S K Offset
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 2.61×
- Big non-institutionalbNII · above ₹10 lakh
- 1.03×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.95×
- Retail individualRII · up to ₹2 lakh
- 0.58×
Issue details
- IPO date
- 23 Sep 2026 – 25 Sep 2026
- Listing date
- 30 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹119 – ₹125
- Lot size
- 1,000 shares
- Listing at
- BSE
- Total issue size
- ₹29.06 Cr
- ISIN
- INE2MKZ01017
- CIN
- U18129UP2007PLC032792
- Registered office
- 15, Sports Complex Enclave, Delhi Road, Meerut, Uttar Pradesh, India, 250002
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 | 3,60,000 | 21.62% | 21.62% |
| NII (HNI) | 3,33,000 | 20.00% | 20.00% |
| bNII > ₹10L · within NII | 2,22,000 | — | 13.33% |
| sNII < ₹10L · within NII | 1,11,000 | — | 6.67% |
| Retail (RII) | 9,72,000 | 58.38% | 58.38% |
| Employee | 0 | — | 0.00% |
| Total issue | 16,65,000 | — | 100.00% |
Net offer to the public of 16,65,000 shares, out of a total issue of 16,65,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,000 shares per lot, in multiples, at ₹125
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,25,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,50,000 |
| S-HNI (max) | 8 | 8,000 | ₹10,00,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,25,000 |
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.
Valuation and performance
Valuation at offer price
₹125 per share
| Metric | Pre-issue | Post-issue |
|---|
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 | 67 | 48.65 | 23.31 |
| Revenue from operations | 66.67 | 48.2 | 21.53 |
| Other income | 0.32 | 0.45 | 1.78 |
| Total expenses | 57.13 | 46.48 | 22.31 |
| Operating profit | 9.87 | 2.17 | 1 |
| Operating margin | 14.73% | 4.46% | 4.29% |
| Profit before tax | 9.87 | 2.17 | 0.99 |
| Profit after tax | 7.48 | 1.54 | 0.72 |
| PAT margin | 11.16% | 3.17% | 3.09% |
| Balance sheet | |||
| Total assets | 81.76 | 55.77 | 28.85 |
| Current assets | 60.71 | 41.54 | 18.94 |
| Current liabilities | 49.16 | 34.26 | 19.71 |
| Total liabilities | 61.98 | 48.57 | 24.27 |
| Net worth | 19.78 | 7.2 | 4.58 |
| Current ratio | 1.23× | 1.21× | 0.96× |
| Return on equity | 37.82% | 21.39% | 15.72% |
| Cash flow | |||
| Operating cash flow | 3.66 | -10.8 | 4.4 |
| Investing cash flow | -8.07 | -6.26 | -6.73 |
| Financing cash flow | 4.74 | 16.75 | 2.65 |
| Net cash flow | 0.33 | -0.31 | 0.32 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital Expenditure towards Purchase of Plant and Machinery ₹2.11 Cr
The company proposes to utilize a portion of the Net Proceeds towards purchasing and setting up an Automatic Foil Stamper & Die Cutting Machine (TECHNOFOIL 1050 FC) at its existing manufacturing unit in Meerut, aimed at enhancing finishing capabilities, diversifying products, and strengthening manufacturing capacity for premium packaging and label solutions.
2 Funding Incremental Working Capital Requirements ₹18.66 Cr
The company intends to utilize a portion of the Net Proceeds to meet incremental working capital requirements across Fiscal 2027 and Fiscal 2028, supporting day-to-day operational needs including inventory, trade receivables, vendor payments, and other short-term financial obligations driven by continued business growth.
3 General Corporate Purposes —
The company plans to deploy the balance of the Net Proceeds towards general corporate purposes, including meeting operating expenses, brand development, technology upgrades, marketing capabilities, and other strategic initiatives, subject to a cap of fifteen percent of the gross proceeds or Rs. crores, whichever is lower.
