Antala Industries Limited IPO

Antala Industries Limited IPO is open till 2 Nov 2026. Price band ₹63–₹67, lot 2000 shares, GMP +₹0 (0%). Check dates and allotment, and apply for your whole family on Allotly.

About Antala Industries Limited

Antala Industries Limited is engaged in the manufacturing, processing, printing, laminating and supply of industrial and commercial packaging products. The company's product portfolio includes Biaxially Oriented Polypropylene (BOPP) bags, BOPP printing rolls, BOPP lamination rolls, polypropylene (PP) woven bags, and PP woven lamination rolls. The company supplies packaging products to industries such as food processing, fertilisers, chemicals, cement, construction, textiles, and seeds. Its products are available in different sizes, capacities, and specifications, with customisation options for printing, lamination, and finishing. The company operates a manufacturing facility in Rajkot, Gujarat, equipped with machinery for extrusion lamination, rotogravure printing, multicolour printing, cutting, stitching, and finishing. The facility supports various stages of production, from printing…

Strengths

• Antala Industries is engaged in the manufacture of five categories of packaging products, including BOPP bags, BOPP printing rolls, BOPP lamination rolls, PP woven bags, and PP woven lamination rolls. It caters to industries such as cement, chemicals, fertilisers, FMCG, and textiles.
• The company has seen a consistent increase in revenue from operations and profit after tax (PAT). The revenue from operations increased from Rs 12.51 crore in FY24 to Rs 31.85 crore in FY25 and Rs 47.40 crore in FY26. Its profit after tax (PAT) also increased from Rs 0.88 crore to Rs 1.82 crore and Rs 4.24 crore during the same periods, respectively.
• The company has reported an increase in capacity utilisation across its manufacturing operations. Printing machinery utilisation increased from 20.07% in FY24 to 51.26% in FY25 to 76.05% in FY26, while lamination machinery utilisation rose from 20.23% to 51.68% to 76.67% during the same period. The company's printing machinery installed capacity increased from 330 lakh metres per annum in FY24 to 370.63 lakh metres per annum to 442.50 lakh metres per annum in FY26, while the capacity utilisation during the same period stood at 66.23 lakh metres per annum, 189.98 lakh metres per annum, and 336.50 lakh metres per annum.
• The company claims to have an integrated manufacturing facility in Rajkot, Gujarat, equipped with an eight-colour rotogravure printing machine, a flexographic printing machine, automated cutting machinery, and bag conversion lines. The facility supports multiple stages of packaging production.
• The company is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 for environmental management systems, ISO 45001:2018 for occupational health and safety management systems, and ISO 22000:2018 for food safety management systems.
• The company's revenue concentration among its top 10 customers declined from 94.28% (Rs 11.80 crore) in FY24 to 47.43% (Rs 22.48 crore) in FY26. This indicates a more diversified customer base, reducing its dependence on a limited number of customers and the potential impact of losing any major customer on its revenue.

Risks

• Despite a decline in customer concentration over the years, Antala Industries continues to derive a significant portion of its revenue from its top 10 customers. These customers contributed Rs 11.80 crore (94.28%) in FY24, Rs 14.93 crore (46.87%) in FY25, and Rs 22.48 crore (47.43%) in FY26 to its revenue from operations, respectively. The loss of major customers or a reduction in their orders could adversely affect the company's revenue and profitability.
• The company's revenue is geographically concentrated in Gujarat, which accounted for Rs 12.45 crore (99.49%), Rs 25.55 crore (80.22%), and Rs 33.70 crore (71.08%) of its revenue from operations in FY24, FY25, and FY26, respectively. Any adverse economic, regulatory or operational developments in the state could significantly affect the company's business and financial performance.
• The company depends heavily on Gujarat for raw material procurement. Purchases from the state amounted to Rs 10.73 crore (99.97%), Rs 25.71 crore (96.59%), and Rs 38.66 crore (91.80%) of total raw material purchases in FY24, FY25 and FY26, respectively. Any disruption in regional supply chains could affect production schedules and increase procurement costs.
• The company recorded negative cash flows from operating activities of Rs 3.28 crore in FY25 and Rs 4.88 crore in FY26, primarily due to increases in inventories, trade receivables, and short-term loans and advances. It also recorded negative cash flows from investing activities of Rs 0.03 crore, Rs 0.49 crore, and Rs 1.78 crore in FY24, FY25, and FY26, and negative cash flow from financing activities of Rs 0.10 crore in FY24. Sustained cash outflows could affect the company's liquidity and ability to meet its operational and financial obligations.
• The company operates its manufacturing activities from a single facility in Rajkot, Gujarat, situated on rented premises under a seven-year agreement beginning June 1, 2026. Any disruption at this facility or termination of the lease could interrupt production, affect order fulfilment, and result in additional relocation expenses.
• The company has experienced delays in complying with statutory filing requirements under the Companies Act, 2013, including delays of up to 294 days in filing certain forms. It has also filed applications for adjudication concerning procedural non-compliances, which could result in penalties, additional regulatory obligations, or increased scrutiny.
• The company's manufacturing operations depend on petroleum-derived raw materials, including polypropylene granules, LDPE granules, and BOPP films. Fluctuations in petrochemical prices, environmental restrictions on plastic-based packaging, or a shift towards alternative packaging materials could increase costs and reduce demand for its products.
• As of September 30, 2026, the company had outstanding financial indebtedness of Rs 1.75 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
• Antala Industries derived 63.14% of its revenue from repeat customers in FY26, compared to 39.46% in FY25. For the six months ended September 30, 2026, repeat customers contributed 85.34% of its revenue. Since customer arrangements are generally based on purchase orders without guaranteed future business, the loss of repeat customers or a reduction in their orders could adversely affect the company's revenue, profitability and capacity utilisation.

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