In progress
Valuation
Market Cap
₹133.25 Cr
P/E Ratio
12.00x
P/B Ratio
3.15x
Dhaval Packaging IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Dhaval Packaging Limited, incorporated on 2015 at Sanand, Gujarat, designs, manufactures and supplies plastic packaging solutions for domestic and international markets. The Company operates 2 product segments: In-Mold Labelling (IML) containers for food and FMCG categories such as sweets, dairy, ice cream, bakery and confectionery, offering around 39 SKUs; and SAW Pipe Protection Plastic Caps (End Caps) serving oil & gas, construction, infrastructure and heavy engineering. It runs 3 manufacturing facilities in Sanand spanning over 60,000 sq. ft. with 21 IML machines and capacity exceeding 8,000 kg per day. IML label supply is backward integrated through promoter group entity Octa Labels. The Company is ISO 9001, ISO 14001, ISO 45001 and ISO/IEC 17025 certified, served 667 customers in FY 2025-26, and exports to Australia, Malaysia, Mauritius, Canada, Dubai and Qatar.
Lots & IPO Size
Dhaval Packaging IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,32,800 |
| Ind (Max) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (Min) | 3 | 3,600 | ₹3,49,200 |
| S-HNI (Max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (Min) | 9 | 10,800 | ₹10,47,600 |
Market Maker
₹1.88 L
Employee
₹1.20 L
Shareholder
₹0.00
Dhaval Packaging IPO Size
Total
₹36 Cr
Fresh Issue
₹36 Cr
(0.37 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Part finance the cost of establishing new manufacturing facility at Plot No. E-552, Sanand-II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad
Repayment and/or prepayment of certain outstanding secured borrowings availed by the Company
General Corporate Purposes
Total
Key Risk Factors
A majority of the company's revenue from operations is derived from its top 10 customers, which accounted for 51.27%, 46.37% and 49.76% of revenue from operations for the fiscal years ended March 31, 2026, 2025 and 2024 respectively.
Key Risk Factors
A majority of the company's revenue from operations is derived from its top 10 customers, which accounted for 51.27%, 46.37% and 49.76% of revenue from operations for the fiscal years ended March 31, 2026, 2025 and 2024 respectively.
The company depends on a limited number of suppliers for its raw material requirements and does not have long-term agreements or fixed-term contracts with them, which may adversely affect its business and results of operations.
Pending NCLT proceedings for revision of the company's Financial Statements and Board's Reports may result in regulatory action against the company.
There have been certain instances of delays in payment of certain statutory dues by the company, which may attract financial penalties from government authorities and have a material adverse effect on its financial condition and cash flows.
There have been instances of delays in filings of certain forms which were required to be filed with the Registrar of Companies and the Central Processing Centre under the Companies Act, 2013.
Any disruptions to the supply of, or increases in the pricing of, raw materials and finished products that the company procures may adversely affect its supply and pricing of products and results of operations.
The company's revenues are significantly dependent on certain geographical regions, and adverse developments in these regions could adversely impact its business, financial condition and results of operations.
The company's manufacturing facilities are located only in the state of Gujarat, and any adverse development affecting operations in Gujarat could have an adverse impact on its revenues and results of operations.
The company is operating under various laws which require it to obtain approvals from concerned statutory or regulatory authorities in the ordinary course of business, and if it is unable to obtain these approvals and renewals, its business operations could be adversely affected.
The company's operations are highly dependent on the efficient functioning of its manufacturing machinery, and any breakdown, malfunction or technical failure may adversely affect production and profitability.
Dhaval Packaging IPO Details Live GMP
GMP
₹0
Est. Price
₹97
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Jul | ₹0 (0%) | ₹97 |
| 24 Jul | ₹0 (0%) | ₹97 |
Dhaval Packaging IPO Peer Comparison
(Rs. in crores)
| Particulars | Dhaval Packaging | Mold-Tek Packaging |
|---|---|---|
| Revenue | 65.03 | 887.86 |
| PAT | 8.04 | 72.87 |
| EPS (₹) | 8.08 | 21.93 |
| NAV (₹) | 30.78 | 199.79 |
| RONW | 31.58% | 10.98% |
| EBITDA | 21.41% | 19.45% |
| PAT Mrgn | 12.33% | 8.22% |
| PE Ratio | 12.00 | 31.38 |
| Debt to Equity | 0.78 | 0.31 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of June 25, 2026 for Peers.
