A Kanpur-based ERW steel pipe and tubular pole manufacturer plans to raise Rs 22.80 crore via the BSE SME platform.
Anubhav Plast Ltd., a manufacturer of Electric Resistance Welding (ERW) steel pipes, tubes, and steel tubular poles, opens for subscription on June 19 with the issue closing on June 23. The company is listing on the BSE SME platform. Despite the name, the company manufactures steel products — not plastics.
What the Company Does
Incorporated in 1987 with over three decades of operating history, Anubhav Plast operates two manufacturing units in Kanpur Dehat, Uttar Pradesh, with an installed capacity of 90,000 metric tonnes per annum for ERW steel pipes and tubes in round and square hollow sections, and steel tubular poles.
Its products serve electricity transmission and distribution, street lighting, telecom infrastructure, construction, irrigation, water supply, and general engineering applications. The company manufactures and installs swaged steel tubular poles — a niche product used primarily by electricity distribution utilities.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 19, 2026 |
| Issue Closes | June 23, 2026 |
| Listing | BSE SME (June 29, 2026) |
| Price Band | Rs 77 – Rs 80 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 22.80 crore (100% Fresh Issue) |
| Lot Size | 1,600 shares (min 2 lots = 3,200 shares) |
| Min. Retail Investment | Rs 2,56,000 |
| BRLM | Capital Square Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | CapitalSquare Financial Services Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| PAT | 0.74 | 2.08 | 6.00 | 5.30 |
Revenue was broadly static across FY23 and FY24 before posting growth in FY25. PAT grew from Rs 0.74 crore in FY23 to Rs 6.00 crore in FY25 — an 8x expansion — while 9M FY26 PAT of Rs 5.30 crore already represents 88% of the full FY25 figure. The pace of profit improvement from FY24 onwards is sharp. Debt-to-equity stands at 1.67 — elevated for a small-cap manufacturer in a commoditised segment. Post-IPO EPS is Rs 6.42, placing the issue at approximately 12.46x P/E on recent earnings.
Risks to Consider
The dramatic profit expansion from FY24 — PAT grew 3x in FY25 alone — in a commoditised steel pipe segment where margins are characteristically thin invites scrutiny about the durability of recent earnings. The debt-to-equity of 1.67 is elevated and will need careful servicing alongside any planned expansion. The ERW steel segment is highly competitive with many small and medium manufacturers, and pricing power is limited. Capital Square Advisors, the BRLM does not have a great track record. The company carries a name which implies plastics but the business is entirely steel, which may cause investor confusion.
Analyst View
Analysts note that after static top lines in FY23 and FY24, the company posted growth from FY25 onwards. However, the boosted profits from FY24 raise concern as the company operates in a highly competitive and fragmented segment. Based on recent financial performance, the issue appears aggressively priced as per analysts.