Barflex Polyfilms Limited IPO

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The company focusing on the manufacture of flexible packaging materials. They initiated production of barrier COEX films, laminates, and PVC labels.

Product Portfolio

Their comprehensive product portfolio caters to a wide array of industries and applications, positioning them as a leading player in the flexible packaging sector:
i. 3-layer poly films                                    ii. 5-layer poly films                                 iii. Laminates
iv. Vacuum pouches                                   v. 5-layer bulk liners                                vi. PVC shrink labels

Additionally, they are planning to expand into 7-layer films, a move that aligns with their growth strategy and strengthens their position as a preferred vendor for packaging materials.

Industry Focus
They  specialize in providing high-quality flexible packaging solutions for multiple industries, including:
i. Fast-Moving Consumer Goods (FMCG)                                ii. Processed Foods
iii. Adhesives                                                                                   iv. Engineering
v. Pharmaceuticals                                                                         vi. Cosmetics
vii. Construction

By serving prominent brands in these sectors, they have developed a strong reputation for quality and reliability in both the domestic and international markets.

Future Outlook

Their focus on innovation and capacity expansion positions us to capitalize on emerging trends in the packaging industry. The introduction of 7-layer films will allow them to address evolving market demands and solidify their reputation as a go-to partner for flexible packaging solutions across industries. By continuing to invest in advanced manufacturing capabilities, they aim to drive growth, expand their customer base, and maintain their status as a trusted name in the packaging sector.

Objects of the Barflex Polyfilms Limited IPO:

The company intends to utilize the Net Proceeds for the following Objects :- i. Funding capital expenditure towards the purchase of additional plant and machinery ii. General Corporate Purpose. Total number of share issue :- i Fresh issue is 20,53,000 shares, ii. Offer for sale is 45,16,875 shares.
DRHP of Barflex Polyfilms Limited IPO
RHP of Barflex Polyfilms Limited IPO

Barflex Polyfilms Limited IPO Details:

Open Date: Jan 10 2025
Close Date: Jan 15 2025
Total Shares: 65,69,875
Face Value: ₹ 10 Per Equity Share
Issue Size: 39.42 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 57 - 60 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jan 20 2025

Promoters And Management:

Jaiwant Bery, aged 64, is the Promoter and Managing Director of the Company with over 37 years of experience in the flexible packaging industry. A postgraduate from IIM Bangalore (1983), he previously served as Managing Director at Hitkari Industries Limited before founding Barflex Polyfilms Private Limited in 2005. He oversees management, operations, product innovation, and strategic planning, driving the company's production and growth. Nomita Bery, aged 60, is the Promoter and Non-Executive Non-Independent Director of the Company. A Delhi University graduate (1986), she has 19 years of experience in label design and has been with the company since its inception. As the wife of Promoter Jaiwant Bery, she has contributed to graphic and packaging design since 2005 and became a Non-Executive Director on May 3, 2024. Krishan Mohan Pandey, aged 62, is an Executive Director of the Company. Associated since October 2005, he initially led the purchase and production departments and was promoted to Senior Vice President of Operations on May 12, 2014, overseeing manufacturing operations, quality control, and purchasing. He holds a diploma in electronics from State Polytechnic, Gorakhpur (1980).

Financials of Barflex Polyfilms Limited IPO:

In Cr.
Particulars Nov 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 65.67 110.23 109.17 93.49
EBITDA 7.05 17.93 12.06 10.00
EBITDA Margins 10.74% 16.27%* 11.05% 10.70%
PAT 13.49 16.23 10.13 7.94
PAT Margins 20.54% 14.73% 9.28% 8.49%
ROCE 8.65% 27.21% 23.67% 24.41%
CFOA 9.31 13.74 15.40 6.93 

* EBITDA margins in FY 24 increased due to reduction in Raw Material prices.
                                        

                                    

                                                                                                    

                                        

                                            
Comparison With Peers:

                                            




Companies
Revenue
EBITDA Margins
PAT Margins
D/E Ratio
MCap
P/E




Delta Autocorp 

(FY 2024)
110.23 Cr.
16.27%
14.73%

148.50 Cr.
9.14*




Uma Converter Limited

(TTM)
203 Cr.
7%
2.46%
0.86
79.10 Cr.
14.80




Purv Flexipack Limited (TTM)
296 Cr.
1%
3.72%
1.41
368 Cr.
37.90





*Forward PE on FY 25 PAT basis is 7.34. PAT margins increased due to other income of Rs. 12.34 cr which includes sales of investment also.
                                        

                                    

                                                                                                    

                                        

                                            
Recommendation on Barflex Polyfilms Limited IPO:

                                            
Review and Recommendation of Barflex Polyfilms Ltd. IPO by team IZ is 3/10.

                                        

                                    

                                                                
                                
                                                                 

                                    

                                                                                    

                                                
Lead Manager of Barflex Polyfilms Limited IPO:

                                            
 
    
                                                                                                        
  1. Almondz Financial Services Ltd
    2. 
                                                        
 

                                

                                                                
                                 
                                                                  

                                    

                                                                                    

                                                
Registrar of Barflex Polyfilms Limited IPO:

                                            
 
    
                                                                                                        
  1. Maashitla Securities Pvt. Limited
    2. 
                                                        
 

                                

                                                            

                                

                            

                                                                  

                                        

                                            
Company Address: 

                                            
Barflex Polyfilms Limited
A-33, Third Floor, FIEE Complex,
Okhla Industrial Area, Phase-II,
Near C Lal Chowk, New Delhi-110020
Phone: +91- 9810021106
Email: info@barflex.co.in
Website: http://www.barflex.co.in/
                                        

                                    

                                                              
                                                                   

                                        

                                            
                                        

                                    

                                                                 
                                                            

							
                            

                                

                                    

                                                                            

                                

                            

                            
							
                            

                            

                            

                                

                                    

                                        

                                    

                                

                            

                            
                            

                                

                                
Discussion on Barflex Polyfilms Limited IPO:

                                           
                                    

                                        

                                            



	
	
		

		
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