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Diksha Polymers Ltd IPO
Status: Closed
Overview
IPO date
17 Jun 2026 to 19 Jun 2026
Face value
₹ 10 per share
Price
₹ 112 to ₹112 per share
Issue Size
1,598,400 shares
(aggregating up to ₹ 17.9 Cr)
(aggregating up to ₹ 17.9 Cr)
Allotment Date
22 Jun 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Plastic products
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T&C*
Strengths vs Risks of Diksha Polymers Ltd
Know the pros & cons
Strengths
- Integrated and well-established manufacturing setup.
- Strategic location of our manufacturing facilities.
- Experienced Promoters and Management Team.
- Healthy Financial Performance.
- Product Portfolio.
Risks
- The company derives a significant portion of its revenue from the sale of PET plastic bottles and PET Preforms and any reduction in demand or in the manufacturing of such products could has an adverse effect on the company business, results of operations and financial condition.
- The company is dependent on a few suppliers for supply of raw materials and any major disruption to the timely and adequate supplies of its raw materials could adversely affect the company business, results of operations and financial condition.
- The company is significantly dependent on few customers for its revenue in a particular financial year. The loss of any one or more of such customers may has a material effect on the company business operations and profitability.
- Trade Receivables, Inventories and other current assets form a substantial part of the company Total Assets. Failures to manage its trade receivables and inventories could has an adverse effect on the company net sales, profitability, cash flow and liquidity.
- The company business is dependent on operating of its manufacturing facilities, which is concentrated in a single region i.e. Gwalior, Madhya Pradesh, hence the company faces geographical concentration related risks. Further, the loss or shutdown of the company facilities could has a material adverse effect on its business, financial condition and results of operations.
- The leasehold rights in certain properties used by the Company is yet to be transferred in its name and any delay or failures in effecting such transfer may adversely affect the company operations.
- The Company may has potential Conflicts of interest with its Promoter Group Entity/ Company as they are engaged in similar line of business.
- The company premises is not owned by its and the company has only leasehold rights over such premises. In the event its lose such rights or is required to negotiate it, the company cash flows, business, financial conditions and results of operations could be adversely affected.
- The Company, its Promoters, the company Directors and its Group Company is parties to certain legal proceedings. Any adverse decision in such proceedings may has a material adverse effect on the company business, results of operations and financial condition.
- Majority of the company purchases is from Related Parties in the past i.e F.Y 2023-24 and F.Y 2024-25. Its may continue to enter in such transaction in future.
- The company has reported negative net cash flows in the past and may does so in the future.
- The company cost of production is exposed to fluctuations in the prices of raw materials required for the manufacture as well as its availability.
- The deployment of the Net Proceeds from the Fresh Issue is based on management estimates and has not been independently appraised by any bank or financial institution and is not subject to any monitoring by any independent agency and the Company's management will has flexibility in utilizing the Net Proceeds from the Fresh Issue.
- The Company acquired the running business of Diksha Packaging, Proprietorship concern of Ms. Anjana Mandelia, through Business Transfer Agreement dated September 18, 2024 which contains certain terms and conditions. Inability to effectively service / comply with or obtain waivers of some covenants, as the case may be, may adversely affect its business, results of operations and financial conditions.
- If the company is not able to obtain, renew or maintain its statutory and regulatory licenses, registrations and approvals required to operates the company business, it may has a material adverse effect on its business, results of operations and financial condition.
- The company insurance coverage may not be sufficient or may not adequately protect its against any or all hazards, which may adversely affect the company business, results of operations and financial condition.
- In addition to normal remuneration, other benefits and reimbursement of expenses the company directors (including its Promoters) and Key Management Personnel is interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- The company Promoters and Key Managerial Personnel play key role in its functioning and the company heavily relies on their knowledge and experience in operating the company business and therefore, it is critical for its business that they remain associated with the company.
- Any accidents or mishappenings in the address of Plot 32(1), Industrial Area, Gwalior may adversely affect the company operation.
