RFBL Flexi Pack

RFBL Flexi Pack is coming out with an initial public offering (IPO) of 70,65,000 shares in a price band of Rs 47- 50 per equity share.
The issue will open on May 12, 2026 and will close on May 14, 2026.
The shares will be listed on SME Platform of NSE.
The face value of the share is Rs 10 and is priced 4.70 times of its face value on the lower side and 5.00 times on the higher side.
Book running lead manager to the issue is Grow House Wealth Management.
Compliance Officer for the issue is Uday Misal.

Profile of the company

RFBL Flexi Pack is primarily engaged in the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries. It also deals in trading of Woven Fabric Packaging Material and Polyster Laminated and other types of films. Scrap generated from business operations is further sold to business entities for their further processing and use. It operates under a Business to Business (B2B) model, catering to needs of clients who require high quality, customized packaging solutions. It specializes in the production of multilayer plastic films, by using manufacturing techniques to meet diverse packaging requirements. The key raw materials used in its production process include plastic films like Cast Polypropylene (CPP) films, Cast Polyethylene (CPE) films, BOPP Films, metallized films, laminated films etc., specialized adhesives, and inks, which are sourced from a network of reliable and reputed suppliers. Its products are engineered to issue durability, moisture resistance, barrier properties, making them highly suitable for a wide range of packaging applications. The end products find extensive usage in the packaging of goods in various industries, some of them are: Food - for packaging snacks, spices and grains etc., Pharmaceutical - for packaging of medical and healthcare products, and Home and Personal Care - for items like detergents and household consumables.

By focusing on quality, innovation, and customer centric solutions, it has built long term relationships with clients across these industries. It aims to continually enhance its production capabilities to meet the evolving needs of its clients and industry standards. The manufacturing unit and registered office of the company is situated at, Himatnagar, Gujarat, where it is engaged in the manufacturing and trading operations. Strategically positioned near the Rajasthan-Gujarat border, the location issues significant logistical advantages. Its proximity to major industrial hubs across both states ensures faster delivery timelines, reduced transportation costs, and improved supply chain efficiency. Additionally, this location facilitates better access to raw materials, skilled labour, and a broad customer base spread across western and northern India, giving it a competitive edge in servicing clients quickly and cost-effectively.

The Quality Assurance Staff inspects raw materials procured from suppliers manually on a sample basis to ascertain conformity with the prescribed specifications. Only those raw materials which meet the requisite quality standards are approved for use in production, while non-conforming materials are rejected and returned to the respective suppliers. In addition to raw material inspection, the Quality Assurance staff also performs testing of the final products before dispatch to ensure that they meet the desired functional and safety parameters. Its commitment to quality is further reinforced by the company being certified under ISO 9001:2015. The certification covers the multilayer adhesive flexible packaging material pouches, and other related flexible packaging products.

Proceed is being used for:

Meeting capital expenditure requirements for i) Acquisition of land for establishing manufacturing facility at Survey No. 47/1 Paiki, Moje: Dhandha, Taluka Himatnagar, Sabarkanth, Gujarat admeasuring 4,502 square meters; ii) Construction and development of infrastructure and associated facilities; iii) Purchase of plant and machinery.
Funding working capital requirements.
General corporate purposes.

Industry Overview

The plastic films packaging industry in India represents a dynamic and indispensable segment of the nation’s broader packaging sector. It plays a crucial role in serving high-growth industries such as food and beverages, pharmaceuticals, personal and home care, FMCG, industrial chemicals, and Agri-products, by providing cost effective, durable, and efficient packaging formats. Plastic films used in packaging are primarily produced from polymers like polyethylene (PE), polypropylene (PP), polyester (PET), polyvinyl chloride (PVC), and nylon, offering a combination of flexibility, barrier properties, and mechanical strength. India’s plastic films segment includes a wide array of formats such as laminated rolls, multilayer films, stretch and shrink films, pouches, wraps, and thermoformed films. These are extensively used for packaging snacks, dairy products, ready-to-eat meals, condiments, personal care items, and over-the-counter pharmaceuticals. Their lightweight nature, customizability, shelf-life extension, and adaptability to high-speed packaging lines have made them a preferred packaging medium for both domestic consumption and export-oriented industries.

India’s plastic film packaging industry has emerged as a vital segment within the broader flexible packaging ecosystem, playing a pivotal role in the preservation, transportation, and aesthetic presentation of products across food and beverages, pharmaceuticals, FMCG, agriculture, and e-commerce. The market has shown steady growth, with its estimated value increasing from 1.93 million tonnes in FY 2025, indicating consistent demand growth across sectors. As the industry estimates, the Indian plastic film packaging market is projected to reach around 3.81 million tonnes by FY 2035, growing at a CAGR of 7.05% during the forecast period FY 2025-FY 2035. This growth trajectory is underpinned by increasing demand for hygienic, lightweight, and cost-effective packaging, rising disposable incomes, and expanding modern trade networks. Plastic films such as polypropylene (PP), polyethylene (PE), polyethylene terephthalate (PET), and PVC are extensively used for flexible laminates, barrier packaging, shrink and stretch wraps, and specialty films, making them indispensable across multiple applications. The sector is also benefitting from increased use of multilayer films and biodegradable variants in response to regulatory pressure and consumer preference for eco-friendly alternatives.

