Dhaval Packaging IPO is a book-built issue worth ₹36.36 crore. The IPO consists entirely of a fresh issue of 37.48 lakh shares, with no offer-for-sale (OFS) component.
The IPO will open for subscription on July 30, 2026, and close on August 3, 2026. The share allotment is likely to be finalised on August 4, 2026, while the company's shares are expected to list on the BSE SME platform on August 6, 2026.
The company has fixed the IPO price band at ₹92 to ₹97 per share. Investors can apply for a minimum of 2 lots (2,400 shares), which requires an investment of ₹2,32,800 at the upper end of the price band. For HNI investors, the minimum application size is 3 lots (3,600 shares), requiring an investment of ₹3,49,200.
Rarever Financial Advisors Pvt. Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar. New Berry Capitals Pvt. Ltd. has been appointed as the market maker.
About Dhaval Packaging
Dhaval Packaging Limited manufactures specialised rigid plastic packaging products for businesses across different industries. The company mainly operates in two product segments. Its first segment includes In-Mold Labelling (IML) containers, which are food-grade, tamper-proof plastic containers widely used in the food and FMCG sectors, including dairy, sweets, ice cream, bakery, and confectionery products.
The second segment includes SAW pipe protection caps, which are designed to protect the ends of Submerged Arc Welded (SAW) pipes during storage, transportation, and installation. These products are used in industries such as oil and gas, infrastructure, construction, and heavy engineering.
The company follows an integrated manufacturing model by sourcing IML labels from Octa Labels, a promoter group company. This helps reduce production time while maintaining better quality control. It also uses automated robotic injection moulding machines to manufacture IML containers, while pipe protection caps are produced through a combination of in-house manufacturing and job-work arrangements.
Dhaval Packaging also develops customised products and moulds to meet the specific requirements of its customers. The company supplies its products directly to businesses in India, including clients such as Amul, Haldiram, and Vadilal. It also exports its products to countries such as the UAE, Malaysia, Canada, Australia, and Qatar.
Industry Outlook
- Rising demand for In-Mold Labelling (IML) packaging in the food and FMCG sectors is creating growth opportunities. Dhaval Packaging is well-positioned with its automated IML manufacturing and in-house label production.
- Increasing consumption of packaged food, dairy products, and ready-to-eat items is expected to boost demand for the company's food-grade IML containers. Its customer base includes brands such as Amul, Haldiram, and Vadilal.
- Higher spending on oil & gas, infrastructure, and construction projects is likely to drive demand for SAW pipe protection caps, supporting the company's industrial packaging business.
- Growing focus on recyclable and sustainable packaging is benefiting IML products, as the company's polypropylene containers and labels are made from a single recyclable material.
- Rising demand for tamper-proof and premium packaging is encouraging brands to adopt advanced packaging solutions, creating opportunities for Dhaval Packaging's customised products.
- The company's planned capacity expansion through a new manufacturing facility at Sanand-II, funded partly from IPO proceeds, is expected to support future production growth.
- Dhaval Packaging is also well-placed to benefit from export opportunities, with an existing presence in markets such as the UAE, Malaysia, Canada, Australia, and Qatar.
Dhaval Packaging IPO Objectives
- ₹27.19 crore will be used to part-finance the setting up of a new manufacturing facility at Plot No. E-552, Sanand-II Industrial Estate, Hirapur, Sanand, Ahmedabad.
- ₹3.75 crore to ₹3.95 crore will be utilised for the full or partial repayment/prepayment of certain outstanding secured borrowings.
- The remaining net proceeds will be used for general corporate purposes, including administrative and other business requirements.
