Divya Agarwal
Issue to remain open till September 16; Company reports strong growth in revenue and profitability
New Delhi [India], September 9: Injecto Polymers Limited, a manufacturer of polymer-based packaging solutions, is set to open its ₹56.12 crore Initial Public Offering (IPO) for subscription on September 11, 2026. The Issue will remain open until September 16, 2026, with the Equity Shares proposed to be listed on the BSE SME platform.
The IPO comprises an entirely fresh issue of 56.12 lakh Equity Shares and carries a price band of ₹98 to ₹100 per Equity Share. The Anchor Book will open on September 10, 2026. The tentative date of allotment is September 17, 2026, while the proposed listing date is September 21, 2026, subject to applicable approvals and market conditions.
The lot size has been fixed at 1,200 Equity Shares. At the upper price band of ₹100 per Equity Share, the minimum retail application of 2,400 Equity Shares entails an investment of ₹2.40 lakh, while the minimum HNI application of 3,600 Equity Shares entails an investment of ₹3.60 lakh.
The Issue includes a QIB portion of up to 15,96,000 Equity Shares, aggregating up to ₹15.96 crore at the upper price band, including an Anchor portion of up to 9,57,600 Equity Shares.
Strong Financial Performance
Injecto Polymers has reported strong growth in its financial performance over the last three financial years. Revenue from Operations increased from ₹109.05 crore in FY2024 to ₹261.48 crore in FY2025, and further to ₹375.53 crore in FY2026.
During the same period, EBITDA increased from ₹12.35 crore in FY2024 to ₹22.57 crore in FY2025 and ₹38.04 crore in FY2026. Profit After Tax (PAT) increased from ₹4.44 crore in FY2024 to ₹8.11 crore in FY2025 and ₹16.01 crore in FY2026.
The Company recorded an EBITDA margin of 10.13% and PAT margin of 4.26% in FY2026. Its ROE stood at 28.94%, while ROCE stood at 15.64% during the year.
The Company has been witnessing an increasing contribution from its manufacturing operations. Manufacturing activities contributed 49.64% of the Company’s total Revenue from Operations during FY2026, compared with 46.81% in FY2025, reflecting the Company’s continued focus on strengthening its manufacturing capabilities and expanding its value-added product portfolio.
Strong Capacity Utilisation and Planned Expansion
The Company has an installed manufacturing capacity of 10,870 MT per annum as of FY2026, with capacity utilisation of 95.29% during the year.
The Company is currently implementing Phase III expansion of 2,400 MT per annum, of which 1,200 MT commenced trial run on July 1, 2026, with the remaining 1,200 MT expected to be commissioned subsequently.
In addition, the Company has proposed a Phase IV expansion of 4,800 MT per annum, which is proposed to be funded through the IPO proceeds. Upon commissioning of the remaining Phase III capacity and the proposed Phase IV expansion, the Company’s total installed capacity is expected to increase to 18,070 MT per annum.
Diversified Polymer Packaging Portfolio
Established in 1998, Injecto Polymers is engaged in the manufacturing of a diversified range of polymer-based packaging products, including PP woven fabrics, PP woven sacks and bags, BOPP bags, laminated woven bags, Leno bags, FIBC bulk bags, HM/LD liners and non-woven bags.
The Company’s products cater to diverse industrial and consumer applications. The Company also undertakes trading activities in plastic granules and PVC resins.
Injecto Polymers operates two manufacturing facilities in West Bengal and has built a diversified product portfolio supported by established manufacturing capabilities and a presence across multiple states in India.
Utilisation of IPO Proceeds
The Company proposes to utilise the net proceeds from the Issue towards repayment/prepayment of certain borrowings, funding the proposed Phase IV expansion and general corporate purposes.The proposed expansion is aimed at increasing the Company’s manufacturing capacity and supporting its future growth in the polymer packaging segment.
Indcap Advisors Private Limited is the Book Running Lead Manager to the Issue. CapitalSquare is the Underwriter and Syndicate Member, while Integrated Registry Management Services Private Limited is the Registrar to the Issue.
The IPO is scheduled to open on September 11, 2026 and close on September 16, 2026, with the Equity Shares proposed to be listed on the BSE SME platform on September 21, 2026, subject to applicable approvals and market conditions.
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