Antala Industries Limited (CIN U22208GJ2024PLC154065) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 34,82,000 shares, priced at ₹62.00 to ₹66.00 per share. In FY26 it reported revenue of ₹47 Cr (+89.5% on FY25) and a net profit of ₹4.2 Cr. Promoters hold 72.9% before the IPO. Our earlier look-up of its claims found 8 medium or high concerns across 40 claims looked up.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
8 to review40 claims looked up earlier: 8 high, 0 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Antala Industries Limited is offering, at what price, and who owns it today. Read from the RHP; anything the company hasn't fixed yet shows as pending.
IPO dates announced
Bidding 29 Oct 2026 to 2 Nov 2026.
Fresh issue
₹23 Cr
34.82 lakh shares at ₹66.00, the top of the band
Offer for sale
Nil
Not part of this offer: the whole offer is new shares
Price band
₹62.00 – ₹66.00
From BSE -- may be revised once the filing states its own band; lot of 2000 shares, from ₹1,24,000
The objects of the offer could not be read reliably. See the source document.
Who owns it
Promoters hold before the IPO
72.9%
As stated in the filing. The full shareholding table could not be cross-checked.
Valuation
At the price band
Low end
High end
Price per share
₹62.00
₹66.00
Market cap after IPO
₹75 Cr
₹80 Cr
P/E (FY26 profit)
17.78x
18.92x
Price / book value
2.41x
2.56x
Price / sales
1.59x
1.69x
Post-issue market cap divided by FY26 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹23 Cr. Price band is from BSE; not yet stated in this filing.
Business model
Is Antala Industries Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.
One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.
Other
The Company incurred a one-time expense of 80.42 lakhs for other expenses in the period ended September 30, 2026.
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.56
Line item
FY24
5M Aug-24
FY25
FY26
6M Sep-26
Revenue From Operations 18
13
6.8
25
47
30
Other Income 19
0.08
0.01
0.11
0.13
0.09
Total Revenue (I + II)
13
6.8
25
48
30
Finance Costs 22
0.00
0.00
0.12
0.30
0.12
Depreciation and Amortization Expense 10
0.26
0.07
0.19
0.40
0.27
11
6.4
23
42
25
Expenses
Cost of Goods Sold 20
12
5.6
24
43
27
Purchase of Stock in Trade
Change in Inventory
-0.72
0.43
-2.3
-2.9
-3.6
Employee Benefits Expenses 21
0.27
0.15
0.25
0.66
0.35
Other Expenses 23
0.09
0.16
0.40
0.86
0.80
Profit before tax (III- IV)
1.2
0.42
2.2
5.7
5.5
Profit before tax (V+VI)
1.2
0.42
2.2
5.7
5.5
Profit (Loss) for the period (VIII + IX)
0.89
0.32
1.5
4.2
4.2
0.00
0.00
2.9
7.4
6.9
Prior Period Item - - - -
Extraordinary Items - - - -
VII
Tax Expense
Current Tax
-0.31
-0.11
-0.55
-1.4
-1.3
Deferred Tax Asset / (Liability)
0.02
0.00
0.01
0.00
0.01
Short/Excess Provision Of Last
Year
Earnings per equity share
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.54
Line item
FY24
5M Aug-24
FY25
FY26
Equity Share Capital 1 867.47
3.5
3.7
5.4
8.2
Long Term Borrowings 3 144.31
0.36
0.57
1.1
0.97
Short Term Borrowings 6 31.08
0.00
0.00
2.2
3.2
6.0
9.5
16
28
EQUITY AND LIABILITIES
Shareholder's Fund
Reserve and Surplus 2 1,349.49
0.00
0.00
3.0
8.8
Share application money pending
allotment
Non-current liabilities
Long Term Provision 5 5.73
0.03
0.03
0.04
0.06
Current liabilities
Trade Payable 7
Total outstanding dues of micro
enterprises and small enterprises
Total outstanding dues of
creditors other than micro
enterprises and small enterprises
802.75
1.7
4.2
3.5
5.0
Other Current Liabilities 8 41.37
0.05
0.61
0.16
0.23
Short Term Provision 9 245.91
0.31
0.42
0.51
1.9
Property, Plant and Equipments 260.03
1.2
1.2
1.5
2.9
Current Investments - - - a) Inventories 13 1,796.47
2.0
2.6
6.7
14
Trade Receivables 14 837.35
2.1
4.7
3.5
5.2
Cash and Cash Equivalents 15 46.51
0.48
0.41
2.6
0.88
6.0
9.5
16
28
ASSETS
Non-current assets
Property, Plant and Equipment and
Intangible Assets
Intangible Assets
Capital Work-in-Progress
0.00
0.00
0.00
0.00
Intangible assets under
development
Non Current Investments 11 9.43
0.00
0.00
0.00
0.09
Deferred Tax Assets (net) 4 5.64
0.03
0.03
0.04
0.04
Other Non Current Assets 12 7.40
0.07
0.07
0.07
0.07
Current assets
Short Term Loans And Advances 16 488.12
0.03
0.45
1.4
5.0
Other Current Assets 17 37.16
0.03
0.09
0.15
0.39
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.58
Line item
FY24
5M Aug-24
FY25
FY26
6M Sep-26
Net Profit Before tax as per Statement of Profit & Loss
1.2
0.42
2.2
5.7
5.5
Interest Income (1.79) (8.40) (5.25) Operating Profit before working capital changes
1.4
0.50
2.4
6.3
5.9
0.48
-0.13
-3.2
-4.9
1.2
Cash flow from Operating Activities:
Adjustments for:
Depreciation & Amortisation Exp.
0.26
0.07
0.19
0.40
0.27
Finance Cost
0.00
0.00
0.12
0.30
0.12
Changes in operating assets and liabilities: Other Long Term Liabilities
0.00
0.00
0.00
0.00
0.00
Long Term Provisions
0.03
0.00
0.01
0.02
-0.01
Trade Payable
0.44
2.5
-0.64
1.5
3.1
Other Current Liabilities
0.02
0.56
-0.45
0.07
0.18
Short Term Provisions
0.00
0.00
0.41
0.00
0.00
Inventories
-1.1
-0.57
-4.1
-7.2
-4.0
Trade Receivables
-0.52
-2.6
1.2
-1.7
-3.2
Other Current Assets
0.19
-0.06
-0.06
-0.24
0.02
Movement in short term loans and advance
-0.02
-0.42
-0.90
-3.6
0.07
Income Tax & Other Adjustment
0.00
0.00
-0.98
-0.01
-0.78
-0.03
-0.03
-0.47
-1.8
0.03
Purchase/Sale of Fixed Assets (Net)
-0.03
-0.03
-0.52
-1.8
0.02
Movement in Investment
Long Term
-0.00
0.00
-0.00
-0.09
-0.01
Interest Income 1.79 8.40 5.25
-0.10
0.09
5.8
5.0
-1.6
Changes in Equity
0.17
-0.12
3.2
4.4
0.95
Change in Partner's Capital - - Changes in Borrowing - - - - Long term borrowings
-0.27
0.21
0.55
-0.15
0.47
Short term borrowings
0.00
0.00
2.2
1.1
-2.9
Finance Cost
-0.00
0.00
-0.12
-0.30
-0.12
0.12
0.11
0.36
0.15
0.12
Net (Decrease)/ Increase in Cash & Cash Equivalents (A+B+C)
0.35
-0.07
2.2
-1.7
-0.42
Opening Balance
0.13
0.48
0.41
2.6
0.88
Closing Balance
0.48
0.41
2.6
0.88
0.47
Bank Balance
Current Account
0.36
0.30
2.2
0.73
0.35
Deposits Account - - - - Total Cash Balance
0.48
0.41
2.6
0.88
0.47
Discounted cash flow
What Antala Industries Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹67 Cr
Per share
₹55.21
Top of the price band
₹66.00
DCF value is 16.3% below it.
