Anubhav Plast Limited is launching its Initial Public Offering (IPO). It is an established manufacturer of Electric Resistance Welding (ERW) steel pipes and swaged steel tubular poles based in Uttar Pradesh.
The subscription period for the public issue begins on Friday, June 19, 2026, and ends on Tuesday, June 23, 2026.
Through this book-built offering, the company aims to raise approximately ₹24.00 Crores at the price band of ₹77 – ₹80 per equity share.
The proceeds are directed towards establishing a new manufacturing facility for crash barriers and meeting working capital requirements.
This article presents the current Anubhav Plast IPO GMP, subscription details, allotment schedule, price band, and an in-depth review of the IPO.
Briefs of Anubhav Plast IPO Details:
- Price Band: ₹77 – ₹80 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 19, 2026 – June 23, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 30,00,000 Equity Shares / ~₹24.00 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
Investors who have queries to Bigshare, can find our detailed Bigshare IPO allotment status guide useful to resolve the queries.
IPO Reservation:
The offering comprises a total issue size of 30,00,000 shares. The net offer to the public is 28,49,600 shares, allocated as follows:
- QIB Portion: Not more than 14,19,200 Equity Shares (Anchor Investors may be allocated up to 8,48,000 Equity Shares from this portion).
- NII (HNI) Portion: Not less than 4,32,000 Equity Shares.
- Retail (RII) Portion: Not less than 9,98,400 Equity Shares.
What Is The Anubhav Plast IPO GMP Today?
Our GMP hub page displays the premium for this IPO and other active issues. Check our latest report on GMP vs Listing Gains May 2026 IPOs: A Data Analysis of 14 IPOs for more information about GMP and IPO listings.
The Grey Market Premium is an unofficial indicator of market mood and shifts daily with demand. It is not a formal metric regulated by SEBI, NSE, or BSE.
What Are The Important Anubhav Plast IPO Dates & Allotment Schedule?
Investors considering an allocation in this issue can refer to the important dates and events listed below.
- IPO Open Date: Friday, June 19, 2026
- IPO Close Date: Tuesday, June 23, 2026
- Basis of Allotment Date: Wednesday, June 24, 2026
- Refund Initiation Date: Thursday, June 25, 2026
- Credit of Shares: Thursday, June 25, 2026
- Listing Date: Monday, June 29, 2026
What Are The Objectives of Anubhav Plast IPO?
The proceeds from the fresh issue, after applicable deductions, are expected to be utilized for the following strategic requirements:
- Capital Expenditure: ₹2.20 Crores is allocated to establish a new manufacturing facility within existing premises. This expansion focuses on diversifying the product portfolio to include highway crash barriers and solar panel mounting structures.
- Working Capital: A significant ₹13.75 Crores will be deployed to meet the intensive working capital requirements associated with expanding into open-market pipe sales and managing inventory.
- General Corporate Purposes: The residual funds, capped at 15% of the gross proceeds, will be deployed for routine operational purposes and business development opportunities.
How is The Financial Performance of Anubhav Plast?
To gain insight into the company's valuation, we examine the Price-to-Earnings (P/E) ratio calculated at the highest price within the price band.
(Figures in ₹ Crores)
Period Ended | 31 Dec 25 (9M) | 31 Mar 25 | 31 Mar 2024 | 31 Mar 23 |
Total Income | 80.60 | 98.31 | 87.41 | 87.21 |
Profit After Tax (PAT) | 5.30 | 6.00 | 2.08 | 0.74 |
EBITDA | 10.29 | 12.18 | 6.64 | 4.26 |
Total Borrowing | 34.81 | 32.64 | 28.99 | 27.80 |
Assets | 66.69 | 55.50 | 41.69 | 37.91 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated steady revenue generation, successfully scaling up its manufacturing operations over the reported periods.
- Total income grew from ₹87.21 Crores in FY23 to ₹98.31 Crores in FY25.
- The 9-month period ending December 2025 showed sustained momentum, reaching ₹80.60 Crores.
- This growth was primarily driven by consistent demand from government electrification projects and state electricity boards.
Profit After Tax (PAT):
Net profitability witnessed a massive surge, reflecting the successful transition to backward-integrated manufacturing.
- PAT expanded dramatically from a mere ₹0.74 Crores in FY23 to ₹6.00 Crores in FY25.
- This exponential bottom-line growth is a direct result of cost efficiencies gained from in-house tube milling.
- The PAT for the stub period of FY26 stood strong at ₹5.30 Crores.
EBITDA:
Operational efficiency improved significantly as the company reduced reliance on external processors.
- EBITDA nearly tripled from ₹4.26 Crores in FY23 to ₹12.18 Crores in FY25.
- The EBITDA margin expanded impressively from 4.89% in FY23 to 12.41% in FY25.
- This robust margin expansion highlights better absorption of fixed costs.
Total Borrowing:
To fund its capital-intensive expansion and heavy inventory needs, the company has increasingly relied on external debt.
- Total borrowings rose steadily from ₹27.80 Crores in FY23 to ₹34.81 Crores by December 2025.
- This heavy reliance on short-term borrowings for working capital has resulted in a high Debt-to-Equity ratio of 1.67:1.
