Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 225600
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 338400
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
28.5%
Market Maker
5%
QIB
19%
NII / HNI
14.25%
Retail
33.25%
Institutional Corporate Dossier
Vedant Poly Fabs
COMPANY PROFILE & DNA
Incorporation / Founded
10-12-18
Active Vintage
Corporate Headquarters
Barasat, West Bengal
Registered Hub
👔 Leadership & Promoter Group
Key Management
Pankaj Kumar Maheshwari, Sujata Maheshwari, M/s. Sethsawaria Poly Fab LLP
⚙️ Business Overview & Portfolio
Core Offerings
Manufacturer and B2B supplier of flexible packaging materials across India
🎯 Target Market & End-Use
Revenue Drivers
Multilayer films and laminates used in food and consumer packaging
🛡️
★ Unique Selling Proposition (Core Economic Moat)
In-house integrated manufacturing facility enabling comprehensive product development and consistent quality standards
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Funding incremental working capital requirements
₹ 17.59
Allocation
🎯 Objective 02
Prepayment or repayment of certain outstanding borrowings
₹ 8.00
Allocation
🎯 Objective 03
Funding capital expenditure for plant and machinery
₹ 6.51
Allocation
🎯 Objective 04
General Corporate Purposes
Balance
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | NA | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 115.31 | 81.58 | 49.73 | |
| EBITDA | 16.93 | 7.81 | 1.27 | |
| Profit After Tax (PAT) | 10.97 | 4.56 | 0.64 | |
| Net Worth | 42.26 | 15.42 | 3.86 | |
| Total Borrowing | 46.82 | 13.32 | 6.35 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
115.31
₹ Cr
YoY Growth
41.35%
3-Year CAGR
52.26%
16.93
₹ Cr
YoY Growth
116.77%
3-Year CAGR
265.16%
10.97
₹ Cr
YoY Growth
140.57%
3-Year CAGR
314.02%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 25.96% | 29.57% | 24.04% | Strong |
| ROCE (Capital Employed)ROCE | 18.98% | 27.17% | 19.53% | Healthy |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.68
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 1.11 | 0.42 | Low |
| EPS (₹) | 5.44 | 5.44 | Accretive |
| ROE (%) | 25.96% | 11.73% | Bad |
| ROCE (%) | 18.98% | 12.80% | Bad |
| P/E (Valuation) | 17.28 | 17.28 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 1.40 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Vedant Poly Fabs Limited IPO CANDIDATE | 115.31 | 17.28 (Ask) | 18.98% | 11.73% (Post Issue) | 14.68% |
| B&A Packaging India Limited | ₹ 112.40 Cr | 12.25 | 14.50% | 7.90% | 11.20% |
| Barflex Polyfilms Limited | ₹ 85.20 Cr | 29.66 | 8.10% | 4.07% | 9.50% |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Integrated in-house manufacturing facility with high standards
- Diverse flexible packaging product range across industries
- Strong long-standing B2B relationships with key clients
- Experienced promoter management team driving operational growth
Weaknesses
Internal Operational Constraints
- High customer concentration exposing revenue to fluctuations
- Dependence on top suppliers for raw materials
- Working capital intensive with high trade receivables
- Underutilization of newly added flexible manufacturing capacities
Opportunities
External Growth Tailwinds
- Expanding product portfolio into high-barrier packaging films
- Growing demand for flexible packaging in India
- Geographic expansion to penetrate new regional markets
- Capacity expansion using IPO proceeds for growth
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from organized and unorganized manufacturers
- Raw material price volatility affecting operating margins
- Regulatory changes regarding plastic packaging environmental norms
- Potential disruptions in utility supply like electricity
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
94
Score 5/10 (Base 4, Sector +1, Co +3, Risk -3) | SECTOR MOAT: India flexible packaging market growing at 11.46% CAGR supported by FMCG demand | COMPANY MOAT: Integrated manufacturing setup with high FY26 ROE of 25.96%, ROCE of 18.98%, and expanding EBITDA margin to 16.66% with B2B clients | KEY RISKS: Customer concentration, working capital stretch with 90 debtor days, and raw material cost sensitivity | VERDICT: Solid operational growth profile tempered by working capital and client concentration risks.
28.5
5
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-
◈ Vedant Poly Fabs IPO Statutory Summary and Peer Dossier IndexExpand Index +
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