In progress
Valuation
Market Cap
₹189.43 Cr
P/E Ratio
9.39x
P/B Ratio
3.28x
Vedant Poly Fabs IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Vedant Poly Fabs Limited, incorporated in December 2018 and based in Barasat, West Bengal, manufactures flexible packaging materials and supplies them on a B2B basis across India. Its portfolio covers multilayer LD films, shrink films, barrier films, printed laminates and milk and oil pouches, used mainly by food and beverage companies. The integrated plant carries out extrusion, printing, lamination, slitting and pouching in-house, with installed capacity of 88.5 lakh kg (71.64% utilised in FY26) and HACCP, ISO 9001 and ISO 22000 certifications. Revenue from operations rose to Rs 115.14 crore in FY26 from Rs 49.53 crore in FY24, with PAT of Rs 10.97 crore; West Bengal contributes about 97% of sales. Promoters: Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP.
Lots & IPO Size
Vedant Poly Fabs IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,25,600 |
| Ind (Max) | 2 | 2,400 | ₹2,25,600 |
| S-HNI (Min) | 3 | 3,600 | ₹3,38,400 |
| S-HNI (Max) | 8 | 9,600 | ₹9,02,400 |
| B-HNI (Min) | 9 | 10,800 | ₹10,15,200 |
Market Maker
₹3.05 L
Employee
₹0.00
Shareholder
₹0.00
Vedant Poly Fabs IPO Size
Total
₹57 Cr
Fresh Issue
₹51 Cr
(0.54 Cr
Shares)
Offer For Sale
₹6 Cr
(0.06 Cr
Shares)
Promoters₹6 Cr
Objects of the Issue
Funding incremental working capital requirements
Prepayment/repayment of certain secured and unsecured borrowings
Capital expenditure for purchase and installation of plant & machinery at existing facility
General Corporate Purposes & offer expenses
Total
Key Risk Factors
The company receives orders mainly verbally, without formal purchase orders, exposing it to specification errors, order discrepancies, customer disputes and difficulty scaling operations.
Key Risk Factors
The company receives orders mainly verbally, without formal purchase orders, exposing it to specification errors, order discrepancies, customer disputes and difficulty scaling operations.
The company depends on few raw material suppliers; Lakhotia Packwell alone supplied 47.04% of FY26 purchases and the top 10 suppliers 85.88%, so supply or price shocks could hurt margins.
The company depends on key customers; its top 10 customers contributed 69.64% of FY26 sales (79.33% in the Jun-26 quarter), and losing any could materially hit revenue and cash flow.
Pending DRT and bank recovery proceedings against Promoter-relative entities, including JMV Polymer Limited (Rs 23.63 crore claim), may damage the company's reputation and financial standing.
The business needs large working capital to fund inventory and receivables; an inability to raise it could hamper order fulfilment and results, and Rs 24.61 crore of IPO funds is earmarked for it.
West Bengal contributes 96.80% of FY26 revenue (95.81% in Jun-26 quarter), so a regional slowdown or loss of customers there would sharply affect revenue and profitability.
The management and promoters have limited experience of running a listed company, which may lead to compliance, disclosure and governance lapses under SEBI regulations after listing.
Raw material costs (LDPE and metallocene granules, polyester film) were 77.90% of FY26 revenue and have swung sharply (38.35% in FY24), so price volatility could erode profitability.
The company began operations at its Barasat plant before obtaining the West Bengal Shops and Establishments registration (now obtained), which may expose it to regulatory action or penalties.
Trade receivables (Rs 28.38 crore) and inventories (Rs 24.29 crore) are a large part of FY26 current assets; slow collections or stock build-up could strain cash flow and liquidity.
