Injecto Polymers IPO DRHP: ₹375.53 Cr revenue; ₹40.50 Cr fresh issue; opens Sep 11
- Injecto Polymers files DRHP for ₹40.50 crore fresh issue; IPO opens Sep 11, 2026
- FY26 revenue reaches ₹375.53 crore with PAT of ₹16.01 crore
- Proceeds to fund Phase IV expansion and repay ₹10 crore debt
- Key risks include negative operating cash flows and high leverage
*this image is generated using AI for illustrative purposes only.
Injecto Polymers Limited, a West Bengal-based packaging manufacturer, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company, which manufactures polypropylene woven fabrics and bags, reports revenue of ₹375.53 crore for FY2026. The IPO is scheduled to open on September 11, 2026, with proceeds earmarked for Phase IV capacity expansion and debt reduction.
About the Company
Incorporated in 1998, Injecto Polymers operates two manufacturing units in West Bengal with a combined installed capacity of 18,070 MT. The company specializes in Polypropylene (PP) Woven Fabrics, PP Woven Bags, BOPP Bags, FIBC Bags, Non-Woven Bags, and Leno Bags. It also trades plastic granules and PVC resins. Its B2B clientele spans agriculture, construction, textiles, chemicals, and consumer goods sectors. Promoters Ramesh Kumar Rateria and Ashok Kumar Rateria bring a combined 65 years of industry experience.
Financial Performance
The company demonstrated significant growth in recent fiscal years. Revenue from operations increased from ₹109.05 crore in FY2024 to ₹375.53 crore in FY2026. Net profit (PAT) rose from ₹4.44 crore in FY2024 to ₹16.01 crore in FY2026.
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 109.05 | 261.48 | 375.53 |
| Profit Before Tax | 4.94 | 11.20 | 23.45 |
| Total Profit (PAT) | 4.44 | 8.11 | 16.01 |
| Total Assets | 121.25 | 170.57 | 270.93 |
| Total Equity | 21.22 | 47.33 | 63.34 |
Operating cash flows were negative across the three-year period, widening to -₹48.80 crore in FY2026, reflecting high working capital requirements associated with rapid revenue scaling.
Why the Company Is Raising Funds
The company intends to utilize the net proceeds from the fresh issue for the following purposes:
- Repayment of outstanding borrowings: ₹10.00 crore
- Phase IV capacity expansion at Unit-I: ₹30.50 crore
- General corporate purposes: Balance proceeds
Business Strengths
- Customized Solutions: Expertise in designing customized packaging solutions for diverse industries.
- Locational Advantage: Manufacturing units in West Bengal provide proximity to major rice-producing belts and key logistics hubs in Odisha, Jharkhand, and Bihar.
- Quality Certifications: Operations are ISO 9001:2015, ISO 22000:2018, and BIS certified.
- Experienced Management: Promoters possess deep industry knowledge and long-standing customer relationships.
Key Risks
- Negative Operating Cash Flows: Operating cash flows have been negative for three consecutive years, indicating reliance on financing activities to fund operations.
- High Leverage: Total liabilities stood at ₹207.59 crore in FY2026, with current liabilities increasing significantly to ₹195.84 crore.
- Raw Material Volatility: Dependence on polypropylene granules and PVC resins exposes the company to crude oil price fluctuations.
- Geographic Concentration: Both manufacturing units are located in West Bengal, creating regional operational risk.
Important IPO Dates
- IPO Open Date: 11-Sep-2026
- IPO Close Date: 16-Sep-2026
- Allotment Date: 17-Sep-2026
- Listing Date: 21-Sep-2026
Bottom Line
Injecto Polymers presents a high-growth revenue profile with strong expansion plans funded by its upcoming IPO. While profitability has improved, persistent negative operating cash flows and high working capital intensity remain key factors alongside the execution of its Phase IV capacity expansion.
How will Injecto Polymers address its persistent negative operating cash flows post-listing, and what specific working capital management strategies are in place?
What is the expected timeline for the Phase IV capacity expansion to break even, and how will increased production impact margins given raw material volatility?
Given the high leverage and current liabilities, what is the projected debt-to-equity ratio after the IPO proceeds are utilized for debt repayment?
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