Antala Industries
What they do: Manufactures and supplies BOPP bags, PP woven bags and printed or laminated packaging rolls. It earns revenue by producing standard and customer-specified packaging products for industrial and commercial customers.
By IPO Milega Research · Published
Antala Industries has grown revenue rapidly and reported positive earnings, with a FY2026 net margin of about 11.9%.
- GMP (unofficial)
- +0%
- ₹0 a share
- Opens
- 29 Oct
- Tomorrow
- Min. investment
- ₹2,68,000
- 4000 shares
GMP is an unofficial grey market indication. GMP updated 28 Oct, 11:05 IST.
- Price band
- ₹63-67
- Lot size
- 4000 shares
- Min. investment
- ₹2,68,000
- Issue size
- Approx 23.33 Crores
- Open29 Oct 2026
- Close2 Nov 2026
- Allotment3 Nov 2026
- Listing5 Nov 2026
Overview
₹67 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹22 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- Funding working capital requirements₹10.68 Cr46%
- Capital expenditure for purchase of machinery₹5.89 Cr25%
- General corporate purposes₹6.76 Cr29%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials6.0
- Performance7.0
- Flexibility7.0
- Timing5.0
- Risk4.0
Revenue growth, positive earnings, improving margins and low debt support modest upside. Negative operating cash flow, customer and regional concentration, working-capital needs and execution risks limit the fundamental case.
Strengths4
- Operates an integrated Rajkot manufacturing facility with rotogravure and flexographic printing, lamination, cutting and stitching capabilities.
- FY2026 printing and lamination capacity utilization reached 76.05% and 76.67%, compared with about 20% in FY2024.
- Serves food processing, fertilizers, chemicals, cement, seeds, textiles and other packaging customers through a range of finished bags and intermediate rolls.
- Holds ISO certifications covering quality, environmental, occupational health and safety, and food safety management.
Concerns5
- The top 10 customers generated 47.43% of FY2025–26 operating revenue, and orders generally lack long-term contracts.
- Gujarat accounted for 71.08% of revenue and 91.80% of raw-material purchases; manufacturing is concentrated at one Rajkot facility.
- Negative operating cash flow was ₹488.26 lakh in FY2025–26 and ₹315.17 lakh in FY2024–25, alongside working-capital constraints and ₹497.83 lakh in outstanding creditor dues.
- Volatility or shortages in key plastic inputs, power constraints, machinery risks, potentially insufficient insurance and unplaced machinery orders for proposed capital expenditure could disrupt operations.
- Plastic regulation or substitution, price-sensitive competition, inflation and broader economic or geopolitical disruption could pressure demand, costs and margins.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,68,0002 lots, 4000 shares
- Retail Maximum2,68,0002 lots, 4000 shares
- S-HNI Minimum4,02,0003 lots, 6000 shares
- S-HNI Maximum9,38,0007 lots, 14000 shares
- B-HNI Minimum10,72,0008 lots, 16000 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 4000 | 2,68,000 |
| Retail Maximum | 2 | 4000 | 2,68,000 |
| S-HNI Minimum | 3 | 6000 | 4,02,000 |
| S-HNI Maximum | 7 | 14000 | 9,38,000 |
| B-HNI Minimum | 8 | 16000 | 10,72,000 |
Timing
5.0/10The fresh issue gives the company access to public-market funding, and the offer is stated to be fully underwritten. However, no market-cycle, investor-demand or sector conditions are provided to support a stronger timing assessment. The company’s relatively recent corporate history also limits evidence of an established public-market track record.
- Time to market
- The company is pursuing an SME listing at an early stage of its corporate history. The issue provides a route to raise capital, but the information does not establish that market conditions or the company’s readiness make this an especially favorable moment.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE SME
Key milestones
- 29 Oct 2026IPO Opens
- 2 Nov 2026IPO Closes
- 3 Nov 2026Basis of Allotment
- 4 Nov 2026Refunds Initiated
- 4 Nov 2026Credit to Demat Account
- 5 Nov 2026Listing Date
Financials
6.0/10- Revenue
- ₹47.53 Cr
- +48.6%
- Profit after tax
- ₹4.24 Cr
- +133.0%
- Net margin
- 8.9%
- +3.2 pts
- Assets
- ₹28.41 Cr
- +11.5%
- Return on equity
- 21.36%
- Debt to equity
- 0.25
- Current ratio
- 2.45
- Revenue CAGR
- 94.6%
- ROCE
- 26.61%
- Return on net worth
- 18.88%
- NAV per share (₹)
- 20.67
- Price to book
- 3.24
Financial performance trend
Amount ₹ in croresAntala Industries has grown revenue rapidly and reported positive earnings, with a FY2026 net margin of about 11.9%. High working-capital needs, rising inventory and negative operating cash flow temper the assessment. IPO proceeds are intended for working capital, with no debt repayment stated.
FY2026 total borrowings were ₹4.19 Cr, comprising long-term and short-term borrowings. The IPO proceeds are intended for working capital; no debt repayment is stated.
Fresh issue goes to the company. OFS goes to the selling shareholders.
The offer is a fresh issue, with no offer for sale. The company proposes to use ₹10.68 Cr of net proceeds for incremental working capital; no proceeds are earmarked for debt repayment.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks4
- Operational risks5
- Regulatory risks4
High customer and regional concentration, negative operating cash flow, input and facility exposure, compliance issues and pending tax matters create significant business and financial risks.
How the company offsets these
The Company filed Form 61B and supplied ITDREIN details; KMP tax demands of ₹10,500 and ₹17,500 were paid. No criminal, regulatory or material civil proceedings were reported against the Company.
Financial risks4
- Negative operating cash flow in FY2025–26 and FY2024–25, working-capital constraints and ₹497.83 lakh in outstanding creditor dues.
