Unitec Fibres Limited is launching its initial public offering (IPO) to raise up to ₹34.47 crore through a fresh issue of 39,16,800 equity shares at a price band of ₹83 to ₹88 per share. The Unitec Fibres IPO will open on September 23, 2026 and close on September 25, 2026, with the shares proposed to be listed on the BSE SME platform. The company manufactures Recycled Polyester Staple Fibre (RPSF) from PET flakes, PET chips and polyester waste, with applications across home furnishing, automobiles, non-woven fabrics and textiles.
The IPO is entirely a fresh issue, with around ₹31 crore of the proceeds proposed for repayment or prepayment of borrowings. Unitec Fibres currently operates two manufacturing units at MIDC Tarapur, Maharashtra, with combined installed capacity of approximately 27,984 MTPA, while a third facility is being developed in Valsad, Gujarat.
This Unitec Fibres IPO Analysis examines the IPO details, business model, products, manufacturing capacity, expansion plans, customer and supplier concentration, financial performance, cash flows, debt, valuation, peer comparison, promoters, risks and the key factors investors should track after listing.
Table of Contents
- Unitec Fibres IPO Overview
- What Does Unitec Fibres Do?
- Unitec Fibres Products and Applications
- Manufacturing Facilities and Capacity
- Unit 3 Expansion Plans
- Raw Materials and Supply Chain
- Customer Base and Revenue Concentration
- Geographical Revenue Distribution
- Unitec Fibres Order Book
- Unitec Fibres Financial Performance
- Unitec Fibres EPS
- Unitec Fibres Cash Flow and Debt
- Objects of the Unitec Fibres IPO
- Unitec Fibres IPO Valuation
- Peer Comparison
- Strengths of Unitec Fibres
- Risks of Unitec Fibres
- Promoters and Management
- Unitec Fibres Legal Matters and Dividend Policy
- SME IPO Considerations
- Key Things to Track After the IPO
- Unitec Fibres IPO: Key Facts at a Glance
The Unitec Fibres IPO is a book-built SME IPO comprising a fresh issue of up to 39,16,800 equity shares with a face value of ₹10 each. The issue is priced at ₹83 to ₹88 per share and will be listed on BSE SME. The company is not offering any shares through an offer for sale, so the IPO proceeds are being raised by the company itself.
| Particulars |
Details |
| Company |
Unitec Fibres Limited |
| IPO type |
Fresh Issue |
| IPO segment |
SME IPO |
| Proposed listing |
BSE SME |
| IPO size |
Up to ₹34.47 crore |
| Fresh equity shares |
39,16,800 shares |
| Face value |
₹10 per share |
| Price band |
₹83 to ₹88 per share |
| IPO opens |
September 23, 2026 |
| IPO closes |
September 25, 2026 |
| Basis of allotment |
September 28, 2026 |
| Share credit |
September 29, 2026 |
| Expected listing |
September 30, 2026 |
| Lot size |
1,600 shares |
| Minimum individual application |
3,200 shares |
| Minimum investment at ₹88 |
₹2,81,600 |
| Lead manager |
Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar |
Bigshare Services Pvt. Ltd. |
The total issue includes a market-maker reservation portion of up to 2,00,000 shares. The balance forms the net issue available to other investor categories.
Unitec Fibres IPO Important Dates
The Unitec Fibres IPO timeline covers the bidding period, allotment, share credit and proposed listing on BSE SME.
| Event |
Date |
| IPO opens |
September 23, 2026 |
| IPO closes |
September 25, 2026 |
| Basis of allotment |
September 28, 2026 |
| Refund/unblocking |
September 29, 2026 |
| Shares credited to demat |
September 29, 2026 |
| Listing |
September 30, 2026 |
The proposed listing date is September 30, 2026.
Unitec Fibres IPO Issue Details
The Unitec Fibres IPO is structured entirely as a fresh issue. At the upper price band of ₹88, the issue size is ₹34.47 crore, while at the lower price band of ₹83, the issue value is approximately ₹32.51 crore.
| Particulars |
Details |
| Total shares offered |
39,16,800 |
| Fresh issue |
39,16,800 shares |
| Offer for sale |
Nil |
| Price band |
₹83–₹88 |
| Issue value |
₹32.51–₹34.47 crore |
| Market-maker reservation |
Up to 2,00,000 shares |
| Face value |
₹10 |
| Listing |
BSE SME |
Since there is no offer-for-sale component, the funds raised through the issue are intended for the company's stated objects rather than providing an exit to selling shareholders.
