Vedant Poly Fabs IPO

Incorporated on December 10, 2018, Vedant Poly Fabs Limited manufactures flexible packaging materials for customers across India. Its products include 3-layer and 5-layer LD films, shrink films, barrier films, printed plastic packaging, printed laminates and milk and oil pouches. The manufacturing process includes film extrusion, rotogravure and CI flexographic printing, lamination, slitting, rewinding and pouching. Its manufacturing infrastructure in Madhyamgram, West Bengal includes blown film plants, printing machines, solvent-less lamination machinery and slitting equipment. The company also operates an in-house quality testing laboratory and installed a reprocessing unit to reuse certain plastic waste generated during manufacturing. Its products serve food, beverage, pharmaceutical, personal care and other consumer-product packaging applications. As of March 31, 2026, the company had 72 employees, including 41 permanent and 31 contractual employees. The promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP.

IPO_DETAILS_LONG: Vedant Poly Fabs Limited is launching an NSE Emerge SME IPO aggregating up to Rs 56.68 crore, comprising a fresh issue of 54,26,400 equity shares and an offer for sale of 6,03,600 shares by promoter selling shareholder Sethsawaria Poly Fab LLP. The price band is Rs 88 to Rs 94 per share, with a face value of Rs 10 and a lot size of 1,200 shares; the minimum retail application is 2,400 shares. The issue opens on November 2, 2026 and closes on November 4, 2026, with tentative listing scheduled for November 9, 2026. Fresh issue proceeds are intended for working capital requirements, repayment of borrowings, plant and machinery capital expenditure, general corporate purposes and offer expenses. At the upper price band, the published IPO metrics indicate a pre-issue P/E of 12.62 times and a post-issue P/E of 13.62 times; peer references include B&A Packaging India, Barflex Polyfilms and RFBL Flexi Pack, although the offer document cautions that the listed peers are not strictly comparable. Revenue from operations increased from Rs 49.53 crore in FY24 to Rs 115.14 crore in FY26, while PAT rose from Rs 0.64 crore to Rs 10.97 crore over the same period. The company's integrated manufacturing setup, expanding product range and improving operating margins are key business strengths, while customer concentration, regional concentration, raw-material price exposure, rising borrowings and working-capital requirements are important risks. The valuation should be assessed against the company's smaller scale and operating risks rather than relying only on the lower headline P/E relative to some listed peers.