Atharva Poly-Plast IPO

Atharva Poly-Plast Limitedatharvapolyplast.in

ListedSMEMaterialsBSE SME

Price band: ₹55 – ₹60
Issue size: ₹27.00 Cr
Lot size: 2000 sh
Bidding: 30 Jun – 2 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Atharva Poly-Plast is an injection moulder in Bhosari MIDC, Pune, making plastic parts to customer specification; the record describes a single plant with over 17 moulding machines and 41 permanent staff as on 6 May 2026, and states it sells no branded product of its own. Revenue was Rs 46.82 Cr in FY23, Rs 43.09 Cr in FY24 and Rs 49.06 Cr in FY25 — 4.78% above FY23 two years on — while profit after tax went from Rs 0.71 Cr to Rs 2.00 Cr to Rs 5.29 Cr over the same three years. The Rs 27 Cr issue was entirely fresh, priced at Rs 55-60, and the one subscription row on record, day three, shows 10.74 times overall. It listed at Rs 69 against a band top of Rs 60 and last traded at Rs 115.50 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

69Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Atharva Poly-Plast, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2014 · Bhosari MIDC, Pune, Maharashtra · 41 employees

Atharva Poly-Plast makes plastic parts to order by injection moulding at a single plant in the Bhosari MIDC industrial estate in Pune. It does not sell a branded product of its own: customers are OEMs and Tier-1 suppliers in furniture, home appliances and automotive assemblies, who hand over a part specification and take delivery of finished mouldings. The company runs over 17 moulding machines rated 100 to 1,000 tonnes on a 2,34,614 sq ft site with about 40,000 sq ft of production space, operating since 2015, and moulds polypropylene, ABS, HDPE and other engineering polymers. Work covers mould design, prototyping, production, assembly and quality checks. It held ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certification and employed 41 permanent staff as on 6 May 2026, plus contract workers.

It earns from B2B contract manufacturing: OEM and Tier-1 customers pay for moulded parts made to their specification, with polymer resin — PP, ABS, HDPE — the dominant bought-in input, so earnings turn on the spread between part prices and resin cost. Capacity is one Pune plant and its 17-plus machines, so growth needs more machines or more shifts: ₹3.00 crore of the ₹27 crore issue was earmarked for capex and ₹13.00 crore for working capital. Margins improved on roughly flat sales — total income ₹46.82 crore and PAT ₹0.71 crore in FY23, against ₹49.06 crore and ₹5.29 crore in FY25 — while borrowings fell from ₹16.16 crore to ₹7.91 crore.

The company on paper

Legal name: Atharva Poly-Plast Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 8 Jan 2014
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U25209PN2014PLC150099
Sector: Materials · Injection-moulded precision plastic components for furniture, appliance and automotive OEMs
Employees: 41
Registered office: Bhosari MIDC, Pune, Maharashtra
Promoters: Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.3%
Website: atharvapolyplast.in

The numbers

Financial performance

Revenue has compounded at 2.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹27.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹27.00 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,26,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription10.74×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹60.00
Listed at: ₹69.00
Listing gain: up 15.0%
Since listing: up 82.6%
Against the issue price: up 110.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹60.00
Amount blocked: ₹2,40,000

One lot is 2000 shares at ₹1,20,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,40,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~9%

chance of one lot, per application

Retail subscription: 11.30×
Applicants per share available: 11.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹69.00

listed at, 15.0% against the issue price

Issue price: ₹60.00
Premium said: —
If allotted 2000 shares: ₹18,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin was higher at every successive period the record carries: 10.19% in FY23 (Rs 4.77 Cr on Rs 46.82 Cr), 14.04% in FY24 (Rs 6.05 Cr on Rs 43.09 Cr), 18.73% in FY25 (Rs 9.19 Cr on Rs 49.06 Cr) and 19.04% in the ten months to 31 January 2026 (Rs 8.36 Cr on Rs 43.90 Cr).
Net worth rose at every successive period — Rs 5.72 Cr, Rs 7.72 Cr, Rs 13.01 Cr and Rs 17.73 Cr — and borrowings measured against it fell at every one: 2.83x in FY23 (Rs 16.16 Cr on Rs 5.72 Cr), 1.76x in FY24 (Rs 13.59 Cr on Rs 7.72 Cr), 0.61x in FY25 (Rs 7.91 Cr on Rs 13.01 Cr) and 0.57x at 31 January 2026 (Rs 10.04 Cr on Rs 17.73 Cr).
Between 31 March 2025 and 31 January 2026 net worth rose Rs 4.72 Cr, from Rs 13.01 Cr to Rs 17.73 Cr; profit after tax reported for those same ten months was Rs 4.73 Cr. The two figures sit within Rs 0.01 Cr of each other.
The Rs 27 Cr issue was entirely fresh — the offer-for-sale is Rs 0 at both ends of the Rs 55-60 band — and promoter holding went from 100% before the issue to 73.29% after. The record's business-model note states Rs 3.00 Cr of the Rs 27 Cr was earmarked for capex and Rs 13.00 Cr for working capital; the offer-objects list is empty, so the balance is not itemised in the record.

What to weigh against it

Revenue did not rise at every period. It was Rs 46.82 Cr in FY23, Rs 43.09 Cr in FY24 — 7.97% lower — and Rs 49.06 Cr in FY25, 13.85% above FY24 but only 4.78% above FY23 two years earlier. Profit after tax over that same span went from Rs 0.71 Cr to Rs 5.29 Cr, so a 1.52% net margin in FY23 became 10.78% in FY25 on broadly similar sales.
Borrowings had fallen across the three annual periods — Rs 16.16 Cr, Rs 13.59 Cr, Rs 7.91 Cr — but stood at Rs 10.04 Cr at 31 January 2026, Rs 2.13 Cr above the FY25 figure. The record's business-model note quotes only the FY23-to-FY25 fall, from Rs 16.16 Cr to Rs 7.91 Cr, and does not cover the interim period.
The record places all production at one plant in Bhosari MIDC, Pune, and its facilities, key-customers, segments and peers lists are all empty, with export share recorded as null. Customer, end-market and geographic concentration therefore cannot be checked against this record either way.

Easy to miss in the prospectus

The newest period on record is a ten-month interim to 31 January 2026, not a full year: revenue Rs 43.90 Cr, EBITDA Rs 8.36 Cr, PAT Rs 4.73 Cr. Ten-twelfths of FY25's Rs 49.06 Cr revenue is Rs 40.88 Cr and of its Rs 5.29 Cr PAT is Rs 4.41 Cr, so both stub figures sit above pro-rata. No audited FY26 full year appears in the record.
Expenses and operating cash flow are null for all four periods, and the valuation block and post-issue share count are null. The profit figures cannot be reconciled to cash from this record, and no earnings multiple can be computed at the Rs 60 band top or at the Rs 115.50 last-traded price.
Only one subscription row is on record — day three, 2 July 2026: QIB 3.58x, NII 18.97x, retail 11.30x, total 10.74x. Days one and two are absent, the employee figure is null and the allocation block is null, so neither the build through the window nor the category sizing can be traced here.

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Horizon Management Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 14 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 30 Jun 2026
Closes: 2 Jul 2026
Allotment: 3 Jul 2026
Lists: 7 Jul 2026
Revenue (FY25): ₹49.06 Cr
Profit (FY25): ₹5.29 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.