Shakti Polytarp IPO Review: Key Details, Company Overview and Financials

The Shakti Polytarp IPO is a bookbuilding issue of Rs 26.93 crore, comprising an entirely fresh issue of up to 53,85,000 equity shares, with no offer for sale component. The IPO will open for subscription on 15 September 2026 and close on 17 September 2026. The allotment is expected to be finalised on 18 September 2026, while the shares are proposed to list on the SME platform of BSE around 22 September 2026.

The Shakti Polytarp IPO price band is set at Rs 56 to Rs 59 per share, with a lot size of 2,000 shares. Individual investors must apply for a minimum of 2 lots (4,000 shares), requiring an investment of Rs 2,36,000 at the upper price band.

NEXGEN Financial Solutions Pvt. Ltd. is the book-running lead manager for the Shakti Polytarp IPO, while Skyline Financial 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 Shakti Polytarp IPO Red Herring Prospectus (RHP) before making an investment decision.

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Company Overview

Shakti Polytarp Limited is engaged in the manufacturing of tarpaulin and other products including Shade Net. A tarpaulin is a large, strong, flexible and water-resistant sheet used to cover and protect objects from environmental elements, and the company's products find applications across agriculture, construction, automotive, transportation and logistics, and consumer goods industries.

The company offers end-to-end services, assisting clients in selecting the right type of tarpaulin for their applications while also providing design and customisation options according to intended use. A significant portion of the fresh issue proceeds is earmarked for machinery at the company's Nimrani manufacturing facility, supporting capacity expansion.

Read on for the complete Shakti Polytarp IPO details, including price band, lot size, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	15 to 17 September 2026
Allotment	Fri, 18 September 2026
Listing Date	Tue, 22 September 2026 (tentative)
Face Value	Rs 10 per share
Price Band	Rs 56 to Rs 59
Lot Size	2,000 Shares
Issue Type	Bookbuilding IPO
Sale Type	Fresh Issue only (no OFS)
Total Issue Size	Up to 53,85,000 shares (agg. up to Rs 26.93 Cr)
Fresh Issue	Up to 53,85,000 shares (agg. up to Rs 26.93 Cr)
Offer for Sale	Nil
Investor Reservation	QIB: 50%; Retail: 35%; NII (HNI): 15% of the net offer
Listing Exchange	BSE SME

(Compiled from the RHP/DRHP and market updates)

Industry Context

• Tarpaulin and Shade Net products serve a broad range of end uses, from protecting agricultural produce and construction materials to covering vehicles and goods during transportation and logistics.
• Demand for tarpaulin and allied woven products is closely tied to activity in agriculture, construction and logistics, all of which have benefited from India's continued infrastructure and farm-sector investment.
• Manufacturers offering design and customisation services, rather than only standard sheet sizes, can differentiate themselves and capture higher value B2B and institutional orders.
• Polymer input costs, linked to crude oil prices, remain a key margin consideration for tarpaulin and technical textile manufacturers.
• Consolidating manufacturing into modern, higher-capacity facilities, as reflected in Shakti Polytarp's planned investment in its Nimrani facility, is a common strategy for scaling production efficiently in this industry.

Business Strengths

Here are the key strengths investors evaluating the Shakti Polytarp IPO should weigh:

• Sharp FY26 financial growth, with revenue up around 30 percent to Rs 216.10 crore and profit after tax up around 102 percent to Rs 10.06 crore.
• A diversified end-use base spanning agriculture, construction, automotive, transportation and logistics, and consumer goods.
• End-to-end customer service, including design and customisation support, differentiating the company from standard-sheet-only competitors.
• The entire Shakti Polytarp IPO is a fresh issue, with a significant share of proceeds directed towards machinery at its Nimrani facility to support capacity growth.

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Business Risks

Alongside these strengths, the Shakti Polytarp IPO also carries the following business risks:

• The business is exposed to polymer input price volatility, which is linked to crude oil costs and can affect margins.
• Very sharp recent profit growth, more than doubling year-on-year, may not be sustainable at the same pace going forward.
• Demand for tarpaulin and Shade Net products is tied to agricultural, construction and logistics sector activity, which can be cyclical.
• As with any SME stock, Shakti Polytarp shares may see limited post-listing liquidity and price volatility.

Financial Performance

The Shakti Polytarp IPO comes after a period of sharp financial growth. The company's revenue increased by around 30 percent and profit after tax rose by around 102 percent between the year ended 31 March 2025 and 31 March 2026.

Shakti Polytarp Ltd. – Financials (Rs in Lakh)

Particulars	Fiscal 2026	Fiscal 2025
Revenue	21,610.00	16,650.00
Profit After Tax (PAT)	1,006.00	497.00
PAT Margin (%)	4.66% (computed)	2.99% (computed)

Amounts in Rs Lakh unless stated otherwise, compiled from published Shakti Polytarp IPO financial disclosures. PAT margin figures are computed from disclosed absolute figures. EBITDA, net worth and total borrowings were not separately available in the sources used for this review; investors should refer to the RHP for the complete restated financial statements.

