Bai Kakaji Polymers Limited IPO

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Bai Kakaji Polymer is engaged in the manufacturing of PET preforms, plastic caps, and closures, which are essential components of packaging used across a wide range of consumer products. The company’s product portfolio includes specialized closures such as Alaska closures (commonly used in packaged drinking water), Carbonated Soft Drink (CSD) caps with 1881 neck finish, and a wide range of PET preforms tailored for diverse bottling requirements. These products cater to industries such as packaged drinking water, carbonated beverages, juices, and dairy products.

Evolution and Growth

The business commenced operations in 2013 with a single machine dedicated to the manufacturing of plastic closures. Over the years, Bai Kakaji Polymer has steadily expanded its production capacity by installing additional machines and adopting advanced manufacturing technologies. Today, the company utilizes modern equipment such as SACMI Continuous Compression Molding, ASB Preform Molding, and HUSKY PET Injection Molding machines sourced from globally reputed OEMs, enabling consistent quality and scalability.

Product Portfolio and Applications

The company has evolved into a diversified packaging solutions provider, manufacturing PET bottle caps in various shapes, sizes, and colors, along with cap handles used across multiple applications. In addition to rigid packaging products, Bai Kakaji Polymer also supplies shrink films and adhesive films, offering customers a more comprehensive packaging solution. Shrink films made from LDPE (Low-Density Polyethylene) are widely used for secondary and tertiary packaging of bottled water, soft drinks, and energy drinks, serving as a cost-effective alternative to corrugated boxes.

Geographical Presence and Revenue Mix

During the nine months ended December 31, 2024, the company’s sales were largely concentrated in Maharashtra, Karnataka, Gujarat, Kerala, Telangana, and Andhra Pradesh, together accounting for 94.21% of total revenue, reflecting a strong footprint in western and southern India. For the same period, revenue from the sale of products stood at ₹23,279.26 lakhs, with PET preforms contributing 68.52%, plastic closures 19.60%, shrink films 6.26%, and other products 5.62% of total revenue.

Strategic Acquisition

As part of its growth strategy, the business of M/s Bai Kakaji Industries was acquired by Apollo Techno Industries Limited through a Business Transfer Agreement effective March 1, 2025. This acquisition has strengthened operational capacity, created synergies across manufacturing and distribution, and enhanced the overall market presence, aligning with long-term growth objectives.

Objects of the Bai Kakaji Polymers Limited IPO:

Company intends to utilize the proceeds of the issue to meet the following objects: 1. Repayment and/pre-payment of borrowing (₹60 cr) 2. Capital expenditure for the installation of additional plant & machinery (₹9.80 cr) 3. Capital expenditure for setting up a solar power project (₹12.94 cr) 4. General Corporate Purpose

Bai Kakaji Polymers Limited IPO Details:

Open Date: Dec 23 2025
Close Date: Dec 26 2025
Total Shares: 56,54,400
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 105.17 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 177-186 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 31 2025

Promoters And Management:

1. Mr. Balkishan Pandurangji Mundada is the Promoter, Chairman and Managing Director of the Company and has been on the Board since its incorporation. He holds a Bachelor’s degree in Hindi from Bombay Hindi Vidyapeeth and has over 30 years of experience in the polymers industry. He is responsible for overall management and operations and plays a significant role in driving the Company’s growth through effective leadership and resource utilization. 2. Mr. Harikishan Pandurangji Mundada is the Promoter and Whole-Time Director of the Company and has served on the Board since incorporation. He holds a Higher Secondary Certificate from the Maharashtra State Board and has more than 30 years of experience in the polymers industry. He oversees financial planning, business strategy, production, sales, and marketing, contributing to smooth operations and sustainable growth. 3. Mr. Akshay Balkishan Mundada is the Promoter, Executive Director, and Chief Financial Officer of the Company. He holds a Bachelor’s degree in Commerce from Swami Ramanand Teerth Marathwada University, Nanded, Maharashtra, and has been a Board member since 2021. With over nine years of experience in finance and accounts, he oversees the Company’s finance and accounts functions and was appointed Chief Financial Officer with effect from May 17, 2025.

Financials of Bai Kakaji Polymers Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 162 326 295 273
EBITDA (Cr) 24.3 34 21 14
EBITDA Margins 15% 10% 7% 5%
PAT (Cr) 12.18 18.36 9.38 4.17
PAT Margins 7.9% 5.6% 3.2% 1.53%
ROCE 13% 25.71% 20% 13%
D/E Ratio 1.61 2.03 1.15 1.75
OPerating Cash Flow 13.81 11.73 21.39 12.97

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Bai-Kakaji Polymers Limited 326 10% 5.6% 25.71% 2.03 398.1 21.7
Cool Caps Industries Ltd 238 1% 5.04% 15.80% 2.57 844 70.0
Technopack Polymers Ltd. 17.28 23.50% 9.90% 11.70% 0.17 17 13.4
Note : Forward P/E 16.34 is According to FY26 PAT

Lead Manager of Bai Kakaji Polymers Limited IPO:

  1. Hem Securities Limited

Registrar of Bai Kakaji Polymers Limited IPO:

  1. Maashitla Securities Pvt. Limited.

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