Shakti Polytarp
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 49.22×
- Big non-institutionalbNII · above ₹10 lakh
- 6.11×
- Small non-institutionalsNII · ₹2–10 lakh
- 4.05×
- Retail individualRII · up to ₹2 lakh
- 4.12×
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 | 5,64,000 | 2,77,62,000 | ₹164 Cr | 49.22× |
| Non-institutional | 13,68,000 | 74,24,000 | ₹43.80 Cr | 5.43× |
| Big non-institutionalwithin NII | 9,12,000 | 55,76,000 | ₹32.90 Cr | 6.11× |
| Small non-institutionalwithin NII | 4,56,000 | 18,48,000 | ₹10.90 Cr | 4.05× |
| Retail individual | 15,80,000 | 65,04,000 | ₹38.37 Cr | 4.12× |
| Total | 35,12,000 | 4,16,90,000 | ₹246 Cr | 11.87× |
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 17 Sept, 05:55 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 15 Sep 2026 – 17 Sep 2026
- Listing date
- 22 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹56 – ₹59
- Issue price
- ₹59 per share
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹26.93 Cr
- Fresh issue
- ₹25.57 Cr 43,34,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹101 Cr
- Promoter holding
- 88.51% → 64.92% pre-issue → post-issue
- ISIN
- INE05UY01016
- CIN
- U36900MP2018PLC045379
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- NEXGEN Financial Solutions Pvt.Ltd.
- Registered office
- Shop No. 4, 4/1, Nayapura Main Road, Indore, Madhya Pradesh, India, 452009
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 | 5,64,000 | 16.06% | 15.07% |
| Anchor investor · within QIB | 8,22,000 | — | 21.97% |
| NII (HNI) | 13,68,000 | 38.95% | 36.56% |
| bNII > ₹10L · within NII | 9,12,000 | — | 24.37% |
| sNII < ₹10L · within NII | 4,56,000 | — | 12.19% |
| Retail (RII) | 15,80,000 | 44.99% | 42.22% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,30,000 | — | 6.15% |
| Total issue | 37,42,000 | — | 100.00% |
Net offer to the public of 35,12,000 shares, out of a total issue of 37,42,000. 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 ₹59
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,62,000 |
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
₹59 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.00 | 5.87 |
| P/E (×) | 7.38 | 10.05 |
| Price to book (×) | 2.66 | — |
| Market cap | — | ₹101 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 44.04%
- ROCE
- 22.00%
- Debt / equity
- 2.60
- PAT margin
- 4.66%
- EBITDA margin
- 8.94%
- NAV per share
- ₹22.18
- Price to book
- 2.66
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 | 216.1 | 166.5 | 62.23 |
| Revenue from operations | 215.65 | 166.24 | 62.01 |
| Other income | 0.45 | 0.26 | 0.21 |
| Total expenses | 202.51 | 159.6 | 61.08 |
| Operating profit | 13.59 | 6.9 | 1.15 |
| Operating margin | 6.29% | 4.14% | 1.85% |
| Profit before tax | 13.59 | 6.9 | 1.15 |
| Profit after tax | 10.06 | 4.97 | 0.98 |
| PAT margin | 4.66% | 2.98% | 1.57% |
| Balance sheet | |||
| Total assets | 110.12 | 71.39 | 40.29 |
| Current assets | 41.61 | 43.86 | 21.51 |
| Current liabilities | 48.29 | 34.72 | 20.5 |
| Total liabilities | 82.26 | 53.59 | 29.46 |
| Net worth | 27.86 | 17.8 | 10.84 |
| Current ratio | 0.86× | 1.26× | 1.05× |
| Return on equity | 36.11% | 27.92% | 9.04% |
| Cash flow | |||
| Operating cash flow | 13.4 | -10.79 | -2.05 |
| Investing cash flow | -36.85 | -9.39 | -5.25 |
| Financing cash flow | 20.17 | 23.45 | 7.49 |
| Net cash flow | -3.29 | 3.27 | 0.19 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital Expenditure ₹20.88 Cr
The company intends to deploy net proceeds towards capital expenditure for the purchase of plant and machinery to enhance existing production capacity and improve operational efficiency. This investment will support streamlining of manufacturing processes, boost output, and enable sustainable future growth.
