A precision plastic components manufacturer plans to raise Rs 25.64 crore via the BSE SME platform.
Atharva Polyplast Ltd., a manufacturer of precision plastic components serving OEMs across industries, opens for subscription on June 30 with the issue closing on July 2. The company is listing on the BSE SME platform. All proceeds are a fresh issue flowing entirely to the company.
What the Company Does
Atharva Polyplast manufactures precision injection-moulded plastic components for B2B customers, primarily OEMs in the automotive, electronics, consumer goods, and industrial segments. The company has built long-standing relationships with several renowned OEMs — a competitive advantage given the qualification processes, tolerances, and quality certifications required to become an approved supplier in these sectors.
Its product mix has shifted toward higher-margin components in recent years, which explains the improvement in profitability despite a revenue dip in FY24.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 30, 2026 |
| Issue Closes | July 2, 2026 |
| Listing | BSE SME (July 7, 2026) |
| Price Band | Rs 55 – Rs 60 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 25.64 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,40,000 |
| BRLM | Horizon Management Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 |
|---|---|---|
| Revenue | 43.09 | 49.06 |
| PAT | 2.00 | 5.29 |
| PAT Margin | 4.64% | 10.78% |
Revenue dipped in FY24 before recovering and growing in FY25, while PAT more than doubled in FY25 as higher-margin products took a larger share of output. The margin expansion from 4.64% to 10.78% is a meaningful positive signal, though the sustainability of this improvement — and whether it reflects durable product mix change or a temporary uplift — is the key question investors need to assess.
BRLM Track Record: This is the 27th mandate from Horizon Management. Of the last 10 listings, 4 opened at a discount, 1 at par, and the rest with premiums ranging from 3.08% to 90%.
Risks to Consider
The FY24 revenue de-growth, coming just one year before the IPO, is a structural concern that investors should understand clearly — whether it was a one-off or reflects demand volatility from OEM customers. Precision plastics is a highly competitive and fragmented segment where pricing pressure from large OEMs is constant. Customer concentration is typical in B2B OEM supply chains and must be evaluated through the RHP.
Analyst View
Analysts note that while the company posted de-growth in its top line in FY24 but recovered and posted higher margins following a shift in product mix, the issue appears fully priced based on recent financial data.