Dhaval Packaging Ltd. Share Price

Dhaval Packaging 

• Dhaval Packaging is coming out with an initial public offering (IPO) of 37,48,800 shares in a price band of Rs 92-97 per equity share.
• The issue will open for subscription on July 30, 2026 and will close on August 3, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.20 times of its face value on the lower side and 9.70 times on the higher side.
• Book running lead manager to the issue is Rarever Financial Advisors.
• Compliance officer for the issue is Jeet Alkeshkumar Shah.

Profile of the company

Dhaval Packaging designs, manufactures, and supplies plastic packaging solutions for domestic and international markets. Its core philosophy is to translate brand intent into manufacturable and scalable packaging solutions for food and FMCG categories such as sweets, dairy, dry fruits, bakery and other related items. It positions itself as a solutions partner that aligns design, materials, labelling, and tooling with production realities so that packaging enhances shelf presence, protects product integrity, and supports reliable throughput on customer lines.

The company is certified for key international management standards, reflecting its focus on quality, environmental responsibility, workplace safety, and process reliability. The Company holds ISO 14001:2015 certification for its Environmental Management System, ISO 9001:2015 certification for its Quality Management System, and ISO 45001:2018 certification for Occupational Health and Safety Management Systems, each covering the scope of manufacturing Plastic IML (In-Mold Labeling) food containers, plastic food containers, Plastic IML sweet boxes, plastic square boxes, plastic lids, plastic spoons, plastic trays, and plastic end caps. 

In addition, the company is certified under ISO/IEC 17025:2017 for compliance with general requirements for the competence of testing and calibration laboratories, further strengthening its commitment to maintaining testing accuracy and product quality across its manufacturing operations. Its products span two categories, including IML Containers and SAW (Submerged Arc Welded) Pipe Protection Plastic Caps (End Caps).

Proceed is being used for:

• Part finance the cost of establishing new manufacturing facility at Taluka Sanand, District Ahmedabad (Proposed facility)
• Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
• General corporate purposes

Industry overview

The Indian plastic packaging sector is a vital and rapidly expanding segment of the country's broader packaging industry, driven by increasing demand from FMCG, pharmaceuticals, and retail sectors. Plastic packaging is favoured for its versatility, lightweight nature, durability, cost-effectiveness, and ability to preserve and protect products throughout the supply chain. It includes both rigid plastics (bottles, containers, closures, trays) and flexible plastics (films, pouches, sachets), with flexible packaging witnessing particularly high growth due to its convenience and adaptability.

India’s plastic packaging ecosystem witnessed significant activity in FY 2024, with a total of 7,88,027 tonnes of plastic packaging placed on the market by all IPP (Importers, Producers, and Packers) brands. This reflects the growing scale of packaged goods consumption across sectors such as FMCG and pharmaceuticals. A closer look at the composition reveals that rigid plastic packaging held the dominant share at 67%, compared to 33% for flexible packaging, indicating a strong reliance on sturdy and durable formats for product safety and shelf appeal. Additionally, primary packaging, which directly encloses the product, made up a staggering 92% of total usage, while secondary packaging, meant for grouping and transport, accounted for only 8%. These insights highlight the critical role of primary, rigid plastic packaging in India’s supply chains, driven by hygiene standards, consumer convenience, and the need for robust protection in long-distance logistics.

The In-Mold Labelling (IML) and SAW Pipe Protection Plastic caps segments in India are experiencing a structural transformation driven by evolving end-user expectations, stricter environmental regulations, and the increasing adoption of automation and quality-driven packaging standards. While legacy manufacturers with large-scale production capabilities dominate volumes, the market is gradually opening up to innovation-led niche players focused on customization, sustainability, and integration with automated production lines. In sectors like FMCG, industrial packaging, infrastructure, and oil & gas, demand is being shaped by higher product safety, branding needs, and efficiency in logistics and shelfreadiness.

Pros and strengths

In-house IML manufacturing with automation: It runs In-Mold Labelling as a fully in-house, end-to-end process, integrating pre-press and label readiness with injection molding machines equipped with robotic take-out and handling. This setup shortens cycle times, stabilises changeovers, and gives it tights control over critical-to-quality parameters like bond integrity between label and substrate, surface finish, dimensional accuracy, and colour fidelity across long runs. By keeping tooling, label integration, and molding under one roof, it eliminates handoffs that typically introduce variability, so artwork approvals translate cleanly into production without rework or delays. Automation is embedded at each step: robots manage part extraction and placement with consistent timing; in-line checks flag variances early; and standardised work instructions lock in repeatability when it scales programs. The result is faster ramp-up from pilot to volume and reliable on-time dispatch even under compressed customer timelines.

