Utkal Speciality IPO

Utkal Speciality Industries India Limitedutkalspeciality.com

ListedSMEMaterialsNSE Emerge

Price band: ₹62 – ₹66
Issue size: ₹34.54 Cr
Lot size: 2000 sh
Bidding: 10 – 12 Jun
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

Utkal Speciality Industries makes extrusion-coated paper rolls and sheets and paper-based disposable tableware at a single plant in the IDCO Food Processing Park at Khurda, Odisha, and employs 50 people; the record puts coated rolls and sheets at 67.9% of revenue and business-to-business sales at 94.5% of revenue in the nine months to December 2025. Revenue was Rs 46.23 Cr in FY23, Rs 44.15 Cr in FY24 and Rs 50.28 Cr in FY25, a total rise of 8.76% across those two years, while profit after tax went from Rs 2.21 Cr to Rs 3.24 Cr to Rs 6.68 Cr. The Rs 34.54 Cr issue was entirely fresh, with the offer for sale at nil, priced at Rs 62-66 with a lot of 2,000 shares, and the book finished at 1.60 times on 12 June 2026. It listed on NSE Emerge on 17 June 2026 at Rs 66, the top of the band, closed that day at Rs 62.70 and stood at Rs 46 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

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Utkal Speciality, 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

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 2015 · Khurda, Odisha · 50 employees

Utkal Speciality Industries makes paper-based packaging and disposable tableware at a single plant in the IDCO Food Processing Park at Khurda, Odisha. Its largest lines are intermediates rather than finished goods: extrusion-coated paper rolls and coated sheets (blanks, fans, circles) were together 67.9% of revenue in the nine months to December 2025. The rest is finished product — paper cups, glasses, plates and bowls at 15.1%, sweet, pizza and bakery boxes, lids and wraps at 8.9%, and napkins, tissues and aluminium foil at 6.8%. Most buyers are other converters and small manufacturers who take the coated stock and finish it themselves; business-to-business sales were 94.5% of revenue in that period, the balance going to end retailers. The company listed 1,562 SKUs in FY25.

Revenue comes from selling at several points along its own production chain: coated rolls and sheets to converters who finish them, and fully finished cups, boxes and napkins to manufacturers and retailers, plus small amounts of polyethylene trading and contract coating (together 2.5% of nine-month FY26 revenue). The constraint is the cost of raw paper and coating material. Raw material consumed was 91.32% of revenue from operations in FY23 and 83.26% in FY25, easing to 80.55% in the nine months to December 2025; the margin story is almost entirely that ratio. Operating EBITDA margin moved from 9.21% in FY23 to 18.96% in FY25 and 19.51% in the stub period.

The company on paper

Legal name: Utkal Speciality Industries India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 1 Sep 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U21000OR2015PLC019359
Sector: Materials · Extrusion-coated paper rolls and sheets, and paper-based disposable tableware and food packaging
Employees: 50
Registered office: Khurda, Odisha
Promoters: Akash Agrawal, Meena Agarwal, Manoj Kumar Agrawal
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 73.2%
Website: utkalspeciality.com

The numbers

Financial performance

Revenue has compounded at 4.3% 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: ₹34.54 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹34.54 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: 2,64,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.8% 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 subscription1.60×

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: ₹66.00
Listed at: ₹66.00
Listing gain: unchanged 0.0%
Since listing: down 31.1%
Against the issue price: down 31.1%

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: ₹66.00
Amount blocked: ₹2,64,000

One lot is 2000 shares at ₹1,32,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,64,000. 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.

~48%

chance of one lot, per application

Retail subscription: 2.10×
Applicants per share available: 2.1× 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.

