Dhaval Packaging
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 25.03×
- Big non-institutionalbNII · above ₹10 lakh
- 64.56×
- Small non-institutionalsNII · ₹2–10 lakh
- 35.44×
- Retail individualRII · up to ₹2 lakh
- 26.49×
- Employeesreserved quota
- 0.70×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Aug 2026 | ₹12 | +12.37% | ₹10,900 | ₹109 | ₹14,400 |
| 05 Aug 2026 | ₹12 | +12.37% | ₹10,900 | ₹109 | ₹14,400 |
| 04 Aug 2026 | ₹10 | +10.31% | ₹9,100 | ₹107 | ₹12,000 |
| 03 Aug 2026 | ₹8 | +8.25% | ₹7,300 | ₹105 | ₹9,600 |
| 02 Aug 2026 | ₹11 | +11.34% | ₹10,000 | ₹108 | ₹13,200 |
| 01 Aug 2026 | ₹11 | +11.34% | ₹10,000 | ₹108 | ₹13,200 |
| 31 Jul 2026 | ₹12 | +12.37% | ₹10,900 | ₹109 | ₹14,400 |
| 30 Jul 2026 | ₹15 | +15.46% | ₹13,700 | ₹112 | ₹18,000 |
| 29 Jul 2026 | ₹12 | — | ₹10,900 | — | ₹14,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 30 Jul 2026 – 03 Aug 2026
- Listing date
- 06 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹92 – ₹97
- Issue price
- ₹97 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹36.36 Cr
- Fresh issue
- ₹34.54 Cr 35,60,400 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹133 Cr
- Promoter holding
- 90.86% → 66.06% pre-issue → post-issue
- ISIN
- INE1HX301016
- CIN
- U22203GJ2015PLC084963
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Rarever Financial Advisors Pvt.Ltd.
- Registered office
- Plot No. E 411, GIDC, Sanand, Ahmedabad, Gujarat, 382110, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 6,87,600 | 28.54% | 25.30% |
| Anchor investor · within QIB | 10,30,800 | — | 37.92% |
| NII (HNI) | 5,17,200 | 21.46% | 19.03% |
| bNII > ₹10L · within NII | 3,44,400 | — | 12.67% |
| sNII < ₹10L · within NII | 1,72,800 | — | 6.36% |
| Retail (RII) | 12,04,800 | 50.00% | 44.33% |
| Employee | 1,20,000 | — | 4.42% |
| Market maker | 1,88,400 | — | 6.93% |
| Total issue | 27,18,000 | — | 100.00% |
Net offer to the public of 24,09,600 shares, out of a total issue of 27,18,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹97
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,16,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (min) | 9 | 10,800 | ₹10,47,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹97 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.05 | 5.85 |
| P/E (×) | 12.05 | 16.58 |
| Price to book (×) | 3.16 | — |
| Market cap | — | ₹133 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 31.58%
- ROCE
- 28.00%
- Debt / equity
- 0.78
- PAT margin
- 12.33%
- EBITDA margin
- 21.41%
- NAV per share
- ₹30.7
- Price to book
- 3.16
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 65.2 | 52.43 | 48.08 |
| Revenue from operations | 65.03 | 52.26 | 47.99 |
| Other income | 0.17 | 0.17 | 0.09 |
| Total expenses | 54.48 | 44.4 | 46.05 |
| Operating profit | 10.72 | 8.03 | 2.03 |
| Operating margin | 16.44% | 15.32% | 4.22% |
| Profit before tax | 10.72 | 8.03 | 2.03 |
| Profit after tax | 8.04 | 6.04 | 1.55 |
| PAT margin | 12.33% | 11.52% | 3.22% |
| Balance sheet | |||
| Total assets | 66.42 | 47.89 | 33.7 |
| Current assets | 26.34 | 21.39 | 17.33 |
| Current liabilities | 23.97 | 19.9 | 13.94 |
| Total liabilities | 35.68 | 27.73 | 29.6 |
| Net worth | 30.75 | 20.16 | 4.1 |
| Current ratio | 1.10× | 1.07× | 1.24× |
| Return on equity | 26.15% | 29.96% | 37.80% |
| Cash flow | |||
| Operating cash flow | 6.74 | 4.35 | 0.66 |
| Investing cash flow | -14.05 | -10.28 | -4.02 |
| Financing cash flow | 8.39 | 5.88 | 4.29 |
| Net cash flow | 1.08 | -0.05 | 0.92 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Part finance the cost of establishing new manufacturing facility at Plot No. E – 552 in the Sanand – II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad ₹27.19 Cr
The company proposes to establish a new manufacturing facility to expand capacity for IML containers, ice-cream containers portfolio, introduce tin containers for liquid food packaging, and support export growth. The facility will enable capacity expansion, product diversification, and operational flexibility.
