Injecto Polymers' ₹56.12 Cr SME IPO Opens Sept 11 After 244% Revenue Jump

Injecto Polymers offers a case study in public-market fundraising for Indian startups, bypassing traditional venture capital in favor of an SME IPO. The company is issuing 56.12 lakh fresh equity shares at ₹98–100, aiming to raise ₹56.12 crore after scaling from ₹109.05 crore to ₹375.53 crore in revenue over two fiscal years. For founders evaluating exits or growth capital, this listing on September 21 could signal whether the SME route is a credible alternative to a Series C round.

Injecto Polymers Limited, a manufacturer of polymer-based packaging solutions, is set to open its Rs 56.12 crore initial public offering on September 11, 2026, according to a company statement distributed by PNN. The issue will remain open until September 16, 2026, and consists of an entirely fresh issue of 56.12 lakh equity shares at a price band of Rs 98 to Rs 100 per share. The company proposes to list on the BSE SME platform on September 21, 2026, subject to applicable approvals and market conditions. The anchor book will open a day earlier on September 10, while the tentative date of allotment is September 17, 2026.

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For FY2026, the company reported an EBITDA margin of 10.13% and a PAT margin of 4.26%, with return on equity at 28.94% and return on capital employed at 15.64%.

The issue structure is typical of a small and medium enterprise offering. The lot size has been fixed at 1,200 equity shares. At the upper price band of Rs 100, a minimum retail application of 2,400 equity shares requires Rs 2.40 lakh, while the minimum HNI application of 3,600 equity shares requires Rs 3.60 lakh. The QIB portion is up to 15,96,000 equity shares, aggregating up to Rs 15.96 crore at the upper price band, including an anchor portion of up to 9,57,600 equity shares. Since the IPO is entirely a fresh issue, the proceeds will flow directly to the company rather than to selling shareholders, although the source materials do not specify the stated use of proceeds. Investors will need to consult the draft red herring prospectus for objects of the offer.

Financially, the company has reported strong growth over the last three fiscal years. Revenue from operations increased from Rs 109.05 crore in FY2024 to Rs 261.48 crore in FY2025 and further to Rs 375.53 crore in FY2026, a compounded expansion of roughly 86% annually over the two-year window. EBITDA rose from Rs 12.35 crore in FY2024 to Rs 22.57 crore in FY2025 and Rs 38.04 crore in FY2026. Profit after tax climbed from Rs 4.44 crore to Rs 8.11 crore and then Rs 16.01 crore over the same period. For FY2026, the company reported an EBITDA margin of 10.13% and a PAT margin of 4.26%, with return on equity at 28.94% and return on capital employed at 15.64%. The company also noted that manufacturing activities contributed 49.64% of total revenue from operations during FY2026.

For prospective investors, the growth trajectory is notable, but the SME platform context requires caution. BSE SME listings generally have lower liquidity, thinner analyst coverage, and less stringent disclosure requirements than mainboard listings. The financial figures cited are company-reported through a newswire distribution and are not presented here as independently verified. The company has not disclosed its debt levels, working capital needs, or full segment split in the materials reviewed, which limits a complete credit and valuation assessment. The high return on equity of 28.94% is encouraging, but it is not clear whether this reflects genuine operating efficiency, leverage effects, or one-time items.