- Price band
- ₹83 – ₹88
- Issue size
- ₹34.47 Cr
- Lot size
- 1600 sh
- Bidding
- 23 – 25 Sep
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 30 Sep 2026
No quote recorded
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
Unitec Fibres makes recycled polyester staple fibre at two leased plants at Tarapur in Palghar, Maharashtra; the company's description puts combined installed capacity at 27,984 tonnes a year, RPSF at 98.04% of FY26 revenue from operations and permanent headcount at 171 on 31 March 2026. Revenue was Rs 204.14 crore in FY24, Rs 226.42 crore in FY25 and Rs 224.24 crore in FY26 — FY25 was 10.91% above FY24, and FY26 was 0.96% below FY25. FY26 EBITDA of Rs 15.77 crore on revenue of Rs 224.24 crore is a 7.03% margin, and profit after tax of Rs 7.60 crore a 3.39% margin. The Rs 34.47 crore issue was entirely fresh, with the offer-for-sale component at Rs 0 and a band of Rs 83 to Rs 88; it stood at 3.92 times subscribed on the closing day of 25 September 2026 and listed at Rs 90 on 30 September 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
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Unitec Fibres, 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 2005 · Mumbai, Maharashtra · 171 employees
Unitec Fibres makes recycled polyester staple fibre (RPSF) at two leased plants in the Tarapur industrial area of Palghar, Maharashtra, with a combined installed capacity of 27,984 tonnes a year. It buys PET flakes, PET chips and other polyester waste — largely discarded plastic bottles and post-consumer waste — then melts, extrudes and spins them into fibre cut to customer specifications, in deniers from 0.9 to 20. The fibre goes to automotive suppliers (carpet, roof liners, trunks), home-furnishing makers (sofas, curtains, carpets) and spinning mills. RPSF was 98.04% of revenue from operations in FY26; exports were 9.16%. The company was incorporated in February 2005 and had 171 permanent employees at 31 March 2026. A third unit is planned at Valsad, Gujarat.
Revenue is tonnes of fibre sold, almost entirely on purchase orders rather than long-term contracts: the top customer was 11.84% of FY26 revenue from operations and the top ten 45.94%. The cost base is dominated by waste PET — material consumed was Rs 14,689.91 lakhs, or 65.33% of FY26 revenue — followed by power, with electricity alone at Rs 1,566.98 lakhs. That leaves a thin spread: EBITDA margin was 7.03% and PAT margin 3.39% in FY26 on revenue of Rs 224.24 crore. Units ran at 86.22% and 94.42% utilisation, so growth needs new capacity, and borrowings had risen to Rs 77.19 crore by 31 March 2026 — the issue earmarked Rs 31.00 crore to repay them.
The company on paper
- Legal name
- Unitec Fibres Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 11 Feb 2005
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U17120MH2005PLC151224
- Sector
- Materials · Recycled polyester staple fibre made from post-consumer PET waste
- Employees
- 171
- Registered office
- Mumbai, Maharashtra
- Promoters
- Vijay Omjagdish Behl, Virander Behl, Devina Virander Behl, Rajiv Behl, Mihir Suvanam, Magic Films Private Limited
- Promoter holding, pre-issue
- 94.2%
- Promoter holding, post-issue
- 68.6%
- Website
- unitecfibres.in
The numbers
Financial performance
Revenue has compounded at 4.8% 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
- ₹34.47 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹34.47 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
- 2,00,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.6% 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.
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
- ₹88.00
- Listed at
- ₹90.00
- Listing gain
- up 2.3%
- Since listing
- up 3.4%
- Against the issue price
- up 5.8%
Trading at ₹93.08 on 30 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
- 3,200
- At cut-off price
- ₹88.00
- Amount blocked
- ₹2,81,600
One lot is 1600 shares at ₹1,40,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,81,600. 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.
~37%
chance of one lot, per application
- Retail subscription
- 2.73×
- Applicants per share available
- 2.7× 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.
₹90.00
listed at, 2.3% against the issue price
- Issue price
- ₹88.00
- Premium said
- —
- If allotted 1600 shares
- ₹3,200
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 stayed above Rs 200 crore in each of the three years on record — Rs 204.14 crore in FY24, Rs 226.42 crore in FY25 and Rs 224.24 crore in FY26 — and the company reported a profit in each of them: Rs 7.42 crore, Rs 8.22 crore and Rs 7.60 crore.
- Net worth was Rs 49.18 crore in FY24 and rose to Rs 57.40 crore in FY25 and Rs 65.00 crore in FY26. The increase in each of those two years — Rs 8.22 crore and Rs 7.60 crore — equals that year's profit after tax exactly (Rs 8.22 crore in FY25, Rs 7.60 crore in FY26).
- The whole of the Rs 34.47 crore raised was fresh capital, with the offer-for-sale component at Rs 0. The business description states Rs 31.00 crore of it was earmarked to repay borrowings — 89.93% of the Rs 34.47 crore issue, and 40.16% of the Rs 77.19 crore of borrowings standing at 31 March 2026.
- On the closing day, each category of the book was subscribed more than twice over: QIB 5.30 times, NII 4.89 times and retail 2.73 times, for 3.92 times overall.
What to weigh against it
- Borrowings were Rs 15.72 crore in FY24 and rose in each of the two following years, to Rs 36.64 crore in FY25 and Rs 77.19 crore in FY26 — 4.91 times the FY24 figure. Set beside net worth of Rs 49.18 crore, Rs 57.40 crore and Rs 65.00 crore, that is 0.32 times, 0.64 times and 1.19 times.
- EBITDA margin was 8.22% in FY24 (Rs 16.78 crore on Rs 204.14 crore) and was lower in each of the two years after: 7.71% in FY25 (Rs 17.45 crore on Rs 226.42 crore) and 7.03% in FY26 (Rs 15.77 crore on Rs 224.24 crore). In rupees, FY26 EBITDA was 9.63% below FY25 and profit after tax 7.54% below. PAT margin was 3.63% in FY24, 3.63% in FY25 and 3.39% in FY26.
- The cost base sits close to revenue. The business description puts material consumed at Rs 14,689.91 lakhs, which it states was 65.33% of FY26 revenue, and electricity alone at Rs 1,566.98 lakhs; the two together are Rs 162.57 crore, beside FY26 revenue of Rs 224.24 crore.
- The business description states the top customer was 11.84% of FY26 revenue from operations and the top ten 45.94%, and that sales are almost entirely on purchase orders rather than long-term contracts.
Easy to miss in the prospectus
- The company's description puts utilisation at 86.22% and 94.42% at the two units, on combined installed capacity of 27,984 tonnes a year. The financials carry revenue and profit only — no tonnage or volume figures to set against those rates.
- The record holds no valuation block, no peer set, no anchor or allocation data, no grey-market quotes and no post-issue share count, so no earnings or book-value multiple can be derived from the fields present.
- It listed at Rs 90 against a band top of Rs 88, a listing gain of 2.27%, closed day one at Rs 90.60, and last traded at Rs 90.50 on 23 October 2026, 2.84% above Rs 88.
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
- Smart Horizon Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Pvt. Ltd.
How these figures were checked
Reconciled to Unitec Fibres's own prospectus and to exchange disclosures, then cross-checked against 8 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.
- Unitec Fibres Limited — Red Herring Prospectus dated September 17, 2026 (company website, PDF) · read 16 Oct 2026
- BSE — Unitec Fibres Ltd scrip page (UNITEC | 544948 | INE0WOK01014) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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