Dhaval Packaging Ltd IPO

Status: Closed

Overview

IPO date

30 Jul 2026 to 03 Aug 2026

Face value

₹ 10 per share

Price

₹ 92 to ₹97 per share

Issue Size

3,748,800 shares
(aggregating up to ₹ 36.31 Cr)

Allotment Date

04 Aug 2026

Listing at

NSE

Issue type

Book Building - SME

Sector

Packaging

Unlock Stock of the Month

T&C*

Strengths vs Risks of Dhaval Packaging Ltd

Know the pros & cons

Strengths

Long standing relationships with a diversified customer base.
Business Model focused on customized solutions and strong customer relationships.
Experienced Promoters and management team.

Risks

The company depends on a limited number of suppliers for its raw material requirements of the company's business. Further, the company does not have definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
Any disruptions to the supply, or increases in the pricing, of the raw materials and finished products that the company procure, may adversely affect the supply and pricing of its products and, in turn, adversely affect the company's business, cash flows, financial condition and results of operations.
The company revenues are significantly dependent on certain geographical regions, and any adverse developments in these regions could adversely impact its business, financial condition and results of operations.
The company's manufacturing facilities are located only in the state of Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
The company's business is operating under various laws which require it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if the company is unable to obtain these approvals and the renewals, the company's business operations could be adversely affected thereby impacting its revenues and profitability.
The company's business operations are highly dependent on the efficient functioning of its manufacturing machinery, and any breakdown, malfunction or technical failure may adversely affect the company's production and profitability.
The company operates the company's business from leased premises, including certain premises held under short-term lease arrangements, and any disruption or non-renewal of such leases may adversely affect the company's business.
The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment / machineries. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machineries in a timely manner, or at all, the same may result in time and cost over-runs.
The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. The company cannot assure you that the company will be able to successfully execute its growth strategies, which could affect the company's business, prospects, results of operations and financial condition.
Any shortage, delay, in the procurement of Raw Materials and other Inputs in these materials could materially and adversely affect its business operations, financial performance, and profitability.
Any inability to pass on increased price of key raw material, polymer, used for manufacturing its products may affect the company's profitability.
Sustainability-driven material shifts and regulation may lower demand for plastic IML/End Caps and adversely affect the company's business, financial condition, and results of operations.
The company has certain outstanding litigation against the Company, Directors and Promoters an adverse outcome of which may adversely affect its business, reputation and results of operations.
The company intend to utilise a portion of the Net Proceeds for funding our capital expenditure requirements. This includes Construction of shed of proposed set up of unit at Plot no. 552 at GIDC, Sanand, Ahmedabad and which may be subject to risk of unanticipated delays in implementation, cost overruns and other project risks and uncertainties.
The company has significant capital expenditure requirements and may require additional funding in the future.The company's inability to obtain such funding on time or on acceptable terms may adversely affect its business, financial condition, results of operations and cash flows.
There have been certain instances of delays in payment of certain statutory dues by it. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the Company.
There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC)/Central Registration Centre (CRC) in accordance with the Companies Act, 2013.
Any defect, contamination, or non-conformity in the company's packaging products used for food applications could result in reputational loss and potential regulatory action.
The company has entered into and may enter into related party transactions in the future also, which may have an adverse effect on its business, prospects, results of operations and financial condition.
The company's business is dependent on the growth and performance of the FMCG, food, dairy, and SAW pipe manufacturing industries, and any slowdown or adverse developments in these industries may adversely affect its business, financial condition, and results of operations.
The company faces intense competition from domestic and international players with larger resources and advanced technological capabilities, which may adversely affect its market share, pricing, and growth prospects.
Entry of low-cost imported products in the Indian market may adversely impact its pricing, margins, and market share.
The company's dependence on electronic and automation components used in its manufacturing machinery may adversely affect the company's production and delivery schedules.
Any defect or quality issue in the company's products may adversely impact its reputation, customer trust, and financial performance.
The company's revenues are concentrated in a few end-use industries, and any slowdown or shift in those industries could adversely affect its business, results of operations, financial condition, and cash flows.
Effective inventory management is crucial to avoid overstocking or stockouts, and any failures may adversely impact its business, financial condition, and results of operations.
If the company is unable to effectively manage or expand its sales and service network or pursue the company's growth strategy, the company's business prospects, financial condition, and results of operations may be adversely affected.
The company is seeking to diversify its product portfolio; however, there can be no assurance that such initiatives will achieve the intended results or reduce our dependence on the company's existing products.
The company's manufacturing operations are subject to environmental, and safety regulations, and any non-compliance could adversely affect its business operations and reputation.
The company's inability to keep pace with changing packaging design trends or customer preferences may adversely affect its competitiveness and business growth.
The company is dependents on its Promoters and Directors, the company's other key managerial personnel, senior management personnel and employees (including qualified and skilled personnel with technical expertise) for the continued success of its business through their continuing services and strategic guidance and support and if the company is unable to recruit and retain such personnel, the company's business, results of operations, financial condition and cash flows may be adversely affected.
Certain immediate relatives of the company's Promoters, who are deemed to be part of the Promoter Group under the SEBI ICDR Regulations, have not provided their consent, information, or confirmations, and the Company has accordingly sought exemption from SEBI under Regulation 300 of the SEBI ICDR Regulations.
The company is subject to counterparty credit risk, and delays or defaults in payments from its customers may adversely affect the company's business, results of operations, financial condition and cash flows.
The company has certain outstanding borrowings which require significant cash flows to service and are subject to conditions and restrictions under its financing arrangements, which may limit the company's operational flexibility. Any failures to comply with financial and other covenants under these borrowings could adversely affect the company's business, financial condition, and results of operations.
The may face several risks associated with the construction of the building of the Proposed Facility, which could hamper its growth, prospects, cash flows and business and financial condition
Currency fluctuations pose a financial risk by increasing the cost of imported products, creating uncertainty in pricing and margins, and potentially eroding profitability if not effectively managed.
