NSE List Price : ₹

Subscription

Category	Times
QIBs	0.10x
HNIs	1.08x
Retail	0.86x
Total : 0.95x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	2,400	₹225,600
Retail Maximum	2	2,400	₹225,600
S - HNI Minimum	3	3,600	₹338,400
S - HNI Maximum	8	9,600	₹902,400
B - HNI Minimum	9	10,800	₹1,015,200

About the Company

Vedant Poly Fabs Limited, established in December 2018, is a West Bengal-based manufacturer specializing in flexible packaging solutions for the Indian market. Operating as a business-to-business supplier, the company produces an extensive range of packaging materials including multi-layer LD films (3-layer and 5-layer configurations), shrink films, barrier films, printed laminates, and specialized pouches for milk and edible oil packaging.

The company serves a diverse clientele across the food & beverages and consumer goods sectors, offering customized packaging solutions tailored to specific client requirements including size, thickness, material composition, and printing specifications. In addition to its core manufacturing operations, Vedant Poly Fabs also engages in trading of billet strips on a bill-to-ship basis.

Headquartered in Barasat, West Bengal, the company operates a fully integrated manufacturing facility that handles the complete production cycle — from raw material procurement through extrusion, printing, lamination, slitting, quality control, to final packaging and dispatch. The facility is equipped with advanced multilayer extrusion lines alongside CI flexographic and rotogravure printing machines.

In March 2026, the company undertook a significant capacity expansion by commissioning additional lamination, slitting, and pouching machinery, along with a reprocessing unit designed to recycle manufacturing waste and improve resource utilization. As of March 31, 2026, the company employed 72 individuals comprising 41 permanent and 31 contractual staff across its operations.

Products & Services

Vedant Poly Fabs manufactures a comprehensive portfolio of flexible packaging products designed for industrial and commercial applications:

• Multi-layer LD Films: Available in 3-layer and 5-layer configurations, used across various packaging applications requiring different barrier and strength properties.
• Shrink Films: Heat-shrinkable wrapping solutions for product bundling and tamper-evident packaging.
• Barrier Films: Specialized films offering enhanced moisture, oxygen, and aroma barrier protection for sensitive products.
• Printed Laminates: Custom-printed laminated materials combining multiple substrates for branded packaging needs.
• Milk & Oil Pouches: Purpose-built pouch packaging for liquid dairy and edible oil products, designed to meet food-grade safety standards.
• Billet Strips Trading: The company also trades billet strips on a bill-to-ship basis, supplying materials directly from vendors to customers.

All products are manufactured to client specifications covering dimensions, thickness, material composition, and printing requirements. The company's integrated facility handles end-to-end production from film extrusion through to finished product dispatch.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
Mar 2024	₹49.73	₹48.87	₹0.64	₹18.88
Mar 2025	₹81.58	₹74.97	₹4.56	₹55.40
Mar 2026	₹115.31	₹100.59	₹10.97	₹97.80

Company Promoter

Pankaj Kumar Maheshwari

Sujata Maheshwari

Sethsawaria Poly Fab LLP

Know before investing

• • Strengths

  • Vertically Integrated Operations: The company controls the entire manufacturing chain from raw material sourcing through extrusion, printing, lamination, slitting, quality assurance, and dispatch, enabling better quality control and operational efficiency.
  • Wide Product Range: A diversified portfolio spanning multi-layer LD films, shrink films, barrier films, printed laminates, and specialty pouches allows the company to serve varied packaging requirements across multiple industries.
  • Robust Quality Systems: Strong quality control processes are embedded throughout the manufacturing cycle, ensuring consistency and reliability of output across product lines.
  • Favorable Manufacturing Location: The Barasat (West Bengal) facility offers strategic proximity to key raw material suppliers and end-user markets in eastern India.
  • In-house Logistics: Owning transportation and logistics capabilities reduces dependency on third-party carriers and provides greater control over delivery schedules.
  • Direct Customer Relationships: A direct sales approach with a diversified customer base across food & beverages and consumer goods sectors reduces intermediary costs and strengthens client retention.
  • Custom Solutions Capability: The ability to manufacture products tailored to specific client requirements — including dimensions, materials, and print designs — provides a competitive edge in winning and retaining orders.

• • Risks

  • Elevated Leverage: As of March 2026, the company's debt-to-equity ratio stood at 1.11 with total borrowings of Rs.46.82 crore against a net worth of Rs.42.26 crore. High leverage increases financial risk and interest burden, particularly if business conditions deteriorate.
  • Limited Operating History: Incorporated in December 2018, the company has a relatively short track record of approximately seven years. This limited history makes it challenging for investors to assess long-term business sustainability and management capability.
  • Single Manufacturing Facility: All operations are concentrated at one plant in Barasat, West Bengal. Any disruption at this facility due to natural disasters, regulatory issues, or equipment failures could significantly impact production and revenue.
  • Raw Material Price Volatility: The flexible packaging industry is heavily dependent on petroleum-derived polymer inputs. Fluctuations in crude oil and polymer prices can directly impact manufacturing costs and profit margins.
  • Competitive Market Environment: The Indian flexible packaging sector is highly fragmented with numerous organized and unorganized players. Intense competition may pressure pricing, margins, and market share retention.
  • Recent Capacity Expansion Risks: The company commissioned new lamination, slitting, and pouching machinery in March 2026. Returns from this expansion are not yet fully proven, and underutilization could strain profitability.
  • Customer Concentration and Informal Orders: Orders are typically received through direct and sometimes verbal communications, which may create documentation and enforcement challenges. Dependence on a concentrated customer base could impact revenue stability.
  • Lead manager track record: Affinity Global Capital Market Pvt. Ltd. has handled 10 listed SME IPOs; 4 listed at a loss, 2 listed flat and 4 listed at a gain (ipopremium.in data).

Objects of the Issue & Utilisation of proceeds

The company intends to utilize the net proceeds from the fresh issue towards the following objectives:

• Funding incremental working capital requirements: Rs.17.59 Crore
• Prepayment or repayment of certain secured/unsecured borrowings: Rs.8.00 Crore
• Capital expenditure for plant & machinery at existing facility: Rs.6.51 Crore
• General corporate purposes: As may be determined
• Offer-related expenses: As applicable

Total of the above identified objects: Rs.32.11 Crore (fresh issue size: Rs.51.01 Crore)

The offer for sale component of Rs.5.67 Crore (6,03,600 equity shares) by Sethsawaria Poly Fab LLP, one of the promoters, will not result in any proceeds to the company.

Company Address

Vedant Poly Fabs Limited
6/1/Q Digberia Road, Barasat
P.O. Badu, PS Barasat, North 24 Parganas
Badu, Barasat, West Bengal 700128
Phone: +91 8240877760
Email: cs@vedantpolyfabs.com
Website: vedantpolyfabs.com

IPO Registrar

Cameo Corporate Services Ltd.
Phone: 044-28460390 / 28460391 / 28460392
Email: investor@cameoindia.com
Website: ipo.cameoindia.com

Lead Manager: Affinity Global Capital Market Pvt. Ltd.