Published: 23 June 2026 | 8.00 AM
Last Updated: 23 June 2026 | 8.00 PM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | Neutral to Positive |
| GMP Today | Rs. 10 |
| Subject to Sauda | Rs. 15,200 |
| Issue Size | Rs. 27.00 Crore |
| Price Band | Rs. 55 to Rs. 60 |
| Lot Size | 2,000 Shares |
| Retail Investment | Rs. 2,40,000 |
| Listing Exchange | BSE SME |
| Market Cap | Rs. 101.10 Crore |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Live Subscription Tracker (Only After IPO Opens)
| Category | Subscription |
| QIB | XXx |
| NII | XXx |
| Retail | XXx |
| Total | XXx |
Subscription Signal
| Subscription Level | Interpretation |
| Below 1x | Weak |
| 1x–5x | Average |
| 5x–20x | Good |
| 20x–50x | Strong |
| Above 50x | Very Strong |
What Does the Company Do?
Atharva Polyplast Ltd. manufactures precision plastic components for industries such as furniture, home appliances and automobiles. The company mainly works in injection moulding using PP, ABS, HDPE and engineering polymers. It serves OEMs and Tier-1 suppliers with support from mould design and prototyping to production, assembly and quality checks.
IPO Schedule
| Event | Date |
| IPO Opens | 30 June 2026 |
| IPO Closes | 2 July 2026 |
| Allotment | 3 July 2026 |
| Listing | 7 July 2026 |
Quick Positives
✅ Precision plastic components business serving furniture, appliances and auto segments.
✅ Strong EBITDA margin near 20% and PAT margin above 11%.
✅ Debt has reduced compared with FY2023 levels.
✅ ISO-certified manufacturing system.
✅ IPO proceeds include capex, debt repayment and working capital support.
Key Risks
⚠ FY2025 revenue was lower than FY2023, showing limited top-line growth.
⚠ SME IPO retail investment size is high at Rs. 2.40 lakh.
⚠ Business depends on OEM demand cycles and raw material price movement.
⚠ Post-IPO P/E of 17.83x appears fair but not very cheap.
Who Should Apply?
| Investor Type | Suitability |
| Listing Gain Investors | ★★★☆☆ |
| Long-Term Investors | ★★★☆☆ |
| Conservative Investors | ★★☆☆☆ |
| High-Risk Investors | ★★★★☆ |
Chanakya View
Neutral to Positive
Atharva Polyplast has a decent manufacturing base, strong margins and exposure to industrial plastic components. However, revenue growth has been moderate and SME IPO risk remains high.
Investors may consider the IPO selectively after checking GMP, subscription trend and broader SME market sentiment.
IPO Details at a Glance
| Particulars | Details |
| IPO Date | 30 June 2026 to 2 July 2026 |
| Listing Date | 7 July 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 55 to Rs. 60 Per Share |
| Lot Size | 2,000 Shares |
| Issue Type | Book Building SME IPO |
| Listing At | BSE SME |
| Total Issue Size | 45,00,000 Shares |
| Issue Size | Rs. 27.00 Crore |
| Fresh Issue | 42,74,000 Shares |
| Offer For Sale | Nil |
| Reserved For Market Maker | 2,26,000 Shares |
| Market Maker | R.K. Stock Holding Pvt. Ltd. |
| Net Offered To Public | 42,74,000 Shares |
| Shareholding Pre Issue | 1,23,49,998 Shares |
| Shareholding Post Issue | 1,68,49,998 Shares |
| Market Cap | Rs. 101.10 Crore |
Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 21,30,000 | 49.84% | 47.33% |
| Anchor Investor Shares Offered | 12,74,000 | – | 28.31% |
| QIB Ex-Anchor Shares Offered | 8,56,000 | – | 19.02% |
| NII Shares Offered | 6,42,000 | 15.02% | 14.27% |
| bNII Shares Offered | 4,28,000 | – | 9.51% |
| sNII Shares Offered | 2,14,000 | – | 4.76% |
| Retail Shares Offered | 15,02,000 | 35.14% | 33.38% |
| Market Maker Shares Offered | 2,26,000 | – | 5.02% |
| Total Shares Offered | 45,00,000 | 100.00% | 100.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 2 | 4,000 | Rs. 2,40,000 |
| Retail Maximum | 2 | 4,000 | Rs. 2,40,000 |
| S-HNI Minimum | 3 | 6,000 | Rs. 3,60,000 |
| S-HNI Maximum | 8 | 16,000 | Rs. 9,60,000 |
| B-HNI Minimum | 9 | 18,000 | Rs. 10,80,000 |
Company Details
Atharva Polyplast Ltd. manufactures precision plastic components using injection moulding technology. The company serves industries such as furniture, home appliances, automobiles and other industrial segments.
It works with OEMs and Tier-1 suppliers in India and provides B2B manufacturing along with co-development support. This includes mould design, prototyping, final production, assembly and quality checks.
The company’s manufacturing facility spans 2,34,614 sq. ft., with 40,000 sq. ft. production space. It has more than 17 moulding machines ranging from 100T to 1000T.
