RFBL Flexi Pack SME IPO Review | APPLY or AVOID?
RFBL Flexi Pack started in 2005. It operates in the Packaging industry and provides printed multilayer flexible packaging materials to its customers across various industries like food, pharma, and home care. This business is based in Himatnagar, Gujarat. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio.
RFBL Flexi Pack shows Rapid growth, but the highly competitive industry remains a key point to consider for investors. The company has demonstrated strong revenue growth and improved profit margins in recent years.
IPO Details | |
|---|---|
| Issue Type | Book Building |
| IPO Category | SME |
| Face Value | ₹10 Per Share |
| Fresh Issue | ₹35.33 Cr. |
| Offer for Sale | ₹- Cr. |
| Refunds Initiation | May 18, 2026 |
| Credit of Shares | May 18, 2026 |
| Listing At | NSE SME |
Reservation & Lot Size | |
|---|---|
| Retail (Min) | 2 Lot | 6,000 Shares | ₹3,00,000 |
| Retail (Max) | 2 Lot | 6,000 Shares | ₹3,00,000 |
| S-HNI (Min) | 3 Lot | 9,000 Shares | ₹4,50,000 |
| S-HNI (Max)| 6 Lot | 18,000 Shares | ₹9,00,000 |
| B-HNI (Min) | 7 Lot | 21,000 Shares | ₹10,50,000 |
| Market Maker | 67,11,000 Shares |
✅ Strengths
⚠️ Challenges
Financial Update
The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹135.46 crore, increased from ₹79.96 crore in the previous year. The net profit for the same period was ₹8.33 crore, increased from ₹5.79 in previous year. Assets increased by 108.81% compared to the previous year. The company shows an impressive jump in both revenue and profit from FY23 to FY25. The net worth also shows a strong upward trend, which is a good sign for investors. This rapid growth needs careful examination for its sustainability going forward. This trend should be carefully studied prior to any investment.
IPO Valuation
The upper price band is ₹50. This price leads to a Price-to-Earnings (P/E) ratio of 9.75 (Pre-IPO) and 15.19 (Post-IPO). The average P/E for the industry is 16.06x. The company’s P/E multiple is in line with the peer comparison when considering the post-IPO earnings.
IPO Objective
The company will use the proceeds of the offer to meet stated objectives:
- The company will use ₹12.41 crores to meet capital expenditure requirements.
- The company will use ₹17.76 crores for funding working capital requirements.
- The remaining amount will be used for general corporate purposes.
Promoters & Lead Manager
- The company is promoted by Kunjit Maheshbhai Patel and Roopyaa Tradebizz Limited. The pre-issue promoter holding is 100.00%.
- Grow House Wealth Management Pvt.Ltd. is the book-running lead manager for the issue. Their past performance and expertise in SME IPOs are key factors.
Peer Comparison
Below is the comparison of the company with its listed peers using data from March 28, 2025. RFBL Flexi Pack shows significantly higher profitability (RoNW of 60.18%) compared to its listed peers. The Earnings Per Share of ₹5.13 is also strong. Investors must consider the difference in scale and product mix when comparing.
| Name of Company | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) |
|---|---|---|---|---|
| RFBL Flexi Pack Limited | 5.13 | 5.13 | 11.08 | 9.75* |
| Uma Converter Limited | 1.33 | 1.33 | 37.06 | 14.47 |
| Sabar Flex India Limited | 0.37 | 0.28 | 17.71 | 13.92 |
Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).
IPO Review & Analyst Rating
RFBL Flexi Pack Ltd. is a packaging material manufacturer showing rapid growth in the past three years. The company’s profitability margins are impressive. The company faces high competition and raw material price volatility. The fresh issue proceeds will fund capital expenditure and working capital requirements, supporting future growth.
| Analyst Name | Recommendation |
|---|---|
| – | – |
| – | – |
| – | – |
Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.
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