RFBL Flexi Pack
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 May 2026 | ₹1.50 | +3.00% | ₹3,400 | ₹51.50 | ₹4,500 |
| 18 May 2026 | ₹1.50 | +3.00% | ₹3,400 | ₹51.50 | ₹4,500 |
| 17 May 2026 | ₹0 | 0.00% | ₹0 | ₹50 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 May 2026 – 14 May 2026
- Listing date
- 19 May 2026
- Face value
- ₹10 per share
- Price band
- ₹47 – ₹50
- Issue price
- ₹50 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹35.33 Cr
- Market cap at offer price
- ₹117 Cr
- Promoter holding
- 100.00% → 69.70% pre-issue → post-issue
- ISIN
- INE0V2V01015
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Grow House Wealth Management Pvt.Ltd.
- Registered office
- Survey No 32, Plot No 15, Behind Marutinandan Temple Dhandha, Sabarkantha, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 3,54,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹50
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,50,000 |
| S-HNI (min) | 2 | 6,000 | ₹3,00,000 |
| S-HNI (max) | 6 | 18,000 | ₹9,00,000 |
| B-HNI (min) | 7 | 21,000 | ₹10,50,000 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹50 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.13 | 3.29 |
| P/E (×) | 9.75 | 15.20 |
| Price to book (×) | 4.51 | — |
| Market cap | — | ₹117 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 60.18%
- ROCE
- 32.70%
- Debt / equity
- 1.05
- PAT margin
- 6.15%
- EBITDA margin
- 9.28%
- NAV per share
- ₹11.08
- Price to book
- 4.51
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About RFBL Flexi Pack
RFBL Flexi Pack Limited, incorporated in 2005 and converted to public limited company in 2023, is engaged in manufacturing and trading of printed multilayer flexible packaging materials such as plastic film rolls and pouches. The company operates under a B2B model, serving clients requiring high-quality customized packaging solutions. It specializes in producing multilayer plastic films using manufacturing techniques to meet diverse packaging requirements, with key raw materials including CPP films, CPE films, BOPP films, metallized films, and laminated films. The company has evolved from private limited status and operates a manufacturing facility in Gujarat with both manufacturing and trading segments contributing to revenue.
Company Analysis
from RHPRFBL Flexi Pack Limited manufactures and trades printed multilayer flexible packaging materials including plastic films and pouches for packaging applications across FMCG, pharmaceuticals, food and other industries.
RFBL Flexi Pack Limited, incorporated in 2005 and converted to public limited company in 2023, is engaged in manufacturing and trading of printed multilayer flexible packaging materials such as plastic film rolls and pouches. The company operates under a B2B model, serving clients requiring high-quality customized packaging solutions. It specializes in producing multilayer plastic films using manufacturing techniques to meet diverse packaging requirements, with key raw materials including CPP films, CPE films, BOPP films, metallized films, and laminated films. The company has evolved from private limited status and operates a manufacturing facility in Gujarat with both manufacturing and trading segments contributing to revenue.
Objects of the Issue
- To meet capital expenditure requirements ₹1,241.30 lakhs p.28
- To meet working capital requirements ₹1,776.29 lakhs p.28
- General Corporate Purpose Not to exceed 15% of Gross Proceeds or ₹1,000 lakhs, whichever is less p.28
- Acquisition of land for Establishing manufacturing facility ₹499.50 lakhs (part of total ₹1,241.30 lakhs for capex) p.111
- Construction and development of infrastructure and associated facilities ₹343.50 lakhs (part of total ₹1,241.30 lakhs for capex) p.111
- Purchase of Plant and Machinery ₹398.75 lakhs (part of total ₹1,241.30 lakhs for capex) p.111
- Funding working capital requirements ₹1,776.29 lakhs p.111
- General corporate purposes [●] (not exceeding 15% of Gross Proceeds or ₹10 crores, whichever is less) p.111
- Funding capex for new manufacturing facility p.120
- Funding working capital requirements ₹1,776.29 lakhs p.120
- General corporate purposes ₹ [●] lakhs (not exceeding 15% of aggregate gross proceeds of fresh issue or ₹10 Crores, whichever is less) p.127
- Expansion Through New Manufacturing Facility p.188
- Investment in Technology and Automation p.188
- Product Diversification and Enhanced Distribution p.188
- —
Issue Structure
- Total Issue
- Up to 70,65,000 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 70,65,000 Equity Shares aggregating up to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price) - to be finalized
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates a B2B business model manufacturing and trading printed multilayer flexible packaging materials. Revenue is generated through: (1) manufacturing of customized multilayer plastic films, rolls and pouches; (2) trading of various films including Woven Fabric Packaging Material and Polyester Laminated films; (3) sale of scrap generated from business operations. Products are sold to packaging-dependent industries on purchase order basis without formal long-term contracts.
