Atharva Poly-Plast Limited is a design-driven manufacturer specializing in precision plastic components and assemblies. The company supports Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) by covering the entire value chain, which includes material selection, mould design and fabrication, precision injection moulding, polymer compounding, and final assembly. Operating heavily in the B2B sector, the company utilizes its extensive injection moulding capabilities to supply customized components made from materials like polypropylene (PP), ABS, HDPE, and engineering polymers. The company primarily serves top-tier OEM and ODM clients across several key industrial verticals, including furniture, home appliances, automotive assemblies, and commercial vehicles. Atharva Poly-Plast boasts strong client retention, having maintained long-standing relationships with significant clients, such as a 9-year relationship with a multinational household brand and multiple 5-year relationships with multinational consumer goods companies. Although its major revenue comes from domestic operations in Maharashtra and Karnataka, the company has also successfully expanded its footprint internationally, exporting components to the USA. Atharva Poly-Plast operates a state-of-the-art manufacturing facility located in Khandala, Satara, Maharashtra. The plant is spread across a 2,34,614 sq. ft. owned premises with a dedicated production space of 40,000 sq. ft.. The facility is equipped with 17 advanced injection moulding machines ranging in capacity from 100 to 1,000 tons, along with CNC tool rooms and servo-controlled machinery. The operations are backed by strict quality and sustainability standards, highlighted by its ISO 9001, 14001, and 45001 certifications, as well as a GreenCo Gold Rating. The manufacturing facility boasts a total installed capacity of 18,00,000 kilograms (1,800 MT) per annum. The company has shown consistent and healthy capacity utilization over recent years. For the 10-month stub period ended January 31, 2026, the capacity utilization stood at 78% (producing 16,13,163 kgs). In previous years, the utilization rates were 83% in FY25, 71% in FY24, and 73% in FY23, underscoring solid production efficiency and steady demand. As per financial performance, Atharva Poly-Plast Limited has posted total income / net profits of Rs 46.82 / 0.71 Cr (FY23), Rs 43.09 / Rs 2 Cr (FY24), Rs 49.06 / 5.29 (FY25) and Rs 43.90 Cr / 4.73 Cr (Upto31.01.26 FY26). So as per previous financials data, the company has shown good growth, and the trade receivables to total sales ratio is well maintained at around 8.18%, 6.07%, and 13.45% for FY24, FY25 and FY26 respectively. Furthermore, unlike many peers, the operating cash flow is strictly positive for FY24 (Rs 0.61 Cr), FY25 (Rs 5.16 Cr) and FY26 (Rs 2.09 Cr). The company has a weighted average EPS of Rs 2.78 and a weighted average RoNW of 31.03% for the last three fiscals. The issue is priced at a P/BV of 3.09 as per the NAV of Rs 10.53/- as (31.03.25). If we attribute the latest earnings of FY24, FY25 and annualized FY26 on equity post-issue, then the asking price of Rs 66 is at a P/E of around 50.52, 19.13 and 17.83 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Horizon Management Private Limited is associated with this IPO, and has handled 26 IPOs in the past. From last 10 IPOs, four opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, six are trading below the issue price and the remaining four are trading above the issue price or at par. (as on 23.06.26) As per financials, Sri Priyanka Geo Commex Limited has shown good growth, RoNW is 30.88% (in FY25) and P/E is 169.01, 35.05 and 14.54 respectively as per FY24, FY25 and annualized FY26 earnings. So, the issue looks reasonably priced. The company maintains healthy trade receivables and positive operating cash flows, which provide operational comfort. The company is primarily engaged in the manufacturing, marketing, and sale of disposable paper tableware and packaging, operating in the B2B and B2C segments, which is a highly competitive business segment. While the performance of the BRLM is average, the extreme geographical concentration risk (100% reliance on Odisha) and historical compliance delays raise some operating doubts. So, we give a NEUTRAL rating for this IPO for investors with a high-risk appetite looking for long-term growth. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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