Knack Packaging Limited
RHP · filed 24 Jun 2026
Knack Packaging Limited is a packaging company that reported revenue of Rs 823.43 crore and a profit of Rs 92.72 crore in its latest fiscal year, with revenue growing at a CAGR of 12.16%. The IPO structure consists of a fresh issue of Rs 3800 crore and an offer for sale of Rs 3500000 crore, representing 99.89% of the total offer size. The company faces significant risks due to its dependence on top 10 suppliers and customers for raw materials and revenue, with whom it has no long-term contracts. Additionally, the company's financial performance is tied to repeat orders from existing customers, with a customer continuity rate of 93.75% in the latest fiscal year.
What stands out
Mostly an exit. 100% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
Risk factor. The Company is significantly dependent on its top 10 suppliers for raw materials, with whom it does not have long-term contracts and purchases materials on a spot order basis. The top 10 suppliers accounted for 86.21%, 73.51%, and 76.99% of total raw materials purchased in Fiscal 2026, Fiscal 2025,
Risk factor. The Company is significantly dependent on its top 10 customers for revenue from operations, with whom it does not have any contractual arrangements. The top 10 customers accounted for 40.87%, 43.91%, and 44.16% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.
Risk factor. The Company does not have any contractual arrangements with its top 10 suppliers or top 10 customers. Consequently, suppliers may not be obligated to supply products to the Company or may choose to sell to competitors, and the Company may be unable to retain its top 10 customers.
Healthy return on equity. ROE of 30.1%.
How the offer is structured
Fresh issue
₹3.80k Cr
New capital into the company
Offer for sale
₹3500.00k Cr
Goes to selling shareholders
OFS share
100%
- Partial funding of capital expenditure towards setting up of new manufacturing facility at Borisana situated at Kadi, Mehsana, Gujarat₹3.20k Cr
- General corporate purposes
Restated financials
Revenue
₹823 Cr
Latest fiscal year
Profit after tax
₹92.7 Cr
Revenue CAGR
12.2%
Return on equity
30.1%
Debt / equity
0.62
PAT CAGR
42.0%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹655 Cr | ₹46.0 Cr | ₹141 Cr | |
| 2025 | ₹736 Cr | ₹73.8 Cr | ₹215 Cr | |
| 2026 | ₹823 Cr | ₹92.7 Cr | ₹308 Cr |
Promoters, litigation & related parties
Promoter (pre)
54.9%
Except as stated below as on the date of this Red Herring Prospectus
Risks the company discloses
The Company is significantly dependent on its top 10 suppliers for raw materials, with whom it does not have long-term contracts and purchases materials on a spot order basis. The top 10 suppliers accounted for 86.21%, 73.51%, and 76.99% of total raw materials purchased in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Supply Chain)
The Company is significantly dependent on its top 10 customers for revenue from operations, with whom it does not have any contractual arrangements. The top 10 customers accounted for 40.87%, 43.91%, and 44.16% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Customer Concentration)
A significant portion of the Company's revenue from operations is derived from repeat orders from existing customers, exposing it to risks associated with any decline in the customer continuity rate (CCR). The CCR was 93.75%, 94.40%, and 95.35% in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Customer Concentration)
The Company does not have any contractual arrangements with its top 10 suppliers or top 10 customers. Consequently, suppliers may not be obligated to supply products to the Company or may choose to sell to competitors, and the Company may be unable to retain its top 10 customers.(Supply Chain)
The Company's largest supplier accounted for 35.78%, 31.96%, and 32.55% of total raw materials purchased in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Supply Chain)
The Company's largest customer accounted for 16.73%, 19.03%, and 22.33% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Customer Concentration)
The Company's top 5 customers accounted for 32.86%, 35.22%, and 35.95% of revenue from operations in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Customer Concentration)
The Company's top 5 suppliers accounted for 73.49%, 58.92%, and 62.55% of total raw materials purchased in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.(Supply Chain)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.