- Price band
- ₹88 – ₹94
- Issue size
- ₹56.68 Cr
- Lot size
- 1200 sh
- Bidding
- 2 – 4 Nov
- Grey market
- ₹5
Face value ₹10.00
90% fresh capital
₹2,25,600 minimum
Lists 9 Nov 2026
Unofficial quote · 1 Nov
Market data to 1 Nov 2026. Company figures are as filed, sourced 1 Nov 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Revenue has more than doubled in two years and the EBITDA margin has gone from 2.99% to 16.66%, but FY26's Rs 10.97 crore of profit came with Rs 11.46 crore of cash leaving operations, and 41.00% of that year's revenue passed through related parties the company now undertakes to stop dealing with.
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
Growing and reasonably priced
94% of the scoring model was backed by disclosed data for Vedant Poly Fabs, giving high 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.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
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.
To apply
2 days left
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The company
What the business actually does
Founded 2018 · Barasat, West Bengal · 61 employees
Vedant Poly Fabs manufactures flexible packaging materials and sells them business-to-business to customers across India. Its product portfolio covers multilayer low-density (LD) films in 3-layer and 5-layer constructions, shrink films, barrier films, printed laminates, and milk and oil pouches, used to pack food and beverages and other consumer products. Manufacturing is carried out from a single unit at Barasat, West Bengal, where extrusion, printing, lamination, slitting and pouching are all done in-house. The company also traded billets and MS strips on a bill-to-ship basis; that trading line fell from 37.25% of revenue in FY25 to 3.63% in FY26, and the RHP says the activity was discontinued in 2025.
The company makes packaging to customer order rather than to stock. Customers specify size, thickness, material composition, printing, quantity and delivery schedule - the RHP says orders are generally received through verbal communication - and the company manufactures to those specifications through extrusion, printing (CI flexo and rotogravure), lamination, slitting and pouching at its own facility. In FY26, lamination contributed 59.22% of revenue from operations and printed plastic 31.72%, with milk film (3.31%), shrink film (1.29%), scrap sales (0.83%) and trading (3.63%) making up the balance. Installed capacity was 88,50,000 kg a year and 71.64% of it was used. The filing discloses heavy concentration on every axis: 96.80% of FY26 revenue came from West Bengal, the top ten customers accounted for 69.64% of sales (up from 30.15% in FY25) and the top ten suppliers for 85.88% of purchases, of which Lakhotia Packwell Private Limited alone was 47.04%. Related-party transactions came to 41.00% of revenue from operations in FY26 (Rs 4,720.52 lakhs) and 40.47% in FY25, against 7.85% in FY24. The RHP says sales to unregistered buyers were routed through Sethsawaria Poly Fab LLP - the promoter entity that owns 90.00% of the company and is the selling shareholder in this offer - and undertakes that they will be made directly in future, and that transactions with Lakhotia Packwell Private Limited will be avoided altogether.
What makes it hard to copy
The RHP's own qualitative case for the price rests on organisational stability and management experience, established customer relationships, consistent quality, and a single facility built to run a wide product range in-house. It claims no patent, brand or contracted position, and the orders it works to are verbal.
Where the revenue comes from
Share of revenue by business line, latest full year
- Lamination59.2%
- Printed plastic31.7%
- Trading revenue3.6%
- Milk film3.3%
- Other (2)2.1%
Hover or focus a segment for its share and what it covers.
Where it operates
- Manufacturing units1
Barasat, North 24 Parganas, West Bengal
Markets served
Who runs it
- Pankaj Kumar MaheshwariChairman and Managing Director · since 2026Promoter. Holds 4.00% directly before the issue; redesignated Managing Director in April 2026.
- Sujata MaheshwariWhole-time DirectorPromoter. Holds 4.00% before the issue.
- Sunil BihaniExecutive Director
- Ravi TodiNon-Executive and Independent Director · since 2026
- Puja ShawNon-Executive and Independent Director · since 2026
- Shikha GuptaNon-Executive and Independent Director · since 2026
- Arijit MondalChief Financial Officer
- Sourindra Nath MukherjeeCompany Secretary and Compliance Officer
The company on paper
- Legal name
- Vedant Poly Fabs Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 10 Dec 2018
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U25209WB2018PLC229187
- Sector
- Materials · Flexible packaging films and laminates
- Employees
- 61
- Registered office
- 6/1/Q Digberia Road, Barasat, P.O. Badu, PS Barasat, North 24 Parganas, Badu, Barasat-I, West Bengal 700128
- Statutory auditorWho signed the restated financial information
- Jain Sonu & Associates, Chartered Accountants, Kolkata
- Promoters
- Pankaj Kumar Maheshwari, Sujata Maheshwari, Sethsawaria Poly Fab LLP
- Promoter holding, pre-issue
- 98.0%
- Promoter holding, post-issue
- 68.6%
- Website
- vedantpolyfabs.com
The numbers
Financial performance
Revenue has compounded at 52.5% 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
Profit against cash generated
Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.