2 General Corporate Purposes —
The company intends to deploy the balance net proceeds for general corporate purposes including strategic initiatives, strengthening marketing network & capability, meeting exigencies, and brand building exercises to strengthen operations. The utilization shall not exceed 15% of gross proceeds or Rs. 10 crores, whichever is lower.
1 of 2 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 Shakti Polytarp
Shakti Polytarp Limited is a Madhya Pradesh-based manufacturing company incorporated in 2018, engaged primarily in the production of tarpaulins and shade nets made from polyethylene and polypropylene materials. The company also trades in plastic granules (LDPE, LLDPE, PP, HDPE) sourced through bulk procurement arrangements with major petrochemical suppliers. Revenue has grown substantially from ₹6,201.12 lakhs in FY2024 to ₹21,564.74 lakhs in FY2026, with manufacturing contributing 46.29% and granule trading contributing 48.25% of FY2026 revenues. The company operates from leased premises in Indore and has commissioned multiple production lines including tarpaulin machines and shade net machines.
Management
Ravi Singhal
MD
Trisha Singhal
CEO
Strengths
As stated in the offer document
Diverse Usage of products
The company manufactures a wide range of tarpaulin such as Geotextile, Lumber Wrap, House Wraps, Pond Linners, Green Net etc. The company's products find diverse applications across various industries including Agriculture, Construction, Automotive, Transportation & Logistics and Consumer goods.
In-house manufacturing facility
The company carries all manufacturing operations at its facility located in Plot No. 45-48, Industrial Area IIDC Nirmani, Dist. Khargone, Madhya Pradesh, spanning 1,98,450 sq. ft. The in-house manufacturing operations enable streamlined inventory management and production process resulting in maintenance of production standards, minimizing production time and bringing cost effectiveness.
Experienced and Qualified management team
The company's management team is well qualified with Promoters Mr. Ravi Singhal, Mr. Vivek Singhal, Mrs. Trisha Singhal and Mrs. Priyal Singhal holding 17, 17, 14 and 9 years of experience respectively. The motivated team of management and key managerial personnel along with internal systems and processes complement each other to enable delivery of high levels of client satisfaction.
Established client relationship
The company has established client relationships in domestic markets from whom it gets orders on a regular basis. The company is able to foster long-term relationships with clients by understanding their needs and preferences, representing a competitive advantage in gaining new clients and growing business.
Risk factors
As stated in the offer document
Substantial Dependence on Limited Product Range and Customer Concentration
The company derives significant revenue from manufacturing tarpaulins (46.29% in FY2026) and trading granules (48.25% in FY2026), with the top customer contributing 41.16% of total revenue. This concentration exposes the company to substantial volatility and market disruptions if demand patterns change or major customers are lost.
Manufacturing Facilities Not Owned by Company
The company's registered office and manufacturing facility are leased properties, not owned by the company. Any termination or non-renewal of lease agreements could severely disrupt operations and require costly relocation to alternative premises that may not be readily available.
Under-utilization of Manufacturing Capacity
The company operated at only 64.64% capacity utilization in FY2023-24, improving to 60.17% in FY2024-25. Continued inability to effectively utilize existing and proposed manufacturing capacity may adversely affect business performance and financial returns on invested capital.
Heavy Dependence on Limited Supplier Base
The company sources 90.61% of raw materials from its top 10 suppliers, with the top supplier alone contributing 55.87% of total purchases. This concentration creates significant supply chain risks and potential disruptions if key supplier relationships are damaged or terminated.
