Injecto Polymers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.57×
- Big non-institutionalbNII · above ₹10 lakh
- 1.47×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.22×
- Retail individualRII · up to ₹2 lakh
- 1.28×
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 |
|---|---|---|---|---|
| Qualified institutional | 6,38,400 | 9,99,600 | ₹10 Cr | 1.57× |
| Non-institutional | 18,66,000 | 19,68,000 | ₹19.68 Cr | 1.05× |
| Big non-institutionalwithin NII | 12,44,400 | 18,28,800 | ₹18.29 Cr | 1.47× |
| Small non-institutionalwithin NII | 6,21,600 | 1,39,200 | ₹1.39 Cr | 0.22× |
| Retail individual | 18,67,200 | 23,88,000 | ₹23.88 Cr | 1.28× |
| Total | 43,71,600 | 53,55,600 | ₹53.56 Cr | 1.23× |
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 16 Sept, 05:12 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 11 Sep 2026 – 16 Sep 2026
- Listing date
- 21 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹98 – ₹100
- Issue price
- ₹100 per share
- 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 ₹30.50 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 (formerly Injecto Polymers Private Limited) was incorporated on September 4, 1998 and converted to a Public Limited Company on July 8, 2024. The company operates in the plastic and polymer packaging industry, engaged in both manufacturing and trading of polypropylene (PP) woven fabrics and related products. Manufacturing contributed 49.64% of revenue (₹18,640.92 lakhs) and trading contributed 50.36% (₹18,912.21 lakhs) in FY 2026. The company operates two manufacturing units in West Bengal with combined installed capacity of 10,870 MT as of March 31, 2026, achieving 95.29% capacity utilization. Its products serve industries including agriculture, construction, food grains, textiles, and chemicals, with 85.27% of FY 2026 revenue derived from West Bengal and Eastern India.
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.
Company Analysis
from RHPInjecto Polymers Limited manufactures and trades in plastic polymers and polypropylene woven fabrics and sacks for packaging across agriculture, construction, food grains, textiles, and chemicals industries.
Injecto Polymers Limited (formerly Injecto Polymers Private Limited) was incorporated on September 4, 1998 and converted to a Public Limited Company on July 8, 2024. The company operates in the plastic and polymer packaging industry, engaged in both manufacturing and trading of polypropylene (PP) woven fabrics and related products. Manufacturing contributed 49.64% of revenue (₹18,640.92 lakhs) and trading contributed 50.36% (₹18,912.21 lakhs) in FY 2026. The company operates two manufacturing units in West Bengal with combined installed capacity of 10,870 MT as of March 31, 2026, achieving 95.29% capacity utilization. Its products serve industries including agriculture, construction, food grains, textiles, and chemicals, with 85.27% of FY 2026 revenue derived from West Bengal and Eastern India.
Objects of the Issue
- Funding capital expenditure towards setting up a new manufacturing unit – Phase IV ₹3,050.00 lakhs p.46
- Repayment of long-term borrowings p.48
- General corporate purposes p.48
- Funding capex for the new manufacturing facility (Phase-IV) p.51
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company Up to 1,000.00 p.107
- 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 713166 Up to 3,050.00 p.107
- General Corporate Purposes [●] p.107
- Expansion of manufacturing capabilities - Phase-IV expansion at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal to add manufacturing capacity ₹3,050.00 lakhs p.165
- Expansion of manufacturing capacities ₹2,961.96 lakhs p.165
Issue Structure
- Total Issue
- Up to 56,12,400 Equity Shares of face value ₹10/- each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 56,12,400 Equity Shares of face value ₹10/- each aggregating up to ₹[●] lakhs
- Offer for Sale
- N.A
- Price Band
- Price Band to be decided by the Company in consultation with the Book Running Lead Manager and advertised at least two working days prior to Bid/Issue Opening Date
- Lot Size
- 1,200 Equity Shares (Bid Lot); minimum allotment of 2,400 Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through two primary segments: (1) Manufacturing of polypropylene woven fabrics and sacks, generating ₹18,640.92 lakhs (49.64% of revenue) in FY 2026; (2) Trading of plastic granules and polymer products, generating ₹18,912.21 lakhs (50.36% of revenue) in FY 2026. Revenue from top 5 customers represented 30.51% of total revenue in FY 2026. The company operates on an order-based model without long-term contracts, providing operational flexibility but limiting revenue visibility.
