S. D. International IPO
S. D. International IPO — date, issue size, SEBI status & DRHP details 2026
S. D. International filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026 for an IPO of a fresh issue of up to 1,30,00,000 shares and an offer for sale of up to 35,00,000 shares. The draft is under SEBI review. The price band, lot size and IPO dates are not announced yet.
S. D. International makes semi-rigid and rigid food packaging products, such as thermoformed containers and dairy cups, at plants in Gorakhpur and Hardoi in Uttar Pradesh. Revenue grew from Rs 174.07 crore in FY2024 to Rs 302.28 crore in FY2026.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the S. D. International IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 30 Sep 2026
- SEBI observations TBA
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 30 Sep 2026 |
|---|---|
| SEBI status | Under SEBI review · 6 Nov 2026 |
| Last SEBI communication | 6 Nov 2026 |
| Coordinating lead manager | VALMIKI LEELA CAPITAL PRIVATE LIMITED |
| RHP, price band & dates | Not announced |
S. D. International 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 1,30,00,000 shares |
| Offer for sale | Up to 35,00,000 shares |
| Total issue size | Depends on the price band |
| 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 | Valmiki Leela Capital Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Vinay Agarwal | Promoter | Up to 35,00,000 shares | Rs 1.92 |
Weighted average cost of acquisition for the selling promoter Vinay Agarwal is Rs 1.92 per share, as certified by the statutory auditors on 21 September 2026.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations rose from Rs 174.07 crore in FY2024 to Rs 225.39 crore in FY2025 and Rs 302.28 crore in FY2026.
- 02Profit after tax rose from Rs 18.12 crore in FY2024 to Rs 32.45 crore in FY2026, and EBITDA margin was 19.13% in FY2026.
- 03Customer base is spread over 834 customers, and the top five customers gave 18.73% of FY2026 revenue, down from 26.91% in FY2024.
- 04Installed capacity grew from 13,430 MT in FY2024 to 20,100 MT in FY2026, with 83.75% utilisation in FY2026.
- 05Product mix is widening: thin-wall injection moulded and in-mould labelled containers gave 20.23% of FY2026 revenue against 0.04% in FY2024.
- 06RoE was 29.51% and RoCE was 19.66% in FY2026, and net worth rose to Rs 121.81 crore from Rs 70.33 crore in FY2024.
- 07Cash from operating activities was Rs 16.59 crore in FY2026 and Rs 38.27 crore in FY2025.
Risks · 10
- 01Total borrowings were Rs 119.75 crore as of FY2026 against net worth of Rs 121.81 crore, and debt to equity was 0.95 times.
- 02Thermoformed containers and HIPS dairy cups still gave 70.88% of FY2026 revenue, so one product group drives most sales.
- 03Top ten customers gave 27.15% of FY2026 revenue and the document lists dependence on them and on repeat orders as a risk.
- 04The company names significant dependence on customers in Uttar Pradesh, where all its plants are located.
- 05Cash from operating activities was negative Rs 47.61 crore in FY2024, and capacity utilisation fell from 92.00% in FY2025 to 83.75% in FY2026.
- 06Raw materials are PP granules, PET granules and master batch, and the company depends on a few top suppliers and on price swings in them.
- 07Rs 70.00 crore of the fresh issue is meant to repay borrowings, and general corporate purposes amount is not yet fixed.
- 08Promoter Vinay Agarwal sells up to 35,00,000 shares in the offer for sale, and his weighted average cost is Rs 1.92 per share.
- 09Part of the Rs 50.97 crore machinery spend is on imported machinery, so exchange rate moves can raise costs.
- 10Promoters and the promoter group hold 100% before the issue and the weighted average cost of shares in the last year was Rs 1.28.