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 S K Offset
S. K. Offset Limited was originally incorporated as a Private Limited Company on February 02, 2007, and converted to a public limited company on August 18, 2025. The Company is engaged in the manufacturing of printed books, pamphlets, mono-cartons, labels, stickers and other printed products (including barcodes and posters), with operations primarily focused on the Offset Printing, Packaging & Labeling industry. The Company also engages in trading of imported printing machines and accessories. The company derives a substantial portion of its revenue from operations in the state of Uttar Pradesh, where its manufacturing facilities are located. The Company has three individual promoters: Mr. Pradeep Agarwal, Mr. Priyanshu Agarwal, and Mr. Ayush Agarwal.
Management
Mr. Pradeep Agarwal
MD
Mr. Priyanshu Agarwal
Director
Strengths
As stated in the offer document
Experienced Promoters and Management
The company is managed by promoters and a senior management team with experience in offset printing, packaging, and related machinery operations, providing strategic direction and overseeing day-to-day execution and business expansion.
In-House Operational Structure
The company handles design, pre-press, printing, finishing, packaging, and delivery internally, reducing third-party dependency and enabling better quality control, timeline management, and workflow coordination.
Presence Across Multiple Industries
The company serves publishing, FMCG, pharmaceuticals, packaging, and other commercial sectors, reducing concentration risk and enabling utilization of production capabilities across a wider range of products and customers.
Relationships with Clients and Suppliers
The company has developed long-standing relationships with clients and suppliers through consistent engagements and repeat transactions, supporting timely raw material procurement, repeat business, and operational continuity.
Commitment to Quality Standards
The company maintains ISO-certified quality systems with structured checks at pre-press, printing, finishing, and dispatch stages, ensuring print clarity, colour consistency, dimensional accuracy, and product durability.
Business Process and Management Framework
The company has established structured operational processes governing supply chain management, service delivery, and compliance, designed to ensure smooth operations, execution efficiency, and scalable growth across sectors including pharmaceuticals, food and beverages, and cosmetics.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives a substantial portion of its revenue from a limited number of customers, with the top 10 customers contributing 86.14%, 78.61%, and 81.56% of revenue in Fiscals 2026, 2025, and 2024, respectively. The company has no long-term agreements with these customers, operating purely on purchase orders, making it highly vulnerable to order cancellations, reductions, or customer loss.
Supplier Concentration and Raw Material Procurement Risk
The company is significantly dependent on a limited number of suppliers, with the top 10 suppliers accounting for 65.59%, 55.47%, and 89.71% of total purchases in Fiscals 2026, 2025, and 2024, respectively. Any disruption, pricing changes, or termination of relationships with key suppliers could adversely affect inventory levels, production continuity, and financial condition.
Geographical Concentration Risk – Uttar Pradesh
The company derives approximately 69.43%, 89.97%, and 89.41% of its revenue from Uttar Pradesh in Fiscals 2026, 2025, and 2024, respectively, and all manufacturing facilities are also located in the same state. Any adverse regional developments — including regulatory changes, natural disasters, or economic slowdowns — could have a disproportionate impact on operations and financial performance.
Working Capital Intensity and Negative Cash Flow Risk
The company is working capital intensive, with total working capital requirements growing from ₹903.51 lakhs in Fiscal 2024 to ₹3,302.86 lakhs in Fiscal 2026, and experienced negative operating cash flows of ₹1,079.67 lakhs in Fiscal 2025. Any inability to secure adequate working capital funding on acceptable terms could materially disrupt business operations and financial condition.
Regulatory Compliance and Statutory Filing Delays
The company has a history of delays in statutory filings and payments including GST, TDS, EPF, ESIC, and ROC forms — with some delays extending over 1,000 days. While no penalties have been imposed to date, future regulatory action or penalties could adversely affect the company's financial position and operational continuity.
Debt Obligations and Restrictive Loan Covenants
The company had secured loans outstanding of ₹3,178.63 lakhs and unsecured loans of ₹279.42 lakhs as of Fiscal 2026, with unsecured loans repayable on demand. Restrictive covenants in loan agreements limit the company's operational flexibility, and any default or failure to obtain NOCs from lenders could trigger acceleration of repayment and adversely affect business operations.
