Vedant Poly Fabs IPO

The Vedant Poly Fabs SME IPO opens for subscription on 2 Nov 2026 and closes on 4 Nov 2026, offered at a price band of ₹88–94 per share, and is set to list on NSE. In total, the issue aims to mobilise ₹56.68 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,25,600.

Issue structure

The offer combines a fresh issue of ₹51.01 crore with an offer for sale (OFS) of ₹5.67 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding incremental working capital requirements of the company (₹17.59 crore), alongside prepayment or repayment of all or a portion of certain secured or/and unsecured outstanding borrowings availed by the company (₹8 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Vedant Poly Fabs reported revenue of ₹115.31 crore and a net profit of ₹10.97 crore. Revenue grew from ₹49.73 crore in FY2024 to ₹115.31 crore in FY2026 (+132.0%). Net worth stood at ₹42.26 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 17.28× post-issue earnings and 3.28× book value, against a return on net worth of 25.95% and a debt-to-equity ratio of 1.11. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including B&a Packaging India Ltd and Barflex Polyfilms Limited, with a median peer P/E of about 21×. The issue's own post-issue P/E works out to 17.28×.

Promoters

The promoters of the company are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP. Promoter holding stands at 100% before the issue and comes down to 70.08% after listing.

Grey market premium (GMP)

In the unofficial grey market, Vedant Poly Fabs shares are quoted at a premium of ₹0 implying an expected listing around ₹94, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Vedant Poly Fabs IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. 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 Vedant Poly Fabs

Vedant Poly Fabs Limited, incorporated in December 2018, is engaged in the manufacturing of flexible packaging materials for business customers across India. The company offers a diversified product portfolio, including 3-layer and 5-layer LD films, shrink films, barrier films, printed laminates, and milk and oil pouches. Its products cater to the packaging requirements of the food and beverage industry and other consumer goods segments. The company operates an integrated manufacturing process covering film extrusion, printing, lamination, slitting, quality control, and packaging. In March 2026, it strengthened its manufacturing infrastructure by adding lamination, slitting, and pouching machines and installing a reprocessing unit to support waste recycling and improve resource utilization. These initiatives reflect its focus on enhancing operational capabilities and supporting evolving customer requirements. As of March 31, 2026, the company had a workforce of 72 employees, comprising 41 permanent and 31 contractual employees. Key Strengths Integrated Manufacturing: In-house capabilities across multiple stages of the flexible packaging production process. Diversified Product Portfolio: A wide range of flexible packaging solutions catering to different industry requirements. Quality Control: Quality checks integrated into the manufacturing process to support product consistency. Manufacturing Infrastructure: Additional machinery and reprocessing facilities to enhance production capabilities and resource utilization. Logistics Capabilities: In-house transportation and logistics support for product distribution. Customer Reach: A direct B2B sales model and a diversified customer base across India. Customization Capabilities: Product development and customization to address specific packaging requirements.