Raj Polypack Limited IPO

01At a glance

What the company does: manufactures and supplies plastic films, plastic film rolls and plastic bags in HM-HDPE and LDPE grades for packaging, construction, agriculture, consumer goods and industrial users, and, through its wholly owned subsidiary Active Pro Engineers Private Limited, designs, fabricates and erects pre-engineered buildings, industrial sheds and warehouses (DRHP p.124, DRHP p.130, DRHP p.150).

Who pays it: business customers, almost all in Gujarat, which brought 98.67% of FY26 revenue (DRHP p.30). The top ten customers brought 81.06% of FY26 revenue (DRHP p.31). No customer is named.

Why it is raising money: ₹12.5 crore of the fresh issue goes to working capital, ₹10.0 crore to capital expenditure on cranes and extrusion machines and ₹8.0 crore to repaying borrowings; the general corporate purposes amount is blank (DRHP p.91).

How fast it has grown: revenue from ₹14.8 crore in FY24 to ₹82.2 crore in FY26, about 135.3% a year, and profit after tax from ₹0.82 crore to ₹5.7 crore, about 164.0% a year (our arithmetic, DRHP p.185). FY24 is the plastics business alone; the steel buildings subsidiary is counted from FY25 (DRHP p.97, DRHP p.7).

The one thing to understand: the business the document describes is plastics, but a large part of the recent revenue is the subsidiary's steel buildings. The product table covers ₹47.4 crore of FY26 sales against restated revenue of ₹82.2 crore (DRHP p.129, DRHP p.185), and in FY25 the company bought ₹34.6 crore of goods from Kohinoor Trading Co., which the accounts list as a relative of a director (DRHP p.212, DRHP p.211).

02The business, in plain words

What Raj Polypack does

Raj Polypack makes plastic film. It melts polyethylene granules, blows or casts them into film, cuts the film into rolls of the width a customer wants and seals some of it into bags and pouches (DRHP p.127, DRHP p.128). The company was incorporated in September 2021 and became a public company in October 2024 (DRHP p.3). Its subsidiary Active Pro Engineers Private Limited, incorporated in May 2023, designs, fabricates and erects pre-engineered steel buildings such as factory sheds, warehouses, showrooms and cold stores (DRHP p.150). The company says it acquired the subsidiary in August 2024 (DRHP p.97).

A packaging, agriculture, construction or industrial buyer needs film, rolls or bags → the company orders HDPE and LDPE granules, colours and additives from domestic suppliers → it extrudes, slits, winds and converts them at its plant at Samadara, Kheda → it invoices the buyer, mostly in Gujarat (DRHP p.127, DRHP p.130, DRHP p.30).

A business needs a factory shed or warehouse → Active Pro Engineers designs it, buys steel plates, sections and channels, fabricates and erects the structure → it takes about 50% in advance and the rest in stages (DRHP p.35, DRHP p.47).

The plant runs one mono-layer extrusion machine, two ABA extrusion machines, one three-layer extrusion machine and two cutting machines (DRHP p.129). The ABA machines let the company put recycled or filler material in the middle layer of a film (DRHP p.130).

The company owns no immovable property: the registered office is leased from members of the promoter group and the plant from AAM Asset Management LLP, a group entity, at ₹75,000 a month on an agreement of 11 months and 29 days (DRHP p.136). In FY25 the company sold its factory building to the same LLP for ₹0.50 crore (DRHP p.57).

The company had 15 permanent employees at March 31, 2026, and the subsidiary 19 (DRHP p.42).

The certifications held are ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 (DRHP p.125). The word mark RAJ POLYPACK is applied for, one application in the name of Arun Maheshwari, and not yet registered (DRHP p.251).

Earnings equation: Revenue = tonnes of film and bags sold × price per tonne, plus the subsidiary's building contracts. The document gives machine capacity in tonnes but no tonnes sold and no prices, so the equation cannot be filled in from the filing (DRHP p.131).

03Where the money comes from

The document gives one product table, which adds up to less than restated revenue (₹ crore):

Source: DRHP p.129, DRHP p.185, converted from ₹ lakh. The table is headed a "showroom-wise" split of revenue (DRHP p.129). LD rolls were 48.03% of the FY26 table and HM rolls 31.87% (DRHP p.129). The gap between the table and restated revenue is ₹11.3 crore in FY25 and ₹34.8 crore in FY26 (our arithmetic, DRHP p.129, DRHP p.185). The FY25 gap equals the subsidiary's FY25 total income of ₹11.3 crore (DRHP p.258). The document does not give the subsidiary's FY26 revenue; for the nine months to December 31, 2025 its total income was ₹24.9 crore (DRHP p.258). The MD&A says the company operates in only one segment (DRHP p.238).

