Injecto Polymers IPO Review: Key Details, Company Overview and Financials
- September 9, 2026
- Posted by: Lakshit Sharma
- Category: Market
Injecto Polymers IPO price band Rs 90 to Rs 100. Opens 11 Sep, closes 16 Sep 2026. Issue size Rs 56.12 Cr. Lists 21 Sep on BSE SME.
Quick Answer
The Injecto Polymers IPO is a Rs 56.12 crore bookbuilding SME issue priced between Rs 90 and Rs 100 per share, open for bidding from 11 to 16 September 2026. The West Bengal based packaging products manufacturer is raising the entire issue as a fresh issue, with no offer for sale. Shares are proposed to list on BSE SME around 21 September 2026, on the back of FY25 revenue growth of 138 percent and profit growth of 83 percent, though borrowings remain high relative to net worth.
The Injecto Polymers IPO is a bookbuilding issue of Rs 56.12 crore, comprising an entirely fresh issue of 56,12,000 equity shares, with no offer for sale component. The IPO will open for subscription on 11 September 2026 and close on 16 September 2026. The allotment is expected to be finalised on 17 September 2026, while the shares are proposed to list on the SME platform of BSE around 21 September 2026.
The Injecto Polymers IPO price band is set at Rs 90 to Rs 100 per share, with a lot size of 1,200 shares. Individual investors must apply for a minimum of 2 lots (2,400 shares), requiring an investment of Rs 2,40,000 at the upper price band.
Indcap Advisors Pvt. Ltd. is the book-running lead manager for the Injecto Polymers IPO, while Integrated Registry Management Services Pvt. Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Injecto Polymers IPO Red Herring Prospectus (RHP) before making an investment decision.
Click Here – Get Free Investment Predictions
Company Overview
Incorporated in 1998, Injecto Polymers Limited manufactures packaging products and trades in plastic granules and PVC resins. Its product portfolio includes polypropylene woven fabrics and bags, BOPP bags, Leno bags, LD and polyester pouches, FIBC bags and non-woven bags, sold through a B2B model with customised sizes and specifications for its customers.
Injecto Polymers serves customers across agriculture, food, pharmaceuticals, textiles, chemicals, construction and consumer-goods industries, operating two manufacturing units in West Bengal, with Unit I at Jaugram, Jamalpur and Unit II at Howrah. The company maintains in-house testing facilities and holds ISO 9001:2015, ISO 22000:2018 and BIS certification for food-grade packaging, supporting product credibility across its diversified customer base.
Read on for the complete Injecto Polymers IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 11 to 16 September 2026 |
| Allotment | Thu, 17 September 2026 |
| Listing Date | Mon, 21 September 2026 (tentative) |
| Face Value | Rs 10 per share |
| Price Band | Rs 90 to Rs 100 |
| Lot Size | 1,200 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue only (no OFS) |
| Total Issue Size | 56,12,000 shares (agg. up to Rs 56.12 Cr) |
| Fresh Issue | 56,12,000 shares (agg. up to Rs 56.12 Cr) |
| Offer for Sale | Nil |
| Market Maker Reservation | 2,83,200 Shares |
| Market Capitalisation (post-issue, at upper price) | Rs 207.90 Cr |
| Listing Exchange | BSE SME |
(Compiled from the RHP/DRHP and market updates)
Industry Context
- India’s flexible and industrial packaging industry serves a wide base of end markets, including agriculture, food processing, pharmaceuticals, chemicals, construction and consumer goods, giving diversified packaging manufacturers a broad and relatively resilient demand base.
- Woven sacks, FIBC bags and BOPP-laminated packaging remain the preferred choice for bulk agricultural and industrial goods in India due to their strength, cost efficiency and durability compared with older packaging formats.
- Packaging manufacturers with in-house testing capabilities and quality certifications such as ISO and BIS food-grade approval are better positioned to win business from larger, quality-conscious B2B customers across regulated industries like food and pharmaceuticals.
