Phychem Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 3.53×
- Big non-institutionalbNII · above ₹10 lakh
- 32.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 19.06×
- Retail individualRII · up to ₹2 lakh
- 13.40×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 06 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 05 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 04 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 03 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 02 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 01 Sept 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 31 Aug 2026 | ₹1 | +1.85% | ₹1,500 | ₹55 | ₹2,000 |
| 30 Aug 2026 | ₹3 | +5.56% | ₹4,600 | ₹57 | ₹6,000 |
| 29 Aug 2026 | ₹3 | +5.56% | ₹4,600 | ₹57 | ₹6,000 |
| 28 Aug 2026 | ₹3 | +5.56% | ₹4,600 | ₹57 | ₹6,000 |
| 27 Aug 2026 | ₹3 | +5.56% | ₹4,600 | ₹57 | ₹6,000 |
| 26 Aug 2026 | ₹3 | +5.56% | ₹4,600 | ₹57 | ₹6,000 |
| 25 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹54 | ₹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
- 31 Aug 2026 – 02 Sept 2026
- Listing date
- 07 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹51 – ₹54
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹14.58 Cr
- Fresh issue
- ₹13.83 Cr 25,62,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹55.3 Cr
- Promoter holding
- 98.55% → 72.56% pre-issue → post-issue
- ISIN
- INE24YP01017
- CIN
- U36109MH2013PLC244466
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Gat No. 172, Khatwad, Dindori, Nashik, Maharashtra, India – 422004
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 | 5,10,000 | 28.33% | 26.32% |
| Anchor investor · within QIB | 7,62,000 | — | 39.32% |
| NII (HNI) | 3,90,000 | 21.67% | 20.12% |
| bNII > ₹10L · within NII | 2,58,000 | — | 13.31% |
| sNII < ₹10L · within NII | 1,32,000 | — | 6.81% |
| Retail (RII) | 9,00,000 | 50.00% | 46.44% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,38,000 | — | 7.12% |
| Total issue | 19,38,000 | — | 100.00% |
Net offer to the public of 18,00,000 shares, out of a total issue of 19,38,000. 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 ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹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
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.42 | 3.99 |
| P/E (×) | 9.96 | 13.53 |
| Price to book (×) | 4.20 | — |
| Market cap | — | ₹55.3 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 29.30%
- ROCE
- 39.00%
- Debt / equity
- 0.47
- PAT margin
- 5.65%
- EBITDA margin
- 8.68%
- NAV per share
- ₹12.86
- Price to book
- 4.20
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 | 57.48 | 51.11 | 47.59 |
| Revenue from operations | 56.47 | 50.3 | 46.97 |
| Other income | 1.02 | 0.81 | 0.62 |
| Total expenses | 51.94 | 47.33 | 45.22 |
| Operating profit | 5.54 | 3.78 | 2.37 |
| Operating margin | 9.64% | 7.40% | 4.98% |
| Profit before tax | 5.54 | 3.82 | 2.36 |
| Profit after tax | 4.09 | 2.84 | 1.69 |
| PAT margin | 7.12% | 5.56% | 3.55% |
| Balance sheet | |||
| Total assets | 25.32 | 20.75 | 17.83 |
| Current assets | 18.23 | 13.84 | 11.08 |
| Current liabilities | 10.29 | 9.1 | 8.79 |
| Total liabilities | 11.53 | 11.05 | 10.97 |
| Net worth | 13.79 | 9.7 | 6.86 |
| Current ratio | 1.77× | 1.52× | 1.26× |
| Return on equity | 29.66% | 29.28% | 24.64% |
| Cash flow | |||
| Operating cash flow | 0.78 | 2.53 | 2.66 |
| Investing cash flow | -0.63 | -0.61 | -2.79 |
| Financing cash flow | 0.32 | -1.87 | 0.11 |
| Net cash flow | 0.47 | 0.05 | -0.02 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment in full or in part, of certain outstanding borrowings ₹2.5 Cr
The company proposes to utilize the net proceeds to repay outstanding term loans and cash credit facilities from SIDBI and Kotak Mahindra Bank Limited. This repayment will help reduce outstanding indebtedness and debt servicing costs, enabling utilization of internal accruals for business growth and expansion.
2 Funding the capital expenditure towards procurement of plant and machinery ₹5.15 Cr
The company intends to purchase rotational moulding machine, pulverizing machine and extruder to manufacture roto moulded products and compounds at existing manufacturing facility. The upgraded machinery will increase existing capacity of custom moulding with increased productivity and reduce downtime during mixing/blending and grinding/pulverizing stages.
3 Funding to meet working capital requirements ₹3 Cr
The company proposes to utilize the net proceeds towards incremental working capital requirements and releasing internal accruals deployed in working capital. The operations are expected to grow which will lead to additional working capital requirements for funding business expansion.
4 General Corporate Purpose —
The management will have flexibility in utilizing proceeds for general corporate purposes including meeting operating expenses, initial development costs for projects, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by Board of Directors subject to compliance with applicable regulations.