- Any disruption to the steady and regular supply of workforce for the company operations, including dues to strikes, work stoppages or increased wages demands by the company workforce or any other kind of disputes with its workforce or the company inability to control the composition and cost of the company workforce could adversely affect its business, cash flows and results of operations.
- Any failures to protect or enforce the company rights to own or use trademarks and brand names and identities could has an adverse effect on its business and competitive position.
- Reliance has been placed on Physical Search Report prepared by Practicing Company Secretary dated June 30, 2025 for documents unable to be traced on MCA Portal for data of the Company between March 02, 1999 to September 30, 2004.
- A significant portion of the company sales is concentrated in a single region i.e., Madhya Pradesh and the inability to operates and grow its business in this particular region may has an adverse effect on the company business, financial condition, results of operations, cash flows and future business prospects.
- The market for plastic products is growing and getting competitive.
- The Company has not obtained any credit rating, which may limit its ability to secure debt financing at competitive terms, potentially affecting the company financial condition, results of operations, cash flows, and future growth prospects.
- The company failures to keep its technical knowledge confidential could erode the company competitive advantage. Its possess certain technical knowledge about the company products.
- None of the Company's board of directors has any experience of listed Companies.
- The company has incurred indebtedness which exposes its to various risks which may has an adverse effect on the company business and results of operations. Its may also be unable to obtain future financing to fund the company operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
- The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by its.
- The company Promoters and directors has extended personal guarantees in connection with certain of its debt facilities.
- Information relating to the company installed capacities and the historical capacity utilization included in this Prospectus is based on various assumptions and estimates and future production and capacity utilisation may vary.
- There may be few delays or non-compliances relating to filing of returns and deposit of statutory dues with the statutory authorities. In case of any delay or default in payment of statutory dues in future by the Company, the Regulatory Authorities may impose monetary penalties on its or take certain punitive actions against the Company in relation to the same which may has adverse impact on its business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares held by the company Promoters is lower than the Issue Price.
- The Company has higher debt-equity ratio which requires significant cash flows to service its debts obligations, and this, together with the conditions and restrictions imposed by the company financing arrangements, fluctuations in the interest rates may limit its ability to operates freely and grow the company business.
- Industrial accidents at the company manufacturing facilities may adversely affect its operation.
- Certain key performance indicators for certain listed industry peers included in this Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects/ schedule of implementation of this Issue which would in turn affect the company revenues and results of operations.
- The company is dependent on third party transportation providers for the delivery of its products to the company customers.
- There's a growing public and consumer demand for sustainable practices. Manufacturers who doesn't adapt to using recycled materials or producing less-polluting polymers risk losing market share.
- If the company is unable to continue to grow at same rate as in past and manage its growth effectively or raise additional capital, the company business, future financial performance and results of operations could be materially and adversely affected.
- The company is subject to quality requirements any failures to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect its reputation, financial conditions, cash flows and results of operations.
- The Company may not be able to bring growth or successfully implement its business plan which could has an effect on its business, results of operations and financial condition.
- Employee misconduct, errors or fraud could expose its to business risks or losses that could adversely affect the company business prospects, results of operations and financial condition.
- Changes in technology may render the company current technologies obsolete or requires its to make substantial investments.
- The company may also be unable to obtain future financing to fund its operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
- Key challenges in the global plastic industry such as global slowdown, availability of raw materials and price volatility, Trade barriers and environmental concerns and regulations that are beyond the company control may has an adverse effect on its business and results of operations.
- Any delay or defaults in receipt of payments or dues from the company customers could result in a reduction of its profits.
- Any future issuance of Equity Shares may dilute your shareholding and sale of Equity Shares by the Promoter may adversely affect the trading price of the Equity Shares.
- The company ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner, or at all.
- Pursuant to listing of the Equity Shares, its may be subject to pre-emptive surveillance measures like Additional Surveillance Measure ("ASM") and Graded Surveillance Measures ("GSM") by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.
