Vedant Poly Fabs IPO
The Vedant Poly Fabs IPO of ₹56.68 crore closed for bidding on 4 November 2026 (price band ₹88 to ₹94). Allotment status is out and shares list on NSE SME on 9 November 2026.
- Minimum investment
- ₹2,25,6002 lots of 1,200 shares, at the upper price
- Price band
- ₹88 to ₹94
- Lot size
- 1,200 sharesApply for 2 lots minimum
- Issue size
- ₹56.68 croreFresh issue and offer for sale
- Bidding
- 2 Nov to 4 Nov
- Listing
- 9 NovNSE SME
Dates
Vedant Poly Fabs IPO dates
RHP cover page and Terms of the Offer (p. 383). The RHP says there are no anchor investors.- 2 NovBidding opens
- 4 NovBidding closes, UPI by 5 pm
- 5 NovAllotment
- 6 NovRefunds and demat credit
- 9 NovListing
Read before you apply
Vedant Poly Fabs IPO review: read before you apply
Worth checking
- SeriousAlmost all sales in one state
West Bengal gave 96.80% of FY26 revenue and 95.81% in April to June 2026 (Risk factor 6, RHP MD&A).
- SeriousCash tied up in receivables
Operating cash flow was -₹11.46 crore in FY26. Money owed by customers was ₹41.00 crore in June 2026, about 36% of FY26 revenue (Risk factors 10, 11 and 22).
- Customer concentration rising
The top 10 customers gave 69.64% of FY26 revenue and 79.33% in April to June 2026, up from 13.49% in FY24 (RHP, Risk Factors, p. 33).
- Tax demand
An income tax case of ₹1.86 crore is pending against the company (Risk factor 12).
- Debt has risen
Borrowings rose sharply in FY25 and FY26, and the RHP flags a high debt to equity ratio (Risk factors 25 and 26).
- Started before registration
The plant began operating before getting a required statutory registration (Risk factor 9).
Strengths
- Fast growth
Revenue grew 52.5% a year from FY24 to FY26 to ₹115.14 crore (our calculation from the restated financial statements).
- Margins improving
EBITDA margin rose from 2.60% in FY24 to 16.50% in FY26 and 21.76% in April to June 2026 (RHP, Basis for Offer Price, KPIs).
- More own manufacturing
Trading fell from 56.12% of revenue in FY24 to 3.63% in FY26, as own-made laminates and films grew (RHP, Our Business).
What Vedant Poly Fabs does
Vedant Poly Fabs makes flexible packaging: multilayer LD films, shrink films, barrier films, printed laminates, and milk and oil pouches. It sells to businesses, mainly in food and beverages.
It was set up in 2018 and is based in Barasat, North 24 Parganas, West Bengal, where its plant is. Its promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP.
Subscription
Vedant Poly Fabs IPO subscription status
NSE bid detailsSubscription
- Total
- 0.00x
- Updated
- 4 Nov 2026, 7:49 pm IST
- QIB1% of offer0.00x
- NII40% of offer0.00x
- Big NII0.00x
- Small NII0.00x
- Total0.00x
As of 4 Nov 2026, 7:49 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
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
Vedant Poly Fabs IPO price band, lot size and issue size
RHP cover page and The Offer (p. 79 to 80). Of the net offer of 57,25,200 shares, up to 68,400 are for QIBs, at least 22,60,800 for non-institutional bidders and at least 33,96,000 for individual investors. At least 3,04,800 shares are reserved for the market maker. Offer size in rupees is our calculation at ₹94.| Price band | ₹88 to ₹94 |
| Lot size | 1,200 shares, minimum 2 lots (2,400 shares) |
| Issue size | ₹56.68 crore at the upper price, 60,30,000 shares |
| Offer for sale | ₹5.67 crore by promoter Sethsawaria Poly Fab LLP |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue and offer for sale |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 134)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by the promoter LLP. The company receives none of this money | 5.67 |
| Working capital | 24.61 |
| Repay or prepay loans | 8.00 |
| Plant and machinery at the existing unit | 6.51 |
| General corporate purposes and offer expenses (amounts set after pricing) |
Minimum and maximum investment
Our calculation: at ₹94 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 2,400 | ₹2,25,600 |
| Small NII (min) | 3 | 3,600 | ₹3,38,400 |
| Small NII (max) | 8 | 9,600 | ₹9,02,400 |
| Big NII (min) | 9 | 10,800 | ₹10,15,200 |
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 Offer Price (p. 156 to 160)Set to the upper end of the band, ₹94. Change it to see what you would be paying for.
