Minerva Capital Research Solutions

Shakti Polytarp

ListedListed 22 Sep 2026BSE SMENSE: SHAKTIPOLYCheck allotment
Current price₹ 50.34−14.68% since issue
Listing day−0.17%
Issue price
₹ 59
Issue size
₹ 26.93 Cr.
Min. investment
₹ 1,18,000
Listing price
₹ 58.9
Subscribed
11.2x
Lot size
2,000 shares
P/E
10.05
RoNW
44.04%
RoCE
17.87%
Debt / Equity
2.60
PAT margin
4.66%
EBITDA margin
8.94%
RoE
44.04%
EPS
₹ 5.87
NAV
₹ 22.18
Promoter stake
66.67%

About

Shakti Polytarp Ltd was set up in March 2018. It makes tarpaulins and other plastic based products including shade nets. A tarpaulin is a water resistant sheet used to cover and protect goods, equipment and material from rain, moisture and sunlight. It makes its tarpaulins from polypropylene granules along with linear low density, low density and high density polyethylene. The sheets come in different sizes, colours, thicknesses and specifications as the customer asks, and the company places particular emphasis on six-layer and eight-layer tarpaulins, which are the more durable grades. Its products are sold under the brand name Dinotarp. Its tarpaulins are used across agriculture, construction, automotive, transportation and logistics, consumer goods and other industries. The company works mainly business to business, supplying bulk orders to industrial customers, while also selling to individual consumers. Alongside making tarpaulins it also sells plastic granules, which are the raw material used in that manufacturing. It offers design and customisation depending on what the product will be used for.

Timeline

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

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 10 on 21 Sep 2026
Lowest
₹ 5 on 18 Sep 2026
First quoted
₹ 6 on 17 Sep 2026

Subscription

How many times each investor group bid for its share, as of 23 Sep 2026, 06:30 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)12,000₹ 1,18,000
Retail (Max)12,000₹ 1,18,000
HNI (Min)24,000₹ 2,36,000

Company overview

Financials

Financials by year
Assets110.1271.3940.29
Total Income216.1166.562.23
Profit After Tax10.064.970.98
EBITDA19.2910.693.83
NET Worth27.8617.810.84
Reserves and Surplus15.35.245.13
Total Borrowing72.514823.36

Strengths

  • This is the cheapest issue in the current SME batch on earnings, at about 10.05 times on an EPS of Rs 5.87.
  • Sales have grown more than three times in two years, from Rs 62.23 crore in FY2024 to Rs 166.50 crore in FY2025 and Rs 216.10 crore in FY2026.
  • Profit has grown enormously over the same period, from Rs 0.98 crore to Rs 10.06 crore.
  • EBITDA improved from Rs 3.83 crore in FY2024 to Rs 19.29 crore in FY2026.
  • Return on net worth is very high at 44.04%.
  • It sells under its own brand Dinotarp rather than only doing unbranded job work.
  • Its focus on six-layer and eight-layer tarpaulins targets the more durable end of the market rather than competing only on the cheapest grades.
  • The products go into agriculture, construction, automotive, transport and consumer goods, so demand is spread across sectors.

Risks

  • Debt is very high. Total borrowing was Rs 72.51 crore against a net worth of only Rs 27.86 crore, a debt to equity ratio of 2.60, and it has more than tripled in two years from Rs 23.36 crore.
  • The high return on net worth of 44.04% is largely a product of that leverage. RoCE, which is the better measure here, is much lower at 17.87%.
  • The profit margin is thin at 4.66%.
  • None of the issue money repays debt. Rs 20.88 crore of the Rs 26.93 crore issue goes into capital expenditure, so the borrowing stays where it is.
  • The company is young, having been set up only in March 2018.
  • The raw material is polymer granules, whose price follows crude oil and is outside the company's control.
  • A part of the revenue comes from simply selling plastic granules, which is trading and earns less than manufacturing.
  • Tarpaulins are close to a commodity, with many manufacturers competing largely on price.
  • Promoter holding will come down from 90.9% to 66.67% after the issue.
  • This is an SME issue. One lot is 2,000 shares, which is about Rs 1.18 lakh at the upper band of Rs 59, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Capital Expenditure20.88
General Corporate Purposes—

Promoters

  • Ravi Singhal
  • Vivek Singhal
  • Trisha Singhal
  • Priyal Singhal
Promoter holding90.9%→66.67%before → after the issue · down 24.23 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Skyline Financial Services Private Limited
Lead managers
NEXGEN FINANCIAL SOLUTIONS PRIVATE LIMITED
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

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