Knack Packaging Limited has updated its Corporate Identification Number (CIN) and listing status in the Ministry of Corporate Affairs (MCA) master data. This change follows the recent listing of the company's equity shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

The regulatory filing, dated October 8, 2026, confirms that the company's CIN was modified from U25200GJ2013PLC073847 to L25200GJ2013PLC073847. The prefix change from 'U' (Unlisted) to 'L' (Listed) signifies the transition in its public trading status.

Regulatory updates and compliance

The company informed both stock exchanges that the listing status field in the MCA records has been changed from "No" to "Yes". This administrative update ensures that the statutory registry reflects the current market capitalization and liquidity status of the entity.

A copy of the updated Master Data from the MCA website was attached to the intimation for record-keeping purposes. The document was signed by Ravikumar Pasi, Company Secretary & Compliance Officer.

Key company details

The following table summarizes the key corporate information as reflected in the updated MCA records:

Knack Packaging is engaged in the manufacturing and export of PE/PP woven fabrics, bags, and printed laminated woven PP bags. The company maintains its registered office in Ahmedabad, Gujarat, with factory operations located in Mehsana district.

Knack Packaging has received a confirmed work order valued at Rs 150 crore from a major US-based private corporation, a leader in animal nutrition and feed. The contract covers the supply of PLWPP Bags and Pinch Bottom Bags and is valid until December 2028.

ORDER IN FINANCIAL CONTEXT

The Rs 150 crore order value equates to approximately 66.5% of the company's average quarterly revenue of Rs 225.47 crore. Given that no other orders were disclosed in the last three fiscal quarters, the total disclosed order book stands at Rs 150 crore (sum of the 1 orders disclosed across the last 3 fiscal quarters shown in the table below). Consequently, the book-to-bill ratio is low relative to typical infrastructure peers, reflecting the nature of fast-moving consumer goods packaging where inventory turnover is high and long-term backlog is not the primary metric. The order book coverage is reported as 0.00 quarters of average quarterly revenue, indicating that this specific disclosure does not constitute a multi-year backlog accumulation in the traditional sense but rather a significant annualized or multi-year supply commitment.

COMPANY ORDER TRACK RECORD

No previous order disclosures were found for Knack Packaging in the last three fiscal quarters. The current Rs 150 crore order represents a singular large-scale engagement compared to the absence of recent disclosed inflows.

EXECUTION AND REVENUE QUALITY

Recent quarterly performance indicates improving margins and steady top-line growth. Q1FY27 revenue stood at Rs 264.80 crore with an Operating Profit Margin (OPM) of 20.35%, up from 16.04% in Q4FY26. The net profit for Q1FY27 was Rs 30.50 crore, showing strong conversion of revenue to bottom line.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Knack Packaging has sustained order wins, its annual revenue has grown from Rs 659.00 crore in FY24 to Rs 823.43 crore in FY26, representing a YoY growth of +10.2% based on the latest annual data. Net profit has also expanded significantly, rising from Rs 46.00 crore in FY24 to Rs 95.75 crore in FY26, indicating improved operational efficiency alongside volume growth.

WORKING CAPITAL AND EXECUTION CAPACITY

The company maintains a Current Ratio of 1.30x, suggesting adequate liquidity to manage short-term obligations. Total Liabilities/Equity stands at 0.93x, indicating a conservative balance sheet structure without excessive leverage. Operating Cashflow was positive at Rs 93.20 crore in FY25, demonstrating that earnings are converting into cash efficiently, which supports the working capital needs of executing new supply contracts.

WHAT TO WATCH

• Execution Rate: Monitor quarterly revenue run-rate against the Rs 150 crore contract value to assess if the supply schedule aligns with the December 2028 timeline.
• Margin Quality: Track OPM trends as new volumes come online; historical OPM has hovered between 16% and 20%, and sustaining these levels on international contracts will be key.
• Client Concentration: This single client accounts for 100% of the recently disclosed order book, highlighting potential concentration risk if the relationship changes.
• Cash Conversion: Watch for any divergence between net profit and operating cash flow as working capital cycles adjust to larger export-oriented supply chains.

KEY OBSERVATIONS

• Valuation check (as of 02 Oct 2026): P/E of 23.7x against ROCE of 41.38%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios.
• Backlog signal: Book-to-bill of 0.00x. At this level, execution capacity becomes the binding constraint rather than demand visibility.
• Promoter holding: Moved from 89.60% to 70.59% in Q2FY27, a 19.01 pp change.