Shree Tirupati Balajee Agro Trading Co.
Mainboard₹170 Cr issue
+11.93%
Listing gain over issue price
Issue size
₹170 Cr
1 lot at cut-off
₹14,940
Lot size
180shares
Open
05 Sep 2024
Close
09 Sep 2024
Allotment
10 Sep 2024
Listing
12 Sep 2024
Listing performance
Issue price
₹83
Listed at
₹92.90
Listing-day close
₹97.54
Latest price
₹20.22
Close on 23 Oct 2026
Listing gain
+11.93%
Return since issue
-75.64%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Sep 2024 – 09 Sep 2024
- Listing date
- 12 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹83 per share
- Lot size
- 180 shares
- Total issue size
- ₹170 Cr
- Market cap at offer price
- ₹677 Cr
- Promoter holding
- 88.38% → 65.42% pre-issue → post-issue
- ISIN
- INE0S2G01011
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- PNB Investment Services Ltd.
- Registered office
- Plot No.192, Sector 1, Pithampur, 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 | 61,32,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 180 shares per lot, in multiples, at ₹83
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 180 | ₹14,940 |
| Retail (max) | 13 | 2,340 | ₹1,94,220 |
| S-HNI (min) | 14 | 2,520 | ₹2,09,160 |
| S-HNI (max) | 66 | 11,880 | ₹9,86,040 |
| B-HNI (min) | 67 | 12,060 | ₹10,00,980 |
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.
Shares allocated
61,32,000
Anchor portion
₹50.90 Cr
at ₹83 per share
Valuation and performance
Valuation at offer price
₹83 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.40 | 4.42 |
| P/E (×) | 15.37 | 18.78 |
| Price to book (×) | 3.01 | — |
| Market cap | — | ₹677 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.84%
- ROCE
- 16.29%
- Debt / equity
- 1.41
- PAT margin
- 6.53%
- NAV per share
- ₹27.54
- Price to book
- 3.01
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shree Tirupati Balajee Agro Trading Co.
Shree Tirupati Balajee Agro Trading Company Limited, originally incorporated as a private limited company on October 23, 2001, was converted to a public limited company on November 21, 2023. The company is engaged in manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) — large flexible bags used for industrial packaging — as well as woven sacks, woven fabric, narrow fabric, and tapes. The company operates through five manufacturing facilities, all located in Pithampur, Madhya Pradesh, including two company-operated units and three subsidiary-operated units. The company generates revenue from both domestic and export markets, with export sales representing 49.04% of total revenue in FY 2024 and domestic sales 50.96%. Key customers are in chemical, agricultural, food, mining, waste disposal, lubricants, and edible oil industries, to which the company supplies customized bulk packaging solutions.
Company Analysis
from RHPShree Tirupati Balajee Agro Trading Company Limited manufactures and sells Flexible Intermediate Bulk Containers (FIBCs), woven sacks, woven fabrics, and industrial packaging products for domestic and export markets across chemicals, agrochemicals, food, mining, and related industries.
Shree Tirupati Balajee Agro Trading Company Limited, originally incorporated as a private limited company on October 23, 2001, was converted to a public limited company on November 21, 2023. The company is engaged in manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) — large flexible bags used for industrial packaging — as well as woven sacks, woven fabric, narrow fabric, and tapes. The company operates through five manufacturing facilities, all located in Pithampur, Madhya Pradesh, including two company-operated units and three subsidiary-operated units. The company generates revenue from both domestic and export markets, with export sales representing 49.04% of total revenue in FY 2024 and domestic sales 50.96%. Key customers are in chemical, agricultural, food, mining, waste disposal, lubricants, and edible oil industries, to which the company supplies customized bulk packaging solutions.
