S.K.Offset IPO
S.K.Offset IPO is an SME IPO raising ₹29 Cr at ₹119 – ₹125 a share. It listed on 30 Sept 2026 at ₹126, +0.8% against its issue price of ₹125, and trades at ₹106 today (−15.2% since issue). It was subscribed 1.16× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
S.K. Offset Limited is a Meerut (Uttar Pradesh)-based printing and packaging company that uses offset and flexo presses to produce books and pamphlets, mono cartons, rigid boxes, corrugated cartons, and labels/stickers (including in-mold labels). It sells primarily to FMCG, pharmaceutical, cosmetics, food & beverage, and publishing customers across India, and also trades/imports/exportes printing materials such as paper, paperboard, foils and ink. Operations are concentrated in North India (84% of FY26 revenue), with limited exports to Nepal, Canada and Ghana.
How it earns
Predominantly B2B sales of custom-manufactured printed and packaging products to corporate clients (98.7% of FY26 revenue was B2B), with revenue recognised on order execution based on customer specifications.
Who buys
Top 10 customers accounted for 86.14% of FY26 revenue (₹57.43 crore of ₹66.67 crore); the single largest customer contributed 30.41% (₹20.28 crore, Printing & Binding) and the second-largest 12.49% (Packaging). Customer identities are not disclosed — only ranked as Customer 1 to Customer 10. FY26 sales mix was 98.7% B2B. By geography: North India 84.35%, West & Central India 13.32%, Exports 1.84% (Nepal, Canada, Ghana), East India 0.33%, South India 0.16%.
Scale
Four manufacturing facilities in Meerut with aggregate covered area of ~38,313 sq ft; connected electrical load ~1,100 kVA; installed capacity of 13.14 lakh reams (printing), 30,000 sqm (labelling), and 82.13 lakh cartons (packaging, expanding to ~2.02 crore cartons from FY27 after a Heidelberg CD-102 press commissioned 10 March 2026).
What it says sets it apart
- Vertically integrated in-house operations covering design, pre-press, printing, finishing, packaging and dispatch, reducing dependence on third-party vendors.
- Diversified end-industry exposure (publishing, FMCG, pharmaceuticals, cosmetics, food & beverages) lowering single-segment concentration risk.
- ISO-certified quality systems with stage-wise QC and periodic third-party/customer audits, with tracked wastage of ~2% in book printing, ~6% in packaging, and ~7% in labelling.
- Established long-term supplier relationships (top 10 suppliers = 65.59% of FY26 purchases, with Supplier 1 at 12.69%) and customer relationships supporting repeat orders.
- High printing-unit capacity utilisation at 90.92% in FY26 (13,14,000 reams installed capacity), with packaging unit at 88.97% (73.07 lakh cartons produced against 82.13 lakh installed).
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs125 / stated EPS Rs13.99 (FY26 (year ended March 31, 2026) diluted EPS, adjusted for 3:1 bonus issue issued on March 03, 2026; restated consolidated basis). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹67 Cr+38% | ₹7 Cr+386% | 11.2% | ₹20 Cr | ₹35 Cr |
| FY2025 | ₹48 Cr+124% | ₹2 Cr+114% | 3.2% | ₹7 Cr | ₹32 Cr |
| FY2024 | ₹22 Cr | ₹1 Cr | 3.3% | ₹5 Cr | ₹15 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 2.61× their allocation. Retail: 0.78×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- The asking multiple is 8.9× earnings, and the issuer names no listed peers to compare it against.
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track S.K. OFFSET LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.