Bharat PET Limited, a leading integrated packaging solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), signalling its plans to hit the public markets.
The company’s initial public offering (IPO) at a face value of ₹10 per equity share will raise up to ₹760 crore. The offer includes a fresh issuance of equity shares worth ₹120 crore and an offer-for-sale of up to ₹640 crore by promoter shareholders Deepak Gupta, Ankur Gupta, Rahul Gupta, Sonu Gupta, Stuti Gupta, Ruchi Gupta, Mitali Gupta, and Santosh Devi Gupta.
“In consultation with the Book Running Lead Managers, the company may also consider a pre-IPO placement of specified securities aggregating up to Rs. 24 crore, as permitted under applicable law,” the filing stated.
Proceeds from the fresh issue are earmarked to repay borrowings of Rs. 50 crore, fund capital expenditure for machinery and equipment totaling Rs. 35.8 crore, and support general corporate purposes.
Founded in 1998 under the guidance of late Subhash Gupta and late Satya Narain Gupta, Bharat PET has evolved from a regional manufacturer to an integrated packaging powerhouse. Its offerings include PET bottles and jars, preforms, multi-layer co-extruded bottles, caps and closures, and tin containers.
The company commands an 11% share of India’s agrochemical packaging market, a key growth segment. “As of September 30, 2025, it offered a diverse portfolio of packaging solutions, including PET bottles and jars, multi-layer Co-Ex bottles, tin containers and PET preforms, across a wide range of sizes and configurations to cater to varied customer requirements,” the DRHP noted.
Bharat PET’s edge lies in its integrated manufacturing, in-house design, and tooling capabilities, allowing for rapid prototyping and customized solutions. Its engineering team can deliver moulds within 48 hours, with a current portfolio of over 500 moulds.
The company serves a broad client base of more than 1,500 customers, including marquee names such as Tata Consumer Products Limited, Dhanuka Agritech Limited, PI Industries Limited, India Pesticides Limited, and Safex Chemicals India Limited. Repeat customers account for roughly 91% of its revenue, highlighting strong client retention.
Bharat PET operates four manufacturing facilities in Delhi, Sonipat, Ankleshwar, and Jammu, with a total installed capacity of 18,110.53 MTPA. “Over the years, it has undertaken calibrated capacity expansion and geographic diversification,” the filing stated.
Financially, the company reported revenue from operations of ₹411.82 crore in FY25 and ₹274.90 crore in the six months ended September 30, 2025. Profitability remained robust, with pro forma EBITDA of ₹87.93 crore for FY25 and ₹71.37 crore for the latest six-month period, translating into margins of 21.35% and 25.96%, respectively. Pro forma PAT stood at ₹50.99 crore and ₹48.12 crore, with margins rising to 16.90%.
Bharat PET’s capital efficiency also shines, with pro forma ROE at 53.33% and ROCE at 32.51% in FY25. Operational scale is significant, with total sales volume of 19,891 MTPA across its facilities.
The company competes with listed peers such as Mold Tek Packaging, Shaily Engineering Plastics, and Time Technoplast, boasting the second-highest Fixed Asset Turnover ratio and leading ROE among its rivals.