If the company is unable to protect, maintain, or obtain registrations for its intellectual property, including trademarks and patents, or if such rights are infringed, the company's business, reputation, and financial condition may be adversely affected.
Failures to meet the company's production timelines may impact its reputation and could also lead to cancellation of the company's orders.
The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
The company's net cash flows have been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
The company is dependents on the availability of timely and cost-efficient third-party transportation and logistics service providers for the delivery of its products to customer locations.
Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
Misconduct or errors by manpower engaged by it could expose us to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
The company's Promoter Directors do not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company.
The company is subject to the risk of failures of, or a material weakness in, the company's internal control systems, may result in a material effect on its business, financial condition and results of operations.
The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, business operations and financial condition.
The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
The company's Promoters hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
The company's Promoters have given personal guarantees in relation to certain debt facilities provided to the Company by its lenders. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting the company's Promoters ability to manage the affairs of the Company and consequently this may impact its business, prospects, financial condition and results of operations.
The company has relied on third party reports and not independently verified certain data in this Draft Red Herring Prospectus, and any errors or discrepancies in the same may.
Any inability to maintain customer satisfaction, service quality and product standards, or to retain and expand the company's customer base, could adversely affect its business, financial condition and results of operations.
The company's business operations may be disrupted by an interruption in power supply which may impact its business operations.
The company has certain contingent liabilities and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
The company has not paid any dividends in the last three Financial Years. The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
The company's Promoters' shareholding before and after the completion of the Issue, is substantial which will allow them to influence the outcome of matters submitted for approval of its shareholders.
The company's Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and the Investors may be unable to resell their Equity Shares at or above the Issue Price or at all.
The requirements of being a listed company may strain the company's resources and distract management.
The company may require further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares.
The company may raise additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure.
The company has in the last 12 months issued Equity Shares at a price that may be at lower than the Issue Price.
Investors may be subject to taxes arising out of capital gains on the sale of its Equity Shares.
Holders of Equity Shares could be restricted in their ability to exercise pre-emptive rights under Indian law and could thereby suffer future dilution of their ownership position.
Under Indian law, foreign investors are subject to investment restrictions that limit its ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
QIBs and NIBs are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders are not permitted to withdraw their Bids after the Bid/ Issue Closing date.
A majority of the company's revenue from operations is from its top 10 customers (which accounted for 51.27%, 46.37% and 49.76% of the company revenue from operations for Fiscal Year ended March 31, 2026, March 31, 2025 and March 31, 2024). Additionally, a significant portion of its revenue from operations is derived from the company existing customers. Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on its business and results of operation.
The company depends on a limited number of suppliers for its raw material requirements of the company's business. Further, its does not have definitive agreements or fixed terms of trade with most of the company suppliers. Failures to successfully leverage its relationships with existing suppliers or to identify new suppliers could adversely affect the company's business operations.
Pending NCLT proceedings for revision of Financial Statements and Board's Reports may result in regulatory action and penalties.
There have been certain instances of delays in payment of certain statutory dues by the company. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC)/Central Registration Centre (CRC) in accordance with the Companies Act, 2013.
Any disruptions to the supply, or increases in the pricing, of the raw materials and finished products that the company procure, may adversely affect the supply and pricing of its products and, in turn, adversely affect the company's business, cash flows, financial condition and results of operations.
The company's revenues are significantly dependent on certain geographical regions, and any adverse developments in these regions could adversely impact its business, financial condition and results of operations.
The company's manufacturing facilities are located only in the state of Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
The company's business is operating under various laws which requires it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if the company is unable to obtain these approvals and the renewals, its business operations could be adversely affected thereby impacting the company's revenues and profitability.
The company's business operations are highly dependent on the efficient functioning of its manufacturing machinery, and any breakdown, malfunction or technical failures may adversely affect the company's production and profitability.
The company operates its business from leased premises, including certain premises held under short-term lease arrangements, and any disruption or non-renewal of such leases may adversely affect the company's business.
The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment / machineries. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machineries in a timely manner, or at all, the same may result in time and cost over-runs.
The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. The company cannot assure you that its will be able to successfully execute the company growth strategies, which could affect its business, prospects, results of operations and financial condition.
Any shortage, delay, in the procurement of Raw Materials and other Inputs in these materials could materially and adversely affect the company's business operations, financial performance, and profitability.
The company's net cash flows have been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
Any inability to pass on increased price of key raw material, polymer, used for manufacturing the company products may affect its profitability.
Sustainability-driven material shifts and regulation may lower demand for plastic IML/End Caps and adversely affect the company's business, financial condition, and results of operations.
The company has certain outstanding litigation against the Company, Directors and Promoters an adverse outcome of which may adversely affect its business, reputation and results of operations.
The company's intend to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. This includes Construction of shed of proposed set up of unit at Plot no. 552 at GIDC, Sanand, Ahmedabad and which may be subject to risk of unanticipated delays in implementation, cost overruns and other project risks and uncertainties.
The company has significant capital expenditure requirements and may requires additional funding in the future. Its inability to obtain such funding on time or on acceptable terms may adversely affect the company's business, financial condition, results of operations and cash flows.
The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the Company.
Any defect, contamination, or non-conformity in the company packaging products used for food applications could result in reputational loss and potential regulatory action.