Key Ratios and Metrics

The table below summarises the key ratios and metrics relevant to the Shakti Polytarp IPO as of the latest reported period.

These ratios offer a quick snapshot of how the Shakti Polytarp IPO is priced relative to the company's profitability and net worth.

KPI (Mar 31, 2026)	Value
Pre-Issue P/E	7.38x
Post-Issue P/E (at upper price)	10.05x
PAT Margin	4.66%

Objects of the Offer

The company proposes to utilise the net proceeds from the Shakti Polytarp IPO towards the following objects.

• Purchase of machinery at the Nimrani manufacturing facility (Rs 19.88 Cr)
• General corporate purposes

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Conclusion

Here is the bottom line on the Shakti Polytarp IPO.

The Shakti Polytarp IPO reflects a fast-growing tarpaulin and Shade Net manufacturer with a diversified end-use base and a fresh-issue-funded capacity expansion plan at its Nimrani facility.

However, polymer price volatility, the sustainability of very sharp recent profit growth, cyclical end-market demand, and typical SME liquidity risk are factors that could affect the investment case for the Shakti Polytarp IPO.

Overall, investors weighing the Shakti Polytarp 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.

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 Shakti Polytarp IPO dates, and when will it list?

Ans. The Shakti Polytarp IPO opens for subscription on 15 September 2026 and closes on 17 September 2026. The allotment is expected to be finalised on 18 September 2026, and the shares are tentatively scheduled to list on the SME platform of BSE around 22 September 2026.

What is the price band and minimum investment for the Shakti Polytarp IPO?

Ans. The price band for the Shakti Polytarp IPO is set at Rs 56 to Rs 59 per equity share, with a lot size of 2,000 shares. Individual investors must apply for a minimum of 2 lots, or 4,000 shares, requiring an investment of Rs 2,36,000 at the upper price band.

What does Shakti Polytarp Limited actually manufacture?

Ans. Shakti Polytarp manufactures tarpaulin and other products including Shade Net, used to cover and protect goods and structures from environmental elements. The company's products serve applications across agriculture, construction, automotive, transportation and logistics, and consumer goods industries, and it offers end-to-end services including design and customisation support to help clients select the right product for their specific application.

Is the Shakti Polytarp IPO a fresh issue or does it include an offer for sale?

Ans. The entire Rs 26.93 crore Shakti Polytarp IPO is structured as a fresh issue of up to 53,85,000 equity shares, with no offer for sale component. This means, subject to issue expenses, all of the proceeds raised will flow into the company to fund its stated objects rather than providing an exit for existing shareholders.

How will Shakti Polytarp use the proceeds from its fresh issue?

Ans. The largest allocation, Rs 19.88 crore, is earmarked for the purchase of machinery at the company's Nimrani manufacturing facility, which should support capacity expansion and production efficiency. The remaining amount from the fresh issue will go towards general corporate purposes.

What are the key strengths highlighted for the Shakti Polytarp IPO?

Ans. Shakti Polytarp has delivered sharp FY26 financial growth, with revenue up around 30 percent to Rs 216.10 crore and profit after tax up around 102 percent to Rs 10.06 crore, more than doubling year-on-year. The company's diversified end-use base spanning agriculture, construction, automotive, transportation and consumer goods, combined with its end-to-end design and customisation service offering, support a reasonably differentiated position for an SME manufacturer of its scale.

What are the main risks or concerns flagged for the Shakti Polytarp IPO?

Ans. The business is exposed to polymer input price volatility, which is linked to crude oil costs and can compress margins on fixed-price orders. The company's very sharp recent profit growth, more than doubling year-on-year in FY26, may not be sustainable at the same pace going forward, and demand for tarpaulin and Shade Net products is tied to agricultural, construction and logistics sector activity, which can be cyclical. As with any SME stock, post-listing liquidity may also be limited.

Who are the lead manager and registrar for the Shakti Polytarp IPO?

Ans. NEXGEN Financial Solutions Pvt. Ltd. is the book-running lead manager for the Shakti Polytarp IPO, responsible for structuring and managing the offer process. Skyline Financial 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 Shakti Polytarp IPO a good investment?

Ans. Shakti Polytarp offers exposure to a fast-growing, diversified tarpaulin and Shade Net manufacturer with a fresh-issue-funded capacity expansion plan, which will interest investors comfortable with SME-scale industrial products businesses. At the same time, polymer price volatility and the sustainability of very sharp recent profit growth are factors that call for a careful, selective approach. As always, investors should study the RHP in detail and assess their own risk appetite before applying.