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Get all the latest updates on the Unitec Fibres IPO, including the issue size, price band, subscription details and proposed BSE SME listing.
Unitec Fibres manufactures Recycled Polyester Staple Fibre (RPSF). The company processes recycled polyester-based raw materials, including PET flakes, PET chips and polyester waste, into polyester staple fibre with different specifications according to customer requirements.
The company's products are supplied to institutional customers across:
- Home furnishing
- Automobile
- Non-woven fabrics
- Textile and spinning
- Other industrial applications
The company's official website describes its operations around recycled polyester fibre manufacturing and PET recycling, with product applications spanning automotive, home furnishing, non-wovens and textiles.
RPSF is the core of the company's business. In FY2026, RPSF accounted for approximately 98.04% of revenue from operations, showing the company's high dependence on this product category.
How does Unitec Fibres make money?
Unitec Fibres primarily earns revenue by selling RPSF to institutional customers.
In FY2026:
-
Approximately 99.15% of revenue came from institutional buyers.
-
RPSF contributed approximately 98.04% of revenue from operations.
-
Smaller revenue streams included EPR credits, export incentives and scrap sales.
The business is therefore primarily dependent on demand from industrial customers purchasing recycled polyester staple fibre.
Unitec Fibres manufactures polyester staple fibre in different colours, deniers and forms based on customer requirements. Its product portfolio includes hollow conjugated fibre, high-bulk fibre, solid polyester staple fibre, down-type fibre and dope-dyed fibres.
| Product category |
Description |
| Dope-dyed black polyester staple fibre |
Coloured recycled polyester fibre |
| Dope-dyed coloured polyester staple fibre |
Fibre manufactured in specified colours |
| Solid polyester staple fibre |
Solid-form staple fibre |
| Down-type fibre |
Fibre used for filling applications |
| Hollow and customised fibres |
Specialised fibre variants |
Applications of RPSF
The company's RPSF products are used across several industries.
| Industry |
Applications |
| Home furnishing |
Sofas, curtains, carpets and filling |
| Automobile |
Carpets, roof liners and trunk linings |
| Non-woven fabrics |
Filtration, geotextiles and wadding |
| Textile |
Spinning and yarn manufacturing |
| Industrial |
Various fibre-based applications |
In FY2026, home furnishing was the largest end-use segment at 46.47% of revenue, followed by automobiles at 36.14%. Non-woven fabrics contributed 10.25%, while textiles contributed 5.04%.
Unitec Fibres currently operates two manufacturing facilities at MIDC Tarapur in Maharashtra. Their combined installed capacity is approximately 27,984 metric tonnes per annum.
| Facility |
Installed capacity |
| Unit 1 |
12,198 MTPA |
| Unit 2 |
15,785.66 MTPA |
| Total |
27,983.66 MTPA |
The existing facilities therefore provide approximately 27,984 MTPA of installed capacity.
Capacity utilisation
The company's existing manufacturing facilities have operated at relatively high utilisation levels over the last three financial years.
| Financial year |
Capacity utilisation |
| FY2024 |
92.32% |
| FY2025 |
90.98% |
| FY2026 |
90.85% |
Capacity utilisation remained above 90% throughout the period. However, it declined from 92.32% in FY2024 to 90.85% in FY2026.
This is relevant because the existing plants are already operating at relatively high utilisation, while the company is also developing an additional manufacturing facility.
Unitec Fibres is establishing a third manufacturing facility at Anklas, Umbergaon, Valsad, Gujarat.
The company has acquired approximately 47,494 square metres of land for the proposed facility. The unit is intended to process used PET bottles and textile waste into recycled polyester staple fibre.
The facility is still under development and should not be treated as part of the company's existing operational capacity until it is commissioned.
Several execution activities and approvals remain relevant, including machinery installation, utilities, labour availability and regulatory requirements.
A key point for investors is that the IPO proceeds are primarily earmarked for debt repayment and are not specifically intended to finance Unit 3.
