Knack Packaging Ltd

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026. Written pre-results; Q2/H1 FY27 board meeting 27 Oct 2026

Unresolved conflicts register (shown, not resolved)

Each row lists the competing versions and where they come from. Where the inputs allow it, our working treatment is stated. None of these has been settled by the company.

Business Deep-Dive

Source basis: prospectus dated 5 Jul 2026 (printed page numbers), Technopak industry report (company-commissioned, reproduced in the prospectus), Q1 FY27 call, deck and press release, CARE release of 10 Apr 2026, board outcomes of 15 Jul 2026. Tags as in Tab 1.

What the company does

History and milestones

Products and revenue mix, FY26

Pinch-bottom trajectory (management): about 10% of sales in 2023, 16% in 2024, about 20% in 2025, about 22.5-23% now (Q1 FY27). Two new pinch-bottom finishing machines (about Rs 20 cr each) were installed in the last quarter of FY26. CARE: two pinch-bottom machines and one lamination machine, about Rs 47 cr outlay, due to start April 2026. Management also says 70% of sales are already PLWPP and the mix is moving from jute to PP to PLWPP to PLWPP plus pinch-bottom. [Fact]

Add-on features and planned products

Volume, realisation and profit per kg

[Est.] Q1 FY27 volume +20.9% but realisation +16.7%: most of the 41% revenue growth is resin pass-through (West Asia and crude), not volume. EBITDA/kg still rose 26.6%. Flat FY24-FY26 realisation against +36% EBITDA/kg means the gain came from mix, power savings and scale (plus the pay reset, Tab 5), not price. An analyst quoted Rs 54 on the call and management did not dispute it.

Plants and leased capacity

All manufacturing is in Gujarat (Mehsana district, Kadi taluka) plus the new Gandhinagar sub-lease; one overseas JV plant in Leon, Mexico. [Fact]

Capacity: sources disagree, shown side by side

[Est.] 43,300 + Unit-4 + 5,040 plausibly equals "48,000+". The gap between about 70,000 (management) and 76,010-76,790 (prospectus) is unexplained; management may exclude rented units or quote a different basis. Annualised Q1 FY27 volume is 10,940 x 4 = 43,760 MT, already above the FY26 effective figure of 43,300, consistent with rented plants contributing.

Process (vertically integrated)

Power, sustainability and technology

Machinery vendors (installed base and new-plant quotes) [Fact, prospectus p.140-143, p.265]

Installed base: Lohia Corp (India), Starlinger & Co (Austria), B&B Verpackungstechnik GmbH (Germany; pinch-bottom), Pelican Rotoflex (India; gravure and lamination), J P Extrusiontech. New-plant quotations are valid to 30 Nov 2026; the prospectus risk factor says orders for 100% of plant and machinery were not yet placed. [Fact]

Certifications, awards, IP and approvals

Distribution and go-to-market

JV and subsidiary

Segment Analysis

Knack discloses product-wise revenue, export versus domestic and country splits, but not profit or EBITDA by product. Segment profit table: Not Available (the prospectus segment note sits on the image-scanned pages 322-376, which were not read; the MD&A, deck and call give no product margin). Product mix for FY24 and FY25 is also not carried in the research files (source table scrambled in extraction).

Product segments

• Fastest grower: pinch-bottom. About 10% of sales in 2023, 16% in 2024, about 20% in 2025, 22.5-23% in Q1 FY27 (management). Two finishing machines of about Rs 20 cr each were installed in the last quarter of FY26. High-end pinch-bottom machinery for the new plant was deferred to later internal accruals (Tab 12).
• Pressure points: the largest customer share is falling (22.33% to 16.73%) and USA share is down from 28.95% to 23.66%. Shopping bags are nil. Q1 FY27 split by product, export and customer: Not Available (the deck does not give it).
• Technopak market growth: India PLWPP bulk bags 15.0% CAGR to FY29 against 5.0% globally; pinch-bottom 8-10% in India. Technopak says the India figure is helped by "the current low market base" (Tab 9).

Geography: export versus domestic

Source: prospectus p.266-268, re-extracted in raw text mode after the layout version scrambled. Management: exports earn about 5-6% higher gross margin than domestic. [Fact]

End-use sectors and customers by sector

Margin profile and management focus

Financials: P&L

Rs crore unless stated. Standalone and consolidated figures are never mixed in one row. Consolidated = parent + South Africa subsidiary + 50% Mexico JV (equity accounted), restated, audited by Talati & Talati LLP. Consolidated revenue is higher than standalone by about Rs 13 cr in FY26 (823 vs 810) because the subsidiary is largely intercompany.

Annual P&L, standalone (Screener), FY21-FY26 [Fact]

Screener compounding: sales 5y 17%, 3y 16%, TTM 11%; profit 5y 35%, 3y 58%, TTM 27%; ROE 5y 36%, 3y 40%, last year 42%.

Annual P&L, restated consolidated, FY23-FY26

• Company EBITDA is built as total income less materials, traded goods, inventory change, employee and other expenses. It therefore adds back the FY26 JV loss (Rs 0.94 cr) and the labour-code charge (Rs 1.08 cr): PBT 125.06 + finance 15.91 + D&A 29.30 = 170.27 against reported EBITDA 172.29; the 2.02 difference equals 1.08 + 0.94. [Est.] check of prospectus p.84 and p.157.
• FY25 EPS was Rs 147.62 before the 19:1 bonus (19 May 2025, 9.5 cr new shares) and Rs 7.38 after. Equity capital rose from Rs 5 cr to Rs 100 cr by capitalising reserves. Standalone FY26 PAT (Rs 89.4 cr per the deck) is below consolidated (Rs 92.7 cr): the subsidiary contributes, the JV subtracts.
• Volume vs price [Est.]: volume +12.7% in FY25 and +10.7% in FY26 against revenue +12.5% and +11.8%; realisation about +1% in FY26. All growth is organic (no acquisitions; the JV is equity accounted).

