Diksha PolymersShare price, financial results, shareholding and management
- Market cap
- ₹99 cr
- Stock P/E
- 24.0peers 16.9
- Book value
- ₹16.4
- Price to book
- 11.59
- EV / operating profit
- -
- Market cap to sales
- 1.93
- ROCE · FY26
- 33.2%
- ROE · FY26
- 63.8%
- ROE, 3-year average
- 76.3%
- Operating margin · FY26
- 14.6%peers 16.9%
- Sales growth, 3 years
- 66.3%
- Profit growth, 3 years
- 335.2%
- Debt to equity
- 1.77peers 0.80
- Borrowings
- ₹15.1 cr
- Interest cover
- 5.8×
- Cash from business / op. profit
- -50%
- Debtor days
- 50
- Pledged
- 0.00%
- Promoter holding
- 69.24%
- Change in promoter holding
- -
- Shareholders
- 183
- 52-week high / low
- ₹206 / ₹100
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Diksha Polymers share price chart
Close on 3 Nov 2026 · -1.50% on the day · Vol 2,400
Daily prices to 3 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 3 Nov 2026
- 3 months
- +58.4%
- Traded a day, 20 days
- ₹0.16 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +20% | +57% |
| 3 years, a year | +66% | +335% |
About Diksha Polymers: business, products and customers
Diksha Polymers makes plastic PET bottles and jars, and the small preforms they are blown from, for companies that pack oils, drinks, lubricants, medicines and farm chemicals. Its shares trade on BSE SME.
Diksha Polymers was set up in Gwalior in 1998 and runs three small plants in the Maharajpura industrial area of Gwalior, Madhya Pradesh. It melts PET resin pellets into preforms by injection moulding and blows preforms into bottles and containers weighing from 8 to 250 grams. It sells directly to manufacturers and traders who use them as packaging, without distributors, and has no exports.
Until September 2024 the company only blew bottles, buying most of its preforms from Diksha Packaging, a proprietorship of the promoter Anjana Mandelia. It then took over that business and its machines, so preforms are now made in house and also offered on their own; this is why sales more than doubled in FY25 and why preforms grew to about a quarter of revenue. Earnings depend on volume and on the gap between resin costs and what packers pay, and one supplier provides most of its purchases.
Read more about the business
Because customers are paid on credit and stock is held for them, more of the money earned is tied up as the business grows: operating cash flow was negative in FY26 even though profit rose. The IPO in June 2026 raised ₹17.9 cr, mostly to repay borrowings.
The offer document compared the company with two listed plastic packaging makers it described as operating in the same industry with a similar business model: TPL Plastech and Mitsu Chem Plast, both several times larger by revenue.
From the offer document (Prospectus, June 2026).
Read the deeper study ↓In its favour
- Sales have grown very fast: 66% a year over three years.
- It earns a high return on the money it uses: ROCE 33% in FY26.
- The promoters own a large part of the company: 69.24%.
To watch
- Repayment of loans from the IPO money, planned for FY27 (Offer document, p.76).
- The share of revenue from the top customer and the top five (Offer document, p.23).
- Whether operating cash flow turns positive as receivables and stock settle (Offer document, p.27).
- It paid no dividend in the past year.
- The business used more cash than it brought in last year: ₹3.8 cr went out in FY26.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Diksha Polymers revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Diksha Polymers profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 11.14 | 19.72 | 42.72 | 51.27 |
| Expenses | 10.69 | 17.89 | 37.91 | 43.79 |
| Operating profit | 0.45 | 1.83 | 4.81 | 7.48 |
| OPM | 4.0% | 9.3% | 11.3% | 14.6% |
| Other income | 0 | 0 | -0.03 | 0 |
| Interest | 0.23 | 0.33 | 0.73 | 1.18 |
| Depreciation | 0.17 | 0.15 | 0.64 | 0.68 |
| Profit before tax | 0.05 | 1.35 | 3.41 | 5.62 |
| Tax rate | 0.0% | 25.2% | 22.9% | 26.7% |
| Net profit | 0.05 | 1.01 | 2.63 | 4.12 |
| EPS ₹ | · | · | · | 11.45 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Diksha Polymers profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 4.0% | 9.3% | 11.3% | 14.6% |
| Tax rate | 0.0% | 25.2% | 22.9% | 26.7% |
| ROCE | · | 30.2% | 35.2% | 33.2% |
