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Diksha Polymers Ltd IPO
Diksha Polymers Ltd
?2,68,800 /2400 sharesMinimum investment
IPO details
Minimum investment
?2,68,800
Price range
?112 - ?112
Lot size
1,200
Issue size
17.90 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
17 Jun 2026
IPO open date
19 Jun 2026
IPO close date
22 Jun 2026
Allotment date
22 Jun 2026
Funds unblock or debit
24 Jun 2026
Tentative listing date
About
Founded in
1998
MD/CEO
Mr Vivek Mandelia
Parent organisation
Diksha Polymers Ltd
Diksha Polymers Financials
Revenue
Total Assets
Profit
All values are in ? Cr
Strengths & Risks
Strengths
Risks
The company operates an integrated manufacturing setup for both PET preforms and PET bottles/containers. Following the acquisition of Diksha Packaging’s business in September 2024, it integrated PET preform manufacturing into its operations, allowing it to manufacture a key raw material in-house rather than sourcing it externally.
Diksha Polymers claims to operate three manufacturing facilities located in the Maharajpura Industrial Area of Gwalior, Madhya Pradesh, spread across a total area of 26,879 sq. ft. As of March 31, 2026, the facilities had an installed capacity of 2,163 MTPA for PET bottles and containers and 1,913 MTPA for PET preforms.
The company claims that its integrated production process enables it to manufacture PET preforms and convert them into finished PET bottles and containers. This allows it to sell both intermediate products (preforms) and finished products, providing multiple revenue streams within the same value chain.
The company manufactures PET products used across multiple industries, including food and beverages, pharmaceuticals, agrochemicals, lubricants, and consumer goods. This diversified end-user exposure may help reduce dependence on any single industry segment.
The company’s revenue has grown significantly over the last three financial years. Revenue from operations increased from Rs 19.72 crore in FY24 to Rs 42.72 crore in FY25 and Rs 51.27 crore in FY26, while profit after tax increased from Rs 1.01 crore to Rs 2.63 crore and Rs 4.12 crore during the same period.
The company’s net worth increased from Rs 1.77 crore as of March 31, 2024, to Rs 8.52 crore as of March 31, 2026. This growth was supported by improving profitability and business expansion over the period.
The business is led by promoters with long-standing experience in the plastic products industry. According to the prospectus, Managing Director Vipin Mandelia has more than two decades of industry experience, while Executive Director Vivek Mandelia has been associated with the industry for around 20 years.
PET bottles/containers and PET preforms contribute a substantial portion of the company’s revenue. PET bottles and containers contributed Rs 36.56 crore (71.30%) in FY26, Rs 34.25 crore (80.16%) in FY25, and Rs 18.13 crore (91.92%) in FY24, while PET preforms contributed Rs 13.23 crore (25.81%), Rs 7.77 crore (18.20%), and Rs 0.67 crore (3.42%) during the same period. Any reduction in demand for these products or any disruption in their manufacturing could adversely affect the company’s business, financial condition, and results of operations.
The company is highly dependent on a limited number of suppliers for the procurement of raw materials. The top 10 suppliers accounted for Rs 44.46 crore (99.67%), Rs 40.48 crore (98.30%), and Rs 18.51 crore (99.94%) of total purchases in FY26, FY25, and FY24, respectively, while the single largest supplier contributed Rs 31.94 crore (71.59%) of purchases in FY26. Any disruption in supply, deterioration in supplier relationships, or inability to source raw materials from alternative suppliers could adversely affect the company’s operations, production schedules, and financial condition.
The company derives a significant portion of its revenue from a limited number of customers. The top 10 customers contributed Rs 45.60 crore (88.93%), Rs 39.59 crore (92.67%), and Rs 18.68 crore (94.69%) of revenue in FY26, FY25, and FY24, respectively, while the single largest customer accounted for Rs 16.65 crore (32.46%) of revenue in FY26. Any failure to retain these key customers, reduction in orders from them, or delays in receiving payments could adversely affect the company’s revenue, profitability, and cash flow.