Flexible Intermediate Bulk Containers (FIBC) manufacturingIndustrial packagingWoven sacks and fabricsChemicals and agrochemicals distributionFood and agricultureMining and waste disposal packaging
Objects of the Issue
- Repayment and/or prepayment, in part or full, of certain outstanding borrowings availed by our Company ₹3,145.36 lakhs p.28
- Investment in subsidiaries HPPL, STBFL and JPPL for Repayment and/or prepayment of certain outstanding borrowings ₹2,082.14 lakhs p.28
- Funding incremental working capital requirements of our Company ₹1,350.00 lakhs p.28
- Investment in subsidiaries HPPL, STBFL and JPPL for funding working capital requirements ₹1,074.00 lakhs p.28
- General corporate purposes p.28
- Repayment and/or prepayment, in part or full, of certain outstanding borrowings availed by our Company p.70
- Investment in subsidiaries HPPL, STBFL and JPPL for Repayment and/or prepayment, in part or full, of certain outstanding borrowings availed p.70
- Funding incremental working capital requirements of our Company p.70
- Investment in subsidiaries HPPL, STBFL and JPPL for funding working capital requirements p.70
- General Corporate purposes p.70
- Repayment and/or prepayment, in part or full, of certain of our outstanding borrowings availed by our Company ₹3,145.36 Lakhs p.112
- Investment in our subsidiaries HPPL, STBFL and JPPL for Repayment and/or prepayment, in part or full, of certain of outstanding borrowings availed ₹2,082.14 Lakhs p.112
- Funding the incremental working capital requirements of our Company ₹1,350.00 Lakhs p.112
- Investment in our subsidiaries HPPL, STBFL and JPPL for funding working capital requirements ₹1,074.00 Lakhs p.112
- General corporate purposes [●] p.112
Issue Structure
- Total Issue
- Up to 2,04,40,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 1,47,50,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 56,90,000 Equity Shares aggregating up to ₹[●] lakhs
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company manufactures FIBC products and other industrial packaging solutions using polypropylene, polyethylene, and related polymers as raw materials. Revenue is generated through sales of these products in the domestic Indian market and through exports to countries including USA, Germany, Sweden, UK, Spain, France, Australia, Canada, Lithuania, and Singapore. FIBC products contributed 51.47% of total revenue in FY 2024, woven fabrics and narrow fabric 21.32%, and other products including tapes, woven sacks, and liners 27.21%.
Business Segments
Manufacturing and selling of large flexible bags for bulk packaging and transportation
Manufacturing of woven polypropylene fabrics and narrow fabrics for industrial use
Manufacturing of woven polypropylene sacks for packaging
Manufacturing of tapes, liners, container liners, thread, multifilament yarn, and filler cord
Manufacturing and marketing of Flexible Intermediate Bulk Containers (FIBC), technical bags, container liners, food grade bags, platen bags, builder bags, woven sacks, woven fabric, and narrow fabric primarily for use in construction, agriculture, chemical, and infrastructure industries.
Manufacture and sale of flexible intermediate bulk containers used for transportation and storage of bulk materials including powders, granules, flakes, minerals, chemicals, and food products
Manufacture of polypropylene woven bags including UV-resistant, anti-static, food-grade, heavy-duty, and custom-printed variants; BOPP printed small bags; and container liners
Products serve multiple end-use industries: chemicals & petrochemicals (32% market share in India), construction materials (26%), food & agriculture (25%), minerals & ores (8%), and pharmaceuticals (5%)
Flexible Intermediate Bulk Containers for transportation of hazardous goods, food products, chemicals, and mining materials; includes specialized variants such as UN-certified bags, thermal insulation bags, Type C bags for static electricity dissipation, patented aeropolymesh bags, fire-retardant bags, shapelock bags, rodent-repellent bags, and bags made from recycled polypropylene
Specialized PP woven bags for packaging of rice, sugar, wheat, soya and other agricultural products
Woven fabrics and narrow fabrics used as intermediate products and for captive consumption in FIBC manufacturing
Specialized tapes manufactured from extruded polypropylene used in FIBC manufacturing and as standalone products
Liner, Container Liner, Thread, Multifilament Yarn, Filler cord, Treated Polymers and other industrial packaging materials
