Shakti Polytarp Ltd. Share Price

Shakti Polytarp

• Shakti Polytarp is coming out with an initial public offering (IPO) of 45,64,000 shares in a price band of Rs 56-59 per equity share.
• The issue will open for subscription on September 15, 2026 and will close on September 17, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.60 times of its face value on the lower side and 5.90 times on the higher side.
• Book running lead manager to the issue is NEXGEN Financial Solutions.
• Compliance officer for the issue is Jitendra Kumar Gupta.

Profile of the company

Shakti Polytarp is engaged in the production of tarpaulins, which are water-resistant materials designed to safeguard goods from rain, moisture, and other weather-related exposure. These tarpaulins are typically manufactured from raw materials such as polyethylene, polypropylene, and granules, and are available in various sizes and thicknesses depending on their specific application. Tarpaulins are widely used in industries such as construction, agriculture, and transportation. They are ideal for covering and protecting equipment, vehicles, building materials, and outdoor furniture from rain, wind, sun, and other environmental factors.

The company’s products are manufactured from various raw material which includes PP Granules, Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE) and High-Density Polyethylene (HDPE). Following production, its products undergo through examination, testing and evaluation to ensure compliance with customer specifications and industry standards. Its manufacturing unit is equipped with advanced machineries, such as highspeed extrusion tapeline, extra wide extrusion lamination, high speed wide width circular looms, high strength sealing machines, recycling machines, etc. that are fully integrated and feature an in-built software system, enhancing both accuracy and efficiency in routine operations.

The company is also engaged in the business of sale of granules. These granules serve as the raw material for producing tarpaulin through a process that includes melting, extrusion, weaving, and lamination. Its business primarily operates on a B2B (Business-to-Business) model, supplying tarpaulin and other products to various industries. A significant portion of its revenue is generated from bulk orders placed by businesses that require tarpaulins. Additionally, it caters to the B2C (Business-to-Consumer) segment as well, where it offers its products directly to end consumers. While its primary focus remains on B2B sales, the B2C segment contributes a smaller portion of its overall revenue.

Proceed is being used for:

• Capital Expenditure
• General corporate purposes

Industry overview

The tarpaulin industry is embedded within the broader petrochemicals–polymers–plastics value chain, which spans upstream feedstock processing (ethylene, propylene, benzene), polymer resin manufacturing (PE, PP, PVC), and downstream conversion into films, sheets, pipes, packaging, and woven materials. Tarpaulin manufacturing constitutes a key downstream application, converting polymer inputs into functional products for agriculture, construction, logistics, and disaster-management end-use markets. Commercial tarpaulins are predominantly manufactured from High-Density Polyethylene (HDPE) woven fabrics, laminated with Low-Density Polyethylene (LDPE) coatings and enhanced through UV stabilizers. These engineered sheets combine tensile strength, water resistance, and durability under varied climatic conditions, positioning them as essential materials for crop protection, warehousing, transportation, and emergency relief.

Looking ahead, sustained industry growth will require investments in advanced weaving and lamination machinery, digital quality-control systems, polymer recycling technologies, and brand-building for both domestic and international markets. Sustainability imperatives are driving innovation in eco-friendly polymer blends, circular-economy practices, and regulatory compliance, in alignment with global plastics and packaging trends. Positioned within the broader Chemicals & Petrochemicals - Plastics and Packaging Materials segment, tarpaulin manufacturing represents a vital downstream niche. Companies with integrated operations, strong research and development capabilities, and export orientation are best placed to scale and capture market leadership in this evolving industry.

India’s Tarpaulin Industry underpins a vast plastics ecosystem, with tarpaulin manufacturing emerging as a specialized yet rapidly scaling sub-segment. The industry is transitioning from fragmented, unorganized production to organized, technology-enabled facilities capable of serving agriculture, logistics, infrastructure, and disaster-management needs. The evolution is marked by increasing product customization, higher compliance with sustainability norms, and growing demand from both domestic and export markets.

Pros and strengths

Diverse usage of products: The company manufactures a wide range of tarpaulin such as Geotextile, Lumber Wrap, House Wraps, Pond Linners, Green Net etc. Its products find diverse applications across various industries including Agriculture, Construction, Automotive, Transportation & Logistics and Consumer goods. In order to expand the application of its products, the company is equipped with necessary facilities to develop products suitable as per the requirement of customers functioning in various industries.