2 Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company ₹3.75 Cr
The company intends to utilize proceeds for repayment/prepayment of borrowings to reduce outstanding indebtedness, maintain favorable debt-equity ratio, and enable utilization of internal accruals for business growth and expansion.
3 General corporate purposes —
The company plans to deploy proceeds for general corporate purposes including meeting capital expenditure, operating expenses, brand building, strategic initiatives, working capital requirements, and strengthening business development capabilities.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Dhaval Packaging
Dhaval Packaging Limited (incorporated November 2, 2015) is a manufacturer of plastic packaging products including in-mold labelled (IML) containers, lids (end caps), and industrial pipe-protection components. The company operates primarily through two segments: IML containers (73.01% of FY2026 revenue) used for dairy, ice cream, and food packaging, and end caps/pipe protection components (26.99% of FY2026 revenue) used in oil and gas, construction, and water utilities. With operations across three manufacturing units in Sanand, Ahmedabad, and a new facility under development, the company serves 667 customers with annual production capacity of 8,500+ kg/day for IML products and plans to introduce tin containers for liquid food packaging.
Management
MANISH NANALAL DAGLA
Chairman & MD
DHAVAL NANALAL DAGLA
CEO
SHAH AALAP DIPAK
CFO
JIGAR HARIVADAN CONTRACTOR
CMO
JIGAR MANUBHAI SHAH
CPO
PATEL KENAN SURESHBHAI
Executive Director
BHADRESH KANTILAL MEHTA
Executive Director
SHAH KHYATI BHAVYA
Executive Director
Strengths
As stated in the offer document
In-house IML Manufacturing with Automation
The company runs In-Mold Labelling as a fully in-house, end-to-end process with robotic automation, achieving First-Pass Yield of 1677 Tonnes and Scrap Rate of 4.45% in FY 2025-26, enabling faster ramp-up and reliable on-time dispatch.
Backward Integration
The company's label integration with Octa Labels creates a single governed workflow from artwork to molding, enabling faster artwork-to-line synchronization, consistent finish quality, tighter color control, and stronger traceability within the promoter-group ecosystem.
Dual-Segment Portfolio
The company operates two complementary product lines (IML containers for brand-led food programs and End Caps for industrial applications) under one operating system, improving plant utilization and delivery reliability while broadening the solutions stack.
Experienced Promoters
The company is promoted by five promoters with over 75 years of collective experience across plastic packaging, manufacturing, dealership, gas distribution and food & dairy packaging segments, ensuring clear accountability from order capture through manufacturing and fulfillment.
Customisation and Tooling Capability
The company creates solutions tailored to customer specifications rather than force-fit catalogues, designing container shapes, tamper-evident features, and clean fit to production lines, resulting in faster time-to-market and lower total cost of ownership.
Long-standing Customer Relationships and Key-Account Execution
The company builds lasting customer relationships through structured trials and stable run rates with single point ownership, converting new accounts into long-term programs with growing tenure visible in active customer vintage bands.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives 51.27%, 46.37% and 49.76% of its revenue from operations from its top 10 customers for Fiscal Years 2026, 2025 and 2024 respectively. Loss of any key customers or reduction in business from such customers could significantly impact the company's business and results of operations.
Supplier Dependency and Raw Material Price Volatility
The company depends on a limited number of suppliers for raw material requirements, with top 10 suppliers contributing around 88.31%, 89.98% and 94.86% of purchases for fiscal years 2026, 2025 and 2024 respectively. The company has no long-term supply agreements and faces exposure to raw material price fluctuations.
Pending NCLT Proceedings for Financial Statement Revisions
The company has filed a petition before NCLT seeking permission for voluntary revision of financial statements and Board's Reports for financial years 2020-21, 2021-22 and 2022-23. Any adverse outcome may result in regulatory action and penalties.