The company has entered into and may enter into related party transactions in the future also, which may have an adverse effect on its business, prospects, results of operations and financial condition.
The company's business is dependent on the growth and performance of the FMCG, food, dairy, and SAW pipe manufacturing industries, and any slowdown or adverse developments in these industries may adversely affect its business, financial condition, and results of operations.
The company faces intense competition from domestic and international players with larger resources and advanced technological capabilities, which may adversely affect its market share, pricing, and growth prospects.
Entry of low-cost imported products in the Indian market may adversely impact the company pricing, margins, and market share.
The company's dependence on electronic and automation components used in its manufacturing machinery may adversely affect the company production and delivery schedules.
Any defect or quality issue in the company products may adversely impact its reputation, customer trust, and financial performance.
The company's revenues are concentrated in a few end-use industries, and any slowdown or shift in those industries could adversely affect its business, results of operations, financial condition, and cash flows.
Effective inventory management is crucial to avoid overstocking or stockouts, and any failures may adversely impact the company's business, financial condition, and results of operations.
If the company is unable to effectively manage or expand its sales and service network or pursue the company growth strategy, its business prospects, financial condition, and results of operations may be adversely affected.
The company is seeking to diversify its product portfolio; however, there can be no assurance that such initiatives will achieve the intended results or reduce the company dependence on its existing products.
The company's manufacturing operations are subject to environmental, and safety regulations, and any non-compliance could adversely affect its business operations and reputation.
The company's inability to keep pace with changing packaging design trends or customer preferences may adversely affect its competitiveness and business growth.
The company new manufacturing facility at Sanand-II, upon commissioning, will significantly increase its installed manufacturing capacity. In the event that demand for the company products does not grow proportionately, its new facility may be underutilised. Low-capacity utilisation would increase the company fixed cost per unit, reduce its EBITDA margins, and adversely affect the company's business, financial condition and revenue from operations. There can be no assurance that its will be able to achieve the projected utilisation levels at the new facility within the anticipated timeframe.
The company is dependent on its Promoters and Directors, the company other key managerial personnel, senior management personnel and employees (including qualified and skilled personnel with technical expertise) for the continued success of its business through their continuing services and strategic guidance and support and if the company is unable to recruit and retain such personnel, its business, results of operations, financial condition and cash flows may be adversely affected.
Certain immediate relatives of the company Promoters, who are deemed to be part of the Promoter Group under the SEBI ICDR Regulations, have not provided their consent, information, or confirmations, and the Company's application to SEBI seeking exemption from such disclosure requirements has been rejected. It may result in perceived disclosure gaps that could adversely affect investor confidence, its reputation, and the marketability of the Issue.
The company is subject to counterparty credit risk, and delays or defaults in payments from its customers may adversely affect the company's business, results of operations, financial condition and cash flows.
The company has certain outstanding borrowings which requires significant cash flows to service and are subject to conditions and restrictions under its financing arrangements, which may limit the company operational flexibility. Any failures to comply with financial and other covenants under these borrowings could adversely affect its business, financial condition, and results of operations.
The company may faces several risks associated with the construction of the building of the Proposed Facility, which could hamper its growth, prospects, cash flows and business and financial condition.
Currency fluctuations pose a financial risk by increasing the cost of imported products, creating uncertainty in pricing and margins, and potentially eroding profitability if not effectively managed.
If the company is unable to protect, maintain, or obtain registrations for its intellectual property, including trademarks and patents, or if such rights are infringed, the company's business, reputation, and financial condition may be adversely affected.
Failures to meet the company production timelines may impact its reputation and could also lead to cancellation of the company orders.
The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
The company is dependent on the availability of timely and cost-efficient third-party transportation and logistics service providers for the delivery of its products to customer locations.
Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
Misconduct or errors by manpower engaged by the company could expose it to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
The company's Promoter Directors does not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company.
The company is subject to the risk of failures of, or a material weakness in, its internal control systems, may result in a material effect on the company's business, financial condition and results of operations.
The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, business operations and financial condition.
The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
Its Promoters hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
The company's Promoters have given personal guarantees in relation to certain debt facilities provided to the Company by its lenders. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting its Promoters ability to manage the affairs of the Company and consequently this may impact its business, prospects, financial condition and results of operations.
The company has relied on third party reports and not independently verified certain data in this Red Herring Prospectus, and any errors or discrepancies in the same may.
Any inability to maintain customer satisfaction, service quality and product standards, or to retain and expand the company customer base, could adversely affect its business, financial condition and results of operations.
The company's business operations may be disrupted by an interruption in power supply which may impact its business operations.
The company has certain contingent liabilities and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue Price.
The company has not paid any dividends in the last three Financial Years. Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
The company 's Promoters' shareholding before and after the completion of the Issue, is substantial which will allow them to influence the outcome of matters submitted for approval of its shareholders.
The company's Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and the Investors may be unable to resell their Equity Shares at or above the Issue Price or at all.
The requirements of being a listed company may strain its resources and distract management.
Its may requires further equity issuance, which will lead to dilution of equity and may affect the market price of the company Equity Shares.
Its may raise additional funds through incurring debt to satisfy the company capital needs, which its may not be able to procure.
The company has in the last 12 months issued Equity Shares at a price that may be at lower than the Issue Price.
Investors may be subject to taxes arising out of capital gains on the sale of the company Equity Shares.
Holders of Equity Shares could be restricted in their ability to exercise pre-emptive rights under Indian law and could thereby suffer future dilution of their ownership position.
Under Indian law, foreign investors are subject to investment restrictions that limit the company ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
QIBs and NIBs are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders are not permitted to withdraw their Bids after the Bid/ Issue Closing date.

