Altman Z″
Needs current assets and current liabilities.
INJECTO · Plastic Products · INE1JJF01019
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 1998, Injecto Polymers Limited is engaged in the manufacturing of Polypropylene (PP) woven fabrics, PP woven sacks/bags, FIBC bags, and non-woven bags, as well as bulk trading of plastic granules and PVC resins. The company operates two manufacturing units in West Bengal: Unit-I at Abujhati, Jamalpur (Purba Burdwan) with a covered area of 1,33,567 sq. ft., and Unit-II at Panchpara, Howrah (leased from group company Hind Polyfabs Private Limited). Combined installed manufacturing capacity across Unit-I and Unit-II stood at 10,870 MTPA in FY26, with an average capacity utilization of 95.29% (99.58% in FY25). Manufactured products cater to institutional and B2B industrial clients across agriculture, construction, textiles, chemicals, mining, and consumer goods. In FY26, trading activities generated 50.36% of revenue from operations while manufacturing activities contributed 49.64%. The company's sales are geographically concentrated in Eastern India, with West Bengal accounting for 85.27% of FY26 revenue. Key raw materials including PP granules, LLDPE, HDPE, and masterbatches are sourced from domestic and international suppliers.
Strategic manufacturing locations in West Bengal near agricultural and industrial hubs, multi-product portfolio with customisation capabilities, long-standing customer relationships, and quality certifications including ISO 9001:2015, ISO 22000:2018, and BIS licenses.
Injecto Polymers Limited is an ISO 9001:2015 and ISO 22000:2018 certified manufacturer of Polypropylene (PP) woven fabrics, PP woven sacks/bags, non-woven bags, and FIBC bags, alongside bulk trading of plastic granules and Polyvinyl Chloride (PVC) resins.
Source: p.22, 127, 145, 158
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Listed on | Source |
|---|---|---|---|---|---|---|
| Emmbi Industries Limited | 1.73 | 19.43 | 4.06 | mainboard | p.125, 128 | |
| RDB Rasayans Limited | 28.84 | 9.04 | 13.74 | mainboard | p.125, 128 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 13.9961 | 16.0128 | 4.26% | 375.5313 | yes | 51.7899 |
| standalone | FY25 | 26.0436 | 8.1093 | 3.1% | 261.4773 | yes | 26.314 |
| standalone | FY24 | 4.9961 | 4.4436 | 4.07% | 109.0479 | yes | 15.841 |
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds allocated across capex, debt repayment, and general corporate purposes?
Fresh issue proceeds are allocated as: Rs. 30.5000 crore for funding Phase IV capital expenditure at Unit-I (Abujhati, West Bengal), Rs. 10.0000 crore for repayment/prepayment of outstanding borrowings, and the balance for General Corporate Purposes (GCP capped at 25%).
p.101
What is the promoters' shareholding pre and post-issue, and what is their acquisition history?
Promoters Ramesh Kumar Rateria, Ashok Kumar Rateria, and 5 corporate entities hold 73.97% pre-issue shareholding, diluting to 54.00% post-issue. Financial investors were allotted 1,800,000 shares at Rs. 100.00 per share in March 2025, while promoter group 3-year WACA stands at Rs. 33.33 per share following a 1:10 stock split in December 2023.
p.82, 84, 87, 130
What are the key related-party transactions, leased assets, and promoter debt dependencies?
Unit-II manufacturing facility is leased from group entity Hind Polyfabs (Rs. 0.60 crore rent). Purchases of goods/services from group entities Maruti Packagers (Rs. 13.18 crore) and Hind Polyfabs (Rs. 2.26 crore) totaled Rs. 15.44 crore in FY26. Unsecured loans from promoter group entities total Rs. 18.70 crore (all repayable on demand), and promoters provided personal guarantees covering 100% of debt (Rs. 165.19 crore).
p.42, 62, 63, 65, 248, 256
How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT increased from Rs. 4.4436 crore in FY24 to Rs. 8.1093 crore in FY25 and Rs. 16.0128 crore in FY26. However, Cash Flow from Operations (CFO) was negative in all three years (-Rs. 12.9523 crore in FY24, -Rs. 16.8959 crore in FY25, and -Rs. 48.8010 crore in FY26) due to working capital lockup in inventory (Rs. 140.22 crore).
p.36, 48, 58, 61
What secretarial, statutory compliance, litigation, and tax findings exist for the issuer?