In-house manufacturing facility: The company presently carries all its manufacturing operations at its manufacturing facility located in Plot No. 45-48, Industrial Area IIDC Nirmani, Dist. Khargone, Madhya Pradesh, which is equipped with capabilities to develop and manufacture its product portfolio. In addition, it employs a quality control mechanism during the manufacturing of its products that its finished product conforms with all the standard quality norms. The company’s in-house manufacturing operations enable it to streamline the inventory management and production process resulting into maintenance of production standards, minimizing production time and bringing cost effectiveness.

Established client relationship: The company has established client relationships in domestic markets from whom it gets orders on a regular basis. The company’s existing relationship with its clients represents a competitive advantage in gaining new clients and growing its business. The company is able to foster long-term relationships with its clients by understanding their needs and preferences. As it continues to strengthen these relationships, it is focused on improving its products and finding new ways to grow in both existing and emerging markets.

Risks and concerns

High customer concentration risk: The company is dependent on a limited number of customers for a significant portion of its revenues. The company has garnered 77.86%, 82.69% and 60.57% of its total revenue from top 10 customers in FY26, FY25 and FY24 respectively. The loss of a major customer or significant reduction in demand from any of its major customers may adversely affect its business, financial condition, results of operations and prospects. 

Significant dependence on top ten suppliers: The company’s top ten suppliers contribute a significant portion of its raw material. The company has procured 90.61%, 93.44% and 68.87% of its raw material from top ten suppliers in FY26, FY25 andFY24 respectively. Though the company has not faced any difficulties in procuring the raw material in the last three preceding financial years and there were no past instances where it has experienced any losses due to loss of any vendor/ supplier. However, it cannot assure that it will not face any such situations in the future, or the procurement of raw material will be on commercially viable terms. Furthermore, any dispute with any of the suppliers may damage its relationship with existing and potential suppliers, and in any such event its operations will be adversely affected. Further it will also affect its profitability and reputation in the market.

Geographical concentration of revenue: The company operates its business operations from its registered office and manufacturing facility. Although, the company’s business operations span various regions across India, State of Madhya Pradesh contributes to a substantial portion of its revenues i.e. 91.77%, 95.35% and 95.26% for year ended on March 31, 2026, 2025 & 2024 respectively. Any factors relating to political and geographical changes, growing competition, economic downturn, natural disasters and any change in demand may adversely affect its business. It cannot assure that it shall generate the same quantum of business, or any business at all, from this state, and loss of business from this state could adversely affect its revenues and profitability.

Outlook

Shakti Polytarp is engaged in the manufacturing of tarpaulins and other plastic-based products, including shade nets. Tarpaulins are water-resistant and durable sheets used to protect goods, equipment and other materials from rain, moisture, sunlight and other environmental conditions. It has in-house manufacturing facility with integrated machinery. On the concern side, the company’s business is substantially dependent on revenues from the manufacturing of tarpaulin and the trading of granules, and any inability to retain existing customers or attract new customers for these products may adversely affect its business. Moreover, majority of its revenues from operations are derived from the State of Madhya Pradesh. Any loss of business from this state may adversely affect its revenues and profitability.

The company is coming out with a maiden IPO of 45,64,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 56-59 per equity share. The aggregate size of the offer is around Rs 25.56 crore to Rs 26.93 crore based on lower and upper price band respectively. On performance front, the company’s total income for the FY26, stood at Rs 21,610.06 lakh whereas in FY25 it stood at Rs 16,649.52 lakh representing an increase of 29.79%. Moreover, the company’s profit after tax for the FY26 stood at Rs 1,005.61 lakh whereas in FY25 it stood at Rs 496.62 lakh representing an increase of 102.49%.

Meanwhile, the company is continuously engaged in improving its production capacity by modernization of machinery, adoption of new technology, skill development of its workers, improved utilization of resources and constant focus on improvement in overall efficiency. It analyses its existing processes on regular intervals and adopts new suitable steps in order to achieve higher efficiency. It identifies the areas of bottlenecks and takes corrective measure wherever possible. This helps it in improving efficiency and putting resources to optimal use.

BLS Polymers

• BLS Polymers is coming out with a 100% book building; initial public offering (IPO) of 1,70,00,000 shares of face value Rs 10 each in a price band Rs 142-150 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 14.20 times of its face value on the lower side and 15.00 on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance officer for the issue is Neha Kumar Sunit. 