Trade receivables, inventories, and short-term loans and advances constitute a significant portion of the company’s total assets. As of March 31, 2026, these assets amounted to Rs 22.50 crore, representing 79.78% of total assets, compared to Rs 17.12 crore (66.22%) in FY25 and Rs 6.03 crore (88.45%) in FY24. Any failure to recover receivables on time, manage inventory efficiently, or realise advances could adversely affect the company’s cash flows, liquidity, and financial condition.
The company’s entire manufacturing operations are concentrated in Gwalior, Madhya Pradesh, where all three of its manufacturing facilities are located. Any adverse political, economic, regulatory, or social developments in this region, as well as disruptions arising from natural disasters, power shortages, industrial accidents, or infrastructure constraints, could adversely affect production and business operations. Further, any shutdown, damage, or interruption at these facilities could significantly impact the company’s ability to manufacture and deliver its products. Since the company does not have manufacturing facilities in other regions, any prolonged disruption at its Gwalior facilities could have a material adverse effect on its business, financial condition, and results of operations.
The company, its promoters, directors, and group company are involved in certain legal proceedings. Any adverse judgment, settlement, or outcome in these matters could result in financial liabilities, reputational damage, or operational disruptions, which may adversely affect the company’s business, financial condition, and results of operations.
The company has reported negative cash flows in certain periods. It recorded negative cash flow from operating activities of Rs 3.77 crore in FY26 primarily due to increased working capital requirements, including higher trade receivables, inventories, and short-term advances. Additionally, it incurred capital expenditure on machinery upgrades and other fixed assets, resulting in negative investing cash flow of Rs 2.88 crore during FY26 and of Rs 1.96 crore, and Rs 0.06 crore in FY25 and FY24, respectively. Additionally, the company reported an overall net cash outflow of Rs 5.51 crore in FY26. If cash outflows continue to exceed cash inflows, the company may face constraints in funding its working capital requirements, capital expenditure plans, future investments, and other liquidity needs, which could adversely affect its business and financial condition.
As of March 31, 2026, the company had outstanding borrowings of Rs 15.10 crore, comprising secured fund-based facilities primarily from Axis Bank. Any failure to comply with loan covenants, servicing debt obligations, or repaying these borrowings on time could adversely affect the company’s financial condition and may restrict its ability to raise additional funding in the future.
Application details
For Diksha Polymers IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ?112 - ?112 | ?2 - ?5 Lakhs | 1200 |
About
Objectives of Diksha Polymers IPO Proceeds
|
Particulars |
Estimated Amount (in ? Cr.) |
|
Repayment or prepayment in full or in part, of certain outstanding borrowings |
13.75 |
|
General Corporate Purposes |
2.25 |
|
Total |
16.00 |
Book Running Lead Managers & Registrar of Diksha Polymers IPO
|
Book Running Lead Manager |
Aryaman Financial Services |
|
Registrar to the Issue |
Cameo Corporate Services Limited |
|
Market Maker |
Sherni Shares Limited |
Key Performance Indicators (KPIs) of Diksha Polymers Ltd.
|
KPI |
Value for the year ended March 31, 2026 |
|
ROE (%) |
48.32 |
|
ROCE (%) |
28.09 |
|
EBITDA Margin (%) |
14.27 |
|
PAT Margin (%) |
8.03 |
|
Debt/ Equity Ratio |
1.77 |
|
EPS (Basic and Diluted) (?) |
11.44 |
|
Return on Net Worth (RoNW) (%) |
48.32 |
|
NAV per Equity Share (?) |
23.68 |
Diksha Polymers IPO Contact Details
|
Company Name |
Diksha Polymers Limited |
|---|---|
|
Registered Office |
B-33, Maharajpura Industrial Area, Maharajpura A.F., Gwalior, Gird, Madhya Pradesh, India, 474020. |
|
Phone |
+91 8966966666 |
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Website |
Diksha Polymers IPO Registrar Contact Details
|
Company Name |
Cameo Corporate Services Limited |
|
Phone |
+91 - 44 – 40020700 (5 Lines) |
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Website |