Vedant Poly Fabs Limited was originally incorporated on December 10, 2018, as a private limited company and was subsequently converted into a public limited company in August 2025. The company operates as a B2B manufacturer and supplier of flexible packaging materials across India, holding quality certifications including ISO 9001:2015, ISO 22000:2018, and HACCP standards. Its core value proposition centers on providing customized, integrated flexible packaging solutions tailored to client-specific requirements in size, film thickness, barrier properties, material composition, and high-definition printing.
The company’s product portfolio encompasses multilayer Low-Density (LD) films (including 3-layer and 5-layer films), printed plastic laminates, shrink films, barrier films, and specialized liquid packaging solutions such as printed milk and oil pouches. Vedant Poly Fabs operates on a direct engagement B2B sales model, catering to diverse end-user industries including Fast-Moving Consumer Goods (FMCG), food and beverages, liquid dairy processing, consumer goods, and industrial packaging. Geographically, the company derives the vast majority of its revenue from West Bengal (accounting for 95.81% in Q1 FY27 and 96.80% in FY26), while gradually expanding its distribution footprint into other Indian states, including Jharkhand, Telangana, Delhi, and Maharashtra.
The company conducts its manufacturing operations through a single integrated production unit located at 6/1/Q Digberia Road, Barasat, P.O. Badu, North 24 Parganas, West Bengal - 700128. The facility is equipped with end-to-end converting machinery, including multilayer film extrusion lines, Central Impression (CI) flexographic printing, rotogravure printing, lamination, slitting, rewinding, and pouch-making units. The factory operates with a sanctioned electrical power demand of 280 KVA supplied at 11.00 KV by the West Bengal State Electricity Distribution Company Limited (WBSEDCL).
According to the Chartered Engineer certification detailed in the RHP, the plant's overall installed manufacturing capacity stood at 68,50,000 kg per annum in FY24 and FY25, expanding to 88,50,000 kg in FY26, and further to 1,10,10,000 kg as of Q1 FY27. Overall capacity utilization showed consistent operational ramp-up, rising from 35.75% (24,48,802.86 kg utilized) in FY24 to 57.78% (39,58,030.54 kg utilized) in FY25, reaching 71.64% (63,40,332.99 kg utilized) in FY26, and standing at 50.50% annualized (55,59,836.32 kg) in the Q1 FY27 stub period. Product-wise, lamination line capacity utilization peaked at 77.05% in FY26, while printed plastics utilization reached 61.99% in FY26.
Operational highlights include an in-house quality control laboratory equipped with specialized testing instruments to conduct rigorous quality checks on raw materials, in-process goods, and finished laminates. Additionally, the manufacturing setup features a dedicated plastic waste reprocessing unit where film scrap generated during production is reprocessed and reintroduced into the extrusion cycle to optimize raw material yields and minimize operational wastage.
Financially, Vedant Poly Fabs Limited posted total income and net profits of ₹49.73 Cr and ₹0.64 Cr (FY24), ₹81.58 Cr and ₹4.56 Cr (FY25), ₹115.31 Cr and ₹10.97 Cr (FY26), and ₹30.49 Cr and ₹3.48 Cr (Q1 FY27). The company has shown robust top-line and net profit expansion driven by manufacturing scale-up, although total borrowings increased from ₹9.73 Cr in FY24 to ₹44.81 Cr as of Q1 FY27. The company maintains an average EPS of ₹6.52 and an average RoNW of 25.58% for the last three fiscals.
Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.04 as per NAV of ₹30.97 as on June 30, 2026. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.96. Attributing historical earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of approximately 297.89 (FY24), 41.54 (FY25), and 17.27 (FY26) [and 13.62 TTM]. A comparison with listed peers shows that the issue is competitively valued relative to peers like Barflex Polyfilms Limited (P/E 26.43x) and in line with RFBL Flexi Pack Limited (P/E 17.79x), though operating cash flow conversion remains weak.
The issue is managed by Affinity Global Capital Market Private Limited, which has handled 11 public issues to date. Out of its last ten managed IPOs, four listed below the issue price, while the remaining six listed at or above it. As of October 31, 2026, eight of these recent issues are trading below their issue price, while the remaining two are trading at or above it. Cameo Corporate Services Limited is acting as the Registrar to the Offer.
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