- Managing this leverage is a critical financial metric for future stability.
Assets:
The asset base has expanded consistently to support the scaling of operations and new manufacturing capabilities.
- Total assets grew from ₹37.91 Crores in FY23 to ₹66.69 Crores by December 2025.
- A significant portion of this growth is tied up in current assets, particularly trade receivables and inventory.
- This reflects the highly working-capital-intensive nature of supplying infrastructure materials to government entities.
What Are The P/E Ratio and Peer Comparison?
To gain insight into the company's valuation, we examine the Price-to-Earnings (P/E) ratio calculated at the highest price within the price band.
- Issue Price (Upper Band): ₹80
- EPS (FY25): ₹7.50
- P/E Ratio: ~10.66x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Income (₹ Cr) |
Anubhav Plast Limited | 10.66 | 47.78 | 7.50 | 98.31 |
New Malayalam Steel Ltd | 7.45 | 5.63 | 3.19 | 308.37 |
P S Raj Steels Ltd | 40.53 | 11.41 | 9.83 | 266.31 |
Analysis:
Anubhav Plast is entering the market at a P/E multiple of approximately 10.66x based on its FY25 EPS.
When compared to the industry average of 12.97x and peers like P S Raj Steels (40.53x), the issue appears to be priced at an attractive discount.
More notably, Anubhav Plast has a superior Return on Net Worth (RoNW) of 47.78%, which crushes its peers (who hover between 5% and 11%). This suggests highly efficient capital utilization within its niche manufacturing segment, justifying strong investor interest.
What is the Industry Outlook of Anubhav Plast?
Growth Potential: The Indian steel and infrastructure manufacturing sector is experiencing structural growth driven by massive government capital expenditure on road safety (crash barriers) and the aggressive push towards renewable energy (solar mounting structures).
Market Trends: There is a distinct shift toward backward integration among mid-sized manufacturers to protect margins against volatile raw material prices. Anubhav Plast’s recent capex strategies align perfectly with these sectoral shifts.
What Are The Strengths and Risks of Anubhav Plast IPO?
Strengths:
- Margin Expansion: Backward integration into in-house tube milling has structurally improved EBITDA margins from under 5% to over 12%.
- High Capital Efficiency: An exceptional RoNW of nearly 48% demonstrates excellent management of shareholder equity.
- Strategic Diversification: Expanding into crash barriers and solar structures hedges against cyclical downturns in traditional piping.
Risks:
- Extreme Concentration: A single related party (Anubhav Tubes) accounted for nearly 40% of FY25 revenue. Furthermore, 50% of raw materials are sourced from a single PSU supplier.
- Negative Cash Flows: The company reported negative operating cash flows in recent periods due to heavy working capital locked up in inventory and receivables.
- High Debt Burden: A rising debt profile and a Debt-to-Equity ratio of 1.67:1 pose significant financial leverage risks.
Key Considerations for Investors
The minimum investment criteria for the issue are outlined below and should be noted by investors.
- Minimum Application:Investors must apply for a minimum of 2 lots, with each lot comprising 1,600 shares. This translates to a minimum application of 3,200 shares worth ₹2,56,000. Note: As the application value is above the standard ₹2 lakh retail limit, the issue is effectively positioned for Small HNI participation.
- Valuation vs. Risk: At ~10.6x P/E, the pricing leaves room for upside compared to industry averages, especially given the superior return ratios. However, the extreme related-party customer concentration is a critical governance and operational risk.
Important IPO Resources:
3. Daywise IPO Subscription Details
4. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
5. IPO Performance After Listing – October–December 2025 IPOs (Q3 FY26 Returns Analysis)
Key Takeaways
- IPO Price: ₹80 per share (Upper Band).
- Min Investment: ₹2,56,000 (3,200 Shares).
- Valuation: P/E of ~10.66x (Discount to Industry Avg).
- Financials: Revenue ₹98 Cr (FY25); High RoNW (47%).
- Listing: BSE SME platform on June 29, 2026.
FAQs on Anubhav Plast IPO
What is the current GMP of the Anubhav Plast IPO?
Check our dedicated gmp section for more details.
What price range has been fixed for the Anubhav Plast IPO?
The equity shares are available under a price band ranging from ₹77 to ₹80 per share.
What is Anubhav Plast IPO allotment date?
The finalization of allotment is scheduled to take place on Wednesday, June 24, 2026.
How to check Anubhav Plast IPO allotment status?
Check your allotment status on the BSE IPO portal or through the registrar, Bigshare Services Pvt. Ltd.
What is the expected listing date of the Anubhav Plast IPO?
The shares are tentatively scheduled to list on Monday, June 29, 2026.
Investment Perspective on Anubhav Plast IPO
Anubhav Plast offers a high-return opportunity in the industrial manufacturing sector, bolstered by successful margin-expanding integration and strategic diversification. While the valuation is highly attractive relative to peers, prospective investors must carefully evaluate the severe related-party customer concentration and the high debt levels characterizing the business.
Disclaimer:
The information in this article is for educational use only. You should consult a SEBI-registered financial advisor before making investment choices.
