Tenty IPO

Tenty Limited IPO was a book building issue consisting solely of a fresh issue of up to 46.19 lakh equity shares.

The equity shares were proposed to be listed on the NSE SME. Gretex Corporate Services Limited was the book running lead manager, and MUFG Intime India Private Limited was the registrar to the issue.

About Tenty Limited

Tenty Limited was originally incorporated as Tenty Marketing Company Private Limited on November 5, 1997, under the provisions of the Companies Act, 1956. The company subsequently changed its name to Tenty Private Limited on December 28, 2022, and was converted into a public limited company under the name Tenty Limited on July 25, 2024. Headquartered in Kolkata, West Bengal, the company operates in the manufacturing industry, with a diversified business portfolio spanning rigid plastic packaging (RPP) products, writing instruments, electric fans, and household electrical appliances.

The company manufactures rigid plastic packaging products and writing instruments, offering customised packaging solutions to customers in the fast-moving consumer goods and writing instruments industries. Its product portfolio also includes electric fans and household electrical appliances, including electric motors, water lifting pumps, cooler kit pumps, and other household appliances. The electrical appliances business is conducted through its subsidiary, Polar Elektrik Limited.

The company offers a diversified portfolio of products across its manufacturing verticals. Its rigid plastic packaging portfolio includes food containers, bottles, jars, caps, closures, dispensing closures, snap-on lids, cosmetic cream jars, shampoo and conditioner bottles, and standard and customised polyethylene terephthalate (PET) preforms. These products are used in food and beverages, personal care, cosmetics, and other consumer product industries. Its writing instruments segment caters to the stationery industry, while its electrical products portfolio includes electric fans, electric motors, water-lifting pumps, cooler kit pumps, and other household electrical appliances. The company also sources certain household electrical appliances from third-party manufacturers to expand its product offerings.

The company has expanded its manufacturing capabilities through several acquisitions and infrastructure developments. Key milestones include the establishment of its first manufacturing facility at Kasba Industrial Estate, Kolkata, in 2005, followed by a new plant at Sankrail, Howrah, in 2015, and a manufacturing facility in Guwahati in 2017. In 2024, the company acquired Dolswap Business Private Limited through a scheme of amalgamation, strengthening its manufacturing capabilities across rigid plastic packaging products and writing instruments.

In 2025, the company established its first plant at Bhagabatipur, Sankrail, Howrah, and acquired a 51.43% stake in Polar Elektrik Limited, thereby entering the electric fans and household electrical appliances segment through its subsidiary. In 2026, it established another plant at Sankrail, Howrah, and acquired an additional 47.92% stake in Polar Elektrik Limited, taking its aggregate shareholding to 99.35%.

The company serves a diversified customer base across multiple consumption and industrial categories, including writing instruments and stationery, personal care and consumer goods, food and beverages, plastic packaging, and electrical and home appliances. Its customers include businesses operating in the fast-moving consumer goods, food processing, packaging, stationery, and electrical goods industries. The company has established long-standing relationships with its customers, with its largest customer, Linc Limited, having an association of over 16 years. Its top 10 customers have an average relationship tenure ranging between 5 and 16 years.

During Fiscal 2026, the company generated revenue from operations of ₹82,225.47 lakh, compared with ₹41,546.92 lakh in Fiscal 2025 and ₹36,224.13 lakh in Fiscal 2024. Electric fans and household electrical appliances contributed 63.04% of revenue in Fiscal 2026, followed by writing instruments at 20.91% and rigid plastic packaging products at 16.05%. Revenue from repeat customers stood at ₹75,063.85 lakh in Fiscal 2026, accounting for 91.29% of total revenue from operations, compared with 95.44% in Fiscal 2025 and 95.57% in Fiscal 2024.

Industry Outlook

• The Indian writing instruments industry increased from USD 1,106 million in FY20 to USD 2,239 million in FY26. Growth was supported by rising enrolment across schools and higher educational institutions, recovery in educational and office-related activities, and steady demand from corporate and institutional users. Increasing penetration of organised and branded manufacturers, expansion of distribution networks across traditional retail, modern trade, and e-commerce channels, product innovation, and export demand also contributed to industry growth. The market is projected to reach USD 3,382 million by FY30.
• The Indian rigid plastic packaging market increased from USD 13.4 billion in FY20 to USD 14.7 billion in FY26. It is projected to reach USD 19–20 billion by FY30, registering an estimated CAGR of 7–8% between FY26 and FY30. Growth is expected to be supported by demand from the packaged food and beverage, pharmaceutical, personal care, home care, and healthcare sectors, alongside increasing food processing activities and adoption of packaged products.
• The Indian market for plastic caps and closures increased from USD 1.5 billion in FY20 to USD 1.7 billion in FY26. It is projected to reach USD 2.3 billion by FY30, reflecting an estimated CAGR of 8–9% between FY26 and FY30. Demand is expected to be driven by the packaged food and beverage, bottled water, dairy, edible oils, pharmaceutical, personal care, home care, and household products industries.
• The Indian rigid plastic packaging industry is witnessing growing demand across multiple end-user segments. FMCG (food and beverages) remains the largest segment, with its market projected to increase from USD 4.9 billion in FY26 to USD 6.6 billion by FY30. The personal care and cosmetics segment is expected to grow from USD 4.2 billion to USD 5.6 billion during the same period, while pharmaceutical and healthcare packaging is projected to increase from USD 2 billion to USD 2.7 billion.
• The Indian writing instruments industry comprises ballpoint pens, gel pens, roller pens, fountain pens, markers and highlighters, pencils, and other writing products. Ballpoint pens remain the largest product category, with the market projected to increase from USD 1,073 million in FY26 to USD 1,617 million by FY30. Growing consumer preference for higher-quality and aesthetically designed writing products, corporate gifting, and institutional procurement is expected to support value growth.
• The Indian electric fan industry increased from USD 1,427 million in FY20 to USD 2,141 million in FY26, registering a CAGR of 5.1%. Growth was supported by increasing residential and commercial demand, rising housing development, expansion of electrification across urban and rural regions, and replacement demand. The market is projected to reach USD 3,200–3,500 million by FY30, reflecting an estimated CAGR of 13–14% between FY26 and FY30.
• Increasing environmental awareness and regulatory measures concerning plastic pollution are influencing the rigid plastic packaging industry. Extended Producer Responsibility (EPR) requirements and initiatives such as tethered caps are encouraging manufacturers to adopt recyclable plastics, lightweight packaging, reusable solutions, and sustainable alternatives. Investments in manufacturing technologies, packaging design, and material development are also expected to support industry growth.
• The electric fan industry is witnessing increasing adoption of energy-efficient products, including Brushless Direct Current (BLDC) fans, driven by consumer preference for lower electricity consumption and energy efficiency standards. Ceiling fans constitute the largest market segment, alongside table, pedestal, wall-mounted, exhaust, and industrial fans. However, demand may be influenced by consumer sentiment, discretionary spending, replacement cycles, competitive pricing, and the availability of alternative cooling products such as air coolers and air conditioners.

Tenty IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• To fund capital expenditure towards plant & machinery.
• To fund working capital requirements.
• Towards general corporate purposes.

Financial Performance of Tenty Limited

Tenty Limited Peer Details Comparison