US
Utkal Speciality SME
Book Building issueSME₹34.54 Cr issue
0.00%
Listing gain over issue price
Price band
₹62 – ₹66
Issue size
₹34.54 Cr
1 lot at cut-off
₹1,32,000
Lot size
2,000shares
Open
10 Jun 2026
Close
12 Jun 2026
Allotment
15 Jun 2026
Listing
17 Jun 2026
Listing performance
Issue price
₹66
Listed at
₹66
Listing-day close
₹62.70
Latest price
₹27.60
Listing gain
0.00%
Return since listing
-58.18%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
11 Jun 2026 Range ₹0 – ₹10 over 7 days 17 Jun 2026
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹66 | ₹0 |
| 16 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹66 | ₹0 |
| 15 Jun 2026 | ₹0.50 | +0.76% | ₹800 | ₹66.50 | ₹1,000 |
| 14 Jun 2026 | ₹0.50 | +0.76% | ₹800 | ₹66.50 | ₹1,000 |
| 13 Jun 2026 | ₹0.50 | +0.76% | ₹800 | ₹66.50 | ₹1,000 |
| 12 Jun 2026 | ₹0.50 | +0.76% | ₹800 | ₹66.50 | ₹1,000 |
| 11 Jun 2026 | ₹10 | +15.15% | ₹15,200 | ₹76 | ₹20,000 |
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
- 10 Jun 2026 – 12 Jun 2026
- Listing date
- 17 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹62 – ₹66
- Issue price
- ₹66 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹34.54 Cr
- Market cap at offer price
- ₹129 Cr
- Promoter holding
- 100.00% → 73.20% pre-issue → post-issue
- ISIN
- INE1V1R01014
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- IDC0 Plot No.I/5/B, Food Processing Park, Khurda, Odisha
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 | 2,64,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹66
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹66 per share
Valuation and performance
Valuation at offer price
₹66 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.67 | 3.74 |
| P/E (×) | 14.13 | 17.65 |
| Price to book (×) | 4.36 | — |
| Market cap | — | ₹129 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.88%
- ROCE
- 23.03%
- Debt / equity
- 0.80
- PAT margin
- 13.74%
- EBITDA margin
- 18.96%
- NAV per share
- ₹15.13
- Price to book
- 4.36
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Utkal Speciality SME
Utkal Speciality Industries India Limited, incorporated on September 1, 2015, and converted to a Public Limited Company on January 22, 2025, is engaged in the manufacturing of paper-based products and packaging materials. The company offers a broad range of items including paper plates, paper cups, paper glasses, paper dosa plates, paper bowls, and other paper-based alternatives for food service applications and everyday use. The company serves a diverse clientele including smaller manufacturers and end retailers across Eastern India and other regions. With an emphasis on consistent quality, production efficiency, and design detail, the company has developed a stable market presence. Revenue from operations for the stub period (April–December 2025), FY 2024–25, FY 2023–24, and FY 2022–23 were ₹3,978.04 lakhs, ₹4,861.96 lakhs, ₹4,390.54 lakhs, and ₹4,589.63 lakhs respectively. The company makes money through the sale of paper-based products and packaging materials to manufacturers and retailers.
Company Analysis
from RHPUtkal Speciality Industries India Limited manufactures paper-based products and packaging materials for food service applications, operating primarily in the Indian paper products and packaging industries.
Utkal Speciality Industries India Limited, incorporated on September 1, 2015, and converted to a Public Limited Company on January 22, 2025, is engaged in the manufacturing of paper-based products and packaging materials. The company offers a broad range of items including paper plates, paper cups, paper glasses, paper dosa plates, paper bowls, and other paper-based alternatives for food service applications and everyday use. The company serves a diverse clientele including smaller manufacturers and end retailers across Eastern India and other regions. With an emphasis on consistent quality, production efficiency, and design detail, the company has developed a stable market presence. Revenue from operations for the stub period (April–December 2025), FY 2024–25, FY 2023–24, and FY 2022–23 were ₹3,978.04 lakhs, ₹4,861.96 lakhs, ₹4,390.54 lakhs, and ₹4,589.63 lakhs respectively. The company makes money through the sale of paper-based products and packaging materials to manufacturers and retailers.
