Shakti Polytarp Ltd IPO: price band ₹56–₹59, ₹26.93 crore SME issue, dates, subscription, GMP and key details

Shakti Polytarp Ltd is launching an SME IPO of ₹26.93 crore at a price band of ₹56 to ₹59 per share. The issue opened on 15 September 2026 and closed on 17 September 2026, with listing scheduled for 22 September 2026. The offer is entirely a fresh issue of ₹26.93 crore with no offer for sale (OFS), which means the IPO proceeds are intended to go to the company rather than to selling shareholders.

What Shakti Polytarp does and where it manufactures

Shakti Polytarp Limited manufactures polymer-based protective materials. Its lead product line is tarpaulins marketed under the Dinotarp brand. Alongside tarpaulins, it produces allied products such as shade nets (warp knit fabric), HDPE/PP tapes, woven fabric, master batch, and reprocessed plastic granules.

A key operating feature highlighted by the company is its integrated manufacturing setup at Nimrani, Madhya Pradesh. This facility enables multiple stages of production within the same integrated chain, including extrusion, weaving, lamination, fabrication/finishing, and recycling. The company serves primarily business-to-business (B2B) customers, with a smaller business-to-consumer (B2C) segment.

In terms of corporate development, the provided milestones note that the company was incorporated in 2018 as Shakti Polytrap Limited as a public limited company.

IPO structure, price band, lot size and timeline

Shakti Polytarp’s IPO is on the SME platform of BSE. The price band is ₹56 to ₹59 per share, and the lot size is 2,000 shares. Based on the upper end of the price band, the minimum application amount works out to ₹1,18,000.

The IPO timetable provided is: the issue opened on 15 September 2026 and closed on 17 September 2026. The basis of allotment is dated 18 September 2026, the refund date is 21 September 2026, and the listing date is scheduled for 22 September 2026.

Because there is no OFS component, the offer proceeds (subject to issue expenses and other offer-related outflows not detailed in the supplied context) are intended to support the company’s stated plans.

Why the company is raising money: expansion and capacity upgrade

Shakti Polytarp states that the IPO is being undertaken primarily to support expansion and upgrading of manufacturing capabilities. The company’s stated intent includes adding plant and machinery to scale production at its existing facility, with a specific emphasis on scaling shade-net capacity.

The company also describes repayment of borrowings raised for machinery already acquired for expansion as part of the IPO rationale, positioning the offer as a mix of capacity growth and balance-sheet strengthening through refinancing of prior capital expenditure-linked debt.

In the proposed use-of-proceeds details provided, capital expenditure is the key identified objective with a specified amount. General corporate purposes are also cited in the objectives narrative, but the provided allocation details do not specify an amount for general corporate purposes.

Subscription data and grey market premium (GMP) observations

As per the subscription data available at the snapshot time (19 September 2026), the IPO showed overall subscription of 0.72 times. Category-wise, the non-institutional investor (NII) portion was subscribed above 1 time, the retail individual investor (RII) portion was below 1 time, and qualified institutional buyer (QIB) bids were recorded as nil in the provided subscription table.

The offer also discloses a category reservation structure across QIB, NII and retail. Anchor allocation parameters are specified for the QIB category, including the anchor portion as a percentage of QIB and the domestic mutual fund reservation within the anchor allocation.

Grey market premium (GMP) is an unofficial indicator and can change rapidly. In the latest 10 GMP observations provided (13 September 2026 through 19 September 2026), GMP readings referenced an issue price of ₹59 and moved from ₹0 in earlier observations to values such as ₹6, with subsequent observations including ₹3 and ₹5.

Financial trajectory and IPO valuation/KPI context

Across FY2024 to FY2026, Shakti Polytarp reported growth in total revenue and profit after tax (PAT), along with an increase in total assets. On a rounded basis, revenue increased from ₹62.23 crore in FY2024 to ₹216.10 crore in FY2026, while PAT increased from ₹0.98 crore to ₹10.06 crore over the same period. The reported PAT margin in the provided financials improved from 1.58% in FY2024 to 4.65% in FY2026.

The key performance indicators (KPIs) and valuation metrics provided with the offer include EPS, return ratios such as return on equity (ROE) and return on capital employed (ROCE), the reported EBITDA margin (as a percentage), a pre-IPO price-to-earnings (P/E) multiple, price-to-book, and a debt-to-equity ratio. These metrics provide context for how the company is being valued within the offer framework and how profitability and leverage indicators appear based on the reported numbers in the supplied data.

Key risks from the disclosed profile, and monitoring points after listing

The disclosed SWOT and business profile flag a set of operational and industry risks that are relevant for a manufacturer of polymer-based protective materials.

One stated risk is revenue dependence on tarpaulin manufacturing and granule trading, implying that demand changes in either segment could affect sales and profitability. Another stated risk is reliance on leased premises for the factory and registered office, including a lease from a promoter, which can create exposure to renewal or rent revision.

The disclosures also flag uneven capacity utilisation and the risk that new machines may not run at steady utilisation without consistent order flow, which can affect margins and cash flows. Separately, the company’s disclosed threats include tighter regulations on plastics and recycling mandates that could increase compliance costs; freight-rate volatility and container disruptions that can affect export economics; competition from low-cost manufacturing hubs such as China and Southeast Asia; and raw-material and additive supply risks, including those linked to foreign exchange and supply bottlenecks. The disclosed weaknesses also include exposure to crude oil and polymer price volatility, pricing pressure in a fragmented industry with unorganised players, and working-capital intensity due to inventory and credit cycles, especially in exports.

Monitoring points to track, based on what the company has disclosed, include the following.

Track execution and commissioning progress for the stated capital expenditure at the Nimrani facility, including shade-net capacity additions.

Track utilisation levels for new and existing lines in the context of the disclosed uneven capacity utilisation risk.

Track working-capital movement, particularly inventory and receivables cycles that can influence cash flows in B2B and export-linked sales.

Track debt levels and changes in the company’s leverage indicators in line with the stated plan to repay/refinance borrowings raised for expansion-related machinery.

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 (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.