Anubhav Plast Ltd

Anubhav Plast Ltd IPO

Anubhav Plast Ltd

₹2,46,400 /3200 sharesMinimum investment

IPO listing details

Listed on
29 Jun '26
Issue price
₹80.00
Listing price
₹80.00
Listing gains
₹0.00 (0.00%)
Exchange
--

IPO details

Minimum investment
₹2,46,400
Price range
₹77 - ₹80
Lot size
1,600
Issue size
24 Cr
Face value
10
IPO document

Subscription rate

Qualified Institutional Buyers1.23x
Non-Institutional Investor2.07x
Retail Individual Investor2.45x
Total2.02x
As of 23 Jun'26, 04:31 PM

Schedule

19 Jun 2026
IPO open date
23 Jun 2026
IPO close date
24 Jun 2026
Allotment date
24 Jun 2026
Funds unblock or debit
29 Jun 2026
Tentative listing date

About

Anubhav Plast Limited is engaged in the manufacturing of Electric Resistance Welding (ERW) steel pipes and tubes in round and square hollow sections, along with swaged steel tubular poles. Established in 1987, the company has over three decades of operating history and markets its products under the “ANUBHAV” brand. Its products are used across electricity transmission and distribution, telecom infrastructure, construction, irrigation, water supply, and engineering applications. The company operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh. While one unit primarily manufactures steel poles, the other produces both ERW steel pipes and tubular poles. The company currently has an installed capacity of 90,000 MT per annum for ERW steel pipes and tubes and 150,000 units per annum for swaged steel tubular poles. Anubhav Plast sources key raw materials from major domestic suppliers and employs advanced manufacturing technologies, including high-frequency welding units. It supplies products to state electricity boards, public sector undertakings, contractors, and private customers through direct contracts, tenders, and sub-contracting arrangements across multiple states in India.;
Founded in
1987
MD/CEO
Mr. Onkar Nath Gupta
Parent organisation
Anubhav Plast Ltd

Anubhav Plast Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
87.1487.3398.17202320242025