The company's current website also identifies a new manufacturing line under development and lists its Gujarat location as part of its manufacturing footprint.
Unitec Fibres uses recycled polyester-based inputs including PET flakes, polyester waste and PET chips. These materials are processed into RPSF for different industrial applications.
Total raw material purchases were approximately ₹149.06 crore in FY2026.
| Raw material |
FY2026 purchases |
| PET flakes |
₹70.70 crore |
| Polyester waste |
₹39.96 crore |
| PET chips |
₹28.28 crore |
| Other materials |
₹10.12 crore |
| Total |
₹149.06 crore |
PET flakes were the largest raw material category.
The company also uses PET chips, including virgin material, for products requiring particular strength and performance characteristics.
Supplier concentration
The top 10 suppliers accounted for approximately 64.64% of total purchases in FY2026.
The company does not have long-term supply contracts with these suppliers. This creates exposure to:
- Raw material availability
- Raw material price fluctuations
- Supplier concentration
- Supply disruptions
Because raw materials are a significant component of the manufacturing process, changes in PET and polyester waste prices can affect production costs and margins.
Unitec Fibres had 139 customers in FY2026, compared with 160 in FY2025 and 181 in FY2024.
FY2024 Customer Base
| Particulars |
FY2024 |
| Number of customers |
181 |
| Repeat customers |
131 |
| New customers |
50 |
| Revenue from repeat customers |
97.10% |
FY2025 Customer Base
| Particulars |
FY2025 |
| Number of customers |
160 |
| Repeat customers |
125 |
| New customers |
35 |
| Revenue from repeat customers |
95.81% |
FY2026 Customer Base
| Particulars |
FY2026 |
| Number of customers |
139 |
| Repeat customers |
99 |
| New customers |
40 |
| Revenue from repeat customers |
91.31% |
The company derives a substantial portion of revenue from repeat customers. However, the total number of customers declined from 181 in FY2024 to 139 in FY2026.
Customer concentration
Customer concentration is another important consideration in the Unitec Fibres IPO analysis.
FY2024 Customer Concentration
| Customer Group |
FY2024 |
| Largest customer |
12.15% |
| Top 5 customers |
34.08% |
| Top 10 customers |
47.64% |
FY2025 Customer Concentration
| Customer Group |
FY2025 |
| Largest customer |
10.47% |
| Top 5 customers |
29.75% |
| Top 10 customers |
45.07% |
FY2026 Customer Concentration
| Customer Group |
FY2026 |
| Largest customer |
11.84% |
| Top 5 customers |
32.40% |
| Top 10 customers |
45.94% |
The top 10 customers contributed 45.94% of FY2026 revenue from operations.
The company has also stated that it does not have long-term contracts with these customers. Consequently, customer retention and the continuity of order flows remain important for future revenue visibility.
Unitec Fibres derives most of its revenue from the domestic market.
| Market |
FY2026 contribution |
| Domestic |
89.98% |
| Export |
9.16% |
| Other operating revenue |
Remaining |
Domestic revenue is concentrated in Gujarat, Maharashtra, Tamil Nadu and Haryana, which together contributed 59.52% of revenue from operations in FY2026.
Bangladesh was the company's largest export market in FY2026.
Export revenue declined from approximately ₹35.84 crore in FY2025 to ₹20.55 crore in FY2026, reducing export contribution from 15.83% to 9.16%.
This means the company remains predominantly dependent on the Indian market.
As of September 10, 2026, Unitec Fibres had a confirmed order book of approximately ₹19.03 crore, excluding applicable taxes.
The order book covered customers from:
- Non-woven fabrics
- Home furnishing
- Automobile
- Other industrial applications
- Export markets
The order book provides visibility into near-term demand. However, an order book is not equivalent to guaranteed revenue because orders can be delayed, modified or cancelled.
Unitec Fibres reported positive revenue, EBITDA and profit after tax during FY2024, FY2025 and FY2026.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue from operations |
₹204.14 crore |
| EBITDA |
₹16.78 crore |
| PAT |
₹7.42 crore |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue from operations |
₹226.42 crore |
| EBITDA |
₹17.45 crore |
| PAT |
₹8.22 crore |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue from operations |
₹224.24 crore |
| EBITDA |
₹15.77 crore |
| PAT |
₹7.60 crore |
Revenue increased in FY2025 but declined slightly in FY2026.
