Vedant Poly Fabs IPO: Listing Price, Share Price Today, Listing Gains and Review

Vedant Poly Fabs IPO listing price and share price today

Listing update (9 November 2026, 3:25 PM IST): Vedant Poly Fabs shares opened at ₹94 on NSE Emerge, flat to the ₹94 issue price, so there was no listing gain. They then slid to ₹89.30, the 5% lower price band, leaving allottees about 5% down at 3:24 PM IST (Confirmed, NSE quote page; the ₹94 listing price is also shown by Groww). The issue had closed about 1.9 times subscribed, and the last unofficial GMP of ₹1 to ₹2 on 4 November slightly overstated the debut.

Vedant Poly Fabs IPO allotment status and final subscription

Final subscription and allotment update (5 November 2026): bidding closed on Wednesday, 4 November with the issue about 1.9 times subscribed at 5 PM (exchange data as reported by HDFC Sky). Other trackers show lower totals of 1.42x to 1.73x from earlier cuts or a different base, so treat the exact figure as provisional until the basis of allotment is published. Retail demand led at 2.26 times.

The basis of allotment is due today, 5 November. With retail bids at about 2.26 times the shares on offer, roughly 4 in 9 retail applicants could get the minimum application of 2,400 shares (Estimate, assuming every retail bid was for the minimum). Check your status by PAN or application number on the registrar’s site (Cameo Corporate Services) or on NSE’s IPO bid-details page. If you get no shares, the blocked amount is released. Listing on NSE Emerge is due on 9 November (tentative). Unofficial grey-market quotes were only ₹1 to ₹2 on the last bidding day, and GMP is not a forecast. See all IPOs in the allotment window and our guide to checking allotment status.

Vedant Poly Fabs IPO overview

Data as of 9 November 2026, 3:25 PM IST (listed on NSE Emerge on 9 November). Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The Vedant Poly Fabs IPO is a ₹56.68 crore SME issue that was open for bidding from Monday 2 November to Wednesday 4 November 2026. The shares are due to list on NSE Emerge, the National Stock Exchange’s SME platform, with listing tentatively set for 9 November 2026. The price band is ₹88 to ₹94 a share and one lot is 1,200 shares, but individual investors must apply for at least two lots, so the minimum application is 2,400 shares, or ₹2,25,600 at the upper end of the band.

Vedant Poly Fabs makes flexible packaging: low-density (LD) polyethylene films, shrink films, barrier films, printed laminates and ready-made pouches used to pack milk, edible oil and other food and consumer products. Its single plant is at Barasat in North 24 Parganas, just outside Kolkata. The offer combines a fresh issue of about ₹51.01 crore, which goes to the company, with an offer for sale (OFS) of about ₹5.67 crore by one of the promoter entities. This page covers the IPO date, price band, lot size, GMP, subscription status, retail quota, allotment and listing dates, the financials and our review of the strengths and risks. We do not give buy or sell calls.

Vedant Poly Fabs IPO details at a glance

The figures below come from the issue terms as compiled by exchange-linked IPO pages and broker summaries of the RHP. Where two sources disagreed, we have used the share counts that add up and noted the difference.

Vedant Poly Fabs IPO date, allotment date and listing date

The bidding window is three working days. UPI mandates for applications must be accepted by the cut-off time on the closing day, which for most brokers is 5 pm on 4 November. The post-issue dates below are the tentative schedule published with the issue and can move if the exchange or registrar changes the timetable.

The listing falls on the Monday after allotment because markets are shut on the weekend of 7 and 8 November. If you are tracking several issues this week, our upcoming IPO list and live IPOs page carry the full calendar.

What Vedant Poly Fabs does

Vedant Poly Fabs Ltd. was incorporated in December 2018 and became a public limited company in August 2025 (Reported), the usual step before an SME listing. It sells business to business: its customers are packers and brand owners in food and beverages and other consumer goods, who buy film and laminate by weight or by the roll and convert it into packs on their own filling lines, or buy finished pouches.

The product range, as described in the offer document summaries, covers:

• 3-layer and 5-layer LD films, the co-extruded polyethylene film used for milk pouches and general packing.
• Shrink films, which tighten around bundles of bottles, cans or cartons when heated.
• Barrier films, which slow the passage of oxygen and moisture to extend shelf life.
• Printed laminates, including aluminium-foil laminates (Reported), for branded retail packs.
• Milk and oil pouches, sold ready-made to dairies and edible-oil packers.

How Vedant Poly Fabs makes its films

The company runs an integrated process at one site: buying polymer granules, extruding film, printing, laminating, slitting and rewinding, quality checks in its own laboratory, packing and dispatch. In March 2026 it added lamination, slitting and pouching machines and a reprocessing unit for recycling in-house scrap. It sells directly rather than through distributors and runs its own small transport fleet (eight vehicles, Reported), which helps with delivery times around eastern India. One broker summary also notes that the company trades billet strips on a bill-to-ship basis, a small activity unrelated to packaging; the RHP’s segment data will show how much revenue that contributes.

