Severeconcentrationpage 25
Single supplier >50% of purchases across three fiscal years
our single largest supplier contributing to more than 50% of our purchases during the last 3 financial years
ListedSMEPlastic ProductsPHYCHEM
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.
₹54
Issue price
₹52
Price now
−3.8%
Since issue price
7 Sept 2026
Listed on
19×Subscribed (final) · all exchanges
19.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 328-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 216 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 25
Top customer 15.73% of revenue with no long-term agreements
we derived 15.73%, 14.34%, and 13.43% of our revenue from operations from a single customer during the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively
Severefinancialpage 39
Lender concentration on Kotak Mahindra and SIDBI
Our company has been sanctioned term loan, working capital term loan, bank guarantees/ letter of credit and cash credit facilities by Kotak Mahindra Bank Limited and SIDBI. The Company is dependent on such facilities and any default under such arrangement with such lender may create problem for operation of the Company
Severefinancialpage 50
Severe deterioration in operating cash flow despite rising profits
Net cash generated from/(used in) operating activities - (A) 78.00 253.28 265.94
Severeoperationalpage 48
Sharp inventory buildup despite only modest revenue growth
Inventories 952.75 619.85 445.90
Highpromoterpage 40
Promoters are co-borrowers with personal guarantees on company loans
Our Promoters Umakant Nivrutti Savadekar, Ulka Umakant Savadekar, Nivrutti Sonu Savadekar and Vijaya Nivrutti Savadekarare co-boorrowers and have extended personal guarantees in the loan facilities taken by our Company from Kotak Mahindra Bank Limited and SIDBI
Highpromoterpage 48
Pre-issue share capital ballooned 26x amid declining reserves
Share Capital 754.00 29.00 29.00 ... Reserves and Surplus 624.83 940.93 656.76
Highoperationalpage 28
Heavy reliance on single manufacturing facility in Dindori, Nashik
we manufacture and supply our products to customers in different geographies within and outside India from our manufacturing facility located in Dindori, Nashik
Highmarketpage 26
Iraq export exposure with geopolitical and payment-cycle risk
we are exposed to risks associated with our export operations in Iraq, including geopolitical instability, regulatory uncertainty, and compliance challenges
Highpromoterpage 31
Manufacturing facility on lease from promoter Ulka Savadekar
registered office and factory of our company situated at Gat No-172, Khatwad Tal - Dindori Dist - Nashik, Maharashtra, India-422004 is taken on lease from our promoter Ulka Umakant Savadekar vide Lease deed dated November 06, 2015
Highregulatorypage 29
16 delayed statutory filings including non-filing of CHG-1
non-filing of form CHG-1 for creation of charge on certain vehicle loan taken in the past, which is non-compliance of section 77 of the Companies Act, 2013
Highconcentrationpage 41
Promoter group retains 64.05% post-issue controlling stake
Our promoters along with the promoter group will continue to hold collectively 64.05 % of the post issue paid up share capital of the company
Highfinancialpage 48
Short-term borrowings and finance costs rising rapidly
Short-term Borrowings 522.67 319.30 390.75 ... Finance Costs 104.62 88.23 62.44
Highregulatorypage 36
Advance Authorisation Scheme export obligation risk
We have obtained an Advance Authorisation licence which allows duty-free import of certain raw materials used in the manufacture of products meant for export. The scheme, however, requires us to fulfill prescribed export obligations within a stipulated timeframe
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 5 | 0 | ₹0.0 Cr |
| Promoters | 0 | 1 | 1 | ₹1.7 Cr |
case₹1.6 Crpage 236
Director Ulka Umakant Savdekar vs NHAI & Ors. — Civil M.A. 637 of 2022 before District & Sessions Court, Jalgaon under Section 3G(5) of the National Highways Act, 1956 — dispute over compensation for ~800/900 sq. mtr land acquired for highway widening; claiming Rs.164.42 lakhs plus 24% p.a. interest (next hearing Aug 28, 2026)
case₹0.1 Crpage 237
Promoter/Director Nivrutti Sonu Savdekar Direct Tax — Rs.3.00 lakhs demand plus Rs.2.31 lakhs interest for AY 2019-20 under rectification order u/s 154 dated Feb 28, 2020 — aggregate Rs.5.31 lakhs
case₹0.0 Crpage 237
Company Direct Tax — 5 TDS-default proceedings for FY 2015-16, 2020-21, 2021-22, 2023-24 and 2025-26 aggregating Rs.2.35 lakhs
Amounts converted from Rs. lakhs to Rs. crore (1 crore = 100 lakhs). Source text treats Promoters and Directors as a single group in Section B and in the tax table, so their data is consolidated under 'promoters'. No Group Companies exist (per Board policy dated Sep 20, 2025), and no litigation is disclosed against subsidiaries, KMPs or Senior Management. Creditors table (Section E, Rs.364.37 lakhs across 38 creditors) is trade-payables disclosure, not litigation, so excluded from totals. Grand-total amount is not explicitly stated in the source, hence null.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.