Paper manufacturingPaper productsPaper packagingFood service packaging
Objects of the Issue
- Funding incremental working capital requirements of our Company ₹530.75 lakhs p.39
- Prepayment or Repayment of all or a portion of certain outstanding borrowings availed by the company ₹1,100.00 lakhs p.39
- Funding Capital Expenditure requirement towards purchase of machinery for our new manufacturing facility at Khurda, Odisha ₹959.88 lakhs p.39
- General Corporate Purposes [●] p.39
- To meet the offer related expenses p.39
- Funding incremental working capital requirements of our Company 530.75 Lakhs p.131
- Prepayment or Repayment of all or a portion of certain outstanding borrowings availed by the company 1,100.00 Lakhs p.131
- Funding Capital Expenditure requirement towards purchase of machinery for our new manufacturing facility at Khurda, Odisha 959.88 Lakhs p.131
- General Corporate Purpose p.131
- To meet the Offer expenses p.131
- Funding incremental working capital requirements of our Company ₹530.75 lakhs (FY2027 incremental requirement) p.134
- Prepayment or repayment of all or a portion of certain secured loans availed by our Company ₹1,100.00 lakhs p.144
- Funding capital expenditure requirements towards Site Development, Civil, Structural works, and purchase of machinery & related equipments for new manufacturing facility at Khurda, Odisha ₹959.88 lakhs p.150
- General Corporate Purposes Not exceeding 15% of Gross Proceeds or ₹1,000 lakhs, whichever is less p.133
- Expansion of manufacturing capacity and infrastructure for aluminum foil containers production p.231
- Not stated in this part of the document
- Not specified in this document section
Issue Structure
- Total Issue
- Up to ₹[●] lakhs comprising up to 52,34,000 Equity Shares of face value of ₹10/- each
- Fresh Issue
- Up to 52,34,000 Equity Shares of face value of ₹10/- each aggregating up to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- Minimum price of ₹62 per Equity Share (Floor Price) and maximum price of ₹66 per Equity Share (Cap Price)
- Lot Size
- 2,000 Equity Shares (lot size); 4,000 Equity Shares (application lot); multiples of 2,000 Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through the manufacturing and sale of paper-based products and packaging materials. Paper products segment (including paper plates, cups, glasses, dosa plates, bowls, and other items) contributed 97.47% of total revenue in the stub period April–December 2025. The company sells to a diverse customer base including manufacturers and end retailers, with revenue from loyal customers constituting a significant portion of total revenue.
Business Segments
Manufacturing of paper-based products including paper plates (available in different sizes, thicknesses, and designs with or without plastic film coating), paper cups (primarily for ice cream in several sizes), paper glasses (for single-use beverages in multiple variants), paper dosa plates (standard size with plastic film coating), and paper bowls (offered in diverse sizes and designs).
Trading and Contract Manufacturing activities
Manufacturing of specialty raw materials used in the production of paper cups and paper plates for the packaging industry
Paper rolls used as raw material for further processing into finished products
Paper sheets in various configurations for conversion into finished products
Disposable napkins and tissue products
Aluminum foil packaging products
Disposable paper-based tableware products
Packaging solutions for bakery and food service applications
Food packaging containers made from high-quality aluminum foil, featuring complete barrier to light, oxygen, and moisture to preserve food freshness. Durable, lightweight, freezer-safe, oven-safe, leak-proof, and recyclable for storing, cooking, and serving various foods.