- Profit after tax
- Operating cash flow
Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.
The price
Valuation
At the upper band this issue asks a 2.9% discount to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
3 listed companies the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹10.01
- EPS, post-issueNot disclosed, so computed from FY26 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹5.44
- Price / sales
- 1.54× – 1.65×
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹28.70
What it earns on what it has
Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- 25.9%
- Return on capital employed
- 30.6%
- EBITDA margin
- 16.7%
- Net margin
- 9.5%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityAs disclosed in the prospectus. Issuers divide by total equity, which includes non-controlling interests — a wider base than the net worth used for RoNW.
- 1.11×
Valuation against listed peers
Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.
- Vedant Poly Fabs
- Listed peers
Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 23 Oct 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.
The terms
How the issue is structured
90% 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
- ₹51.01 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹5.67 Cr
- Total issue size
- ₹56.68 Cr
- Shares offered in the OFS
- 6,03,600
- Pre-issue shares outstanding
- 1,47,25,214
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 3,04,800
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation, and the 3,04,800 shares reserved for the market maker.
Use of proceeds
Stated objects of the fresh issue, largest first
- Invested in growth
- Repairs the balance sheet
- General corporate purposes (amount shown as a placeholder in the RHP; capped at 15% of gross proceeds or Rs 1,000 lakhs, whichever is less) — amount not quantified in the prospectus
- Offer related expenses (amount shown as a placeholder in the RHP) — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
80% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 29.4% of the company.
- Promoters
- Existing non-promoter holders
- Bought in this offer
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. The 29.92% changing hands is the whole offer over the post-issue share count of 2,01,51,614, so it covers both the new shares and any sold by existing holders.
Who owns it before the issue
7 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
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
Bidding is open, but no day-wise figures have been captured for this issue yet.
Grey market premium
Premium quoted over the ₹94 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply. Only one quote has been recorded for this issue, so there is no range to show.
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
- 2,400
- At cut-off price
- ₹94.00
- Amount blocked
- ₹2,25,600
One lot is 1200 shares at ₹1,12,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,25,600. 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.
Applying needs a demat account with a linked UPI ID, and the ₹2,25,600 is blocked rather than debited.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
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.
—
retail demand so far
Bidding is still open, so there are no odds to quote yet. Most of a retail book arrives on the final day, and the figure above is the exchange’s last settled total — not where this issue will end. Odds appear here once the book closes.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
₹99.00
implied listing price, 5.3% over the cut-off
- Cut-off price
- ₹94.00
- Grey market premium
- ₹5.00
- If allotted 1200 shares
- ₹6,000
Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.
If you decide to
How to apply to this issue
Nothing on this page is a recommendation to apply. If you have decided to, this is what the process needs.
Applying to Vedant Poly Fabs
You need a demat account to apply
Every IPO application in India goes through a demat account with a linked UPI ID. If you do not have one yet, opening it is free and usually done the same day.
- An IPO application needs a demat account and a UPI ID linked to it.
- The money is blocked under ASBA, not debited — only an allotment is charged.
- Applications close at 5pm IST on the final day, and most brokers stop accepting UPI mandates earlier in the afternoon.
- One application per PAN per category. Separate family members need their own PAN, demat and bank account.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue grew 42.11% in FY26 to Rs 115.14 crore and has grown 132.46% since FY24. The RHP attributes the margin half of that to mix: billet and MS strip trading, which it says ran at under 1% margin, fell from 37.25% of revenue to 3.63%, and manufacturing filled the gap.
- The money goes to the company. Rs 51.01 crore of the Rs 56.68 crore offer is a fresh issue; only Rs 5.67 crore is a sale by the promoter LLP, and the promoters still hold 68.62% afterwards.
- Returns are high on the reported numbers: 25.95% on net worth and 30.65% on capital employed in FY26. Of the three listed peers the prospectus names, only RFBL Flexi Pack at 31.11% beats that; B&A Packaging earned 7.90%.
- Capacity is not the constraint and the issue addresses it anyway. 71.64% of 88,50,000 kg a year was used in FY26, and Rs 6.51 crore of the proceeds buys machinery taking installed capacity to 1,53,30,000 kg.
