Dhaval Packaging IPO: Price Band, Lot Size, Financials & Review
Dhaval Packaging IPO listed on BSE on Thu, 6 Aug 2026. The issue was subscribed 52.48x overall.
- Open Date
- 30 Jul 2026
- Close Date
- 3 Aug 2026
Last updated
- Price band
- ₹92 – ₹97
- Lot size
- 1,200 shares
- Min. investment
- ₹2,32,800
- Issue size
- ₹36.36 Cr
- Last GMP
- +₹12
- Subscribed
- 🔥 52.48x
Dhaval Packaging IPO details
Dhaval Packaging IPO is a ₹36.36 Cr book-building IPO on the SME segment, listing on BSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Thu, 30 Jul 2026 to Mon, 3 Aug 2026. Allotment was finalised on Tue, 4 Aug 2026, and the shares listed on BSE on Thu, 6 Aug 2026.
The price band is ₹92 to ₹97 per share and the lot size is 1200 shares, so the minimum retail application is ₹2,32,800. Retail investors can apply for up to 2 lots (2,400 shares, ₹2,32,800).
KFin Technologies Limited is the registrar, and Rarever Financial Advisors Pvt. Ltd. Pvt. Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Dhaval Packaging IPO GMP before listing was +₹12 (+12.37% against the upper price band of ₹97), implying an estimated listing price of ₹109. Across 10 days of tracking, GMP ranged from 0 (26 Jul) to +₹12 (31 Jul).
| Last GMP | +₹12 |
|---|---|
| GMP vs upper band | +12.37% |
| Estimated listing price | ₹109 |
| Highest (31 Jul) | +₹12 |
| Lowest (26 Jul) | 0 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Dhaval Packaging IPO day-wise GMP.
Subscription
Day-wise subscription →Dhaval Packaging IPO was subscribed 52.48x overall: QIB 56.38x, NII 75.71x and retail 40.28x.
| Category | Subscribed |
|---|---|
| QIB | 56.38x |
| NII | 75.71x |
| └ bNII (above ₹10 lakh) | 89.44x |
| └ sNII (₹2–10 lakh) | 48.36x |
| Retail | 40.28x |
| Total | 52.48x |
Final figures at the close of bidding on 3 Aug 2026. Category-wise bids, application-wise breakup and allotment chances are on the Dhaval Packaging IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Qualified Institutions | 6,87,600 | 27.18% |
| Non-Institutional | 5,17,200 | 20.45% |
| └ BNII | 3,44,400 | 13.61% |
| └ SNII | 1,72,800 | 6.83% |
| Retail Investors | 12,04,800 | 47.63% |
| Employees | 1,20,000 | 4.74% |
| Total | 25,29,600 | 100.00% |
Dhaval Packaging IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,32,800 |
| Retail (Max) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (Min) | 3 | 3,600 | ₹3,49,200 |
| S-HNI (Max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (Min) | 9 | 10,800 | ₹10,47,600 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹97, the issue is priced at 12.05x pre-issue earnings and 16.58x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 31.38x (1 company).
| EPS (pre-issue) Latest earnings per share before the issue | ₹8.05 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 12.05x |
| EPS (post-issue) EPS on the enlarged share capital | ₹5.85 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 16.58x |
| Promoter holding (pre-issue) | 90.86% |
| Promoter holding (post-issue) | 0.00% |
Dhaval Packaging Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹52.43 Cr to ₹65.2 Cr, and profit after tax rose from ₹6.04 Cr to ₹8.04 Cr. The PAT margin for 31 Mar 2026 was 12.33%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 66.42 | 47.89 | 33.70 |
| Total Income | 65.20 | 52.43 | 48.08 |
| Profit After Tax | 8.04 | 6.04 | 1.55 |
| EBITDA | 13.93 | 10.22 | 4.99 |
| Net Worth | 30.75 | 20.16 | 4.10 |
| Reserve & Surplus | 20.76 | 17.75 | 2.10 |
| Total Borrowings | 24.13 | 16.55 | 19.28 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Dec 2025 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| ROE % | 31.58 | 24.03 | 49.80 | 46.62 |
| ROCE % | 22.58 | 17.40 | 25.28 | 12.38 |
| Debt / Equity | 0.78 | 0.83 | 0.82 | 4.70 |
| RoNW % | 31.58 | 24.03 | 49.80 | 46.62 |
| Pat Margin % | 12.33 | 11.32 | 11.52 | 3.23 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Dhaval Packaging Ltd | 10 | — | 8.08 | 10.00 | 31.58% | 30.78 |
| Mold-Tek Packaging Ltd | 5 | 31.38 | 21.93 | 5.00 | 10.98% | 199.79 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Part finance the cost of establishing new manufacturing facility at Plot No. E – 552 in the Sanand – II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad (“Proposed facility” ) |
| 2 | Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company |
| 3 | General corporate purposes |
About Dhaval Packaging Limited
Dhaval Packaging Limited, incorporated in 2015, is engaged in the design, manufacturing, and supply of high-quality plastic packaging solutions for domestic and international markets. The company specializes in transforming brand concepts into innovative, durable, and scalable packaging products that meet the requirements of mass production. It primarily caters to the food and FMCG sectors, serving industries such as sweets, dairy, bakery, dry fruits, confectionery, and ready-to-eat foods.
