Dhaval Packaging IPO is an SME IPO raising ₹36 Cr at ₹92 – ₹97 a share. It listed on 6 Aug 2026 at ₹110, +13.4% against its issue price of ₹97, and trades at ₹116 today (+19.3% since issue). It was subscribed 46× in total.
46.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 429-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 51 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Our statutory auditor, M/s. Jay M. Shah & Co., Chartered Accountants, does not hold a valid peer-review certificate as of the date of filing of this Red Herring Prospectus. Accordingly, the preparation and certification of the restated financial statements were entrusted to the aforementioned peer-reviewed chartered accountant
Company has filed a petition before the National Company Law Tribunal, Ahmedabad Bench, seeking permission for voluntary revision of its financial statements and Board's Reports for the financial years 2020-21, 2021-22 and 2022-23 under Sections 129 and 134 of the Companies Act, 2013
there have been certain instances of delays in filing statutory forms which have been subsequently filed by payment of an additional fee as specified by ROC
SEBI, vide its letter no. SEBI/HO/CFD/RAC-DIL3/I/3772/2026 dated January 30, 2026, rejected our application for exemption and directed us... disclose in the offer document our inability to obtain information regarding entities belonging to such related persons of the Promoters
A growing shift in public opinion toward biodegradable, compostable, paper, or paper-laminate packaging in food and FMCG... may reduce the addressable market for our IML containers and End Caps or change customer specifications in ways that are less favorable to us.
A majority of our revenue from operations is from our top 10 customers (which accounted for 51.27%, 46.37% and 49.76% of our revenue from operations for Fiscal Year ended March 31, 2026, March 31, 2025 and March 31, 2024)
for the year ended March 31, 2026, March 31, 2025 and March 31, 2024, our top 10 suppliers contributed around 88.31%, 89.98% and 94.86% respectively of our purchases
The average purchase price of PP decreased from ₹103.39 per kg in Fiscal 2024 to ₹97.81 per kg in Fiscal 2025, and increased to approximately ₹150.00 per kg in June 2026... We do not have long-term supply agreements with our raw material suppliers.
The commissioning of our new manufacturing facility at Sanand-II has required, and will continue to require, significant capital expenditure... any shortfall in capacity utilisation will directly impact our cost structure and profitability.
As of the date of this Red Herring Prospectus, we have not placed any purchase orders for the machinery proposed to be acquired as part of our capital expenditure plans
as on date, our Company does not have a business succession policy in place... Employee attrition rate (%) 10.26% 16.67% 47.76%
Our manufacturing facilities are currently located only in the State of Gujarat
Our registered office and factory premises situated at Plot No. E 411, GIDC, Sanand, Ahmedabad, Gujarat, 382110 has been taken on lease from Ishita Manish Dagla, a member of our Promoter Group for a period of 11 months and 29 days
Our Company faces competition from low-cost imported plastic packaging and pipe protection products, primarily from manufacturers in China and other Asian countries... Any relaxation of trade restrictions or reduction in import duties could further increase competition from foreign players.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.0 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 9 | 1 | ₹0.0 Cr |
| Promoters | 0 | 7 | 0 | ₹0.0 Cr |
| Directors | 0 | 5 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | — | — | — |
| Group companies | 0 | — | — | — |
Company: 9 outstanding TDS demand cases aggregating Rs. 2,49,700 across FY 2022-23 to FY 2025-26 and prior years
Promoter Manish Nanalal Dagla (Kumkum Corporation): 5 TDS default cases aggregating Rs. 1,21,260 for FY 2022-23, FY 2023-24 and prior years
Promoter Dhaval Nanalal Dagla: 2 outstanding Income Tax demands u/s 143(1)(a) for AY 2023-24 (Rs. 63,750 + interest Rs. 23,058) and AY 2016-17 (Rs. 1,650 + interest Rs. 1,840)
Director Shah Aalap Dipak: 3 outstanding Income Tax demands (AY 2016-17, 2020-21, 2021-22) plus 2 TDS default cases for FY 2018-19 and 2019-20; aggregate Rs. 0.28 lakh
Dhaval Packaging Ltd filed petition CP-69/2025 before NCLT Ahmedabad seeking voluntary revision of financial statements and Board's Reports for FY 2020-21, 2021-22 and 2022-23 (no change to financial figures, only procedural/regulatory disclosures); next hearing August 20, 2026
All amounts originally stated in Rs. lakhs; converted to Rs. crore (1 lakh = 0.01 crore). Total Rs. 4.90 lakhs = Rs. 0.049 crore. No criminal, SEBI/stock-exchange disciplinary or regulatory-authority actions outstanding against any Relevant Party, KMP or SMP. The only non-tax litigation is the Company's own NCLT petition (CP-69/2025) for voluntary revision of past financial statements (no monetary claim). Company has no subsidiary or group companies. KMP/SMP proceedings: 1 Income Tax demand on Santosh Kumar Sethy of Rs. 0.01 lakh (not separately bucketed). Pages cited from [pN] markers in the source.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
