✅ Subscribe
Open Now
SME IPO
BSE SME Packaging
Injecto Polymers IPO
₹56.12 Cr · Fresh Issue · Packaging
Price Band
₹98
Lot: 1200 shares (₹117,600)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹56.12 Cr
Fresh Issue
Market Cap
₹207.90 Cr
At upper band
P/E Ratio
9.48x
Listing Date
21st Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
11th Sep 2026
✓
Closes
16 Sep 2026
📋
Allotment
17 Sep 2026
₹
Refund
18 Sep 2026
📈
Listing
21st Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.41× sector midpoint with exceptional 85% revenue CAGR and 89.9% PAT CAGR over two years, supported by full data transparency. Primary risk is elevated debt-to-equity of 2.61×, though IPO proceeds will reduce borrowings by ₹10 Cr and fund capacity expansion.
Our Analysis — Key Points
✓ Strength
Exceptional revenue and profit growth
Revenue grew from ₹109.8 Cr (FY-2) to ₹375.8 Cr (FY0), a 2-year CAGR of 85%, while net profit surged 89.9% over the same period. This demonstrates strong operational leverage and market traction in the packaging sector, with FY0 net profit reaching ₹16.0 Cr.
✓ Strength
Deeply discounted valuation vs peers
At 9.48× P/E, the company trades at just 0.41× the niche/unlisted sector midpoint of 23×, offering substantial margin of safety. Even accounting for 4.3% NPM, the valuation provides significant upside potential if the company sustains growth momentum.
⚠ Risk
High leverage limits financial flexibility
Debt-to-equity ratio of 2.61× is materially above the 1.5× comfort threshold and constrains the balance sheet. While the IPO will repay ₹10 Cr of borrowings, the company will still carry substantial debt relative to equity post-issue.
⚠ Risk
Thin net profit margins pressure sustainability
NPM of 4.3% is well below the 15% threshold that would justify premium valuations, indicating limited pricing power or high input costs in the packaging business. Any margin compression from raw material inflation or competitive pressure could materially impact profitability.
₹ Valuation
Valuation significantly below sector norms
At 9.48× P/E versus a niche sector midpoint of 23×, the company is priced at 0.41× midpoint—well within the Subscribe threshold of ≤1.0×. The valuation reflects a 59% discount to sector average, offering asymmetric risk-reward for growth investors.
👁 Watch
Monitor debt reduction and margin trajectory
Track quarterly debt paydown progress and whether NPM expands toward 6–8% as the company scales. Failure to improve margins or a reversal in revenue growth would signal deteriorating fundamentals despite the attractive entry valuation.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Injecto Polymers" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹375.83 Cr
Net Profit
₹16.01 Cr
Industry
Packaging
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.41× sector midpoint with exceptional 85% revenue CAGR and 89.9% PAT CAGR over two years, supported by full data transparency. Primary risk is elevated debt-to-equity of 2.61×, though IPO proceeds will reduce borrowings by ₹10 Cr and fund capacity expansion.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹98, the minimum investment per retail application is ₹117,600. You can apply for up to 13 lots (₹1,528,800) under the retail category (up to ₹2 lakh).
The IPO opens on 11th Sep 2026. It closes on 16 Sep 2026. Allotment is expected on 17 Sep 2026. Refunds initiate on 18 Sep 2026. Listing on BSE and NSE is on 21st Sep 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Sep 2026. The minimum investment is ₹117,600 for one lot (1200 shares). The company trades at 0.41× sector midpoint with exceptional 85% revenue CAGR and 89.9% PAT CAGR over two years, supported by full data transparency. Primary risk is elevated debt-to-equity of 2.61×, though IPO proceeds will reduce borrowings by ₹10 Cr and fund capacity expansion.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Sep 2026. The IPO is priced at a P/E of 9.48x. Market cap at issue price is ₹207.90 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹98 each, costing ₹117,600 per application. The issue closes on 16 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Injecto Polymers'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
Explore More