S. K. Offset Limited IPO

01At a glance

What the company does: prints books and pamphlets, makes printed cartons and boxes, and prints labels and stickers for other businesses, from leased premises in Meerut, Uttar Pradesh (RHP p.164).

Who pays it: businesses in publishing, FMCG, pharmaceuticals and food; 98.73% of FY26 revenue was business to business (RHP p.181). The customers are not named. The largest was 30.41% of FY26 revenue and the top ten 86.14% (RHP p.30).

Why it is raising money: ₹1,865.92 lakh for working capital in FY27 and FY28 and ₹211.00 lakh for one foil-stamping and die-cutting machine, with the rest for general corporate purposes (RHP p.100).

How fast it has grown: revenue went from ₹2,153.09 lakh in FY24 to ₹6,667.29 lakh in FY26 and profit after tax from ₹72.04 lakh to ₹747.96 lakh (RHP p.67). Our arithmetic: about 76.0% a year for revenue and 222.2% a year for profit (RHP p.67).

The one thing to understand: profit has grown faster than cash. Over FY24 to FY26 the company reported ₹974.41 lakh of profit after tax and a net operating cash outflow of ₹273.07 lakh, our arithmetic from the cash flow statement (RHP p.68). At March 2026 receivables were 189 days of revenue and inventory 131 days (RHP p.43).

02The business, in plain words

The company began as an offset printer; offset printing transfers ink from plates onto paper and is used for long runs of books, brochures and forms (RHP p.164). It later added labels and stickers, and in FY25 began making packaging in-house (RHP p.35): printed mono cartons, rigid boxes and other cartons (RHP p.166). It also trades paper, paperboard, foils and ink (RHP p.164). Work is done against customers' purchase orders, with no long-term agreement with any of the top ten customers (RHP p.30).

A publisher or brand owner needs printed books, cartons or labels → places a purchase order → the company purchases paper, board and ink, then prints, cuts, folds, binds or glues in Meerut → it is paid for the goods and printing services, usually on credit.

The company was incorporated in 2007 and took over two printing firms of its founders that year (RHP p.205). Pradeep Agarwal, the chairman and managing director, has been a director since incorporation; the whole-time directors Priyanshu Agarwal and Ayush Agarwal oversee technology and the packaging business (RHP p.212). The company had about 111 employees and no contract labour (RHP p.190). It works from eight leased premises in Meerut: two manufacturing units, three warehouses and three godowns (RHP p.35).

In FY26 printing brought 53.76% of revenue, packaging 39.70%, labelling 4.54% and other sales 2.01% (RHP p.179). Sale of goods was ₹5,075.45 lakh and sale of services ₹1,591.84 lakh (RHP p.255). The prospectus does not say what the services are.

Earnings equation: Revenue = reams printed × rate + cartons × rate + square metres of labels × rate, and profit is what remains after paper and board, staff, power, interest and depreciation. In FY26 raw materials consumed were ₹4,073.71 lakh, 61.10% of revenue (RHP p.32). Employee costs were ₹607.71 lakh and finance costs ₹258.95 lakh (RHP p.67). Power and electricity cost ₹206.88 lakh (RHP p.256).

03Where the money comes from

Source: (RHP p.179).

Source: (RHP p.30); the top-five figures are our arithmetic from the same table.

Revenue depends on a few customers: in each of the three years the largest customer was close to 30% of revenue and the top ten between 78.61% and 86.14% (RHP p.30). The customers are not named, and the ranking is set year by year, so "Customer 1" need not be the same customer each year (RHP p.30). The largest FY26 customer was a printing and binding customer; in FY24 and FY25 the largest were publishing customers (RHP p.179). Customers from the previous year provided 57.58% of FY26 revenue and new customers 42.42% (RHP p.30).

By state, Uttar Pradesh was 69.43% of FY26 revenue, down from 89.97% in FY25, while Gujarat rose from 0.08% to 10.70% and Uttarakhand from 0.91% to 8.30% (RHP p.33). Export sales, to Nepal, Ghana and Canada, were ₹122.44 lakh in FY26 (RHP p.255).

04The growth record

Source: KPI table (RHP p.118), cash flow (RHP p.68), borrowings for FY24 and FY25 (RHP p.251) and FY26 (RHP p.259).

Our arithmetic from the KPI table: revenue grew about 76.0% a year from FY24 to FY26, EBITDA about 249.5% and profit after tax about 222.2%; EBITDA margin rose 1,588 basis points and PAT margin 787 basis points (RHP p.118). FY23 revenue was ₹1,538.27 lakh (RHP p.111).

