Founded in 1994, Solve Plastic Products Limited is a leading manufacturer of uPVC pipes and Rigid PVC electrical conduits, marketed under the brand name "BALCOPIPES." The company operates four manufacturing units, three in Kerala and one in Tamil Nadu. The products are widely approved by prestigious organisations such as the Bureau of Indian Standards (BIS), Central Public Works Department (CPWD), Military Engineer Services (MES), and several state public works departments.
With a robust network of 260 authorised dealers across Kerala, Karnataka, and Tamil Nadu, Solve Plastic Products Limited is recognised for its commitment to quality, innovation, and environmental responsibility. The company’s product range includes solvent cement, water tanks, garden hoses, and various types of PVC pipes designed to meet India’s infrastructure’s growing demands.
Under the leadership of Managing Director and Promoter Mr Sudheer Kumar Balakrishnan Nair, who brings over 35 years of industry experience, the company has achieved notable accolades, including a Zero Failure License from BIS. With a strong focus on expanding its market presence and a dedicated R&D lab, Solve Plastic Products Limited continues to deliver durable and cost-effective piping solutions across southern India.
Industry Outlook:
- The Indian plastic industry employs over 4 lakh people, with 85-90% of its 30,000 processing units being small and medium enterprises.
- India’s plastic exports reached US$ 10.43 billion in FY24 (until February), with medical items and plastic pipes showing growth rates of 8.9% and 13.8%, respectively.
Solve Plastic Products Limited IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding Capital Expenditure towards the purchase of additional plant and machinery
- To meet the Working Capital Requirements
- To meet the Issue Expenses
- General Corporate Purposes
Peer Details
The companies considered by Solve Plastic Products as its peers include:
- Captain Pipes Limited
- Rungta Irrigation Limited
- Dutron Polymers Limited
- AIK Pipes and Polymers Limited
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Contact Details of Solve Plastic Products Limited IPO
- Registered office: Door No XIII/690/ABC, Tholicode, Punalur, Kollam, Kerala- 691333, India
- Phone: +91 99956 31001
- E-mail: cs@balcopipes.com
IPO Financials
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue From Operations (in ₹ lakh) | 4,619.13 | 6,077.17 |
| Profit After Tax (PAT) (in ₹ lakh) | 142.48 | 120.27 |
| Cash & Cash Equivalents (in ₹ lakh) | 0.97 | 0.86 |
| Net Worth (in ₹ lakh) | 438.79 | 192.56 |
| Debt to Equity Ratio (x) | 2.83 | 6.35 |
| Return on Equity Ratio (x) | 0.46 | 0.40 |
| Return on Net Worth (RoNW) (%) | 32.47% | 62.46% |
| Earning Per Share (EPS)-in absolute ₹ | 4.66 | 3.96 |
Know before investing
Strengths
6Long-standing customer relationships drive revenue growth and satisfaction.
Experienced management with over 35 years of industry expertise.
ISO 9001:2015 and BIS-certified for superior quality assurance.
Scalable business model with efficient resource utilisation.
Strong supplier relationships ensure timely raw material procurement.
Zero Failure License achievement for 3 years from BIS in 2024.
Risks
6Ongoing legal proceedings may adversely impact business and finances.
Expansion delays could increase costs and affect growth prospects.
High inventory levels strain financial resources and cash flow.
Dependence on single supplier for 86.71% of raw materials.
Revenue heavily reliant on a few key customers, impacting stability.
Price-sensitive industry may challenge maintaining competitive pricing.
