A Rajkot-based packaging-products maker opens its Rs 23.33 crore BSE SME issue on October 29 — BOPP and PP woven bags, fabric rolls and printing/lamination for food, fertilisers, chemicals and cement, with strong FY26 growth, but bumper H1-FY27 profits flagged as window dressing and a maiden-mandate banker.
Antala Industries Ltd (AIL) manufactures, processes, prints, laminates and supplies a comprehensive range of industrial and commercial packaging products — specialising in BOPP bags, BOPP printing rolls, BOPP lamination rolls, PP woven bags and PP woven fabric rolls.
It provides customised packaging solutions to customers across food processing, fertilisers, chemicals, cement and seeds, designed for strength, durability, moisture resistance, shelf appeal and high-quality printability.
AIL operates an integrated manufacturing facility at Rajkot, Gujarat, equipped with extrusion, coating and lamination, rotogravure printing, roll-to-roll multi-colour printing, stitching and finishing infrastructure — enabling it to handle the full in-house process from printing, lamination, cutting, stitching, finishing and packaging.
It has multicolour rotogravure and flexographic printing capabilities, and holds ISO 9001:2015, ISO 14001:2015, ISO 22000:2018 and ISO 45001:2018 certifications. It operates in a highly competitive and fragmented segment, and had 11 employees as of September 30, 2026.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 29, 2026 |
| Issue Closes | November 2, 2026 |
| Listing | BSE SME |
| Listing Date | November 5, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 63 – Rs 67 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 23.33 crore (34,82,000 shares, entirely fresh) |
| Min. Application | 4,000 shares (2 lots; multiples of 2,000 thereafter) |
| Post-IPO Market Cap | Rs 81.45 crore |
| IPO as % of Post-IPO Capital | 28.64% |
| QIB / NII / Retail | 50% / 15% / 35% |
| Lead Manager | Vatsa Capital Venture Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is entirely fresh. Proceeds: Rs 10.68 crore for working capital, Rs 5.89 crore for capex on machinery, and the rest for general corporate purposes. Post-IPO, paid-up equity rises from Rs 8.67 crore to Rs 12.16 crore; the company issued a 21:50 bonus in October 2024.
Price Band Analysis
At the upper band of Rs 67, the issue is valued at a P/E of about 9.72x on FY27-annualised earnings and 19.25x on FY26, with a P/BV of 3.24 (March 31, 2026 NAV of Rs 20.67), easing to 2.02x on the post-IPO NAV of Rs 33.20. Average EPS was Rs 6.53 and average RoNW 21.82% (note: the offer document’s EPS/RoNW working includes the Sept 30, 2026 period while NAV is as of March 31, 2026 — a data inconsistency). Listed peers Knack Packaging (P/E ~24.5x) and Dhaval Packaging (~18.3x) trade higher.
GMP Watch
The Antala Industries IPO GMP is flat at ₹0 as of the days before opening — no premium recorded, offering no directional signal. GMP is unofficial, unregulated and SEBI-unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24* | FY25 | FY26 | H1-FY27 |
|---|---|---|---|---|
| Total Income | 19.44 | 25.13 | 47.53 | 30.20 |
| Net Profit (PAT) | 1.20 | 1.50 | 4.24 | 4.19 |
| PAT Margin (%) | 5.86 | 6.00 | 8.94 | 13.90 |
| RoCE (%) | 21.89 | 32.39 | 42.23 | 26.61 |
*FY24 comprises two broken periods.
Total income grew from Rs 19.44 crore (FY24) to Rs 47.53 crore (FY26), with PAT rising from Rs 1.20 crore to Rs 4.24 crore, and Rs 4.19 crore in H1-FY27 alone. PAT margins jumped to 8.94% (FY26) and 13.90% (H1-FY27).
Trade receivables stood at Rs 8.37 crore as of September 30, 2026. No dividend history.
Antala Industries brings an integrated packaging-products business to the SME board — BOPP and PP woven bags, fabric rolls and printing/lamination for food, fertilisers, chemicals and cement, with an integrated Rajkot facility, ISO certifications and strong FY26 growth.
