Dhaval Packaging Ltd IPO
Packaging
Price Band
₹92 – ₹97
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹232800
Issue Size
₹36.36Cr
Opens
2026-07-30
Closes
2026-08-03
Listing
06-08-2026
Subscription Status
Qualified Institutional Buyers
56.38 x
Non-Institutional Investor
55.4 x
Retail Individual Investor
39.6 x
Total
46.23 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1HX301016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Dhaval Packaging Limited is engaged in the design, manufacture, and supply of plastic packaging solutions for domestic and international markets. The company primarily serves the food and FMCG sectors, offering packaging for products such as sweets, dairy, dry fruits, bakery items, confectionery, frozen foods, and ready-to-eat foods. Its product portfolio includes food-grade In-Mold Labelling (IML) containers and SAW (Submerged Arc Welded) pipe protection plastic end caps used in industries such as oil and gas, construction, infrastructure, and heavy engineering. The company offers around 39 SKUs of IML containers and also manufactures customised end caps for industrial applications. Dhaval Packaging operates three manufacturing facilities in Sanand, Gujarat, spread across more than 60,000 sq. ft., with a production capacity of over 8,000 kg per day. For its IML products, the company follows an integrated manufacturing process supported by its promoter group entity, Octa Labels, for label supply.
Pros
- • The company claims to operate a fully integrated in-house In-Mold Labelling (IML) manufacturing process supported by automation. It states that its production setup includes robotic handling, in-line quality checks, and integrated tooling and labelling, enabling greater control over product quality and production consistency. The company also reported an improvement in its IML first-pass yield and a decline in scrap rates between FY24 and FY26.
- • The company claims to benefit from backward integration through its promoter group entity, Octa Labels. According to the prospectus, this allows it to manage label development, pre-press, substrate selection, and molding within a single workflow, which may help reduce production lead times, improve traceability, and maintain consistency in label quality.
- • Dhaval Packaging operates across two product segments, serving both consumer and industrial markets. Along with food-grade IML containers for the food and FMCG sectors, it manufactures SAW pipe protection plastic end caps for industries such as oil and gas, construction, infrastructure, and heavy engineering. This dual-segment portfolio provides exposure to different end-user industries.
Cons
- • The top 10 customers contributed Rs 33.34 crore (51.27%), Rs 24.23 crore (46.37%), and Rs 23.88 crore (49.76%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. The company also does not have long-term contracts with its customers and relies significantly on repeat business from existing clients. Any failure to retain these key customers, secure repeat orders, or expand its customer base could adversely affect the company’s business, financial performance, and cash flows.
- • The top 10 suppliers accounted for 88.31%, 89.98%, and 94.86% of the company’s total purchases in FY26, FY25, and FY24, respectively. The company also does not have long-term supply agreements with most of its suppliers and depends on long-standing business relationships for raw material procurement and credit terms. Any disruption in supplier relationships, inability to source raw materials, or heavy fluctuations in raw material prices could hurt the company’s operations, profit margins, and financial performance.
- • The company derives a significant portion of its revenue from Gujarat and Maharashtra. These two states contributed Rs 55.88 crore (85.92%), Rs 45.11 crore (86.32%), and Rs 37.77 crore (78.69%) to the company’s revenue from operations in FY26, FY25, and FY24, respectively. Any adverse economic, political, regulatory, or natural developments in these regions, or the company’s inability to diversify geographically, could adversely affect its business, operations, and financial performance.
Get real-time IPO alerts on WhatsApp
Opening reminders • Subscription updates • GMP alerts • Allotment results
Start WhatsApp Alerts