Overview

Shakti Polytarp IPO is an IPO worth ₹26.93 crores that is SME in nature, and the same is related to a fresh issue of equity shares. The price range of each share is between ₹56 and ₹59, with the said shares being offered to be listed on BSE SME. The issue was open from 15 September 2026 to 17 September 2026.

Key Insights

• Shakti Polytarp IPO Issue size is ₹26.93 crore, with a price band of ₹56 to ₹59 per share.
• Minimum application by retail individual is 4,000 shares worth ₹2.36 lakh based on the higher end of the price band.
• The company produces tarps and other plastics products through its Dinotarp brand.
• Revenue from operations in FY2026 stood at ₹215.65 crore and profit after tax at ₹10.06 crore.
• The IPO money would be used for capital expenditure and general corporate purposes.

At a Glance: Issue Size, Face Value, Price Band, and Listing Platform

Particular	Details
Issue Size	₹26.93 crore
Issue Type	Fresh Issue
Face Value	₹10 per share
Price Band	₹56–₹59 per share
Lot Size	2,000 shares
Minimum Retail Application	4,000 shares
Minimum Investment at Upper Band	₹2.36 lakh
Listing Platform	BSE SME
Registrar	Skyline Financial Services Pvt. Ltd.
Lead Manager	Nexgen Financial Solutions Pvt. Ltd.

Promoter Shareholding: Pre-issue vs. Post-issue Holding Pattern

The promoters have a majority share before the issuance of the IPO of Shakti Polytarp Limited. However, following the issuance of new shares, the percentage of shareholding is projected to decrease as new shares are offered to the public. The shareholdings before and after the issuance need to be presented based on the final offer document and number of shares.

Shakti Polytarp IPO Schedule & Important Dates

Opening & Closing Dates: Subscription Window Timeline

The IPO opened for subscription on 15 September 2026 and closed on 17 September 2026.

Allotment Finalization & Basis: Key Dates

The Shakti Polytarp IPO allotment date is 18 September 2026. Allotment was finalized based on the applicable category-wise subscription and allocation process.

Refund Initiation & Credit of Shares to Demat

Refund initiation and credit of allotted shares to demat were scheduled for 21 September 2026.

Listing Date: BSE SME Tentative Schedule

The shares are scheduled to list on the BSE SME platform on 22 September 2026.

Price Band, Market Lot & Application Sizes

Lot Size & Investment Amounts: Retail (Minimum & Maximum) vs. HNI Lot Breakdown

The price band is ₹56–₹59 per share and the market lot is 2,000 shares. Retail investors need to apply for at least 4,000 shares, equivalent to ₹2.36 lakh at the upper price band. Applications above the retail limit fall under the applicable NII/HNI category as per the issue structure. The Shakti Polytarp IPO price band is fixed at ₹56 to ₹59 per share. The market lot is 2,000 shares, while the minimum retail application is 4,000 shares, requiring ₹2.36 lakh at the upper price band.

Category Reservation: Quota Distribution (Retail, NII, Market Maker)

The issue includes reservations for QIBs, NIIs, retail investors and market makers. The category-wise allocation should be stated according to the final issue documents.

Company Background & Business Overview

About Shakti Polytarp Ltd.: Operations and Technical Textile Manufacturing Profile

Shakti Polytarp Limited, incorporated in 2018, manufactures tarpaulins and other plastic-based products. Its tarpaulins use materials including PP, LLDPE, LDPE and HDPE and are available in different sizes, colours, thicknesses and specifications. The company primarily operates through a B2B model while also serving B2C customers.

Product Portfolio: Polymer & Tarpaulin Solutions

Its product portfolio includes tarpaulins, shade nets and other plastic-based products. The company markets its tarpaulin products under the Dinotarp brand and serves applications across agriculture, construction, automotive, transportation and logistics, consumer goods and other sectors.

Manufacturing Facilities & Production Capacity

The company’s manufacturing facility is located at Nimrani in Khargone, Madhya Pradesh. The facility covers approximately 1,98,450 sq. ft. and includes extrusion, lamination, weaving, sealing and recycling equipment.

