Bharat PET IPO
Bharat PET IPO — date, issue size, SEBI status & DRHP details 2026
Bharat PET filed its draft red herring prospectus (DRHP) with SEBI on 30 Mar 2026 for an IPO of a fresh issue of up to ₹120 crore and an offer for sale of up to ₹640 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Bharat PET makes PET bottles and jars, preforms, multi-layer Co-Ex bottles and tin containers, mainly for agro-chemical companies. Revenue from operations grew from Rs 220.45 crore in FY2023 to Rs 332.86 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Bharat PET IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 30 Mar 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 30 Mar 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Bharat PET IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹120 Cr |
| Offer for sale | Up to ₹640 Cr |
| Total issue size | ₹760 Cr |
| Pre-IPO placement | Up to ₹24 Cr (reduces the fresh issue) |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Equirus Capital Private Limited, Ambit Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Deepak Gupta | Promoter | Up to Rs 74 crore | Rs 0.00 |
| Ankur Gupta | Promoter | Up to Rs 84 crore | Nil |
| Rahul Gupta | Promoter | Up to Rs 84 crore | Rs 0.00 |
| Sonu Gupta | Promoter Group | Up to Rs 169 crore | Nil |
| Stuti Gupta | Promoter Group | Up to Rs 76.50 crore | Rs 0.10 |
| Ruchi Gupta | Promoter Group | Up to Rs 76.50 crore | Rs 0.23 |
| Mitali Gupta | Promoter Group | Up to Rs 64 crore | Nil |
| Santosh Devi Gupta | Promoter Group | Up to Rs 12 crore | Rs 0.23 |
All eight sellers are the promoter family, and their weighted average cost of acquisition per share is between Nil and Rs 0.23 against a face value of Rs 10.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 8
- 01Revenue from operations grew from Rs 220.45 crore in FY2023 to Rs 332.86 crore in FY2025, with growth of 26.98% in FY2025.
- 02Profit after tax rose from Rs 26.69 crore in FY2023 to Rs 36.78 crore in FY2025.
- 03EBITDA margin was 19.32% in FY2025 and 24.64% in the six months ended 30 September 2025.
- 04Repeat orders gave 92.67% of FY2025 revenue and 96.04% in the six months to 30 September 2025.
- 05The company holds around 11% of Indian agro-chemical packaging, per the CARE report.
- 06Sales volume rose from 9,456.39 MTPA in FY2023 to 15,252.42 MTPA in FY2025.
- 07Return on net worth was 31.49% in FY2025 and return on capital employed was 32.75%.
- 08The working capital cycle shortened from 168.65 days in FY2023 to 155.79 days in FY2025.
Risks · 10
- 01Agro-chemicals gave 72.67% of FY2025 revenue (78.07% in the six months to 30 September 2025), so a slowdown in that industry would hurt sales.
- 02PET bottles and jars were 65.78% of FY2025 revenue and Co-Ex bottles another 22.81%, a heavy dependence on two products.
- 03The top 10 suppliers gave 64.69% of FY2025 expenses, and there are no long-term supply contracts.
- 04Total borrowings rose from Rs 17.95 crore in FY2024 to Rs 61.43 crore in FY2025 and Rs 126.28 crore at 30 September 2025.
- 05Net debt to EBITDA went from 0.33 times in FY2024 to 0.95 times in FY2025 and 2.25 times (not annualised) at 30 September 2025.
- 06Cash flow from operations was Rs 8.70 crore in FY2025 against profit after tax of Rs 36.78 crore.
- 07Of the Rs 760.00 crore offer, Rs 640.00 crore is an offer for sale, and the company gets none of that money.
- 08General corporate purposes in the fresh issue are not yet fixed, and can be up to 25% of gross proceeds.
- 09The promoter selling shareholders have a weighted average cost of acquisition of Nil or Rs 0.00 per share, as shares came through a bonus issue on 31 March 2025.
- 10The company, its promoters and group companies face proceedings: 4 regulatory cases against the company and 4 against the promoters, plus 5 tax cases against group companies.
