Shakti Polytarp Limited IPO
SHAKTIPOLY · BSE · SME · Plastic Products
Overview
Updated 12 days agoShakti Polytarp Limited is an Indore-based manufacturer of tarpaulins and related products, including shade nets, and is also engaged in the trading of plastic granules. The company operates an integrated manufacturing facility in Madhya Pradesh and sells its products under the 'Dinotarp' brand.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| bNII (min) | 9 | 18,000 | ₹10,62,000 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Sector | Plastic Products |
| Price band | ₹56–59 |
| Final issue price | ₹59.00 |
| Face value | ₹10 per share |
| Lot size | 2,000 shares |
| Minimum investment | ₹1,18,000 |
| Issue size | ₹27.00 Cr |
| Market cap at upper band | ₹101 Cr |
| P/E at upper band | 7.4x |
| Registrar | SKYLINE FINANCIAL SERVICES PRIVATE LIMITED |
| Lead managers | NEXGEN Financial Solutions Private Limited |
| NSE symbol | SHAKTIPOLY |
| ISIN | INE05UY01016 |
Shareholder quota and promoter holding
Company & business
Shakti Polytarp Limited is a manufacturer of tarpaulins and related products, such as shade nets, geotextiles, and pond liners, catering to industries like agriculture, construction, and logistics. The company also trades in plastic granules, which serve as raw materials for its manufacturing operations. It operates an integrated manufacturing facility in Nimrani, Madhya Pradesh, and follows a B2B-focused business model, while also catering to the B2C segment. The company's production process includes extrusion, weaving, lamination, and fabrication. It is led by a management team with significant experience in the plastic industry and is currently expanding its manufacturing capacity to meet growing demand.
Objects of the issue — how the money will be used
- Capital Expenditure (₹20.88 Cr)
- General Corporate Purposes
Key strengths
- Strong backward linkages with domestic petrochemical majors
- Established role in critical end-use sectors like agriculture and construction
- Cost competitiveness supporting global export growth
- Broad product spectrum enabling diversification
- Increasing adoption of advanced manufacturing and quality-testing systems
- Government policy support through various schemes
Key risks
- High dependence on crude oil and polymer price cycles
- Fragmented industry structure with intense competition from unorganized players
- Limited penetration of advanced automation among mid-tier players
- Working capital-intensive model straining liquidity
- Uneven ESG compliance and recycling adoption
- Majority of revenue derived from the State of Madhya Pradesh
- Dependent on a limited number of customers for a significant portion of revenue
Promoters
Mr. Ravi Singhal, Mr. Vivek Singhal, Mrs. Trisha Singhal, Mrs. Priyal Singhal
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 62.01 | -- | 0.98 | 40.29 | 10.84 | 23.66 |
| FY25 | 166.24 | -- | 4.97 | 71.39 | 17.80 | 48.00 |
| FY26 | 215.65 | -- | 10.06 | 110.12 | 27.86 | 72.51 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Shakti Polytarp Limited this issue | 215.7 | 8.00 | 7.4x | 44.04 | 22.18 |
| Commercial Syn Bags Limited | 387.0 | 6.75 | 43.9 | 16.86 | 43.03 |
| Shree Tirupati Balajee Agro Trading Company Ltd | 573.7 | 1.08 | 24.3 | 3.49 | 31.61 |
This issue is priced at 7.4x P/E against a peer median of 34.1x: a discount of 78%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.