Manufacturing and sale of plastic woven bags, FIBC, polyethylene products and related plastic articles
Large flexible bags for bulk packaging and transportation
Woven packaging products
Woven fabrics and narrow fabric products
Tape products for industrial applications
SWOT Analysis
Strengths
- • Established manufacturing presence in FIBC industry with multiple production facilities(p.41)
- • Diversified product portfolio across FIBC, woven sacks, fabrics, and tapes(p.27)
- • Significant export presence with established customer base in key markets(p.53)
- • Revenue growth trajectory with improving domestic market penetration(p.27)
- • Long-term customer relationships with top clients(p.54)
- • Consistent customer addition supporting growth(p.54)
- • No quality failures in recent history(p.54)
- • No power supply disruptions(p.56)
- • No export compliance failures(p.60)
- • No raw material shortage incidents(p.60)
- • No anti-dumping duties imposed(p.60)
- • Intellectual property portfolio with granted and pending patents(p.58)
- • Promoter concentration provides strong ownership alignment and operational control(p.110)
- • Experienced and stable promoter leadership with long-term commitment(p.137)
- • Integrated manufacturing capability with quality certifications(p.137)
- • Diversified customer base across multiple geographies(p.137)
- • Strong financial performance with improving profitability metrics(p.140)
- • Revenue growth trajectory with expanding market presence(p.129)
- • Diverse customer base across industries reduces revenue concentration risk(p.186)
- • Multi-location manufacturing facilities with integrated operations(p.183)
- • Strong quality certifications and food-grade manufacturing capability(p.185)
- • Patented product innovation providing competitive differentiation(p.198)
- • Wide product portfolio addressing diverse industry needs(p.183)
- • Experienced promoter with deep industry expertise(p.197)
- • Dominant market position and established brand(p.249)
- • Strong manufacturing capabilities across multiple plastic product segments(p.269)
- • Substantial asset base with growing manufacturing capacity(p.263)
- • Diversified revenue generation and improving profitability(p.264)
- • Established manufacturing operations with 20+ years in the business across 5 production units(p.346)
- • Experienced promoter with strong technical background and industry expertise(p.346)
- • Diversified product portfolio across FIBC, woven sacks, fabrics, tapes and other products(p.346)
- • Strong revenue growth trajectory with CAGR improvement(p.350)
- • Improved profitability with PAT margin expansion from 4.33% to 6.53%(p.352)
- • Stringent quality control processes and compliance with industry standards(p.346)
- • Strong financial performance and growth trajectory(p.389)
- • Solid asset base and net tangible assets(p.389)
- • Robust net worth and financial stability(p.389)
- • Export house certification and international presence(p.383)
- • Multiple ISO certifications demonstrating quality and safety standards(p.383)
- • Established manufacturing capacity across multiple locations(p.383)
- • Clean compliance record with no material defaults(p.377)
Weaknesses
- • Geographic concentration of manufacturing in single location creates operational vulnerability(p.41)
- • Heavy reliance on short-term raw material contracts without long-term supply agreements(p.44)
- • Significant concentration on single product (FIBC) for majority of revenues(p.41)
- • High dependence on western zone for domestic sales creating geographic revenue concentration(p.45)
- • History of delayed regulatory filings and compliance lapses(p.44)
- • Capacity underutilization in manufacturing facilities(p.49)
- • High debt burden relative to equity base(p.47)
- • Negative operating cash flows in prior years(p.42)
- • Severe customer concentration risk(p.54)
- • Top 5 customers represent nearly one-third of revenue(p.54)
- • High dependence on promoter personal guarantees for debt(p.57)
- • Significant contingent liabilities from subsidiary guarantees(p.55)
- • Large unsecured demand loans repayable on demand(p.69)
- • Significant existing indebtedness with floating rates(p.59)
- • Historical losses in group companies(p.55)
- • No dedicated R&D funding for plastic alternatives(p.58)
- • High leverage with significant consolidated debt outstanding(p.114)
- • Working capital intensive operations requiring substantial financing(p.125)
- • High concentration of working capital utilization relative to sanctioned limits(p.125)
