Atharva Polyplast IPO subscribed 2.39x, retail leads
Atharva Polyplast Limited's IPO was subscribed 2.39 times, led by retail investors at 2.82x and QIBs at 1.18x. The ₹19 crore fresh issue, open from 30-Jun-2026 to 02-Jul-2026, will fund working capital and debt repayment. The company reported a PAT of ₹5.29 crore in FY2025, up from ₹2.00 crore in FY2024.
*this image is generated using AI for illustrative purposes only.
Atharva Polyplast Limited's initial public offering (IPO) was subscribed 2.39 times, with retail investors showing the strongest interest. The issue, which aimed to raise ₹19 crore through a fresh issue, received bids for 2.82 times the allocated quota from retail individual investors. Qualified Institutional Buyers (QIBs) subscribed 1.18 times their portion, while Non-Institutional Investors (NIIs) saw varied demand, with sHNIs subscribing 3.59 times and bHNIs 2.73 times. The company's employees did not participate in the subscription process.
IPO Structure and Financials
The public issue, which opened on 30-Jun-2026 and closed on 02-Jul-2026, comprised a fresh issue with no Offer for Sale (OFS). Atharva Polyplast plans to utilise the net proceeds of ₹19 crore for funding working capital requirements (₹13 crore), repayment of borrowings (₹3 crore), and capital expenditure (₹3 crore). This capital infusion follows a significant turnaround in profitability, with profit after tax (PAT) rising to ₹5.29 crore in FY2025 from ₹2.00 crore in FY2024.
Operational Metrics
The company reported revenue from operations of ₹47.54 crore in FY2025, up from ₹41.49 crore in FY2024. For the 10-month period ended 31-Jan-2026, revenue stood at ₹42.42 crore. PAT margins expanded from 4.64% in FY2024 to 10.78% in FY2025, maintaining the same level in the 10-month period of FY2026. The debt-to-equity ratio improved substantially from 3.23x in FY2024 to 1.40x in 10M FY2026.
| Metric | FY2024 | FY2025 | 10M FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 41.49 | 47.54 | 42.42 |
| Total Revenue (₹ Cr) | 43.09 | 49.06 | 43.90 |
| Profit Before Tax (₹ Cr) | 2.62 | 6.55 | 5.94 |
| Total Profit (PAT) (₹ Cr) | 2.00 | 5.29 | 4.73 |
| PAT Margin (%) | 4.64% | 10.78% | 10.78% |
Business Profile and Risks
Atharva Polyplast specialises in injection-moulded components for furniture, home appliances, and automotive assemblies, with the furniture segment contributing approximately 51% of revenue. The DRHP highlighted high customer concentration, with the top customer accounting for 51.76% of revenue and the top 10 customers making up 97.78%. The company operates from a single manufacturing facility in Satara District, Maharashtra, which generates 95.86% of its revenue.
How will the reduction in debt-to-equity ratio impact the company's cost of capital and future borrowing capacity?
What strategies is Atharva Polyplast implementing to mitigate the risks associated with high customer concentration?
Can the company sustain the current PAT margin expansion of 10.78% once the working capital infusion is fully utilized?
19
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
