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SME IPO
BSE SME Packaging
Shakti Polytarp IPO
₹26.93 Cr · Fresh Issue · Packaging
Price Band
₹56
Lot: 2000 shares (₹112,000)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹26.93 Cr
Fresh Issue
Market Cap
₹101.06 Cr
At upper band
P/E Ratio
7.38x
Listing Date
22nd Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
15th Sep 2026
✓
Closes
17 Sep 2026
📋
Allotment
18 Sep 2026
₹
Refund
21 Sep 2026
📈
Listing
22nd Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.32× sector midpoint P/E with exceptional 220% PAT CAGR and 86% revenue CAGR over two years, signaling strong operational momentum. Primary risk is elevated D/E of 2.6×, which limits financial flexibility despite strong profitability growth.
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹1.0 Cr (FY-2) to ₹10.1 Cr (FY0), delivering a 220% PAT CAGR. This demonstrates the company has moved beyond revenue scaling into genuine bottom-line expansion, with net profit margin improving from 1.6% to 4.7% over the same period.
✓ Strength
Deep valuation discount to peers
At 7.38× P/E, the company trades at just 0.32× the niche sector midpoint of 23×, offering a 68% valuation discount. This pricing is rare for a profitable SME with 86% revenue CAGR and reflects market inefficiency in SME discovery.
⚠ Risk
Leverage constrains financial flexibility
Debt-to-equity of 2.6× is materially above the 1.5× comfort threshold and limits capacity to fund growth or weather downturns. At current profitability levels, debt servicing will consume a significant portion of cash flow, reducing reinvestment capacity.
⚠ Risk
Thin operating margins mask vulnerability
EBITDA margin of 8.94% and NPM of 4.7% are narrow for a packaging company, leaving little room for input cost inflation or pricing pressure. Any margin compression from raw material spikes or competitive pressure could quickly erode profitability.
₹ Valuation
Valuation deeply discounted to sector
At 7.38× P/E against a niche sector midpoint of 23×, the company is priced at 0.32× midpoint—well below the 1.0× Subscribe threshold. Even accounting for 4.7% NPM (below the 15% margin threshold for premium pricing), the valuation offers a substantial margin of safety.
👁 Watch
Monitor debt reduction post-listing
Track whether the company uses IPO proceeds (₹20.88 Cr capex + corporate purposes) to reduce the 2.6× D/E ratio or merely fund growth. Debt trajectory will be the key determinant of whether margin gains are sustainable.
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 "Shakti Polytarp" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹216.1 Cr
Net Profit
₹10.06 Cr
Industry
Packaging
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.32× sector midpoint P/E with exceptional 220% PAT CAGR and 86% revenue CAGR over two years, signaling strong operational momentum. Primary risk is elevated D/E of 2.6×, which limits financial flexibility despite strong profitability growth.
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 2000 shares. At the upper band price of ₹56, the minimum investment per retail application is ₹112,000. You can apply for up to 13 lots (₹1,456,000) under the retail category (up to ₹2 lakh).
The IPO opens on 15th Sep 2026. It closes on 17 Sep 2026. Allotment is expected on 18 Sep 2026. Refunds initiate on 21 Sep 2026. Listing on BSE and NSE is on 22nd Sep 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 17 Sep 2026. The minimum investment is ₹112,000 for one lot (2000 shares). The company trades at 0.32× sector midpoint P/E with exceptional 220% PAT CAGR and 86% revenue CAGR over two years, signaling strong operational momentum. Primary risk is elevated D/E of 2.6×, which limits financial flexibility despite strong profitability growth.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 17 Sep 2026. The IPO is priced at a P/E of 7.38x. Market cap at issue price is ₹101.06 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 2000 shares at ₹56 each, costing ₹112,000 per application. The issue closes on 17 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 'Shakti Polytarp'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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