- At the cap the band asks a small discount to the median P/E of the three listed packaging companies the prospectus names, which is 17.79 times - and that comparison is on post-issue earnings. The RHP's own 9.39 times is a pre-issue multiple, which ignores the dilution this offer creates.
What to weigh against it
- Orders are verbal. The RHP's own first risk factor says orders are generally received through verbal communication, so there is no order book, no contracted revenue and nothing a reader - or a court - can inspect.
- One state, a handful of customers, one supplier. 96.80% of FY26 revenue came from West Bengal; the top ten customers were 69.64% of sales, up from 30.15% a year earlier; the top ten suppliers were 85.88% of purchases and Lakhotia Packwell Private Limited alone was 47.04%.
- The business has consumed cash in two of its three reported years. Operating cash flow was minus Rs 3.46 crore in FY24 and minus Rs 11.46 crore in FY26, against profits of Rs 0.64 crore and Rs 10.97 crore. Borrowings went from Rs 6.35 crore to Rs 46.82 crore over the same span.
- Litigation sits next to the promoters rather than in the company. The RHP discloses a Debt Recovery Tribunal summons against JMV Polymer Limited, an entity linked to promoter relatives, for Rs 23.63 crore, and a defaulted Punjab National Bank loan at the same entity under SARFAESI and DRT action.
- The RHP discloses that the company began operations at its manufacturing unit before obtaining the requisite statutory registration, and that its management has no experience of running a listed company. Input costs - LDPE and metallocene granules, polyester film - are commodity-linked and outside its control.
Easy to miss in the prospectus
- The smallest application is Rs 2,25,600, not half that. The RHP's bid lot is two application lots of 1,200 shares, because SEBI requires an individual investor's minimum application on the SME board to exceed Rs 2 lakh. Budget for the larger figure.
- There is no anchor book. The RHP says so in terms, and the QIB portion is 1.19% of the net offer, so institutions are absent by construction. 59.32% goes to individual investors and 39.49% to non-institutional bidders - the opposite shape to a mainboard issue.
- FY26's profit and FY26's cash point in opposite directions, and the gap is working capital. The company projects its working-capital requirement rising 47.99% again in FY27, to Rs 6,847.43 lakhs, of which the issue funds Rs 2,461.04 lakhs and borrowings and accruals the rest.
- Revenue is heavily back-ended: Q4 was 47.60% of FY26 revenue. Any single quarter read on its own, including the Q1 FY27 column above, will mislead on the run rate.
- The promoter LLP's weighted average cost of the shares it is selling is Rs 25.93, as certified in the RHP. The band is Rs 88 to Rs 94. It acquired 38,70,731 of its shares in March 2026, seven months before this filing, at Rs 41 by conversion of a loan.
- Customer concentration is still tightening, not easing. In Q1 FY27 the top five customers were 72.10% of sales against 60.18% for FY26 as a whole.
- The RHP's “NAV per Equity Share after the Issue” rows read Rs 2.84 at the floor and Rs 3.03 at the cap, against a pre-issue NAV of Rs 28.70. Those are the band divided by the June-2026 NAV of Rs 30.97 - price-to-book multiples printed under a net-asset-value heading. This page carries the pre-issue NAV only.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Red Herring Prospectus, 27 October 2026 (478 pages)27 Oct 2026The document the issue was bid on. Carries the price band and the dates.Opens on affinityglobalcap.in · about 22.7 MB
- Draft Red Herring Prospectus, 5 June 2026 - superseded by the RHP above5 Jun 2026The first draft, filed for review. No price band and no dates.Opens on affinityglobalcap.in
- Abridged Prospectus (8 pages) - the short form, with the top ten risk factorsThe statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on affinityglobalcap.in · about 0.5 MB
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 Vedant Poly Fabs's own prospectus and to exchange disclosures, then cross-checked against 2 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.
- Red Herring Prospectus dated 27 October 2026, filed via the book running lead manager (478pp) - PRIMARY SOURCE for every figure on this page: offer structure, allocation, capital structure, shareholding, objects, restated financials, peer group, capacity, concentration and risk factors · read 1 Nov 2026
- Abridged Prospectus - corroborates the restated financials, the objects table, the shareholding pattern and the top ten risk factors; names Brickwork Ratings India Private Limited as monitoring agency · read 1 Nov 2026
- Affinity Global Capital Market (book running lead manager) public-issues page - index of the issue's filings · read 1 Nov 2026
- Draft Red Herring Prospectus dated 5 June 2026 (NSE Emerge archives) - SUPERSEDED. Its working-capital object was Rs 1,759.30 lakhs against the RHP's Rs 2,461.04 lakhs, and it carried no price band, allocation, peer table or shareholding pattern · read 29 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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