Margin trend: headline versus operating

Quality of earnings

Quarterly view

Points to watch in the Q1 FY27 print

1. Labelling: the press release shows "revenue from operations 2,624.59 vs 1,871.17 (+41%)", but 1,871.17 is Q1 FY26 total income. True revenue-from-operations growth is 41.1% (net sales Rs 262.46 cr per Moneycontrol); total revenue +41.5%; our arithmetic on the press-release pair gives +40.3%.
2. Other income in EBITDA: about Rs 2.3 cr (2,647.71 less 2,624.59 = 23.12 mn). Operating margin about 21.7% vs 20.2% in Q1 FY26.
3. Volume vs price: volume +20.9%, revenue +41%. Pinch-bottom mix (22.5-23% of volume from 19-20%) and polymer prices up with Brent explain the gap; part of the growth is raw-material pass-through [Est.].
4. Working capital absorption: change in inventories of finished goods and WIP was Rs 316 mn in Q1 FY27 vs Rs 67 mn a year earlier, about Rs 250 mn more absorption [Est.].
5. JV loss: Rs 34.45 mn is about 7.6% of consolidated pre-tax profit before JV (452.87).
6. Cost lines: employee cost +48% and D&A +42% reflect rented units and added machines; interest flat at about Rs 4 cr even though sanctioned limits are high.
7. Review status: only the quarter ended 30 Jun 2026 was reviewed by the auditor; the comparative Q1 FY26 and Q4 FY26 consolidated columns were management-compiled and unreviewed. The South Africa subsidiary (Q1 revenue Rs 157.18 mn, PAT Rs 25.38 mn) was included; the JV was reviewed by another auditor.
8. Volume run-rate: 10,940 x 4 = 43,760 MT vs 38,157 MT in FY26 (+14.7%) [Est.]. Capacity operated: 48,000+ MTPA including rented units at about 91% utilisation (management).
9. Other expenses: Rs 383.16 mn per the results table (a Rs 194.8 mn figure appears in one input; see Tab 2 item 19). Q1 FY27 cost lines in the deck: employee Rs 152.4 mn, finance cost Rs 40.3 mn, D&A Rs 98.6 mn on revenue Rs 2,624.6 mn.

Revenue and cost structure

Financials: Balance Sheet, Cash Flow & Ratios

Rs crore, restated consolidated at 31 March unless stated (prospectus p.83-85, converted from Rs million). Standalone Screener data for continuity. [Fact] unless tagged.

Balance sheet, restated consolidated

• Borrowings are 79.5% short term (current Rs 153.0 cr of 192.5 cr at Mar-26): cash credit, packing credit and working-capital demand loans from HDFC Bank and HSBC. CARE reports average fund-based utilisation of 90-95% for the 12 months to Feb 2026. (Prospectus p.410; CARE p.3)
• Other equity fell slightly in FY26 despite Rs 92.7 cr profit because Rs 95 cr of reserves were capitalised for the 19:1 bonus (May 2025). [Fact/Est.]
• Gross block Rs 416 cr at 30 Jun 2026 vs Rs 273 cr a year earlier (+Rs 141 cr in 12 months; +Rs 30.75 cr in Q1 FY27 alone) per the CFO on the call. Gross-block asset turn 2.53x and net-block 4.12x; promoters say the industry runs 1.5-2x on "textile-cum-packaging" machines.
• FY26 "other non-current assets" jumped to Rs 40.3 cr (from 22.5): capital advances including Rs 4.99 cr to promoter-group firm Knack Energy (RPT p.92; Tab 7).
• Pro forma after the IPO (capitalisation statement, p.373): equity Rs 688.2 cr, borrowings unchanged at Rs 192.5 cr, debt/equity 0.28x; share premium account Rs 357.6 cr.

Balance sheet, standalone (Screener), FY21-FY25

FY26 standalone balance sheet and cash flow: blank on Screener on 21 Oct 2026. Standalone borrowings (188 in FY25) exceed consolidated (172) because the Screener figure includes lease liabilities and other financial liabilities [Est.]. Net worth grew about 3.4x from FY21 (63) to FY25 (215). Total assets doubled FY22 to FY25 as capex (Unit-2, printing and lamination lines, solar, windmill) was debt-funded.

Cash flow versus profit, restated consolidated

• Conversion is acceptable on a three-year view (1.03x) but lumpy; receivables absorbed Rs 53.9 cr in FY24 (sales +26%). FY26 absorbed Rs 57 cr in inventory plus receivables.
• Every rupee of the three-year profit (Rs 212.5 cr) went into capex; FCF is about zero cumulatively. The business was a net debt-funded grower until the IPO.
• Also in FY26: Rs 4.4 cr of equity investment (Mexico JV) and Rs 5.6 cr of loans received back (net).
• CFO conflict. CARE, using standalone after-interest numbers, shows CFO of Rs 60.60 cr (FY25) and Rs 44.18 cr (FY24). Restated consolidated CFO is Rs 94.05 cr and Rs 32.45 cr; Screener standalone CFO is 92 and 33. The difference is classification (interest paid is financing in the restated statement: Rs 15.4 cr FY25, Rs 13.7 cr FY24; and tax). CARE's FY25 60.6 is not reconcilable to 94.05 from public documents. Restated figures used; gap flagged.
• Screener standalone CFO / EBITDA: 54%, 45%, 61%, 50%, 87% for FY21-FY25.
• Capex, maintenance versus growth: the company does not split maintenance and growth capex (Not Available). FY24-FY26 capex (Rs 69.6, 57.9, 102.6 cr) funded Unit-2/3 lines, printing and lamination, the 11 MW solar farm and two pinch-bottom machines, so it was predominantly growth capex [Analyst View]. The IPO plant adds Rs 456.12 cr of project cost (Tab 12).
• FCF yield: not meaningful (FY26 FCF negative; three-year cumulative about -Rs 11.6 cr).

Working-capital days

Cross-check: our consolidated FY25 inventory and receivable days (75.8, 59.8) match Screener (76, 61). CARE: operating cycle 94 days (FY25), 83 days (FY24); current ratio 1.40x, quick ratio 0.92x (FY25); credit period 30-60 days domestic, 60-90 days export. The company reports an 86-day working-capital cycle for Q1 FY27 on its own definition. Technopak shows 86 / 106 / 107 / 120 days for FY23-FY26. Reading [Est.]: inventory days jumped 15 days in FY26 (Rs 119 cr, +29% vs revenue +12%) because of WIP build ahead of the Q1 order surge and higher polymer prices. A cycle of about 120 days is long for an 18% margin business; each 10 days is about Rs 23 cr of capital at FY26 scale. Contract liabilities and advances are small. Expected credit loss charge: Rs 1.4 cr (FY26), (0.4) (FY25), 0.9 (FY24). Trade receivables of Rs 138.30 cr are the same figure as the risk factor's Rs 1,382.99 mn (16.8% of revenue); bad debts written off Rs 17.09 mn in FY26.

Ratios

Return ratios: company definition versus standard

The company's capital-employed definition is equity plus non-current liabilities (excluding lease and deferred tax). It therefore leaves out current borrowings (about 80% of the debt). On total debt, FY26 RoCE is about 32%, still excellent against peers (Mold-Tek 15.3%, TCPL 24.4%, Time Technoplast 19.7% on the company's own definition, so the true gap is narrower than 47% vs 15-24%). In Q1 FY27 the company reports RoCE 54.73% and RoE 37.45% (annualised, on pre-IPO equity; the CFO misspoke 57.73% and corrected). Post-IPO equity doubles to about Rs 688 cr, so RoE will mechanically fall to the high teens until the plant is productive [Est.].

