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Listed
Packaging
Knack Packaging Limited IPO
₹439 Cr · Fresh Issue & OFS · Packaging
Price Band
₹161 – ₹170
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹439 Cr
Fresh Issue & OFS
Market Cap
₹2079.99 Cr
At upper band
P/E Ratio
22.4x
P/S: 2.5x
Listing Date
08 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
01 Jul 2026
✓
Closes
03 Jul 2026
✓
Allotment
6 Jul 2026
✓
Refund
7 Jul 2026
✓
Listing
08 Jul 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.97× sector midpoint with strong PAT growth of 42% CAGR and exceptional ROCE of 46.71%, justifying entry at this valuation. Key risk is revenue CAGR of 13.2% lagging PAT expansion, suggesting margin gains may not sustain if top-line growth stalls.
Listing Performance
Issue Price
₹170
Allotment price
Listing Price
₹186
+9.41% on listing day
Current Price (CMP)
₹183.4
+7.9% vs issue
Listed On
08 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability and capital efficiency
Net profit margin of 11% with EBITDA margin of 20.42% demonstrates operational discipline in packaging. ROCE of 46.71% is well above cost of capital, indicating the company deploys capital efficiently to generate returns.
✓ Strength
Strong PAT acceleration despite moderate revenue growth
PAT CAGR of 42% over 2 years significantly outpaces revenue CAGR of 13.2%, driven by operational leverage and margin expansion. This suggests the company is improving unit economics and cost management as it scales.
⚠ Risk
Revenue growth materially lags profit growth
Revenue CAGR of 13.2% is modest for a packaging company in a growing economy, raising questions about market share gains or pricing power sustainability. If top-line growth decelerates further, margin expansion may reverse and profitability could compress.
⚠ Risk
Capex execution risk on new facility
₹320 Cr (83% of net proceeds) is earmarked for a new manufacturing facility at Borisana. Delays, cost overruns, or underutilization of the new plant could pressure returns and delay value creation for investors.
₹ Valuation
Valuation at sector midpoint with margin caveat
P/E of 22.4× is 0.97× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. However, NPM of 11% is below the 15% threshold that would justify premium multiples, so valuation is fair rather than compelling.
👁 Watch
Monitor new facility ramp and margin trajectory
Track quarterly capex spend, capacity utilization at the new Borisana plant, and whether EBITDA margins hold above 20% as production scales. Any significant miss on these metrics would signal execution risk and potential multiple compression.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Knack Packaging Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹823.43 Cr
Net Profit
₹92.72 Cr
Industry
Packaging
Issue Type
Fresh Issue & OFS
Promoters
ALPESH TULSIBHAI PATEL, PRAVINKUMAR AMBALAL PATEL AND RASHMINBHAI TULSIBHAI PATEL
Lead Managers
Systematix Corporate Services, IDBI Capital Markets and Pantomath Capital Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.97× sector midpoint with strong PAT growth of 42% CAGR and exceptional ROCE of 46.71%, justifying entry at this valuation. Key risk is revenue CAGR of 13.2% lagging PAT expansion, suggesting margin gains may not sustain if top-line growth stalls.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹161 – ₹170.
The IPO opens on 01 Jul 2026. It closes on 03 Jul 2026. Allotment is expected on 6 Jul 2026. Refunds initiate on 7 Jul 2026. Listing on BSE and NSE is on 08 Jul 2026.
The lead managers for the IPO are Systematix Corporate Services, IDBI Capital Markets and Pantomath Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 08 Jul 2026 at ₹186 against an issue price of ₹170 (+9.41% on listing day). The current market price (CMP) is approximately ₹183.4 (+7.9% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 03 Jul 2026. The company trades at 0.97× sector midpoint with strong PAT growth of 42% CAGR and exceptional ROCE of 46.71%, justifying entry at this valuation. Key risk is revenue CAGR of 13.2% lagging PAT expansion, suggesting margin gains may not sustain if top-line growth stalls.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 03 Jul 2026. The IPO is priced at a P/E of 22.4x. Market cap at issue price is ₹2079.99 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 03 Jul 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Knack Packaging Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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