Renol Polychem IPO: Price, GMP, Analysis, And Details

Renol Polychem IPO- Company Analysis

Renol Polychem IPO under the SME IPO category is a bookbuilding of Rs. 25.77 Cr by Renol Polychem Ltd, which was incorporated in 2008 and is a manufacturer and supplier with a focus on impact modifiers, plastic pigments, industrial chemicals, color masterbatches, and plastic masterbatches.

Their product line comprises transparent plastic filler masterbatches and a variety of color masterbatches, including green, red, yellow, orange, pink, blue, brown, violet, ivory, white, maroon, silver, multicolor, and black.

The company helps makers of UPVC, CPVC pipes, pipe fittings, and other plastic products by providing all-in-one additives such as stabilizers, impact modifiers, and color pigments.

Renol Polychem Limited provides a large range of polymer solutions and masterbatches, such as:

Color Masterbatches: Green, Red, Yellow, Orange, Pink, Blue, Brown, Violet, Ivory, White, Maroon, Silver, Multicolor, and Black Masterbatches. Specially prepared masterbatches for use in film, extrusion, and plastic molding.

Filler Masterbatches: Made of Transparent Plastic filler masterbatches based on calcium carbonate and talc to enhance mechanical qualities and cost effectiveness in the manufacturing of plastics.

High-performance pigments for plastics and polymer modifiers to improve durability, strength, and flexibility. Besides UV Stabilizers, Antioxidants, Slip & Anti-block Agents, Processing Aids, Flame Retardants.

 

Renol Polychem IPO Details

The Renol Polychem IPO date is on 31 July 2025, and its initial public offering will end on 04 Aug with IPO allotment on Aug 05, and refund initiation on Aug 06, 2025.

The Rs. 25.77 Crore new SME IPO comprises a wholly fresh issue of 24.54 lac shares.

The Renol Polychem IPO listing date (expected) might be on Thursday, Aug 07, 2025, and listing at the NSE and SME. 

The Renol Polychem IPO price band is Rs. 100 to Rs. 105.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jul 31, 2025
IPO Closing Date	Aug 04, 2025
IPO Allotment Date	Aug 05, 2025
Refund Initiation	Aug 06, 2025
IPO Listing Date	Aug 07, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	31 May 2025	31 Mar 2024	31 Mar 2023
Total Assets	25.86	15.49	10.28
Total Revenue	12.02	6.52	41.86
PAT	1.14	1.53	0.73
EBITDA	1.60	2.18	1.14
Net Worth	14.47	8.69	2.71
Reserves & Surplus	8.98	3.20	-
Borrowings	5.28	2.58	5.36

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 May 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(109.22)	162.12	(111.04)
Net Cash Flow Investing Activities	(4.42)	(35.17)	1.64
Net Cash Flow Financing Activities	(174.46)	(37.65)	115

 

Revenue Bifurcation

PAT Bifurcation

 

Product-wise Revenue Bifurcation

 

Geography-wise Revenue Bifurcation

 

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Capital expenditures are necessary for the acquisition of machinery.

• Payback of certain loans.

• Fulfill working capital needs.

• General corporate purposes.
  
  

 

Listed Peers of Renol Polychem Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Multibase India Limited	10	11.61	23.85
Captain Polyplast Limited	2	5.28	15.07
R M Drip and Sprinklers Systems Limited	10	9.58	63.69

 

Valuation

Metric	Value
ROE	45.37%
ROCE	64.18%
RoNW	45.37%
P/E	11.53x
EBITDA	11.36%
Price to Book Value	4.32
Debt/Equity	0.52

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 9.10 from the last year, the resulting P/E ratio is 11.53x (taking the upper price). When compared with the industry’s average P/E of 34.20x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the B.D Industries IPO.

 

IPO's Strengths

• Extensive management background.

• Varied product line that appeals to a broad spectrum of consumers.

• Friendly interactions with the established production plant and customers/vendors.

 

 

IPO’s Weaknesses

• A small number of clients account for a substantial amount of revenue. Revenue could be impacted by the loss of any significant customers.

• Working cash is essential to business operations, and any delays in collections could have an impact on liquidity.

• A sizable portion of the company's components are imported. Margin might be negatively impacted by any change in import taxes or currency fluctuations.

• Renol is growing into the reconditioned electronics market, although it does not yet have a solid track record in that market.

 

Renol Polychem IPO GMP

Renol Polychem IPO GMP (grey market premium) is Rs. 9 as of 29 Jul 2025 at the time of writing this information. Hence, the Renol Polychem IPO listing price (estimated) might be Rs. 114 (upper price + current GMP).

Renol Polychem IPO Summary

The Renol IPO has a market maker portion size of 1,48,800 Shares (Rs. 1.56 Cr).

IPO Opening & Closing Date	31 Jul, 2025 to 04 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 100 to Rs. 105 per Share.
Lot Size	1200 Shares
Issue Size	24,54,000 Shares (Rs. 25.77 Cr)
Offer for Sale	-
Fresh Issue	24,54,000 Shares (Rs. 25.77 Cr)
Listing at	NSE, SME
Issue Type	Bookbuilding Issue
Registrar	Skyline Financial Services Private Ltd.

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,52,000 and in multiples thereof, while for HNI investors, the minimum Lot is 3 (3600 Shares) for Rs. 3,78,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	26.12%
Retail’s Portion	53.59%
Non-Institutional Portion	14.23%

 

Renol Polychem IPO Allotment Status

To check the IPO Allotment Status of Renol Polychem, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website- Skyline IPO allotment status

Using BSE Website- ​BSE IPO allotment status

 

Promoters And Management of Renol Polychem Ltd.

• Mr. Bhaveshbhai Mansukhbhai Harsoda

• Mr. Naitik Bhaveshbhai Harshoda

Pre-Issue Promoter Shareholding	99.99%
Post-Issue Promoter Shareholding	69.11%

 

IPO Lead Managers

• Corporate Makers Capital Ltd.

 

 

Dividend Policy

The company has not paid a dividend in the last three financial years.

 

Conclusion

With its wide range of products and solid financial performance, Renol Polychem IPO presents a potential opportunity. The company has excellent values and a developing polymer market, notwithstanding its SME status. Risks, including working capital dependency and client concentration, should be assessed.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.