Shree Balajee Tapes And Packaging Limited IPO

01At a glance

What the company does: manufactures BOPP (biaxially oriented polypropylene) packing tapes, paper tubes, cores and cones, HM-HDPE bags and sleeves and box strapping, and trades stretch films, shrink films and packaging machinery (DRHP p.110, DRHP p.118).

Who pays it: businesses in FMCG, printing and packaging, textiles, pharmaceuticals and other industries, mostly in the North-East; no customer is named. Assam was 81.12% of FY26 revenue and Meghalaya 15.09% (DRHP p.115, DRHP p.116). The largest customer was 14.17% of FY26 revenue and the top ten 59.01% (DRHP p.126).

Why it is raising money: ₹935.27 lakh of capital expenditure at the existing plant, mainly new adhesive and ink lines and a BOPP tape line, and ₹300.00 lakh of working capital, with general corporate purposes capped at 15% of gross proceeds or ₹1,000.00 lakh (DRHP p.63).

How fast it has grown: revenue from ₹800.49 lakh in FY24 to ₹1,400.83 lakh in FY26, about 32.3% a year, and profit after tax from ₹78.64 lakh to ₹279.53 lakh, about 88.5% a year (our arithmetic, DRHP p.40).

The one thing to understand: the company was a partnership firm until March 25, 2025, so FY24 and FY25 are the firm's standalone accounts and FY26 is the first year as a company, presented on a consolidated basis (DRHP p.2, DRHP p.199). Profit more than doubled in FY26 while operating cash flow fell to ₹72.79 lakh, because receivables rose by ₹228.32 lakh (DRHP p.41).

02The business, in plain words

A factory that ships goods in cartons needs tape to seal them, strapping to hold them on a pallet, and paper cores to wind yarn, film or tape on. This company makes those items in Assam and sells them, mostly to businesses in the North-East, and buys in the films and machinery it does not make so that a customer can place one order.

A manufacturer or distributor orders packing tape, cores or bags → the company buys BOPP film, adhesive, ink, kraft paper and plastic granules → it coats, prints, slits and winds tape, spiral-winds paper tubes and extrudes bags and strapping at its Changsari plant → it is paid per order, on credit that averaged 144 days in FY26 (DRHP p.75).

The business began as the partnership firm Shree Balajee Enterprises under a deed of November 18, 2005, and was converted into a public limited company on March 25, 2025 (DRHP p.2, DRHP p.143).

It operates one plant at Changsari; a second at Rangia has machinery installed but had not started commercial production, with production expected from September 30, 2026; a third at Niwai in Rajasthan belongs to the wholly owned subsidiary Shree Balajee Tapes Private Limited; and a fourth, for shrink and stretch film, is under construction by the 51% subsidiary Jeripack LLP (DRHP p.20, DRHP p.111).

It had 40 employees on payroll at August 20, 2026 (DRHP p.128), holds ISO 9001:2015 certification (DRHP p.111), and received its first export order, from Bhutan, on May 28, 2026 (DRHP p.111).

In FY26 BOPP tape was 49.39% of revenue, paper tubes 22.78%, polybags and box strapping 5.27%, and trading 22.56% (DRHP p.112, DRHP p.113).

Earnings equation: Revenue ≈ standard rolls of tape × price per roll + tonnes of tubes, bags and strapping × price per tonne + traded goods. In FY26 the Changsari plant produced 19,85,000 standard rolls of tape (48 mm by 100 metres) and 600 tonnes of paper tubes (DRHP p.123). Cost of goods consumed was ₹937.02 lakh, 66.9% of revenue (our arithmetic, DRHP p.40).

03Where the money comes from

Source: DRHP p.112, DRHP p.113. By state, Assam was 89.93%, 78.11% and 81.12% of revenue across the three years and Meghalaya 2.60%, 15.39% and 15.09%; every other state was below 3.5% in each year (DRHP p.115, DRHP p.116). Revenue depends on a few customers, and more so each year:

Source: DRHP p.126. In FY26 the top ten customers bought ₹826.67 lakh of the ₹1,400.83 lakh (DRHP p.126). Purchases are concentrated too: the largest supplier was 24.11% of FY26 purchases, the top five 61.83% and the top ten 77.35% (DRHP p.126). There are no long-term supply agreements with customers, who order by purchase order (DRHP p.21).

