RFBL Flexi Pack IPO

RFBL Flexi Pack makes and resells printed multilayer flexible packaging — plastic film rolls and pouches — from a single plant at Himatnagar in Gujarat's Sabarkantha district. It laminates cast polypropylene, cast polyethylene, BOPP and metallised films with inks and adhesives into customised rolls and pouches, and separately buys finished CPE and CPP film and woven fabric packaging from other manufacturers to sell on. Its customers are businesses, not consumers: the prospectus names food packaging (snacks, spices, grains), pharmaceutical and healthcare packing, and home and personal care items such as detergents. Scrap from production is sold on for reprocessing. The company was incorporated in 2005 as Sabar Flexi Pack Private Limited and had nine employees across three locations on 30 November 2025.

Revenue is sales of film and pouches to B2B buyers, and inputs absorb nearly all of it: in FY25 cost of materials consumed was Rs 47.86 Cr and purchases of stock-in-trade Rs 74.97 Cr against revenue from operations of Rs 135.46 Cr. Bought-in goods are now the larger half of sales — trading was Rs 43.45 Cr of the Rs 69.66 Cr booked in the eight months to 30 November 2025 — because orders needing higher precision are outsourced to third-party manufacturers; the prospectus states trading yields lower margins than manufacturing for limited value addition. The plant ran at 52.74% of 5,040 MT capacity in FY25, and the top five customers supplied 79.83% of that year's revenue.