Incorporated in November 2015, Dhaval Packaging Limited is engaged in the design, manufacturing, and supply of plastic packaging solutions for the food, FMCG, and industrial sectors. The company primarily manufactures In-Mold Labeling (IML) food containers and SAW Pipe Protection Plastic Caps (End Caps), serving both domestic and international customers.
Its packaging solutions cater to industries including dairy, sweets, bakery, confectionery, frozen foods, pharmaceuticals, agro products, oil & gas, construction, infrastructure, and heavy engineering.
The company operates three manufacturing facilities in Sanand, Gujarat, equipped with 21 IML injection molding machines and one vacuum forming machine, with a production capacity exceeding 8,000 kg per day. Its fully automated in-house IML manufacturing, backward integration through its promoter group entity for label production, and in-house tooling capabilities enable consistent quality, faster turnaround, and customized packaging solutions. Dhaval Packaging also exports its products to countries including Malaysia, Mauritius, Canada, UAE, Qatar, and Australia.
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.
As of May 31, 2026, Dhaval Packaging had 54 permanent employees and 112 contract workers supporting manufacturing, quality control, sales & marketing, accounts, compliance, and administrative functions.
Competitive Strengths:
Dhaval Packaging Ltd.’s revenue increased by 24% and profit after tax (PAT) rose by 33% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 66.42 | 47.89 | 33.70 |
| Total Income | 65.20 | 52.43 | 48.08 |
| Profit After Tax | 8.04 | 6.04 | 1.55 |
| EBITDA | 13.93 | 10.22 | 4.99 |
| NET Worth | 30.75 | 20.16 | 4.10 |
| Reserves and Surplus | 20.76 | 17.75 | 2.10 |
| Total Borrowing | 24.13 | 16.55 | 19.28 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Diksha Polymers Ltd. | SME | ₹17.90 Cr | ₹112 | 9.79 | ₹120.20 | +7.32% | ₹120.00 |
| RFBL Flexi Pack Ltd. | SME | ₹35.33 Cr | ₹50 | 9.75 | ₹55.10 | +10.20% | ₹95.70 |
| Ecoline Exim Ltd. | SME | ₹76.42 Cr | ₹141 | 12.12 | ₹140.50 | -0.35% | ₹195.95 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 |
| 2 | Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company | 3.75 |
| 3 | General corporate purposes | |
| Total | 30.94 |
| KPI | Dec 31, 2025 | Mar 31, 2026 |
|---|---|---|
| ROE | 24.03% | 31.58% |
| ROCE | 17.40% | 22.58% |
| Debt/Equity | 0.83 | 0.78 |
| RoNW | 24.03% | 31.58% |
| PAT Margin | 11.32% | 12.33% |
| EBITDA Margin | 19.77% | 21.41% |
| NAV | 28.60 | 30.70 |
| Price to Book Value | 3.16 |
| Valuation Matric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 8.05 | 5.85 |
| P/E (x) | 12.05 | 16.58 |
| IPO Date | 30 Jul to 3 Aug, 2026 |
| Listing Date | Thu, Aug 6, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹92 to ₹97 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| 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) |
| 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) |
| Share Holding Pre Issue | 99,88,000 shares |
| Share Holding Post Issue | 1,37,36,800 shares |
The Promoters Of the Company are Dhaval Nanalal Dagla, Jigar Harivadan Contractor Jigar Manubhai Shah, Manish Nanalal Dagla, Shah Aalpa Dipak.
| Share Holding Pre Issue | 90.86% |
| Share Holding Post Issue | 66.06% |
As per our analysis and Based on the information we have, this is the output.
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