By state, Gujarat was 98.67% of FY26 sales, 96.73% of FY25 and 99.75% of FY24; the rest came from Odisha, Madhya Pradesh, Rajasthan, Maharashtra and Punjab (DRHP p.30). All sales are domestic (DRHP p.207).

Raj Polypack customers: how concentrated the revenue is

Source: DRHP p.31. Revenue depends on a few customers: ten of them brought about ₹66.6 crore of FY26 revenue of ₹82.2 crore (DRHP p.129). No customer is named and sales are on purchase orders without long-term commitments (DRHP p.39). A second table elsewhere gives different figures for FY24 and FY25, for example the largest customer at 27.78% in FY25 and 31.28% in FY24 (DRHP p.129, DRHP p.238).

On the supply side, the top ten suppliers were 91.23% of FY24 purchases, 86.94% of FY25 and 73.82% of FY26; the largest supplier was 55.47% of FY25 purchases, ₹29.9 crore (DRHP p.31, DRHP p.129). All raw materials are bought from domestic suppliers, on quotations, without long-term agreements (DRHP p.35).

04The growth record

Raj Polypack financials: revenue, profit and margins

Source: DRHP p.185, DRHP p.186, DRHP p.184, DRHP p.106, converted from ₹ lakh. Revenue went from ₹14.8 crore in FY24 to ₹82.2 crore in FY26 and profit after tax from ₹0.82 crore to ₹5.7 crore (DRHP p.185). FY24 is standalone and FY25 and FY26 consolidated with the subsidiary (DRHP p.7).

Our arithmetic over FY24 to FY26: revenue grew about 135.3% a year (our arithmetic, DRHP p.185), EBITDA about 162.0% a year (our arithmetic, DRHP p.106) and profit after tax about 164.0% a year (our arithmetic, DRHP p.185). EBITDA margin moved from 7.29% to 9.04%, up 175 basis points, so from 7.3% to 9.0% rounded (DRHP p.106). The year ends on March 31 throughout. The auditor's notes say there was no change in accounting policies (DRHP p.192).

What sits around the record:

• Cash: operating cash flow was ₹1.8 crore in FY26 after outflows of ₹3.2 crore in FY25 and ₹1.8 crore in FY24 (DRHP p.186). In FY26 inventory absorbed ₹11.0 crore and receivables ₹8.3 crore, offset by ₹13.5 crore more owed to suppliers (DRHP p.186).
• Other income was ₹0.62 crore in FY26, about 8.9% of profit before tax of ₹6.9 crore (our arithmetic, DRHP p.185). Of it, ₹0.41 crore was creditors written off and ₹0.20 crore "cancellation revenue" (DRHP p.207).
• Debt: borrowings were ₹11.0 crore at March 31, 2026 (DRHP p.184), debt to equity 1.06 times, about 1.1× (DRHP p.213), and net debt of ₹9.9 crore about 1.3× FY26 EBITDA (our arithmetic, DRHP p.184). Return on capital employed was 41.61%, so 41.6% rounded (DRHP p.106).
• Unsecured loans repayable on demand: ₹3.0 crore at March 31, 2026, from related parties and others (DRHP p.40).
• Customers and suppliers: the largest customer was 14.65% of FY26 revenue, so 14.7% rounded, the top five 57.46%, so 57.5%, and the top ten 81.06%, so 81.1% (DRHP p.31); the top ten suppliers were 73.82% of FY26 purchases, so 73.8% (DRHP p.31); Gujarat was 98.67% of FY26 revenue, so 98.7% (DRHP p.30).
• Related-party purchases: ₹34.6 crore of goods bought from Kohinoor Trading Co. in FY25, about 64% of that year's purchases (DRHP p.212, our arithmetic, DRHP p.232).
• Capacity: every machine's utilised capacity equals its installed capacity, so 100% (our arithmetic, DRHP p.131).
• Contingent liabilities: none, and no capital commitments (DRHP p.56).
• Industry: the industry chapter is about paper and packaging (DRHP p.121).

