Knack Packaging Limited is launching its Initial Public Offering (IPO) through the book-building route, with a total issue size of ₹439.50 crore. The offering consists of a fresh issue of 2.24 crore equity shares worth ₹380 crore and an Offer for Sale (OFS) of 0.35 crore shares aggregating to ₹59.50 crore.
The IPO will open for subscription on July 1, 2026, and close on July 3, 2026. Following the bidding process, the share allotment is expected to be finalised on July 6, 2026, while the company’s shares are likely to debut on the NSE and BSE on July 8, 2026.
The company has fixed a price band of ₹161 to ₹170 per share. Investors can apply in lots of 88 shares, requiring a minimum investment of ₹14,960 at the upper end of the price band. For non-institutional investors, the minimum application size is 14 lots (1,232 shares) for the sNII category and 67 lots (5,896 shares) for the bNII category.
Systematix Corporate Services Ltd. is managing the issue as the book-running lead manager, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar.
(Source: RHP)
Company Overview
Knack Packaging Limited is a leading Indian packaging solutions company focused on manufacturing innovative and sustainable flexible packaging products. The company specialises in Printed and Laminated Woven Polypropylene (PLWPP) bags and pinch-bottom bags that cater to a wide range of industries, including food, agriculture, pet food, chemicals, fertilizers, and building materials.
With over two decades of industry experience, Knack Packaging has established itself as a trusted partner for domestic and international brands across more than 70 countries. The company offers customised packaging solutions designed to improve product protection, enhance brand visibility, and support efficient logistics. Its advanced manufacturing facilities in Gujarat follow a vertically integrated production model, enabling complete control over the value chain from raw material processing to finished packaging products.
Knack Packaging is also recognised for its innovation, being among the early adopters of advanced packaging features such as laser-cut and easy-open pinch-bottom bags. Supported by strong export capabilities, global quality certifications, and a commitment to sustainability, the company continues to strengthen its position in the flexible packaging industry.
Industry Context
- India’s manufacturing sector continues to expand steadily, supported by government initiatives such as Make in India and production-linked incentives. Rising industrial output across key sectors is creating sustained demand for high-quality packaging solutions, benefiting companies like Knack Packaging.
- The Indian retail market is growing rapidly, driven by rising incomes, increasing brand consciousness, and the shift towards organised retail. This expansion is boosting the need for reliable, visually appealing, and durable packaging products across multiple consumer-focused industries.
- India’s packaging industry is witnessing consistent growth as businesses prioritise product protection, branding, and convenience. Growing demand from food, agriculture, chemicals, pet food, and construction sectors is creating significant opportunities for specialised packaging manufacturers.
- Flexible plastic packaging has emerged as the dominant segment within the packaging industry due to its cost efficiency, durability, and versatility. Continued adoption across industries is expected to support long-term growth for manufacturers of advanced packaging solutions.
- The woven polypropylene (WPP) bags market is benefiting from increasing demand for recyclable and sustainable packaging. As industries seek durable and environmentally responsible alternatives, WPP bags are expected to remain a key growth segment within India’s packaging market.
Business Strengths
- Digitally integrated operations and proprietary technology enable efficient supply chain management, real-time monitoring, and streamlined production processes.
- Strong expertise in developing customised and technically advanced packaging solutions with precise design, printing, and product consistency.
- Customer-focused approach offering end-to-end packaging support, from design development and branding to production and technical assistance.
- Well-established presence across domestic and international markets, serving diverse industries and customers in more than 70 countries.
- Vertically integrated manufacturing capabilities and specialised machinery create significant entry barriers and support consistent product quality.
- Experienced promoters, management team, and board members provide strategic leadership backed by decades of industry knowledge and operational expertise.
Financial Performance
Knack Packaging Limited – Financials (₹ in Million) (Restated Consolidated)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 8,234.34 | 7,364.90 | 6,545.59 |
| Total Income | 8,437.69 | 7,473.75 | 6,590.08 |
| EBITDA | 1,722.94 | 1,443.37 | 1,013.74 |
| Profit After Tax (PAT) | 927.24 | 738.10 | 459.77 |
| Debt Equity Ratio | 0.62 | 0.80 | 1.23 |
| Return on Capital Employed | 46.71 | 50.36 | 45.42 |
| Return on Equity | 35.75 | 41.70 | 38.38 |
Key Ratios & Metrics
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 35.75% |
| ROCE | 46.71% |
| Debt/Equity | 0.62 |
| RoNW | 35.47% |
| PAT Margin | 10.99% |
| EBITDA Margin | 20.42% |
| Price to Book Value | 5.52x |
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 1 – 3 July, 2026 |
| Allotment | Monday, July 6, 2026 |
| Listing Date | Wednesday, July 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹161 to ₹170 per share |
| Lot Size | 88 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue cum Offer for Sale (OFS) |
| Total Issue Size | 2,58,52,941 shares (agg. up to ₹439.50 Crore) |
| Fresh Issue | 2,23,52,941 shares (agg. up to ₹380 Crore) |
| Offer for Sale | 35,00,000 shares of ₹10 (agg. up to ₹60 Crore) |
| Shareholding Pre-Issue | 10,00,00,000 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Conclusion
Knack Packaging Limited has built a strong presence in the flexible packaging industry through its diversified product portfolio, integrated manufacturing capabilities, and expanding global reach. The company has reported steady growth in revenue and profitability over recent years, supported by healthy operating performance and improving financial metrics.
As demand for quality packaging solutions continues to grow across sectors such as food, agriculture, chemicals, and construction, the company appears well-positioned to benefit from long-term industry trends. However, investors should carefully evaluate factors such as valuations, industry competition, raw material price fluctuations, and overall market conditions before making an investment decision. It is important to assess whether the opportunity aligns with your financial goals, investment horizon, and risk appetite.
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