- Price band
- ₹112
- Issue size
- ₹17.90 Cr
- Lot size
- 1200 sh
- Bidding
- 17 – 19 Jun
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 24 Jun 2026
No quote recorded
Market data to 23 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
Diksha Polymers moulds PET bottles, containers, preforms and caps at three plants in the Maharajpura industrial area of Gwalior, Madhya Pradesh, and sells to packers of lubricants, food, beverages, consumer goods, pharmaceuticals and agrochemicals rather than to consumers. Revenue was Rs 19.72 Cr in FY24, Rs 42.72 Cr in FY25 and Rs 51.27 Cr in FY26, with EBITDA of Rs 1.80 Cr, Rs 4.71 Cr and Rs 7.32 Cr over the same three years — margins of 9.13%, 11.03% and 14.28%. Total borrowings at those three dates were Rs 4.47 Cr, Rs 12.91 Cr and Rs 15.10 Cr, and the business description states that Rs 13.75 Cr of the Rs 17.90 Cr raised was earmarked for repaying borrowings. The issue was priced at Rs 112, with band low and high both Rs 112, was subscribed 2.88 times overall, listed at Rs 114.50 and last traded at Rs 193 on 21 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.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Diksha Polymers, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow 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
Leveraged balance sheet
Debt-to-equity of 1.8× leaves limited headroom if demand softens or rates rise.
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 1998 · Gwalior, Madhya Pradesh · 17 employees
Diksha Polymers manufactures PET bottles and containers, PET preforms and caps from three plants in the Maharajpura industrial area of Gwalior, Madhya Pradesh, spread across 26,879 sq. ft. Preforms are the moulded blanks that are later blown into finished bottles, and the company makes both. It moulds products ranging from 8 gm to 250 gm using injection and blow moulding, and sells to packers of lubricants, food and beverages, consumer goods, pharmaceuticals and agrochemicals rather than to consumers. In FY26 bottles and containers brought in Rs 36.56 Cr of revenue, preforms Rs 13.23 Cr and caps Rs 0.09 Cr. Installed capacity as at 31 March 2026 was 2,163 MTPA of bottles and 1,913 MTPA of preforms. It had 17 people on payroll.
Revenue comes from converting purchased PET resin pellets into moulded packaging, so earnings track volume and the resin-to-conversion spread rather than any brand. Materials dominate the cost base: cost of materials consumed was Rs 41.63 Cr in FY26 against Rs 51.27 Cr of revenue from operations, leaving a 14.27% EBITDA margin on the prospectus's own calculation. The structural constraints are customer concentration and debt — the single largest customer was 32.46% of FY26 revenue and the top ten 88.93%, while total borrowings of Rs 15.10 Cr sat against Rs 8.52 Cr of net worth. Rs 13.75 Cr of the Rs 17.90 Cr raised was earmarked for repaying borrowings, not new capacity.
The company on paper
- Legal name
- Diksha Polymers Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 3 Mar 1998
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U25202MP1998PLC012664
- Sector
- Materials · PET bottles, containers and preforms for food, beverage and industrial packaging
- Employees
- 17
- Registered office
- Gwalior, Madhya Pradesh
- Promoters
- Vivek Mandelia, Vipin Mandelia, Hemlata Mandelia, Anjana Mandelia, Riddhi Mandelia
- Promoter holding, pre-issue
- 99.9%
- Promoter holding, post-issue
- 69.2%
- Website
- dikshagroup.in
The numbers
Financial performance
Revenue has compounded at 61.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. 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
- ₹17.90 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹17.90 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
- 81,600
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 30.7% 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.
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
- ₹112.00
- Listed at
- ₹114.50
- Listing gain
- up 2.2%
- Since listing
- up 68.6%
- Against the issue price
- up 72.3%
Trading at ₹193.00 on 21 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 2,400
- At cut-off price
- ₹112.00
- Amount blocked
- ₹2,68,800
One lot is 1200 shares at ₹1,34,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,68,800. 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.
~32%
chance of one lot, per application
- Retail subscription
- 3.14×
- Applicants per share available
- 3.1× 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.
₹114.50
listed at, 2.2% against the issue price
- Issue price
- ₹112.00
- Premium said
- —
- If allotted 1200 shares
- ₹3,000
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
- Revenue was Rs 19.72 Cr in FY24, Rs 42.72 Cr in FY25 and Rs 51.27 Cr in FY26 — rises of 116.63% and then 20.01%. Profit after tax across the same three years was Rs 1.01 Cr, Rs 2.63 Cr and Rs 4.12 Cr, rises of 160.40% and then 56.65%.
- EBITDA margin widened at both transitions the financials carry: Rs 1.80 Cr on Rs 19.72 Cr of FY24 revenue is 9.13%, Rs 4.71 Cr on Rs 42.72 Cr in FY25 is 11.03%, and Rs 7.32 Cr on Rs 51.27 Cr in FY26 is 14.28%. Profit after tax measured against revenue moved the same way across those years: 5.12%, 6.16% and 8.04%.
- Net worth rose at each date on record, from Rs 1.77 Cr at FY24 to Rs 4.40 Cr at FY25 and Rs 8.52 Cr at FY26. Borrowings against net worth were 2.53 times at FY24 (Rs 4.47 Cr on Rs 1.77 Cr), 2.93 times at FY25 (Rs 12.91 Cr on Rs 4.40 Cr) and 1.77 times at FY26 (Rs 15.10 Cr on Rs 8.52 Cr).
- The Rs 17.90 Cr issue was entirely fresh capital, with the offer-for-sale component at Rs 0, and the business description states that Rs 13.75 Cr of it — 76.82% of the Rs 17.90 Cr — was earmarked for repaying borrowings, which stood at Rs 15.10 Cr at FY26. Promoter holding is recorded at 99.94% before the issue and 69.21% after.
What to weigh against it
- The business description states that the single largest customer was 32.46% of FY26 revenue and the top ten customers 88.93%.
- Cost of materials consumed was Rs 41.63 Cr in FY26 against revenue from operations of Rs 51.27 Cr, or 81.20% of the top line. The business description describes the company as converting purchased PET resin pellets into moulded packaging.
- Total borrowings rose at each date the financials carry — Rs 4.47 Cr at FY24, Rs 12.91 Cr at FY25 and Rs 15.10 Cr at FY26 — and the FY26 figure of Rs 15.10 Cr sits above the Rs 8.52 Cr of net worth recorded at the same date. The business description states the Rs 13.75 Cr repayment earmark was for borrowings, not new capacity.
Easy to miss in the prospectus
- The FY26 product revenue in the business description — Rs 36.56 Cr of bottles and containers, Rs 13.23 Cr of preforms and Rs 0.09 Cr of caps — sums to Rs 49.88 Cr, against revenue from operations of Rs 51.27 Cr in the financials. The record does not account for the Rs 1.39 Cr difference.
- The subscription table holds a single row, for day three (19 June 2026): NII 2.63 times, retail 3.14 times and 2.88 times overall, with no QIB figure recorded.
- No operating cash flow, total assets or total expenses are recorded for FY24, FY25 or FY26, and the valuation block is empty, so neither cash generation nor the balance-sheet total can be read from this record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Aryaman Financial Services Limited
- RegistrarAllotment status is checked on the registrar's own site
- Cameo Corporate Services Limited
How these figures were checked
Reconciled to Diksha Polymers's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- BSE equity bhavcopy, 24 June 2026 (listing day) - ISIN, market lot, OHLC · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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