Injecto Polymers Limited was originally incorporated as a private limited company under the name "Injecto Polymers Private Limited" on September 04, 1998, and subsequently converted into a public limited company under its present name on July 08, 2024. The company operates a dual business model comprising the manufacturing of a diverse range of polypropylene packaging products and the trading of plastic granules and Polyvinyl Chloride (PVC) resins. Its core value proposition centers on delivering customized, high-strength industrial and food-grade packaging solutions—such as Polypropylene (PP) Woven Fabrics, PP Woven Bags, Biaxially Oriented Polypropylene (BOPP) bags, leno bags, Flexible Intermediate Bulk Container (FIBC) jumbo bags, and non-woven bags—backed by multi-stage quality testing and bulk raw-material trading integration.
The company caters primarily to Business-to-Business (B2B) institutional and industrial clients through bulk orders customized across various dimensions, load capacities, and technical specifications. Key customer segments span agriculture (fertilizers, food grains, and seeds), construction, textiles, chemicals, mining, and fast-moving consumer goods. Geographically, revenue generation is heavily concentrated in Eastern India. For FY26, West Bengal served as the primary regional market, accounting for 85.27% of total revenue from operations (compared to 75.86% in FY25 and 82.24% in FY24), with other eastern states contributing an additional 7.04% in FY26. Following its ongoing capacity expansion, the company intends to expand its distribution footprint across additional regional markets nationwide.
To support manufacturing operations, the company runs two production facilities in West Bengal:
- Unit-I: Located along NH-2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal (comprising 1,33,567 sq. ft. of covered factory area on 437 decimals of land). Installed capacity stood at 8,470 MT per annum, which increased to 9,670 MT per annum following trial-run commissioning (1,200 MT) of its Phase-III expansion on July 01, 2026. Unit-I achieved capacity utilization rates of 79.46% in FY24, 99.87% in FY25, and 95.19% in FY26 (with production of 8,063 MT).
- Unit-II: Located at Village Panchpara, P.O. Radhadasi, Andul Road, Howrah, West Bengal (comprising 27,642 sq. ft. of constructed area), operated under a leave and license agreement from group entity Hind Polyfabs Private Limited effective June 01, 2024. Installed capacity stands at 2,400 MT per annum, achieving capacity utilization of 98.35% in FY25 (1,967 MT) and 95.63% in FY26 (2,295 MT).
Combined installed capacity stood at 8,470 MT (79.46% utilization) in FY24, 10,470 MT (99.58% utilization with 10,426 MT production) in FY25, and 10,870 MT (95.29% utilization with 10,358 MT production) in FY26. The company maintains in-house quality infrastructure to execute tensile testing, UV weatherability testing, surface resistivity testing, and rig drop testing for FIBC bags. Manufacturing operations hold ISO 9001:2015 and ISO 22000:2018 certifications, alongside Bureau of Indian Standards (BIS) licenses including IS 9755:2021 (fertilizer packaging), IS 11652:2017 (50 kg cement sacks), and IS 16703:2017 (25 kg polymer packaging).
As an operational efficiency and ESG initiative, the company installed a 1 MWp rooftop solar plant at Unit-I (Jamalpur) in FY25, generating approximately 13.20 lakh units of solar power annually to offset grid energy costs. To service growing order backlogs, the company is implementing a Phase-IV expansion at Unit-I spanning roughly 70,000 sq. ft. to add 4,800 MT per annum of capacity, funded via ₹30.50 Crore from the Fresh Issue proceeds.
In terms of financial performance, Injecto Polymers Limited reported total income / net profits of ₹109.79 Cr / ₹4.44 Cr (FY24), ₹261.85 Cr / ₹8.10 Cr (FY25), and ₹375.83 Cr / ₹16.01 Cr (FY26). Over the last three fiscal years, the company registered strong top-line and earnings expansion, accompanied by an increase in total borrowings to ₹165.19 Cr in FY26 (of which ₹10.00 Cr will be prepaid/repaid from Fresh Issue proceeds). The company reported an average EPS of ₹7.69 and an average RoNW of 21.84% over the last three fiscals. Based on pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.40x against an NAV of ₹41.73 as of March 31, 2026. Factoring in fresh issue proceeds, the Post-Issue P/BV stands at 1.74x. Attributing the earnings of FY24, FY25, and FY26 to the expanded post-issue equity base, the issue is priced at a Post-Issue P/E of approximately 46.73x, 25.64x, and 12.98x, respectively. As per the RHP, listed peers such as Emmbi Industries Limited (P/E of 19.10x) and RDB Rasayans Limited (P/E of 7.89x) trade at an industry average P/E of around 13.50x, placing this issue at a full valuation when weighed against its working capital debt load and geographical concentration.
On the BRLM front, Indcap Advisors Private Limited is the Book Running Lead Manager, having handled 3 public issues to date. Of the last 3 IPOs, two opened below the issue price and one opened above the issue price or at par on listing day. As of September 09, 2026, one issue is trading below its issue price, while two are trading above or at par.
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