Knack Packaging IPO

Knack Packaging Limitedknackpackaging.com

ListedMainboardMaterialsNSE · BSE

Price band: ₹161 – ₹170
Issue size: ₹440 Cr
Lot size: 88 sh
Bidding: 1 – 3 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Knack Packaging makes printed and laminated woven polypropylene bulk bags from plants in Gujarat, and listed on the NSE and BSE on 8 July 2026. Revenue was Rs 654.56 Cr in FY24 and Rs 823.43 Cr in FY26, a rise of 25.80%, while profit after tax went from Rs 45.98 Cr to Rs 92.72 Cr over the same span, a rise of 101.65%. The Rs 439.5 Cr issue was Rs 380 Cr fresh and Rs 59.5 Cr offer for sale, priced in a band of Rs 161 to Rs 170, and the book closed subscribed 87.15 times overall. It listed at Rs 188 against a band top of Rs 170, closed day one at Rs 182.98 and last traded at Rs 204.88 as of 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.

71Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Knack 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.

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 2013 · Ahmedabad, Gujarat · 1,834 employees

Knack Packaging makes woven polypropylene sacks — chiefly printed and laminated woven PP (PLWPP) bags, including pinch-bottom, block-bottom and gusset formats, alongside PP tapes, woven fabric and shopping bags. These are the bulk bags that carry rice, flour, pet food, seeds, fertiliser, cement, tile adhesive and detergent. It sells to brand owners rather than consumers; named customers include KRBL, Baba Agro Food, Drools Pet Food, Ebro India, DCM Shriram and Cargill. Manufacturing sits in Gujarat, with an effective installed capacity of 43,300 tonnes a year as of March 2026. Printing is done in-house: as of May 31, 2026 the company held over 73,000 printing cylinders covering 13,379 SKUs for more than 1,950 customers, and had shipped to 71 countries.

Revenue is conversion margin on polypropylene: Knack buys PP granules, BOPP film and inks, extrudes tape, weaves, laminates, prints and stitches the bag. Material dominates the cost base — cost of materials consumed was ₹4,908.51 million in Fiscal 2026, 68.49% of total expenses — so earnings track the spread between resin prices and what brand owners will pay. Exports supplied 56.30% of revenue from operations in Fiscal 2026. The binding constraint is capacity: Units 1-3 ran at 81.63% utilisation in Fiscal 2026 against 43,300 MTPA, which is why ₹3,200 million of the fresh issue funds a new plant at Borisana, Kadi. Repeat orders were 93.75% of Fiscal 2026 revenue, and no single customer exceeded 25%.

The company on paper

Legal name: Knack Packaging Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 Mar 2013
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U25200GJ2013PLC073847
Sector: Materials · Printed and laminated woven polypropylene bulk packaging bags
Employees: 1,834
Registered office: Ahmedabad, Gujarat
Promoters: Alpesh Tulsibhai Patel, Pravinkumar Ambalal Patel, Rashminbhai Tulsibhai Patel
Promoter holding, pre-issue: 89.6%
Promoter holding, post-issue: 70.6%
Website: knackpackaging.com

The numbers

Financial performance

Revenue has compounded at 12.2% 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

86% 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: ₹380 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹59.50 Cr
Total issue size: ₹440 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.0% 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 subscription87.15×

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: ₹170.00
Listed at: ₹188.00
Listing gain: up 10.6%
Since listing: down 1.0%
Against the issue price: up 9.4%

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: 88
At cut-off price: ₹170.00
Amount blocked: ₹14,960

One lot is 88 shares at ₹14,960. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

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.

~5%

chance of one lot, per application

Retail subscription: 21.05×
Applicants per share available: 21.1× 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.

₹188.00

listed at, 10.6% against the issue price

Issue price: ₹170.00
Premium said: —
If allotted 88 shares: ₹1,584

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 and profit both rose in each year on record: revenue Rs 654.56 Cr in FY24, Rs 736.49 Cr in FY25 (up 12.52%) and Rs 823.43 Cr in FY26 (up 11.80%); profit after tax Rs 45.98 Cr, Rs 73.81 Cr (up 60.53%) and Rs 92.72 Cr (up 25.62%).
EBITDA margin was higher in each successive year on record: 15.49% in FY24 (Rs 101.37 Cr on Rs 654.56 Cr), 19.60% in FY25 (Rs 144.34 Cr on Rs 736.49 Cr) and 20.92% in FY26 (Rs 172.29 Cr on Rs 823.43 Cr). Net margin follows the same path, at 7.02%, 10.02% and 11.26%.
Net worth rose from Rs 140.62 Cr in FY24 to Rs 214.71 Cr in FY25 and Rs 308.19 Cr in FY26, while total borrowings were Rs 173.09 Cr, Rs 172.06 Cr and Rs 192.47 Cr. Borrowings as a multiple of net worth were therefore 1.23x, 0.80x and 0.62x, lower in each successive year.
The record's business-model note states that repeat orders were 93.75% of Fiscal 2026 revenue and that no single customer exceeded 25%. The company describes itself as holding over 73,000 printing cylinders covering 13,379 SKUs for more than 1,950 customers as of 31 May 2026.

What to weigh against it

The cost base is dominated by one input. The record's business-model note gives cost of materials consumed as Rs 4,908.51 million in Fiscal 2026 — Rs 490.85 Cr, or 68.49% of total expenses, and 59.61% of the Rs 823.43 Cr of FY26 revenue on the same note's figures.
Most of the money raised, and most of that in turn, goes to one project. The fresh issue of Rs 380 Cr is 86.46% of the Rs 439.5 Cr total, and the record's note earmarks Rs 3,200 million — Rs 320 Cr, or 84.21% of the fresh issue — for a new plant at Borisana, Kadi.
Total borrowings at FY26 of Rs 192.47 Cr are the highest of the three years on record, against Rs 173.09 Cr in FY24 and Rs 172.06 Cr in FY25.
The record's note puts exports at 56.30% of revenue from operations in Fiscal 2026, so a majority of the top line is booked outside India. The record carries no country-level breakdown: exportSharePct and geographies are both empty.

Easy to miss in the prospectus

The record carries no valuation block, no peer set, no anchor allocation and no category-wise reservation, so no earnings multiple or peer comparison can be computed from it.
Subscription is recorded for the closing day only — QIB 160.22x, NII 146.64x, retail 21.05x, total 87.15x on 3 July 2026. No day-wise build-up is present in the record.
The record's note gives Fiscal 2026 utilisation of Units 1 to 3 as 81.63% against an effective installed capacity of 43,300 tonnes a year as of March 2026. No capacity figure in the record covers the Borisana, Kadi plant the fresh issue funds.

Straight from the filing

Read it yourself

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

Red Herring Prospectus dated June 23 2026The document the issue was bid on. Carries the price band and the dates.Opens on knackpackaging.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: Systematix Corporate Services Limited, IDBI Capital Markets & Securities Limited, Pantomath Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Knack Packaging's own prospectus and to exchange disclosures, then cross-checked against 5 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.

Red Herring Prospectus dated June 23, 2026 (issuer's own copy) · read 15 Oct 2026
NSE official bhavcopy (UDiFF), trade date 2026-07-08 — listing-day OHLC and ISIN · read 15 Oct 2026
Knack Packaging corporate website — product range · read 15 Oct 2026

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

At a glance

Board: Mainboard
Opens: 1 Jul 2026
Closes: 3 Jul 2026
Allotment: 6 Jul 2026
Lists: 8 Jul 2026
Revenue (FY26): ₹823 Cr
Profit (FY26): ₹92.72 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.