Anubhav Plast Limited IPO

Established in 1987, Anubhav Plast Limited has evolved from a single-product pole manufacturer into an integrated steel solutions provider with more than three decades of industry experience. The company operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh, with an installed annual capacity of 90,000 MT for ERW pipes and tubes and 1,50,000 steel tubular poles.

The company's product portfolio includes over 80 standard pole specifications along with a wide range of round and square hollow section pipes manufactured under multiple BIS certifications. Its backward-integrated manufacturing model, supported by in-house tube mills and advanced High-Frequency Welding (HFW) technology, enhances operational efficiency and product quality. As of March 31, 2026, the company had 35 employees.

The IPO is a BSE SME book-built issue comprising a fresh issue of 30,00,000 equity shares aggregating up to Rs 24.00 crore. The price band has been fixed at Rs 77-80 per share. The IPO opens on June 19, 2026 and closes on June 23, 2026, with listing scheduled on BSE SME on June 29, 2026.

The company reported revenue of Rs 98.17 crore and net profit of Rs 6.00 crore in FY2025, compared to revenue of Rs 87.33 crore and net profit of Rs 2.08 crore in FY2024. At the upper price band, the issue is valued at approximately 10.67x FY2025 earnings. Key strengths include backward-integrated manufacturing facilities, diversified infrastructure-focused customer base, strong return ratios, BIS-certified products and extensive industry experience. Key risks include dependence on steel prices, infrastructure sector demand cycles, high debt levels and customer concentration in government-linked sectors.