i) Experienced Leadership: Led by Mr. Bhavesh Harsoda and Mr. Naitik Harsoda (sales & marketing), the management brings strong domain expertise.
ii) Broad Product Portfolio: Wide range of plastic additives enables cross-selling and caters to varied industry needs.
iii) In-House Manufacturing: Own production facilities ensure cost efficiency, consistent quality, and timely delivery.
iv) Strong Vendor & Customer Network
Well-established relationships aid in cost optimization and market expansion across India.
Renol Polychem Limited IPO
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Renol Polychem is engaged in the manufacturing and supply of plastic additives, offering a broad product range including Colour Masterbatches, Pigments and Fillers, Impact Modifiers and Processing Aids, Anti-Moisture Powders, Titanium Dioxide, Superpack & Onepack solutions and Carbon Noodles and related compounds.
These products cater primarily to manufacturers of UPVC & CPVC pipes, fittings, and other plastic products, enabling enhanced durability, color, and performance in end-use applications. The Company is headquartered in Rajkot, Gujarat, and has steadily evolved from trading to manufacturing of specialty plastic additives and masterbatches. It operates under its flagship brand “RENOL”, serving B2B clients across India.
Product Portfolio
a) Manufactured Products
Includes Colour Masterbatches, Filler Granules, Impact Modifiers, Processing Aids, Anti-Moisture Powder, Superpack & Onepack Stabilizers, Titanium Dioxide, and Carbon Noodles—sold under the Renol brand.
b) Traded Products
Covers Plastic Additives (Stabilizers, Waxes), Fillers (Calcium, Stearic Acid), Plasticizers (DOP, DBP, CPW), and Functional Additives (Optical Brighteners, Anti-Oxidants), traded on an “as-is” basis.
Market Presence and Client Base
Operating under a B2B model, the company supplies directly to manufacturers and commercial entities that use Renol’s products as raw materials in their production lines. The company has a customer base of over 700 clients, primarily in Gujarat, and is actively expanding across other states.
As of May 31, 2025, Renol Polychem has an order book of approximately ₹582.14 lakhs, reflecting the company’s growth momentum and trusted customer relationships.
Competitive Strengths
Objects of the Renol Polychem Limited IPO:
Company intend to utilize the proceeds of the Issue to meet the following objects:
1. Capital Expenditure in requirements for the purchase of Machinery (₹5.60 cr)
2. Repayment of certain borrowings (₹ 1 cr)
3. Working Capital Requirements (₹ 15.15 cr)
4. General Corporate Purposes.
Renol Polychem Limited IPO Details:
| Open Date: | Jul 31 2025 |
| Close Date: | Aug 04 2025 |
| Total Shares: | 24,54,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 25.77 Cr. |
| Lot Size: | 1200 Shares |
| Issue Price: | ₹ 100-105 Per Equity Share |
| Listing At: | NSE Emerge |
| Listing Date: | Aug 07 2025 |
Promoters And Management:
1. Mr. Bhavesh Harsoda, aged 45, is the Promoter and Managing Director of Renol Polychem Limited. With over 15 years of experience in the manufacturing and supply of color masterbatches, industrial chemicals, and impact modifiers, he brings deep expertise in production processes and strategic procurement. His leadership has been instrumental in driving operational efficiency and maintaining high product quality.
2. Mr. Naitik Harsoda, aged 21, began his career in 2020 at Renol Enterprises and became a Partner in 2023. Now actively involved in day-to-day operations of Renol Polychem Limited, he oversees sales, marketing, and procurement. With approximately 1.6 years of experience, he contributes to the company’s business development and market expansion efforts.
3. Ms. Anjali Jeshani, aged 25, holds a Master of Commerce from Saurashtra University and has over 4 years of experience in accounting and financial reporting. Previously a Senior Accountant at Dreamaddz, she handled audits, compliance, and cost optimization. She now serves as a Non-Executive, Non-Independent Director at Renol Polychem Limited, bringing valuable financial oversight to the board.
Financials of Renol Polychem Limited IPO:
| Particulars | 2M FY2025-26 | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations | 12.00 | 62.29 | 6.44 | 41.66 |
| EBITDA | 1.6 | 7.07 | 2.17 | 1.13 |
| EBITDA Margins | 13.34% | 11.36% | 33.97% | 2.72% |
| PAT | 1.14 | 4.99 | 1.53 | 0.72 |
| PAT Margins | 9.51% | 8.02% | 23.78% | 1.75% |
| ROCE | 11.38% | 64.18% | 38.29% | 33.07% |
| Debt to Equity Ratio(In Times) | 0.36 | 0.53 | 0.3 | 1.98 |
| Operating Cash Flow | -1.09 | -1.24 | 1.2 | -1.11 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| Renol Polychem Limited | 62.29 | 11.36% | 8.02% | 64.18% | 0.53 | 83.14 | 16.66 |
| Multibase India Limited | 70.8 | 20.9% | 20.70% | 18.50% | 0 | 334 | 22.8 |
| Captain Polyplast Limited | 287 | 11.20% | 6.58% | 16.20% | 0.45 | 436 | 23.1 |
| R M Drip and Sprinklers Systems Limited | 130 | 27.40% | 18.40% | 44.60% | 0.36 | 1511 | 63.2 |
| NOTE: Forward P/E is 12.15 According to FY26 PAT | |||||||
Lead Manager of Renol Polychem Limited IPO:
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