A Gwalior-based PET bottle and preform manufacturer plans to raise Rs 16.99 crore via the BSE SME platform.
Diksha Polymers Ltd., a manufacturer of PET bottles, containers, and PET preforms, opens for subscription on June 17 with the issue closing on June 19. The company is listing on the BSE SME platform through a fixed-price issue at Rs 112 per share. As of March 31, 2026, the company had just 17 permanent employees.
What the Company Does
Operating from three manufacturing facilities at Maharajpura Industrial Area, Gwalior, Madhya Pradesh, across 26,879 sq. ft., Diksha Polymers has an installed capacity of 2,163 MTPA for PET bottles and containers and 1,913 MTPA for PET preforms. Its integrated manufacturing process allows it to produce both PET preforms (intermediate products) and finished PET bottles — giving it multiple revenue streams within the same value chain.
The company’s products are used across food and beverages, lubricants, pharmaceuticals, agrochemicals, and consumer goods industries. PET bottles (71.30% of FY26 revenue) are the primary product, with PET preforms contributing the balance.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 17, 2026 |
| Issue Closes | June 19, 2026 |
| Listing | BSE SME (June 24, 2026) |
| Issue Price | Rs 112 per share (Fixed Price) |
| Face Value | Rs 10 |
| Issue Size | Rs 16.99 crore (100% Fresh Issue) |
| Lot Size | 1,200 shares (min 2 lots = 2,400 shares) |
| Min. Retail Investment | Rs 2,68,800 |
| BRLM | Aryaman Financial Services Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Market Maker | Shreni Shares Ltd. |
Note: QIB quota is 0%; the issue is split equally 50:50 between NII and retail.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 19.72 | 42.72 | 51.27 |
| PAT | 1.01 | 2.63 | 4.12 |
| PAT Margin | 5.13% | 6.16% | 8.03% |
| RoCE | 26.54% | 23.52% | 28.09% |
Revenue growth has been strong — nearly trebling from Rs 19.72 crore in FY24 to Rs 51.27 crore in FY26. PAT grew from Rs 1.01 crore to Rs 4.12 crore over the same period, with margins expanding consistently from 5.13% to 8.03%. RoCE has remained healthy above 23% throughout. These are reasonable, if not spectacular, metrics for a small packaging manufacturer. Listed peers TPL Plastech and Mitsu Chem Plast trade at 18.0x and 12.6x P/E respectively — making this issue look fully to aggressively priced at Rs 112.
Risks to Consider
The tiny post-IPO paid-up equity capital indicates a significantly longer gestation period before the company would qualify for mainboard migration, limiting re-rating potential. With only 17 permanent employees, the business is extremely lean — a strength for capital efficiency but also a vulnerability for operational continuity. Lease rights on the manufacturing premises are still pending transfer, creating operational uncertainty. Related-party concentration in purchases is flagged in the offer documents. The company does not own its premises and is exposed to landlord-related risks.
Analyst View
Analysts note that the company has posted growth in its top and bottom lines for the reported periods, but the issue appears aggressively priced based on recent financial data. The tiny post-IPO paid-up equity base indicates longer gestation for migration. Analysts point out that there is no harm skipping this pricey offer.