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Bai-Kakaji Polymers IPO
Bai-Kakaji Polymers Ltd
₹2,12,400 /600 sharesMinimum Investment
Bai-Kakaji Polymers IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 23 Dec ‘25 - 26 Dec ‘25 | ₹2,12,400 | 600 | ₹177 - ₹186 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 105.17 Cr | RHP PDF | 29 Dec ‘25 | 31 Dec ‘25 |
| Face value |
|---|
| 10 |
About Bai-Kakaji Polymers
Founded in
2013
MD/CEO
Mr Balkishan Pandurangji Mundada
Parent organisation
Bai-Kakaji Polymers Ltd
Strengths & Risks of Bai-Kakaji Polymers
Strengths
Risks
Bai-Kakaji Polymers claims to operate fully in-house manufacturing for polypropylene (PP) / high-density polyethylene (HDPE) caps and closures through compression and injection moulding, as well as PET preforms by injection moulding, packing and dispatch for the food and beverage industry. All operations are stated to be carried out at facilities spanning about 33,000 square metres in Latur, Maharashtra, covering product design, production, testing and packaging under one setup.
The company is ISO 9001:2015 certified for its quality management systems.
The company claims to have built a strong domestic presence, with India as its primary market and business largely driven by its understanding of local customer requirements.
The company claims to operate largely on a business-to-business (B2B) model, with a focus on ongoing supply relationships. For the period ended September 30, 2025, it reported selling to 822 customers and receiving repeat orders from approximately 164 of them over the last four years, indicating a base of recurring buyers.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 272.88 crore in FY23 to Rs 294.81 crore in FY24 and Rs 325.93 crore in FY25. PAT increased from Rs 4.18 crore in FY23 to Rs 9.38 crore in FY24 and Rs 18.37 crore in FY25.
PET preforms accounted for Rs 105.07 crore (65.28 percent) of the company’s revenue from the sale of products for the period ended September 30, 2025; Rs 219.33 crore (67.44 percent) in FY25; Rs 192.65 crore (65.52 percent) in FY24 and Rs 168.88 crore (62.07 percent) in FY23. If the sales of this key product decline due to factors such as increased competition, pricing pressure, technological changes or shifts in customer preferences, it can adversely affect the company’s business, results of operations and financial condition.
Maharashtra accounted for Rs 105.75 crore (65.23 percent) of the company’s revenue for the period ended September 30, 2025; Rs 246.34 crore (75.58 percent) in FY25; Rs 225.34 crore (76.44 percent) in FY24 and Rs 200.99 crore (73.65 percent) in FY23. Since the company also carries all its manufacturing operations from units located in Latur, any adverse political, social or economic developments in this region can hurt its operations and financial condition.
Bai-Kakaji Polymers is significantly dependent on a few key suppliers for raw materials such as high-density polyethylene, low-density polyethylene, Darafoam polylines, PET resin and masterbatches, without any long-term supply contracts. The top 10 suppliers accounted for Rs 107.24 crore (95.85 percent) of the company’s total raw material purchases for the period ended September 30, 2025; Rs 235.54 crore (86.17 percent) in FY25; Rs 172.55 crore (71.36 percent) in FY24 and Rs 199.60 crore (88.05 percent) in FY23. Any disruption in supply, quality issues, or delays could impede production, strain customer relationships and adversely impact the company’s business, margins and financial condition.
Raw material consumption and stock-in-trade form a large part of Bai-Kakaji Polymers’ cost base, accounting for 73.44 percent, 80.39 percent, 81.10 percent and 82.85 percent of revenue from operations for the six months ended September 30, 2025; FY25; FY24 and FY23, respectively. The company purchases most raw materials on a need basis, which increases its exposure to price volatility, supply shortages, regulatory changes and potential cost overruns. Any inability to pass on increases in input costs to customers, or disruptions in availability or pricing of key raw materials, can adversely affect its margins, profitability and overall financial performance.
The company, its promoters, directors and group companies are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Bai-Kakaji Polymers’ business is exposed to seasonality because a significant portion of its sales is to packaged mineral water suppliers and soft drink manufacturers, whose demand peaks in the summer and declines in the winter. As a result, its revenue and profitability tend to be higher in warmer months and lower in cooler periods, leading to fluctuations in quarterly or half-yearly performance. This seasonality means interim results may not accurately reflect the company’s full-year financial position and could affect investor perception of its performance.
The company reported negative cash flow from investing activities amounting to Rs 8.59 crore for the period ended September 30, 2025; Rs 75.48 crore in FY25; Rs 13.09 crore in FY24 and Rs 8.22 crore in FY23. Additionally, negative cash flow from financing activities amounted to Rs 5.52 crore for the period ended September 30, 2025; Rs 8.41 crore in FY25; and Rs 4.70 crore in FY23. If such negative cash flows persist in the future, the company may face pressures on liquidity, which can adversely affect its operations, profitability and growth plans.
As of September 30, 2025, the company had trade receivables of Rs 25.44 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of September 30, 2025, the company had contingent liabilities of Rs 13.69 crore, up from Rs 11.42 crore in FY25; Rs 2.46 crore in FY24 and Rs 0.01 crore in FY23. If any of these contingent liabilities materialise, it could hurt the company’s financial condition.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 196.82 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Bai-Kakaji Polymers Financials
*All values are in Rs. Cr
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Application Details of Bai-Kakaji Polymers IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹177 - 186 | ₹2 - 5 Lakh | 600 |
For Bai-Kakaji Polymers IPO, eligible investors can apply as Individual investor.