- Profitability in this industry is closely tied to the cost of polymer raw materials such as polypropylene and PVC resins, which are linked to crude oil prices and can be volatile.
- Regional packaging clusters in states like West Bengal benefit from established raw material supply chains and labour availability, supporting manufacturers based in these hubs.
Business Strengths
Here are the key strengths investors evaluating the Injecto Polymers IPO should weigh:
- An established operating history dating back to 1998, with a diversified packaging portfolio serving agriculture, food, pharmaceuticals, textiles, chemicals, construction and consumer-goods customers.
- Sharp FY25 financial improvement, with total income up around 138 percent to Rs 261.85 crore and profit after tax up around 83 percent to Rs 8.11 crore, alongside ROE of 28.94 percent and RoNW of 25.28 percent.
- Multiple quality certifications, including ISO 9001:2015, ISO 22000:2018 and BIS food-grade approval, along with in-house testing facilities that support product credibility.
- The entire Injecto Polymers IPO is a fresh issue, with proceeds earmarked for capacity expansion and debt reduction rather than a promoter exit.
Screen packaging and plastic products stocks on the Univest Screener
Business Risks
Alongside these strengths, the Injecto Polymers IPO also carries the following business risks:
- Total borrowings of Rs 101.11 crore are high relative to a net worth of Rs 47.33 crore, and while Rs 12.60 crore from the IPO proceeds will go towards debt repayment, debt levels remain a significant factor to monitor.
- At the upper price band, the post-issue P/E of around 25.64 times is not inexpensive for an SME packaging company, leaving limited room for operational disappointment.
- Profitability remains sensitive to polymer and resin price volatility, and PAT margins remain modest relative to the scale of revenue.
- As with any SME stock, Injecto Polymers shares may experience limited post-listing liquidity and price volatility.
Financial Performance
The Injecto Polymers IPO comes after a sharp improvement in financial performance. The company’s total income increased by around 138 percent and profit after tax rose by around 83 percent between the year ended 31 March 2024 and 31 March 2025.
Injecto Polymers Ltd. – Financials (Rs in Lakh)
| Particulars | Fiscal 2025 | Fiscal 2024 |
|---|---|---|
| Total Income | 26,185.00 | 10,980.00 |
| EBITDA | 2,257.00 | Not separately disclosed |
| EBITDA Margin (%) | 8.62% (computed) | Not separately disclosed |
| Profit After Tax (PAT) | 811.00 | 444.00 |
| Net Worth | 4,733.00 | Not separately disclosed |
| Total Borrowings | 10,111.00 | Not separately disclosed |
Amounts in Rs Lakh unless stated otherwise, compiled from published Injecto Polymers IPO financial disclosures. EBITDA margin is computed from disclosed absolute figures. Only two fiscal years of summary financials were available in the sources used for this review; investors should refer to the RHP for the complete three-year restated financial statements.
Key Ratios and Metrics
The table below summarises the key ratios and metrics relevant to the Injecto Polymers IPO as of the latest reported period.
These ratios offer a quick snapshot of how the Injecto Polymers IPO is priced relative to the company’s profitability and net worth.
| KPI (Mar 31, 2025) | Value |
|---|---|
| Return on Equity (ROE) | 28.94% |
| Return on Net Worth (RoNW) | 25.28% |
| Post-Issue P/E (at upper price) | ~25.64x |
| Market Capitalisation (post-issue) | Rs 207.90 Cr |
Objects of the Offer
The company proposes to utilise the net proceeds from the Injecto Polymers IPO towards the following objects.
- Phase IV expansion at the Unit I manufacturing facility in Jaugram (Rs 29.29 Cr)
- Repayment or prepayment of borrowings (Rs 12.60 Cr)
- General corporate purposes
Download the Univest iOS App or Univest Android App to track the Injecto Polymers IPO and get daily stock recommendations.
Conclusion
Here is the bottom line on the Injecto Polymers IPO.