Negative Cash Flow History and Working Capital Constraints
The company experienced negative operating cash flows of ₹1,078.51 lakhs in FY2025 and ₹205.12 lakhs in FY2024, primarily due to increased working capital requirements. Continued negative cash flows could limit the company's ability to fund operations and growth plans.
Extensive Government Regulation and Environmental Impact of Plastics
The company's tarpaulin manufacturing relies heavily on plastic raw materials, making it vulnerable to increasingly stringent environmental regulations. Complete or partial bans on industrial plastic usage could severely impact manufacturing operations and force business model changes.
Company Analysis
from RHPShakti Polytarp Limited manufactures tarpaulins and related products (shade nets) and trades in plastic granules, operating across the specialty polymers and packaging sectors.
Shakti Polytarp Limited is a Madhya Pradesh-based manufacturing company incorporated in 2018, engaged primarily in the production of tarpaulins and shade nets made from polyethylene and polypropylene materials. The company also trades in plastic granules (LDPE, LLDPE, PP, HDPE) sourced through bulk procurement arrangements with major petrochemical suppliers. Revenue has grown substantially from ₹6,201.12 lakhs in FY2024 to ₹21,564.74 lakhs in FY2026, with manufacturing contributing 46.29% and granule trading contributing 48.25% of FY2026 revenues. The company operates from leased premises in Indore and has commissioned multiple production lines including tarpaulin machines and shade net machines.
Objects of the Issue
- Capital Expenditure for purchase of plant and machinery Rs. 2,088.18 Lakhs p.104
- General Corporate Purposes [●] p.113
- Funding capex for the purchase of plant and machinery to further expand the production of Shade net at the existing manufacturing facility p.177
- Repayment of borrowings incurred for machinery already acquired and funded through borrowings and internal accruals p.183
- Capex for new plant and machinery, and building infrastructure for capacity expansion p.297
- General corporate purposes and working capital
Issue Structure
- Total Issue
- Up to 45,64,000 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Fresh Issue
- Up to 45,64,000 Equity Shares of face value of Rs. 10/- each aggregating up to Rs. [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] times to [●] times of face value (Floor Price to Cap Price); exact values to be finalized
- Lot Size
- 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- Rs. 10/- per Equity Share
Business Model
Manufacturing and sales of tarpaulins and shade nets (46.29% of FY2026 revenue); trading of plastic granules procured under supplier discount schemes (48.25% of FY2026 revenue); and other related products (5.48% of FY2026 revenue). Revenue is concentrated among a small customer base, with the top customer representing 41.16% of FY2026 revenues.
Business Segments
SWOT Analysis
- • Strong capacity expansion with modern machinery improving production efficiency(p.111)
- • High return on equity demonstrating efficient use of shareholder capital(p.119)
- • Rapid revenue growth trajectory showing market traction(p.120)
- • Production capacity utilization reaching 80%+ on recently commissioned machines(p.107)
- • Established business relationships with vendors enabling machinery procurement(p.111)
- • Improved EBITDA margins indicating operational efficiency gains(p.120)
- • Large domestic polymer availability and backward linkage with petrochemical majors(p.172)
- • Diversified product portfolio across multiple end-use sectors(p.172)
- • Cost competitiveness supporting export growth globally(p.172)
- • Strong institutional demand anchors recurring revenue across agriculture, logistics and construction(p.172)
- • Government policy support through plastic parks, SEZ incentives and trade frameworks(p.172)
- • Diversified product portfolio with applications across multiple industries(p.204)
- • End-to-end service offering with design and customization capabilities(p.204)
