Atharva Polyplast Ltd.

Incorporated in 2015 and headquartered at MIDC Bhosari, Pune (Maharashtra), Atharva Polyplast Limited manufactures precision injection-moulded plastic components using materials such as polypropylene (PP), ABS, HDPE, and engineering polymers. The company operates a 2,34,614 sq. ft. facility with 40,000 sq. ft. of active production space housing over 17 moulding machines ranging from 100T to 1000T capacity.

Its product portfolio includes chair back frames, star bases, armrests, seat covers, headrests, refrigerator trays, air ducts, and motorcycle headlamp covers, among others. Over the last three fiscal years, revenue was derived approximately 51% from home appliances, 36% from furniture, 9% from automobiles, and 4% from other sectors. The company serves OEMs and Tier-1 suppliers across India, offering end-to-end support from mould design and prototyping to final production and quality assurance.

As of May 6, 2026, the company has 41 employees. It holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. Promoters are Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade, and Sadhana Shivaji Darade.

Atharva Polyplast's SME IPO is a 100% fresh issue of 45,00,000 shares (including 2,26,000 for market maker) aggregating ₹27 Cr at the upper band of ₹60 per share, opening June 30 – July 2, 2026 on BSE SME. Proceeds will fund capex (₹3 Cr), debt repayment (₹3 Cr), working capital (₹13 Cr), and general corporate purposes.

At the upper band, post-issue P/E stands at approximately 17.76–17.83x on annualised FY26 earnings, with a price-to-book of 3.48x. The company has shown strong PAT improvement from ₹0.71 Cr (FY23) to ₹5.29 Cr (FY25), with EBITDA margins expanding to ~19.3%. Key strengths include established OEM relationships, diversified sector presence, and certified quality systems.

Key risks include a small employee base (41 staff), high customer concentration risk (not quantified in source), dependence on commodity polymer prices, and a relatively high post-issue P/E for an SME with ₹47 Cr revenue. No peer comparison data was available in the source.