Manufacturing of various paper-based items including coated rolls (wall, bottom, specialty multi-layered), coated sheets (blanks, fans, circles), paper napkins and tissues, aluminum foils, paper cups, glasses, plates, bowls, sweet boxes, pizza bakery boxes, lids, wraps, sheets, and paper scrap (by-product)
Trading of polyethylene (polymer purchased from multinational companies) during market shortages due to import-dependent supply; and corrugated boxes for paper cup and plate manufacturers
Extrusion coating of paper for select customers who provide their own paper; carried out on an infrequent basis for larger clients
Coated paper rolls for various applications in paper disposable products
Coated paper sheets for packaging applications
Tissue products and aluminum foil rolls for FMCG sector
Disposable paper-based tableware products
Specialty packaging boxes and related products for food service
Paper scrip products
Coated rolls (wall, bottom & specialty multi-layered), coated sheets (blanks/fans/circles), paper napkins and tissues, aluminum foils, paper cups/glasses/plates/bowls, sweet boxes/pizza bakery boxes/lids/wraps/sheets, paper scrap by-products
Trading of paper products
Contract manufacturing services for third parties
SWOT Analysis
Strengths
- • Diversified customer base reducing dependence on few clients(p.36)
- • Established track record in paper products manufacturing with focus on quality and design(p.36)
- • Growing customer base with 230 loyal customers in stub period vs 44 in FY2022-23(p.50)
- • Broad product portfolio across multiple food service applications(p.36)
- • Proactive quality management and customer relationships(p.69)
- • Comprehensive risk management through documented guarantees and promoter oversight(p.69)
- • Strong focus on transparency and crisis management to protect brand reputation(p.68)
- • Investment in infrastructure upgrades and technological modernization(p.77)
- • Continuous monitoring and planned maintenance of production equipment(p.75)
- • Variety of products in paper-based disposables and expanding into aluminum foil containers(p.165)
- • Customer-centric approach with long-standing relationships and customization capabilities(p.165)
- • In-house manufacturing infrastructure with automated machinery and modern production facilities(p.165)
- • Efficient inventory management through pull-based production model enabling quick market response(p.165)
- • Strong supplier network enabling bulk procurement at discounted rates to maintain competitiveness(p.165)
- • Experienced management team and quality assurance systems(p.165)
- • Diverse product portfolio with 200+ SKUs serving varied customer segments(p.210)
- • Strategic location on Kolkata-Chennai highway reducing logistics costs(p.212)
- • Fully integrated end-to-end manufacturing reducing third-party dependence(p.212)
- • Cost advantage from proximity to South Indian paper suppliers(p.213)
- • Strong customer retention with 88.59% revenue from repeat customers(p.208)
- • Growing EBITDA margins from 9.21% to 19.51% demonstrating operational efficiency(p.208)
- • Diversified customer base reducing concentration risk across B2B and B2C segments(p.206)
- • Established manufacturing expertise in paper-based disposable products(p.297)
- • Consistent profitability and strong EBITDA margins(p.323)
- • Improved financial leverage with declining debt-to-equity ratio(p.332)
- • Strong debt service coverage capability(p.333)
- • Solid working capital position and liquidity(p.332)
- • Diversified product portfolio across paper-based disposable products(p.314)
- • Diversified customer base reducing revenue concentration(p.342)
- • Strong profitability growth with improving margins(p.356)
- • Growing production volumes and manufacturing efficiency(p.352)
- • Positive and growing net worth(p.343)
- • Positive free cash flow in recent periods(p.381)
Weaknesses
- • High customer concentration with top 10 customers contributing 40.94% of revenue(p.56)
- • High dependence on loyal customers with 88.59% of revenue from loyal customers in stub period(p.50)
- • Geographic concentration with 75.81% of revenue from Eastern India(p.52)
- • High raw material costs consuming 80.55-91.32% of revenue from operations(p.58)
- • High supplier concentration with top 10 suppliers contributing 96.28% of purchases(p.58)
- • Past delays in GST and EPF compliance filings(p.60)
- • Single manufacturing facility in Odisha creates operational concentration risk(p.56)
- • Significant working capital requirements with continuous increase from ₹1,747.15 lakhs to ₹3,120.77 lakhs(p.53)