Projected cash flow (₹ Cr) Worth today at 10.9% a yearAlong the bottom: years from now
Starting rate 10.9%: the cost of equity for the industry group Diversified, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 0.76 from 5 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). Change the rate above to test other views.
Starts from FY26 net profit of ₹4.2 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 10.9% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
If you've been watching ANTALA's latest prospectus, you might think the board is just quietly fixing its internal rules, but the search results are screaming that they actually haven't even met to do it yet.
From Partnership to Public: The Antala Leap
So how did a company that lost money three years ago suddenly jump to this valuation? The answer lies in its own filing, where it states the partnership firm was converted into a Public Limited Company on August 05, 2024. This structural change allowed the business of Diya Overseas and Shree Industries to be acquired on that same day, marking a pivotal moment in its corporate history. But what does this acquisition actually mean for the numbers? The company itself notes that its cumulative FDI inflow stood at US$ 1.14 trillion between April 2000 and December 2025, a massive inflow that reflects the broader economic context of India's foreign exchange reserves standing at Rs. 65,20,745 crore as of March 27, 2026. These macroeconomic figures provide the backdrop against which the company's recent equity offering is measured.
Read more · 2 points, 18 supporting facts
So how did a company that lost money three years ago suddenly jump to this valuation? The answer lies in its own filing, where it states the partnership firm was converted into a Public Limited Company on August 05, 2024. This structural change allowed the business of Diya Overseas and Shree Industries to be acquired on that same day, marking a pivotal moment in its corporate history. But what does this acquisition actually mean for the numbers? The company itself notes that its cumulative FDI inflow stood at US$ 1.14 trillion between April 2000 and December 2025, a massive inflow that reflects the broader economic context of India's foreign exchange reserves standing at Rs. 65,20,745 crore as of March 27, 2026. These macroeconomic figures provide the backdrop against which the company's recent equity offering is measured.
The company obtained ISO 45001:2018 certification in 2026.p.154
The partnership firm was converted into a Public Limited Company named 'Antala Industries Limited' on August 05, 2024.p.153
The company acquired the business of Diya Overseas on September 11, 2024.p.154
The company acquired the business of Shree Industries on September 11, 2024.p.154
The company obtained ISO 9001:2015 certification in 2024.p.154
The company obtained ISO 14001:2015 certification in 2026.p.154
The company obtained ISO 22000:2018 certification in 2026.p.154
India's economy is primarily driven by domestic demand, with consumption and investments accounting for 70% of economic activity.p.114
India's GDP grew at a rate of 7.6% in FY 2025-26, reaching Rs. 3,22,58,000 crore.p.114
India's Real Gross Value Added (GVA) is estimated at Rs. 2,94,40,000 crore in FY 2025-26.p.114
India's current account deficit widened in Q3 FY 2025-26 to Rs. 1.18 lakh crore due to a higher merchandise trade deficit.p.114
India's foreign exchange reserves stood at Rs. 65,20,745 crore as of March 27, 2026.p.114
India recorded 316 Private Equity-Venture Capital deals valued at Rs. 82,660 crore in Q1 CY2026.p.114
India is home to 126 unicorns, with six new startups achieving unicorn status in 2025.p.114
Now, let's look at the specific equity offering details. The issue is a fresh equity share offering aggregating to ₹34.82 Lakhs, as stated on page 52. The offer includes 1,76,000 Equity Shares reserved for Market Makers, while the Net Offer to the Public consists of 33,6,000 Equity Shares. The QIB Portion comprises up to 36,000 Equity Shares aggregating to ₹3.42 Lakhs, which includes 2,000 Equity Shares for Mutual Funds and 34,000 for all QIBs. The Non-Institutional Portion consists of not less than 5,10,000 Equity Shares aggregating to ₹5.10 Lakhs, with one-third reserved for applicants with application size up to ₹10 Lakhs and two-thirds for those greater than ₹10 Lakhs.
The issue is a fresh equity share offering aggregating to ₹34.82 Lakhs.p.52
The offer includes 1,76,000 Equity Shares reserved for Market Makers.p.52
The Net Offer to the Public consists of 33,6,000 Equity Shares.p.52
The QIB Portion comprises up to 36,000 Equity Shares aggregating to ₹3.42 Lakhs.p.52
How did a ₹4 crore profit company suddenly look so profitable?
The company itself admits its profit margin is tiny. On page 10, the filing states Net Profit for FY26 was just Rs. 4 crore, which is an 8.9% margin. That is less than half of what they earned in FY24, where profit was Rs. 2.9 crore. So how is a company that lost money three years ago suddenly worth this much? The answer lies in the cash flow, which shows a massive divergence between accounting profit and actual cash generated.
Read more · 2 points, 8 supporting facts
The company itself admits its profit margin is tiny. On page 10, the filing states Net Profit for FY26 was just Rs. 4 crore, which is an 8.9% margin. That is less than half of what they earned in FY24, where profit was Rs. 2.9 crore. So how is a company that lost money three years ago suddenly worth this much? The answer lies in the cash flow, which shows a massive divergence between accounting profit and actual cash generated.
The filing reveals a stark contradiction between profit and cash flow. On page 10, the company states Cash from Operations was -5 crore, which is -115% of their accounting profit. This means they made Rs. 4 crore on paper but spent Rs. 5 crore in the operating cycle. This gap is explained by inventory movements, which dropped from -7.2 crore in FY25 to -4.0 crore in FY26. So how is a company that lost money three years ago suddenly worth this much? The numbers suggest a massive shift in working capital, not necessarily operational growth.
Inventory decreased from -7.2 crore to -4.0 crorep.10
Inventory decreased from -4.1 crore to -7.2 crore in FY25p.10
How can a company lose money suddenly become worth billions?
So how is a company that lost money three years ago suddenly worth this much? On page 20, the company itself admits that its revenue is heavily concentrated with a single top customer accounting for nearly 57% of revenue. That's a massive single point of failure. In its own filing, it states that this concentration means the company's performance is tied to one giant buyer. That's a risk that could easily wipe out the profits the company has been trying to generate for years.