- Non-compliance with and changes in, safety, health and environmental laws and other applicable regulations, might adversely affect the Company's results of operations and its financial condition.
Diksha Polymers Ltd Peer Comparison
Understand the company’s industry standing
Diksha Polymers Limited
TPL Plastech Limited
Mitsu Chem Plast Ltd
Face Value
10
2
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
51.27
422.55
332.28
EPS-Basis
11.44
3.73
11.5
EPS-Diluted
---
---
---
NAV Per Share
23.68
21.65
82.79
P/E-Basic EPS
9.79
17.36
13.27
P/E-Diluted EPS
---
---
---
RONW(%)
48.32
17.21
13.89
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 17 Jun 2026 & closes on 19 Jun 2026.
Diksha Polymers Limited was originally incorporated on March 03, 1998, under the name and style of 'Vijay Pet Plast India Private Limited' with the Registrar of Companies, Madhya Pradesh. Subsequently, the name of the Company was changed to 'Diksha Polymers Private Limited' on February 16, 2000 by the Registrar of Companies, Madhya Pradesh. Thereafter, the status was changed to Public Company and the name of the Company was changed to 'Diksha Polymers Limited' and a fresh certificate of incorporation was issued on June 18, 2024 by Central Registration Centre, Haryana.
Company manufactures PET Bottles, Containers, Preforms, and Caps primarily used for beverages and oils and sell in Business-to-Business Model operating through three dedicated manufacturing facilities units located in the Industrial Area, Gwalior. It currently operate through three manufacturing facilities which are located at Industrial Area, Maharajpura, Gwalior in Madhya Pradesh, India and is spread across 26,879 sq. ft. As on March 31, 2026, the aggregate installed capacity of our manufacturing plants is 2,163 MTPA for PET bottles and 1,913 MTPA for PET Preforms.
Company had acquired the running business of the Promoter, i.e., a proprietorship firm, M/s. Diksha Packaging, proprietor concern of Anjana Mandelia through Business Transfer Agreement dated September 18, 2024 as a going concern at Gwalior and plant and machinery from Diksha Packaging for manufacturing the PET Preforms as the additional line of business.
Company made a fresh issue of 15,98,400 Equity shares of Rs 10 each and raised Rs 17.90 crore through its IPO on June 19,2026.
Diksha Polymers Ltd IPO will close on 19 Jun 2026.
- Integrated and well-established manufacturing setup.
- Strategic location of our manufacturing facilities.
- Experienced Promoters and Management Team.
- Healthy Financial Performance.
- Product Portfolio.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vivek Mandelia | 900000 | 25.01 | 900000 | 17.32 |
| 2 | Vipin Mandelia | 900000 | 25.01 | 900000 | 17.32 |
| 3 | Hemlata Mandelia | 895500 | 24.88 | 895500 | 17.23 |
| 4 | Anjana Mandelia | 900000 | 25.01 | 900000 | 17.32 |
| 5 | Riddhi Mandelia | 900 | 0.03 | 900 | 0.02 |
| 6 | Yagya Mandelia | 900 | 0.03 | 900 | 0.02 |
| 7 | Lakshya Mandelia | 900 | 0.03 | 900 | 0.02 |
- The company derives a significant portion of its revenue from the sale of PET plastic bottles and PET Preforms and any reduction in demand or in the manufacturing of such products could has an adverse effect on the company business, results of operations and financial condition.
- The company is dependent on a few suppliers for supply of raw materials and any major disruption to the timely and adequate supplies of its raw materials could adversely affect the company business, results of operations and financial condition.
- The company is significantly dependent on few customers for its revenue in a particular financial year. The loss of any one or more of such customers may has a material effect on the company business operations and profitability.
- Trade Receivables, Inventories and other current assets form a substantial part of the company Total Assets. Failures to manage its trade receivables and inventories could has an adverse effect on the company net sales, profitability, cash flow and liquidity.