S. D. International financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 302.28 | 225.39 | 174.07 |
| EBITDA | 57.83 | 43.89 | 29.75 |
| Profit After Tax | 32.45 | 20.37 | 18.12 |
| Net Worth | 121.81 | 90.33 | 70.33 |
| Total Borrowing | 119.75 | 117.22 | 75.64 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹120.97 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About S. D. International
The company sells to businesses. Its customers include takeaway and food-service outlets, dairy, sweets and confectionery, bakery, branded food and agro-based producers. It had 834 customers as of 31 March 2026. In the last three fiscals it supplied to 21 states and four union territories in India, and to Nepal, UAE, Israel and Bangladesh.
Thermoformed containers and HIPS dairy cups gave 70.88% of FY2026 revenue from operations, down from 95.50% in FY2024. Thin-wall injection moulded and in-mould labelled containers grew from 0.04% to 20.23% of revenue over the same period. Blow moulded containers and buckets gave 4.84% and trading and other sales gave 4.05% in FY2026.
Manufacturing is at Unit I and Unit II in Sector 13, Gorakhpur, and at the plant of its subsidiary S. D. Plastoware Private Limited in Sandila, Hardoi. The subsidiary was acquired with effect from 1 April 2024. Installed capacity was 20,100 MT as of 31 March 2026, up from 13,430 MT in FY2024. Actual production was 16,833.51 MT in FY2026, which is 83.75% capacity utilisation.
The promoters are Vinay Agarwal, Poonam Agarwal, Lakshya Agarwal and S. D. Polytex Private Limited. Vinay Agarwal is Chairman and Managing Director and has more than 18 years of experience in plastic packaging.
The industry
As per the CareEdge report quoted in the document, the Indian packaging industry was about USD 92 billion in CY25 and may reach USD 129 billion by CY30, a CAGR of 7.0%. The rigid plastic packaging market was about USD 14.7 billion in CY25 and may reach USD 21.4 billion by CY30, a CAGR of 7.9%. The semi-rigid plastic packaging market was about USD 5.1 billion in CY25 and may reach USD 7.3 billion by CY30, a CAGR of 7.5%.
Customer concentration: Top 5 customers gave 18.73% of FY2026 revenue (22.22% in FY2025) and top 10 customers gave 27.15% (30.63% in FY2025).
Promoters & management
Promoters hold 79.36% and the promoter group holds 20.64% before the issue, with no other shareholders in the pre-offer table.
| Name | Role |
|---|---|
| Vinay Agarwal | Chairman and Managing Director |
| Vikas Shukla | Whole-time Director |
| Himanshu Bairoliya | Chief Financial Officer |
| Manoj Sahu | Chief Operating Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
S. D. International IPO: frequently asked
When will the S. D. International IPO open?
The S. D. International IPO dates are not announced yet. The draft is under SEBI review. 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 S. D. International 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 S. D. International IPO?
S. D. International filed its draft red herring prospectus (DRHP) with SEBI on 30 Sep 2026 for an IPO of a fresh issue of up to 1,30,00,000 shares and an offer for sale of up to 35,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the S. D. International IPO?
The draft is under SEBI review. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the S. D. International IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the S. D. International IPO GMP once the RHP and price band are out.
What will S. D. International do with the IPO money?
As per the DRHP: Repay or prepay part of certain borrowings (₹70 crore); Buy machinery and equipment (₹50.97 crore); General corporate purposes.
Who are the lead managers of the S. D. International IPO?
The book running lead managers are Valmiki Leela Capital Private Limited. KFin Technologies Limited is the registrar.
Is S. D. International profitable?
Yes. Profit after tax was Rs 32.45 crore in FY2026, Rs 20.37 crore in FY2025 and Rs 18.12 crore in FY2024.
What does S. D. International make?
It makes thermoformed PP, PET and HIPS containers, thin-wall injection moulded and in-mould labelled containers, and blow moulded buckets for food and FMCG customers.
Who owns S. D. International?
Promoters hold 79.36% and the promoter group holds 20.64% before the issue.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When S. D. International 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.
