Injecto Polymers IPO
Injecto Polymers IPO is an SME IPO raising ₹56 Cr at ₹98 – ₹100 a share. The smallest application you can make is 1200 shares, costing ₹1,20,000 at the top of the band. Bidding closes on 16 Sept 2026 and the shares list on 21 Sept 2026. So far it has been subscribed 29× in total.
29.0 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding opens on 11 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Injecto Polymers Limited manufactures polypropylene (PP) woven fabrics and a range of PP-based packaging bags — BOPP bags, FIBC (jumbo) bags, leno bags, HDPE/PP woven bags, laminated woven sacks, HM/LD liners, pouches and non-woven bags — sold on a B2B basis to industrial and agricultural customers in food grains, chemicals, fertilizers, cement, mining, textiles, pharmaceuticals and consumer goods. The company also trades plastic granules and PVC resins in bulk, partly for captive consumption. Both manufacturing units are in West Bengal (Unit I at Jamalpur and Unit II at Howrah), and bags are made to customer-specified sizes, shapes and specifications.
How it earns
Revenue comes from (i) sale of manufactured PP woven fabrics and bags on a B2B/customised-order basis to institutional and industrial buyers, and (ii) trading of plastic granules and PVC resins, bought in bulk to avail supplier discounts and partly resold.
Who buys
B2B institutional and industrial buyers across agriculture, food grains, chemicals, fertilizers, cement/mining, textiles, pharmaceuticals and consumer goods; no individual customer names are disclosed. Customer concentration (FY26): Top 1 customer 11.49%, Top 3 = 25.34%, Top 5 = 30.51%, Top 10 = 40.07% of revenue from operations. Heavy geographic concentration: West Bengal = 85.27% of FY26 revenue, Jharkhand = 5.10%, Maharashtra = 2.92%, Delhi = 2.27%; all other states under 1.5% each. FY26 total revenue from operations = ₹37,553.13 lakhs (≈ ₹375.53 crore; converted from lakhs at 1 crore = 100 lakh).
Scale
Two manufacturing units in West Bengal — Unit I at Jamalpur (covered area ~1,33,567 sq. ft. on 1,90,393 sq. ft. of land; installed capacity 8,470 MT, going to ~15,670 MT after Phase-III/IV) and Unit II at Howrah (~27,642 sq. ft.; installed capacity 2,400 MT, taken on leave-and-licence from group company Hind Polyfabs w.e.f. June 2024); combined installed capacity 10,870 MT in FY26 rising to a proposed 18,070 MT; 158 permanent full-time employees as of 31 July 2026 (down from 186 at 31 March 2026).
What it says sets it apart
- Multi-product packaging portfolio with customisation — PP woven fabrics, BOPP bags, FIBC/jumbo bags, leno bags, HDPE/PP woven bags, laminated sacks, HM/LD liners and non-woven bags, made in varied shapes, sizes and thicknesses per customer spec
- West Bengal location of both units gives proximity to Kolkata, eastern India's rice-producing belts, and road/port/airport connectivity to neighbouring states
- Certifications include ISO 9001:2015 (quality), ISO 22000:2018 (food safety) and BIS certification for food-grade packaging, supported by an in-house testing facility doing tensile, UV, surface-resistivity, rig and drop tests
- Capacity utilisation averaged 95.29% (combined) in FY26 and 99.58% in FY25, with both units operating near full utilisation — Phase-III (2,400 MT) and Phase-IV (4,800 MT) expansions already under way
- 1 MWp rooftop solar plant at Unit-I generating ~13.20 lakh units/year, partially offsetting Unit-I's ~55–60 lakh units annual consumption and reducing grid dependence
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs100 / stated EPS Rs10.55 (FY ended March 31, 2026, diluted EPS, restated standalone financial statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
How the book stands today
The category split is the number worth reading, not the total.
Non-institutional: 52× their allocation. Retail: 11×.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
131 SME issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What to watch
- Priced at 9.5× earnings — 33% below the median of the peers the issuer itself names.
- The register's top risk: Negative operating cash flow for three consecutive years (prospectus page 42).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.