GMP IPO Watch
Shakti Polytarp IPO Overview
Shakti Polytarp IPO is an upcoming BSE SME IPO scheduled to open on 15 September 2026 and close on 17 September 2026. The company is involved in the manufacturing of tarpaulins, shade nets and other polymer-based products, along with polymer granule trading.
The IPO has a total issue size of around ₹26.93 crore and is being offered entirely through a fresh issue. The company plans to use a major portion of the proceeds for capacity expansion and capital expenditure.
| Particular | Details |
|---|---|
| IPO Open Date | 15 September 2026 |
| IPO Close Date | 17 September 2026 |
| Price Band | ₹56–₹59 |
| Issue Size | ₹26.93 Crore |
| Issue Type | Fresh Issue |
| Lot Size | 2,000 Shares |
| Retail Minimum | 4,000 Shares |
| Retail Investment | ₹2,36,000 |
| Listing Exchange | BSE SME |
| Allotment Date | 18 September 2026 |
| Refund/Demat | 21 September 2026 |
| Listing Date | 22 September 2026 |
| Registrar | Skyline Financial Services |
| Lead Manager | Narnolia Financial Services |
Shakti Polytarp IPO GMP Today
The latest Shakti Polytarp IPO GMP is ₹0, meaning the IPO is currently trading at no unofficial premium over its upper price band of ₹59.
Based on the current GMP of ₹0, the indicative listing price is around ₹59, although the actual listing price can be different. GMP is an unofficial market indicator and may change quickly depending on investor demand and market conditions.
Since the IPO has not opened yet, subscription figures are currently not available.
| GMP Indicator | Details |
|---|---|
| Latest GMP | ₹0 |
| Upper IPO Price | ₹59 |
| Indicative Listing Price | ₹59 |
| Estimated Gain | 0% |
| GMP Status | No Premium |
Shakti Polytarp IPO Important Dates
Investors should keep the IPO schedule in mind because the bidding window is only for three days. The IPO is expected to open on 15 September and close on 17 September 2026, followed by allotment and listing in the following week.
| Event | Date |
|---|---|
| IPO Opens | 15 September 2026 |
| IPO Closes | 17 September 2026 |
| Allotment | 18 September 2026 |
| Refund/Demat | 21 September 2026 |
| Listing | 22 September 2026 |
Shakti Polytarp IPO Subscription Status
The Shakti Polytarp IPO subscription has not started yet because the issue is scheduled to open on 15 September 2026.
QIB, NII and retail subscription figures will become available once bidding begins. Investors should track the category-wise subscription during the IPO period because demand from different investor categories can provide a better indication of market interest.
| Category | Subscription |
|---|---|
| QIB | Not Started |
| NII | Not Started |
| Retail | Not Started |
| Overall | Not Started |
Shakti Polytarp IPO Lot Size and Investment
The IPO has a lot size of 2,000 shares. At the upper price band of ₹59, one lot represents an application value of ₹1,18,000.
For the retail category, the minimum application is reported at two lots, or 4,000 shares, making the minimum retail investment ₹2,36,000 at the upper price band. This relatively high application amount is an important factor for investors considering the SME issue.
| Particular | Details |
|---|---|
| IPO Price | ₹56–₹59 |
| Lot Size | 2,000 Shares |
| One Lot Value at ₹59 | ₹1,18,000 |
| Retail Minimum Lots | 2 |
| Retail Minimum Shares | 4,000 |
| Retail Minimum Investment | ₹2,36,000 |
Shakti Polytarp Company Business
Shakti Polytarp operates in the polymer products manufacturing segment. Its product portfolio includes tarpaulins and shade nets, while the company also deals in polymer granules.
Tarpaulins are widely used across agriculture, construction, transportation, logistics, storage and other applications where protection from water, dust and weather conditions is required. The company operates an integrated manufacturing facility in Madhya Pradesh and serves both business and consumer markets.
The business has shown a substantial increase in revenue over the last few financial years, although investors should also consider the company's dependence on a limited product segment and regional market.
Shakti Polytarp IPO Financial Performance
Shakti Polytarp has reported strong growth in revenue and profitability between FY2024 and FY2026. Revenue increased from ₹62.23 crore in FY2024 to ₹216.10 crore in FY2026. Profit after tax also increased significantly from ₹0.98 crore to ₹10.06 crore during the same period.
The improvement in profitability is positive, but the company continues to operate with relatively modest margins and has significant borrowings.
| Financial Year | Revenue | PAT | EBITDA |
|---|---|---|---|
| FY2024 | ₹62.23 Cr | ₹0.98 Cr | ₹3.83 Cr |
| FY2025 | ₹166.50 Cr | ₹4.97 Cr | ₹10.69 Cr |
| FY2026 | ₹216.10 Cr | ₹10.06 Cr | ₹19.29 Cr |
Shakti Polytarp IPO Financial Ratios
The company's FY2026 numbers show a strong return on net worth and reasonable reported valuation at the IPO price. However, its debt-to-equity ratio of around 2.60 is relatively high and should be monitored.
| Particular | FY2026 |
|---|---|
| EPS | ₹8.00 |
| EBITDA Margin | 8.94% |
| PAT Margin | 4.66% |
| RoNW | 44.04% |
| ROCE | 17.87% |
| Debt/Equity | 2.60 |
| NAV | ₹22.18 |
| P/E Pre-Issue | 7.38x |
| P/E Post-Issue | 10.05x |
| P/B | 2.66x |
Shakti Polytarp IPO Objects of the Issue
A significant portion of the IPO proceeds is planned for capital expenditure. Around ₹20.88 crore is proposed to be used for purchasing machinery and expanding manufacturing capacity.