05What the growth is made of

Revenue rose ₹67.4 crore from FY24 to FY26 (our arithmetic, DRHP p.185). The MD&A attributes the rise to "increase in sales volume of overall products" (DRHP p.232).

Plastics: the product table rose from ₹14.8 crore in FY24 to ₹47.4 crore in FY26, most of it LD rolls, which went from ₹5.5 crore to ₹22.8 crore (DRHP p.129).

The subsidiary: the steel buildings business entered the consolidated figures from FY25, after the company says it acquired Active Pro Engineers in August 2024 (DRHP p.97). The FY25 gap between the product table and revenue matches the subsidiary's ₹11.3 crore of total income (DRHP p.258). The history chapter says there have been no acquisitions in the last ten years (DRHP p.152).

Trading: purchases of stock-in-trade were ₹2.1 crore, ₹8.2 crore and ₹7.3 crore over the three years (DRHP p.185). The MD&A says the company is "increasingly manufacturing its products rather than trading" (DRHP p.230).

The document gives no tonnes sold, no prices and no revenue split between plastics and buildings for FY26, so the increase cannot be split into volume, price and the subsidiary. That is the finding.

06Earnings quality

The item that needs explaining is the purchases from Kohinoor Trading Co. The accounts list it among "Other Related Parties" as "Relative of Director" (DRHP p.211). The company bought ₹5.9 crore of goods from it in FY24, ₹34.6 crore in FY25 and ₹2.4 crore in FY26, sold it ₹2.5 crore and ₹1.4 crore of goods in FY24 and FY25, and repaid it ₹32.8 crore of loans in FY25 and ₹8.0 crore in FY26 (DRHP p.212). It owed the company ₹1.2 crore at March 2026 (DRHP p.213). The document does not say what Kohinoor Trading Co. supplied or on what terms.

Inventory more than doubled in FY26 to ₹22.2 crore, ₹14.9 crore of it raw materials and ₹7.3 crore finished goods, which the MD&A puts down to stocking for production and anticipated demand (DRHP p.229). Receivables were all under six months old (DRHP p.206). Trade payables, the receivables and the advances from customers are each stated "as certified by the management" (DRHP p.200, DRHP p.205, DRHP p.202).

07The balance sheet

At March 31, 2026 total assets were ₹51.0 crore: receivables ₹23.7 crore, inventories ₹22.2 crore, property, plant and equipment ₹2.2 crore, cash ₹1.1 crore, short-term loans and advances ₹0.96 crore, non-current assets ₹0.41 crore and investments ₹0.39 crore (DRHP p.184). Against them: trade payables ₹20.1 crore, short-term borrowings ₹8.2 crore, other current liabilities ₹7.9 crore (₹7.8 crore of it advances from customers), long-term borrowings ₹2.8 crore, short-term provisions ₹1.6 crore and net worth ₹10.4 crore (DRHP p.184, DRHP p.201). The ₹0.39 crore investment is in "Omkar Infra", which the accounts list as a relative of a director (DRHP p.228, DRHP p.211).

Borrowings at March 31, 2026: secured overdrafts from Kotak Mahindra Bank and Saraswat Bank of ₹6.3 crore, a ₹1.0 crore term loan, vehicle loans, ₹0.88 crore of unsecured loans from L&T Finance and Mintifi Finserve at 13.00% and 13.50%, and ₹1.8 crore from the three promoters, ₹1.5 crore of it from Arun Maheshwari (DRHP p.197, DRHP p.200). The Saraswat facility's secondary security is the industrial property at Survey No. 373, Samadara, which the company sold to AAM Asset Management LLP in FY25 and now leases (DRHP p.199, DRHP p.136). The promoters have given personal guarantees for the bank facilities (DRHP p.173).

Source: DRHP p.184, DRHP p.91, DRHP p.218, DRHP p.223. One capitalisation table shows short-term borrowings falling from ₹8.2 crore to ₹0.20 crore after the issue (DRHP p.218); the other leaves the post-issue column unchanged and says it is not determinable (DRHP p.223). The working capital plan still assumes short-term borrowings of ₹15.5 crore in FY27 and FY28 (DRHP p.97).

08What the money is for

Raj Polypack IPO objects: what the money is for

Source: DRHP p.91, DRHP p.99. The rupee size of the fresh issue depends on a price not yet set, so the share of each object cannot be worked out (DRHP p.53).