Revenue from operations decreased from ₹226.42 crore in FY2025 to ₹224.24 crore in FY2026. PAT declined from ₹8.22 crore to ₹7.60 crore over the same period.
Revenue growth
Revenue increased from ₹204.14 crore in FY2024 to ₹224.24 crore in FY2026.
This represents a two-year revenue CAGR of approximately 4.8%.
PAT increased from ₹7.42 crore to ₹7.60 crore over the same period, representing a two-year CAGR of approximately 1.2%.
The figures show that profit growth was slower than revenue growth over the period.
Profitability and Key Financial Ratios
The company's profitability and balance-sheet ratios changed materially between FY2024 and FY2026.
FY2024 Financial Ratios
| Metric |
FY2024 |
| EBITDA margin |
8.22% |
| PAT margin |
3.63% |
| ROE |
16.32% |
| ROCE |
20.20% |
| Debt-equity ratio |
0.32x |
| Current ratio |
1.58x |
FY2025 Financial Ratios
| Metric |
FY2025 |
| EBITDA margin |
7.71% |
| PAT margin |
3.63% |
| ROE |
15.42% |
| ROCE |
15.04% |
| Debt-equity ratio |
0.64x |
| Current ratio |
1.56x |
FY2026 Financial Ratios
| Metric |
FY2026 |
| EBITDA margin |
7.03% |
| PAT margin |
3.39% |
| ROE |
12.41% |
| ROCE |
9.05% |
| Debt-equity ratio |
1.19x |
| Current ratio |
1.08x |
The EBITDA margin declined from 8.22% in FY2024 to 7.03% in FY2026.
ROCE also declined substantially, from 20.20% to 9.05%, while the debt-equity ratio increased from 0.32x to 1.19x.
The combination of lower returns and higher leverage makes debt reduction and future cash generation important metrics to monitor after the IPO.
The restated FY2026 basic and diluted EPS disclosed by the company was ₹7.23 per share.
The weighted average EPS for the three-year period was approximately ₹7.40.
FY2026 EPS was lower than FY2025 EPS of ₹7.83.
Investors should distinguish between the EPS disclosed in the prospectus and EPS calculated using the enlarged post-issue share capital. Since the IPO introduces new shares, the denominator used for an EPS calculation changes after the issue.
Cash flow and debt are important parts of the Unitec Fibres IPO analysis because the company's ability to generate operating cash and manage borrowings can affect its financial position.
Operating Cash Flow
| Financial year |
Cash flow from operations |
| FY2024 |
₹21.42 crore |
| FY2025 |
₹11.75 crore |
| FY2026 |
₹4.00 crore |
Operating cash flow declined from ₹21.42 crore in FY2024 to ₹4 crore in FY2026.
In FY2026, Unitec Fibres generated approximately ₹4 crore of operating cash flow against PAT of ₹7.60 crore.
Sustained operating cash generation will be important for supporting working capital requirements, debt servicing and future capital expenditure.
Debt and Borrowings
As of March 31, 2026, Unitec Fibres had total borrowings of approximately ₹77.19 crore.
| Borrowing |
Amount |
| Secured borrowings |
₹63.18 crore |
| Unsecured loans |
₹14.01 crore |
| Total borrowings |
₹77.19 crore |
The debt-equity ratio was approximately 1.19x as of March 31, 2026.
The company has also disclosed approximately ₹14.01 crore of unsecured loans repayable on demand.
Borrowings have increased over the three-year period, making the proposed use of IPO proceeds for debt repayment a significant part of the issue structure.
The principal objective of the Unitec Fibres IPO is to reduce the company's borrowings.
Approximately ₹31 crore of the net IPO proceeds is proposed to be used for repayment or prepayment of certain borrowings.
| IPO objective |
Amount |
| Repayment/prepayment of borrowings |
₹31.00 crore |
| General corporate purposes |
Balance amount |
The proposed repayment could reduce interest costs and improve leverage, although the actual impact will depend on which borrowings are repaid and whether the company raises additional debt in the future.
The company's investor-relations page provides access to its RHP and other IPO-related documents.
