Bai Kakaji Polymers Limited IPO
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:
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:
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:
Registrar of Bai Kakaji Polymers Limited IPO:
Discussion on Bai Kakaji Polymers Limited IPO:
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