Leased Premises and Operational Infrastructure Risk
The company does not own any of its operational premises — including its registered office, manufacturing units, godowns, and warehouses — all of which are held on short-term leases (mostly 11-month terms) that are unregistered. Any failure to renew leases or disputes with landlords could force relocation, disrupt operations, and result in increased costs.
Intense Competition and Technological Obsolescence
The company operates in a highly competitive printing and packaging industry facing both large domestic and multinational players with superior technology, financial resources, and established customer relationships. Failure to keep pace with rapid technological advancements — including digital printing, automation, and sustainable packaging — could erode market share, compress margins, and adversely affect growth prospects.
Company Analysis
from RHPS. K. Offset Limited manufactures and trades in printing, packaging, and labeling products, operating in the offset printing, packaging, and labeling industries.
S. K. Offset Limited was originally incorporated as a Private Limited Company on February 02, 2007, and converted to a public limited company on August 18, 2025. The Company is engaged in the manufacturing of printed books, pamphlets, mono-cartons, labels, stickers and other printed products (including barcodes and posters), with operations primarily focused on the Offset Printing, Packaging & Labeling industry. The Company also engages in trading of imported printing machines and accessories. The company derives a substantial portion of its revenue from operations in the state of Uttar Pradesh, where its manufacturing facilities are located. The Company has three individual promoters: Mr. Pradeep Agarwal, Mr. Priyanshu Agarwal, and Mr. Ayush Agarwal.
Objects of the Issue
- Funding capex for purchase of new machinery and equipment ₹211.00 Lakhs p.37
- Working capital requirements ₹1,865.92 Lakhs p.44
- Purchase of New Machinery p.52
- Working Capital p.52
- General corporate purposes p.52
- To fund the Capital expenditure towards purchase of Plant and Machinery ₹211.00 Lakhs p.100
- Funding incremental working capital requirements of our Company ₹1,865.92 Lakhs p.100
- General Corporate Purposes p.100
Issue Structure
- Total Issue
- Up to 23,25,000 Equity Shares at the Issue Price of ₹[●] per Equity Share aggregating ₹[●] Lakhs
- Fresh Issue
- Up to 23,25,000 Equity Shares of face value ₹10/- each
- Offer for Sale
- N.A. (Not Applicable - Entire issue constitutes fresh issue)
- Price Band
- Price Band of ₹[●] to ₹[●] (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares and in multiples thereof
- Face Value
- ₹10/- per Equity Share
Business Model
The Company generates revenue from manufacturing and selling offset printed products (books, pamphlets, mono-cartons, labels, stickers, barcodes, posters) to customers primarily in the printing and packaging sectors, as well as from trading in imported printing machines and accessories. Revenue for Fiscal 2026 was ₹6,667.29 Lakhs, with raw materials constituting 61.10% of revenue. The Company operates on a purchase order basis without long-term supply agreements with customers.
