S. K. Offset Limited Packaging Lifts Revenue Share to 39.70%

S. K. Offset Limited increased packaging revenue from Rs 5.35 crore in Fiscal 2024 to Rs 26.47 crore in Fiscal 2026, raising packaging’s share of revenue from operations to 39.70% from 24.83%. Packaging supplied Rs 21.12 crore, or 46.79%, of the company’s two-year revenue increase, making it the main source of mix change.

How did S. K. Offset’s product revenue mix change?

S. K. Offset’s revenue mix moved substantially toward packaging between Fiscal 2024 and Fiscal 2026. Revenue from operations increased from Rs 21.53 crore in Fiscal 2024 to Rs 48.20 crore in Fiscal 2025 and Rs 66.67 crore in Fiscal 2026. Packaging’s share was broadly unchanged at 24.83% in Fiscal 2024 and 24.73% in Fiscal 2025, before rising 14.97 percentage points to 39.70% in Fiscal 2026.

Printing remained S. K. Offset’s largest product category in Fiscal 2026, contributing Rs 35.84 crore, or 53.76% of revenue from operations. However, printing’s share fell from 64.19% in Fiscal 2025 even though its revenue increased by Rs 4.90 crore. The change therefore reflects faster packaging growth rather than a decline in the company’s legacy printing revenue.

Why was S. K. Offset packaging the main growth engine?

S. K. Offset packaging was the largest contributor to revenue growth over the two fiscal years. Packaging revenue increased by Rs 21.12 crore between Fiscal 2024 and Fiscal 2026, compared with a Rs 17.70 crore increase in printing revenue, a Rs 0.45 crore decline in labelling revenue and a Rs 0.47 crore increase in other revenue. Packaging consequently accounted for 46.79% of the Rs 45.14 crore rise in revenue from operations.

The acceleration was concentrated in Fiscal 2026. Packaging revenue rose by Rs 14.55 crore from Fiscal 2025, accounting for 78.77% of the Rs 18.47 crore increase in revenue from operations during that year. Packaging revenue was almost five times its Fiscal 2024 level by Fiscal 2026, while printing revenue was nearly twice its Fiscal 2024 level.

Packaging did not newly overtake labelling during the reported period because it was already the larger category in Fiscal 2024. Packaging recorded Rs 5.35 crore in Fiscal 2024, compared with Rs 3.48 crore for labelling. By Fiscal 2026, the gap had widened to Rs 23.44 crore as packaging reached Rs 26.47 crore and labelling fell to Rs 3.02 crore, reducing labelling’s revenue share from 16.14% to 4.54%.

How does S. K. Offset generate packaging revenue?

S. K. Offset says it expanded into in-house packaging solutions through the acquisition of new machines. Its packaging offering includes printed cartons, boxes, mono cartons, rigid boxes and customised packaging formats. The company also provides digital design work for packaging artwork, layout preparation, colour formatting and print-ready files.

A mono carton is a folding paperboard carton used for product protection, display and branding. S. K. Offset’s disclosed mono-carton process starts with design development and material selection, then moves through offset printing, optional ultraviolet coating, lamination, embossing or foiling, die cutting, folding, gluing, quality control and dispatch. Die cutting cuts and creases a printed sheet into a required box shape, while folding and gluing create the final carton structure.

The company says it performs design, pre-press preparation, printing, finishing, packaging and final delivery internally. Its printing unit reported annual installed capacity of 13.14 lakh reams in FY 2025-26 and annual capacity utilisation of 90.92%. The measure applies to the printing unit as a whole rather than packaging separately, so it does not show the capacity available specifically for further packaging output.

What dependencies could affect S. K. Offset packaging revenue?

S. K. Offset’s growth remains tied to a concentrated customer base. Its top 10 customers generated Rs 57.43 crore, or 86.14%, of Fiscal 2026 sales, compared with 78.61% in Fiscal 2025 and 81.56% in Fiscal 2024. Three Fiscal 2026 top-10 customers were classified in the packaging vertical and together contributed Rs 15.50 crore, equal to 23.24% of Fiscal 2026 sales.

The largest Fiscal 2026 customer was classified in printing and binding and contributed Rs 20.28 crore, or 30.41%, of sales. Packaging expansion has therefore not removed S. K. Offset’s dependence on a major printing-related account. Sustaining the new revenue mix requires continued packaging orders alongside retention of printing and binding volumes.

Raw-material supply and pricing are further operating conditions. S. K. Offset identifies paper, paperboard, corrugated sheets, adhesives, inks, laminates, foils and speciality label stocks as primary inputs. Its top 10 suppliers accounted for Rs 38.66 crore, or 65.59%, of Fiscal 2026 purchases, down from 89.71% in Fiscal 2024, while the company identifies volatility in paper, ink and corrugated-sheet prices as a threat.

Geographic concentration also remains material. North India accounted for 84.35% of disclosed sales, compared with 13.32% from West and Central India, 0.33% from East India, 0.16% from South India and 1.84% from exports. S. K. Offset’s stated strategy is to expand from its historical North India base into Western and Southern India while increasing its focus on organised-sector, institutional, fast-moving consumer goods and pharmaceutical customers.

Conclusion

S. K. Offset’s Fiscal 2026 product data show that packaging was the principal force behind the revenue-mix shift. The segment rose to 39.70% of revenue from operations and generated Rs 21.12 crore of the company’s Rs 45.14 crore revenue increase from Fiscal 2024. Printing remained the largest category at 53.76%, but packaging grew at a materially faster rate while labelling’s share declined to 4.54%.

The next point to watch is execution of S. K. Offset’s disclosed phased investment plan for machinery modernisation, automation and quality-control systems, which is intended to improve efficiency, turnaround time and utilisation across packaging and labelling. The persistence of packaging-led growth will also depend on repeat orders, input costs, the 86.14% top-10 customer concentration and progress on the company’s plan to broaden sales beyond North India.