| ROE | · | 79.8% | 85.3% | 63.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Diksha Polymers debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Diksha Polymers balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.40 | 0.40 | 0.40 | 3.60 |
| Reserves | 0.36 | 1.37 | 4 | 4.92 |
| Net worth | 0.76 | 1.77 | 4.40 | 8.52 |
| Borrowings | 4.14 | 4.47 | 12.91 | 15.10 |
| Other liabilities | 2.72 | 0.58 | 8.55 | 4.59 |
| Total liabilities | 7.62 | 6.82 | 25.86 | 28.21 |
| Fixed assets | 0.78 | 0.69 | 2.03 | 4.22 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 6.84 | 6.13 | 23.83 | 23.99 |
Diksha Polymers cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 0.44 | 0.09 | 0.68 | -3.77 |
| Cash from investing | -0.05 | -0.06 | -1.96 | -2.88 |
| Cash from financing | -0.37 | 0 | 7.76 | 1.14 |
| Net cash flow | 0.02 | 0.03 | 6.48 | -5.51 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 95 | 29 | 41 | 50 |
| Inventory days | 118 | 91 | 89 | 101 |
| Days payable | 15 | 3 | 23 | 17 |
| Cash conversion cycle | 199 | 117 | 107 | 134 |
| Working capital days | 10 | 18 | 0 | 36 |
Diksha Polymers peers and competitors
Listed SME companies in the same industryBy sales, Diksha Polymers is number 125 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Anand Seamless | 82 | 14.9 | 56 | 5.5 | 18.3% | 1.44 |
| Maks Energy Solutions India | 10 | 14.9 | 54.1 | 0.7 | 5.5% | 1.02 |
| Jiwanram Sheoduttrai Industries | 10 | 9.6 | 53.9 | 1 | -0.9% | 0.68 |
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Kalana Ispat | 26 | 26.6 | 51.8 | 1 | 2.2% | 0.05 |
| KVS Castings | 134 | 19.0 | 51.4 | 7.1 | 21.6% | 0.38 |
| Diksha Polymers | 99 | 24.0 | 51.3 | 4.1 | 14.6% | 1.77 |
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 50 | 12.3 | 50 | 4.1 | 15.5% | 1.26 |
| Horizon Reclaim (India) | 290 | 29.0 | 49 | 10 | 32.0% | 1.44 |
| Median of the 10 others | 61 | 17 | 52.4 | 4.8 | 16.9% | 0.80 |
Diksha Polymers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Diksha Polymers shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | |
|---|---|
| Promoters | 69.24% |
| Number of shareholders | 183 |
Diksha Polymers study: the business from its own documents
Read from 1 of the company's own documentsDiksha Polymers key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹51.3 cr
- Revenue from operations, up from ₹42.7 cr in FY25 and ₹19.7 cr in FY24.Offer document, p.98
- Preforms share
- 25.81%
- Share of FY26 revenue from preforms, up from 3.42% in FY24 after the promoter's preform business was taken over.Offer document, p.97 to 98
- Top customer
- 32.46%
- Share of FY26 revenue from the largest customer, down from 44.65%; the top five gave 73.57%.Offer document, p.23
- Top supplier
- 71.59%
- Share of FY26 purchases from one supplier; the top ten gave 99.67%, with no supply agreements.Offer document, p.23
- Capacity
- 2,163 + 1,913 tonnes
- Yearly capacity for bottles and for preforms at March 2026, across three plants in Gwalior.Offer document, p.97
Show 5 more facts
- EBITDA margin
- 9.15% → 14.27%
- Margin from FY24 to FY26 as preforms moved in house.Offer document, p.98
- Cash from operations
- −₹3.8 cr
- Operating cash flow in FY26 was negative as receivables, stock and advances rose, against a profit of ₹4.1 cr.Offer document, p.27 and p.98
- Total debt
- ₹15.1 cr
- Borrowings at March 2026, up from ₹4.5 cr two years earlier.Offer document, p.86
- IPO
- ₹17.9 cr
- Fresh issue at ₹112 a share; ₹13.8 cr of the net proceeds is set aside to repay loans in FY27.Offer document, p.76
- Employees
- 17
- People on the payroll at March 2026, a very small team for the business size.Offer document, p.97
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Diksha Polymers earns money by turning plastic pellets into preforms and bottles in Gwalior and supplying them to a few large packers nearby.
Its weak spots are reliance on a handful of customers and one main supplier, and cash tied up in stock and credit.
AverageCan it set its own prices?Margins have risen since preforms came in house, but it is a small converter that the offer document says works on volume.
AverageHow strong is it against rivals?Being close to its buyers and making both preforms and bottles helps, but listed peers are many times its size.
WatchWho are its customers?A few packers take most of the output, though the largest one's share has come down.
WatchDoes it need a lot of money?Growth has eaten cash, as stock and money owed by customers rose faster than profit, and borrowing went up.
