Anubhav Plast IPO

Established in 1987, Anubhav Plast is involved in the manufacturing of Electric Resistance Welding (ERW) steel pipes & tubes (both round and square hollow sections) and swaged MS steel tubular poles. With over 30 years of operation, its products are sold under the brand name "ANUBHAV" and bear the ISI mark of quality on every meter. The products are consumed in the power transmission & distribution sector, street lighting, telecom infrastructure, construction, irrigation and water supply, general engineering, and fabrication industries.

The company has two manufacturing facilities, both located in Kanpur, Uttar Pradesh. As of the date of the RHP, the installed capacity for ERW pipes and tubes was 7,500 MT p.m. (90,000 MT p.a.) on a single shift basis and for swaged steel tubular poles was 12,500 units p.m. (1,50,000 units p.a.).

The product portfolio covers more than 80 standard sizes for steel tubular poles ranging from 410SP-1 to 410SP-80 as per IS:2713 and ERW round pipes from 1.5 to 8 inch diameter and square hollow section up to 100X100mm; with plans to manufacture round pipes up to 10 inches and square pipes up to 200X200mm. Hot-Rolled (HR) coil is the main raw material required for the manufacture of ERW pipes which are purchased under a MoU from a Navratna PSU with a pre-determined supply price per quarter.

Steel tubular poles remain the dominant revenue contributing segment accounting for 48.2% of the total revenues in 9MFY26. They are followed by ERW Steel pipes at 31.9% and then HR Coil/Slit trading at 19.6% of revenues. Uttar Pradesh remains the key revenue generating state, accounting for 82.6% of the total revenues in 9MFY26.

The company's largest single customer is Anubhav Tubes & Conductors Private Limited which accounted for 23.4% of the total revenues. The total order book was ₹35.87 crore as at December 31, 2025, consisting of ₹12.17 crore of orders from government customers and ₹23.70 crore of orders from private customers. Pipe manufacturing capacity utilisation levels are low, and grew from 7.82% in FY23 to 10.91% in FY25 and 14.96% in 9MFY26. Pole manufacturing capacity utilisation levels are higher at 15% in FY23 to 28.19% in 9MFY26.