Shakti Polytarp Limited
Shakti Polytarp Limited is an SME IPO raising ₹27 Cr at ₹56 – ₹59 a share. The smallest application you can make is 2000 shares, costing ₹1,18,000 at the top of the band. Bidding closes on 17 Sept 2026 and the shares list on 22 Sept 2026. So far it has been subscribed 0.00× in total.
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populated partly populated we hold nothing here — the tab says why
What happens when
Next: pre-apply opens on 11 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Shakti Polytarp Limited manufactures water-resistant tarpaulins at a single integrated facility in Nimrani, Khargone, Madhya Pradesh (leased, 1,98,450 sq. ft.), producing six-layer and eight-layer sheets in the 70–450 GSM range under the brand name Dinotarp for industries including construction, agriculture, transportation, and consumer goods. The product range covers Geotextile, Lumber Wrap, House Wraps, Pond Liners, Green Net, plus other manufactured items such as HDPE/PP Tape, Reprocess Plastic Granules, and Warp Knit Fabric (Shade Net). The company also sells plastic granules — the raw material used to make tarpaulins — to other buyers.
How it earns
Primarily a B2B manufacturer and seller of tarpaulin and related products, with an additional revenue stream from trading/selling plastic granules (the raw material for tarpaulin).
Who buys
Customer names are not disclosed. Revenue is highly concentrated and almost entirely domestic. In FY2026 (figures in lakhs): Top 1 customer = Rs 8,875.75 lakh (41.16% of revenue), Top 5 = Rs 14,996.79 lakh (69.54%), Top 10 = Rs 16,789.80 lakh (77.86%). Geographically, Madhya Pradesh alone contributed Rs 19,790.83 lakh or 91.77% of FY2026 revenue; the only other material states were Gujarat (4.35%) and Maharashtra (2.84%).
Scale
One leased manufacturing facility at Nimrani, Khargone, MP (1,98,450 sq. ft., 30-year lease from MP Audyogik Kendra Vikas Nigam). Installed capacity 12,900 MTPA as of March 31, 2026, planned to rise to 14,900 MTPA with IPO-funded machinery. 114 permanent employees as of June 30, 2026. FY2026 revenue from operations: Rs 21,564.74 lakh (≈ Rs 215.65 crore); FY2025: Rs 16,623.57 lakh (≈ Rs 166.24 crore); FY2024: Rs 6,201.12 lakh (≈ Rs 62.01 crore). Note: amounts stated in lakhs; 1 crore = 100 lakh.
What it says sets it apart
- Diverse product range: Geotextile, Lumber Wrap, House Wraps, Pond Liners, Green Net, and Shade Net serving agriculture, construction, automotive, transportation, and consumer goods.
- Capability to manufacture specialized six-layer and eight-layer durable tarpaulins across 70–450 GSM, in custom sizes, colours, and specifications.
- In-house integrated manufacturing at one facility using advanced machines (high-speed extrusion tapeline, extra-wide extrusion lamination, wide-width circular looms, sealing machines, recycling machines) with in-built software systems.
- Vertical integration via in-house recycling of production scrap into reprocess plastic granules that are reused in production or sold to clients.
- Established repeat-order relationships in domestic markets, evidenced by single-customer revenue of 41.16% and Top-5 of 69.54% in FY2026.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs59 / stated EPS Rs8 (FY2025-26 Basic & Diluted EPS, restated, year ended March 31, 2026). 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.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹216 Cr+30% | ₹10 Cr+102% | 4.7% | ₹28 Cr | ₹73 Cr |
| FY2025 | ₹166 Cr+168% | ₹5 Cr+407% | 3.0% | ₹18 Cr | ₹48 Cr |
| FY2024 | ₹62 Cr | ₹1 Cr | 1.6% | ₹11 Cr | ₹24 Cr |
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 the book stands today
The category split is the number worth reading, not the total.
QIB: 0.00× their allocation. QIB: 0.00×.
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 7.4× earnings — 78% below the median of the peers the issuer itself names.
- The register's top risk: Extreme Customer Concentration (prospectus page 31).
- 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.