Debt, lenders, rating and guarantees

• Secured by hypothecation and collateral; "certain facilities secured by personal guarantees of Promoters". Lender consent was obtained for the IPO. Covenants need lender consent for change in shareholding, further capital, prepayment, diversification. (Prospectus p.410-411)
• Promoter guarantees on facilities of the company and of a group company: Rs 451 cr aggregate at 31 May 2026 (sanction amounts; includes HDFC cash credit Rs 64 cr, HSBC cash credit/WCDL Rs 95 cr, term loans, and facilities of group company Knack Energy Pvt Ltd at HDFC: Rs 10 cr cash credit and Rs 37 cr letter of credit). Risk factor 35; p.283-287.
• Debt maturity ladder: Not Available (borrowing note on image-scanned pages).

Dividends: none ever; the dividend policy adopted 25 Aug 2025 says earnings may be retained. No ESOP. (Prospectus p.315, 309)

Equity dilution and share-count history

Key balance-sheet risks

• Short-term debt dependence: 79.5% of borrowings are current and limits ran 90-95% utilised before the IPO.
• Working-capital intensity: cash conversion cycle about 120 days and inventory +29% in FY26.
• Promoter personal guarantees of Rs 451 cr cover company and group borrowings; the FY24 guarantee figure is inconsistent by a factor of 100.
• Mexico JV exposure: Rs 192.4 mn loans and advances, Rs 220.9 mn guarantee, Rs 34.45 mn Q1 loss.
• Unhedged forex gain of Rs 16.85 cr inside FY26 EBITDA; export 56% on USD pricing.
• Fresh capex of Rs 456 cr with Rs 284.9 cr of plant, machinery and electrical items (about 62% of project cost [Est.]) not yet ordered; funding mix Rs 12.88 cr paid, Rs 32.08 cr accruals, Rs 320 cr IPO.
• Insurance covers only 56.93% of assets at 31 Mar 2026; 43.07% uninsured.

Management, Promoters & Governance

Amounts in Rs million (m) where quoted from the prospectus RPT tables (1 cr = 10 m), otherwise Rs crore. Items marked "analysis" are our reading, not allegations of illegality. Almost all governance facts come from the prospectus of 5 Jul 2026; the company has no listed-company annual report, corporate-governance report or board attendance record yet. The Sep-2026 quarterly governance report (due within 21 days of quarter-end under LODR Reg 27(2)) could not be located: the NSE governance endpoint needs a record ID.

Promoters and control

• Business history. Rashmin Patel founded Knack Packaging as a proprietorship in 2006; a partnership "Knack Packaging" (promoters plus Tulsibhai Patel and Kamlesh Patel) was formed in 2012; the company was incorporated in 2013. The partnership firm still exists, is part of the Promoter Group and is "involved in the same line of activity"; promoters hold interests in it (prospectus p.311-313). Analysis: the prospectus says there are "no common pursuits" between group companies and the issuer (p.422), which sits uneasily with this. No non-compete deed is disclosed: Not Available.
• Relatives reclassified. Tulsibhai Keshavlal Patel (father of Alpesh and Rashmin) and Kamlesh Ambalal Patel (brother of Pravin) were directors until 18 Jul 2025, were paid Rs 25.2 m and Rs 20.4 m in FY25, and were reclassified as non-promoters by board resolution of 13 Aug 2025 "with effect from FY2024-25" (p.311). They still appear as Promoter Group members and OFS sellers (Tulsibhai 5.26%, Kamlesh 4.90% post-offer).
• Control. Promoters plus promoter group hold 70.59% (86,383,500 shares; 20 holders), unchanged between the 7 Jul and 30 Sep 2026 filings. The 8.26% held by the Kamlesh Patel family is classified "public" but appears in the related-party schedule as relatives of KMP. Effective family and associate holding is about 78.9% [Est.]. No shareholder agreement or special rights; no nominee directors (p.126). Significant beneficial owners in the SHP: Alpesh, Rashmin and Pravin Patel.
• Pledge. The prospectus (p.122) says none of the promoters' shares is pledged; the NSE SHP at 30 Sep 2026 has "pledged", "non-disposal undertaking" and "other encumbrance" all false.
• Personal guarantees. Promoters guarantee company and group-company facilities of Rs 4,510 m (Rs 451 cr) at 31 May 2026 (HDFC Bank and HSBC cash credit and term loans of the company, plus HDFC facilities of Knack Energy Pvt Ltd: cash credit Rs 100 m and letter of credit Rs 370 m). Risk factor 35.
• Acquisition cost. Weighted average cost of equity after the bonus was Rs 0.27 (Alpesh), Rs 0.33 (Pravin), Rs 0.65 (Rashmin) per share against the Rs 170 issue price; average holding cost Rs 2.86-7.50 per share (p.1, 126-127).
• Lock-ins. Minimum promoters' contribution 24,723,500 shares (8,158,755 Alpesh + 8,405,990 Pravin + 8,158,755 Rashmin; 20.0% of post-issue capital) for 3 years (to 8 Jul 2029 per the prospectus table); remaining promoter shares 1 year (about Jul 2027); all pre-IPO non-promoter shares (including promoter-group individuals and the Kamlesh family) 6 months from allotment (6 Jul 2026), i.e. about 6 Jan 2027 [Est.]; anchor shares 50% for 30 days (ended 4 Aug 2026) and 50% for 90 days (ended 3 Oct 2026).

Board of directors

Six directors: three executive (the three promoters) and three non-executive independent (50% independent, the minimum when the chairman is executive). One woman director. [Fact] prospectus p.293-299.

Committees (constituted 18 Jul 2025; CSR since 2017): Audit - Magan (chair), Sharma, Pravin Patel (majority independent, chaired by an independent: compliant). NRC - Magan, Sharma, Balaji (all independent). SRC - Balaji (chair), Alpesh, Rashmin (two of three are promoters). CSR - Balaji, Magan, Alpesh, Pravin. Risk Management - Sharma, Magan, Rashmin Patel, CFO Dr Ajay Kumar Dubey. (p.299-306)

• All three independent directors joined on 18 Jul 2025, about 11 months before the IPO and after DRHP preparation began. Sitting fees up to Rs 0.10 m per meeting plus commission up to Rs 1.2 m a year (approved Mar 2026); FY26 total Rs 0.97 m, 0.97 m, 0.99 m.
• Risk factor 56 says no director has ever served on a listed company board, yet Deepti Sharma's profile lists several directorships (Panasonic Energy India Co Ltd, Axtel Industries Ltd, Bundy India Ltd). We have not verified which are listed; both statements cannot be right if any is listed.
• Education and experience documents for Deepti Sharma (independent director) and two senior managers (Manishkumar Gurjar, Suryakant Patel) could not be traced; the BRLMs relied on self-certified CVs and mark-sheets (risk factor 15, p.44-45).
• The first board meeting after listing (15 Jul 2026, 7:42-8:10 pm) approved a sub-lease and plant lease from Dayana Polyplast Ltd, Kalol, without stating related-party status in the extract read: Not Available.
• Board and committee attendance: Not Available (no annual report or governance report yet).

