# Antala Industries Limited: IPO analysis > 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 ₹63.00 to ₹67.00 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. - Page: https://ipo.innerkore.com/in/company/U22208GJ2024PLC154065/antala-industries-limited/ - CIN: U22208GJ2024PLC154065 - Last updated: 29 Oct 2026 ## Key facts - **Company:** Antala Industries Limited - **CIN:** U22208GJ2024PLC154065 - **Filing stage:** RHP - **Latest SEBI filing:** 29 Oct 2026 - **Price band:** ₹63.00 to ₹67.00 per share - **Bidding opens:** 29 Oct 2026 - **Bidding closes:** 2 Nov 2026 - **Listing on:** BSE - **Revenue FY26:** ₹47 Cr - **Revenue growth:** +89.5% - **Net profit FY26:** ₹4.2 Cr - **Revenue CAGR FY24 to FY26:** 94.6% - **Promoter holding (pre-IPO):** 72.9% - **Lead managers:** VATSA CAPITAL VENTURE PRIVATE LIMITED - **Registrar:** RTA AND LOGO BIGSHARE SERVICES PRIVATE LIMITED - **Earlier look-up flags:** 8 high, 0 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 19.2x P/E. From BSE's price band, on FY26 profit; 2.6x book value. - **Growth** (looks fine): 94.6% a year. Sales FY24 to FY26; latest year +89.5%. - **Profitability** (look closer): 8.9% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.13x equity. ₹4.2 crore borrowed at the end of FY26. - **Profit into cash** (concern): -115% of profit. Operations brought in ₹-4.9 crore against ₹4.2 crore of profit in FY26. - **One-off income** (look closer): 2% of profit. Other and one-off income is 2% of pre-tax profit; management describes 7 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. (converted using BSE's price band) - **Red flags** (concern): 8 to review. 40 claims looked up earlier: 8 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | 5M Aug-24 | FY25 | FY26 | 6M Sep-26 | |---|---:|---:|---:|---:|---:| | Sales | 13 | 6.8 | 25 | 47 | 30 | | Sales growth | – | – | 100.0% | 89.5% | – | | Operating profit | 1.4 | 0.48 | 2.3 | 6.2 | 5.8 | | Operating margin | 10.9% | 7.1% | 9.4% | 13.1% | 19.2% | | Net profit | 0.89 | 0.32 | 1.5 | 4.2 | 4.2 | | Net margin | 7.1% | 4.6% | 6.0% | 8.9% | 13.9% | | Net worth | 7.2 | 11 | 17 | 31 | – | | Borrowings | 0.36 | 0.57 | 3.3 | 4.2 | – | | Return on equity | 12.3% | – | 8.6% | 13.5% | – | ## Non-recurring items (as described by management) - The Company incurred a one-time expense of 80.42 lakhs for other expenses in the period ended September 30, 2026. (p.236) - Profit after tax before extraordinary items was 418.59 lakhs for the period ended September 30, 2026. (p.236) - Extraordinary items were reported as zero for the period ended September 30, 2026. (p.236) - The Company had no extraordinary items reported for the period ended March 31, 2026. (p.236) - The Company had no extraordinary items reported for the period ended March 31, 2025. (p.236) - The Company had no extraordinary items reported for the period ended March 31, 2024. (p.236) - The Company had no extraordinary items reported for the period ended September 30, 2026. (p.236) ## Claims looked up earlier - **HIGH** (PromoterBackground): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (PromoterBackground): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (SubsidiaryPerformance): India's foreign exchange reserves stood at Rs. 65,20,745 crore as of March 27, 2026.. The search results indicate that no information was found regarding India's foreign exchange reserves as of March 27, 2026. Since the claim references a future date (2026) and the search yielded no data for that specific time, the claim appears to be a fabricated or speculative statement not supported by current available information. - **HIGH** (RegulatoryAction): 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.. The search results do not contain any information regarding the SCORES system authentication or the specific SEBI circulars mentioned in the claim. The available documents only discuss the company's business objectives, manufacturing capabilities, and upcoming listing timeline without addressing regulatory authentication details. - **LOW** (RegulatoryAction): The company is eligible for the issue under Regulation 229(2) of the SEBI (ICDR) Regulations, 2018, as an Unlisted Issuer.. 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. - **LOW** (PromoterBackground): Mr. Vishal Savji Varia is associated with Renol Polychem Limited as an Independent Director.. The provided search results contain no information regarding Mr. Vishal Savji Varia's association with Renol Polychem Limited or his role as an Independent Director. Consequently, the claim appears to be unverified based on the available data. - **LOW** (SubsidiaryPerformance): The partnership firm was converted into a Public Limited Company named 'Antala Industries Limited' on August 05, 2024.. The search results indicate that no information was found regarding the conversion of the partnership firm into a Public Limited Company named 'Antala Industries Limited' on August 05, 2024. Consequently, the claim appears to be unverified based on the available data. - **NONE** (PromoterBackground): The Board is empowered to borrow up to ₹10,000.00 lakh based on resolutions dated June 08, 2026, and July 02, 2026.. The search results do not contain any information regarding the Board's borrowing power, resolutions, or specific financial covenants for Antala Industries Limited. While there are mentions of tax disputes, regulatory orders, and IPO details, none of the provided links address the specific claim about borrowing up to ₹10,000.00 lakh based on resolutions dated June 08, 2026, and July 02, 2026. ## Common questions ### 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 ₹63.00 to ₹67.00 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 - [ANTALA INDUSTRIES LIMITED](https://www.bseindia.com/downloads/ipo/RHP_281020261807.zip) (Red Herring Prospectus, filed 29 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.