Strengths & Risks

Strengths
Risks
The company claims to have strengthened operational efficiency through backward integration, supported by the installation of tube mills in 2022 and 2024 and in-house slitting and forming facilities. It states that this strategy contributed to an improvement in gross margins from 10.75% in FY23 to 13.26% in FY24 and further to 15.69% in FY25. The company also declares that its integrated operations enable better cost control, faster execution, and reduced dependence on external processors.
The company claims that its two manufacturing facilities in Kanpur Dehat, Uttar Pradesh, provide logistical advantages and support efficient servicing of customers across northern and eastern India. It states that proximity to a major PSU supplier located within 25 km of its plants ensures reliable raw material availability and lower transportation costs. The company declares that this strategic location supports the timely execution of bulk orders and strengthens supply chain efficiency.
The company claims that its integrated manufacturing infrastructure enables it to cater to large project-based requirements across multiple sectors. It states that long-standing relationships with state electricity boards (SEBs) and private clients have helped establish its execution capabilities. The company declares that its existing facilities support the production of BIS-compliant ERW pipes, tubes, and steel poles, allowing it to deliver customer-specific requirements with consistency and reliability.
The company states that its operations are led by experienced promoters with extensive industry expertise. It claims that promoter Onkar Nath Gupta brings 38 years of experience in the steel industry, while director Vinamra Gupta has over 18 years of experience and has overseen modernisation initiatives since joining in 2006. The company declares that the experience of its management team and long-serving employees supports operational efficiency, supplier relationships, and business expansion.
The company claims to offer a diversified portfolio comprising ERW steel pipes, structural hollow sections, and swaged steel tubular poles, with more than 80 specifications. It states that revenue from steel tubular poles stood at Rs 38.86 crore (48.28%) in the period ended December 31, 2025, Rs 45.14 crore (45.98%) in FY25, Rs 47.35 crore (54.22%) in FY24, and Rs 36.06 crore (41.38%) in FY23. Revenue from ERW steel pipes amounted to Rs 25.68 crore (31.91%), Rs 43.11 crore (43.92%), Rs 21.79 crore (24.95%), and Rs 27.31 crore (31.35%), respectively. The company states that its integrated setup enables customisation to meet customer requirements.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 87.14 crore in FY23 to Rs 87.33 crore in FY24 to Rs 98.17 crore in FY25, while PAT increased from Rs 0.74 crore in FY23 to Rs 2.08 crore in FY24 to Rs 6.00 crore in FY25.
The company derives a significant portion of its revenue from private sector clients. Revenue from private customers stood at Rs 87.61 crore (89.25%) for FY25, Rs 78.85 crore (90.29%) for FY24 and Rs 85.57 crore (98.20%) for FY23. Any reduction in orders from key private customers or changes in government procurement policies and tender conditions could adversely affect revenue growth and profitability.
Certain immediate relatives of the promoters, deemed to be part of the Promoter Group under SEBI regulations, have not provided the required information. As a result, the company's disclosures relating to such individuals are based solely on publicly available information. Any regulatory concerns or disclosure-related issues arising from this matter could adversely affect compliance and governance perceptions.
The company has significant business dealings with the group company Anubhav Tubes & Conductors Private Limited (ATCPL), which is also one of its major customers. Revenue derived from ATCPL contributed 39.73% in FY25, 29.74% in FY24, and 37.42% in FY23. Any deterioration in this relationship, reduction in order volumes, or changes in transaction terms could adversely affect revenues, profitability, and working capital requirements.
The company’s pipe manufacturing operations are closely linked to demand for swaged steel tubular poles, as a substantial portion of pipes is consumed internally. Any slowdown, delay, or reduction in pole orders, particularly those arising from government tenders and project cycles, may result in lower capacity utilisation and operational inefficiencies, which could adversely affect overall profitability.
The company derives a substantial portion of its revenue from ERW steel pipes and steel tubular poles. Combined revenue from these products stood at Rs 88.25 crore (89.90%) in FY25, Rs 69.14 crore (79.17%) in FY24, and Rs 63.37 crore (72.73%) in FY23. Any decline in demand for these products or failure to successfully diversify into adjacent segments such as crash barriers and solar structures could adversely affect revenue and profitability.
The company derives a significant portion of its revenue from a limited customer base. Revenue from the top 10 customers contributed Rs 80.60 crore (82.10%) in FY25, Rs 66.16 crore (75.76%) in FY24, and Rs 63.03 crore (72.34%) in FY23. Revenue from the single largest customer, Anubhav Tubes & Conductors Private Limited, stood at Rs 39.00 crore (39.73%), Rs 25.97 crore (29.74%), and Rs 32.61 crore (37.42%) during the respective periods. Any reduction in orders or deterioration in the financial position of key customers could adversely affect business performance and cash flows.
The company is heavily dependent on a limited number of suppliers for raw material procurement. Purchases from the top 10 suppliers amounted to Rs 92.91 crore (99.15%) in FY25, Rs 76.04 crore (99.47%) in FY24, and Rs 80.33 crore (96.93%) in FY23. Purchases from the largest supplier alone accounted for Rs 44.99 crore (48.00%), Rs 43.04 crore (56.30%), and Rs 42.20 crore (50.92%) during the respective periods. Any disruption in supplies, deterioration in supplier relationships, or raw material price volatility could adversely affect production and profitability.
The company reported negative cash flow from operating activities of Rs 0.94 crore for the period ended December 31, 2025, and Rs 1.16 crore for FY23, primarily due to higher working capital requirements, including increased inventory levels, higher trade receivables, income tax payments, and growth in loans, advances, and other non-current assets. The company’s negative cash flows from investing activities were Rs 0.53 crore for FY25, Rs 0.39 crore for FY24, and Rs 1.05 crore in FY23, mainly due to capital expenditure on fixed assets and capital work-in-progress. The negative cash flows from financing activities were Rs 0.46 crore for the period ended December 31, 2025, and Rs 2.38 crore in FY24, largely due to repayment of borrowings and finance costs. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
As of the period ended December 31, 2025, the company’s trade receivables were Rs 6.69 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of the period ended December 31, 2025, the company had outstanding financial indebtedness of Rs 34.81 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.

Application details

For Anubhav Plast IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹77 - ₹80₹2 - ₹5 Lakhs1600

About

Objective of Anubhav Plast IPO Proceeds

Particulars

Estimated Amount (in ₹ Cr.)

Establishment of a new manufacturing facility for the production of crash barriers and solar panel structures within the existing manufacturing premises

2.20

Working Capital requirements

13.75

General Corporate Purpose

[.]

Total

15.95

Book Running Lead Managers & Registrar of Anubhav Plast IPO

Book Running Lead Manager

Capitalsquare Advisors Private Limited

Registrar to the Issue

Bigshare Services Private Limited

Market Maker

Capitalsquare Financial Services Private Limited

Key Performance Indicators (KPIs) of Anubhav Plast Ltd.

KPI

Value for the period ended December 31, 2025

ROE (%)

29.10

ROCE (%)

42.65

PAT Margin (%)

6.58

Debt-Equity Ratio

1.67

EBITDA Margin (%)

12.78

EPS (Basic) (₹)

7.50

Return on Net Worth (RoNW) (%)

29.10

NAV per Equity Share

26.06

Anubhav Plast IPO Contact Details

Company Name

Anubhav Plast Limited

Registered Office

7/41 A, Basement, Basant Tower, Tilak Nagar, Swarup Nagar, Kanpur Nagar, Uttar Pradesh, India, 208002

Phone

7526065186

Email

[email protected]

Website

www.anubhavpole.com

Anubhav Plast IPO Registrar Contact Details

Company Name

Bigshare Services Private Limited

Phone

+91 22 62638200

Email

[email protected]

Website

www.bigshareonline.com

Frequently Asked Questions