A J Packaging IPO

About A J Packaging IPO

The A J Packaging IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 27,50,000 shares aggregating up to ₹[TBA] crores. The offer for sale portion includes 2,50,000 shares of face value ₹10 aggregating up to ₹[TBA] crores. The total number of shares is 30,00,000 and the aggregate amount is yet to be finalised.

A J Packaging IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

A J Packaging is engaged in the business of manufacturing metal tin cans of various shapes viz. oval, rectangular, round cans and sizes varying from 50 gm to 500 gms and 50 ml to 5000 ml. The company’s wide portfolio of products includes printed, lacquered, embossed, shaped and customisable metal cans which finds application in packing of a wide variety of solid, powdered and liquid products.

Objectives of A J Packaging IPO

• For Repayment/ prepayment, in full or in part, of certain outstanding borrowings.
  
• To meet the working capital requirement of the company.
  
• General corporate purpose.
  
• Issue expenses.
  

Industry Outlook

The Indian metal packaging market is experiencing consistent growth with increasing demand for robust and ecofriendly packaging solutions across various industries. India's lower competitive manufacturing costs, relative to western economies, have also driven the growth of the industry, with investments in cutting-edge production technologies and innovative design solutions. As consumer demand for packaged food, beverages, pharmaceuticals, and personal care products continues to grow, metal packaging remains a critical segment in India's overall packaging industry, making a major contribution to the sector's overall growth.

About A J Packaging

A J Packaging is engaged in the business of manufacturing metal tin cans of various shapes viz. oval, rectangular, round cans and sizes varying from 50 gm to 500 gms and 50 ml to 5000 ml. The company has manufacturing units which are located in Hyderabad (Telangana), Ghaziabad (Uttar Pradesh) and Khandala (Maharashtra) to cater to the needs of a wide variety of products from renowned FMCG brands and paint industry (both in domestic and global markets).

The company’s wide portfolio of products includes printed, lacquered, embossed, shaped and customisable metal cans which finds application in packing of a wide variety of solid, powdered and liquid products. They are engaged in a B2B business model wherein the company provides a variety of their products to some of the renowned companies, such as CCL Products (India) Limited, Indus Coffee, Vayhan Coffee, Modigold and Beverages, Mrs. Bectors Food Specialities Limited, Haldirams Foods International Private Limited, R K Ganapathi Chettiar, SLN Coffee Private Limited, Marino Foods Private Limited Asian Paints Limited etc.

Strengths of A J Packaging

• Product Range and production capabilities.
  
• Strong relationship with existing customers and suppliers.
  
• Their industry-related skills and knowledge can be leveraged to diversify their customer-base and gain wallet share with existing customers by expanding their product portfolio.
  
• Strategic Location of manufacturing units.
  
• Experienced management team with industry expertise.
  

Risks of A J Packaging

• Approximately 70% of their revenue is generated from their top ten customers on whom they are dependent.
  
• They generate a major portion of sales from their operations in certain geographical regions specifically in the following states - Maharashtra, Uttar Pradesh and Telangana.
  
• The company is dependent upon a few suppliers for purchase of a major portion of their raw material.
  
• Loans availed by the company have been secured on personal guarantees of their promoter and promoter group members.
  
• They operate in a highly competitive environment and face competition in their business from organized and unorganized players.
  

*CMP for A J Packaging shall be considered as Offer Price #Source: www.bseindia.com

Note (i) The figures of AJ Packaging are based on Restated Consolidated Financial Statements for the year ended March 31, 2025.

(ii) The above NAV of Issuer Company has been calculated based on weighted number of shares outstanding at the end of the respective year

(iii) Current Market Price (CMP) is the closing price of peer group scripts as on March 27, 2026.

(iv) The figures for the peer group are based on the Audited Financial results for the year ended March 31, 2025.

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime Private Limited
Book Running Lead Managers: D & A Financial Services Private Limited

A J Packaging Business Model

The company earns its revenue through manufacturing metal tin cans of various shapes viz. oval, rectangular, round cans and sizes varying from 50 gm to 500 gms and 50 ml to 5000 ml.

A J Packaging Growth Trajectory

A J Packaging’s Total Income for FY25 was ₹193.940 crores, whereas in FY24 and FY23 it was ₹210.401 crores and ₹183.032 crores, respectively.

The Profit After Tax for FY25 was ₹5.118 crores, whereas in FY24 and FY23 it was ₹3.785 crores and ₹2.382 crores, respectively.

Their EBITDA for FY25 was ₹21.473 crores, whereas in FY24 and FY23 it was ₹18.689 crores and ₹14.678 crores, respectively.

A J Packaging Market Position

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹193.940 crores, ₹ 5.118 crores, and ₹21.473 crores, respectively.

How to apply for A J Packaging IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.