Key managerial personnel, senior management and churn

Analysis, churn: in the first 14 weeks of listing the company lost its Company Secretary (who signed the 15 Jul 2026 board outcome) and a costing-head SMP; the CFO has been in place only since mid-2025. The CS departure is explained as intra-group redeployment to another "Knack" entity, which confirms that group employees are shared across promoter entities. Watch for further senior exits. No ESOP or SAR scheme. Employees: 1,959 including contract labour at 31 May 2026. Also: the KMP were authorised for materiality disclosures on 9 Aug 2026.

Shareholding

Pre-IPO (prospectus, as at 3 Jul 2026)

Total 24 shareholders: 20 promoter and promoter-group holders (89.60%) and 4 "public" (10.40%: Shitalben Kamlesh Patel 5,400,000; Ravi Kamlesh Patel 2,500,000; Patel Ansh Kamlesh 2,500,000; one holder with 4,000). Promoters 54.92%, promoter-group individuals 34.68%. Bonus 19:1 on 19 May 2025 (95,000,000 shares); no other primary issue since the 2015 rights issue. Secondary transfers: gifts among the family on 21 Apr and 16 May 2025; cash transfers at Rs 212 a share on 30 Dec 2023 (pre-bonus basis; Rs 10.60 post-bonus) of tiny quantities (100 shares each) to Tithi Patel and Dhyey Patel. [Fact] p.119-125

Post-IPO trend (NSE XBRL)

The 7 Jul categories listed above sum to about 99.35%; the remaining 0.65% is not itemised in the research files. NSE shows the 7 Jul filing was "revised as per discrepancy observed by Exchange" on 3 Sep 2026; the nature of the discrepancy is Not Available. Screener's 30 Sep summary: promoters 70.59%, FIIs 1.28%, DIIs 7.10%, public 21.04%.

Named holders above 1% at 30 Sep 2026

Promoters: Rashmin 17.99%, Alpesh 16.63%, Pravin 8.91%. Promoter group: Tulsibhai Patel 5.26%, Kamlesh Patel 4.90%, Jay P. Patel 3.13%, Divya R. Patel 2.99%, Shital A. Patel 2.99%, Savitaben Patel 1.62%, Dhyey Patel 1.36%, Katha Patel 1.36%, Tithi Patel 1.36%. Public: Shitalben Kamlesh Patel 4.18%, Ravi Kamlesh Patel 2.04%, Patel Ansh Kamlesh 2.04%, Bank of India Small Cap Fund 2.30% (2,811,636 shares), Axis New Opportunities AIF Series II 1.94% (2,370,457 shares). Screener lists only the two institutions above 1%; no foreign institution holds above 1%. [Fact]

Institutional holdings and flows at 30 Sep 2026

[Est.] Method: locked shares by category on 30 Sep (MF 1,294,216; AIF 1,617,748; insurance 360,050; FPI 441,188; bodies corporate 147,092 = 3,860,294) equal exactly half of each anchor class, proving they are the anchors' 90-day halves. The 3 Oct release therefore fell on 3.86 M shares (3.15% of equity). The fall in MF holders from 7 to 4 most likely reflects aggregation of schemes by fund house in the September filing, not exits: the locked halves of all seven anchor MF schemes (2,588,432 / 2 = 1,294,216 shares) were still on the register at 30 Sep.

Overhang calendar

Dates assume allotment on 6 Jul 2026 (listing was 8 Jul). The supply risk is concentrated in January 2027. Promoter-group sellers already monetised Rs 59.5 cr at Rs 170 in the OFS.

Subsidiaries, joint venture and group structure

• Knack Packaging SA (RF) Proprietary Ltd (South Africa, 2021): imports and sells the company's tapes, fabrics and bags. FY26 revenue Rs 40.06 cr, PAT Rs 4.47 cr, net worth Rs 4.73 cr, debt Rs 0.60 cr; outstanding statutory dues and tax provisions Rs 1.4 cr. Alpesh Patel is a director; no remuneration paid. Q1 FY27 revenue Rs 157.18 mn, PAT Rs 25.38 mn.
• Sayem Knack S.A. de C.V. (Mexico, 50% JV): set up 28 Apr 2025 with Sacos y Empaques Internacionales (40%, a "key strategic customer", Knack's #2 customer at Rs 48.0 cr, 5.83% of FY26 revenue) and an individual (10%). On 30 Dec 2025 Sacos and the individual transferred their 50% to Bessher Holding S.A.P.I. de C.V. (no disclosed background). Plant commissioned April 2026. Knack's funding: USD 0.5 M equity (paid 6 Aug 2025), a board-approved USD 1.5 M loan of which USD 1 M disbursed by 31 Mar 2026, and a corporate guarantee of Rs 220.93 m to machinery vendor B&B Verpackungstechnik GmbH. Loans given to the JV in FY26 Rs 182.18 m; loan and advance balance at 31 Mar 2026 Rs 192.37 m (about USD 2.1 M at roughly Rs 90/USD [Est.], double the USD 1 M disbursal in the footnote: reconcile). Sales to JV Rs 23.37 m, interest income Rs 2.70 m. Share of JV loss FY26 Rs 9.41 m; Q1 FY27 Rs 34.45 mn.
• Knack Packaging (FZC) SPC (Oman, incorporated 15 Sep 2025): shown "under liquidation" in the director table; never traded.
• Promoter Group also includes about 41 entities, HUFs and firms (Arbuda quarries and minerals firms, Nest Infrastructure, Anantam Infra, Ashwamegh Wire Industries, ADP Flexipack Manufacturing PLC, Knack Foundation charitable trust). Country of ADP Flexipack: Not Available.
• Group companies per the SEBI definition: Knack Energy Pvt Ltd, ADP Packaging Pvt Ltd, Knack International Pvt Ltd (all unlisted; each promoter is a director of at least one). Candidates rejected as separate investable names but relevant as related parties: Knack Packaging (partnership), Knack Flexipack LLP, Knack Polymers, Knack Enterprises Technopack.

Analysis: Knack International's receivable (Rs 38.03 m) exceeds FY26 sales to it (Rs 31.56 m) and is about 32x its net worth: credit exposure to a thinly capitalised related party. Source: Summary_Group_Copmanies_Financial.pdf on the company website.

Related-party transactions (restated consolidated, Rs m)

Aggregate of absolute related-party transactions: 12.15% of revenue (FY26), 20.41% (FY25), 20.51% (FY24). [Fact] prospectus p.101; tables p.87-101.