Dhaval Packaging IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 65.03 | 52.26 | 47.99 |
| PAT | 8.04 | 6.04 | 1.55 |
| Net Worth | 30.75 | 20.16 | 4.10 |
| Borrowings | 24.13 | 16.55 | 19.28 |
| Assets | 66.42 | 47.89 | 33.70 |
| NAV (₹) | 30.78 | 83.41 | 20.51 |
| EPS (₹) | 8.08 | 9.75 | 2.59 |
Key Performance Indicators (KPIs)
EBITDA
21.41%
PAT
12.33%
ROE
31.58%
ROCE
22.58%
Debt to Equity
0.78
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Dhaval Packaging IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 65.03 | 52.26 | 47.99 |
| Other Income | 0.17 | 0.17 | 0.09 |
| Total Income | 65.20 | 52.43 | 48.08 |
| Materials Consumed | 38.56 | 33.47 | 35.60 |
| Changes in Inventories | -1.52 | -0.65 | -0.05 |
| Employee Expense | 2.78 | 2.39 | 1.60 |
| Finance Costs | 1.84 | 1.42 | 0.95 |
| Depreciation | 1.53 | 0.94 | 2.09 |
| Other Expenses | 11.29 | 6.84 | 5.85 |
| Total Expenses | 54.48 | 44.41 | 46.04 |
| Profit Before Tax | 10.72 | 8.02 | 2.04 |
| Tax Expense | 2.68 | 1.98 | 0.47 |
| Profit After Tax | 8.04 | 6.04 | 1.57 |
| EPS — Basic (₹) | 8.08 | 9.75 | 2.59 |
| EPS — Diluted (₹) | 8.08 | 9.75 | 2.59 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 9.99 | 2.42 | 2.00 |
| Reserves & Surplus | 20.76 | 17.75 | 2.10 |
| Total Equity | 30.75 | 20.17 | 4.10 |
| Total Borrowings | 24.13 | 16.55 | 19.28 |
| Trade Payables | 7.16 | 8.15 | 6.73 |
| Other Liabilities | 4.38 | 3.03 | 3.61 |
| Total Equity & Liab | 66.42 | 47.90 | 33.72 |
| Fixed Assets | 38.00 | 25.37 | 15.88 |
| Trade Receivables | 8.03 | 5.41 | 6.24 |
| Cash & Bank Bal | 3.01 | 1.93 | 1.99 |
| Other Assets | 17.39 | 15.17 | 9.59 |
| Total Assets | 66.42 | 47.90 | 33.72 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| CF from Operating Activities | 6.74 | 4.35 | 0.66 |
| CF from Investing Activities | -14.05 | -10.28 | -4.02 |
| CF from Financing Activities | 8.39 | 5.88 | 4.29 |
| Net Change in Cash & Equivalents | 1.08 | -0.05 | 0.93 |
| Cash & Equivalents at End of Period | 3.01 | 1.93 | 1.99 |
Promoter Holding
Promoter
90.88%
Public
9.12%
Manish Nanalal Dagla
31.54%
Dhaval Nanalal Dagla
30.54%
Shah Aalap Dipak
6.81%
Jigar Harivadan Contractor
7.31%
Jigar Manubhai Shah
5.31%
Others
9.37%
Management
Manish Nanalal Dagla
Age: 52
Chairman & MD
Remuneration
₹Basic ₹75,000/month (₹9.00 Lakhs paid in FY 2025-26)
Education
Secondary education, Sainik School; Leadership Program – UNNATI
Prior Experience
Over two decades in the plastic packaging industry; with the Company since inception in 2015.
Dhaval Nanalal Dagla
Age: 50
ED & CEO
Remuneration
₹Basic ₹75,000/month (₹11.18 Lakhs paid in FY 2025-26)
Education
Not disclosed in RHP
Prior Experience
Over 20 years across dealership, gas distribution and packaging; with the Company since inception.
Shah Aalap Dipak
Age: 46
ED & CFO
Remuneration
₹Basic ₹75,000/month (₹9.60 Lakhs paid in FY 2025-26)
Education
Not disclosed in RHP
Prior Experience
Over 15 years in packaging across food, dairy, confectionery and frozen dessert segments.
Jigar Harivadan Contractor
Age: 47
ED & CMO
Remuneration
₹Basic ₹75,000/month (₹9.60 Lakhs paid in FY 2025-26)
Education
B.E. (Chemical), Gujarat University
Prior Experience
Over 15 years in sales, marketing and business development within the packaging industry.
Registrar & Lead Managers
Registrar
KFin Technologies
Lead Managers (1)
Company Details
Name: Dhaval Packaging Limited
Address: Plot No. E 411, GIDC, Sanand, Ahmedabad, Gujarat, 382110, India
Number: +91 9898066258
Email: info@dhavalpackaging.com
Website: https://dhavalpackaging.com
Explore More IPOs
Discover other active and upcoming IPOs.
Live IPOs
View All
Opening Soon
View All
Recently Closed
View All
Frequently Asked Questions (FAQs)
What is Dhaval Packaging IPO?
Dhaval Packaging IPO is a SME IPO having an issue size of
₹36 Crs.
Dhaval Packaging IPO is priced at
₹92 - ₹97 per
share.
The
issue opens on 30 Jul 26
and
closes on 03 Aug 26.
When will Dhaval Packaging IPO open?
Dhaval Packaging IPO opens on
30 Jul 26 and closes on
03 Aug 26.
What is the GMP of Dhaval Packaging IPO?
The estimated Grey Market Premium of Dhaval Packaging IPO is
₹0 per share (0.00%).
What is the lot size of Dhaval Packaging IPO?
The minimum lot size of Dhaval Packaging IPO is
1200 shares & the minimum application amount
is
Rs.
116400.
When is the allotment of Dhaval Packaging IPO?
The allotment date of Dhaval Packaging IPO is
04 Aug 26.
What is the listing date of Dhaval Packaging IPO?
The listing date of Dhaval Packaging IPO is
06 Aug 26.
What is the subscription of Dhaval Packaging IPO?
Dhaval Packaging IPO is subscribed
-.
What is the price band of Dhaval Packaging IPO?
Dhaval Packaging IPO is priced at
₹92 - ₹97 per
share.
How to check allotment status of Dhaval Packaging IPO?
Click the allotment link on Dhaval Packaging IPO page of IPO360.
How to apply Dhaval Packaging IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Dhaval Packaging IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Dhaval Packaging IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Dhaval Packaging IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
Delete Comment?
Are you sure you want to delete this comment? This action cannot be undone.
Discussion
Join the discussion!
Log In to CommentNo comments yet. Be the first to share your thoughts!