Two points under the table. FY24 other income of ₹177.85 lakh included a ₹164.86 lakh write-back of liabilities, more than that year's profit before tax of ₹99.46 lakh (RHP p.255). Restatement changed profit: audited FY26 profit after tax was ₹756.58 lakh against ₹747.96 lakh restated, after corrections to depreciation, deferred tax, gratuity and the tax provision (RHP p.257). Gratuity had not been recognised in the audited FY24 and FY25 statements (RHP p.255). FY26 other income of ₹32.23 lakh was 3.3% of that year's profit before tax of ₹986.62 lakh (our arithmetic, RHP p.67). Trade receivable days were 139 in FY24, 241 in FY25 and 189 in FY26 (RHP p.113).

05What the growth is made of

Revenue rose ₹4,514.20 lakh from FY24 to FY26: printing added ₹2,400.05 lakh and packaging ₹2,112.25 lakh, while labelling fell ₹45.17 lakh, our arithmetic from the segment table (RHP p.179). The company attributes the FY25 increase of 123.88% to its new in-house packaging unit and growth in printing and labelling (RHP p.111). Packaging had earlier been made through outside job work, and job-work charges fell from ₹340.19 lakh in FY24 to ₹9.86 lakh in FY25 (RHP p.256).

The chartered engineer's figures show printing output of 3,81,494 reams in FY24, 10,31,345 in FY25 and 11,94,680 in FY26 (RHP p.183). Packaging output was 56,49,425 cartons in FY25 and 73,06,797 in FY26 (RHP p.186).

Read from the filing: printing revenue divided by printing output comes to ₹300.00 a ream in both FY25 and FY26, and labelling revenue divided by labelling output to ₹1,550 a square metre in each of the three years, our arithmetic from the segment revenue (RHP p.179) and the output tables (RHP p.185). The prospectus does not say how output was measured, so the increase cannot be reliably separated into volume and price.

The company says revenue increases are “by and large linked to increases in volume of business” (RHP p.285).

Packaging revenue per carton was about ₹21.10 in FY25 and ₹36.22 in FY26, our arithmetic (RHP p.186). The company attributes its better FY26 margins to bulk purchasing and to charging a premium for new designs from the in-house packaging unit (RHP p.283).

06Earnings quality

The item that needs explaining is working capital. In FY25 receivables rose ₹2,360.08 lakh and operating cash flow was an outflow of ₹1,079.67 lakh (RHP p.68); the company says sales were made towards the end of the year and collection took longer (RHP p.283). In FY26 inventory rose ₹1,821.11 lakh to ₹2,394.45 lakh (RHP p.68). All of it was raw material (RHP p.253), and the company attributes it to packaging materials purchased in the last quarter (RHP p.285). At March 2026, ₹251.81 lakh of receivables were more than a year old, ₹10.03 lakh of them disputed (RHP p.254).

A second point is presentation. The FY25 cash flow statement shows ₹24.87 lakh of equity issued for cash and ₹83.27 lakh of premium realised in cash, ₹108.14 lakh together (RHP p.68). Our arithmetic: that equals the 2,48,650 shares at ₹43.49 which the capital structure records as issued for consideration other than cash, for the business of Pixel, Print and Pack (RHP p.88). The prospectus does not reconcile the two.

07The balance sheet

At March 2026 borrowings were ₹3,458.05 lakh: ₹1,959.48 lakh of long-term loans, including ₹690.72 lakh due within a year, and ₹1,498.57 lakh of bank overdraft (RHP p.259). Of the total, ₹3,178.63 lakh was secured (RHP p.46) and ₹279.42 lakh unsecured and repayable on demand (RHP p.47). Secured lenders include Bank of India and Electronica Finance (RHP p.249), and several companies lend to it unsecured at 7% (RHP p.250). Directors have given personal guarantees for loans of ₹2,117.58 lakh (RHP p.263). Cash was ₹41.07 lakh (RHP p.66).

The company had also lent ₹111.59 lakh to other companies at March 2026, down from ₹389.50 lakh at March 2024 (RHP p.253). It earned ₹26.73 lakh of interest on loans in FY26 and ₹43.14 lakh in FY25 (RHP p.255). The prospectus does not name the borrowers. No lease liabilities are shown; the premises are rented, mostly on 11-month terms (RHP p.35).