Profile of the company

BLS Polymers is a polymer compounding firm in India with over two decades of market experience, specializing in a wide range of high-performance compounds tailored for various industrial applications. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. With expertise in producing co-polymers such as High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Medium Density Polyethylene (MDPE), Cross Linked Polyethylene (XLPE), Polyvinyl Chloride (PVC), Cable Filling Compounds, and Masterbatches, the company demonstrates technical excellence, operational efficiency, and innovation-driven growth. The company was established in 1991 and has grown to become one of India's largest polymer compounders. BLS Polymers has a head office in Delhi and manufacturing facilities in Goa, with more than 35,000 MTPA installed capacity.

The company’s product portfolio is well diversified to offer varied solutions in the wire and cables and infrastructure industry, and included products such as, HDPE, MDPE, Linear Low-Density Polyethylene (LLDPE), XLPE, Halogen-Free Flame Retardant (HFFR), PVC, CFC and adhesive coating compounds which are utilized in power, control, data, instrumentation, and telecom cables and advanced pipeline coating systems widely used in water and oil & gas pipelines for corrosion protection and mechanical damage resistance. The company also produce specialty additive masterbatches, as well as black and white masterbatches to meet diverse client requirements. The company offers a range of additives designed to enhance the surface and bulk properties of polymers, such as scratch resistance, surface smoothness, and flame retardancy. These compounds and masterbatches are classified based on different functionalities and end-uses.

Proceed is being used for:

• Financing the capital expenditure requirement towards expansion of its existing manufacturing facility at Goa (Manufacturing Facility) by increasing the manufacturing capacity of certain of its existing products
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The polymer industry in India stands as one of the most significant sectors in the country's manufacturing landscape, playing a crucial role in economic development. India's polymer industry has demonstrated consistent growth over the years, primarily driven by increasing demand across various sectors. The industry is broadly categorized into two main segments: commodity polymers and engineering polymers. Commodity polymers, including HDPE, MDPE, XLPE, LDPE, LLDPE, HFFR and PVC, which are commonly known as co-polymers, form the backbone of the industry and find widespread use in everyday applications. Engineering polymers, such as Acrylonitrile Butadiene Styrene (ABS), Nylon, Polycarbonate, and Polyethylene Terephthalate (PET), cater to more specialized and technical applications, commanding higher value in the market.

Polymer compounding in India represents a crucial segment of the polymer industry, serving as a vital link between raw polymer manufacturers and end-product manufacturers. This specialized sector involves the process of combining base polymers with additives, fillers, and reinforcements to create customized materials that meet specific performance requirements for various applications. The Indian polymer compounding market has experienced consistent growth over the past few years, driven by increasing demand across various end-use industries. The market expanded from $5,967 million in 2019 to $9,934 million in 2025. This growth was fueled by rapid industrialization, rising demand from the automotive, construction and infrastructure, packaging, telecommunications, electrical & electronics, wires & cables, and an increasing shift toward lightweight and high-performance polymer materials.

The global polymer compounding market stood at $75,526 million in 2025, growing with a CAGR of 6.5% from 2019. The market is expected to grow with a CAGR of 6.7% till 2031, reaching a value of $109,801 million. The growth is driven by technological advancements, rising demand for polymers in key end use sectors including automotive, construction, electrical appliances, wire & cables and electrical & electronics. Because of their great performance, light weight, cost effectiveness, polymers are frequently employed as alternatives to items made of metal and mineral material. 

Pros and strengths 

Enlisted with prominent government agencies with pre-approved product portfolio: The company is engaged in the manufacturing of multiple grades of polymer compounds, serving a wide range of critical industries including telecommunications, power, railways, water supply, and oil and gas distribution. Consequently, entry into the polymer compound industry requires a measured approach, significant resources, and deep expertise to successfully overcome these multifaceted obstacles. In industries such as power transmission, telecommunications, and coatings, polymer compounders must have their products, manufacturing processes, and standard operating procedures rigorously tested and approved by regulatory bodies or public sector enterprises. Accordingly, it has enlisted its products with a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunication company and Government of Gujarat. The company have also applied to various other government and private agencies for enlisting its product finding application in the oil and gas industry.

Diversified industry applications with differentiated product portfolio: Its business model is diversified by a mix of products, end use industries and customer base. As on August 31, 2026, the company has manufactured 06 products in 127 grades across its product segments. The bouquet of products offered by it serves various end-user industries including but not limited to railways, telecommunication, among others. In addition to its diversified product categories, it has also developed multiple grades depending on application and customer requirements. Its constant efforts are focused towards continuously identifying market demands and introducing relevant products with high quality. It diversifies its product portfolio in such a manner that its products are customised for its customers and are commensurate with the scale for each of the geographies it serves. Its diversified product portfolio helps it retains its customers and strengthen its cross-selling efforts across product portfolios.

