Phychem Technologies SME IPO
Phychem Technologies IPO — date, price band, GMP & allotment 2026
Phychem Technologies Limited makes rotational moulding compounds, the polyethylene raw material used to produce hollow plastic products such as water tanks, portable sanitation units and industrial containers. It works from an ISO 9001:2015 certified plant in Nashik and exports across Asia, Africa, Europe and the Middle East.
Stock price
Phychem Technologies 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 16 September.
- Open 31 Aug 2026
- Close 02 Sep 2026
- Allotment 03 Sep 2026
- Refund/credit 04 Sep 2026
- Listing 07 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 31 Aug to 2 Sep, 2026 |
|---|---|
| Price Band | ₹51 – ₹54 |
| Face Value | ₹10 |
| Lot Size | 2000 Shares |
| Issue Size | ₹14.58 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 2,16,000 |
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 2000 shares at the ₹54 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 4,000 | ₹2,16,000 |
| Retail (max) | 2 | 4,000 | ₹2,16,000 |
| HNI (min) | 3 | 6,000 | ₹3,24,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has more than doubled in two years, from Rs 1.32 crore in FY2023 to Rs 1.69 crore in FY2024 and Rs 2.84 crore in FY2025.
- 02Sales have grown every year, from Rs 43.19 crore in FY2023 to Rs 47.59 crore in FY2024 and Rs 51.11 crore in FY2025.
- 03EBITDA more than doubled over the same period, from Rs 1.84 crore to Rs 4.37 crore.
- 04Return ratios are high, with RoCE of 31.99% and RoNW of 29.30%.
- 05The issue is priced moderately at about 19.42 times earnings on an EPS of Rs 2.78.
- 06Borrowing came down from Rs 5.61 crore in FY2024 to Rs 4.59 crore in FY2025.
- 07The product range is wide for a company of this size, covering standard compounds, specialty compounds such as flame retardant and anti static, custom moulded tanks and jobwork services.
- 08It exports across Asia, Africa, Europe and the Middle East, and holds ISO 9001:2015 certification along with One Star Export House recognition.
Risks · 9
- 01The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.
- 02This is a very small company. Net worth was Rs 9.70 crore as on 31 March 2025 and it had only 33 permanent employees.
- 03The profit margin is thin at 5.65%, which is normal for a compounding business where the polymer is most of the cost.
- 04The main raw materials, LLDPE and HDPE, are crude oil linked. A sharp rise in polymer prices that cannot be passed on will cut margin quickly.
- 05The whole business runs from one factory in Nashik, so any problem at that single location stops everything.
- 06Its customers are rotational moulding manufacturers, which is a narrow industry. If that trade slows down, there is no other customer base to fall back on.
- 07The issue is small at Rs 14.58 crore, which usually means limited trading interest after listing.
- 08Promoter holding will come down from 98.55% to 72.56% after the issue.
- 09This is an SME issue. One lot is 2,000 shares, which is about Rs 1.08 lakh at the upper band of Rs 54, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Phychem Technologies offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 20.75 | 17.83 | 14.73 |
| Total Income | 51.11 | 47.59 | 43.19 |
| Profit After Tax | 2.84 | 1.69 | 1.32 |
| EBITDA | 4.37 | 2.76 | 1.84 |
| NET Worth | 9.70 | 6.86 | 5.16 |
| Reserves and Surplus | 9.41 | 6.57 | 4.87 |
| Total Borrowing | 4.59 | 5.61 | 4.90 |
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 Phychem Technologies RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Phychem Technologies IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹2.78 |
| P/E Ratio (x) | 19.42 |
| Market Cap at Offer Price (₹ Cr) | ₹55.17 |
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 ₹54 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
₹10.86 Cr of the issue is earmarked to named objects.
About the company
The company makes customised polyethylene based compounds using LLDPE, HDPE and special additives, and supplies them as powder or granules to rotational moulding manufacturers. The end products made from its compounds include water, fuel and chemical storage tanks, portable toilets, furniture, industrial containers and other custom hollow plastic parts. It also makes specialised compounds such as foam, stone effect, flame retardant, anti static and custom coloured compounds, and makes custom moulded tanks itself.
Apart from this it does rotolining and toll pulverising jobwork, and distributes chemicals, compounds, tools and equipment used in the roto moulding trade. Its customers are in building and construction, water management, agriculture, automotive and consumer products, and it exports to several countries across Asia, Africa, Europe and the Middle East. Its factory is in Nashik, Maharashtra, with its own laboratory and quality control department. It is ISO 9001:2015 certified, is recognised as a One Star Export House and is a member of PLEXCONCIL. As on 30 June 2026 it had 33 permanent employees.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91-95187-20873
The bankers & the filings
Who is running the book, and the 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.
Hem Securities Ltd.
13 issues handledBest listing: Credent Connect N Care (+90.0%). Weakest: E to E Transportation Infrastructure (0.0%).
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.
Company contact
Frequently asked
What is the GMP of Phychem Technologies?
The current Grey Market Premium is ₹1, or 1.85% over the issue price.
What is the Phychem Technologies IPO price band?
₹51 to ₹54, on a face value of ₹10.
When is the allotment?
The basis of allotment is 3 September 2026, with listing on 7 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India 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.
