RFBL Flexi PackShare price, financial results, shareholding and management
- Market cap
- ₹217 cr
- Stock P/E
- 26.3peers 12.6
- Book value
- ₹11.4
- Price to book
- 8.16
- EV / operating profit
- 17.4
- Market cap to sales
- 1.46
- ROCE · FY26
- 34.3%
- ROE · FY26
- 37.1%
- ROE, 3-year average
- 62.9%
- Operating margin · FY26
- 8.8%peers 12.4%
- Sales growth, 3 years
- 46.7%
- Profit growth, 3 years
- 102.1%
- Debt to equity
- 0.38peers 0.41
- Borrowings
- ₹10.1 cr
- Interest cover
- 13.3×
- Cash from business / op. profit
- 80%
- Debtor days
- 48
- Pledged
- 0.00%
- Promoter holding
- 69.70%
- Change in promoter holding
- -
- Shareholders
- 954
- High / low since listing
- ₹113 / ₹53
- 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.
RFBL Flexi Pack share price chart
Close on 4 Nov 2026 · -1.06% on the day · Vol 1,500
Daily prices to 4 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 4 Nov 2026
- 1 month
- -17.3%
- 3 months
- +5.7%
- Since IPO
- +86.0%
- Traded a day, 20 days
- ₹0.29 cr
- Taken for delivery
- 91%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +10% | +3% |
| 3 years, a year | +47% | +102% |
| Latest half, H2 FY26 | +45% | +72% |
About RFBL Flexi Pack: business, products and customers
RFBL Flexi Pack prints and laminates plastic film into rolls and pouches used to pack food, medicines and household goods, at a small plant in Himatnagar, Gujarat. Most of its sales now come from reselling films and packaging bought from other makers, and its shares trade on NSE Emerge.
The company was set up in 2005 as Sabar Flexi Pack and has been controlled since March 2021 by Roopyaa Tradebizz Limited, in which Managing Director Kunjit Maheshbhai Patel holds the majority. At Himatnagar it prints film by rotogravure, laminates layers together with its own inks and adhesives, slits rolls and makes pouches for business customers in food, pharma and home care. It also purchases printed laminates, plain films and woven fabric packaging from other makers and sells them on, and it sells scrap.
Reselling bought goods is now the larger part of the business, so sales are large against profit and margins stay thin; the offer document says the existing machines are old and refurbished, so high precision jobs are bought from outside makers and resold. Raw materials are films priced off crude oil. Almost all sales go to a few customers in Gujarat, including the holding company itself, so collections from those few drive cash flow.
Read more about the business
The May 2026 public issue raised money for a new plant at Dhandha, on land being bought from an erstwhile promoter, and for working capital. Since then the board has approved a subsidiary in the United Arab Emirates, the statutory auditor has resigned and been replaced, and the September 2026 annual meeting was asked to add beverages, drinking water and salt to the company's objects.
The offer document names Uma Converter and Sabar Flex India as listed peers with similar flexible packaging products; Uma Converter is larger, with FY25 sales of about ₹227.5 cr, while Sabar Flex India, at about ₹147.7 cr, was close to this company's size.
From the offer document (Red Herring Prospectus, 2026), the annual report for FY26 and the company's announcements of June and July 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 47% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- It brings in more cash than it shows as profit: ₹10.4 cr against ₹8.3 cr in FY26.
- The promoters own a large part of the company: 69.70%.
To watch
- Completion of the land purchase and building of the new Dhandha plant, funded from FY27 issue money (Offer document, p.112 to 115).
- Supply of the ₹20 cr 3B Films order within four months of June 2026 (Announcement, 29 June 2026, p.2).
- Results for the half year to September 2026, the first audited by the new auditor (Annual report FY26, p.25).
- The outcome of the nineteen income tax demands of ₹19.0 cr (Offer document, p.309).
- Customers take longer to pay than before: 48 days in FY26, against 25 in FY23.
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.