04The growth record

The business is packaging manufacture and trading: BOPP tapes, paper tubes, bags and strapping (DRHP p.110).

Source: DRHP p.40, DRHP p.41, DRHP p.82. Revenue was ₹800.49 lakh in FY24 and ₹1,400.83 lakh in FY26, and profit after tax ₹78.64 lakh and ₹279.53 lakh (DRHP p.40). EBITDA margin moved from 16.83% to 28.00% (DRHP p.82). Operating cash flow was ₹72.79 lakh in FY26 (DRHP p.41). Net worth was ₹329.32 lakh, ₹402.25 lakh and ₹681.78 lakh; total borrowings ₹198.18 lakh, ₹146.89 lakh and ₹262.05 lakh; return on equity 29.87%, 35.34% and 51.57%; and return on capital employed 29.00%, 42.49% and 42.15% (DRHP p.39, DRHP p.82).

Our arithmetic over FY24 to FY26: revenue grew about 32.3% a year, EBITDA about 70.6% and profit after tax about 88.5%; EBITDA margin rose 1,117 basis points and PAT margin 1,013 basis points (DRHP p.40, DRHP p.82). Year by year, revenue rose 44.83% in FY25 and 20.83% in FY26, while profit rose 64.37% and then 116.25% (DRHP p.82, DRHP p.25).

Net debt of ₹244.33 lakh (borrowings less ₹17.72 lakh of cash) was about 0.6 times FY26 EBITDA (our arithmetic, DRHP p.39, DRHP p.40). Other income of ₹16.05 lakh was 4.3% of FY26 profit before tax, against 21.9% in FY24 (our arithmetic, DRHP p.40). Trade receivable days were 123, 102 and 144 (DRHP p.75).

The basis changes inside the table: FY24 and FY25 are the standalone accounts of the partnership firm, and FY26 is consolidated, including Jeripack LLP from August 25, 2025, so the document itself says the FY26 comparison is subject to a change in the reporting perimeter (DRHP p.199). Earnings per share are given only for FY25 and FY26, at ₹3.21 and ₹6.95 (DRHP p.40).

05What the growth is made of

Revenue rose ₹600.34 lakh from FY24 to FY26 (our arithmetic, DRHP p.40). BOPP tape added ₹283.05 lakh, paper tubes ₹205.49 lakh and trading ₹79.28 lakh (our arithmetic, DRHP p.112, DRHP p.113).

For tape, the plant's production rose from 15,10,000 standard rolls in FY24 to 19,85,000 in FY26 (DRHP p.123). At FY24 revenue per roll of about ₹27.1, the FY26 volume would have brought about ₹537.5 lakh, so volume accounts for roughly ₹128.6 lakh of the tape increase and the other ₹154.4 lakh is price and mix; revenue per standard roll was about ₹34.9 in FY26 (our arithmetic, DRHP p.112, DRHP p.123). For paper tubes, production rose from 340 to 600 tonnes while revenue per tonne went from about ₹0.33 lakh to ₹0.53 lakh (our arithmetic, DRHP p.112, DRHP p.123).

This is a judgement, not a disclosure: the split uses production, not units sold, and the document does not say whether all tape revenue comes from the Changsari plant. The MD&A itself states that product-wise price, volume and mix data were not available and leaves the attribution as "[●], subject to management confirmation" (DRHP p.210).

The margin came from the cost side. Cost of goods sold fell from 76.93% of revenue in FY25 to 67.00% in FY26, which the document puts down to higher production, better utilisation and lower freight, power and fuel (DRHP p.206). Freight and other direct costs fell from ₹42.54 lakh to ₹19.42 lakh and power and fuel from ₹43.01 lakh to ₹29.04 lakh (DRHP p.191).

