InProgress
Valuation
Market Cap
₹101.06 Cr
P/E Ratio
7.38x
P/B Ratio
2.66x
Shakti Polytarp IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Shakti Polytarp Limited, incorporated in 2018 and headquartered in Indore, Madhya Pradesh, manufactures tarpaulins and allied products including HDPE/PP tape, PP woven fabric, reprocessed plastic granules and warp knit fabric (shade net) under the brand Dinotarp. Its 1,98,450 sq. ft. facility at Nimrani, Khargone produces tarpaulins from 70 to 450 GSM across six- and eight-layer variants for construction, agriculture and transportation uses, alongside trading of granules used as raw material. The Company also derives revenue from bulk trading of plastic granules sourced under supplier discount schemes.
Lots & IPO Size
Shakti Polytarp IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 4,000 | ₹2,36,000 |
| Ind (Max) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,54,000 |
| S-HNI (Max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (Min) | 9 | 18,000 | ₹10,62,000 |
Market Maker
₹2.30 L
Employee
₹0.00
Shareholder
₹0.00
Shakti Polytarp IPO Size
Total
₹27 Cr
Fresh Issue
₹27 Cr
(0.46 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Capital Expenditure - Purchase of Plant and Machinery
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company's business is substantially dependent on tarpaulin manufacturing and granule trading revenues; inability to retain or attract customers for these products may adversely affect its business.
Key Risk Factors
The company's business is substantially dependent on tarpaulin manufacturing and granule trading revenues; inability to retain or attract customers for these products may adversely affect its business.
The company's registered office and manufacturing facility are leased, not owned (office leased from a promoter); termination of lease/rent arrangements could adversely affect its operations.
Under-utilization of the company's manufacturing facility in earlier periods (64.64% in FY24) and inability to effectively utilize existing and proposed capacity may adversely affect future prospects.
The company's major revenue is sourced from tarpaulin manufacturing; failure to manage or attract more clients for this product could adversely affect its business and financial condition.
The company will avail a capital subsidy under the Madhya Pradesh MSME Promotion Scheme, 2025 for plant and machinery investments; there is no assurance the subsidy will be received timely or at all.
The company depends on a limited number of customers for a significant portion of revenue (Top 10 customers contributed 77.86% of FY26 revenue); loss of a major customer may adversely affect its business.
The company had negative operating cash flows in FY24 and FY25 (Rs. (2.05) Cr and Rs. (10.79) Cr) and may continue to have negative cash flows from operations or investing activities in future.
The company's Top 10 suppliers contributed 90.61% of FY26 raw material purchases; any dispute with one or more of them may adversely affect business operations, profitability and reputation.
The company requires certain approvals and licenses in the ordinary course of business, and failure to obtain or renew such registrations would adversely affect operations and financial condition.
Extensive government regulation and the environmental impact of plastics could severely impact the company's ability to continue operations, adversely affecting business and financial condition.
Shakti Polytarp IPO Details Live GMP
GMP
₹0
Est. Price
₹59
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 10 Sep | ₹0 (0%) | ₹59 |
| 09 Sep | ₹0 (0%) | ₹59 |
Shakti Polytarp IPO Peer Comparison
(Rs. in crores)
| Particulars | Shakti Polytarp | Commercial Syn Bags | Shree Tirupati Balajee |
|---|---|---|---|
| Revenue | 215.65 | 383.98 | 358.65 |
| PAT | 10.06 | 26.96 | 8.84 |
| EPS (₹) | 8.00 | 6.75 | 1.08 |
| NAV (₹) | 22.18 | 43.03 | 31.61 |
| RONW | 44.04% | 16.86% | 3.49% |
| EBITDA | 8.94% | 11.67% | 6.18% |
| PAT Mrgn | 4.66% | 7.02% | 2.47% |
| PE Ratio | 7.38 | 43.93 | 24.26 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 31, 2026 for Peers
Shakti Polytarp IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 215.65 | 166.24 | 62.01 |
| Profit | 10.06 | 4.97 | 0.98 |
| Net Worth | 27.86 | 17.80 | 10.84 |
| Borrowings | 72.51 | 48.00 | 23.66 |
| Assets | 110.12 | 71.39 | 40.29 |
| NAV (₹) | 22.18 | 14.17 | 18.98 |
| EPS (₹) | 8.00 | 4.09 | 0.96 |
Key Performance Indicators (KPIs)
Debt to Equity
2.60
Inventory T/O
9.40
Debtors T/O
18.63
Debt Coverage
0.35
