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About SSF Plastics India IPO
SSF Plastics India Limited is launching an IPO with a total offer size of ₹550 crores. Under fresh issue, the company is offering equity shares with a face value of ₹5 each, aggregating up to ₹300 crores. The offer for sale includes equity shares with a face value of ₹5 each, aggregating up to ₹250 crores. Promoters of the IPO are Kapil Dhawan, Sunil Dhawan, Ramesh Madhavdas Chugh, Saurabh Dhawan, Daksh Sunil Dhawan and Pulkeet Sunil Dhawan.
Objectives of SSF Plastics India IPO
- Repayment or prepayment of certain outstanding borrowings availed by the company
- Funding capital expenditure requirements for purchasing plant and machinery
- General corporate purposes
SSF Plastics India IPO Valuation
Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Industry Outlook
India’s packaging industry is an important, rapidly evolving sector, reflecting the country’s growing consumer demand and dynamic industrial growth. The industry, which is valued at approximately USD 80 billion, spans a diverse range of materials, formats and uses, serving a wide range of end-user segments. Whether it’s food and beverage companies, pharmaceutical firms or e-commerce platforms, effective and innovative packaging solutions are essential for product protection, shelf life, branding and ease of use. Packaging materials vary widely—from paperboard, metals, plastics and wood to glass and others. Among these, plastic packaging has emerged as the fastest-growing segment within the industry basis the Technopak report.
Company Information
SSF Plastics India Ltd offers comprehensive, end-to-end packaging solutions, serving as a one-stop provider from design through to delivery across our core product categories, including bottles and containers, caps and closures, tubs, and engineering plastic components. Its solutions cater to a diverse set of industries such as personal care, homecare, food and beverages (F&B), consumer electronics, engine oils and lubricants, and pharmaceuticals. Its capabilities span a wide variety of polymers – such as high-density polyethylene, polypropylene, low-density polyethylene, polyethylene terephthalate, and post-consumer recycled plastics – enabling the firm to maintain both versatility and operational efficiency.
Strengths of SSF Plastics India IPO
Long standing relationship with diverse customer base across different industries
The firm has managed to build strong brand equity and trust by leveraging its deep industry experience and ongoing investment in advanced technologies. As of Fiscal 2024, it is the fourth-largest manufacturer of rigid plastic packaging (RPP) products among organised players in India, basis the Technopark Report. It also has long-standing relationships with marquee clients, including an 18-year association with Hindustan Unilever Limited, and partnerships with other leading FMCG brands such as Wipro, Dabur, Emami, Colgate, Himalaya, and Alkem.
The company's growing and diversified customer base, which rose from 246 in FY22 to 347 by September 2024, reduces dependence on any single client and positions it to benefit from India’s rising consumption trends.
Broad product portfolio to serve as a comprehensive plastic packaging solution provider
The firm manufactures a wide range of packaging products across categories such as bottles and containers, caps and closures, tubs and engineering plastic components. It has, over the years, built strong capabilities in delivering customised packaging solutions, supported by its in-house design and innovation centre, mould-making expertise, decoration processes and automation division. It is also equipped to handle various polymers, including HDPE, PP, LDPE, PET and post-consumer recycled (PCR) materials, offering flexibility and efficiency. It also specialises in processing engineered compounds, particularly for electronic applications.
Integrated business model with emphasis on operational efficiency
The company operates a fully integrated business model with in-house capabilities across design, tool development, mould-making and manufacturing, ensuring speed, efficiency and quality throughout the value chain. With sophisticated machinery and design software, its tool room accommodates more than 350 moulds including high cavitation, stack, IML, IBM and bump-off moulds, ensuring prompt maintenance and continuous supply. This integrated setup enables the company to launch innovative, value-added products quickly and establish self-sustaining manufacturing facilities to cater to customer demands effectively. With 15 manufacturing units strategically situated in India, it maximises logistics, lowers delivery timings and keeps costs to the bare minimum.
Risks of SSF Plastics India IPO
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A substantial portion of the company's revenue is concentrated among a few key customers, with its top 10 customers contributing over 50% to 66% of revenue across recent periods. Any decline in business from these customers or the loss of any one of them could significantly impact its financial performance.
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The firm relies on third-party suppliers for raw materials, with its top 10 suppliers accounting for around 72% to 76% of its total purchases. Because there are no long-term supply agreements in place, any disruption in supply or price volatility may adversely affect its cost structure and business continuity.
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As with third-party suppliers, most of the company's customer relationships are not backed by long-term contracts. Thus, loss of regular orders or failure to secure new business could negatively affect its overall financial health.
