Atharva Polyplast IPO

Atharva Polyplast is a manufacturer of precision plastic components across key industrial verticals including furniture, home appliances, and automotive assemblies. The company’s main focus is on injection-moulded components, made primarily from polypropylene (PP), ABS, HDPE, and engineering polymers. It manufactures a diversified range of plastic components catering to the furniture, home appliance, and automobile industries, including products such as back frames, star bases, armrests (1D/3D/4D), headrests, and lumbar supports for the furniture segment; chiller trays, crispers, freezer doors, and AC ODU fans for home appliances; and headlamp covers, meter covers, seat buckets, and instrument cluster covers for the automobile segment.

On an average basis over the last 3 years, home appliance parts contributed 51% of revenue, followed by furniture parts at 36%, automobile parts at 9%, and other products at 4%. In 10MFY26, furniture parts contributed the largest share of manufacturing goods revenue at 51.19%, followed by home appliances at 25.28%, other products at 23.34%, and automobile parts at 0.18%.

Geographically, Maharashtra remains the dominant revenue contributor, accounting for 89.81% of sales for 10MFY26, followed by Karnataka at 10.00%. The international sales to the USA contributed 0.69% of revenue in FY25. The company maintains long-standing relationships with established customers, with repeat customer relationships spanning up to 9 years with a multinational household brand and 5 years with a multinational consumer goods company. The top customer contributed 24.42%, and the top 10 customers contributed 97.43% of total revenue for the period ended January 31, 2026.

The company's manufacturing facility, commissioned in 2015, is spread over 2,34,614 Sq. Ft. with a production space of 40,000 Sq. Ft. and is equipped with over 17 moulding machines with capacities ranging from 100T to 1000T. The facility is located in Satara, Maharashtra, with a total installed production capacity of 18,00,000 kilograms per annum. Capacity utilisation stood at 78% for the period ended January 31, 2026, having improved from 73% in FY23 and 71% in FY24, before peaking at 83% in FY25.