Phychem Technologies IPO
Phychem Technologies IPO is an SME IPO raising ₹15 Cr at ₹51 – ₹54 a share. It listed on 7 Sept 2026 at ₹56, +3.7% against its issue price of ₹54, and trades at ₹52 today (−3.8% since issue). It was subscribed 19× in total.
19.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Phychem Technologies Limited manufactures customised rotational molding (roto molding) compounds — polyethylene-based powders and granules made from LLDPE, HDPE and specialty additives — that other manufacturers use as raw material to produce hollow plastic products such as water/fuel/chemical tanks, portable sanitation units, furniture, industrial containers and playground equipment. The company also makes custom-moulded tanks, offers jobwork services (rotolining and toll pulverising), and acts as an authorised India distributor for foreign rotational-moulding chemicals and equipment. Operations are run from a single leased manufacturing facility in Nashik, Maharashtra, with products sold domestically and exported to around 21 countries.
How it earns
Primarily B2B sales of manufactured roto-moulding compounds and custom-moulded tanks, with small contributions from jobwork services and authorised-distribution trading of imported chemicals and equipment used in the rotational-moulding industry.
Who buys
B2B buyers across building & construction, water management, agriculture, automotive, marine, furniture, toys, chemical, sewage/waste processing and railway industries. FY26 customer base: ~265 domestic customers and ~24 export customers; 142 customers gave repeat orders over the last 3 years. Customer concentration: largest customer ~15.73% of revenue (FY26); top 10 customers ~52.99% (FY26), 49.30% (FY25), 50.83% (FY24). FY26 revenue by geography (₹ lakhs): Maharashtra ₹3,083.06 (54.60%), Karnataka ₹246.16, Gujarat ₹164.78, Bihar ₹144.63; top export markets Guinea ₹450.37 lakhs (7.98%), Mauritius ₹259.05 (4.59%), Cameroon ₹189.62 (3.36%).
Scale
One leased manufacturing facility at Gat No-172, Khatwad, Dindori, Nashik, Maharashtra, operating three rotational moulding machines; installed roto-moulding-compound capacity 6,000 MT p.a. (FY26, vs 4,100 MT in FY24) with utilisation of 65.45% in FY26, and custom-moulded-tank capacity of 2,000 tanks p.a. (91.45% utilised in FY26); FY26 revenue from operations ₹5,646.53 lakhs (≈₹56.47 crore); 33 permanent employees as on 30 June 2026; exports to around 21 countries.
What it says sets it apart
- Diversified product portfolio of roto-moulding compounds (Color Powders, PE Foam, ESF granules, Stone effect, Permanent antistatic, Super Tuff HDPE, Flexible, Flame retardant, Rotolining) plus custom-moulded tanks serving water, fuel, chemical, sanitation, furniture, agriculture and other end-uses.
- Diversified customer and geographic base — sold in 21 countries and 24 Indian states, with no single state or industry dominating and top-customer concentration only ~15.73% (FY26).
- Integrated in-house manufacturing at one Nashik facility with three rotational moulding machines, in-house lab/quality control, ISO 9001:2015 certification and ZED Bronze zero-liquid-discharge recognition.
- Authorised India-wide distribution partnerships with foreign rotational-moulding suppliers: Lysis Technologies (UK, paints/coatings), Axel Plastics (USA, release agents), 493K Limited (Northern Ireland, mould thickness/process-control equipment) and Salee Colour (Thailand, PP compound).
- Installed 177 kWp rooftop solar capacity and a zero-liquid-discharge facility, giving renewable-energy input and sustainability credentials that few peers in this segment publicly disclose.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs54 / stated EPS Rs5.42 (FY2025-26 Basic & Diluted EPS, restated). 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.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 32× their allocation. QIB: 4.31×.
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.
What could go wrong
All 14risks & 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 happens when
Next: the UPI mandate expires on 14 Oct 2026.
What to watch
- The asking multiple is 10× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Single supplier >50% of purchases across three fiscal years (prospectus page 25).
- 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 Phychem Technologies Limited
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.