The Unitec Fibres IPO valuation depends on the EPS denominator used.
At the upper price band of ₹88, the post-issue market capitalisation is approximately ₹126.9 crore.
Using the FY2026 stated EPS of ₹7.23, the implied P/E multiples are:
However, the IPO increases the number of outstanding shares. When FY2026 PAT of approximately ₹7.60 crore is divided by the enlarged post-issue share count, the resulting EPS is approximately ₹5.27.
Using this post-issue EPS:
Unitec Fibres IPO valuation at a glance
At ₹83 Per Share
| Valuation Metric |
Value |
| P/E using FY2026 stated EPS of ₹7.23 |
11.48x |
| P/E using post-issue EPS of ~₹5.27 |
~15.75x |
At ₹88 Per Share
| Valuation Metric |
Value |
| P/E using FY2026 stated EPS of ₹7.23 |
12.17x |
| P/E using post-issue EPS of ~₹5.27 |
~16.70x |
The difference is due to the change in the share count after the fresh issue.
For this reason, investors comparing the Unitec Fibres IPO valuation with other companies should confirm that the EPS and share-count basis are consistent.
Price-to-Book Value
The company's reported FY2026 NAV was approximately ₹61.89 per share.
At the upper IPO price of ₹88, the issue price is therefore above the reported FY2026 NAV.
The implied price-to-book multiple at ₹88 is approximately 1.42x based on the reported NAV.
The RHP identifies Ganesha Ecosphere Limited and Divyadhan Recycling Industries Limited among the listed peers.
The peer P/E range disclosed in the offer document was:
-
Highest: 68.88x
-
Lowest: 39.29x
-
Average: 54.08x
These figures relate to the respective companies' market prices and FY2026 diluted EPS as disclosed in the offer document.
FY2026 Revenue
| Company |
Revenue |
| Unitec Fibres |
₹224.24 crore |
| Divyadhan Recycling Industries |
₹79.41 crore |
| Ganesha Ecosphere |
₹1,481.66 crore |
FY2026 PAT Margin
| Company |
PAT Margin |
| Unitec Fibres |
3.39% |
| Divyadhan Recycling Industries |
2.15% |
| Ganesha Ecosphere |
2.58% |
FY2026 ROCE
| Company |
ROCE |
| Unitec Fibres |
9.05% |
| Divyadhan Recycling Industries |
5.92% |
| Ganesha Ecosphere |
5.72% |
FY2026 Debt-Equity Ratio
| Company |
Debt-Equity Ratio |
| Unitec Fibres |
1.19x |
| Divyadhan Recycling Industries |
0.36x |
| Ganesha Ecosphere |
0.28x |
The companies differ significantly in scale, product mix, business model and capital structure. Therefore, peer multiples should be assessed alongside these differences rather than viewed in isolation.
Unitec Fibres has several operating characteristics that investors may consider when evaluating the IPO.
1. Established RPSF manufacturing business
The company has an established manufacturing business focused primarily on recycled polyester staple fibre.
2. High utilisation of existing capacity
The two existing manufacturing facilities operated at 90.85% capacity utilisation in FY2026, indicating high utilisation of the installed production base.
3. High repeat-customer contribution
Repeat customers accounted for approximately 91.31% of FY2026 revenue, indicating that a significant portion of sales came from existing customers.
4. Multiple end-use industries
RPSF is supplied to home furnishing, automobile, non-woven fabric and textile-related applications.
5. Recycling-focused business
The company converts PET and polyester waste into recycled polyester fibre, forming the core of its recycling-oriented business model.
6. Quality and sustainability certifications
The company holds certifications including ISO 9001:2015, ISO 14001:2015, Global Recycled Standard and Oeko-Tex-related certifications. The company's website also identifies its ISO and GRS certifications.
7. Proposed Unit 3 expansion
The proposed Gujarat facility could increase the company's manufacturing footprint once commissioned.
8. Proposed debt reduction
A substantial portion of the IPO proceeds is proposed to be used for repayment or prepayment of borrowings.
The Unitec Fibres IPO also has several financial, operational and concentration-related risks.
1. Declining EBITDA margin
EBITDA margin declined from 8.22% in FY2024 to 7.03% in FY2026.
