• The company is engaged in the trading of agri commodities.
• It has also ventured in contract manufacturing for certain agri products like Potato, Cucumber and Onion.
• The company posted average financial data.
• Over 22 fold post-RI equity hints at its servicing issue, considering its minuscule performance.
• There is no harm in skipping this at par dicey bet.
ABOUT COMPANY:
Avi Polymers Ltd., (APL) is engaged in the business of trading of agricultural commodities such as wheat, rice, maize, vegetables including capsicum, tomato, Green Chilly, Onion, Potato etc, Fruits including Apple, Red Dragon, Sweet Lime, Pomegranate and other agricultural products. The company is also engaged in contract manufacturing for agricultural products such as Potato, Cucumber and Onion.
The company sources the agricultural products from the manufacturers by paying an advance payment and as per the agreed terms and then these products are sold to our network of distributors. The info on its human strength is missing from the offer document.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 90000000 equity shares of Rs. 10 each at par value to mobilize Rs. 90.00 cr. The RI has opened for subscription on February 20, 2026, and will close on March 11, 2026. The company is offering RI in the ratio of 22 for 1 to its eligible stakeholders as of the record date of February 11, 2026. The company is asking for full money on application for the number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.45 cr. for this RI process, and from the net proceeds, it will utilize Rs. 67.50 cr. for working capital, and Rs. 22.05 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and MCS Share Transfer Agents Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 4.09 cr. will stand enhanced to Rs. 94.09 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 94.09 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 0.88 cr. / Rs. 0.02 cr. (FY24), Rs. 1.38 cr. / Rs. 0.82 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 2.29 cr. on a total income of Rs. 29.69 cr. Its NAV stood at Rs. 19.50 as of September 30, 2025. However, it is missing financial data till December 31, 2025.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 539288 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 24.05 on February 10, 2026, and opened on an ex-right basis at Rs. 11.14 on February 11, 2026. Since then, it has marked a high/low of Rs. 13.52 / Rs. 11.14. The scrip last closed at Rs. 13.52 as of February 17, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 15.25 / Rs. 4.36. The counter is currently under ESM: Stage 1.
The promoters’ holding has been NIL for the last three quarter ended December 31, 2025. The counter is currently well managed by vested interest operators and trading above par value with a thin volume, to tempt investors.
Review By Dilip Davda on February 17, 2026
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
