Diksha Polymers Limited

Diksha Polymers Limited is engaged in the manufacturing of PET Bottles/Containers and PET Preforms. The company's PET Preforms serve as the essential raw material utilized directly in the manufacturing of its PET Containers. The company operates strictly on a Business-to-Business (B2B) model, supplying its products directly to manufacturers and traders who use them as packaging materials. Its diverse client base spans across various fast-growing industries, including lubricants, food and beverages, consumer goods, pharmaceuticals, and agrochemicals. The company maintains strong relationships with its core clients, heavily relying on recurring business; its top 10 customers generated approximately 88.93% of its total revenue in FY 2025-26. The company's manufacturing operations are concentrated in three facilities located at the Maharajpura Industrial Area in Gwalior, Madhya Pradesh, collectively spreading across 26,879 sq. ft. To streamline its supply chain and achieve backward integration, the company executed a strategic Business Transfer Agreement on September 18, 2024, acquiring the running business of M/s Diksha Packaging. This enabled Diksha Polymers to manufacture PET Preforms in-house instead of sourcing them externally. The Gwalior facilities are equipped with modern machinery, including 8 injection moulding machines for preforms and 19 blow moulding machines for bottles. As of March 31, 2026, the company's installed capacity stands at 2,163 Metric Tonnes Per Annum (MTPA) for PET bottles and 1,913 MTPA for PET Preforms. The company successfully maintains a robust capacity utilization rate, achieving 94% utilization for both its PET bottles and PET Preforms lines during FY 2025-26. As per financial performance, Diksha Polymers Limited has posted total income / net profits of Rs 19.72 / 1.01 Cr (FY24), Rs 42.72 / Rs 2.63 Cr (FY25) and Rs 51.27 Cr / 4.12 Cr (FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 8.63 and average RoNW of 53.59% for last three fiscals. Issue is priced at a P/BV of 2.20 as per NAV of Rs 50.85/- as on Post Issue. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 57.54, 22.12 and 14.14 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Aryaman Financial Services Limited is associated with this IPOs, and has handled 16 IPOs in last three fiscal years. From last 10 IPOs, one opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from last 10 IPOs, five are trading below issue price and remaining all are trading above issue price or at par. (as on 12.06.26) As per financials, Diksha Polymers Limited has shown good growth, RoNW is 48.32% and P/E is 57.54, 22.12 and 14.14 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Vivek Mandelia
• 2 Vipin Mandelia
• 3 Hemlata Mandelia
• 4 Anjana Mandelia
• 5 Riddhi Mandelia