Knack Packaging IPO is a book-built issue worth ₹439 crore. The IPO comprises a fresh issue of 2.59 crore equity shares aggregating to ₹380 crore and an offer for sale (OFS) worth around ₹60 crore. The IPO opened for subscription on July 1, 2026, and will close on July 3, 2026. The allotment is expected to be finalised on July 6, 2026, with the tentative listing on the NSE and BSE scheduled for July 8, 2026.
The IPO is priced in a band of ₹161 to ₹170 per share. Retail investors must apply for a minimum of 1 lot comprising 88 shares, requiring an investment of ₹14,960 at the upper price band. HNI investors must apply for a minimum of 14 lots (1,232 shares), amounting to ₹2,09,440.
Systematix Corporate Services Ltd. is the book-running lead manager to the issue, and MUFG Intime India Pvt. Ltd. is the registrar.
Industry Outlook
The global packaging market is estimated at $1,259 billion in CY25 and is projected to reach $1,496 billion by CY29, growing at a 4.4% CAGR.
The global flexible plastic packaging market is expected to reach $276.3 billion by CY29, expanding at a 5.2% CAGR.
The global flexible bulk packaging (5-50 kg) market is projected to grow from $90.7 billion in CY25 to $109.3 billion by CY2029, registering a 4.8% CAGR, with the Asia-Pacific region expected to be the largest market.
India's packaging market is estimated at ₹7,275 billion in FY25 and is expected to reach ₹9,195 billion by FY29, growing at a 6.0% CAGR.
Flexible Plastic Packaging (FPP) accounts for 66% of India's plastic packaging market and is projected to grow at a 7.3% CAGR to ₹2,717 billion by FY29.
The Indian Woven Polypropylene (WPP) bags market is expected to increase from ₹492 billion in FY25 to around ₹700 billion by FY29, registering a 9.2% CAGR.
The Indian Printed and Laminated Woven Polypropylene (PLWPP) bags market is projected to grow from ₹28.6 billion in FY25 to ₹50 billion by FY29, expanding at a 15.0% CAGR.
The PLWPP pinch bottom bags segment is expected to grow at an 8%-10% CAGR over the next 5 years, driven by demand for premium packaging solutions offering enhanced branding, stacking stability, and moisture protection.
Knack Packaging IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
₹320 crore towards partial funding of capital expenditure for setting up a new manufacturing facility in Borisana, Kadi, Mehsana, Gujarat, for the manufacture of Printed and Laminated Woven Polypropylene (PLWPP) Bags and PLWPP Pinch Bottom Bags.
General corporate purposes, including business development initiatives, working capital requirements, design and development, debt repayment, and other operating expenses, subject to the applicable regulatory limits.
About Knack Packaging Limited
Knack Packaging Limited is a vertically integrated, export-oriented, and innovation-driven packaging solutions provider. Based on FY2025 revenue, the company is the largest manufacturer of Printed and Laminated Woven Polypropylene (PLWPP) bags and PLWPP Pinch Bottom bags in India among its selected peers. It also holds an estimated 10.1% market share in India's flexible bulk PLWPP bags market, including pinch bottom variants.
The company manufactures a range of customised packaging products, including Printed and Laminated Woven Polypropylene (PLWPP) bags, PLWPP Pinch Bottom bags, PP woven bags, PLWPP block bottom bags, bottom gusset bags, and retail shopping bags. It also offers customised features such as transparent windows, handles, and anti-counterfeiting solutions, including RFID, NFC tags, QR codes, barcodes, and holographic hot stamping.
Knack Packaging operates a vertically integrated manufacturing process, covering the entire production cycle from processing polypropylene granules into tapes to weaving, BOPP film extrusion, rotogravure printing, lamination, cutting, and stitching. The company operates 4 manufacturing facilities in Borisana and Indrad, Mehsana district, Gujarat, with an aggregate installed capacity of 43,300 metric tonnes per annum (MTPA) as of March 31, 2026.