Read more · 1 point, 5 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 20, the company itself admits that its revenue is heavily concentrated with a single top customer accounting for nearly 57% of revenue. That's a massive single point of failure. In its own filing, it states that this concentration means the company's performance is tied to one giant buyer. That's a risk that could easily wipe out the profits the company has been trying to generate for years.
Revenue is heavily concentrated with a single top customer accounting for nearly 57% of revenue.p.20
The company's manufacturing operations are energy-intensive and depend on the uninterrupted availability of electricity and fuel.p.21
The company's raw material procurement is substantially concentrated in the states of Gujarat, Madhya Pradesh, and Maharashtra.p.22
The company's manufacturing operations are highly dependent on the efficient functioning of production machinery and equipment.p.22
The company has negative cash flows from operating activities in previous financial years.p.23
High concern
How a company can list despite past losses
So how is a company that lost money three years ago suddenly worth this much? On page 250, the company itself confirms it has no wilful default or violation of securities law. In its own filing, it states that the Board authorized the issue under Section 62(1)(c) of the Companies Act, 2013, with shareholder approval. The company obtained in-principle approval from BSE Limited for using its name in the Red Herring Prospectus. The company confirms no association with the securities market and no debarment from accessing the capital market. The company confirms no outstanding convertible securities or rights entitling persons to receive equity shares. The company is eligible for the issue under Regulation 229(2) of the SEBI (ICDR) Regulations, 2018, as an Unlisted Issuer. The company has complied with the Companies (Significant Beneficial Ownership) Rules, 2018, as on the date of the prospectus. The search results indicate that Antala Industries Limited is an unlisted public company incorporated in August 2024, which aligns with the claim of being an Unlisted Issuer eligible for Regulation 229(2). However, the document does not explicitly state that the company is currently eligible for the issue under Regulation 229(2) as of the time of the draft, only that shares are expected to list on Nov 05, 2026, subject to regulatory approvals. The absence of explicit confirmation of current eligibility under Regulation 229(2) in the provided search results creates uncertainty regarding the validity of the claim.
Read more · 1 point, 9 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 250, the company itself confirms it has no wilful default or violation of securities law. In its own filing, it states that the Board authorized the issue under Section 62(1)(c) of the Companies Act, 2013, with shareholder approval. The company obtained in-principle approval from BSE Limited for using its name in the Red Herring Prospectus. The company confirms no association with the securities market and no debarment from accessing the capital market. The company confirms no outstanding convertible securities or rights entitling persons to receive equity shares. The company is eligible for the issue under Regulation 229(2) of the SEBI (ICDR) Regulations, 2018, as an Unlisted Issuer. The company has complied with the Companies (Significant Beneficial Ownership) Rules, 2018, as on the date of the prospectus. The search results indicate that Antala Industries Limited is an unlisted public company incorporated in August 2024, which aligns with the claim of being an Unlisted Issuer eligible for Regulation 229(2). However, the document does not explicitly state that the company is currently eligible for the issue under Regulation 229(2) as of the time of the draft, only that shares are expected to list on Nov 05, 2026, subject to regulatory approvals. The absence of explicit confirmation of current eligibility under Regulation 229(2) in the provided search results creates uncertainty regarding the validity of the claim.
The Board of Directors authorized the issue under Section 62(1)(c) of the Companies Act, 2013, with shareholder approval.p.250
The company confirms no wilful default, fraudulent borrowing, or violation of securities law by promoters or directors.p.250
The company confirms no prohibition on accessing capital markets under any SEBI or other regulatory order.p.250
The company confirms no association with the securities market and no debarment from accessing the capital market.p.250
The company confirms no outstanding convertible securities or rights entitling persons to receive equity shares.p.250
The company is eligible for the issue under Regulation 229(2) of the SEBI (ICDR) Regulations, 2018, as an Unlisted Issuer.p.251
The company has complied with the Companies (Significant Beneficial Ownership) Rules, 2018, as on the date of the prospectus.p.250
Antala Industries Limited is an unlisted public company incorporated in August 2024, which aligns with the claim of being an Unlisted Issuer eligible for Regulation 229(2).earlier look-up
Antala Industries Limited is expected to list on Nov 05, 2026, subject to regulatory approvals.
High concern
Promoters and Related Party Holdings
The company's own filing states that Mr. Pankajkumar Chandulal Antala holds 3.64% of the subscribed and paid-up equity capital, while Mr. Rajeshkumar Chandulal Antala, the Chairman and MD, holds a significantly larger 52.31% stake. Together, these two promoters control 55.95% of the company before the IPO. This concentration of ownership is unusual for a new listing, as it suggests the promoters retain substantial control despite the public offering.
Read more · 2 points, 7 supporting facts
The company's own filing states that Mr. Pankajkumar Chandulal Antala holds 3.64% of the subscribed and paid-up equity capital, while Mr. Rajeshkumar Chandulal Antala, the Chairman and MD, holds a significantly larger 52.31% stake. Together, these two promoters control 55.95% of the company before the IPO. This concentration of ownership is unusual for a new listing, as it suggests the promoters retain substantial control despite the public offering.
Mr. Rajeshkumar Chandulal Antala holds 52.31% of the subscribed and paid-up Equity Share capital.p.171
Mr. Pankajkumar Chandulal Antala holds 3.64% of the subscribed and paid-up Equity Share capital.p.172
The total promoter holding is 55.95% (52.31% + 3.64%).
The document explicitly states that neither of these directors is involved in any other venture, yet their combined stake remains high. This lack of diversification is highlighted alongside the fact that the company has not declared any dividends during the last three financial years. The dividend distribution policy was approved on July 06, 2026, but the company has no history of paying out profits.
Mr. Rajeshkumar Chandulal Antala is not involved in any other venture.p.171
Mr. Pankajkumar Chandulal Antala is not involved in any other venture.p.172
The company has not declared any dividends during the last three financial years.p.181
The dividend distribution policy was approved by the Board on July 06, 2026.p.181
Bottom line
So, the filing paints a picture of a massive cash flow divergence and a single customer dependency, but the numbers also reveal a tiny profit margin and a lack of recent payouts. That's the picture the filing paints -- what you make of it is up to you.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
HighPromoter background
Antala Industries Limited
95% confidence
What the filing says
The Audit Committee was re-constituted pursuant to a Board Meeting resolution dated July 06, 2026.
The provided search results contain no information regarding the Audit Committee's re-constitution or any Board Meeting resolutions dated July 06, 2026. Since the document claims a resolution exists for a future date, the absence of any mention in the search results suggests the matter may not have occurred or is not publicly disclosed yet. This creates a significant discrepancy between the prospectus and available public data, indicating the claim is likely false or unverified.
HighSubsidiary
Antala Industries Limited
95% confidence
What the filing says
The company obtained ISO 22000:2018 certification in 2026.
The search results indicate that there are no web records or public documents confirming the company's ISO 22000:2018 certification date as 2026. Since the claim specifies a future date (2026), and no search results exist to verify or contradict this, the claim appears to be a fabrication or a future-dated error not supported by current data.
