Antala Industries IPO

Antala Industries converts polypropylene into industrial packaging. It makes BOPP bags, BOPP printing rolls, BOPP lamination rolls, PP woven bags and PP woven fabric rolls, and sells them to food processors, fertiliser, chemical, cement and seed businesses that need a sack which is strong, moisture-resistant and printable. Everything is made at one integrated plant at Shapar RS No.84, Plot No.1, Veraval (Shapar), Kotda Sanghani, Rajkot district, Gujarat, which runs extrusion, coating and lamination, rotogravure and flexographic printing, cutting, stitching and finishing in-house; the registered office is at the same address. The business started as a partnership firm, M/s Octagon Industries, under a deed dated 30 April 2021, and became a public limited company on 5 August 2024; in September 2024 it took over the businesses of two proprietorships of its directors, Diya Overseas and Shree Industries, under business transfer agreements dated 11 September 2024. In FY26 the printing line ran at 76.05% of installed capacity, lamination at 76.67% and cutting and stitching at 71.43%, against 20.07%, 20.23% and nil respectively in FY24. The chartered engineer's certificate dated 21 August 2026 filed with the prospectus puts present installed capacity at 495.00 lakh metres a year of printing, 450.00 of lamination and 507.00 of cutting and stitching, rising to 930.00, 810.00 and 687.00 if the machinery this issue is meant to fund is bought. It holds ISO 9001:2015, ISO 14001:2015, ISO 22000:2018 and ISO 45001:2018 certifications, and employed 11 people across six departments at 30 September 2026, five of them in production. The issue is a fresh issue of up to 34,82,000 equity shares of ₹10 each with no offer for sale, to be listed on the SME platform of BSE.

A single-plant converter selling by the tonne into Gujarat's industrial belt. Revenue from operations went from ₹12.51 Cr in FY24 to ₹31.85 Cr in FY25 to ₹47.40 Cr in FY26, and the six months to 30 September 2026 brought ₹30.11 Cr on their own. Mix in FY26 was BOPP bags ₹29.09 Cr, BOPP lamination rolls ₹6.94 Cr, PP woven lamination rolls ₹5.28 Cr, PP woven bags ₹4.00 Cr and BOPP printing rolls ₹2.10 Cr. The disclosed ratio series reads EBITDA margin 10.88% in FY24, 8.85% in FY25, 12.97% in FY26 and 19.12% in the September half; PAT margin 7.08%, 5.70%, 8.94% and 13.90%; return on net worth 24.99%, 21.52% and 24.88% on the issuer's closing-net-worth basis; and return on capital employed 33.56% in FY24 and 42.23% in FY26. Demand is concentrated but less so than it was: the top ten customers supplied 94.28% of revenue in FY24, 47.43% in FY26 and 56.43% in the September half, with the largest single customer at 13.51% in FY26 and 19.61% in the half year, and the prospectus records that the company works without long-term customer agreements. Geography is narrower still - Gujarat was 71.08% of FY26 revenue, Maharashtra 14.54% and West Bengal 13.51% - and 91.80% of FY26 purchases were made within Gujarat, with the top ten suppliers at 46.71%. There is no export revenue. Growth has been funded by working capital and by issuing shares rather than by cash generated: operating cash flow was ₹-4.88 Cr in FY26 and ₹-3.15 Cr in the period from 5 August 2024 to 31 March 2025, before turning positive at ₹1.15 Cr in the September half. Gearing is light - the disclosed debt-equity ratio was 0.10 at FY24, 0.39 at FY25, 0.25 at FY26 and 0.08 at 30 September 2026 - and contingent liabilities are two income-tax demands for assessment year 2025 of ₹1.37 lakh and ₹20.25 lakh.