Bharat PET financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 226.81 | 332.86 | 262.13 | 220.45 |
| EBITDA | 55.88 | 64.31 | 52.24 | 50.09 |
| Profit After Tax | 33.31 | 36.78 | 28.15 | 26.69 |
| Net Worth | 150.15 | 116.77 | 94.69 | 78.01 |
| Total Borrowing | 126.28 | 61.43 | 17.95 | 34.28 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹85.87 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Bharat PET
The company focuses on the agro-chemical industry. Per the CARE report quoted in the document, it holds around 11% of Indian agro-chemical packaging. Agro-chemical customers gave 72.67% of FY2025 revenue from operations, and 78.07% in the six months ended 30 September 2025. Other customers come from food and beverages, pharmaceuticals, paints, industrial chemicals and Indian made foreign liquor.
Bharat PET runs three plants of its own, at Sonipat in Haryana, Ankleshwar in Gujarat and Delhi. A fourth plant at Samba in Jammu is run by its material subsidiary, BPL Lifescience Private Limited, in which the company has bought 85.00%. The Ankleshwar plant was acquired through a business transfer agreement and the Delhi plant through an asset purchase agreement, both in March 2025. All four plants are on leased terms.
Installed capacity of the company was 21,195.13 MTPA in FY2025 and sales volume was 15,252.42 MTPA. PET bottles and jars were 65.78% of FY2025 revenue and Co-Ex bottles were 22.81%. Domestic sales were 99.49% of FY2025 revenue, with small exports to Nepal and the U.A.E. Its top five customers gave 15.10% of FY2025 revenue.
The industry
The document quotes the CARE report. It splits Indian plastic packaging into rigid formats such as bottles, jars, tubs, caps and drums, and flexible formats such as pouches, sachets, films and laminates. Flexible packaging has grown fast because it is light and cheap. Rigid packaging stays important where strength, resealing or heat resistance matter, such as beverage bottles, edible oil containers, pharma vials and industrial drums. The summary in the abridged prospectus does not give a market size or growth rate.
Customer concentration: Top 5 customers gave 15.10% of FY2025 revenue from operations (12.06% in FY2024) and top 10 gave 23.44% in FY2025.
Promoters & management
The promoters Deepak Gupta, Ankur Gupta and Rahul Gupta hold 39,091,945, 17,303,002 and 17,303,002 equity shares respectively; the document leaves the percentage holding blank.
| Name | Role |
|---|---|
| Deepak Gupta | Chairman, Whole-time Director and Chief Financial Officer |
| Ankur Gupta | Managing Director |
| Rahul Gupta | Whole-time Director |
| Sumit Bhatia | Whole-time Director |
| Surjit Singh | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Ambit Capital
17 issues handledBest listing: Chemcon Speciality Chemicals (+115.0%). Weakest: Metro Brands (-12.6%).
Equirus Capital Pvt.Ltd.
35 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Bharat PET IPO: frequently asked
When will the Bharat PET IPO open?
The Bharat PET IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Bharat PET IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Bharat PET IPO?
Bharat PET filed its draft red herring prospectus (DRHP) with SEBI on 30 Mar 2026 for an IPO of a fresh issue of up to ₹120 crore and an offer for sale of up to ₹640 crore. The DRHP puts the total at about ₹760 crore.
Has SEBI approved the Bharat PET IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Bharat PET IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Bharat PET IPO GMP once the RHP and price band are out.
What will Bharat PET do with the IPO money?
As per the DRHP: Repay or prepay part of the company's borrowings (₹50 crore); Buy machinery and equipment (₹35.87 crore); General corporate purposes.
Who are the lead managers of the Bharat PET IPO?
The book running lead managers are Equirus Capital Private Limited, Ambit Private Limited. KFin Technologies Limited is the registrar.
Is Bharat PET profitable?
Yes. Profit after tax was Rs 36.78 crore in FY2025, Rs 28.15 crore in FY2024 and Rs 26.69 crore in FY2023.
Who owns Bharat PET?
The Gupta family promoters Deepak Gupta, Ankur Gupta and Rahul Gupta hold 39,091,945, 17,303,002 and 17,303,002 equity shares before the IPO.
Where are Bharat PET's plants?
Own plants are at Sonipat in Haryana, Ankleshwar in Gujarat and Delhi. A fourth plant at Samba in Jammu is run by its subsidiary BPL Lifescience Private Limited.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Bharat PET files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