India’s strong polymer production base, government support for manufacturing (such as under the PLI scheme), and relatively lower operational costs provide a competitive advantage to domestic players. Furthermore, advancements in extrusion and co-extrusion technologies have enhanced film performance, enabling extended shelf-life, better printability, and improved recyclability. However, the industry faces critical challenges including plastic waste accumulation, lack of robust collection and recycling systems, and regulatory uncertainties surrounding single-use plastics. Moving forward, the sector's sustainability will depend on the scale-up of circular economy practices, development of recyclable mono-material films, and collaborative efforts between industry and government to build integrated waste management frameworks. Despite these hurdles, the plastic film packaging industry in India is expected to maintain its growth momentum, driven by innovation, regulatory alignment, and the evolving needs of a consumption-driven economy.

Pros and strengths

Strategic location advantage: Its factory is located at Dhandha, Himatnagar in Gujarat, in close proximity to Rajasthan a region with growing demand for flexible packaging. As Rajasthan lacks developed flexible packaging infrastructure, it benefits from strong demand and reduced competition. This geographical edge enables efficient logistics, reduced delivery timelines, and lower transportation costs, giving it a significant competitive advantage in serving clients in both Gujarat and Rajasthan.

Diversified product range: Its manufacturing setup enables it to produce a wide variety of customized packaging materials suited for different applications and industries. It works closely with customers to understand their needs and issue tailor-made packaging solutions whether it's specific design requirements, material specifications, or compliance with sustainability norms. This ability to adapt and innovate enhances customer satisfaction and market responsiveness.

Strong focus on quality assurance: Quality is the cornerstone of its operations. Its products undergo quality checks from procurement of raw materials to the final product. Its commitment is validated by the ISO 9001:2015 certification, covering multilayer adhesive flexible packaging materials and other related products.

Risks and concerns

Reliance on key customers: The company is significantly dependent on few customers for its revenue. The loss of any one or more of such customers may have a material effect on its business operations and profitability. Any failure to maintain relationships with such customers could adversely affect its revenue and financial condition. The revenue from top 10 customers contributed 99.98%, 99.25%, 87.37% and 96.41% of total revenue from operations for the period ending November 30, 2025 and financial year ended March 31, 2025, March 31, 2024, and March 31, 2023, respectively.

Challenges from plastic waste and regulatory scrutiny: The increasing reliance of the world on plastics and their impact on the environment, could lead to promulgation of stricter government regulations and adoption of rigorous waste management rules which in turn may require it to make additional capital expenditures, incur additional expenses or take other actions in order to remain compliant and maintain its current operations. Further, certain of its products involve complex multilayer structures, which pose recycling challenges and hinder effective end-of-life management. This may attract heightened regulatory scrutiny and require it to invest in alternative materials, redesign its products, or adopt enhanced waste management processes, which could increase its costs and adversely impact its operations.

High revenue dependence on Gujarat: Its revenue is majorly dependent from the Gujarat state only. It generated almost 100.00%, 99.26%, 90.78% and 96.77% of the total revenue from Gujarat for the period ended November 30, 2025, financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 respectively. The heavy reliance on Gujarat exposes the company to concentration risk. Clients in Gujarat state may contribute a substantial share of its revenue in the future. The loss of a major client or reduced business from significant clients in this region could have a considerable negative impact on its financials. Any adverse economic, regulatory, or business conditions in the said state could significantly impact its financial performance and overall stability.

Outlook

RFBL Flexi Pack is primarily engaged in the business of manufacturing and trading of printed multilayer flexible packaging material such as plastic film rolls and pouches which are predominantly used for packaging applications across various industries. It also deals in trading of Woven Fabric Packaging Material and Polyester Laminated and other types of films. Scrap generated from business operations is further sold to business entities for their further processing and use. It has built strong relationships with several repeat customers due to its quality, reliability, and responsive service. Its customer centric approach and timely delivery model have led to consistent business from key clients, providing a strong foundation for future growth. On the concern side, it is dependent on its top suppliers for uninterrupted supply of Raw-Materials and purchase stock in trade. Any shortfall in the supply, or an increase in costs and other input costs, may adversely affect the pricing and supply of its products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company. Further, the introduction of alternative packaging materials caused by changes in technology or consumer preferences may affect demand for its existing products, which may adversely affect its financial results and business prospects.

The company is coming out with a maiden IPO of 70,65,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 47-50 per equity share. The aggregate size of the offer is around Rs 33.21 crore to Rs 35.33 crore based on lower and upper price band respectively. On performance front, the revenue from operations for FY25 stood at Rs 13,546.06 lakh whereas in FY24 it was Rs 7,995.89 lakh representing an increase of 69.41%. Moreover, profit after tax for the year ended March 31, 2025, stood at Rs 832.91 lakh and for the year ended March 31, 2024 it was Rs 578.72 lakh representing an increase of 43.92%.

It aims to maintain high-quality standards across all products by following strict quality control measures and complying with industry regulations. Continuous monitoring and process improvements help it meet customer’s expectations and regulatory requirements. Going forward, it plans to set up a new manufacturing facility using a portion of the proceeds from the Initial Public Offering (IPO). This expansion will significantly increase its production capacity, enhance its ability to meet growing customer demand, and support entry into new markets. The new facility will be equipped with modern machinery and improved infrastructure, enabling it to achieve better operational efficiency and scale. Further, it plans to adopt modern machinery and automation technologies in the new facility to increase precision, reduce manual errors, and enhance productivity. This will support consistent product quality while reducing operational costs over the long term.

RFBL Flexi Pack Ltd.