Unitec Fibres IPO
IPO price, dates, issue details, strengths, risks and financial performance
₹2,65,600 / 3,200 shares
Bidding Dates23 Sept, 26 – 25 Sept, 26
Min Investment₹2,65,600
Lot Size1,600
Price Range₹83 – ₹88
Issue Size₹34.47 Cr.
IPO Timeline
IPO Offer Start23 Sept, 26
IPO Offer Ends25 Sept, 26
Allotment Finalisation28 Sept, 26
Refund Initiation29 Sept, 26
Listing of Shares30 Sept, 26
Strengths
Recycling-led manufacturing modelThe company uses PET waste, polyester waste and discarded PET bottles as raw materials for Recycled Polyester Staple Fibre (RPSF). Its wide range of colours and deniers can reduce the need for additional dyeing, helping conserve water and energy while supporting a circular production model.
High-capacity manufacturing baseThe company operates two manufacturing facilities at M.I.D.C., Tarapur with a combined installed capacity of 27,984 MTPA. Capacity utilisation stood at 90.85%, 90.98% and 92.32% in FY2026, FY2025 and FY2024 respectively. A third unit is also being developed on approximately 47,494 sq. mtrs. of land in Valsad, Gujarat.
Quality and sustainability certificationsThe company holds ISO 9001:2015, ISO 14001:2015, Oeko-Tex Standard 100 Eco-Passport and Global Recycled Standard Version 4.0 certifications, supporting its stated focus on product quality, environmental management and sustainability.
Experienced leadershipMr. Virander Behl has around 21 years of sales operations experience, while Mr. Vijay Omjagdish Behl has around 10 years of production management experience. Their experience has supported the development of the company's distribution network and domestic and international market presence.
Visible order pipelineAs of September 10, 2026, the company reported a confirmed order book of ₹1,902.86 lakhs, excluding applicable taxes. The orders cover applications including non-woven fabrics, home furnishings, automobiles and other industrial segments.
Risks
Regional revenue concentrationA substantial share of domestic revenue comes from Gujarat, Maharashtra, Tamil Nadu and Haryana, which together represented 59.52%, 55.67% and 59.14% of revenue from operations in FY2026, FY2025 and FY2024 respectively. Economic weakness, competition or other adverse regional developments could affect revenue and cash flows.
Customer concentrationThe ten largest customers contributed approximately 45.94%, 45.07% and 47.64% of revenue from operations in FY2026, FY2025 and FY2024 respectively. Since there are no long-term customer contracts, losing a major customer or experiencing lower orders could affect revenue, profitability and cash flows.
Supplier dependenceThe top ten suppliers accounted for 64.64%, 57.83% and 64.64% of total purchases in FY2026, FY2025 and FY2024 respectively. The absence of long-term supply agreements exposes the company to disruptions, price changes and supplier-related issues that could affect production and margins.
High dependence on RPSFRecycled Polyester Staple Fibre generated approximately 98.04%, 97.46% and 96.63% of revenue from operations in FY2026, FY2025 and FY2024 respectively. Any reduction in demand, pricing pressure or interruption in RPSF production could materially affect the company's financial performance.
Concentration of manufacturing operationsThe company's production is dependent on two manufacturing units in Thane, Maharashtra with combined capacity of 27,984 MTPA. Equipment failures, natural disasters, labour disputes or regulatory issues could interrupt production and lead to order fulfilment challenges and financial losses.
Borrowing and covenant exposureAs of March 31, 2026, secured borrowings stood at ₹6,317.92 lakhs and unsecured loans repayable on demand stood at ₹1,401.30 lakhs. Loan agreements include restrictive covenants, and defaults or breaches could lead to accelerated repayment requirements and affect the company's financial position.
Objectives
A portion of the Net Proceeds is proposed to be used for repayment or prepayment of specified secured borrowings from banks and financial institutions, including term loans and cash credit facilities. The stated objective is to reduce outstanding debt, lower servicing costs and improve the debt-to-equity ratio.
The remaining Net Proceeds are proposed for general corporate purposes, including operating expenses, initial development expenditure, strengthening business development and marketing capabilities, and meeting unforeseen business requirements, subject to applicable regulatory limits.
Yearly Financial Results
Standalone
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 204.14 | 226.42 | 224.24 |
| Expenses | 194.44 | 215.45 | 213.83 |
| Other Income | 0.85 | 0.72 | 0.61 |
| Total Revenue | 204.99 | 227.13 | 224.86 |
| Profit Before Tax | 10.55 | 11.68 | 11.02 |
| Net Profit | 7.42 | 8.22 | 7.60 |
Above figures are in Rs. Crores
Balance Sheet
Standalone
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 90.46 | 122.96 | 169.35 |
| Current Assets | 57.72 | 66.24 | 70.92 |
| Fixed Assets | 32.74 | 56.72 | 98.43 |
| Total Equity & Liabilities | 90.46 | 122.96 | 169.35 |
| Total Liabilities | 41.28 | 65.56 | 104.35 |
| Current Liabilities | 36.51 | 42.55 | 65.88 |
| Non Current Liabilities | 4.77 | 23.01 | 38.47 |
| Total Equity | 49.18 | 57.40 | 65.00 |
Above figures are in Rs. Crores
Cash Flow
Standalone
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | -4.17 | 2.31 | -2.34 |
| Investing Activities | -7.79 | -27.85 | -45.08 |
| Operating Activities | 21.42 | 11.75 | 4.00 |
| Financing Activities | -17.79 | 18.41 | 38.74 |
Above figures are in Rs. Crores
About Unitec Fibres
Unitec Fibres Limited manufactures Recycled Polyester Staple Fibre (RPSF) using recycled materials such as PET flakes, PET chips and polyester waste recovered from discarded plastic bottles and post-consumer waste. The company operates two manufacturing units at MIDC, Tarapur, Palghar, with combined installed capacity of 27,984 MTPA and is developing a third facility in Valsad, Gujarat. Its products cater to end-use industries including automobiles, home furnishings, non-woven fabrics and textiles. Revenue from operations was approximately ₹22,424 lakhs in FY2025-26. The company holds ISO 9001:2015, ISO 14001:2015, Oeko-Tex and Global Recycled Standard certifications, reflecting its stated focus on product quality and environmental sustainability.
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