Atharva Poly-Plast Limited is launching its Initial Public Offering (IPO) as a 100% Book Built Issue. The issue consists entirely of a Fresh Issue of 45,00,000 Equity Shares with a face value of ₹10 each.
Out of the total issue size, 2,26,000 equity shares are reserved for the Market Maker (R.K. Stockholding Pvt Ltd), leaving a Net Issue of 42,74,000 equity shares for the public.
The shares are proposed to be listed on the SME Platform of BSE Limited (BSE SME). The issue provides an opportunity for public investment in an established plastic injection moulding manufacturer.
Atharva Polyplast IPO Objectives
- ₹1,300.00 lakh will be used to support the company’s increased operational requirements in FY27.
- The remaining funds will be allocated toward general corporate purposes, operational improvements, and issue-related expenses.
About Atharva Polyplast
Incorporated on January 08, 2014 as Atharva Poly-Plast Private Limited in Pune, the company was converted into a public limited entity on March 03, 2025. It operates a 40,000 sq. ft. manufacturing facility in Khandala, Satara (Maharashtra), focused on high-precision plastic component manufacturing through injection moulding for leading OEM clients. The company processes key engineering polymers such as polypropylene, ABS, nylon, and polycarbonate, producing components used across industrial applications.
Industry Outlook
- The global plastic injection moulding market is projected to grow from US$327.5 billion to US$462.5 billion by 2033, at a 5.1% CAGR.
- India's injection moulding market is expected to reach US$38.13 billion by 2030, supported by 5.5%–6.4% CAGR, driven by rising domestic demand and the Make in India initiative.
- Increasing demand from the automotive, home appliances, packaging, and consumer goods industries is expected to fuel long-term growth.
- Growing electric vehicle (EV) adoption is accelerating the use of lightweight plastic components, with the automotive injection moulding segment projected to grow at nearly 5% CAGR.
- Manufacturers are increasingly investing in automation, advanced moulding technologies, and high-efficiency machinery to improve productivity, quality, and cost competitiveness.
How To Apply for the Atharva Polyplast IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Atharva Polyplast IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Atharva PolyplastIPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Atharva Polyplast IPO
- Registered Office: W-163A, S Block MIDC Bhosari, NA, Pune - 411026, Maharashtra, India.
- Phone No.: +91-94220-49184
- Email: info@atharvapolyplast.in
- Website: https://atharvapolyplast.in/
- Compliance Officer: Ankita Ravindra Gandhi (Company Secretary)
Atharva Polyplast IPO Reservation
| Applicant Category | % of Net Issue |
| Qualified Institutional Buyers (QIB) | Up to 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors | Not less than 35% |
| Total Public Net Issue | 100% |
Atharva Polyplast IPO Lot Size Details
| Application Category | Lots | Shares | Amount |
| Individual Investors (IND) – Minimum | 2 | 4,000 | ₹2,40,000 |
| Individual Investors (IND) – Maximum | 2 | 4,000 | ₹2,40,000 |
| Small HNI (S-HNI) – Minimum | 3 | 6,000 | ₹3,60,000 |
| Small HNI (S-HNI) – Maximum | 8 | 16,000 | ₹9,60,000 |
| Big HNI (B-HNI) – Minimum | 9 | 18,000 | ₹10,80,000 |
Atharva Polyplast IPO Promoter Holding
The promoters of the company are Shivaji Kisan Darade, Anujit Shivaji Darade, and Ashish Shivaji Darade.
| Particulars | Percentage |
| Pre-Issue Promoter Holding | 100% |
| Post-Issue Promoter Holding | 73.29% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Atharva Polyplast IPO
| Metric / Financial KPI | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Revenue from Top 1 Customer (₹ in Lakhs) | 1,747.56 | 1,911.28 | 2,344.90 |
| Total Revenue from Maharashtra (₹ in Lakhs) | 4,339.30 | 3,924.47 | 4,344.66 |
| Cost of Materials Consumed (₹ in Lakhs) | 3,332.65 | 3,160.30 | 3,430.86 |
| Material Cost as % of Revenue | 70.11% | 76.18% | 75.73% |
| Net Cash from Operating Activities (₹ in Lakhs) | 695.27 | 286.02 | 774.82 |
Atharva Polyplast IPO Prospectus
Atharva Polyplast IPO Registrar and Lead Managers
Atharva Polyplast IPO Lead Managers
- Name: Horizon Management Private Limited
- Address: 56E, Hemanta Basu Sarani, Stephen House, 4th Floor, Room No. 62, Kolkata - 700001
- Phone: +91 33 4600 0607
- Email: smeipo@horizon.net.com
- Contact Person: Narendra Bajaj
Registrar for Atharva Polyplast IPO
- Name: MUFG Intime India Private Limited
- Address: C-101, Embassy 247, L.B.S Marg, Vikhroli (West), Mumbai - 400083, Maharashtra, India
- Phone: +91 8108114949
- Email: atharvapolyplast.smeipo@in.mpms.mufg.com
- Contact Person: Shanti Gopalkrishnan
Financial Performance of Atharva Polyplast
| Particulars (₹ Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Assets | 30.88 | 32.66 | 32.92 |
| Total Income | 49.06 | 43.09 | 46.82 |
| Profit After Tax (PAT) | 5.29 | 2.00 | 0.71 |
| EBITDA | 9.19 | 6.05 | 4.77 |
| Net Worth | 13.01 | 7.72 | 5.72 |
| Reserves & Surplus | 6.51 | 1.22 | -0.78 |
| Total Borrowings | 7.91 | 13.59 | 16.16 |
Atharva Polyplast Peer Comparison
| Company Name | Revenue from Operations (₹ in Lakhs) | EPS (₹) | RoNW (%) | PAT Margin (%) |
| Atharva Poly-Plast Limited | 4,753.56 | 4.28 | 40.63% | 11.12% |
| Master Components Limited | 4,240.31 | 16.23 | 22.01% | 15.31% |
Strengths and Opportunities for Atharva Polyplast IPO
- The company generated ₹695.27 lakh in net cash from operating activities in FY25.
- It has over a decade of experience in plastic processing since its incorporation in 2014.
- It operates a 40,000 sq. ft. manufacturing plant in Satara, Maharashtra.
- Revenue from the top customer declined from 51.76% in FY23 to 24.42% as of January 2026, reflecting better diversification.
- Purchases from the largest supplier fell from 27.80% in FY23 to 13.10% as of January 2026.
- The company benefits from increasing demand for injection-moulded components from OEMs.
- It has an established customer base in Maharashtra, one of India's key manufacturing hubs.
- The IPO proceeds are expected to support future growth and strengthen the company's financial position.
- Material costs declined to 70.11% of revenue in FY25, compared to 76.18% in FY24.
- Strong promoter stake reflects long-term commitment to the company's growth.
Risks and Threats for Atharva Polyplast IPO
- The top 5 customers contributed 75.39% of revenue as of January 2026.
- 89.81% of revenue is generated from Maharashtra, limiting geographic diversification.
- Profitability is sensitive to fluctuations in crude oil prices, which impact polymer input costs.
- The absence of fixed-price supplier agreements exposes the company to raw material price volatility.
- The company reported negative financing cash flows over multiple years and negative investing cash flow in the latest period.
- Working capital requirements are projected to rise to ₹1,563.96 lakh in FY27.
- Outstanding unsecured loans of ₹296.78 lakh can be recalled at short notice.
- The company's trademark application is yet to receive final approval.
- Operations require continuous compliance with evolving environmental and industrial regulations.
- Changes in customers' sourcing strategies or increased in-house manufacturing could impact business volumes.
