All IPOs

Dhaval Packaging

SME · BSE listed
+13.40%
Listing gain
Price Band
₹92 – ₹97
Issue Size
₹36.36 Cr
1 lot at upper band
₹1,16,400
Lot Size
1,200
Open
30 Jul 2026
Close
03 Aug 2026
Allotment
—
Listing
06 Aug 2026

Scheduled dates

  1. Open
    30 Jul 2026
  2. Close
    03 Aug 2026
  3. Refund
    05 Aug 2026
  4. Demat credit
    05 Aug 2026
  5. Listing
    06 Aug 2026

Listing Performance

Listing Price
₹110
Listing Gain
+13.40%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹12 9 sessions

Subscription (times)

Latest per-category subscription · as of 03 Aug, 06:56 pm IST.

QIB 56.38x
NII 75.35x
BHNI 88.89x
SHNI 48.36x
RII 40.36x
Employee 0.70x
Total 49.99x

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 Plastic Caps for industrial applications. The company operates three manufacturing facilities in Sanand, Gujarat with over 60,000 sq. ft. infrastructure and maintains ISO certifications for quality, environmental, and safety management systems.

www.dhavalpackaging.com ↗

Strengths

  • 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

  • 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.

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
    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.
    27.19 crores
  • Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company
    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.
    3.75 crores
  • 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.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/202665.20+24.4%8.04+33.1%66.4230.756.74
31/03/202552.43+9.0%6.04+289.7%47.8920.164.35
31/03/202448.08—1.55—33.704.100.66
Units: crores

Issue Details

Face Value
₹10
P/E
16.60
ROCE
28.00%
Shares / Lot
1,200
Minimum Bid
2,400 shares
Refund
05 Aug 2026
Credit to Demat
05 Aug 2026
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
RHP ↗DRHP ↗

Management

MANISH NANALAL DAGLAChairman & MD
DHAVAL NANALAL DAGLACEO
SHAH AALAP DIPAKCFO
JIGAR HARIVADAN CONTRACTORCMO
JIGAR MANUBHAI SHAHCPO
PATEL KENAN SURESHBHAIExecutive Director
BHADRESH KANTILAL MEHTAExecutive Director
SHAH KHYATI BHAVYAExecutive Director

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.