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 | EPS (₹) |
|---|---|---|---|---|---|---|---|
| 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 | — |
| FY 2026 | 65.2 | 8.04 | 13.93 | 30.75 | 66.42 | 24.13 | 8.05 |
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)
- 12.05x
- P/E (post-issue)
- 16.58x
- RoNW
- 31.58%
- RoE
- 31.58%
- RoCE
- 22.58%
- Debt / Equity
- 0.78
- EPS (pre-issue)
- ₹8.05
- EPS (post-issue)
- ₹5.85
- 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 | Statements |
|---|---|---|---|---|---|---|
| Dhaval Packaging | 8.08 | 30.78 | — | 31.58% | — | Restated |
| 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: <p>Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah</p>
- Holding (pre-issue)
- 90.86%
- Holding (post-issue)
- 66.06%
- Dilution
- 24.8%
Analysis in brief
Anchor book
Before the issue opened to the public, Dhaval Packaging placed shares with 5 anchor investors, who together put in ₹10 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 CARNELIAN AIF CATEGORY I TRUST-Scheme I (₹5.01 crore), SAINT CAPITAL FUND (₹1.99 crore) and VVD EQUITY FUND (₹1 crore). Investor categories represented include Other. The lock-in on half the anchor shares ends on 2 Sept 2026, with the remainder locked until 1 Nov 2026.
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 issue expense (₹3.85 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Dhaval Packaging reported revenue of ₹65.2 crore and a net profit of ₹8.04 crore. Revenue grew from ₹48.08 crore in FY2024 to ₹65.2 crore in FY2026 (+36.0%). Net worth stood at ₹30.75 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.58× 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 <p>Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah</p>. Promoter holding stands at 90.86% before the issue and comes down to 66.06% after listing.
Frequently asked questions
- What is the reservation split in the Dhaval Packaging IPO?
- Of the total shares offered, retail investors get 33.84%, QIBs 19.31% (plus 28.95% anchor), non-institutional investors 14.53%.
- Who are the promoters of Dhaval Packaging and what is their holding?
- The promoters are <p>Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah</p>. Promoter holding is 90.86% before the issue and 66.06% after listing.
- What is the P/E ratio of the Dhaval Packaging IPO?
- At the upper price band, the Dhaval Packaging IPO is valued at 12.05× pre-issue earnings and 16.58× 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 4 disclosed objects.