GMP IPO Watch
Injecto Polymers IPO 2026
Injecto Polymers Limited is launching a book-built SME IPO to raise ₹56.12 crore through a fresh issue of 56.12 lakh equity shares. The company operates in the flexible plastic packaging industry and manufactures a broad range of polymer-based packaging products.
The IPO opened on September 11, 2026 and will close on September 16, 2026. The shares are scheduled to list on the BSE SME platform on September 21, 2026. There is no offer-for-sale component in the issue.
| Particular | Details |
|---|---|
| IPO Name | Injecto Polymers IPO |
| IPO Date | 11–16 Sep 2026 |
| Allotment | 17 Sep 2026 |
| Listing Date | 21 Sep 2026 |
| IPO Type | Book Built Issue |
| IPO Size | ₹56.12 Cr |
| Price Band | ₹98–₹100 |
| Lot Size | 1,200 Shares |
| Min. Application | 2,400 Shares |
| Min. Investment | ₹2,40,000 |
| Issue Type | Fresh Issue |
| Listing | BSE SME |
| Face Value | ₹10 |
| Lead Manager | Indcap Advisors |
| Registrar | Integrated Registry Management Services |
Injecto Polymers IPO GMP Today
The Injecto Polymers IPO GMP is ₹0 in the latest available grey-market updates. At the upper price band of ₹100, a ₹0 GMP indicates an estimated listing price of around ₹100.
The grey market premium is unofficial and can change before the listing. Investors should therefore use GMP only as a sentiment indicator and not as a guaranteed listing-price forecast.
| Particular | GMP |
|---|---|
| IPO Price | ₹100 |
| Current GMP | ₹0 |
| Estimated Listing | ₹100 |
| Estimated Gain | ₹0 |
| GMP Status | Flat |
Injecto Polymers IPO Dates
The bidding window runs from September 11 through September 16. The basis of allotment is expected on September 17, while refunds and demat credit are scheduled for September 18. The tentative listing date is September 21, 2026.
| Event | Date |
|---|---|
| IPO Opens | 11 Sep 2026 |
| IPO Closes | 16 Sep 2026 |
| Allotment | 17 Sep 2026 |
| Refund | 18 Sep 2026 |
| Demat Credit | 18 Sep 2026 |
| Listing | 21 Sep 2026 |
Injecto Polymers IPO Lot Size and Investment
The IPO lot size is 1,200 shares. At the upper price band of ₹100, one lot is worth ₹1,20,000. The minimum application for the issue is 2,400 shares, making the required investment ₹2.40 lakh at the upper band.
| Particular | Details |
|---|---|
| Lot Size | 1,200 Shares |
| Price per Share | ₹100 |
| 1 Lot Value | ₹1,20,000 |
| Minimum Application | 2,400 Shares |
| Minimum Amount | ₹2,40,000 |
Injecto Polymers Company Business
Injecto Polymers was incorporated in 1998 and is engaged in manufacturing polymer-based flexible packaging products. Its portfolio includes polypropylene woven fabrics and bags, BOPP bags, Leno bags, LDPE and polyester pouches, FIBC bags and non-woven bags.
These products are used across agriculture, food processing, pharmaceuticals, chemicals, fertilizers, cement, construction, textiles and consumer goods. The company also trades in plastic granules and PVC resins, giving it both manufacturing and trading revenue streams.
The company operates two manufacturing facilities in West Bengal. Its installed capacity increased from 6,800 MT per annum in FY2023 to 10,870 MT in FY2025 and further to 11,270 MT in FY2026.
Injecto Polymers IPO Financial Performance
Injecto Polymers has recorded substantial revenue growth over the last three financial years. Restated figures show revenue increasing from ₹109.80 crore in FY2024 to ₹261.85 crore in FY2025 and ₹375.83 crore in FY2026.
Profit after tax also improved from ₹4.44 crore in FY2024 to ₹8.11 crore in FY2025 and ₹16.01 crore in FY2026.
| Financial Year | Revenue | PAT |
|---|---|---|
| FY2024 | ₹109.80 Cr | ₹4.44 Cr |
| FY2025 | ₹261.85 Cr | ₹8.11 Cr |
| FY2026 | ₹375.83 Cr | ₹16.01 Cr |
FY2026 EBITDA stood at approximately ₹38.04 crore, while net worth reached ₹63.34 crore. The strong revenue increase has been supported by higher trading volumes as well as increasing manufacturing activity.
Injecto Polymers IPO Financial Ratios
The company's FY2026 financial ratios show strong return on net worth, although leverage remains an important factor to monitor. The reported debt-to-equity ratio was around 2.61x, while RoNW stood at 41.73%.
At the upper IPO price band, the post-issue P/E is estimated at around 12.99x.
| Ratio | FY2026 |
|---|---|
| EPS | ₹10.55 |
| RoNW | 41.73% |
| RoE | 28.94% |
| ROCE | 15.64% |
| Debt/Equity | 2.61x |
| EBITDA Margin | 10.13% |
| PAT Margin | 4.26% |
| Post-Issue P/E | 12.99x |
| P/BV | 2.40x |
Injecto Polymers IPO Subscription
The IPO received an overall subscription of around 0.29x in the latest available subscription update. QIB demand was stronger at about 1.02x, while retail subscription stood around 0.25x and NII demand was lower.
| Category | Subscription |
|---|---|
| QIB | 1.02x |
| Retail | 0.25x |
| NII | 0.10x |
| Overall | 0.29x |
Subscription figures can change during the remaining bidding period, particularly on the final day.