RFBL Flexi Pack revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
RFBL Flexi Pack half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 92 | 133.82 |
| Expenses | 85 | 122.56 |
| Operating profit | 7 | 11.26 |
| OPM | 8.0% | 8.4% |
| Interest | 0 | 0.52 |
| Depreciation | 0 | 0.44 |
| Profit before tax | 7 | 10.29 |
| Net profit | 4 | 6.89 |
RFBL Flexi Pack profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 47 | 80 | 135 | 148.37 |
| Expenses | 45 | 71 | 123 | 135.32 |
| Operating profit | 1 | 9 | 13 | 13.05 |
| OPM | 2.9% | 11.0% | 9.0% | 8.8% |
| Other income | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0.95 |
| Depreciation | 0 | 0 | 1 | 0.44 |
| Exceptional and other items | · | -1 | · | · |
| Profit before tax | 1 | 8 | 12 | 11.66 |
| Tax rate | 0.0% | 25.0% | 33.3% | 29.2% |
| Net profit | 1 | 6 | 8 | 8.25 |
| EPS ₹ | 5.36 | 46.32 | 63.92 | 5.08 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
RFBL Flexi Pack profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as 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
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 2.9% | 11.0% | 9.0% | 8.8% |
| Tax rate | 0.0% | 25.0% | 33.3% | 29.2% |
| ROCE | · | 80.0% | 47.1% | 34.3% |
| ROE | · | 92.3% | 59.3% | 37.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
RFBL Flexi Pack debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
RFBL Flexi Pack balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 16.25 |
| Reserves | 3 | 8 | 17 | 10.27 |
| Net worth | 4 | 9 | 18 | 26.52 |
| Borrowings | 2 | 5 | 19 | 10.11 |
| Other liabilities | 4 | 8 | 10 | 13.42 |
| Total liabilities | 10 | 22 | 47 | 50.05 |
| Fixed assets | 2 | 5 | 5 | 5.16 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 8 | 17 | 42 | 44.89 |
| Receivables | · | · | · | 19.47 |
| Inventory | · | · | · | 13.53 |
| Cash | · | · | · | 0.02 |
| Trade payables | · | · | · | 3.81 |
RFBL Flexi Pack cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 0 | 0 | -7 | 10.38 |
| Cash from investing | -1 | -2 | -1 | -0.74 |
| Cash from financing | 0 | 3 | 8 | -9.71 |
| Net cash flow | -1 | 1 | 0 | -0.07 |
| Capital spending | · | · | · | 0.74 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 25 | 33 | 85 | 48 |
| Inventory days | 36 | 39 | 31 | 37 |
| Days payable | 26 | 20 | 11 | 11 |
| Cash conversion cycle | 35 | 52 | 104 | 75 |
| Working capital days | 17 | 31 | 62 | 56 |
RFBL Flexi Pack peers and competitors
Listed SME companies in the same industryBy sales, RFBL Flexi Pack is number 64 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 |
|---|---|---|---|---|---|---|
| DCG Cables & Wires | 127 | 14.1 | 163 | 9 | 15.0% | 0.70 |
| Malpani Pipes And Fittings | 68 | 7.5 | 163 | 9 | 10.0% | 0.39 |
| Swashthik Plascon | 36 | 4.6 | 153 | 8 | 16.0% | 0.95 |
| AVSL Industries | 64 | 30.1 | 150 | 2.1 | 6.4% | 1.01 |
| Shree Marutinandan Tubes | 15 | 3.6 | 150 | 4 | 4.3% | 0.14 |
| Mittal Sections | 32 | 10.8 | 149 | 3 | 5.0% | 0.43 |
| RFBL Flexi Pack | 217 | 26.3 | 148 | 8.3 | 8.8% | 0.38 |
| Amic Forging | 2,378 | 84.9 | 141 | 28 | 33.0% | 0.03 |
| Sahasra Electronic Solutions | 1,176 | 97.0 | 139 | 12.1 | 13.1% | 0.28 |
| ALUWIND INFRA-TECH | 117 | 11.1 | 139 | 10.5 | 11.8% | 0.59 |
| Monolithisch India | 2,616 | 113.7 | 135 | 23 | 24.0% | 0.05 |
| Median of the 10 others | 93 | 12.6 | 150 | 9 | 12.4% | 0.41 |
RFBL Flexi Pack shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
RFBL Flexi Pack 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.
| May 26 | |
|---|---|
| Promoters | 69.70% |
| Foreign investors (FIIs) | 0.12% |
| Indian institutions (DIIs) | 1.43% |
| Number of shareholders | 954 |
The named holders are at 18 May 2026, each under the group the pattern files them in.
