Atharva PolyplastIPO Review — Financials, Valuation & Peers
A data-only look at the Atharva Polyplast IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 46.82 | 0.71 | 4.77 | 5.72 | 32.92 | 16.16 | — |
| FY 2024 | 43.09 | 2 | 6.05 | 7.72 | 32.66 | 13.59 | — |
| FY 2025 | 49.06 | 5.29 | 9.19 | 13.01 | 30.88 | 7.91 | — |
| Jan 2026 (interim) | 43.9 | 4.73 | 8.36 | 17.73 | 42.54 | 10.04 | 4.28 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 14.02x
- P/E (post-issue)
- 17.83x
- RoNW
- 26.65%
- RoE
- 30.74%
- RoCE
- 24.92%
- Debt / Equity
- 0.57
- EPS (pre-issue)
- ₹4.28
- EPS (post-issue)
- ₹3.37
- EBITDA Margin
- 19.71%
- PAT Margin
- 11.14%
- P/BV
- 5.7x
- NAV / share
- ₹14.36
- Market Cap
- ₹101.1 Cr
As of 31 Jan 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Atharva Polyplast | 4.28 | 10.53 | — | 40.63% | — | Standalone |
| Master Components Ltd | 16.23 | 73.73 | 39.16x | 22.01% | 4.79x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.29%
- Dilution
- 26.71%
Analysis in brief
Anchor book
Before the issue opened to the public, Atharva Polyplast placed shares with 6 anchor investors, who together put in ₹7.64 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to UPSURGE OPPORTUNITIES FUND I (₹1.99 crore), SKG INDIA SMALL AND MIDCAP FUND (₹1.28 crore) and J4S VENTURE FUND-I (₹1.2 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 2 Aug 2026, with the remainder locked until 1 Oct 2026.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Atharva Polyplast operates at an EBITDA margin of 19.71% and a net (PAT) margin of 11.14% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.92% and a return on equity (RoE) of 30.74%. At the upper band, the post-issue market capitalisation works out to about ₹101.1 crore. These are offer-document figures for the latest reported period (as of 31 Jan 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹13 crore), alongside issue expenses (₹4.58 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Atharva Polyplast reported revenue of ₹43.9 crore and a net profit of ₹4.73 crore. Revenue declined from ₹46.82 crore in FY2023 to ₹43.9 crore in FY2026 (-6.0%). Net worth stood at ₹17.73 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.83× post-issue earnings and 5.7× book value, against a return on net worth of 26.65% and a debt-to-equity ratio of 0.57. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade</p>. Promoter holding stands at 100% before the issue and comes down to 73.29% after listing.
Frequently asked questions
- What is the reservation split in the Atharva Polyplast IPO?
- Of the total shares offered, retail investors get 35.1%, QIBs 20.03% (plus 29.81% anchor), non-institutional investors 15.07%.
- Who are the promoters of Atharva Polyplast and what is their holding?
- The promoters are <p>Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade</p>. Promoter holding is 100% before the issue and 73.29% after listing.
- What is the P/E ratio of the Atharva Polyplast IPO?
- At the upper price band, the Atharva Polyplast IPO is valued at 14.02× pre-issue earnings and 17.83× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Atharva Polyplast IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 5 disclosed objects.