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Bai-Kakaji Polymers IPO

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WEBSITE Inc. Year: 2013 Industry: Plastic Products Listed Page

Profile
Issue Size 75.26 Cr
Profile
Price Range 177  to  186 per share
Profile
Min Investment ₹186
Profile
Lot Size 1
Profile
Face Value ₹10
Profile
Draft Prospectus
Invest Before the IPO Goes Live

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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We started our business in 2013 with a single machine for manufacturing of plastic closures. Over the years, we expandedour operations by adding more machines and increasing our production capacity. Today, we use modern machines such asSACMI Continuous Compression Molding, ASB Preform Molding and HUSKY Pet Injection Molding machines fromglobally renowned OEMs to make closures and PET preforms. All our products go through strict quality checks to makesure they meet the required standards. In recent years, we have grown into a larger company focused on making PET bottlecaps in different shapes, sizes, and colors, along with cap handles used in many applications. During the nine months endedDecember 31, 2024, our sales were primarily concentrated in Maharashtra, Karnataka, Gujarat, Kerala, Telangana, AndhraPradesh together contributing 94.21% of total revenue and highlighting our strong presence in western and southern India.We also offer shrink and adhesive films to support our existing customers with a complete packaging solution. These filmsare in high demand, especially in industries that need strong and reliable packaging. Shrink film, made from LDPE (Low-Density Polyethylene), is mostly used for wrapping products together like bottles of water, soft drinks, or energy drinks. Itis commonly used for secondary or tertiary packaging and is a cheaper alternative to corrugated boxes. For the nine monthsperiod ended December 31, 2024, our revenue from sale of products stood at Rs. 23,279.26 lakhs of which revenue fromPet preforms, Plastic closures, Shrink film and other products contributed 68.52%, 19.60%, 6.26% and 5.62% respectively.In a strategic move to expand capabilities, the Company has acquired the business of M/s Bai Kakaji Industries from itsproprietor Mrs. Kiran Balkishan Mundada through a Business Transfer Agreement effective from 01st March 2025. Thisacquisition create significant synergies for the Company, enabling us to expand our operational capacity and better meetthe evolving needs of our clients. It also enhances our market presence and aligns with our long –term growth objectives. Read More

Basic Info

Face Value 10 per share

Price 177  to  186 per share

P/E (x) 2.3

Sales( Cr.) 325

PAT( Cr.) 18

EPS 80.8

Draft Prospectus

Exchange BSE-SME

Promoter

Company Promoters

Balkishan Pandurangji Mundada Harikishan Pandurangji Mundada Akash Balkishan Mundada Akshay Balkishan Mundada Kiran Balkishan Mundada

Pre Issue Share Holding 100%

Post Issue Share Holding 73.55%

Listing Details:

Listing Price: 190

Listing Gain: 2.11%

Current Price: 172

Gain On Issue: 172 | 0%

GMP: 3

GMP %: 1.6 %

IPO Tentative Timetable

Opening Date Dec 23, 2025
Closing Date Dec 26, 2025
Allotment Dec 29, 2025
Refund Dec 30, 2025
Delivery of Shares Dec 30, 2025
Listing Date Dec 31, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 1200 223,200
Retail (Max) -- -- --
S-HNI (Min) 1 1200 223,200
S-HNI (Max) 4 4800 892,800
B-HNI (Min) 5 6000 1,116,000

Objective of the Issue

1. Repayment and/or pre-payment, in full or part, of borrowing availed by our Company2. Funding capital expenditure for the installation of additional plant & machinery3. Funding capital expenditure for setting up a solar power project and4. General Corporate Purpose

Issue

Category Nos Bid Bid (x)
QIB 1075200 8471400 7.9x
NII 1089600 6603600 6.1x
Retail 1881600 6638400 3.5x
EMP 0 0 0x
Total 4046400 21713400 5.4x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Bai-Kakaji Polymers Profit & Loss

