Dhaval PackagingIPO Review — Financials, Valuation & Peers
A data-only look at the Dhaval 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 |
|---|---|---|---|---|---|---|
| FY 2023 | 43.14 | 0.51 | 2.59 | 2.55 | 29.27 | 14.04 |
| FY 2024 | 48.08 | 1.55 | 4.99 | 4.1 | 33.7 | 19.28 |
| FY 2025 | 52.43 | 6.04 | 10.22 | 20.16 | 47.89 | 16.55 |
| Dec 2025 (interim) | 51.73 | 5.86 | 10.2 | 28.56 | 64.69 | 23.66 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 16.03x
- P/E (post-issue)
- 17.08x
- RoNW
- 31.58%
- RoE
- 31.58%
- RoCE
- 22.58%
- Debt / Equity
- 0.78
- EPS (pre-issue)
- ₹6.05
- EPS (post-issue)
- ₹5.68
- EBITDA Margin
- 21.41%
- PAT Margin
- 12.33%
- P/BV
- 3.16x
- NAV / share
- ₹30.7
- Market Cap
- ₹133.25 Cr
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 |
|---|---|---|---|---|---|
| Dhaval Packaging | 8.08 | 30.78 | — | 31.58% | — |
| Mold-Tek Packaging Limited | 21.93 | 199.79 | 31.38x | 10.98% | 3.46x |
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: Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor and Jigar Manubhai Shah
- Holding (pre-issue)
- 90.87%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Dhaval Packaging operates at an EBITDA margin of 21.41% and a net (PAT) margin of 12.33% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 22.58% and a return on equity (RoE) of 31.58%. At the upper band, the post-issue market capitalisation works out to about ₹133.25 crore. 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 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.
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.
Frequently asked questions
- Who are the promoters of Dhaval Packaging and what is their holding?
- The promoters 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.
- What is the P/E ratio of the Dhaval Packaging IPO?
- At the upper price band, the Dhaval Packaging IPO is valued at 16.03× pre-issue earnings and 17.08× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Dhaval Packaging IPO?
- The net proceeds go 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”), among 3 disclosed objects.