The workforce is small. The company reported 61 employees as of 30 June 2026; another summary gives 72 people at 31 March 2026, of whom 41 were permanent and 31 contractual. A plant of this size is typical of regional flexible-packaging converters, which compete on price, delivery reliability and the ability to print short runs for local brands.

Vedant Poly Fabs financials: revenue, profit and debt

The restated figures below are as reported from the offer document. The June 2026 column covers one quarter only, so it cannot be compared directly with full years.

Growth. Total income rose 64% in FY25 and a further 41% in FY26 (Calculated). Net profit grew much faster, from ₹0.64 crore in FY24 to ₹10.97 crore in FY26, because the EBITDA margin widened from about 2.6% to 16.5%. The June 2026 quarter kept that pace: ₹30.49 crore of income and ₹3.48 crore of profit, with an EBITDA margin of about 21.6%.

What changed. A jump in margin of this size in two years usually reflects new capacity, a better product mix (printed laminates and pouches earn more per kilo than plain film) and lower fixed cost per unit as volumes rise. It also means the business has only a short record of making real money. FY24 profit was under ₹1 crore, so investors are being asked to value a track record of roughly two good years.

Vedant Poly Fabs debt and returns

Balance sheet. Borrowings rose from ₹13.32 crore to ₹46.82 crore in FY26, and total assets almost doubled, as the company funded new machines and larger stocks and receivables. Debt to equity was about 0.98 at 30 June 2026 (Calculated). Net worth rose by about ₹26.8 crore in FY26 against profit of ₹10.97 crore, which suggests roughly ₹16 crore of fresh equity was raised before the IPO (Calculated; the RHP’s capital history has the detail).

Returns. Reported return on net worth was 25.95% for FY26 and return on capital employed was 46.34%. The FY26 profit margin was 9.5% (Calculated).

Vedant Poly Fabs IPO valuation: what ₹94 a share implies

At the top of the band, the company’s 2,01,51,614 post-issue shares are worth about ₹189.4 crore. How expensive that is depends on which earnings you use:

All three are our calculations from the reported profit and share counts. The pre-issue figure is the one most often quoted, but it ignores the 54.26 lakh new shares. The post-issue FY26 figure, about 17x, is the fairer comparison. Annualising one quarter flatters the number if the June quarter was seasonally strong.

On book value, the price is about 3.0x the pre-issue net asset value of ₹30.97 a share (Reported) and about 2x post-issue book once the fresh money is added (Calculated, before issue expenses).

The offer document compares Vedant with two listed packaging makers (figures as reported):

On these numbers Vedant is priced in line with or below its peers while reporting higher returns. Peer multiples change daily, and both peers are older businesses with longer records, so the comparison is only a rough guide.

How Vedant Poly Fabs will use the IPO money

Only the fresh issue reaches the company; the ₹5.67 crore OFS goes to the selling promoter entity. The stated uses of the fresh issue are:

More than half of the identified amount goes into working capital, which fits a business whose stocks and receivables grew quickly. The ₹8 crore debt repayment would cut borrowings by about 18% from the June 2026 level (Calculated) and lower interest cost. The ₹6.51 crore of machinery is a modest top-up rather than a new plant, so growth after the IPO will rely mainly on filling existing capacity.

Vedant Poly Fabs IPO retail quota and share reservation

Broker pages disagree on the split. Some show a generic 50% QIB, 15% NII and 35% retail layout. The share-by-share breakdown compiled by Chittorgarh from the offer document, which adds up to the full issue, is:

If those figures hold, the retail quota is large: about 1,415 minimum applications of 2,400 shares each (Calculated). That matters for allotment odds: with SME issues, each successful retail applicant gets one minimum application, so if the retail portion is subscribed 10 times, roughly one in ten applicants is likely to be allotted. No anchor investor round had been reported as of 31 October. Check the exchange’s category-wise bid data during the issue for the final split.

Vedant Poly Fabs IPO lot size and minimum investment

One lot is 1,200 shares. Under SME rules, an individual investor’s application must be worth more than ₹2 lakh, which here means exactly two lots. Amounts below are at the upper price of ₹94; at the lower price of ₹88, two lots would cost ₹2,11,200.

Retail investors can only apply for two lots, so applying for more does not raise allotment chances. Bidding at the cut-off price, rather than a fixed price in the band, avoids rejection if the issue is priced at ₹94.

Vedant Poly Fabs IPO GMP vs listing price

On the last bidding day, 4 November 2026, unofficial grey-market quotes for Vedant Poly Fabs were only ₹1 to ₹2 a share (ipopremium, ipomarket). That implied a listing price of about ₹95 to ₹96 against the ₹94 upper band. GMP is an unofficial, unregulated indication of what traders are willing to pay before listing; it is often wrong, especially for small issues where a handful of deals can move the number. The shares then opened at ₹94 on 9 November, ₹1 to ₹2 below what that grey-market quote implied, and fell to the 5% lower band on day one (NSE). Our IPO GMP tracker lists current unofficial quotes for open issues. For how the number is formed and why it can mislead, see what is IPO GMP.

