Vedant Poly Fabs IPO

Vedant Poly Fabs Initial Public Offering is a book-built issue of ₹56.68 crore. The issue is a combination of a fresh issue of 54.26 lakh shares aggregating to ₹51.01 crore and an offer for sale of 6.04 lakh shares aggregating to ₹5.67 crore.

Affinity Global Capital Market Private Limited is the book-running lead manager, and Cameo Corporate Services Limited is the registrar of the issue.

About Vedant Poly Fabs Limited

Vedant Poly Fabs Limited was incorporated on December 10, 2018, as Vedant Poly Fabs Private Limited under the Companies Act, 2013. The company was converted into a public limited company in August 2025 and subsequently changed its name to Vedant Poly Fabs Limited. It is an India-based manufacturing company engaged in the production of flexible packaging materials and operates primarily as a business-to-business supplier to customers across India. Its products are used in packaging applications across the food and beverage, dairy, and consumer goods industries.

The company's product portfolio includes multilayer low-density plastic films, including three-layer and five-layer films, shrink films, barrier films, printed plastic laminates, milk and oil pouches, and aluminium foil laminates. It manufactures packaging products according to customer specifications, including size, thickness, material composition, and printing requirements. Its operations also include the trading of billet strips, which are used in engineering, fabrication, and manufacturing applications. The company undertakes trading transactions on a bill-to-ship basis, with materials supplied directly from vendors to customers according to their requirements.

The company's products cater to packaging requirements across the food and beverage, dairy, and consumer goods sectors. Its manufacturing activities include printed plastic packaging materials used for milk, curd, lassi, and similar dairy products, along with poly laminates and aluminium foil laminates. The company also generates revenue from shrink films, milk films, printed plastic products, lamination activities, and scrap sales. In recent years, it has shifted its business focus towards manufacturing rather than trading, increasing the contribution of manufacturing activities to its operating revenue.

Vedant Poly Fabs Limited has established a customer base across multiple Indian states, with West Bengal accounting for the largest share of its revenue. In the financial year ended March 31, 2026, West Bengal contributed ₹111.45 crore? No — the reported figure is ₹111.45 crore? The correct figure is ₹111.45 crore only if the amount is expressed in crores; the DRHP reports ₹11,145.48 lakh, equivalent to ₹111.45 crore, representing 96.80% of total revenue. Other markets included Uttar Pradesh, Bihar, Karnataka, Maharashtra, Jharkhand, Meghalaya, Assam, Odisha, and Hyderabad. The company's disclosed revenue base is therefore predominantly domestic, with West Bengal serving as its principal market.

For the financial year ended March 31, 2026, Vedant Poly Fabs Limited reported revenue from operations of ₹115.14 crore and profit after tax of ₹10.97 crore. For the financial year ended March 31, 2025, revenue from operations stood at ₹81.02 crore, while profit after tax was ₹4.56 crore. For the financial year ended March 31, 2024, the company reported revenue from operations of ₹49.53 crore and profit after tax of ₹0.64 crore.

Industry Outlook

• The global packaging market is estimated at USD 1,220.36 billion in 2026, compared with USD 1,180 billion in 2025. It is projected to reach USD 1,443.9 billion by 2031, growing at a CAGR of 3.42%.
• The global flexible packaging market is estimated at USD 332.7 billion in 2025 and is projected to reach USD 552.3 billion by 2035, registering a CAGR of 5.2%.
• Polyethylene is expected to account for 35.8% of global flexible packaging market revenue in 2025, supported by its moisture-barrier properties, flexibility, and relatively low cost.
• The global multilayer flexible packaging market is projected to grow from USD 168.92 billion in 2024 to USD 283.55 billion by 2034, at a CAGR of 5.32% from 2025 to 2034.
• The global mono-material packaging market is valued at USD 4.9 billion in 2025 and is projected to reach USD 7.8 billion by 2035, growing at a CAGR of 4.8%. The DRHP associates this growth with increasing demand for recyclable, low-complexity packaging formats.
• The global milk packaging market is forecast to expand from USD 56.12 billion in 2026 to USD 85.22 billion by 2035, registering a CAGR of 4.75%. The Indian packaging market is valued at USD 101.12 billion in 2025 and is projected to reach USD 169.73 billion by 2030, growing at a CAGR of 10.73%.
• The Indian flexible packaging market is estimated at USD 20.41 billion in 2025 and is projected to reach USD 35.11 billion by 2030, at a CAGR of 11.46%. The Indian multilayer flexible packaging market is also reported to be growing at a CAGR of 6.8%, while the milk packaging market is advancing at 6.3%, supported by increasing dairy consumption and awareness of packaging hygiene.

