Minerva Capital Research Solutions

Unitec Fibres

ListedListed 30 Sep 2026BSE SMENSE: UNITECCheck allotment
Current price₹ 95.23+8.22% since issue
Listing day+2.27%
Issue price
₹ 88
Issue size
₹ 34.47 Cr.
Min. investment
₹ 1,40,800
Listing price
₹ 90
Subscribed
3.72x
Lot size
1,600 shares
P/E
16.7
RoNW
11.69%
RoCE
9.05%
Debt / Equity
1.19
PAT margin
3.39%
EBITDA margin
7.03%
RoE
12.41%
EPS
₹ 5.27
NAV
₹ 61.89
Promoter stake
68.61%

About

Unitec Fibres Limited was started in February 2005. It makes Recycled Polyester Staple Fibre, usually shortened to RPSF. This is polyester fibre made not from fresh petrochemicals but from recycled PET flakes, PET chips and other post-consumer polyester waste, so the raw material is essentially used plastic bottles and similar waste. Its fibre goes to the automobile, home furnishing and textile industries. The end products include carpets, car roof liners, trunk linings, sofas, curtains and yarn for spinning. It runs two manufacturing facilities at the MIDC Tarapur industrial area in Maharashtra, with a combined installed capacity of 27,984 tonnes a year, and is setting up a third unit at Valsad in Gujarat to add capacity. It holds ISO 9001:2015 and ISO 14001:2015 certification along with OEKO-TEX and Global Recycled Standard certification, the last of which matters to buyers who need to prove the recycled content of what they sell. As on 31 March 2026 it had 171 permanent employees.

Timeline

  1. Opens
    23 Sep
    done
  2. Closes
    25 Sep
    done
  3. Allotment
    28 Sep
    done
  4. Refunds
    28 Sep
    done
  5. Demat credit
    29 Sep
    done
  6. Listing
    30 Sep
    done

Subscription

How many times each investor group bid for its share, as of 30 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)11,600₹ 1,40,800
Retail (Max)11,600₹ 1,40,800
HNI (Min)23,200₹ 2,81,600

Company overview

Financials

Financials by year
Assets169.35122.9690.46
Total Income224.86227.13204.99
Profit After Tax7.68.227.42
EBITDA15.7717.4516.78
NET Worth6557.449.18
Reserves and Surplus54.4946.938.68
Total Borrowing77.1936.6415.72

Strengths

  • The company has a long record of about 20 years, having been started in February 2005.
  • It holds Global Recycled Standard and OEKO-TEX certification along with ISO 9001:2015 and ISO 14001:2015, which buyers need in order to claim recycled content in their own products.
  • Recycling waste PET into fibre suits both the cost pressure and the sustainability requirements that its automobile and textile customers face.
  • The combined installed capacity of 27,984 tonnes a year across two Tarapur plants is substantial, and a third unit is being set up at Valsad.
  • Its fibre goes into several different industries, from car interiors to carpets, sofas and curtains, so demand is not tied to one sector.
  • Net worth has grown steadily, from Rs 49.18 crore in FY2024 to Rs 65.00 crore in FY2026.
  • Rs 31 crore of the Rs 34.47 crore issue repays borrowings, which should cut the interest burden materially.

Risks

  • Profit is flat to falling. Profit after tax was Rs 7.42 crore in FY2024, Rs 8.22 crore in FY2025 and Rs 7.60 crore in FY2026, and total income actually fell in the last year from Rs 227.13 crore to Rs 224.86 crore.
  • Borrowing has risen nearly five times in two years, from Rs 15.72 crore in FY2024 to Rs 36.64 crore in FY2025 and Rs 77.19 crore in FY2026, a debt to equity ratio of 1.19.
  • Even after using Rs 31 crore of the issue to repay borrowings, a substantial loan will remain on the books.
  • The profit margin is thin at 3.39% and return on capital employed is only 9.05%.
  • Recycled polyester staple fibre is close to a commodity, where buyers switch on price and there is little to differentiate.
  • The raw material is post-consumer PET waste, whose price and availability vary with collection rates and with competing demand from other recyclers.
  • Both existing plants are at Tarapur, so there is single location risk until the Valsad unit is running.
  • The third plant at Valsad is still being set up, so it brings execution risk and will take time to contribute.
  • Promoter holding will come down from 94.2% to 68.61% after the issue.
  • This is an SME issue. One lot is 1,600 shares, which is about Rs 1.41 lakh at the upper band of Rs 88, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Repayment/prepayment of all or certain of borrowings availed of by the Company31
General Corporate Purpose—

Promoters

  • Vijay Omjagdish Behl
  • Virander Behl
  • Devina Varinder Behl
  • Rajiv Behl
  • Mihir Suvanam
  • Magic Films Pvt.Ltd
Promoter holding94.2%→68.61%before → after the issue · down 25.59 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Smart Horizon Capital Advisors
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.