| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 47.99 | 52.26 | 65.03 |
| Expenses | 46.05 | 44.40 | 54.48 |
| Other Income | 0.09 | 0.17 | 0.17 |
| Total Revenue | 48.08 | 52.43 | 65.20 |
| Profit Before Tax | 2.03 | 8.03 | 10.72 |
| Net Profit | 1.55 | 6.04 | 8.04 |
Dhaval Packaging
Dhaval Packaging IPO
₹2,20,800
1.44 xOver-subscribedBidding Dates 30 Jul, 26 -03 Aug, 26
Min Investment ₹2,20,800
Lot Size1,200
Price Range ₹92 – ₹97
Issue Size ₹36.36 Cr.
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IPO Subscription Details
Retail Subscription Details
1.65 x
Non-Institutional Buyers (sHNI)
1.32 x
Non-Institutional Buyers (bHNI)
1.92 x
Qualified Institutional Buyers (QIB)
1.05 x
Employees
0.22 x
Total1.44 x
1.44 x IPO Timeline
IPO Offer Start
30 Jul,26
IPO Offer Ends
03 Aug,26
Allotment Finalisation
04 Aug,26
Refund Initiation
05 Aug,26
Listing of Shares
06 Aug,26
IPO Analysis
Strengths
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.
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.
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.
Risks
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.
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.
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.
Objectives
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.
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 33.70 | 47.89 | 66.42 |
| Current Assets | 17.33 | 21.39 | 26.34 |
| Fixed Assets | 16.38 | 26.50 | 40.09 |
| Total Equity & Liabilities | 33.70 | 47.89 | 66.42 |
| Total Liabilities | 29.60 | 27.73 | 35.68 |
| Current Liabilities | 13.94 | 19.90 | 23.97 |
| Non Current Liabilities | 15.66 | 7.83 | 11.71 |
| Total Equity | 4.10 | 20.16 | 30.75 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.92 | -0.05 | 1.08 |
| Investing Activities | -4.02 | -10.28 | -14.05 |
| Operating Activities | 0.66 | 4.35 | 6.74 |
| Financing Activities | 4.29 | 5.88 | 8.39 |
About Dhaval Packaging
Dhaval Packaging Limited is a Gujarat-based manufacturer incorporated in 2015 that designs, manufactures, and supplies plastic packaging solutions for domestic and international markets. The company operates through two main product segments: IML (In-Mold Labelling) containers for food and FMCG categories such as sweets, dairy, bakery items, and SAW Pipe Protection...more
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