Business Segments
SWOT Analysis
- • Strong revenue growth trajectory(p.49)
- • Profitability improvement with rising PAT(p.49)
- • Experienced management with established business operations in printing and packaging(p.101)
- • High production capacity expansion from hot foil stamping machinery investment(p.110)
- • Strong recent revenue growth trajectory(p.111)
- • Improving profitability and returns on equity(p.119)
- • Integrated operational setup with in-house pre-press, printing, and finishing capabilities(p.161)
- • Advanced technology infrastructure including Heidelberg and Komori multicolour presses and automated systems(p.162)
- • Diversified business segments reducing dependence on single revenue stream(p.162)
- • Wide client base across multiple industries including FMCG, pharmaceuticals, food & beverages, and education(p.162)
- • Multiple quality and compliance certifications enhancing credibility with institutional and export clients(p.162)
- • Long operating history with origins dating back to 1973(p.162)
- • Integrated packaging and printing solutions provider with forward integration(p.242)
- • Diversified product portfolio reducing dependence on single product/customer(p.242)
- • Strong revenue growth trajectory(p.255)
- • Significant profitability improvement with PAT growth(p.240)
- • High return on net worth demonstrating operational efficiency(p.261)
- • Integrated provider across printing, packaging, and labelling segments(p.278)
- • Forward integration enabling single-supplier sourcing for multiple products(p.278)
- • Strong revenue growth and operating leverage(p.281)
- • Significant improvement in EBITDA margins from internalization of packaging(p.282)
- • Improved PAT margin with better profitability(p.282)
- • Strong Return on Equity demonstrating efficient capital deployment(p.280)
- • High customer concentration with top 10 customers representing 86.14% of revenue in FY2026(p.29)
- • No long-term supply agreements with major customers; business operates on purchase order basis(p.30)
- • High supplier concentration with top 10 suppliers representing 65.59% of purchases in FY2026(p.31)
- • No long-term supplier agreements; procurement based on purchase orders(p.32)
- • 69.43% of revenue from single state (Uttar Pradesh) in FY2026(p.32)
- • All manufacturing facilities concentrated in Uttar Pradesh only(p.34)
- • History of negative cash flows; FY2025 showed negative operating cash flows of ₹1,079.67 lakhs(p.37)
- • All premises (office, manufacturing units, warehouses) are leased, not owned(p.35)
- • Multiple instances of delays in statutory filings and tax payments across GST, TDS, EPF, and ESIC(p.38)
- • Historical discrepancies in RoC filings with delays ranging from days to over 4 years(p.41)
- • Dependence on Promoter guarantees for secured debt facilities(p.47)
- • Unsecured loans callable on demand(p.47)
- • Missing NOCs from certain lenders(p.47)
- • Directors lack listed company experience(p.49)
- • Significant dependence on key management personnel(p.49)
- • No alternate funding arrangements identified(p.52)
- • High debt-to-equity ratio indicating leverage concerns(p.118)
- • Significant working capital requirements and inventory dependence(p.112)
- • No employee stock option scheme or long-term employee retention mechanism(p.98)
- • Machinery procurement not yet finalized with execution risk(p.110)
- • High leverage levels with elevated debt-equity ratios increasing sensitivity to interest rate movements(p.162)
- • Capital-intensive business model requiring continuous investment in machinery and technology upgrades(p.162)
- • Exposure to cyclical demand patterns from FMCG, education, and discretionary consumer segments(p.162)
- • Dependence on bulk orders from key customers(p.171)
- • High financial leverage with debt-to-equity ratio of 1.75(p.259)
- • Significant dependence on related party loans from directors(p.247)
- • High working capital requirement with substantial inventory buildup(p.253)
- • Deterioration in inventory turnover ratio(p.266)
- • Concentration of promoter shareholding at 91.08% pre-IPO(p.246)
- • High customer concentration with top customer representing 30.41% of revenue(p.286)
- • Top 10 customers account for 86.14% of revenue, indicating significant customer dependence(p.286)
- • High leverage ratio of 1.75x debt-to-equity(p.280)
- • Rising finance costs indicating increasing debt burden(p.281)
- • Elevated working capital requirements with trade receivables at 189 days DPO(p.284)
- • Negative operating cash flow in FY 2025 despite profitability(p.283)
- • Growth in end-user industries(p.51)
- • Expansion of geographic and customer base(p.49)
- • Product portfolio expansion(p.51)
- • Expansion driven by growing e-commerce and organized retail packaging demand(p.151)
- • Rising demand for premium and value-added packaging solutions(p.140)
- • Government support through increased education spending and infrastructure investment(p.154)
