NP
ClosedSMEPetrochemicals · Bitumen and Petroleum Products
Neptune Petrochemicals Limited
NEPTUNE·₹115 – ₹122·Opens 2025-05-28
★★★☆☆3/5
🔗 Official WebsitePrice Band: ₹115 – ₹122
Min. Investment: 244000
Issue Size: 7320
About the Company
What does this company do?
Neptune Petrochemicals Limited is engaged in the business of manufacturing and trading of bituminous products and petroleum products. The company sources raw bitumen from international suppliers and processes it for sale to customers in the road construction and waterproofing sectors.
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
7320
6000000
Fresh Issue
7320
6000000
Proceeds go to company
Reservation Structure
QIB (Qualified Institutional Buyers)
50
2850000
Up to 60% of QIB Portion reserved for Anchor Investors; 1/3 of Anchor portion for domestic Mutual Funds
NII / HNI (Non-Institutional Investors)
15
855000
Non-Institutional Investors
RII (Retail Individual Investors)
35
1995000
Retail Individual Investors
Market Maker Reservation
5.26
300000
X Securities Private Limited as Market Maker
Products & Brands
Key offerings and brand portfolio of the company.
Bituminous Products: Processed bitumen products for road construction and waterproofing applications
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | 9M FY2025 |
|---|
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
12.26
9M FY2025
EPS — Diluted (₹)
12.26
9M FY2025
P/E Ratio
9.95
At upper band (₹122)
RoNW (%)
31.76
9M FY2025 (annualized)
NAV per Share (₹)
27.03
Pre-issue
Debt/Equity
0.019
9M FY2025
EBITDA Margin (%)
4.36
9M FY2025
PAT Margin (%)
3.14
9M FY2025
Revenue CAGR
163.3
FY2022-FY2024
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
20+ years operational history since 2004
Strong financial performance with consistent profitability
Experienced promoter group with deep industry expertise
Low debt levels (Debt/Equity 0.019) indicating financial stability
Growing domestic demand for bituminous products in infrastructure
⚠️Weaknesses
Significant dependence on imported raw bitumen (83-97% of purchases)
First public offering with limited market visibility
Exposure to commodity price volatility
Relatively small market share in petrochemical sector
Thin operating margins (4.36% EBITDA margin)
🚀Opportunities
India's infrastructure development and road construction growth
Potential to expand product portfolio and market reach
Backward integration into bitumen refining
Export opportunities in petrochemical products
Strategic partnerships with larger petroleum companies
🔥Threats
Geopolitical tensions affecting bitumen supply
Trade policy changes and tariff impacts
Intense competition from established petrochemical players
Fluctuating crude oil and bitumen prices
Stringent environmental regulations in petroleum operations
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Established market presence with operations spanning over two decades (since 2004)
✓
Diversified product portfolio including bituminous and petroleum-based products
✓
Strong financial performance with consistent revenue generation and profitability
✓
Experienced promoter group with deep industry expertise
✓
Strategic location in Ahmedabad providing logistical advantages
✓
Growing market demand for bituminous products in infrastructure development
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
94.3069.33
5.7030.67
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Heavy dependence on international suppliers for raw bitumen creating supply chain vulnerability
⚠
Exposure to geopolitical risks and trade policy changes affecting import costs
⚠
Commodity price volatility impacting margins and profitability
⚠
First IPO status with limited public market history and trading liquidity
⚠
Regulatory and environmental compliance requirements in petroleum operations
⚠
Competition from established players in bituminous products market
◆ Neutral
Should You Apply?
Neptune Petrochemicals Limited, a 20-year-old petrochemical company based in Ahmedabad, manufactures and trades bituminous and petroleum products primarily for road construction. The company demonstrated strong revenue growth (163% CAGR FY2022-24) and healthy profitability with PAT of ₹1,946.59 Cr (9M FY2025), but faces significant exposure to imported raw material dependency (83-97% of purchases) and commodity price volatility. At the upper price band of ₹122, the P/E ratio of 9.95x appears reasonable for a company with consistent earnings, though thin operating margins and first-time public offering status warrant cautious evaluation. The IPO is recommended as Neutral given solid fundamentals balanced against supply chain risks and commodity sector volatility.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2025-05-28
🔒
IPO Closes
2025-05-30
🏛️
Listing
2025-06-04
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (1)
Beeline Capital Advisors
Registrar to the Issue
📋
MUFG Intime India Private Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Neptune Petrochemicals Limited
CIN
U24299GJ2021PLC126567
Registered Office
Block-B, Office No. 606, Mondeal Heights Nr. Panchratna Party Plot, S. G. Highway, Ahmedabad, Gujarat, India, 380015
Contact Person
Mrs. Ankita Bang
Phone
+91-79 49000599/600