An Odisha-based paper-based products manufacturer plans to raise Rs 32.80 crore via the NSE SME platform.
Utkal Speciality Industries India Ltd., a manufacturer of paper-based products and packaging materials, opens for subscription on June 10 with the issue closing on June 12. The company is listing on the NSE SME Emerge platform.
What the Company Does
Incorporated in September 2015 and operating from the Food Processing Park in Khurda, Odisha, Utkal Speciality manufactures a diverse range of paper products including paper plates, paper cups, paper glasses, paper bowls, tissue papers, pizza and sweets boxes, and wrap papers — products that serve everyday food service and packaging applications. The business caters to consumers, food service operators, and packaging buyers, and benefits from the secular shift toward disposable paper-based packaging as a more sustainable alternative to plastic.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 10, 2026 |
| Issue Closes | June 12, 2026 |
| Listing | NSE SME Emerge (June 17, 2026) |
| Price Band | Rs 62 – Rs 66 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 32.80 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,64,000 |
| BRLM | Affinity Global Capital Market Pvt. Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 46.23 | 44.15 | 50.28 |
| EBITDA Margin | — | 14.10% | 18.96% |
| PAT | 2.21 | 3.24 | 6.68 |
| PAT Margin | 4.78% | 7.34% | 13.29% |
Revenue shows a mild inconsistency — it declined from Rs 46.23 crore in FY23 to Rs 44.15 crore in FY24 before recovering to Rs 50.28 crore in FY25. The sharp jump in PAT from Rs 2.21 crore to Rs 6.68 crore over three years, while revenue grew only modestly, reflects meaningful margin expansion — EBITDA margins improved from 14.10% in FY24 to 18.96% in FY25.
Revenue from key customers accounted for 78.24% of FY25 revenues — a high concentration level for a Rs 50 crore business. The company has no listed domestic peers, making valuation benchmarking difficult.
Risks to Consider
The company has no listed peers, meaning there is no market-based valuation anchor for investors. Revenue concentration is high — three-quarters of FY25 revenues came from key customers, making the business vulnerable to any reduction in order flows. The modest 1.60x overall subscription and flat listing at par on the date the issue was priced suggest the market viewed the issue as fully priced. The paper packaging segment faces competitive pressure from both organised and unorganised players, and raw material cost volatility is a structural risk.
Analyst View
Analysts note that the company has no listed peers, which makes pricing opaque, and that the issue appears fully priced based on overall financial data.