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Atharva Poly-Plast Ltd IPO
Status: Closed
Overview
IPO date
30 Jun 2026 to 02 Jul 2026
Face value
₹ 10 per share
Price
₹ 55 to ₹60 per share
Issue Size
4,500,000 shares
(aggregating up to ₹ 27 Cr)
(aggregating up to ₹ 27 Cr)
Allotment Date
03 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Plastic products
Unlock Stock of the Month
T&C*
Strengths vs Risks of Atharva Poly-Plast Ltd
Know the pros & cons
Strengths
- Product Spectrum & Portfolio.
- Strong Promoters and Board of Directors.
- Experienced and Skilled Execution Team.
- Ensuring Satisfactory Customer Experience through high quality products.
Risks
- The company is highly dependent on certain key customers for a substantial portion of its revenues. Loss of relationship with any of these customers may has a material adverse effect on the company profitability and results of operations.
- The Company is dependent on a few suppliers for purchases of raw materials. The loss of any of these suppliers may affect its business operations.
- The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.
- The company has experienced negative cash flows in relation to its investing activities and financing activities for the Fiscal Year 2025, 2024 and 2023 and the Stub period. Any negative cash flows in the future would adversely affect the company results of operations and financial condition.
- The Company generates majority of its revenue from manufacturing i.e. by way of injection moulding. If the company customers does not continue to outsource manufacturing, or if there is a downward trend in OEM business, its sales could be adversely affected.
- Any increase in the cost of the company raw material or a shortfall in the supply of its raw materials including volatility in the pricing and availability of polymer-based raw materials, may adversely affect the pricing and supply of the company products and has an adverse effect on its business, results of operations and financial condition.
- The company business requires significant working capital, and any inability to secure adequate funding or delays in collections could adversely affect its operations, profitability and financial condition.
- The company significant revenue is generated from operations in the state of Maharashtra. Any disruption in these operations, whether dues to regulatory changes, economic conditions, or unforeseen events in the said state, could significantly impact its financial performance and future prospects.
- Possible implications of timing of redemption and allotment of debentures under the Master Business Separation and Shareholders Agreement.
- Instances of Non-Compliance with Regulatory Requirements and Clerical Errors Could Subject the company to Regulatory Action and Penalties.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company is heavily dependent on its Promoters, Key Managerial Personnel and Senior Management for the continued success of the company business through their continuing services and strategic guidance and support.
- The Company has previously restructured its loans, and the company cannot assure you that its will not restructure loans again in the future.
- The company manufacturing facility is critical to its business. Any disruption in the continuous operations of the company manufacturing facility would has a material adverse effect on its business, results of operations and financial condition.
- The company business may be adversely affected if its isunable to maintain and grow the company brand image.
- The company has unsecured loans, which may be recalled at any time. Any recall of such loans may has an adverse effect on its business, prospects, financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue Price.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company Promoters and Directors has provided personal guarantees for its borrowings to secure the company loans. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by the company Promoters, erstwhile Promoters and Directors in connection with its Company's borrowings.
- In addition to normal remuneration, other benefits and reimbursement of expenses, some of the company Directors, Promoters and Key Management Personnel is interested in its Company to the extent of their shareholding and dividend entitlement in the Company.
- The company inability to identify and understand evolving industry trends, technological advancements, customer preferences and develop new products to meet its customers' demands may adversely affect the company business.
- The company inability to successfully implement some or all its business strategies in a timely manner or at all could has an adverse effect on the company business. Further, its failures to manage growth effectively may adversely impact the company business, results of operations and financial condition.
- The company does not has firm commitment agreements with its customers. If the company customers choose not to source their requirements from its, the company business and results of operations may be adversely affected.
- The company is subject to strict quality control requirements and any failure by its to comply with quality standards may lead to cancellation of existing and future orders and product recalls, which could adversely affect the company business, financial condition and results of operations.
- Under-utilization of the company manufacturing capacities could has an adverse effect on its business, future prospects and future financial performance.
- Information relating to the installed manufacturing capacity, actual production and capacity utilization of the company manufacturing facilities included in this Red Herring Prospectus are based on several estimates and actual future results may differ.
- The company has significant power, water and fuel requirements and any disruption to power, water or fuel sources could increase its production costs and adversely affect the company results of operations.
