SK Offset IPO DRHP: ₹66.67 crore revenue; IPO opens Sep 23, 2026
- SK Offset Limited files SME IPO DRHP with ₹66.67 crore FY26 revenue
- Revenue CAGR stands at ~75.87% from FY24 to FY26
- IPO opens on September 23, 2026, listing on September 30
- Proceeds fund ₹18.66 crore working capital and capex
- Key risks include high customer concentration and leased premises
*this image is generated using AI for illustrative purposes only.
S.K. Offset Limited, an integrated printing and packaging solutions provider based in Meerut, Uttar Pradesh, has filed its Draft Red Herring Prospectus (DRHP) for an SME IPO. The company reports strong financial growth, with revenue from operations rising from ₹21.53 crore in FY2024 to ₹66.67 crore in FY2026.
About the Company
Incorporated in 2007, S.K. Offset operates across four leased manufacturing facilities spanning approximately 38,313 sq. ft. The company offers end-to-end services including design, pre-press, printing, finishing, and delivery. Its product portfolio includes offset printing (books, brochures), mono cartons, rigid boxes, corrugated packaging, and labelling solutions such as stickers and IML labels.
The business operates predominantly on a B2B model, accounting for ~99% of revenue. Key end-use sectors include FMCG, pharmaceuticals, cosmetics, and publishing. Geographically, the company is concentrated in North India, with ~84% of sales originating from this region and ~69.43% specifically from Uttar Pradesh in FY2026. It also maintains a nascent export presence in Nepal, Canada, and Ghana.
Financial Performance
The company has demonstrated significant top-line and bottom-line growth over the last three years. Profit Before Tax (PBT) margins expanded from 4.25% in FY2024 to 14.73% in FY2026.
| Particulars | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 21.53 | 48.20 | 66.67 |
| Total Revenue | 23.31 | 48.65 | 67.00 |
| Profit Before Tax (PBT) | 0.99 | 2.17 | 9.87 |
| Total Profit (PAT) | 0.72 | 1.54 | 7.48 |
| PBT Margin (%) | 4.25% | 4.46% | 14.73% |
| PAT Margin (%) | 3.09% | 3.17% | 11.16% |
Total assets grew from ₹28.85 crore in FY2024 to ₹81.76 crore in FY2026. However, total liabilities stood at ₹61.98 crore against equity of ₹19.78 crore in FY2026, resulting in a debt-to-equity ratio of 3.13x. Operating cash flow was positive at ₹3.66 crore in FY2026, recovering from a negative ₹10.80 crore in FY2025.
Why the Company Is Raising Funds
The proceeds from the fresh issue will be utilized for the following purposes:
- Working Capital: ₹18.66 crore to fund incremental working capital requirements for FY2027 and FY2028.
- Capital Expenditure: ₹2.11 crore for the purchase of an Automatic Foil Stamper & Die Cutting Machine (TECHNOFOIL 1050 FC) at its Meerut facility.
- General Corporate Purposes: The balance proceeds, subject to a 15% cap of gross proceeds, will be used for operating expenses, brand development, technology upgrades, and marketing.
Business Strengths
- Integrated Model: End-to-end capabilities reduce third-party dependency and improve quality control and turnaround times.
- Diversified Clientele: Presence across publishing, FMCG, pharmaceuticals, and commercial sectors reduces concentration risk.
- Quality Standards: ISO-certified quality systems ensure compliance with stringent regulatory requirements for pharmaceutical and food-grade packaging.
- Experienced Management: Promoters and senior management possess hands-on experience in offset printing and packaging operations.
Key Risks
- Customer Concentration: Top 10 customers contributed 86.14% of total revenue in FY2026. There are no long-term agreements; all business is on a purchase order basis.
- Geographical Concentration: ~69.43% of revenue in FY2026 was derived from Uttar Pradesh, where all manufacturing facilities are also located.
- Leased Premises: The company does not own any operational premises; all facilities are on short-term, unregistered leases (mostly 11-month terms).
- Regulatory Compliance: The company has a history of delays in GST, TDS, EPF, ESIC, and ROC statutory filings, with some delays extending over 1,000 days.
- Working Capital Intensity: Working capital requirements grew from ₹903.51 lakhs in FY2024 to ₹3,302.86 lakhs in FY2026.
Important IPO Dates
- IPO Opening Date: 23-Sep-2026
- IPO Closing Date: 25-Sep-2026
- Allotment Date: 28-Sep-2026
- Listing Date: 30-Sep-2026
Offer Details
The issue is structured as a Fresh Issue on the SME Platform. Specific details regarding the offer size, price band, lot size, and reservation categories are not available in the current DRHP data.
Bottom Line
S.K. Offset Limited presents a high-growth profile with revenue tripling over two years and significant margin expansion. The IPO aims to secure working capital and enhance production capabilities. However, investors must weigh these gains against high customer and geographical concentration, reliance on leased premises, and past statutory compliance delays.
How might the company's high debt-to-equity ratio of 3.13x impact its ability to secure future financing or withstand economic downturns post-IPO?
What specific strategies will S.K. Offset employ to mitigate the risk of losing its top 10 customers, who currently account for 86% of revenue and operate on a non-contractual purchase order basis?
Given the history of significant statutory filing delays, what governance reforms or compliance mechanisms are being implemented to ensure timely regulatory adherence as a listed entity?
15
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
