Minerva Capital Research Solutions

Injecto Polymers

ListedListed 21 Sep 2026BSE SMENSE: INJECTOCheck allotment
Current price₹ 92.9−7.1% since issue
Listing day−1%
Issue price
₹ 100
Issue size
₹ 56.12 Cr.
Min. investment
₹ 1,20,000
Listing price
₹ 99
Subscribed
1.21x
Lot size
1,200 shares
P/E
12.99
RoNW
17.13%
RoCE
13.91%
PAT margin
3.10%
EPS
₹ 7.70
Promoter stake
64.35%

About

Injecto Polymers Limited was started in September 1998. It makes plastic packaging products and also trades in plastic granules and PVC resins, which are the raw materials of the plastics industry. Its manufacturing range covers polypropylene woven fabrics and woven bags, BoPP bags, Leno bags, low density and polyester pouches, FIBC bags which are the large bulk bags used to move powders and grain, and non-woven bags. These are used across agriculture, construction, textiles, chemicals, food, pharmaceuticals, cosmetics and consumer goods. The company works mainly on a business to business basis, making packaging to the shape and size each customer asks for rather than selling a standard product off the shelf. It runs two manufacturing units in West Bengal, at Jaugram in Jamalpur and on Andul Road in Howrah. The units have software based monitoring and an in-house testing facility, and are certified under ISO 9001:2015 and ISO 22000:2018. The company also holds BIS certification for food grade packaging.

Timeline

  1. Opens
    11 Sep
    done
  2. Closes
    16 Sep
    done
  3. Allotment
    17 Sep
    done
  4. Refunds
    18 Sep
    done
  5. Demat credit
    18 Sep
    done
  6. Listing
    21 Sep
    done

Subscription

How many times each investor group bid for its share, as of 18 Sep 2026, 06:32 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,20,000
Retail (Max)11,200₹ 1,20,000
HNI (Min)22,400₹ 2,40,000

Company overview

Financials

Financials by year
Assets170.57121.25107.21
Total Income261.85109.896.62
Profit After Tax8.114.442.07
EBITDA22.5712.357.94
NET Worth47.3321.2217.6
Reserves and Surplus32.157.845.87
Total Borrowing101.1183.3563.51

Strengths

  • Sales more than doubled in FY2025, from Rs 109.80 crore to Rs 261.85 crore, and have grown from Rs 96.62 crore in FY2023.
  • Profit has grown every year, from Rs 2.07 crore in FY2023 to Rs 4.44 crore in FY2024 and Rs 8.11 crore in FY2025.
  • EBITDA has almost tripled over the same period, from Rs 7.94 crore to Rs 22.57 crore.
  • Net worth grew from Rs 17.60 crore in FY2023 to Rs 47.33 crore in FY2025.
  • The company has a long record of more than 25 years, having started in September 1998.
  • The product range is wide and sells into eight different industries, from agriculture and construction to food and pharmaceuticals, so it is not tied to one sector.
  • It holds ISO 9001:2015 and ISO 22000:2018 certification along with BIS certification for food grade packaging, which matters when supplying food and pharma customers.
  • It runs two manufacturing units with in-house testing, and Rs 29.29 crore of the issue money goes into a phase IV expansion at its Jaugram unit.

Risks

  • Debt is very high. Total borrowing was Rs 101.11 crore as on 31 March 2025 against a net worth of only Rs 47.33 crore, which is more than twice, and it has risen every year from Rs 63.51 crore in FY2023.
  • The profit margin is very thin at 3.10%. On sales of Rs 261.85 crore the company earned only Rs 8.11 crore.
  • Return on capital employed is low at 13.91%, which is modest for a manufacturing business carrying this much debt.
  • The issue is priced at about 12.99 times earnings on an EPS of Rs 7.70. That is not demanding on its own, but it sits against a PAT margin of only 3.10%.
  • Sales more than doubled in a single year while profit rose far less. That points to growth coming from low margin work, and the trading of granules and PVC resins earns less than manufacturing.
  • The financial data is old for an issue opening in September 2026. The latest year given is FY2025, ending 31 March 2025.
  • The raw material is polymer, which is linked to crude oil prices and moves outside the company's control.
  • Both manufacturing units are in West Bengal, so any local power, labour or regulatory problem affects the whole business.
  • The promoter group includes five corporate entities alongside the two individual promoters, and promoter holding falls from 88.14% to 64.35% after the issue.
  • This is an SME issue. One lot is 1,200 shares, which is Rs 1.20 lakh at the upper band of Rs 100, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company12.6
Funding the Capital expenditure towards setting up phase IV at our existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal29.29
General Corporate Purposes—

Promoters

  • Ramesh Kumar Rateria
  • Ashok Kumar Rateria
  • Suman Financial Advisory Pvt.Ltd
  • Suman Towers Pvt.Ltd
  • Vinayak Tie-Up Pvt.Ltd
  • Nivedeeka Commercial Pvt.Ltd
  • Bhagyashri Trading Pvt.Ltd
Promoter holding88.14%→64.35%before → after the issue · down 23.79 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Integrated Registry Management Services Private Limited
Basis of allotment
Open

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Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.