Knack PackagingIPO Review — Financials, Valuation & Peers
A data-only look at the Knack Packaging IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 518.47 | 19.87 | 54.84 | 95.34 | 269.33 | 122.66 | — |
| FY 2024 | 659.01 | 45.98 | 101.37 | 140.62 | 379.38 | 173.09 | — |
| FY 2025 | 747.38 | 73.81 | 144.34 | 214.71 | 449.36 | 172.06 | — |
| FY 2026 | 843.77 | 92.72 | 172.29 | 308.19 | 595.25 | 192.47 | 9.27 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 18.33x
- RoNW
- 35.47%
- RoE
- 35.75%
- RoCE
- 46.71%
- Debt / Equity
- 0.62
- EPS (pre-issue)
- ₹9.27
- EBITDA Margin
- 20.42%
- PAT Margin
- 10.99%
- P/BV
- 5.52x
- NAV / share
- ₹30.82
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Knack Packaging | 9.27 | 30.82 | — | 35.47% | — | Consolidated |
| Mold-tek Packaging Ltd | 21.93 | 207.57 | 31.83x | 10.98% | 3.37x | Consolidated |
| Tcpl Packaging Ltd | 107.47 | 791.28 | 28.19x | 14.34% | 0.23x | Consolidated |
| Time Technoplast Ltd | 9.99 | 84.4 | 17.86x | 13.37% | 2.12x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Alpesh Tulsibhai Patel, Pravinkumar Ambalal Patel and Rashminbhai Tulsibhai Patel
- Holding (pre-issue)
- 89.6%
- Holding (post-issue)
- 70.59%
- Dilution
- 19.01%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Knack Packaging IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
14 anchor investors participated in the Knack Packaging IPO ahead of the public offer, together allocated ₹131.24 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to AXIS NEW OPPERTUNITIES AIF-SERIES II (₹40 crore), ASHOKA INDIA EQUITY INVESTMENT TRUST PLC (₹15 crore) and SBI GENERAL INSURANCE CO.LTD. (₹12.24 crore). Investor categories represented include Other, Insurance and Bank. The lock-in on half the anchor shares ends on 4 Aug 2026, with the remainder locked until 3 Oct 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Knack Packaging IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Knack Packaging operates at an EBITDA margin of 20.42% and a net (PAT) margin of 10.99% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 46.71% and a return on equity (RoE) of 35.75%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward partial funding of capital expenditure towards setting up of new manufacturing facility at borisana situated at kadi, mehsana, gujarat. (₹320 crore), alongside issue expenses (₹33.37 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Knack Packaging reported revenue of ₹843.77 crore and a net profit of ₹92.72 crore. Revenue grew from ₹518.47 crore in FY2023 to ₹843.77 crore in FY2026 (+63.0%). Net worth stood at ₹308.19 crore at the end of FY2026. At the upper band, that puts the issue at roughly 18.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 5.52× book value, against a return on net worth of 35.47% and a debt-to-equity ratio of 0.62. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Mold-tek Packaging Ltd and Tcpl Packaging Ltd, with a median peer P/E of about 28.2×.
Promoters
The promoters of the company are Alpesh Tulsibhai Patel, Pravinkumar Ambalal Patel and Rashminbhai Tulsibhai Patel. Promoter holding stands at 89.6% before the issue and comes down to 70.59% after listing.
Frequently asked questions
- What is the reservation split in the Knack Packaging IPO?
- Of the total shares offered, retail investors get 34.82%, QIBs 19.9% (plus 29.85% anchor), non-institutional investors 14.92%.
- Who are the promoters of Knack Packaging and what is their holding?
- The promoters are Alpesh Tulsibhai Patel, Pravinkumar Ambalal Patel and Rashminbhai Tulsibhai Patel. Promoter holding is 89.6% before the issue and 70.59% after listing.
- What is the P/E ratio of the Knack Packaging IPO?
- At the upper price band, the Knack Packaging IPO is valued at 18.33× pre-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Knack Packaging IPO?
- The net proceeds go primarily toward partial funding of capital expenditure towards setting up of new manufacturing facility at borisana situated at kadi, mehsana, gujarat., among 3 disclosed objects.