Injecto PolymersIPO Review — Financials, Valuation & Peers
A data-only look at the Injecto Polymers 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 2024 | 109.8 | 4.44 | 12.35 | 21.22 | 121.25 | 83.35 | — |
| FY 2025 | 261.85 | 8.11 | 22.57 | 47.33 | 170.57 | 101.11 | — |
| FY 2026 | 375.83 | 16.01 | 38.04 | 63.34 | 270.93 | 165.19 | 5.34 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 18.73x
- P/E (post-issue)
- 25.64x
- RoNW
- 41.73%
- RoE
- 28.94%
- RoCE
- 15.64%
- Debt / Equity
- 2.61
- EPS (pre-issue)
- ₹5.34
- EPS (post-issue)
- ₹3.9
- EBITDA Margin
- 10.13%
- PAT Margin
- 4.26%
- P/BV
- 3.21x
- NAV / share
- ₹41.73
- Market Cap
- ₹207.9 Cr
As of 31 Mar 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 |
|---|---|---|---|---|
| Injecto Polymers | 6.06 | — | — | 17.13% |
| Emmbi Industries Limited | 3.67 | — | 30.3x | 3.53% |
| Rdb Rasayans Ltd | 14.94 | — | 10.84x | 12.43% |
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>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.</p>
- Holding (pre-issue)
- 88.14%
- Holding (post-issue)
- 64.35%
- Dilution
- 23.79%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Injecto Polymers operates at an EBITDA margin of 10.13% and a net (PAT) margin of 4.26% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 15.64% and a return on equity (RoE) of 28.94%. At the upper band, the post-issue market capitalisation works out to about ₹207.9 crore. These are offer-document figures for the latest reported period (as of 31 Mar 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 the capital expenditure towards setting up phase iv at existing manufacturing facility, unit-i, situated at nh2 bypass road, jaugram, abujhati, jamalpur, west bengal (₹30.5 crore), alongside repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by company (₹10 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Injecto Polymers reported revenue of ₹375.83 crore and a net profit of ₹16.01 crore. Revenue grew from ₹109.8 crore in FY2024 to ₹375.83 crore in FY2026 (+242.0%). Net worth stood at ₹63.34 crore at the end of FY2026. At the upper band, that puts the issue at roughly 18.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 25.64× post-issue earnings and 3.21× book value, against a return on net worth of 41.73% and a debt-to-equity ratio of 2.61. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Emmbi Industries Limited and Rdb Rasayans Ltd, with a median peer P/E of about 20.6×. The issue's own post-issue P/E works out to 25.64×.
Promoters
The promoters of the company are <p>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.</p>. Promoter holding stands at 88.14% before the issue and comes down to 64.35% after listing.
Frequently asked questions
- What is the reservation split in the Injecto Polymers IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 11.98% (plus 17.97% anchor), non-institutional investors 35.01%.
- Who are the promoters of Injecto Polymers and what is their holding?
- The promoters are <p>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.</p>. Promoter holding is 88.14% before the issue and 64.35% after listing.
- What is the P/E ratio of the Injecto Polymers IPO?
- At the upper price band, the Injecto Polymers IPO is valued at 18.73× pre-issue earnings and 25.64× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Injecto Polymers IPO?
- The net proceeds go primarily toward funding the capital expenditure towards setting up phase iv at existing manufacturing facility, unit-i, situated at nh2 bypass road, jaugram, abujhati, jamalpur, west bengal, among 3 disclosed objects.