Working capital, ₹12.5 crore: all of it in FY28, against a projected working capital gap rising from ₹10.2 crore at March 2026 to ₹17.8 crore and ₹29.0 crore (DRHP p.97). The plan assumes receivables falling from 3.46 months to 2.78 months and finished goods from 3.80 months to 1.66 months (DRHP p.97, DRHP p.98). A risk factor gives the working capital object as ₹46.8 crore instead (DRHP p.37).

Capital expenditure, ₹10.0 crore: cranes and extrusion machines, on eight quotations dated March 2026 to September 2026, each valid three months (DRHP p.92, DRHP p.93). The quotations include two for pre-engineered building work of ₹11.6 crore and ₹10.8 crore, EOT cranes and two three-layer blown film plants of ₹0.97 crore and ₹1.3 crore, and add up to ₹26.6 crore (DRHP p.92, DRHP p.93). The document does not say which quotations will be used or what capacity the spending adds. A risk factor puts the capital expenditure at ₹12.5 crore, with no orders placed (DRHP p.49).

Repayment, ₹8.0 crore: towards loans of the company and the subsidiary, from a list of facilities that totalled ₹11.0 crore at March 31, 2026, including vehicle loans and the promoters' own loans; the document says no repayment of loans from directors or related parties will come from the issue (DRHP p.93, DRHP p.95, DRHP p.96).

The objects have not been appraised by any bank or financial institution, and no monitoring agency is required as the issue is under ₹50 crore (DRHP p.100, DRHP p.101).

Into the business the fresh issue of up to 20,00,000 shares, at a price not yet set (DRHP p.53). To selling shareholders nothing; there is no offer for sale (DRHP p.53).

09Who is selling

Raj Polypack IPO offer for sale: who is selling

No one. The issue is entirely a fresh issue of up to 20,00,000 shares and there is no offer for sale (DRHP p.53). The promoters and promoter group will not take part in the issue (DRHP p.90). The fresh issue is 20,00,000 shares, amount not set, and the offer for sale is none (DRHP p.53).

10Promoters

The promoters are Amit Ashokkumar Maheshwari, Arun Ashokbhai Maheshwari and Chakshu Arun Maheshwari, who together hold 99.60% of the company; four promoter group members hold the remaining 14,040 shares (DRHP p.170, DRHP p.85). The document states that Amit Ashokkumar Maheshwari is the brother of Arun Ashokbhai Maheshwari, and that Arun Ashokbhai Maheshwari is the spouse of Chakshu Arun Maheshwari (DRHP p.172). The company's original promoters were Anilkumar Tuljaram Maheshwari, Narayan Tuljaram Maheshwari and Chakshu Arun Maheshwari (DRHP p.171).

Amit Ashokkumar Maheshwari, 37, a chartered accountant and company secretary with more than 15 years of experience, is a Non-Executive Director (DRHP p.170). Arun Ashokbhai Maheshwari, 31, a chartered accountant, was Managing Director from March 25, 2025 to March 17, 2026 and has been Chief Financial Officer since September 25, 2025 (DRHP p.160, DRHP p.167). Chakshu Arun Maheshwari, 32, with degrees in botany and biotechnology, has been Managing Director and Chairperson since March 17, 2026 (DRHP p.153). The document records that Arun Ashokbhai Maheshwari held a certificate of practice as a chartered accountant while Managing Director and applied to surrender it on June 9, 2026 (DRHP p.34).

Pay: directors' remuneration was nil in FY24, ₹0.15 crore in FY25 and ₹0.48 crore in FY26 (DRHP p.208). The FY26 related-party table shows salary or remuneration and commission to Arun Ashokbhai Maheshwari, Amit Ashokkumar Maheshwari and Chakshu Arun Maheshwari (DRHP p.212). The current terms are ₹15.0 lakh a year for the Managing Director and ₹24.0 lakh for the Chief Financial Officer (DRHP p.167).

Other businesses: the promoters are partners or directors in AAM Asset Management LLP, AAMK & Co LLP, Ashok Maheshwari Foundation, Saykha Industrial Developers LLP, Matrices Global Outsourcing Private Limited and the partnership firms Matrices Construction Company and AAM Fintech (DRHP p.170, DRHP p.171). The company leases its plant from AAM Asset Management LLP and its office from Kirti Maheshwari and Chakshu Maheshwari (DRHP p.136). Raj Plastic Industries, described as a directors' proprietorship, sold the company ₹1.97 crore of goods in FY24 (DRHP p.211).