If input or operating costs rise without corresponding increases in selling prices, margins could come under further pressure.
2. Rising debt
Total borrowings stood at approximately ₹77.19 crore as of March 31, 2026, while the debt-equity ratio increased to 1.19x.
3. Lower operating cash flow
Operating cash flow declined from ₹21.42 crore in FY2024 to ₹4 crore in FY2026.
This makes future cash generation an important metric to monitor.
4. Customer concentration
The top 10 customers contributed 45.94% of FY2026 revenue.
The company does not have long-term contracts with these customers, which creates dependence on continued customer relationships and order flows.
5. Supplier concentration
The top 10 suppliers accounted for 64.64% of FY2026 purchases.
The lack of long-term supply contracts increases exposure to changes in supplier availability and input prices.
6. Dependence on RPSF
RPSF accounted for approximately 98.04% of FY2026 revenue from operations.
A slowdown in demand for RPSF could therefore materially affect the company's revenue.
7. Raw material price risk
PET flakes, polyester waste and PET chips are major inputs.
Changes in their prices can affect production costs and profitability.
8. Geographical concentration
Gujarat, Maharashtra, Tamil Nadu and Haryana together contributed 59.52% of FY2026 revenue from operations.
A disruption or slowdown in these markets could affect sales.
9. Unit 3 execution risk
The Gujarat facility is still under development.
Delays in approvals, machinery installation, utilities, labour availability or commissioning could delay the expected benefits of the expansion.
10. Manufacturing concentration
Both existing manufacturing units are located at Tarapur in Maharashtra.
A prolonged disruption affecting the location could affect a significant portion of the company's manufacturing operations.
11. Decline in export contribution
Export contribution declined from 15.83% in FY2025 to 9.16% in FY2026.
The company therefore remains predominantly dependent on domestic demand.
12. SME listing and liquidity risk
Unitec Fibres is proposed to be listed on BSE SME.
SME-listed securities can have different trading and liquidity characteristics compared with mainboard-listed securities. Investors should therefore consider the possibility of lower trading liquidity when assessing the investment.
13. Working capital requirements
The company's manufacturing operations require inventory and receivables.
Changes in inventory, receivables and payables can affect operating cash flow even when accounting profits remain positive.
14. Statutory and legal matters
The offer document discloses statutory demands and legal matters, including tax and customs-related proceedings.
Investors should examine the relevant disclosures in the RHP, including the nature and amount of the claims, the company's position and the potential financial implications.
A disclosed contingent liability does not automatically mean that the entire amount will become payable. The eventual impact depends on the outcome of the relevant proceedings.
The promoter group of Unitec Fibres includes:
- Vijay Omjagdish Behl
- Virander Behl
- Devina Virander Behl
- Rajiv Behl
- Mihir Suvanam
- Magic Films Private Limited
Virander Behl is the Managing Director and promoter of Unitec Fibres.
The company's official investor-relations page identifies Virander Behl as Managing Director and promoter, Vijay Kumar Behl as Chairman and Whole-Time Director, and Devina Virander Behl as a non-executive non-independent director and promoter. It also identifies Rajiv Behl as Chief Executive Officer and Mihir Suvanam as Chief Financial Officer.
Investors evaluating the company should also review promoter shareholding after the issue and related-party transactions disclosed in the offer document.
Unitec Fibres has disclosed statutory demands and legal matters in its offer document, while its dividend policy does not provide for a fixed payout commitment. Both aspects are relevant when assessing the company's financial obligations and future distribution of profits.
Litigation and Contingent Liabilities
Unitec Fibres has disclosed various statutory demands and legal matters in its offer document.
The disclosed matters include tax and customs-related proceedings, as well as outstanding demands relating to GST, income tax and customs.
Investors should assess these matters based on:
- Nature of the proceeding
- Amount involved
- Company's position in the matter
- Stage of the proceeding
- Potential financial impact
The presence of a disclosed demand or legal proceeding does not by itself establish that the entire amount will ultimately become payable.
Dividend Policy
Unitec Fibres does not have a fixed dividend payout commitment.
Future dividends, if any, will depend on factors including:
- Profitability
- Operating cash generation
- Working capital requirements
- Debt obligations
- Capital expenditure
- Expansion requirements
- Applicable regulations
Investors should therefore not assume a fixed dividend yield based solely on the company's historical profitability.
