Dhaval PackagingShare price, financial results, shareholding and management
- Market cap
- ₹150 cr
- Stock P/E
- 18.6peers 15.9
- Book value
- ₹22.4
- Price to book
- 4.87
- EV / operating profit
- -
- Market cap to sales
- 2.30
- ROCE · FY26
- 27.8%
- ROE · FY26
- 31.6%
- ROE, 3-year average
- 42.7%
- Operating margin · FY26
- 21.7%peers 8.2%
- Sales growth, 3 years
- 14.8%
- Profit growth, 3 years
- 150.7%
- Debt to equity
- 0.78peers 0.38
- Borrowings
- ₹24.1 cr
- Interest cover
- 6.3×
- Cash from business / op. profit
- 48%
- Debtor days
- 45
- Pledged
- 0.00%
- Promoter holding
- 66.06%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 693
- 52-week high / low
- ₹139 / ₹103
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Dhaval Packaging share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 2,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.1%
- 3 months
- -2.0%
- Traded a day, 20 days
- ₹0.22 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +24% | +33% |
| 3 years, a year | +15% | +151% |
About Dhaval Packaging: business, products and customers
Dhaval Packaging makes plastic food containers with the brand's label moulded in, for sweet shops, dairies and ice cream makers, and plastic caps that protect the ends of large steel pipes. Its shares trade on BSE SME.
The main product is in-mould labelled (IML) containers: a printed label is placed in the mould and fuses with the plastic, giving a tamper evident, moisture resistant pack in about 39 shapes and sizes for sweets, dairy, ice cream, bakery and dry fruits. Customers named in the offer document include Keshavlal Sukhadia Foods, Vipul Dudhiya Sweets, Madhvi Dairy, Vijay Dairy and Jaihind Sweets. The second line, started in 2016, is plastic end caps and plugs that protect the edges and coatings of SAW steel pipes for pipe makers and coaters.
Everything is made at three units in the Sanand GIDC estate near Ahmedabad, with 21 injection moulding machines fitted with robotic arms and one vacuum forming machine, together rated at 8,400 kg a day. One unit is owned; the other two are leased from promoter group members, and printed labels come largely from Octa Labels LLP, a firm in which three of the promoters are partners. The company had 54 employees and 112 contract workers in May 2026.
Read more about the business
The way it works shapes the numbers. It buys plastic granules and label film on open orders, with no long term contracts on either side, so margins move with resin prices and with how full the machines are. End caps used to be bought in and resold; making them in house, from late in FY25, lifted volumes and margin, though some caps still go through outside job work. With the plants close to full, more sales need a new plant, which brings depreciation and interest before it brings sales.
That plant is coming. The company listed in August 2026 after raising ₹36.4 cr at ₹97 a share, mostly for a fourth unit at Sanand-II meant for more IML capacity, ice cream formats and a new line of tin containers for liquid foods such as sweets in syrup and edible oil. The offer document names Mold-Tek Packaging as its only listed industry peer, and describes a fragmented market with organised and unorganised rivals.
From the July 2026 red herring prospectus and the FY26 annual report.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 28% in FY26.
- The promoters own a large part of the company: 66.06%.
To watch
- The Sanand-II plant, planned to start commercial operations in January 2027; machinery orders had not been placed when the offer document was filed (Offer document (RHP), p.40 and p.124).
- The NCLT petition to revise the FY2020-21 to FY2022-23 accounts and board reports, which were unsigned, lacked cash flow statements and stated a wrong paid-up capital; hearing listed for 8 October 2026 (Annual report FY26, p.34; Offer document (RHP), p.300 to p.301).
- Dependence on promoter firms: labels from Octa Labels LLP, which with Ishita Manish Dagla leases two of the three units, and FY24 and FY25 raw material purchases from Kumkum Corporation (Offer document (RHP), p.73 and p.197).