DGGI Kolkata issued a Rs. 21.2735 crore Show Cause Notice against group entity Hind Polyfabs and promoter Ramesh Kumar Rateria for alleged fake invoices. A GST stock mismatch penalty of Rs. 0.6100 crore was paid in FY25. A Section 454 suo motu application for historical Schedule III/AOC-4 secretarial non-compliances is pending before ROC Kolkata-I. Statutory auditor M/s Banerjee Sarkar & Co. changed within the last 3 years.
p.25, 26, 27, 29, 62, 277
What are the application lot terms, retail ticket requirements, market maker details, and liquidity constraints for public investors?
The offer is listed on BSE SME with a minimum retail application requirement of 2 lots (2,400 shares). Trading occurs strictly in standardized market lots of 1,200 shares, and because lots are indivisible, partial exit or fractional lot trading is impossible. CapitalSquare Financial Services Private Limited is the Market Maker with 283,200 reserved shares (5.05%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.1, 5, 7, 55, 79
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 1998-09-04 | Biplab Chakraborty and Sudip Maity | 200 | 100 | promoter | initial | p.82 |
| 2002-12-10 | Mahajan Vyapar Private Limited | 800 | 100 | other | preferential | p.83 |
| 2009-03-31 | Bhagyashri Trading, Nihon Impex, Nivedeeka Commercial, Shipra Retailer, Shivarpan Vanijya, Vinayak Tie-Up | 26900 | 100 | promoter group | preferential | p.83 |
| 2018-08-10 | Ramesh Kumar Rateria (HUF), Bhagyashri Trading, Nivedeeka Commercial, Vinayak Tie-Up, Suman Towers, Suman Financial Advisory | 200000 | 107 | promoter group | preferential | p.83 |
| 2018-12-08 | Ramesh Kumar Rateria, Ashok Kumar Rateria, Nivedeeka, Vinayak, Suman Towers, Suman Financial, Rupam Rateria, Rajat Rateria, Snehal Rateria, Prem Rateria, Ramesh Kumar Rateria (HUF) | 404600 | 107 | promoter group | preferential | p.83, 84 |
| 2020-02-04 | Hind Polyfabs Private Limited | 150000 | 100 | group company | preferential | p.84 |
| 2020-02-06 | Hind Polyfabs Private Limited | 150000 | 100 | group company | preferential | p.84 |
| 2022-11-08 | Suman Towers Private Limited | 120000 | 132.55 | promoter group | preferential | p.84 |
| 2022-11-09 | Suman Financial Advisory Private Limited | 120000 | 132.55 | promoter group | preferential | p.84 |
| 2023-08-09 | Bhagyashri Trading, Nilkanth Commercial, Nivedeeka Commercial, Shipra Retailers, Vinayak Tie-Up | 165220 | 135 | promoter group | preferential | p.84 |
| 2023-12-26 | Existing Shareholders | 13377200 | 0 | promoter group | split | p.82, 84 |
| 2025-03-24 | Crystals Share Broking, Kaypee Infocom, Novel Apartments, Palak Tradelink, Prerna Agency, Shiv Towers, Ultimate Agency, Uphar Vintrade | 1800000 | 100 | financial investor | preferential | p.82, 84 |
Ceo: Ramesh Kumar Rateria
Show Cause Notice DRC-01 dated Jan 12, 2026 issued by DGGI Kolkata to group company Hind Polyfab and promoter Ramesh Kumar Rateria involving Rs. 21.2735 crore (Rs. 2,127.35 lakhs) for alleged fake invoices without actual supply of goods. Material civil litigation filed by Company under Section 9 of Arbitration Act involving Rs. 2.6144 crore (Rs. 261.44 lakhs). Tax proceedings against Company in 5 cases involving Rs. 0.0145 crore (Rs. 1.45 lakhs). Group companies facing 57 tax proceedings involving Rs. 43.0705 crore.
Auditor name: M/s Banerjee Sarkar & Co., Chartered Accountants
Skin in game: Promoters hold 73.97% pre-issue shareholding.
