Anubhav Plast IPO – Company Analysis
Anubhav Plast IPO is an SME IPO and a book-built issue aggregating to ₹24 crore by Anubhav Plast Limited. The company is engaged in the manufacturing of swaged steel tubular poles and round and square hollow sections of Electric Resistance Welded (ERW) steel pipes and tubes.
Its product portfolio caters to a wide range of sectors, including electricity transmission and distribution, street lighting, telecom infrastructure, construction, irrigation, water supply, general engineering, and fabrication.
The company manufactures and supplies ERW steel pipes and steel tubular poles for various industrial and infrastructure applications.
Anubhav Plast markets its products under the well-recognized “ANUBHAV” brand name.
Anubhav Plast IPO Details
The Anubhav Plast IPO will open for subscription on 19 June 2026 and close on 23 June 2026. The IPO allotment is expected to be finalized on 24 June 2026, while the initiation of refunds is scheduled for 25 June 2026.
This SME IPO is a fresh issue worth ₹24 crore, comprising 0.30 crore equity shares with no offer-for-sale component.
The expected listing date of the Anubhav Plast IPO is 29 June 2026, and the shares are proposed to be listed on the BSE SME platform.
The price band for the Anubhav Plast IPO has been fixed at ₹77 to ₹80 per equity share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 19, 2026 |
IPO Closing Date | Jun 23, 2026 |
IPO Allotment Date | Jun 24, 2026 |
Refund Initiation | Jun 25, 2026 |
IPO Listing Date | Jun 29, 2026 |
Company Financials
(Amount in Cr)
Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 55.50 | 41.69 | 37.91 |
Total Income | 98.31 | 87.41 | 87.21 |
Profit After Tax | 6.00 | 2.08 | 0.74 |
EBITDA | 12.18 | 6.64 | 4.26 |
Net Worth | 15.55 | 9.55 | 7.47 |
Reserves and Surplus | 7.55 | 5.55 | 3.47 |
Total Borrowing | 32.64 | 28.99 | 27.80 |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Net Cash Flow Operating Activities | 182.79 | 141.28 | (116.53) |
Net Cash Flow Investing Activities | (53.43) | (38.72) | (105.59) |
Net Cash Flow Financing Activities | 0.59 | (238.36) | 179.55 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objects of the Issue
Anubhav Plast Limited proposes to utilize the net proceeds raised from the IPO for the following purposes:
Setting up a new manufacturing facility for the production of Crash Barriers and Solar Panel Structures within its existing manufacturing premises – approximately ₹2.20 crore.
Meeting the company's working capital requirements to support business growth and operational needs – approximately ₹13.75 crore.
General corporate purposes, including strengthening the company's overall business operations and financial position.
Listed Peers of Anubhav Plast Ltd.
Name of Company | Face Value (Rs. ) | Basic EPS (₹) | PE Ratio (x) |
New Malayalam Steel Limited | 10 | 3.19 | 7.45 |
P S Raj Steels Limited | 10 | 9.83 | 40.53 |
Valuation
KPI | Value (Mar 31, 2025) |
RoE | 47.78% |
ROCE | 62.25% |
Debt/Equity | 2.10 |
RoNW | 47.78% |
PAT Margin | 6.11% |
EBITDA Margin | 12.41% |
Evaluation of P/E Ratio
Based on the financial performance for FY 2025, Anubhav Plast Limited reported an Earnings Per Share (EPS) of ₹7.50. Considering the upper price band of ₹80 per share, the IPO is valued at a Price-to-Earnings (P/E) ratio of 10.66x.
The P/E ratio is calculated as follows:
P/E Ratio = IPO Price / EPS
= ₹80 / ₹7.50
= 10.66x
This valuation metric helps investors assess whether the IPO is reasonably priced relative to the company's earnings and compare it with industry peers operating in the steel pipes, tubular poles, and infrastructure products segment.
