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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
New manufacturing facility for FIBC bags
Funding a new manufacturing facility to produce an additional variant of Flexible Intermediate Bulk Containers, expanding the company's product range.
Repayment or prepayment of borrowings
Repaying or prepaying certain secured and unsecured borrowings availed by the company, reducing its debt burden.
Working capital funding
Funding the company's ongoing working capital requirements to support its operations.
General corporate purposes
General corporate purposes.
(₹ in Crore)
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Sah Polymers Limited is a Rajasthan based manufacturer of customized bulk packaging products, incorporated in 1992. The company makes woven sacks, woven fabric, and Flexible Intermediate Bulk Containers (FIBC bags) from polypropylene (PP) and high density polyethylene (HDPE), serving business to business customers across sectors such as agro chemicals, cement, fertilizers, basic drugs, food products, textiles, ceramics, and steel. The company runs its manufacturing operations out of Udaipur, Rajasthan, and had a workforce of around 98 employees as of late 2021. Its promoter, Sat Industries Limited, is itself a listed entity on NSE and BSE. Beyond its core packaging business, Sah Polymers also acts as a Del Credere Associate cum Consignment Stockist for Indian Oil Corporation and runs a dealer operated polymer warehouse on IOC's behalf, giving it an additional trading and distribution income stream tied to the polymer supply chain. The company sells domestically across several Indian states and also exports to a wide set of overseas markets, with exports contributing more than half of its revenue from operations in FY22. Its financial base grew steadily over the three years before the IPO, with revenue rising from about Rs 50 crore in FY20 to over Rs 81 crore in FY22, alongside a corresponding improvement in profitability, positioning it as a small but internationally diversified player in the industrial packaging segment.
The company raised approximately Rs 29.81 crore from anchor investors ahead of the issue opening. Leading Light Fund VCC was the largest participant at about Rs 10.33 crore, while Saint Capital Fund and Maven India Fund each invested around Rs 9.74 crore.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Three decade manufacturing track record
Incorporated in 1992, the company has an established base of B2B customers across agro-chemicals, cement, fertilizer, food processing and other industrial segments, plus a long standing consignment stockist arrangement with Indian Oil Corporation.
Export diversification
The company exports its packaging products to numerous overseas markets, with exports contributing more than half of FY22 revenue from operations, reducing dependence on the domestic market alone.
Consistent revenue and profit growth
Revenue grew from about Rs 50 crore in FY20 to over Rs 81 crore in FY22, with profit after tax rising sharply over the same period, indicating improving operating scale and efficiency.
Sharp pre-IPO profit jump warrants scrutiny
The sudden increase in profitability in the year before the issue raises questions about how sustainable the improved margins are going forward.
Highly competitive, fragmented industry
The company operates in the industrial packaging segment, which has many players and limited product differentiation, constraining pricing power.
Rich valuation relative to scale
The issue was priced at a relatively high earnings multiple for a company of its size, leaving limited room for error if growth or margins disappoint post listing.
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