Updated on 07.05.2026|2:25 PM
RFBL Flexi Pack Limited is set to launch its Initial Public Offering (IPO).
It is a company engaged in manufacturing and trading printed multilayer flexible packaging materials such as plastic film rolls and pouches.
The public issue will open for subscription on Tuesday, May 12, 2026, and close on Thursday, May 14, 2026. Find details about all the latest IPOs of 2026 in our 2026 IPO calendar which is updated regularly.
Through this 100% fresh issue book-built offering, the Gujarat-based packaging firm aims to raise approximately ₹35.33 Crores at the price band of ₹47 - ₹50 per share.
The proceeds are earmarked for setting up a new manufacturing facility and funding substantial working capital requirements.
In this article, you will find RFBL Flexi Pack IPO GMP today, price band, and a detailed review with details of valuations, financial risk and strengths. And for daywise subscription of the IPOs, check our dedicated subscription page.
Briefs of RFBL Flexi Pack IPO Details:
- Price Band: ₹47 – ₹50 per equity share
- IPO Open / Close Dates: May 12, 2026 – May 14, 2026
- Lot Size: 3,000 Shares (Note: Retail Minimum Application is 2 Lots / 6,000 Shares)
- Issue Size: 70,65,000 Equity Shares / ~₹35.33 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: NSE SME
If you have any queries with registrar, check our detailed step by step guide on KFIN IPO allotment status.
What Is The RFBL Flexi Pack IPO GMP Today?
You can check the GMP of this and other issues at our GMP today section.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
What Are The Important RFBL Flexi Pack IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, May 12, 2026
- IPO Close Date: Thursday, May 14, 2026
- Basis of Allotment Date: Friday, May 15, 2026
- Refund Initiation Date: Monday, May 18, 2026
- Credit of Shares: Monday, May 18, 2026
- Listing Date: Tuesday, May 19, 2026
What Are The Objectives of RFBL Flexi Pack IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure: ₹12.41 Crores is allocated for acquiring land, constructing infrastructure, and purchasing plant and machinery for a new manufacturing facility in Himatnagar, Gujarat. This will allow the company to internalize high-precision orders currently outsourced.
- Working Capital: A significant portion of ₹17.76 Crores will fund incremental working capital requirements to manage high inventory and trade receivables.
- General Corporate Purposes: The remaining funds will cover ongoing operational contingencies.
How is The Financial Performance of RFBL Flexi Pack?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 30 Nov 25 (8M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 69.66 | 135.46 | 79.96 | 46.86 |
Profit After Tax (PAT) | 3.84 | 8.33 | 5.79 | 0.67 |
EBITDA | 5.96 | 12.57 | 8.53 | 1.34 |
Total Borrowing | 17.51 | 18.88 | 5.23 | 2.06 |
Assets | 51.54 | 46.94 | 22.48 | 10.21 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated massive revenue scaling, growing from ₹46.86 Crores in FY23 to ₹135.46 Crores in FY25.
However, this growth was heavily driven by a strategic shift towards lower-margin trading activities to meet market demand, with trading revenue comprising over 62% of sales by November 2025.
Profit After Tax (PAT):
PAT surged from ₹0.67 Crores in FY23 to ₹8.33 Crores in FY25.
While absolute profits grew, the PAT margin slightly compressed in FY25 (6.15%) compared to FY24 (7.24%) due to the aforementioned shift towards trading volume over in-house manufacturing.
EBITDA:
Operational earnings (EBITDA) reached ₹12.57 Crores in FY25.
The EBITDA margins hovered around 9.28% in FY25, reflecting the thinner margins associated with trading compared to the company's core manufacturing operations.
Total Borrowing:
To support ballooning working capital needs (trade receivables spiked over 333% in FY25), total borrowings escalated sharply to ₹18.88 Crores in FY25.
The company operates with aggressive leverage to fund its sales growth.
Assets:
The total asset base expanded to ₹51.54 Crores by November 2025.
This growth is predominantly tied to current assets (inventory and receivables) required to sustain the high-volume trading and manufacturing operations.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.13, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 9.74x at the upper end of the price band (₹50).
