Bharat PET Limited, an integrated packaging solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The company’s initial public offering at face of Rs 10 each per equity share aggregates up to ₹760 crore and comprises a fresh issue of equity shares aggregating up to ₹120 crore by the company and an offer for sale of equity shares aggregating up to ₹640 crore by the promoter selling shareholders — Deepak Gupta, Ankur Gupta, Rahul Gupta, Sonu Gupta, Stuti Gupta, Ruchi Gupta, Mitali Gupta, 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 ₹24 crore, as permitted under applicable law.
The net proceeds from the fresh issue are proposed to be utilised towards repay borrowings of Rs 50 cr in full or part; funding of capital expenditure towards purchase of machinery and equipment amounting to Rs 35.8 crs and general corporate purposes.
Incorporated in 1998 and under the guidance of late Subhash Gupta and late Satya Narain Gupta, the company has evolved from a regional manufacturer into an integrated packaging solutions provider. It is engaged in the manufacturing of a diversified SKU portfolio of rigid packaging products across multiple container formats and sizes that include PET bottles and jars, preforms, multi-layer co-extruded bottles, caps and closures, and tin containers.
The company primarily focuses on the agrochemical industry as a key growth segment, having around 11% market share in the Indian agrochemical packaging business (Source: CARE Report). 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.
Its competitive strength lies in its integrated manufacturing and in-house design and tooling capabilities, enabling customised packaging solutions and faster time-to-market. The engineering capabilities include mould design, rapid prototyping and advanced tooling platforms, with the ability to deliver moulds within 48 hours of receiving customer specifications. As of September 30, 2025, the company had a portfolio of over 500 moulds.
The company serves a diversified customer base of over 1,500 customers across industries. As of September 30, 2025, it had 841 active customers, with repeat customers contributing approximately 91% of its revenue from operations, reflecting strong client retention and long-standing relationships. Its marquee clientele includes 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.
The company operates four strategically located manufacturing facilities in Delhi, Sonipat, Ankleshwar and Jammu and has a a total installed capacity of 18,110.53 MTPA across a wide range of products, as on September 30, 2025. Over the years, it has undertaken calibrated capacity expansion and geographic diversification.
As per the DRHP, the company competes with listed peers such as Mold Tek Packaging, Shaily Engineering Plastics and Time Technoplast. In comparison to them it has the 2nd highest Fixed Asset Turnover ratio of 4.63 and had the highest ROE, maintained double digit PAT margins and delivered the highest CAGR during FY23-25.
The company reported revenue from operations of ₹411.82 crore in Fiscal 2025 and ₹274.90 crore for the six months ended September 30, 2025. Profitability remained strong, with pro forma EBITDA of ₹87.93 crore in Fiscal 2025 and ₹71.37 crore in the six-month period, translating into EBITDA margins of 21.35% and 25.96%, respectively. Pro forma Profit After Tax stood at ₹50.99 crore in Fiscal 2025 and ₹48.12 crore in the latest six-month period, with PAT margins improving to 16.90%.
The company continues to demonstrate robust capital efficiency, with pro forma ROE at 53.33% and ROCE at 32.51% in Fiscal 2025. Operationally, the company operates four manufacturing facilities with a pro forma installed capacity of 33,401 MTPA, and recorded total sales volume of 19,891 MTPA in Fiscal 2025, underscoring its scale and ability to cater to growing demand across end-use industries.
The Indian packaging industry is one of the fastest-growing sectors, driven by rising consumption, urbanisation, e-commerce expansion and increasing preference for sustainable packaging. It plays a critical role across key industries such as FMCG, food and beverages, pharmaceuticals and industrial applications, making it integral to India’s consumption-led growth.
India’s rigid plastic packaging market is expected to witness steady growth through 2030, led by FMCG and pharmaceuticals. The FMCG segment is projected to grow from USD 2.93 billion in CY20 to USD 4.58 billion by CY30, while pharmaceutical packaging is expected to reach USD 1.75 billion by CY30, supported by rising healthcare demand and regulatory requirements. Other segments, including agrochemicals, alcoholic beverages and paints, are also expected to contribute to overall growth.
Equirus Capital Private Limited and Ambit Private Limited are the Book Running Lead Managers to the issue.
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