Financial Performance of Dhaval Packaging
| Financial Metric | FY 2023-24 | FY 2024-25 | FY 2025-26 |
| Total Income / Revenue | ₹48.08 crore | ₹52.43 crore | ₹65.20 crore |
| EBITDA (Operating Profit) | ₹4.99 crore | ₹10.22 crore | ₹13.93 crore |
| Profit After Tax (PAT) | ₹1.55 crore | ₹6.04 crore | ₹8.04 crore |
| Total Assets | ₹33.70 crore | ₹47.89 crore | ₹66.42 crore |
| EBITDA Margin | 10.38% | 19.49% | 21.36% |
Dhaval Packaging Peer Comparison
| Key Financial Metric | Dhaval Packaging Limited | Mold-Tek Packaging Limited |
| Total Income / Revenue | ₹65.20 crore | ₹887.86 crore |
| Profit After Tax (PAT) | ₹8.04 crore | ₹72.87 crore |
| Basic / Diluted EPS | ₹8.08 | ₹21.93 |
| Return on Equity (ROE / RoNW) | 31.58% | ~11.82% |
Strengths and Opportunities for Dhaval Packaging IPO
- Reported strong financial growth, with PAT rising from ₹1.55 crore in FY24 to ₹8.04 crore in FY26, while EBITDA margin improved from 10.38% to 21.36% during the same period.
- Maintained high capital efficiency, with a Return on Equity (ROE) of 31.58% and ROCE of around 28.6% in FY26.
- Operates in niche, value-added segments through In-Mold Labelling (IML) containers and SAW pipe protection caps, which offer better margins than conventional plastic packaging.
- Benefits from its manufacturing facility in Sanand, Gujarat, close to major industrial and FMCG hubs, helping improve supply chain efficiency.
- Backed by experienced promoters with expertise in the plastic packaging industry.
- Plans to use ₹27.19 crore from the IPO proceeds to set up a new manufacturing facility, increasing production capacity.
- Growing adoption of IML packaging across the food, beverage, paints, and FMCG sectors is expected to support future demand.
- Proposed debt repayment of ₹3.75 crore–₹3.95 crore is likely to reduce finance costs and strengthen the company's balance sheet.
- Rising investments in infrastructure and oil & gas projects could drive demand for the company's SAW pipe protection caps, creating additional growth opportunities.
Risks and Threats for Dhaval Packaging IPO
- The company has filed a petition before the NCLT to revise its financial statements and Board's Reports for FY21–FY23. Any adverse ruling could lead to regulatory or reputational risks.
- The top 10 customers contributed 51.27% of FY26 revenue. Limited long-term contracts with key customers increase the risk of lower orders or customer loss.
- Around 88.31% of raw material purchases came from the top 10 suppliers in FY26, exposing the company to supply chain disruptions and procurement risks.
- Nearly 85.92% of FY26 revenue was generated from Gujarat and Maharashtra, making the business vulnerable to regional economic or industrial slowdowns.
- Prices of key raw materials such as HDPE, PP, and LLDPE, which are linked to crude oil, can fluctuate, affecting operating margins.
- Delays in setting up the proposed Sanand-II manufacturing facility, funded through IPO proceeds, could impact capacity expansion and expected returns.
- The company operates in a highly fragmented plastic packaging industry with intense competition from organised and unorganised players.
- Evolving environmental regulations on plastic usage and waste management could increase compliance costs and affect business operations.
Dhaval Packaging IPO Reservation
| Investor Category | % of Total Issue |
| Anchor Investors | 27.50% |
| QIB (Excluding Anchor) | 18.34% |
| NII (HNI) | 13.80% |
| • bNII (Above ₹10 lakh) | 9.19% |
| • sNII (Below ₹10 lakh) | 4.61% |
| Retail Investors | 32.14% |
| Employee Reservation | 3.20% |
| Market Maker | 5.03% |
| Total | 100.00% |
Dhaval Packaging IPO Promoter Holding
The promoters of the company are Dhaval Nanalal Dagla, Jigar Harivadan Contractor, Jigar Manubhai Shah, Manish Nanalal Dagla, and Shah Aalpa Dipak.
| Particulars | Pre-IPO | Post-IPO |
| Promoter Holding | 90.86% | 66.06% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Dhaval Packaging IPO Registrar and Lead Managers
Dhaval Packaging IPO Lead Managers
Rarever Financial Advisors Pvt.Ltd.
Registrar for Dhaval Packaging IPO
Name: Kfin Technologies Ltd.
Phone: 040-79615565
Email: dhavalpack.ipo@kfintech.com
How To Check the Allotment Status of the Dhaval Packaging IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Dhaval Packaging IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Dhaval Packaging IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Dhaval Packaging IPO
Address: Plot No. E 411, GIDC, Sanand, Ahmedabad, Gujarat, 382110
Phone: 9898066258
Email: cs@dhavalpackaging.com
