IPO Overview
Incorporated on 1 September 2015, Utkal Speciality Industries India Limited is engaged in the manufacturing of paper-based products and packaging materials, offering a broad range of items that serve both functional and aesthetic needs across various consumer segments. The company’s products include paper plates, cups, glasses, dosa plates, bowls, tissues, pizza and sweets boxes, and wrapping paper — designed for food service applications and aligned with the growing demand for sustainable and eco-friendly alternatives. The company’s end-to-end manufacturing facility is located on the highway between Kolkata and Chennai, enabling a seamless production process.
The company is now launching its SME IPO on the NSE SME Emerge platform. The company aims to raise approximately ₹34.54 crore through a fully fresh issue of 52.34 lakh equity shares, priced in a band of ₹62 to ₹66 per share. The IPO opens on 10 June 2026 and closes on 12 June 2026, with listing expected on 17 June 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME Emerge |
| IPO Open Date | 10 June 2026 |
| IPO Close Date | 12 June 2026 |
| Allotment Date | 15 June 2026 (Expected) |
| Refund Initiation | 16 June 2026 |
| Credit to Demat | 16 June 2026 |
| Listing Date | 17 June 2026 (Tentative) |
| Price Band | ₹62 – ₹66 per share |
| Face Value | ₹10 per share |
| Lot Size | 4,000 shares |
| Minimum Investment (Retail) | ₹2,64,000 (1 lot) |
| Issue Size | ₹34.54 crore |
| Fresh Issue | 52,34,000 shares (₹34.54 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion (2,64,000 shares) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will flow directly to the company for business use.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds as follows: approximately ₹1,100 lakh for repayment or prepayment of existing borrowings, ₹957.52 lakh for capital expenditure towards setting up a new manufacturing plant in Khurda, Odisha, and ₹338.53 lakh for working capital requirements. The remainder will be used for general corporate purposes, with deployment expected within FY2026 and FY2027.
- Repayment / prepayment of existing borrowings — ~₹11.00 crore
- Capital expenditure for new manufacturing facility at Khurda, Odisha — ~₹9.58 crore
- Working capital requirements — ~₹3.39 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Affinity Global Capital Market Pvt. Ltd.
- Registrar to the Issue: Cameo Corporate Services Ltd.
- Market Maker: To be confirmed
Promoters & Management
The promoters of Utkal Speciality Industries India are Mr. Akash Agrawal, Mrs. Meena Agarwal, and Mr. Manoj Agarwal.
As of 31 December 2025, the company employs 50 individuals.
Company Details
Utkal Speciality Industries is engaged in the manufacturing of paper-based products and packaging materials. The company offers an extensive range of products catering to both functional and aesthetic needs, including paper plates, cups, glasses, dosa plates, bowls, tissues, pizza and sweets boxes, and wrapping paper. Its products are designed to serve food service applications and align with the growing demand for sustainable and eco-friendly alternatives.
Sectors / Customer Segments Served:
- Food Service Industry
- Small Manufacturers & Retailers
- B2B Clients (bulk packaging & supplies)
- B2C / End Consumers (everyday and special-occasion use)
Key Products:
- Paper Plates, Cups & Glasses
- Dosa Plates & Bowls
- Tissue Papers
- Pizza Boxes & Sweet Boxes
- Wrapping Paper & Packaging Materials
Key Capabilities:
- End-to-end in-house manufacturing — from raw material processing to finished goods
- Strategic location on Kolkata–Chennai highway for logistics efficiency
- Diversified B2B and B2C mix — 96.04% and 3.96% respectively in FY2025 — with a broad customer base across smaller manufacturers and retailers
Geographic Presence:
- Sales are predominantly domestic, with 100% of revenue in FY2025 derived from India, spanning 15 states. Odisha accounted for the largest share at 38.95%, followed by West Bengal at 24.79% and Andhra Pradesh at 8.89%. Historically, exports have contributed marginally, with Iraq and Algeria being key destinations in earlier fiscal years.
Manufacturing Facility:
- Current: Located on the Kolkata–Chennai highway
- Upcoming: New manufacturing plant at Khurda, Odisha (to be funded via IPO proceeds)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹46.23 | — |
| FY24 | ₹44.15 | ₹3.24 |
| FY25 | ₹50.28 | ₹6.68 |
Key Financial Metrics
- Revenue stood at ₹50.28 crore in FY2025 compared with ₹44.15 crore in FY2024 and ₹46.23 crore in FY2023 — modest but consistent growth. Profitability improved significantly from ₹3.24 crore in FY2024 to ₹6.68 crore in FY2025, reflecting strong margin expansion.
- Revenue CAGR (FY23–FY25): ~4.2% — moderate growth pace
- PAT Growth (FY24 to FY25): ~106% — strong profitability improvement
- Business mix: 96.04% B2B, 3.96% B2C (FY2025)
Company Strengths
- Operates in the paper-based products and packaging materials segment with long-term relevance due to increasing demand for sustainable alternatives to plastic.
- Wide and diversified product portfolio covering everyday use as well as special-occasion requirements
- Strong PAT growth of ~106% in FY2025 over FY2024, indicating improving operational efficiency
- Pan-India presence across 15 states with Odisha, West Bengal, and Andhra Pradesh as key markets — reducing geographic concentration over time.
- Entire IPO is a fresh issue — all funds directed towards debt repayment, new plant, and working capital
- Strategically located manufacturing facility on the Kolkata–Chennai highway, enabling efficient logistics and distribution
Key Risks & Challenges
- Revenue growth has not been very strong in recent years — investors should assess whether the recent margin expansion in FY2025 is sustainable in this highly competitive segment.
- Very small company — only 50 employees as of December 2025, indicating limited organisational scale
- Heavy regional concentration — Odisha alone accounts for ~39% of revenues, making the business vulnerable to local economic or regulatory disruptions.
- Highly competitive and fragmented sector — paper products face competition from both organised and unorganised players
- SME IPO liquidity risk — limited secondary market trading volumes post-listing
- New plant at Khurda, Odisha is yet to be set up — execution and commissioning risk remains until operational
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
