S K Offset IPO
IPO price, dates, issue details, strengths, risks and financial performance
₹2,38,000 / 2,000 shares
Bidding Dates23 Sept, 26 – 25 Sept, 26
Min Investment₹2,38,000
Lot Size1,000
Price Range₹119 – ₹125
Issue Size₹29.06 Cr.
IPO Timeline
IPO Offer Start23 Sept, 26
IPO Offer Ends25 Sept, 26
Allotment Finalisation28 Sept, 26
Refund Initiation29 Sept, 26
Listing of Shares30 Sept, 26
Strengths
Experienced leadership teamThe company is guided by promoters and senior executives with experience across offset printing, packaging and related machinery operations. Their industry knowledge supports strategic planning, day-to-day execution and business expansion.
Integrated in-house operationsDesign, pre-press, printing, finishing, packaging and delivery are managed internally. This integrated setup reduces dependence on external service providers while supporting quality control, scheduling and coordination across production stages.
Diverse end-use sectorsThe company caters to publishing, FMCG, pharmaceuticals, packaging and other commercial industries. Serving multiple segments allows its production capabilities to be utilised across a broader customer and product base.
Established customer and supplier relationshipsLong-standing engagements with clients and suppliers have helped support recurring orders, reliable procurement of raw materials and continuity of operations.
Structured quality controlThe company operates ISO-certified quality systems with checks at the pre-press, printing, finishing and dispatch stages. These processes are designed to maintain print clarity, colour consistency, dimensional accuracy and product durability.
Defined operating processesStructured systems cover supply chain management, service delivery and compliance. These processes are intended to support execution efficiency and scalable operations across sectors such as pharmaceuticals, food and beverages and cosmetics.
Risks
High customer concentrationThe top ten customers contributed 86.14%, 78.61% and 81.56% of revenue in Fiscals 2026, 2025 and 2024 respectively. Since these relationships are based on purchase orders rather than long-term contracts, cancellations, lower orders or customer loss could materially affect revenue.
Dependence on key suppliersThe ten largest suppliers represented 65.59%, 55.47% and 89.71% of purchases in Fiscals 2026, 2025 and 2024 respectively. Supply interruptions, pricing changes or termination of supplier relationships could affect inventory, production continuity and financial performance.
Geographical concentrationUttar Pradesh contributed approximately 69.43%, 89.97% and 89.41% of revenue in Fiscals 2026, 2025 and 2024 respectively, while all manufacturing facilities are located in the state. Regional regulatory, economic or environmental disruptions could therefore have a significant effect on operations.
High working capital requirementWorking capital requirements increased from ₹903.51 lakhs in FY2024 to ₹3,302.86 lakhs in FY2026. The company also recorded negative operating cash flow of ₹1,079.67 lakhs in FY2025. Difficulty in securing adequate funding on acceptable terms could affect business continuity.
Past statutory filing delaysThe company has reported delays involving GST, TDS, EPF, ESIC and ROC filings, with certain delays extending beyond 1,000 days. Although no penalties had been imposed to date, future regulatory action could result in financial or operational consequences.
Debt and lender covenant exposureAs of FY2026, secured loans stood at ₹3,178.63 lakhs and unsecured loans at ₹279.42 lakhs, with the unsecured borrowings repayable on demand. Restrictive loan covenants and lender NOC requirements could limit flexibility, while defaults may trigger accelerated repayment.
Leased operating premisesThe company does not own its registered office, manufacturing facilities, godowns or warehouses. These properties are primarily held under short-term, generally 11-month, unregistered leases. Non-renewal or landlord disputes could require relocation and disrupt operations.
Competitive and technology pressureThe printing and packaging market includes large domestic and multinational competitors with substantial resources, technology and customer relationships. Failure to adopt developments such as digital printing, automation and sustainable packaging could affect market position, margins and growth.
Objectives
A portion of the Net Proceeds is proposed for purchasing and installing an Automatic Foil Stamper & Die Cutting Machine, the TECHNOFOIL 1050 FC, at the existing Meerut manufacturing facility. The investment is intended to expand finishing capabilities, diversify the product mix and strengthen capacity for premium packaging and label products.
Part of the Net Proceeds is planned for incremental working capital requirements during Fiscals 2027 and 2028. The funds are intended to support inventory, trade receivables, vendor payments and other short-term operating requirements associated with business growth.
The balance of the Net Proceeds is proposed for general corporate purposes, including operating expenses, brand development, technology improvements, marketing capabilities and other strategic initiatives, subject to the applicable cap of fifteen percent of gross proceeds or the stated rupee limit, whichever is lower.
Yearly Financial Results
Standalone
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 21.53 | 48.20 | 66.67 |
| Expenses | 22.31 | 46.48 | 57.13 |
| Other Income | 1.78 | 0.45 | 0.32 |
| Total Revenue | 23.31 | 48.65 | 67.00 |
| Profit Before Tax | 0.99 | 2.17 | 9.87 |
| Net Profit | 0.72 | 1.54 | 7.48 |
Above figures are in Rs. Crores
Balance Sheet
Standalone
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 28.85 | 55.77 | 81.76 |
| Current Assets | 18.94 | 41.54 | 60.71 |
| Fixed Assets | 9.91 | 14.23 | 21.05 |
| Total Equity & Liabilities | 28.85 | 55.77 | 81.76 |
| Total Liabilities | 24.27 | 48.57 | 61.98 |
| Current Liabilities | 19.71 | 34.26 | 49.16 |
| Non Current Liabilities | 4.56 | 14.31 | 12.82 |
| Total Equity | 4.58 | 7.20 | 19.78 |
Above figures are in Rs. Crores
Cash Flow
Standalone
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | 0.32 | -0.31 | 0.33 |
| Investing Activities | -6.73 | -6.26 | -8.07 |
| Operating Activities | 4.40 | -10.80 | 3.66 |
| Financing Activities | 2.65 | 16.75 | 4.74 |
Above figures are in Rs. Crores
About S K Offset
S.K. Offset Limited, incorporated in 2007 and based in Meerut, Uttar Pradesh, provides integrated printing and packaging services through four facilities covering approximately 38,313 sq. ft. Its offerings include offset printing for books, brochures and catalogues, mono cartons, rigid boxes, corrugated packaging and labels such as stickers, barcodes and IML labels. The company serves FMCG, pharmaceutical, cosmetics and publishing customers. Revenue from operations increased from ₹2,153 lakhs in FY2024 to ₹6,667 lakhs in FY2026, with printing contributing around 54%, packaging around 40% and labelling around 5%. The business follows a predominantly B2B model, generating around 99% of revenue from B2B activities, with approximately 84% of sales concentrated in North India and an emerging export presence in Nepal, Canada and Ghana.
Discussion
Share your thoughts, ask questions, or discuss this IPO with other investors.
No comments yet. Be the first to share your thoughts!
Leave a Comment