₹66.00

listed at, 0.0% against the issue price

Issue price: ₹66.00
Premium said: —
If allotted 2000 shares: ₹0

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 was Rs 2.21 Cr in FY23, Rs 3.24 Cr in FY24 and Rs 6.68 Cr in FY25, rises of 46.61% and then 106.17%. Revenue over the same years was Rs 46.23 Cr, Rs 44.15 Cr and Rs 50.28 Cr, so the FY24 profit figure was 46.61% higher on revenue 4.50% lower.
Borrowings measured against net worth were 4.19x in FY23 (Rs 25.41 Cr against Rs 6.07 Cr), and lower in each period after it: 2.56x in FY24 (Rs 25.43 Cr against Rs 9.95 Cr), 0.80x in FY25 (Rs 17.37 Cr against Rs 21.64 Cr) and 0.63x at 31 December 2025 (Rs 17.16 Cr against Rs 27.12 Cr). The absolute borrowing figure was Rs 25.41 Cr, Rs 25.43 Cr, Rs 17.37 Cr and Rs 17.16 Cr across those four periods.
The record puts raw material consumed at 91.32% of revenue from operations in FY23, 83.26% in FY25 and 80.55% in the nine months to December 2025, and operating EBITDA margin at 9.21%, 18.96% and 19.51% at the same three points; it gives no FY24 figure for either. EBITDA in rupee terms was Rs 4.56 Cr in FY23, Rs 6.44 Cr in FY24, Rs 10.88 Cr in FY25 and Rs 8.88 Cr in the nine months to December 2025.
The whole Rs 34.54 Cr was a fresh issue, with the offer-for-sale component at zero, set against net worth of Rs 27.12 Cr at 31 December 2025. Promoter holding went from 100% before the issue to 73.2% after it.

What to weigh against it

The shares listed at Rs 66, level with the Rs 66 top of the band, for a listing gain of 0%. They closed the first day at Rs 62.70, 5.00% below the listing price, and stood at Rs 46 on 23 October 2026, 30.30% below the Rs 66 issue price and 26.63% below that first-day close.
On the final day of the book, 12 June 2026, the issue was subscribed 1.60 times overall, with the qualified institutional category at 1.12 times, retail at 2.10 times and the non-institutional category at 0.89 times, which is below one time.
Revenue fell from Rs 46.23 Cr in FY23 to Rs 44.15 Cr in FY24, a decline of 4.50%, before reaching Rs 50.28 Cr in FY25. Over the two years from FY23 to FY25 the increase was 8.76% in total, against profit after tax that went from Rs 2.21 Cr to Rs 6.68 Cr over the same span.
Production sits at one plant, in the IDCO Food Processing Park at Khurda, Odisha, and the company employed 50 people. The record puts coated rolls and sheets at 67.9% of revenue in the nine months to December 2025, with paper cups, glasses, plates and bowls at 15.1%, boxes, lids and wraps at 8.9%, napkins, tissues and aluminium foil at 6.8%, and polyethylene trading plus contract coating at 2.5%; business-to-business sales were 94.5% of revenue in that period.

Easy to miss in the prospectus

Nine-month FY26 revenue, to 31 December 2025, was Rs 40.90 Cr, which is 81.3% of the FY25 full-year figure of Rs 50.28 Cr; nine-month profit after tax of Rs 5.48 Cr is 82.0% of FY25's Rs 6.68 Cr. Nine months is three-quarters of a year, so both stand above a straight pro-rata 75%. The record carries no fourth-quarter or full-year FY26 figures, so no FY26 annual comparison can be made from it.
The record holds one subscription snapshot only, day 3 dated 12 June 2026, with no day 1 or day 2 figures, no anchor book and no category allocation split.
The record carries no valuation block, no peer set and no post-issue share count, so no earnings multiple or market capitalisation at the Rs 62-66 band can be computed from it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Utkal Speciality — Prospectus dated 2026-06-1515 Jun 2026Filed after pricing, with every placeholder filled in.Opens on affinityglobalcap.in

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: Affinity Global Capital Market Private Limited
RegistrarAllotment status is checked on the registrar's own site: Cameo Corporate Services Limited

How these figures were checked

Reconciled to Utkal Speciality's own prospectus and to exchange disclosures, then cross-checked against 6 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.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 10 Jun 2026
Closes: 12 Jun 2026
Allotment: 15 Jun 2026
Lists: 17 Jun 2026
Revenue (FY25): ₹50.28 Cr
Profit (FY25): ₹6.68 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.