IPO Analysis
Vedant Poly Fabs IPO Analysis: GMP, Financials, Valuation & Risks
Vedant Poly Fabs plans an NSE SME IPO at ₹88 to ₹94 per share. Review its financials, valuation figures, unofficial GMP, strengths, risks and key dates.
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Vedant Poly Fabs is an upcoming NSE SME IPO with a price band of ₹88 to ₹94 per share. The issue is scheduled to open on November 2, 2026, and close on November 4, 2026.
The company’s disclosed figures show revenue of 115.31 and profit after tax of 10.97 for 2026. Its unofficial grey market quote was 0 as of 29 Oct 2026, 9:05 am IST. The financial figures’ unit isn’t stated here, so we don’t assign one.
IPO snapshot
| Detail | Information |
|---|---|
| IPO type | SME |
| Exchange | NSE SME |
| Issue type | Book build issue |
| Price band | ₹88 to ₹94 per share |
| Face value | ₹10 per equity share |
| Issue size | Approx ₹56.68 crore |
| Fresh issue | Approx ₹51.01 crore |
| Offer for sale | Approx 6,03,600 equity shares |
| Retail minimum | 2 lots, 2,400 shares, ₹2,25,600 |
| Retail maximum | 2 lots, 2,400 shares, ₹2,25,600 |
| S-HNI minimum | 3 lots, 3,600 shares, ₹3,38,400 |
| S-HNI maximum | 8 lots, 9,600 shares, ₹9,02,400 |
| B-HNI minimum | 9 lots, 10,800 shares, ₹10,15,200 |
| Open date | November 2, 2026 |
| Close date | November 4, 2026 |
| Allotment date | November 5, 2026 |
| Refund date | November 6, 2026 |
| Demat credit date | November 6, 2026 |
| Listing date | November 9, 2026 |
Business
The company’s described operations include printed flexible packaging products, with offerings expanded from printed LD products to milk and oil rolls, printed laminates and aluminium foil laminates. Its B2B model combines in-house film production, printing, lamination and converting with direct customer engagement.
It has printing, extrusion, lamination, slitting and pouching equipment, along with an eight-vehicle delivery fleet. The company added lamination, slitting and pouching machinery in March 2026. The available business details point to regional concentration in West Bengal and working-capital borrowings as considerations.
Financials
| Period ended | Revenue | Expense | Profit after tax | Assets |
|---|---|---|---|---|
| 2024 | 49.73 | 48.87 | 0.64 | 18.88 |
| 2025 | 81.58 | 74.97 | 4.56 | 55.40 |
| 2026 | 115.31 | 100.59 | 10.97 | 97.80 |
The unit for these figures isn’t stated. The reported series shows higher revenue and profit after tax across the periods listed.
Valuation
| Measure | Figure |
|---|---|
| ROE | 38.03% |
| ROCE | 46.34% |
| EBITDA margin | 16.50% |
| PAT margin | 9.52% |
| Debt-to-equity ratio | 1.11 |
| Basic EPS | 10.05 |
| Return on net worth | 25.95% |
| NAV | 28.70 |
| Price-to-book value | 3.28 |
| P/E ratio | N/A |
These measures provide figures to assess profitability, returns and leverage. The P/E ratio is listed as N/A.
GMP
The unofficial grey market quote for Vedant Poly Fabs was 0 as of 29 Oct 2026, 9:05 am IST. This is an unofficial quote, not an exchange figure. Grey market quotes can differ from the eventual listing outcome and don’t establish a listing price.
Strengths
- Product offerings have expanded to include milk and oil rolls, printed laminates and aluminium foil laminates.
- Capacity increased from 68.5 lakh kg to 88.5 lakh kg after machinery additions in March 2026.
- Overall capacity utilisation rose from 35.75% in FY2024 to 71.64% in FY2026.
- The company has in-house printing, extrusion, lamination, slitting and pouching equipment, as well as an eight-vehicle delivery fleet.
- It holds ISO 9001:2015, ISO 22000:2018 and HACCP certifications, subject to annual surveillance.
Risks
- The top 10 suppliers accounted for 90.16% of purchases, creating supply continuity and bargaining risks.
- The top 10 customers generated 69.44% of sales. West Bengal accounted for 96.80% of revenue, concentrating demand among buyers and in one region.
- Raw materials represented 77.90% of operating revenue, exposing margins to input-price changes.
- Net working capital was ₹4,626.89 lakh in FY2026. Operating and investing cash flows were negative, and the cash ratio was 0.17.
- Reliance on verbal orders, customer collections and inventory management may affect production planning and cash flows.
- Plastic-waste and labour regulations may raise costs or result in penalties. The company also had prior EPF, ESIC and GST filing delays.
- No company litigation is disclosed, but a director has three pending personal income-tax demands totalling ₹1.54 lakh. Market liquidity, macroeconomic conditions and dilution are other stated risks.
Important dates
| Event | Date |
|---|---|
| IPO opens | November 2, 2026 |
| IPO closes | November 4, 2026 |
| Allotment | November 5, 2026 |
| Refunds | November 6, 2026 |
| Shares credited to demat | November 6, 2026 |
| Listing | November 9, 2026 |
Promoters
The promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP.
FAQs
What is the Vedant Poly Fabs IPO price band?
The price band is ₹88 to ₹94 per share.
When does the IPO open and close?
It opens on November 2, 2026, and closes on November 4, 2026.
What is the lot size for a retail minimum application?
The listed retail minimum is 2 lots, covering 2,400 shares, for ₹2,25,600.
What is the latest unofficial GMP?
The unofficial grey market quote was 0 as of 29 Oct 2026, 9:05 am IST. It is not an exchange figure.
Who are the promoters?
The promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP.