Dhaval Packaging IPO is a Book Built SME public offering by Dhaval Packaging Limited, a company engaged in manufacturing flexible packaging products for domestic and industrial customers. The public issue consists of a fresh issue of equity shares, enabling the company to raise additional capital for business requirements and future growth initiatives. Upon successful completion of the issue process, the company’s equity shares are proposed to be listed on the BSE SME platform.
Dhaval Packaging Limited manufactures flexible packaging solutions used by businesses across sectors such as food processing, pharmaceuticals, personal care, chemicals, agriculture, and consumer products. Its product portfolio includes laminated packaging materials, printed rolls, pouches, and customised packaging solutions designed according to customer specifications. By offering packaging products for multiple industries, the company has developed a diversified business model supported by long-term customer relationships.
The company operates an integrated manufacturing facility where multiple production activities are carried out within a coordinated workflow. Printing, lamination, slitting, pouch conversion, quality inspection, and final dispatch are managed through organised production systems that help maintain product consistency, manufacturing efficiency, and timely execution of customer orders. Continuous investment in manufacturing capabilities and quality processes supports its ability to cater to changing packaging requirements.
India’s packaging industry continues to grow with increasing consumption of packaged goods, organised retail expansion, rising e-commerce activity, and greater demand from food, pharmaceutical, and FMCG sectors. As businesses increasingly adopt customised and high-quality flexible packaging solutions, companies with established manufacturing capabilities and diversified customer segments are expected to benefit from long-term industry growth.
Before making an investment decision, investors should evaluate the company’s financial performance, manufacturing infrastructure, customer base, competitive position, industry outlook, valuation, and long-term business strategy along with the risks associated with its operations.
Dhaval Packaging IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Dhaval Packaging IPO |
| Company Name | Dhaval Packaging Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹92 to ₹97 Per Share |
| Issue Size | ₹36.36 Crore |
| Fresh Issue | ₹34.54 Crore |
| Offer for Sale | Nil |
| Employee Reservation | Available |
| IPO Open Date | 30 July 2026 |
| IPO Close Date | 3 August 2026 |
| Basis of Allotment | 4 August 2026 (Expected) |
| Refund Initiation | 5 August 2026 (Expected) |
| Shares Credited to Demat Account | 5 August 2026 (Expected) |
| Listing Date | 6 August 2026 (Expected) |
| Lot Size | 1,200 Shares |
| Listing Exchange | BSE SME |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Rarever Financial Advisors Private Limited |
The public issue consists of a fresh issue of equity shares. According to the offer document, the company proposes to utilise the net proceeds towards business requirements and other purposes specified in the final prospectus, supporting its long-term operational and growth plans.
Dhaval Packaging IPO Dates
The following table summarises the key events relating to the Dhaval Packaging IPO.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 30 July 2026 |
| IPO Closing Date | 3 August 2026 |
| Basis of Allotment | 4 August 2026 (Expected) |
| Refund Initiation | 5 August 2026 (Expected) |
| Shares Credited to Demat Account | 5 August 2026 (Expected) |
| Listing Date | 6 August 2026 (Expected) |
Following the completion of the allotment process, successful applicants are expected to receive the allotted shares in their demat accounts before trading commences on the BSE SME platform.
Dhaval Packaging IPO Reservation
The issue allocation has been structured in accordance with the regulatory requirements applicable to SME public offerings.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation across investor categories will depend on the number of valid applications received during the IPO subscription period.
Dhaval Packaging IPO Lot Size
Applications can be submitted only in the prescribed market lot notified for the issue.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | To be Updated | To be Updated |
| Retail Maximum | To be Updated | To be Updated |
| HNI Minimum | To be Updated | To be Updated |
The market lot and minimum investment amount will be updated after the company publishes the final RHP and exchange notification. Once officially announced, investors should use the prescribed lot size while submitting their IPO applications.
About Dhaval Packaging Limited
Dhaval Packaging Limited is engaged in the manufacturing of flexible packaging products that cater to the packaging requirements of customers across multiple industries. The company develops customised packaging solutions for sectors including food and beverages, pharmaceuticals, personal care, agrochemicals, household products, and other consumer-driven industries. Its product portfolio is designed to meet diverse packaging specifications while maintaining quality, durability, and functionality.
The company operates manufacturing facilities equipped with modern production systems that support various stages of flexible packaging manufacturing. By integrating printing, lamination, slitting, pouch making, quality inspection, and finishing processes within its operations, the company maintains greater control over product quality, manufacturing efficiency, and timely delivery. It also focuses on developing packaging solutions that meet changing customer requirements and industry standards.
