Antala Industries IPO
The Antala Industries IPO of ₹22.98 crore closed for bidding on 5 November 2026 (price band ₹62 to ₹66). Allotment is expected on 6 November 2026 and shares are expected to list on BSE SME on 11 November 2026.
- Minimum investment
- ₹2,64,0002 lots of 2,000 shares, at the upper price
- Price band
- ₹62 to ₹66
- Lot size
- 2,000 sharesApply for 2 lots minimum
- Issue size
- ₹22.98 croreFresh issue only
- Bidding
- 29 Oct to 5 Nov
- Listing
- 11 NovBSE SME, expected
Dates
Antala Industries IPO dates
RHP cover page for the open date; BSE issue details (2 Nov 2026) for the extended close; later dates are our T+3 estimate, skipping the 10 Nov trading holiday- 29 OctBidding opens
- 5 NovBidding closes, UPI by 5 pm
- 6 NovAllotment (expected)
- 9 NovRefunds and demat credit (expected)
- 11 NovListing (expected)
Read before you apply
Antala Industries IPO review: read before you apply
Worth checking
- SeriousCash going out as the business grows
Operating cash flow was -₹4.88 crore in FY26 and negative in FY25, mainly as inventory rose. It turned positive at ₹1.15 crore in April to September 2026 (Risk factor 7).
- SeriousRecent shares issued at low prices
Shares were issued at ₹15.45 in January and February 2026 and at ₹21.85 in May 2026. The main promoter's average cost is ₹7.04 a share (Risk factors 28 and 29, RHP Basis for Issue Price).
- Short history as a company
It became a company only in August 2024, converted from the partnership firm Octagon Industries, so FY25 figures combine the firm and the company (RHP, Our Business and Basis for Issue Price).
- Mostly one state
Gujarat gave 71.08% of FY26 revenue (RHP, Risk Factors, p. 21).
- Tax demand
An income tax demand of ₹0.71 crore was raised for AY 2025-26; ₹0.51 crore has been paid and about ₹0.21 crore is shown as due (RHP, Outstanding Litigation, p. 263).
Strengths
- Fast revenue growth
Revenue grew 94.7% a year from FY24 to FY26 to ₹47.40 crore (our calculation from the restated financial statements).
- Margins improving
EBITDA margin rose from 8.85% in FY25 to 12.97% in FY26 and 19.12% in April to September 2026 (RHP, Basis for Issue Price, KPIs).
- Low debt
Debt to equity was 0.25 in FY26 and 0.08 in September 2026 (RHP, Basis for Issue Price, ratios).
- Spread of customers
The top 10 customers gave 47.43% of FY26 revenue (RHP, Our Business, p. 137).
What Antala Industries does
Antala Industries makes and prints packaging: BOPP bags, BOPP printed and laminated rolls, PP woven bags and PP woven fabric rolls. Its customers include food processing, fertiliser, chemical, cement and seed companies.
It began as the partnership firm Octagon Industries in 2021 and became a company in August 2024. It has one integrated plant at Shapar, Rajkot, Gujarat. Its promoters are members of the Antala family, led by Rajeshkumar Chandulal Antala.
Subscription
Antala Industries IPO subscription status
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Antala Industries IPO price band, lot size and issue size
RHP cover page and The Issue (p. 52). Of the net issue of 33,06,000 shares, up to 36,000 are for QIBs, at least 5,10,000 for non-institutional bidders and at least 27,60,000 for individual investors. Up to 1,76,000 shares are reserved for the market maker. Issue size in rupees is our calculation at the revised upper price of ₹66.| Price band | ₹62 to ₹66 |
| Lot size | 2,000 shares, minimum 2 lots (4,000 shares) |
| Issue size | ₹22.98 crore at the upper price, 34,82,000 shares |
| Fresh issue | ₹22.98 crore |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 88)| Object of the issue | ₹ crore |
|---|---|
| Working capital | 10.68 |
| New machinery | 5.89 |
| General corporate purposes (amount set after pricing, capped at 15% of the issue or ₹10 crore) |
Minimum and maximum investment
Our calculation: at ₹66 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 4,000 | ₹2,64,000 |
| Small NII (min) | 3 | 6,000 | ₹3,96,000 |
| Small NII (max) | 7 | 14,000 | ₹9,24,000 |
| Big NII (min) | 8 | 16,000 | ₹10,56,000 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Statements and Basis for Issue Price (p. 101 to 102)Set to the upper end of the band, ₹66. Change it to see what you would be paying for.