- The company business is dependent on operating of its manufacturing facilities, which is concentrated in a single region i.e. Gwalior, Madhya Pradesh, hence the company faces geographical concentration related risks. Further, the loss or shutdown of the company facilities could has a material adverse effect on its business, financial condition and results of operations.
- The leasehold rights in certain properties used by the Company is yet to be transferred in its name and any delay or failures in effecting such transfer may adversely affect the company operations.
- The Company may has potential Conflicts of interest with its Promoter Group Entity/ Company as they are engaged in similar line of business.
- The company premises is not owned by its and the company has only leasehold rights over such premises. In the event its lose such rights or is required to negotiate it, the company cash flows, business, financial conditions and results of operations could be adversely affected.
- The Company, its Promoters, the company Directors and its Group Company is parties to certain legal proceedings. Any adverse decision in such proceedings may has a material adverse effect on the company business, results of operations and financial condition.
- Majority of the company purchases is from Related Parties in the past i.e F.Y 2023-24 and F.Y 2024-25. Its may continue to enter in such transaction in future.
- The company has reported negative net cash flows in the past and may does so in the future.
- The company cost of production is exposed to fluctuations in the prices of raw materials required for the manufacture as well as its availability.
- The deployment of the Net Proceeds from the Fresh Issue is based on management estimates and has not been independently appraised by any bank or financial institution and is not subject to any monitoring by any independent agency and the Company's management will has flexibility in utilizing the Net Proceeds from the Fresh Issue.
- The Company acquired the running business of Diksha Packaging, Proprietorship concern of Ms. Anjana Mandelia, through Business Transfer Agreement dated September 18, 2024 which contains certain terms and conditions. Inability to effectively service / comply with or obtain waivers of some covenants, as the case may be, may adversely affect its business, results of operations and financial conditions.
- If the company is not able to obtain, renew or maintain its statutory and regulatory licenses, registrations and approvals required to operates the company business, it may has a material adverse effect on its business, results of operations and financial condition.
- The company insurance coverage may not be sufficient or may not adequately protect its against any or all hazards, which may adversely affect the company business, results of operations and financial condition.
- In addition to normal remuneration, other benefits and reimbursement of expenses the company directors (including its Promoters) and Key Management Personnel is interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- The company Promoters and Key Managerial Personnel play key role in its functioning and the company heavily relies on their knowledge and experience in operating the company business and therefore, it is critical for its business that they remain associated with the company.
- Any accidents or mishappenings in the address of Plot 32(1), Industrial Area, Gwalior may adversely affect the company operation.
- Any disruption to the steady and regular supply of workforce for the company operations, including dues to strikes, work stoppages or increased wages demands by the company workforce or any other kind of disputes with its workforce or the company inability to control the composition and cost of the company workforce could adversely affect its business, cash flows and results of operations.
- Any failures to protect or enforce the company rights to own or use trademarks and brand names and identities could has an adverse effect on its business and competitive position.
- Reliance has been placed on Physical Search Report prepared by Practicing Company Secretary dated June 30, 2025 for documents unable to be traced on MCA Portal for data of the Company between March 02, 1999 to September 30, 2004.
- A significant portion of the company sales is concentrated in a single region i.e., Madhya Pradesh and the inability to operates and grow its business in this particular region may has an adverse effect on the company business, financial condition, results of operations, cash flows and future business prospects.
- The market for plastic products is growing and getting competitive.
- The Company has not obtained any credit rating, which may limit its ability to secure debt financing at competitive terms, potentially affecting the company financial condition, results of operations, cash flows, and future growth prospects.
- The company failures to keep its technical knowledge confidential could erode the company competitive advantage. Its possess certain technical knowledge about the company products.
- None of the Company's board of directors has any experience of listed Companies.
- The company has incurred indebtedness which exposes its to various risks which may has an adverse effect on the company business and results of operations. Its may also be unable to obtain future financing to fund the company operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
- The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by its.