Dhaval Packaging Ltd Peer Comparison

Understand the company’s industry standing

Dhaval Packaging Ltd

Mold-Tek Packaging Limited

Face Value

Standalone / Consolidated

Standalone

Total Income Rs. Cr.

65.2023

887.8629

EPS-Basis

8.08

21.93

EPS-Diluted

8.08

21.93

NAV Per Share

30.78

199.79

P/E-Basic EPS

---

31.38

P/E-Diluted EPS

---

RONW(%)

31.58

10.98

Latest NAV Period

---

Latest NAV

---

Journey for how to check the allotment status

How to check the allotment status of Dhaval Packaging Ltd IPO?

Follow the steps

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

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The IPO opens on 30 Jul 2026 & closes on 03 Aug 2026.

Dhaval Packaging Limited was incorporated on November 02, 2015 as Dhaval Packaging Private Limited, a private limited company at the ROC, Sanand, Gujarat and was subsequently converted into a public limited Company on October 08, 2025 by the Central Processing Centre. The Company engages in the design, manufacture, and supply plastic packaging solutions for domestic and international markets. The Company began its journey with In-Mold Labelling (IML) packaging, aligning with evolving packaging demand and sustainability trends, and it subsequently forayed into the End Caps business in 2016. It established the first Factory at Sanand District of Gujarat by launching a new production line with Automated Robotic process for manufacturing IML plastic containers for Food Packaging Industries. In 2017, it introduced the SAW pipe protection plastic cap (End Caps) segment. In 2022, it set up the second unit in Sanand district of Gujarat and made exports to Canada, Dubai, and Qatar by expansion in FY 2023. To support reliable delivery and quality, Company run production from its 3 manufacturing plants in Sanand, Gujarat. The product works two classes viz. IML Containers and SAW (Submerged Arc Welded) Pipe Protection Plastic Caps (End Caps). Since then, Company has operated as a dual-segment manufacturer, scaling programs in food-grade IML in End Caps, particularly larger sizes where rapid turnaround and design customisation are critical. In 2025, the Company scaled a total of 21 Injection Molding Machines and production of 8,000 kg per day. It has started exports to Australia in 2026. The Company came up with IPO, which comprised a fresh issue of 37,48,800 Equity shares of Rs 10 each and raised Rs 36.3 crore on August 3, 2026.

