1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Shakti Polytarp Limited |
| IPO Type | Fresh Issue; 100% Book Building |
| Fresh Issue | Up to 45,64,000 equity shares |
| Face Value | ₹10 per equity share |
| Price Band | ₹56–₹59 per equity share |
| Minimum Bid | 4,000 equity shares; thereafter in multiples of 2,000 shares |
| Issue Open | September 15, 2026 |
| Issue Close | September 17, 2026 |
| Anchor Investor Bidding | September 11, 2026 |
| Listing Exchange | SME Platform of BSE Limited |
| Registrar | Skyline Financial Services Private Limited |
| Book Running Lead Manager | NEXGEN Financial Solutions Private Limited |
2. IPO Details
| Particular | At Floor Price ₹56 | At Cap Price ₹59 |
|---|
| Fresh Issue Shares | 45,64,000 | 45,64,000 |
| Fresh Issue Amount | ₹2,555.84 lakh | ₹2,692.76 lakh |
| Market Maker Reservation | 2,30,000 shares | 2,30,000 shares |
| Market Maker Value | ₹128.80 lakh | ₹135.70 lakh |
| Net Offered to Public | 43,34,000 shares | 43,34,000 shares |
| Net Offered to Public Value | ₹2,427.04 lakh | ₹2,557.06 lakh |
| Total Issue Shares | 45,64,000 | 45,64,000 |
| Pre-Issue Shares | 1,25,64,000 | 1,25,64,000 |
| Post-Issue Shares | 1,71,28,000 | 1,71,28,000 |
| Post-Issue Market Capitalisation | ₹9,591.68 lakh | ₹10,105.52 lakh |
3. Issue Reservation
| Category | Shares | Percentage / Rule |
|---|
| QIB | 13,86,000 | Not more than 50% of Net Issue |
| Anchor Investor Portion | Up to 8,22,000 | Within QIB Portion |
| Net QIB Portion | Up to 5,64,000 | Balance of QIB Portion after Anchor |
| Mutual Funds within Net QIB | Up to 30,000 | 5% of Net QIB Portion |
| NII | 13,68,000 | Not less than 15% of Net Issue |
| Individual Investors | 15,80,000 | Not less than 35% of Net Issue |
| Market Maker | 2,30,000 | Up to 5.04% of Issue |
4. IPO Lot Size
| Application | Lots | Shares | At Floor Price ₹56 | At Cap Price ₹59 |
|---|
| Individual Investors (IND) (Min) | 2 | 4,000 | ₹2,24,000 | ₹2,36,000 |
| Individual Investors (IND) (Max) | 2 | 4,000 | ₹2,24,000 | ₹2,36,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,36,000 | ₹3,54,000 |
| S-HNI (Max) | 8 | 16,000 | ₹8,96,000 | ₹9,44,000 |
| B-HNI (Min) | 9 | 18,000 | ₹10,08,000 | ₹10,62,000 |
5. About the Company
Shakti Polytarp Limited was incorporated as a public limited company on March 22, 2018. Its registered office is in Indore, Madhya Pradesh. The company manufactures tarpaulin and other products including shade nets, and also trades PP granules. Its products are used across agriculture, construction, automotive, transportation and logistics, and consumer-goods applications.
The company operates from its manufacturing unit at 45–48 I.I.D.C. A.B. Road, Nimrani, District Khargone, Madhya Pradesh. The facility spans approximately 1,98,450 sq. ft. and produces tarpaulins ranging from 70 GSM to 450 GSM in different sizes, colours and specifications. The company states that it specializes in six-layer and eight-layer tarpaulins sold under the Dinotarp brand.
The manufacturing process is described as integrated across extrusion, weaving, lamination, fabrication, finishing and packaging. The RHP also describes high-speed extrusion tapelines, wide-width lamination, circular looms, sealing machines and recycling machinery. The business primarily follows a B2B model, with B2C sales contributing a smaller portion.