- Market cap
- ₹189 cr
- P/E (FY26, basic and diluted)
- 9.4x
- Price to book
- 4.2x
- Market cap to sales
- 1.6x
Based on FY26, basic and diluted EPS of ₹10.01, 2.02 crore shares, net worth of ₹45.60 crore (June 2026) and revenue of ₹115.14 crore. Shares is the post-offer count from the RHP. We have not used the RHP's industry P/E (high 70.59x, low 4.79x, average 17.92x, p. 157) because it does not match its own peer table.
Financials
Vedant Poly Fabs financials
RHP, Basis for Offer Price, KPIs (p. 160) and MD&A, ₹ croreRevenue and EBITDA
Revenue grew 52.5% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 49.53 | 81.02+63.6% | 115.14+42.1% | 30.29 |
| EBITDA | 1.29 | 7.74 | 19 | 6.59 |
| EBITDA margin | 2.60% | 9.56% | 16.50% | 21.76% |
| Profit after tax | 0.64 | 4.56+612.5% | 10.97+140.6% | 3.48 |
| Diluted EPS (₹) | 0.59 | 4.24 | 10.01 | 2.36 |
| Total equity | 3.86 | 15.42 | 42.26 | 45.60 |
| Cash from operations | -3.46 | 1.26 | -11.46 | 0.21 |
Q1 FY27 is April to June 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 Offer Price (p. 157). Peer prices as of 23 Oct 2026. Peer EPS is annualised by the RHP.| Company | Diluted EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|
| Vedant Poly Fabs (FY26) | 10.01 | 9.39x at ₹94 (ours) | 25.95% | 28.70 |
| B&A Packaging India | 14.24 | 14.11x | 7.90% | 180.16 |
| Barflex Polyfilms | 1.93 | 26.43x | 7.34% | 38.82 |
| RFBL Flexi Pack | 3.54 | 17.79x | 31.11% | 16.32 |
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | 1.28% | 5.63% | 9.52% | 11.48% |
| Return on equity | 20.97% | 47.31% | 38.03% | 7.92% |
| Return on capital employed | 16.94% | 43.66% | 30.65% | 8.93% |
| Quick ratio | 0.83 | 0.82 | 0.88 | 1.12 |
| Top 10 customers | 13.49% | 30.15% | 69.64% | 79.33% |
Q1 FY27 returns are for three months and are not annualised.
RHP, Basis for Offer Price, KPIs (p. 160)
Company
About Vedant Poly Fabs
Business
RHP, Our Business (p. 193 to 194) and MD&A (p. 331)Lamination was 59.22% of FY26 revenue and printed laminates 31.72%. Food and beverage customers gave 95.86% of FY26 revenue.
Revenue by segment, FY26
- Revenue from West Bengal, FY26
- 96.80%
- Top 10 customers, FY26
- 69.64%
- Food and beverage share, FY26
- 95.86%
Key risks
RHP, Risk Factors- Working capitalGrowth needs large working capital.
- Regional concentrationAlmost all revenue comes from West Bengal.
- Raw material pricesCosts depend on polymer raw material prices.
- Receivables and stockReceivables and inventory are a large part of assets.
- Negative cash flowOperating and investing cash flows have been negative.
- Plastic rulesEnvironmental rules on plastic use and waste could tighten.
- Compliance delaysEPF, ESIC and GST filings were delayed in the past.
- High debtBorrowings have risen sharply.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 2,01,51,614 shares.
