Antala Industries IPO Review: Key Details, Company Overview and Financials
- October 27, 2026
- Posted by: Harsh Piplani
- Category: IPO
Antala Industries IPO price band Rs 63 to Rs 67. Opens 29 Oct, closes 2 Nov 2026. Fresh issue up to Rs 23 Cr. Lists 5 Nov on BSE SME.
Quick Answer
The Antala Industries IPO is a 100 percent fresh issue of 34,82,000 shares worth up to Rs 23 crore, priced at Rs 63 to Rs 67 per share and open from 29 October to 2 November 2026 on the BSE SME platform. One lot of 2,000 shares costs Rs 1,34,000 at the upper band, and retail bidders apply for two lots at Rs 2,68,000. The Rajkot packaging maker earned Rs 4.24 crore in FY26 and the upper band works out to about 19 times that after the new shares (computed), but it has only 11 employees and was incorporated in August 2024.
The Antala Industries IPO is a bookbuilding SME issue consisting entirely of a fresh issue of 34,82,000 equity shares of face value Rs 10 each, aggregating up to Rs 23 crore at the upper band, with no offer for sale. Of these, 1,76,000 shares are reserved for the market maker. The issue opens on 29 October 2026 and closes on 2 November 2026. Allotment is expected on 3 November, refunds and demat credit on 4 November, and the shares are tentatively proposed to list on the BSE SME platform on 5 November 2026.
The price band is Rs 63 to Rs 67 per share with a lot size of 2,000 shares, so one lot needs Rs 1,34,000 at the upper band. Retail investors must apply for at least 2 lots (4,000 shares, Rs 2,68,000), and small HNI bids run from 3 lots (Rs 4,02,000) to 7 lots (Rs 9,38,000). The quota is unusual: retail investors get 83.48 percent of the net offer, non-institutional investors 15.43 percent and qualified institutional buyers only 1.09 percent.
Vatsa Capital Venture Pvt. Ltd. is the book-running lead manager for the Antala Industries issue, Bigshare Services Pvt. Ltd. is the registrar and Asnani Stock Broker Pvt. Ltd. is the market maker.
For detailed information on the company’s business, financials, risk factors and the use of proceeds, investors should refer to the Antala Industries Red Herring Prospectus (RHP) before making an investment decision.
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Company Overview
Incorporated in August 2024 and based in Rajkot, Gujarat, Antala Industries Limited makes and supplies industrial and commercial packaging. Its products include BOPP bags, BOPP printing and lamination rolls, PP woven bags and PP woven lamination rolls for the food, fertilizer, chemical, cement and seed industries.
The company holds ISO 9001:2015, ISO 14001:2015, ISO 22000:2018 and ISO 45001:2018 certifications and had 11 employees at 30 September 2026. Promoters, who are members of the Antala family, hold 72.92 percent before the issue, which falls to about 52 percent after it (computed). Although the company was incorporated in 2024, the tracker shows results from FY24, which suggests an earlier business was taken over, and the RHP should be read to confirm this.
Read on for the complete Antala Industries IPO details, including dates, issue structure, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 29 October to 2 November 2026 |
| Allotment | Tue, 3 November 2026 (tentative) |
| Refunds and Demat Credit | Wed, 4 November 2026 (tentative) |
| Listing Date | Thu, 5 November 2026 (tentative) |
| Face Value | Rs 10 per share |
| Price Band | Rs 63 to Rs 67 |
| Lot Size | 2,000 Shares |
| Minimum Application (Retail) | 2 lots, 4,000 shares, Rs 2,68,000 |
| Minimum Application (sNII) | 3 lots, 6,000 shares, Rs 4,02,000 |
| Issue Type | Bookbuilding IPO (SME) |
| Sale Type | Fresh Issue only (no OFS) |
| Total Issue Size | 34,82,000 shares (agg. up to Rs 23 Cr) |
| Market Maker Reservation | 1,76,000 shares (Asnani Stock Broker) |
| Quota in Net Offer | QIB 1.09% / NII 15.43% / Retail 83.48% |
| Shares Outstanding (pre and post issue) | 86,74,736 and 1,21,56,736 |
| Promoter Holding | 72.92% pre-issue; about 52% post-issue (computed) |
| Market Cap at Upper Band | Rs 58.12 Cr pre-issue; Rs 81.45 Cr post-issue |
| Listing Exchange | BSE SME |
| Lead Manager | Vatsa Capital Venture |
| Registrar | Bigshare Services |
(Compiled from the DRHP/RHP and market updates)
Industry Context
- Packaging demand follows the movement of food, fertilizer, cement, chemicals and seeds, so it grows with farm output and industrial activity.