Business Segments
SWOT Analysis
- • Strong order book provides demand visibility(p.114)
- • Opportunity to convert outsourced trading to in-house manufacturing(p.114)
- • ISO 9001:2015 certification for quality management(p.182)
- • Strategic location near Rajasthan-Gujarat border with logistical advantages(p.182)
- • Owned manufacturing facility enabling operational control(p.189)
- • Diversified product portfolio across multiple industries(p.189)
- • Strong repeat customer base and customer-centric approach(p.189)
- • Experienced management with packaging sector expertise(p.189)
- • In-house lamination and ink manufacturing providing control over quality and consistency(p.188)
- • Owned manufacturing facility and infrastructure(p.188)
- • Efficient inventory management system near factory location(p.189)
- • Strong revenue growth trajectory with 42.46% CAGR from FY2023 to FY2025(p.189)
- • High profitability growth with PAT CAGR of 131.68%(p.189)
- • Significant customer concentration; top 1 customer accounts for 44% of revenue(p.38)
- • Low manufacturing capacity utilization at 36%(p.38)
- • Unpaid tax obligations and unfiled income tax returns for AY 2025-26(p.39)
- • Extensive history of delays in filing statutory forms with ROC(p.42)
- • Significant dependence on top 5 suppliers for 98% of procurement(p.41)
- • Limited experience of Promoter in the business; joined in 2022(p.47)
- • Substantial unsecured loans from Promoter repayable on demand(p.55)
- • 19 pending tax proceedings against the Company with ₹1,895.08 lakhs at stake(p.37)
- • High dependence on third-party transportation providers with no long-term contracts(p.57)
- • No backup power generation capacity(p.57)
- • No long-term customer contracts; business dependent on purchase orders(p.60)
- • Pending trademark registration creates IP vulnerability(p.61)
- • Promoter tax compliance issues(p.61)
- • High trade receivables relative to revenue indicate collection risk(p.64)
- • No technical support service agreements for equipment maintenance(p.62)
- • Limited capital expenditure orders not yet placed(p.54)
- • Contingent income tax liabilities(p.63)
- • Regional market concentration in Gujarat(p.179)
- • Recycling challenges due to complex multilayer structures(p.179)
- • Dependence on volatile petrochemical feedstocks(p.179)
- • High dependence on petrochemical feedstock volatility(p.188)
- • Regional market concentration with 99.26% sales from Gujarat(p.191)
- • Recycling and sustainability challenges for plastic-based products(p.188)
- • High concentration among top suppliers with top supplier representing 31.59% of purchases(p.192)
- • Very high customer concentration with top customer representing 44.08% of sales(p.193)
- • Heavy dependence on limited number of customers - top 5 customers represent 93.85% of revenue(p.305)
- • High leverage with significant short-term borrowings requiring working capital management(p.285)
- • High concentration of trade receivables with 3,083.51 lakhs outstanding and extended payment cycles(p.264)
- • Substantial contingent liabilities from income tax disputes totaling 850.40 lakhs(p.280)
- • Limited employee base, with employee benefit expenses rising 357.60% but workforce composition not disclosed(p.300)
- • Shift from unorganised to organised, technology-driven packaging manufacturers(p.27)
- • Growing demand from organised retail, modern trade, and e-commerce(p.27)
- • Expansion of manufacturing capacity to improve margins(p.52)
- • Geographic expansion beyond Gujarat to reduce revenue concentration(p.47)
- • Expansion into new manufacturing facility to increase production capacity(p.114)
- • Technological upgrade to serve higher precision specifications(p.114)
- • Market expansion opportunity from new manufacturing facility(p.114)
- • Public listing enhances corporate image and market visibility(p.111)