Dhaval Packaging Limited continues to strengthen its business by expanding manufacturing capabilities, upgrading production technology, and building long-term customer relationships. Its emphasis on operational efficiency, product quality, and continuous process improvement supports its long-term growth strategy within India’s expanding packaging industry.
Business Operations
Dhaval Packaging Limited operates an integrated manufacturing model covering multiple stages of flexible packaging production.
- Flexible Packaging Manufacturing – The company manufactures flexible packaging materials used across food, pharmaceutical, personal care, agrochemical, and consumer product industries.
- Printing Services – Advanced printing facilities enable the production of customised packaging with customer-specific branding, designs, and product information.
- Lamination Process – The company undertakes lamination operations to improve packaging strength, durability, product protection, and shelf life.
- Pouch Manufacturing – It manufactures different types of pouches and flexible packaging formats based on customer specifications and end-use applications.
- Slitting & Finishing Operations – Packaging materials are processed through slitting and finishing operations to achieve required dimensions and product quality.
- Quality Control & Inspection – Products undergo quality inspections throughout the manufacturing cycle to ensure compliance with technical specifications and customer requirements.
- Integrated Manufacturing Process – Multiple production activities are managed through an integrated operational framework, helping improve efficiency, consistency, and production planning.
- Customised Packaging Solutions – The company develops packaging products according to customer requirements, supporting businesses across diverse industrial sectors.
Industry Overview
India’s flexible packaging industry has grown significantly due to rising consumption of packaged products, changing consumer preferences, expansion of organised retail, and rapid growth in e-commerce. Flexible packaging has become widely adopted because it offers convenience, product protection, cost efficiency, and ease of transportation across various industries.
Demand for flexible packaging continues to increase across food processing, pharmaceuticals, personal care, household products, agriculture, and industrial applications. Growth in branded consumer products, increasing exports, and greater emphasis on product safety and shelf-life enhancement are further supporting industry expansion.
Government initiatives promoting manufacturing, advancements in packaging technology, and increasing demand for sustainable packaging solutions are expected to create long-term opportunities for companies operating in this sector. Businesses with integrated manufacturing facilities, diversified product offerings, and strong customer relationships are well positioned to benefit from these industry trends.
Business Strategy
Dhaval Packaging Limited aims to strengthen its position in the flexible packaging industry by expanding manufacturing capacity, improving operational efficiency, and enhancing customer relationships across existing and new markets.
The company focuses on upgrading manufacturing infrastructure, adopting modern production technologies, and improving process efficiency to increase production capacity while maintaining consistent product quality. It also intends to strengthen its ability to manufacture customised packaging solutions that address evolving customer requirements.
Another key strategic objective is to diversify its customer base across industries while increasing repeat business from existing customers through reliable product quality, timely deliveries, and technical support. The company also plans to improve operational efficiencies through better production planning, quality management systems, and continuous process improvements.
By combining integrated manufacturing operations, quality-focused production, experienced management, and customer-oriented packaging solutions, Dhaval Packaging Limited aims to achieve sustainable long-term growth while strengthening its presence in India’s growing flexible packaging industry.
Dhaval Packaging IPO Financial Information
The financial performance of a company provides insight into its business growth, profitability, operational efficiency, and financial stability. Analysing financial results over multiple years helps investors understand how the company has performed and whether it has the financial strength to support future expansion.
Dhaval Packaging Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹96.84 Crore | ₹121.57 Crore | ₹152.91 Crore |
| Total Income | ₹97.42 Crore | ₹122.36 Crore | ₹154.03 Crore |
| EBITDA | ₹10.86 Crore | ₹14.32 Crore | ₹19.54 Crore |
| Profit Before Tax (PBT) | ₹6.84 Crore | ₹9.78 Crore | ₹13.96 Crore |
| Profit After Tax (PAT) | ₹5.12 Crore | ₹7.28 Crore | ₹10.41 Crore |
| Net Worth | ₹29.48 Crore | ₹36.92 Crore | ₹47.86 Crore |
| Total Borrowings | ₹26.73 Crore | ₹24.85 Crore | ₹22.31 Crore |
The company has reported growth in revenue and profitability over the last three financial years, supported by increasing business operations and improved manufacturing efficiency. Investors should assess these financial results together with the company’s valuation, operational capabilities, customer profile, and long-term business strategy before making an investment decision.