- • Dependency on promoter guarantees for debt facilities creates refinancing risk(p.69)
- • Heavy reliance on key management personnel with concentration of leadership(p.69)
- • Outstanding legal proceedings involving Directors and Promoters(p.69)
- • No established alternative working capital arrangements beyond existing credit limits(p.73)
- • Significant inventory holdings requiring effective management and storage(p.76)
- • Reliance on contract labor creating workforce instability and turnover risks(p.76)
- • Lack of independent industry report validation(p.72)
- • High working capital intensity requiring significant capital deployment for inventory and receivables(p.134)
- • Significant existing secured borrowings requiring debt repayment and managing debt service obligations(p.144)
- • Concentration of operations in single manufacturing location and geographic market dependency(p.146)
- • Reliance on bulk orders and specific customer segments for revenue generation(p.139)
- • High attrition rate of 16.47% in stub period reflecting employee retention challenges(p.235)
- • Low capacity utilization of only 54.56% indicating underutilized manufacturing assets(p.231)
- • Significant decline in export revenue from Rs. 123.89 lakhs in FY 2023 to nil in recent periods(p.208)
- • Very low capacity utilization in Paper Plates and Bowls at 12.51%(p.231)
- • Delayed trademark filing leaving brand unprotected for years(p.236)
- • Significant short-term debt burden relative to long-term debt(p.294)
- • Heavy dependence on related party transactions for business operations(p.328)
- • Concentrated customer base in B2B market(p.297)
- • Limited employee base and capacity constraints(p.277)
- • Low cash position relative to operations(p.313)
- • Significant dependence on top customers(p.363)
- • High leverage on short-term borrowings(p.345)
- • Substantial dependence on top suppliers(p.363)
- • Relatively recent entrant to the market(p.341)
Opportunities
- • Growing India pulp and paper market with 13.4% CAGR projected to reach USD 11,319.33 Mn by 2032(p.37)
- • India Paper Packaging Market expected to grow at 19.48% CAGR from USD 19.07 billion (2025) to USD 46.43 billion (2030)(p.37)
- • Increasing demand for sustainable and eco-friendly paper products(p.37)
- • India Paper & Paper Products Market projected to grow from USD 9.25 billion (2024) to USD 11.91 billion (2030) at 4.37% CAGR(p.37)
- • Global paper packaging market growing from USD 41.5 billion (2025) to USD 62.1 billion (2035) at 4.1% CAGR(p.37)
- • Plan to establish new manufacturing facility to expand production capacity(p.39)
- • Expansion of manufacturing capacity and facility modernization(p.74)
- • Growing demand for sustainable and eco-friendly packaging solutions(p.77)
- • Enhanced market positioning through listing and improved brand visibility(p.131)
- • Access to capital for working capital and debt repayment through IPO proceeds(p.131)
- • Expansion into aluminum foil containers market with better margins and new customer base(p.143)
- • Global paper packaging market growing at 4.1% CAGR driven by shift to eco-friendly solutions(p.197)
- • Aluminum foil containers market expanding at 5.5% CAGR due to rising demand for convenient food packaging(p.199)
- • Growing e-commerce and food delivery services creating increased demand for paper packaging(p.195)
- • Expansion into new geographic markets and customer segments through market penetration strategy(p.142)
- • Growing regulatory and consumer preference for sustainable, eco-friendly packaging solutions(p.197)
- • India paper packaging market growing at 19.48% CAGR to reach USD 46.43 billion by 2030(p.202)
- • Rapid e-commerce growth driving demand for sustainable paper packaging solutions(p.202)
- • Government ban on single-use plastics creating market shift to paper alternatives(p.202)
- • Expansion into aluminum foil containers for food packaging and delivery(p.231)
- • Growing quick service restaurant (QSR) sector increasing food packaging demand(p.203)
- • India's paper & pulp market growing at 13.4% CAGR reaching USD 11.3 billion by 2032(p.199)
- • Presence in 15 states enabling expansion into new geographies with untapped markets(p.209)
- • Expansion potential in growing paper disposable products market(p.288)
- • Geographic expansion beyond Eastern region to pan-India presence(p.287)
- • Capitalize on government incentives and subsidies already being received(p.315)
- • Integration and expansion of manufacturing capabilities(p.307)
- • Growing demand for sustainable paper-based products(p.341)