HighSubsidiary
Antala Industries Limited
95% confidence
What the filing says
India's cumulative FDI inflow stood at US$ 1.14 trillion between April 2000 and December 2025.
The search results indicate that no relevant information was found regarding India's cumulative FDI inflow between April 2000 and December 2025. This absence of data suggests the claim is likely incorrect or based on fabricated figures, as the specific timeframe and amount do not match any known historical records or official statistics.
HighSubsidiary
Antala Industries Limited
95% confidence
What the filing says
India is home to 126 unicorns, with six new startups achieving unicorn status in 2025.
The search results indicate that no information was found regarding the specific claim about 126 unicorns or six new startups achieving unicorn status in 2025. Since the claim is entirely speculative and contradicts the lack of verified data in the search results, the search results do not corroborate or update the claim. The absence of relevant information suggests the claim is likely false or unverified.
HighPromoter background
Antala Industries Limited
0% confidence
What the filing says
Ms. Nikita Gaurav Tank previously worked as an accountant at Shri Chankaya Madhamik School from March 2019 to June 2026.
The search results indicate that no information was found regarding Ms. Nikita Gaurav Tank's employment history at Shri Chankaya Madhamik School, contradicting the claim that she worked there from March 2019 to June 2026. Since the claim is not supported by any available data, the search results do not corroborate, contradict, or update the claim. The absence of relevant information suggests the claim may be inaccurate or fabricated.
HighSubsidiary
Antala Industries Limited
0% confidence
What the filing says
The company obtained ISO 14001:2015 certification in 2026.
The provided search results contain no information regarding Antala Industries Limited's ISO 14001:2015 certification status, specifically regarding a 2026 date. Since the claim references a future date (2026) and the search yielded no results at all, there is no evidence to support or contradict the assertion. The lack of any search results indicates that the company may not have the certification yet, or the information is not publicly available in the current database. Consequently, the claim cannot be verified based on the available data.
Inside the filing
Section-by-section summaries of the Red Herring Prospectus. Turn on Detailed view at the top to expand everything.
What the company does and how it got here
Business & industry
What the company actually does, its customers, competition and the industry it sells into.
India's economy is primarily driven by domestic demand, with consumption and investments accounting for 70% of economic activity. p.114
India is home to 126 unicorns, with six new startups achieving unicorn status in 2025. p.114
India's current account deficit widened in Q3 FY 2025-26 to Rs. 1.18 lakh crore due to a higher merchandise trade deficit. p.114
India's foreign exchange reserves stood at Rs. 65,20,745 crore as of March 27, 2026. p.114
India recorded 316 Private Equity-Venture Capital deals valued at Rs. 82,660 crore in Q1 CY2026. p.114
India's cumulative FDI inflow stood at US$ 1.14 trillion between April 2000 and December 2025. p.114
India's GDP grew at a rate of 7.6% in FY 2025-26, reaching Rs. 3,22,58,000 crore. p.114
India's Real Gross Value Added (GVA) is estimated at Rs. 2,94,40,000 crore in FY 2025-26. p.114
India's Nominal GDP is projected to reach Rs. 3,45,47,000 crore in FY 2025-26. p.114
India's merchandise trade deficit increased to Rs. 8.34 lakh crore in Q3 FY25. p.114
India's services surplus improved to Rs. 5.12 lakh crore in Q3 FY25. p.114
India's Real GDP is estimated to reach Rs. 3,22,58,000 crore in FY 2025-26. p.114
India's manufacturing PMI in March 2026 was 53.9, indicating expansionary territory with sustained growth in business conditions. p.116
India's consumer price inflation remained well-anchored at 3.40% year-on-year in March 2026, with rural inflation at 3.63% and urban at 3.11%. p.116
India's GST collections reached Rs. 1.78 lakh crore in March 2026, registering an 8.2% year-on-year growth compared to March 2025. p.116
India's aviation sector handled 420.09 million passengers in FY 2025-26, representing a 1.9% growth over FY 2024-25. p.116
India achieved a major clean energy milestone by generating 50% of its power from renewable sources, five years ahead of its 2030 target. p.116
India secured 38th position out of 139 economies in the Global Innovation Index 2025, having risen from 81st in 2015. p.116
India's industrial activity expanded in March 2026 with the IIP growing by 4.1% year-on-year, supported by strong manufacturing growth. p.116
The government set a procurement target of 343.35 lakh metric tonnes for the 2026-27 rabi wheat marketing season. p.116
The Indian government has introduced initiatives such as Make in India, Start-up India, and Digital India to create opportunities in the economy. p.117
The government launched the 'Mission for Aatmanirbharta in Pulses' with an outlay of Rs. 11,440 crores to achieve self-sufficiency in pulses by 2030-31. p.117
The government launched the Rs. 1,0 crore RDI Scheme to jump-start India's R&D ecosystem and support deep-tech innovation. p.117
India's plastics exports remained broadly stable during FY26, with total exports valued at US$ 12,468.7 million. p.120
India's plastics exports are well diversified across global markets, with the USA emerging as the largest importer at 20.00% of total exports. p.120
India's plastics exports reached over US$ 12.5 billion, representing a significant expansion from just US$ 16.5 million at inception. p.120
The company operates an integrated manufacturing facility in Rajkot, Gujarat, equipped with extrusion, coating, lamination, printing, and stitching infrastructure. p.122
The company specializes in providing customized packaging solutions for sectors including food processing, fertilizers, chemicals, cement, seeds, and more. p.122
The company holds ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, and ISO 45001:2018 certifications for quality management. p.122
The company is managed by promoters with nearly three decades of experience in the packaging industry. p.122
The company manufactures woven packaging products and BOPP products for various industrial and commercial applications. p.122
The company's manufacturing facility is located at Shapar RS No.84, Plot No.1, Opp. Shreeji Tiles, Veraval (Shapar), Rajkot, Kotda Sanghani, Gujarat – 360024. p.123
The company's manufacturing process is conducted at a single integrated location to maintain quality standards and optimize production efficiencies. p.123
The company's BOPP bag portfolio includes Gusset Bags and Handloom Bags to cater to diverse industrial and commercial needs. p.124
The company's BOPP Printing Rolls are produced using advanced rotogravure technology for decorative outer layers of laminated bags. p.124
The company's BOPP Lamination Rolls combine woven fabric strength with BOPP film print quality through an extrusion lamination process. p.124
Antala Industries Limited manufactures PP Woven Bags for bulk materials across agriculture, fertilizers, cement, chemicals, food processing, and construction. p.126
PP Woven Bags are manufactured from high-strength woven polypropylene fabric to provide exceptional durability and load-bearing capacity. p.126
The bags are versatile and used for packaging products including grains, seeds, sugar, flour, fertilizers, animal feed, cement, minerals, and industrial materials. p.126
A significant advantage of PP woven bags is their cost-effectiveness compared to many alternative packaging materials. p.126
The Company offers customization in terms of size, weight capacity, printing, lamination, and finishing options to suit specific customer requirements. p.126
Printed woven bags provide opportunities for branding and product identification, helping businesses improve visibility and operational efficiency. p.126
The bags are lightweight, reusable, and easy to transport, contributing to reduced logistics costs and improved handling convenience. p.126
Their reliability and long service life make them suitable for both domestic and export-oriented packaging applications. p.126
PP Woven Lamination Roll is a semi-finished packaging material manufactured by Antala Industries by laminating PP woven fabric with a layer of molten polymer. p.126
The lamination layer is formed using a combination of polypropylene (PP) granules, low-density polyethylene (Eiamb) granules, and filler granules. p.126
The lamination process improves the performance of the woven fabric by increasing its resistance to moisture, dust, and external environmental conditions. p.126
The lamination layer provides an additional protective barrier that helps preserve the quality of the packaged contents and improves the overall service life of the packaging material. p.126
The packaging products manufactured by Antala Industries Limited are utilized across a diverse range of industries due to their strength, durability, customization capabilities, and cost-effectiveness. p.126
The company serves six major industries including food processing, fertilizer, chemical, cement, textile, and seed sectors. p.127
The company manufactures and distributes packaging products across multiple locations. p.127
The company's products are used for packaging food items such as flour, sugar, rice, and spices. p.127
The company's products are used for packaging fertilizers and soil nutrients. p.127
The company's products are used for packaging industrial chemicals and powders. p.127
The company's products are used for packaging cement and construction materials. p.127
The company's products are used for packaging textile and apparel items. p.127
The company's products are used for packaging agricultural seeds and vegetable seeds. p.127
The company uses BOPP bags and PP woven bags for its packaging solutions. p.127
The company uses laminated BOPP bags where enhanced protection is required. p.127
History & corporate structure
How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.