Dhaval Packaging IPO Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) help investors evaluate the company’s profitability, operational efficiency, capital utilisation, and financial position. These ratios provide additional insight into the company’s ability to generate returns and manage its business effectively.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 24.63% |
| Return on Capital Employed (ROCE) | 21.84% |
| Return on Net Worth (RONW) | 21.75% |
| EBITDA Margin | 12.69% |
| PAT Margin | 6.81% |
| Debt-to-Equity Ratio | 0.47 |
| Earnings Per Share (EPS) | ₹8.37 |
| Net Asset Value (NAV) Per Share | ₹38.51 |
| Price to Earnings (P/E) | 11.59x |
The financial indicators reflect improving profitability, efficient utilisation of shareholders’ funds, and a moderate debt position. These KPIs should be evaluated along with industry trends, competitive positioning, and future growth plans before making an investment decision.
Objects of the Dhaval Packaging IPO
According to the offer document, the company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Funding capital expenditure towards expansion of manufacturing facilities.
- Meeting incremental working capital requirements.
- Funding general corporate purposes.
- Meeting issue-related expenses.
The proposed utilisation of the IPO proceeds is expected to strengthen manufacturing capacity, improve operational efficiency, support higher working capital requirements, and enhance the company’s overall growth potential.
Dhaval Packaging IPO Listing Performance
The listing performance of an IPO indicates how the market values the company’s shares when trading begins on the stock exchange. Since Dhaval Packaging IPO has not yet been listed, the listing-related information will be available only after the shares commence trading on the BSE SME platform.
| Particular | Details |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 6 August 2026 (Expected) |
| Issue Price | ₹97 Per Share |
| Listing Price | Yet to be Announced |
| Listing Gain | Yet to be Announced |
| Listing Gain (%) | Yet to be Announced |
The actual listing price will depend on factors such as investor demand, subscription levels, prevailing market conditions, and overall market sentiment on the listing day. Investors should evaluate the company’s long-term business fundamentals rather than focusing only on short-term listing gains.
Dhaval Packaging IPO Subscription Status
The subscription status reflects investor participation during the IPO bidding period. As the public issue is open for subscription, the figures will continue to change until the issue closes.
Dhaval Packaging IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Total Subscription | Yet to be Updated |
The final subscription data will be available after the closure of the IPO. Investors can check the latest subscription figures on the official BSE website and the registrar’s IPO portal.
Dhaval Packaging IPO Review
Dhaval Packaging Limited operates in the flexible packaging industry by manufacturing packaging products used across food processing, pharmaceuticals, personal care, agriculture, chemicals, and various consumer-oriented industries. The company offers customised packaging solutions supported by integrated manufacturing processes that include printing, lamination, slitting, pouch making, quality inspection, and finishing operations.
The business benefits from an integrated manufacturing facility, diversified industry exposure, customer-focused product development, and an emphasis on maintaining quality standards. Rising consumption of packaged products, growth in organised retail, increasing e-commerce penetration, and higher demand for value-added packaging solutions are expected to support long-term growth opportunities for the company.
At the same time, investors should consider business risks such as fluctuations in raw material prices, dependence on demand from end-user industries, working capital requirements, competitive market conditions, and customer concentration, as these factors may influence future financial performance.
Overall, Dhaval Packaging Limited operates in an industry that continues to benefit from increasing demand for flexible packaging solutions. Before investing, prospective investors should carefully assess the company’s financial performance, valuation, operational capabilities, competitive strengths, and future expansion strategy along with the associated business risks.
Dhaval Packaging IPO Strengths
Dhaval Packaging Limited has developed its business by focusing on manufacturing efficiency, customised packaging solutions, and long-term customer relationships.
- Integrated Manufacturing Facility – The company manages multiple production processes including printing, lamination, slitting, pouch making, and quality inspection within its manufacturing operations.
- Diversified Product Portfolio – It manufactures flexible packaging products for customers operating across food, pharmaceutical, personal care, agriculture, chemical, and consumer goods industries.
- Customised Packaging Solutions – The company develops packaging products based on customer-specific designs, technical specifications, and application requirements.
- Quality-Oriented Manufacturing – Continuous quality checks throughout the production process help maintain product consistency and customer satisfaction.
- Experienced Management Team – The promoters and senior management possess industry experience in packaging manufacturing and business operations.
- Growing Industry Demand – Increasing demand for flexible packaging driven by packaged food, healthcare, FMCG, and e-commerce sectors provides long-term business opportunities.
Dhaval Packaging IPO Risk Factors
Like other companies operating in the packaging industry, Dhaval Packaging Limited is exposed to several operational and industry-related risks that investors should evaluate before making an investment decision.
- Raw Material Price Fluctuations – Changes in the prices of polymers, films, inks, adhesives, and other packaging materials may affect operating margins.
- Dependence on End-User Industries – Demand from food processing, pharmaceuticals, FMCG, agriculture, and other customer industries directly influences business performance.
- Working Capital Intensive Business – Manufacturing operations require continuous investment in inventory, production, and receivables, making efficient working capital management important.
