Dhaval Packaging IPO: ₹30.94 Cr Public Issue Filed

Dhaval Packaging Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO) to raise ₹30.94 crore. The Gujarat-based company aims to fund a new manufacturing facility and repay outstanding borrowings.

IPO Details & Financials

• IPO Size: ₹30.94 crore (fresh issue)
• Incorporated: 2015
• Revenue FY2026: ₹65.03 crore (up from ₹47.99 crore in FY2024)
• Profit After Tax FY2026: ₹8.04 crore (up from ₹1.55 crore in FY2024)
• Total Equity FY2026: ₹30.75 crore (up from ₹4.10 crore in FY2024)
• Operating Cash Flow FY2026: ₹6.74 crore (up from ₹0.66 crore)

Dhaval Packaging, established in 2015, specializes in plastic packaging solutions. Their product range includes In-Mold Labelling (IML) containers for food and FMCG, alongside SAW Pipe Protection Plastic End Caps for industrial applications. This offering positions them within a diverse market.

IPO Objectives & Timeline

The IPO is scheduled to open on July 30, 2026, and close on August 3, 2026. Allotment is set for August 4, 2026, with listing on August 6, 2026. Proceeds will primarily fund a new manufacturing facility in Sanand-II Industrial Estate.

• ₹27.19 crore for a new manufacturing facility in Sanand-II Industrial Estate, expanding IML, ice-cream, and tin container capacity.
• ₹3.75 crore for repayment or prepayment of outstanding secured borrowings.
• Remaining funds for general corporate purposes, including capital expenditure, working capital, and brand building.

Financial Performance Highlights

Dhaval Packaging demonstrated strong financial growth between FY2024 and FY2026. Revenue from operations climbed from ₹47.99 crore to ₹65.03 crore. Total profit after tax saw a significant increase from ₹1.55 crore to ₹8.04 crore in the same period.

Key Risk Factors

The DRHP highlights several key risk factors for potential investors. These include a high concentration of revenue from top customers and significant dependency on a limited number of suppliers. Pending NCLT proceedings for financial statement revisions also present a notable concern.

• Customer Concentration: Top 10 customers accounted for 51.27% of FY2026 revenue.
• Supplier Dependency: Top 10 suppliers constituted 88.31% of FY2026 purchases, without long-term agreements.
• Legal Proceedings: Pending NCLT proceedings for voluntary revision of financial statements (FY2020-21 to FY2022-23).
• Geographic Concentration: Approximately 85.92% of FY2026 revenue from Gujarat and Maharashtra.
• Outstanding Borrowings (March 31, 2026): Totaling ₹24.13 crore.

The price band and final issue size are currently not available, preventing valuation multiple calculations. Investors are advised to compare the offer price with listed peers in the plastic packaging sector once details are announced.