Utkal Speciality IPO

The Utkal Speciality SME IPO is open between 10 Jun 2026 and 12 Jun 2026, offered at a price band of ₹62–66 per share, and is set to list on NSE. The IPO seeks to raise ₹32.8 crore. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,64,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹32.8 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company (₹11 crore), alongside funding capital expenditure requirement towards purchase of machinery for the new manufacturing facility at khurda, odisha (₹9.6 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, Utkal Speciality reported revenue of ₹40.9 crore and a net profit of ₹5.48 crore. Revenue declined from ₹46.23 crore in FY2023 to ₹40.9 crore in FY2025 (-12.0%). Net worth stood at ₹27.12 crore at the end of FY2025. At the upper band, that puts the issue at roughly 14.1× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 17.63× post-issue earnings and 3.48× book value, against a return on net worth of 25.26% and a debt-to-equity ratio of 0.63. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Aaradhya Disposal Industries Limited and Spinaroo Commercial Ltd, with a median peer P/E of about 23.2×. The issue's own post-issue P/E works out to 17.63×.

Promoters

The promoters of the company are Akash Agrawal, Meena Agarwal and Manoj Agarwal. Promoter holding stands at 100% before the issue and comes down to 73.2% after listing.

Subscription

The Utkal Speciality IPO was subscribed 1.6 times overall. The strongest demand came from retail investors at 2.1 times, with qualified institutional buyers (QIB) at 1.12× and non-institutional investors (NII) at 0.89×.

Listing performance

Utkal Speciality listed on 17 Jun 2026 at ₹66, a premium of +0.0% over the issue price of ₹66.

What to weigh

When evaluating the Utkal Speciality IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Utkal Speciality

Incorporated on September 01, 2015, Utkal Speciality Industries India Limited is engaged in the manufacturing of paper-based products and packaging materials, offering a broad range of items that serve both functional and aesthetic needs across various consumer segments. The product portfolio includes thoughtfully designed paper-based alternatives intended for everyday use as well as special occasions, aligning with evolving consumer preferences for sustainable and convenient options. The company wide range of customers, including smaller manufacturers as well as end retailers who distribute our paper-based products and packaging materials. As on 31st March, 2025, the company have 50 employees. Competitive Strengths: They offer a vast selection of SKUs to cater to diverse customer requirements Strategically located on the highway linking Kolkata to Chennai Fully integrated end-to-end manufacturing unit for seamless production processes Freight costs are lower as suppliers are mainly from the South Dedicated to ensuring customer satisfaction by delivering high-quality products consistently