- The company is subject to counterparty credit risk and any delay in receipt or non-receipt of payments may adversely impact its financial condition and results of operations.
- Outstanding dues to creditors may adversely affect the company business, reputation, and financial condition.
- The company regularly work with hazardous materials and activities in its manufacturing facilities can be dangerous, which could cause injuries to people or property.
- The company insurance cover may not be adequate or its may incur uninsured losses or losses in excess of the company insurance coverage.
- Failures or disruption of the company IT and/ or ERP systems may adversely affect its business, financial condition, results of operations and prospects.
- The company may be subject to industrial unrest, slowdowns and increased wages costs, which may adversely affect its business and results of operations.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
- The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company financing arrangements.
- The company Promoters will continue to exercise significant influence over its and may cause the company to take actions that is not in the best interest of its other shareholders.
- The company success also depends to an extent on its product and process advancement capabilities, including the company tool room facilities, and any failures to derive the desired benefits from such efforts may hurt its competitiveness and profitability.
- The Company as well as its customers operates in a highly competitive industry. Failures to compete effectively may has an adverse impact on its business, financial condition, results of operations and prospects.
- The company business for home appliances sector is subject to season volatility and revenues are often concentrated and its may not able to accurately forecast the company project schedule which could has an adverse effect on its cash flows, business, results of operations and financial condition.
- The company has not independently verified certain data in this Red Herring Prospectus, disclosure regarding nonverification and potential limitations of industry, economic, and market data sourced from third-party reports.
- The company Promoters and Directors has provided personal guarantees for its borrowings to secure the company loans. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by the company Promoters, erstwhile Promoters and Directors in connection with its Company's borrowings.
- The company has issued Equity Shares in the last twelve months at price lower than the Issue Price.
- The company cannot assure you that its Equity Shares will be listed on the SME platform of BSE Limited in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Any future issuance of Equity Shares or convertible securities, including options under any stock option plan or other equity linked securities may dilute your shareholding, and significant sales of Equity Shares by the company major shareholders, may adversely affect the trading price of its Equity Shares.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- The Issue Price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the Issue Price and you may not be able to Sell your Equity Shares at or above the Issue Price.
- Within the parameters as mentioned in the chapter titled "Objects of the Issue" beginning on page 88 of this Red Herring Prospectus, the Company's management will has flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue has not been appraised by any bank or financial institution.
- QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/ Issue Closing Date.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- The company propose to utilize the Net Proceeds for purposes identified in the section titled "Objects of the Issue" in this Red Herring Prospectus. Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders" approval.
- The Company is a party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various forums and regulatory authorities. Any adverse decision may make its liable to liabilities/penalties and may adversely affect the company reputation, business and financial status.
Atharva Poly-Plast Ltd Peer Comparison
Understand the company’s industry standing
Atharva Poly-Plast Ltd
Master Components Limited
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
47.54
42.4
EPS-Basis
4.28
16.23
EPS-Diluted
4.28
16.23
NAV Per Share
10.53
73.73
P/E-Basic EPS
---
39.16
P/E-Diluted EPS
---
---
RONW(%)
40.63
22.01
Latest NAV Period
---
---
Latest NAV
---
---
How to check the allotment status of Atharva Poly-Plast Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 30 Jun 2026 & closes on 02 Jul 2026.
Atharva Poly-Plast Limited was originally registered as a Private Company as Atharva Poly-Plast Private Limited' on January 08, 2014 with the Registrar of Companies, Pune. Thereafter, it converted the status into a Public Limited Company issued by Central Processing Centre w.e.f. April 15, 2025.
Company is engaged in the business of manufacturing precision mould bases, moulding patterns and tooling components used in plastic and rubber moulding applications. The focus is on injection moulded components, primarily made from polypropylene (PP), ABS, HDPE, and engineering polymers. Company uses its moulding mechanism and know-how to supply customized plastic components to OEMs and Tier-1 suppliers in India. As part of our engagements with OEM customers, it convert raw materials and bought-out parts such as fasteners, hinges or foam components into plastic components based on the customer's needs.
The manufacturing facility spread over 2,34,614 Sq. Ft. was commissioned in 2015 and has a production space of 40,000 Sq. Ft. The facility is equipped with over 17 moulding machines with capacities ranging from 100T to 1000T, enabling the manufacturing of plastic components used in industries such as furniture, home appliances, automotive, and others. The Company ventured into the business of office furniture in FY21. It diversified the operations to new markets across the globe with a major focus on exports to North America in FY 2023.
