Phychem Technologies IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Phychem Technologies

Price band

₹51 – ₹54

Lot size

2000 shares

Min investment

₹1,08,000

Issue size

₹14.58 Cr

About the company

Phychem Technologies Limited was started in June 2013. It makes rotational moulding compounds, usually called roto moulding compounds. These are the raw material that other factories use to make hollow plastic products. The company makes customised polyethylene based compounds using LLDPE, HDPE and special additives, and supplies them as powder or granules to rotational moulding manufacturers. The end products made from its compounds include water, fuel and chemical storage tanks, portable toilets, furniture, industrial containers and other custom hollow plastic parts. It also makes specialised compounds such as foam, stone effect, flame retardant, anti static and custom coloured compounds, and makes custom moulded tanks itself. Apart from this it does rotolining and toll pulverising jobwork, and distributes chemicals, compounds, tools and equipment used in the roto moulding trade. Its customers are in building and construction, water management, agriculture, automotive and consumer products, and it exports to several countries across Asia, Africa, Europe and the Middle East. Its factory is in Nashik, Maharashtra, with its own laboratory and quality control department. It is ISO 9001:2015 certified, is recognised as a One Star Export House and is a member of PLEXCONCIL. As on 30 June 2026 it had 33 permanent employees.

Phychem Technologies Limited makes rotational moulding compounds, the polyethylene raw material used to produce hollow plastic products such as water tanks, portable sanitation units and industrial containers. It works from an ISO 9001:2015 certified plant in Nashik and exports across Asia, Africa, Europe and the Middle East.

IPO details

Issue price: ₹54
Price band: ₹51 – ₹54
Face value: ₹10
Lot size: 2000
Min investment: ₹1,08,000
Issue size: ₹14.58 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7921
NSE symbol: PHYCHEM.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,08,000
Retail (Max)	1	2,000	₹1,08,000
HNI (Min)	2	4,000	₹2,16,000

Investor reservation

CATEGORY	RESERVED
QIB	12,72,000 shares (49.65% of the Offer)
NII	3,90,000 shares (15.22% of the Offer)
Retail	9,00,000 shares (35.13% of the Offer)

Objects of the issue

1Repayment in full or in part, of certain of our outstanding borrowings3.00

2Funding the capital expenditure towards procurement of plant and machinery4.86

3Funding to meet working capital requirements3.00

4General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	20.75	17.83	14.73
Total Income	51.11	47.59	43.19
Profit After Tax	2.84	1.69	1.32
EBITDA	4.37	2.76	1.84
NET Worth	9.70	6.86	5.16
Reserves and Surplus	9.41	6.57	4.87
Total Borrowing	4.59	5.61	4.90

Key performance indicators

P/E Ratio

19.42

EPS (₹)

2.78

RoCE

31.99%

RoNW

29.30%

PAT Margin

5.65%

✓ Strengths

• Profit has more than doubled in two years, from Rs 1.32 crore in FY2023 to Rs 1.69 crore in FY2024 and Rs 2.84 crore in FY2025.

• Sales have grown every year, from Rs 43.19 crore in FY2023 to Rs 47.59 crore in FY2024 and Rs 51.11 crore in FY2025.

• EBITDA more than doubled over the same period, from Rs 1.84 crore to Rs 4.37 crore.

• Return ratios are high, with RoCE of 31.99% and RoNW of 29.30%.

• The issue is priced moderately at about 19.42 times earnings on an EPS of Rs 2.78.

• Borrowing came down from Rs 5.61 crore in FY2024 to Rs 4.59 crore in FY2025.

• The product range is wide for a company of this size, covering standard compounds, specialty compounds such as flame retardant and anti static, custom moulded tanks and jobwork services.

• It exports across Asia, Africa, Europe and the Middle East, and holds ISO 9001:2015 certification along with One Star Export House recognition.

⚠ Risks

• The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.

• This is a very small company. Net worth was Rs 9.70 crore as on 31 March 2025 and it had only 33 permanent employees.

• The profit margin is thin at 5.65%, which is normal for a compounding business where the polymer is most of the cost.

• The main raw materials, LLDPE and HDPE, are crude oil linked. A sharp rise in polymer prices that cannot be passed on will cut margin quickly.

• The whole business runs from one factory in Nashik, so any problem at that single location stops everything.

• Its customers are rotational moulding manufacturers, which is a narrow industry. If that trade slows down, there is no other customer base to fall back on.

• The issue is small at Rs 14.58 crore, which usually means limited trading interest after listing.

• Promoter holding will come down from 98.55% to 72.56% after the issue.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.08 lakh at the upper band of Rs 54, and SME shares usually trade in low volume after listing.

Promoters & holding

Umakant Savadekar, Ulka Umakant Savadekar, Nivrutti Sonu Savdekar and Vijaya Nivrutti Savdekar

Pre-issue promoter holding

98.55%

Post-issue promoter holding

72.56%

Data refreshed 07 Nov 2026, 05:01 pm IST. GMP is unofficial market sentiment, not investment advice.