Manas Polymers SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Oct 2025 | ₹3 | +3.70% | ₹3,600 | ₹84 | ₹4,800 |
| 05 Oct 2025 | ₹3 | +3.70% | ₹3,600 | ₹84 | ₹4,800 |
| 04 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹81 | ₹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
- Listing date
- 06 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹81 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹23.52 Cr
- Market cap at offer price
- ₹62.99 Cr
- Promoter holding
- 99.95% → 62.62% pre-issue → post-issue
- ISIN
- INE0U4H01011
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- Plot No.3, Baraghata, Industrial Area, Jhansi Road, Lashkar, Gird, Madhya Pradesh
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 | 1,47,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹81
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,29,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 12,800 | ₹10,36,800 |
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
₹81 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.81 | 5.52 |
| P/E (×) | 9.19 | 14.67 |
| Price to book (×) | 3.86 | — |
| Market cap | — | ₹62.99 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 53.10%
- ROCE
- 22.82%
- Debt / equity
- 1.05
- PAT margin
- 12.99%
- EBITDA margin
- 18.27%
- NAV per share
- ₹21
- Price to book
- 3.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Manas Polymers SME
Manas Polymers and Energies Limited was incorporated as a public limited company on January 19, 2024, and on January 25, 2024, took over the running business of proprietorship concerns (Manas Polymers and Manas Power and Infrastructure) from the estate of Late Anju Bhadauria via business transfer agreement. The Company specializes in manufacturing premium food-grade PET preforms and bottles for the packaging industry, with a manufacturing facility utilizing fully automated injection molding technology operating at a capacity of 4,000 MT per year. In addition to its plastics manufacturing business, the Company operates a 1.0 MW Solar PV Power Plant under a power purchase and wheeling agreement for solar energy-based plants under the REC mechanism dated June 05, 2015, selling electricity to identified beneficiaries at a predetermined ratio. The Company derives revenue from both PET preforms and bottles/HDPE containers for packaging applications, and from power generation.
Company Analysis
from RHPManas Polymers and Energies Limited is a manufacturer of food-grade PET preforms, bottles, and closure caps, and a generator of solar renewable energy.
Manas Polymers and Energies Limited was incorporated as a public limited company on January 19, 2024, and on January 25, 2024, took over the running business of proprietorship concerns (Manas Polymers and Manas Power and Infrastructure) from the estate of Late Anju Bhadauria via business transfer agreement. The Company specializes in manufacturing premium food-grade PET preforms and bottles for the packaging industry, with a manufacturing facility utilizing fully automated injection molding technology operating at a capacity of 4,000 MT per year. In addition to its plastics manufacturing business, the Company operates a 1.0 MW Solar PV Power Plant under a power purchase and wheeling agreement for solar energy-based plants under the REC mechanism dated June 05, 2015, selling electricity to identified beneficiaries at a predetermined ratio. The Company derives revenue from both PET preforms and bottles/HDPE containers for packaging applications, and from power generation.
Objects of the Issue
- Funding of capital expenditure requirements towards setting up of Solar Power Plant ₹1,350.00 Lakhs p.24
- Funding of capital expenditure requirements towards purchase of Fixed Assets ₹297.40 Lakhs p.24
- General Corporate Purpose p.24
- Funding of capital expenditure requirements towards setting up of Solar Power Plant ₹1,350.00 Lakhs p.93
- Funding of capital expenditure requirements towards purchase of Fixed Assets ₹297.40 Lakhs p.93
- General corporate purposes [●] Lakhs (not to exceed 15% of Gross Proceeds) p.97
- Funding capex for the expansion of renewable energy segment - setting up a new solar power project having capacity of ~5 MW at Sakedi, Tehsil Shajapur, Madhya Pradesh p.130
- —
Issue Structure
- Total Issue
- Up to 29,04,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 29,04,000 equity shares of face value of ₹10 each aggregating to ₹[●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The Company earns revenue from two primary segments: (1) Manufacturing and sale of PET preforms, PET bottles, jars, and HDPE containers to packaging industry customers including packaged mineral water suppliers, soft drink providers, sanitaryware companies, and edible oil companies; and (2) Generation and sale of solar power to identified beneficiaries under a power purchase and wheeling agreement mechanism, with surplus power sold to private players on IEX/PXIL/HPX platforms through competitive bidding.