Business Segments
SWOT Analysis
- • Established manufacturing operations with installed solar power generation for energy resilience(p.50)
- • Revenue growth trajectory with 3-year compound growth(p.65)
- • Consistent profitability with improving margins(p.65)
- • Strong customer relationships with repeat orders(p.164)
- • Multi-product portfolio with customisation capabilities(p.164)
- • Strategic location advantage near major industrial zones and ports(p.164)
- • ISO and BIS quality certifications demonstrating quality standards(p.164)
- • Experienced promoter and management team with 65 years combined experience(p.164)
- • Strong financial performance with 43.62% YoY revenue growth(p.160)
- • Diversified manufacturing and trading portfolio serving multiple industries(p.262)
- • Strong revenue growth trajectory with 139.78% increase in FY2025 and 43.62% in FY2026(p.270)
- • Improved profitability with PAT growing from ₹444.36 lakhs (FY2024) to ₹1,601.28 lakhs (FY2026)(p.276)
- • B2B business model with established customer relationships across institutional and industrial segments(p.262)
- • Expansion of manufacturing capacity with Phase-III expansion of 1,200 MT underway(p.263)
- • High debt burden with significant short-term borrowings(p.52)
- • Material related party transactions creating potential conflicts of interest(p.49)
- • Heavy dependence on single logistics provider with no long-term binding agreement(p.50)
- • Pending trademark application with objection filed(p.51)
- • Concentrated promoter shareholding limiting minority shareholder influence(p.55)
- • Directors lack experience with listed companies(p.55)
- • High dependence on few key suppliers for raw materials(p.163)
- • Significant customer concentration with top 5 customers contributing 30.51% of revenue(p.163)
- • High level of financial indebtedness requiring repayment(p.109)
- • High leverage with Debt-to-Equity ratio of 2.61x as of March 31, 2026(p.248)
- • Significant short-term borrowing requirement with ₹15,695.18 lakhs in short-term borrowings as of March 31, 2026(p.264)
- • Substantial inventory holding requirements with 126 days holding period in FY2026(p.265)
- • Dependence on limited number of suppliers, with top 5 suppliers representing 58.07% of total purchases in FY2026(p.281)
- • Concentrated customer base with top 5 customers contributing 30.51% of revenue from operations in FY2026(p.282)
- • Negative operating cash flows with ₹4,880.10 lakhs cash used in operations in FY2026(p.278)
- • Significant retrospective entry tax liabilities from West Bengal tax authorities affecting multiple group companies(p.286)
- • Multiple pending tax disputes and show cause notices for alleged issuance of fake invoices without supply of goods(p.291)
- • Significant outstanding GST liabilities from multiple regulatory orders across group companies(p.290)
- • Pending income tax disputes involving substantial additions to assessable income(p.286)
- • Concentration of receivables disputes with material outstanding amounts from customers(p.284)
- • Material outstanding service tax dispute and pending appeals affecting group company operations(p.285)
- • Expansion through new manufacturing facility in West Bengal(p.51)
- • Increased production capacity through IPO proceeds deployment(p.51)
- • Significant capacity expansion to meet growing demand(p.113)
- • Strong growth in Indian packaging market at 22-25% annually(p.148)
- • Flexible packaging market expansion at 12.7% CAGR during 2024-28(p.148)
- • Growing e-commerce and packaged food consumption driving demand(p.148)
- • Government support through Make in India and MSME initiatives(p.148)
- • Expansion into specialized packaging segments including food-grade, pharmaceutical, and hygiene products(p.262)