P/E Ratio = ₹50 (Price) / ₹5.13 (Earnings Per Share)
P/E Ratio ≈ 9.74x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) |
RFBL Flexi Pack | 9.74 | 60.18 | 5.13 |
Uma Converter Limited | 14.85 | 3.66 | 1.33 |
Sabar Flex India Limited | 13.92 | 2.12 | 0.37 |
Analysis:
RFBL Flexi Pack is entering the market at a P/E multiple of approximately 9.74x based on its FY25 EPS. When compared to listed peers like Uma Converter (14.85x) and Sabar Flex (13.92x), the issue appears to be priced at a discount.
More notably, RFBL exhibits a vastly superior Return on Net Worth (RoNW) of 60.18%, massively outperforming its peers (who hover between 2-3%).
This suggests exceptional profitability on its equity base, albeit driven by high leverage and aggressive trading volumes.
What is The Industry Outlook of RFBL Flexi Pack?
Growth Potential: The Indian flexible packaging industry is expanding rapidly, driven by the FMCG, food processing, and e-commerce sectors requiring durable and visually appealing packaging.
Market Trends: There is a clear industry trend towards integrated manufacturing to capture higher margins. RFBL's plan to utilize IPO funds to build a new facility aims to internalize high-precision orders currently being outsourced, aligning with this industry shift for better margin realization.
What Are The Strengths and Risks of RFBL Flexi Pack IPO?
Strengths:
- Exceptional Return Ratios: A RoNW of over 60% and RoCE of 32.70% (FY25) indicates highly aggressive and efficient use of capital.
- Clear Capex Strategy: The IPO funds dedicated to a new manufacturing plant directly address current capacity limitations and should shift the revenue mix back towards higher-margin manufacturing.
- Valuation Comfort: At a P/E of ~9.7x, the pricing is attractive relative to the peer average of ~14.38x.
Risks:
- Extreme Concentration: The business is heavily dependent on a few players; the top 5 customers account for ~93.8% of revenue, and the top 5 suppliers account for ~98.2% of purchases. 100% of revenue originates from Gujarat.
- Cash Flow and Tax Defaults: The company reported negative operating cash flows of -₹12.44 Crores in FY25. Furthermore, there is a severe red flag regarding compliance: the company failed to pay Self-Assessment Tax (₹3.45 Crores) and failed to file ITR for AY 2025-26 due to liquidity constraints.
- Promoter Acquisition Cost: The promoters hold a 100% pre-issue stake with an average acquisition cost of just ₹1.08 per share, aided by a massive 12:1 bonus issue, posing a stark contrast to the ₹50 IPO price.
Key Considerations for Investors
Investors should note the Minimum Investment structure and IPO reservations.
- Minimum Application: The lot size is 3,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (6,000 Shares), amounting to ₹3,00,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, effectively categorizing retail applicants as Small-HNI.
- IPO Reservation: The total issue size is 70,65,000 shares.
- Market Maker: 3,54,000 shares.
- QIB: Not more than 3,60,000 shares (up to 60% may be allocated to Anchor Investors).
- NII (HNI): Not less than 21,33,000 shares.
- Retail (RII): Not less than 42,18,000 shares.
- Risk Profile: While the growth and RoNW are spectacular, the severe compliance issues (tax defaults), negative cash flows, and extreme customer concentration present very high fundamental risks.
Key Takeaways
- IPO Price: ₹50 per share (Upper Band).
- Min Investment: ₹3,00,000 (6,000 Shares).
- Valuation: P/E of ~9.74x (Discount to Peers).
- Financials: Revenue ₹135 Cr (FY25);
- Allotment: May 15, 2026
- Listing: NSE SME platform on May 19, 2026.
FAQs on RFBL Flexi Pack IPO
What is RFBL Flexi Pack IPO GMP today?
Check the latest gmps of all the IPO, coming, live and even closed at our gmp today page.
What is RFBL Flexi Pack IPO price band?
The price band is fixed at ₹47 to ₹50 per equity share.
What is RFBL Flexi Pack IPO allotment date?
The allotment status is expected to be finalized on Friday, May 15, 2026.
How to check RFBL Flexi Pack IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the NSE IPO allotment portal.
What is RFBL Flexi Pack IPO listing date?
The shares are tentatively scheduled to list on Tuesday, May 19, 2026.
Investment Perspective on RFBL Flexi Pack IPO
RFBL Flexi Pack offers a high-growth, high-return play in the packaging sector with an attractive valuation compared to peers.
However, the investment thesis is heavily clouded by severe concentration risks, negative cash flows, and alarming statutory defaults regarding income tax payments.
Investors must weigh the capacity expansion narrative against these significant corporate governance and liquidity red flags.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
