Injecto Polymers Limited IPO

Incorporated in September 1998, Injecto Polymers manufactures a range of plastic packaging products including PP woven fabrics, PP woven bags, BOPP bags, Leno bags, LDPE and polyester pouches, FIBC bags and non-woven bags. The company also trades in plastic granules and polyvinyl chloride resins. Its manufacturing operations are supported by facilities in West Bengal, with the proposed Phase IV expansion intended to increase manufacturing capacity. The company serves customers across packaging and industrial applications and has developed a diversified product portfolio within flexible and woven plastic packaging. The company also has experience in trading raw materials and related polymer products. The promoters are Ramesh Kumar Rateria, Ashok Kumar Rateria and promoter-group investment entities.

Injecto Polymers IPO is a ₹56.12 crore BSE SME issue comprising an entirely fresh issue of 56.12 lakh shares. The company proposes to use ₹10 crore toward repayment or prepayment of borrowings and ₹30.50 crore toward setting up Phase IV at its existing manufacturing facility, with the balance for general corporate purposes. At the reported ₹100 issue price, the pre-issue P/E is 9.48x and the post-issue P/E is 12.99x, while the reported P/B is 2.40x. FY2026 revenue increased to ₹375.83 crore and PAT rose to ₹16.01 crore, supported by continued expansion of operating scale. Key strengths include a broad plastic packaging portfolio and planned capacity expansion, while key risks include high leverage, working-capital requirements, exposure to polymer prices and the execution risk associated with expansion. The valuation appears moderate on earnings compared with some listed packaging peers, although the relatively high debt-to-equity ratio remains an important risk factor.