IPO Overview
Originally incorporated on 3 March 1998 under the name ‘Vijay Pet Plast India Private Limited’, the company was subsequently renamed to Diksha Polymers Private Limited in February 2000 and has since evolved into a dedicated PET packaging manufacturer. Diksha Polymers Limited (DPL) is engaged in the manufacturing of PET Bottles, PET Containers, PET Preforms, and Caps, catering to a wide range of industries including food & beverages, lubricants, consumer goods, pharmaceuticals, and agrochemicals. The company operates through an integrated manufacturing model utilising injection moulding and blow moulding technologies to produce high-quality packaging solutions ranging from 8 grams to 250 grams. In September 2024, the company further strengthened its value chain through the acquisition of Diksha Packaging, enabling in-house production of PET preforms and achieving backward integration. The company operates three manufacturing facilities spread across 26,879 sq. ft. in the Maharajpura Industrial Area, Gwalior, Madhya Pradesh.
The company is now launching its SME IPO on the BSE SME platform. The IPO is a Fixed Price Issue — entirely a fresh issue of 15,98,400 equity shares aggregating to ₹17.90 crore at a fixed price of ₹112 per share. The IPO opens on 17 June 2026 and closes on 19 June 2026, with listing expected on 24 June 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 17 June 2026 |
| IPO Close Date | 19 June 2026 |
| Allotment Date | 22 June 2026 (Expected) |
| Refund Initiation | 23 June 2026 |
| Credit to Demat | 23 June 2026 |
| Listing Date | 24 June 2026 (Tentative) |
| Issue Price | ₹112 per share (Fixed Price) |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,68,800 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹4,03,200 (3 lots = 3,600 shares) |
| Issue Size | ₹17.90 crore |
| Fresh Issue | 15,98,400 shares (₹17.90 crore) |
| Offer For Sale (OFS) | Nil |
| Pre-IPO Market Cap | ~₹58.20 crore |
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) | 0% |
| Non-Institutional Investors (NII/HNI) | 50% — 7,58,400 shares |
| Retail Individual Investors (RII) | 50% — 7,58,400 shares |
| Firm Allotment | 81,600 shares (excluded from net offer) |
Note: This is a Fixed Price Issue — there is no QIB portion. The net offer to the public is 15,16,800 shares after excluding 81,600 shares allotted on a firm basis.
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 be received directly by the company for business use.
Objects of the Issue (Fund Utilization)
The IPO proceeds are primarily earmarked for debt reduction, which is expected to strengthen the company’s balance sheet and improve future profitability. The specific utilization is as follows:
- Repayment / prepayment of outstanding secured borrowings — primary use of proceeds
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Aryaman Financial Services Ltd.
- Registrar to the Issue: Cameo Corporate Services Ltd.
- Email: [email protected]
- Website: https://ipo.cameoindia.com/
Promoters & Management
The company is promoted by the Mandelia family, which has been running the business since its incorporation in 1998. The promoters are:
- Mr. Vivek Mandelia
- Mr. Vipin Mandelia
- Mrs. Hemlata Mandelia
- Mrs. Anjana Mandelia
- Ms. Riddhi Mandelia
The promoter group collectively brings decades of experience in the PET packaging and polymer manufacturing business.
Company Details
Diksha Polymers Limited is a PET packaging manufacturer engaged in producing PET bottles, containers, preforms, and caps for a diverse client base across multiple industries. The company serves customers through a B2B model and derives nearly 99% of its revenue from manufacturing activities. PET bottles and containers remain the core product segment, contributing 71.3% of FY2026 revenue, while PET preforms accounted for 25.8%.
Sectors Served:
- Food & Beverages
- Lubricants & Oils
- Consumer Goods
- Pharmaceuticals
- Agrochemicals
Key Products Manufactured:
- PET Bottles & Containers (8g to 250g range)
- PET Preforms (raw material for PET containers)
- Caps & Closures
Key Capabilities:
- Integrated manufacturing model using injection moulding and blow moulding technologies
- In-house PET preform manufacturing after backward integration via acquisition of Diksha Packaging in September 2024
- Installed capacity: 2,163 MTPA for PET bottles and 1,913 MTPA for PET preforms
Manufacturing Facilities:
- 3 units at Maharajpura Industrial Area, Gwalior, Madhya Pradesh
- Total area: 26,879 sq. ft.
- Locations: Plot 33, Plot 32(1), and Plot 62, Industrial Area, Maharajpura
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹42.73 | ₹2.63 |
| FY26 | ₹51.27 | ₹4.12 |
Key Financial Metrics
- Revenue grew ~20% YoY from FY25 to FY26
- PAT grew ~56% YoY from FY25 to FY26 — indicating improving operational efficiency and margin expansion
- Strong return ratios supported by integrated manufacturing setup and backward integration
- Primary use of IPO proceeds is debt reduction, which should reduce finance costs and improve future profitability
- Pre-IPO market capitalization: ~₹58.20 crore
Company Strengths
- Over 25 years of operational history in PET packaging — established credibility with a loyal B2B customer base across multiple industries
- Backward integration achieved via acquisition of Diksha Packaging in September 2024 — in-house preform manufacturing reduces input costs and improves margins
- Diversified end-use industry exposure — food & beverages, lubricants, pharma, agrochemicals — reduces sector-specific demand risk
- Consistent revenue and profit growth with PAT rising 56% YoY in FY26
- Three manufacturing facilities with combined installed capacity of 2,163 MTPA (bottles) and 1,913 MTPA (preforms) providing scale
- Entire IPO is fresh issue — all proceeds directed to debt reduction and business strengthening, no promoter exit
Key Risks & Challenges
- Very small issue size of ₹17.90 crore — limited institutional interest and lower secondary market liquidity post-listing on BSE SME
- Highly fragmented and competitive PET packaging industry with multiple organized and unorganized players
- Raw material risk — PET resin prices are linked to crude oil and petrochemical cycles, which can cause margin volatility
- Geographic concentration — all three manufacturing facilities are located in a single industrial area in Gwalior, Madhya Pradesh
- Very small permanent workforce of only 17 employees — high dependence on contract labour for operations
- Fixed Price Issue structure (not book-built) — limited price discovery mechanism compared to book-built IPOs
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.