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 193 273 295 325
Other Income 2 2 2 6
Total Income 196 275 296 331
Total Expenditure 181 259 274 291
Operating Profit 15 17 23 40
Interest 3 4 4 5
Depreciation 7 7 7 8
Exceptional Income / Expenses 0 0 0 0
Profit Before Tax 5 6 11 26
Provision for Tax 1 2 2 8
Profit After Tax 4 4 9 18
Adjustments 0 0 0 0
Profit After Adjustments 4 4 9 18
Adjusted Earnings Per Share 2.6 2.7 6 11.5

Bai-Kakaji Polymers Balance Sheet

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 22 26 35 54
Minority's Interest 0 0 0 0
Borrowings 3 0 8 46
Other Non-Current Liabilities 0 -0 1 3
Total Current Liabilities 54 66 54 100
Total Liabilities 79 91 98 202
Fixed Assets 38 36 46 103
Other Non-Current Assets 1 3 2 13
Total Current Assets 40 52 50 86
Total Assets 79 91 98 202

Bai-Kakaji Polymers Cash Flow

#(Fig in Cr.) Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0 0
Cash Flow from Operating Activities 7 13 21 -10
Cash Flow from Investing Activities -13 -8 -13 -63
Cash Flow from Financing Activities 5 -5 -8 74
Net Cash Inflow / Outflow -0 0 -0 0
Closing Cash & Cash Equivalent 0 0 0 0

Bai-Kakaji Polymers Ratios

# Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.61 2.65 5.96 11.54
CEPS(Rs) 7.01 7.29 10.64 16.9
DPS(Rs) 0 0 0 0
Book NAV/Share(Rs) 13.85 16.5 22.46 33.99
Core EBITDA Margin(%) 6.59 5.26 7.13 10.42
EBIT Margin(%) 4.18 3.39 5.17 9.63
Pre Tax Margin(%) 2.63 2.1 3.88 7.94
PAT Margin (%) 2.13 1.53 3.18 5.58
Cash Profit Margin (%) 5.71 4.21 5.69 8.18
ROA(%) 5.2 4.9 9.91 12.1
ROE(%) 18.86 17.48 30.59 40.87
ROCE(%) 11.76 13.2 20.65 26.27
Receivable days 28.85 24.5 25.15 27.96
Inventory Days 28.51 22.48 25.72 35.79
Payable days 8.77 8.18 10.66 15
PER(x) 0 0 0 0
Price/Book(x) 0 0 0 0
Dividend Yield(%) 0 0 0 0
EV/Net Sales(x) 0.25 0.16 0.14 0.34
EV/Core EBITDA(x) 3.16 2.6 1.78 2.78
Net Sales Growth(%) 0 41.09 8.04 10.36
EBIT Growth(%) 0 14.54 64.6 105.58
PAT Growth(%) 0 1.51 124.68 93.6
EPS Growth(%) 0 1.51 124.69 93.6
Debt/Equity(x) 2.15 1.75 1.15 2.04
Current Ratio(x) 0.74 0.8 0.93 0.87
Quick Ratio(x) 0.46 0.51 0.5 0.46
Interest Cover(x) 2.69 2.63 4.01 5.7
Total Debt/Mcap(x) 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 10% 19% 0% 0%
Operating Profit CAGR 74% 39% 0% 0%
PAT CAGR 100% 65% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 41% 30% 27% 27%
ROCE Average 26% 20% 18% 18%

Company Contact Information

Bai-Kakaji Polymers Ltd.

Dheerajkumar Pannalal Tiwari

91 9028254663

cs@baikakaji.com

Plot No. M3 & M4 M I D C

IPO Lead Manager(s)

Bai-Kakaji Polymers Ltd.

Hem Securities Ltd.

Registrar Info

Bai-Kakaji Polymers Ltd.

Maashitla Securities Pvt Ltd.

451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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