Anubhav Plast
- Anubhav Plast is coming out with an initial public offering (IPO) of 30,00,000 shares in a price band of Rs 77-80 per equity share.
- The issue will open on June 19, 2026 and will close on June 23, 2026.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 7.70 times of its face value on the lower side and 8.00 times on the higher side.
- Book running lead manager to the issue is CapitalSquare Advisors.
- Compliance officer for the issue is Siddharth Tiwari.
Profile of the company
Anubhav Plast is engaged in the manufacturing of Electric Resistance Welding (ERW) steel pipes and tubes in various shapes and sizes, along with Swaged Steel Tubular Poles under the ‘Anubhav’ brand. These products cater to diverse sectors including electricity transmission, street lighting, telecom, irrigation, water supply, construction, and general engineering. With a legacy spanning over three decades, it initially began operations with a single plant for manufacturing Swaged Steel Tubular Poles as per IS:2713 standards. Over time, it has expanded its capabilities through backward integration by installing two tube mills to manufacture ERW pipes in compliance with IS:1161, IS:4270, IS:4923, IS:3589, and other standards. Currently, it operates two manufacturing units in Kanpur Dehat, Uttar Pradesh: Unit I, at Industrial Area, Site - 1, Rania, Kanpur Dehat, is primarily engaged in the production of poles, while Unit II, at Kisharwal, Akbarpur, Kanpur Dehat, is equipped for manufacturing both ERW steel pipes and swaged steel tubular poles.
Its installed capacities stand at 90,000 MTPA for ERW pipes and 1,50,000 units per annum for poles. The product portfolio includes more than 80 standard pole sizes (410SP-1 to 410SP-80) as per IS:2713, round pipes from 1.5 inches to 8 inches diameter, and square/rectangular hollow sections up to 100x100 mm, as well as other pipes and tubes in accordance with IS:3589, IS:4270, and IS:9295, with expansion plans underway. It also provides value-added services like galvanization through third party vendors and is exploring diversification into scaffolding pipes, automotive components, solar structures, and crash barriers.
The company procures its primary raw material, HR Coils, from a ‘Navratna’ PSU under an MoU and supplements through open-market purchases. Its advanced machinery includes a High-Frequency Welding (HFW) Unit, enabling precision, automated welding with high-quality outputs. The ISO 9001:2015-certified facilities are strategically located near raw material sources, ensuring operational efficiency. The company secures work primarily through government tenders and e-marketplaces, maintaining relationships with State Electricity Boards and private cliental’s.
Proceed is being used for:
- Establishment of a new manufacturing facility for the production of Crash Barriers and Solar Panel Structures within the existing manufacturing premises.
- Meeting working capital requirements.
- General corporate purpose.
Industry overview
One of the primary forces behind industrialization has been the use of metals. Steel has traditionally occupied a top spot among metals. Steel production and consumption are frequently seen as measures of a country's economic development because it is both a raw material and an intermediary product. Therefore, it would not be an exaggeration to argue that the steel sector has always been at the forefront of industrial progress and that it is the foundation of any economy. The Indian steel industry is classified into three categories - major producers, main producers, and secondary producers. India is the world’s second-largest producer of crude steel, with an output of 137.96 MT of crude steel and finished steel production of 132.57 MT in FY25.
The steel industry has emerged as a major focus area given the dependence of a diverse range of sectors on its output as India works to become a manufacturing powerhouse through policy initiatives like Make in India. With the industry accounting for about 2% of the nation's GDP, India ranks as the world's second-largest producer of steel and is poised to overtake China as the world's second-largest consumer of steel. Both the industry and the nation's export manufacturing capacity have the potential to help India regain its favourable steel trade balance.
The National Steel Policy, 2017 envisage 300 million tonnes of production capacity by 2030-31. The per capita consumption of steel has increased from 57.6 kgs to 74.1 kgs during the last five years. The government has a fixed objective of increasing rural consumption of steel from the current 19.6 kg/per capita to 38 kg/per capita by 2030-31. Huge scope for growth is offered by India's comparatively low per capita steel consumption and the expected rise in consumption due to increased infrastructure construction and the thriving automobile and railways sectors.
Pros and strengths
Backward integrated manufacturing: It operates an integrated manufacturing facility for ERW steel pipes, structural steel tubes, and swaged steel tubular poles, which allows it to efficiently respond to varied market demands. Its backward integration initiatives have enabled it to internalize key stages of the manufacturing process, thereby enhancing cost efficiency, reducing lead times, and maintaining quality control. In 2022, it installed tube mill to manufacture ERW pipes and hollow sections in square profiles. Another tube mill was installed in the same unit in the year 2024, the same can manufacture ERW pipes and hollow sections in round shape only. These mills are supported by in-house slitting lines and forming equipment, allowing it to process hot-rolled coils into precise dimensions required for tube manufacturing. By reducing dependency on external processors, it has gained better control over its production cycle and improved operating margins.
Strategically located manufacturing facilities enabling operational efficiencies: Both of its manufacturing facilities are strategically located in close proximity to Kanpur, Uttar Pradesh, a location that provides significant logistical advantages due to its central access to key northern and eastern Indian states. This enables it to efficiently cater to its customers across various geographies, while minimizing delivery timelines and reducing logistics costs. Uttar Pradesh serves as a strategic distribution hub for its operations, especially in view of its long-standing business relationships with several State Electricity Departments, including those of Uttar Pradesh, Delhi, Rajasthan, Himachal Pradesh, Uttarakhand, Madhya Pradesh, Jammu & Kashmir, and Meghalaya and with several private cliental’s. The location of its plants allows for the seamless movement of finished goods by road to these regions, reinforcing its ability to fulfil bulk and time-sensitive orders with reliability and efficiency.