The summary chapter says the company has no contingent liabilities (RHP p.69). The restated annexure lists ₹80.00 lakh of bank guarantees given for performance obligations and ₹27.00 lakh of capital contracts not provided for at March 2026 (RHP p.260).

Source: (RHP p.259). The right-hand column is our arithmetic: ₹2,906.25 lakh of gross proceeds added, before issue expenses and before any of it is spent. None of the objects is debt repayment (RHP p.100).

08What the money is for

Source: (RHP p.100); the percentages are our arithmetic on gross proceeds of ₹2,906.25 lakh.

The machine: a DGM TECHNOFOIL 1050 FC automatic foil stamper and die-cutter, quoted by DGM Automation India on May 9, 2026 at ₹211.00 lakh before GST, for Unit II at Partapur, Meerut (RHP p.102). The quotation is valid until November 8, 2026 (RHP p.110), and no order has been placed (RHP p.111). The company says the aim is a higher price per job from hot-foil finishing rather than more units sold (RHP p.110).

Working capital: ₹884.12 lakh in FY27 and ₹981.80 lakh in FY28 (RHP p.101). The company's plan assumes receivable days of 130 and 126 and payable days of 72 and 65 in those years, against 189 and 116 in FY26 (RHP p.112).

The balance: at ₹125 the gross proceeds leave ₹829.33 lakh for general corporate purposes and issue expenses, both left blank, our arithmetic (RHP p.100). General corporate purposes may not exceed 15% of the amount raised or ₹1,000 lakh, whichever is lower (RHP p.111). The company had already paid ₹43.29 lakh of issue expenses from its own funds (RHP p.114). No monitoring agency will oversee the proceeds (RHP p.116).

Into the business: the whole issue, up to 23,25,000 new shares, ₹2,906.25 lakh at the upper band before expenses, our arithmetic (RHP p.63). To selling shareholders: nothing; there is no offer for sale (RHP p.1).

09Who is selling

No one. The whole issue is new shares issued by the company (RHP p.1).

10Promoters

The promoters are Pradeep Agarwal, Priyanshu Agarwal and Ayush Agarwal (RHP p.226). The prospectus states that Pradeep Agarwal is the father of Priyanshu Agarwal and Ayush Agarwal, who are brothers (RHP p.212). Pradeep Agarwal, 61, has been a director since incorporation in 2007 and has over 18 years of experience in the industry, according to the prospectus, which lists no formal education (RHP p.226). Priyanshu Agarwal, 36, and Ayush Agarwal, 34, hold BBA degrees and have been directors since August 2012; the first oversees technology and automation, the second the packaging business (RHP p.212).

Pradeep Agarwal is karta of Pradeep Kumar Agarwal and Sons HUF, and Priyanshu Agarwal is a director of Hindustan Renewable Private Limited, a promoter group company (RHP p.226). Arun Packers and Printers, a sole proprietorship of promoter group member Mithlesh Gupta, is in the same business, and the company signed a non-compete agreement with it on June 22, 2026 (RHP p.37). The prospectus lists Mithlesh Gupta as a sister of Pradeep Agarwal (RHP p.230).

Pay was ₹21.00 lakh a year to Pradeep Agarwal and ₹18.00 lakh each to Priyanshu Agarwal and Ayush Agarwal in each of FY24 to FY26 (RHP p.214). From May 2026 the limits are ₹26.25 lakh and ₹22.50 lakh each (RHP p.213). Three other directors, Neelam Agarwal, Nikita Agarwal and Pallavi Agarwal, were paid ₹21.00 lakh, ₹18.00 lakh and ₹18.00 lakh a year until they left the board on April 13, 2026 (RHP p.216). The prospectus lists them as the spouses of Pradeep Agarwal, Priyanshu Agarwal and Ayush Agarwal respectively (RHP p.230).

No promoter shares are pledged (RHP p.94). There is no litigation against the promoters (RHP p.289). Apart from independent director Tanishq Gakhar, no director has been a director of a listed company (RHP p.49). The prospectus notes name mismatches across the KYC documents of some promoters, directors and promoter group members (RHP p.53).