RFBL Flexi Pack study: the business from its own documents
Read from 2 of the company's own documentsRFBL Flexi Pack so far
From the company's own record
- July 2005Company formed
- 19 May 2026Listed on NSE Emerge at ₹50
- 31 May 2026Promoters at 69.70%
- 5 Oct 2026Highest close since listing, ₹112.40
RFBL Flexi Pack key facts from the filings
Each figure with the document it comes from
- Trading share
- 62.4%
- Share of April to November 2025 revenue from goods bought and resold, up from 12.0% in FY23; the rest was made in its own plant.Offer document, p.190 to 191
- Plant capacity used
- 36%
- Share of the 3,360 tonne capacity used in April to November 2025, against 52.7% in FY25.Offer document, p.197
- Largest customer
- 44.1%
- Share of April to November 2025 revenue from one customer; the top ten gave 99.98%.Offer document, p.193
- Sales to the parent
- ₹9.6 cr
- FY26 sales to the holding company Roopyaa Tradebizz, which had taken 17.8% of FY25 revenue.Annual report FY26, p.71; Offer document, p.49
- Top five suppliers
- 98.2%
- Share of April to November 2025 purchases from five suppliers.Offer document, p.192
Show 5 more facts
- New plant
- 5,850 tonnes
- Yearly capacity planned at Dhandha at an estimated ₹12.7 cr, including land bought for ₹5.0 cr from erstwhile promoter Radhaben Hikmat Kunwar.Offer document, p.114 to 115
- Income tax demands
- ₹19.0 cr
- Nineteen direct tax demands against the company; Kunjit Maheshbhai Patel has given an undertaking to bear them personally if they become payable.Offer document, p.309
- Auditor change
- July 2026
- B.S. Thakker & Co resigned on 2 July 2026, citing completion of its term in the letter and pre-occupation in the filed annexure; a new auditor was appointed the same day.Announcement, 3 July 2026, p.1 to 2; Annual report FY26, p.25
- Other current assets
- ₹11.7 cr
- Shown at March 2026 under 'other current assets' without further detail, against ₹0.02 cr a year earlier.Annual report FY26, p.57 and p.68
- New business objects
- Beverages and salt
- Proposed at the September 2026 annual meeting as additions to the company's objects, alongside packaging.Annual report FY26, p.6 to 7 and p.18
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 says the public issue money is to be spent in FY27 on the new Dhandha plant and on working capital, and that the new plant will let it make in house the precision jobs it now purchases from others. It reported confirmed orders of about ₹23.3 cr in April 2026 and a ₹20 cr order from 3B Films in June 2026, to be supplied over four months. Its annual report says margins are likely to stay in line with recent years. It gives no sales or profit guidance.
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.
RFBL Flexi Pack earns a thin margin printing and laminating packaging film for a few business customers, and a thinner one reselling film it buys from other makers.
Its weak spots are dependence on a handful of customers and suppliers, an old plant that runs well below capacity, large tax demands and frequent changes in direction.
WatchCan it set its own prices?Prices follow film costs and competition, and the company expects margins to stay where they are.
WatchHow strong is it against rivals?Its machines are old and cannot handle high precision jobs, so it purchases such work from other makers.
WatchWho are its customers?A very small number of customers, one of them the holding company, take almost everything it sells.
AverageDoes it need a lot of money?Plant spending is modest, but stock and customer credit need funding, which the issue money now covers.
AverageCan it keep finding new work?It has orders on hand and a large new customer order, but its own plant is far from full.
AverageDo good and bad years swing a lot?Packaging demand is steady, but film prices move with crude oil and losing one customer would change a year sharply.