Vedant Poly Fabs IPO subscription status

Bidding closed on 4 November 2026 with the issue about 1.9 times subscribed at 5 PM (retail 2.26x, NII 1.38x, QIB 1.00x; exchange data as reported by HDFC Sky). See the final subscription and allotment update at the top of this page. For SME issues, the NII and retail figures on the last day usually tell the story, because much of the demand arrives in the final hours.

Who owns Vedant Poly Fabs: promoters and shareholding

The promoters are Pankaj Kumar Maheshwari, Sujata Maheshwari and Sethsawaria Poly Fab LLP, a promoter-group entity that is also the only seller in the OFS. Vedant Poly Fabs has no listed parent company. The promoter group owns 100% of the company before the issue; after the fresh issue and the OFS, its stake falls to about 70.08%, with 29.92% held by the public. The issue dilutes existing holders by about 27% (Calculated: 54.26 lakh new shares out of 2.02 crore post-issue shares). Promoter shares are subject to the usual SME lock-in after listing.

Vedant Poly Fabs IPO review: strengths and risks

Whether this IPO is good or bad depends on what you are looking for and how much risk you accept. Here is how we read the case. This is analysis, not a recommendation.

Strengths

• Fast, profitable growth. Income more than doubled between FY24 and FY26 and margins widened every year, continuing into the June 2026 quarter.
• A modest price on reported numbers. About 13x to 17x earnings, depending on the measure, is not demanding for a small company growing this fast, and sits in line with the packaging peers named in the offer document.
• Integrated plant. Doing extrusion, printing, lamination and pouching in-house lets the company keep more of the value per kilo and control quality and delivery.
• Steady end markets. Milk, edible oil and packaged food are everyday products whose packaging demand does not swing much with the economy.
• Issue money used to cut debt and fund working capital rather than mainly to pay out existing shareholders; the OFS is only about a tenth of the issue.

Risks

• Short profit history. FY24 profit was ₹0.64 crore. Two strong years are not a long record, and margins in commodity packaging can fall back as fast as they rose.
• Raw-material prices. Polyethylene and other polymers are linked to crude oil prices. A sharp rise that cannot be passed on quickly would squeeze margins.
• Working capital and debt. Borrowings more than tripled in FY26. The RHP lists high working capital needs as a risk, and part of the issue simply funds that gap.
• Verbal orders and customer concentration. Summaries of the RHP’s risk factors note that the company relies partly on verbal orders from customers, which can lead to disputes. Check the RHP for how much revenue comes from the top customers.
• Single plant, small team. All production is at Barasat; any disruption there stops output. About 60 to 70 employees run the entire business.
• SME liquidity. NSE Emerge shares trade in lots, often thinly, and prices can swing sharply. Exiting a position can take time.

Our Scouter Reading: 2,400, Base

We score Vedant Poly Fabs at 4,100 out of 10,000 on our earlier v1 research scale, in the lower half of the Charged band. Points for: quick growth in income and profit, widening margins, an integrated plant and a price that is not stretched against reported earnings or peers. Points against: a very short record of meaningful profit, a big rise in borrowings, heavy working capital needs, a single plant and the thin trading typical of SME shares. The Scouter Reading rates the research case; it is not a recommendation to apply or avoid.

How to apply for the Vedant Poly Fabs IPO

1. Log in to your broker app or your bank’s net banking (ASBA) between 2 and 4 November.
2. Open the IPO section and pick Vedant Poly Fabs (NSE SME).
3. Enter 2,400 shares (two lots) and tick cut-off price, or bid at ₹94.
4. Enter your UPI ID and submit. Approve the mandate in your UPI app the same day; the amount is blocked, not debited.
5. If you are not allotted, the block is released, normally by 6 November.

Only one application per PAN counts; duplicates are rejected. Make sure the demat account and the bank or UPI account belong to the same person.

How to check Vedant Poly Fabs IPO allotment status

The basis of allotment is due on 5 November 2026. You can check the Vedant Poly Fabs IPO allotment status in three ways:

• Registrar: on the IPO status page of Cameo Corporate Services, the registrar, choose Vedant Poly Fabs and enter your PAN, application number or DP ID.
• NSE: on NSE’s IPO bid-verification page, select the issue and enter your PAN and application number.
• Your broker or bank: most apps show the status in the IPO order book once the basis of allotment is final.

Shares should appear in demat accounts on 6 November. Our step-by-step guide on how to check IPO allotment status explains each route, and the IPO allotment status page lists current issues.

What to watch after the Vedant Poly Fabs listing

• Trading after the debut. The stock hit its 5% lower band on day one (NSE). SME shares can be thinly traded, so watch whether the selling continues in the first week.
• The RHP’s customer and segment data. How much income comes from the top ten customers and from trading rather than manufacturing.
• Polymer prices. Polyethylene price moves in the coming months will drive margins.
• Recent packaging listings. Other packaging SME issues listed in 2026 have opened anywhere from about 5% below to about 15% above their issue prices (Reported), which shows how wide the range is.

The first half-year results as a listed company will be the next real test of the FY26 profit jump. We will update this page with major results and filings. More issues are listed on our SME IPOs page.

Vedant Poly Fabs IPO: frequently asked questions

Figures are from the sources named and may change; read the RHP before investing. SME shares can be thinly traded.