Dhaval Packaging IPO

Dhaval Packaging Limiteddhavalpackaging.com

ListedSMEMaterialsBSE SME

Price band: ₹92 – ₹97
Issue size: ₹36.30 Cr
Lot size: 1200 sh
Bidding: 30 Jul – 3 Aug
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Dhaval Packaging is a Sanand-based injection moulder of in-mould-labelled food containers and SAW pipe protection end caps, with revenue of Rs 47.99 Cr in FY24, Rs 52.26 Cr in FY25 and Rs 65.03 Cr in FY26. Across those same three years EBITDA margin was 10.39%, 19.56% and 21.41%, and profit after tax was Rs 1.55 Cr, Rs 6.04 Cr and Rs 8.04 Cr. The Rs 36.30 Cr issue was entirely fresh capital at a Rs 92-97 band, with promoter holding moving from 90.86% to 66.06%. On the closing day of 3 August 2026 the book stood at 49.95 times overall, and the shares listed on BSE SME at Rs 110 against the Rs 97 band top and last traded at Rs 109 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

74Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Dhaval Packaging, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2015 · Sanand, Ahmedabad, Gujarat, India · 54 employees

Dhaval Packaging makes injection-moulded plastic packaging at three units at E-411, E-412 and E-413 in the GIDC estate at Sanand, near Ahmedabad. It has two product lines. The first is in-mould-labelled (IML) food containers — around 39 SKUs of tamper-evident tubs, sweet boxes, lids, spoons and trays sold to sweet makers, dairies, ice-cream, bakery and confectionery brands, including Kandoi Bhogilal Mulchand, Madhvi Dairy, Das Superfood and Jaihind Sweets. The second is SAW pipe protection end caps: polyethylene plugs and recessed caps that cover pipe ends during storage and transport for oil and gas, construction, infrastructure and heavy engineering buyers. IML containers were 73.01% of FY26 revenue from operations and end caps 26.99%. The company also exports, having begun with Malaysia and Mauritius in 2016 and added Canada, Dubai and Qatar in 2023 and Australia in 2025.

Revenue is per-unit sales of moulded containers and caps: ₹65.03 crore from operations in FY26, up 24.43% on FY25's ₹52.26 crore. Polymer is the dominant input, and cost of goods sold ran at 71.85% of revenue in FY26 against 74.12% in FY25 and 83.69% in FY24; EBITDA margin across those three years was 21.41%, 19.56% and 10.39%. Output is capped by machine hours — installed capacity was 8,400 kg a day in FY26 at 90.00% utilisation (7,560 kg), with individual units running between roughly 85% and 92% — which is why ₹27.19 crore of the ₹32.45 crore net proceeds goes to a new plant. The top 10 customers were 51.27% of FY26 revenue.

The company on paper

Legal name: Dhaval Packaging Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 2 Nov 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U22203GJ2015PLC084963
Sector: Materials · Injection-moulded plastic packaging — in-mould-labelled food containers and SAW pipe protection end caps
Employees: 54
Registered office: Sanand, Ahmedabad, Gujarat, India
Promoters: Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalap Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah
Promoter holding, pre-issue: 90.9%
Promoter holding, post-issue: 66.1%
Website: dhavalpackaging.com

The numbers

Financial performance

Revenue has compounded at 16.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹36.30 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹36.30 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: ₹5 per share
Market maker portionSME issues require a market maker to provide two-way quotes: 1,88,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.8% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription49.95×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹97.00
Listed at: ₹110.00
Listing gain: up 13.4%
Since listing: down 1.3%
Against the issue price: up 11.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹97.00
Amount blocked: ₹2,32,800

One lot is 1200 shares at ₹1,16,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,32,800. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~2%

chance of one lot, per application

Retail subscription: 40.36×
Applicants per share available: 40.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹110.00

listed at, 13.4% against the issue price

Issue price: ₹97.00
Premium said: —
If allotted 1200 shares: ₹15,600

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose in each year on record: Rs 47.99 Cr in FY24, Rs 52.26 Cr in FY25 and Rs 65.03 Cr in FY26, growth of 8.90% and then 24.43%.
Cost of goods sold fell as a share of revenue in each of the three years on record — 83.69% in FY24, 74.12% in FY25 and 71.85% in FY26 — and EBITDA rose from Rs 4.99 Cr to Rs 10.22 Cr to Rs 13.93 Cr, margins of 10.39%, 19.56% and 21.41%.
Profit after tax was Rs 1.55 Cr in FY24, Rs 6.04 Cr in FY25 and Rs 8.04 Cr in FY26 — rises of 289.68% and 33.11% — on PAT margins of 3.23%, 11.56% and 12.36%.
Net worth was Rs 4.10 Cr at FY24, Rs 20.16 Cr at FY25 and Rs 30.75 Cr at FY26. Measured against total borrowings of Rs 19.28 Cr, Rs 16.55 Cr and Rs 24.13 Cr, that is gearing of 4.70x, 0.82x and 0.78x, lower in each successive year.

What to weigh against it

Total borrowings did not move in one direction across the three years on record: Rs 19.28 Cr at FY24, Rs 16.55 Cr at FY25 and Rs 24.13 Cr at FY26. The FY26 figure is 25.16% above FY24 and 45.80% above FY25, and is 1.73 times FY26 EBITDA of Rs 13.93 Cr.
Revenue is concentrated by customer and by product line. The top 10 customers were 51.27% of FY26 revenue, and in-mould-labelled food containers were 73.01% of FY26 revenue from operations against 26.99% for SAW pipe protection end caps.
The Rs 36.30 Cr issue is 1.18 times the Rs 30.75 Cr of net worth reported at FY26, and Rs 27.19 Cr of the Rs 32.45 Cr net proceeds — 83.79% — is stated as going to a new plant.
All three manufacturing units, at E-411, E-412 and E-413, are in the one GIDC estate at Sanand, near Ahmedabad. The company reported 54 employees, installed capacity of 8,400 kg a day in FY26 and utilisation of 90.00% (7,560 kg), with individual units running between roughly 85% and 92%.

Easy to miss in the prospectus

Whether the FY26 EBITDA margin of 21.41% holds, against 19.56% in FY25 and 10.39% in FY24.
Total borrowings, which stood at Rs 24.13 Cr at FY26 after Rs 16.55 Cr at FY25 and Rs 19.28 Cr at FY24.
The share price: Rs 110 at listing on 6 August 2026, a day-one close of Rs 111.68, and Rs 109 on 23 October 2026 — 12.37% above the Rs 97 issue price and 2.40% below the day-one close.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Dhaval Packaging — Prospectus dated 2026-08-044 Aug 2026Filed after pricing, with every placeholder filled in.Opens on dhavalpackaging.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Rarever Financial Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Dhaval Packaging's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Prospectus dated August 04, 2026 (issuer's own filing, via company investor-relations page) · read 16 Oct 2026
Draft Red Herring Prospectus dated March 16, 2026 · read 16 Oct 2026
Annual Report FY2025-26 filed with BSE Limited, scrip code 544854 (General Shareholder Information: BSE SME Platform, ISIN INE1HX301016, CIN U22203GJ2015PLC084963) · read 16 Oct 2026
Dhaval Packaging Limited investor relations page (document index) · read 16 Oct 2026
Dhaval Packaging Limited corporate website (products, capacity) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 30 Jul 2026
Closes: 3 Aug 2026
Allotment: 4 Aug 2026
Lists: 6 Aug 2026
Revenue (FY26): ₹65.03 Cr
Profit (FY26): ₹8.04 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.