Balances at 31 Mar 2026 (as read; the PDF layout is dense, treat to row-alignment): JV loans and advances 192.37; Knack Flexipack LLP loans 35.42; trade receivables from Knack International 38.03 and Sayem Knack JV 23.74 (plus Knack Polymers 1.94, Flexipack 0.82, Technopack 0.63); security deposits with four promoter-family women 22.52; payables to Knack Technopack 7.63. Balances of unsecured loans and outstanding salary owed to directors, relatives and HUFs at 31 Mar 2024 (about Rs 109 m by our addition [Est.]) were nil at 31 Mar 2025 and 31 Mar 2026.

Leases and properties with promoters

The registered office (Ahmedabad) and the Unit-1 factory at Borisana, Kadi (30-year leases dated 2018-2019, original terms) are leased from the three promoters, Tulsibhai Patel, Kamlesh Patel and relatives. The new IPO-funded plant is on 85,075 sqm leased for 20 years from five promoter and promoter-group individuals at Rs 0.11 m a month (about Rs 1.3 per sqm per month [Est.]; "arm's length" per management; rent starts 1 Apr 2026; 5% escalation every 3 years). Units 3 and 4 are leased from Praspack Polymers and Multipack Polymers (stated "no relation") for 11m29d periods; statutory approvals for those units stand in the lessors' names. Promoters also lease solar land and the labour colony to the company. Analysis: the entire existing and future asset base sits on land the promoters, not the company, own; the lease is cheap now but renewal terms are "by mutual consent".

Auditor, advisers, rating agencies

Litigation and regulatory record (as at 5 Jul 2026)

Red-flag register (ranked; mostly analysis)

Not Available (with where searched)

Supply Chain

Two halves: what Knack depends on (upstream resin, film, inks, machinery, leased capacity, labour) and who depends on Knack (downstream customers). Prospectus p.24-27, 199-204, 243-271; CARE; Q1 FY27 call. Tags as in Tab 1.

Value chain and where pricing power sits

Upstream: what Knack depends on

Raw materials

Supplier concentration and sourcing

[Est.] A single resin source supplying more than 35% and two suppliers more than 50% of spend, bought on the spot, is the main upstream fragility; cost-plus contracts for roughly half of customers mitigate it. Management said on CNBC-TV18 (11 Aug) that strong supplier relationships contain polymer volatility.

Downstream: who depends on Knack

Customer concentration

Named customers and relationship start

Cargill (2020; 2017 outreach per the call), Sacos y Empaques Internacionales (2013), Customer II (2019), Baba Agro Food (2020), Cristo S.A. (2018), Yash Packaging (2015), Drools Pet Food (2021), Shriram Woven Sacks (2018), Repi Soap & Detergent PLC (Africa; 2013), Ebro India (2019), KRBL (2013); also Laxmi Protein Products, Mosaic India, DCM Shriram and Montego Pet Nutrition (Pty) Ltd (named in Technopak Exh 12.3). Management also names Dawat/Kohinoor as conversion-priced customers. CARE adds ITC (award). [Fact] p.243, p.248, p.270; call p.8.

Cargill (largest customer)

Pricing model, retention and selling

Downstream chain summary

Competitive Position

Market position and rank

Industry size and growth

Global (Technopak, calendar-year basis, USD) [Fact, prospectus p.178-188]

Global PLWPP by region, CY2025: APAC 40.1%, North America 29.7%, Europe 22.3%, MEA 4.2%, South America 3.7%. By end-use: food and beverage 28.5%, bulk food/agri 21.4%, construction materials 21.4%, industrial and chemicals 19.2%, other 9.5%. The global flexible-plastic market is 58% unorganised / 42% organised (p.180, p.187).

India (Technopak, fiscal-year basis, INR) [Fact, prospectus p.194-199]

[Est.] Technopak itself says the 15% India PLWPP CAGR is helped by "the current low market base"; the same report puts global PLWPP at 5% (p.198, p.185). India PLWPP is being forecast to grow three times as fast as the world: a figure to haircut.

Sector drivers [Fact, p.181-186, p.199-204]

• Demand pulls: packaged food (global USD 3,375 bn CY25 to 4,450 bn CY29, 7.2% CAGR), packaged pulses 5.7%, rice 3.0%, flour 4.5%, spices 5.3%, dry fruit 5.5%, sugar 3.2%, pet food 5.9% (to USD 143 bn), animal feed 5.4%, seeds 11.0%, fertiliser 4.7%, cement 5.4% (Exhibit 2.7 values garbled in extraction: indicative CAGRs). Knack names pulses 5.7%, spices 5.3%, rice 3.0% and pet food 6.4% as its focus sectors (p.251).
• Shift from jute, uncoated PP and paper to PLWPP for branding, barrier, strength and reuse; India's cost advantage in labour and the tape/fabric ecosystem versus China and Vietnam (p.182, p.186).
• Raw-material chain: domestic PP from Reliance, Indian Oil, ONGC; virgin PP INR 88,054/MT (Jan 2024) to 93,185/MT (Apr 2025) (p.199, p.202).

Peer comparison

Technopak "direct peers", FY2025, INR mn (mostly private; Aeroflex Neu is the one confirmed listed name) [Fact, p.235-241]

Source: Technopak Exh 12.1, 13.1-13.5, 13.11. [Est.] The ROE/ROCE rows of Exh 13.6/13.11 extracted with column scrambling; the FY25 summary row (13.11) was used and ROE cross-checked against 13.6 for Knack, Mayur, Lakhdatar and Aeroflex (match). Treat peer ROCE as plus or minus an error; plant and capacity cells were re-assigned by row order. Knack's definitions here (EBITDA 18.1%, PAT 10.0%) are Technopak's FY25 basis.

[Est.] Reading: Knack's revenue is 2x the next peer in the set, its EBITDA margin is 18.1% against a peer median of about 5.5%, and it is the only firm with ROCE above 40%. That is an extraordinarily wide gap for a sector CARE calls "fragmented ... low entry barriers". Either Knack's mix (pinch-bottom, exports, cost-plus conversion contracts) really is differentiated, or the peer set (largely coated, FIBC and plain-bag makers) is not like-for-like. The company itself says the peers are not comparable.

Knack's margins by definition [Fact]

Listed comparators, live data 21 Oct 2026 (Screener, consolidated) [Fact]

Screener peers accessed 21 Oct 2026 (TIMETECHNO, TCPLPACK, MOLDTKPAC, EMMBI, UFLEX, COSMOFIRST). Mold-Tek: Screener's P&L extraction conflicted with the prospectus (INR 8,866 mn FY26 revenue), so only its valuation figures are taken from Screener; its price of Rs 299 against Rs 712.45 in the prospectus on 2 Jul 2026 and market cap Rs 1,985 cr imply a share-count change since July [Est.]. Aeroflex Neu has no usable live Screener page (the symbol tried belongs to a different company, Aeroflex Industries): Not Available live.