PAN-India market presence: The company is a manufacturer of various grades of polymer compounds primarily used in manufacturing of wire and cables and coating of industrial pipelines. It primarily derives majority of its revenue from its domestic operations and as of June 30, 2026, 94.68% of its revenue from operations was generated from the domestic operations undertaken by the company. In the three months period ended June 30, 2026 and the last 3 fiscals, it sold its products in 23 states/union territories. Through its strategic geographic presence, it can effectively serve a broad customer base, encompass manufacturers of all sizes, and pursue growth opportunities in various markets. This expansive reach allows it to establish a market presence, nurture customer relationships, and drive sustainable growth.

Integrated product development capabilities: The company has invested in an in-house product development team for developing new polymer compositions to suit its customer needs and market demand. As on August 31, 2026, its product development team comprised 7 employees. It has in the past, strategically diversified its product portfolio to either offer additional product applications or inculcate enhanced properties such as, smoke-free flame retardance, anti-tracking, etc. For instance, it has in the recent past developed pipe coating adhesive which is primarily applied on underground pipelines used for distribution of oil, gas and water. Its product development team in consultation with third party consultants developed pipe coating adhesives by developing the composition of the product, modifying the manufacturing infrastructure, undertaking in-house and third party quality tests and obtaining a certification in respect of the efficacy of the product. These third party consultants offer advisory services to public sector units engaged in the oil and gas industry and hold extensive experience in the field of pipeline coating, field joint coating and cathodic protection.

Risks and concerns

High revenue concentration in wire and cable polymer compounds: The company relies heavily on revenue generated from the sale of polymer compounds used in the wire and cable industries. During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, it derived 73.20%, 80.93%, 81.59% and 80.49% of its revenue from the sale of wire and cable polymer compounds. Any loss of sales due to reduction in demand for such products would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant dependence on the top 10 customers: Its business largely depends upon its top 10 customers which contributed 61.34%, 66.81%, 64.44% and 50.52% in the three months period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024. Loss of all or a substantial portion of sales to any of its top 10 customers, in particular for any reason including, due to loss of business or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these customers, could have an adverse impact on its business, results of operations, financial condition and cash flows.

Fluctuations in average selling prices and raw material: The average selling prices of its products may be subject to fluctuations depending on the market conditions. The average selling prices of its products are affected by the general market conditions, such as pricing by competition and raw material costs, which could have an impact on the businesses of its distributors and, in turn, their demand for its products. Further, it also sells its raw materials to take advantage of arbitrage opportunities, without affecting its normal operations. During the three months period ended June 30, 2026 and the Fiscal 2026, Fiscal 2025 and Fiscal 2024, revenue from procurement and supply of various grades of HDPE resin and LLDPE resin accounted for Rs 1,885.49 lakh, Rs 11,132.00 lakh, Rs 8,572.30 lakh and Rs 4,100.00 lakh, representing 17.62%, 31.86%, 26.10% and 13.83% of its total revenue from operations. A decline in the average selling prices for its products could adversely affect its business and financial condition, operating results, and cash flows.

Dependence on raw material suppliers: The company highly depends on a few key suppliers who help it procures raw materials for manufacturing its products. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, the expenses incurred from the top 10 suppliers stood at Rs 26,100.16 lakh, Rs 22,210.65 lakh and Rs 18,901.79 lakh, accounting for 93.52%, 83.52% and 75.34% of the total procurement cost, respectively. The company has not entered into long-term agreements with most of its suppliers for supply of raw materials. In the event it is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected. Any fluctuation in prices of its raw materials, may have a material adverse effect on its business, results of operations, prospects and financial condition.

Outlook

BLS Polymers is engaged in compounding of Polyethylene and PVC compounds. The company is also engaged in the Trading of polymers. Further the company operates as a Del Credere Associate (DCA) cum Consignment Stockist (CS) of Indian Oil Corporation (IOCL) for the Polymer Business. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. On the concern side, it does not enter into formal agreements or arrangements with its customers and typically relies on blanket purchase orders issued by its customers from time to time that set out the price per unit of the products that are to be supplied to/ purchased by them from the company. If its customers choose not to source their requirements from the company, there may be a material adverse effect on its business, financial condition, cash flows and results of operations. Further, if there are any fluctuations in the demand for its products, it could affect its inventory levels, operations, financial condition and cash flow.