Business Segments
SWOT Analysis
- • Rapid establishment in PET and solar energy sectors with automated manufacturing(p.24)
- • Strong revenue growth from PET preforms (96.87% of revenue in FY2025)(p.32)
- • Growing profitability with PAT of ₹429.27 Lakhs in FY2025(p.26)
- • Established solar power generation with 1.0 MW Solar PV Power Plant operational(p.35)
- • Scalable business model with consistent quality production(p.100)
- • Established manufacturing facility with installed capacity and plant & machinery(p.49)
- • Scalable business model with optimal resource utilization(p.133)
- • Experienced management team with deep industry knowledge(p.133)
- • Strong established supplier relationships(p.133)
- • Commitment to quality control with certified standards(p.133)
- • Strong long-term client relationships and repeat business(p.133)
- • ISO certifications and quality management systems across multiple standards(p.164)
- • Established manufacturing capacity with installed equipment and infrastructure(p.165)
- • Diversified product portfolio spanning plastics and renewable energy(p.163)
- • Experienced promoter with substantial industry background(p.168)
- • Strong revenue growth and profitability trajectory(p.220)
- • Positive operating cash flow generation(p.221)
- • Diversified revenue streams across PET manufacturing and renewable energy(p.222)
- • Established brand and intellectual property(p.235)
- • Clean regulatory and compliance record(p.230)
- • High dependence on three external counterparties (28-31% of sales/purchases)(p.46)
- • Heavy reliance on top 10 customers (57.82% of revenue in FY2025)(p.38)
- • Substantial working capital intensity with high trade receivables and inventory(p.34)
- • High dependence on few key suppliers with no formal agreements (94-99% from top 10)(p.36)
- • Premises held on leasehold basis; not owned by the company(p.38)
- • Past statutory non-compliances and discrepancies in corporate filings(p.34)
- • Trademark application opposed; logo not yet registered(p.41)
- • No credit rating obtained, limiting access to favorable debt financing(p.47)
- • High dependence on unsecured loans from promoter that are repayable on demand(p.49)
- • Restrictive covenants in bank loan agreements limiting operational flexibility(p.49)
- • No prior experience with listed company operations among board members(p.54)
- • Inadequate insurance coverage for key operational risks(p.53)
- • Non-ownership of land for planned solar power plant expansion(p.55)
- • High dependence on limited customer base(p.132)
- • High dependence on few non-related external counterparties for sales and purchases(p.131)
- • Recently acquired business with integration risks(p.129)
- • Limited solar energy production capacity(p.130)
- • High leverage with debt-to-equity ratio exceeding 1.0(p.203)
- • Significant reliance on related-party financing(p.209)
- • Very low cash position relative to operational scale(p.194)
- • Current ratio below 1.0 indicating working capital stress(p.197)
- • Concentration of shareholding with minimal public float(p.180)
- • Significant customer concentration risk(p.223)
- • High supplier concentration dependency(p.223)
- • Elevated finance costs and interest burden(p.220)
- • Deceased promoter shareholding issue requiring SEBI exemption(p.237)
- • Recent operational restructuring and management changes(p.239)
- • Expansion of manufacturing capacity targeting market leadership in PET segment(p.24)
- • Growth in India's plastics industry with expansion potential (₹3.5 lakh crore economy)(p.24)
- • Shift towards sustainable practices and increased recycling in plastics industry(p.24)
- • Capital expenditure for setting up 5 MW Solar Power Plant to expand renewable energy operations(p.43)
- • Robust export potential for Indian plastics industry(p.24)
- • Acquisition of running business providing integrated operations platform(p.3)
- • Strategic backward integration through solar power plant installation for cost reduction(p.93)
- • Capacity expansion to serve large-scale customers with higher demand(p.97)
- • Renewable energy revenue generation through external power sales(p.95)
- • Enhanced market visibility and brand recognition through listing(p.93)
- • Expansion of renewable energy portfolio with 5 MW project(p.134)
- • Geographic expansion across India's 16+ states(p.134)