Shakti Polytarp IPO GMP Today & Market Sentiment

Latest Grey Market Premium (GMP): Live Tracking & Estimated Listing Returns

As of 21 September 2026, IPO Watch reported a GMP of ₹6, equivalent to around 10.17% of the ₹59 upper price band. GMP is an unofficial market indicator and can change before listing. It should not be treated as a confirmed listing-price indicator. The Shakti Polytarp IPO GMP today is ₹6 as reported on 21 September 2026. The Shakti Polytarp IPO GMP is an unofficial indicator and can change before listing, so it should not be treated as a confirmed listing price or return.

Kostak & Subject to Sauda Rates

Include Kostak and Subject to Sauda rates only when reliable, date-specific information is available. If no current rate is reported, state that the information is unavailable rather than estimating it.

Daily GMP Trend Analysis

IPO Watch reported GMP of ₹6 on 18, 19 and 21 September 2026, while no GMP was reported on several earlier dates. The trend should be presented with the applicable date because GMP is unofficial and may change frequently.

Financial Performance & Business Growth Review

Key Financial Metrics: Revenue, Expenses, Net Worth, and Profit After Tax (PAT) Growth

Financial Metric	FY2024	FY2025	FY2026
Revenue from Operations	₹62.01 crore	₹166.24 crore	₹215.65 crore
PAT	₹0.98 crore	₹4.97 crore	₹10.06 crore

The company recorded growth in both revenue and PAT across the reported financial years. The FY2026 figures should be considered along with margins, debt, capacity utilisation and cash-flow requirements.

Valuation Indicators: P/E Ratio, EPS, ROE, ROCE, and Net Asset Value (NAV)

Valuation / Financial Indicator	FY2026
EPS	₹8.00
ROE	44.04%
ROCE	17.87%
NAV per Share	₹22.18
PAT Margin	4.66%
EBITDA Margin	8.94%

These indicators can help readers understand profitability and valuation, but should be assessed together with the issue price, business risks and financial position.

Peer Comparison: Financial Performance vs. Industry Competitors

Compare relevant financial and valuation indicators with the peer information disclosed in the offer documents. Focus on objective metrics such as revenue, PAT, EPS, P/E, ROE and NAV rather than presenting a subjective ranking.

Objectives of the Public Issue

Capital Expenditure & Expansion

The company intends to use a major portion of the net proceeds for its capital expenditure requirements. Groww’s current IPO information identifies capital expenditure as one of the stated objects of the fresh issue.

Working Capital Requirements

Include working-capital utilisation only if it is specifically stated in the final offer document. It should not be presented as an IPO objective without supporting disclosure.

General Corporate Purposes & Issue Expenses

The remaining proceeds are intended for general corporate purposes, subject to the limits and terms specified in the issue documents.

Expert Review & Investment Verdict

Key Strengths & Growth Drivers

• Revenue and PAT increased across FY2024–FY2026.
• The company has an established manufacturing facility for tarpaulin and plastic-based products.
• Its product portfolio serves multiple end-use sectors.
• The company follows both B2B and B2C channels.
• The fresh issue is intended to support capital expenditure and general corporate purposes.

Major Business Risks & Challenges

• The company operates in a competitive and fragmented segment.
• Capacity utilization was reported at 48.66% for FY2026, which is a factor to monitor when assessing manufacturing efficiency.
• Raw-material prices can affect production costs and margins.
• Customer and supplier concentration should be reviewed.
• Debt, working-capital requirements and execution of planned capital expenditure can affect future financial performance.

Final Verdict: Should You Subscribe for Short-Term Listing Gains or Long-Term Investment?

Do not give an either subscribe or do not subscribe judgment; rather, judge the offering based on its financial performance, valuation, business model, utilization of capacity, utilization of the objective of the issue, and risks, as well as the features of the SME market. GMP is to be viewed only as a non-official market measure.