Prospectus peer set and IPO-time versus now [Fact + Est.]

[Est.] Knack priced at about a 28% discount to the peer average at IPO (on the flattering pre-IPO EPS basis; 22.4x on the diluted basis) and has re-rated to roughly equal with TCPL and Mold-Tek on ROE and ROCE that are 2-3x higher on the company's definition. At Rs 199 it trades at 26.3x diluted FY26 earnings against a peer average of about 25x. NAV per share Rs 30.82 (Mar-26), Rs 56.24 post-issue. Knack is smaller than all three listed peers on revenue (Rs 823 cr against Rs 887-6,105 cr) but earns higher margins and returns and has grown PAT faster. Market cap at issue Rs 170 x 122.365 mn shares = Rs 2,080 cr.

International and low-cost competitors

Industry structure, entry barriers and Porter's five forces

Policy and regulation

India, plastics [Fact unless tagged]

[Est.] Net read: policy is a medium-term risk for virgin-PP sacks but also a tailwind for recyclable mono-material PLWPP versus multiwall paper and multilayer laminates, the thesis Knack and Technopak both advance. The unresolved item is whether EPR obligations land on Knack as a producer and in its pricing.

India, labour, trade and industrial policy [Fact]

• Four Labour Codes effective 21 Nov 2025; Knack booked a Rs 10.77 mn FY26 exceptional item for past-service cost.
• Foreign Trade Policy 2023 and export benefits (RoDTEP, duty drawback, advance authorisation, EPCG); Gujarat textile policy 2012 interest subsidy; RR-TUFS/ATUFS capital subsidy. Export incentives booked Rs 25.82 mn FY26 (Rs 24.18 mn FY25; Rs 5.71 mn FY24); subsidy income nil in FY26 vs Rs 19.17 mn in FY25. Dependence is small (0.3% of revenue) (p.62, p.276).
• Gujarat Industrial Policy 2020 (MSME and large-project incentives); 100% FDI automatic route for manufacturing (p.274, p.276). Production Linked Incentive and "Atmanirbhar" schemes (Technopak, general; p.170-171): no PLI applies specifically.

Global policy [Fact, Technopak]

• US tariff on Indian goods: 50% imposed in 2025 (indirect hit via packaged-goods demand); a proposed cut to 18% "materially enhances competitiveness" (p.204). Management: Cargill continued to buy through "8 months of 50% tariff" and rejected an Oman plant; exports are FOB so tariffs fall on the buyer, and the company reported no material impact (Moneycontrol 25 Jun 2026). The US tariff regime as of 21 Oct 2026 is Not Available beyond this; confirm before relying.
• EU Packaging and Packaging Waste Regulation (PPWR), EU ban on intentionally added microplastics, US state EPR laws, California Plastic Pollution Reduction Act, China non-recyclable plastic bans (p.182, p.184, p.54-55). Management notes Knack targets EU, Australia, Gulf and Africa (p.252).
• West Asia conflict: higher crude, freight and rerouting; elevated polymer prices into 2026 (p.204; CARE p.2). Q1 FY27 realisation +16.7% y/y shows it flowing through.

Technopak SWOT highlights [Fact, p.202-203]

Strengths: domestic PP ecosystem (Reliance, IOC, ONGC), format versatility, customer lock-in through cylinder and artwork investment. Weakness: environmental perception of plastics. Threats: PWM Rules and thickness bans, paper/jute/PLA substitution, resin volatility, specialty-film import disruption, sustainability-driven shifts.

Risks & Red Flags

Severity and likelihood are our judgements [Est.]; evidence is [Fact] with source. Rows 1-25 follow the market-file register; rows 26-36 add financial and governance items from the other files. Unresolved factual conflicts are in the Tab 2 register.

Red-flag checklist

Concall Highlights & Guidance

The call of 10 Aug 2026 (Q1 FY27)

Speakers: Alpesh T. Patel (Chairman and MD) and Dr Ajay Kumar Dubey (CFO). Eight questioners, all buy-side or advisory, no brokerage research analysts: Raman KV (Sequent Investments), Dhananjai Bagrodia (Alchemy, also an anchor via Alchemy Long Term Ventures Fund II), Nirav Jimudia (Anvil Wealth), Lakshminarayanan (Tunga Investments), Nihal Shah (Prudent Corporate Advisory), Ashish Soni (a family office), Nitin Gandhi (Inoquest Advisors) and an individual investor (Ram Singh). [Fact]

What the questions probed

The research files list the topics asked but do not attribute each question to a named participant, so none is attributed here.

Claims versus documents

Guidance versus actuals: credibility ledger

Management has issued no numeric revenue, margin or volume guidance (confirmed on the call, p.13 and in the CNBC-TV18 interview). The ledger tracks stated schedules, third-party expectations and qualitative promises.

Reading [Analyst View]: the only dated promise (plant timing) has already slipped; the call's one soft commitment (Q1 sales maintained) is tested on 27 Oct. Tone on 10 Aug: confident, unhedged on pass-through, evasive on guidance, and dismissive of peers.

Other management communication

News and filings timeline (newest first) [Fact]

21 exchange filings between 8 Jul and 17 Oct 2026 were reviewed. Media: no investigative, short-seller or critical article found; critical points appear only as one-line "risks" (customer concentration, execution, lock-ins). Third-party media coverage and sell-side reports were otherwise not reachable in the narrative research (see Tab 12 for the market-side search).

Recurring themes and contradictions

• Pass-through is "same day" and symmetric; the transcript on falling prices is garbled and the Q2 print will show what actually happens.
• "No genuine peer" while the prospectus values Knack against three listed names and Technopak names ten peers.
• Contract status: Cargill on a contract (call) vs no contracts with the top 10 (prospectus) vs "renewal of contract for three years" ending Dec 2028 (filing).
• Capacity statements (43,300; 48,000+; about 70,000; 76,010-76,790) rest on different bases.
• Order book Rs 130 cr "in hand" versus a Rs 150 cr a year contract announced seven weeks later: the second is not additive.
• Tone: confident, commercial, no numeric guidance; the participants were mostly shareholders or advisers (one an anchor investor), none from sell-side research.

Growth, Outlook & Valuation

Pre-results: Q2/H1 FY27 is due 27 Oct 2026 and is not used here. Valuation inputs: price Rs 199.09 (NSE close, 21 Oct 2026), 12.2365 cr shares.