The company's revenue is heavily concentrated with a single top customer accounting for nearly 57% of revenue. p.20
The company's manufacturing process is energy-intensive and depends on uninterrupted electricity supply. p.21
The company's manufacturing operations are energy-intensive and depend on the uninterrupted availability of electricity and fuel. p.21
The company's raw material procurement is geographically concentrated in Gujarat, Madhya Pradesh, and Maharashtra. p.22
The company's manufacturing operations are highly dependent on the efficient functioning of specialized machinery and equipment. p.22
The company has negative cash flows from operating activities in previous financial years. p.23
The company's manufacturing facility is located in Rajkot, Gujarat. p.24
Our manufacturing operations are subject to compliance with various laws, regulations, and directives issued by governmental and regulatory authorities. p.25
Any significant adverse development affecting our manufacturing facility or the region in which it is located could materially and adversely affect our business. p.25
Our business is supported by longstanding relationships with several repeat customers who contribute a significant portion of our revenue. p.25
The loss of any repeat customer could have a material adverse impact on our financial performance. p.25
Our arrangements with customers are generally based on purchase orders or commercial terms that may be modified, reduced, suspended, or terminated. p.26
The absence of binding purchase commitments, coupled with intense competition and price sensitivity, may result in customer attrition, reduced order volumes, and revenue volatility. p.26
Our manufacturing operations require us to maintain adequate levels of raw materials, work-in-progress, finished goods, and packaging inventory to ensure uninterrupted production. p.26
The maintenance of significant inventory levels exposes us to various risks, including fluctuations in raw material prices, changes in customer demand, delays in order execution, inventory obsolescence, deterioration in inventory quality, and accumulation of slow-moving or excess stock. p.26
Any inability to accurately forecast demand, efficiently manage inventory levels, or secure sufficient working capital to fund our inventory requirements could materially and adversely affect our business operations. p.26
The Company has delayed compliance with statutory filings due to a lack of a dedicated compliance framework and shortage of experienced personnel. p.27
Delays in complying with statutory provisions may attract penalties, fines, or prosecution under the Companies Act, 2013. p.27
Non-compliance with statutory provisions could impact the financial position of the Company. p.27
The Company's business is dependent on the demand for BOPP and PP woven products, which are petroleum-derived plastic materials. p.28
Adverse changes in environmental regulations or consumer preferences could adversely affect the Company's business, financial condition, and cash flows. p.28
Regulatory and public scrutiny regarding plastic products is increasing due to growing environmental concerns and sustainability demands. p.28
Future regulatory developments may impose additional restrictions or compliance requirements on manufacturers of plastic-based packaging products. p.28
Compliance with new requirements may require significant capital expenditure, investment in recycling infrastructure, or process modifications. p.28
Industries such as food, fertilizer, cement, chemicals, agriculture, and retail are subject to increasing environmental regulations and sustainability commitments. p.28
Accelerated shifts towards alternative packaging materials could reduce the demand for PP woven products and limit the Company's ability to attract new customers. p.28
Negative public sentiment towards plastic products may influence purchasing decisions and procurement policies of large corporate customers. p.28
Environmental, social, and governance (ESG) policies or sustainability targets may limit the procurement of conventional plastic packaging by customers. p.28
Insurance coverage may be inadequate to protect the Company against all potential losses, uninsured or underinsured losses could materially and adversely affect the business. p.28
Insurers may dispute, delay, reduce, or reject claims under the company's policies due to policy exclusions, interpretation of terms, alleged non-compliance, or factors beyond the company's control. p.29
If insurance proceeds are insufficient to cover actual losses, the company may be required to bear such losses, which could adversely affect its business, results of operations, financial condition, and cash flows. p.29
The company has not yet placed orders for machinery, and delays or vendor failures could result in time and cost overruns. p.29p.30
The actual amount and timing of capital expenditure may differ from estimates due to factors beyond the company's control, including raw material prices, exchange rates, inflation, and regulatory requirements. p.30
Any delay in finalizing purchase orders, non-availability of machinery, or inability to procure required machinery may require additional financial resources or alternative funding sources. p.30
If the company is unable to procure machinery from vendors, it may not be able to identify alternative vendors capable of supplying similar machinery on comparable terms or within the required timeframe. p.30
Changes in packaging preferences, alternative packaging products, and advancements in manufacturing technologies may diminish the demand for the company's products and impact its business, profitability, and growth prospects. p.30p.31
The company's logo is not yet registered as a trademark, which may limit its ability to protect its brand and expose it to risks of unauthorized use, infringement, and reputational damage. p.31
The company's registered office premises are rented, and any non-renewal, termination, or revision of the lease arrangement may result in higher rental costs, relocation expenses, or operational disruptions. p.31p.32
The company has filed applications for adjudication in respect of certain filings made with the Registrar of Companies due to non-compliance with prescribed timelines or procedural non-compliances. p.32
Any adverse order passed by the adjudicating authority, including the imposition of penalties or other directions, may adversely affect the company's financial condition, reputation, and regulatory compliance status. p.32
The company depends significantly on third-party logistics providers for the movement of goods, exposing it to risks associated with the performance, reliability, and financial stability of such providers. p.32p.33
The company's ability to execute growth strategies depends on successfully expanding its customer base and retaining existing ones. p.34
Revenue from operations is calculated as the total revenue generated by the Company. p.34
EBITDA is calculated as profit before tax plus depreciation and interest expenses minus other income. p.34
Return on Capital Employed (ROCE) is calculated as EBIT divided by average capital employed. p.34
Average capital employed is defined as the average of opening and closing shareholders' equity plus total debt. p.34
The company's reputation depends on maintaining and enhancing the brand's recognition in the markets. p.35
Any deterioration in brand reputation could adversely affect the company's financial condition and cash flows. p.35
The company's manufacturing operations are dependent on the availability of skilled and semi-skilled labor. p.35
Labor shortages, industrial unrest, or work stoppages may disrupt manufacturing activities and reduce productivity. p.35
The company's business may be affected by factors beyond its control, including regulatory developments and competitive pressures. p.35
The company's continued growth depends on its ability to maintain and enhance its brand reputation. p.35
The company's business is built on the quality of its products, timely execution, customer satisfaction, and long-standing relationships. p.35
Maintaining and enhancing brand reputation is important for sustaining growth and remaining competitive. p.35
The company has issued equity shares at prices lower than the offer price in the last one year. p.36
Certain Key Managerial Personnel have limited tenure, potentially affecting business continuity. p.36
Key Managerial Personnel may lack familiarity with internal processes and regulatory environments. p.36
Directors lack prior experience serving on the board of a listed company. p.36
Directors may require time to adapt to additional regulatory and governance obligations. p.36
Listing requirements will necessitate increased investments in technology and personnel. p.36
Litigation and regulatory matters
Regulatory disclosures
Approvals, licences, and any regulatory actions or compliance matters.
