Bharat PET has filed its DRHP with Sebi for a Rs 760-crore IPO, including a fresh issue and OFS. The issue comprises a fresh issue of equity shares worth up to Rs 120 crore and an offer for sale (OFS) of up to Rs 640 crore by promoter selling shareholders. The packaging maker plans to repay debt, fund capex and strengthen operations.

Bharat PET files draft papers for Rs 760-crore IPO. Here’s everything you need to know

Bharat PET Limited, an integrated packaging solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering aggregating up to Rs 760 crore at a face value of Rs 10 per share.

The issue comprises a fresh issue of equity shares worth up to Rs 120 crore and an offer for sale (OFS) of up to Rs 640 crore by promoter selling shareholders, including Deepak Gupta, Ankur Gupta, Rahul Gupta, Sonu Gupta, Stuti Gupta, Ruchi Gupta, Mitali Gupta and Santosh Devi Gupta. The company may also consider a pre-IPO placement of up to Rs 24 crore in consultation with the Book Running Lead Managers.

Proceeds from the fresh issue are proposed to be utilised to repay borrowings to the extent of Rs 50 crore, fund capital expenditure of Rs 35.8 crore for machinery and equipment, and for general corporate purposes.

Incorporated in 1998, Bharat PET has grown from a regional manufacturer into an integrated packaging solutions provider. The company manufactures a diversified portfolio of rigid packaging products, including PET bottles and jars, preforms, multi-layer co-extruded bottles, caps and closures, and tin containers.

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It has a strong presence in the agrochemical segment, where it holds around 11% market share in the Indian agrochemical packaging business, according to a CARE report. As of September 30, 2025, the company offered a wide range of packaging solutions across formats and sizes, catering to varied customer requirements.

A key differentiator for Bharat PET is its integrated manufacturing model and in-house design and tooling capabilities, which allow for customised solutions and faster turnaround. Its engineering capabilities include mould design, rapid prototyping and advanced tooling, with the ability to deliver moulds within 48 hours of receiving customer specifications. As of September 30, 2025, the company had developed a portfolio of over 500 moulds.

The company serves a diversified base of more than 1,500 customers, of which 841 were active as of September 30, 2025. Repeat customers accounted for around 91% of revenue, indicating strong client retention. Its marquee clients include Tata Consumer Products Limited, Dhanuka Agritech Limited, PI Industries Limited, India Pesticides Limited, Safex Chemicals India Limited, GSP Crop Science Limited, Influx Healthtech Private Limited, Alcobrew Distilleries India Limited, Energy Beverages (Clear Water) and Fresca Foods Private Limited.

Bharat PET operates four manufacturing facilities located in Delhi, Sonipat, Ankleshwar and Jammu. As of September 30, 2025, it had an installed capacity of 18,110.53 MTPA. On a pro forma basis, the company operates at a capacity of 33,401 MTPA and recorded total sales volume of 19,891 MTPA in FY25, reflecting its scale and ability to meet growing demand.

In terms of financial performance, the company reported revenue from operations of Rs 411.82 crore in FY25 and Rs 274.90 crore for the six months ended September 30, 2025. Pro forma EBITDA stood at Rs 87.93 crore in FY25 and Rs 71.37 crore in the six-month period, translating into EBITDA margins of 21.35% and 25.96%, respectively.

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Profitability remained robust, with pro forma profit after tax (PAT) of Rs 50.99 crore in FY25 and Rs 48.12 crore in the six-month period. PAT margins improved to 16.90%. The company also demonstrated strong capital efficiency, with pro forma return on equity (ROE) at 53.33% and return on capital employed (ROCE) at 32.51% in FY25.

According to the DRHP, Bharat PET compares favourably with listed peers such as Mold Tek Packaging, Shaily Engineering Plastics and Time Technoplast. It reported the second-highest fixed asset turnover ratio at 4.63, the highest ROE, maintained double-digit PAT margins, and delivered the highest CAGR among peers over FY23–FY25.

Equirus Capital Private Limited and Ambit Private Limited are acting as the Book Running Lead Managers to the issue.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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