Injecto Polymers IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Injecto Polymers

Price band

₹98 – ₹100

Lot size

1200 shares

Min investment

₹1,20,000

Issue size

₹56.12 Cr

About the company

Injecto Polymers Limited was started in September 1998. It makes plastic packaging products and also trades in plastic granules and PVC resins, which are the raw materials of the plastics industry. Its manufacturing range covers polypropylene woven fabrics and woven bags, BoPP bags, Leno bags, low density and polyester pouches, FIBC bags which are the large bulk bags used to move powders and grain, and non-woven bags. These are used across agriculture, construction, textiles, chemicals, food, pharmaceuticals, cosmetics and consumer goods. The company works mainly on a business to business basis, making packaging to the shape and size each customer asks for rather than selling a standard product off the shelf. It runs two manufacturing units in West Bengal, at Jaugram in Jamalpur and on Andul Road in Howrah. The units have software based monitoring and an in-house testing facility, and are certified under ISO 9001:2015 and ISO 22000:2018. The company also holds BIS certification for food grade packaging.

Injecto Polymers Limited makes plastic packaging products including PP woven fabrics and bags, BoPP bags, Leno bags, FIBC bulk bags and pouches, and also trades plastic granules and PVC resins. Running since 1998, it operates two ISO certified units in West Bengal at Jaugram and Howrah.

IPO details

Issue price: ₹100
Price band: ₹98 – ₹100
Face value: ₹10
Lot size: 1200
Min investment: ₹1,20,000
Issue size: ₹56.12 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7968
NSE symbol: INJECTO.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,20,000
Retail (Max)	1	1,200	₹1,20,000
HNI (Min)	2	2,400	₹2,40,000

Investor reservation

CATEGORY	RESERVED
QIB	15,96,000 shares (29.95% of the Offer)
NII	18,66,000 shares (35.01% of the Offer)
Retail	18,67,200 shares (35.04% of the Offer)

Objects of the issue

1Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company12.60

2Funding the Capital expenditure towards setting up phase IV at our existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal29.29

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	170.57	121.25	107.21
Total Income	261.85	109.80	96.62
Profit After Tax	8.11	4.44	2.07
EBITDA	22.57	12.35	7.94
NET Worth	47.33	21.22	17.60
Reserves and Surplus	32.15	7.84	5.87
Total Borrowing	101.11	83.35	63.51

Key performance indicators

P/E Ratio

12.99

EPS (₹)

7.70

RoCE

13.91%

RoNW

17.13%

PAT Margin

3.10%

✓ Strengths

• Sales more than doubled in FY2025, from Rs 109.80 crore to Rs 261.85 crore, and have grown from Rs 96.62 crore in FY2023.

• Profit has grown every year, from Rs 2.07 crore in FY2023 to Rs 4.44 crore in FY2024 and Rs 8.11 crore in FY2025.

• EBITDA has almost tripled over the same period, from Rs 7.94 crore to Rs 22.57 crore.

• Net worth grew from Rs 17.60 crore in FY2023 to Rs 47.33 crore in FY2025.

• The company has a long record of more than 25 years, having started in September 1998.

• The product range is wide and sells into eight different industries, from agriculture and construction to food and pharmaceuticals, so it is not tied to one sector.

• It holds ISO 9001:2015 and ISO 22000:2018 certification along with BIS certification for food grade packaging, which matters when supplying food and pharma customers.

• It runs two manufacturing units with in-house testing, and Rs 29.29 crore of the issue money goes into a phase IV expansion at its Jaugram unit.

⚠ Risks

• Debt is very high. Total borrowing was Rs 101.11 crore as on 31 March 2025 against a net worth of only Rs 47.33 crore, which is more than twice, and it has risen every year from Rs 63.51 crore in FY2023.

• The profit margin is very thin at 3.10%. On sales of Rs 261.85 crore the company earned only Rs 8.11 crore.

• Return on capital employed is low at 13.91%, which is modest for a manufacturing business carrying this much debt.

• The issue is priced at about 12.99 times earnings on an EPS of Rs 7.70. That is not demanding on its own, but it sits against a PAT margin of only 3.10%.

• Sales more than doubled in a single year while profit rose far less. That points to growth coming from low margin work, and the trading of granules and PVC resins earns less than manufacturing.

• The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.

• The raw material is polymer, which is linked to crude oil prices and moves outside the company's control.

• Both manufacturing units are in West Bengal, so any local power, labour or regulatory problem affects the whole business.

• The promoter group includes five corporate entities alongside the two individual promoters, and promoter holding falls from 88.14% to 64.35% after the issue.

• This is an SME issue. One lot is 1,200 shares, which is Rs 1.20 lakh at the upper band of Rs 100, and SME shares usually trade in low volume after listing.

Promoters & holding

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

Pre-issue promoter holding

88.14%

Post-issue promoter holding

64.35%

Data refreshed 07 Nov 2026, 04:57 pm IST. GMP is unofficial market sentiment, not investment advice.