IPO Overview
Atharva Poly-Plast Ltd. was incorporated on January 8, 2014, as a private limited company in Pune, Maharashtra, and later converted into a public limited company on April 15, 2025 to proceed with its public listing procedures. Incorporated in 2014, Atharva Polyplast Limited is one of the leading manufacturers of plastic components catering to the furniture, home appliances, automotive, and other industrial sectors. The Company specializes in injection molding of complex, load-bearing, and aesthetic components and offers end-to-end manufacturing solutions spanning product design, tooling, molding, assembly, and testing. The Company operates a state-of-the-art manufacturing facility spread across 2,34,614 sq. ft. with 17 moulding machines and a diversified portfolio of more than 300 products.
The company is now launching its SME IPO on the BSE SME platform. Atharva Polyplast IPO is an issue of 45,00,000 equity shares of face value ₹10 each, aggregating up to ₹27 crore, priced in a band of ₹55 to ₹60 per share. The IPO is a 100% book-built issue, entirely a fresh issue of shares. The IPO opens on 30 June 2026 and closes on 2 July 2026, with listing expected on 7 July 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Bidding Date | 29 June 2026 |
| IPO Open Date | 30 June 2026 |
| IPO Close Date | 2 July 2026 |
| Allotment Date | 3 July 2026 (Expected) |
| Refund Initiation | 6 July 2026 |
| Credit to Demat | 6 July 2026 |
| Listing Date | 7 July 2026 (Tentative) |
| Price Band | ₹55 – ₹60 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,40,000 (2 lots = 4,000 shares) |
| Issue Size | ₹27 crore |
| Fresh Issue | 45,00,000 shares (₹27 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue with no OFS component. The IPO constitutes 26.71% of the post-IPO paid-up capital of the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 21,30,000 shares (~49.84%) |
| Non-Institutional Investors (NII) | 6,42,000 shares (~15.02%) |
| Retail Individual Investors (RII) | 15,02,000 shares (~35.14%) |
| Firm Allotment | 2,26,000 shares |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue of shares, and all proceeds will be received directly by the company.
Objects of the Issue (Fund Utilization)
From the net proceeds of the issue, the company will utilize ₹13.00 crore for working capital, ₹3.00 crore for capex towards purchase of machineries, ₹3.00 crore for repayment/prepayment of certain borrowings, and the rest for general corporate purposes.
- Working capital requirements — ₹13.00 crore
- Capital expenditure (purchase of machinery) — ₹3.00 crore
- Repayment / prepayment of borrowings — ₹3.00 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Horizon Management Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters of the company are Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade, and Sadhana Shivaji Darade.
Mr. Anujeet Darade is the Managing Director of Atharva Polyplast Limited.
Company Details
Atharva Poly-Plast Ltd. (APL) is a manufacturer of precision plastic components with a growing presence across key industrial verticals including furniture, home appliances, and automotive assemblies. Its focus is on injection moulded components, primarily made from polypropylene (PP), ABS, HDPE, and engineering polymers. The company supports both B2B manufacturing contracts and co-development projects, providing full-cycle support from mould design and prototyping to final production and QA validation.
Sectors Served:
- Office Furniture
- Home Appliances
- Automotive
- Other Industrial / Engineering Sectors
Key Capabilities:
- The company uses its moulding capabilities and know-how to supply customized plastic components to OEMs and Tier-1 suppliers in India. As part of its engagements with OEM customers, it converts raw materials and bought-out parts such as fasteners, hinges, or foam components into plastic components based on customer needs.
Manufacturing Facility:
- Located in Satara District, Maharashtra, spread over 2,34,614 sq. ft. with 17+ moulding machines
Certifications:
- GREENCO Gold Rating and ISO 14001:2015 certification for its operations
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹43.09 | ₹2.00 |
| FY25 | ₹49.06 | ₹5.29 |
| 10M FY26 (Jan 2026) | ₹42.42 | ₹4.72 |
Key Financial Metrics
- If FY26 annualized earnings are attributed to post-IPO fully diluted paid-up equity capital, the asking price is at a P/E of 17.86x; based on FY25 earnings, P/E stands at 19.11x.
- The company has not paid any dividends for the reported periods and will adopt a prudent dividend policy based on financial performance and future prospects.
- As per the offer document, listed peer Master Components is trading at a P/E of 18.6x (as of June 25, 2026), though not truly comparable on an apples-to-apples basis.
- Working capital requirements are estimated at ₹1,563.96 lakhs for FY2027, compared to ₹724.44 lakhs for the period ended 31 January 2026.
Company Strengths
- Differentiated position in the plastics manufacturing space through integrated manufacturing capabilities, diversified end-market presence, and long-standing relationships with leading OEMs and Tier-1 customers.
- Focus on value-added products, particularly in the furniture segment, coupled with expertise in complex injection molding and engineering-grade polymers.
- Strong improvement in profitability — PAT grew from ₹0.71 crore in FY23 to ₹5.29 crore in FY25
- Healthy margins, with PAT margin above 11% and EBITDA margin close to 20% in recent periods
- Holds a GREENCO Gold Rating and ISO 14001:2015 certification, lending operational credibility.
- Diversified product portfolio of 300+ products serving multiple industrial verticals
Key Risks & Challenges
- High customer concentration risk — the top customer contributes 51.76% of revenue, and the top 10 customers account for 97.78% of total revenue.
- The company operates from a single manufacturing facility in Satara District, Maharashtra, which generates 95.86% of its revenue — creating significant geographic and operational concentration risk.
- Revenue growth has not been very strong historically, and the post-issue P/E of 17.83x makes the IPO fairly valued rather than deeply undervalued.
- Intensive working capital requirements, which are projected to more than double going into FY2027.
- Exposure to raw material price volatility in the plastics/polymer industry.
- SME IPO liquidity risk — limited secondary market trading volumes on the 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.