- • Strong revenue growth trajectory(p.246)
- • Significant improvement in profitability(p.246)
- • Experienced promoter team with 14-17 years in plastic industry(p.229)
- • Heavy dependence on limited customer base with top customer representing 41.16% of revenue(p.31)
- • Leased manufacturing facility and registered office not owned by company, subject to renewal risk(p.27)
- • Negative operating cash flows in prior periods (FY2025: -₹1,078.51 lakhs; FY2024: -₹205.12 lakhs)(p.32)
- • Heavy reliance on top 10 suppliers for 56-90% of raw material procurement(p.33)
- • Capacity underutilization with 64.64% utilization in FY2024 despite expansion(p.28)
- • Multiple delays in statutory compliance (GST, TDS, ESIC, EPF, Companies Act filings)(p.39)
- • No directors with experience in listed companies(p.44)
- • Trademark not yet registered under Trademarks Act, 1999(p.40)
- • Current ratio below 1.0 indicating potential short-term liquidity challenges(p.122)
- • High debt-to-equity ratio of 2.60 showing significant leverage(p.122)
- • Low debt service coverage ratio at 0.35 raising refinancing concerns(p.122)
- • Dependence on two promoters controlling 88.51% of pre-issue capital(p.93)
- • Limited operating cash flow generation in FY 2024-25 with negative cash flow(p.122)
- • Significant concentration of production at single manufacturing location(p.105)
- • High dependence on volatile crude oil and polymer price cycles(p.172)
- • Fragmented industry structure with dominance of unorganized players pressuring pricing(p.172)
- • Limited automation adoption among mid-tier manufacturers constraining productivity(p.172)
- • Working capital intensive model straining liquidity(p.172)
- • Uneven ESG compliance across smaller units impacting global competitiveness(p.172)
- • High leverage with debt-to-equity ratio of 2.60(p.272)
- • Deteriorating current ratio from 1.26 to 0.86 year-on-year(p.274)
- • Low cash position relative to obligations(p.245)
- • Weak debt service coverage ratio of 0.35(p.274)
- • Concentration of shareholding among promoters(p.256)
- • Unsecured loans from related parties(p.257)
- • High leverage from capacity expansion investments(p.297)
- • Reliance on strategic supplier relationships for raw material procurement(p.299)
- • High concentration of working capital tied up in inventory(p.294)
- • Revenue growth from tarpaulin manufacturing (46.29% of FY2026 revenue, up from 31.84% in FY2025)(p.26)
- • Diversified revenue through granule trading (48.25% of FY2026 revenue) leveraging bulk supplier discounts(p.26)
- • Significant capacity expansion with new machinery commissioned (added 6,000 MTPA capacity in FY2026)(p.28)
- • Eligibility for capital subsidy up to 40% under Madhya Pradesh MSME Promotion Scheme 2025(p.30)
- • Strong PAT growth (1,005.61 lakhs in FY2026 vs 98.13 lakhs in FY2024, 925% increase over 2 years)(p.40)
- • Planned capacity expansion of 2,000 MTPA through IPO proceeds supporting growth(p.108)
- • Four-colour printing machine enabling entry into high-margin branded/customized products(p.109)
- • Eligibility for government capital subsidy up to 40% on plant and machinery investment(p.112)
- • Expansion into larger shade net sizes (up to 30 feet) accessing new customer segments(p.111)
- • Bulk material procurement discounts from increased production capacity(p.111)
- • Emerging market demand for agro shade nets with growing agricultural modernization(p.108)
- • Rising agricultural modernization increasing demand for crop protection and agri-infrastructure(p.173)
- • Expansion of logistics hubs and warehousing infrastructure driving cargo protection demand(p.173)
- • Growing disaster preparedness budgets creating institutional demand channel(p.173)
- • Free trade agreements enhancing export market access(p.173)
- • Sustainability-led product innovation differentiating in mature export markets(p.173)
- • Expansion into new manufacturing facilities across multiple states(p.277)
- • Increased adoption of tarpaulin products in growing agricultural sector(p.204)