The Unitec Fibres IPO is an SME IPO proposed to be listed on BSE SME.
One important consideration is the minimum application size. Although one market lot contains 1,600 shares, the minimum individual application is 3,200 shares, equivalent to two lots.
At the upper price band of ₹88, the calculation is:
3,200 shares × ₹88 = ₹2,81,600
This makes the minimum individual application substantially larger than the amount typically associated with many mainboard IPO applications.
Investors should also consider the trading and liquidity characteristics of SME-listed securities when evaluating the issue.
Unitec Fibres IPO Lot Size and Minimum Investment
The Unitec Fibres IPO lot size is 1,600 shares.
At the upper price band:
1,600 × ₹88 = ₹1,40,800 per lot
However, the minimum individual application is 3,200 shares, or two lots.
Therefore:
3,200 × ₹88 = ₹2,81,600
The minimum investment at the upper price band is consequently ₹2,81,600 for an individual investor.
Unitec Fibres IPO GMP
The Unitec Fibres IPO GMP, or grey market premium, is not part of the company's official IPO pricing or valuation.
Grey market transactions are unofficial and are not conducted through the stock exchange. GMP can change rapidly and should not be treated as a substitute for the company's financial statements, RHP disclosures or issue valuation.
As of the available information reviewed for this article, no official exchange-based valuation should be derived from GMP.
Want to compare Unitec Fibres with other SME offerings on issue size, price band and minimum application requirements? Check the latest SME IPO details for the recent issues.
Several operating and financial indicators can help investors assess Unitec Fibres after listing.
1. Debt reduction
Approximately ₹31 crore of IPO proceeds is proposed to be used for debt repayment or prepayment.
Actual post-issue borrowings can therefore be compared with the stated objective.
2. Finance costs
A reduction in borrowings could reduce finance costs, provided the company does not materially increase debt again.
3. Operating cash flow
FY2026 operating cash flow was approximately ₹4 crore.
Future operating cash generation should be assessed alongside PAT.
4. EBITDA margin
The FY2026 EBITDA margin was 7.03%, down from 8.22% in FY2024.
Future margin movement will provide information about the company's cost structure and pricing environment.
5. Unit 3 progress
The commissioning and ramp-up of the Gujarat facility could affect future manufacturing capacity and revenue.
6. Capacity utilisation
Existing capacity utilisation was 90.85% in FY2026.
Investors can track whether existing utilisation remains high and how the company ramps up any new capacity.
7. Customer concentration
The contribution of the top 10 customers should be monitored to determine whether revenue becomes more or less concentrated.
8. Raw material prices
PET flakes and polyester waste are key inputs, making raw material costs an important margin driver.
9. Export performance
Exports declined in FY2026.
A recovery or further decline in export revenue will affect the company's geographical revenue mix.
10. Working capital
The current ratio declined from 1.58x in FY2024 to 1.08x in FY2026.
Inventory, receivables and payable levels should therefore be monitored along with operating cash flow.
Interested in applying for the Unitec Fibres IPO? Apply online through Zerodha.
| Factor |
Key observation |
| Business |
Recycled Polyester Staple Fibre |
| IPO size |
Up to ₹34.47 crore |
| Issue type |
100% fresh issue |
| Listing |
BSE SME |
| Price band |
₹83–₹88 |
| Lot size |
1,600 shares |
| Minimum individual application |
3,200 shares |
| Minimum investment at ₹88 |
₹2,81,600 |
| FY2026 revenue |
₹224.24 crore |
| FY2026 EBITDA |
₹15.77 crore |
| FY2026 PAT |
₹7.60 crore |
| FY2026 EBITDA margin |
7.03% |
| FY2026 PAT margin |
3.39% |
| FY2026 borrowings |
₹77.19 crore |
| FY2026 debt-equity |
1.19x |
| FY2026 ROCE |
9.05% |
| Existing installed capacity |
~27,984 MTPA |
| FY2026 capacity utilisation |
90.85% |
| FY2026 top-10 customer contribution |
45.94% |
| FY2026 top-10 supplier contribution |
64.64% |
| Order book as of September 10, 2026 |
₹19.03 crore |
| IPO proceeds for debt repayment |
₹31 crore |
| Post-issue market cap at ₹88 |
~₹126.9 crore |
| FY2026 stated EPS |
₹7.23 |
| Post-issue EPS based on FY2026 PAT |
~₹5.27 |
| P/E at ₹88 using stated EPS |
~12.17x |
| P/E at ₹88 using post-issue EPS |
~16.70x |
Conclusion
Unitec Fibres operates primarily in the recycled polyester staple fibre segment, with RPSF accounting for approximately 98.04% of FY2026 revenue from operations. The company currently has two manufacturing units at Tarapur, Maharashtra, with combined installed capacity of approximately 27,984 MTPA, and these facilities operated at 90.85% capacity utilisation in FY2026.
