Injecto Polymers IPO

Injecto Polymers Limitedinjectopolymers.in

ListedSMEMaterialsBSE SME

Price band: ₹98 – ₹100
Issue size: ₹56.12 Cr
Lot size: 1200 sh
Bidding: 11 – 16 Sep
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

Injecto Polymers makes polypropylene woven fabric and sacks at two plants in West Bengal and also resells polymer bought in bulk; revenue rose from Rs 109.05 Cr in FY24 to Rs 261.48 Cr in FY25 and Rs 375.53 Cr in FY26, with profit after tax of Rs 4.44 Cr, Rs 8.11 Cr and Rs 16.01 Cr over the same three years. The two streams were close to equal in FY26, trading of plastic granules and PVC resin at Rs 189.12 Cr or 50.36% of revenue from operations against manufacturing at Rs 186.41 Cr or 49.64%, where the record states manufacturing had been 72.35% in FY24. Total borrowings were Rs 165.19 Cr against net worth of Rs 63.34 Cr at 31 March 2026, a disclosed debt-to-equity of 2.61. The Rs 56.12 Cr issue was entirely fresh, with no offer for sale, and was subscribed 1.23 times overall; it listed at Rs 99 against a band top of Rs 100 and last traded at Rs 93.40 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.

64Balanced

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Injecto Polymers, 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

Leveraged balance sheet
Debt-to-equity of 2.6× 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 · Kolkata, West Bengal, India · 158 employees

Injecto Polymers makes woven plastic packaging at two plants in West Bengal and also resells the raw polymer it buys in bulk. Its units at Jaugram (Jamalpur) and Panchpara (Howrah) turn polypropylene granules into woven fabric and finished sacks: PP woven bags for industrial and agricultural use, BOPP bags for food, consumer goods and medical supplies, leno bags for fruit and vegetables, FIBC bulk bags for chemicals, steel and fertiliser, and non-woven bags. It sells business-to-business, on bulk orders from institutional and industrial buyers in agriculture, construction, textiles, chemicals and consumer goods; the top ten customers were 40.07% of revenue from operations in FY26. A second line trades plastic granules and PVC resin. The company employed 158 people on 31 July 2026.

Two streams, now almost equal in size. In FY26 trading of plastic granules and PVC resin brought Rs 189.12 crore, or 50.36% of revenue from operations, and manufacturing Rs 186.41 crore, or 49.64%; in FY24 manufacturing had been 72.35%. Both streams pass polymer through at thin spreads: the FY26 EBITDA margin was 10.13% and the PAT margin 4.26% on Rs 375.53 crore. The constraint is working capital. Inventories and receivables are funded largely by short-term debt, leaving total borrowings of Rs 165.19 crore against net worth of Rs 63.34 crore at 31 March 2026, a disclosed debt-to-equity of 2.61. Rs 10 crore of the issue was earmarked for repaying borrowings.

The company on paper

Legal name: Injecto Polymers Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 Sep 1998
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U28113WB1998PLC087875
Sector: Materials · Polypropylene woven fabric and sack manufacturing, with bulk trading of plastic granules and PVC resin
Employees: 158
Registered office: Kolkata, West Bengal, India
Promoters: Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Private Limited, Suman Towers Private Limited, Vinayak Tie-Up Private Limited, Nivedeeka Commercial Private Limited, Bhagyashri Trading Private Limited
Promoter holding, pre-issue: 88.1%
Promoter holding, post-issue: 64.3%
Website: injectopolymers.in

The numbers

Financial performance

Revenue has compounded at 85.6% 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: ₹56.12 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹56.12 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: 2,83,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.8% 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 subscription1.23×

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: ₹100.00
Listed at: ₹99.00
Listing gain: down 1.0%
Since listing: down 9.1%
Against the issue price: down 10.0%

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: 2,400
At cut-off price: ₹100.00
Amount blocked: ₹2,40,000

One lot is 1200 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.

~78%

chance of one lot, per application

Retail subscription: 1.28×
Applicants per share available: 1.3× 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.

₹99.00

listed at, −1.0% against the issue price

Issue price: ₹100.00
Premium said: —
If allotted 1200 shares: −₹1,200

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 rose at each step on record: Rs 109.05 Cr in FY24 to Rs 261.48 Cr in FY25, a rise of 139.78%, and to Rs 375.53 Cr in FY26, a further 43.62%.
Profit after tax rose at each step on record: Rs 4.44 Cr in FY24 to Rs 8.11 Cr in FY25, up 82.66%, and to Rs 16.01 Cr in FY26, up 97.41%.
The FY26 EBITDA margin was 10.13% (Rs 38.04 Cr on Rs 375.53 Cr), above FY25's 8.63% (Rs 22.57 Cr on Rs 261.48 Cr) though below FY24's 11.33% (Rs 12.35 Cr on Rs 109.05 Cr); the PAT margin ran 4.07%, 3.10% and 4.26% across the same three years.
Net worth rose at each step on record, from Rs 21.22 Cr in FY24 to Rs 47.33 Cr in FY25 and Rs 63.34 Cr in FY26. The whole Rs 56.12 Cr issue was fresh capital, the offer-for-sale component being Rs 0 Cr.

What to weigh against it

Total borrowings rose at each step on record: Rs 83.35 Cr in FY24, Rs 101.11 Cr in FY25 (up 21.31%) and Rs 165.19 Cr in FY26 (up 63.38%), against net worth of Rs 63.34 Cr at 31 March 2026 and a disclosed debt-to-equity of 2.61.
Profit after tax was 4.26% of revenue in FY26 (Rs 16.01 Cr on Rs 375.53 Cr), 3.10% in FY25 (Rs 8.11 Cr on Rs 261.48 Cr) and 4.07% in FY24 (Rs 4.44 Cr on Rs 109.05 Cr). The record describes both streams as passing polymer through at thin spreads.
Trading of plastic granules and PVC resin was Rs 189.12 Cr of FY26 revenue from operations, or 50.36%, with manufacturing at Rs 186.41 Cr or 49.64%; the record states manufacturing had been 72.35% of revenue in FY24. The record gives no FY25 split.
The record states the top ten customers were 40.07% of revenue from operations in FY26, and that Rs 10 Cr of the issue was earmarked for repaying borrowings — 6.05% of the Rs 165.19 Cr outstanding at 31 March 2026.

Easy to miss in the prospectus

Price against the issue: listed at Rs 99 versus the Rs 100 band top, a listing gain of -1%; day-one close Rs 95.95; last traded Rs 93.40 on 23 October 2026, -6.6%.
Debt-to-equity across the three years on record: Rs 83.35 Cr on Rs 21.22 Cr in FY24 (3.93), Rs 101.11 Cr on Rs 47.33 Cr in FY25 (2.14) and Rs 165.19 Cr on Rs 63.34 Cr in FY26 (2.61, the disclosed figure).
Book composition at close on 16 September 2026: QIB 1.57 times, retail 1.28 times, NII 1.05 times, total 1.23 times. Promoter holding went from 88.14% pre-issue to 64.35% post-issue, a fall of 23.79 percentage points.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Indcap Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Integrated Registry Management Services Private Limited

How these figures were checked

Built from 8 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: 11 Sep 2026
Closes: 16 Sep 2026
Allotment: 17 Sep 2026
Lists: 21 Sep 2026
Revenue (FY26): ₹376 Cr
Profit (FY26): ₹16.01 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.