Dhaval Packaging IPO

About Dhaval Packaging IPO

The Dhaval Packaging IPO, an SME IPO, opens on Thursday, July 30, 2026 and closes on Monday, August 3, 2026. The allotment of shares will take place on Tuesday, August 4, 2026. The credit of shares to the demat account will take place on Wednesday, August 5, 2026. The initiation of refunds will take place on Wednesday, August 5, 2026. The listing of shares will take place on Thursday, August 6, 2026.

The offer consists of a fresh issue component. The fresh issue will include 37,48,800 shares of face value ₹10 each aggregating up to ₹36.36 crores. Of this, 1,88,400 shares aggregating up to ₹1.83 crores are reserved for subscription by the market maker, and the net issue to the public is 35,60,400 shares aggregating up to ₹34.54 crores.

Dhaval Packaging IPO's price band is set at ₹92 to ₹97 per share. The lot size for an application is 1,200 shares, and retail investors must bid for a minimum of two lots. The minimum amount of investment required by a retail investor is ₹2,32,800 (2,400 shares) based on the upper price.

The company designs, manufactures, and supplies plastic packaging solutions for domestic and international markets, with In-Mold Labelling containers and SAW pipe protection plastic caps forming its two product categories.

Objectives of Dhaval Packaging IPO

• Part finance the cost of establishing a new manufacturing facility.
  
• Full or part repayment and/or prepayment of certain outstanding secured borrowings.
  
• General corporate purposes.
  

Industry Outlook

India's packaging industry is the fifth largest sector of the economy. The Packaging Industry Association of India values the market at USD 85 billion in CY 2024, up from USD 50.5 billion in CY 2019, a compounded annual growth rate of 11% across that period. Growth is expected to continue. The sector is projected to reach USD 182 billion in CY 2030, an average annual growth rate of 13.5% between 2024 and 2030, driven by demand from FMCG, pharmaceuticals, and organised retail.

Plastic packaging is the fastest-moving beneficiary of that expansion, growing at a CAGR of over 20%. Its barrier properties extend shelf life and reduce contamination risk. Within it, the rigid plastic packaging segment, PET, PP, and HDPE moulded containers, bottles, cups, and closures, is projected to expand at a CAGR of 10–12% from FY 2020 to FY 2024, steadily replacing glass, metal, and aluminium across industries.

About Dhaval Packaging

Dhaval Packaging was incorporated on November 02, 2015 at Sanand, Gujarat, and was converted into a public company on October 08, 2025. It designs, manufactures, and supplies plastic packaging for food and FMCG categories including sweets, dairy, dry fruits, and bakery. Two product lines carry the business. IML containers, offered across approximately 39 SKUs, are food-grade and tamper-evident, while SAW pipe protection plastic caps, including PE plugs and recessed caps, serve oil and gas, construction, infrastructure, and heavy engineering customers.

Production runs from three manufacturing facilities in Sanand, Gujarat. The infrastructure spans over 60,000 sq. ft. and houses 21 machines and lines for IML plus one vacuum forming machine for End Caps, with capacity of more than 8,000 kg per day across all units. IML production is fully in-house, backed by backward integration through Octa Labels, a Promoter Group entity that supplies labels. End Caps follow a hybrid model combining job work with in-house production, which allows the Company to handle diverse pipe sizes and custom features.

Strengths of Dhaval Packaging

• Long standing relationships with a diversified customer base.
  
• Business Model focused on customized solutions and strong customer relationships.
  
• Experienced Promoters and management team
  

Risks of Dhaval Packaging

• The top 10 customers contributed 46.37% of revenue from operations in FY25, so the loss of any one of them would materially reduce sales.
  
• The top 10 suppliers accounted for 89.98% of purchases in FY25 and the Company has no definitive supply agreements with most of them, exposing production schedules to procurement disruption.
  
• All three manufacturing facilities are located in Gujarat, so a natural disaster, labour unrest, or power shortage in that state would halt production entirely.
  
• Polymer prices track crude oil so any inability to pass on increases prices would compress margins.
  

Anchor Investor Bidding Date

Anchor Investor Bidding Date: Wednesday, July 29, 2026

IPO Registrar and Book Running Lead Managers

IPO Registrar
KFin Technologies Limited
Tel No: 040-79615565
Email: dhavalpack.ipo@kfintech.com

Book Running Lead Manager
Rarever Financial Advisors Private Limited

Dhaval Packaging Contact Details
Plot No. E 411, GIDC, Sanand, Ahmedabad, Gujarat, 382110, India
Tel No: +91 9898066258
Email: cs@dhavalpackaging.com

Dhaval Packaging Business Model

The company earns its revenue through the manufacture and sale of two plastic packaging product lines: In-Mold Labelling containers and SAW pipe protection plastic caps. IML containers are food-grade, tamper-evident packs sold across approximately 39 SKUs to sweets, dairy, ice cream, bakery, confectionery, pharmaceutical, agro food, and frozen food customers. End Caps, including PE plugs and recessed caps, are sold to oil and gas, construction, infrastructure, and heavy engineering buyers who need pipe ends protected during storage and transit.

The Company served 659 customers in FY 25, up from 517 in FY 23, and sells into Malaysia, Mauritius, Canada, Dubai, Qatar, and Australia alongside its domestic base. Dhaval Packaging Growth Trajectory

Dhaval Packaging Limited's Total Income for FY25 was ₹52.43 crores, whereas in FY24 and FY23 it was ₹48.08 crores and ₹43.14 crores, respectively.

The Profit After Tax for FY25 was ₹6.04 crores, whereas in FY24 and FY23 it was ₹1.55 crores and ₹0.51 crores, respectively.

Their EBITDA for FY25 was ₹10.22 crores, whereas in FY24 and FY23 it was ₹4.99 crores and ₹2.59 crores, respectively.

Dhaval Packaging Market Position

The Company runs three manufacturing facilities in Sanand, Gujarat, spanning over 60,000 sq. ft., with 21 machines and lines for IML and one vacuum forming machine for End Caps, and capacity of more than 8,000 kg per day. It served 659 customers in FY 25 against 634 in FY 24 and 517 in FY 23. Customers in Gujarat and Maharashtra accounted for 86.32% of revenue from operations in FY 25. Exports run to Malaysia, Mauritius, Canada, Dubai, Qatar, and Australia.

Its Indian customer base includes Keshavlal Sukhadia Foods Private Limited, Vipul Dudhiya Sweets (Ambica) Limited, Das Superfood Private Limited, Sumiran Foods Private Limited, Mohanlal S Mithaiwala, Bhagwati Sweet Mart, Shree Maheshwari Confectioners, Kandoi Bhogilal Mulchand Private Limited, Madhvi Dairy Private Limited, Vijay Dairy Products, and Jaihind Sweets.

As of 31 March 2025, the company's Total Income, Profit After Tax, and EBITDA were ₹52.43 crores, ₹6.04 crores, and ₹10.22 crores, respectively.

How to apply for Dhaval 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.