Utkal Speciality Industries India IPO

About Utkal Speciality Industries India IPO

The public issue of the Utkal Speciality Industries India IPO, an SME IPO, opens on Wednesday, June 10, 2026 and closes on Friday, June 12, 2026. The allotment of shares will take place on Monday, June 15, 2026. The credit of shares to the demat account will take place on Tuesday, June 16, 2026. The initiation of refunds will take place on Tuesday, June 16, 2026. The listing of shares will take place on Wednesday, June 17, 2026.

The offer consists of a fresh issue component. The fresh issue will include 0.52 crore shares of ₹34.54 crores. The total number of shares is 54,34,000 while the aggregate amount is ₹35 crores.

Utkal Speciality Industries India IPO’s price band is set at ₹62 to ₹66 per share. The lot size for an application is 2,000 shares. The minimum amount of investment required by a retail investor is ₹2,64,000 (4,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (6,000 shares), amounting to ₹3,96,000. Its shares are proposed to be listed on the Emerge Platform of National Stock Exchange of India Limited.

Utkal Speciality Industries India is engaged in the manufacturing of paper-based products and packaging materials and maintains a broad portfolio of 200-plus stock-keeping units (SKUs) designed to serve a variety of customer needs. By offering multiple product configurations, they are able to meet the requirements of both small-scale vendors and larger institutional buyers, each with their own specific demands. Rather than relying on a one-size-fits-all approach, their business has developed an operational model that emphasises flexibility in manufacturing and responsiveness to customer preferences.

Objectives of Utkal Speciality Industries India IPO

• To meet the working capital requirements.
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.
• Funding capital expenditure requirement towards purchase of machinery for their new manufacturing facility at Khurda, Odisha.
• General corporate purposes.
• To meet the offer expenses.

Industry Outlook

The Indian paper packaging market size is estimated at USD 1,907 crores in 2025, and is expected to reach USD 4,643 crores by 2030, at a CAGR of 19.48% during the forecast period (2025-2030). The packaging industry in India is growing rapidly due to increased consumerism, e-commerce growth, and organized retail. Packaging paper is a vital component for various packaging solutions, contributing to the demand for paper products. Rising literacy rates and educational activities contribute to the demand for printing and writing paper. The education sector's growth drives the need for textbooks, notebooks, and other educational materials, which significantly boosts the Indian Paper & Pulp Market growth. Investments by key players in expanding production capacities and modernizing facilities contribute to meeting the growing demand for paper and pulp products.

About Utkal Speciality Industries India

Utkal Speciality Industries India is engaged in the manufacturing of paper-based products and packaging materials, offering a broad range of items that serve both functional and aesthetic needs across various consumer segments. Their product portfolio includes thoughtfully designed paper-based alternatives intended for everyday use as well as special occasions, aligning with evolving consumer preferences for sustainable and convenient options. They have built their operations with an emphasis on maintaining consistent quality, efficiency in production, and attention to design detail. Through steady growth and a commitment to meeting industry standards, they have developed a stable presence in the market.

Their product portfolio includes a range of paper-based items designed for various food service applications. Paper plates are available in different sizes, thicknesses, and designs, with or without plastic film coating, and are suited for a variety of food types. Paper cups, primarily used for ice cream, come in several sizes and are differentiated by quality to suit both cost-sensitive vendors and more quality-focused clients. Paper glasses, intended for single-use beverages, are also offered in multiple variants to address different customer requirements.

Strengths of Utkal Speciality Industries India

• They offer a vast selection of SKUs to cater to diverse customer requirements.
• Strategically located on the highway linking Kolkata to Chennai.
• Fully integrated end-to-end manufacturing unit for seamless production processes.
• Freight costs are lower as suppliers are mainly from the south.
• Dedicated to ensuring customer satisfaction by delivering high-quality products consistently.

Risks of Utkal Speciality Industries India

• Loss of any significant customers.
• Any shortfall in the supply of their raw materials, or an increase in their raw material costs and other input costs.
• Presence of numerous unorganised players.
• Seasonal fluctuations in demand.
• Any disruption to power sources.

Note: Industry Peer may be modified for finalization of Offer Price before filing Prospectus with ROC *Sourced from Annual Reports, Audited Financial taken from, BSE and NSE. Calculated on an annualized basis for the purpose of better peer comparison. ^ Not Annualized.

Notes - Considering the nature and turnover of business of the Company, the peers are not strictly comparable. However, the same have been included for broader comparison.

• The figures for Utkal Speciality Industries India are based on the restated results for the financial year ended December 31, 2025.

• The figures for Spinaroo Commercial Limited and Aaradhya Disposal Industries Limited are based on standalone audited results for the year ended December 31, 2025. The Current Market Price (CMP) is the price of respective scrip as on March 27, 2026.

Registrar Details
Cameo Corporate Services Limited
Email: investor@cameoindia.com
Tel.: +91 44 2846 0390

Book Running Lead Manager
Affinity Global Capital Market Private Limited

Utkal Speciality Industries India Contact Details

Address: IDC0 Plot No. I/5/B, Food Processing Park, Khurda, Khurda, Odisha, 752057
Email: compliance@utkalspeciality.com
Phone: +91 90401-34060

Utkal Speciality Industries India Business Model

The company earns its revenue through the following: Manufacturing paper-based products and packaging materials that offers a broad range of items that serve both functional and aesthetic needs across various consumer segments. Their product portfolio includes thoughtfully designed paper-based alternatives intended for everyday use as well as special occasions, aligning with evolving consumer preferences for sustainable and convenient options.

Utkal Speciality Industries India Growth Trajectory

Utkal Speciality Industries India’s total income for the financial year 2024-25 stood at ₹50.28 crores, whereas the same stood at ₹44.15 crores in financial year 2023-24, representing an increase of 13.88%. (Restated Data)

The other income for financial year 2025 was ₹1.66 crores compared to ₹0.25 crores in financial year 2023-24, representing an increase of 572.32%.

For FY 2025, they reported a profit after tax (PAT) of ₹6.68 crores, marking an impressive increase of 106.37% compared to ₹3.24 crores in FY 2024.

Utkal Speciality Industries India Market Position

They have established their presence across 15 states in India, enabling them to operate in multiple regions and work with a diverse set of clients. This geographical spread supports their day-to-day activities and facilitates coordination across various locations. By being present in different parts of the states, they are able to manage operations more effectively and respond to the needs of each region. This presence also reflects the scale of their operations and their ability to maintain a steady and organised approach across different markets and environments.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹50.279 crores, ₹6.682 crores, and ₹9.219 crores, respectively.

How to apply for Utkal Speciality Industries India 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.