IPO Overview
Injecto Polymers Limited is an Ahmedabad-based company established in 1998, engaged in the manufacturing of a diversified range of polymer-based packaging products including PP woven fabrics, PP woven sacks and bags, BOPP bags, laminated woven bags, Leno bags, FIBC bulk bags, HM/LD liners, and non-woven bags. The company also trades plastic granules and PVC resins on a B2B model, and its raw material mix includes PP, LLDPE, LDPE, HDPE, and specialty polymers. The company operates two manufacturing facilities in West Bengal and has built a diversified product portfolio supported by established manufacturing capabilities and a presence across multiple states in India.
Injecto Polymers Limited is set to open its ₹56.12 crore IPO for subscription on September 11, 2026. The IPO comprises an entirely fresh issue of 56.12 lakh equity shares and carries a price band of ₹98 to ₹100 per equity share. The lot size has been fixed at 1,200 equity shares, and the shares are proposed to be listed on the BSE SME platform on September 21, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Book Date | 10 September 2026 |
| IPO Open Date | 11 September 2026 |
| IPO Close Date | 16 September 2026 |
| Allotment Date | 17 September 2026 (Expected) |
| Refund Initiation | 18 September 2026 |
| Credit to Demat | 18 September 2026 |
| Listing Date | 21 September 2026 (Tentative) |
| Price Band | ₹98 – ₹100 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,40,000 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹4,80,000 (4 lots = 4,800 shares) |
| Issue Size | ₹56.12 crore |
| Fresh Issue | 56,12,000 shares (₹56.12 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will 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 |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — no promoter exit is involved, and all proceeds will flow directly into the company for business and expansion purposes.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the issue towards repayment/prepayment of certain borrowings, funding the proposed Phase IV expansion, and general corporate purposes.
- Repayment / prepayment of outstanding borrowings — ₹12.60 crore
- Capital expenditure for Phase IV capacity expansion (4,800 MT per annum) at the Jaugram facility
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Indcap Advisors Private Limited
- Underwriter & Syndicate Member: CapitalSquare
- Registrar to the Issue: Integrated Registry Management Services Private Limited
Promoters & Management
The promoters of the company are Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Pvt. Ltd., Suman Towers Pvt. Ltd., Vinayak Tie-Up Pvt. Ltd., and Nivedeeka Commercial Pvt. Ltd.
The promoter group brings over two decades of experience in the polymer packaging and manufacturing industry, with deep expertise in product development, client relationships, and capacity scaling.
Company Details
Injecto Polymers Limited is a polymer-based packaging manufacturer with more than 25 years of operational history. The company manufactures and supplies a wide range of packaging solutions for B2B clients across industries such as agriculture, food, pharmaceuticals, chemicals, construction, and consumer goods, offering customized shapes and sizes to meet client-specific requirements.
Sectors Served:
- Agriculture & Agro-chemicals
- Food & Food Processing
- Pharmaceuticals
- Chemicals & Petrochemicals
- Construction & Infrastructure
- Consumer Goods
Key Products Manufactured:
- PP Woven Fabrics, Sacks & Bags
- BOPP Bags
- Laminated Woven Bags
- Leno Bags
- FIBC Bulk Bags
- HM/LD Liners
- Non-Woven Bags
Key Capabilities:
- Customized B2B packaging solutions with in-house testing facilities
- Strong capacity utilisation — installed manufacturing capacity of 10,870 MT per annum as of FY2026, with capacity utilisation of 95.29% during the year
- Phase III expansion of 2,400 MT per annum currently being implemented, of which 1,200 MT commenced trial run on July 1, 2026, with the remaining 1,200 MT expected to be commissioned subsequently
- Upon completion of Phase III and proposed Phase IV, total installed capacity will increase to 18,070 MT per annum
Manufacturing Facilities:
- Unit I: Jaugram, Jamalpur, West Bengal | Unit II: Howrah, West Bengal
Certifications:
- ISO 9001:2015
- ISO 22000:2018
- BIS Certification (food-grade packaging)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹96.62 | ₹2.07 |
| FY24 | ₹109.80 | ₹4.44 |
| FY25 | ₹261.85 | ₹8.11 |
Key Financial Metrics
The company recorded an EBITDA margin of 10.13% and PAT margin of 4.26% in FY2026. Its ROE stood at 28.94%, while ROCE stood at 15.64% during the year.
- Revenue grew ~138.5% YoY in FY25, representing approximately 65% CAGR over two years. PAT grew from ₹2.07 crore in FY23 to ₹4.44 crore in FY24 to ₹8.11 crore in FY25.
- Manufacturing activities contributed 49.64% of the company’s total revenue from operations during FY2026, compared with 46.81% in FY2025, reflecting the company’s continued focus on strengthening its manufacturing capabilities.
- Outstanding borrowings of ₹101.11 crore against net worth of ₹47.33 crore — leverage remains a key monitorable post-IPO
Company Strengths
- Over 25 years of operational history in polymer-based packaging — strong brand recall among B2B clients across multiple industries
- Diversified product portfolio spanning PP woven, BOPP, laminated, FIBC, non-woven, and leno bags — reducing dependence on any single product category
- Near-full capacity utilisation at 95.29% in FY2026, demonstrating strong market demand for existing products
- Aggressive and well-planned capacity expansion — from 10,870 MT to 18,070 MT upon Phase III and Phase IV completion
- Multiple quality certifications (ISO 9001:2015, ISO 22000:2018, BIS) supporting eligibility for food, pharma, and institutional supply contracts
- Entire IPO is a fresh issue — all funds directed towards debt reduction and business growth with no promoter exit
Key Risks & Challenges
- High borrowings of ₹101.11 crore remain a major concern relative to net worth of ₹47.33 crore. Although ₹12.60 crore from IPO proceeds will be used to repay borrowings, investors must monitor leverage and finance costs.
- Modest PAT margins — PAT margin of ~3.10% in FY25 and ~4.26% in FY2026 indicates thin profitability relative to revenues, leaving limited cushion for adverse market conditions
- Revenue growth in FY25 was a sharp spike of ~138% — this was largely driven by woven-bag orders and represents a one-year surge rather than a steady multi-year climb, raising questions about sustainability
- Raw material price volatility — dependence on PP, LDPE, HDPE, and LLDPE polymer granules exposes the company to commodity price fluctuations
- Geographic concentration in manufacturing — both production units are located in West Bengal, creating operational and supply chain risk in case of regional disruptions
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
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.