1 of 4 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 Phychem Technologies
Phychem Technologies Limited is engaged in manufacturing rotational molding compounds, which serve as key raw materials for producing hollow plastic products. The company's product portfolio comprises customized polyethylene-based compounds, formulated using LLDPE, HDPE, and specialty additives, supplied in powder or granulated form to rotational molding manufacturers. The company caters to diverse industries including building and construction, water management, agriculture, automotive, and consumer products, while also providing jobwork services such as rotolining and toll pulverizing.
Management
Umakant Nivrutti Savadekar
MD
Ulka Umakant Savadekar
CFO
Nivrutti Sonu Savdekar
Director
Vijaya Nivrutti Savdekar
Director
Charmi Monil Shah
Director
Rajendra Hunajirao Talele
Director
Pooja Sharma
Director of Operations
Vishwas Keshav Purohit
VP of Sales
Amol Nandu Palaskar
Director of Operations
Strengths
As stated in the offer document
Wide range of products finding diverse application in roto moulding industry
The company offers a comprehensive range of roto moulding compounds including Color Powders, PE Foam compounds, Stone effect compounds, and Flame retardant compounds. The company's revenue from manufacturing was Rs. 5,229.31 lakhs (92.61% of total sales) in FY 2025-26.
Long standing relationships with diversified customers across geographies
The company has developed long-term relationships with customers across 21 countries and 24 states in India. During Fiscal 2026, the company sold products to around 24 global customers and 265 domestic customers, with repeat orders from about 142 customers over the last 3 years.
In-house manufacturing facility with equipped machines and processes
The company operates three fully functional rotational moulding machines at its manufacturing facility in Nashik, Maharashtra. The facility is equipped with comprehensive machinery including extruders, pulverizers, cooling towers, and quality control systems for delivering quality products.
Focus on Quality, Environment, Health and Safety
The company is accredited with ISO 9001:2015 for Quality Management System and holds ZED Bronze certificate for zero liquid discharge facility. The company has installed 177kwp solar panels and employs comprehensive safety equipment including fire extinguishers and protective gear.
Experienced Promoters and Management with extensive domain knowledge
The company is led by promoter Umakant Nivrutti Savadekar with 21 years of experience in rotational moulding industry, holding degrees in Mechanical Engineering and Nanotechnology. The management team collectively brings extensive domain expertise and industry relationships to drive business growth.
Risk factors
As stated in the offer document
Dependence on Manufacturing Facility and Operational Risks
The company operates from a single manufacturing facility in Nashik, Maharashtra, making it vulnerable to equipment failures, natural disasters, labor disputes, and regulatory disruptions. Any significant breakdown or shutdown could suspend operations and adversely affect business continuity and financial performance.
Customer Concentration Risk
The company derives significant revenue from major customers, with top 10 customers contributing approximately 50-53% of revenue and a single customer accounting for 13-16% of revenue during FY 2024-2026. The company has no long-term agreements with these customers, creating vulnerability to order cancellations or customer loss.
Supplier Concentration and Raw Material Dependency
The company is heavily reliant on few suppliers, with the single largest supplier contributing over 60% of purchases during the last 3 financial years. Cost of goods sold represents 76-81% of revenue, and the company has no long-term supply agreements, exposing it to price volatility and supply disruptions.
Export Revenue Exposure and International Trade Risks
Export revenues constitute 23-31% of total revenue from operations (₹1,317-1,457 lakhs during FY 2024-2026), exposing the company to geopolitical risks, trade barriers, and regulatory changes in international markets. The company has no foreign currency hedging, increasing vulnerability to exchange rate fluctuations.
Foreign Exchange Rate Fluctuations
The company faces currency exposure from exports (23-31% of revenue) and imports (1.5-5% of purchases), with transactions in USD, EURO and other foreign currencies. Exchange rate fluctuations resulted in gains/losses of ₹3.91-36.80 lakhs during FY 2024-2026, impacting profitability.
Quality Standards and Compliance Requirements
The company is subject to stringent quality standards and specifications from customers. Any failure to comply with quality requirements may lead to order cancellations, product rejections, loss of reputation, and potential litigation, adversely affecting business and financial performance.
Working Capital Management and Liquidity Risk
Inventories and trade receivables form major components of current assets (₹953 lakhs and ₹583 lakhs respectively as of March 31, 2026). The company's working capital intensive business model requires significant financing, with utilized working capital facilities of ₹456 lakhs as of March 31, 2026.
Environmental and Regulatory Compliance Risks
The company operates under stringent environmental, health and safety regulations with limits on pollutant discharge. Non-compliance may result in legal proceedings, fines, criminal sanctions, permit revocation, or facility shutdown, adversely affecting operations and financial condition.
Dependence on Plastic Industry and Regulatory Restrictions
The company manufactures roto molding compounds used in plastic products manufacturing. Any restrictions or bans on plastic products, regulatory changes, or shifts toward eco-friendly alternatives could have cascading adverse effects on business and results of operations.
Competitive Pressures and Market Position Risks
The company faces competition from domestic and multinational corporations with greater financial, research and technological resources. Competitors may offer products at cheaper prices due to economies of scale, potentially affecting the company's market position and profitability.