Order book and revenue visibility

Expansion plan: the Borisana plant (use of IPO money)

Offer expenses: Rs 33.37 cr in total (7.59% of the offer), of which BRLM fees including underwriting Rs 17.37 cr (3.95%); company bears Rs 28.85 cr (Rs 288.51 mn). No part of the proceeds repays promoter loans. Monitoring agency: CARE Ratings Ltd (agreement 23 Jun 2026); the first report is due about mid-November 2026 (quarterly): Not Available yet. Project report: CARE Analytics and Advisory Pvt Ltd (13 Jun 2026); capacity certificate: RBSA Advisors LLP (13 Jun 2026). Capacity today and after: see Tab 3 and the Tab 2 register.

Catalysts and drivers

• Long-term drivers: shift from jute, uncoated PP and paper to PLWPP; India PLWPP bulk bags forecast at 15% CAGR (haircut: global 5%); pinch-bottom share rising from about 10% (2023) to 22.5-23%; new markets (Europe, Australia, Gulf, Africa); new products (PLPE pinch-bottom, zipper, block-bottom variants); 90% renewable power by 2030; Mexico JV and South Africa subsidiary as local-production platforms.
• Tailwinds: mono-material recyclability against EPR rules; Knack's recycled content (72% PP woven, 38% laminated) already above any Cat II/III threshold; India cost advantage over Thailand, Vietnam, China. No PLI applies.
• Headwinds: resin volatility; US tariff regime (50% in 2025, 18% proposed); EPR category and registration unresolved; substitution; rented-capacity renewals.

Management guidance and Street view

Valuation

Peers (Tab 9): Time Technoplast 16.7x, TCPL Packaging 29.0x, Mold-Tek Packaging 31.2x (live, 21 Oct); at the IPO date 18.39x, 27.70x, 32.49x with a stated average of 25.44x. A three-year average multiple is not computable: Knack has been listed for 3.5 months. Forward P/E: Not Available (no estimates). The multiple on an IPO-diluted basis has expanded from 22.4x to 26.3x FY26 EPS.

Illustrative arithmetic only, not a target or forecast. 22x is close to the 22.4x at the issue price; 18x is the pre-IPO-EPS multiple at the issue price. At Rs 199.09 the market is paying 26x FY26 and 24x TTM earnings, the top of the grid.

IPO terms

Subscription, grey market and listing

• Chittorgarh reports 61.10x because it divides the same 158.04 crore bids (1,58,03,51,432 shares) by the full issue size of 2,58,65,164 shares, which includes the 77.2 lakh anchor shares. 83.33x is the ex-anchor exchange convention. [Est.] Our division: 1,580,351,432 / 25,865,164 = 61.10; / 18,964,018 = 83.33.
• Prospectus category sizes (QIB ex-anchor 5,147,059; retail 9,007,353; NII 3,860,295; total non-anchor 18,144,577) differ slightly from the exchange bidding base because exchange figures reflect reservation spill-overs and rounding. Implied bid value at Rs 170 is about Rs 26,900 cr (QIB about Rs 14,000 cr; NII about Rs 9,600 cr; retail about Rs 3,200 cr) against a Rs 439.5 cr issue [Est.].
• Most demand was last-day (QIB 3.48x at the end of day 2 became 154x), classic for institutional and leveraged-HNI books. Business Standard, Moneycontrol and Mint quote the same 83.33x, 154.34x, 139.81x and 20.07x.
• Grey-market premium path (IPO Central): 25 Jun Rs 15; 29 Jun Rs 13; 30 Jun Rs 15; 1 Jul Rs 23; 2 Jul Rs 27; 3-4 Jul Rs 28; 6 Jul Rs 18; 7 Jul Rs 18 (implied listing Rs 188, exactly where it opened on NSE). India Infoline quoted Rs 35 on the final bidding day and Fortune India about Rs 13 on listing morning: GMP is not standardised, treat as noisy.
• Listing day 8 Jul: NSE open Rs 188 (+10.59%), low 180.33, high 192, close Rs 182.98 (+7.64%); BSE open 186 (+9.41%), high 192, low 180.25, close 182.70; market cap at close about Rs 2,239 cr; NSE volume 360.4 lakh shares (29.4% of all shares; 48% delivery). Beat the GMP expectation (Fortune India: "beat Street estimates").

Anchor investors (30 Jun 2026): 11 entities, 14 schemes, Rs 131.25 cr at Rs 170

77,20,587 shares (29.85% of the issue, 60.03% of the QIB portion). Moneycontrol, 30 Jun: "raises Rs 131.2 crore from 11 anchor investors". Source: Chittorgarh.

[Est.] By type: AIFs 4 funds Rs 55 cr (41.9%); MFs 7 schemes of 4 AMCs Rs 44 cr (33.5%); FPI 1 Rs 15 cr (11.4%); insurer 1 Rs 12.2 cr (9.3%); NBFC/corporate 1 Rs 5 cr (3.8%). The domestic MF plus insurer reserve (40% of the anchor book) was met. An AIF (Axis) took 30% of the book. No large-cap global long-only names, no FII majors: mid-tier, small-cap-oriented houses. Lock-in: 50% ended 4 Aug 2026, 50% ended 3 Oct 2026 (MarketScreener headline of 2 Oct: "3,860,294 equity shares ... Lock-Up Agreement ending 3-Oct-2026").

Price action since listing

• Intraday extremes: high Rs 221.90 on 10 Aug (BSE), low Rs 171.40 on 16 Sep (BSE); Screener shows 222/171 (Investment Guru India, 5 Oct 2026). Close high Rs 215.32 (10 Aug) to close low Rs 176.58 (29 Sep) = -18.0%, then +12.7% to Rs 199.09 [Est.].
• About 18.1 cr shares traded since listing (1.48x the entire equity); the first three sessions alone traded 7.6 cr shares against a free float then of about 2.2 cr shares. Average daily volume about 13 lakh shares (last 20 sessions), about Rs 26 cr a day, delivery 40-55% [Est.].
• All 73 closes (including 21 Oct) are above Rs 170; closes below Rs 180 only on 15, 16, 28 and 29 Sep.

Event study [Est.]

Reading: both anchor-unlock dates were followed by rises on strong volume: unlocked anchor paper was absorbed rather than dumped. Caution: the 5-7 Oct rally also coincided with the order headline, so attribution is mixed.