Dhaval Packaging Ltd IPO will close on 03 Aug 2026.

Long standing relationships with a diversified customer base.
Business Model focused on customized solutions and strong customer relationships.
Experienced Promoters and management team.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Manish Nanalal Dagla	3150000	31.54	3150000	22.93
2	Dhaval Nanalal Dagla	3050000	30.54	3050000	22.2
3	Shah Aalap Dipak	680000	6.81	680000	4.95
4	Jigar Harivadan Contractor	730000	7.31	730000	5.31
5	Jigar Manubhai Shah	530000	5.31	530000	3.86
6	Ishita Manish Dagla	810000	8.11	810000	5.9
7	Ankit Harivadan Contractor	100000	1	100000	0.73
8	Jaymin Rameshchandra Contracto	25000	0.25	25000	0.18

The company depends on a limited number of suppliers for its raw material requirements of the company's business. Further, the company does not have definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
Any disruptions to the supply, or increases in the pricing, of the raw materials and finished products that the company procure, may adversely affect the supply and pricing of its products and, in turn, adversely affect the company's business, cash flows, financial condition and results of operations.
The company revenues are significantly dependent on certain geographical regions, and any adverse developments in these regions could adversely impact its business, financial condition and results of operations.
The company's manufacturing facilities are located only in the state of Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
The company's business is operating under various laws which require it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if the company is unable to obtain these approvals and the renewals, the company's business operations could be adversely affected thereby impacting its revenues and profitability.
The company's business operations are highly dependent on the efficient functioning of its manufacturing machinery, and any breakdown, malfunction or technical failure may adversely affect the company's production and profitability.
The company operates the company's business from leased premises, including certain premises held under short-term lease arrangements, and any disruption or non-renewal of such leases may adversely affect the company's business.
The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment / machineries. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machineries in a timely manner, or at all, the same may result in time and cost over-runs.
The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. The company cannot assure you that the company will be able to successfully execute its growth strategies, which could affect the company's business, prospects, results of operations and financial condition.
Any shortage, delay, in the procurement of Raw Materials and other Inputs in these materials could materially and adversely affect its business operations, financial performance, and profitability.
Any inability to pass on increased price of key raw material, polymer, used for manufacturing its products may affect the company's profitability.
Sustainability-driven material shifts and regulation may lower demand for plastic IML/End Caps and adversely affect the company's business, financial condition, and results of operations.
The company has certain outstanding litigation against the Company, Directors and Promoters an adverse outcome of which may adversely affect its business, reputation and results of operations.
The company intend to utilise a portion of the Net Proceeds for funding our capital expenditure requirements. This includes Construction of shed of proposed set up of unit at Plot no. 552 at GIDC, Sanand, Ahmedabad and which may be subject to risk of unanticipated delays in implementation, cost overruns and other project risks and uncertainties.
The company has significant capital expenditure requirements and may require additional funding in the future.The company's inability to obtain such funding on time or on acceptable terms may adversely affect its business, financial condition, results of operations and cash flows.
There have been certain instances of delays in payment of certain statutory dues by it. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the Company.
There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC)/Central Registration Centre (CRC) in accordance with the Companies Act, 2013.
Any defect, contamination, or non-conformity in the company's packaging products used for food applications could result in reputational loss and potential regulatory action.
The company has entered into and may enter into related party transactions in the future also, which may have an adverse effect on its business, prospects, results of operations and financial condition.
The company's business is dependent on the growth and performance of the FMCG, food, dairy, and SAW pipe manufacturing industries, and any slowdown or adverse developments in these industries may adversely affect its business, financial condition, and results of operations.
The company faces intense competition from domestic and international players with larger resources and advanced technological capabilities, which may adversely affect its market share, pricing, and growth prospects.
Entry of low-cost imported products in the Indian market may adversely impact its pricing, margins, and market share.
The company's dependence on electronic and automation components used in its manufacturing machinery may adversely affect the company's production and delivery schedules.
Any defect or quality issue in the company's products may adversely impact its reputation, customer trust, and financial performance.
The company's revenues are concentrated in a few end-use industries, and any slowdown or shift in those industries could adversely affect its business, results of operations, financial condition, and cash flows.
Effective inventory management is crucial to avoid overstocking or stockouts, and any failures may adversely impact its business, financial condition, and results of operations.
If the company is unable to effectively manage or expand its sales and service network or pursue the company's growth strategy, the company's business prospects, financial condition, and results of operations may be adversely affected.
The company is seeking to diversify its product portfolio; however, there can be no assurance that such initiatives will achieve the intended results or reduce our dependence on the company's existing products.
The company's manufacturing operations are subject to environmental, and safety regulations, and any non-compliance could adversely affect its business operations and reputation.
The company's inability to keep pace with changing packaging design trends or customer preferences may adversely affect its competitiveness and business growth.
