IPO Overview
Vedant Poly Fabs Limited is a West Bengal-based flexible packaging manufacturer. It makes multilayer LD films, shrink and barrier films, printed laminates and milk/oil pouches for food, beverage and other consumer-goods customers. The company was incorporated in December 2018 and sells on a B2B basis across India.
It is now bringing a book-built SME IPO of ₹56.68 crore on NSE SME at a price band of ₹88–₹94 per share. The issue combines a fresh issue of ₹51.01 crore with an offer for sale of ₹5.67 crore by a promoter-group shareholder. It opens on 2 November 2026, closes on 4 November 2026 and is tentatively set to list on 9 November 2026. The fresh money goes mainly to working capital, debt repayment and new machinery at the existing plant.
IPO Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME (Emerge) |
| IPO Open Date | 2 November 2026 |
| IPO Close Date | 4 November 2026 |
| Allotment Date | 5 November 2026 (Expected) |
| Refund Initiation | 6 November 2026 |
| Credit to Demat | 6 November 2026 |
| Listing Date | 9 November 2026 (Tentative) |
| Price Band | ₹88 – ₹94 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,25,600 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹3,38,400 (3 lots = 3,600 shares) |
| Total Issue Size | 60,30,000 shares (₹56.68 crore) |
| Fresh Issue | 54,26,400 shares (₹51.01 crore) |
| Offer For Sale (OFS) | 6,03,600 shares (₹5.67 crore) |
| Pre-Issue Shares | 1,47,25,214 |
| Post-Issue Shares | 2,01,51,614 |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% of net offer |
| Non-Institutional Investors (NII) | Not less than 15% of net offer |
| Retail Individual Investors (RII) | Not less than 35% of the offer |
| Anchor Portion | 60% of the QIB quota (33.33% of it reserved for domestic mutual funds) |
OFS / Selling Shareholders
| Selling Shareholder | Category | Shares Offered |
| Sethsawariya Poly Fab LLP | Promoter | 6,03,600 (₹5.67 crore) |
Objects of the Issue
| Object | Amount (₹ Cr) |
| Incremental working capital requirements | 17.59 |
| Prepayment/repayment of certain secured and/or unsecured borrowings | 8.00 |
| Capex: plant & machinery at the existing manufacturing facility | 6.51 |
| Total specified | 32.11 |
About ₹18.9 crore of the ₹51.01 crore fresh issue is therefore unallocated in the published tables. It covers general corporate purposes and offer expenses. Working capital is the largest single use of funds.
Lead Managers & Registrar
- Book Running Lead Manager: Affinity Global Capital Market Pvt. Ltd.
- Registrar to the Issue: Cameo Corporate Services Ltd.
Promoters & Management
Most sources list the promoters as Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP. The two individuals are the designated partners of the LLP. The three promoters together held 98% of pre-offer equity at the DRHP stage.
Company Details
Background: Incorporated in 2018 as a private limited company and converted to a public limited company in 2025. Registered office and plant are at Barasat, North 24 Parganas, West Bengal.
Products
- 3-layer and 5-layer LD films
- Shrink films and barrier films
- Printed laminates
- Milk and oil pouches
- Limited bill-to-ship trading of billet strips
Operations
- Integrated process covering raw material procurement, film extrusion, printing, lamination, slitting, quality control, packing and dispatch.
- Direct sales model with an in-house design team and logistics fleet.
- Operates from a single manufacturing unit in West Bengal.
Milestones: UDYAM registration in 2020. Milk and oil printed rolls added in 2023. Plastic-waste reprocessing unit set up in 2025. Lamination, slitting and pouching machines were added in March 2026.
Certifications: HACCP, ISO 9001, ISO 22000.
Client/Supplier Concentration (FY26): The top 10 customers made up 69.44% of sales. The top 5 suppliers were 79.32% of purchases and the top 10 suppliers 90.16%.
Financial Snapshot
| Period | Total Income | EBITDA | PAT |
| FY24 (Mar-24) | 49.73 | 1.48 | 0.64 |
| FY25 (Mar-25) | 81.58 | 8.30 | 4.56 |
| FY26 (Mar-26) | 115.31 | 19.18 | 10.97 |
Analysis
- Revenue grew about 64% in FY25 and 41% in FY26, while PAT rose from ₹0.64 crore to ₹10.97 crore in two years.
- EBITDA margin went from about 3% to 16.6%, which is a very steep improvement for a packaging business. Check whether it is sustainable.
- Borrowings rose about 3.5x in FY26 (₹13.32 crore to ₹46.82 crore) and total assets rose about 77%. Growth is being funded largely by debt.
- Net worth jumped by ₹26.84 crore against PAT of ₹10.97 crore, so there were other equity or reserve additions. Check the RHP for details.
- Debt/equity is 1.11x, and only ₹8 crore of IPO money goes to debt repayment.
Company Strengths
- Integrated manufacturing: extrusion, printing, lamination, slitting and pouching under one roof.
- Fast growth: revenue up about 41% and PAT about 140% in FY26.
- High return ratios: FY26 ROE of 38% and ROCE of 46%.
- Diversified product range: films, laminates and pouches for food, beverage and consumer goods.
- Quality systems: HACCP, ISO 9001 and ISO 22000.
- Recent capacity additions: new lamination, slitting and pouching machines (March 2026) plus a reprocessing unit.
- Direct sales, in-house design and logistics: helps customise products and control delivery.
Key Risks & Challenges
- Customer concentration: the top 10 customers account for about 69% of FY26 sales.
- Supplier concentration: the top 5 suppliers supply about 79% of purchases, which raises input-price and supply risk.
- Rising debt: borrowings of ₹46.82 crore and D/E of 1.11x, with only ₹8 crore of proceeds earmarked for repayment.
- Single plant: all production is in West Bengal, so any disruption hits the whole business.
- Margin sustainability: EBITDA margin rose from about 3% to 16.6% in two years, and the FY26 profit jump may be hard to repeat.
- Working capital heavy: the largest use of IPO funds (₹17.59 crore) is working capital.
- Young company: it started in 2018 and has a short track record at this scale.
- Raw material and regulation: polymer price swings, plastic-waste rules and environmental compliance.
- Partial promoter exit: a promoter-group LLP is selling ₹5.67 crore in the OFS.
- SME liquidity risk: thin trading is likely after listing, and no market maker has been named yet.
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.