- Competitive Industry Environment – The flexible packaging sector includes numerous organised and regional manufacturers, resulting in pricing pressure and intense competition.
- Customer Concentration Risk – Revenue may be affected if business from key customers declines or long-term commercial relationships change.
- Regulatory Compliance Risk – The company must comply with environmental, industrial safety, labour, and other statutory regulations that govern manufacturing operations.
Before making an investment decision, investors should evaluate these strengths and risks together with the company’s financial performance, valuation, industry outlook, and long-term growth strategy.
Dhaval Packaging IPO Promoters
Dhaval Packaging Limited is promoted by experienced professionals who have been associated with the packaging industry for several years. The promoters have played an important role in establishing the company’s manufacturing operations, expanding its customer network, and strengthening its presence in the flexible packaging market. Their focus remains on improving production capabilities, maintaining quality standards, and achieving sustainable long-term growth.
Dhaval Packaging IPO Promoters Details
| Promoter | Designation |
|---|---|
| Dhaval Ashok Shah | Promoter & Managing Director |
| Ashok Maganlal Shah | Promoter |
| Vaishali Dhaval Shah | Promoter |
Dhaval Packaging IPO Management Team
The company is managed by professionals with experience in packaging manufacturing, production management, finance, quality control, marketing, and corporate governance. The management team is responsible for overseeing manufacturing operations, business development, financial management, and regulatory compliance.
| Name | Designation |
|---|---|
| Dhaval Ashok Shah | Managing Director |
| Ashok Maganlal Shah | Executive Director |
| Vaishali Dhaval Shah | Non-Executive Director |
| Piyush Shah | Chief Financial Officer |
| Mansi Shah | Company Secretary & Compliance Officer |
Dhaval Packaging IPO Registrar Details
The registrar to the issue is responsible for processing IPO applications, finalising the basis of allotment, initiating refunds, crediting equity shares to successful applicants’ demat accounts, and handling investor-related queries throughout the IPO process.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | https://ris.kfintech.com/ipostatus |
| Email ID | [email protected] |
| Contact Number | +91-40-6716 2222 |
Dhaval Packaging IPO Lead Manager Details
The Book Running Lead Manager manages the public issue, coordinates regulatory compliance, markets the IPO, and assists the company throughout the listing process.
| Particular | Details |
|---|---|
| Lead Manager | Rarever Financial Advisors Private Limited |
| Website | https://www.rarever.com |
| Email ID | [email protected] |
| Contact Number | +91-22-6978 8888 |
Dhaval Packaging Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Dhaval Packaging Limited |
| Registered Office | Ahmedabad, Gujarat, India |
| Website | https://www.dhavalpackaging.com |
| Email ID | [email protected] |
How to Check Dhaval Packaging IPO Allotment Status
Applicants can check their IPO allotment status after the basis of allotment is finalised through the registrar’s official portal or the BSE IPO platform.
Through KFin Technologies Limited
- Visit the official IPO allotment portal of KFin Technologies Limited.
- Select Dhaval Packaging IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details correctly.
- Click Submit to view your allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Dhaval Packaging IPO from the available issue list.
- Enter your Application Number, PAN, or DP/Client ID.
- Complete the verification process, if required.
- Click Search to check your allotment status.
Frequently Asked Questions (FAQs)
What is Dhaval Packaging IPO?
Dhaval Packaging IPO is a Book Built SME public issue comprising a fresh issue of equity shares.
What is the price band of the Dhaval Packaging IPO?
The IPO has a price band of ₹92 to ₹97 per equity share.
What is the total issue size of the Dhaval Packaging IPO?
The total issue size is ₹36.36 crore.
When will the Dhaval Packaging IPO open and close?
The IPO will open on 30 July 2026 and close on 3 August 2026.
Where will Dhaval Packaging shares be listed?
The company’s equity shares are proposed to be listed on the BSE SME platform.
Who is the registrar for the Dhaval Packaging IPO?
KFin Technologies Limited is the registrar to the issue.
Who is the Book Running Lead Manager for the Dhaval Packaging IPO?
Rarever Financial Advisors Private Limited is the Book Running Lead Manager.
What is the minimum lot size for the Dhaval Packaging IPO?
The minimum application lot size will be updated after the company publishes the final RHP and exchange notification.
What does Dhaval Packaging Limited do?
The company manufactures flexible packaging products, including printed packaging materials, laminated films, pouches, and customised packaging solutions for customers across food, pharmaceutical, personal care, agriculture, chemicals, and other industries.
What are the objects of the Dhaval Packaging IPO?
The company proposes to utilise the IPO proceeds for capital expenditure, working capital requirements, and general corporate purposes as specified in the final offer document.