- • Expansion of product range and market segments(p.341)
- • Customer acquisition and new market penetration(p.354)
- • Strong existing customer retention and upselling(p.354)
- • Proposed manufacturing facility expansion(p.377)
Threats
- • Fluctuations in raw material prices, particularly paper, affecting cost structure(p.59)
- • Regulatory changes regarding plastic use and environmental concerns impacting business model(p.56)
- • Global pulp and paper market showing low growth of 1.7% CAGR with slower global paper products market growth at 0.7% CAGR(p.37)
- • Dependence on third-party logistics creating supply chain vulnerability(p.66)
- • Labor-intensive operations exposed to strikes, work stoppages and wage inflation(p.66)
- • Vulnerability to natural disasters and disruptions at single manufacturing facility(p.56)
- • Risk of losing key customers due to market competition and customer preferences shifts(p.50)
- • Intense competition from unorganized players with lower cost structures(p.75)
- • Dependence on essential utilities vulnerable to supply disruptions(p.74)
- • Economic slowdown and reduced demand in India(p.79)
- • Rising wage and operating costs in India(p.83)
- • Risk of installation and commissioning delays for new manufacturing facilities(p.74)
- • Underutilization of manufacturing capacity due to demand fluctuations(p.75)
- • Potential liquidated damages from delayed or defective shipments(p.73)
- • Regulatory changes affecting operations and compliance costs(p.78)
- • Global economic volatility and currency fluctuations(p.82)
- • Dependence on volatile commodity prices for raw materials like paper and polyethylene(p.139)
- • Fluctuations in currency exchange rates impacting import costs for raw materials(p.133)
- • Increasing global trade policy uncertainty and tariffs affecting export competitiveness(p.191)
- • Competition from established players and new entrants in paper packaging and disposables sector(p.164)
- • Input cost inflation for construction materials and labour affecting capex project feasibility(p.133)
- • Imported paper available at significantly lower prices undercutting domestic producers(p.200)
- • Raw material costs representing 45-50% of revenue creating profitability pressure(p.200)
- • Environmental regulations and deforestation concerns impacting industry sustainability(p.200)
- • Rising kraft paper prices increasing production costs and packaging expenses(p.202)
- • High specialty paper production costs impacting competitive positioning(p.200)
- • Imports accounting for over 20% of Indian paper consumption limiting domestic demand(p.200)
- • High exposure to input cost volatility, particularly paper prices(p.315)
- • Dependence on secured borrowing from SIDBI with multiple lenders(p.303)
- • Potential conflict of interest from group company operations in similar line of business(p.288)
- • Foreign exchange exposure from export sales operations(p.318)
- • Regulatory compliance requirements and listing obligations(p.266)
- • Exposure to raw material price volatility(p.351)
- • Risk of decline in raw material costs reducing pricing power(p.351)
- • Intense market competition(p.364)
- • Geopolitical and economic uncertainties affecting business(p.345)
- • Economic sensitivity and inflation impact on costs(p.344)
- • Rapid technological advancement requiring capital investment(p.345)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Meena Agarwal | Promoter | 51.35% | — |
| Manoj Kumar Agrawal | Promoter | 31.87% | — |
| Akash Agrawal | Promoter | 3.50% | — |
| Meena Agarwal | Promoter | 51.35% | — |
| Manoj Kumar Agrawal | Promoter | 31.87% | — |
| Akash Agrawal | Promoter | 3.50% | — |
| Mr. Akash Agrawal | Promoter | 3.50% | — |
| Mrs. Meena Agarwal | Promoter | 51.35% | — |
| Mr. Manoj Kumar Agrawal | Promoter | 31.87% | — |
| Promoter Group (Mr. Kailash Prasad Agrawal, Mrs. Sweety Agrawal, Mrs. Meera Devi Agrawal and respective HUFs) | Promoter Group | 13.28% | — |
| Akash Agrawal | Promoter | 3.5% | — |
| Manoj Kumar Agrawal | Promoter | 31.87% | — |
| Mrs. Meena Agarwal | Promoter | 51.35% | — |
| Akash Agrawal | Promoter/Managing Director | — | — |
| Manoj Kumar Agrawal | Promoter/Wholetime Director & CFO | — | — |
| Manoj Kumar Agrawal | Promoter | — | — |
| Meena Agarwal | Promoter | — | — |
| Akash Agrawal | Promoter | — | — |
Leadership
Akash Agrawal · Chairman and Managing Director
Meena Agarwal · Director
Manoj Kumar Agrawal · Whole-time Director and Chief Financial Officer
Satyabrata Baral · 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.