Antala Industries Limited is a Rajkot-based manufacturer in the industrial and commercial packaging sector. It makes BOPP bags, BOPP printing and lamination rolls, PP woven bags and PP woven lamination rolls for food processing, fertiliser, chemical, cement and seed customers.
The company is now bringing a book-built SME IPO to raise about ₹23.33 crore on BSE SME at a price band of ₹63–₹67 per share. The entire issue is fresh, with 34.82 lakh new shares and no offer for sale, so all money goes to the company. The IPO opens on 29 October 2026 and closes on 2 November 2026, with listing tentatively on 5 November 2026. The proceeds will mainly fund working capital and new machinery.
IPO Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 29 October 2026 |
| IPO Close Date | 2 November 2026 |
| Allotment Date | 3 November 2026 (Expected) |
| Refund Initiation | 4 November 2026 |
| Credit to Demat | 4 November 2026 |
| Listing Date | 5 November 2026 (Tentative) |
| Price Band | ₹63 – ₹67 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares (₹1,34,000 at upper band) |
| Minimum Investment (Retail) | ₹2,68,000 (2 lots = 4,000 shares) |
| Minimum Investment (HNI) | ₹4,02,000 (3 lots = 6,000 shares) |
| Issue Size | ₹23.33 crore at upper band (₹21.94 crore at lower band) |
| Fresh Issue | 34,82,000 shares (₹23.33 crore) |
| Offer For Sale (OFS) | Nil |
| Pre-Issue Shares | 86,74,736 |
| Post-Issue Shares | 1,21,56,736 |
Issue Break-up
| Category | Shares (approx.) | % of Total Issue |
| Market Maker (Asnani Stock Broker Pvt. Ltd.) | 1,76,000 | 5.05% |
| QIB (up to 60% can go to anchors) | 16,53,000 | 47.47% |
| NII / HNI | 4,95,900 | 14.24% |
| Retail (RII) | 11,57,100 | 33.23% |
The market maker portion is 1,76,000 shares, leaving a net issue of 33,06,000 shares, which is split 50% QIB, 15% NII and 35% retail. Up to 60% of the QIB portion can go to anchor investors, with a third of the anchor portion reserved for domestic mutual funds.
OFS / Selling Shareholders
There is no Offer For Sale in this IPO. The proceeds go to the company, not to any selling shareholder.
Objects of the Issue
| Object | Amount (₹ Cr) |
| Working capital requirements | 10.68 |
| Capital expenditure: purchase of machinery | 5.89 |
| Specified allocations | 16.57 |
The machinery plan covers printing, lamination and cutting-and-stitching equipment. The difference between ₹23.33 crore and the specified ₹16.57 crore should not automatically be treated as general corporate spending, because issue expenses also have to be paid from it.
Lead Managers & Registrar
- Book Running Lead Manager: Vatsa Capital Venture Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Asnani Stock Broker Pvt. Ltd.
Promoters & Management
The promoters are Rajeshkumar Chandulal Antala, Lataben Rajeshbhai Antala, Pankajkumar Chandulal Antala, Hetalben Pankajkumar Antala, Nevil Pankajbhai Antala, Aaryan Rajesh Antala and Shaily Rajeshkumar Antala.
Company Details
Background: Antala Industries became a public limited company in 2024 by converting the partnership firm M/s Octagon Industries. In the same year it acquired the businesses of Diya Overseas and Shree Industries. The registered office and plant are at Shapar, Kotda Sanghani, Rajkot, Gujarat.
Business Model: The company makes, processes, prints, laminates and supplies packaging products, with extrusion, coating, lamination, rotogravure printing, stitching and finishing at one Rajkot unit. It handles printing, lamination, cutting, stitching and finishing in-house, so one location covers several stages of production.
Key Products
- BOPP bags
- BOPP printing rolls and lamination rolls
- PP woven bags
- PP woven lamination rolls
- Customised packaging built for strength, moisture resistance and print quality
Sectors Served: food processing, fertilisers, chemicals, cement, seeds, textiles, animal and pet food, and other industrial uses.
Certifications
- ISO 9001:2015 for quality management, obtained in 2024.
- ISO 14001:2015 (environment), ISO 22000:2018 (food safety) and ISO 45001:2018 (occupational health and safety), obtained in 2026.
Concentration Indicators (September 2026 period)
- Gujarat contributed 70.01% of revenue.
- The top 10 customers contributed 56.43% of revenue.
Financial Snapshot
Restated figures, ₹ crore. The sources reviewed do not mention any subsidiary, so these are treated as standalone. Latest period: H1 FY27 (six months to 30 September 2026), as disclosed in the company’s press release.
| Period | Total Income | PAT |
| FY24 (Mar-24) | 12.59 | 0.89 |
| FY25 (Mar-25) | 31.98 | 1.82 |
| FY26 (Mar-26) | 47.53 | 4.24 |
| H1 FY27 (Sep-26) | 30.20 | 4.19 |
Analysis
- Total income grew about 49% and PAT about 133% in FY26. H1 FY27 PAT of ₹4.19 crore is almost equal to the whole of FY26.
- EBITDA margin has risen sharply, from 8.8% in FY25 to 12.9% in FY26 and 19.1% in H1 FY27. The reviewer warns that half-yearly results alone cannot prove a dependable annual earnings trend.
- Borrowings fell from ₹4.19 crore to ₹1.75 crore in the September half, while net worth rose to ₹22.17 crore.
- The FY24 numbers predate the company’s incorporation, so they come from the predecessor business. Investors should check how those accounts were restated.
Company Strengths
- Rapid, profitable growth: FY26 PAT up about 133%, and half-year PAT in H1 FY27 nearly equal to FY26.
- Expanding margins: EBITDA margin from 8.8% (FY25) to 19.1% (H1 FY27).
- Low debt: Debt/equity of 0.08 as of September 2026, with borrowings cut from ₹4.19 crore to ₹1.75 crore.
- Integrated manufacturing: printing, lamination, cutting, stitching and finishing at one site, which helps quality control and delivery.
- Broad certifications: ISO 9001, 14001, 22000 and 45001, which help with food and chemical customers.
- Experienced promoters: more than 29 years in packaging.
- Wide end-use base: food, fertiliser, chemical, cement and seed customers.
- Fresh issue only: no promoter selling, and ₹5.89 crore goes into machinery for printing and lamination capacity.
Key Risks & Challenges
- Very short corporate history. The company was incorporated in August 2024, and the FY24 financials come from a predecessor business.
- Margin sustainability. The sharp jump in H1 FY27 margins needs to be proven over a full year.
- Customer concentration. The top 10 customers contributed 56.43% of revenue, and a loss of a large buyer or price concessions could hurt.
- Geographic and plant concentration. 70.01% of revenue is from Gujarat, and all production is at one Rajkot site.
- Raw material risk. Inputs are petroleum-based and bought from third parties. Price swings or supply delays can affect costs and output, and transport is outsourced.
- Working-capital intensity. About ₹10.68 crore of the issue is for working capital, and receivables and inventory may absorb profits.
- Valuation depends on annualised numbers. On FY26 earnings, post-issue P/E is about 19x.
- Competition. It competes with organised and unorganised packaging makers on price, quality and delivery.
- Thin workforce disclosure. Only eleven employees are disclosed, so contract labour and outsourced work need clarification.
- SME liquidity risk. The minimum application is ₹2.68 lakh, and trading volumes after listing may be thin.
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.