06Earnings quality

Receivables are the item to explain. They rose from ₹322.68 lakh to ₹550.99 lakh in FY26, a ₹228.32 lakh use of cash, and advances to suppliers rose from ₹40.32 lakh to ₹155.72 lakh (DRHP p.39, DRHP p.41, DRHP p.191). At March 2026, ₹127.15 lakh of receivables were more than six months old, of which ₹57.93 lakh was one to two years old, with no provision for doubtful debts (DRHP p.190).

The working capital plan assumes receivable days of 145 in FY27 and FY28 (DRHP p.75). The document gives the risk in its own words: the gap between receivable and payable days widened from 16 days in FY24 to 66 days in FY26 (DRHP p.24).

Of ₹17.72 lakh of cash at March 2026, ₹17.32 lakh was cash in hand and ₹0.40 lakh in bank accounts (DRHP p.190).

07The balance sheet

At March 31, 2026 the assets were trade receivables ₹550.99 lakh, inventories ₹295.70 lakh (almost all raw material), other current assets ₹224.06 lakh, capital work in progress ₹185.96 lakh, property, plant and equipment ₹80.64 lakh and cash ₹17.72 lakh (DRHP p.39, DRHP p.190). Against them sat short-term borrowings ₹160.13 lakh, long-term borrowings ₹101.92 lakh, trade payables ₹201.54 lakh, short-term provisions ₹100.67 lakh (mostly ₹95.49 lakh of income tax), other current liabilities ₹74.44 lakh and minority interest ₹33.00 lakh, leaving shareholders' funds of ₹681.78 lakh (DRHP p.39, DRHP p.188).

All borrowing is from Axis Bank: a ₹130.00 lakh term loan with ₹127.84 lakh outstanding at 8.50% for 60 months, and a working capital loan with ₹134.21 lakh drawn against a ₹225.00 lakh limit (DRHP p.212). The working capital facility is backed by personal guarantees of the partners and directors (DRHP p.187). Contingent liabilities are ₹3.28 lakh of income tax (DRHP p.42). There are no capital commitments (DRHP p.192).

After the issue: up to 14,50,800 new shares against 40,22,500 in issue takes the count to 54,73,300 (DRHP p.37). The price is not set, so the money raised and the post-issue balance sheet cannot be stated; the capitalisation statement leaves the post-issue column blank (DRHP p.198).

One arithmetic point: the FY26 balance sheet totals ₹1,334.71 lakh on the liabilities side and ₹1,367.71 lakh on the assets side, a gap of ₹33.00 lakh that equals the minority interest, which the liabilities total appears to leave out (our arithmetic, DRHP p.39).

08What the money is for

Source: DRHP p.63, DRHP p.64, DRHP p.65. The tanker, solar, compressor and electrical rows are ₹72.94 lakh, ₹49.85 lakh, ₹7.20 lakh and ₹20.00 lakh, adding to the ₹935.27 lakh of capital expenditure (DRHP p.65). General corporate purposes are left blank and capped at 15% of gross proceeds or ₹1,000.00 lakh (DRHP p.63).

The construction is a factory shed with a mezzanine, adding about 13,450 square feet at the existing plant, of which about 6,000 square feet is for ink and 7,000 square feet for adhesive (DRHP p.65, DRHP p.66, DRHP p.67). The ink line is for 720 tonnes a year and the adhesive line for 6,000 tonnes a year, both new products for captive use and for sale (DRHP p.66, DRHP p.67).

The tape machinery is to raise the plant's tape capacity from 21,60,000 to 63,60,000 standard rolls a year (DRHP p.69). Every item rests on two vendor quotations, no order has been placed, and nothing has been appraised by a bank or financial institution; there is no monitoring agency because the issue is below ₹5,000 lakh (DRHP p.47, DRHP p.74).

The working capital need is estimated at ₹934.76 lakh for FY27 and ₹1,293.92 lakh for FY28, of which the issue funds ₹300.00 lakh and the rest comes from the bank overdraft and internal accruals (DRHP p.74).

Into the business the whole issue: up to 14,50,800 new shares, not priced at draft stage (DRHP p.37). To selling shareholders nothing: there is no offer for sale (DRHP p.1).