Backward integration: Its label integration with Octa Labels turns IML into a single, governed workflow including artwork, pre-press, substrate selection and molding are planned as one schedule instead of a chain of vendors. That alignment gives it direct control over the critical path: it can book press time against molding windows, lock specifications before trials, and gate each step through the same quality system. Because the decision-makers for design, materials and production sit on the same side of the table, escalation is faster and trade-offs are resolved in hours, not days.

Dual-Segment portfolio: It runs two complementary product lines under one operating system, allowing it to serve distinct demand profiles without fragmenting execution. The IML line is oriented to brand-led, food-grade programs with tight artwork discipline and finish quality, while End Caps address industrial movement where fit, durability, and handling resilience are paramount. Managing both inside a single governance and QA framework lets it shares tooling know-how, CTQ controls, and automation practices, so development gates (design approval, trials, qualification, run-at-rate) remain consistent even when the end use differs. This structure improves plant utilisation and delivery reliability. It can allocate machine time across seasonally peaking consumer volumes and project-based industrial orders, absorb short-notice call-offs, and stage split dispatches without creating separate islands of capacity. Commercially, it broadens its solutions stack, IML primary packaging where branding matters and protective components for downstream logistics, delivered through a common operating and quality framework.

Risks and concerns

Revenue reliance on top 10 customers: The company derives a significant portion of its revenue from sale of products from its top 10 customers. The top 10 customers accounted for 51.27%, 46.37%, and 49.76% of its revenue from operations for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Additionally, a significant portion of its revenue from operations is derived from its existing customers. Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on its business and results of operation.

High supplier concentration risk: It depends on a limited number of suppliers for its raw material requirements of its business. For the year ended March 31, 2026, March 31, 2025 and March 31, 2024, its top 10 suppliers contributed around 88.31%, 89.98% and 94.86% respectively of its purchases. It is, to a major extent, dependent on external suppliers for its raw material requirements; it does not have any long-term supply agreements or commitments in relation to the same used in its business process. Further, it does not have definitive agreements or fixed terms of trade with most of its suppliers. Failure to successfully leverage its relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.

Dependence on two key states for revenue: The company derives a significant portion of its revenue from customers located in the States of Gujarat and Maharashtra. For the Fiscals 2026, 2025 and 2024, 85.92%, 86.32% and 78.69%, respectively, of its revenue from operations was generated from customers situated in these two States. The concentration of revenue in two States exposes it to risks arising from adverse economic, social, political or regulatory developments in these regions. Its business may be adversely affected if it is unable to diversify geographically or reduce such concentration risk. Any adverse developments in these regions could adversely impact its business, financial condition and results of operations.

Outlook

Dhaval Packaging is engaged in the business of manufacturing and trading of plastic packaging materials, pipe protection material and related products. It primarily caters to industrial clients across various sectors requiring customized packaging solutions. On the concern side, any increase in raw material prices may affect its procurement of raw materials and will result in corresponding increases in its product costs, while the increase in the selling price of the finished products may not be in proportionate to the increase in raw material price. Such change in pricing may adversely affect its sales, cash flow and its overall profitability.

The company is coming out with a maiden IPO of 37,48,800 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 92-97 per equity share. The aggregate size of the offer is around Rs 34.49 crore to Rs 36.36 crore based on lower and upper price band respectively. On performance front, its total income increased by 24.36% from Rs 5,242.88 lakh in the financial year ended March 31, 2025, to Rs 6,520.23 lakh in the financial year ended March 31, 2026. Profit for the period increased by 33.05% to Rs 803.89 lakh in the financial year ended March 31, 2026, from Rs 604.22 lakh in the financial year ended March 31, 2025.

Meanwhile, it intends to position IML containers as a clear brand upgrade that also improves line reliability and reduces packaging cost for food and FMCG brands that use sticker-labelled containers. It shall target categories that face handling and moisture issues, such as sweets, dairy products, ice cream, ready-to-eat foods, bakery, confectionery, pharmaceuticals, agro food products and frozen foods. Its marketing messaging will focus on scuff-resistant branding, consistent colour, fewer labelling errors, and a cleaner shelf presentation.