The company is dependents on its Promoters and Directors, the company's other key managerial personnel, senior management personnel and employees (including qualified and skilled personnel with technical expertise) for the continued success of its business through their continuing services and strategic guidance and support and if the company is unable to recruit and retain such personnel, the company's business, results of operations, financial condition and cash flows may be adversely affected.
Certain immediate relatives of the company's Promoters, who are deemed to be part of the Promoter Group under the SEBI ICDR Regulations, have not provided their consent, information, or confirmations, and the Company has accordingly sought exemption from SEBI under Regulation 300 of the SEBI ICDR Regulations.
The company is subject to counterparty credit risk, and delays or defaults in payments from its customers may adversely affect the company's business, results of operations, financial condition and cash flows.
The company has certain outstanding borrowings which require significant cash flows to service and are subject to conditions and restrictions under its financing arrangements, which may limit the company's operational flexibility. Any failures to comply with financial and other covenants under these borrowings could adversely affect the company's business, financial condition, and results of operations.
The may face several risks associated with the construction of the building of the Proposed Facility, which could hamper its growth, prospects, cash flows and business and financial condition
Currency fluctuations pose a financial risk by increasing the cost of imported products, creating uncertainty in pricing and margins, and potentially eroding profitability if not effectively managed.
If the company is unable to protect, maintain, or obtain registrations for its intellectual property, including trademarks and patents, or if such rights are infringed, the company's business, reputation, and financial condition may be adversely affected.
Failures to meet the company's production timelines may impact its reputation and could also lead to cancellation of the company's orders.
The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
The company's net cash flows have been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
The company is dependents on the availability of timely and cost-efficient third-party transportation and logistics service providers for the delivery of its products to customer locations.
Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
Misconduct or errors by manpower engaged by it could expose us to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
The company's Promoter Directors do not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company.
The company is subject to the risk of failures of, or a material weakness in, the company's internal control systems, may result in a material effect on its business, financial condition and results of operations.
The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, business operations and financial condition.
The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
The company's Promoters hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
The company's Promoters have given personal guarantees in relation to certain debt facilities provided to the Company by its lenders. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting the company's Promoters ability to manage the affairs of the Company and consequently this may impact its business, prospects, financial condition and results of operations.
The company has relied on third party reports and not independently verified certain data in this Draft Red Herring Prospectus, and any errors or discrepancies in the same may.
Any inability to maintain customer satisfaction, service quality and product standards, or to retain and expand the company's customer base, could adversely affect its business, financial condition and results of operations.
The company's business operations may be disrupted by an interruption in power supply which may impact its business operations.
The company has certain contingent liabilities and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
The company has not paid any dividends in the last three Financial Years. The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
The company's Promoters' shareholding before and after the completion of the Issue, is substantial which will allow them to influence the outcome of matters submitted for approval of its shareholders.
The company's Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and the Investors may be unable to resell their Equity Shares at or above the Issue Price or at all.
The requirements of being a listed company may strain the company's resources and distract management.
The company may require further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares.
The company may raise additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure.
The company has in the last 12 months issued Equity Shares at a price that may be at lower than the Issue Price.
Investors may be subject to taxes arising out of capital gains on the sale of its Equity Shares.
Holders of Equity Shares could be restricted in their ability to exercise pre-emptive rights under Indian law and could thereby suffer future dilution of their ownership position.
Under Indian law, foreign investors are subject to investment restrictions that limit its ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
QIBs and NIBs are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders are not permitted to withdraw their Bids after the Bid/ Issue Closing date.
A majority of the company's revenue from operations is from its top 10 customers (which accounted for 51.27%, 46.37% and 49.76% of the company revenue from operations for Fiscal Year ended March 31, 2026, March 31, 2025 and March 31, 2024). Additionally, a significant portion of its revenue from operations is derived from the company existing customers. Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on its business and results of operation.
The company depends on a limited number of suppliers for its raw material requirements of the company's business. Further, its does not have definitive agreements or fixed terms of trade with most of the company suppliers. Failures to successfully leverage its relationships with existing suppliers or to identify new suppliers could adversely affect the company's business operations.
Pending NCLT proceedings for revision of Financial Statements and Board's Reports may result in regulatory action and penalties.
There have been certain instances of delays in payment of certain statutory dues by the company. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on its financial condition and cash flows.
There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC)/Central Registration Centre (CRC) in accordance with the Companies Act, 2013.