The company also has a high repeat-customer contribution, with repeat customers accounting for 91.31% of FY2026 revenue, and had a confirmed order book of approximately ₹19.03 crore as of September 10, 2026. A third manufacturing facility is being developed in Gujarat, although it is not yet part of the existing operational capacity.
The financial profile requires close examination. Revenue from operations declined from ₹226.42 crore in FY2025 to ₹224.24 crore in FY2026, while PAT declined from ₹8.22 crore to ₹7.60 crore. EBITDA margin fell to 7.03%, ROCE declined to 9.05%, and operating cash flow fell to approximately ₹4 crore in FY2026.
Borrowings stood at approximately ₹77.19 crore as of March 31, 2026, resulting in a debt-equity ratio of 1.19x. The proposed use of approximately ₹31 crore of IPO proceeds for debt repayment or prepayment is therefore a significant part of the issue structure.
Customer and supplier concentration are additional considerations. The top 10 customers contributed 45.94% of FY2026 revenue, while the top 10 suppliers accounted for 64.64% of purchases. The business also remains highly dependent on RPSF, domestic markets and its existing Tarapur manufacturing base.
At the upper price band of ₹88, the post-issue market capitalisation is approximately ₹126.9 crore. The implied P/E is approximately 12.17x using the stated FY2026 EPS of ₹7.23, but approximately 16.70x when FY2026 PAT is considered against the enlarged post-issue share count.
Therefore, an assessment of the Unitec Fibres IPO should consider its financial performance, cash generation, debt position, valuation, customer and supplier concentration, capacity utilisation, raw material exposure, order book and Unit 3 execution rather than focusing on the recycling theme alone.
FAQs
1. What is the Unitec Fibres IPO size?
The Unitec Fibres IPO comprises up to 39,16,800 equity shares and will raise up to ₹34.47 crore at the upper price band of ₹88.
2. What is the Unitec Fibres IPO price band?
The Unitec Fibres IPO price band is ₹83 to ₹88 per equity share.
3. When does the Unitec Fibres IPO open and close?
The Unitec Fibres IPO opens on September 23, 2026 and closes on September 25, 2026.
4. What is the minimum investment in the Unitec Fibres IPO?
The minimum individual application is 3,200 shares, or two lots. At the upper price band of ₹88, the minimum investment is ₹2,81,600.
5. What is the Unitec Fibres IPO valuation?
At ₹88 per share, the post-issue market capitalisation is approximately ₹126.9 crore. The P/E is approximately 12.17x using the stated FY2026 EPS of ₹7.23 and approximately 16.70x using post-issue EPS of about ₹5.27 based on FY2026 PAT and the enlarged share count.
6. What does Unitec Fibres manufacture?
Unitec Fibres manufactures Recycled Polyester Staple Fibre (RPSF) using PET flakes, PET chips and polyester waste. Its products are used in home furnishing, automobile, non-woven fabric and textile applications.
7. How much debt does Unitec Fibres have?
As of March 31, 2026, Unitec Fibres had total borrowings of approximately ₹77.19 crore, comprising secured borrowings of ₹63.18 crore and unsecured loans of ₹14.01 crore.
8. What are the major risks of the Unitec Fibres IPO?
Key risks include customer concentration, supplier concentration, raw material price fluctuations, dependence on RPSF, borrowings, lower operating cash flow, geographical concentration, manufacturing concentration, Unit 3 execution risk, working capital requirements and the liquidity characteristics associated with SME-listed securities.