Promoter economics: the average cost of the promoters' shares is ₹9.26 for Pradeep Agarwal (RHP p.94), and ₹14.71 for Priyanshu Agarwal and ₹6.17 for Ayush Agarwal (RHP p.95). The recent share events:

• December 31, 2024: 2,48,650 shares at ₹43.49 for the business of Pixel, Print and Pack, a partnership of the three promoters, 2,42,310 of them to Pradeep Agarwal (RHP p.88).
• December 8, 2025: 1,05,930 shares at ₹481 to the three promoters and Neelam, Nikita and Pallavi Agarwal on converting their loans (RHP p.87). That was ₹509.52 lakh in all, or ₹120.25 a share after the bonus (RHP p.120).
• March 3, 2026: a three-for-one bonus of 40,63,740 shares, paid from securities premium (RHP p.86).
• June 10, 2026: Pradeep Kumar Agarwal and Sons HUF transferred 86,298 shares to Pradeep Agarwal for no consideration (RHP p.93), and 43,149 each to the other two promoters (RHP p.94).
• July 8, 2020: Anita Agarwal transferred 81,583 shares to Pradeep Agarwal for no consideration (RHP p.93), and 1,73,605 each to the other two promoters (RHP p.94).

11Who already owns it

Source: (RHP p.91); the after-issue column is our arithmetic on 77,43,320 shares (RHP p.63).

The company has eight shareholders, all promoters or promoter group (RHP p.95). The promoter group holders are Neelam Agarwal (3.09%), Pallavi Agarwal (1.40%), Nikita Agarwal (1.24%), Sudha Singhal and Navya Aggarwal (0.02% each) (RHP p.91). No fund, institution or outside investor holds shares, and the capital history shows no share issue since December 2024 other than the loan conversion and the bonus (RHP p.86).

After the issue the promoters hold 65.94% (RHP p.95), and with the promoter group 69.97%, our arithmetic (RHP p.63). Of the promoters' shares, 15,49,764, or 20.01% of the enlarged capital, are locked in for three years (RHP p.95). Up to 5,40,000 shares may go to anchor investors, whose bidding date is September 22, 2026 (RHP p.3).

12What changed just before the IPO

• August 1, 2024: agreement to take over Pixel, Print and Pack, a partnership of the three promoters; shares issued for it on December 31, 2024 (RHP p.207).
• FY25: in-house packaging manufacturing began (RHP p.35); job-work charges fell from ₹340.19 lakh to ₹9.86 lakh (RHP p.256).
• August 1, 2025: conversion to a public company, with the new name certified on August 18, 2025 (RHP p.205).
• December 1, 2025: three independent directors appointed (RHP p.216).
• December 8, 2025: ₹509.52 lakh of directors' loans converted into 1,05,930 shares at ₹481 (RHP p.284).
• March 3, 2026: three-for-one bonus issue (RHP p.87).
• March 10, 2026: a used 2008 Heidelberg press put to use in packaging, with its revenue falling in FY27 (RHP p.187).
• March 2026: inventory at ₹2,394.45 lakh against ₹573.34 lakh a year earlier (RHP p.66).
• April 13, 2026: Neelam, Nikita and Pallavi Agarwal left the board (RHP p.216).
• May 6, 2026: the promoters re-designated as chairman and managing director and whole-time directors, with new pay limits (RHP p.213).
• June 22, 2026: non-compete agreement with Arun Packers and Printers (RHP p.208).
• September 9, 2026: TDS of ₹17,31,600 due on April 30, 2026 paid, 132 days late (RHP p.39).
• Margins: EBITDA margin moved from 5.39% in FY24 to 21.27% in FY26 (RHP p.118).

13Capacity and expansion

Source: utilisation (RHP p.35), packaging addition (RHP p.187), foil machine (RHP p.110).

Printing capacity rose from 4,38,000 reams in FY24 to 10,95,000 in FY25 and 13,14,000 in FY26 (RHP p.183). The used Heidelberg press takes packaging capacity to 2,02,12,500 cartons a year from FY27, the company says (RHP p.187). The foil machine's capacity is worked out on one 8-hour shift and 300 working days (RHP p.110). Utilisation figures are certified by an independent chartered engineer (RHP p.35).

The machine is to go into Unit II, whose current lease runs to November 30, 2026 (RHP p.36). The prospectus gives no revenue or volume that the new machine or the used press is expected to add, and none is estimated here.

14Market size and industry structure

As claimed: the industry chapter draws on a report by Infomerics Analytics and Research dated May 28, 2026, which the prospectus calls a paid report (RHP p.49). According to that paid report, the Indian printing segment was USD 56.80 billion in 2025 (RHP p.140), packaging printing USD 21.92 billion in 2024 (RHP p.147), and printed books INR 14,759 million in 2025 (RHP p.142).

