Shakti Polytarp Limited (incorporated in March 2018) is an emerging Indian polymer and protective packaging material manufacturer. Operating under its flagship brand 'Dinotarp', the company specializes in manufacturing durable water-resistant tarpaulins, warp-knitted shade nets, high-density polyethylene (HDPE) and polypropylene (PP) tapes, PP woven fabrics, masterbatches, and reprocessed plastic granules. Its product portfolio spans lightweight to heavy-duty protective covers ranging from 70 GSM to 450 GSM, with core technical expertise in manufacturing specialized six-layer and eight-layer tarpaulins engineered to withstand extreme environmental conditions, rain, wind, and UV exposure.
The company's core business model functions primarily on a Business-to-Business (B2B) framework, catering to institutional clients requiring bulk protective covers and customized packaging materials, alongside a smaller direct-to-consumer (B2C) retail presence. Operationally, revenue is generated through two main verticals: the sale of manufactured goods (tarpaulins, shade nets, and woven fabrics) and the trading of raw materials (PP and PE granules). In FY26, manufactured goods accounted for ₹11,163.50 Lakhs (51.77% of operational revenue), while the trading of raw granules contributed ₹10,401.24 Lakhs (48.23%).
Shakti Polytarp serves a broad range of client segments across critical sectors including agriculture (crop protection, silage, pond liners, and fumigation covers), construction (house wraps, scaffolding protection), automotive, transportation & logistics, and disaster management. Geographically, while the company maintains a dominant regional market share in its home state of Madhya Pradesh, it has progressively expanded its sales footprint into western markets (Gujarat, Maharashtra, Rajasthan) and southern industrial hubs (Karnataka, Tamil Nadu). Customer concentration remains significant, with its largest customer generating ₹8,875.75 Lakhs (41.16%) and the top five customers accounting for ₹14,996.79 Lakhs (69.54%) of FY26 operational revenue.
The company conducts all its manufacturing from a single integrated production facility situated at Plot No. 45–48, Industrial Area IIDC Nirmani, Khargone District, Madhya Pradesh, spanning 1,98,450 sq. ft. of leased land. The plant houses advanced machinery including Tape Lines (2,500 MTPA capacity), Extrusion Lamination Units (6,000 MTPA and 3,600 MTPA capacities), Extrusion Processing Lines (1,500 MTPA), 6 Warp Knitting Shade Net machines, 14 Circular Looms, and a Polymer Recycling Machine (100 MTPA). All core processes—extrusion, weaving, lamination, cutting, stitching, and packaging—are executed in-house to maintain product standardization and operational efficiency.
As of March 31, 2026, the overall installed capacity of the plant stood at 12,900 MTPA, following mid-year capacity additions of 3,000 MTPA for tarpaulins (commissioned in January 2026) and 3,000 MTPA for shade nets (commissioned in March 2026). Against this expanded base, actual production reached 6,277 MT in FY26, representing an overall reported capacity utilization of 48.66%. On an annualized basis, the legacy capacity of 6,900 MTPA operated at an 80.64% utilization rate, while the newly added tarpaulin line achieved 76.25% utilization (564 MT produced over 90 operational days) and the new shade net unit achieved 62.51% utilization (149 MT produced over 29 operational days).
Operational and procurement highlights include long-term bulk procurement arrangements with major domestic petrochemical refiners such as Reliance Industries Limited (RIL) and HPCL. These bulk purchase arrangements enable the company to secure volume-based pricing discounts and commercial credit terms. Additionally, in-house recycling capabilities allow for the reprocessing of industrial plastic scrap back into usable granules, optimizing raw material costs and supporting sustainable circular-economy practices within the facility.
In terms of financial performance, Shakti Polytarp Limited reported total income / net profits of ₹62.23 Cr / ₹0.98 Cr (FY24), ₹166.50 Cr / ₹4.97 Cr (FY25), and ₹216.10 Cr / ₹10.06 Cr (FY26). Over the last three fiscal years, the company demonstrated sharp financial expansion, recording a CAGR of 86.32% in total income and 220.15% in net profit, accompanied by an increase in total borrowings from ₹23.66 Cr in FY24 to ₹72.51 Cr in FY26. The company reported an average EPS of ₹5.52 and an average RoNW of 35.38% over the last three fiscals. Based on pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.66x against an NAV of ₹22.18 as of March 31, 2026. Factoring in fresh issue proceeds, the Post-Issue P/BV stands at 1.84x. 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 102.98x, 20.35x, and 10.05x, respectively. As per the RHP, listed industry peers like Commercial Syn Bags Limited (P/E of 38.20x) and Shree Tirupati Balajee Agro Trading Company Limited (P/E of 22.90x) trade at higher earnings multiples, indicating that the issue is priced attractively relative to its peer group.
On the BRLM front, NEXGEN Financial Solutions Private Limited is the Book Running Lead Manager, having managed 6 public issues to date. Of the last 6 IPOs, one opened below the issue price and the remaining five opened above the issue price or at par on listing day. As of September 09, 2026, three issues continue to trade above their issue price or at par, while three are trading below.
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