Vedant Poly Fabs IPO Live Subscription
Live
Updated as on 02-Nov-2026 15:06:13 hrs
| Category | Sub (x) | Offered | Bids | Amount(Cr) |
|---|---|---|---|---|
| QIB | 0.00x | 68,400 | 0 | - |
| NII | 0.82x | 22,60,800 | 18,49,200 | 17.38 |
| bHNI | 0.84x | 15,07,200 | 12,68,400 | 11.92 |
| sHNI | 0.77x | 7,53,600 | 5,80,800 | 5.46 |
| Individual | 0.09x | 33,96,000 | 3,00,000 | 2.82 |
| Total | 0.38x | 57,25,200 | 21,49,200 | 20.20 |
Subscription figures exclude Anchor investor and Market Maker portions. Data is sourced from NSE and BSE on an "AS IS" and "AS AVAILABLE" basis without any warranty
Updated as on 02-Nov-2026 15:06:13 hrs
Vedant Poly Fabs IPO Details Live GMP
GMP
₹15
Est. Price
₹109
Est. Gain
15.96%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 02 Nov | ₹15 (16%) | ₹109 |
| 01 Nov | ₹15 (16%) | ₹109 |
| 31 Oct | ₹5 (5.3%) | ₹99 |
| 30 Oct | ₹0 (0%) | ₹94 |
Vedant Poly Fabs IPO Peer Comparison
(Rs. in crores)
| Particulars | Vedant Poly Fab | B&A Packaging India | Barflex Polyfilms | RFBL Flexi Pack |
|---|---|---|---|---|
| Revenue | 115.14 | 142.19 | 118.67 | 148.37 |
| PAT | 10.97 | 7.06 | 3.91 | 8.25 |
| EPS (₹) | 10.01 | 14.24 | 1.93 | 5.08 |
| NAV (₹) | 28.70 | 180.16 | 38.82 | 16.32 |
| RONW | 25.95% | 7.90% | 7.34% | 31.11% |
| EBITDA | 16.66% | 8.97% | 7.34% | 8.79% |
| PAT Mrgn | 9.52% | 4.97% | 3.30% | 5.56% |
| PE Ratio | 9.39 | 14.11 | 26.43 | 17.79 |
| Debt to Equity | 1.11 | 0.21 | 0.21 | 0.38 |
All information pertains to FY 2025-26.
The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of 23rd October, 2026 for Peers
Vedant Poly Fabs IPO Financial Performance
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 30.29 | 115.14 | 81.02 | 49.53 |
| Profit | 3.48 | 10.97 | 4.56 | 0.64 |
| Net Worth | 45.60 | 42.26 | 15.42 | 3.86 |
| Borrowings | 44.81 | 46.82 | 13.32 | 6.35 |
| Assets | 100.88 | 97.80 | 55.40 | 18.88 |
| NAV (₹) | 30.97 | 28.70 | 14.21 | 357.19 |
| EPS (₹) | 2.36 | 10.01 | 4.24 | 0.59 |
Key Performance Indicators (KPIs)
Debt to Equity
1.11
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Vedant Poly Fabs IPO Financial Statements
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 30.29 | 115.14 | 81.02 | 49.53 |
| Other Income | 0.20 | 0.18 | 0.56 | 0.19 |
| Total Income | 30.49 | 115.31 | 81.58 | 49.73 |
| Cost of Revenue | 17.55 | 93.87 | 76.76 | 46.75 |
| Changes in Inventories | 4.57 | -4.84 | -8.33 | -1.38 |
| Employee Expense | 0.45 | 2.24 | 1.62 | 0.99 |
| Finance Costs | 0.98 | 2.20 | 1.20 | 0.40 |
| Depreciation | 1.17 | 2.55 | 0.65 | 0.27 |
| Other Expenses | 1.08 | 4.57 | 3.06 | 1.83 |
| Total Expenses | 25.81 | 100.59 | 74.97 | 48.87 |
| Profit Before Tax | 4.68 | 14.73 | 6.61 | 0.86 |
| Tax Expense | 1.20 | 3.76 | 2.05 | 0.23 |
| Profit After Tax | 3.48 | 10.97 | 4.56 | 0.64 |
| EPS — Basic (₹) | 2.36 | 10.01 | 4.24 | 0.59 |
| EPS — Diluted (₹) | 2.36 | 10.01 | 4.24 | 0.59 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 14.73 | 14.73 | 10.85 | 0.11 |
| Reserves & Surplus | 30.88 | 27.53 | 4.57 | 3.75 |
| Total Equity | 45.60 | 42.26 | 15.42 | 3.86 |
| Total Borrowings | 44.81 | 46.82 | 13.32 | 6.35 |
| Trade Payables | 3.04 | 1.68 | 21.40 | 7.87 |
| Short-term Provisions | 6.96 | 6.31 | 2.49 | 0.47 |
| Other Liabilities | 0.47 | 0.73 | 2.76 | 0.33 |
| Total Equity & Liab | 100.88 | 97.80 | 55.40 | 18.88 |
| Fixed Assets | 31.93 | 28.80 | 4.46 | 1.98 |
| Inventories | 19.93 | 24.29 | 15.41 | 6.17 |
| Non-Current Investments | 6.27 | 6.27 | 4.49 | 0.95 |
