The West Bengal company makes flexible plastic packaging such as printed laminates, shrink film and milk and oil pouches for food and beverage companies, mostly within its home state. FY26 revenue was INR 115.1 cr. Revenue more than doubled over the last two years, but free cash flow was negative in each of them, and borrowings rose from INR 6.4 cr to INR 46.8 cr to fund the growth. A large share of its purchases and sales also goes through companies linked to the promoter family. We see this as a regional, debt-funded packaging business whose growth depends heavily on connected entities. We would skip the issue at the IPO and for both the short and long term.

NAN