Shakti PolytarpIPO Review — Financials, Valuation & Peers
A data-only look at the Shakti Polytarp 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 | 62.23 | 0.98 | 3.83 | 10.84 | 40.29 | 23.36 | — |
| FY 2025 | 166.5 | 4.97 | 10.69 | 17.8 | 71.39 | 48 | — |
| FY 2026 | 216.1 | 10.06 | 19.29 | 27.86 | 110.12 | 72.51 | 8 |
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)
- 7.38x
- P/E (post-issue)
- 10.05x
- RoNW
- 44.04%
- RoE
- 44.04%
- RoCE
- 17.87%
- Debt / Equity
- 2.6
- EPS (pre-issue)
- ₹8
- EPS (post-issue)
- ₹5.87
- EBITDA Margin
- 8.94%
- PAT Margin
- 4.66%
- P/BV
- 2.66x
- NAV / share
- ₹22.18
- Market Cap
- ₹101.06 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 | P/BV | Statements |
|---|---|---|---|---|---|---|
| Shakti Polytarp | 8 | 22.18 | — | 44.04% | — | Restated |
| Commercial Syn Bags Ltd | 6.75 | 43.03 | 43.93x | 16.86% | 6.88x | Standalone |
| Shree Tirupati Balajee Agro Trading Company Ltd | 1.08 | 31.61 | 24.26x | 3.49% | 0.84x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Ravi Singhal, Vivek Singhal, Trisha Singhal, Priyal Singhal</p>
- Holding (pre-issue)
- 90.9%
- Holding (post-issue)
- 66.67%
- Dilution
- 24.23%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Shakti Polytarp operates at an EBITDA margin of 8.94% and a net (PAT) margin of 4.66% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 17.87% and a return on equity (RoE) of 44.04%. At the upper band, the post-issue market capitalisation works out to about ₹101.06 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 capital expenditure (₹20.88 crore), alongside general corporate purposes.
Financials
In FY2026, Shakti Polytarp reported revenue of ₹216.1 crore and a net profit of ₹10.06 crore. Revenue grew from ₹62.23 crore in FY2024 to ₹216.1 crore in FY2026 (+247.0%). Net worth stood at ₹27.86 crore at the end of FY2026. At the upper band, that puts the issue at roughly 7.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 10.05× post-issue earnings and 2.66× book value, against a return on net worth of 44.04% and a debt-to-equity ratio of 2.6. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Commercial Syn Bags Ltd and Shree Tirupati Balajee Agro Trading Company Ltd, with a median peer P/E of about 34.1×. The issue's own post-issue P/E works out to 10.05×.
Promoters
The promoters of the company are <p>Ravi Singhal, Vivek Singhal, Trisha Singhal, Priyal Singhal</p>. Promoter holding stands at 90.9% before the issue and comes down to 66.67% after listing.
Frequently asked questions
- What is the reservation split in the Shakti Polytarp IPO?
- Of the total shares offered, retail investors get 36.46%, QIBs 13.01% (plus 18.97% anchor), non-institutional investors 31.56%.
- Who are the promoters of Shakti Polytarp and what is their holding?
- The promoters are <p>Ravi Singhal, Vivek Singhal, Trisha Singhal, Priyal Singhal</p>. Promoter holding is 90.9% before the issue and 66.67% after listing.
- What is the P/E ratio of the Shakti Polytarp IPO?
- At the upper price band, the Shakti Polytarp IPO is valued at 7.38× pre-issue earnings and 10.05× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Shakti Polytarp IPO?
- The net proceeds go primarily toward capital expenditure, among 2 disclosed objects.