09Who is selling

No one. The issue is a fresh issue of up to 14,50,800 shares of ₹10 each, with the offer for sale shown as nil (DRHP p.1). It is a fixed price issue; 73,200 shares are reserved for the market maker and the net issue of 13,77,600 shares is 25.17% of post-issue capital (DRHP p.2). The fresh issue is 26.51% of the post-issue capital of 54,73,300 shares (DRHP p.2, DRHP p.37). The promoters and promoter group will not take part in the issue (DRHP p.61). The sole lead manager is Credora Partners Private Limited and the registrar MAS Services Limited (DRHP p.44).

10Promoters

The promoters are Alok Sonthalia and Sinu Sonthalia (DRHP p.166). The document records them as spouses (DRHP p.151).

Alok Sonthalia, aged 47, is Chairman and Managing Director since August 13, 2026, holds a commerce degree from the University of Meerut and has over 20 years in the packaging and adhesive industry; Sinu Sonthalia, aged 37, is an executive director, has completed matriculation and has over 7 years in the industry, associated with the business since 2019 (DRHP p.150).

Both are directors of Shree Balajee Tapes Private Limited, and Alok Sonthalia is a designated partner of Jeripack LLP and a director of the Indian Plastics Federation (DRHP p.147, DRHP p.148). The promoter group includes Alok Sonthalia (HUF) and a sole proprietorship, Shree Balaji Enterprises (DRHP p.170). No promoter share is pledged (DRHP p.53).

What the company pays them: as partners in FY24 they drew remuneration of ₹3.50 lakh and ₹5.00 lakh, ₹8.50 lakh in all, plus a share of profit of ₹40.17 lakh each; in FY25 the profit share was ₹64.74 lakh each; in FY26 each drew a director's salary of ₹6.00 lakh, ₹12.00 lakh in all (DRHP p.43).

For FY27 the pay is set at ₹12 lakh a year for Alok Sonthalia and ₹9 lakh for Sinu Sonthalia (DRHP p.152). Related-party transactions were ₹105.86 lakh in FY26, including sales of ₹26.15 lakh to and purchases of ₹15.42 lakh from Shree Balajee Marketing, described as a director's proprietorship, and purchases of ₹47.51 lakh from Shree Balajee Tapes Private Limited (our arithmetic, DRHP p.43, DRHP p.193).

Litigation: there are no criminal, civil or regulatory proceedings against the promoters, but there are 6 tax proceedings with ₹79.61 lakh involved (AP p.8, DRHP p.23). The largest is Sinu Sonthalia's appeal in the Gauhati High Court over assessment year 2015-16, where the assessing officer treated ₹2,91,57,521 of sundry creditors as ceased liabilities, an addition the Tribunal partly restored at ₹1,97,68,335; the outstanding demand on the tax portal is ₹68,50,830 with interest, a stay was refused because 20% was not deposited, and recovery proceedings continue (DRHP p.217, DRHP p.218). Neither promoter has been a director of a listed company (DRHP p.29).

Promoter economics: the promoters did not purchase their shares in the market. On conversion of the partnership, partners' capital of ₹4,02,25,000 became 40,22,500 shares of ₹10 at ₹10 each, of which Alok Sonthalia received 19,88,000 and Sinu Sonthalia 19,69,000 (DRHP p.52). Their average cost is ₹10 a share (DRHP p.55). That allotment on March 25, 2025 at ₹10 a share is the only one in the company's history (DRHP p.52).

The company has issued no bonus shares since incorporation (DRHP p.60). There was no primary issue of shares in the 12 months before the filing, so there is no pre-IPO placement, and no secondary sale of 5% or more in 18 months (DRHP p.85). In FY25 the firm's partners withdrew ₹106.12 lakh of capital and added ₹49.79 lakh (DRHP p.186).