- Market cap
- ₹80 cr
- P/E (FY26, basic and diluted)
- 8.9x
- Price to book
- 3.6x
- Market cap to sales
- 1.7x
- Peer average P/E
- 21.56x
Based on FY26, basic and diluted EPS of ₹7.4, 1.22 crore shares, net worth of ₹22.17 crore (September 2026) and revenue of ₹47.40 crore. Shares is the post-issue count from the RHP. The industry average P/E of 21.56x is from the RHP (p. 102), across Knack Packaging and Dhaval Packaging.
Financials
Antala Industries financials
RHP, Basis for Issue Price, KPIs and financial measures (p. 104 to 106), ₹ croreRevenue and EBITDA
Revenue grew 94.7% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | H1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 12.51 | 31.85+154.6% | 47.40+48.8% | 30.11 |
| EBITDA | 1.36 | 2.82 | 6.15 | 5.76 |
| EBITDA margin | 10.88% | 8.85% | 12.97% | 19.12% |
| Profit after tax | 0.89 | 1.82+104.5% | 4.24+133.0% | 4.19 |
| Diluted EPS (₹) | N/A | 3.59 | 7.40 | 6.92 |
| Total equity | 3.54 | 8.44 | 17.03 | 22.17 |
| Cash from operations | 0.48 | -3.28 | -4.88 | 1.15 |
FY24 is the partnership firm. FY25 combines the firm (1 April to 4 August 2024) and the company (5 August 2024 to 31 March 2025) as shown in the RHP; FY25 cash from operations is our sum of the two periods. H1 FY27 is April to September 2026 and is not annualised.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 102 and 106). Peer prices as of 13 Aug 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Antala Industries | 47.40 | 7.40 | 8.92x at ₹66 (ours) | 24.88% |
| Knack Packaging | 80.97 | 8.94 | 24.62x | 34.41% |
| Dhaval Packaging | 65.03 | 8.08 | 18.50x | 31.58% |
The peer average P/E of 21.56x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | H1 FY27 |
|---|---|---|---|---|
| PAT margin | 7.08% | 5.70% | 8.94% | 13.90% |
| Return on equity | 29.36% | 30.31% | 33.26% | 21.36% |
| Return on capital employed | 33.56% | 39.60% | 42.23% | 26.61% |
| Debt to equity | 0.10 | 0.39 | 0.25 | 0.08 |
| Current ratio | 2.28 | 2.26 | 2.45 | 2.86 |
H1 FY27 returns are for six months and are not annualised.
RHP, Basis for Issue Price, ratios (p. 105 to 106)
Company
About Antala Industries
Business
RHP, Our Business (p. 136 to 137)BOPP bags were 61.37% of FY26 revenue (our calculation). West Bengal became a large market, giving 13.51% of FY26 revenue and 23.57% in April to September 2026.
Revenue by product, FY26 (our calculation)
- Revenue from Gujarat, FY26
- 71.08%
- Top 10 customers, FY26
- 47.43%
- Plants
- 1, at Rajkot
Key risks
RHP, Risk Factors- Customer concentrationA large share of revenue comes from the top 10 customers.
- Power supplyManufacturing is energy-intensive and needs steady power.
- Single plantAll production is at one plant in Rajkot.
- Raw material sourcingRaw materials come mostly from Gujarat and nearby states.
- Working capitalIt holds large inventory, which needs working capital.
- Packaging demandDemand depends on BOPP and PP woven packaging staying in use.
- Compliance gapsSome Companies Act filings were delayed or not complied with.
- Machinery ordersOrders for the new machinery have not been placed.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,21,56,736 shares.