Delays in Statutory Compliance Payments
The company has experienced instances of delays in payment of statutory dues including GST returns, EPF and ESI contributions. Further delays may attract financial penalties from government authorities and impact the company's financial condition and cash flows.
Geographic Revenue Concentration
The company derives 85.92%, 86.32% and 78.69% of its revenue from operations from customers located in Gujarat and Maharashtra for Fiscals 2026, 2025 and 2024 respectively. Any adverse developments in these regions could adversely impact the company's business and financial condition.
Single Location Manufacturing Risk
The company's manufacturing facilities are located only in Gujarat state. Any adverse developments affecting Gujarat including natural disasters, labour unrest, or regulatory changes could materially impact the company's manufacturing operations and revenue.
Machinery Dependency and Breakdown Risk
The company's manufacturing process is capital-intensive and relies heavily on sophisticated injection moulding machines and IML technology. Any unexpected breakdown or malfunction could result in significant downtime, production disruption, and impact on profitability.
Short-term Lease Arrangements
The company operates from leased premises with short-term lease arrangements of 11 months and 29 days, including properties leased from Promoter Group entities. Any disruption or non-renewal of these leases may adversely affect business continuity and operations.
High Raw Material Cost Impact
Raw material consumption represents 59.29%, 64.04%, and 74.17% of revenue from operations for Fiscal 2026, 2025 and 2024 respectively. The company's inability to pass on increased raw material costs to customers may adversely affect margins and profitability.
Outstanding Borrowings and Debt Servicing
As of March 31, 2026, the company has total outstanding borrowings of ₹2,413.15 lakhs comprising long-term secured borrowings of ₹1,396.11 lakhs, short-term secured borrowings of ₹938.13 lakhs, and unsecured borrowings of ₹78.91 lakhs. Failure to comply with financial covenants could adversely affect business operations.
Company Analysis
from DRHPDhaval Packaging Limited manufactures plastic packaging products including in-mold labelled (IML) containers, lids, and pipe protection components for the food, FMCG, dairy, and industrial sectors.
Dhaval Packaging Limited (incorporated November 2, 2015) is a manufacturer of plastic packaging products including in-mold labelled (IML) containers, lids (end caps), and industrial pipe-protection components. The company operates primarily through two segments: IML containers (73.01% of FY2026 revenue) used for dairy, ice cream, and food packaging, and end caps/pipe protection components (26.99% of FY2026 revenue) used in oil and gas, construction, and water utilities. With operations across three manufacturing units in Sanand, Ahmedabad, and a new facility under development, the company serves 667 customers with annual production capacity of 8,500+ kg/day for IML products and plans to introduce tin containers for liquid food packaging.
Objects of the Issue
- Part finance the cost of establishing new manufacturing facility at Plot No. E – 552 in the Sanand – II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad ₹2,719.02 lakhs p.106
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company ₹375.00 lakhs p.106
- General corporate purposes p.112
Issue Structure
- Total Issue
- Up to 37,48,800 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 37,48,800 Equity Shares of face value of ₹10 each at a price of ₹ [●] per Equity Share (including a share premium of ₹ [●] per Equity Share)
- Offer for Sale
- Not Applicable as the entire Issue constitutes Fresh Issue of Equity Shares
- Price Band
- To be decided by the Company in consultation with the Book Running Lead Manager, and shall be advertised at least two working days prior to the Bid/Issue Opening Date
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
Dhaval Packaging manufactures and sells plastic packaging products on a B2B basis to customers in FMCG, food, dairy, and industrial sectors. Revenue is generated through sales of injection-molded IML containers, end caps for industrial pipes, and related packaging solutions. The company procures raw materials including polypropylene, HDPE, and LDPE granules, along with labels and liners, and sells finished products through established customer relationships without long-term contracts.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manish Nanalal Dagla | Promoter | 31.54% | — |
| Dhaval Nanalal Dagla | Promoter | 30.54% | — |
| Shah Aalap Dipak | Promoter | 6.81% | — |
| Jigar Harivadan Contractor | Promoter | 7.31% | — |
| Jigar Manubhai Shah | Promoter | 5.31% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Dhaval Packaging Ltd. THIS ISSUE | 8.08 | 30.78 | 16.58, computed at the offer price | 3.16, computed at the offer price | 31.58% |
| 21.93 | 199.79 | 31.38 | 3.46 | 10.98% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.