SSF Plastics India IPO Financials
Peer Comparison
| Name of the Company | Revenue from Operations (in ₹ crores) | EPS (Basic) | NAV per Share | P/E |
|---|---|---|---|---|
SSF Plastics India Limited | 630.90 | 11.15 | 77.35 | NA |
Mold-Tek Packaging Limited | 698.65 | 20.07 | 178.70 | 22.38 |
Time Technoplast Limited | 4992.50 | 13.71 | 112 | 27.13 |
Shaily Engineering Plastic Limited | 643.87 | 12.49 | 99.90 | 147.66 |
IPO Registrar and Book Running Lead Manager
IPO Registrar: MUFG Intime India Private Limited
Book Running Lead Managers: IIFL Capital Services Limited, Nuvama Wealth Management Limited
Business Model
SSF Plastics India Ltd is the fourth-largest organised rigid plastic packaging (RPP) manufacturer in India by revenue (Fiscal 2024), with key product categories that include bottles and containers, caps/closures and tubs, and engineering plastic components, serving diverse industries such as personal care, homecare, F&B, electronics, lubricants, and pharmaceuticals.
With 15 manufacturing facilities across India and a capacity exceeding 50,000 tons per annum, the firm employs a wide range of advanced moulding and processing technologies. Some of its long-standing customers include major FMCG players like Hindustan Unilever, Wipro, Dabur, Emami, Colgate, and more, with the customer count growing from 246 in FY22 to 347 by Sep 2024.
It also employs sustainable practices like using recycled polymers (PCR) and renewable energy in its operations. Through its group entity, Recraft Processing, it secures access to high-quality recycled materials. Its Mumbai-based design and innovation centre drives product development, compliance, and customisation, helping it meet both domestic and international demand across markets like the UAE, Germany, and Southeast Asia.
Company Growth Trajectory
Over the last few years, SSF Plastics India Ltd has demonstrated significant growth in its revenue from operations – increasing from ₹523.82 crores in FY 2022 to ₹630.90 crores in FY 2024. Likewise, EBITDA has also substantially improved – from ₹82.55 crores in FY 2022 to ₹105.73 crores in FY 2024. EBITDA margin has also shown an upward spike, rising from 15.76% in FY 2022 to 16.76% in FY 2024.
SSF Plastics India Profit and Loss
| Parameter (in ₹ crores) | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income | 633.85 | 600.67 | 525.47 |
Profit Before Tax | 62.10 | 52.83 | 46.32 |
Profit After Tax | 46.10 | 48.58 | 31.84 |
EPS | 11.15 | 11.76 | 7.70 |
EBITDA | 105.73 | 89.88 | 82.55 |
SSF Plastics India Cash Flow Statement
| Parameter (in ₹ crores) | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax | 62.10 | 52.83 | 46.32 |
Net Cash from (used in) Operating Activities | 56.96 | 53.05 | 58.64 |
Net Cash from (used in) Investing Activities | -273.06 | -21.37 | -41.58 |
Net Cash from (used in) Financing Activities | 215.50 | -30.86 | -15.47 |
Net increase in Cash and Cash Equivalents | -0.55 | 0.81 | 1.58 |
How to Check Allotment Status of SSF Plastics India Ltd IPO?
Visit the Registrar's Website
To check the IPO allotment status for SSF Plastics India Ltd IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the 'Submit' button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.
Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps
- Select 'Equity' from the dropdown menu
- Choose ‘SSF Plastics India Ltd’ in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search' Your SSF Plastics India Ltd IPO allotment status will be displayed.
Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check SSF Plastics India Ltd IPO allotment status. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Application number
- PAN Then click 'Submit'. Your SSF Plastics India IPO bid and allotment details will be displayed.
How to Apply for SSF Plastics India IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
SSF Plastics India IPO FAQs
Where can I read more about SSF Plastics India business?
You can read more about SSF Plastics India and its IPO from the company’s red herring prospectus (RHP) here.
What is the SSF Plastics India IPO?
SSF Plastics India Ltd is launching an IPO, with fresh issue and offer for sale components. The fresh issue size is of ₹300 crores while the offer for sale aggregates up to ₹250 crores.
Is SSF Plastics IPO coming?
Yes, SSF Plastics India Ltd is expected to come up with its IPO soon.
Who is the chairman of SSF Plastics India Ltd?
Kapil Dhawan is the chairman of SSF Plastics India Ltd.
What is the lot size of shares of SSF Plastics India IPO?
The company hasn’t given any information on the lot size yet.
