Injecto Polymers Limited IPO Review: Price Band, Dates, Financials & Valuation

Injecto Polymers Limited, a West Bengal-based plastic packaging manufacturing and polymer trading company, has launched its Initial Public Offering (IPO). This SME IPO is entirely a fresh issue, aimed at funding future expansion and debt reduction.

Key Highlights & Issue Structure

The total issue size for the Injecto Polymers IPO is ₹56.12 crore, comprising 56,12,400 equity shares. The issue contains no Offer for Sale (OFS) component, meaning all proceeds will flow directly into the company.

• IPO Price Band: ₹98 to ₹100 per share

• Face Value: ₹10 per equity share

• Issue Type: Book Building Issue

• Listing Exchange: BSE SME Platform

• Market Maker Portion: 2,83,200 shares (₹2.83 Crore) allocated to CapitalSquare Financial Services Pvt. Ltd.

• Net Offer to Public: 53,29,200 shares (₹53.29 Crore)

Tentative IPO Timeline

Bidding for the issue is open from September 11, 2026, to September 16, 2026. Key schedule details:

Investor Lot Size & Application Requirements

Retail individual investors must bid for a minimum of 2 lots (2,400 shares). The breakdown of application limits across categories is as follows:

Issue Reservation & Quota Breakdown

The allocation structure across investor categories for the public offer:

Anchor Investor Raising

On September 10, 2026, Injecto Polymers raised ₹9.58 crore via its Anchor Book. A total of 9,57,600 shares were allotted to anchor investors at the upper price band of ₹100 per share:

• Longthrive Capital VCC – Trendview Capital Fund: 3,99,600 shares (₹4.00 Cr)

• Craft Emerging Market Fund PCC – Citadel Capital Fund: 3,00,000 shares (₹3.00 Cr)

• Craft Emerging Market Fund PCC – Elite Capital Fund: 2,58,000 shares (₹2.58 Cr)

Note: 50% of the anchor allotment is locked in for 30 days (ending Oct 17, 2026), while the remaining 50% is locked in for 90 days (ending Dec 16, 2026).

Company Overview: Injecto Polymers Ltd.

Incorporated in September 1998, Injecto Polymers Private Limited manufactures custom plastic packaging products and trades plastic granules and Polyvinyl Chloride (PVC) resins.

Product Portfolio:

The company offers customized Business-to-Business (B2B) packaging solutions:

1. Polypropylene (PP) Woven Fabrics & Bags

2. Biaxially Oriented Polypropylene (BoPP) Bags

3. Leno Bags

4. Flexible Intermediate Bulk Container (FIBC) Bags

5. Low-Density & Polyester Pouches

6. Non-Woven Bags

These products serve various sectors, including agriculture, construction, textiles, chemicals, food, pharmaceuticals, cosmetics, and consumer goods.

Manufacturing Facilities:

Injecto Polymers operates two production units in West Bengal:

• Unit 1: Jaugram, Jamalpur

• Unit 2: Andul Road, Howrah

Both sites maintain ISO 9001:2015 and ISO 22000:2018 certifications, alongside BIS approval for food-grade packaging. As of July 31, 2026, the company employed 158 permanent full-time personnel.

Company Financials (Restated Analysis)

The company achieved growth over recent fiscal years. Between FY25 and FY26, total income grew by 44%, while profit after tax (PAT) rose by 97%.

(Amounts in ₹ Crore)

Key Performance Indicators (KPI) & Valuations

KPIs and valuation ratios based on financial data as of March 31, 2026:

Financial Ratios (FY26):

• Return on Equity (ROE): 28.94%

• Return on Capital Employed (ROCE): 15.64%

• Debt to Equity Ratio: 2.61

• PAT Margin: 4.26%

• EBITDA Margin: 10.13%

• Net Asset Value (NAV): ₹41.73 per share

• Price to Book Value (P/BV): 2.40

Pre vs Post IPO Valuation Comparison:

Competitive Strengths vs Key Investment Risks

Strengths:

• Diverse product offering serving diverse end-user industries.

• Strategic manufacturing locations in West Bengal.

• Quality certifications including ISO 9001:2015, ISO 22000:2018, and BIS food-grade standards.

• Experienced promoter and senior management team.

Risks & Challenges:

• High Debt Profile: Total borrowings stood at ₹165.19 crore against a Net Worth of ₹63.34 crore in FY26.

• Raw Material Price Volatility: Exposure to fluctuations in crude-linked polymer and PVC resin prices.

• Liquidity Risk: SME platform issues generally feature lower post-listing liquidity compared to Mainboard IPOs.

Shareholding Pattern Pre & Post Issue

Following the issue, promoter holding will adjust from 88.14% to 64.35%:

Promoters: Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Pvt. Ltd., Suman Towers Pvt. Ltd., Vinayak Tie-Up Pvt. Ltd., Nivedeeka Commercial Pvt. Ltd., and Bhagyashri Trading Pvt. Ltd.

Intermediaries & Contact Details

• • Book Running Lead Manager (BRLM): Indcap Advisors Pvt. Ltd.

  • Registrar to the Issue: Integrated Registry Management Services Pvt. Ltd. (Phone: 044-28140801 / Email: irg@integratedindia.in)

  • Market Maker: CapitalSquare Financial Services Pvt. Ltd.

  • Registered Address: 5th Floor, Room No. 2, Gate No. 3, Poddar Court, 18 Rabindra Sarani, Lalbazar, Kolkata, West Bengal – 700001 (Email: cs@injectopolymers.in).