Bharat PET receives SEBI nod for US$9.1M packaging IPO

INDIA – Bharat PET Limited has secured SEBI approval for its ₹760 crore (US$9.1 million) IPO, comprising a ₹120 crore (US$1.4 million) fresh issue and a ₹640 crore (US$7.7 million) offer for sale, with proceeds earmarked for debt repayment and capital expenditure.

The integrated packaging solutions provider, which holds an estimated 11 percent market share in India’s agrochemical packaging segment, filed its Draft Red Herring Prospectus with SEBI on 25 March 2026. 

The fresh issue component involves a ₹50 crore (US$0.6 million) allocation for debt repayment and ₹35.8 crore (US$0.43 million) for machinery and equipment purchases. 

IPO Structure and Lead Managers

The offer for sale of up to ₹640 crore (US$7.7 million) involves promoter selling shareholders including Deepak Gupta, Ankur Gupta, Rahul Gupta, Sonu Gupta, Stuti Gupta, Ruchi Gupta, Mitali Gupta and Santosh Devi Gupta. 

Equirus Capital Private Limited and Ambit Private Limited are the book-running lead managers, with a pre-IPO placement of up to ₹24 crore (US$0.29 million) also under consideration.

Financial Performance and Market Position

Incorporated in 1998, Bharat PET operates four manufacturing facilities across Delhi, Sonipat, Ankleshwar and Jammu, with a total installed capacity of 18,110.53 MTPA. 

The company reported revenue of ₹411.82 crore (US$4.9 million) in fiscal 2025, with pro forma EBITDA of ₹87.93 crore (US$1.05 million) and profit after tax of ₹50.99 crore (US$0.61 million). 

The company demonstrates strong capital efficiency, with pro forma return on equity at 53.33 percent and return on capital employed at 32.51 percent in FY25. 

It serves over 1,500 customers including Tata Consumer Products, Dhanuka Agritech, PI Industries and India Pesticides, with repeat customers accounting for approximately 91 percent of revenue. 

The company’s engineering capabilities include mould design, rapid prototyping and advanced tooling, with the ability to deliver custom moulds within 48 hours of receiving client specifications. 

Bharat PET competes with listed peers including Mold-Tek Packaging, Shaily Engineering Plastics and Time Technoplast.

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