Injecto Polymers Ltd. IPO

Injecto Polymers

• Injecto Polymers is coming out with an initial public offering (IPO) of 56,12,400 shares in a price band of Rs 98-100 per equity share.
• The issue will open for subscription on September 11, 2026 and will close on September 16 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.80 times of its face value on the lower side and 10.00 times on the higher side.
• Book running lead manager to the issue is Indcap Advisors.
• Compliance officer for the issue is Chaman Chhajer.

Profile of the company

Injecto Polymers is engaged in the production of Polypropylene Woven Fabrics (used as plastic material for making Polypropylene woven bags), Polypropylene Woven Bags (used for industrial and agricultural use), Biaxially Oriented Polypropylene (BoPP) bags (used for packing of food products, animal products, consumer goods, medical supplies and hygiene products), leno bags (used for packing fruits and vegetables), Low Density and Polyester Pouch (used in food, pharmaceutical, cosmetic and industrial packaging) along with Flexible Intermediate Bulk Container (FIBC) bags (used in chemical, steel, fertilizer and mineral industries) and non-woven bags (used in medical, hygiene, agriculture packaging and reusable shopping bags).

The company’s manufactured products are used for application across a variety of industries like, agriculture, construction, textiles, chemicals, and consumer goods. It primarily operates under a Business-to-Business (B2B) model, generating a major portion of its revenue through bulk orders from institutional and industrial customers. The company’s products are customised in variety of shapes and sizes as per customer preferences and requirements. The raw materials which are used for manufacturing its products include - polypropylene (PP) granules, Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Plastic resins and specialty polymers.

To ensure product quality and compliance with applicable laws, it conducts quality checks at multiple stages of the production cycle. An in-house testing facility supports these processes through regular performance and compliance testing. The company’s manufacturing units are certified with ISO 9001:2015 (Quality Management Systems) and ISO 22000:2018 (Food Safety Management Systems). Furthermore, the company also holds a BIS (Bureau of Indian Standards) certification for food-grade packaging, which validates the suitability of packaging products for storage and transportation of food items.

Proceed is being used for:

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company
• Funding the Capital expenditure towards setting up phase IV at its existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal
• General corporate purposes

Industry overview

The packaging industry in India has emerged as a key driver of innovation and value creation across manufacturing sectors, particularly in FMCG, agriculture, and food processing. As of September 2024, India became the third-largest packaging market globally, surpassing Japan, with the industry exceeding Rs. 7,36,246 crore ($86 billion). Packaging now ranks as the fifth-largest sector of the Indian economy, expanding rapidly at 22-25% annually. This growth is fuelled by rising middle-class consumption, the boom in e-commerce, improvements in supply chains, and an increasing emphasis on food safety and quality. India’s food processing sector is adopting smart and innovative packaging, boosting food safety and positioning the country as a global hub for packaging materials.

India’s paper and packaging industry is poised for strong growth, supported by rising urbanisation, e-commerce expansion, and increasing demand from food processing and FMCG sectors. Sustainability is becoming a key driver, with recycled fibre already accounting for nearly three-fourths of paper production and the green packaging market projected to grow at 7.24% CAGR through 2023-2028. Government support through Make in India, MSME-focused budgetary measures, and 100% FDI are spurring investment, while innovations such as smart packaging with RFID and QR codes are enhancing efficiency and consumer engagement.

The outlook for India’s paper and packaging industry remains highly promising, supported by a growing population, rapid urbanisation, and rising disposable incomes. The boom in e-commerce and packaged food consumption is driving robust demand, while an increasing emphasis on sustainability is encouraging innovation in eco-friendly materials and practices. Government initiatives such as Make in India, MSME support, and large-scale infrastructure development are expected to further strengthen manufacturing capacity and streamline supply chains. Advances in technology are enhancing efficiency and quality standards, and rising export potential is opening new avenues for global expansion. Although challenges such as volatile raw material prices and competition from alternative materials persist, continued investments and a strong sustainability focus position the sector to consolidate its global standing and drive long-term growth.

Pros and strengths

Strong customer relationship: Over the past years, the company has forged healthy relationships with its customers across diverse industries. It has been consistently delivering reliable and high-quality products to its customers. These enduring relationships, driven by repeat business, provide it with clear visibility into future orders. It continues to secure regular orders from its long-standing customers. Its expertise in designing and delivering customized packaging solutions facilitates its customers flexibility as per their requirements. This strengthens its customer loyalty and also helps it in having an edge over other suppliers.

Multi - product portfolio & customisation capabilities: The company provides a comprehensive range of packaging solutions like Polypropylene Woven Fabrics, Polypropylene Sacks/Bags, BOPP bags, Leno Bags, FIBC Bags which are suitable for a wide array of usage like food items, chemicals, and mining materials. It aims to be a one-stop solution for all packaging requirements and are continuously working to expand its offerings in this area.