The issue has been offering 1,70,00,000 shares in a price band of Rs 142-150 per equity share. The aggregate size of the offer is around Rs 241.40 crore to Rs 255.00 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 6.39% to Rs 34,942.83 lakh in the financial year 2025-26 from Rs 32,843.59 lakh in financial year 2024-25. The Profit After Tax (PAT) for the financial year 2025-26 reached Rs 2,700.94 lakh, marking an increase from Rs 2,113.60 lakh in the financial year 2024-25.

Meanwhile, it intends to strengthen its relationships with its existing customers and explore opportunities to grow along the value chain by expanding the array of its existing products and solutions that it supplies to its customers across geographies, and to add new customers by developing products and solutions aligned with their needs. As part of its growth strategy, it seeks to pursue emerging opportunities in its existing product categories. Currently, its portfolio caters to wire & cables and infrastructure industries. It intends to diversify its product base to cater to other end-use industries as well. The company has already manufactured and tested some new products which will help it to cater to wider end-applications.

Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), MPL Plastics has informed that the Meeting of the Board of Directors of the Company is scheduled to be held on Monday, 02nd November 2026, to, consider and approve the Unaudited Financial Results for the Quarter ended 30th September 2026, after these results are reviewed by the Audit Committee. This intimation is also made available on the Company’s website.

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

A slight decline in the revenue of Rs. 0.00 millions was seen for the September 2026 quarter as against Rs. 0.00 millions during year-ago period.The Net Loss for the quarter ended September 2026 is Rs. -3.01 millions as compared to Net Loss of Rs. -0.11 millions of corresponding quarter ended September 2025 Operating profit Margin for the quarter ended September 2026 further decreased to -3.01% as compared to -0.11% of corresponding quarter ended September 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202609	202509	% Var	202609	202509	% Var	202603	202503	% Var
Sales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Income	0.09	0.00	0.00	0.42	0.00	0.00	0.00	0.00	0.00
PBIDT	-3.01	-0.11	2636.36	-6.22	-0.62	903.23	-1.41	-1.47	-4.08
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBDT	-3.01	-0.11	2636.36	-6.22	-0.62	903.23	-1.41	-1.47	-4.08
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBT	-3.01	-0.11	2636.36	-6.22	-0.62	903.23	-1.41	-1.47	-4.08
TAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PAT	-3.01	-0.11	2636.36	-6.22	-0.62	903.23	-1.41	-1.47	-4.08
Equity	160.21	6.69	2294.77	160.21	6.69	2294.77	6.69	6.69	0.00
PBIDTM(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

The September 2026 quarter revenue stood at Rs. 6340.90 millions, up 23.89% as compared to Rs. 5118.20 millions during the corresponding quarter last year.A comparatively good net profit growth of 31.31% to Rs. 1398.70 millions was reported for the quarter ended September 2026 compared to Rs. 1065.20 millions of previous same quarter.OP of the company witnessed a marginal growth to 1908.00 millions from 1436.90 millions in the same quarter last year.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202609	202509	% Var	202609	202509	% Var	202603	202503	% Var
Sales	6340.90	5118.20	23.89	12182.30	9644.60	26.31	19475.60	19954.50	-2.40
Other Income	466.40	428.50	8.84	626.40	569.50	9.99	965.90	761.90	26.78
PBIDT	1908.00	1436.90	32.79	3729.60	2543.90	46.61	4837.10	4943.20	-2.15
Interest	15.70	12.70	23.62	30.80	25.60	20.31	53.50	64.70	-17.31
PBDT	1892.30	1424.20	32.87	3698.80	2518.30	46.88	4783.60	4878.50	-1.95
Depreciation	127.20	105.10	21.03	252.20	208.10	21.19	439.50	403.40	8.95
PBT	1765.10	1319.10	33.81	3446.60	2310.20	49.19	4344.10	4475.10	-2.93
TAX	366.40	253.90	44.31	782.10	499.10	56.70	996.80	1085.90	-8.21
Deferred Tax	9.60	27.20	-64.71	47.70	47.60	0.21	77.40	82.80	-6.52
PAT	1398.70	1065.20	31.31	2664.50	1811.10	47.12	3347.30	3389.20	-1.24
Equity	232.30	232.30	0.00	232.30	232.30	0.00	232.30	232.30	0.00
PBIDTM(%)	30.09	28.07	7.18	30.61	26.38	16.07	24.84	24.77	0.26