S. K. Offset

• S. K. Offset is coming out with an initial public offering (IPO) of 23,25,000 shares in a price band of Rs 119-125 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.90 times of its face value on the lower side and 12.50 times on the higher side.
• Book running lead manager to the issue is Comfort Securities.
• Compliance officer for the issue is Tripti Vats.

Profile of the company

The company is engaged in the business of printing and packaging solutions. The business originally started with offset printing operations, which are commonly used for medium- to large-scale print production. Offset printing is a conventional printing process in which ink is transferred from plates onto paper or other surfaces. This method is generally used for items such as text books, brochures, catalogues, stationery, pamphlets, business forms, marketing materials, and other commercial print requirements where uniformity and bulk production are involved. Over the time, the business added labelling and promotional printing activities to its operations. This area includes the printing of stickers, labels, barcodes, and related materials that are commonly used for product identification, packaging information, branding, and promotional communication. Label printing may include adhesive labels and product stickers produced in different sizes, formats, and finishes depending on application.

In recent years, the business expanded into in-house packaging solutions by acquiring new machines. This segment includes designing and printing cartons, boxes, and other packaging-related materials used for product storage, transport, display, and branding purposes across different sectors. Packaging work may involve printed outer boxes, folding cartons, mono cartons, and customized packaging formats depending on client requirements. As part of this segment, digital design services are also available for packaging artwork, layout preparation, colour formatting, and print-ready file development.

The company operates as an integrated provider of printing and packaging solutions, offering products such as offset printing of books, mono cartons, labels, master cartons. Its operations include printing, designing, graphics, lithography, and publication of general books, technical books, children’s books, textbooks, magazines, journals, and other materials. The company is also involved in trading, importing, and exporting printing and packaging related materials including paper, paperboard, foils, ink etc.

Proceed is being used for:

• Funding the capital expenditure towards purchase of plant and machinery
• Funding incremental working capital requirements of the company
• General corporate purpose

Industry overview

The Indian printing and packaging industry is an integral part of the country’s manufacturing and consumption ecosystem, supporting a wide range of end-use sectors including FMCG, pharmaceuticals, food processing, ecommerce, and consumer goods. The industry is undergoing a gradual shift toward organized operations, higher value-added packaging formats, and compliance-driven production, driven by evolving consumer preferences, branding requirements, and regulatory standards.

The Indian printing segment is estimated at $56.80 billion in 2025 and is projected to grow to $86.15 billion by 2035, reflecting a CAGR of 4.25% over the decade. Growth is driven by rising demand for marketing materials, catalogues, brochures, and corporate communications, coupled with increased adoption of digital printing technologies that enable faster turnaround, customization, and cost efficiency. Additionally, expansion of organized retail, e-commerce, and corporate branding initiatives is expected to support steady demand for highquality printed materials in both domestic and export markets.

The Indian printing and packaging industry is expected to witness sustained growth and structural transformation over the medium to long term, supported by rising demand from FMCG, pharmaceuticals, food & beverages, ecommerce, and consumer goods sectors. Rapid urbanisation, changing consumption patterns, and increasing focus on branding and product differentiation are driving higher demand for printed packaging, labels, cartons, and flexible packaging solutions. The continued shift from unorganized to organized retail, coupled with the expansion of e-commerce and last-mile delivery networks, is further strengthening demand for durable, high-quality, and visually appealing packaging formats.

Pros and strengths

In-House operational structure: The company handles most activities internally, including design, pre-press preparation, printing, finishing, packaging, and final delivery. Managing these processes within the organization reduces dependence on third party vendors and provides greater control over production scheduling and workflow management. It also allows better coordination between different stages of production, helping reduce delays, communication gaps, and operational inefficiencies. Since activities are closely monitored at each stage, the company can maintain consistency in output quality, manage timelines more effectively, and respond to customer requirements in a more structured manner.

Presence across multiple industries: The company caters to multiple industries such as publishing, FMCG, pharmaceuticals, packaging, and other commercial sectors, which provides a diversified business base. Serving customers across different industries reduces dependence on any single customer segment or market category, thereby lowering concentration risk. Demand conditions often vary across industries, and this diversified presence helps the company maintain business continuity even if one particular sector experiences slower growth or reduced demand. It also allows the company to utilize its production capabilities across a wider range of products and customer requirements. In addition, working with clients from different industries helps the company maintain a broader market presence and creates opportunities to secure repeat and cross-sector business over time.

