Antala Industries IPO Analysis: GMP, Financials, Valuation & Risks

Summary

Antala Industries is an upcoming BSE SME bookbuilding IPO. The price band is 63 to 67 per share, and the issue size is approximately 23.33 Crores. The issue opens on October 29, 2026, and closes on November 2, 2026.

The company makes BOPP and PP woven packaging products at an integrated facility in Rajkot, Gujarat. Its financial figures show higher revenue and profit in the periods reported, alongside risks including customer concentration, negative operating cash flow and reliance on one manufacturing facility.

IPO snapshot

The retail minimum and maximum are both listed as 4,000 shares for an amount of 2,68,000. The S-HNI minimum is 6,000 shares for 4,02,000, and the S-HNI maximum is 14,000 shares for 9,38,000. The B-HNI minimum is 16,000 shares for 10,72,000.

Business

Antala Industries manufactures, processes, prints and laminates industrial and commercial packaging. Its products include BOPP bags, BOPP printing rolls, BOPP lamination rolls, PP woven bags and PP woven lamination rolls, for customers in sectors including food processing, fertilizers, chemicals, cement and seeds.

The company has an integrated manufacturing facility in Rajkot, with extrusion, coating and lamination, rotogravure printing, stitching and finishing capabilities. As of September 30, 2026, it had 11 employees. Its certifications include ISO 9001:2015, ISO 14001:2015, ISO 22000:2018 and ISO 45001:2018.

Financials

The financial figures below are shown as published. No unit is specified for these figures.

The company’s analysis identifies high working-capital needs, rising inventory and negative operating cash flow as factors that temper its revenue and earnings growth. IPO proceeds are intended for working capital.

Valuation

The price-to-earnings ratio is not included because a value is not available. These figures offer valuation context, but they don't by themselves account for the company’s cash-flow, customer concentration and operating risks.

GMP

The unofficial grey market quote for Antala Industries was 0 on October 28, 2026, at 9:05 am IST. GMP is an unofficial quote, not an exchange figure. It does not establish a listing price, and listings often land away from it.

Strengths

• The Rajkot facility has in-house printing, lamination, cutting and stitching capabilities.
• Printing and lamination capacity utilization in FY2026 was 76.05% and 76.67%, respectively.
• The company supplies packaging products to customers across several end-user industries.
• Its ISO certifications cover quality, environmental, occupational health and safety, and food safety management.

Risks

• 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.
• Operating cash flow was negative ₹488.26 lakh in FY2025–26 and negative ₹315.17 lakh in FY2024–25. The company also had ₹497.83 lakh in outstanding creditor dues.
• Volatility or shortages in plastic inputs, power constraints, machinery risks, potentially insufficient insurance and unplaced machinery orders for proposed capital expenditure may disrupt operations.
• Plastic regulation or substitution, price-sensitive competition, inflation and wider economic or geopolitical disruption may affect demand, costs and margins.
• Delayed Companies Act filings and changing regulatory requirements may result in costs, penalties or operating restrictions.
• Tax compliance matters include a Form 61B data-quality correction requirement and an Octagon Industries interest demand of ₹1,36,605 pending payment or response. A KMP defective-return proceeding is also pending.

Important dates

Promoters

The promoters are Rajeshkumar Chandulal Antala, Lataben Rajeshbhai Antala, Pankajkumar Chandulal Antala, Hetalben Pankajkumar Antala, Nevil Pankajbhai Antala, Aaryan Rajesh Antala and Shaily Rajeshkumar Antala.

FAQs

When does the Antala Industries IPO open and close?

It opens on October 29, 2026, and closes on November 2, 2026.

What is the price band?

The price band is 63 to 67 per share.

What is the retail lot size?

The retail minimum and maximum are each listed as 4,000 shares, for an amount of 2,68,000.

What was the latest GMP quote?

The unofficial grey market quote was 0 on October 28, 2026, at 9:05 am IST. GMP is not an exchange figure and does not establish the listing price.

When is the expected listing date?

The listing date is November 5, 2026.

Sources

• Draft Red Herring Prospectus (DRHP)
• BSE: public issues
• ipowatch: IPO details and unofficial GMP
• ipowatch: IPO GMP table (unofficial)