About Dhaval Packaging IPO
Dhaval Packaging IPO Details
Dhaval Packaging IPO is a 100% book-built issue of ₹36.36 crore, entirely a fresh issue of 35.60 lakh shares worth up to ₹35 crore with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 30, 2025.
The price band of the issue is set at ₹92 to ₹97 per share and the lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,32,800 (2,400 shares). The IPO will be open for subscription from July 30 to August 3, 2026, on the BSE SME platform with a tentative listing date fixed as August 6, 2026. The book-running lead manager of the issue is Rarever Financial Advisors Private Limited, while the registrar to the offer is KFin Technologies Limited.
Dhaval Packaging IPO Date & Timeline
The Dhaval Packaging IPO is officially set to open for subscription on July 30, 2026 and will close on August 3, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 29, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on August 4, 2026. Following this, Dhaval Packaging will initiate refunds and credit shares to successful investors' demat accounts on August 5, 2026. Finally, shares of Dhaval Packaging Ltd. are tentatively scheduled to list on the stock exchanges on August 6, 2026.
Dhaval Packaging IPO Timeline
| IPO Open Date | Thu, Jul 30, 2026 |
| IPO Close Date | Mon, Aug 3, 2026 |
| Tentative Allotment | Tue, Aug 4, 2026 |
| Initiation of Refunds | Tue, Aug 4, 2026 |
| Credit of Shares to Demat | Tue, Aug 4, 2026 |
| Tentative Listing Date | Wed, Aug 5, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Dhaval Packaging IPO Details
| Detail | Description |
|---|---|
| IPO Date | 30 Jul to 3 Aug, 2026 |
| Listing Date | 6 Aug, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 92 to ₹ 97 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 37,48,800 shares (agg. up to ₹ 36 Cr) |
| Reserved for Market Maker | 1,88,400 shares (agg. up to ₹ 2 Cr) New Berry Capitals Pvt.Ltd. |
| Fresh Issue(Ex Market Maker) | 35,60,400 shares (agg. up to ₹ 35 Cr) |
| Net Offered to Public | 35,60,400 shares (agg. up to ₹ 35 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 99,88,000 shares |
| Share Holding Post Issue | 1,37,36,800 shares |
Dhaval Packaging IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Dhaval Packaging IPO GMP is currently trading at ₹0 (as the issue is at the DRHP stage), reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹97, which is 0.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹97 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 1200 shares.
Dhaval Packaging GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 24 Jul, 2026 | ₹97 | ₹0 | - |
Company Background
Dhaval Packaging Ltd. was incorporated as a private limited company on November 2, 2015, in Ahmedabad, Gujarat; then the company transitioned into a public limited company on October 8, 2025, to facilitate its broader growth objectives. The company is mainly engaged in designing, manufacturing and supplying plastic packaging solutions for domestic and international markets.
With a mission of translating brand intent into scalable packaging solutions for food and FMCG categories. The company has built a strong operational footprint, predominantly serving clients in Gujarat and Maharashtra while selectively exporting to international markets.
Operations & Product Range
Dhaval Packaging Ltd. operates a specialized manufacturing model focused on two primary product categories. The first is In-Mold Labelling (IML) containers, which are food-grade, tamper-evident packaging solutions utilized across the sweets, dairy, bakery and FMCG sectors. The IML process involves fusing a pre-printed label inside the mold during plastic injection, resulting in a durable finish. The second category comprises Submerged Arc Welded (SAW) pipe protection plastic caps. These precision-engineered components protect industrial pipes from physical damage, contamination and corrosion during storage and transport.
Facilities & Capacity
Dhaval Packaging Ltd. operates manufacturing facilities equipped to handle customized packaging production. The company’s infrastructure includes specialized machinery for processing corrugated boxes and flexible packaging materials, supporting high-volume production with consistent quality standards. Located in strategic industrial regions, these facilities enable efficient raw material handling and supply chain logistics.
Brands & Market Presence
Dhaval Packaging Ltd. has established a strong market presence by serving a diverse portfolio of prominent regional and national brands. In the food and dairy segment, the company supplies its IML containers to clients such as Keshavlal Sukhadia Foods and Vipul Dudhiya Sweets. The company's primary operational exposure is rooted in the domestic market, particularly within Gujarat and Maharashtra, but it also established an export presence, shipping products to international destinations including the UAE, Australia, Qatar and Canada. The company’s operations are supported by ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
Revenue Streams & Business Model
Dhaval Packaging Ltd. operates a B2B manufacturing business model focused on customized packaging solutions. The company generates revenue primarily through the sale of printed corrugated boxes, flexible packaging materials and specialized packaging products tailored to diverse industrial clients. The business model relies on direct customer contracts, repeat orders from established corporate clients and scalable manufacturing facilities. Operational efficiency, strict quality control and strategic raw material procurement drive long-term profitability across all product lines.