Diversified high-quality product range with customization: The company offers a diverse and high-quality product portfolio, enabling customers to choose from a broad range of product types, dimensions, and specifications. It manufactures Electric Resistance Welded (ERW) steel pipes and structural hollow sections in round and square profiles, along with swaged steel tubular poles. Within these categories, it offers more than 80 distinct specifications, particularly in steel poles and pipes, addressing varied technical and end-use requirements. All its products are manufactured in compliance with the applicable provisions of the Bureau of Indian Standards Act, 2016 (BIS Act, 2016), ensuring uniformity, reliability, and adherence to quality benchmarks. Its compliance with BIS standards strengthens customer confidence, enhances the credibility of its brand, and has contributed to repeat business and enduring client relationships, especially with institutional and government-linked buyers.
Risks and concerns
Pipe production utilization linked to demand for poles: It currently manufactures ERW steel pipes which are used mainly for its own production of swaged MS tubular poles. Because most of the pipes produced are consumed internally, the capacity utilisation of the pipe unit depends directly on the number of pole orders received. When pole orders reduce, get delayed, or are not available for a certain period, the internal requirement for pipes decreases. This results in lower production levels at the pipe unit and may lead to under-utilisation of the installed capacity. Its pole orders are obtained through a mix of competitive bidding and direct engagements with contractors and private clients. A part of its revenue depends on tenders issued by State Electricity Boards, Public Sector Undertakings and government departments through platforms such as the Government e-Marketplace (GeM). These tenders follow specific cycles and approval processes, which may vary across periods. Any such variation may affect the demand for poles and, as a result, the requirement for pipes used as raw material for pole production.
Significant revenue dependence on key customers: It is dependent on a limited number of high-volume customers for a substantial portion of its revenue. This concentration exposes it to the risk of reduced order volumes, cancellation or delay of existing orders, and adverse changes in commercial terms. For the period ended December 31, 2025 and for the financial years ended March 31, 2025, 2024, and 2023, its top ten customers contributed 66.42%, 82.10%, 75.76%, and 72.34%, respectively, to its total revenue from operations. While it continues to expand its customer base as part of its regular business operations, its current revenue profile remains dependent on a relatively small number of customers. Any adverse development involving these key customers such as a change in procurement strategy, deterioration in financial condition, operational disruptions, or shift in vendor preference may lead to reduction in order flow, delay in receivables, or termination of the business relationship. Furthermore, the absence of long-term contracts with many of these customers increases the risk of revenue volatility.
Dependent on few suppliers for purchase of raw materials: Its top ten suppliers have accounted for 98.30% of its total purchases during the period ended December 31, 2025. This significant dependence on a few high-volume suppliers exposes it to a variety of risks, including the possibility of disruptions in supply chains, fluctuations in product quality, or price instability in its raw materials. If one or more of these key suppliers’ experience challenges, such as financial difficulties, operational issues, or even discontinuation of business, it could face a shortage of essential supplies, impacting its ability to maintain stock levels and ultimately affecting its production, revenue and profitability.
Outlook
Anubhav Plast is engaged in manufacturing of Steel Tubular Poles and Steel Pipes. It manufactures Electric Resistance Welding (ERW) steel pipes and tubes in various shapes and sizes, along with Swaged Steel Tubular Poles under the ‘Anubhav’ brand. These products cater to diverse sectors including electricity transmission, street lighting, telecom, irrigation, water supply, construction, and general engineering. It is currently equipped with integrated manufacturing facilities capable of producing a wide range of ERW steel pipes, structural steel tubes (hollow sections), and swaged steel tubular poles in compliance with applicable BIS standards. With installed tube mills, in-house slitting and forming equipment, and multiple pole manufacturing units, it is able to efficiently fulfil customer-specific orders across standard and customized sizes. On the concern side, its manufacturing facilities are located in Kanpur Dehat, Uttar Pradesh. It does not have any other manufacturing facilities in other parts of India. This concentration exposes it to region-specific risks, including social unrest, political instability, changes in government policies (taxation, duties, incentives), local regulations, industrial unrest, labour strikes, environmental restrictions, transportation bottlenecks, and supply chain constraints.
The company is coming out with a maiden IPO of 30,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 77-80 per equity share. The aggregate size of the offer is around Rs 23.10 crore to Rs 24.00 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for fiscal year 2025 was Rs 9,816.74 lakh as against Rs 8,732.69 lakh for fiscal year 2024, an increase of 12.41%. Profit after tax for the fiscal 2025 was at Rs 599.68 lakh against profit after tax of Rs 207.99 lakh in fiscal 2024, an increase of 188.32%.
It aims to broaden its product range by venturing into adjacent and high-potential product categories such as solar panel structure components, and metal crash barriers. These segments are witnessing sustained demand growth driven by the Government of India’s continued emphasis on infrastructure development, urbanization, renewable energy expansion, and highway modernization. Further, the company aims to broaden its market reach by expanding into new geographies and tapping into emerging sectors, while continuing to cater to the growing requirements of its existing customer base. By enhancing its distribution footprint and regional presence, it seeks to access underpenetrated markets across India where demand for ERW pipes, hollow sections, and steel poles is steadily increasing, particularly in infrastructure-led states and urbanizing regions.