Vedant Poly Fabs IPO Objectives

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

• Funding incremental working capital requirements of the Company.
• Prepayment or repayment of all or a portion of certain secured or/and unsecured outstanding borrowings availed by the company.
• Funding capital expenditure for purchase and installation of plant and machinery at its existing manufacturing facility.
• Towards general corporate purposes.

Financial Performance of Vedant Poly Fabs Limited

Vedant Poly Fabs Limited Peer Details Comparison 

Strengths and Opportunities of Vedant Poly Fabs IPO

1. Vedant Poly Fabs Limited recorded revenue from operations of ₹115.14 crore in FY26, compared with ₹81.02 crore in FY25 and ₹49.53 crore in FY24, indicating substantial growth over the three-year period.
2. Profit after tax increased to ₹10.97 crore in FY26 from ₹4.56 crore in FY25 and ₹0.64 crore in FY24, reflecting an improvement in the company’s reported profitability.
3. The company’s EBITDA margin rose from 2.60% in FY24 to 9.56% in FY25 and 16.50% in FY26, indicating improved operating profitability over the reported period.
4. Total net worth increased from ₹3.86 crore in FY24 to ₹15.42 crore in FY25 and ₹42.26 crore in FY26, strengthening the company’s reported equity base.
5. The company undertakes extrusion, printing, lamination, slitting, and pouching at its manufacturing facility. Its multilayer extrusion, CI flexographic printing, and rotogravure machinery enable it to manufacture packaging products according to varied customer specifications.
6. The DRHP estimates that India’s flexible packaging market will grow from USD 20.41 billion in 2025 to USD 35.11 billion by 2030, at a CAGR of 11.46%. This industry expansion presents a potential opportunity for the company’s flexible packaging products.

Risks and Threats of Vedant Poly Fabs IPO

1. The company depends heavily on a limited number of suppliers for its raw materials. In FY26, its top five suppliers accounted for 79.32% of total purchases, while the top ten accounted for 90.16%, exposing it to supply disruptions, pricing changes, and potential difficulties in sourcing materials.
2. The company faces customer concentration risk, as its top five customers contributed 59.97% of sales in FY26, while the top ten accounted for 69.44%. Losing a major customer or experiencing a reduction in orders could adversely affect its revenue and profitability.
3. The company operates in the competitive flexible packaging industry, where it faces competition from established players such as B&A Packaging India Limited and Barflex Polyfilms Limited. Increased competition could put pressure on pricing, profit margins, and its ability to retain customers.
4. The company’s business performance is linked to demand from industries that use flexible packaging materials, including food, beverages, and consumer products. Any slowdown in these end-user industries or a reduction in demand for packaging products could adversely affect its sales and financial performance.
5. The company’s manufacturing operations involve extrusion, printing, lamination, slitting, and pouching processes. Operational disruptions, machinery breakdowns, production inefficiencies, or interruptions at its manufacturing facility could affect production capacity, product quality, delivery schedules, and profitability.
6. The company’s financial performance depends partly on its ability to maintain revenue growth and profitability. Although revenue from operations increased to ₹115.14 crore in FY26, from ₹81.02 crore in FY25, its historical financial performance may not be indicative of future results, and any adverse business or market conditions could affect its future earnings.

Vedant Poly Fabs Limited IPO Reservation

Vedant Poly Fabs Limited IPO Promoter Holding

The promoters of the company are Pankaj Kumar Maheshwari, Sujata Maheshwari, and Sethsawaria Poly Fab LLP.

Vedant Poly Fabs Limited IPO Prospectus

• Vedant Poly Fabs Limited IPO DRHP

Vedant Poly Fabs Limited IPO Registrar and Lead Managers

Vedant Poly Fabs Limited IPO Lead Managers

• Affinity Global Capital Market Private Limited

Registrar for Vedant Poly Fabs Limited IPO

Cameo Corporate Services Limited

• Contact Number: 044-28460390/28460391/28460392
• Email Address: investor@cameoindia.com

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Contact Details of Vedant Poly Fabs Limited IPO

Registered Office: 6/1/Q Digberia Road, Barasat, P.O. Badu, PS Barasat North 24 Parganas, Badu, Barasat- I, West Bengal, India 700128

Phone: +91 8240877760

E-mail: cs@vedantpolyfabs.com