11Who already owns it

Source: DRHP p.55. There are seven shareholders in all (DRHP p.56). The five public holders were the other subscribers to the memorandum on conversion and, apart from Kriti Jodhani, were partners of the firm until March 25, 2025; Kriti Jodhani is now a non-executive director (DRHP p.52, DRHP p.193). There is no fund, institution or company on the register, no employee stock option scheme and no convertible instrument (DRHP p.51, DRHP p.60). On full allotment of 14,50,800 shares the count rises to 54,73,300 and the promoters' 98.37% falls to about 72.3% (our arithmetic, DRHP p.37, DRHP p.55). The securities premium account is nil before the issue (DRHP p.51).

12What changed just before the IPO

• The firm became a public company on March 25, 2025, 19 years after the partnership deed of November 18, 2005 (DRHP p.2).
• Profit more than tripled from ₹78.64 lakh in FY24 to ₹279.53 lakh in FY26 on revenue that rose 75.0% over the same two years (our arithmetic, DRHP p.40).
• Receivable days rose from 102 in FY25 to 144 in FY26 (DRHP p.75).
• Customer concentration rose: the largest customer went from 9.33% of FY25 revenue to 14.17% in FY26 and the top ten from 50.79% to 59.01% (DRHP p.126).
• The tape line filled up: utilisation at the Changsari plant went from 69.91% in FY24 to 91.90% in FY26 (DRHP p.123).
• The statutory auditor changed. M/s Sanjay Bajoria & Associates, appointed March 25, 2025, left on December 31, 2025 on completion of term, and M/s M Borar & Co was appointed the same day (DRHP p.48).
• Two subsidiaries arrived. Jeripack LLP was set up on August 25, 2025 with the company holding 51%, and the company acquired 100% of Shree Balajee Tapes Private Limited in 2026 (DRHP p.144, DRHP p.173, DRHP p.174).
• Debt went up. A ₹130.00 lakh term loan was taken in FY26 and capital work in progress of ₹185.96 lakh was booked (DRHP p.41).
• Promoter pay moved from partnership to salary: ₹8.50 lakh of partner remuneration in FY24 and ₹12.00 lakh of director's salary in FY26 (DRHP p.43).
• The board and officers were filled in in August 2026: two independent directors on August 17, and a chief financial officer and a company secretary on August 13 (DRHP p.154, DRHP p.164).
• Authorised capital doubled to ₹1,000 lakh on July 10, 2026 (DRHP p.52).
• The registered office moved within Guwahati on June 16, 2026 (DRHP p.143).

13Capacity and expansion

Source: DRHP p.123, certified by Ayush Jalan, chartered engineer. The subsidiary's Niwai plant has capacity for 6,25,000 standard rolls of tape and ran at 34.88%, 35.20% and 40.64% (DRHP p.124).

What is planned, in the company's units: the Rangia plant, with machinery installed, is to make 39,40,000 standard rolls of tape and 280 tonnes of strapping a year, with production expected from September 30, 2026 (DRHP p.20, DRHP p.124); the issue-funded tape machinery takes Changsari from 21,60,000 to 63,60,000 rolls (DRHP p.69); the new lines add 6,000 tonnes of adhesive and 720 tonnes of ink (DRHP p.66, DRHP p.67); and Jeripack LLP's plant, under construction with no machinery installed, is for 28,87,500 kg of shrink film and 5,40,000 kg of stretch film (DRHP p.124).

Taken together, tape capacity in Assam would go from 21,60,000 rolls to 1,03,00,000 rolls (our arithmetic, DRHP p.69, DRHP p.124).

The document draws no line from that capacity to revenue: it gives no expected utilisation, no price and no customer commitment for the new lines, and the lease deed for the Rangia site is still being registered (DRHP p.130). Nothing here should be read as a revenue figure.

14Market size and industry structure

As claimed: the India packaging market is put at USD 101.12 billion in 2025 and forecast at USD 169.73 billion by 2030, a 10.73% compound rate, citing Mordor Intelligence (DRHP p.99); the India adhesive tapes market is put at USD 489.6 million in 2024 and projected at USD 778.0 million by 2035, about 4% a year, citing Market Research Future (DRHP p.105). These are publicly available reports, not a report commissioned by the company (DRHP p.32).

The part that is addressable: packing tape, paper cores and cones, HDPE bags and PP strapping sold to businesses, overwhelmingly in Assam and Meghalaya. The document does not size that part.