Company has filed a Draft Prospectus with the SEBI and is planning the IPO by allotting a fresh issue of 45,00,000 equity shares having the face value of Rs 10 each.
Atharva Poly-Plast Ltd IPO will close on 02 Jul 2026.
- Product Spectrum & Portfolio.
- Strong Promoters and Board of Directors.
- Experienced and Skilled Execution Team.
- Ensuring Satisfactory Customer Experience through high quality products.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Anujit Shivaji Darade | 9563302 | 77.44 | 9563302 | 56.76 |
| 2 | Shivaji Kisan Darade | 2340823 | 18.95 | 2340823 | 13.89 |
| 3 | Ashish Shivaji Darade | 222935 | 1.8 | 222935 | 1.32 |
| 4 | Sadhana Shivaji Darade | 222935 | 1.8 | 222935 | 1.32 |
| 5 | Smita Anujit Darade | 1 | --- | 1 | --- |
| 6 | Pushpalata Devidas Ghuge | 1 | --- | 1 | --- |
| 7 | Swati Ashish Darade | 1 | --- | 1 | --- |
- The company is highly dependent on certain key customers for a substantial portion of its revenues. Loss of relationship with any of these customers may has a material adverse effect on the company profitability and results of operations.
- The Company is dependent on a few suppliers for purchases of raw materials. The loss of any of these suppliers may affect its business operations.
- The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.
- The company has experienced negative cash flows in relation to its investing activities and financing activities for the Fiscal Year 2025, 2024 and 2023 and the Stub period. Any negative cash flows in the future would adversely affect the company results of operations and financial condition.
- The Company generates majority of its revenue from manufacturing i.e. by way of injection moulding. If the company customers does not continue to outsource manufacturing, or if there is a downward trend in OEM business, its sales could be adversely affected.
- Any increase in the cost of the company raw material or a shortfall in the supply of its raw materials including volatility in the pricing and availability of polymer-based raw materials, may adversely affect the pricing and supply of the company products and has an adverse effect on its business, results of operations and financial condition.
- The company business requires significant working capital, and any inability to secure adequate funding or delays in collections could adversely affect its operations, profitability and financial condition.
- The company significant revenue is generated from operations in the state of Maharashtra. Any disruption in these operations, whether dues to regulatory changes, economic conditions, or unforeseen events in the said state, could significantly impact its financial performance and future prospects.
- Possible implications of timing of redemption and allotment of debentures under the Master Business Separation and Shareholders Agreement.
- Instances of Non-Compliance with Regulatory Requirements and Clerical Errors Could Subject the company to Regulatory Action and Penalties.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The company is heavily dependent on its Promoters, Key Managerial Personnel and Senior Management for the continued success of the company business through their continuing services and strategic guidance and support.
- The Company has previously restructured its loans, and the company cannot assure you that its will not restructure loans again in the future.
- The company manufacturing facility is critical to its business. Any disruption in the continuous operations of the company manufacturing facility would has a material adverse effect on its business, results of operations and financial condition.
- The company business may be adversely affected if its isunable to maintain and grow the company brand image.
- The company has unsecured loans, which may be recalled at any time. Any recall of such loans may has an adverse effect on its business, prospects, financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue Price.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company Promoters and Directors has provided personal guarantees for its borrowings to secure the company loans. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by the company Promoters, erstwhile Promoters and Directors in connection with its Company's borrowings.
- In addition to normal remuneration, other benefits and reimbursement of expenses, some of the company Directors, Promoters and Key Management Personnel is interested in its Company to the extent of their shareholding and dividend entitlement in the Company.
- The company inability to identify and understand evolving industry trends, technological advancements, customer preferences and develop new products to meet its customers' demands may adversely affect the company business.
- The company inability to successfully implement some or all its business strategies in a timely manner or at all could has an adverse effect on the company business. Further, its failures to manage growth effectively may adversely impact the company business, results of operations and financial condition.
- The company does not has firm commitment agreements with its customers. If the company customers choose not to source their requirements from its, the company business and results of operations may be adversely affected.
