Shakti Polytarp IPO
Shakti Polytarp IPO is a BSE SME book-built issue of ₹26.93 crore, comprising an entirely fresh issue of 45.64 lakh equity shares. The price band is ₹56 to ₹59 per share, with a lot size of 2,000 shares. The IPO is scheduled to open on 15 September 2026 a
Shakti Polytarp IPO Details
Shakti Polytarp IPO bidding is scheduled to start on 15 September 2026 and end on 17 September 2026. The allotment is expected to be finalized on 18 September 2026, followed by refund initiation and credit of shares to Demat accounts on 21 September 2026. The shares are scheduled to be listed on BSE SME on 22 September 2026.
Shakti Polytarp IPO GMP
Shakti Polytarp IPO GMP is currently reported at around ₹0 per share. At the upper IPO price band of ₹59, a ₹0 GMP indicates an unofficial estimated price of ₹59. GMP is an unofficial grey-market indicator and does not guarantee the actual listing price.
Shakti Polytarp IPO Timeline (Tentative)
Shakti Polytarp IPO is scheduled to open on 15 September 2026 and close on 17 September 2026. The basis of allotment is expected on 18 September, followed by refund initiation and credit of shares to successful applicants on 21 September. The shares are scheduled to list on BSE SME on 22 September 2026. The anchor bidding date is 14 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 15, 2026 |
| IPO Close Date | Thu, Sep 17, 2026 |
| Basis of Allotment | Fri, Sep 18, 2026 |
| Initiation of Refunds | Mon, Sep 21, 2026 |
| Credit of Shares to Demat | Mon, Sep 21, 2026 |
| Listing Date | Tue, Sep 22, 2026 |
| Anchor Investor Bidding | 14 September 2026 |
| IPO Opens | 15 September 2026 |
| IPO Closes | 17 September 2026 |
| Basis of Allotment | 18 September 2026 |
| Refund Initiation | 21 September 2026 |
| Credit of Shares to Demat | 21 September 2026 |
| Listing Date | 22 September 2026 |
Shakti Polytarp IPO Lot Size
The Shakti Polytarp IPO lot size is 2,000 shares, while the minimum retail application is 2 lots or 4,000 shares. At the upper price band of ₹59, the minimum retail investment is ₹2,36,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | 2,36,000 |
| Retail (Max) | 2 | 4,000 | 2,36,000 |
| S-HNI (Min) | 3 | 6,000 | 3,54,000 |
| S-HNI (Max) | 8 | 16,000 | 9,44,000 |
| B-HNI (Min) | 9 | 18,000 | 10,62,000 |
Shakti Polytarp IPO Reservation
Shakti Polytarp IPO has a net offer of 43.34 lakh shares after the market maker reservation of 2.30 lakh shares. Of the net offer, 31.98% is allocated to Qualified Institutional Buyers, 31.56% to Non-Institutional Investors and 36.46% to Retail Individual Investors. The anchor portion is carved out of the QIB allocation.
Shakti Polytarp IPO Subscription
Shakti Polytarp IPO is an upcoming issue and subscription bidding has not yet started. Therefore, QIB, NII, Retail and Total subscription figures are currently not available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Shakti Polytarp
Shakti Polytarp Limited was incorporated in March 2018 and is based in Indore, Madhya Pradesh. The company manufactures tarpaulins and shade nets using polymer-based raw materials such as polypropylene, LLDPE and HDPE. Its products are used across agriculture, construction, automotive, transportation, logistics and consumer applications.
The company operates a manufacturing facility in Khargone, Madhya Pradesh, and offers tarpaulin products in different sizes and specifications. Its operations also include the trading of plastic granules, which form an important part of its revenue mix. The company serves customers through B2B and B2C channels.
Shakti Polytarp manufactures products under the Dinotarp brand and has expanded its manufacturing capacity over recent years. The company is proposing additional capacity expansion through the IPO proceeds, particularly in shade-net manufacturing.
The company reported total income of ₹216.10 crore and PAT of ₹10.06 crore in FY2026, compared with total income of ₹166.50 crore and PAT of ₹4.97 crore in FY2025.
Strengths
- Diverse applications across agriculture, construction, transportation, logistics and other industries.
- In-house manufacturing facility supporting production and quality control.
- Growing revenue and profitability over the recent financial years.
- Improved EBITDA and PAT margins in FY2026.
- Strong FY2026 RoNW of 44.04%.
- Improving ROCE, which reached 17.87% in FY2026.