The part that is addressable: books, cartons and labels for business customers, mostly in North India; Uttar Pradesh alone was 69.43% of FY26 revenue (RHP p.33). The prospectus does not size that regional market.

What the company is today: FY26 revenue of ₹6,667.29 lakh (RHP p.67). Its FY26 printing revenue of ₹3,584.04 lakh, which covers books, pamphlets and other print, is about 2.4% of the paid report's 2025 printed-books figure, our arithmetic (RHP p.142); the periods differ, calendar 2025 against the year to March 2026. The other market figures are in US dollars, and the prospectus gives no exchange rate to compare them with.

Structure: the paid report estimates the unorganised share of the combined pulp, paper, printing and publishing segment at about 24% to 26% in FY2025 (RHP p.144). The company describes the industry as highly competitive and fragmented (RHP p.183). Demand depends on education, FMCG, food and pharmaceutical customers (RHP p.51). The company's own SWOT table lists the shift to digital media and e-books as a threat (RHP p.171).

15Competitive position

The prospectus names no competitor and gives no competitor figures, so a comparison table cannot be filled (RHP p.183). It says competition turns on quality, price, range, customisation, delivery and relationships (RHP p.183), and that larger domestic and international players with more resources compete in cartons, labels and printing (RHP p.46).

Its stated reasons customers use it are design-to-dispatch in one place, a spread of industries and long-standing relationships (RHP p.170). It holds ISO 9001, 14001, 45001 and 50001 certificates and FSC and SEDEX compliance certificates obtained in 2025 (RHP p.205). Its name and logo are not registered trademarks; the application of November 24, 2025 is ready for examination (RHP p.44). No customer is bound by a long-term agreement (RHP p.30).

16Peers the company named

Peers named in the offer document: none. The prospectus says no listed company in India is directly comparable in operations, products and business model, and gives no peer comparison (RHP p.120).

17Valuation at the issue price

At the upper band of ₹125, with 23,25,000 new shares added to 54,18,320 existing shares (RHP p.63):

Source: our arithmetic on shares (RHP p.63), profit (RHP p.67), EPS (RHP p.117) and book value (RHP p.118).

At the lower band of ₹119 the market capitalisation is ₹9,214.55 lakh and the P/E on FY26 profit 12.3 times, our arithmetic (RHP p.63). Enterprise value takes the 54,18,320 existing shares at ₹125, ₹6,772.90 lakh, adds borrowings of ₹3,458.05 lakh and deducts cash of ₹41.07 lakh (RHP p.259); against FY26 EBITDA of ₹1,417.94 lakh that is 7.2 times (RHP p.118).

After the issue, book value including the gross proceeds would be about ₹4,883.89 lakh, or ₹63.07 a share, and the market capitalisation at ₹125 about 2.0 times that, our arithmetic (RHP p.66). On the weighted average EPS of ₹8.24 that the prospectus also prints, ₹125 is 15.2 times (RHP p.117).

The upper band is 1.04 times the ₹120.25 bonus-adjusted price of the December 2025 loan conversion, the only primary issue in the 18 months before the prospectus (RHP p.120).

The prospectus names no listed peers, so there is no peer range to place the issue in (RHP p.120). At the upper band the issue is priced at 12.9 times FY26 profit on the enlarged share count and 8.9 times FY26 EPS as the prospectus computes it.

18Risks, in plain words

Customers: there is no long-term agreement with any of the top ten customers, and work is on purchase orders (RHP p.30) → an order not repeated is revenue gone at once → the largest customer was 30.41% of FY26 revenue and the top ten 86.14% (RHP p.30).

Geography: all manufacturing is in Meerut (RHP p.34) and most customers are in the same state → a regional disruption reaches both production and sales → Uttar Pradesh was 69.43% of FY26 revenue (RHP p.33).

Working capital: customers get credit and paper stocks are large → growth uses cash before profit arrives → operating cash flow was an outflow of ₹1,079.67 lakh in FY25 (RHP p.68), and ₹251.81 lakh of receivables were over a year old at March 2026 (RHP p.254).

Debt: borrowings were ₹3,458.05 lakh, 1.75 times net worth (RHP p.118) → interest took ₹258.95 lakh in FY26 (RHP p.67) → ₹279.42 lakh of unsecured loans can be recalled at any time, and no-objection certificates had not been received from certain lenders (RHP p.47). The financial indebtedness chapter says the necessary lender consents were obtained (RHP p.273); the prospectus does not reconcile the two statements.

