Vedant Poly Fabs IPO: Price Band, Dates, GMP & Review (2026)
Vedant Poly Fabs Ltd, a West Bengal-based maker of flexible packaging materials, opens its initial public offering on Monday, 2 November 2026. The ₹56.68 crore issue on NSE Emerge is priced at ₹88–94 per share and closes on 4 November, with listing scheduled for 9 November. Here is everything investors need to know — dates, lot size, financials, use of proceeds and an honest review.
Vedant Poly Fabs IPO Details
| Detail | Value |
|---|---|
| IPO open date | 2 November 2026 |
| IPO close date | 4 November 2026 |
| Price band | ₹88–94 per share |
| Face value | ₹10 per share |
| Issue size | ₹56.68 crore (60,30,000 shares) |
| Fresh issue | 54,26,400 shares (up to ₹51.01 crore) |
| Offer for sale | 6,03,600 shares (up to ₹5.67 crore) |
| Lot size | 1,200 shares |
| Minimum investment (retail) | 2 lots = 2,400 shares = ₹2,25,600 at the upper band |
| Listing platform | NSE Emerge |
| Lead manager | Affinity Global Capital Market Pvt. Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Market maker | Giriraj Stock Broking (3,04,800 shares reserved) |
Category allocation follows the standard SME split: not more than 50% for qualified institutional buyers, not less than 15% for non-institutional investors and not less than 35% for retail investors.
Vedant Poly Fabs IPO Dates — Full Timeline
| Event | Date |
|---|---|
| IPO opens | 2 November 2026 |
| IPO closes | 4 November 2026 |
| Basis of allotment finalised | 5 November 2026 |
| Refunds initiated / shares credited | 6 November 2026 |
| Listing on NSE Emerge | 9 November 2026 |
About the Company: What Vedant Poly Fabs Does
Incorporated in 2018 and based in Barasat, West Bengal, Vedant Poly Fabs manufactures flexible packaging materials on a business-to-business model. Its product range includes multilayer low-density (LD) films, printed plastic films, shrink films, barrier films, printed laminates and milk and oil packaging materials, mainly serving food, beverage and other consumer-product companies.
The company runs an integrated facility with extrusion, rotogravure and CI flexographic printing, lamination, slitting and pouching machinery, producing to customer specifications on dimensions, material, thickness and print design. It also trades in billet strips on a bill-to-ship basis. Installed capacity reached 8,850 tonnes a year in FY26, with utilisation of 71.64% — leaving headroom to grow without major new capacity. Promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP.
Vedant Poly Fabs Financials
| (₹ crore) | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 49.53 | 81.02 | 115.14 | 30.29 |
| Expenses | 48.87 | 74.97 | 100.59 | 25.81 |
| Profit after tax | 0.64 | 4.56 | 10.97 | 3.48 |
| PAT margin | 1.29% | 5.63% | 9.53% | 11.49% |
The trajectory is the strongest part of the story: revenue more than doubled in two years while profit after tax rose from ₹0.64 crore to ₹10.97 crore, and margins expanded from 1.29% to 9.53% in FY26 and 11.49% in Q1 FY27. Return on net worth was 25.95% in FY26 and return on capital employed 46.34%, both healthy for a small manufacturer. Total income per the restated statements was ₹115.31 crore in FY26, with EBITDA of ₹19.18 crore and net worth of ₹42.26 crore.
Where the IPO Money Goes
- ₹24.61 crore — incremental working capital requirements
- ₹8.00 crore — prepayment or repayment of certain secured/unsecured borrowings
- ₹6.51 crore — capital expenditure on plant and machinery at the existing facility
- Balance — general corporate purposes
The working-capital-heavy use of proceeds fits a fast-growing B2B supplier: receivables and inventory grow with sales, and the issue funds that gap rather than a greenfield plant.
Vedant Poly Fabs IPO GMP
Grey market premium readings ahead of the open are thin and unofficial. One tracker showed around ₹5 (about 5.3% over the upper band) while another reported no GMP quoted yet — treat any such figure as unofficial market chatter, not a listing-price forecast, and expect it to move once bidding begins on 2 November.
Valuation and Peer Comparison
At the upper band of ₹94, the issue is priced at roughly 12.85 times FY26 earnings on a post-issue basis (about 9.39 times pre-issue), with a price-to-sales ratio of about 1.54–1.65 times. Against listed peers from the offer document, B&A Packaging India trades near 14.11 times earnings, Barflex Polyfilms near 26.43 times and RFBL Flexi Pack near 17.79 times — so Vedant Poly Fabs is priced below its peer set on P/E, though it is far smaller and less liquid than any of them.
Strengths and Risks
Strengths
- Revenue more than doubled in two years with sharply expanding margins (PAT margin 1.29% to 9.53%).
- Strong FY26 return ratios: RoNW 25.95%, RoCE 46.34%.
- Capacity utilisation of 71.64% leaves room to grow volumes at the existing plant.
- Issue priced below listed peers on P/E, and mostly a fresh issue — money goes to the company, not just exiting shareholders.
Risks
- Small scale: FY26 revenue of ₹115 crore and a ₹56.68 crore issue mean limited liquidity and higher volatility on NSE Emerge.
- Customer concentration and raw-material (polymer) price swings are typical risks for flexible-packaging makers; a margin squeeze would hit a still-thin profit base.
- The ₹2,25,600 minimum retail application is steep for small investors, and SME IPOs can see sharp listing-day moves in either direction.
- Working capital absorbs the largest share of proceeds — growth must convert into cash, not just receivables.
Should You Apply? Our Review
Vedant Poly Fabs offers a genuine growth story — fast revenue growth, expanding margins and reasonable valuation against peers — but it is a classic small SME bet: high growth, small base, limited liquidity. Investors comfortable with SME risk may consider applying for listing gains, while conservative investors should wait for the subscription trend and the first quarterly numbers after listing. This is not investment advice; check the RHP and your own risk appetite before applying.
FAQs
When does the Vedant Poly Fabs IPO open and close?
The IPO opens on 2 November 2026 and closes on 4 November 2026.
What is the Vedant Poly Fabs IPO price band and lot size?
The price band is ₹88–94 per share and the lot size is 1,200 shares. Retail investors must apply for a minimum of 2 lots (2,400 shares, ₹2,25,600 at the upper band).
What is the Vedant Poly Fabs IPO issue size?
₹56.68 crore in total — a fresh issue of up to ₹51.01 crore plus an offer for sale of up to ₹5.67 crore.
When will Vedant Poly Fabs shares list?
Listing on NSE Emerge is scheduled for 9 November 2026, with allotment finalised on 5 November.
What is the Vedant Poly Fabs IPO GMP today?
Early unofficial tracker readings are around ₹5 (about 5%), while some trackers report no GMP yet. GMP is unofficial, unverified and can change quickly.
Who is the registrar of the Vedant Poly Fabs IPO?
Cameo Corporate Services Ltd. is the registrar; allotment status can be checked on its website after 5 November.
Conclusion
Vedant Poly Fabs IPO brings a fast-growing flexible-packaging maker to NSE Emerge at ₹88–94 a share, opening 2 November and listing 9 November. The financial turnaround — revenue up from ₹49.53 crore to ₹115.14 crore in two years and PAT margin up to 9.53% — is the headline, while small size and SME volatility are the caveats. Watch Day 1 subscription and GMP movement before deciding.
Related reading: HGS India IPO: Price Band, Dates, GMP & Review, Vectras Enprocon IPO: Price Band, Dates & Review, IPO GMP Today (1 Nov): BLS Polymers at 45% Before Listing.