- Integrated product portfolio covering tarpaulins, shade nets and plastic granules.
- IPO proceeds are primarily intended for capacity expansion.
- Entire IPO consists of a fresh issue, with no Offer for Sale.
Risks to Consider
- The company has significant dependence on tarpaulin and related polymer products.
- Plastic granule trading contributed a substantial portion of FY2026 revenue.
- Customer concentration remains high.
- Supplier concentration exposes the business to procurement-related risks.
- The company has a high debt-to-equity ratio of around 2.60x.
- Raw material prices can fluctuate and affect margins.
- A significant portion of revenue is concentrated in Madhya Pradesh.
- The company operates primarily through a single manufacturing location.
- Capacity expansion requires successful execution and timely commissioning of new machinery.
- Changes in environmental and plastic-related regulations could affect operations.
Shakti Polytarp Financials (₹ Cr)
Shakti Polytarp reported strong growth in revenue and profitability during FY2024–FY2026. Total income increased from ₹62.23 crore in FY2024 to ₹216.10 crore in FY2026, while PAT increased from ₹0.98 crore to ₹10.06 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 62.23 | 0.98 | 40.29 | 10.84 |
| FY2025 | 166.50 | 4.97 | 71.39 | 17.80 |
| FY2026 | 216.10 | 10.06 | 110.12 | 27.86 |
KPIs & Valuation
Shakti Polytarp reported a 44.04% RoNW, 17.87% ROCE, 8.94% EBITDA margin and 4.66% PAT margin for FY2026. Its debt-to-equity ratio was 2.60x and NAV was ₹22.18 per share.
Objects of the Issue
The Shakti Polytarp IPO is entirely a fresh issue. The company proposes to utilise the net proceeds primarily for capital expenditure and the balance for general corporate purposes. The identified capital expenditure requirement is approximately ₹20.88 crore.
- The company proposes to utilise the IPO proceeds for:
- Capital expenditure for expansion of manufacturing capacity.
- Purchase and installation of plant and machinery.
- General corporate purposes.
- The capital expenditure component of approximately ₹20.88 crore is intended to support the company's expansion plans.
Promoters, Lead Managers & Registrar
Shakti Polytarp Limited is promoted by Ravi Singhal, Vivek Singhal, Trisha Singhal and Priyal Singhal. NEXGEN Financial Solutions Private Limited is the Book Running Lead Manager, while Skyline Financial Services Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Skyline Financial Services Private Limited |
|---|---|
| Phone | 011-40450193-197 |
| ipo@skylinerta.com | |
| Website | https://www.skylinerta.com/ |
Shakti Polytarp IPO Review
Shakti Polytarp has established a presence in the polymer-based tarpaulin and shade-net segment, with products serving multiple end-use industries. The company has reported strong growth in revenue and profitability over the recent financial years.
Total income increased from ₹62.23 crore in FY2024 to ₹166.50 crore in FY2025 and ₹216.10 crore in FY2026. PAT also increased from ₹0.98 crore in FY2024 to ₹4.97 crore in FY2025 and ₹10.06 crore in FY2026. EBITDA increased from ₹3.83 crore to ₹10.69 crore and ₹19.29 crore over the same period.
The company is using the IPO primarily to expand its manufacturing capacity. This provides an opportunity for future growth if the additional capacity is commissioned successfully and demand remains strong. The company's improving margins and return ratios are also positive factors.
However, investors should consider the company's high debt level, raw material exposure and customer and supplier concentration. The business also has meaningful exposure to plastic granule trading, meaning its revenue profile is not limited to manufactured tarpaulin products.
At the upper price band of ₹59, the IPO is valued at approximately 10.05x post-issue FY2026 earnings based on the reported post-issue EPS of ₹5.87. The pre-issue FY2026 EPS is ₹8.00 and the pre-issue P/E is approximately 7.38x.
Overall, Shakti Polytarp offers a combination of revenue growth, improving profitability and planned manufacturing expansion. Investors should nevertheless evaluate its debt levels, working-capital requirements, customer concentration, raw material risks and execution of the proposed capacity expansion before making an investment decision.
How to Apply
Shakti Polytarp IPO applications can be made through ASBA or UPI-supported IPO applications.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Shakti Polytarp IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Eligible investors can use the Cut-off option where available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors should refer to the Shakti Polytarp IPO offer documents for detailed information about the company's business, financial performance, risk factors, IPO structure and utilisation of proceeds. The company's DRHP identifies the BSE SME platform as the proposed listing platform.
Last updated Sep 10, 2026.