Atharva Polyplast Ltd.
PROSPECTUS · filed 30 Jun 2026
Atharva Polyplast Ltd. is a manufacturer of injection moulded products for OEMs. The company is raising Rs 4,500 crore through a fresh issue with no offer for sale component. The company reported a return on equity of 51% and faces high risks related to customer concentration, supplier concentration, and negative cash flows. Additionally, the company's operations are subject to regulatory approvals and are dependent on the success of its OEM customers' marketing efforts.
Partial analysis — some sections could not be read from the document (found: cover, objects, price_basis, promoters, related_party, risks).
What stands out
Risk factor. The Company is highly dependent on a few key customers for a substantial portion of its revenues, with top five customers contributing 75.39% of revenue in FY 2024-2025 and top ten customers contributing 97.43% of revenue in FY 2024-2025. Loss of any key customer may have a material adverse effect o
Risk factor. The Company is dependent on a few suppliers for purchases of raw materials, with top five suppliers accounting for 51.42% of total raw material consumed in FY 2024-2025. The loss of any of these suppliers may affect business operations.
Risk factor. The Company has experienced negative cash flows from investing activities in FY 2022-2023 and the period ended January 31, 2026, and negative cash flows from financing activities in all the preceding three Financial Years. Any negative cash flows in the future would adversely affect results of opera
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity. ROE of 51.0%.
How the offer is structured
Fresh issue
₹45.00k Cr
New capital into the company
OFS share
0%
- Funding Capital Expenditure towards purchase of Machinery₹3.0 Cr
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company₹2.5 Cr
- Funding working capital requirements of the Company₹13.0 Cr
- General Corporate Purpose₹3.9 Cr
Promoters, litigation & related parties
Promoter (pre)
100.0%
Risks the company discloses
The Company is highly dependent on a few key customers for a substantial portion of its revenues, with top five customers contributing 75.39% of revenue in FY 2024-2025 and top ten customers contributing 97.43% of revenue in FY 2024-2025. Loss of any key customer may have a material adverse effect on profitability and results of operations.(Customer Concentration)
The Company is dependent on a few suppliers for purchases of raw materials, with top five suppliers accounting for 51.42% of total raw material consumed in FY 2024-2025. The loss of any of these suppliers may affect business operations.(Supplier Concentration)
The Company has experienced negative cash flows from investing activities in FY 2022-2023 and the period ended January 31, 2026, and negative cash flows from financing activities in all the preceding three Financial Years. Any negative cash flows in the future would adversely affect results of operations and financial condition.(Liquidity)
The Company requires certain approvals and licenses in the ordinary course of business, and the failure to successfully obtain/renew such registrations would adversely affect operations, results of operations and financial condition.(Regulatory)
The Company generates majority of its revenue from manufacturing by way of injection moulding for OEMs. If customers do not continue to outsource manufacturing, or if there is a downward trend in OEM business, sales could be adversely affected.(Business Model)
The Company operates in the OEM segment, where business is directly linked to customers' ability to successfully market and sell products under their brands. Any decline in their market share, failure of their products to gain acceptance, or reputational or financial setbacks faced by them may also affect the Company's business.(Customer Dependence)
To retain key customers, the Company may be required to offer pricing or commercial terms that could strain margins or resources.(Customer Dependence)
The Company has applied for registration under Maharashtra Shops and Establishments (Regulations of Employment and Conditions of Service) Act, 2017, and cannot assure that such license would be granted against the applications made.(Regulatory)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.