Dhaval Packaging Ltd. IPO

Dhaval Packaging Limited is a Gujarat-based manufacturer of plastic packaging solutions for domestic and international markets. The company designs, manufactures and supplies In-Mold Labelled (IML) plastic containers and SAW pipe protection plastic end caps. Its products serve food, FMCG and industrial applications.

The company was incorporated on 2 November 2015 as Dhaval Packaging Private Limited. It was subsequently converted into a public limited company in 2025 and renamed Dhaval Packaging Limited.

Dhaval Packaging's business has its roots in the traditional plastic-container business of the promoter group. The company later developed a specialised focus on In-Mould Labelling technology and expanded its product range to cater to food, dairy, confectionery and other FMCG applications.

The company's IML packaging products are used for applications including sweets, dairy products, ice cream, bakery products, dry fruits, confectionery, frozen foods and ready-to-eat foods. Its industrial end caps are used for pipe protection and cater to industries such as oil and gas, construction, infrastructure and heavy engineering.

Dhaval Packaging operates manufacturing facilities in Sanand, Gujarat. Its official website states that the company has a manufacturing facility with a built-up area of 66,415 sq. ft., more than 20 production lines and the capability to manufacture more than 60 lakh containers per month.

The company has expanded its manufacturing capabilities through automation and robotic systems for IML containers. Its official company profile states that the business has developed production capabilities around automated IML systems and has expanded its customer base across domestic and international markets.

Dhaval Packaging serves leading customers in the food and FMCG sectors and has supplied packaging solutions to brands including Amul, Haldiram, Vadilal, Bikaji and Bikano, as disclosed on its official website.

The company also exports its products to international markets. Its official website mentions exports to countries including Mauritius, Malaysia, Qatar, Canada and Dubai.

Dhaval Packaging had 589 customers during the nine-month period ended 31 December 2025, compared with 659 customers in FY2025, 634 customers in FY2024 and 517 customers in FY2023.

Dhaval Packaging operates in the plastic packaging industry with a specialised focus on In-Mold Labelled containers and industrial pipe protection end caps. Its products serve both consumer-facing food and FMCG applications and industrial customers, providing exposure to more than one end market.

The company's IML business is an important part of its product portfolio. IML technology allows the label to be integrated with the container during the moulding process, helping provide finished packaging with integrated labelling and branding. Dhaval Packaging has developed automated production capabilities around this technology.

The company has an established manufacturing base in Gujarat. Its official website states that its facility has a built-up area of 66,415 sq. ft. and more than 20 production lines, with production capability of more than 60 lakh containers per month.

The company serves customers across food, dairy, sweets, confectionery, bakery, frozen foods, dry fruits and other FMCG applications. Its second product segment, SAW pipe protection plastic end caps, provides exposure to industrial applications such as oil and gas, construction and infrastructure.

Financial performance improved substantially over the three-year period. Revenue from operations increased from ₹47.99 crore in FY2024 to ₹52.26 crore in FY2025 and ₹65.20 crore in FY2026. PAT increased from ₹1.55 crore in FY2024 to ₹6.04 crore in FY2025 and ₹8.04 crore in FY2026.

The company reported EBITDA of ₹4.99 crore in FY2024, ₹10.22 crore in FY2025 and ₹13.93 crore in FY2026. EBITDA margin increased to 21.41% in FY2026. PAT margin stood at 12.33% in FY2026.

Net worth increased from ₹4.10 crore in FY2024 to ₹20.16 crore in FY2025 and ₹30.75 crore in FY2026. Total assets increased from ₹33.70 crore to ₹66.42 crore over the same period.

For FY2026, Dhaval Packaging reported ROE of 31.58%, ROCE of 22.58%, RoNW of 31.58%, EBITDA margin of 21.41%, PAT margin of 12.33% and debt-to-equity of 0.78.

At the upper price band of ₹97, the issue-level valuation sources report pre-IPO EPS of approximately ₹8.05 and post-IPO EPS of approximately ₹5.85, with post-IPO P/E of approximately 16.58x.

The IPO proceeds were primarily earmarked for expansion. ₹27.19 crore was proposed for establishing a new manufacturing facility, while ₹3.75 crore was proposed for repayment or prepayment of secured borrowings. This indicates that a significant portion of the issue proceeds was intended to strengthen production capacity and the balance sheet.

The proposed new facility at Sanand-II Industrial Estate could provide additional capacity for future business growth. However, investors should monitor the execution of the facility, capital deployment, utilisation levels and the company's ability to generate sufficient orders from customers.

The IPO received exceptionally strong demand during the subscription period. The final subscription was reported at around 50 times overall, with particularly high demand from NII and QIB investors.

Dhaval Packaging shares were listed on BSE SME on 6 August 2026 at ₹110 against the issue price of ₹97. This represented a listing gain of ₹13 per share, or 13.40%.

Overall, Dhaval Packaging has an established packaging business, specialised IML manufacturing capabilities, exposure to food and FMCG customers, industrial applications and a planned capacity expansion. At the same time, investors should consider customer concentration, raw-material price volatility, competition, borrowings and the sustainability of recent margin and profit growth before making an investment decision.

Listing Performance

Dhaval Packaging shares were listed on BSE SME on 6 August 2026 at ₹110 against the IPO issue price of ₹97. The stock therefore debuted at a premium of ₹13 per share, representing a listing gain of 13.40%.

Dhaval Packaging IPO applications were made through the ASBA process and UPI-supported IPO applications. The lot size was 1,200 shares, while Individual Investors were required to apply for a minimum of 2 lots, or 2,400 shares, requiring ₹2,32,800 at the upper price band of ₹97.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Dhaval Packaging IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. The applicable amount is debited after allotment, while the remaining blocked amount is released according to the IPO process.