- • Expansion into export markets in Middle East, Africa, and SAARC(p.179)
- • Growing demand for sustainable and resealable films(p.179)
- • Rising flexible packaging demand from food, pharma, agro, and e-commerce(p.179)
- • Potential backward integration in lamination operations(p.179)
- • Investment in automation and technology adoption to improve margins(p.179)
- • Capacity expansion through new manufacturing facility using IPO proceeds(p.188)
- • Product diversification and customization capabilities(p.188)
- • Technology and automation adoption to improve efficiency(p.188)
- • Geographic expansion and distribution network strengthening(p.188)
- • Rising demand for flexible packaging in multiple industries(p.188)
- • Significant revenue growth from new product trading - introduction of Woven Fabric packaging material in FY 2024-25(p.304)
- • Strong revenue growth trajectory with 69.41% increase in revenue in FY 2024-25(p.300)
- • Expansion in diverse end-user industries including Food, Pharmaceutical, and Home & Personal Care sectors(p.286)
- • Capacity for working capital optimization as current ratio improved to 2.27 at November 2025(p.288)
- • Stricter environmental regulations on plastic packaging and waste management(p.39)
- • Volatile commodity prices of petrochemical raw materials linked to crude oil(p.40)
- • Supply chain disruptions in raw material sourcing(p.40)
- • Significant competition from packaging companies(p.56)
- • Natural disasters and disruptions specific to Gujarat location(p.56)
- • Consumer preference shift toward eco-friendly alternatives(p.47)
- • Fuel price increases directly impact transportation costs(p.57)
- • Water scarcity risk in manufacturing operations(p.57)
- • Rapid technological changes in packaging industry(p.72)
- • Exposure to economic downturns affecting demand(p.73)
- • Political and economic instability in India(p.70)
- • Adverse changes in tax laws and regulations(p.71)
- • Risk of industrial accidents and operational hazards(p.63)
- • Regulatory compliance requirements for licenses and permits(p.61)
- • Capital expenditure delays risk from unfixed quotation validity(p.54)
- • Natural disasters and external shocks to operations(p.73)
- • Intense competition from larger listed film producers(p.179)
- • Regulatory and sustainability pressures from EPR and multilayer film bans(p.179)
- • Logistics risks from regional concentration in Gujarat(p.179)
- • Raw material price volatility linked to crude oil markets(p.179)
- • Intense competition in flexible packaging industry(p.188)
- • Raw material price volatility(p.188)
- • Regulatory and sustainability pressures on plastic packaging(p.188)
- • Logistics and transportation risks for product delivery(p.188)
- • Exposure to significant income tax demands totaling 1,895.08 lakhs across multiple assessment years with pending appeals(p.309)
- • Adverse regulatory action with 19 outstanding tax disputes spanning AYs 2014-15 through 2024-25(p.309)
- • Dependence on limited suppliers with top 5 suppliers representing 98.22% of total purchases(p.305)
- • Business subject to regulatory compliance and licensing under Factories Act, Shops and Establishments Act, and other Acts(p.320)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Roopyaa Tradebizz Limited | Promoter/Corporate Promoter | 100.00% | — |
| Kunjit Maheshbhai Patel | Promoter/Managing Director | — | — |
| Roopyaa Tradebizz Limited | Promoter | 100.00% | [●] |
| Kunjit Maheshbhai Patel | Promoter (Nominee shareholder) | Negligible | [●] |
| Kunjit Maheshbhai Patel | Promoter/Managing Director | — | — |
| Roopyaa Tradebizz Limited | Corporate Promoter | 100% | — |
| Kunjit Maheshbhai Patel | Individual Promoter | — | — |
| Roopyaa Tradebizz Limited | Promoter/Holding Company | 100% | — |
| Kunjit Maheshbhai Patel | Promoter | — | — |
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.