Dhaval Packaging Ltd.
PROSPECTUS · filed 30 Jul 2026
Dhaval Packaging Ltd. is a company that faces high risks due to significant dependence on a limited number of top 10 customers and suppliers for its revenue and raw materials. The IPO offer consists entirely of a fresh issue of equity shares aggregating Rs 36.30 crore, with no offer for sale component. The company has reported a return on equity of 31.58% and is subject to medium-severity risks regarding customer continuity, raw material price fluctuations, and pending regulatory proceedings for financial statement revisions.
Partial analysis — some sections could not be read from the document (found: capitalisation, cover, litigation, objects, price_basis, promoters, related_party, risks).
What stands out
Risk factor. A majority of revenue from operations is derived from top 10 customers (51.27%, 46.37% and 49.76% for Fiscal Years ended March 31, 2026, 2025 and 2024 respectively). Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on our busine
Risk factor. We depend on a limited number of suppliers for our raw material requirements. Our top 10 suppliers contributed around 88.31%, 89.98% and 94.86% of purchases for the years ended March 31, 2026, 2025 and 2024 respectively. We do not have definitive agreements or fixed terms of trade with most of our s
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity. ROE of 31.6%.
How the offer is structured
Fresh issue
₹36.3 Cr
New capital into the company
OFS share
0%
- Part finance the cost of establishing new manufacturing facility at Plot No. E – 552 in the Sanand – II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad (Proposed facility)₹27.2 Cr
- Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company₹3.8 Cr
- General corporate purposes₹1.5 Cr
Promoters, litigation & related parties
Promoter (pre)
81.5%
Risks the company discloses
A majority of revenue from operations is derived from top 10 customers (51.27%, 46.37% and 49.76% for Fiscal Years ended March 31, 2026, 2025 and 2024 respectively). Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on our business and results of operation.(Customer Concentration)
We depend on a limited number of suppliers for our raw material requirements. Our top 10 suppliers contributed around 88.31%, 89.98% and 94.86% of purchases for the years ended March 31, 2026, 2025 and 2024 respectively. We do not have definitive agreements or fixed terms of trade with most of our suppliers.(Supplier Concentration)
We do not have any long-term contracts with our customers. Due to this dependence of repeat business from our existing customers and lack of firm contracts, we are exposed to risks associated with any decline in customer continuity.(Contractual Risk)
We are exposed to fluctuations in the prices of raw materials used. We may be unable to control the factors affecting the price at which we procure our raw material and face the risk of our products becoming unaffordable if we pass on the increase in the cost of production to our customers.(Raw Material Price Volatility)
Pending NCLT proceedings for revision of 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 may result in regulatory action and penalties.(Regulatory Compliance)
The Company has clarified that no changes are proposed to the financial figures or results previously reported and that the proposed revisions are limited to procedural and regulatory disclosures to ensure compliance with the Companies Act, 2013 and applicable Secretarial Standards.(Financial Reporting)
The Company has stated that the discrepancies arose due to inadvertent clerical and typographical errors, without any intent to mislead stakeholders or regulators.(Financial Reporting)
There can be no assurance that we will not lose all or a portion of our business generated by the customers. Any such event could adversely affect our revenue visibility and long-term business sustainability.(Customer Concentration)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.