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RFBL Flexi Pack Ltd IPO
RFBL Flexi Pack Ltd
₹2,82,000 /6000 sharesMinimum investment
IPO listing details
Listed on
19 May '26
Issue price
₹50.00
Listing price
₹52.50
Listing gains
₹2.50 (5.00%)
Exchange
--
IPO details
Minimum investment
₹2,82,000
Price range
₹47 - ₹50
Lot size
3,000
Issue size
35.33 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers124.39x
Non-Institutional Investor20.82x
Retail Individual Investor11.18x
Total52.61x
As of 14 May'26, 05:31 PM
Schedule
12 May 2026
IPO open date
14 May 2026
IPO close date
15 May 2026
Allotment date
15 May 2026
Funds unblock or debit
19 May 2026
Tentative listing date
About
Founded in
2005
MD/CEO
Mr Kunjit M. Patel
Parent organisation
RFBL Flexi Pack Ltd
RFBL Flexi Pack Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
RFBL Flexi Pack Limited is ISO 9001:2015 certified for quality management systems related to multilayer adhesive flexible packaging materials and related products. The company claims to conduct quality checks from the procurement of raw materials to the final dispatch of products to maintain consistency in packaging standards.
The company’s manufacturing facility is located in Himatnagar, Gujarat, near the Rajasthan border, which may provide logistical advantages for servicing customers across Gujarat and Rajasthan. The company claims that the location helps reduce transportation costs and delivery timelines while benefiting from demand in regions with relatively lower flexible packaging infrastructure.
RFBL Flexi Pack Limited claims to have an integrated manufacturing setup with in-house lamination and ink manufacturing capabilities. According to the company, this helps maintain control over print quality, colour consistency, customisation, and product specifications for clients across industries.
The company operates from its owned manufacturing facility, which allows it to manage production, procurement, inventory, and delivery operations internally. The company claims that this reduces dependence on third-party manufacturers and supports better operational control.
RFBL Flexi Pack Limited manufactures and trades in a diversified range of flexible packaging materials, including printed multilayer adhesive laminated packaging products, woven fabric packaging materials, and polyester laminated films. Its products are used across industries such as food, pharmaceuticals, and home and personal care.
The company has reported a relatively high contribution from repeat customers in recent periods. For the period ended November 30, 2025, repeat customers contributed about 99.20% of revenue from operations, while in FY25, they contributed around 63.80% of operational revenue.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 46.86 crore in FY23 to Rs 79.96 crore in FY24 and Rs 135.46 crore in FY25. PAT increased from Rs 0.67 crore in FY23 to Rs 5.79 crore in FY24 and Rs 8.33 crore in FY25.
The company, its promoters, and directors are involved in certain ongoing legal proceedings before various courts and legal forums. Any adverse decision in these proceedings could negatively impact the company’s business operations, cash flows, financial condition, and overall prospects.
The company derives a significant portion of its revenue from a limited number of customers. The top 5 customers contributed Rs 108.14 crore (79.83%), Rs 59.81 crore (74.80%), and Rs 43.50 crore (92.84%) in FY25, FY24, and FY23, respectively. Any failure to retain these customers, reduction in orders, delays in payments, or loss of business from these clients could adversely affect the company’s revenue and financial condition.
The company operates in the plastic-based flexible packaging industry, which is subject to increasing environmental regulations and waste management norms. Any adverse changes in government policies related to plastic usage, recycling requirements, or sustainable packaging standards could increase the company’s compliance and operating costs.
The company’s multilayer packaging products may also face recycling and disposal challenges due to their complex structure. Any government regulation or requirement to shift towards recyclable or biodegradable alternatives could require additional capital expenditure and changes in manufacturing processes, which may adversely affect the company’s business and profitability.
The company is dependent on a limited number of suppliers for the procurement of raw materials and stock-in-trade. The top 5 suppliers contributed Rs 122.27 crore (99.64%), Rs 64.90 crore (98.73%), and Rs 41.60 crore (97.67%) in FY25, FY24, and FY23, respectively. Any disruption in supply, increase in raw material prices, or failure to source materials from alternative suppliers could adversely affect the company’s production, operations, and profitability.
The company’s revenue is heavily concentrated in Gujarat. Gujarat contributed nearly 100.00%, 99.26%, 90.78%, and 96.77% of the company’s total revenue in the period ended November 30, 2025, FY25, FY24, and FY23, respectively. Any adverse economic, regulatory, political, or business developments in Gujarat could hurt the company’s operations, customer demand, and financial performance. The company’s high geographic concentration also increases the risk of revenue disruption in case of loss of key customers from the region.
The company has reported negative cash flows in certain financial years across operating, investing, and financing activities. It recorded negative cash flow from operating activities of Rs 12.44 crore in FY25 and Rs 0.49 crore in FY24, while cash outflow from investing activities stood at Rs 0.70 crore, Rs 2.44 crore, and Rs 0.78 crore in FY25, FY24, and FY23, respectively. The company also reported negative cash flow from financing activities of Rs 1.94 crore in the period ended November 30, 2025. The company is not generating enough cash to sustain operations. This makes it to rely of additional cash infusion for running operations. Sustained negative cash flows in the future could adversely affect its liquidity position, business operations, and financial condition.
The company had contingent liabilities related to income tax claims amounting to Rs 8.50 crore as of November 30, 2025, compared to Rs 8.51 crore in FY25, Rs 6.93 crore in FY24, and Rs 0.14 crore in FY23. If any of these contingent liabilities materialise, it could result in significant cash outflows and adversely affect the company’s financial condition, liquidity, and cash flows.
As of November 30, 2025, the company had total outstanding borrowings of Rs 17.51 crore, including secured borrowings of Rs 9.50 crore and unsecured borrowings of Rs 8.01 crore. Any failure to service or repay these borrowings on time could adversely affect the company’s cash flows, financial condition, and business operations.
Application details
For RFBL Flexi Pack IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹47 - ₹50 | ₹2 - ₹5 Lakhs | 3000 |