Revenue Mix
| Source of Revenue | FY2026 ₹ lakh | FY2025 ₹ lakh | FY2024 ₹ lakh |
|---|
| All types of tarpaulin | 9,982.47 | 5,292.28 | 3,730.97 |
| Other products | 1,181.03 | 1,321.78 | 1,363.73 |
| Sale of granules | 10,401.23 | 10,009.51 | 1,094.42 |
| Commission receipt | 0.00 | 0.00 | 12.00 |
Capacity and Utilisation
| Particular | FY2026 | FY2025 | FY2024 |
|---|
| Installed capacity (MTPA) | 12,900 | 6,900 | 4,200 |
| Actual production (MTPA) | 6,277 | 4,151.60 | 2,715 |
| Capacity utilisation | 48.66% | 60.17% | 64.64% |
6. Restated Financial Information
Financial Highlights
| Particulars | FY2024 | FY2025 | FY2026 |
|---|
| Revenue from operations | 6,201.12 | 16,623.57 | 21,564.74 |
| Other income | 21.38 | 25.95 | 45.32 |
| Total income | 6,222.50 | 16,649.52 | 21,610.06 |
| EBITDA | 383.25 | 1,068.79 | 1,928.87 |
| Profit before tax | 114.94 | 689.87 | 1,358.78 |
| PAT | 98.13 | 496.62 | 1,005.61 |
| Basic / diluted EPS (₹) | 0.96 | 4.09 | 8.00 |
| Net worth | 1,083.62 | 1,780.44 | 2,786.05 |
| Current ratio | 1.05 | 1.26 | 0.86 |
| Debt-equity ratio | 2.18 | 2.70 | 2.60 |
| ROCE | 8.87% | 14.87% | 17.87% |
| RoNW | 10.79% | 34.68% | 44.04% |
** Balance Sheet Highlights**
| Particulars | FY2024 | FY2025 | FY2026 |
|---|
| Total assets | 4,029.38 | 7,139.08 | 11,012.44 |
| Property, plant & equipment | 1,236.46 | 1,856.13 | 4,570.62 |
| CWIP | 266.88 | 203.77 | 744.98 |
| Inventories | 1,303.29 | 1,575.58 | 3,014.79 |
| Trade receivables | 787.05 | 1,479.93 | 834.85 |
| Cash & cash equivalents | 27.43 | 354.63 | 25.69 |
| Long-term borrowings | 779.04 | 1,751.56 | 3,195.76 |
| Short-term borrowings | 1,587.17 | 3,048.14 | 4,055.47 |
| Trade payables | 302.89 | 192.45 | 174.01 |
** Cash Flow Highlights**
| Cash Flow | FY2024 | FY2025 | FY2026 |
|---|
| Operating cash flow | (205.12) | (1,078.51) | 1,339.56 |
| Investing cash flow | (524.94) | (939.47) | (3,685.08) |
| Financing cash flow | 748.70 | 2,345.17 | 2,016.58 |
| Net increase / (decrease) in cash | 18.65 | 327.19 | (328.93) |
| Closing cash & equivalents | 27.43 | 354.63 | 25.69 |
7. Key Performance Indicators
| KPI | FY2024 | FY2025 | FY2026 |
|---|
| Revenue from operations | 6,201.12 | 16,623.57 | 21,564.74 |
| Revenue growth | — | 168.07% | 29.72% |
| EBITDA | 383.25 | 1,068.79 | 1,928.87 |
| EBITDA margin | 6.18% | 6.43% | 8.94% |
| EBITDA growth | 24.16% | 178.88% | 80.47% |
| ROCE | 8.87% | 14.87% | 17.87% |
| Current ratio | 1.05 | 1.26 | 0.86 |
| Operating cash flow | (205.12) | (1,078.51) | 1,339.56 |
| PAT | 98.13 | 496.62 | 1,005.61 |
| RoNW | 10.79% | 34.68% | 44.04% |
| EPS (₹) | 0.96 | 4.09 | 8.00 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹56–₹59 |
| Floor Price / Face Value | 5.6x |
| Cap Price / Face Value | 5.9x |
| FY2026 P/E at Floor Price | 7.00x |
| FY2026 P/E at Cap Price | 7.38x |
| FY2025 P/E at Floor / Cap | 13.69x / 14.43x |
| FY2024 P/E at Floor / Cap | 58.33x / 61.46x |
| Weighted-Average EPS P/E at Floor / Cap | 10.14x / 10.69x |
| Industry P/E: Highest / Lowest / Average | 110.22x / 84.67x / 97.45x |
| FY2026 NAV per Share | ₹22.18 |
| FY2025 NAV per Share | ₹14.17 |
| FY2024 NAV per Share | ₹18.98 |
| NAV After Offer – Cap Price | ₹31.19 |
| NAV After Offer – Floor Price | ₹31.99 |
9. Peer Comparison
| Company | Face Value | CMP | EPS ₹ | P/E | RoNW | NAV ₹ | PAT ₹ lakh |
|---|
| Shakti Polytarp Limited | 10 | [●] | 8.00 | [●] | 44.04% | 22.18 | 1,005.61 |
| Commercial Syn Bags Limited | 10 | 296.50 | 6.75 | 43.93 | 16.86% | 43.03 | 2,695.68 |
| Shree Tirupati Balajee Agro Trading Company Ltd | 10 | 26.20 | 1.08 | 24.26 | 3.49% | 31.61 | 884.23 |
Peer Benchmarking Table (FY2025–26)
| Indicator | Shakti | Time Technoplast | Shree Tirupati Balajee | Commercial Syn Bags | TPL Plastech |
|---|
| Revenue from operations | 21,564.74 | 610,520.00 | 57,373.15 | 38,700.41 | 42,255.33 |
| Total income | 21,610.06 | 611,440.00 | 58,141.68 | 38,962.81 | 42,266.30 |
| EBITDA | 1,928.87 | 89,213.00 | 3,799.58 | 4,800.51 | 4,827.64 |
