- Price band
- ₹51 – ₹54
- Issue size
- ₹14.58 Cr
- Lot size
- 2000 sh
- Bidding
- 31 Aug – 2 Sep
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 7 Sep 2026
No quote recorded
Market data to 27 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
Phychem Technologies makes rotational moulding compounds — polyethylene powders and granules — at a single plant at Gat No. 172, Khatwad, Dindori, in Nashik district, Maharashtra, and the prospectus names 22 export destinations and 33 permanent employees as on 30 June 2026. Revenue rose from Rs 46.97 Cr in FY24 to Rs 50.30 Cr in FY25 (up 7.09%) and Rs 56.47 Cr in FY26 (up 12.27%), with profit after tax of Rs 1.69 Cr, Rs 2.84 Cr and Rs 4.09 Cr over the same three years. The Rs 14.58 Cr issue was entirely fresh, with no offer-for-sale component, priced at Rs 51-54 with a lot of 2,000 shares; promoter holding is recorded at 86.99% before the issue and 64.05% after, a difference of 22.94 percentage points. It listed on BSE SME at Rs 56 on 7 September 2026 against a band top of Rs 54, closed that day at Rs 58.80, and last traded at Rs 43 on 22 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 Phychem Technologies, 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
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 2013 · Gat No. 172, Khatwad, Dindori, Nashik, Maharashtra 422004 · 33 employees
Phychem Technologies makes rotational moulding compounds: polyethylene powders and granules, built on LLDPE and HDPE with specialty additives, that other manufacturers melt inside rotating moulds to form hollow plastic items such as water, fuel and chemical storage tanks, portable sanitation units, furniture and industrial containers. For most customers it does not make the tank — it supplies the raw material, blended, pelletised and pulverised at a single plant at Gat No. 172, Khatwad, Dindori, in Nashik district, Maharashtra. Grades include foam, stone-effect, flame-retardant, anti-static and custom-coloured compounds. It also moulds custom tanks, does rotolining and toll pulverising as job work, and distributes imported paints, mould release agents and moulding equipment. The prospectus names 22 export destinations and 33 permanent employees as on June 30, 2026.
Revenue is compound sold to roto-moulders. Manufacturing was 92.61% of FY26 revenue from operations of Rs 5,646.53 lakh, trading of imported chemicals and equipment 7.18%, job-work services 0.21%. The constraint is polymer cost: cost of goods sold was Rs 4,330.63 lakh in FY26, or 76.70% of revenue from operations, leaving an EBITDA margin of 10.78% and PAT of Rs 408.90 lakh. Neither side is contracted. The single largest supplier provided more than 50% of purchases in each of the last three financial years, the top ten customers took 52.99% of FY26 revenue and one customer 15.73%. Exports, Rs 1,316.78 lakh or 23.32% of FY26 revenue, are unhedged.
The company on paper
- Legal name
- Phychem Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 13 Jun 2013
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U36109MH2013PLC244466
- Sector
- Materials · Rotational moulding compounds — polyethylene powders and granules for hollow plastic products
- Employees
- 33
- Registered office
- Gat No. 172, Khatwad, Dindori, Nashik, Maharashtra 422004
- Promoters
- Umakant Nivrutti Savadekar, Ulka Umakant Savadekar, Nivrutti Sonu Savdekar, Vijaya Nivrutti Savdekar
- Promoter holding, pre-issue
- 87.0%
- Promoter holding, post-issue
- 64.0%
- Website
- phychem.com
The numbers
Financial performance
Revenue has compounded at 9.6% 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
- ₹14.58 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹14.58 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
- 1,38,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 22.9% 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
- ₹54.00
- Listed at
- ₹56.00
- Listing gain
- up 3.7%
- Since listing
- down 21.4%
- Against the issue price
- down 18.5%
Trading at ₹44.00 on 27 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
- 4,000
- At cut-off price
- ₹54.00
- Amount blocked
- ₹2,16,000
One lot is 2000 shares at ₹1,08,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,16,000. 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.
~5%
chance of one lot, per application
- Retail subscription
- 20.76×
- Applicants per share available
- 20.8× 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.
₹56.00
listed at, 3.7% against the issue price
- Issue price
- ₹54.00
- Premium said
- —
- If allotted 2000 shares
- ₹4,000
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
- Profit after tax rose in each of the three years the record carries: Rs 1.69 Cr in FY24, Rs 2.84 Cr in FY25 (up 68.05%) and Rs 4.09 Cr in FY26 (up 44.01%).
- Margins were higher in each successive year present. EBITDA was 5.88% of revenue in FY24 (Rs 2.76 Cr on Rs 46.97 Cr), 8.69% in FY25 (Rs 4.37 Cr on Rs 50.30 Cr) and 10.78% in FY26 (Rs 6.09 Cr on Rs 56.47 Cr); profit after tax on the same revenue was 3.60%, 5.65% and 7.24%.
- Net worth rose from Rs 6.86 Cr in FY24 to Rs 9.70 Cr in FY25 and Rs 13.79 Cr in FY26, and borrowings measured against net worth were lower in each successive year: Rs 5.61 Cr against Rs 6.86 Cr (0.82x) in FY24, Rs 4.59 Cr against Rs 9.70 Cr (0.47x) in FY25 and Rs 5.91 Cr against Rs 13.79 Cr (0.43x) in FY26. Borrowings in absolute terms did not fall throughout: they went from Rs 4.59 Cr in FY25 to Rs 5.91 Cr in FY26.
What to weigh against it
- The record states that the single largest supplier provided more than 50% of purchases in each of the last three financial years.
- On the customer side, the record states that the top ten customers took 52.99% of FY26 revenue and one customer 15.73%, against FY26 revenue from operations of Rs 5,646.53 lakh (Rs 56.47 Cr).
- Cost of goods sold was Rs 4,330.63 lakh in FY26, or 76.70% of revenue from operations of Rs 5,646.53 lakh. The record states that neither the purchase side nor the sales side is contracted.
- Exports were Rs 1,316.78 lakh in FY26, 23.32% of revenue from operations of Rs 5,646.53 lakh, and the record states they are unhedged.
Easy to miss in the prospectus
- The record carries one subscription row only — day 3, 2 September 2026 — reading QIB 4.31 times, non-institutional 42.41 times, retail 20.76 times and 20.79 times overall. No earlier day is recorded, and the anchor and allocation blocks are empty.
- No cash-flow-from-operations, total-assets or total-expenses figure is present for FY24, FY25 or FY26, and the valuation and peers blocks are empty, so the profit figures here cannot be set against cash generated or against a listed comparator.
- The last price the record holds is Rs 43 on 22 October 2026: 20.37% below the Rs 54 issue price, 23.21% below the Rs 56 listing price and 26.87% below the Rs 58.80 first-day close.
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
- Hem Securities Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited
How these figures were checked
Reconciled to Phychem Technologies's own prospectus and to exchange disclosures, then cross-checked against 4 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 cash-market bhavcopy, 7 Sep 2026 (listing day) — ISIN INE24YP01017, scrip 544902, series MT, open 56.00 / high 58.80 / low 54.50 / close 58.80, board lot 2000 · read 16 Oct 2026
- BSE cash-market bhavcopy, 14 Oct 2026 — ISIN still INE24YP01017 for PHYCHEM · read 16 Oct 2026
- Phychem Technologies Limited — final Prospectus (filed with RoC), via Hem Securities offer documents · read 16 Oct 2026
- Phychem Technologies Limited — Red Herring Prospectus dated 24 Aug 2026 (company website) · read 16 Oct 2026
- Hem Securities — offer documents index (source of the Prospectus link) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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