Loans and guarantees: the promoters had lent the company ₹1.8 crore at March 31, 2026 (DRHP p.200) and have given personal guarantees for its bank facilities (DRHP p.173). No promoter shares are pledged (DRHP p.84).

Cases: there are no criminal, regulatory, tax or material civil cases against the promoters or directors (DRHP p.242).

Promoter economics: the average cost of the promoters' shares is ₹0.0285 a share (DRHP p.45). Amit Ashokkumar Maheshwari bought 4,990 shares from Anilkumar Tuljaram Maheshwari on April 1, 2024 at ₹10, and Arun Ashokbhai Maheshwari 4,950 shares from AAM Asset Management LLP on August 26, 2024 at ₹10; almost all of their present holding came from the 350:1 bonus of September 30, 2025 (DRHP p.85). The company says documents showing payment for these historical transfers, and valuations of them, are not available (DRHP p.35). There were no share purchases or sales by promoters in the six months before filing (DRHP p.86).

11Who already owns it

Raj Polypack promoter holding before and after the IPO

Source: DRHP p.85. There are 35,10,000 shares of ₹10 before the issue and seven shareholders, all promoter or promoter group (DRHP p.53, DRHP p.86). The document leaves the after-issue percentages blank (DRHP p.85). If all 20,00,000 new shares are issued the total becomes 55,10,000 shares, and the promoters' 99.60% becomes about 63.4%, so 99.6% → 63.4% (our arithmetic, DRHP p.85); with the promoter group, 100% → 63.7% (our arithmetic, DRHP p.85). There is no outside shareholder in the company today.

12What changed just before the IPO

• Revenue and profit: revenue went from ₹14.8 crore in FY24 to ₹82.2 crore in FY26 and profit after tax from ₹0.82 crore to ₹5.7 crore (DRHP p.185).
• Receivables: about 166 days of revenue in FY24 and 105 in FY26 (our arithmetic, DRHP p.184).
• Directors' pay went from nil in FY24 to ₹0.48 crore in FY26 (DRHP p.208).
• Subsidiary: Active Pro Engineers, incorporated May 26, 2023, became part of the group, the company says in August 2024 (DRHP p.149, DRHP p.97).
• Factory building sold to AAM Asset Management LLP for ₹0.50 crore in FY25 and leased back from April 1, 2025 (DRHP p.57, DRHP p.136).
• Promoters changed: Amit Ashokkumar Maheshwari and Arun Ashokbhai Maheshwari bought their first shares in April and August 2024 (DRHP p.85).
• Bonus issue: 350:1, allotted September 30, 2025, 35,00,000 shares, the last allotment before the IPO, with no price paid (DRHP p.74). The company did not meet Rule 9A on dematerialisation before this bonus and filed for adjudication with the Registrar of Companies on September 29, 2026 (DRHP p.32).
• Share split: none in the year before filing (DRHP p.89).
• Pre-IPO placement: none; no primary issuance other than the bonus in the 18 months before filing (DRHP p.109).
• Public company: converted with a fresh certificate dated October 23, 2024 (DRHP p.3).
• Auditor: Pratik A. Datta & Co. resigned on August 1, 2025; Janvi Bhushan Janani & Associates served from August 28, 2025 to September 30, 2025; B B Gusani & Associates was appointed on September 30, 2025 (DRHP p.69).
• Board: Anil Tuljaram Maheshwari and Narayan Tuljaram Maheshwari left in October 2024; two independent directors appointed in 2025 resigned in March and April 2026; the present two independent directors joined on March 17, 2026 and May 30, 2026 (DRHP p.160, DRHP p.161).
• Investment: ₹0.39 crore into Omkar Infra in FY26 (DRHP p.228).

13Capacity and expansion

Source: DRHP p.131, DRHP p.132. The document does not say over what period these tonnes are measured, or for which year. It says capacity utilisation "had achieved its peak level" by March 2026 (DRHP p.98). No capacity is given for the subsidiary's fabrication work.

The capital expenditure object names three-layer blown film plants among its quotations but gives no added capacity (DRHP p.93). The chain from capacity to revenue cannot be built from this filing: no tonnes sold are given.

