Injecto Polymers SME IPO
Injecto Polymers IPO — date, price band, lot size & details 2026
Injecto Polymers listed on 21 Sep 2026 at ₹99, 1% below the ₹100 issue price.
Injecto Polymers Limited makes plastic packaging products including PP woven fabrics and bags, BoPP bags, Leno bags, FIBC bulk bags and pouches, and also trades plastic granules and PVC resins. Running since 1998, it operates two ISO certified units in West Bengal at Jaugram and Howrah.
Stock price
Injecto Polymers is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 24 October.
- Open 11 Sep 2026
- Close 16 Sep 2026
- Allotment 17 Sep 2026
- Refund/credit 18 Sep 2026
- Listing 21 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 11 to 16 Sep, 2026 |
|---|---|
| Price Band | ₹98 – ₹100 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹56.12 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Integrated Registry Management Services Private Limited |
| Min Investment | ₹ 2,40,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹100 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,40,000 |
| Retail (max) | 2 | 2,400 | ₹2,40,000 |
| HNI (min) | 3 | 3,600 | ₹3,60,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Sales more than doubled in FY2025, from Rs 109.80 crore to Rs 261.85 crore, and have grown from Rs 96.62 crore in FY2023.
- 02Profit has grown every year, from Rs 2.07 crore in FY2023 to Rs 4.44 crore in FY2024 and Rs 8.11 crore in FY2025.
- 03EBITDA has almost tripled over the same period, from Rs 7.94 crore to Rs 22.57 crore.
- 04Net worth grew from Rs 17.60 crore in FY2023 to Rs 47.33 crore in FY2025.
- 05The company has a long record of more than 25 years, having started in September 1998.
- 06The product range is wide and sells into eight different industries, from agriculture and construction to food and pharmaceuticals, so it is not tied to one sector.
- 07It holds ISO 9001:2015 and ISO 22000:2018 certification along with BIS certification for food grade packaging, which matters when supplying food and pharma customers.
- 08It runs two manufacturing units with in-house testing, and Rs 29.29 crore of the issue money goes into a phase IV expansion at its Jaugram unit.
Risks · 10
- 01Debt is very high. Total borrowing was Rs 101.11 crore as on 31 March 2025 against a net worth of only Rs 47.33 crore, which is more than twice, and it has risen every year from Rs 63.51 crore in FY2023.
- 02The profit margin is very thin at 3.10%. On sales of Rs 261.85 crore the company earned only Rs 8.11 crore.
- 03Return on capital employed is low at 13.91%, which is modest for a manufacturing business carrying this much debt.
- 04The issue is priced at about 12.99 times earnings on an EPS of Rs 7.70. That is not demanding on its own, but it sits against a PAT margin of only 3.10%.
- 05Sales more than doubled in a single year while profit rose far less. That points to growth coming from low margin work, and the trading of granules and PVC resins earns less than manufacturing.
- 06The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
- 07The raw material is polymer, which is linked to crude oil prices and moves outside the company's control.
- 08Both manufacturing units are in West Bengal, so any local power, labour or regulatory problem affects the whole business.
- 09The promoter group includes five corporate entities alongside the two individual promoters, and promoter holding falls from 88.14% to 64.35% after the issue.
- 10This is an SME issue. One lot is 1,200 shares, which is Rs 1.20 lakh at the upper band of Rs 100, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Injecto Polymers offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 170.57 | 121.25 | 107.21 |
| Total Income | 261.85 | 109.80 | 96.62 |
| Profit After Tax | 8.11 | 4.44 | 2.07 |
| EBITDA | 22.57 | 12.35 | 7.94 |
| NET Worth | 47.33 | 21.22 | 17.60 |
| Reserves and Surplus | 32.15 | 7.84 | 5.87 |
| Total Borrowing | 101.11 | 83.35 | 63.51 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Injecto Polymers RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Injecto Polymers IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹7.70 |
| P/E Ratio (x) | 12.99 |
| Market Cap at Offer Price (₹ Cr) | ₹105.32 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹100 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹41.89 Cr of the issue is earmarked to named objects.
About the company
Its manufacturing range covers polypropylene woven fabrics and woven bags, BoPP bags, Leno bags, low density and polyester pouches, FIBC bags which are the large bulk bags used to move powders and grain, and non-woven bags. These are used across agriculture, construction, textiles, chemicals, food, pharmaceuticals, cosmetics and consumer goods.
The company works mainly on a business to business basis, making packaging to the shape and size each customer asks for rather than selling a standard product off the shelf. It runs two manufacturing units in West Bengal, at Jaugram in Jamalpur and on Andul Road in Howrah. The units have software based monitoring and an in-house testing facility, and are certified under ISO 9001:2015 and ISO 22000:2018. The company also holds BIS certification for food grade packaging.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
033 22378167
044-28140801/28140803
Check allotment status
The bankers & the filings
Who is running the book, and the documents this page is built from.
Company contact
Frequently asked
What is the GMP of Injecto Polymers?
The current Grey Market Premium is ₹0.
What is the Injecto Polymers IPO price band?
₹98 to ₹100, on a face value of ₹10.
When is the allotment?
The basis of allotment is 17 September 2026, with listing on 21 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Integrated Registry Management Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