Promoter Sethsawaria Poly Fab LLP owns 90.00% before the IPO and sells 6,03,600 shares. After-IPO figures are our calculation on 2,01,51,614 shares.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Sethsawaria Poly Fab LLP (promoter) | 90.00% | 6,03,600 | 62.77% |
| Pankaj Kumar Maheshwari (promoter) | 4.00% | Nil | 2.92% |
| Sujata Maheshwari (promoter) | 4.00% | Nil | 2.92% |
| Anil Kumar Maheshwari (promoter group) | 2.00% | Nil | 1.46% |
RHP, Capital Structure (p. 129) and cover page
IndustryIndia packaging market 2025: USD 101.12 billion
- India packaging market 2025
- USD 101.12 billion
- Expected by 2030
- USD 169.73 billion (10.73% a year)
- Global flexible packaging market 2025
- USD 332.7 billion
The company did not commission an industry report (RHP, Risk factor 42); the figures come from public sources quoted in the RHP.
RHP, Industry overview (p. 181 and p. 188), citing public sources
LitigationAgainst the company: direct tax: 1 · Against directors and promoters: direct tax: 4
| Type | Cases | Amount |
|---|---|---|
| Against the company: direct tax | 1 | ₹1.86 crore |
| Against directors and promoters: direct tax | 4 | ₹0.02 crore |
RHP, Risk factor 12 (summary of outstanding litigation, p. 42 to 43)
Company detailsLegal name, registered office, CIN and website
| Legal name | Vedant Poly Fabs Limited |
| Founded | 2018, as Vedant Poly Fabs Private Limited |
| Promoters | Pankaj Kumar Maheshwari, Sujata Maheshwari, Sethsawaria Poly Fab LLP |
| Main products | Laminates and multilayer films |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Vedant Poly Fabs IPO allotment status
Out from 5 Nov 2026- Open the registrar's pageCameo Corporate Services Limited is the registrar. Open its allotment page.
- Select Vedant Poly Fabs 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 exchangeNSE's IPO bid verification page works too.
Documents
The RHP and exchange notices are linked here from the exchange website once checked.
Questions
Vedant Poly Fabs IPO FAQs
When does the Vedant Poly Fabs IPO open and close?
The Vedant Poly Fabs IPO opens on Monday, 2 November 2026 and closes on Wednesday, 4 November 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Vedant Poly Fabs IPO price band and lot size?
The price band is ₹88 to ₹94 per share. The lot size is 1,200 shares, so the minimum application is 2,400 shares, or ₹2,25,600 at the upper price.
What is the Vedant Poly Fabs IPO size?
The Vedant Poly Fabs IPO is of ₹56.68 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoter Sethsawaria Poly Fab LLP.
What is the Vedant Poly Fabs IPO allotment date?
Allotment is on Thursday, 5 November 2026. Refunds and demat credit are expected on 6 November 2026.
What is the Vedant Poly Fabs IPO listing date?
Vedant Poly Fabs shares are due to list on NSE SME on Monday, 9 November 2026.
Who is the registrar of the Vedant Poly Fabs IPO?
Cameo Corporate Services Limited is the registrar. Allotment status can be checked on its website or on NSE using your PAN or application number.
What does Vedant Poly Fabs do?
Vedant Poly Fabs is a West Bengal-based maker of multilayer films, printed laminates and milk and oil pouches for food and consumer packaging.
What is the Vedant Poly Fabs IPO price band?
₹88 to ₹94 a share, as stated in the RHP.
When does the Vedant Poly Fabs IPO open and close?
It opens on 2 November 2026 and closes on 4 November 2026. Listing on NSE Emerge is expected on 9 November 2026.
Who sells shares in the Vedant Poly Fabs OFS?
Promoter Sethsawaria Poly Fab LLP sells up to 6,03,600 shares. The company gets no money from this part.
What will Vedant Poly Fabs use the IPO money for?
₹24.61 crore for working capital, ₹8.00 crore to repay loans, ₹6.51 crore for machinery, and the rest for general corporate purposes and offer costs.
What does Vedant Poly Fabs make?
Flexible packaging such as laminates, multilayer films, shrink films and milk and oil pouches, mainly for food and beverage companies.
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