14Market size and industry structure

Raj Polypack industry: market size and growth

As claimed: the industry chapter is drawn from IBEF's paper and packaging presentation and from the World Bank, not from a report written for this issue (DRHP p.123, DRHP p.116). A risk factor says the draft prospectus contains information from an industry report by Infomerics Analytics & Research, commissioned and paid for by the company (DRHP p.40), but the chapter itself cites IBEF. It says India became the third-largest packaging market in the world in September 2024, with the industry above ₹7,36,246 crore (US$ 86 billion), and calls packaging the fifth-largest sector of the Indian economy, growing at 22% to 25% a year (DRHP p.121).

The part that is addressable: the company makes HM-HDPE and LDPE films, rolls and bags, and sells almost entirely in Gujarat (DRHP p.130, DRHP p.30). The chapter sizes the whole packaging industry and gives a growth figure for flexible packaging, but does not size polyethylene film, plastic bags or the Gujarat market. It says nothing at all about pre-engineered buildings, the subsidiary's business.

What the company is today: FY26 revenue of ₹82.2 crore is about 0.01% of the claimed ₹7,36,246 crore packaging industry, and that revenue includes steel buildings the packaging figure does not cover (our arithmetic, DRHP p.185, DRHP p.121).

Size over time: the chapter gives one size for the packaging industry, not a series. It says flexible packaging "is expected to expand" by ₹1,35,642 crore (US$ 15.6 billion) during 2024 to 2028, at a CAGR of 12.7%, and that the green packaging market is projected to grow at 7.24% a year from 2023 to 2028 (DRHP p.121). It cites a Brickwork Ratings report that Indian paper demand is expected to reach nearly 30 million tonnes by 2027 (DRHP p.122). These are the sources' projections, not figures from the company's accounts.

Segments: the chapter talks of FMCG, agriculture, food processing, e-commerce and pharmaceuticals as users of packaging, and of paper, paperboard, flexible packaging and smart packaging as kinds of it (DRHP p.121, DRHP p.122). Much of the chapter is about paper: imports of 2,552.8 thousand tonnes and exports of 1,536.5 thousand tonnes of paper, paperboard and newsprint in FY26, and 74% to 76% of paper production from recovered fibre (DRHP p.121). The company sits in polyethylene flexible packaging, a segment the chapter mentions but does not size.

What drives demand: the chapter names middle-class consumption, e-commerce, better supply chains and food safety (DRHP p.121); departmental retail stores in cities and unit packs in rural markets as drivers of flexible packaging, with food and grocery about 70% of retail sales (DRHP p.122); and government capital spending of ₹12.2 lakh crore in the 2026-27 budget (DRHP p.122). The wider chapter covers India's GDP, inflation and trade (DRHP p.118, DRHP p.119).

Structure: the chapter counts over 22,000 packaging units in India, 85% of them small and medium enterprises, and notes 100% foreign investment is allowed under the automatic route (DRHP p.121). The companies it names are large paper and packaging groups, among them EPL, Indovida, SIG, Tetra Pak, Huhtamaki India, Canpac Trends, JK Paper, Andhra Paper and Oji India Packaging (DRHP p.122). The company describes its own market as competitive, with organised players and unorganised ones that compete on price (DRHP p.133).

Inputs and trade: the company's main raw materials are HDPE and LDPE granules for film, and steel plates, sections and channels for buildings, all bought in India (DRHP p.35). Material purchases were ₹81.1 crore in FY26, 98.66% of revenue from operations (DRHP p.35). The chapter mentions import dependence for specialty paper, not for polymers (DRHP p.123).

Rules: the regulations chapter lists the Plastic Waste Management Rules, 2016, which set minimum thicknesses, ban some single-use plastics and require registration and extended producer responsibility, along with the BIS Act, Legal Metrology rules for packaged goods, and hazardous waste rules (DRHP p.139, DRHP p.140, DRHP p.141). The company holds a factory licence, a consent to establish and a consolidated consent and authorisation from the Gujarat Pollution Control Board (DRHP p.249, DRHP p.250). The approvals chapter does not list a registration under the Plastic Waste Management Rules.