- Past late filings and late GST, PF and ESI payments, a statutory auditor without a peer review certificate, and no interest provided on overdue MSME dues (Offer document (RHP), p.31, p.34 and p.44; Annual report FY26, p.77).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Dhaval Packaging revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Dhaval Packaging profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 22.60 | 33.24 | 42.94 | 47.99 | 52.26 | 65.03 |
| Expenses | 20.87 | 31.55 | 40.35 | 43.01 | 42.04 | 50.93 |
| Operating profit | 1.73 | 1.69 | 2.59 | 4.98 | 10.22 | 14.10 |
| OPM | 7.7% | 5.1% | 6.0% | 10.4% | 19.6% | 21.7% |
| Other income | 0.30 | 0.22 | 0.20 | 0.09 | 0.17 | 0.17 |
| Interest | 0.32 | 0.57 | 0.64 | 0.95 | 1.42 | 2.02 |
| Depreciation | 1.15 | 1.15 | 1.55 | 2.09 | 0.94 | 1.53 |
| Profit before tax | 0.56 | 0.19 | 0.60 | 2.03 | 8.03 | 10.72 |
| Tax rate | 23.2% | 15.8% | 15.0% | 23.6% | 24.8% | 25.0% |
| Net profit | 0.43 | 0.17 | 0.51 | 1.55 | 6.04 | 8.04 |
| EPS ₹ | 1.08 | 0.42 | 0.64 | 1.94 | 6.23 | 8.05 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Dhaval Packaging profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.7% | 5.1% | 6.0% | 10.4% | 19.6% | 21.7% |
| Tax rate | 23.2% | 15.8% | 15.0% | 23.6% | 24.8% | 25.0% |
| ROCE | · | 8.4% | 9.1% | 14.9% | 31.4% | 27.8% |
| ROE | · | 12.7% | 24.2% | 46.6% | 49.8% | 31.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Dhaval Packaging debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Dhaval Packaging balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 1 | 1.50 | 2 | 2 | 2.42 | 9.99 |
| Reserves | 0.01 | 0.17 | 0.55 | 2.10 | 17.75 | 20.76 |
| Net worth | 1.01 | 1.67 | 2.55 | 4.10 | 20.17 | 30.75 |
| Borrowings | 6.43 | 8.91 | 14.04 | 19.28 | 16.55 | 24.13 |
| Other liabilities | 5.40 | 7.86 | 12.67 | 10.33 | 11.18 | 11.54 |
| Total liabilities | 12.84 | 18.44 | 29.26 | 33.71 | 47.90 | 66.42 |
| Fixed assets | 5.65 | 8.37 | 13.87 | 14.67 | 22.13 | 28.53 |
| Capital work in progress | 0 | 0 | 0 | 1.21 | 3.24 | 9.47 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 7.19 | 10.07 | 15.39 | 17.83 | 22.53 | 28.42 |
Dhaval Packaging cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | 1.91 | 0.66 | 4.35 | 6.74 |
| Cash from investing | 0 | 0 | -6.94 | -4.02 | -10.28 | -14.05 |
| Cash from financing | 0 | 0 | 4.98 | 4.29 | 5.88 | 8.39 |
| Net cash flow | 0 | 0 | -0.05 | 0.93 | -0.05 | 1.08 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 56 | 33 | 51 | 47 | 38 | 45 |
| Inventory days | 45 | 55 | 70 | 84 | 135 | 140 |
| Days payable | 99 | 97 | 96 | 69 | 91 | 71 |
| Cash conversion cycle | 2 | -10 | 26 | 62 | 82 | 115 |
| Working capital days | -4 | -9 | 1 | 11 | -3 | -4 |
Dhaval Packaging peers and competitors
Listed SME companies in the same industryBy sales, Dhaval Packaging is number 106 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Vigor Plast India | 87 | 9.6 | 65.9 | 9.1 | 27.8% | 0.16 |
| Bulkcorp International | 60 | 16.0 | 65.8 | 3.7 | 10.1% | 0.30 |
| Agarwal Float Glass India | 18 | 12.5 | 65.1 | 1.5 | 5.7% | 0.82 |
| Abril Paper Tech | 24 | 15.9 | 65.1 | 1.5 | 3.2% | 0.03 |
| Dhaval Packaging | 150 | 18.6 | 65 | 8 | 21.7% | 0.78 |
| Kasturi Metal Composite | 89 | 22.4 | 64.4 | 4 | 12.5% | 0.38 |
| Quest Flow Controls | 195 | - | 62.4 | -4.3 | 0.1% | 0.07 |
| Krupalu Metals | 15 | 5.6 | 62.3 | 2.8 | 7.7% | 0.63 |
| Abha Power and Steel | 43 | 17.6 | 62.2 | 2.5 | 8.6% | 0.37 |
| Earthstahl & Alloys | 15 | - | 61.6 | -4.9 | -4.2% | 0.46 |
| 3B Films | 36 | 19.4 | 60 | 1.8 | 18.5% | 1.89 |
| Median of the 10 others | 40 | 16 | 63.4 | 2.2 | 8.2% | 0.38 |
Dhaval Packaging shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Dhaval Packaging shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 26 | Sep 26 | |
|---|---|---|
| Promoters | 66.06% | 66.06% |
| Foreign investors (FIIs) | 2.93% | - |
| Indian institutions (DIIs) | 8.12% | - |
| Number of shareholders | 741 | 693 |
Dhaval Packaging study: the business from its own documents
Read from 2 of the company's own documentsDhaval Packaging so far
