Shakti Polytarp IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Shakti Polytarp

Price band

₹56 – ₹59

Lot size

2000 shares

Min investment

₹1,18,000

Issue size

₹26.93 Cr

About the company

Shakti Polytarp Ltd was set up in March 2018. It makes tarpaulins and other plastic based products including shade nets. A tarpaulin is a water resistant sheet used to cover and protect goods, equipment and material from rain, moisture and sunlight. It makes its tarpaulins from polypropylene granules along with linear low density, low density and high density polyethylene. The sheets come in different sizes, colours, thicknesses and specifications as the customer asks, and the company places particular emphasis on six-layer and eight-layer tarpaulins, which are the more durable grades. Its products are sold under the brand name Dinotarp. Its tarpaulins are used across agriculture, construction, automotive, transportation and logistics, consumer goods and other industries. The company works mainly business to business, supplying bulk orders to industrial customers, while also selling to individual consumers. Alongside making tarpaulins it also sells plastic granules, which are the raw material used in that manufacturing. It offers design and customisation depending on what the product will be used for.

Shakti Polytarp Ltd manufactures tarpaulins and shade nets under the Dinotarp brand, specialising in six-layer and eight-layer durable sheets made from PP, LLDPE, LDPE and HDPE granules. Its products are used across agriculture, construction, automotive, transport and logistics, and it also trades in plastic granules.

IPO details

Issue price: ₹59
Price band: ₹56 – ₹59
Face value: ₹10
Lot size: 2000
Min investment: ₹1,18,000
Issue size: ₹26.93 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7967
NSE symbol: SHAKTIPOLY.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,18,000
Retail (Max)	1	2,000	₹1,18,000
HNI (Min)	2	4,000	₹2,36,000

Investor reservation

CATEGORY	RESERVED
QIB	13,86,000 shares (31.98% of the Offer)
NII	13,68,000 shares (31.56% of the Offer)
Retail	15,80,000 shares (36.46% of the Offer)

Objects of the issue

1Capital Expenditure20.88

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	110.12	71.39	40.29
Total Income	216.10	166.50	62.23
Profit After Tax	10.06	4.97	0.98
EBITDA	19.29	10.69	3.83
NET Worth	27.86	17.80	10.84
Reserves and Surplus	15.30	5.24	5.13
Total Borrowing	72.51	48.00	23.36

Key performance indicators

P/E Ratio

10.05

EPS (₹)

5.87

RoE

44.04%

RoCE

17.87%

RoNW

44.04%

PAT Margin

4.66%

EBITDA Margin

8.94%

Debt / Equity

2.60

NAV (₹)

22.18

✓ Strengths

• This is the cheapest issue in the current SME batch on earnings, at about 10.05 times on an EPS of Rs 5.87.

• Sales have grown more than three times in two years, from Rs 62.23 crore in FY2024 to Rs 166.50 crore in FY2025 and Rs 216.10 crore in FY2026.

• Profit has grown enormously over the same period, from Rs 0.98 crore to Rs 10.06 crore.

• EBITDA improved from Rs 3.83 crore in FY2024 to Rs 19.29 crore in FY2026.

• Return on net worth is very high at 44.04%.

• It sells under its own brand Dinotarp rather than only doing unbranded job work.

• Its focus on six-layer and eight-layer tarpaulins targets the more durable end of the market rather than competing only on the cheapest grades.

• The products go into agriculture, construction, automotive, transport and consumer goods, so demand is spread across sectors.

⚠ Risks

• Debt is very high. Total borrowing was Rs 72.51 crore against a net worth of only Rs 27.86 crore, a debt to equity ratio of 2.60, and it has more than tripled in two years from Rs 23.36 crore.

• The high return on net worth of 44.04% is largely a product of that leverage. RoCE, which is the better measure here, is much lower at 17.87%.

• The profit margin is thin at 4.66%.

• None of the issue money repays debt. Rs 20.88 crore of the Rs 26.93 crore issue goes into capital expenditure, so the borrowing stays where it is.

• The company is young, having been set up only in March 2018.

• The raw material is polymer granules, whose price follows crude oil and is outside the company's control.

• A part of the revenue comes from simply selling plastic granules, which is trading and earns less than manufacturing.

• Tarpaulins are close to a commodity, with many manufacturers competing largely on price.

• Promoter holding will come down from 90.9% to 66.67% after the issue.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.18 lakh at the upper band of Rs 59, and SME shares usually trade in low volume after listing.

Promoters & holding

Ravi Singhal, Vivek Singhal, Trisha Singhal and Priyal Singhal

Pre-issue promoter holding

90.9%

Post-issue promoter holding

66.67%

Data refreshed 07 Nov 2026, 04:56 pm IST. GMP is unofficial market sentiment, not investment advice.