Any disruptions to the supply, or increases in the pricing, of the raw materials and finished products that the company procure, may adversely affect the supply and pricing of its products and, in turn, adversely affect the company's business, cash flows, financial condition and results of operations.
The company's revenues are significantly dependent on certain geographical regions, and any adverse developments in these regions could adversely impact its business, financial condition and results of operations.
The company's manufacturing facilities are located only in the state of Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
The company's business is operating under various laws which requires it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if the company is unable to obtain these approvals and the renewals, its business operations could be adversely affected thereby impacting the company's revenues and profitability.
The company's business operations are highly dependent on the efficient functioning of its manufacturing machinery, and any breakdown, malfunction or technical failures may adversely affect the company's production and profitability.
The company operates its business from leased premises, including certain premises held under short-term lease arrangements, and any disruption or non-renewal of such leases may adversely affect the company's business.
The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment / machineries. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machineries in a timely manner, or at all, the same may result in time and cost over-runs.
The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. The company cannot assure you that its will be able to successfully execute the company growth strategies, which could affect its business, prospects, results of operations and financial condition.
Any shortage, delay, in the procurement of Raw Materials and other Inputs in these materials could materially and adversely affect the company's business operations, financial performance, and profitability.
The company's net cash flows have been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
Any inability to pass on increased price of key raw material, polymer, used for manufacturing the company products may affect its profitability.
Sustainability-driven material shifts and regulation may lower demand for plastic IML/End Caps and adversely affect the company's business, financial condition, and results of operations.
The company has certain outstanding litigation against the Company, Directors and Promoters an adverse outcome of which may adversely affect its business, reputation and results of operations.
The company's intend to utilise a portion of the Net Proceeds for funding its capital expenditure requirements. This includes Construction of shed of proposed set up of unit at Plot no. 552 at GIDC, Sanand, Ahmedabad and which may be subject to risk of unanticipated delays in implementation, cost overruns and other project risks and uncertainties.
The company has significant capital expenditure requirements and may requires additional funding in the future. Its inability to obtain such funding on time or on acceptable terms may adversely affect the company's business, financial condition, results of operations and cash flows.
The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the Company.
Any defect, contamination, or non-conformity in the company packaging products used for food applications could result in reputational loss and potential regulatory action.
The company has entered into and may enter into related party transactions in the future also, which may have an adverse effect on its business, prospects, results of operations and financial condition.
The company's business is dependent on the growth and performance of the FMCG, food, dairy, and SAW pipe manufacturing industries, and any slowdown or adverse developments in these industries may adversely affect its business, financial condition, and results of operations.
The company faces intense competition from domestic and international players with larger resources and advanced technological capabilities, which may adversely affect its market share, pricing, and growth prospects.
Entry of low-cost imported products in the Indian market may adversely impact the company pricing, margins, and market share.
The company's dependence on electronic and automation components used in its manufacturing machinery may adversely affect the company production and delivery schedules.
Any defect or quality issue in the company products may adversely impact its reputation, customer trust, and financial performance.
The company's revenues are concentrated in a few end-use industries, and any slowdown or shift in those industries could adversely affect its business, results of operations, financial condition, and cash flows.
Effective inventory management is crucial to avoid overstocking or stockouts, and any failures may adversely impact the company's business, financial condition, and results of operations.
If the company is unable to effectively manage or expand its sales and service network or pursue the company growth strategy, its business prospects, financial condition, and results of operations may be adversely affected.
The company is seeking to diversify its product portfolio; however, there can be no assurance that such initiatives will achieve the intended results or reduce the company dependence on its existing products.
The company's manufacturing operations are subject to environmental, and safety regulations, and any non-compliance could adversely affect its business operations and reputation.
The company's inability to keep pace with changing packaging design trends or customer preferences may adversely affect its competitiveness and business growth.
The company new manufacturing facility at Sanand-II, upon commissioning, will significantly increase its installed manufacturing capacity. In the event that demand for the company products does not grow proportionately, its new facility may be underutilised. Low-capacity utilisation would increase the company fixed cost per unit, reduce its EBITDA margins, and adversely affect the company's business, financial condition and revenue from operations. There can be no assurance that its will be able to achieve the projected utilisation levels at the new facility within the anticipated timeframe.
The company is dependent on its Promoters and Directors, the company other key managerial personnel, senior management personnel and employees (including qualified and skilled personnel with technical expertise) for the continued success of its business through their continuing services and strategic guidance and support and if the company is unable to recruit and retain such personnel, its business, results of operations, financial condition and cash flows may be adversely affected.
