Shakti Polytarp Ltd IPO
Packaging
Price Band
₹56 – ₹59
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹236000
Issue Size
₹26.93Cr
Opens
2026-09-15
Closes
2026-09-17
Listing
22-09-2026
Subscription Status
Qualified Institutional Buyers
49.22 x
Non-Institutional Investor
4.68 x
Retail Individual Investor
2.9 x
Total
10.64 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE05UY01016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Shakti Polytarp is a manufacturer of tarpaulin and water-resistant materials used for protecting goods, equipment, and other products from rain, moisture, and weather-related exposure. Its tarpaulins are manufactured using PP granules, LLDPE, LDPE, and HDPE and are available in different sizes, colours, specifications and thicknesses ranging from 70 GSM to 450 GSM. The company specialises in manufacturing six-layer and eight-layer tarpaulins and sells its products under the brand name Dinotarp. Its manufacturing unit is located at Nimrani, Khargone, Madhya Pradesh, and spans approximately 198,450 sq. ft. The facility is equipped with an extrusion tape line, extrusion lamination, circular looms, sealing machines, and recycling machines. Products undergo examination, testing, and evaluation for compliance with customer specifications and industry standards. The company also sells granules used as raw materials in tarpaulin manufacturing. It primarily operates on a B2B model, supplying products to businesses across industries, while also catering to B2C customers.
Pros
- • The company claims to manufacture a wide range of tarpaulin products, including geotextile, lumber wrap, house wraps, pond liners, and green net. These products serve customers across the agriculture, construction, automotive, transportation & logistics, and consumer goods industries, with facilities to develop products based on customer requirements.
- • The company claims to undertake its manufacturing operations at its facility in Nirmani, Khargone, Madhya Pradesh, equipped to develop and manufacture its product portfolio. Its in-house operations support inventory management and production processes, while quality controls are stated to ensure adherence to applicable quality standards.
- • The company claims to have established relationships with domestic clients from whom it receives regular orders. It states that understanding customer needs and preferences helps maintain these relationships, while continued product improvements and expansion into existing and emerging markets support efforts to develop its customer base.
Cons
- • The company’s revenues are substantially dependent on tarpaulin manufacturing and granule trading. Revenue from all types of tarpaulin was Rs 99.82 crore (46.29%) in FY26, Rs 52.92 crore (31.84%) in FY25, and Rs 37.31 crore (60.17%) in FY24. Revenue from the sale of granules was Rs 104.01 crore (48.25%), Rs 100.09 crore (60.21%), and Rs 10.94 crore (17.65%), respectively. Any decline in demand, changes in customer preferences, or inability to retain or attract customers may adversely affect its business and financial performance.
- • The company has experienced underutilisation of its manufacturing capacity in earlier periods. In FY24, installed capacity was 4,200 MTPA against actual production of 2,715 MTPA, resulting in 64.64% utilisation. In FY25, capacity increased to 6,900 MTPA with production of 4,151.60 MTPA and 60.17% utilisation. In FY26, installed capacity further increased to 12,900 MTPA, while actual production was 6,277 MTPA, resulting in 48.66% annualised utilisation. It is important for the company to maximise capacity utilisation to maximise revenue and profits.
- • The company is dependent on a limited number of customers for a significant portion of its revenues. Revenue from its top 10 customers was Rs 167.90 crore (77.86%) of revenue from operations in FY26, Rs 137.45 crore (82.69%) in FY25, and Rs 37.56 crore (60.57%) in FY24. Loss of a major customer or reduction in demand could adversely affect its business, financial condition, and results of operations.
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