Shakti Polytarp IPO

Shakti Polytarp Limitedshaktipolytarp.com

ListedSMEMaterialsBSE SME

Price band: ₹56 – ₹59
Issue size: ₹26.93 Cr
Lot size: 2000 sh
Bidding: 15 – 17 Sep
Grey market: —

Market data to 29 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

Shakti Polytarp, incorporated in March 2018 and based at Indore, manufactures polyethylene tarpaulin at a plant in Khargone district, Madhya Pradesh, and separately resells polymer granules; in FY26 the trading line brought Rs 104.01 Cr of operating revenue (48.25%) against Rs 99.82 Cr (46.29%) from manufactured tarpaulin and Rs 11.81 Cr (5.48%) from other products. Revenue was Rs 62.01 Cr in FY24, Rs 166.24 Cr in FY25 and Rs 215.65 Cr in FY26, and profit after tax Rs 0.98 Cr, Rs 4.97 Cr and Rs 10.06 Cr over the same three years; total borrowings across those years were Rs 23.66 Cr, Rs 48.00 Cr and Rs 72.51 Cr, against net worth of Rs 27.86 Cr at FY26. The issue was Rs 26.93 Cr, entirely fresh with no OFS, priced at Rs 56 to Rs 59 with a lot of 2,000 shares on BSE SME, and was subscribed 11.87 times on day three. It listed at Rs 58.90 against a band top of Rs 59 and last traded at Rs 47.74 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.

66Balanced

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Shakti Polytarp, 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 2018 · Indore, Madhya Pradesh · 114 employees

Shakti Polytarp makes tarpaulins — water-resistant sheeting used to cover goods, equipment, vehicles and building materials against rain, wind and sun. Its plant at Nimrani, Khargone district, Madhya Pradesh spans 1,98,450 sq ft and produces tarpaulin from 70 GSM to 450 GSM, including six-layer and eight-layer grades, sold under the brand Dinotarp. The range covers geotextiles for road and soil work, lumber wrap, house wraps, pond liners and shade nets. Raw materials are polypropylene and polyethylene granules (PP, LLDPE, LDPE, HDPE), which the company also resells as a separate trading line. Sales run mainly on a B2B basis — bulk orders from construction, agriculture and transport buyers — with a smaller direct-to-consumer share. The company employed 114 people on its payroll as of 30 June 2026.

Two revenue lines. In FY26, manufactured tarpaulin brought ₹99.82 Cr (46.29% of operating revenue) and other products ₹11.81 Cr (5.48%), while reselling polymer granules brought ₹104.01 Cr (48.25%). The trading leg is close to a pass-through: in FY26 cost of materials consumed was 44.10% of total income and purchases of stock-in-trade a further 44.61%, leaving an EBITDA margin of 8.94% on operating revenue of ₹215.65 Cr. Growth has been debt-funded — total debt rose from ₹23.66 Cr in FY24 to ₹72.51 Cr in FY26, against net worth of ₹27.86 Cr. Customer concentration is high: the top five customers were 69.54% of FY26 revenue.

The company on paper

Legal name: Shakti Polytarp Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 22 Mar 2018
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U36900MP2018PLC045379
Sector: Materials · Polyethylene tarpaulin manufacturing and polymer granule trading
Employees: 114
Registered office: Indore, Madhya Pradesh
Promoters: Ravi Singhal, Vivek Singhal, Trisha Singhal, Priyal Singhal
Promoter holding, pre-issue: 88.5%
Promoter holding, post-issue: 64.9%
Website: shaktipolytarp.com

The numbers

Financial performance

Revenue has compounded at 86.5% 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: ₹26.93 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹26.93 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: 2,30,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.6% 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 subscription11.87×

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: ₹59.00
Listed at: ₹58.90
Listing gain: down 0.2%
Since listing: down 18.5%
Against the issue price: down 18.6%

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: ₹59.00
Amount blocked: ₹2,36,000

One lot is 2000 shares at ₹1,18,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,36,000. 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.

~24%

chance of one lot, per application

Retail subscription: 4.12×
Applicants per share available: 4.1× 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.

₹58.90

listed at, −0.2% against the issue price

Issue price: ₹59.00
Premium said: —
If allotted 2000 shares: −₹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 was Rs 62.01 Cr in FY24, Rs 166.24 Cr in FY25 and Rs 215.65 Cr in FY26, a rise of 168.09% and then of 29.72%.
EBITDA was Rs 3.83 Cr on revenue of Rs 62.01 Cr in FY24 (6.2%), Rs 10.69 Cr on Rs 166.24 Cr in FY25 (6.4%) and Rs 19.29 Cr on Rs 215.65 Cr in FY26 (8.9%).
Profit after tax was Rs 10.06 Cr in FY26 against Rs 4.97 Cr in FY25, a rise of 102.41%, on revenue 29.72% higher; net worth was Rs 10.84 Cr at FY24, Rs 17.80 Cr at FY25 and Rs 27.86 Cr at FY26.
On day three the QIB portion was subscribed 49.22 times, the NII portion 5.43 times and retail 4.12 times, for 11.87 times overall.

What to weigh against it

The business description states that growth has been debt-funded. Total borrowings were Rs 23.66 Cr in FY24, Rs 48.00 Cr in FY25 and Rs 72.51 Cr in FY26, against net worth of Rs 10.84 Cr, Rs 17.80 Cr and Rs 27.86 Cr, which is 2.18, 2.70 and 2.60 times net worth respectively. The whole Rs 26.93 Cr fresh issue equals 37.14% of the FY26 borrowings figure.
The business description calls the trading leg close to a pass-through: in FY26 cost of materials consumed was 44.10% of total income and purchases of stock-in-trade a further 44.61%, 88.71% between them, and reselling granules at Rs 104.01 Cr was the single largest revenue line, ahead of manufactured tarpaulin at Rs 99.82 Cr.
The business description puts the top five customers at 69.54% of FY26 revenue.
The shares listed at Rs 58.90 against the Rs 59 band top, a discount of 0.17%, closed day one at Rs 57.08 and last traded at Rs 47.74 on 23 October 2026, which is 18.95% below the listing price and 19.08% below the issue price.

Easy to miss in the prospectus

The offerObjects field is empty, so the record does not show where the Rs 26.93 Cr of fresh proceeds is applied.
The financials carry no cash flow from operations, no total assets and no expenses figure for FY24, FY25 or FY26.
The record has no valuation, allocation, anchor or post-issue share count, and only day-three subscription data, so no issue-price multiple and no day-one or day-two book can be read from it.

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: NEXGEN Financial Solutions Private Limited
RegistrarAllotment status is checked on the registrar's own site: Skyline Financial Services Private Limited

How these figures were checked

Built from 7 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: 15 Sep 2026
Closes: 17 Sep 2026
Allotment: 18 Sep 2026
Lists: 22 Sep 2026
Revenue (FY26): ₹216 Cr
Profit (FY26): ₹10.06 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.