- • Growing renewable energy sector in India with 500 GW target(p.128)
- • Rapid growth in India's plastic industry with target of Rs. 10 lakh crore by 2027(p.121)
- • Expansion of product range to meet diverse customer needs(p.134)
- • India's strong economic growth and manufacturing push(p.114)
- • Government support for renewable energy manufacturing through PLI scheme(p.156)
- • Grid Connected Solar Rooftop Programme expansion providing central financial assistance(p.156)
- • REC mechanism providing market-based trading platform for renewable energy certificates(p.156)
- • Net metering regulations enabling prosumer models for distributed solar generation(p.156)
- • Strong revenue growth trajectory with 59.62% increase year-over-year(p.219)
- • Expansion in renewable energy segment(p.222)
- • Volume-driven revenue growth potential(p.224)
- • Migration pathway to NSE Main Board(p.257)
- • Market making support and liquidity provision(p.258)
- • Access to capital markets for growth financing(p.234)
- • Seasonal volatility in PET bottle industry (higher summer, lower winter sales)(p.32)
- • Volatility in crude oil prices affecting PET and HDPE raw material costs(p.36)
- • Dependence on single Power Purchase Agreement (PPA) dated June 05, 2015(p.32)
- • Solar power operations dependent on consistent favorable weather conditions(p.41)
- • Intense competition from established competitors with greater resources(p.45)
- • Regulatory changes in safety, health, environmental and labour laws(p.44)
- • Geographical concentration with significant portion of revenue from Madhya Pradesh(p.45)
- • Labour-intensive operations vulnerable to strikes and wage demand increases(p.34)
- • Pricing pressure from customers reducing gross margins(p.50)
- • Regulatory bans on plastic products affecting core product lines(p.50)
- • Dependence on third-party transportation with vulnerability to disruptions(p.48)
- • Operational risks from manufacturing facility including accidents and equipment failure(p.49)
- • Economic slowdown in India affecting demand for consumer goods(p.57)
- • Limited pool of potential buyers for third-party solar power sales(p.51)
- • Rising inflation increasing operational costs without proportionate revenue increases(p.59)
- • High competition in plastics industry from organized and unorganized players(p.151)
- • Dependence on raw material availability and price volatility(p.137)
- • Regulatory requirements for renewable energy projects(p.154)
- • Risk of renewable energy production variability(p.144)
- • Dependence on grid connectivity and external transmission infrastructure(p.154)
- • Exposure to shifts in government renewable energy policies(p.154)
- • Environmental compliance obligations and pollution control requirements(p.157)
- • Comprehensive environmental regulations including waste management mandates(p.158)
- • Mandatory forecasting requirements for grid-connected solar generators with penalties(p.156)
- • Polyurethane plastic waste disposal regulations increasing operational costs(p.157)
- • Public Liability Insurance requirements for hazardous substance handling(p.159)
- • Seasonal business volatility(p.223)
- • Exposure to raw material cost inflation(p.222)
- • Macro-economic sensitivities and regulatory risks(p.222)
- • Industry competition and pricing pressure(p.223)
- • Restrictive loan covenants limiting operational flexibility(p.227)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vineet Bhadauria | Promoter | 99.92% | — |
| Dhruv Bhadauria | Promoter | Negligible | — |
| Janvi Bhadauria | Promoter | 0.01% | — |
| Kavya Bhadauria | Promoter Group | 0.02% | — |
| Vineet Bhadauria | Promoter | 99.92% | — |
| Dhruv Bhadauria | Promoter | Negligible | — |
| Janvi Bhadauria | Promoter | 0.01% | — |
| Kavyaa Bhadauria | Promoter Group | 0.02% | — |
| Vineet Bhadauria | Promoter | — | — |
| Dhruv Bhadauria | Promoter | — | — |
| Janvi Bhadauria | Promoter | — | — |
| Late Anju Bhadauria | Erstwhile Promoter (deceased) | — | — |
| Vineet Bhadauria | Promoter | 99.92% | — |
| Dhruv Bhadauria | Promoter | — | — |
| Janvi Bhadauria | Promoter | 1.44% | — |
| Vineet Bhadauria | Promoter | — | — |
| Janvi Bhadauria | Promoter | — | — |
| Dhruv Bhadauria | Promoter | — | — |
| Kavya Bhadauria | Promoter Group | — | — |
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.