Diksha Polymers IPO

About Diksha Polymers IPO

The public issue of the Diksha Polymers IPO, a BSE-SME IPO, opens on June 17, 2026 and closes on June 19, 2026. The allotment of shares will take place on June 22, 2026. The credit of shares to the demat account will take place on June 23, 2026. The initiation of refunds will also take place on June 23, 2026. The listing of shares will take place on June 24, 2026.

The offer consists entirely of a fresh issue of shares. The fresh issue will include 15,16,800 shares (aggregating up to ₹16.99 crores). This excludes the market maker allocation of 81,600 shares (aggregating up to ₹0.91 crores). There is no offer for sale (OFS) component in this IPO. The total number of shares is 15,98,400 aggregating to ₹17.90 crores.

Diksha Polymers is a fixed price IPO with the IPO price set at ₹112 per share. The lot size for an application is 2,400 shares (2x1,200). The minimum amount of investment required by a retail investor is ₹2,68,800 (2,400 shares) (based on fixed price). The minimum lot size investment for HNI is ₹4,03,200.

Diksha Polymers is engaged in the business of manufacturing PET bottles, containers, and PET Preforms. PET Preforms are essentially used as inputs for Pet Containers. The company has 3 manufacturing facilities located in Gwalior in Madhya Pradesh and has total installed manufacturing capacity of 2,163 MTPA for PET bottles, and 1,913 MTPA for Pet preforms. For the last reported fiscal year FY26, PET bottles and containers accounted for 71.3% of revenues while PET preforms accounted for 25.8%. It also manufacturers plastic caps and other products. PET containers find applications in key industries like lubricants, food & beverages, consumer goods, pharmaceuticals, and agrochemicals.

Objectives of Diksha Polymers IPO

• Repayment / Prepayment of debt in part or in full.
• General corporate purpose.

Industry Outlook

The global PET bottle market is around $45.5 billion as of 2024. According to estimates by IMARC Group, the PET bottle market is expected to touch $60.3 billion by the year 2033. PET bottles find application in variety of industries like food & beverages, healthcare, consumer goods, personal care etc. They are known for their versatility and flexibility and are resistant to breakage. PET is also being favoured for packaging medicines and vitamins for longer shelf life. Now, even packaged water and carbonated drinks are increasingly preferring PET bottles for packaging. Some of the technological changes like lightweight PET bottles, and barrier technologies can be triggers in the future.

The advent of polymers like HDPE and PET are broadening the horizons of plastic packaging. Also, global plastic manufacturers are shifting to India due to the lower costs. Today, nearly 60% of the demand for plastics comes from the packaging industry. While plastic related pollution has been a concern, the onus is on companies to take necessary steps to ensure that the environment is protected. In the year 2023, carbonated drinks market accounted for 40% of Indian non-alcoholic drinks market and they prefer plastic packaging. Packaged water is the second most preferred application with plastics having a 30% market share. Incremental demand is likely to come from the beverages segment.

About Diksha Polymers

Diksha Polymers is into the PET bottles, PET containers, PET preforms, caps, and other products. In terms of market share, PET containers/bottles and PET preforms account for about 99% of the total revenue mix of Diksha Polymers as of the first half of FY26 ending September 2025. PET preforms are in input for the manufacture of PET containers. The company has been a predominantly manufacturing company with trading accounting for less than 5% on an average in the last 3 years.

The company has reported impressive ROE of 48.32% and ROCE of 28.09% in the latest reported year FY26. PAT margins are above 8% for FY26, although the trend has been showing a rise. The IPO proceeds will be used to repay debt so as to improve the solvency ratios on the balance sheet and ensure that more working capital is available internally. PET bottles are essentially a working capital-intensive business with substantial funds locked up in trade receivables and inventories.

Strengths of Diksha Polymers

• Integrated and well-established manufacturing set-up.
• Manufacturing facilities are strategically located close to key markets.
• Financial performance has shown steady growth over last 3 years.
• Experienced promoters bring deep experience into the industry dynamics

Risks of Diksha Polymers

• PET bottles and preforms are 97% of revenues, which makes it too concentrated.
• PET bottles present an environment hazard and hence regulations are quite stringent.
• This industry still has a high unorganized component, where there are advantages.
• Supply concentration is about 96.7% from the top 5 suppliers, which is a risk.
• Even in terms of customers, top 5 customers give over 73% of revenues, again a focus risk.
• There is substantial capital locked up in working capital (receivables and inventories).
• Some of the unsecured loans are payable on demand

They have mentioned listed peers which fall in the similar line of business as of the company for broad comparison purposes.

Note: (i) Source – All the financial information for listed industry peer mentioned above is sourced from the Financial Results/ Red Herring Prospectus/ Prospectus/ of the aforesaid companies for the year ended March 31,2025 and stock exchange data dated March 27,2026 to compute the corresponding financial ratios.

(ii) For the company, they have taken Current Market Price as the issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of the company are taken as per Restated Financial Statement for the F.Y. 2024- 25.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on March 31, 2025.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of the Company is ₹ 10/- per Equity Share and the Issue price is [11.2X] times the face value of equity share.

Anchor Investor Bidding Date: Not Applicable

Registrar Details
Cameo Corporate Services Ltd
Email: priya@cameoindia.com
Phone: +91-44-4002-0700

Book Running Lead Manager
Aryaman Financial Services Ltd

Diksha Polymers Contact Details
B-33, Maharajpura Industrial Area, Maharajpura A.F., Gwalior Grid, Madhya Pradesh, India – 474-020
Email: info@dikshagroup.in
Phone: 0-89669-66666

Diksha Polymers Business Model

The company revenues are predominantly derived from the manufacture of PET bottles / containers and PET preforms, an input for PET containers. It caters to key industries like food & beverages, consumer goods, personal care etc. Beverages are the major growth segment for the company.

Diksha Polymers Growth Trajectory

Diksha Polymers Total Income for FY26 was ₹51.273 crores, whereas in FY25 and FY24 it was ₹42.728 crores and ₹19.724 crores, respectively.

The Profit After Tax for FY26 was ₹4.117 crores, whereas in FY25 and FY24 it was ₹2.631 crores and ₹1.012 crores, respectively.

Their EBITDA for FY26 was ₹7.319 crores, whereas in FY25 and FY24 it was ₹4.708 crores and ₹1.805 crores, respectively.

Diksha Polymers Market Position

Between FY24 and FY26, the installed capacity of PET Bottles/containers has gone up from 1,375 MTPA to 2,163 MTPA. During the same period, the actual production has gone up from 1,100 MT to 2,040 MT. This resulted in capacity utilization increasing from 80% to 94% between FY24 and FY26.

Between FY24 and FY26, the installed capacity of PET Preforms has gone up from Nil to 1,913 MTPA. During the same period, the actual production has gone up to 1,800 MT. This resulted in capacity utilization of 94% in FY26.

How to apply for Diksha Polymers IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.