- The company Promoters and directors has extended personal guarantees in connection with certain of its debt facilities.
- Information relating to the company installed capacities and the historical capacity utilization included in this Prospectus is based on various assumptions and estimates and future production and capacity utilisation may vary.
- There may be few delays or non-compliances relating to filing of returns and deposit of statutory dues with the statutory authorities. In case of any delay or default in payment of statutory dues in future by the Company, the Regulatory Authorities may impose monetary penalties on its or take certain punitive actions against the Company in relation to the same which may has adverse impact on its business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares held by the company Promoters is lower than the Issue Price.
- The Company has higher debt-equity ratio which requires significant cash flows to service its debts obligations, and this, together with the conditions and restrictions imposed by the company financing arrangements, fluctuations in the interest rates may limit its ability to operates freely and grow the company business.
- Industrial accidents at the company manufacturing facilities may adversely affect its operation.
- Certain key performance indicators for certain listed industry peers included in this Prospectus has been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects/ schedule of implementation of this Issue which would in turn affect the company revenues and results of operations.
- The company is dependent on third party transportation providers for the delivery of its products to the company customers.
- There's a growing public and consumer demand for sustainable practices. Manufacturers who doesn't adapt to using recycled materials or producing less-polluting polymers risk losing market share.
- If the company is unable to continue to grow at same rate as in past and manage its growth effectively or raise additional capital, the company business, future financial performance and results of operations could be materially and adversely affected.
- The company is subject to quality requirements any failures to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect its reputation, financial conditions, cash flows and results of operations.
- The Company may not be able to bring growth or successfully implement its business plan which could has an effect on its business, results of operations and financial condition.
- Employee misconduct, errors or fraud could expose its to business risks or losses that could adversely affect the company business prospects, results of operations and financial condition.
- Changes in technology may render the company current technologies obsolete or requires its to make substantial investments.
- The company may also be unable to obtain future financing to fund its operations, expected capital expenditure and working capital requirements on favorable terms, or at all.
- Key challenges in the global plastic industry such as global slowdown, availability of raw materials and price volatility, Trade barriers and environmental concerns and regulations that are beyond the company control may has an adverse effect on its business and results of operations.
- Any delay or defaults in receipt of payments or dues from the company customers could result in a reduction of its profits.
- Any future issuance of Equity Shares may dilute your shareholding and sale of Equity Shares by the Promoter may adversely affect the trading price of the Equity Shares.
- The company ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner, or at all.
- Pursuant to listing of the Equity Shares, its may be subject to pre-emptive surveillance measures like Additional Surveillance Measure ("ASM") and Graded Surveillance Measures ("GSM") by the Stock Exchange in order to enhance market integrity and safeguard the interest of investors.
- Non-compliance with and changes in, safety, health and environmental laws and other applicable regulations, might adversely affect the Company's results of operations and its financial condition.
The Issue type of Diksha Polymers Ltd is Fixed Price - SME.
The minimum application for shares of Diksha Polymers Ltd is 2400.
The total shares issue of Diksha Polymers Ltd is 1598400.
Initial public offer of 15,98,400 equity shares of Rs. 10 each ("Equity Shares") of Diksha Polymers Limited ("DPL" or the "Company") for cash at a price of Rs. 112 per share (the "Issue Price"), aggregating to Rs. 17.90 Crores ("the Issue"), of which 81,600 equity shares of Rs. 10 each will be reserved for subscription by aggregating market maker to the issue (the "Market Maker Reservation Portion"). The issue less than the market maker reservation portion i.e. Issue of 15,16,800 equity shares of Rs. 10 each is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 30.76% and 29.19% respectively of the post issue paid up equity share capital of the company.
The face value of the equity shares is Rs. 10 and the issue price is 11.2 times of the face value.
Fixed price issue at Rs. 112/- per equity share minimum application size of 1200 equity shares and in multiples of 1200 equity shares thereafter.