Dhaval Packaging Limited
Dhaval Packaging Limited is an SME IPO offering specialised plastic packaging solutions, including In-Mold Labelling containers and industrial pipe protection end caps, listing on BSE SME in August 2026.
Overview
About the Company
Dhaval Packaging Limited is engaged in designing, manufacturing, and supplying specialised plastic packaging products for both domestic and international clients. The company operates across two primary segments: In-Mold Labelling (IML) containers, which are food-grade and tamper-evident solutions serving the food and FMCG industries including sweets, dairy, ice cream, and bakery; and Submerged Arc Welded (SAW) pipe protection end caps that guard industrial pipes against damage, contamination, and corrosion during storage and transportation, catering to sectors such as oil and gas, construction, and infrastructure. The company focuses on in-house tooling, automated manufacturing, and long-term customer relationships to deliver scalable packaging solutions.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Partially fund the construction and setup of a new manufacturing facility at Sanand-II
- › Repayment or prepayment of certain existing secured borrowings
- › Address general corporate expenditure requirements
✅ Strengths
- ✓ The company runs a fully automated, end-to-end in-house manufacturing process for IML products
- ✓ Backward integration through a promoter-group entity provides a reliable and uninterrupted supply of labels
- ✓ The business operates across two distinct product segments — IML containers and industrial end caps — reducing single-segment dependency
- ✓ In-house tooling and design capabilities allow the company to offer tailored packaging solutions to its customers
- ✓ The company's business model is built around deep, long-standing relationships with key accounts
⚠️ Risks
- ! Revenue is heavily concentrated among its top 10 customers, creating client-concentration risk
- ! The company relies on a small number of suppliers for its key raw materials, exposing it to supply chain disruptions
- ! All manufacturing operations are located in Gujarat, making the business vulnerable to region-specific disruptions
- ! End-use revenue is concentrated in the food, FMCG, and pipe manufacturing sectors
- ! The company has reported negative cash flows from investing activities in recent financial years