Renol Polychem
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 31 Jul 2025 – 04 Aug 2025
- Listing date
- 07 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.77 Cr
- Market cap at offer price
- ₹83.41 Cr
- Promoter holding
- 99.99% → 69.11% pre-issue → post-issue
- ISIN
- INE0VZX01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- 307, Sanskar Heights NR RA, Circle 150 FT Ring RD, Mavdi, Gujarat
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 | 3,84,000 | — | — |
| Market maker | 1,48,800 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.10 | 8.62 |
| P/E (×) | 11.54 | 12.18 |
| Price to book (×) | 4.32 | — |
| Market cap | — | ₹83.41 Cr |
Key performance indicators
- Return on net worth
- 45.37%
- ROCE
- 64.18%
- Debt / equity
- 0.52
- PAT margin
- 8.02%
- EBITDA margin
- 11.36%
- NAV per share
- ₹24.28
- Price to book
- 4.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Renol Polychem
Renol Polychem Limited, originally incorporated as Renol Enterprises partnership firm on April 1, 2008, converted to a private limited company on January 9, 2024, and subsequently to a public limited company on June 19, 2024. The company is engaged in manufacturing color masterbatches, color pigments, filler granules, anti-moisture powder, carbon noodles, superpack & onepack, impact modifiers, processing aids, and titanium dioxide. Operations commenced in 2008 at Rajkot, with manufacturing beginning in 2020. The company specializes in customized masterbatch and provides all-in-one additive solutions containing stabilizers, impact modifiers, and color pigments for manufacturers of UPVC and CPVC pipes and plastic products. The company operates on a B2B basis, selling directly to manufacturing and commercial organizations using these products as raw materials.
Company Analysis
from RHPRenol Polychem Limited manufactures color masterbatches, pigments, and plastic additives for UPVC/CPVC pipes and plastic products across the masterbatch and pigment industries.
Renol Polychem Limited, originally incorporated as Renol Enterprises partnership firm on April 1, 2008, converted to a private limited company on January 9, 2024, and subsequently to a public limited company on June 19, 2024. The company is engaged in manufacturing color masterbatches, color pigments, filler granules, anti-moisture powder, carbon noodles, superpack & onepack, impact modifiers, processing aids, and titanium dioxide. Operations commenced in 2008 at Rajkot, with manufacturing beginning in 2020. The company specializes in customized masterbatch and provides all-in-one additive solutions containing stabilizers, impact modifiers, and color pigments for manufacturers of UPVC and CPVC pipes and plastic products. The company operates on a B2B basis, selling directly to manufacturing and commercial organizations using these products as raw materials.
Objects of the Issue
- Capital Expenditure for purchase of machinery Upto ₹560.00 lakhs p.25
- Repayment of certain borrowings Upto ₹100.00 lakhs p.25
- To meet working capital requirements Upto ₹1,515.00 lakhs p.25
- General Corporate Purpose p.25
- Capital Expenditure for the purchase of Machinery ₹560.00 lakhs p.93
- Repayment of certain borrowings ₹100.00 lakhs p.103
- Working Capital Requirements ₹1,515.00 lakhs p.104
- General Corporate Purposes [●] p.108
- Not specified in this document part
Issue Structure
- Total Issue
- Upto 24,54,000 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- Upto 24,54,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] per Equity Share (Floor Price: ₹[●], Cap Price: ₹[●])
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures and sells color masterbatches, pigments, and plastic additives under its own brand RENOL, operating on a B2B basis directly to manufacturing and commercial organizations. Revenue is generated from manufacturing and sale of customized masterbatch products and all-in-one additive solutions. The company also engages in trading of products on 'as is basis'. Raw material consumption represents 82.13% to 92.01% of total revenue across the reported periods.
Business Segments
SWOT Analysis
- • Established manufacturing operations with diversified product portfolio(p.24)
- • B2B business model with direct customer relationships(p.24)
- • Customization capability for customer-specific requirements(p.24)
- • Experienced promoter team(p.25)
- • Diversified product portfolio with additives for UPVC, CPVC pipes and plastic products(p.52)
- • Self-reliant in-house team across all business functions(p.52)
- • Strong historical revenue growth and profitability(p.62)
- • Promoter cost of acquisition significantly below IPO pricing(p.54)
- • Strong revenue growth with 14.35% CAGR(p.151)
- • Exceptional EBITDA growth of 60.93% CAGR(p.151)
- • Experienced management with 15+ years in industry(p.151)
- • Diversified product portfolio across multiple segments(p.153)
- • Cost-effective products with high quality(p.153)
- • Established customer relationships and repeat orders(p.153)
- • Established manufacturing operations with modern machinery(p.242)
- • Customized product manufacturing capability(p.242)
- • Strong revenue growth trajectory(p.243)
- • Significant improvement in capacity utilization(p.247)
- • Improved profitability metrics(p.247)
- • Revenue growth trajectory with 19.20% YoY increase(p.250)
- • Strong profitability growth of 26.67% YoY in PAT(p.250)
- • Operating EBITDA positive across all three years with increasing trend(p.270)
- • Positive net worth and strong equity base(p.270)
- • Track record of successful multi-year expansion(p.251)
- • Reliance on few major customers creates revenue concentration risk(p.34)
- • High working capital requirements with inventory management challenges(p.41)
- • History of negative cash flows from operating activities(p.34)