| EBITDA margin | 8.94% | 14.61% | 6.62% | 12.40% | 11.42% |
| PAT | 1,005.61 | 47,661.00 | 1,231.11 | 2,632.21 | 2,907.07 |
| PAT margin | 4.65% | 7.79% | 2.12% | 6.76% | 6.88% |
| Current ratio | 0.99 | 3.63 | 2.00 | 1.27 | 2.08 |
| Tangible net worth | 2,786.05 | 408,812.00 | 30,411.96 | 17,545.51 | 16,889.68 |
| Total debt | 7,253.45 | 64,015.00 | 22,990.82 | 12,579.97 | 2,201.15 |
| Debt-equity ratio | 2.60 | 0.16 | 0.76 | 0.72 | 0.13 |
| ROCE | 20.62% | 15.99% | 5.43% | 12.58% | 20.77% |
| RoNW | 44.06% | 13.66% | 4.13% | 16.17% | 18.37% |
10. Shareholding & Capital Structure
| Particular | Pre-Issue | Post-Issue |
|---|
| Authorized share capital | 2,00,00,000 shares of ₹10 | Same authorized capital |
| Issued/subscribed/paid-up capital | 1,25,64,000 shares | Up to 1,71,28,000 shares |
| Promoters – Ravi Singhal | 57,10,000 (45.45%) | 57,10,000 (33.33%) |
| Promoters – Vivek Singhal | 54,09,990 (43.06%) | 54,09,990 (31.57%) |
| Promoters – Trisha Singhal | 2 (negligible) | 2 (negligible) |
| Promoters – Priyal Singhal | 2 (negligible) | 2 (negligible) |
| Total Promoters | 1,11,19,994 (88.51%) | 1,11,19,994 (64.90%) |
| Promoter Group | 6 shares (negligible) | 6 (negligible) |
| Public shareholders | 14,44,000 (11.49%) | 14,44,000 (8.43%) |
| IPO shares | — | 45,64,000 (26.65%) |
| Average acquisition cost – Ravi Singhal | ₹6.31 | — |
| Average acquisition cost – Vivek Singhal | ₹3.89 | — |
11. Objects of the Issue
| Object | Amount / Scope | Implementation / Funding |
|---|
| Capital Expenditure | ₹2,088.18 lakh | To be funded from Net Proceeds; ₹786.36 lakh had already been deployed through internal accruals and bank/SIDBI financing, with repayment from Net Proceeds stated for bridge financing |
| General Corporate Purposes | [●] lakh | Balance Net Proceeds; subject to stated regulatory limit |
| Issue-related expenses | [●] lakh | Amounts remain [●] in the RHP |
12. Key Risks Highlighted in the RHP
| Risk Category | Risk | RHP Disclosure / Key Fact | Potential Impact |
|---|
| Business / Revenue Concentration | The company’s revenue is substantially dependent on tarpaulin manufacturing and granule trading. | FY2026 revenue included ₹9,982.47 lakh from tarpaulin, ₹1,181.03 lakh from other products and ₹10,401.23 lakh from sale of granules. | Changes in demand, customer preferences or market conditions could adversely affect revenue and operating performance. |
| Customer Concentration | The company depends on a limited number of customers for a significant portion of its revenues. | The RHP identifies the loss of a major customer or significant reduction in demand as a potential adverse factor. | Loss of major customers or reduction in orders could adversely affect revenue and financial results. |
| Supplier Concentration | Dependence on a limited number of suppliers for raw materials. | The RHP highlights that the Top 10 suppliers contribute significantly to raw-material supply and that disputes or disruption involving major suppliers may affect operations. | Supply disruption or increased input costs could affect production, margins and profitability. |
| Lease / Facility Risk | The registered office and manufacturing facilities are not owned by the company. | Relevant properties are held on leasehold arrangements. Termination of leases or changes in rent arrangements could affect operations. | Loss of premises could disrupt manufacturing or require relocation, potentially increasing costs. |
| Capacity Utilisation | Manufacturing capacity may not be fully utilised. | FY2026 installed capacity was 12,900 MTPA, while reported utilisation was 48.66%. The RHP separately discusses recently commissioned machinery. | Lower-than-expected utilisation could result in inefficient fixed-cost absorption and weaker operating performance. |
| Cash Flow | The company has experienced negative operating cash flows in previous years. | Operating cash flow was ₹(205.12) lakh in FY2024 and ₹(1,078.51) lakh in FY2025, before turning positive at ₹1,339.56 lakh in FY2026. | Weak or negative operating cash generation could increase dependence on external funding and affect liquidity. |