From the company's own record
- November 2015Company formed
- 30 Sept 2026Promoters at 66.06%
- 21 Aug 2026Highest close since listing, ₹132.93
Dhaval Packaging key facts from the filings
Each figure with the document it comes from
- IML containers
- 73.01%
- Share of FY26 sales from labelled food containers; pipe end caps made up the rest, ₹17.6 cr.Offer document (RHP), p.187; Annual report FY26, p.49
- Plants nearly full
- 85% to 92%
- Use of each of the three Sanand units in FY26.Offer document (RHP), p.187 to p.188
- Volume sold
- 19.5 → 25.1 lakh kg
- FY25 to FY26, as end caps moved from bought in supply to in house moulding.Offer document (RHP), p.181 and p.291
- Sales to new customers
- ₹2.6 cr → ₹17.1 cr
- FY25 to FY26; repeat orders made up the rest of sales.Offer document (RHP), p.190
- Top ten customers
- 51.27%
- Share of FY26 sales; the largest single customer was 10.07%.Offer document (RHP), p.190
Show 4 more facts
- Sales in Gujarat
- 70.85%
- Of FY26 sales; Maharashtra added 15.07% and exports 1.27%.Offer document (RHP), p.37 to p.38
- IPO
- ₹36.4 cr at ₹97
- All new shares; listed on BSE SME on 6 August 2026.Annual report FY26, p.24 to p.25
- Fourth plant
- ₹50.2 cr
- Total cost at Sanand-II including land; ₹27.2 cr from the IPO, commercial operations planned for January 2027.Offer document (RHP), p.112, p.113 and p.124
- Labels from a promoter firm
- ₹6.6 cr
- FY26 purchases from Octa Labels LLP, which also leases the company its E-412 unit.Offer document (RHP), p.73 and p.197
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no sales or profit guidance. Its offer document plans a fourth plant at Sanand-II for more IML containers, new ice cream formats and a first line of tin containers for liquid foods, with machinery installed in December 2026 and January 2027 and commercial operations planned for January 2027. It also plans a pan-India sales team and more exports of dairy, dates and ice cream packaging.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Dhaval Packaging makes money by moulding plastic into branded food containers and pipe caps, and it has grown by keeping its machines busy and making more parts itself.
Its weak spots are a heavy reliance on firms owned by its promoters for labels and premises, and a past record of untidy filings now before a tribunal.
AverageCan it set its own prices?Packs are made to each brand's design, which helps keep customers, but the company says rivals press on prices and resin costs cannot always be passed on.
AverageHow strong is it against rivals?Robotic in house moulding and its own label supply help on speed and quality, but it is a small player in a crowded market.
AverageWho are its customers?Hundreds of regional food brands and pipe makers, with about half of sales from the top ten and most sales in Gujarat.
WatchDoes it need a lot of money?Yes. Growth comes from new plants, and the next one costs more than three quarters of a year's sales.
StrongCan it keep finding new work?Yes so far: sales to new customers jumped in FY26 and the existing plants are close to full.
AverageDo good and bad years swing a lot?Orders for food packs come steadily with festive and summer peaks, while end caps follow pipe and project orders and have moved up and down.
Who runs Dhaval Packaging?
Promoters, directors and officers; tap a name for the background
MNManish Nanalal DaglaPromoter, Chairman and Managing Director · holds 31,50,000 shares
Passed class 10 in 1989; over two decades in plastic packaging. Ran the pipe making proprietorship Kumkum Corporation for more than ten years until it closed in 2025, was a partner in Great Pack from 2020 until its dissolution in 2025, and was associated with Dhaval Corporation from 2002 to 2022. Managing Director for five years from 21 July 2025 at ₹75,000 a month; FY26 pay ₹0.09 cr. The offer document states that Manish Nanalal Dagla is the brother of Dhaval Nanalal Dagla and that Ishita Manish Dagla, the spouse, leases the E-411 unit to the company. The company bought raw materials worth ₹9.34 cr in FY25 and ₹15.92 cr in FY24 from Kumkum Corporation.