The company follows a B2B2C business model, serving over 1,950 customers across 71 countries. In FY2026, exports contributed 56.30% of revenue from operations, while domestic sales accounted for 43.70%. Its customers include Cargill, Drools Pet Food, KRBL Limited, Ebro India, and Baba Agro Food Limited, among others.
Knack Packaging caters to a diversified range of industries, including food grains, flour, spices, animal and pet food, agriculture, seeds, fertilisers, chemicals, cement, tile adhesives, charcoal, and detergent powders.
The company uses its proprietary Knack Galaxy platform, integrated with SAP ERP and Microsoft CRM, for real-time operational tracking. It has also expanded its global presence through its subsidiary in South Africa and a joint venture in Mexico, serving customers across Latin America and the United States.
How To Check the Allotment Status of the Knack 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 Knack 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 Knack 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 Knack Packaging IPO
Registered Office: 330/A, Kalasagar Shopping Hub Opp Saibaba Temple Satadhar Cross Road, Ghatlodiya Ahmedabad, Gujarat, 380061
Phone: +91 9925 171483
E-mail: compliance@knackpackaging.com
Knack Packaging IPO Reservation
Investor Category | Reservation |
Qualified Institutional Buyers (QIBs) | Not more than 50% of the Net Offer |
Retail Individual Investors (RIIs) | Not less than 35% of the Net Offer |
Non-Institutional Investors (NIIs) | Not less than 15% of the Net Offer |
Knack Packaging IPO Promoter Holding
The promoters of the company are Alpesh Tulsibhai Patel, Pravinkumar Ambalal Patel, and Rashminbhai Tulsibhai Patel.
Share Holding Pre-Issue | 89.60% |
Share Holding Post Issue | 70.59% |
Key Performance Indicators for Knack Packaging IPO
KPI | Value (FY26) |
EBITDA Margin (%) | 20.42% |
PAT Margin (%) | 10.99% |
Return on Equity RoE (%) | 35.75% |
Return on Capital Employed RoCE (%) | 46.71% |
Knack Packaging IPO Prospectus
Knack Packaging IPO Registrar and Lead Managers
Knack Packaging IPO Lead Managers
Systematix Corporate Services Ltd.
Registrar for Knack Packaging IPO
MUFG Intime India Pvt.Ltd.
Contact Number: +91 22 4918 6270
Email Address: knackpackaging.ipo@in.mpms.mufg.com
Knack Packaging IPO Registrar
Financial Performance of Knack Packaging Limited
Particulars | Year ending on March 31, 2026 | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
Revenue from Operations (₹ Lakh) | 82,343.40 | 73,649.00 | 65,455.90 |
Growth in Revenue from Operations (%) | 11.81 | 12.52 | 26.25 |
EBITDA (₹ Lakh) | 17,229.40 | 14,433.70 | 10,137.40 |
EBITDA Margin (%) | 20.42 | 19.31 | 15.38 |
PAT (₹ Lakh) | 9,272.40 | 7,381.00 | 4,597.70 |
PAT Margin (%) | 10.99 | 9.88 | 6.98 |
RoE (%) | 35.75 | 41.70 | 38.38 |
RoCE (%) | 46.71 | 50.36 | 45.42 |
Debt to Equity Ratio (Times) | 0.62 | 0.80 | 1.23 |
Knack Packaging Limited Peer Comparison
Company Name | Face Value (₹) | EPS (Diluted) | RONW (%) | NAV (₹) | Revenue from Operations (₹ Lakh) |
Knack Packaging Limited | 10 | 9.27 | 35.47 | 30.82 | 82,343.40 |
Time Technoplast Limited | 1 | 9.99 | 13.37 | 84.40 | 6,10,520.00 |
TCPL Packaging Limited | 10 | 107.47 | 14.34 | 791.28 | 1,81,021.60 |
Mold-Tek Packaging Limited | 5 | 21.93 | 10.98 | 207.57 | 88,661.00 |
Strengths and Opportunities of Knack Packaging IPO
The company manages its supply chain, procurement, and production through a fully digitised ecosystem, led by its proprietary platform Knack Galaxy, integrated with SAP S4 HANA and Microsoft CRM Dynamics 365 for real-time tracking of materials, inventory, and deliveries.