The company also has an in-house quality control team and holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
Competitive Strengths
| Key Strengths |
| Strong relationships with established customers |
| Experienced promoters and management team |
| Wide range of plastic component products |
| Injection moulding capabilities |
| Sustainable and responsible manufacturing |
| Diversified geographical presence |
| ISO-certified quality systems |
IPO Objects
| Sr. No. | Objects of the Issue | Estimated Amount |
| 1 | Funding capital expenditure of the company | Rs. 3.00 Crore |
| 2 | Repayment and/or pre-payment of borrowings | Rs. 3.00 Crore |
| 3 | Funding working capital requirements | Rs. 13.00 Crore |
| 4 | General Corporate Purpose | Balance Amount |
Company Address
| Particulars | Details |
| Registered Office | W-163A, S Block MIDC Bhosari, Pune, Maharashtra – 411026 |
| Phone | +91-94220-49184 |
| info@atharvapolyplast.in |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | Horizon Management Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Registrar Phone | +91-22-4918 6270 |
| Registrar Email | atharvapolyplast.smeipo@in.mpms.mufg.com |
| Market Maker | R.K. Stock Holding Pvt. Ltd. |
Financials
| Particulars (Rs. Crore) | 31 Jan 2026 | FY2025 | FY2024 | FY2023 |
| Total Assets | 42.54 | 30.88 | 32.66 | 32.92 |
| Total Income | 43.90 | 49.06 | 43.09 | 46.82 |
| Profit After Tax | 4.73 | 5.29 | 2.00 | 0.71 |
| EBITDA | 8.36 | 9.19 | 6.05 | 4.77 |
| Net Worth | 17.73 | 13.01 | 7.72 | 5.72 |
| Reserves & Surplus | 5.38 | 6.51 | 1.22 | -0.78 |
| Total Borrowings | 10.04 | 7.91 | 13.59 | 16.16 |
31 January 2026 numbers are for the period ended 31 January 2026.
Valuation
Key Performance Indicators (KPI)
| KPI | 31 Jan 2026 | FY2025 |
| ROE | 30.74% | 51.00% |
| ROCE | 24.92% | 35.31% |
| Debt / Equity | 0.57 | – |
| RoNW | 26.65% | 40.63% |
| PAT Margin | 11.14% | 11.12% |
| EBITDA Margin | 19.71% | 19.32% |
| Price To Book Value | – | 5.70 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 4.28 | 3.37 |
| P/E (x) | 14.02 | 17.83 |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 100.00% | 73.29% |
Promoters
Anujit Shivaji Darade, Shivaji Kisan Darade and Ashish Shivaji Darade are the promoters of the company.
Recently Listed IPOs in Industrial Products
| Company | Issue Type | Issue Size | Issue Price | Listing Gain/Loss % |
| Manas Polymers & Energies Ltd. | SME | Rs. 23.52 Cr | Rs. 81 | +80.49% |
| Vigor Plast India Ltd. | SME | Rs. 25.10 Cr | Rs. 81 | +5.80% |
| B.D. Industries (Pune) Ltd. | SME | Rs. 45.36 Cr | Rs. 108 | +0.14% |
Detailed Chanakya View
Atharva Polyplast operates in the precision plastic components segment and caters to sectors such as furniture, appliances and automobiles. The company’s manufacturing setup, injection moulding capacity and ISO certifications provide operational credibility.
The company has shown improvement in profitability over the last three years. PAT increased from Rs. 0.71 crore in FY2023 to Rs. 5.29 crore in FY2025. For the period ended 31 January 2026, the company reported PAT of Rs. 4.73 crore on total income of Rs. 43.90 crore.
Margins are healthy, with PAT margin above 11% and EBITDA margin close to 20%. The company also plans to use IPO proceeds for working capital, capex and debt repayment, which are relevant for a manufacturing business.
However, revenue growth has not been very strong, and post-issue P/E of 17.83x makes the IPO fairly valued rather than deeply undervalued. SME IPO investors should also consider liquidity and listing risk.
Chanakya View: Neutral to Positive. Atharva Polyplast may suit high-risk investors looking for exposure to small manufacturing businesses. Final decision should depend on GMP, subscription strength and market sentiment.
FAQs
What is the Atharva Polyplast IPO GMP today?
Refer IPO Snapshot above for the latest GMP and Subject to Sauda updates.
What is the Atharva Polyplast IPO price band?
Atharva Polyplast IPO price band is Rs. 55 to Rs. 60 per share.
What is the Atharva Polyplast IPO lot size?
The lot size is 2,000 shares. Retail investors must apply for a minimum of 4,000 shares.
What is the minimum retail investment for Atharva Polyplast IPO?
The minimum retail investment is Rs. 2,40,000.
When will Atharva Polyplast IPO open?
Atharva Polyplast IPO will open on 30 June 2026.
When will Atharva Polyplast IPO close?
Atharva Polyplast IPO will close on 2 July 2026.
When will Atharva Polyplast IPO list?
Atharva Polyplast IPO is expected to list on BSE SME on 7 July 2026.
Who is the registrar of Atharva Polyplast IPO?
MUFG Intime India Pvt. Ltd. is the registrar of the IPO.
Who is the lead manager of Atharva Polyplast IPO?
Horizon Management Pvt. Ltd. is the book running lead manager.