| Regulatory / Environmental | The business is subject to environmental and plastics-related regulations. | The RHP highlights compliance with applicable environmental and plastics-related requirements. | Changes in regulations or increased compliance requirements could increase costs and affect operations. |
| Financial / Leverage | The company has significant borrowings and related financial obligations. | The formal restated debt-equity ratio was 2.60x as of March 31, 2026. | Higher debt servicing requirements may put pressure on cash flows, liquidity and financial flexibility. |
| Management / Key Personnel | The company depends on promoters, senior management, KMPs and skilled personnel. | The RHP identifies the continuity and retention of key personnel as an important business consideration. | Loss of key personnel could affect management, operations, sales, compliance and business continuity. |
| Intellectual Property | Certain intellectual property, including the company logo, remains subject to registration processes. | Trademark applications are at different stages, including registered, accepted and advertised, and marked for examination. | Failure to obtain or maintain registrations could reduce statutory protection against infringement or passing off. |
| Related Party Transactions | The company has undertaken related party transactions and may continue such transactions. | The RHP states that related party transactions were undertaken at arm’s length while also identifying potential conflicts or less favourable terms as a consideration. | Future transactions with related parties could potentially result in conflicts or terms that are less favourable than comparable third-party transactions. |
| Listing / Market Risk | The equity shares do not have an established public trading history. | The RHP states that an active trading market may not develop and that the issue price may not be indicative of the post-listing market price. | Post-listing liquidity and market price may be uncertain, and investors may face volatility or difficulty exiting their investment. |
13. Litigation & Contingent Liabilities
| Category | Cases / Amount | Disclosure |
|---|
| Group entities – Direct Tax | 2 cases; ₹1.15 lakh | Proceedings disclosed for Shakti Cooperation (India) and Tripal Traders |
| Group entities – Indirect Tax | 1 case; ₹0.10 lakh | Total group-entity tax proceedings disclosed: 3 cases, ₹1.25 lakh |
| Material Creditors | 13 material creditors; ₹169.70 lakh | Total trade payables at March 31, 2026 were ₹174.01 lakh |
| MSME Creditors | 11 creditors; ₹4.31 lakh | Included within total trade payables |
14. Registrar
| Particular | Details |
|---|
| Name | Skyline Financial Services Private Limited |
| Address | D-153A, 1st Floor, Okhla Industrial Area Phase-I, New Delhi – 110020, India |
| Telephone | 011-40450193-197 |
| Email | ipo@skylinerta.com |
| Website | www.skylinerta.com |
| Contact Person | Mr. Anuj Rana |
| SEBI Registration Number | INR000003241 |
15. Lead Manager(s)
| Particular | Details |
|---|
| Name | NEXGEN Financial Solutions Private Limited |
| Address | 709, 55, Madhuban Building, Block G 6, Nehru Place, New Delhi, Delhi 110019 |
| Telephone | +91 1141407600 |
| Email | ipo@nexgenfin.com |
| Website | www.nexgenfin.com |
| Contact Person | Mr. Hasan Ullah |
| SEBI Registration Number | INM000011682 |
| Role | Sole Book Running Lead Manager and Underwriter-1 |
16. Company Contact Details
| Particular | Details |
|---|
| Registered Office | Shop No. 4, 4/1, Nayapura Main Road, Indore, Madhya Pradesh – 452009, India |
| Corporate Office | N.A. |
| Telephone | +91-9826648050 |
| Fax | N.A. |
| Email | md@shaktipolytarp.com |
| Website | www.shaktipolytarp.com |
| Company Secretary & Compliance Officer | Mr. Jitendra Kumar Gupta |
| Investor Grievance Contact | Company Secretary & Compliance Officer; Registrar and BRLM also handle issue-related grievances |
