The ₹56.68 crore IPO opens on November 2 at ₹88–₹94 per share. The flexible packaging manufacturer plans to use fresh capital for working capital, debt repayment and machinery.
Vedant Poly Fabs Ltd. is entering the primary market with a ₹56.68 crore initial public offering comprising a fresh issue and an offer for sale (OFS). The IPO opens for subscription on November 2, 2026, and closes on November 4, 2026.
The company manufactures flexible packaging materials used by food, beverage and consumer goods businesses. It also trades in steel billets and mild steel strips.
The shares are proposed to list on NSE Emerge, the exchange’s SME platform.
IPO Details
| Particulars | Details |
|---|---|
| Company | Vedant Poly Fabs Ltd. |
| IPO size | ₹56.68 crore |
| Fresh issue | ₹51.01 crore |
| Offer for sale | ₹5.67 crore |
| Total shares | 60,30,000 |
| Fresh shares | 54,26,400 |
| OFS shares | 6,03,600 |
| Price band | ₹88–₹94 |
| Face value | ₹10 |
| Lot size | 1,200 shares |
| Minimum application | 2,400 shares |
| Minimum investment at ₹94 | ₹2,25,600 |
| Opens | November 2, 2026 |
| Closes | November 4, 2026 |
| Listing platform | NSE SME Emerge |
| Post-issue market capitalisation | ₹189.43 crore |
| Lead manager | Affinity Global Capital Market Pvt. Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Market maker | Giriraj Stock Broking Pvt. Ltd. |
The offering represents 29.92% of the company’s post-issue equity capital.
The fresh issue will bring funds into the company. The ₹5.67 crore OFS proceeds will go to the selling shareholders.
GMP
The grey market is not quoted.
The grey market is unofficial and unregulated. GMP may change during the day and does not guarantee the listing price.
About Company
Vedant Poly Fabs manufactures flexible packaging materials for business customers across India.
Its products include three-layer and five-layer LD films, shrink films, barrier films, printed laminates, and pouches used for packaging milk, edible oil and other products.
The company serves the food and beverage industry and other consumer goods businesses, supplying packaging materials based on customer specifications.
Its manufacturing process covers film extrusion, printing, lamination, slitting, pouching, quality checks and dispatch.
In March 2026, Vedant added lamination, slitting and pouching machines to expand its manufacturing capabilities. It also installed a reprocessing unit to recycle manufacturing waste and improve material utilisation.
Alongside packaging, the company trades in steel billets and mild steel strips used by engineering, fabrication and construction-related businesses. These products are generally sourced from vendors and supplied directly to customers.
As of June 30, 2026, Vedant had 61 employees and engaged contract workers when required.
Financials
Vedant Poly Fabs has reported rising revenue and profits over the last three financial years.
| Particulars (₹ crore) | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Total income | 49.73 | 81.58 | 115.31 | 30.49 |
| Net profit | 0.64 | 4.56 | 10.97 | 3.48 |
| PAT margin | 1.28% | 5.63% | 9.52% | 11.48% |
| RoCE | 16.94% | 43.66% | 30.65% | 8.93% |
Q1 FY27 covers the quarter ended June 30, 2026. Ratios are as stated in the supplied IPO analysis.
Total income rose from ₹49.73 crore in FY24 to ₹115.31 crore in FY26. Net profit increased from ₹64 lakh to ₹10.97 crore over the same period.
For the June 2026 quarter, Vedant reported income of ₹30.49 crore and net profit of ₹3.48 crore.
The increase in profitability has been accompanied by a marked expansion in net profit margins, from 1.28% in FY24 to 11.48% in Q1 FY27.
Such changes merit examination of the company’s product mix, operating expenses, trading activities and the sustainability of recent earnings.
Trade receivables stood at ₹41 crore as of June 30, 2026, compared with quarterly income of ₹30.49 crore.
The receivables balance is a point to examine because it exceeds the income reported for the quarter. However, receivables represent amounts outstanding at a particular date, while quarterly income measures activity over three months; the figures are not directly comparable.
Vedant also reported contingent liabilities of ₹1.84 crore and a debt-to-equity ratio of 0.98 as of June 30, 2026.
Valuation
At the upper price band of ₹94, Vedant Poly Fabs is seeking a post-issue market capitalisation of approximately ₹189.43 crore.
| Valuation metric | Value |
|---|---|
| Three-year average EPS | ₹6.52 |
| Average RoNW | 25.58% |
| NAV per share, June 30, 2026 | ₹30.97 |
| Price-to-book based on pre-issue NAV | 3.04 times |
| P/E based on FY26 earnings | 17.28 times |
| P/E based on annualised Q1 FY27 earnings | 13.62 times |
The supplied IPO analysis also reports a post-issue NAV of ₹3.03 per share and a corresponding price-to-book ratio of 31.02 times. That post-issue NAV figure appears inconsistent with the stated pre-issue NAV and the proceeds of the fresh issue, so it should be checked against the final offer document before publication.
The offer document identifies B & A Packaging, Barflex Poly and RFBL Flexi as listed peers. Their reported P/E multiples as of October 30, 2026, were 12.5, 49.5 and 25.6, respectively.
Differences in scale, product mix and operating margins limit direct comparisons.
Use of Proceeds
Vedant plans to use the fresh issue proceeds for working capital, debt reduction and machinery.
| Proposed use | Amount |
|---|---|
| Incremental working capital | ₹24.61 crore |
| Repayment or prepayment of borrowings | ₹8.00 crore |
| Plant and machinery | ₹6.51 crore |
| General corporate purposes | Balance |
Working capital accounts for the largest specified allocation, reflecting the funding requirements of the company’s manufacturing and trading operations.
Capital History
The company had 1,47,25,214 equity shares outstanding before the issue. After the fresh issue, the share count is expected to increase to 2,01,51,614.
Vedant issued or converted shares at prices ranging from ₹41 to ₹668 between March 2022 and March 2026.
It also issued bonus shares in the ratio of 50 for one in March 2025.
The company has not paid dividends during the periods covered by the offer document.
IPO Timetable
| Event | Date |
|---|---|
| IPO opens | Monday, November 2, 2026 |
| IPO closes | Wednesday, November 4, 2026 |
| Expected allotment | Thursday, November 5, 2026 |
| Refunds / ASBA unblocking | Friday, November 6, 2026 |
| Demat credit | Friday, November 6, 2026 |
| Expected NSE SME listing | Monday, November 9, 2026 |