- • Dependence on rental premises for manufacturing and office operations(p.35)
- • Significant indebtedness with limited debt servicing track record(p.33)
- • Trademark/logo not yet registered, creating IP vulnerability(p.43)
- • Majority of directors lack listed company experience(p.44)
- • Promoter educational credentials not fully traceable(p.46)
- • Dependence on in-house team with risk of key employee loss(p.52)
- • High short-term borrowing with limited cash position(p.62)
- • Erstwhile firm received GST and Income Tax notices with uncertain future exposure(p.55)
- • Concentrated promoter shareholding limiting minority influence(p.52)
- • No historical dividend payments with uncertain future dividend capacity(p.53)
- • Reliance on bank credit facilities for working capital(p.107)
- • Dependence on skilled labor for optimal production(p.153)
- • Working capital intensive business model(p.153)
- • High dependence on top 10 customers (29-38% of revenue)(p.162)
- • Negative operating cash flow in recent periods(p.151)
- • Significant dependence on few customer relationships(p.244)
- • High reliance on external suppliers for raw materials(p.244)
- • Qualification documents of Managing Director not traceable(p.214)
- • Negative operating cash flow in recent periods(p.243)
- • Significant decline in cash reserves(p.225)
- • Negative operating cash flow in recent periods(p.252)
- • Significant trade receivables burden impacting working capital(p.252)
- • Significant inventory management challenges(p.252)
- • High finance costs relative to size(p.249)
- • Elevated employee benefit expenses with 60% increase YoY(p.250)
- • Growing masterbatch market driven by packaging and infrastructure sectors(p.25)
- • Expansion across multiple application sectors(p.25)
- • Real estate and infrastructure growth driving wiring/cable demand(p.25)
- • Capital expansion plans for manufacturing capacity(p.25)
- • Working capital mobilization to support growth(p.25)
- • Capacity expansion through new machinery acquisition targeting increased market penetration(p.94)
- • Cost reduction through economies of scale with larger production capacity(p.94)
- • Pan-India expansion through participation in regional seminars and exhibitions(p.55)
- • New export market penetration opportunities(p.55)
- • Enhanced corporate image and market visibility through listing(p.92)
- • High market growth in masterbatch industry(p.144)
- • Geographic expansion beyond Gujarat(p.156)
- • Growing demand for sustainable and eco-friendly masterbatches(p.145)
- • Increasing demand from PVC pipe manufacturing sector(p.164)
- • Strong government support for manufacturing sector(p.145)
- • Expansion into specialized plastic product solutions(p.242)
- • Diversification of product portfolio(p.242)
- • Capacity expansion potential(p.242)
- • Expansion of services in plastic additives and CPVC/UPVC pipes segment(p.254)
- • Access to capital markets through SME platform listing for growth financing(p.268)
- • Potential for migration to main board with scale-up(p.285)
- • Environmental regulations and plastic pollution concerns may restrict operations(p.32)
- • Geographic concentration in single location (Gujarat) exposes to localized disruptions(p.40)
- • Raw material price volatility and import dependence(p.40)
- • Foreign exchange exposure from imports(p.39)
- • Intense competition from organized and unorganized players affecting pricing(p.51)
- • Regulatory compliance risks and licensing dependencies(p.37)
- • Historical ROC filing and compliance discrepancies(p.37)
- • Under-utilization of manufacturing capacity(p.39)
- • Economic slowdown in India affecting demand and raw material costs(p.57)
- • Global financial instability and market volatility affecting Indian economy(p.56)
- • Regulatory changes and uncertain compliance requirements(p.57)
- • COVID-19 pandemic impact on operations and economy(p.57)
- • Tax law changes and adverse tax authority interpretations(p.58)
- • Natural calamities impacting operations and economy(p.59)
- • Political instability and changes in government policies(p.59)
- • Foreign exchange regulation restrictions on repatriation(p.59)
- • Intense competition from established players(p.153)
- • Volatility in raw material prices(p.147)
- • Supply chain disruptions affecting raw material availability(p.147)
- • Regulatory compliance and environmental norms increasing costs(p.147)
- • Dependence on third-party logistics providers(p.176)
- • Intense competitive pressure from larger competitors(p.244)
- • Exposure to commodity price volatility(p.244)
- • Economic sensitivity to government policies(p.244)
- • Economic cycle dependency(p.244)
- • Natural disaster vulnerability(p.244)
- • Significant outstanding secured borrowings of ₹527.90 lakhs(p.256)
- • Debt to equity ratio of 0.36 on pre-IPO basis with debt refinancing risk(p.255)
- • Economic changes materially affecting income from continuing operations(p.254)
- • Business dependency on sales of goods with limited product diversification(p.248)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bhaveshbhai Mansukhbhai Harsoda | Promoter | 40,93,674 shares (74.57%) | — |
| Naitik Bhaveshbhai Harsoda | Promoter | 13,95,826 shares (25.42%) | — |
| Bhaveshbhai Mansukhbhai Harsoda | Promoter | 74.57% | [●] |
| Naitik Bhaveshbhai Harsoda | Promoter | 25.42% | [●] |
| Hetalben Bhaveshbhai Harsoda | Promoter Group | 0.00% | [●] |
| Labhuben Mansukhbhai Harsoda | Promoter Group | 0.00% | [●] |
| Bhaveshbhai Mansukhbhai Harsoda | Promoter | — | — |
| Naitik Bhaveshbhai Harsoda | Promoter | — | — |
| Bhaveshbhai Mansukhbhai Harsoda | Promoter, Managing Director | 74.57% | — |
| Naitik Bhaveshbhai Harsoda | Promoter, Director | 25.42% | — |
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.