Offer document (RHP), p.73, p.197, p.215, p.221, p.222, p.238 and p.239DNDhaval Nanalal DaglaPromoter, Executive Director and Chief Executive Officer · holds 30,50,000 shares
Class 12 in 1993; over two decades in sales and operations across a gas dealership (Agni Gas Agency, 2002 to 2015), the food packaging proprietorship Dhaval Corporation (closed 2022) and Great Pack. Designated partner in Cubatic Pack India LLP. Chief Executive Officer since 21 July 2025.
Offer document (RHP), p.215 to p.216SAShah Aalap DipakPromoter, Executive Director and Chief Financial Officer · holds 6,80,000 shares
Class 10 in 1995; over fifteen years in food, dairy and ice cream packaging. Proprietor of S.V. Industries, in food and ice cream packaging since 2010, and designated partner in Octa Labels LLP since 2020. Chief Financial Officer since 21 July 2025.
Offer document (RHP), p.216JHJigar Harivadan ContractorPromoter, Executive Director and Chief Marketing Officer · holds 7,30,000 shares
B.E. in chemical engineering, Gujarat University (2000); over sixteen years in packaging sales and marketing. Partner in Octa Labels LLP since 2020 and associated with Gaj Gayatri Packaging, which the offer document lists as the proprietorship of Shweta Contractor, spouse of Jigar Harivadan Contractor.
Offer document (RHP), p.72, p.216 and p.240JMJigar Manubhai ShahPromoter, Executive Director and Chief Production Officer · holds 5,30,000 shares
Diploma in plastic engineering (1994); five years in manufacturing and packaging; partner in Octa Labels LLP, where production is led, and earlier in Great Pack.
Offer document (RHP), p.217BKBhadresh Kantilal MehtaIndependent Director, chair of the audit committee
B.Com, University of Bombay, and fellow chartered accountant; over 25 years in finance, accounts, tax and audit; independent director of Quebec Petroleum Resources and Gujarat Victory Forgings.
Offer document (RHP), p.218 and p.220; Annual report FY26, p.29SKShah Khyati BhavyaIndependent Director
B.Com and LLB, Gujarat University, and associate company secretary; company secretary of Torrent Energy Storage Solutions and an independent director of six other companies. The offer document states that Bisil Plast, where Shah Khyati Bhavya was a director from December 2021 to September 2024, had its shares suspended by BSE as a shell company from January 2020 to January 2023.
Offer document (RHP), p.218 and p.220PKPatel Kenan SureshbhaiIndependent Director
B.Com and LLB, Gujarat University, and fellow company secretary with over eight years in corporate compliance.
Offer document (RHP), p.217 and p.220Dhaval Packaging latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 66.06%.
Dhaval Packaging announcements
5 on record, latest first; each opens the filing on the exchange
Dhaval Packaging annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Dhaval Packaging share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Dhaval Packaging's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 48 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,37,36,800 shares).
- !The FY26 results imply 99,90,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Dhaval Packaging
What does Dhaval Packaging do?
Dhaval Packaging makes plastic food containers with the brand's label moulded in, for sweet shops, dairies and ice cream makers, and plastic caps that protect the ends of large steel pipes. Its shares trade on BSE SME.
What is the share price of Dhaval Packaging?
₹109 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Dhaval Packaging?
₹150 cr at the close on 6 Nov 2026, on 1,37,36,800 shares.
What is the P/E of Dhaval Packaging?
18.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Dhaval Packaging's revenue and profit?
Revenue ₹65 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Dhaval Packaging?
Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalap Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah; promoters held 66.06% at 30 Sept 2026.
What is Dhaval Packaging's website?
www.dhavalpackaging.com
More SME companies like Dhaval Packaging
Other listed SME companies in industrial products, the closest in size first, each read from its own documents.
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- Rex Pipes And Cables IndustriesREXPIPES · NSE Emerge · Industrial Products · listed 2021Market cap ₹144 cr
- Shri TechtexSHRITECH · NSE Emerge · Industrial Products · listed 2023Market cap ₹143 cr
- Maiden ForgingsMAIDEN · BSE SME · Industrial ProductsMarket cap ₹140 cr
- Shubhshree Biofuels EnergySHUBHSHREE · NSE Emerge · Industrial Products · listed 2024Market cap ₹163 cr
- Srivasavi Adhesive TapesSRIVASAVI · NSE Emerge · Industrial Products · listed 2023Market cap ₹137 cr
Built from 1 offer document, 1 annual report, 5 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.