| Trade Receivables | 41.00 | 28.38 | 29.78 | 8.40 |
| Cash & Bank Balances | 0.44 | 7.55 | 0.50 | 0.13 |
| Other Assets | 1.31 | 2.52 | 0.76 | 1.24 |
| Total Assets | 100.88 | 97.80 | 55.40 | 18.88 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | 0.21 | -11.46 | 1.26 | -3.46 |
| CF from Investing Activities | -4.34 | -28.65 | -6.66 | -2.52 |
| CF from Financing Activities | -2.98 | 47.16 | 5.77 | 5.85 |
| Net Change in Cash & Equivalents | -7.11 | 7.05 | 0.37 | -0.12 |
| Cash & Equivalents at End of Period | 0.44 | 7.55 | 0.50 | 0.13 |
Promoter Holding
Promoter
100.00%
Public
0.00%
Pankaj Kumar Maheshwari
4.00%
Sujata Maheshwari
4.00%
Sethsawaria Poly Fab LLP
90.00%
Anil Kumar Maheshwari
2.00%
Devansh Maheshwari
0.00%
Management
Pankaj Kumar Maheshwari
Age: 47
Chairman & MD
Remuneration
₹₹12.00 Lakhs p.a. (ceiling ₹18.00 Lakhs p.a. incl. perquisites); 5-year term from 01-Apr-2026
Education
B.Com (University of Burdwan, 1998)
Prior Experience
Associated with the company since March 2021; ~5 years in packaging industry; oversees operations and key negotiations.
Sujata Maheshwari
Age: 45
WTD
Remuneration
₹₹11.00 Lakhs p.a. (ceiling ₹15.00 Lakhs p.a. incl. perquisites); 5-year term from 01-Apr-2026
Education
B.Com (Jadavpur University, 2001)
Prior Experience
Director since January 2022; ~4 years of business experience; oversees Sales and Administration.
Arijit Mondal
Age: 38
CFO
Remuneration
₹Not disclosed in RHP (appointed CFO 08-Sep-2026)
Education
B.Com (2009)
Prior Experience
~12 years in accounting and finance; previously with Paramount Tea Marketing Pvt. Ltd. and Padmashri Financial Solutions Pvt. Ltd.
Registrar & Lead Managers
Registrar
Cameo Corporate Services
Lead Managers (1)
Company Details
Name: Vedant Poly Fabs Limited
Address: 6/1/Q Digberia Road, Barasat, P.O. Badu, PS Barasat North 24 Parganas, Badu, Barasat-I, West Bengal, India 700128
Number: +91 9330311864
Email: info@vedantpolyfabs.com
Website: https://www.vedantpolyfabs.com
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Frequently Asked Questions (FAQs)
What is Vedant Poly Fabs IPO?
Vedant Poly Fabs IPO is a SME IPO having an issue size of
₹57 Crs.
Vedant Poly Fabs IPO is priced at
₹88 - ₹94 per
share.
The
issue opens on 02 Nov 26
and
closes on 04 Nov 26.
When will Vedant Poly Fabs IPO open?
Vedant Poly Fabs IPO opens on
02 Nov 26 and closes on
04 Nov 26.
What is the GMP of Vedant Poly Fabs IPO?
The estimated Grey Market Premium of Vedant Poly Fabs IPO is
₹15 per share (15.96%).
What is the lot size of Vedant Poly Fabs IPO?
The minimum lot size of Vedant Poly Fabs IPO is
1200 shares & the minimum application amount
is
Rs.
112800.
When is the allotment of Vedant Poly Fabs IPO?
The allotment date of Vedant Poly Fabs IPO is
05 Nov 26.
What is the listing date of Vedant Poly Fabs IPO?
The listing date of Vedant Poly Fabs IPO is
09 Nov 26.
What is the subscription of Vedant Poly Fabs IPO?
Vedant Poly Fabs IPO is subscribed
0.38 times.
What is the price band of Vedant Poly Fabs IPO?
Vedant Poly Fabs IPO is priced at
₹88 - ₹94 per
share.
How to check allotment status of Vedant Poly Fabs IPO?
Click the allotment link on Vedant Poly Fabs IPO page of IPO360.
How to apply Vedant Poly Fabs 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 Vedant Poly Fabs 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 Vedant Poly Fabs IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Vedant Poly Fabs 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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