Injecto Polymers IPO Objects of the Issue
The company plans to use the IPO proceeds for business expansion and balance-sheet requirements. A significant portion is earmarked for Phase IV capital expenditure at its existing Unit-I manufacturing facility in West Bengal.
The company also intends to use part of the proceeds for repayment or prepayment of outstanding borrowings, with the remaining amount allocated toward general corporate purposes.
| Use of Funds | Amount |
|---|---|
| Phase IV Capital Expenditure | ₹30.50 Cr |
| Debt Repayment / Prepayment | ₹10.00 Cr |
| General Corporate Purpose | Balance |
Injecto Polymers IPO Strengths
Injecto Polymers has a diversified packaging portfolio serving several end-user industries. Its products cover both industrial and consumer-oriented applications, which reduces dependence on a single product category.
The company has also expanded its manufacturing capacity while reporting significant growth in revenue and profitability. The promoter group has several decades of experience in the polypropylene bag manufacturing industry, which supports established customer and supplier relationships.
Key strengths include:
- Long operating history since 1998
- Diverse polymer packaging product portfolio
- Multiple industrial end-use markets
- Manufacturing capacity expansion
- Strong FY2024–FY2026 revenue growth
- Improving profitability
- Experienced promoter group
- IPO proceeds supporting further capacity expansion
- Debt repayment planned from IPO proceeds
Injecto Polymers IPO Risks
The company's biggest risks include its relatively leveraged capital structure, working-capital-intensive operations and exposure to polymer raw-material prices. CARE Ratings has highlighted geographic concentration, competition in flexible packaging and sensitivity to raw-material prices and foreign-exchange movements.
Around 75–80% of sales are derived from West Bengal, creating a meaningful geographic concentration risk. The company also operates in a fragmented and competitive flexible-packaging market where price competition can affect margins.
Investors should also watch the company's debt position. Borrowings were reported at ₹165.19 crore at FY2026 in the restated offer-document financials, compared with net worth of ₹63.34 crore.
Injecto Polymers IPO Valuation
At the upper price band of ₹100, the company's post-issue valuation works out to approximately 12.99x FY2026 earnings. The reported P/BV is around 2.40x.
The offer-document peer group includes Emmbi Industries and RDB Rasayans. The reported peer median P/E is around 14.2x, while Injecto Polymers' post-issue P/E is approximately 12.99x.
On this basis, the valuation does not appear particularly aggressive relative to the disclosed peer benchmark. However, the company's higher leverage and relatively thin PAT margin should also be considered.
Injecto Polymers IPO Review
Injecto Polymers IPO Review: Neutral to Positive
Injecto Polymers has an established position in flexible plastic packaging and has delivered strong revenue and profit growth in recent years. Its diversified product portfolio, increasing manufacturing capacity and experienced promoter group are positives.
The proposed Phase IV expansion could provide additional manufacturing capacity, while debt repayment from IPO proceeds may help improve the company's financial position.
On the other hand, the current ₹0 GMP does not indicate any grey-market listing premium. High leverage, working-capital requirements, raw-material price volatility and geographic concentration remain important risks.
For investors comfortable with SME IPO risk, Injecto Polymers is worth tracking for its growth in operations and reasonable reported valuation, but the issue should be evaluated on fundamentals rather than GMP-based listing expectations.
Injecto Polymers IPO Key Highlights
- ₹56.12 crore BSE SME IPO
- IPO opens September 11 and closes September 16, 2026
- Price band of ₹98–₹100
- Lot size of 1,200 shares
- Minimum application of 2,400 shares
- Minimum application value of ₹2.40 lakh at the upper band
- Entirely fresh issue
- FY2026 revenue of ₹375.83 crore
- FY2026 PAT of ₹16.01 crore
- FY2026 EBITDA of ₹38.04 crore
- FY2026 RoNW of 41.73%
- Post-issue P/E of approximately 12.99x
- Current GMP around ₹0
- Phase IV manufacturing expansion planned
- Debt repayment included in IPO objectives
Injecto Polymers IPO Conclusion
Injecto Polymers IPO offers exposure to the growing flexible packaging and polymer products industry. The company has significantly increased its revenue and profitability over the past three years and has expanded its manufacturing capacity to support future growth.
The planned Phase IV expansion is a key growth driver, while debt repayment could help address the company's leveraged balance sheet. However, investors should carefully consider raw-material price volatility, working-capital requirements, geographic concentration and competition.
With the current GMP at ₹0, there is no grey-market premium signal for listing gains. Investors should therefore focus on the company's financial performance, valuation, subscription trend and long-term business prospects before making an investment decision.
Disclaimer: GMP is an unofficial and unregulated market indicator and can change at any time. IPO subscription figures and other issue details may also change during the bidding period. Investors should read the company's RHP and conduct their own research before investing.