- • Dependence on a relatively small number of customers(p.141)
- • Inventory holding periods significantly impacting working capital needs(p.129)
- • High dependence on top customers; top 10 customers represent 46.20% of revenue(p.195)
- • Heavy reliance on concentrated supplier base; top 5 suppliers account for 79.09% of purchases(p.188)
- • Raw material costs constitute 76.76% of revenue, creating significant margin pressure(p.187)
- • Volatile net profitability despite revenue growth; net profit margins declining(p.190)
- • Significant debt obligation; net debt of ₹23,587.02 lakhs as of Fiscal 2024(p.190)
- • Export obligation liability of ₹750 lakhs pending under Advance Authorization Scheme(p.214)
- • High financial leverage with significant borrowings(p.292)
- • Heavy dependence on working capital financing and short-term borrowings(p.293)
- • Limited cash reserves relative to liabilities(p.263)
- • Concentrated shareholding and promoter-dependent structure(p.253)
- • High dependence on a small number of suppliers for raw materials(p.359)
- • Significant customer concentration with top 5 customers representing material portion of revenue(p.359)
- • High leverage with net debt to equity ratio of 1.36 despite improvement(p.357)
- • Significant contingent liabilities including corporate guarantees and tax demands(p.356)
- • Heavy reliance on bank borrowings with restrictive covenants limiting operational flexibility(p.362)
- • Negative operating cash flows in fiscal 2024 despite profit growth(p.354)
- • Pending regulatory proceedings involving promoter and directors(p.379)
- • Criminal litigation against directors for workplace safety violations(p.381)
- • Outstanding litigation against promoter involving EPFO recovery claims(p.380)
- • Multiple outstanding tax proceedings with substantial claims(p.379)
- • Material outstanding trade payables and creditor obligations(p.382)
- • Pending name change and license renewal applications across regulatory bodies(p.385)
Opportunities
- • Growing FIBC market with strong CAGR trajectory(p.27)
- • Expansion of domestic market with growing consumption from food and agriculture sectors(p.27)
- • Capacity expansion plans to drive growth(p.50)
- • Global FIBC market growth opportunity(p.27)
- • Debt reduction through IPO proceeds to improve financial flexibility(p.29)
- • Growing demand for HDPE/LDPE woven packaging(p.64)
- • Substitution of jute with plastic packaging(p.64)
- • Continued export market growth(p.65)
- • Potential to develop alternative materials to plastic(p.58)
- • Expansion into new export markets with growing FIBC demand(p.125)
- • Strong global FIBC market growth trajectory(p.156)
- • Rising demand for sustainable and food-grade packaging solutions(p.137)
- • India emerging as fastest-growing economy with industrial expansion(p.153)
- • Increased industrialization driving demand across chemicals, construction, and food sectors(p.173)
- • Government support through Make in India initiatives(p.175)
- • Growing food-grade FIBC market expanding at 11.5% CAGR(p.176)
- • India's dominance in global FIBC exports with 75% share in European imports and 72% in US market(p.177)
- • Rising demand for sustainable packaging solutions driving FIBC adoption(p.179)
- • Government support through export subsidies, tax incentives and favorable trade policies(p.180)
- • Expansion opportunity in domestic market with lower FIBC utilization than developed markets(p.178)
- • Expected FIBC export growth at 5% CAGR through 2028 reaching 99.9 million units(p.197)
- • Expansion of manufacturing capacity and technology upgrades(p.263)
- • Growth in plastic product demand for industrial and consumer segments(p.264)
- • Vertical integration through existing subsidiaries(p.256)
- • Expansion into domestic market with domestic sales growing 63.10% in FY2024(p.350)
- • Growing demand in woven fabrics and narrow fabric segment showing significant expansion(p.348)
- • Capacity utilization and production efficiency improvements through phased capacity additions(p.349)
- • Export market growth with significant foreign exchange earnings(p.348)
- • Improved margins through operational leverage and cost optimization(p.352)
- • Export market expansion with recognized export house status(p.383)
- • Capacity expansion and capital deployment(p.400)
- • Fresh issue capital raising for growth initiatives(p.407)
- • Market access through dual listing on NSE and BSE(p.388)
- • Working capital optimization and credit facility expansion(p.377)
Threats