What the chapter says can go wrong: raw material price volatility and import dependence for specialty paper (DRHP p.123). The risk factors add polymer and steel price swings with no long-term supply contracts, competition from unorganised players and concentration in Gujarat (DRHP p.35, DRHP p.41, DRHP p.30). The MD&A says the business is not seasonal (DRHP p.238).

15Competitive position

Raj Polypack competitors

Source: DRHP p.108, converted from ₹ lakh. Both peers are many times the company's size, and both make specialised films on a different scale. The comparison table does not give their borrowings or RoCE for the latest period.

What the company puts forward: its own extrusion lines, a range of HDPE and LDPE products, ISO certifications, cost efficiency from ABA extrusion, experienced promoters and long-standing customers (DRHP p.129, DRHP p.130). Against that: it has no long-term customer or supplier contracts, ten customers bring 81.06% of revenue, nearly all sales are in one state, and it owns neither its plant nor its office (DRHP p.39, DRHP p.31, DRHP p.30, DRHP p.136).

16Peers the company named

Peers named in the offer document: Jindal Poly Films Limited and Polyplex Corporation Limited (DRHP p.105).

The document says they are in a similar line of business but not strictly comparable in size or business (DRHP p.105). Jindal Poly Films' FY26 revenue is about 35 times the company's, and Polyplex's revenue for the period to December 2025 about 63 times (our arithmetic, DRHP p.108). Jindal Poly Films had a loss in FY26 (DRHP p.108).

The document prints P/E ratios on December 31, 2025 prices of −10.90 for Jindal Poly Films and 77.50 for Polyplex (DRHP p.105), and on another page an industry range of −28.98 to 130.02 with an average of 50.52 for the same two companies (DRHP p.104). The company's FY26 EPS is ₹16.32 (DRHP p.185). With no issue price, no P/E for the company can be stated. Neither peer builds steel structures, the subsidiary's business.

17Risks, in plain words

Raj Polypack IPO risks

Customers and geography: ten customers brought 81.06% of FY26 revenue and Gujarat 98.67% (DRHP p.31, DRHP p.30) → losing a large buyer, or a slowdown in one state, falls on most of the revenue at once → the largest customer alone was ₹12.0 crore of FY26 revenue (DRHP p.129).

Promoters: related-party trade: Kohinoor Trading Co., listed as a relative of a director, sold the company ₹34.6 crore of goods in FY25 and was repaid ₹32.8 crore of loans that year (DRHP p.212) → the terms and what was bought are not disclosed → the company says its related-party transactions were at arm's length (DRHP p.38).

Financial: working capital: inventory rose to ₹22.2 crore and receivables to ₹23.7 crore at March 2026 (DRHP p.184) → growth needs cash before customers pay → operating cash flow was negative in FY24 and FY25 (DRHP p.186).

Financial: loans on demand: ₹3.0 crore of unsecured loans can be recalled at any time, and the bank overdrafts are payable on demand (DRHP p.40, DRHP p.199) → a recall would draw on working capital.

Business: one leased plant: all film is made at one plant at Samadara, Kheda, leased from a promoter group LLP on an agreement of 11 months and 29 days (DRHP p.32, DRHP p.136) → a disruption or a lease not renewed stops production → the plant is the only manufacturing site named.

Legal and compliance: the bonus allotment that created nearly all of today's share capital breached Rule 9A and is before the Registrar of Companies for adjudication (DRHP p.32) → a penalty may follow → the document records 25 late filings with the Registrar, some over 1,000 days late, late income tax returns and past provident fund lapses (DRHP p.33, DRHP p.34, DRHP p.39).

Issue-specific: the capital expenditure quotations add up to ₹26.6 crore against ₹10.0 crore allocated, are valid three months, and no orders are placed (DRHP p.93, DRHP p.49) → what the money buys is not fixed → the promoters' average cost is ₹0.0285 a share (DRHP p.45).

Suppliers and inputs: one supplier was 55.47% of FY25 purchases and the top ten 73.82% of FY26 (DRHP p.31) → polymer and steel prices move with markets and there are no supply contracts (DRHP p.35).