- Woven polypropylene and BOPP bags are widely used for bulk goods because they are strong and light, and printed BOPP bags suit branded food and seed packs.
- Raw material is mostly polypropylene granules, so prices move with petrochemical costs and margins depend on passing those on.
- The industry has many small regional makers, so scale, quality certification and long-term buyers decide who earns steady orders.
- Investors usually track capacity use, raw material cost, customer concentration and working capital days.
Business Strengths
Here are the key strengths investors evaluating the Antala Industries IPO should weigh:
- Fast growth: total income rose from Rs 12.59 crore in FY24 to Rs 31.98 crore in FY25 and Rs 47.53 crore in FY26, and profit after tax rose from Rs 0.89 crore to Rs 1.82 crore and Rs 4.24 crore.
- Low debt: borrowings were Rs 1.75 crore at September 2026 against net worth of Rs 22.17 crore, a debt to equity ratio of 0.08.
- Good margins and returns, with EBITDA margin of 19.12 percent and PAT margin of 13.90 percent in the six months to September 2026, and return on capital employed of 26.61 percent.
- A product range covering bags and rolls for several industries, with four ISO certifications.
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Business Risks
Alongside these strengths, the Antala Industries issue also carries the following business risks:
- The company is tiny: it had 11 employees at 30 September 2026 yet reports total income of Rs 47.53 crore for FY26, so a few customers or a single machine can swing results.
- The track record is short, since the company was incorporated in August 2024, and net worth jumped from Rs 3.54 crore at March 2024 to Rs 12.19 crore at March 2025, which should be understood from the RHP.
- Valuation is not low on our arithmetic: the post-issue market cap of Rs 81.45 crore is about 19 times FY26 profit and about 3.2 times book value. A tracker’s lower P/E of 9.7 uses annualised half-year earnings.
- Polypropylene prices can squeeze margins, and Rs 10.68 crore of the proceeds is for working capital, which shows how much cash the business needs as it grows.
- Qualified institutions get only about 1 percent of the offer, so the issue relies on retail demand, and SME shares are often thinly traded after listing.
Financial Performance
The Antala Industries IPO follows a sharp rise in sales and profit. Total income was Rs 12.59 crore in FY24, Rs 31.98 crore in FY25 and Rs 47.53 crore in FY26, while profit after tax was Rs 0.89 crore, Rs 1.82 crore and Rs 4.24 crore. In the six months to September 2026, total income was Rs 30.20 crore and profit after tax was Rs 4.19 crore.
Antala Industries Ltd. – Financials (Rs in Crore)
| Particulars | 6M to Sep 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|---|
| Total Income | 30.20 | 47.53 | 31.98 | 12.59 |
| EBITDA | 5.76 | 6.15 | 2.82 | 1.36 |
| Profit After Tax (PAT) | 4.19 | 4.24 | 1.82 | 0.89 |
| Net Worth | 22.17 | 17.03 | 12.19 | 3.54 |
| Total Borrowings | 1.75 | 4.19 | 3.85 | 0.36 |
| Total Assets | 34.88 | 28.41 | 25.47 | 5.97 |
Amounts in Rs Crore, restated figures compiled from published Antala Industries IPO disclosures and trackers. The six-month column is not comparable with full-year columns.
Key Ratios and Metrics
The table below summarises the key ratios for the Antala Industries issue as published by trackers, plus our own valuation arithmetic. The computed rows are not announced numbers.
