Knack Packaging Ltd.
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Overview
Knack Packaging Limited is an integrated, innovation-focused and export-led packaging solutions manufacturer specializing in printed and laminated woven polypropylene (PLWPP) bags and PLWPP pinch-bottom bags used for bulk packaging (typically 5–50 kg) across food, pet food, agriculture and industrial segments. The company operates vertically integrated manufacturing in Gujarat (from PP granule processing through tapes, fabric, printing, lamination and finishing), offers extensive customization and anti-counterfeit add-ons (e.g., RFID/barcoding), and sells to customers across 71 countries with a meaningful export mix.
Opening Date
Jul 01, 2026
Closing Date
Jul 03, 2026
Listing Date
Jul 08, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
439.5 Cr
Fresh Issue
380 Cr
Offer for Sale
59.5 Cr
Price Band
₹161 - ₹170
Lot Size
88
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
18.33
EPS
9.27
ROE
35.75%
ROCE
46.71%
RONW
35.47%
Debt to Equity Ratio
0.62
PAT Margin
10.99%
EBITDA Margin
20.42%
P/B
5.52
Bull vs Bear
Bull case
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Export-led scale with diversification: 71 countries and 56.30% of FY2026 revenue from exports; USA exposure 23.66% shows established routes and compliance muscle.
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High repeat-order engine: Customer Continuity Rate 93.75% in FY2026 with repeat-order revenue ₹7,719.56 million—suggests sticky specs/cylinders and switching friction.
- •
Operating efficiency at volume: 38,157.49 MT sold in FY2026 with EBITDA per kg ₹45.15 and capacity utilization 81.63% on 43,300 MTPA effective capacity.
Bear case
- •
Supplier concentration without long-term contracts: largest supplier is 35.78% and top 10 are 86.21% of FY2026 raw material purchases; disruptions can stop production.
- •
Customer concentration without contracts: top 10 customers contribute 40.87% of FY2026 revenue; largest customer is 16.73%, so churn or renegotiation hits utilization.
- •
Manufacturing concentrated in Gujarat: all units located there; any shutdown risks throughput, and Unit-3 had low capacity utilization in FY2025 per disclosure.
Net takeaway
At its core this is a bet on operating leverage in specialized packaging: FY2026 PAT margin 10.99% and EBITDA margin 20.42% at 38,157.49 MT scale. If you believe repeat orders stay high (CCR 93.75%), the upside holds. If you believe customers/suppliers renegotiate, concentration risk holds (top-10 customers 40.87%; top-10 suppliers 86.21%). Keep watching export concentration and mix: exports are 56.30% of FY2026 revenue, with USA at 23.66%; track whether this stays balanced across 71 countries.