- • Strong growth in Indian packaging industry with double-digit CAGR(p.147)
- • Increasing sustainability-driven demand for eco-friendly packaging(p.151)
- • Growth in Indian packaging and labelling market driven by FMCG, pharmaceuticals, e-commerce, and organized retail expansion(p.162)
- • Rising demand for value-added and premium packaging including customized cartons and branded labelling(p.162)
- • Increasing preference for sustainable and compliant packaging creating opportunities for certified players(p.162)
- • Shift toward short-run, customized, and digital printing enabling better margin realization(p.162)
- • Strong growth in labels and packaging segments supported by double-digit growth in print labels(p.157)
- • Rising demand from FMCG, pharmaceuticals, food processing, personal care, and e-commerce players(p.157)
- • Expansion into high-margin packaging segments(p.242)
- • Export market growth with foreign sales increasing 58.6% YoY(p.255)
- • Enhanced manufacturing capacity utilization through forward integration(p.242)
- • Consolidation of customer requirements through multi-product offerings(p.242)
- • Expansion and diversification across printing and packaging value chain(p.278)
- • Digital design services offering in packaging segment(p.278)
- • Trading and import-export of printing and packaging materials(p.278)
- • Market access through listing on SME Platform(p.291)
- • Vulnerability to raw material price volatility affecting procurement and product pricing(p.32)
- • Exposure to supply chain disruptions and inflation in raw material costs(p.32)
- • Exposure to foreign exchange fluctuations from international sales (Nepal, Ghana, Canada)(p.34)
- • Regional risks from concentration in single state including natural disasters and labor unrest(p.32)
- • Dependence on third-party transportation with no long-term logistics agreements(p.45)
- • Intense competition from domestic and international players with superior resources and technology(p.46)
- • Interest rate risk from dependence on debt financing for operations and growth(p.46)
- • Restrictive loan covenants limiting business flexibility and expansion(p.46)
- • Customer pricing pressure(p.49)
- • Technological obsolescence in printing and packaging(p.50)
- • Machinery breakdown and operational disruption(p.52)
- • High inflation reducing margins(p.55)
- • Dependence on Indian economic conditions(p.55)
- • Natural disasters and external shocks(p.54)
- • Cyclical slowdown in key end-user sectors(p.51)
- • High volatility in raw material prices impacting margins(p.153)
- • Pricing pressure from tender-based procurement model(p.153)
- • Digital media substitution reducing commercial printing demand(p.153)
- • Education cycle and government procurement volatility creating demand cyclicality(p.153)
- • Increasing environmental and regulatory compliance requirements(p.153)
- • Intense competition from organized and unorganized players exerting pressure on pricing and margins(p.162)
- • Volatility in raw material prices including paper, paperboard, inks, and chemicals impacting profitability(p.162)
- • Rapid technological change requiring continuous capital expenditure to avoid obsolescence(p.162)
- • Stringent regulatory and environmental compliance requirements increasing operational complexity and costs(p.162)
- • Volatility in raw material prices exerting pressure on operating margins particularly in commoditised segments(p.157)
- • Significant exposure to interest rate risk with floating rate borrowings(p.249)
- • Dependence on continuous credit facility renewal for working capital(p.277)
- • Vulnerability to input cost and raw material price fluctuations(p.255)
- • Exposure to MSME supplier payment delays and related interest liability(p.256)
- • Competition from larger integrated printing and packaging companies(p.24)
- • Dependence on a few key customers creates revenue vulnerability(p.279)
- • Exposure to competitive pressure and efficiency gains by competitors(p.279)
- • Vulnerability to adverse changes in government policies(p.279)
- • Regulatory and economic policy risks affecting operations(p.279)
- • Technology adaptation risks in printing and packaging industry(p.279)
- • Volatility in capital markets affecting valuation and financing(p.279)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Pradeep Agarwal | Promoter | — | — |
| Mr. Priyanshu Agarwal | Promoter | — | — |
| Mr. Ayush Agarwal | Promoter | — | — |
| Mr. Pradeep Agarwal | Promoter | 53.54% | — |
| Mr. Priyanshu Agarwal | Promoter | 21.16% | — |
| Mr. Ayush Agarwal | Promoter | 19.53% | — |
| Pradeep Agarwal | Promoter | 53.54% | — |
| Priyanshu Agarwal | Promoter | 21.16% | — |
| Ayush Agarwal | Promoter | 19.53% | — |
| Pradeep Agarwal | Promoter | 53.54% | — |
| Priyanshu Agarwal | Promoter | 21.16% | — |
| Ayush Agarwal | Promoter | 19.53% | — |
Leadership
Auto-extracted from the company's RHP 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 RHP before relying on it.