The Antala family promoters own about 72% before the IPO, led by Rajeshkumar Chandulal Antala with 52.31%. No one sells shares. After-IPO figures are our calculation on 1,21,56,736 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Rajeshkumar Chandulal Antala (promoter) | 52.31% | Nil | 37.33% |
| Darjeeling Industries | 9.82% | Nil | 7.01% |
| Hetalben Pankajkumar Antala (promoter) | 5.15% | Nil | 3.67% |
| Nevil Pankajbhai Antala (promoter) | 4.33% | Nil | 3.09% |
| Lataben Rajeshbhai Antala (promoter) | 3.97% | Nil | 2.83% |
RHP, Capital Structure (p. 79)
IndustryGlobal plastic packaging market 2026: USD 509.4 billion
- Global plastic packaging market 2026
- USD 509.4 billion
- Expected by 2031
- USD 597.43 billion (3.24% a year)
- India plastics exports FY26
- USD 12,468.7 million
- Of which FIBC, woven sacks, woven fabrics and tarpaulin
- USD 1,772.4 million
The figures come from public sources quoted in the RHP. The packaging figures are worldwide; the export figures are India's.
RHP, Industry overview (p. 117 and p. 119), citing public sources
LitigationAgainst the company and the earlier firm: income tax: 3 · By the company: cheque bounce case: 1 · Against key managerial personnel: income tax: 3
| Type | Cases | Amount |
|---|---|---|
| Against the company and the earlier firm: income tax | 3 | ₹0.73 crore demanded, about ₹0.22 crore shown as due |
| By the company: cheque bounce case | 1 | ₹0.03 crore |
| Against key managerial personnel: income tax | 3 | Under ₹0.01 crore where stated |
RHP, Outstanding Litigation and Material Developments (p. 262 to 266)
Company detailsLegal name, registered office, CIN and website
| Legal name | Antala Industries Limited |
| Founded | 2021, as partnership firm Octagon Industries; company since August 2024 |
| Promoters | Rajeshkumar, Lataben, Pankajkumar, Hetalben, Nevil, Aaryan and Shaily Antala |
| Main product | BOPP bags |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Antala Industries IPO allotment status
Out from 6 Nov 2026- Open the registrar's pageBigshare Services Private Limited is the registrar. Open its allotment page.
- Select Antala Industries LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Antala Industries IPO FAQs
When does the Antala Industries IPO open and close?
The Antala Industries IPO opens on Thursday, 29 October 2026 and closes on Thursday, 5 November 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Antala Industries IPO price band and lot size?
The price band is ₹62 to ₹66 per share. The lot size is 2,000 shares, so the minimum application is 4,000 shares, or ₹2,64,000 at the upper price.
What is the Antala Industries IPO size?
The Antala Industries IPO is of ₹22.98 crore at the upper end of the price band. It is a fresh issue only by None. This is a fresh issue only.
What is the Antala Industries IPO allotment date?
Allotment is (expected) on Friday, 6 November 2026. Refunds and demat credit are expected on 9 November 2026.
What is the Antala Industries IPO listing date?
Antala Industries shares are expected to list on BSE SME on Wednesday, 11 November 2026.
Who is the registrar of the Antala Industries IPO?
Bigshare Services Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Antala Industries do?
Antala Industries is a Rajkot-based maker of BOPP bags, printed and laminated rolls and PP woven packaging for industrial and food customers.
What is the price band and lot size of the Antala Industries IPO?
The price band is ₹62 to ₹66 a share, revised from ₹63 to ₹67, and the lot is 2,000 shares, as per BSE. The minimum bid is 4,000 shares (2 lots), which costs ₹2,64,000 at ₹66. At ₹66 the P/E on FY26 diluted EPS of ₹7.40 is 8.92 times (our calculations), against an industry average of 21.56 times in the RHP.
When does the Antala Industries IPO open and close?
It opened on 29 October 2026 and, after an extension, closes on 5 November 2026 instead of 2 November. Listing on BSE SME is expected on 11 November 2026, as 10 November is a trading holiday (our estimate).
Does Antala Industries get money from the IPO?
Yes. It is a fresh issue only, so all the money goes to the company.
What will Antala Industries use the IPO money for?
₹10.68 crore for working capital, ₹5.89 crore for new machinery, and the rest for general corporate purposes.
What does Antala Industries make?
BOPP bags, BOPP printed and laminated rolls, and PP woven bags and fabric. BOPP bags were about 61% of FY26 revenue.
Where will Antala Industries shares list?
On the SME platform of BSE.
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