Who runs RFBL Flexi Pack?
Promoters, directors and officers; tap a name for the background
KMKunjit Maheshbhai PatelPromoter, Chairman and Managing Director
A Chartered Accountant and Company Secretary with a Bachelor of Commerce and over 16 years in finance, corporate governance and compliance; earlier a partner in Patel Jain & Associates. A director since December 2022 and Managing Director since January 2025 at ₹2 lakh a month; holds 61.26% of the holding company Roopyaa Tradebizz.
Offer document, p.219, p.221, p.233 and p.238RTRoopyaa Tradebizz LimitedPromoter and holding company · holds 69.70%
Formerly Tradvisor Limited; bought the company's shares from the Kunwar family shareholders under an agreement of March 2021 and held all shares before the public issue. Also a customer of the company.
Offer document, p.237 and p.239 to 242; Shareholding pattern, May 2026APAmit Punambhai ParmarExecutive Director and Chief Financial Officer
Holds a Bachelor of Commerce from Gujarat University and a postgraduate diploma in banking operations from NIIT, Ahmedabad, with over 15 years in banking, last at Equitas Small Finance Bank. A director since November 2023 and CFO since July 2025.
Offer document, p.219, p.221 and p.233DBDipika Balkrushna ShahIndependent Director
A Chartered Accountant since 2020 with a commerce degree from Gujarat University and seven years in accounting, audit and tax; listed in the offer document as a partner at Patel Jain & Associates.
Offer document, p.220 to 221MBMayuri Bipinbhai RupareliyaIndependent Director
A practising Company Secretary since 2017 with a commerce degree from Saurashtra University and over eight years in secretarial and compliance work; founder of M Rupareliya & Associates.
Offer document, p.220 to 221RFBL Flexi Pack latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹134 cr (+45%), net profit ₹6.9 cr (+72%) on H2 FY25.
RFBL Flexi Pack announcements
18 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 28, 2026PDF ↗
- Outcome of Board MeetingHeld on September 03, 2026PDF ↗
- General UpdatesIncorporation of Wholly Owned Subsidiary of the Company Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enRFBL Flexi Pack Limited has informed regarding Submission of the certificate of Non-applicability of Regulation 27(2) of the SEBI (Listing Obligation and DiscloPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For the June 30, 2026 quarterPDF ↗
- Resignation of Statutory AuditorResignation of Statutory AuditorPDF ↗
- Resignation of Statutory AuditorResignation of Statutory AuditorPDF ↗
- Change in Managementchange in ManagementPDF ↗
RFBL Flexi Pack annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
RFBL Flexi Pack 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 RFBL Flexi Pack'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 84 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 (2,33,15,000 shares).
- !The FY26 results imply 1,62,50,000 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 changes basis between FY25 (₹63.92) and FY26 (₹5.08) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about RFBL Flexi Pack
What does RFBL Flexi Pack do?
RFBL Flexi Pack prints and laminates plastic film into rolls and pouches used to pack food, medicines and household goods, at a small plant in Himatnagar, Gujarat. Most of its sales now come from reselling films and packaging bought from other makers, and its shares trade on NSE Emerge.
What is the share price of RFBL Flexi Pack?
₹93 at the close on 4 Nov 2026, from the exchange's daily figures.
What is the market cap of RFBL Flexi Pack?
₹217 cr at the close on 4 Nov 2026, on 2,33,15,000 shares.
What is the P/E of RFBL Flexi Pack?
26.3 times FY26 profit at the close on 4 Nov 2026 (our arithmetic).
What are RFBL Flexi Pack's revenue and profit?
Revenue ₹148 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of RFBL Flexi Pack?
Kunjit Maheshbhai Patel, Roopyaa Tradebizz Limited; promoters held 69.70% at 31 May 2026.
What was the IPO price of RFBL Flexi Pack?
₹50 a share; it listed on 19 May 2026.
What is RFBL Flexi Pack's website?
rfblflexi.com
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Built from 1 offer document, 1 annual report, 18 exchange announcements, 1 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.