Positioning, flows and sentiment

• Smart money: mutual funds 2.46% to 3.82%; Bank of India Small Cap Fund 2.30% (not an anchor); AIFs 3.14% to 2.99%; FPIs 1.21% to 1.28%; insurance 0.70% to 0.29%; banks and NBFCs fully exited (Tab 7). DII 7.10% and FII 1.28% at 30 Sep (Screener); institutions about 8.4%; retail (listed holders) 18.7% (small 6.8% plus large 11.9%, of which 8.3% is the Kamlesh block).
• Supply: about 35% of equity (27.1% promoter-group individuals plus 8.3% Kamlesh family) free to sell about 6 Jan 2027; promoters' excess over 20% after one year. The most important technical overhang.
• Media tone: uniformly positive-to-neutral; coverage clusters at IPO (Business Standard, Moneycontrol, Mint, ET, Outlook Money, Fortune India, India Infoline, INDmoney, Groww), listing, Q1 results (Business Standard capital-market wire; SMEStreet; THE PACKMAN; Machine Maker), the 2 Oct order (scanx.trade, TradingView, MarketScreener, Investment Guru India) and aggregator quote pages (Upstox, CNBC TV18, Value Research, Univest, MarketSmith). Nearly every piece repeats company numbers (10.1% share, 74 countries, 41% growth, PAT +48%). No investigative, short-seller or critical article found.
• Contrary evidence the media did not pick up (our reading of the filings): forex gain inside EBITDA; labelled revenue-growth inconsistency in the press release; CS exit within 16 days; promoter-land dependence; Q4 FY26 margin dip.
• Social: ValuePickr search for "knack packaging": zero topics. Chittorgarh message board exists but content not retrievable. Reddit, X, Telegram, StockTwits, Tijori/Trendlyne forums: Not Available (blocked or not searchable). No inference drawn. Not in F&O; no short-interest or derivatives data.

What would change the picture

• Q2 FY27 (27 Oct): whether Q1's 21% operating margin, 41% revenue growth and rising pinch-bottom mix persist, and whether other income and forex are reported separately.
• First broker initiations; the January 2027 lock-in release; MF accumulation versus distribution in the September-December shareholding patterns.
• Plant construction orders (Rs 284.9 cr of machinery unplaced at the prospectus date) and October 2027 commissioning; the first CARE monitoring report.
• Governance headlines: further KMP exits; RPT disclosures with Knack Energy and the Mexico JV.

Final Verdict

[Analyst View] Aamara Capital, 21 Oct 2026. Pre-results: Q2/H1 FY27 board meeting 27 Oct 2026 is the nearest catalyst.

Why each rating

Base case (12-18 months)

Arithmetic only: PAT / 12.2365 cr shares x multiple. Compare Rs 199.09 today. The base multiple of 20x is below today's 23.7x TTM and 26.3x diluted FY26, because we think peer parity on a headline margin is generous.

Five things to remember

1. The stock closed above the Rs 170 issue price on all 73 sessions; Rs 199.09 on 21 Oct is +17.1%, and the multiple has gone from 22.4x to 26.3x diluted FY26 EPS in 3.5 months.
2. The Q2/H1 FY27 result on 27 Oct 2026 is pre-announced as a board meeting only; the report you are reading uses no Q2 data.
3. Operating EBITDA margin was 18.45% in FY26 (headline 20.42%); about 1.8 of the 3.65 pp expansion since FY24 came from cutting promoter-family pay from about Rs 19.8 cr to Rs 5.0 cr; RoCE is 46.7% by the company's definition and about 32% on equity plus total debt.
4. Capacity and contract numbers conflict (43,300 / about 41,300 / 48,000+ MT; about 70,000 vs 76,010-76,790 MT; "no contracts" vs a 2+1-year Cargill contract); the Rs 150 cr a year order is probably a Cargill renewal and is not additive to the Rs 130 cr order book [Est.].
5. About 35% of equity (promoter-group individuals plus the Kamlesh family, whose 8.26% is classified public but shows as relatives in RPT tables) becomes tradable around 6 Jan 2027.

Five questions before investing

1. What do the Q2/H1 numbers show for volume (Q1: 10,940 MT), EBITDA per kg (Q1: about Rs 54), realisation and other income, and does the first use-of-proceeds statement match the plan (Rs 150 cr plant spend and Rs 31.15 cr general purposes by 31 Mar 2027)?
2. Is the Cargill (or other) arrangement a binding contract with volume commitments and termination terms, and is the Rs 150 cr a year filing the same relationship as the Rs 130 cr order book?
3. Were purchase orders placed before the quotations expire on 30 Nov 2026, will October 2027 hold, and what replaces Unit-3 capacity when its lease ends about Jan-Feb 2027?
4. What did Knack Energy sell Knack for Rs 117.7 m plus a Rs 49.9 m advance, what supports the Rs 192.4 m of JV loans and the Rs 220.9 m guarantee, and who is Bessher Holding?
5. How much of the January 2027 unlock will be sold, and who will absorb it on a 21% float with no sell-side coverage?

Triggers

Sources

One table per research file, as delivered. The six files were written by two agents and each defines its own source keys (S-codes), so the codes are not interchangeable between tables: "S4" in file 1 is not "S4" in file 5. Files 1, 4 and 5 carry formal source-key tables; files 2, 3 and 6 cite URLs inline, so their tables list each URL with what it was used for. All sources were accessed on 21 Oct 2026 unless a document date is shown. "p.N" in this report is the printed page number of the prospectus (dated 5 Jul 2026; 531 pages). Prospectus note pages 322-376 are image scans with no text layer and were not read.

File 1: Business, products, plants, supply chain (source key S1-S14 as defined in that file)

File 1 did not define S7 and S12. Its "Not Available" list: supplier names (withheld in S1; CARE names two only); Unit-4 capacity and plant-by-plant production after FY26; machinery order status for the new plant after 31 May 2026; order book other than "Rs 130 crore in hand"; annual report as a listed company.

File 2: Financials (inline URLs; no formal key)

File 2 "Not Available": FY21-FY23 detailed consolidated lines; standalone FY26 balance sheet and cash flow; analyst estimates and target prices; Q2/H1 FY27; FY26 annual report; monitoring-agency report; product-wise segment split.

File 3: Governance, ownership and red flags (inline URLs; no formal key)

File 4: Market, competitors, policy, risk register (source key S1-S14 as defined in that file)

File 4 "Not Available": independent market-share data other than Technopak; live data for unlisted peers and Aeroflex Neu; FY26 results for other Technopak peers; Knack's EPR/CPCB registration and category; the US tariff rate in force on 21 Oct 2026; sell-side ratings. It also notes that web search was unavailable for that file.

File 5: Narrative: IPO, concall, guidance, orders, news (source key S1-S14 as defined in that file)

File 5 "Not Available": numeric management guidance (none given); Q2 FY27 results; transcript or slides from the 30 Sep conference; annual report, AGM notice, analyst day; Q1 FY27 export/domestic split, product mix and customer concentration. Its statement that subscription multiples, anchor list and listing-day open were unavailable is superseded by file 6.

File 6: What the market is saying: coverage, smart money, flows, sentiment (inline URLs; no formal key)

File 6 method note: web search was unavailable; curl was used on Screener, Chittorgarh, IPO Central, NSE archives and Google News RSS. Paywalled or dynamic content (Business Standard "Analysts back Knack Packaging IPO", ETMarkets "expert sees further upside", THE PACKMAN article body) is flagged Not Available.

Consolidated "Not Available" register (with where each was searched)