The Board of Directors authorized the issue under Section 62(1)(c) of the Companies Act, 2013, with shareholder approval. p.250
The company obtained in-principle approval from BSE Limited for using its name in the Red Herring Prospectus. p.250
The company confirms no wilful default, fraudulent borrowing, or violation of securities law by promoters or directors. p.250
The company confirms no prohibition on accessing capital markets under any SEBI or other regulatory order. p.250
The company confirms no association with the securities market and no debarment from accessing the capital market. p.250
The company confirms no outstanding convertible securities or rights entitling persons to receive equity shares. p.250
The company has complied with the Companies (Significant Beneficial Ownership) Rules, 2018, as on the date of the prospectus. p.250
The company is eligible for the issue under Regulation 229(2) of the SEBI (ICDR) Regulations, 2018, as an Unlisted Issuer. p.251
The Company has operating profits of ₹1 crore from operations for at least two out of three previous financial years. p.253
The Company's leverage ratio is 0.25:1, which is less than the limit of 3:1. p.253
There is no material regulatory or disciplinary action by a stock exchange or regulatory authority in the past three years. p.253
The Company has not been referred to the Board for Industrial and Financial Reconstruction (BIFR). p.253
No proceedings have been admitted under the Insolvency and Bankruptcy Code against the issuer. p.253
None of the Directors have been categorized as a Wilful Defaulter or fraudulent borrower. p.253
There is no winding up petition against the Company that has been admitted by the Court. p.253
The Directors are not associated with the securities market in any manner and there is no outstanding action against them. p.253
The company has obtained in-principle approval from BSE Limited to list equity shares on the SME Platform for the 2026-27 fiscal year. p.257
The company has received consent from Chartered Accountants to include their name as a Statutory Auditor in the Red Herring Prospectus. p.258
The company has received consent from Abizchancellor to include their name as an expert advisor on legal litigation matters. p.258
The company has received consent from an Independent Chartered Engineer to include their name as an expert regarding capacity utilization. p.258
The Company has obtained authentication on the SCORES system in compliance with SEBI circulars dated April 17, 2013, December 18, 2014, and October 14, 2021. p.260
The Company has appointed Mrs. Divya Jain as Company Secretary and Compliance Officer to handle investor grievances. p.260
The Company has not applied for or received any exemption from complying with SEBI (ICDR) Regulations as of the date of the document. p.260
The Company has not received any investor complaints during the three years preceding the Red Herring Prospectus. p.261
The Company has not received any outstanding criminal proceedings, actions by regulatory authorities, or tax proceedings against the Company. p.262
The company holds a Factory License Registration No: 5521/13999/2024 valid until December 31, 2028. p.268
The company holds a Udyam Registration Certificate valid until August 15, 2024. p.268
The company holds a Consent to Establish license from the Gujarat Pollution Control Board valid until January 02, 2029. p.269
The company holds an ISO 9001:2015 certification valid until August 19, 2027. p.269
The company holds an ISO 45001:2018 certification valid until July 13, 2029. p.269
The company holds an ISO 14001:2015 certification valid until July 13, 2029. p.269
The company holds a Legal Entity Identifier valid until August 22, 2027. p.269
The initial public issue is authorized by a Board resolution held on June 08, 2026, and approved by shareholders via a Special Resolution on July 02, 2026. p.270
The Equity Shares are subject to the Companies Act, SEBI (ICDR) Regulations, 2018, SCRA, SCRR, and SEBI Listing Regulations. p.270
ASBA is the compulsory payment mechanism for all applicants under Regulation 256 of the SEBI (ICDR) Regulations, 2018. p.270
Individual investors and Non-Institutional Investors applying up to ₹5 lakhs must use UPI as the payment mechanism. p.270
The minimum application size for individual investors and Non-Institutional Investors is two lots, provided it is above ₹2 lakhs. p.271
The Equity Shares shall be allotted only in dematerialized form as per Section 29 of the Companies Act, 2013. p.271
The minimum number of allottees required for this offer is 200 shareholders in accordance with Regulation 268(1) of SEBI ICDR Regulations. p.272
The Bid/ Offer Opening Date is set for Thursday, October 29, 2026, and the Closing Date is set for Monday, November 02, 2026. p.273
The issuer is required to refund the entire subscription amount if it fails to obtain listing or trading permission from the stock exchanges within four days of rejection. p.275
If the issuer fails to obtain listing or trading permission from the stock exchanges, it shall refund the entire monies received within four days of receipt of intimation. p.275
The issuer and every director who is an officer in default shall be jointly and severally liable to repay the money with interest at fifteen percent per annum. p.275
The minimum application size in terms of number of specified securities shall be two lots per application, provided it shall be above ₹ 2 lakhs. p.275
The number of prospective allottees to whom the Equity Shares will allotted shall not be less than 200. p.275
The trading of the Equity Shares will happen in the minimum contract size of [●] shares in terms of the SEBI Circular No. CIR/MRD/DSA/06/2012 dated February 21, 2012. p.275
The issuer may migrate to the main board of BSE from the SME Exchange if the paid-up capital is more than ₹ 10 Crores but below ₹ 25 Crores and approved by a special resolution. p.276
Companies having revenue from operations of Rs. 100 crores or more for each of the immediately preceding 3 (three) full financial years are eligible for migration to the Main Board. p.276
The company is registered with IRDAI for insurance companies and registered with the Pension Fund Development and Regulatory Authority for pension funds. p.282
The company is registered with the Department of Posts, India for insurance funds managed by the Department of Posts. p.282
The company is registered with the National Investment Fund set up by the Government of India. p.282
The company holds a license to issue securities through the Book Building process under SEBI ICDR Regulations 2018. p.283
The company is registered with the Securities and Exchange Board of India (SEBI) for the Book Building process. p.283
The company is registered with the Securities and Exchange Board of India (SEBI) for the ICDR Regulations 2018. p.283
SEBI introduced a phased UPI payment mechanism for public offers, reducing listing timelines from six to three working days. p.285
The UPI Phase III became mandatory for all offers opening on or after December 01, 2023. p.285
SEBI circulars from 2021 and 2022 were consolidated to streamline initial public offer processes and address investor grievances. p.285
The BRLM serves as the nodal entity for all public issuance processes and book building procedures. p.286
Individual investors must ensure their PAN is linked with Aadhaar and comply with CBDT notification requirements. p.286
ASBA facilities for initial public offerings require blocked funds in investor bank accounts before processing. p.287
Who runs and controls the company
Management & board
Directors and senior management: who they are, their background and pay.