Financial Performance
Dhaval Packaging Ltd. has demonstrated steady financial growth across key metrics. Total income expanded consistently from ₹43.14 crore in FY23 to ₹48.08 crore in FY24, reaching ₹52.43 crore in FY25. Alongside top-line expansion, operational efficiency improved significantly, with EBITDA rising from ₹2.59 crore in FY23 to ₹4.99 crore in FY24, before climbing further to ₹10.22 crore in FY25—delivering an EBITDA margin of 19.56%. Furthermore, Profit After Tax (PAT) experienced steep year-on-year gains, increasing from ₹0.51 crore in FY23 to ₹1.55 crore in FY24 and surging to ₹6.04 crore in FY25.
Management & Shareholding
Dhaval Packaging Ltd. is guided by a promoter group comprising Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalap Dipak, Jigar Harivadan Contractor and Jigar Manubhai Shah. Before the IPO, the promoters and the promoter group held 91.61% of the pre-issue paid-up equity share capital. But after the IPO, the promoters' shareholding will not be diluted, as the offering contains a 100% fresh issue of shares.
Board & Key Management
The leadership of Dhaval Packaging Ltd. is led by a team of experts with many years of experience. Manish Nanalal Dagla serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Manish Nanalal Dagla, the Managing Director, along with Whole-Time Directors Dhaval Nanalal Dagla, Shah Aalap Dipak, Jigar Harivadan Contractor and Jigar Manubhai Shah. To ensure good governance, the board includes Independent Directors Kenan Sureshbhai Patel, Bhadresh Kantilal Mehta and Shah Khyati Bhavya for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Dhaval Packaging IPO Financial Information
Latest Revenue
65.03
₹ Crore
Profit After Tax
8.04
₹ Crore
Net Worth
30.75
₹ Crore
Total Borrowing
24.13
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 66.42 | 65.03 | 8.04 | 30.75 | 20.76 | 24.13 | |||
| 31 Mar 2025 | 47.89 | 52.26 | 6.04 | 20.16 | 17.75 | 16.55 | |||
| 31 Mar 2024 | 33.70 | 47.99 | 1.55 | 4.10 | 2.10 | 19.28 | |||
| 31 Mar 2023 | 29.27 | 42.94 | 0.51 | 2.55 | 0.55 | 14.04 | |||
| Amount in ₹ Crore | |||||||||
Dhaval Packaging Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 31.58 % |
| ROCE | 22.58 % |
| Debt/Equity | 0.78 |
| RoNW | 31.58 % |
| PAT Margin | 12.33 % |
| EBITDA Margin | 21.41 % |
| Price to Book Value | 3.16 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.05 | 5.85 |
| P/E (x) | 12.05 | 16.58 |
Dhaval Packaging IPO Objectives
The company intended to utilise the Dhaval Packaging IPO proceeds for strategic purposes:
- • Funding the establishment of a new manufacturing unit in Ahmedabad
- • Debt reduction (in part or in full)
- • General corporate purposes
Dhaval Packaging IPO Review
Dhaval Packaging Ltd. occupies a specialized space within the Indian plastic packaging sector, bridging the gap between consumer food packaging and heavy industrial pipe protection. The company's focus on In-Mold Labelling (IML) aligns directly with the FMCG and dairy industries' growing demand for durable and tamper-evident packaging.
Financially, the company has shown a steady financial trajectory between FY23 and FY25. In FY25, the firm achieved total income of ₹52.43 crore, reflecting a 9% year-on-year growth and a profit after tax of ₹6.04 crore, with an EBITDA of ₹10.22 crore.
However, investors should analyse the risks outlined before investment to make a good financial and growing decision. The key risks of the company include its reliance on its top 10 customers, who accounted for 46.37% of revenues in FY25, presenting a clear concentration risk. Also, its operations are entirely concentrated in Gujarat, making the business sensitive to regional disruptions, alongside its inherent vulnerability to fluctuations in polymer prices. Overall, this IPO shows that investors need to be aware of the ongoing projects and the financials of the company and should read the RHP to avoid any risk.
Conclusion
Dhaval Packaging IPO is an opportunity for investors to invest in a growing company that carved out a dual-focus business model in both consumer packaging and industrial components. With a clear roadmap to expand its manufacturing footprint in Sanand and a history of serving prominent regional brands, the company is positioned to scale its operations. While the business demonstrates solid financial growth, it will need to navigate ongoing challenges related to client concentration and raw material pricing.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2400 | 232800 |
| Individual investors (Retail) (Max) | 2 | 2400 | 232800 |
| S-HNI (Min) | 3 | 3600 | 349200 |
| S-HNI (Max) | 8 | 9600 | 931200 |
| B-HNI (Min) | 9 | 10800 | 1047600 |
| Employee (Min) | 2 | 2400 | 232800 |
| Employee (Max) | 4 | 4800 | 465600 |