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Dhaval Packaging Ltd IPO
Dhaval Packaging Ltd
₹2,20,800 /2400 sharesMinimum investment
IPO listing details
Listed on
6 Aug '26
Issue price
₹97.00
Listing price
₹110.00
Listing gains
₹13.00 (13.40%)
Exchange
--
IPO details
Minimum investment
₹2,20,800
Price range
₹92 - ₹97
Lot size
1,200
Issue size
36.36 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers56.38x
Non-Institutional Investor55.40x
Retail Individual Investor39.60x
Total46.23x
As of 03 Aug'26, 05:00 PM
Schedule
30 Jul 2026
IPO open date
3 Aug 2026
IPO close date
4 Aug 2026
Allotment date
4 Aug 2026
Funds unblock or debit
6 Aug 2026
Tentative listing date
About
Founded in
2015
MD/CEO
Mr Manish Nanalal Dagla
Parent organisation
Dhaval Packaging Ltd
Dhaval Packaging Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to operate a fully integrated in-house In-Mold Labelling (IML) manufacturing process supported by automation. It states that its production setup includes robotic handling, in-line quality checks, and integrated tooling and labelling, enabling greater control over product quality and production consistency. The company also reported an improvement in its IML first-pass yield and a decline in scrap rates between FY24 and FY26.
The company claims to benefit from backward integration through its promoter group entity, Octa Labels. According to the prospectus, this allows it to manage label development, pre-press, substrate selection, and molding within a single workflow, which may help reduce production lead times, improve traceability, and maintain consistency in label quality.
Dhaval Packaging operates across two product segments, serving both consumer and industrial markets. Along with food-grade IML containers for the food and FMCG sectors, it manufactures SAW pipe protection plastic end caps for industries such as oil and gas, construction, infrastructure, and heavy engineering. This dual-segment portfolio provides exposure to different end-user industries.
The company claims to have customisation and tooling capabilities for customer-specific packaging requirements. It designs packaging based on factors such as product dimensions, tamper-evident features, label layout, and handling requirements. The prospectus states that its in-house tooling and design process helps reduce development time and supports customised product offerings.
The company is certified under multiple international management standards. It holds ISO 9001:2015 certification for its Quality Management System, ISO 14001:2015 certification for its Environmental Management System, ISO 45001:2018 certification for Occupational Health and Safety Management Systems, and ISO/IEC 17025:2017 certification for testing and calibration laboratory competence covering its manufacturing operations.
The company claims to have built long-standing relationships with customers in the food packaging industry. Its customer base includes companies such as Keshavlal Sukhadia Foods Private Limited, Vipul Dudhiya Sweets (Ambica) Limited, Kandoi Bhogilal Mulchand Private Limited, Madhvi Dairy Private Limited, and Vijay Dairy Products. It also exports products to countries including Malaysia, Mauritius, Canada, Australia, Qatar, and the UAE.
The company has shown consistent growth in revenue from operations from Rs 47.99 crore in FY24 to Rs 52.26 crore in FY25 and Rs 65.03 crore in FY26. Profit after tax also increased from Rs 1.55 crore to Rs 6.04 crore to Rs 8.04 crore during the same period.
The top 10 customers contributed Rs 33.34 crore (51.27%), Rs 24.23 crore (46.37%), and Rs 23.88 crore (49.76%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. The company also does not have long-term contracts with its customers and relies significantly on repeat business from existing clients. Any failure to retain these key customers, secure repeat orders, or expand its customer base could adversely affect the company’s business, financial performance, and cash flows.
The top 10 suppliers accounted for 88.31%, 89.98%, and 94.86% of the company’s total purchases in FY26, FY25, and FY24, respectively. The company also does not have long-term supply agreements with most of its suppliers and depends on long-standing business relationships for raw material procurement and credit terms. Any disruption in supplier relationships, inability to source raw materials, or heavy fluctuations in raw material prices could hurt the company’s operations, profit margins, and financial performance.
