Manas Polymers & Energies Ltd. IPO

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Manas Polymers, incorporated on January 19, 2024, is a leading manufacturer and supplier of premium food-grade PET preforms, PET bottles, jars, and closure caps, catering primarily to the PET (plastics) industry. The company also operates in the renewable energy sector as an independent power producer (IPP), generating and distributing solar power. The business was originally founded by Mrs. Anju Bhaduria in 2015 and 2017 under proprietorship concerns—“M/s Manas Power and Infrastructure” and “M/s Manas Polymers”—which were later acquired by the company to expand operations.

Business Verticals

1. Renewable Power Generation (IPP)

Manas Polymers operates utility-scale solar power projects in Madhya Pradesh, selling electricity to private corporations, government-backed entities, and the state power grid. The current operational solar project has a capacity of ~1 MW, with plans to expand by setting up a ~5 MW solar project at Sakedi, Shajapur. The company manages the complete lifecycle of these projects, including installation, commissioning, and ongoing operations and maintenance.

2. PET Manufacturing and Trading

The company manufactures and supplies premium PET preforms, bottles, jars, and closure caps to the plastics industry. Its production facility is located in Gwalior, Madhya Pradesh, covering 1,533.45 sq. ft., ensuring adherence to high-quality standards for domestic and industrial clients.

Certifications and Compliance

i) ZED Bronze Certificate: Awarded for sustainable and responsible manufacturing practices (June 30, 2023).

ii) WHO-GMP Certificate: Ensures adherence to global Good Manufacturing Practices standards (February 9, 2024).

Business Strengths

i) Scalable Business Model: Optimized utilization of in-house processing facilities ensures economies of scale.
ii) Experienced Management Team: Led by Mrs. Anju Bhaduria with extensive industry knowledge in PET manufacturing and renewable energy.
iii) Strong Supplier Relationships: Ensures uninterrupted raw material supply for manufacturing and power generation.
iv) Consistency in Quality: Adherence to international standards ensures superior product quality.
v) Smooth Operations: Integrated management of manufacturing and power projects ensures operational efficiency.

Objects of the Manas Polymers & Energies Ltd. IPO:

Company intends to utilize the Net Fresh Issue for the following Objects: 1. Capital expenditure requirements towards setting up of Solar Power Plant (₹20.20 cr) 2. Capital expenditure requirements towards purchase of Fixed Assets; and (₹2.51 cr) 3. General corporate purposes.

Manas Polymers & Energies Ltd. IPO Details:

Open Date: Sep 26 2025
Close Date: Sep 30 2025
Total Shares: 29,04,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 23.52 Cr.
Lot Size: 1600 Shares
Issue Price: ₹ 76-81 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 06 2025

Promoters And Management:

1. Mr. Vineet Bhadauria (55) – Managing Director & Promoter. Associated with the company since inception (Jan 2024), he holds an MBA and M.Com from Jiwaji University, Gwalior. He earlier worked 18 years with the BK Birla Group (Maiher Cement) and served as Director at Dindayal City Mall. Currently President of Laghu Udyog Bharti and Chairman of ITI ATER (Govt. of India), he also has 9 years’ experience in the polymer, power, and infrastructure sectors. 2. Ms. Anju Bhadauria (54) – Chairperson, Executive Director & Promoter. On the board since Jan 2024, she holds an MBA and M.Com from Jiwaji University. With 9 years of experience in polymers, power, and infrastructure, she also serves as a Director in Mrinal Commercial Corporation Pvt. Ltd. 3. Ms. Janvi Bhadauria (26) – Additional Non-Executive Director since Aug 2024. She holds a B.Com from Maharshi Dayanand University and M.Com from Banasthali Vidyapith. With 4 years of HR experience, she has worked as Assistant Manager – HR at A2Z Placements and Manas Polymers.

Financials of Manas Polymers & Energies Ltd. IPO:

Particulars (Cr) FY2024-2025 FY 2023-2024 FY 2022-2023
Revenue from Operations 31.54 19.76 20.35
EBITDA 5.76 3.57 2.5
EBITDA Margins 18.27% 18.09% 12.31%
PAT 4.29 1.7 0.79
PAT Margins 12.99% 9.92% 5.31%
ROCE 22.82% 14.28% 11.61%
Debt to Equity Ratio(In Times) 22.82% 2 2.69
Operating Cash Flows 7.03 -0.26 1.27

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Manas Polymers and Energies Limited 31.54 18.27% 12.99% 22.82% 22.82% 62.98 14.68
Mitsu Chem Plast Limited 332 7% 2.11% 10.40% 0.77 145 19.4
Technopack Polymers Limited 17.45 24% 9.86% 11.16% 0.15 21.6 12.6

Lead Manager of Manas Polymers & Energies Ltd. IPO:

  1. Expert Global Consultants Private Limited

Registrar of Manas Polymers & Energies Ltd. IPO:

  1. Purva Sharegistry India Private Limited

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