Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 232800
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 349200
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
27.5%
Market Maker
5.03%
QIB
18.34%
NII / HNI
13.8%
Retail
32.14%
Institutional Corporate Dossier
Dhaval Packaging
COMPANY PROFILE & DNA
Incorporation / Founded
2/11/2015
Active Vintage
Corporate Headquarters
Ahmedabad, Gujarat
Registered Hub
👔 Leadership & Promoter Group
Key Management
Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalap Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah
⚙️ Business Overview & Portfolio
Core Offerings
Manufacturer and supplier of customized rigid packaging materials, industrial packaging products, and end caps
🎯 Target Market & End-Use
Revenue Drivers
Packaging for dairy, ice cream, confectionery, and FMCG sectors
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Long standing relationships with a diversified customer base and business model focused on customized solutions
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Establishing new manufacturing facility at Sanand-II Industrial Estate
₹ 27.19
Allocation
🎯 Objective 02
Repayment and/or prepayment of certain outstanding secured borrowings
₹ 3.75
Allocation
🎯 Objective 03
General Corporate Purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Stub | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 0 | 65.03 | 52.26 | 47.99 |
| EBITDA | 0 | 12.56 | 9.45 | 2.98 |
| Profit After Tax (PAT) | 0 | 8.04 | 6.04 | 1.55 |
| Net Worth | 0 | 30.75 | 20.16 | 4.1 |
| Total Borrowing | 0 | 24.13 | 16.55 | 19.28 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
65.03
₹ Cr
YoY Growth
2444.00%
3-Year CAGR
1640.00%
12.56
₹ Cr
YoY Growth
3291.00%
3-Year CAGR
10528.00%
8.04
₹ Cr
YoY Growth
3311.00%
3-Year CAGR
12775.00%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 2615.00% | 2996.00% | 3130.00% | Good |
| ROCE (Capital Employed)ROCE | 2289.00% | 2574.00% | 2046.00% | Good |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
0.54
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.78 | 0.3 | Low |
| EPS (₹) | 5.85 | 5.85 | Accretive |
| ROE (%) | 2615.00% | 1198.00% | Bad |
| ROCE (%) | 2289.00% | 1436.00% | Bad |
| P/E (Valuation) | 16.58 | 16.58 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 0.03 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Dhaval Packaging Limited IPO CANDIDATE | 65.03 | 16.58 (Ask) | 2289.00% | 11.98 (Post Issue) | 19.31% |
| Mold-Tek Packaging Limited | 887.86 | 31.38 | 12.51 | 10.98 | 19.45 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Long standing relationships with a diversified customer base
- Business model focused on customized solutions
- Experienced Promoters and management team
- In-house mold-designing and automation
Weaknesses
Internal Operational Constraints
- High revenue concentration from top 10 customers
- Negative cash flows from investing activities
- High supplier concentration
- Pending NCLT proceedings for revision of Financial Statements
Opportunities
External Growth Tailwinds
- Expanding geographical area of operation
- Exploring new product segments like metal/tin containers
- Growing demand in FMCG and dairy sectors
- Setting up new manufacturing facility at Sanand-II
Threats & Risks
External Macro & Sector Headwinds
- Price fluctuations in key raw materials like polymers
- Intense competition in packaging industry
- Changing environmental regulations and SUP bans
- Delay in construction of proposed facility
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
110
Base score of 5, plus 1 point each for high capex entry barriers in specialized manufacturing, continuous EBITDA margin expansion (from 10.39% to 21.41%), and strong B2B repeat client stickiness, offset by a 1-point deduction for operating in a highly fragmented and price-sensitive industry.
27.5
5.03
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-