Vedant Poly Fabs IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

Vedant Poly Fabs

Price band

₹88 – ₹94

Lot size

1200 shares

Min investment

₹1,12,800

Issue size

₹56.68 Cr

About the company

Vedant Poly Fabs Limited was incorporated in December 2018. It is a B2B maker of flexible packaging materials. Its range includes 3-layer and 5-layer LD films, shrink films, barrier films, printed laminates, and milk and oil pouches, sold to food and beverage and other consumer goods companies. The company runs an integrated process that covers raw material buying, film extrusion, printing, lamination, slitting, quality control, packing and dispatch. In March 2026 it added lamination, slitting and pouching machines and installed a reprocessing unit to recycle manufacturing waste. As of 31 March 2026, the company had 72 employees, of whom 41 were permanent and 31 were contractual. It sells directly to customers and has its own transport and logistics set-up.

Vedant Poly Fabs makes flexible packaging materials such as LD films, shrink films, printed laminates and milk and oil pouches for businesses across India. It plans to raise Rs 56.68 crore at an upper band of Rs 94 per share through a fresh issue and an offer for sale, and its total income was Rs 115.31 crore in FY2026.

IPO details

Issue price: ₹94
Price band: ₹88 – ₹94
Face value: ₹10
Lot size: 1200
Min investment: ₹1,12,800
Issue size: ₹56.68 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: VPFL
NSE symbol: VPFL-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,12,800
Retail (Max)	1	1,200	₹1,12,800
HNI (Min)	2	2,400	₹2,25,600

Investor reservation

CATEGORY	RESERVED
QIB	68,400 shares (1.19% of the Offer)
NII	22,60,800 shares (39.49% of the Offer)
Retail	33,96,000 shares (59.32% of the Offer)

Objects of the issue

1Funding incremental working capital requirements of the Company17.59

2Prepayment or Repayment of all or a portion of certain secured or/and unsecured outstanding borrowings availed by the company8.00

3Funding Capital Expenditure for purchase and installation of Plant and Machinery at its existing manufacturing facility6.51

4General Corporate Purposes

5To meet the offer related expenses

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	100.88	97.80	55.40	18.88
Total Income	30.49	115.31	81.58	49.73
Profit After Tax	3.48	10.97	4.56	0.64
EBITDA	6.59	19.00	7.74	1.29
NET Worth	45.60	42.26	15.42	3.86
Reserves and Surplus	30.88	27.53	4.57	3.75
Total Borrowing	44.81	46.82	13.32	6.35

Key performance indicators

P/E Ratio

13.62

EPS (₹)

6.90

RoE

7.92%

RoCE

8.93%

RoNW

30.52%

PAT Margin

11.48%

EBITDA Margin

21.76%

Debt / Equity

0.98

NAV (₹)

30.97

✓ Strengths

• Total income grew 41.35% from Rs 81.58 crore in FY2025 to Rs 115.31 crore in FY2026, after Rs 49.73 crore in FY2024.

• Profit after tax rose from Rs 4.56 crore in FY2025 to Rs 10.97 crore in FY2026, a PAT margin of 9.52% for FY2026.

• In the quarter ended 30 June 2026, total income was Rs 30.49 crore and profit after tax Rs 3.48 crore, a PAT margin of 11.48%.

• EBITDA was Rs 19.00 crore in FY2026 against Rs 7.74 crore in FY2025, and the EBITDA margin for the quarter ended 30 June 2026 was 21.76%.

• Net worth rose from Rs 15.42 crore on 31 March 2025 to Rs 42.26 crore on 31 March 2026 and Rs 45.60 crore on 30 June 2026.

• At the upper band of Rs 94, the pre-issue P/E is 12.62 on a pre-issue EPS of Rs 7.45, based on FY2026 earnings.

• In March 2026 the company added lamination, slitting and pouching machines, and Rs 6.51 crore of the issue goes to more plant and machinery.

• It makes a wide range of packaging products in-house, from extrusion to printing and lamination, and sells directly to its customers.

⚠ Risks

• The latest period is a stub. The KPIs stored on this page (ROE 7.92%, ROCE 8.93%, PAT margin 11.48%) are for the quarter ended 30 June 2026 and are not annualised, so they are not comparable with full-year figures.

• The post-issue P/E is 13.62 at the upper band of Rs 94, based on a post-issue EPS of Rs 6.90 that the source annualises from the quarter ended 30 June 2026. The pre-issue P/E is 12.62 on EPS of Rs 7.45.

• The source shows profit after tax for FY2025 as a wrongly formatted figure. This page uses Rs 4.56 crore, the value held earlier, so check the RHP for the exact number.

• Total borrowing rose from Rs 13.32 crore on 31 March 2025 to Rs 46.82 crore on 31 March 2026 and was Rs 44.81 crore on 30 June 2026. Debt to equity is 0.98.

• Growth has been fast from a small base. Profit after tax was only Rs 0.64 crore in FY2024, so the record of strong profit is short.

• Part of the issue is an offer for sale, so some money goes to the selling shareholders and not to the company. Promoters hold 100% before the issue and will hold 70.08% after it.

• Rs 8.00 crore of the proceeds repays borrowings and Rs 17.59 crore goes to working capital. The source gives no amount for general corporate purposes.

• The source gives no customer or order data, so customer concentration cannot be checked.

• The company had 72 employees as of 31 March 2026, and 31 of them are contractual.

• There are three named promoters, and Affinity Global Capital Market Pvt.Ltd. is the only lead manager named.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.13 lakh at the upper band of Rs 94, and SME shares usually trade in low volume after listing.

Promoters & holding

Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP

Pre-issue promoter holding

100%

Post-issue promoter holding

70.08%

Promoters hold 100% before the issue and will hold 70.08% after it.

Data refreshed 09 Nov 2026, 02:30 pm IST. GMP is unofficial market sentiment, not investment advice.