The company operates with a strong emphasis on quality, safety, and sustainability, adhering to globally recognized management standards. It holds the following certifications:
- ISO 9001:2015 – Quality Management System
- ISO 14001:2015 – Environmental Management System
- ISO 45001:2018 – Occupational Health & Safety Management System
- ISO/IEC 17025:2017 – Testing and Calibration Laboratory Accreditation, ensuring reliable product testing and consistent quality standards.
Key Products
1. IML (In-Mold Labeling) Containers
Dhaval Packaging manufactures In-Mold Labeling (IML) plastic containers, where a pre-printed label is placed inside the mold during the injection molding process. The label permanently fuses with the container, resulting in superior print quality, enhanced durability, and resistance to moisture, scratches, and chemicals. The company offers approximately 39 IML container SKUs, supplying packaging solutions to several leading Indian brands while also exporting to international customers.
2. SAW Pipe Protection Plastic End Caps
The company also manufactures plastic end caps designed to protect the ends of SAW (Submerged Arc Welded) pipes and other industrial tubes during storage, handling, and transportation. These end caps help prevent physical damage, contamination, moisture ingress, and corrosion, ensuring the integrity of pipes before installation. They are widely used in industries such as oil & gas, construction, infrastructure, water transmission, and heavy engineering.
Promoters
- Manish Nanalal Dagla
- Dhaval Nanalal Dagla
- Shah Aalpa Dipak
- Jigar Harivadan Contractor
- Jigar Manubhai Shah
Contact details
Dhaval Packaging Ltd.
Plot No. E 411, GIDC,
Sanand
Ahmedabad, Gujarat, 382110
Phone: +91 9898066258
Email: cs@dhavalpackaging.com
Website: http://www.dhavalpackaging.com/
Dhaval Packaging IPO FAQs
- What is the Dhaval Packaging IPO price band?
- The Dhaval Packaging IPO price band is ₹92 to ₹97 per share.
- What is the Dhaval Packaging IPO lot size and minimum investment?
- The Dhaval Packaging IPO lot size is 1200 shares. The minimum retail investment is ₹2,32,800 for one lot at the upper price band. Retail investors can apply for up to 2 lots (2,400 shares), costing ₹2,32,800.
- When was Dhaval Packaging IPO open for subscription?
- Dhaval Packaging IPO was open for subscription from Thu, 30 Jul 2026 to Mon, 3 Aug 2026.
- What is the Dhaval Packaging IPO subscription status?
- Dhaval Packaging IPO was subscribed 52.48x overall: QIB 56.38x, NII 75.71x and retail 40.28x. Day-wise and category-wise figures are on the subscription page.
- What was the Dhaval Packaging IPO GMP before listing?
- The last Dhaval Packaging IPO GMP before listing was +₹12 (+12.37% against the upper price band of ₹97), implying an estimated listing price of ₹109. Across 10 days of tracking, GMP ranged from 0 (26 Jul) to +₹12 (31 Jul). GMP is an unofficial grey market indicator and can change quickly.
- What is the Dhaval Packaging IPO allotment date?
- The Dhaval Packaging IPO basis of allotment was finalised on Tue, 4 Aug 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Dhaval Packaging IPO listing date?
- Dhaval Packaging IPO listed on BSE on Thu, 6 Aug 2026.
- Is the Dhaval Packaging IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Dhaval Packaging IPO?
- The registrar for the Dhaval Packaging IPO is KFin Technologies Limited, and the book running lead manager is Rarever Financial Advisors Pvt. Ltd. Pvt. Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.