Injecto Polymers IPO Analysis: Should You Apply? GMP, Review & Details

Injecto Polymers is a SME IPO in the Packaging sector. The issue price band is ₹98.0–₹100.0 per share. Issue size is ₹56.12 crore.

Injecto Polymers IPO — Key Details

Company Overview

Injecto Polymers Limited operates in the packaging sector, manufacturing a variety of products including Polypropylene Woven Fabrics and Bags, BoPP Bags, Leno Bags, LD & Polyester Pouches, FIBC Bags, and Non-Woven Bags. These products serve industries such as agriculture, food, pharmaceuticals, textiles, chemicals, construction, and consumer goods. The company also trades in plastic granules and PVC resins, functioning under a B2B model that offers customized packaging solutions. With two manufacturing units located in West Bengal, Injecto Polymers emphasizes quality through in-house testing and holds several certifications including ISO 9001:2015 and ISO 22000:2018.

Financial Performance

Total income was ₹109.80 Cr in the period ending 31 Mar 2024, rising to ₹261.85 Cr by 31 Mar 2025, and further increasing to ₹375.83 Cr by 31 Mar 2026. Profit After Tax was ₹4.44 Cr for the period ending 31 Mar 2024, increasing to ₹8.11 Cr by 31 Mar 2025, and further rising to ₹16.01 Cr by 31 Mar 2026.

Objects of the Issue

The company plans to use the proceeds from the issue for the following purposes: ₹10.00 Cr for repayment/pre-payment of outstanding borrowings, ₹30.50 Cr for capital expenditure towards setting up phase IV at the existing manufacturing facility, ₹7.28 Cr for general corporate purposes, and ₹8.34 Cr for issue expenses.

Strengths & Weaknesses

Strengths

Strong customer relationships, a diverse product portfolio with customization capabilities, and quality certifications enhance the company's market position.

Weaknesses

The company has a high debt-to-equity ratio of 2.61, which may pose financial risks.

Risk Factors

Potential risks include fluctuations in raw material prices, competition in the packaging industry, and reliance on a limited number of customers.

Understanding Grey Market Premium (GMP)

The grey market refers to the unofficial trading of shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO compared to its issue price, based on demand and supply dynamics in this unofficial market.

Subscription Status

The IPO received a total subscription of 1.23 times as of 16th September 2026, with the QIB category subscribed 1.57 times, NII category at 1.05 times, and retail investors at 1.28 times.

Peer Comparison

• Rdb Rasayans Ltd: P/E 9.04, RoNW 13.74%
• Emmbi Industries Ltd: P/E 19.43, RoNW 4.06%

IPO Timeline

The IPO opens for subscription on 11th September 2026 and closes on 16th September 2026. Allotment of shares will be done on 17th September 2026, with the listing expected on 21st September 2026.

Should You Apply for Injecto Polymers IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and market conditions.

Investors averse to high levels of debt or those looking for stable, low-risk investments may want to consider avoiding this IPO.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing gains are the profits made when shares are sold on the listing day at a price higher than the issue price. However, these gains are not guaranteed and can be affected by market conditions and investor sentiment.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.