Relationships with clients and suppliers: The company has developed long-standing relationships with both clients and suppliers, which play an important role in supporting its day-to-day operations and overall business continuity. These relationships have been built through consistent business engagements, operational coordination, and repeat transactions over time. The promoters are actively involved in sales and marketing activities and continue to oversee and maintain these associations closely. Stable relationships with suppliers help ensure timely procurement of raw materials and smoother execution of production activities, while ongoing engagement with customers supports repeat business and operational visibility. Such business relationships contribute to continuity in operations and support the company’s future growth and market presence.

Risks and concerns

Significant revenue dependence on top 10 customers: A considerable portion of its revenue is derived from a limited number of key customers, making its business partially dependent on their continued association. Revenue generated from its top 10 customers accounted for 86.14%, 78.61%, and 81.56%, of its revenue from operations during the Fiscals 2026, 2025 and 2024, respectively. Any decline in orders, delays, cancellations, inability to negotiate favorable terms, or the loss of a major customer could have a material adverse impact on its financial condition, operational performance and future growth prospects. Additionally, it does not have firm commitment in the form of long-term supply agreements with its customers, and the company has not entered into any long-term agreements with any of its top 10 customers. 

Business is dependent on a limited number of key suppliers: The company is significantly dependent on a limited number of suppliers for the procurement of raw materials required for manufacturing printing, packaging & labelling products such as paper and paperboard, inks, adhesives, foils, films and other consumables from third-party suppliers. Purchases from its top 10 suppliers accounted for 65.59%, 55.47%, and 89.71% of its total purchases during the Fiscals 2026, 2025 and 2024, respectively. Any disruption, delay, or termination of business relationships with one or more of these key suppliers could adversely affect its ability to maintain inventory levels, fulfill customer demand, and operate efficiently. Factors such as changes in pricing terms, credit arrangements, supply chain disruptions, operational constraints, capacity limitations, quality issues, regulatory restrictions, logistical challenges, geopolitical developments, or other unforeseen circumstances beyond control from these suppliers could have a material adverse impact on its business operations, profitability, and financial condition

Business is geographically concentrated in Uttar Pradesh: The company derives a significant portion of its revenue from operations in one state i.e., Uttar Pradesh. Revenue generated from Uttar Pradesh constituted around 69.43% for FY 2025-26, 89.97% for FY 2024-25 and 89.41% for FY 2023- 24, while the remaining portion was derived from other states. Any adverse developments affecting this state, including changes in economic conditions, regulatory environment, political stability, or market demand, could have an adverse impact on the company’s revenue, results of operations, and financial condition.

Outlook

S. K. Offset, incorporated in 2007, is an India-based printing and packaging solutions company primarily engaged in offset printing and value-added print applications. The Company serves a diversified customer base spanning FMCG, pharmaceuticals, consumer goods, corporates, institutional clients, and the education segment, delivering high-quality printed products in line with customer specifications and applicable regulatory requirements. On the concern side, its operations are dependent on third-party transportation and logistics service providers for the transportation of raw material, import of printing machines or delivery of finished goods to its customers. Neither it owns or operates its transportation fleet nor it has any long-term agreements with any logistic service provider. It relies on external logistics providers, many of whom operate in the unorganized sector and are engaged on a non-exclusive and short-term basis. Any disruption in logistics operations or increase in freight costs could adversely affect its business.

The company is coming out with a maiden IPO of 23,25,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 119-125 per equity share. The aggregate size of the offer is around Rs 27.67 crore to Rs 29.06 crore based on lower and upper price band respectively. On performance front, revenue from operations increased from Rs 4,820.34 lakh in Fiscal 2025 to Rs 6,667.29 lakh in the Fiscal 2026, representing a growth of 38.32%. Profit for the period in Fiscal 2026 increased to Rs 747.96 lakh, compared to Rs 154.41 lakh in Fiscal 2025.

Meanwhile, the company’s business strategy is focused on strengthening its position as an integrated mid-scale packaging and printing solutions provider. Over the years, the business has gradually evolved from conventional printing activities toward value-added packaging products, supported by investments in technology, process improvement, and customer diversification. The strategic direction of the company is aligned with broader industry trends, including the increasing shift from traditional print products to packaging applications, rising demand for premium and compliant packaging solutions, and growing opportunities in organised domestic and export markets. The company aims to enhance operational scale while maintaining a balanced and disciplined approach to capital allocation and expansion.