Dhaval Packaging IPO

Incorporated in November 2015, Dhaval Packaging designs, produces, and delivers plastic consumer packaging products to the domestic and global markets in the categories of sweets, dairy, dry fruits, and bakery. The company operates in two product categories: IML (In-Mould Labelling) Containers and SAW (Submerged Arc Welded) Pipe Protection Plastic Caps (End Caps).

The company operates three manufacturing units in GIDC, Sanand, Ahmedabad, equipped with 21 injection-moulding machines (with robotic arms) and 1 vacuum-forming machine, with a combined installed capacity of more than 8,000 kg/day. IML production is fully in-house and backed by backward integration through Octa Labels, a promoter group entity, ensuring consistent label supply, tighter colour control, faster artwork-to-line turnaround, and stronger traceability.

In FY26, IML containers contributed 73% of revenue and end caps contributed 26.9% of revenue. The main raw materials are plastic granules (HDPE, PP, LDPE), masterbatch, IML label films (BOPP/PP), liners and corrugated boxes. These are procured from local sources (93.2%) and from imports (6.7%), which include custom moulds from China. The top 10 customers contributed 51.27% to the revenue in FY26 and the repeat orders contributed ₹47.92 crore of the total revenue in FY26.