18Litigation and regulatory matters

Cases against Raj Polypack and its promoters

Criminal, regulatory, tax and civil: the document lists no outstanding case of any kind against the company, its promoters, directors, key managerial personnel or the subsidiary (DRHP p.241, DRHP p.242, DRHP p.244). Corporate law: the Rule 9A matter above and late filings of forms with the Registrar on which additional fees were paid (DRHP p.32, DRHP p.33). Tax filings:

late income tax returns for AY 2024-25 and AY 2025-26, with interest and late fees of about ₹0.08 crore for AY 2025-26 (DRHP p.34). Professional: a promoter's certificate of practice held while Managing Director, now surrendered on application (DRHP p.34). Creditors: six material creditors were owed ₹14.0 crore at March 31, 2026 (DRHP p.244).

19Related-party transactions

Source: DRHP p.211, DRHP p.212, converted from ₹ lakh. The promoters' loans to the company stood at ₹1.8 crore at March 2026 (DRHP p.212). Matrices Construction Company and Anil Maheshwari also lent to and were repaid by the company (DRHP p.212). The subsidiary lent the company ₹9.6 crore and was repaid in FY26 (DRHP p.211).

What appeared or changed in the two years before filing: the factory building was sold to AAM Asset Management LLP in FY25 and rent to it began in FY26 (DRHP p.211); purchases from Kohinoor Trading Co. peaked in FY25 and fell to ₹2.4 crore in FY26 (DRHP p.212); rent to Kirti Amit Maheshwari began in FY26 (DRHP p.212). The company says its related-party transactions are at arm's length (DRHP p.38).

20What the offer document does not say

Customers are not named. Tonnes sold and prices are not given, so growth cannot be split into volume and price. The subsidiary's FY26 revenue and profit, and how revenue splits between plastics and steel buildings, are not given. What Kohinoor Trading Co. supplied, and on what terms, is not stated. The price paid for the subsidiary, and how it was acquired, is not stated.

What Omkar Infra is and why ₹0.39 crore was invested in it are not stated. The period over which capacity is measured is not stated. Which capex quotations will be used, and what capacity they add, is not stated. The issue size, issue price, general corporate purposes and issue expenses are blank (DRHP p.91).

Some inconsistencies are recorded as document matters, not business ones: the abridged prospectus prints FY26 revenue of ₹45.9 crore and profit of ₹9.4 crore, against ₹82.2 crore and ₹5.7 crore in the restated accounts (AP p.6, DRHP p.185); FY26 EPS is ₹31.11 in the abridged prospectus and ₹16.32 in the accounts (AP p.6, DRHP p.185); the restatement note's FY25 restated profit does not match the profit and loss statement

and its net worth reconciliation is headed for a "period ended 31st December, 2025" (DRHP p.193, DRHP p.185, DRHP p.194); the history chapter says no acquisitions took place while the objects chapter says the subsidiary was acquired in August 2024 (DRHP p.152, DRHP p.97); the eligibility section claims a track record of more than six years for a company incorporated in 2021 (DRHP p.261);

the working capital object is ₹12.5 crore in the objects and ₹46.8 crore in a risk factor and capital expenditure ₹10.0 crore in the objects and ₹12.5 crore in a risk factor (DRHP p.91, DRHP p.37, DRHP p.49); the two customer concentration tables disagree for FY24 and FY25 (DRHP p.31, DRHP p.129); the plant is at Survey No.

372 in one place and 373 in others (DRHP p.32, DRHP p.125); the two capitalisation tables disagree (DRHP p.218, DRHP p.223); the peer P/E figures differ between two pages (DRHP p.104, DRHP p.105); and the capital structure names the third subscriber to the memorandum as Mrs. Chakshu Prakashbhai Rathi while the history chapter names Mrs. Chakshu Arun Maheshwari (DRHP p.74, DRHP p.148).

21Five questions for management

1. How much of FY26 revenue of ₹82.2 crore came from plastic film and bags and how much from Active Pro Engineers' building contracts, and what was each business's EBITDA?
2. What did Kohinoor Trading Co. supply in FY25 for ₹34.6 crore, at what prices against other suppliers, and why did the company repay it ₹32.8 crore of loans in the same year?
3. How many tonnes of film and bags were sold in FY24, FY25 and FY26, at what average price, and over what period is the stated capacity of 1,100 tonnes of extrusion measured?
4. Which of the eight capex quotations, adding up to ₹26.6 crore, will the ₹10.0 crore pay for, and how many tonnes of capacity will it add?
5. What consideration was paid for Active Pro Engineers, on what date, and to whom?

1Sources and cited facts

This study was read from 1 document the company filed. The 162 figures it cites are listed under the document each came from, with the page and the sentence as printed.