The Injecto Polymers IPO reflects an established packaging manufacturer with a diversified customer base, multiple quality certifications, and sharply improving financial performance in FY25.
However, high borrowings relative to net worth, a full post-issue valuation, and sensitivity to polymer price volatility are factors that could affect the investment case for the Injecto Polymers IPO.
Overall, investors weighing the Injecto Polymers IPO should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites 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
What are the Injecto Polymers IPO dates, and when will it list?
Ans. The Injecto Polymers IPO opens for subscription on 11 September 2026 and closes on 16 September 2026. The allotment is expected to be finalised on 17 September 2026, and the shares are tentatively scheduled to list on the SME platform of BSE around 21 September 2026.
What is the price band and minimum investment for the Injecto Polymers IPO?
Ans. The price band for the Injecto Polymers IPO is set at Rs 90 to Rs 100 per equity share, with a lot size of 1,200 shares. Individual investors must apply for a minimum of 2 lots, or 2,400 shares, requiring an investment of Rs 2,40,000 at the upper price band.
What does Injecto Polymers Limited actually manufacture?
Ans. Injecto Polymers manufactures a range of packaging products, including polypropylene woven fabrics and bags, BOPP bags, Leno bags, LD and polyester pouches, FIBC bags and non-woven bags, and also trades in plastic granules and PVC resins. The company follows a B2B model, providing customised packaging solutions in multiple sizes and specifications to customers across agriculture, food, pharmaceuticals, textiles, chemicals, construction and consumer-goods industries, from its two manufacturing units in West Bengal.
How will Injecto Polymers use the proceeds from its fresh issue?
Ans. The largest allocation, Rs 29.29 crore, is earmarked for Phase IV expansion at the company’s Unit I manufacturing facility in Jaugram, which should expand production capacity. A further Rs 12.60 crore is set aside for repayment or prepayment of borrowings, which should help ease the burden of the company’s Rs 101.11 crore in total borrowings, with the remaining amount going towards general corporate purposes.
What are the key strengths highlighted for the Injecto Polymers IPO?
Ans. Injecto Polymers brings more than two decades of operating history in packaging manufacturing, with a diversified product portfolio and customer base spanning agriculture, food, pharmaceuticals, textiles, chemicals, construction and consumer goods. The company delivered sharp FY25 growth, with total income up around 138 percent and profit after tax up around 83 percent, alongside strong return ratios of 28.94 percent ROE and 25.28 percent RoNW. Its ISO 9001:2015, ISO 22000:2018 and BIS food-grade certifications, combined with in-house testing facilities, also support its credibility with quality-conscious B2B customers.
What are the main risks or concerns flagged for the Injecto Polymers IPO?
Ans. The most significant financial concern is the company’s total borrowings of Rs 101.11 crore, which are high relative to its net worth of Rs 47.33 crore, and while some of the IPO proceeds will go towards debt repayment, the debt burden remains an important factor for investors to monitor going forward. At the upper price band, the post-issue P/E of around 25.64 times is not inexpensive for an SME packaging company, which leaves limited room for any operational disappointment. The business also remains exposed to volatility in polymer and PVC resin prices, which are linked to crude oil costs, and as with any SME stock, Injecto Polymers shares could see limited post-listing liquidity.
Who are the lead manager and registrar for the Injecto Polymers IPO?
Ans. Indcap Advisors Pvt. Ltd. is the book-running lead manager for the Injecto Polymers IPO, responsible for structuring and managing the offer process. Integrated Registry Management Services Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants’ demat accounts.
Is the Injecto Polymers IPO a good investment?
Ans. Injecto Polymers offers exposure to an established, diversified packaging manufacturer with sharply improving FY25 financial performance and strong return ratios, which will interest investors comfortable with SME-scale opportunities. At the same time, high borrowings relative to net worth and a fairly full post-issue valuation mean the issue is best suited to investors with a higher risk appetite. As always, investors should review the RHP in detail, monitor GMP and subscription trends, and assess their own risk tolerance before applying.