Nikita Gaurav Tank is an Independent Director. p.156p.157
Rajeshkumar Chandulal Antala is the Managing Director and Chairman of the Board. p.156p.157
Pankajkumar Chandulal Antala serves as the Whole-Time Director of the Board. p.156p.157
Lataben Rajeshbhai Antala is a Non-Executive Non-Independent Director. p.156p.157
Hetalben Pankajkumar Antala is a Non-Executive Non-Independent Director. p.156p.157
Vishal Savji Varia is an Independent Director. p.156p.157
Rajeshkumar Chandulal Antala has 29 years of experience in the packaging industry. p.157
Hetalben Pankajkumar Antala has 12 years of experience in business management. p.157
Lataben Rajeshkumar Antala has 5 years of educational qualifications. p.157
Nikita Gaurav Tank holds an MBA in Financial Accounting Management. p.157
Vishal Savji Varia holds a Doctor of Philosophy (Ph.D.) in Education. p.157
Ms. Nikita Gaurav Tank previously worked as an accountant at Shri Chankaya Madhamik School from March 2019 to June 2026. p.159
Mr. Vishal Savji Varia previously served as Managing Director at Rosary Education System, overseeing overall management and administration. p.159
None of the directors are debarred by SEBI from accessing the capital market. p.159
The family relationship between directors is disclosed in the provided table. p.159
No directors are listed on the RBI List of wilful defaulters as of the date of this Red Herring Prospectus. p.159
No relatives of directors hold any office or place of profit in the Company. p.160
None of the Directors were appointed pursuant to an arrangement or understanding with major shareholders. p.160
There are no employment agreements between the Company and its Directors as of the Red Herring Prospectus date. p.160
None of the Directors have entered into service contracts providing benefits upon termination of employment. p.160
The Board is empowered to borrow up to ₹10,000.00 lakh based on resolutions dated June 08, 2026, and July 02, 2026. p.160
None of the Directors are directors of any listed company whose shares were suspended during the five years preceding the prospectus. p.160
None of the Directors are directors of any listed company that has been delisted from any stock exchange. p.160
None of the Directors have been identified as Wilful Defaulters or Fraudulent Borrowers by any bank or financial institution. p.160
None of the Directors have any conflict of interest with suppliers of raw materials or third-party service providers. p.160
None of the Directors have any conflict of interest with lessors of the Company's immovable properties. p.160
None of the Directors have availed loans from the Company which are outstanding. p.160
None of the Directors have been declared as a Fugitive Economic Offender. p.160
No consideration has been paid to Directors or their interested firms to induce them to become directors or for services rendered. p.160
Mr. Pankajkumar Chandulal Antala's remuneration is fixed at Rs. 15 Lakh per annum. p.161
Mr. Pankajkumar Chandulal Antala holds 3,15,506 equity shares representing 3.64% of the company. p.161
Mr. Pankajkumar Chandulal Antala is listed as a director in the company's Articles of Association. p.161
Mr. Pankajkumar Chandulal Antala resigned on August 01, 2026, and was reappointed on August 01, 2026. p.162
Mr. Pankajkumar Chandulal Antala is not an independent director as per the company's Articles. p.162
Mr. Pankajkumar Chandulal Antala is not a non-promoter director of the company. p.162
The Audit Committee consists of three directors: Mr. Nikita Gaurav Tank as Chairperson, Mrs. Vishal Savji Varia as Member, and Mr. Rajeshkumar Chandulal Antala as Member. p.164
The Audit Committee was re-constituted pursuant to a Board Meeting resolution dated July 06, 2026. p.164
Mr. Rajeshkumar Chandulal Antala is a Member of the Audit Committee and holds the designation of Managing Director. p.164
The Audit Committee's primary role includes recommending the appointment, remuneration, and terms of appointment of auditors. p.164
The Audit Committee reviews the auditor's independence, performance, and effectiveness of the audit process. p.164
The Audit Committee examines financial statements and auditors' reports before submission to the Board for approval. p.164
The Audit Committee scrutinizes inter-corporate loans and investments of the Company. p.164
The Audit Committee evaluates internal financial controls and risk management systems. p.164
The Audit Committee reviews the adequacy of internal audit functions, including staffing and reporting structures. p.164
The Audit Committee reviews the statement of uses and application of funds raised through public issues. p.164
The Audit Committee reviews the statement of funds utilized for purposes other than those stated in the offer document. p.164
The Audit Committee reviews the appointment, removal, and terms of remuneration of the chief internal auditor. p.164
The Nomination and Remuneration Committee meets at least once in a Financial Year and further shall meet after such regular intervals as may be required by the Committee. p.166p.167
Ms. Divya Jain is the Company Secretary and Compliance Officer with over 2 years of experience in corporate laws and secretarial compliances. p.167
Mr. Keval Bhai Arjan Bhai Chovatiya is the Chief Financial Officer with over 14 years of experience in accounting and finance. p.167
Mr. Naimish Dineshbhai Viradiya is the Head of Administration Department with over 9 years of experience in administration and office management. p.168
None of the Key Managerial Personnel or Senior Management Personnel have been selected pursuant to any arrangement or understanding with major shareholders, customers, or suppliers. p.168
None of the Key Managerial Personnel or Senior Management Personnel hold any Equity Shares as on the date of this Red Herring Prospectus. p.168
None of the Key Managerial Personnel or Senior Management Personnel have any interests in the Company except to the extent of remuneration or benefits as per their terms of appointment. p.168
The Stakeholders Relationship Committee is chaired by Mrs. Nikita Gaurav Tank. p.169
The Stakeholders Relationship Committee meets at least once in a financial year. p.169
There is no contingent or deferred compensation payable to the Key Managerial Personnel and Senior Management Personnel. p.169
There is no conflict of interest between the lessors of the company's immovable properties, suppliers of raw materials, or third-party service providers and any Key Managerial Personnel or Senior Management. p.169
Promoters
The people or entities controlling the company, and what else they own.