It has strong engineering capabilities to manufacture complex packaging formats, including multi-layer lamination, specialised perforation patterns, and structural features such as valve closures, supported by in-house ink kitchens and spectrophotometers for precise colour matching and consistency.
The company offers end-to-end customised packaging solutions, converting client requirements into fully designed, branded products, supporting a strong customer retention ratio of 88.32% in FY26.
It operates a diversified business model across multiple industries such as food, pet feed, agriculture, fertilisers, and chemicals, with exports to 71 countries contributing 56.30% of FY26 revenue, reducing dependence on any single region.
The business is supported by an experienced management team with over two decades of industry experience in manufacturing, procurement, and strategic planning.
Demand is supported by growth in key end-use sectors including packaged foods, pet food, agriculture, fertilisers, and construction materials, driving higher consumption of bulk flexible packaging.
The expansion of e-commerce platforms such as Amazon and Flipkart is increasing demand for lightweight, durable, and logistics-friendly packaging solutions.
The global China Plus One strategy is creating export opportunities as international brands diversify supply chains, with Knack targeting markets in Europe, Australia, Africa, the Gulf, Latin America, and the US through its Mexico joint venture.
Industry premiumisation is driving a shift from generic packaging to customised printed solutions, with PLWPP pinch bottom bags offering enhanced six-sided branding and stronger retail visibility.
Sustainability trends and stricter environmental regulations are increasing demand for recyclable and eco-friendly packaging materials, with PLWPP bags supporting circular economy practices and Knack adopting recycled inputs and renewable energy sources.
The company is also expanding its product portfolio with new packaging formats such as zipper pinch bottom bags, PLPE pinch bottom bags, and easy-carry handle block bottom bags.
Risks and Threats of Knack Packaging IPO
The company is dependent on a limited number of suppliers and customers without long-term contracts, with the top 10 suppliers accounting for 86.21% of raw material purchases in FY26. It also relies heavily on repeat customers, with a 93.75% customer continuity rate in FY26, increasing concentration risk.
All four manufacturing facilities are in the Mehsana district of Gujarat, making operations vulnerable to localised disruptions such as natural calamities, social unrest, or policy changes.
The company operates key facilities and offices on premises leased from promoters and promoter group entities, and any failure to renew leases on favourable terms could disrupt operations and result in relocation costs.
It relies on more than 73,000 printing cylinders for branding and design consistency, of which only 43.08% are owned by the company, exposing it to risks of loss, damage, misuse, and potential intellectual property disputes.
Being export-oriented, 56.30% of revenue in FY26 was generated from overseas markets across 71 countries, including 23.66% from the United States, exposing the company to risks such as trade policy changes, tariffs, and foreign exchange volatility.
The business has high working capital requirements, with significant funds blocked in inventory and receivables, while export credit cycles of 60-90 days increase exposure to payment delays and cash flow mismatches.
Raw material costs are exposed to volatility as key inputs such as polypropylene (PP) granules, LDPE granules, and BOPP films are derived from crude oil, and inability to pass on cost increases may impact margins.
The company has contingent liabilities of ₹3,148.40 lakh (10.22% of net worth as of March 31, 2026), primarily related to guarantees and tax matters, while promoters have extended personal guarantees of ₹45,100 lakh, creating additional financial exposure.
The IPO proceeds are partly intended for a new manufacturing facility at Borisana; however, orders for plant and machinery worth ₹28,485.50 lakh are yet to be placed, and reliance on third-party quotations may lead to cost escalations and delays in execution.
The company’s overseas expansion, including its joint venture in Mexico and subsidiary in South Africa, exposes it to risks related to regulatory compliance, foreign exchange laws, and operational integration challenges in new markets.
The packaging industry faces stringent environmental regulations, including Plastic Waste Management Rules, EPR obligations, and restrictions on single-use plastics, requiring ongoing compliance investments.
The sector is highly competitive and fragmented, with pressure from both organised and unorganised players, along with increasing substitution risks from eco-friendly materials such as biodegradable plastics, jute, and paper-based packaging.