These ratios offer a quick snapshot of the profitability and balance sheet behind the Antala Industries IPO.
| KPI (FY26) | Value |
|---|---|
| Return on Equity (RoE) | 33.26% (21.36% for 6M to Sep 2026) |
| Return on Capital Employed (RoCE) | 42.23% |
| Return on Net Worth (RoNW) | 24.88% |
| EBITDA Margin | 12.97% |
| PAT Margin | 8.94% |
| Debt to Equity | 0.25 (0.08 at Sep 2026) |
| Net Asset Value per Share | Rs 20.67 |
| Earnings per Share (pre-issue) | Rs 4.88 |
| Pre-Issue P/E at Rs 67 on FY26 profit (computed) | About 13.7x |
| Post-Issue P/E at Rs 67 on FY26 profit (computed) | About 19.2x |
| Price to Book (tracker) | About 3.2x |
Objects of the Offer
The company proposes to use the net proceeds of the fresh issue in the Antala Industries IPO towards the following objects.
- Funding working capital requirements (Rs 10.68 Cr)
- Purchase of machinery (capital expenditure) (Rs 5.89 Cr)
- General corporate purposes (balance, about Rs 6.76 Cr computed before issue expenses)
Because the whole issue is fresh, all proceeds go to the company, subject to issue expenses, and the object amounts should be confirmed in the RHP.
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Conclusion
Here is the bottom line on the Antala Industries IPO.
The Antala Industries issue offers exposure to a small, fast-growing packaging maker with low debt, good margins and a plan to add machinery.
The cautions are a very small team and base, a short track record, a valuation of about 19 times FY26 earnings after the new shares, polypropylene price exposure and SME liquidity.
Overall, investors weighing the Antala Industries issue should read the Red Herring Prospectus (RHP) for customer concentration, the history of the business and the change in net worth, and match the position size to their own risk profile, keeping SME liquidity in mind.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
When does the Antala Industries IPO open and close?
Ans. The Antala Industries IPO opens for subscription on 29 October 2026 and closes on 2 November 2026. Allotment is expected on 3 November, and the shares are tentatively proposed to list on the BSE SME platform on 5 November 2026.
What is the price band and minimum investment for the Antala Industries IPO?
Ans. The price band is Rs 63 to Rs 67 per share with a lot size of 2,000 shares. Retail investors must apply for at least 2 lots (4,000 shares), which needs Rs 2,68,000 at the upper band, and small HNI investors need at least 3 lots, or Rs 4,02,000.
What does Antala Industries do?
Ans. Antala Industries is a Rajkot-based maker of industrial and commercial packaging, including BOPP bags, PP woven bags and printing and lamination rolls, for the food, fertilizer, chemical, cement and seed industries.
Is the Antala Industries IPO a fresh issue or an offer for sale?
Ans. It is a 100 percent fresh issue of 34,82,000 equity shares worth up to Rs 23 crore, so all proceeds go to the company, subject to issue expenses.
How will Antala Industries use the IPO money?
Ans. The company plans to use Rs 10.68 crore for working capital and Rs 5.89 crore to buy machinery, with the balance of about Rs 6.76 crore for general corporate purposes, before issue expenses.
How has Antala Industries performed financially?
Ans. Total income rose from Rs 31.98 crore in FY25 to Rs 47.53 crore in FY26, and profit after tax rose from Rs 1.82 crore to Rs 4.24 crore. In the six months to September 2026, income was Rs 30.20 crore and profit was Rs 4.19 crore.
Is the Antala Industries IPO expensive?
Ans. A tracker shows a P/E of about 9.7 times, but that uses annualised half-year earnings. On FY26 profit of Rs 4.24 crore, the post-issue market cap of Rs 81.45 crore gives about 19 times earnings and about 3.2 times book value.
What are the main risks in the Antala Industries IPO?
Ans. The main risks are a tiny team of 11 employees, a short track record since August 2024, polypropylene price swings, heavy reliance on retail demand because qualified institutions get about 1 percent, and thin trading in SME shares.
Who are the lead manager and registrar for the Antala Industries IPO?
Ans. Vatsa Capital Venture Pvt. Ltd. is the book-running lead manager, Bigshare Services Pvt. Ltd. is the registrar and Asnani Stock Broker Pvt. Ltd. is the market maker.
Is the Antala Industries IPO a good investment?
Ans. The Antala Industries issue offers fast growth, low debt and good margins, but a tiny team, a short history and SME liquidity risk call for caution. Read the prospectus, and size the position to your own risk appetite before applying.