AverageCan it keep finding new work?Repeat orders from packers in several industries keep it busy, but there are no contracts or order book.
AverageDo good and bad years swing a lot?Packaging for oils, drinks and medicines is steady, but resin prices and the loss of any big customer could move results sharply.
Who runs Diksha Polymers?
Promoters, directors and officers; tap a name for the background
VMVivek MandeliaPromoter, Chairman and Managing Director
A founding promoter with a Bachelor of Science from Bundelkhand University, Jhansi, and over two decades in the plastic industry; responsible for the overall working of the company and its strategic decisions.
Offer document, p.124 and p.135VMVipin MandeliaPromoter and Whole-Time Director
A founding promoter with a Bachelor of Commerce from Bundelkhand University, Jhansi, and over two decades in the plastic industry; handles banking, finances, operations and business development. The offer document states that Vipin Mandelia is the brother of Vivek Mandelia.
Offer document, p.124 to 125 and p.135AMAnjana MandeliaPromoter and Non-Executive Director
A founding promoter with a Bachelor and Master of Science in Chemistry from Jiwaji University, Gwalior; a non-executive director since September 2024. Ran Diksha Packaging, the preform business the company took over in 2024. The offer document states that Anjana Mandelia is the wife of Vivek Mandelia.
Offer document, p.97, p.124 to 125 and p.136HMHemlata MandeliaPromoter
A founding promoter; the offer document states no formal qualification and over two decades of contribution to the company.
Offer document, p.135 to 136RMRiddhi MandeliaPromoter and Chief Financial Officer
Holds a Post Graduate Diploma in Business Management; the offer document describes the appointment as part of succession planning.
Offer document, p.132 and p.136PPPraval Pratap Singh TomarIndependent Director
Holds a Master of Financial Analysis from ICFAI University, Tripura, and a Master of Commerce from Devi Ahilya Vishwavidyalaya, with over a decade in accounting, finance, research and tax; works with P.D. Garg & Co. On the board since May 2025.
Offer document, p.124Diksha Polymers latest news and announcements
Announcements · Documents · Corporate actionsDiksha Polymers announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateThe Compliance Certificate recieved from Cameo Corporate Services Limited, Registrar and Transfer Agent (RTA)for the quarter ended September 30th, 2026 pursuanPDF ↗
- Insider Trading / SASTIntimation of Closure of Trading WindowPDF ↗
- Company UpdateAppointment of M/s Braj and Company, Chartered Accountants, Gwalior as the Internal Auditors of the Company to conduct Internal Auditor of the CompanyPDF ↗
- Board MeetingAppointment of M/s BRAJ and Company, Chartered Accountants, Gwalior as the Internal Auditors of the Company to conduct Internal audit of the CompanyPDF ↗
Diksha Polymers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Diksha Polymers share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Diksha Polymers' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 52 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (51,96,600 shares).
- !The FY26 results imply 36,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Diksha Polymers
What does Diksha Polymers do?
Diksha Polymers makes plastic PET bottles and jars, and the small preforms they are blown from, for companies that pack oils, drinks, lubricants, medicines and farm chemicals. Its shares trade on BSE SME.
What is the share price of Diksha Polymers?
₹190 at the close on 3 Nov 2026, from the exchange's daily figures.
What is the market cap of Diksha Polymers?
₹99 cr at the close on 3 Nov 2026, on 51,96,600 shares.
What is the P/E of Diksha Polymers?
24.0 times FY26 profit at the close on 3 Nov 2026 (our arithmetic).
What are Diksha Polymers' revenue and profit?
Revenue ₹51 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Diksha Polymers?
Vivek Mandelia, Vipin Mandelia, Anjana Mandelia, Hemlata Mandelia, Riddhi Mandelia; promoters held 69.24% at 30 June 2026.
What is Diksha Polymers' website?
www.dikshagroup.in
More SME companies like Diksha Polymers
Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
- Sharp Chucks and MachinesSCML · NSE Emerge · Industrial Products · listed 2023Market cap ₹98 cr
- Lead Reclaim And Rubber ProductsLRRPL · NSE Emerge · Industrial Products · listed 2023Market cap ₹102 cr
- Pattech Fitwell Tube ComponentsPATTECH · NSE Emerge · Industrial Products · listed 2023Market cap ₹103 cr
- Envirotech SystemsENVIRO · NSE Emerge · Industrial Products · listed 2024Market cap ₹105 cr
- Narmadesh Brass IndustriesNARMADESH · BSE SME · Industrial ProductsMarket cap ₹105 cr
- Polysil Irrigation SystemsPOLYSIL · NSE Emerge · Industrial Products · listed 2024Market cap ₹106 cr
Built from 1 offer document, 4 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.