Shakti Polytarp Ltd.
SHAKTISME
Overview
Shakti Polytarp Limited manufactures polymer-based protective materials, led by tarpaulins sold under the ‘Dinotarp’ brand, and also produces allied products such as shade nets (warp knit fabric), HDPE/PP tapes, woven fabric, master batch, and reprocessed plastic granules. Shakti Polytarp Limited operates an integrated manufacturing setup at Nimrani, Madhya Pradesh, enabling extrusion, weaving, lamination, fabrication/finishing and recycling, and serves both B2B customers (primary) and a smaller B2C segment.
Opening Date
Sep 15, 2026
Closing Date
Sep 17, 2026
Listing Date
Sep 22, 2026
IPO Type
SME
IPO Status
Listing pending
Issue Size
26.93 Cr
Fresh Issue
26.93 Cr
Offer for Sale
0 Cr
Price Band
₹56 - ₹59
Lot Size
2000
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
7.38
EPS
8
ROE
44.04%
ROCE
17.87%
RONW
44.04%
Debt to Equity Ratio
2.6
PAT Margin
4.66%
EBITDA Margin
8.94%
P/B
2.66
Bull vs Bear
Bull case
- •
The in-house, end-to-end plant reduces reliance on outside vendors, helping quality and delivery control—key for keeping B2B customers and winning repeat bulk orders.
- •
Planned shade-net and printing capacity adds new product types and customization, which can deepen customer relationships and reduce dependence on one product line.
- •
Access to bulk procurement discount schemes can create a cost edge versus smaller players, supporting competitive pricing without sacrificing margins.
Bear case
- •
Revenues depend heavily on tarpaulin manufacturing and granule trading, so demand shifts in either can quickly hit sales and profits.
- •
The factory and registered office are leased, including from a promoter, so a non-renewal or rent hike could disrupt operations or raise costs.
- •
Capacity utilization has been uneven, and new machines need steady orders to avoid underuse, which would pressure margins and cash flows.
Net takeaway
The long-term story is a small but growing tarpaulin and shade-net manufacturer trying to scale through more capacity and value-added printing. That can matter because higher scale and customization can improve customer stickiness and operating efficiency. But the business is still concentrated in a few products and relies on leased facilities, and new capacity must be filled to avoid margin pressure. The key thing to monitor is whether demand keeps pace with added capacity without stretching working capital.