Anubhav Plast IPO Strengths
Strategically Located Manufacturing Facilities Enabling Operational Efficiencies
Established Infrastructure to Support Project-Based Demand
The company has developed a robust manufacturing infrastructure capable of handling project-based and bulk orders from industries such as power transmission, telecom, construction, irrigation, and water supply. Its established production facilities enable it to meet varying customer requirements while maintaining quality and delivery timelines.Diversified High-Quality Product Range with Customization
Anubhav Plast offers a diversified portfolio of products, including ERW steel pipes, steel tubular poles, crash barriers, and solar panel structures. The company also provides customized solutions based on specific project requirements, helping it cater to a broad customer base across multiple industries while maintaining high product quality standards.Anubhav Plast IPO Weaknesses
Capital Intensive Nature of Business
Anubhav Plast operates in a manufacturing-intensive industry that requires significant capital investment in plant, machinery, infrastructure, and capacity expansion. Continuous investments are necessary to maintain production efficiency, support growth, and remain competitive in the market.Dependency on Raw Material Prices
The company's profitability is influenced by fluctuations in the prices of key raw materials, particularly steel and related inputs. Any significant increase in raw material costs may impact operating margins if the company is unable to pass on the higher costs to customers in a timely manner.Need for Advanced Technology Adoption
To remain competitive and meet evolving industry standards, Anubhav Plast must continually invest in advanced manufacturing technologies and process improvements. Delays in technology adoption or an inability to upgrade production capabilities could affect operational efficiency, product quality, and long-term growth prospects.Anubhav Plast IPO GMP
As of 19 June 2026, the Anubhav Plast IPO GMP (Grey Market Premium) stands at ₹0 per share at the time of writing.
A GMP of ₹0 indicates that the IPO shares are currently trading at their issue price in the grey market, reflecting neutral investor sentiment ahead of the public issue opening. Since grey market premiums are unofficial and can change frequently based on market conditions and investor demand, investors should use GMP only as a reference point and not as the sole basis for investment decisions.
Anubhav Plast IPO GMP Today: ₹0
Issue Price Band: ₹77 – ₹80 per share
Estimated Listing Gain: 0% (based on current GMP)
Expected Listing Price: ₹80 per share (based on the upper price band and current GMP)
Disclaimer: IPO GMP is an unofficial market indicator and may change significantly before the listing date. Investors should evaluate the company's fundamentals, financial performance, and risk factors before investing. 
Anubhav Plast IPO Summary
IPO Opening & Closing Date | 19 Jun, 2026 to 23 Jun, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 77 to Rs. 80 per Share. |
Lot Size | 1600 Shares |
Issue Size | 30,00,000 Shares (Rs. 24 Cr) |
Offer for Sale | - |
Fresh Issue | 28,49,600 Shares (Rs. 23 Cr) |
Listing at | BSE, SME |
Issue Type | Book build Issue |
Registrar | Bigshare Services Pvt. Ltd. |
Anubhav Plast IPO Lot Size Details
The Anubhav Plast IPO offers investors the opportunity to apply in lots of 1,600 equity shares.
Retail Investors can apply for a minimum of 1 Lot (1,600 shares) and a maximum of 2 Lots (3,200 shares), requiring an investment of up to ₹2,56,000 at the upper price band of ₹80 per share.
HNI/NII Investors are required to apply for a minimum of 3 Lots (4,800 shares), amounting to an investment of ₹3,84,000 at the upper price band.
Minimum Lot Investment (Retail) | 2 Lots |
Maximum Lot Investment (Retail) | 2 Lots |
HNI (Min) | 3 Lots |
Anubhav Plast IPO Allotment Status
Investors can check the Anubhav Plast IPO Allotment Status once the basis of allotment is finalized. The allotment status will be available on the official website of the IPO Registrar as well as on the BSE website.
To check your allotment status, keep the following details handy:
PAN Number
Application Number
DP/Client ID
Registrar to the Issue Website – Enter your PAN, Application Number, or DP ID/Client ID to view the allotment status.
BSE IPO Allotment Portal – Select Anubhav Plast IPO from the issue list and enter the required details to check your application status.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Anubhav Plast Ltd.
Onkar Nath Gupta
Vinamra Gupta
Bina Gupta
Tanvi Gupta.
Pre-Issue Promoter Shareholding | 99.99% |
Post-Issue Promoter Shareholding | 72.73% |
IPO Lead Managers
Capital Square Advisors Pvt. Ltd.
Anubhav Plast IPO Dividend Policy
Anubhav Plast Limited currently does not have a formal dividend policy in place. Any future declaration and payment of dividends will depend on several factors, including the company's financial performance, cash flows, working capital requirements, capital expenditure plans, business expansion opportunities, and overall market conditions.
The company's management and Board of Directors will evaluate these factors from time to time before deciding on the distribution of profits to shareholders. Consequently, there is no assurance regarding the amount or frequency of dividends that may be declared in the future.
Conclusion
Anubhav Plast IPO offers strong visibility in the SME steel infrastructure segment with steady financial growth. The IPO reflects a moderate valuation backed by improving profitability and expanding operations. Overall, it presents a balanced investment opportunity with both growth potential and sector-linked risks.
To read the complete prospectus, click on the DRHP and review the document carefully before making any investment decision.
DISCLAIMER: This article is for educational and informational purposes only and should not be considered as investment, financial, or trading advice. It does not constitute a buy, sell, or hold recommendation for any security or IPO. Investors should conduct their own research and consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks.
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