- • Increasing regulatory pressure and bans on plastic products globally(p.41)
- • Raw material price volatility driven by crude oil price fluctuations(p.43)
- • Foreign exchange volatility impacting export revenues and raw material costs(p.51)
- • Economic downturns in key export markets affecting demand(p.53)
- • Supply chain disruption risks from supplier concentration(p.44)
- • Labor-intensive operations vulnerable to wage inflation and unionization(p.51)
- • Regulatory and approval transfer risks post name change(p.46)
- • Lease agreement risks for leased manufacturing facilities and offices(p.50)
- • Plastic ban risk in major markets(p.58)
- • Intense competition from organized and unorganized players(p.64)
- • Competitive pressure from low-cost producers(p.65)
- • Interest rate increase risk on floating rate debt(p.59)
- • Volatility in raw material prices(p.71)
- • Credit risk from customer defaults(p.66)
- • Transportation and freight cost volatility(p.68)
- • Risk of order cancellation or payment default by customers(p.65)
- • Regulatory compliance and environmental obligations costs(p.64)
- • Indian economic slowdown impact(p.76)
- • Volatility in raw material prices directly impacting manufacturing costs(p.171)
- • Geopolitical tensions affecting supply chains and raw material costs(p.171)
- • External disruptions impacting inventory and receivables management(p.130)
- • Increasing environmental regulations restricting plastic use(p.171)
- • Rising labour costs in global manufacturing, particularly in developed economies(p.170)
- • Intense competition from established global and Chinese manufacturers(p.154)
- • Customer demand for extended credit periods straining cash flow(p.130)
- • Highly fragmented industry with low entry barriers enabling fierce price competition(p.179)
- • Intense competition from international manufacturers entering Indian market(p.179)
- • Volatile raw material prices impacting margins; geopolitical tensions expected to increase volatility(p.179)
- • Labor retention challenges in labor-intensive industry with competition from international manufacturers(p.179)
- • Complex regulatory environment with multiple compliance requirements(p.179)
- • Input cost volatility and raw material price fluctuations(p.264)
- • Significant finance costs impacting profitability(p.264)
- • Potential conflict of interest with group companies in similar business(p.257)
- • Dependence on bank financing and loan covenants(p.258)
- • Raw material price volatility and supply chain disruptions affecting cost structure(p.349)
- • Intense competition from larger organized and smaller regional competitors(p.349)
- • Regulatory and compliance risks requiring approvals, licenses and permissions for operations(p.349)
- • Foreign exchange exposure on significant dollar-denominated liabilities and receivables(p.337)
- • Interest rate risk from variable rate borrowings affecting finance costs(p.357)
- • Regulatory compliance risks and pollution control oversight(p.383)
- • Changes in regulatory approvals and license renewal dependencies(p.383)
- • Environmental compliance and operational licensing risks(p.385)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Binod Kumar Agarwal | Promoter | 88.38% | — |
| Binod Kumar Agarwal | Promoter | 88.38% | — |
| Binod Kumar Agarwal | Promoter | 88.38% | — |
| Sachin Mohanlal Kakrecha | Shareholder holding 1% or more | 2.14% | — |
| Ample Vyapaar Private Limited | Shareholder holding 1% or more | 1.78% | — |
| Binod Kumar Agarwal | Promoter | — | — |
| Binod Kumar Agarwal | Promoter | 88.38% | — |
| Binod Kumar Agarwal | Promoter/Managing Director | — | — |
| Binod Kumar Agarwal | Promoter/Selling Shareholder | — | — |
| Binod Kumar Agarwal | Selling Shareholder | — | — |
Leadership
Binod Kumar Agarwal · Chairman and Managing Director
Nimisha Agrawal · Chief Financial Officer
Rishika Singhai · Company Secretary and Compliance Officer
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.
Shree Tirupati Balajee Agro Trading Co. IPO FAQs
What is the lot size of Shree Tirupati Balajee Agro Trading Co. IPO?
The minimum lot size of Shree Tirupati Balajee Agro Trading Co. IPO is 180 shares. One lot costs ₹14,940 at the cut-off price.
When does Shree Tirupati Balajee Agro Trading Co. IPO open and close?
Shree Tirupati Balajee Agro Trading Co. IPO opened for subscription on 05 Sep 2024 and closed on 09 Sep 2024.
What is the listing date of Shree Tirupati Balajee Agro Trading Co. IPO?
Shree Tirupati Balajee Agro Trading Co. IPO listed on 12 Sep 2024.