Unitec Fibres IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Unitec Fibres

Price band

₹83 – ₹88

Lot size

1600 shares

Min investment

₹1,40,800

Issue size

₹34.47 Cr

About the company

Unitec Fibres Limited was started in February 2005. It makes Recycled Polyester Staple Fibre, usually shortened to RPSF. This is polyester fibre made not from fresh petrochemicals but from recycled PET flakes, PET chips and other post-consumer polyester waste, so the raw material is essentially used plastic bottles and similar waste. Its fibre goes to the automobile, home furnishing and textile industries. The end products include carpets, car roof liners, trunk linings, sofas, curtains and yarn for spinning. It runs two manufacturing facilities at the MIDC Tarapur industrial area in Maharashtra, with a combined installed capacity of 27,984 tonnes a year, and is setting up a third unit at Valsad in Gujarat to add capacity. It holds ISO 9001:2015 and ISO 14001:2015 certification along with OEKO-TEX and Global Recycled Standard certification, the last of which matters to buyers who need to prove the recycled content of what they sell. As on 31 March 2026 it had 171 permanent employees.

Unitec Fibres Limited makes Recycled Polyester Staple Fibre from post-consumer PET waste, supplying the automobile, home furnishing and textile industries for carpets, roof liners, sofas and curtains. It runs two plants at Tarapur in Maharashtra with 27,984 MTPA of capacity and is setting up a third unit at Valsad.

IPO details

Issue price: ₹88
Price band: ₹83 – ₹88
Face value: ₹10
Lot size: 1600
Min investment: ₹1,40,800
Issue size: ₹34.47 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7988
NSE symbol: UNITEC.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,40,800
Retail (Max)	1	1,600	₹1,40,800
HNI (Min)	2	3,200	₹2,81,600

Investor reservation

CATEGORY	RESERVED
QIB	18,48,000 shares (49.72% of the Offer)
NII	5,63,200 shares (15.15% of the Offer)
Retail	13,05,600 shares (35.13% of the Offer)

Objects of the issue

1Repayment/prepayment of all or certain of borrowings availed of by the Company31.00

2General Corporate Purpose

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	169.35	122.96	90.46
Total Income	224.86	227.13	204.99
Profit After Tax	7.60	8.22	7.42
EBITDA	15.77	17.45	16.78
NET Worth	65.00	57.40	49.18
Reserves and Surplus	54.49	46.90	38.68
Total Borrowing	77.19	36.64	15.72

Key performance indicators

P/E Ratio

16.7

EPS (₹)

5.27

RoE

12.41%

RoCE

9.05%

RoNW

11.69%

PAT Margin

3.39%

EBITDA Margin

7.03%

Debt / Equity

1.19

NAV (₹)

61.89

✓ Strengths

• The company has a long record of about 20 years, having been started in February 2005.

• It holds Global Recycled Standard and OEKO-TEX certification along with ISO 9001:2015 and ISO 14001:2015, which buyers need in order to claim recycled content in their own products.

• Recycling waste PET into fibre suits both the cost pressure and the sustainability requirements that its automobile and textile customers face.

• The combined installed capacity of 27,984 tonnes a year across two Tarapur plants is substantial, and a third unit is being set up at Valsad.

• Its fibre goes into several different industries, from car interiors to carpets, sofas and curtains, so demand is not tied to one sector.

• Net worth has grown steadily, from Rs 49.18 crore in FY2024 to Rs 65.00 crore in FY2026.

• Rs 31 crore of the Rs 34.47 crore issue repays borrowings, which should cut the interest burden materially.

⚠ Risks

• Profit is flat to falling. Profit after tax was Rs 7.42 crore in FY2024, Rs 8.22 crore in FY2025 and Rs 7.60 crore in FY2026, and total income actually fell in the last year from Rs 227.13 crore to Rs 224.86 crore.

• Borrowing has risen nearly five times in two years, from Rs 15.72 crore in FY2024 to Rs 36.64 crore in FY2025 and Rs 77.19 crore in FY2026, a debt to equity ratio of 1.19.

• Even after using Rs 31 crore of the issue to repay borrowings, a substantial loan will remain on the books.

• The profit margin is thin at 3.39% and return on capital employed is only 9.05%.

• Recycled polyester staple fibre is close to a commodity, where buyers switch on price and there is little to differentiate.

• The raw material is post-consumer PET waste, whose price and availability vary with collection rates and with competing demand from other recyclers.

• Both existing plants are at Tarapur, so there is single location risk until the Valsad unit is running.

• The third plant at Valsad is still being set up, so it brings execution risk and will take time to contribute.

• Promoter holding will come down from 94.2% to 68.61% after the issue.

• This is an SME issue. One lot is 1,600 shares, which is about Rs 1.41 lakh at the upper band of Rs 88, and SME shares usually trade in low volume after listing.

Promoters & holding

Vijay Omjagdish Behl, Virander Behl, Devina Varinder Behl, Rajiv Behl, Mihir Suvanam and Magic Films Pvt.Ltd

Pre-issue promoter holding

94.2%

Post-issue promoter holding

68.61%

Data refreshed 07 Nov 2026, 04:53 pm IST. GMP is unofficial market sentiment, not investment advice.