Antala Industries IPO: Price Band, Dates, Financials and Issue Details

Antala Industries Ltd. is launching a ₹23.33 crore small and medium enterprise (SME) initial public offering (IPO) at a price band of ₹63 to ₹67 per share. The issue opens on 29 October 2026 and closes on 2 November 2026, with listing scheduled for 5 November 2026. It is entirely a fresh issue of shares, with no offer for sale (OFS). Fresh-issue proceeds will go to the company for working capital, machinery purchases and general corporate purposes; no proceeds will go to selling shareholders.

Packaging business and manufacturing operations

Antala Industries manufactures customised industrial and commercial packaging products. Its portfolio includes biaxially oriented polypropylene (BOPP) bags, BOPP printing and lamination rolls, polypropylene (PP) woven bags, and PP woven lamination rolls. Its customers operate in food processing, fertilisers, chemicals, cement, seeds, textiles and other sectors.

The company operates an integrated manufacturing facility in Rajkot, Gujarat. Its in-house processes cover printing, lamination, cutting, stitching and finishing. This enables the company to undertake multiple stages of converting packaging material into finished products from one operating location.

The stated post-IPO capital expenditure plan includes the purchase of printing, lamination, and cutting-and-stitching machinery. The proposed expansion is intended to add capacity and support production of multi-colour BOPP laminated packaging. The planned machinery expenditure remains a proposed application of IPO proceeds rather than completed spending.

The business has exposure to a single manufacturing location. Its revenue is also geographically concentrated, with Gujarat contributing 70.01% of revenue during the September 2026 period. These operating concentrations are relevant alongside the company’s presence across several end-user packaging categories.

Corporate milestones and certifications

Antala Industries was incorporated as a public limited company in 2024 following the conversion of M/s Octagon Industries. In the same year, it obtained ISO 9001:2015 certification for its Quality Management System and acquired the businesses of Diya Overseas and Shree Industries.

During 2026, the company obtained ISO 14001:2015 certification for its Environmental Management System, ISO 22000:2018 certification for its Food Safety Management System, and ISO 45001:2018 certification for its Occupational Health and Safety Management System. These certifications relate to quality, environmental, food-safety and occupational health and safety management frameworks.

The promoters have more than 29 years of packaging-industry experience. Antala Industries’ products serve several customer industries, though the company’s revenue base has meaningful customer concentration. The top 10 customers accounted for 56.43% of revenue in the September 2026 period.

Financial trajectory

Antala Industries reported total revenue of ₹12.59 crore in FY2024, ₹25.13 crore in FY2025 and ₹47.53 crore in FY2026. Profit after tax (PAT) was ₹0.89 crore in FY2024, ₹1.50 crore in FY2025 and ₹4.24 crore in FY2026. Total assets increased from ₹5.97 crore in FY2024 to ₹28.41 crore in FY2026.

PAT margin was 7.03% in FY2024, 5.97% in FY2025 and 8.91% in FY2026. The three-year financial record shows changes in revenue, profitability and assets across the reported periods. Future disclosures will be relevant for assessing the company’s financial performance while it proposes to deploy funds towards working capital and machinery.

Issue structure and proposed use of proceeds

The IPO is a fresh issue aggregating ₹23.33 crore and does not include an OFS. The lot size is 2,000 shares. At the upper price band of ₹67 per share, the minimum application amount is ₹1.34 lakh, excluding applicable charges.

The bidding period is scheduled from 29 October 2026 to 2 November 2026. Allotment is scheduled for 3 November 2026, refunds for 4 November 2026 and listing for 5 November 2026. As of 26 October 2026, the issue has not opened for subscription, so bidding data is not yet available.

The company has identified working capital requirements, capital expenditure towards the purchase of machinery, and general corporate purposes as the objectives of the issue. It proposes to allocate ₹10.68 crore to working capital requirements and ₹5.89 crore to machinery purchases. No specific amount has been stated for general corporate purposes.

Fresh-issue proceeds are intended for the company’s stated objectives. The machinery plan covers equipment for printing, lamination, and cutting and stitching, while working-capital deployment would form part of the proposed use of funds. Investors can follow subsequent company disclosures on the deployment and execution of these proposed uses.

The issue reservation structure provides for 50% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 35% for retail investors. Up to 60% of the QIB portion is allocated to anchor investors, with a 33.33% reservation for domestic mutual funds within the anchor allocation.

Valuation and operating indicators

The disclosed pre-IPO price-to-earnings (P/E) ratio is 6.94 times, based on earnings per share (EPS) of ₹4.88. The disclosed price-to-book ratio is 3.24 times. These measures provide valuation context alongside the reported earnings, capital base and business-specific risks.

Return on equity (ROE) is reported at 21.36%, return on capital employed (ROCE) at 26.61%, and return on net worth (RoNW) at 18.88%. The debt-to-equity ratio is 0.08 times. Earnings before interest, tax, depreciation and amortisation (EBITDA) margin is reported at 19.12%, while the reported PAT margin is 13.90%.

The financial indicators should be assessed together with the company’s proposed capital expenditure, working-capital needs, customer concentration and exposure to polymer-based input costs. The planned issue proceeds have not yet been deployed and should not be treated as completed capacity addition or working-capital funding.

Key risks and monitoring points

Customer concentration is a material risk because the top 10 customers contributed 56.43% of revenue in the September 2026 period. A reduction in orders from a significant customer, loss of a major buyer, or price concessions made to retain business could affect revenue and margins.

Raw materials are petroleum-based and sourced from third parties. Changes in the availability, quality or price of these materials, as well as supply delays, can affect production costs and operations. The company also relies on third-party logistics providers rather than operating its own fleet.

Antala Industries competes with organised and unorganised participants on price, specifications, quality, delivery and customer relationships. Additional industry capacity may increase competitive intensity. A disruption at the Rajkot facility could affect operations because manufacturing is concentrated at one location.

Investors can monitor subscription participation once bidding begins on 29 October 2026. They can track disclosures on the deployment of working-capital and machinery funds after the issue. They can monitor the contribution of the top 10 customers and the company’s revenue concentration in Gujarat. They can also follow raw-material costs, capacity addition and operating performance after the proposed expansion.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (26 Oct 2026)

The issue has not opened for subscription yet. Category-wise bidding data will update once the issue opens on 29 Oct 2026.