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Shakti Polytarp IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 215.65 | 166.24 | 62.01 |
| Other Income | 0.45 | 0.26 | 0.21 |
| Total Income | 216.10 | 166.50 | 62.23 |
| Cost of Revenue | 191.70 | 146.83 | 50.78 |
| Changes in Inventories | -10.72 | -3.54 | 2.70 |
| Employee Expense | 1.01 | 0.74 | 0.55 |
| Finance Costs | 4.35 | 2.89 | 1.91 |
| Depreciation | 1.80 | 1.16 | 0.99 |
| Other Expenses | 14.37 | 11.53 | 4.15 |
| Total Expenses | 202.51 | 159.60 | 61.08 |
| Profit Before Tax | 13.59 | 6.90 | 1.15 |
| Tax Expense | 3.53 | 1.93 | 0.17 |
| Profit After Tax | 10.06 | 4.97 | 0.98 |
| EPS — Basic (₹) | 8.00 | 4.09 | 0.96 |
| EPS — Diluted (₹) | 8.00 | 4.09 | 0.96 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 12.56 | 12.56 | 5.71 |
| Reserves & Surplus | 15.30 | 5.24 | 5.13 |
| Total Equity | 27.86 | 17.80 | 10.84 |
| Total Borrowings | 72.51 | 48.00 | 23.66 |
| Trade Payables | 1.74 | 1.92 | 3.03 |
| Other Liabilities | 8.01 | 3.66 | 2.77 |
| Total Equity & Liab | 110.12 | 71.39 | 40.29 |
| Fixed Assets | 53.16 | 20.60 | 15.03 |
| Long-term Loans and Adv | 6.07 | 0.60 | 0.33 |
| Other Non-Current Assets | 9.28 | 6.34 | 3.41 |
| Inventories | 30.15 | 15.76 | 13.03 |
| Trade Receivables | 8.35 | 14.80 | 7.87 |
| Cash & Bank Balances | 0.26 | 3.55 | 0.27 |
| Other Assets | 2.86 | 9.76 | 0.33 |
| Total Assets | 110.12 | 71.39 | 40.29 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 13.40 | -10.79 | -2.05 |
| Cash Flow from Investing Activities | -36.85 | -9.39 | -5.25 |
| Cash Flow from Financing Activities | 20.17 | 23.45 | 7.49 |
| Net Change in Cash & Equivalents | -3.29 | 3.27 | 0.19 |
| Cash & Equivalents at End of Period | 0.26 | 3.55 | 0.27 |
Promoter Holding
Promoter
88.51%
Public
11.49%
Ravi Singhal
45.45%
Vivek Singhal
43.06%
Management
Ravi Singhal
Age: 41
MD
Remuneration
₹Rs. 18,00,000 p.a. (Current Salary per appointment terms)
Education
B.Com (Devi Ahilya University, Indore)
Prior Experience
17+ years in the plastics industry; founding member of the Company.
Priyal Singhal
Age: 37
CEO
Remuneration
₹Rs. 18,00,000 p.a. (Current Salary per appointment terms)
Education
B.E. Computer Science (RGPV, Bhopal)
Prior Experience
9+ years in the plastics industry; appointed CEO November 2024.
Vivek Singhal
Age: 39
Director
Remuneration
₹No fixed remuneration disclosed for this role
Education
BBA - Foreign Trade (Devi Ahilya University, Indore)
Prior Experience
17+ years in plastics industry; Partner at Shakti Polyfab 2006-18.
Manoj Kumar
CFO
Remuneration
₹Rs. 4,80,000 p.a. (Current Salary per appointment terms)
Education
MBA (Barkatullah Vishwavidyalaya, Bhopal)
Prior Experience
7+ years in finance; previously at Agreetoos India Krishi Pvt Ltd.
Registrar & Lead Managers
Registrar
Skyline Financial Services
Lead Managers (1)
Company Details
Name: Shakti Polytarp Limited
Address: Shop No. 4, 4/1, Nayapura Main Road, Indore, Madhya Pradesh - 452009, India
Number: +91-9826648050
Email: md@shaktipolytarp.com
Website: https://shaktipolytarp.com
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Frequently Asked Questions (FAQs)
What is Shakti Polytarp IPO?
Shakti Polytarp IPO is a SME IPO having an issue size of
₹27 Crs.
Shakti Polytarp IPO is priced at
₹56 - ₹59 per
share.
The
issue opens on 15 Sep 26
and
closes on 17 Sep 26.
When will Shakti Polytarp IPO open?
Shakti Polytarp IPO opens on
15 Sep 26 and closes on
17 Sep 26.
What is the GMP of Shakti Polytarp IPO?
The estimated Grey Market Premium of Shakti Polytarp IPO is
₹0 per share (0.00%).
What is the lot size of Shakti Polytarp IPO?
The minimum lot size of Shakti Polytarp IPO is
2000 shares & the minimum application amount
is
Rs.
118000.
When is the allotment of Shakti Polytarp IPO?
The allotment date of Shakti Polytarp IPO is
18 Sep 26.
What is the listing date of Shakti Polytarp IPO?
The listing date of Shakti Polytarp IPO is
22 Sep 26.
What is the subscription of Shakti Polytarp IPO?
Shakti Polytarp IPO is subscribed
-.
What is the price band of Shakti Polytarp IPO?
Shakti Polytarp IPO is priced at
₹56 - ₹59 per
share.
How to check allotment status of Shakti Polytarp IPO?
Click the allotment link on Shakti Polytarp IPO page of IPO360.
How to apply Shakti Polytarp IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Shakti Polytarp IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Shakti Polytarp IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Shakti Polytarp IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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