Premises: all eight premises are leased, mostly on 11-month terms, and the leases are not registered (RHP p.35) → a lessor could ask the company to move → the registered office and Unit I are leased from Pradeep Agarwal, Neelam Agarwal, Priyanshu Agarwal and Ayush Agarwal until April 5, 2027 (RHP p.35).

Compliance record: GST, TDS, provident fund and ESIC payments and Registrar of Companies filings have been late, and some old statutory forms cannot be traced (RHP p.42) → penalties could follow, and no compounding has been applied for (RHP p.41) → one Registrar filing was 1,689 days late (RHP p.41), and TDS of ₹17,31,600 was paid 132 days late in September 2026 (RHP p.39).

Promoter group business: Arun Packers and Printers, a promoter group member's proprietorship, is in the same business (RHP p.37) → the two could compete for the same customers → a non-compete agreement was signed on June 22, 2026 (RHP p.37).

Issue-specific: no monitoring agency will oversee the proceeds (RHP p.51); general corporate purposes and issue expenses are left blank (RHP p.100); no order has been placed for the machine (RHP p.36).

19Litigation and regulatory matters

There are no criminal proceedings, regulatory actions or material civil cases against the company (RHP p.288), or against the promoters and directors (RHP p.289). The company has no group companies (RHP p.296). The section on cases filed by the company says "except as mentioned below" before stating there are no criminal proceedings initiated by it, and no case follows (RHP p.288). Past late filings with the Registrar of Companies have not led to proceedings, and none are disclosed as pending (RHP p.42).

20Related-party transactions

Source: (RHP p.71) and (RHP p.72); loan totals are our arithmetic, with the year of each repayment read from the opening and closing balances.

The loans from directors and relatives were interest-free and repayable on demand (RHP p.247). After the December 2025 conversion, ₹22.74 lakh remained, from Suresh Kumar Gupta and Pradeep Kumar Agarwal and Sons HUF (RHP p.72). At March 2026 unpaid directors' pay was ₹37.55 lakh to Nikita Agarwal, ₹24.72 lakh to Ayush Agarwal, ₹17.59 lakh to Pallavi Agarwal, ₹10.04 lakh to Neelam Agarwal and ₹5.78 lakh to Pradeep Agarwal (RHP p.71). Navya Aggarwal was paid a salary of ₹4.80 lakh in FY24 and ₹1.60 lakh in FY25 (RHP p.71); the prospectus lists Navya Aggarwal as a daughter of Pradeep Agarwal (RHP p.230).

What appeared or disappeared: the Pixel, Print and Pack business was taken over in FY25, ending the FY24 sales to it (RHP p.207); nearly all director loans became shares in December 2025 (RHP p.284); three family directors left the board in April 2026 (RHP p.216); a chief financial officer was paid ₹8.40 lakh in FY26 (RHP p.71). The registered office and Unit I are leased from three promoters and Neelam Agarwal (RHP p.35), but no rent to them appears in the related-party tables (RHP p.71).

21What the offer document does not say

The customers and suppliers are not named. How printing and labelling output was measured is not explained, so volume and price cannot be separated. What the ₹1,591.84 lakh of FY26 sale of services consisted of is not stated. The companies the business lent to, and the terms, are not named. Rent paid to the promoters for the registered office and Unit I is not disclosed.

Why the FY25 cash flow statement shows the Pixel, Print and Pack allotment as cash is not explained. Which lenders have not given no-objection certificates is not stated. The general corporate purposes amount, the issue expenses and the post-issue shareholding at each end of the band are left blank. No listed peer is named, so there is no peer valuation.

22Five questions for management

1. How was printing and labelling output measured, and why does revenue per unit come to ₹300.00 a ream in both FY25 and FY26 and ₹1,550 a square metre in all three years?
2. How much of the ₹3,446.96 lakh of receivables at March 2026 had been collected by September 2026, and how much of it was owed by the largest customer?
3. Which companies did the business lend ₹389.50 lakh to in FY24, at what rates, and how do those rates compare with the 7% to 18.5% it pays on its own unsecured loans?
4. What assets, liabilities and earnings did Pixel, Print and Pack bring in, and why does the FY25 cash flow statement show ₹108.14 lakh of equity raised in cash for shares issued in exchange for that business?
5. What rent does the company pay the promoters and Neelam Agarwal for the registered office and Unit I, and on what terms will Unit II be available after its lease ends on November 30, 2026?

1Sources and cited facts

This study was read from 1 document the company filed. The 205 figures it cites are listed under the document each came from, with the page and the sentence as printed.