IPO PARAMETER

DETAIL

PROMOTERS / SHAREHOLDING

Total Issue Size

₹439.50 crore

Alpesh Tulsibhai Patel

Fresh Issue

₹380 crore (up to 2.24 Cr shares)

Pravinkumar Ambalal Patel

OFS

₹59.5 crore (35 lakh shares)

Rashminbhai Tulsibhai Patel

Price Band

₹161 – ₹170 per share (FV ₹10)

Pre-IPO Promoter Holding: ~89.6%

Anchor Bidding

June 30, 2026

Post-IPO Paid-up Equity: ₹23.33 Cr

Subscription Window

July 1 – July 3, 2026

Bonus History: 2:1 (Mar 2016); 9:1 (Aug 2025)

Listing (Expected)

July 8, 2026 — NSE & BSE

Promoter Avg. Cost: ₹0.00 – ₹18.34/share

Market Cap (Upper Band)

~₹800 crore

OFS by all three promoters

Investor Quotas

QIB 50% | HNI 15% | Retail 35% + Employee Reservation

DRHP filed: Sep 4, 2025

Lead Managers (BRLMs)

Systematix Corporate Services | IDBI Capital Markets | Pantomath Capital Advisors

SEBI Observation: Dec 26, 2025

Registrar

MUFG Intime India Pvt. Ltd (formerly Link Intime)

RHP filed: Jun 23, 2026

BUSINESS HIGHLIGHTS

▸ Vertically integrated: PP granule → tape → fabric → printing → lamination → finished bag across 4 Gujarat plants   ▸ 73,000+ printing cylinders | 13,379 SKUs | 1,950+ customers (as of May 2026)   ▸ Knack Galaxy digital platform (Aug 2024): SAP S/4 HANA + MS Dynamics 365 CRM   ▸ 88.32% customer retention rate in FY26 (vs 65.41% in FY25)   ▸ Export to 71 countries | South Africa subsidiary + Mexico 50% JV   ▸ ~80% energy from renewables (2.10 MW windmill + 2.25 MW rooftop solar + 11 MW ground solar)   ▸ Capacity utilisation: 88.7% (FY24) → 86.0% (FY25) → 81.6% (FY26)   ▸ Key clients: Drools Pet Food, KRBL, DCM Shriram, Cargill, Repi Soap (customer since 2013)

METRIC

FY24

FY25

FY26

2-YR CHANGE

Revenue from Operations

₹654.6 Cr

₹736.5 Cr

₹823.4 Cr

+25.8%

Profit After Tax (PAT)

₹46.0 Cr

₹73.8 Cr

₹92.7 Cr

+101.5%

PAT Margin

~7.0%

~10.0%

~11.3%

Expanding

RoNW

25.75%

38.97%

~41-44%

↑↑

RoCE

19.25%

17.66%

N/A

13.32% (9M FY26)

Total Borrowings

—

—

₹242.6 Cr*

*(Dec 2025)

USE OF IPO PROCEEDS (FRESH ISSUE: ₹380 Cr)

MARKET OPPORTUNITY (Technopak Report, as cited in RHP)

▸ New plant — Borisana, Kadi, Mehsana, Gujarat: ₹320 Cr (~84%) ▸ General corporate purposes: ₹60 Cr (~16%) Total project cost: ₹514.9 Cr. Already deployed ₹22.6 Cr on site development. Balance ₹79.9 Cr from internal accruals. (DRHP revised fresh issue from ₹475 Cr to ₹380 Cr in RHP.)

Indian Flexible Plastic Packaging: ₹1,85,000 Cr (FY24) → ₹2,72,000 Cr (FY29) at 8% CAGR Woven PP Packaging Segment: ₹45,000 Cr → ₹70,000 Cr at 9.2% CAGR PLWPP Bulk Bags (Knack's niche): ₹2,500 Cr → ₹5,000 Cr at 15% CAGR Niche sized at ₹2,860 Cr (INR 28.6 Bn) in FY25; projected to double by FY29. Growth driven by packaged food, pet food, agri-commodities and shift from plain woven bags to premium PLWPP.

VALUATION METRICS

KEY RISKS (from RHP)

Price Band: ₹161–₹170/share (FV ₹10) Market Cap (upper band): ~₹800 crore P/E (FY25 earnings): ~28.4x P/E (annualised FY26 earnings): ~15.5x P/BV (Dec 2025 NAV ₹140.81): 2.44x Average EPS (FY24–FY25): ₹25.00 Average RoNW (FY24–FY25): 23.17% No directly listed peers in PLWPP sub-segment. No dividend paid in any reported period.

▸ Raw material concentration: 1 vendor > 30% supply (3 years running) ▸ Customer concentration: major accounts with no binding long-term contracts ▸ USA revenue exposure (~25% of total) to US tariff & trade policy shifts ▸ ₹514.9 Cr Borisana plant — execution/delay/cost-overrun risk ▸ Borrowings of ₹242.6 Cr (Dec 2025) before IPO proceeds deployed ▸ Contingent liabilities of ₹61.6 Cr (Dec 2025) ▸ No listed peers — price discovery more uncertain ▸ PAT margin variability across periods; FY25 impacted by ₹16.97 Cr extraordinary item ▸ No dividend history; future payouts subject to board discretion

COMPETITIVE STRENGTHS

GROWTH STRATEGY

RESEARCH SUMMARY

▸ 10.1% market share in Indian PLWPP bulk bags (FY25) — top organised player ▸ Vertical integration from PP granule to finished bag: cost control + quality ▸ 71-country export footprint; 56.3% of FY26 revenue from exports ▸ First in India & Asia: laser-cut easy-open PLWPP pinch-bottom bags ▸ 73,000+ printing cylinders; 88.32% customer retention (FY26) ▸ ~80% renewable energy — ESG-aligned for global FMCG clients ▸ Proprietary Knack Galaxy platform: digital supply chain integration ▸ Promoters: 20+ years domain expertise

▸ Borisana plant to significantly boost throughput for domestic + export orders ▸ Deepen penetration in 71+ countries; grow SA and Mexico operations ▸ Laser easy-open pinch-bottom bags as premium product (6-side branding, 4% less material) ▸ Target 90% renewable energy by 2030 ▸ Expand Knack Galaxy to compress order cycles & reduce working capital ▸ Custodianship of 73,000+ cylinders as long-term moat to retain clients ▸ End-market mix: food, pet food, agri-commodities, chemicals — diversified demand

Knack Packaging offers a structurally compelling investment in a niche growing at 15% CAGR. Revenue rose 25.7% (FY24→FY26) while PAT more than doubled to ₹92.7 Cr. The P/E of ~15.5x on FY26 earnings looks reasonable vs. the growth trajectory; the ~28.4x on FY25 reflects some premium. Key watchpoints: Borisana plant execution, US trade policy exposure, raw-material vendor concentration, and sustainability of FY26 margins post-expansion. 2–3 year investors gain access to a high-growth niche with genuine innovation. Short-term investors should note the fully-priced tag and no prior dividends. Please read the full SEBI RHP before any investment decision.