The company derives a significant portion of its revenue from Gujarat and Maharashtra. These two states contributed Rs 55.88 crore (85.92%), Rs 45.11 crore (86.32%), and Rs 37.77 crore (78.69%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any adverse economic, political, regulatory, or natural developments in these regions, or the company’s inability to diversify geographically, could adversely affect its business, operations, and financial performance.
The company’s three manufacturing facilities are located only in Gujarat. Any disruption caused by natural disasters, labour unrest, infrastructure issues, utility shortages, regulatory changes, or transportation disruptions in the state could interrupt manufacturing and delay customer deliveries. Since the company’s production operations are concentrated in a single state, any prolonged disruption could adversely affect its business, financial condition, and cash flows.
The company reported negative cash flows from investing activities of Rs 14.05 crore, Rs 10.28 crore, and Rs 4.02 crore in FY26, FY25, and FY24, respectively. These negative cash flows were primarily due to the purchase of fixed assets, intangible assets, and capital work-in-progress. Though the company is cash positive at the operating level, sustained reliance on borrowed funds for capital expenditure could result in higher finance costs, which in turn could weigh on the bottomline.
The company, its promoters, directors, and group entities are involved in certain ongoing legal, tax, regulatory, and other litigation proceedings. Any adverse judgment or unfavorable outcome in these matters could negatively affect the company’s business, financial condition, results of operations, and reputation.
The company’s revenue is concentrated in a few end-use industries, particularly food and FMCG, through its IML containers business. IML containers contributed Rs 47.48 crore (73.01%), Rs 40.26 crore (77.03%), and Rs 32.09 crore (66.86%) to revenue in FY26, FY25, and FY24, respectively, while the End Caps segment contributed Rs 17.55 crore (26.99%), Rs 12.00 crore (22.97%), and Rs 15.91 crore (33.14%). Any slowdown, regulatory changes, or reduced demand in these end-use industries could adversely affect the company’s business, financial performance, and cash flows.
As of FY26, the company had trade receivables of Rs 8.31 crore, compared to Rs 5.59 crore in FY25 and Rs 6.33 crore in FY24. Since the company extends credit to its customers, any delay or default in receiving payments could adversely affect its cash flows, liquidity, and profitability.
As of March 31, 2026, the company had total outstanding borrowings of Rs 24.13 crore. These borrowings are subject to various financial and operational covenants, and a significant portion of the company’s assets has been pledged as security. Any failure to service these borrowings or comply with the terms of the financing agreements could adversely affect the company’s liquidity, operations, and financial condition.
Application details
For Dhaval Packaging IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹92 - ₹97 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of Dhaval Packaging IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Part financing the cost of establishing a new manufacturing facility at Plot No. E-552, Sanand-II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad ("Proposed Facility") |
27.19 |
|
Full or partial repayment and/or prepayment of certain outstanding secured borrowings availed by the company. |
3.75 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Dhaval Packaging IPO
|
Book Running Lead Manager |
Rarever Financial Advisors Private Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
|
Market Maker to the Issue |
New Berry Capitals Private Limited |
Key Performance Indicators (KPIs) of Dhaval Packaging Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
31.58 |
|
ROCE (%) |
22.58 |
|
EBITDA Margin (%) |
21.41 |
|
Debt/Equity Ratio |
0.78 |
|
PAT Margin (%) |
12.33 |
|
Return on Net Worth (RoNW) (%) |
31.58 |
|
EPS (Pre-IPO) (₹) |
8.05 |
Dhaval Packaging IPO Contact Details
|
Company Name |
Dhaval Packaging Limited |
|
Registered Office |
Plot No. E-411, GIDC, Sanand, Ahmedabad, Gujarat 382110, India |
|
Phone |
+91 98980 66258 |
|
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Website |
Dhaval Packaging IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
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Website |