- The company is subject to strict quality control requirements and any failure by its to comply with quality standards may lead to cancellation of existing and future orders and product recalls, which could adversely affect the company business, financial condition and results of operations.
- Under-utilization of the company manufacturing capacities could has an adverse effect on its business, future prospects and future financial performance.
- Information relating to the installed manufacturing capacity, actual production and capacity utilization of the company manufacturing facilities included in this Red Herring Prospectus are based on several estimates and actual future results may differ.
- The company has significant power, water and fuel requirements and any disruption to power, water or fuel sources could increase its production costs and adversely affect the company results of operations.
- The company is subject to counterparty credit risk and any delay in receipt or non-receipt of payments may adversely impact its financial condition and results of operations.
- Outstanding dues to creditors may adversely affect the company business, reputation, and financial condition.
- The company regularly work with hazardous materials and activities in its manufacturing facilities can be dangerous, which could cause injuries to people or property.
- The company insurance cover may not be adequate or its may incur uninsured losses or losses in excess of the company insurance coverage.
- Failures or disruption of the company IT and/ or ERP systems may adversely affect its business, financial condition, results of operations and prospects.
- The company may be subject to industrial unrest, slowdowns and increased wages costs, which may adversely affect its business and results of operations.
- If the company fail to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company financial risks.
- The company ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company financing arrangements.
- The company Promoters will continue to exercise significant influence over its and may cause the company to take actions that is not in the best interest of its other shareholders.
- The company success also depends to an extent on its product and process advancement capabilities, including the company tool room facilities, and any failures to derive the desired benefits from such efforts may hurt its competitiveness and profitability.
- The Company as well as its customers operates in a highly competitive industry. Failures to compete effectively may has an adverse impact on its business, financial condition, results of operations and prospects.
- The company business for home appliances sector is subject to season volatility and revenues are often concentrated and its may not able to accurately forecast the company project schedule which could has an adverse effect on its cash flows, business, results of operations and financial condition.
- The company has not independently verified certain data in this Red Herring Prospectus, disclosure regarding nonverification and potential limitations of industry, economic, and market data sourced from third-party reports.
- The company Promoters and Directors has provided personal guarantees for its borrowings to secure the company loans. Its business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by the company Promoters, erstwhile Promoters and Directors in connection with its Company's borrowings.
- The company has issued Equity Shares in the last twelve months at price lower than the Issue Price.
- The company cannot assure you that its Equity Shares will be listed on the SME platform of BSE Limited in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Any future issuance of Equity Shares or convertible securities, including options under any stock option plan or other equity linked securities may dilute your shareholding, and significant sales of Equity Shares by the company major shareholders, may adversely affect the trading price of its Equity Shares.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- The Issue Price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the Issue Price and you may not be able to Sell your Equity Shares at or above the Issue Price.
- Within the parameters as mentioned in the chapter titled "Objects of the Issue" beginning on page 88 of this Red Herring Prospectus, the Company's management will has flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue has not been appraised by any bank or financial institution.
- QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/ Issue Closing Date.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- The company propose to utilize the Net Proceeds for purposes identified in the section titled "Objects of the Issue" in this Red Herring Prospectus. Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders" approval.
- The Company is a party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various forums and regulatory authorities. Any adverse decision may make its liable to liabilities/penalties and may adversely affect the company reputation, business and financial status.
The Issue type of Atharva Poly-Plast Ltd is Book Building - SME.
The minimum application for shares of Atharva Poly-Plast Ltd is 4000.
The total shares issue of Atharva Poly-Plast Ltd is 4500000.
Initial public issue of 45,00,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Atharva Poly-Plast Limited ("the Company" or "the Issuer") at an issue price of Rs. 60 per equity share (including share premium of Rs. 50 per equity share) for cash, aggregating Rs. 27 Crores ("Public Issue") out of which 2,26,000 equity shares of face value of Rs.10/- each, at an issue price of Rs. 60 per equity share for cash, aggregating Rs. 1.36 Crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. Issue of 42,74,000 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 60 per equity share for cash, aggregating Rs. 25.64 Crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.71% and 25.36% respectively of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 60/- per equity share of face value of Rs. 10/- each.
The floor price is 6.00 times of the face value of the equity shares.
Bids can be made for a minimum of 4000 equity shares and in multiples of 2000 equity shares thereafter.