What the company is today: ₹1,400.83 lakh of FY26 revenue, one operating plant of its own and 40 employees on payroll (DRHP p.40, DRHP p.128).

On structure, the document says the market is dominated by unorganised local businesses with a few branded competitors, and that some competitors have greater resources and reach (DRHP p.128). The industry chapter describes the India packaging market as fragmented (DRHP p.101).

15Competitive position

The document names no competitor other than the two listed peers in section 15. What it claims, and what supports it:

Against that: 81.12% of revenue comes from one state, the largest raw material, BOPP film, is bought in, the company has two trademark applications and no registered trademark, and it owns no transport fleet (DRHP p.19, DRHP p.127, DRHP p.130).

16Peers the company named

Peers named in the offer document: Srivasavi Adhesive Limited and Sonal Adhesive Limited (DRHP p.80).

Both are adhesive tape makers and both are larger. Srivasavi Adhesive Limited had FY26 revenue of ₹10,998.28 lakh with an EBITDA margin of 8.44% and PAT margin of 5.46%, and Sonal Adhesive Limited ₹12,644.41 lakh with 1.94% and 1.08%, against this company's ₹1,400.83 lakh at 28.00% and 19.95% (DRHP p.84). The peers are about eight and nine times this company's revenue, with a fraction of its margin (our arithmetic, DRHP p.84). The document itself notes that the peers are not strictly comparable given the nature and turnover of the business (DRHP p.81).

The document gives an industry P/E range of 15.77 to 19.22, average 17.50, but its own peer table shows P/E of 19.61 and 20.69 at prices of August 21, 2026 (DRHP p.80). Those are the document's figures, recorded here as filed; with no issue price, no multiple for this company exists yet.

17Risks, in plain words

Customers: the top ten customers were 59.01% of FY26 revenue, up from 39.76% in FY24 (DRHP p.126) → there are no long-term contracts, only purchase orders (DRHP p.21) → the loss of the largest customer alone would remove 14.17% of revenue (DRHP p.126).

One state: Assam was 81.12% of FY26 revenue (DRHP p.19) → demand, logistics and local conditions in one state drive most of the business → both company-owned plants are in Assam (DRHP p.23).

Collections: receivable days rose to 144 in FY26 and the plan assumes 145 (DRHP p.75) → cash comes in months after profit is booked → ₹57.93 lakh of receivables were one to two years old at March 2026, with no provision (DRHP p.190).

Suppliers: the top five suppliers were 61.83% of FY26 purchases (DRHP p.126) → BOPP film prices follow crude oil and the company holds no long-term supply contracts (DRHP p.19, DRHP p.123) → a price move lands in the margin, which went from 16.83% to 28.00% EBITDA in two years (DRHP p.82).

Promoters: the promoters face 6 tax proceedings involving ₹79.61 lakh (AP p.8) → Sinu Sonthalia's outstanding demand of ₹68,50,830 is under appeal with recovery proceedings pending (DRHP p.218) → the promoters will still hold about 72.3% after the issue (our arithmetic, DRHP p.37, DRHP p.55).

Execution: ₹935.27 lakh of new plant and two new products depend on quotations with no order placed, and the Rangia plant and the Jeripack plant are not yet producing (DRHP p.20, DRHP p.74) → the adhesive and ink lines are new products for the company → there is no monitoring agency (DRHP p.47).

Compliance: provident fund was paid late 32 times in FY26 and GST dues including interest of ₹8.78 lakh were paid late; a deposit return was filed 408 days late (DRHP p.26) → the company says the delays came from not having a compliance officer until August 2026 (DRHP p.26).

Issue-specific: the issue price, the general corporate purposes amount and the issue expenses are all blank (DRHP p.63, DRHP p.76).

18Litigation and regulatory matters

The company's tax matters are income tax demands against the former firm Shree Balajee Enterprises for assessment years 2012, 2018, 2019 and 2021, each under ₹1.25 lakh with interest, a pending notice for 2023-24, and a GST notice for a return filed seven days late (DRHP p.214, DRHP p.215). The promoters' matters include Alok Sonthalia's demand for assessment year 2006 of ₹30,401 plus interest, which the assessing officer held recoverable (DRHP p.216).