The company intends to use the remaining funds for general corporate purposes and issue-related requirements. The planned expansion could help increase production capacity if demand continues to grow.
| Use of Funds | Amount/Focus |
|---|---|
| Capital Expenditure | ₹20.88 Cr |
| Capacity Expansion | Extrusion and Loom Machinery |
| General Corporate Purpose | Balance Amount |
| Issue Structure | Entirely Fresh Issue |
Shakti Polytarp IPO Strengths
Strong revenue growth: Revenue increased sharply from ₹62.23 crore in FY2024 to ₹216.10 crore in FY2026.
Improving profitability: PAT increased from ₹0.98 crore to ₹10.06 crore over the same period, showing significant improvement in earnings.
Capacity expansion: A large portion of the IPO proceeds is planned for machinery and manufacturing capacity, which could support future growth.
Integrated manufacturing: The company's manufacturing setup gives it control over important stages of production.
No OFS: The issue is structured as a fresh issue, meaning the IPO proceeds are intended to go to the company rather than existing shareholders selling their shares through an offer for sale.
Reported valuation: The post-issue P/E of around 10.05x appears moderate when compared with the disclosed peer valuations, although SME valuations should be assessed carefully.
Shakti Polytarp IPO Risks
The company has several factors that investors should consider before applying. The debt-to-equity ratio of around 2.60 indicates meaningful leverage, while borrowings stood at approximately ₹72.51 crore in FY2026.
The company is also heavily dependent on the Madhya Pradesh market, which accounted for more than 90% of revenue in recent years. Such geographic concentration can increase the impact of regional demand changes.
Another consideration is the commodity nature of the business. Changes in polymer and raw material prices can affect margins. The company also operates in a competitive segment where pricing and capacity utilisation can influence profitability.
SME IPO investors should additionally consider lower post-listing liquidity and the relatively high minimum retail application of ₹2.36 lakh.
Shakti Polytarp IPO Peer Comparison
Shakti Polytarp's reported valuation can be compared with the disclosed listed peers. Based on available FY2026 figures, Shakti Polytarp has a post-issue P/E of around 10.05x and RoNW of 44.04%.
| Company | P/E | RoNW |
|---|---|---|
| Shakti Polytarp | 10.05x | 44.04% |
| Commercial Syn Bags | 43.93x | 16.86% |
| Shree Tirupati Balajee Agro Trading | 24.26x | 3.49% |
The comparison shows that Shakti Polytarp's reported P/E is lower than the disclosed peer figures, while its RoNW is comparatively stronger. However, differences in business size, capital structure and liquidity should be considered before drawing a direct valuation conclusion.
Shakti Polytarp IPO Review
Shakti Polytarp IPO presents a mixed picture. The company has delivered strong revenue and profit growth, and the proposed capital expenditure could improve its manufacturing capacity. Its reported post-issue valuation also appears reasonable compared with the disclosed peers.
On the other hand, the company carries significant debt, operates in a competitive polymer products segment and has substantial geographic concentration in Madhya Pradesh. The business also operates with relatively thin net profit margins.
The latest GMP of ₹0 does not currently indicate any unofficial listing premium. Investors should therefore focus more on the company's fundamentals, IPO valuation, financial growth, debt position and post-listing prospects rather than relying only on GMP.
For investors with a higher risk appetite and a medium- to long-term investment horizon, the IPO may be worth monitoring. Conservative investors should carefully assess the SME-specific liquidity risk and high minimum investment before making a decision.
Shakti Polytarp IPO Key Highlights
- IPO opens on 15 September 2026
- IPO closes on 17 September 2026
- Price band is ₹56–₹59 per share
- Total issue size is around ₹26.93 crore
- Issue is entirely a fresh issue
- Lot size is 2,000 shares
- Retail minimum investment is ₹2.36 lakh
- Latest GMP is ₹0
- Proposed capital expenditure is ₹20.88 crore
- FY2026 revenue was ₹216.10 crore
- FY2026 PAT was ₹10.06 crore
- FY2026 EPS was ₹8
- Post-issue P/E is around 10.05x
- Debt-to-equity ratio is around 2.60
- Expected listing date is 22 September 2026
Shakti Polytarp IPO Conclusion
Shakti Polytarp IPO comes with strong recent revenue and profit growth, an expansion-focused use of IPO proceeds and a reported valuation that is lower than the disclosed peer P/E multiples. These factors make the issue interesting from a fundamental perspective.
However, high leverage, regional concentration, commodity price exposure, modest profit margins and SME liquidity risks remain important concerns. The current GMP of ₹0 also suggests that there is no unofficial premium at the latest available update.
Investors should check the final subscription figures, GMP movement, market conditions and the company's offer-document disclosures before making an IPO application decision.
Disclaimer: IPO GMP is an unofficial market indicator and can change at any time. This article is for informational purposes only and should not be considered investment advice.