- • Capacity expansion through significant capital investment(p.245)
- • Access to credit facilities from multiple financial institutions(p.276)
- • Significant capacity expansion completed(p.292)
- • Trading revenue growth through bulk procurement schemes(p.299)
- • Manufacturing revenue growth and margin improvement(p.296)
- • Operational leverage from cost absorption improvements(p.297)
- • Intense competition from larger established competitors with greater resources and market access(p.39)
- • Heavy geographic concentration with 91.77% revenue from Madhya Pradesh in FY2026(p.34)
- • Stringent environmental regulations on plastic products could restrict or ban operations(p.34)
- • Dependence on supplier discount schemes that can be discontinued or modified without notice(p.27)
- • Exposure to raw material price volatility without long-term supply agreements(p.43)
- • Third-party logistics dependency with no long-term transportation agreements(p.43)
- • Regulatory approvals and licenses subject to periodic renewal with no guarantee of renewal(p.48)
- • Middle East geopolitical tensions impacting oil prices, freight costs, and supply chains(p.58)
- • Indian economic slowdown reducing demand for tarpaulin products(p.61)
- • Volatility in foreign exchange rates affecting machinery import costs(p.110)
- • Regulatory changes and GST implementation creating compliance uncertainties(p.61)
- • Low current stock trading liquidity on SME platform limiting shareholder exit(p.55)
- • Risk of surveillance measures being imposed restricting share trading(p.59)
- • Subsidy receipt uncertainty despite application submitted with no approval yet(p.112)
- • Regulatory tightening on single-use plastics and recycling mandates increasing costs(p.173)
- • Volatility in ocean freight and container availability disrupting export operations(p.173)
- • Intense price competition from low-cost Asian suppliers(p.173)
- • Import dependence for critical additives exposing to supply and forex risks(p.173)
- • Domestic demand cyclicality tied to monsoons and agricultural cycles(p.173)
- • Environmental and pollution control regulations(p.203)
- • Water pollution control requirements affecting manufacturing(p.203)
- • Air pollution regulations and control area restrictions(p.203)
- • Dependence on specific customer groups for revenue(p.268)
- • Foreign trade regulations and import-export compliance requirements(p.201)
- • Exposure to raw material price volatility(p.265)
- • Dependence on input raw material price volatility(p.295)
- • Geopolitical risks affecting raw material availability(p.294)
- • Interest rate exposure from increased debt levels(p.295)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ravi Singhal | Promoter | 34.04% | 25.07% |
| Vivek Singhal | Promoter | 32.30% | 23.67% |
| Trisha Singhal | Promoter | 11.08% | 8.12% |
| Priyal Singhal | Promoter | 11.09% | 8.13% |
| Ravi Singhal | Promoter | 45.45% | [●] |
| Vivek Singhal | Promoter | 43.06% | [●] |
| Trisha Singhal | Promoter Group | Negligible | — |
| Priyal Singhal | Promoter Group | Negligible | — |
| Ravi Singhal | Promoter | — | — |
| Vivek Singhal | Promoter | — | — |
| Trisha Singhal | Promoter | — | — |
| Priyal Singhal | Promoter | — | — |
| Ravi Singhal | Individual Promoter/Managing Director | 45.45% | — |
| Vivek Singhal | Individual Promoter/Executive Director | 43.08% | — |
| Trisha Singhal | Individual Promoter/Chairperson & Executive Director | 0.00% | — |
| Priyal Singhal | Individual Promoter/Chief Executive Officer | 0.00% | — |
| Ravi Singhal | Promoter | — | — |
| Vivek Singhal | Promoter | — | — |
| Trisha Singhal | Promoter | — | — |
| Priyal Singhal | Shareholder/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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Shakti Polytarp Ltd. THIS ISSUE | 8.00 | 22.18 | 10.05, computed at the offer price | 2.66, computed at the offer price | 44.04% |
| 6.75 | 43.03 | 43.93 | 6.88 | 16.86% | |
Shree Tirupati Balajee Agro Trading Company Ltd | 1.08 | 31.61 | 24.26 | 0.84 | 3.49% |
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.