Certain immediate relatives of the company Promoters, who are deemed to be part of the Promoter Group under the SEBI ICDR Regulations, have not provided their consent, information, or confirmations, and the Company's application to SEBI seeking exemption from such disclosure requirements has been rejected. It may result in perceived disclosure gaps that could adversely affect investor confidence, its reputation, and the marketability of the Issue.
The company is subject to counterparty credit risk, and delays or defaults in payments from its customers may adversely affect the company's business, results of operations, financial condition and cash flows.
The company has certain outstanding borrowings which requires significant cash flows to service and are subject to conditions and restrictions under its financing arrangements, which may limit the company operational flexibility. Any failures to comply with financial and other covenants under these borrowings could adversely affect its business, financial condition, and results of operations.
The company may faces several risks associated with the construction of the building of the Proposed Facility, which could hamper its growth, prospects, cash flows and business and financial condition.
Currency fluctuations pose a financial risk by increasing the cost of imported products, creating uncertainty in pricing and margins, and potentially eroding profitability if not effectively managed.
If the company is unable to protect, maintain, or obtain registrations for its intellectual property, including trademarks and patents, or if such rights are infringed, the company's business, reputation, and financial condition may be adversely affected.
Failures to meet the company production timelines may impact its reputation and could also lead to cancellation of the company orders.
The company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
The company is dependent on the availability of timely and cost-efficient third-party transportation and logistics service providers for the delivery of its products to customer locations.
Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
Misconduct or errors by manpower engaged by the company could expose it to business risks or losses that could affect the company's business prospects, results of operations and financial condition.
The company's Promoter Directors does not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company.
The company is subject to the risk of failures of, or a material weakness in, its internal control systems, may result in a material effect on the company's business, financial condition and results of operations.
The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, business operations and financial condition.
The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
Its Promoters hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
The company's Promoters have given personal guarantees in relation to certain debt facilities provided to the Company by its lenders. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting its Promoters ability to manage the affairs of the Company and consequently this may impact its business, prospects, financial condition and results of operations.
The company has relied on third party reports and not independently verified certain data in this Red Herring Prospectus, and any errors or discrepancies in the same may.
Any inability to maintain customer satisfaction, service quality and product standards, or to retain and expand the company customer base, could adversely affect its business, financial condition and results of operations.
The company's business operations may be disrupted by an interruption in power supply which may impact its business operations.
The company has certain contingent liabilities and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
The average cost of acquisition of Equity Shares by the company Promoters could be lower than the Issue Price.
The company has not paid any dividends in the last three Financial Years. Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
The company 's Promoters' shareholding before and after the completion of the Issue, is substantial which will allow them to influence the outcome of matters submitted for approval of its shareholders.
The company's Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and the Investors may be unable to resell their Equity Shares at or above the Issue Price or at all.
The requirements of being a listed company may strain its resources and distract management.
Its may requires further equity issuance, which will lead to dilution of equity and may affect the market price of the company Equity Shares.
Its may raise additional funds through incurring debt to satisfy the company capital needs, which its may not be able to procure.
The company has in the last 12 months issued Equity Shares at a price that may be at lower than the Issue Price.
Investors may be subject to taxes arising out of capital gains on the sale of the company Equity Shares.
Holders of Equity Shares could be restricted in their ability to exercise pre-emptive rights under Indian law and could thereby suffer future dilution of their ownership position.
Under Indian law, foreign investors are subject to investment restrictions that limit the company ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
QIBs and NIBs are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual Bidders are not permitted to withdraw their Bids after the Bid/ Issue Closing date.

The Issue type of Dhaval Packaging Ltd is Book Building - SME.

The minimum application for shares of Dhaval Packaging Ltd is 2400.

The total shares issue of Dhaval Packaging Ltd is 3748800.

Initial public offer of 37,48,800 equity shares of face value of Rs. 10/- each of Dhaval Packaging Limited ("DPL" or the "Company" or the "Issuer") for cash at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share (the "Issue Price") aggregating to Rs. 36.31 Crores ("the Issue"), of which 1,88,400 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share aggregating to Rs. 1.83 Crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion") and 1,20,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share aggregating to Rs. 1.16 Crores will be reserved for subscription by eligible employees (the "Employee Reservation Portion"). Pursuant to finalization of basis of allotment 98,400 equity shares were allotted to employees under the employee reservation portion. The issue less the market maker reservation portion and employee reservation portion i.e. Net issue of 34,62,000 equity shares of face value of Rs. 10/- each at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share aggregating to Rs. 33.58 Crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 27.29% and 25.20%, respectively, of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each. Price Band: Rs. 97 per equity share of face value Rs. 10/- each. The floor price is 9.7 times of the face value of the equity shares. Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.

Dhaval Packaging Ltd IPO

Objectives of Dhaval Packaging Ltd IPO