Dhaval Packaging IPO

The Dhaval Packaging SME IPO opens for subscription on 30 Jul 2026 and closes on 3 Aug 2026, offered at a price band of ₹92–97 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹36.36 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,32,800.

Issue structure

The IPO is structured entirely as a fresh issue of ₹34.54 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward part finance the cost of establishing new manufacturing facility at plot no. e – 552 in the sanand – ii industrial estate, hirapur, taluka sanand, district ahmedabad (“proposed facility”) (₹27.19 crore), alongside full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our company (₹3.95 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, Dhaval Packaging reported revenue of ₹51.73 crore and a net profit of ₹5.86 crore. Revenue grew from ₹43.14 crore in FY2023 to ₹51.73 crore in FY2025 (+20.0%). Net worth stood at ₹28.56 crore at the end of FY2025.

Valuation

At the upper band, the issue is priced at 17.08× post-issue earnings and 3.16× book value, against a return on net worth of 31.58% and a debt-to-equity ratio of 0.78. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor and Jigar Manubhai Shah. Promoter holding is 90.87% before the issue.

Grey market premium (GMP)

In the unofficial grey market, Dhaval Packaging shares are quoted at a premium of ₹0 implying an expected listing around ₹97, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Dhaval Packaging IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Dhaval Packaging

Incorporated in 2015, Dhaval Packaging Ltd. designs, manufactures, and supplies plastic packaging solutions for both Indian and international markets. Its focus is on turning brand ideas into practical, high-quality packaging that can be easily produced at scale. It mainly serves food and FMCG sectors such as sweets, dairy, bakery, dry fruits, and ready-to-eat products. The Company follows strict international standards for quality, safety, and sustainability. It is certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Workplace Health and Safety). The company also holds ISO/IEC 17025:2017 certification for our testing laboratory, ensuring accurate testing and consistent product quality. Key Products: 1. IML (In-Mold Labeling) Containers: In this process, a printed label is placed inside the mold before plastic is formed, so the label becomes part of the container. This creates a strong, long-lasting finish that resists moisture, scratches, and chemicals. The company offers around 39 IML container SKUs and supplies many well-known Indian brands, along with exports to international customers. 2. SAW Pipe Protection Plastic End Caps: It manufactures plastic end caps used to protect the ends of pipes and tubes during storage and transport. These caps prevent damage, contamination, and corrosion. They are used across industries such as oil & gas, construction, infrastructure, and heavy engineering. Competitive Strengths: In-house IML Manufacturing with Automation Backward Integration Dual-Segment portfolio Experienced Promoters Customisation and Tooling Capability Long-standing Customer Relationships and Key-Account Execution