B model. The company is promoted by Ramesh Kumar Rateria and Ashok Kumar Rateria, who bring 65 years of combined industry experience.
Management
RAMESH KUMAR RATERIA
MD
ASHOK KUMAR RATERIA
CEO
Strengths
As stated in the offer document
Strong Customer Relationship
The company has forged healthy relationships with customers across diverse industries, consistently delivering reliable and high-quality products. The company's expertise in designing and delivering customized packaging solutions provides customers flexibility as per their requirements.
Multi-Product Portfolio & Customisation Capabilities
The company provides a comprehensive range of packaging solutions like Polypropylene Woven Fabrics, Polypropylene Sacks/Bags, BOPP bags, Leno Bags, FIBC Bags suitable for wide array of usage like food items, chemicals, and mining materials.
Locational Advantage of Manufacturing Units
The company operates two manufacturing units strategically located in West Bengal with proximity to Kolkata, Odisha, Jharkhand, Bihar and major rice producing belts as well as major industrial zones having good connectivity to ports, airports, and highways.
Quality Standard Certifications & Quality Tests
The company's manufacturing units are certified with ISO 9001:2015 and ISO 22000:2018, and possess BIS Certification for food grade packaging. The company undertakes various strength tests like tensile testing, UV testing, surface resistibility test, rig testing and drop testing.
Experienced Promoter and Senior Management Team
The company is led by qualified and experienced Promoters with combined experience of 65 years in the packaging industry. The promoters are supported by management team having experience in sales, marketing, strategy and finance domains.
Risk factors
As stated in the offer document
High Customer Concentration
The company derives a significant portion of revenue from a limited number of customers, with the top 10 customers contributing 40.07% of FY26 revenue. Loss of key customers, reduced orders, delayed payments, or adverse changes in terms could materially affect revenue, cash flows, and profitability.
Dependence on Trading Activities
Trading activities contributed ₹18,912.21 lakhs, or 50.36% of FY26 revenue, exposing the company to price volatility, demand-supply fluctuations, higher inventory requirements, low margins, and counterparty defaults. Adverse developments in trading operations could materially affect financial performance and growth.
Geographic Concentration in Eastern India
The company generated 85.27% of FY26 revenue from West Bengal and 7.04% from other eastern states. Economic, political, regulatory, infrastructure, natural disaster, or socio-political disruptions in the region could materially affect revenue and operations.
Raw Material Supply and Price Volatility
Manufacturing is dependent on timely availability of polypropylene, polyethylene, PP resin and other raw materials whose prices are influenced by crude oil, inflation, supply-demand conditions and geopolitical factors. Supply disruptions or inability to pass on cost increases could adversely affect margins and cash flows.
High Supplier Concentration
The top 10 suppliers accounted for 72.72% of total purchases in FY26, exposing the company to significant supplier concentration. Loss of key suppliers, supply disruptions, or pricing changes could adversely affect production schedules, order fulfilment, and financial performance.
Negative Operating Cash Flows and Working Capital Requirements
The company reported negative operating cash flows of ₹4,880.10 lakhs, ₹1,689.59 lakhs and ₹1,295.23 lakhs in FY26, FY25 and FY24, respectively. Net working capital increased to ₹18,170.85 lakhs in FY26, creating liquidity risks for working capital, debt servicing and expansion.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Injecto Polymers Ltd. THIS ISSUE | 10.55 | — | 12.99, computed at the offer price | 2.40, computed at the offer price | 25.28% |
| 4.22 | — | 19.43 | — | 4.06% | |
| 19.17 | — | 9.04 | — | 13.74% |
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.