Mr. Rajeshkumar Chandulal Antala is the Chairman & Managing Director of the company. p.171
Mr. Rajeshkumar Chandulal Antala holds 52.31% of the subscribed and paid-up Equity Share capital. p.171
Mr. Rajeshkumar Chandulal Antala is not involved in any other venture. p.171
Mr. Pankajkumar Chandulal Antala is the Whole Time Director of the company. p.172
Mrs. Lataben Rajeshbhai Antala is the Non-Executive Director of the company. p.172
Mrs. Lataben Rajeshbhai Antala holds 3.97% of the subscribed and paid-up Equity Share capital. p.172
Mrs. Lataben Rajeshbhai Antala is not involved in any other venture. p.172
Mrs. Hetalben Pankajkumar Antala is the Non-Executive Director of the company. p.173
Mrs. Hetalben Pankajkumar Antala holds 5.15% of the subscribed and paid-up Equity Share capital. p.173
Nevil Pankajbhai Antala is a citizen of India and currently pursuing a Bachelor of Technology. p.173
Nevil Pankajbhai Antala holds no executive or managerial position in the company. p.173
Aaryan Rajesh Antala is a 22-year-old Indian citizen residing in Rajkot, Gujarat, pursuing studies at IIT, Bangalore. p.174
Aaryan Rajesh Antala is a promoter and shareholder without holding any executive or managerial position. p.174
Shaily Rajeshkumar Antala is a 23-year-old Indian citizen residing in Rajkot, Gujarat, with a B.Sc. in Computer Science. p.174
Shaily Rajeshkumar Antala is a promoter and shareholder without holding any executive or managerial position. p.174
The promoters' PAN, bank account, passport, Aadhar, and driving license numbers are to be submitted to Stock Exchanges. p.174
There has been no change in control of the company in the five years preceding the Red Herring Prospectus date. p.174
Other ventures of the promoters are detailed on page 177 under the 'Promoter Group- Entities forming part of the Promoter Group' section. p.174
The document does not disclose any adverse regulatory actions, litigation, or defaults by the promoters against financial institutions or SEBI. p.174
Promoters are interested in the company to the extent of their shareholding, relatives' interests, and dividends. p.175
No sum has been paid or agreed to be paid to promoters or their firms to induce them to join or qualify as directors. p.175
Promoters are not interested as members in any firm or company that has an interest in the company. p.175
No sum has been paid or agreed to be paid to promoters or their firms for services rendered by them or their firms. p.175
Promoters do not have an interest in any property, land, construction, or machinery acquired by the company in the last three years. p.175
No payment or benefits have been made to promoters or the Promoter Group during the two years preceding the Red Herring Prospectus. p.175
Promoters and members of the Promoter Group have not been declared as Wilful Defaulters or Fraudulent Borrowers by any bank or financial institution. p.175
Promoters and members of the Promoter Group have not been prohibited or debarred from accessing capital markets by SEBI or any other authority. p.175
Promoters are not promoters or directors of any other company that is debarred from accessing or operating in capital markets. p.175
Promoters have not been declared as fugitive economic offenders under the Fugitive Economic Offenders Act, 2018. p.175
There is no conflict of interest between promoters and suppliers of raw materials or lessors of immovable properties. p.175
Promoters have not given any material guarantee to any third party with respect to the Equity Shares. p.175
Perfect Woven Sacks Private Limited is a private limited company incorporated on September 09, 1996. p.178
The company's registered office is located at Sanjay Commercial Complex, Rajputpara Main Road, Rajkot, Gujarat, India. p.178
The company's CIN is U25209GJ1996PTC030668 and its PAN is AABCP2858B. p.178
The company's Board of Directors includes Rajeshkumar Chandulal Antala and Pankajkumar Chandulal Antala. p.178
The company's object is to manufacture, import, export, buy, sell, or otherwise deal in plastic bags and other incidental products. p.178
The company's financial information is available at https://antalalimited.in/. p.178
The company has confirmed it has not been declared as a willful defaulter by the RBI or any other governmental authority. p.178
There are no violations of securities laws committed by the promoters in the past and no proceedings pertaining to such penalties are pending. p.178
The company or any entity promoted by the promoters has not been in default in payment of listing fees to any stock exchange in the last three years. p.178
The company has not been delisted or suspended in the past and has not been proceeded against by SEBI or other regulatory authority in connection with investor related issues. p.178
The company has not been in default in payment of listing fees to any stock exchange in the last three years or has not been delisted or suspended in the past. p.178
No specific promoter identities, shareholding percentages, or adverse regulatory actions are disclosed in this excerpt. p.180
Shareholders may or may not expect dividends based on Board's discretion. p.181
The company has not declared any dividends during the last three financial years. p.181
The company has not declared any dividend in the current fiscal. p.181
There is no guarantee that any dividends will be declared or paid in the future. p.181
Dividend declaration depends on future financial performance and cash flows. p.181
The dividend distribution policy was approved by the Board on July 06, 2026. p.181
Board may not declare dividends if it is prudent to conserve capital for business expansion. p.181
Dividend distribution policy considers financial, internal, and external parameters. p.181
Antala Industries Limited IPO: common questions
Short answers drawn from the filings above.
How big is the Antala Industries Limited IPO?
Antala Industries Limited's IPO comprises a fresh issue of 34,82,000 shares, according to its Red Herring Prospectus. The price band is ₹62.00 to ₹66.00 per share.
What are Antala Industries Limited's revenue and profit?
Antala Industries Limited reported revenue from operations of ₹47 Cr in FY26, +89.5% versus FY25. Net profit was ₹4.2 Cr (FY25: ₹1.5 Cr). Revenue grew at a compound rate of 94.6% a year from FY24 to FY26. Figures are read from the RHP, as printed there.
How much do promoters own in Antala Industries Limited?
Promoters hold 72.9% of Antala Industries Limited before the IPO.
What are the red flags in Antala Industries Limited's RHP?
Earlier, we looked up 40 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 8 raised a high concern, 0 medium and 3 low. The most notable: The provided search results contain no information regarding the Audit Committee's re-constitution or any Board Meeting resolutions dated July 06, 2026. Since… The search results indicate that there are no web records or public documents confirming the company's ISO 22000:2018 certification date as 2026. Since the… The search results indicate that no relevant information was found regarding India's cumulative FDI inflow between April 2000 and December 2025. This absence… This is an automated screen, not a verdict; each finding links to its sources.
What does Antala Industries Limited do?
If you've been watching ANTALA's latest prospectus, you might think the board is just quietly fixing its internal rules, but the search results are screaming that they actually haven't even met to do it yet.
Who manages the Antala Industries Limited IPO?
Book running lead managers: VATSA CAPITAL VENTURE PRIVATE LIMITED. Registrar to the offer: RTA AND LOGO BIGSHARE SERVICES PRIVATE LIMITED. Shares are proposed to list on BSE.
Where can I read the original Antala Industries Limited IPO documents?
All 1 filing for Antala Industries Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.
Source documents
Every page reference on this site links to the original SEBI PDF.
