APPL Containers IPO
APPL Containers Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 20 February 2026, so the company can open the IPO any time up to 20 February 2027. The draft proposes a fresh issue of up to 12,50,000 shares and an offer for sale of up to 25,60,000 shares by its eight promoters. In FY25 the company made a profit of ₹32.83 crore on revenue of ₹69.03 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued20 Feb 2026
- SEBI received draft
- 8 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Cumulative Capital Private Limited
- Must open by
- 20 Feb 202712 months from observations
- Price band and dates
- Not announced
Where it stands
APPL Containers IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI8 Oct 2025
- SEBI reviewDone
- SEBI observations20 Feb 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
APPL Containers DRHP at a glance
Draft red herring prospectus, 25 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 206) and Risk Factors (p. 40 to 45)APPL Containers makes shipping containers at its plant in Bhavnagar, Gujarat. In FY25, 88.19% of its revenue came from making containers on a job-work basis for its subsidiary, Aawadkrupa Plastomech, which it has since fully acquired, and it had 8 customers in all.
Its EBITDA margin was 64.82% and PAT margin 46.57% in FY25. It was incorporated in 2021 and is based in Bhavnagar.
The offer
DRHP cover page and The Offer (p. 82)| Fresh issue | Up to 12,50,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 25,60,000 sharesBy all eight promoters; their average costs range from ₹11.93 to ₹43.70 a share |
| Shares before the IPO | 1,37,28,570The fresh issue equals about 9.1% and the offer for sale about 18.6% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Cumulative Capital Private Limited and Shannon Advisors Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Hasmukhbhai Meghjibhai Viradiya, Vallabhbhai Meghjibhai Viradiya, Vaibhav Vallabhbhai Viradiya, Manishaben Viradiya, Saritaben Viradiya, Ektaben Vaibhavbhai Viradiya, Tejasbhai Vallabhbhai Viradiya and Tirthraj Hasmukhbhai Viradiya |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 118 to 119)| Object | ₹ crore |
|---|---|
| Working capital | 55.00 |
| Repaying or prepaying certain borrowings | 16.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹71 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Restated Financial Information (p. 86 to 89) and Basis for Offer Price, KPIs (p. 136 to 141), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 4.53 | 40.39 | 69.03 |
| EBITDA | 2.88 | 25.33 | 44.74 |
| EBITDA margin | 63.66% | 62.72% | 64.82% |
| Profit after tax | 2.08 | 17.39 | 32.83 |
| Diluted EPS (₹) | 3.30 | 13.91 | 26.26 |
| Net worth | 4.58 | 21.99 | 54.84 |
| Cash from operations | 0.03 | 23.10 | 33.73 |
| Return on equity | 88.19% | 130.88% | 85.45% |
| Debt to equity | 1.15 | 0.92 | 0.36 |
| Net working capital (days) | 125.95 | 58.46 | 170.46 |
Restated figures. Net worth is total equity. FY23 was a very small base year.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 137 to 138). Peer prices as of 19 Sep 2025 on BSE.The DRHP says its peers may not be exactly comparable. The P/E for APPL is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| APPL Containers (FY25) | 26.26 | Set with the price band | 59.86% |
| Jupiter Wagons | 9.08 | 37.46x | 13.81% |
| Kalyani Cast-Tech | 19.85 | 29.12x | 21.92% |
Risks the draft lists first
DRHP, Risk Factors (p. 40 to 45)- Subsidiary and few customers88.19% of FY25 revenue came from job work for its subsidiary, and it had only 8 customers. (Risk factor 1, p. 40)
- Few suppliersThe top 10 suppliers gave 77.26% of FY25 raw materials. (Risk factor 2, p. 41)
- Spare capacityIt may not use its expanded capacity fully. (Risk factor 3, p. 42)
- Working capitalThe business needs a lot of working capital. (Risk factor 4, p. 43)
- One locationIts only plant is in Bhavnagar, Gujarat. (Risk factor 5, p. 44)
- Penalty paidIt once compensated its subsidiary for late-delivery penalties charged by a customer. (Risk factor 6, p. 45)
Documents
APPL Containers DRHP and documents
SEBI filings- Draft red herring prospectus, dated 25 Sep 2025, on SEBI since 1 Oct 2025
- Draft red herring prospectus, dated 25 Sep 2025, on SEBI since 8 Oct 2025
- Addendum to the DRHP, on SEBI since 23 Jan 2026
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
APPL Containers IPO FAQs
When will the APPL Containers IPO open?
The date is not announced. SEBI issued observations on 20 February 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 20 February 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the APPL Containers IPO?
Yes. SEBI issued its final observations on 20 February 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the APPL Containers IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the APPL Containers IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the APPL Containers IPO?
Cumulative Capital Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will APPL Containers do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹55.00 crore), repaying or prepaying certain borrowings (₹16.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does APPL Containers do?
APPL Containers makes shipping containers at its plant in Bhavnagar, Gujarat. In FY25, 88.19% of its revenue came from making containers on a job-work basis for its subsidiary, Aawadkrupa Plastomech, which it has since fully acquired, and it had 8 customers in all.
Where can I read the APPL Containers DRHP?
On SEBI's website, where the draft red herring prospectus was published on 1 October 2025. The draft is dated 25 September 2025 and runs to 561 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 25 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.