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) to raise up to ₹760 crore through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹120 crore and an offer for sale (OFS) of shares worth up to ₹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. Each equity share carries a face value of ₹10.
The company may also consider a pre-IPO placement of specified securities aggregating up to ₹24 crore, in consultation with the Book Running Lead Managers, subject to regulatory approvals.
Utilisation of Proceeds
The net proceeds from the fresh issue are proposed to be used for:
- Repayment or prepayment of borrowings (₹50 crore)
- Capital expenditure towards purchase of machinery and equipment (₹35.8 crore)
- General corporate purposes
Company Overview
Incorporated in 1998 under the guidance of late Subhash Gupta and late Satya Narain Gupta, Bharat PET Limited has grown from a regional manufacturer into a diversified and integrated packaging solutions provider. The company manufactures a wide range of rigid packaging products, including PET bottles and jars, preforms, multi-layer co-extruded bottles, caps and closures, and tin containers.
It has a strong presence in the agrochemical packaging segment, where it holds an estimated market share of around 11% in India, according to a CARE Report.
Strong Capabilities and Customer Base
The company’s competitive advantage lies in its integrated manufacturing operations and in-house design and tooling capabilities, enabling it to deliver customised packaging solutions with faster turnaround times. Its engineering strengths 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, it had developed a portfolio of over 500 moulds.
Bharat PET serves a diversified customer base of more than 1,500 clients, with 841 active customers as of September 30, 2025. Notably, repeat customers contribute approximately 91% of its revenue, reflecting strong relationships and customer retention. Its key clients include Tata Consumer Products Limited, Dhanuka Agritech Limited, PI Industries Limited, India Pesticides Limited and Safex Chemicals India Limited, among others.
Manufacturing Footprint
The company operates four strategically located manufacturing facilities in Delhi, Sonipat, Ankleshwar and Jammu. As of September 30, 2025, it had an installed capacity of 18,110.53 MTPA, supported by ongoing capacity expansion and geographic diversification initiatives.
Financial Performance
Bharat PET has demonstrated strong financial growth and profitability. It reported revenue from operations of ₹411.82 crore in FY25 and ₹274.90 crore for the six months ended September 30, 2025.
Pro forma EBITDA stood at ₹87.93 crore in FY25 and ₹71.37 crore in the latest six-month period, translating into EBITDA margins of 21.35% and 25.96%, respectively. Pro forma profit after tax (PAT) was ₹50.99 crore in FY25 and ₹48.12 crore in the six-month period, with PAT margins improving to 16.90%.
The company also reported strong capital efficiency, with a pro forma return on equity (ROE) of 53.33% and return on capital employed (ROCE) of 32.51% in FY25.
Industry Outlook
India’s packaging industry continues to grow rapidly, driven by rising consumption, urbanisation, e-commerce expansion and increasing demand for sustainable solutions. Rigid plastic packaging, in particular, is expected to see steady growth through 2030, supported by demand from FMCG, pharmaceuticals and agrochemicals sectors.
Lead Managers
Equirus Capital Private Limited and Ambit Private Limited are acting as the Book Running Lead Managers to the issue.