Quality standard certifications & quality tests: The company emphasizes the production of quality products. Comprehensive inspections are conducted at each stage of production to address any concerns promptly, ensuring compliance with industry standards before distributing its products to customers. The company’s commitment to excellence is demonstrated through clearly defined quality and production procedures. The company’s products consistently meet global standards, backed by certifications for Manufacturing units I and II - ISO 9001:2015 and ISO 22000:2018, respectively. Further, it also possesses BIS Certification for food grade packaging for sugar, rice and other products.

Risks and concerns

Significant revenue dependence on top customers: The company derives a significant portion of its revenue from operations from limited number of customers. The company has garnered 40.07%, 40.63% and 37.20% of its total revenue from top 10 customers in FY26, FY25 and FY24 respectively. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Any adverse change in the business relationship with one or more of its top 10 customers, including a reduction in order volume, changes in contract terms, delayed payments, or termination, could materially and adversely affect its revenue, cash flows, and overall financial performance.

Revenue concentration in West Bengal and Eastern India: A major portion of the company’s revenue from operations is derived from customers situated in the state of West Bengal and, more broadly, from the eastern states of India. For the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, revenue from West Bengal accounted for 85.27%, 75.86% and 82.24% of its total revenue from operations, respectively. Revenue from operation from other eastern states accounted for 7.04%, 7.97% and 12.89%, for the same period. As a result, its business is significantly exposed to the regional economic, political, and environmental conditions in these geographies. Any adverse development affecting its business operations in these regions could have a negative impact on its revenue and results of operations.

Supplier concentration and supply disruption risk: The company’s reliance for raw materials is highly dependent on a few limited numbers of suppliers. The company has procured 72.72%, 62.94% and 50.88% of its raw material from top 10 suppliers in FY26. FY25 and FY24 respectively. The loss of one or more such suppliers, the deterioration of their financial condition or prospects, or higher demand from its competitors could adversely affect its supplies from these suppliers. Any adverse change in its business relationship with one or more of its top 10 suppliers, including a reduction in materials supplied, changes in contract terms, changes in payment terms, or termination of its orders, could materially and adversely affect its revenue, cash flows, and overall financial performance and also expose it to risks of supply disruptions, pricing volatility which may adversely impact its production schedules and financial performance.

Outlook

Injecto Polymers is engaged in the manufacturing of a diverse range of plastic packaging products and the trading of plastic granules and Polyvinyl Chloride (PVC) resins. The Company manufactures a wide range of packaging products, including Polypropylene (PP) Woven Fabrics, PP Woven Bags, Biaxially Oriented Polypropylene (BoPP) Bags, Leno Bags, Low-Density and Polyester Pouches, Flexible Intermediate Bulk Container (FIBC) Bags and Non-Woven Bags. The company has multi-product portfolio and customisation capabilities. On the concern side, the company’s reliance for raw materials is highly dependent on a few limited numbers of suppliers and the loss of one or more such suppliers, the deterioration of their financial condition or prospects, or higher demand from its competitors could adversely affect its supplies from these suppliers. Moreover, inadequate or interrupted supply and price fluctuation of its raw materials could adversely affect its business, results of operations, cash flows, profitability and financial condition.

The company is coming out with a maiden IPO of 56,12,400 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 98-100 per equity share. The aggregate size of the offer is around Rs 55.00 crore to Rs 56.12 crore based on lower and upper price band respectively. On performance front, the company’s total income has increased by 43.53% from Rs 26,185.35 lakh in FY 2025 to Rs 37,583.44 lakh in FY 2026. Moreover, its Profit After Tax (PAT) increased to Rs 1,601.28 lakh in fiscal 2026, compared to Rs 810.93 lakh in fiscal 2025, reflecting strong growth in profitability.

Meanwhile, the company intends to continue to invest in increasing its manufacturing capacities and its operational efficiencies, thereby increasing its customer satisfaction and improving its sales and profitability. The company intends to continue to focus on optimizing its manufacturing processes to generate higher volumes. The company is proposing to utilize Rs 2,961.96 lakhs towards expansion of its manufacturing capabilities. Besides, the company is actively working to expand its presence across other regions in India and have taken certain initiatives to increase its presence in other geographies. Once the company’s manufacturing capacity is increased, it will be able to cater to customers in other geographies as well and thereby expand its outreach.

Pursuant to Regulation 46 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SRG Housing Finance has informed that the Company is scheduled to interact with investors / analysts on 16 September 2026 at 12:15 PM. The aforesaid interaction has been scheduled at short notice pursuant to requests received from investors / analysts seeking clarification and greater understanding of Article published in the newspaper concerning the company. Considering the timing and nature of such requests and the prevailing market developments, the prescribed advance intimation period of two working days could not be adhered to in the present instance. However, with a view to maintaining transparency and facilitating appropriate communication with the investor community, the Company is making this disclosure at the earliest possible opportunity. The Company further confirmed that no unpublished price sensitive information will be shared during the said interaction and the discussion shall be strictly in accordance with the applicable provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and other applicable laws and regulations. The Company will continue to ensure that any information required to be disclosed under the applicable regulatory framework is appropriately disseminated to the Stock Exchanges in accordance with law.

The above information is a part of company’s filings submitted to BSE.