Auditor changed last 3y: Yes
Source: p.2, 25, 26, 62, 106, 277
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Ramesh Kumar Rateria | 0.6 | remuneration | director | yes | p.62 |
| Ashok Kumar Rateria | 0.42 | remuneration | director | yes | p.62 |
| Ramesh Kumar Rateria | 0.0456 | rent | director | no | p.62 |
| Hind Polyfabs Private Limited | 0.6 | rent | group company | yes | p.63, 164 |
| Hind Polyfabs Private Limited | 2.2576 | purchase | group company | yes | p.62 |
| Maruti Packagers Private Limited | 13.1786 | purchase | group company | yes | p.63 |
| Maruti Packagers Private Limited | 2.8863 | sale | group company | yes | p.63 |
| Rateria Laminators Private Limited | 0.8836 | purchase | group company | yes | p.63 |
| Jupax Vanijya Private Limited | 1.4044 | purchase | group company | yes | p.63 |
| Sampark Consultants Limited | 16.8225 | loan taken | group company | no | p.64 |
Incurred and paid a penalty of Rs. 0.6100 crore (Rs. 61.00 lakhs) in FY25 for GST mismatch between books stock and physical stock. Disclosed administrative delays in statutory filings including ROC returns (Form 2, Form 23AC), GST, ESIC, Professional Tax, and non-compliance/incomplete RPT disclosures under Schedule III/AOC-4 filings for FY23, FY24, and FY25 for which a suo motu application under Section 454 is pending before ROC Kolkata-I.
Defaults disclosed: Yes
Source: p.26, 27, 29, 30
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-49 cr against trailing net profit ₹16 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
Borrowings rose 158% over 3 years, but only about 9% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹101 cr against an asset build of ₹9 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-52 cr, negative in 6 of 6 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Net margin improved from 1.1% to 4.3% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 4.3% vs 1.1% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 29.4% of assets. Free cash flow negative in 6 of 6 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹-87 cr ÷ ₹32 cr, over 6 years
-2.72×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹16 − ₹-49) cr ÷ average assets
29.4%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
4.3% × 1.39 × 4.30
25.4%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹35 cr ÷ ₹12 cr
2.92×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹165 cr ÷ ₹63 cr
2.62×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +26% vs revenue +292%, FY2023 to FY2026
-265pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 30.66% to 30.66% across these quarters.
Other held steady from 69.34% to 69.34% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 122 | 117 | 115 | 105 | 50 | 62 |
| Inventory days
How long stock sits before it sells | 54 | 105 | 167 | 175 | 126 | 165 |
| Payable days
How long the company takes to pay suppliers | 104 | 92 | 125 | 56 | 26 | 34 |
| Cash conversion cycle
Debtor + inventory − payable days | 72 | 130 | 157 | 224 | 149 | 194 |
| Working capital days | 20 | 109 | 42 | 53 | 21 | 24 |
| ROCE %
Return on capital employed | — | 12.0% | 9.0% | 12.0% | 16.0% | 19.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 49 | 88 | 96 | 109 | 261 | 376 |
| Other income | 0 | 2 | 0 | 1 | 0 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 3 |
| Finance cost | 3 | 5 | 5 | 6 | 9 | 12 |
| Profit before tax | 1 | 1 | 1 | 5 | 11 | 23 |
| Net profit (owners) | 1 | 1 | 2 | 4 | 8 | 16 |
| EPS (₹) | 15.76 | 12.55 | 17.65 | 3.32 | 5.34 | 10.55 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 12 | 13 | 15 | 15 |
| Reserves | 2 | 3 | 6 | 8 | 32 | 48 |
| Borrowings | 29 | 57 | 64 | 83 | 101 | 165 |
| Net block | 15 | 33 | 32 | 33 | 41 | 42 |
| CWIP | 13 | 0 | 2 | 2 | 2 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 55 | 89 | 108 | 121 | 171 | 271 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 10 | -16 | -2 | -13 | -17 | -49 |
| Cash from investing | -11 | -6 | -3 | -3 | -9 | -3 |
| Cash from financing | 1 | 22 | 5 | 16 | 26 | 52 |
| Free cash flow | -1 | -22 | -5 | -16 | -26 | -52 |
| Net change in cash | 0 | 0 | 0 | 0 | 0 | 0 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.