The Sinu Sonthalia appeal is the one large amount; the High Court last directed the department to file a second inspector's report and set no next date (DRHP p.218). Subsidiaries and group entities have no litigation (DRHP p.220). Two creditors are material, owed ₹114.91 lakh of ₹201.54 lakh of trade payables (DRHP p.221).

19Related-party transactions

Source: DRHP p.43; promoter rows are our arithmetic on the two named promoters. Smaller items were a salary to Deep Talukdar of ₹1.10 lakh in FY26, reimbursements, and profit shares of under ₹0.5 lakh to four other partners in FY25 (DRHP p.43).

The pattern is trading with two businesses connected to the directors. Shree Balajee Marketing, a director's proprietorship, was both a buyer and a supplier: purchases from it were ₹93.59 lakh in FY25, 8.07% of revenue (DRHP p.43, DRHP p.193).

Shree Balajee Tapes Private Limited, which runs the Niwai plant, is listed among related parties as a director's private company, supplied ₹47.51 lakh in FY26, and was then acquired as a wholly owned subsidiary in 2026 (DRHP p.144, DRHP p.193).

What changed in the two years before the filing: the profit share disappeared with the conversion to a company, a director's salary replaced it, and Jeripack LLP became a 51% subsidiary from August 25, 2025, with no transactions with the company in FY26 (DRHP p.43, DRHP p.193).

20What the offer document does not say

The price paid for Shree Balajee Tapes Private Limited, the date of that acquisition and why its FY26 figures are not in the consolidated statements are not given. Units sold and price by product are not disclosed, and the MD&A leaves the volume, price and mix attribution as "[●]" (DRHP p.210). No customer or supplier is named. The age of the ₹155.72 lakh of supplier advances is not given. Expected utilisation, prices and customers for the adhesive, ink and new tape capacity are not stated. The general corporate purposes amount, the issue expenses and the post-issue capital structure are blank.

Several document matters are worth recording as found. The FY26 balance sheet does not balance by ₹33.00 lakh, the minority interest (DRHP p.39). Net worth is ₹681.78 lakh in the statements and ₹714.78 lakh in the peer table (DRHP p.84). The peer section says the company's figures are for the period ended November 30, 2025 (DRHP p.81). The industry P/E range does not match the peer table beside it (DRHP p.80).

Capital expenditure from the issue is ₹935.27 lakh in the objects table and ₹936.70 lakh in the working capital note (DRHP p.63, DRHP p.76). The auditor M Borar & Co is given firm registration number 314255E in one place and 013915C in another, where 314255E is given to the previous auditor (DRHP p.45, DRHP p.48).

Payroll is 40 employees at August 20, 2026 in one chapter and 38 at August 10, 2026 in another (DRHP p.128, DRHP p.205). Alok Sonthalia's holding is 49.42% in the capital structure and 49.19% in the promoter chapter (DRHP p.53, DRHP p.166). The first abridged prospectus on file carried a key performance indicator table of revenue ₹10,458.72 lakh for FY26, which matches nothing in the restated statements; the revised version gives ₹1,400.83 lakh (AP p.6).

21Five questions for management

1. What was paid for Shree Balajee Tapes Private Limited, when, and why its FY26 results sit outside the consolidated statements?
2. Of the ₹550.99 lakh of receivables at March 2026, how much has been collected since, and who owes the ₹57.93 lakh that is one to two years old?
3. How many standard rolls of tape were sold in each year, and at what average price, so that the FY26 margin gain can be split between price and cost?
4. Which customers are lined up for the 6,000 tonnes of adhesive and 720 tonnes of ink, and what share is for the company's own tape lines?
5. Why was ₹17.32 lakh of the ₹17.72 lakh of cash at March 2026 held in hand rather than in a bank?

2Sources and cited facts

This study was read from 2 documents the company filed. The 126 figures it cites are listed under the document each came from, with the page and the sentence as printed.