- Customer concentration and price-sensitive competition may affect revenue and margins.
- Inflation and input-cost increases may not be passed on to customers.
- Investor returns may be affected by applicable Indian tax, STT and stamp duty.
Market risks4
- Top 10 customers contributed 47.43% of FY2025–26 operating revenue; orders generally lack long-term contracts.
- Gujarat generated 71.08% of revenue and supplied 91.80% of raw-material purchases.
- Plastic rules, alternative packaging, competition and economic or global-market shifts may reduce demand or raise costs.
- Sovereign-rating downgrades may affect financing.
Operational risks5
- Manufacturing is concentrated at one Rajkot facility and is exposed to regional disruption and natural calamities, terrorism or civil unrest.
- Shortages or price volatility in PP and LDPE granules, fillers, BOPP films and PP woven fabrics may disrupt production or increase costs.
- Power, machinery, inventory and working-capital constraints may affect operations.
- Insurance may be insufficient, and machinery for proposed capital expenditure has not yet been ordered.
- The business relies on Promoters and repeat customers.
Regulatory risks4
- Delayed Companies Act filings, including delays of up to 294 days, and changing laws or enforcement may lead to costs, penalties or operational restrictions.
- The Company reported a Form 61B filing and subsequent data-quality corrections; an income-tax interest demand of ₹1,36,605 for Octagon Industries remains pending payment or response.
- A KMP defective-return proceeding remains pending; two other disclosed KMP tax demands have been paid.
- Foreign-investment restrictions and RBI approvals may affect investment activity.
Performance
7.0/10Antala Industries manufactures customized BOPP and PP woven packaging, with in-house printing, lamination, cutting, stitching and finishing at its Rajkot facility. FY2026 revenue was ₹47.40 crore, EBITDA ₹6.15 crore and PAT ₹4.24 crore. Higher margins and rising capacity utilization indicate improved execution, while the short operating history as a company, customer and regional concentration, and competition from many manufacturers temper the assessment.
- Historical growth
- Revenue was ₹12.51 crore in FY2024, ₹25.02 crore for the eight months from August 2024 to March 2025, and ₹47.40 crore in FY2026. The reporting periods are not directly comparable, so these figures do not establish a like-for-like annual growth rate. FY2026 EBITDA margin was 12.97% and PAT margin was 8.91%, up from 9.34% and 5.98% respectively in the eight-month FY2025 period., Strong reported revenue expansion, with no reliable comparable annual growth rate available from these periods.
- Market comparison
- The company competes with numerous organized and unorganized regional and national manufacturers on quality, price, specifications, production capability, delivery and customer relationships. No named peer financial or market-share comparison is given. Low entry barriers and potential capacity additions create competitive pressure.
- Future potential
- No quantified company forecast is stated. Growth depends on expanding customers across end-user industries, adding value-added packaging products and responding to customer specifications. Market demand, raw-material costs and competition remain relevant risks.
- Operational consistency
- Capacity utilization rose across printing, lamination, and cutting and stitching as equipment and operations expanded. The integrated process and quality inspections support production execution. Revenue concentration in Gujarat and BOPP bags, reliance on third-party logistics, and non-comparable historical periods limit confidence in long-term stability.
- Experience
- Promoters Rajeshkumar Chandulal Antala and Pankajkumar Chandulal Antala are reported to have over 29 years of packaging-industry experience, including manufacturing, product development, customer relationships and business expansion.
- Track record
- Promoters have been involved in setting up facilities, expanding capacity, adopting technology and building customer relationships. The business reports rising utilization and FY2026 margin improvement; its company-level history is relatively short, and the supplied information provides limited evidence for assessing performance across a full cycle.
Key achievements
- 01Operates an integrated Rajkot manufacturing facility with rotogravure and flexographic printing, lamination, cutting and stitching capabilities.
- 02FY2026 printing and lamination capacity utilization reached 76.05% and 76.67%, compared with about 20% in FY2024.
- 03Serves food processing, fertilizers, chemicals, cement, seeds, textiles and other packaging customers through a range of finished bags and intermediate rolls.
- 04Holds ISO certifications covering quality, environmental, occupational health and safety, and food safety management.
Flexibility
7.0/10Customer-specific sizes, printing and specifications, alongside customers in food, fertilizer, chemicals, cement, textiles and seeds, support responses to varied demand. However, Gujarat accounted for 71.08% of FY2025-26 revenue and BOPP bags for 61.37%. The company also competes in an industry with many manufacturers and relatively low entry barriers.
FY2025-26 revenue was ₹47.40 crore, EBITDA ₹6.15 crore and PAT ₹4.24 crore, with an EBITDA margin of 12.97%. Working-capital needs are projected to rise, funded through IPO proceeds, internal accruals and borrowings as required. Planned machinery purchases also depend on issue proceeds.
The Rajkot facility combines printing, lamination, cutting, stitching and finishing, supporting in-house production and customized orders. FY2025-26 capacity utilization reached 76.05% for printing and 76.67% for lamination, with further machinery purchases planned. Operations are centered on one manufacturing location and use third-party logistics.
Antala has flexibility through customized products, integrated manufacturing and customers across several end-user industries. Its adaptability is moderated by geographic and product concentration, rising working-capital needs and dependence on planned IPO-funded investment.
- Product diversification
- Five product categories span finished PP woven and BOPP bags, plus printing and lamination rolls. Products can be tailored by size, printing, lamination and finishing. BOPP bags accounted for most FY2025-26 revenue.
- Future adaptability
- Potential is supported by planned machinery investment, expansion of value-added packaging products and plans to serve more customer industries. Outcomes depend on funding, working-capital management and demand growth. The proposed machinery has not yet been ordered.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.