Anubhav Plast IPO

Anubhav Plast makes electric-resistance-welded (ERW) steel pipes and swaged steel tubular poles at two plants in Kanpur Dehat, Uttar Pradesh. The poles - over 80 standard sizes to IS:2713 - carry overhead electricity distribution lines, street lights and telecom equipment; the pipes run from 1.5 to 8 inches round and up to 100x100 mm square, made to IS:3589, IS:4270 and IS:9295. Buyers are state electricity utilities, municipal lighting departments, telecom, construction, irrigation and water-supply contractors, reached mostly through government tenders. Installed capacity on a single shift is 90,000 MT a year of pipe and 1,50,000 poles a year, and most pipe output is consumed internally to build poles. The company employed 35 people at 31 March 2026. Despite the name, it makes no plastics.

Revenue is the sale price of fabricated steel, so the economics are a conversion spread over hot-rolled coil. Raw material consumed absorbed 90.39% of revenue from operations in FY23, 84.11% in FY24 and 81.31% in FY25; the prospectus attributes the improvement to bringing pipe-making in house instead of buying pipe. HR coil comes largely from one Navratna PSU under a quarterly supply MoU. The binding constraint is order flow, not capacity: tender specifications differ, so stock cannot be built ahead, and FY25 utilisation ran at 10.91% on the tube mills and 24.12% on the pole machine. One customer, Anubhav Tubes & Conductors, was 39.73% of FY25 revenue.