Vedant Poly Fabs Ltd. IPO: Price Band, Dates, Issue Size and Financials

Vedant Poly Fabs Ltd. is launching a ₹56.68 crore initial public offering (IPO) on NSE Emerge, the small and medium enterprise platform of the National Stock Exchange. The price band is ₹88 to ₹94 per share, with bidding scheduled from November 2 to November 4, 2026, and listing expected on November 9, 2026. The offer comprises a ₹51.01 crore fresh issue and a ₹5.67 crore offer for sale (OFS). Fresh-issue proceeds will go to the company, while OFS proceeds will go to the selling shareholders.

The West Bengal-based business-to-business manufacturer of flexible packaging materials proposes to issue up to 54,51,840 fresh equity shares and offer up to 6,05,760 equity shares for sale. The IPO is classified as an SME issue.

What Vedant Poly Fabs does

Vedant Poly Fabs manufactures flexible packaging materials for business customers. Its product range includes multilayer low-density polyethylene films, shrink films, barrier films, printed laminates, and milk and oil pouches. It also undertakes limited bill-to-ship trading of billet strips.

The company operates an integrated manufacturing facility that covers extrusion, printing, lamination, slitting and pouching. This enables it to undertake multiple stages in converting packaging material into finished flexible-packaging products within its facility. The company follows a direct sales model and has an in-house design team and logistics fleet.

Its quality systems are supported by Hazard Analysis and Critical Control Points certification, ISO 9001 certification and ISO 22000 certification. The business supplies products designed around customer-specific packaging and printing requirements.

Operations remain concentrated in West Bengal and at a single manufacturing unit. Production continuity, local demand conditions, facility operations and retention of key customers are therefore relevant to the company’s performance.

Manufacturing milestones and capacity additions

Vedant Poly Fabs was incorporated in 2018 as Vedant Poly Fabs Private Limited and commenced manufacturing printed plastic low-density products. It obtained UDYAM registration under the micro, small and medium enterprises framework in 2020.

In 2023, the company added milk and oil printed plastic rolls to its product portfolio. During 2025, it installed a plastic-waste reprocessing unit and converted into a public limited company. In 2026, it added lamination, slitting and pouching machinery, expanding its manufacturing capabilities.

The addition of lamination, slitting and pouching equipment is relevant to the production of finished flexible-packaging products. The IPO also includes a proposed capital expenditure component for the purchase and installation of plant and machinery at the existing manufacturing facility. This is a proposed use of proceeds and not completed spending.

The flexible-packaging industry includes organised, unorganised and regional suppliers. Customer specifications can change, while packaging technology and environmental requirements continue to evolve. Manufacturing execution, quality control and the ability to meet customised requirements will remain material operating factors.

Financial trajectory through FY2026

Vedant Poly Fabs reported increases in total revenue, profit after tax (PAT) and total assets across the three financial years through FY2026. Total revenue rose from ₹49.73 crore in FY2024 to ₹81.58 crore in FY2025 and ₹115.31 crore in FY2026. PAT increased from ₹0.64 crore to ₹4.56 crore and then ₹10.97 crore over the same period.

The reported PAT margin increased from 1.28% in FY2024 to 5.59% in FY2025 and 9.51% in FY2026. Total assets rose from ₹3.86 crore in FY2024 to ₹15.42 crore in FY2025 and ₹42.26 crore in FY2026.

The financial trajectory should also be considered alongside the concentration of the company’s commercial relationships. The top 10 customers contributed 69.44% of FY2026 sales. The top five suppliers accounted for 79.32% of purchases, while the top 10 suppliers accounted for 90.16% of purchases in FY2026. Changes in significant customer or supplier relationships can affect sales, collections, input availability and production planning.

Issue structure and proposed use of proceeds

The IPO price band is ₹88 to ₹94 per equity share, and the lot size is 1,200 shares. At the upper end of the price band, the minimum application amount is ₹1,12,800. Subscription has not yet opened as of October 29, 2026.

Of the ₹56.68 crore issue, ₹51.01 crore is being raised through a fresh issue and ₹5.67 crore through an OFS. The fresh issue is proposed to fund incremental working-capital requirements, repayment or prepayment of certain secured and unsecured borrowings, capital expenditure for plant and machinery, general corporate purposes and offer-related expenses.

The company proposes to allocate ₹17.59 crore towards incremental working capital, ₹8.00 crore towards repayment or prepayment of borrowings, and ₹6.51 crore towards plant and machinery at the existing facility. Amounts for general corporate purposes and offer-related expenses are not specified in the provided allocation.

The issue has a 50% allocation for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. Of the qualified institutional buyer portion, 60% is allocated for anchor investors, with a 33.33% reservation for domestic mutual funds within the anchor allocation.

Valuation and operating metric context

At the upper issue price, the pre-IPO price-to-earnings ratio is 12.62 times, based on earnings per share of ₹7.45. The reported price-to-book ratio is 3.28 times. These metrics relate the issue price to reported earnings per share and book value.

The company reported return on equity of 38.03%, return on capital employed of 46.34% and return on net worth of 25.95%. Its reported debt-to-equity ratio is 1.11 times. Earnings before interest, tax, depreciation and amortisation, or EBITDA, is reported as a margin of 16.50%, while the reported PAT margin is 9.52%.

These measures need to be assessed in the context of the company’s changing operating scale, working-capital requirements, proposed borrowing repayment and capital-expenditure plans. The fresh issue may change the company’s capital base and debt profile after the offering, subject to execution of the stated objectives.

Risks and monitoring points

Customer and supplier concentration are material considerations. The loss of a major customer could affect revenue and collections. Supply disruption or higher input prices from key suppliers could affect production and margins. The company also operates from a single manufacturing unit, creating exposure to equipment-related disruption, labour availability, wage costs and industrial disputes at that location.

Raw-material price movements, supply-chain disruption, competition, plastic-waste compliance requirements and environmental regulations remain relevant risks. Changes in customer packaging specifications and advances in packaging technology may also require continued operational adaptation.

The following developments merit monitoring:

• Customer concentration and the revenue contribution from the largest buyers will remain relevant to sales visibility and collection patterns.
• Supplier concentration, raw-material availability and procurement costs will remain relevant to production continuity.
• Deployment of fresh-issue proceeds towards working capital, borrowing repayment and machinery purchases will show progress on the stated objectives.
• Revenue, PAT margin, EBITDA margin and debt-to-equity movement after listing will show changes in the reported operating and capital profile.

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 (29 Oct 2026)

The issue has not opened for subscription yet. Category-wise bidding data will update once the issue opens on 02 Nov 2026.