- • Growing demand across agriculture, construction, textiles, chemicals and consumer goods industries(p.262)
- • Capacity expansion strategy to increase production and capture market share(p.263)
- • Trading segment growth with expanded procurement network and sourcing capabilities(p.274)
- • Critical dependence on electricity supply with interruption risk(p.50)
- • Exposure to foreign currency fluctuations in raw material imports(p.53)
- • Lack of formal hedging policy for forex risk(p.54)
- • Expansion project exposed to execution and capital cost risks(p.51)
- • Dependence on IPO proceeds as sole funding source for expansion(p.51)
- • Slowdown in Indian economic growth impacting demand(p.58)
- • Volatility in raw material prices affecting profitability(p.150)
- • Dependence on few suppliers creates supply chain risk(p.164)
- • Competition from alternative packaging materials(p.150)
- • Global economic slowdown and trade uncertainties impacting demand(p.144)
- • Regulatory changes including Extended Producer Responsibility guidelines(p.149)
- • Intense competition from both organized and unorganized manufacturers with price pressure(p.263)
- • Rising raw material costs dependent on global crude oil price fluctuations(p.263)
- • Competition from imported woven sacks from China, Bangladesh and Vietnam(p.264)
- • Regulatory compliance requirements including BIS certification and ISO standards for quality(p.263)
- • Cyclical demand from agriculture sector impacting seasonal revenue volatility(p.263)
- • Competition from alternative packaging materials including jute bags, paper bags and other materials(p.264)
- • Regulatory risk from retrospective tax legislation changes in West Bengal affecting entry tax liabilities(p.286)
- • Risk of increased GST scrutiny and enforcement actions related to invoice documentation and supply verification(p.291)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramesh Kumar Rateria | Individual Promoter | — | — |
| Ashok Kumar Rateria | Individual Promoter | — | — |
| Suman Financial Advisory Private Limited | Promoter Group | — | — |
| Suman Towers Private Limited | Promoter Group | — | — |
| Vinayak Tie-Up Private Limited | Promoter Group | — | — |
| Nivedeeka Commercial Private Limited | Promoter Group | — | — |
| Bhagyashri Trading Private Limited | Promoter Group | — | — |
| Ramesh Kumar Rateria | Promoter | 21.62% | 15.78% |
| Ashok Kumar Rateria | Promoter | 1.52% | 1.11% |
| Suman Financial Advisory Private Limited | Promoter Group | 14.23% | 10.39% |
| Suman Towers Private Limited | Promoter Group | 14.23% | 10.39% |
| Vinayak Tie-Up Private Limited | Promoter Group | 10.59% | 7.73% |
| Nivedeeka Commercial Private Limited | Promoter Group | 6.64% | 4.85% |
| Bhagyashri Trading Private Limited | Promoter Group | 5.13% | 3.75% |
| Ramesh Kumar Rateria | Promoter | 21.62% | [●] |
| Ashok Kumar Rateria | Promoter | 1.52% | [●] |
| Suman Financial Advisory Private Limited | Promoter Group | — | — |
| Suman Towers Private Limited | Promoter Group | — | — |
| Bhagyashri Trading Private Limited | Promoter Group | — | — |
| Nivedeeka Commercial Private Limited | Promoter Group | — | — |
| Vinayak Tie-up Private Limited | Promoter Group | — | — |
| Ramesh Kumar Rateria | Promoter & Managing Director | 21.62% | — |
| Ashok Kumar Rateria | Promoter & Whole-Time Director | 1.52% | — |
| Suman Financial Advisory Private Limited | Promoter | 14.23% | — |
| Suman Towers Private Limited | Promoter | 14.23% | — |
| Vinayak Tie-Up Private Limited | Promoter | 10.59% | — |
| Nivedeeka Commercial Private Limited | Promoter | 6.64% | — |
| Bhagyashri Trading Private Limited | Promoter | 5.13% | — |
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
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.