Injecto Polymers IPO

About Injecto Polymers IPO

The Injecto Polymers IPO, an SME IPO, opens on Friday, September 11, 2026 and closes on Wednesday, September 16, 2026. The allotment of shares will take place on Thursday, September 17, 2026. The credit of shares to the demat account will take place on Friday, September 18, 2026. The initiation of refunds will take place on Friday, September 18, 2026. The listing of shares will take place on Monday, September 21, 2026.

The equity shares of the company are proposed to be listed on the BSE SME platform. The offer consists of a fresh issue component. The fresh issue will include 56,12,400 shares aggregating up to ₹56.12 crore.

Injecto Polymers IPO's price band is set at ₹90 to ₹100 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by a retail investor is ₹2,40,000 (2,400 shares) based on the upper price.

Injecto Polymers manufactures polypropylene woven fabrics, woven sacks and bags, BoPP bags, leno bags, FIBC bags and non-woven bags, and also trades in plastic granules and PVC resins.

Objectives of Injecto Polymers IPO

• Repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company
  
• Funding the capital expenditure towards setting up Phase IV at the Company's existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal 713166
  
• General corporate purposes.
  

Industry Outlook

Packaging is the fifth-largest sector of the Indian economy. The India packaging market was estimated at ₹1,02,732 crore (US$ 12.9 billion) in FY25. It is projected to grow at a compound annual growth rate of 6.6% to reach ₹1,79,781 crore (US$ 21.0 billion) by FY33, expanding on the back of a rising middle class, better supply-chain infrastructure and the rapid growth of e-commerce platforms.

The sector is large. As of September 2024, India became the third-largest packaging market globally, surpassing Japan, with the industry exceeding ₹7,36,246 crore (US$ 86 billion). Government initiatives that promote sustainable manufacturing methods and encourage the reduction of plastic packaging waste are reshaping demand across food, FMCG and agricultural applications. The market for packed food products alone is projected to reach ₹29,563 crore (US$ 3.4 billion) by 2027.

Demand is broad-based. Injecto Polymers Limited, which manufactures woven polypropylene fabrics, sacks and FIBC bags used across agriculture, chemicals, construction and consumer goods, sells into several of the end-use segments driving this growth. The Company's Phase IV capacity addition is aimed at capturing incremental demand in these high-growth packaging applications.

About Injecto Polymers Limited

Injecto Polymers was incorporated in 1998 and is headquartered in Kolkata, West Bengal. It operates two manufacturing units in West Bengal and runs a business-to-business model built around bulk orders from institutional and industrial customers. The Company's operations are classified into two streams: the manufacture of a diverse range of packaging products, and the trading of plastic granules and polyvinyl chloride resins.

The manufacturing portfolio spans polypropylene woven fabrics, polypropylene woven sacks and bags, biaxially oriented polypropylene bags, leno bags, low-density and polyester pouches, flexible intermediate bulk container bags and non-woven bags. Its products serve agriculture, construction, textiles, chemicals and consumer goods. For FY25, the top five customers accounted for 31.66% of revenue from operations. Raw materials include polypropylene, LLDPE, LDPE and HDPE granules, PP resin and specialty polymers.

The Company's average capacity utilisation reached 99.57% in FY25, against installed capacity of 10,870 MT. Its manufacturing units hold ISO 9001:2015 and ISO 22000:2018 certifications, and the Company holds BIS certification for food-grade packaging. The promoters carry a combined 65 years of experience in the packaging industry. West Bengal contributed 75.86% of revenue from operations in FY25, reflecting a concentrated regional footprint that the Company intends to broaden through its capacity expansion.

Strengths of Injecto Polymers

• A diversified product portfolio spanning woven fabrics, woven sacks, BoPP bags, leno bags and FIBC bags serves multiple end-use industries and reduces dependence on any single product line.
• Two manufacturing units located in West Bengal provide proximity to major rice-producing belts and industrial zones with good connectivity to ports, airports and highways.
• The promoters bring a combined 65 years of experience in the packaging industry, supported by a senior management team across sales, marketing, strategy and finance.
• Bulk procurement of plastic granules and PVC resins strengthens the company's bargaining power and enables it to avail bulk-order discounts from suppliers.

Risks of Injecto Polymers

• The top five customers accounted for 31.66% of revenue from operations in FY25, so the loss of a major customer could sharply reduce revenue.
• Trading activities contributed 53.19% of revenue from operations in FY25, a lower-barrier segment where competition and pricing pressure could compress overall margins.
• West Bengal accounted for 75.86% of revenue from operations in FY25, exposing the Company to regional economic, political and environmental disruptions.
• The top five suppliers accounted for 77.69% of purchases in FY25, so the loss of a key supplier could disrupt procurement and raise input costs.
• The company reported negative net cash from operating activities of ₹16.90 crore in FY25, which could constrain its ability to fund operations and growth internally.
• Raw material prices for polypropylene and polyethylene track crude oil and global supply-demand cycles, and any inability to pass on cost increases could squeeze margins.

Anchor Investor Bidding Date

Thursday, September 10, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Integrated Registry Management Services Private Limited
Email: irg@integratedindia.in
Tel: +91 080-23460815 to 23460819

Book Running Lead Manager
Indcap Advisors Private Limited

Injecto Polymers Contact Details
5th Floor, Room No. 2, Gate No. 3, Poddar Court, 18, Rabindra Sarani,
Lalbazar, Kolkata 700001, West Bengal, India.
Phone: (033) 22378167
Email: cs@injectopolymers.in

Injecto Polymers Business Model

The company earns its revenue through two streams: the manufacture of a diverse range of packaging products, and the trading of plastic granules and polyvinyl chloride resins. On the manufacturing side, it produces woven polypropylene fabrics, woven sacks and bags, BoPP bags, leno bags, FIBC bags and non-woven bags, customised in varied shapes and sizes and sold in bulk to institutional and industrial customers under a business-to-business model. The Company procures plastic granules and PVC resins in bulk, using a portion for captive consumption and deploying the remainder towards trading, which strengthens its bargaining power and supports its procurement and sales network.

Injecto Polymers Growth Trajectory

Injecto Polymers Limited's Total Income for FY25 was ₹261.85 crore, whereas in FY24 and FY23 it was ₹109.80 crore and ₹96.62 crore, respectively.

The Profit After Tax for FY25 was ₹8.11 crore, whereas in FY24 and FY23 it was ₹4.44 crore and ₹2.07 crore, respectively.

Their EBITDA for FY25 was ₹22.95 crore, whereas in FY24 and FY23 it was ₹13.10 crore and ₹8.31 crore, respectively.

Injecto Polymers Market Position

Injecto Polymers operates two manufacturing units in West Bengal, positioned close to major rice-producing belts and industrial zones with connectivity to ports, airports and highways. Its manufacturing units are certified to ISO 9001:2015 and ISO 22000:2018, and the Company holds BIS certification for food-grade packaging of sugar and rice. West Bengal contributed 75.86% of revenue from operations in FY25, with the Company serving institutional and industrial customers across agriculture, chemicals, construction and consumer goods.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹261.85 crore, ₹8.11 crore, and ₹22.95 crore, respectively.

How to apply for Injecto Polymers IPO?

• Step 1: Log in to your Kotak Neo 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.