A Meerut-based integrated printing, packaging and labelling company opens its Rs 29.06 crore BSE SME issue on September 23
S.K. Offset Ltd (SKOL) operates as an integrated provider of printing and packaging solutions — a one-stop supplier across printing, packaging and labelling, riding demand from publishing, FMCG, pharma and consumer-goods branding.
The business began with offset printing (a conventional process transferring ink from plates onto paper), commonly used for textbooks, brochures, catalogues, stationery, pamphlets, business forms and marketing materials where uniformity and bulk production matter.
Over time, SKOL added two more legs and forward-integrated. Its labelling business covers stickers, labels, barcodes and promotional materials (including roll-form and in-mould labels) for product identification, packaging information and branding.
Its packaging segment — expanded by acquiring new machines — designs and prints cartons, boxes and packaging materials: printed outer boxes, folding cartons, mono cartons, master cartons and customised formats for storage, transport, display and branding across sectors, plus digital design services for artwork, layout and print-ready files.
As an integrated player, SKOL offers offset printing of books, mono cartons, labels and master cartons, plus designing, graphics, lithography and publication of general/technical/children’s books, textbooks, magazines and journals — and also trades, imports and exports printing/packaging materials (paper, paperboard, foils, ink).
The forward integration lets customers source multiple products from a single supplier, supporting operational efficiency, capacity utilisation and diversification across products and customers.
The operating base is in Meerut. SKOL runs mainly from four facilities with an aggregate covered area of ~38,313 sq ft. It had 111 employees as of the offer-document date, and the promoters are Pradeep Agarwal, Priyanshu Agarwal and Ayush Agarwal.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 23, 2026 |
| Issue Closes | September 25, 2026 |
| Listing | BSE SME |
| Listing Date | September 30, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 119 – Rs 125 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 29.06 crore (23,25,000 shares, entirely fresh) |
| Min. Application | 2,000 shares (2 lots; multiples of 1,000 thereafter) |
| Min. Retail Investment | Rs 2,50,000 |
| Post-IPO Market Cap | Rs 96.79 crore |
| IPO as % of Post-IPO Capital | 30.03% |
| Lead Manager | Comfort Securities Ltd. |
| Market Maker | SMC Global Securities Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
The issue is entirely a fresh issue. From the net proceeds, SKOL will utilise Rs 18.66 crore for working capital, Rs 2.11 crore for capex on plant and machinery for the Meerut plant, and the rest for general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 5.42 crore to Rs 7.74 crore — a small base implying a longer gestation before mainboard migration, with promoter holding falling from 100% to ~69.97%.
Price Band
At the upper band of Rs 125, on FY26 earnings the issue is valued at a P/E of about 12.94x, with a P/BV of 3.42 on the March 31, 2026 NAV of Rs 36.50 (post-IPO NAV disclosure is missing).
GMP
Grey-market interest has been muted-to-flat. As of the days around opening, the S.K. Offset IPO GMP showed little to no premium
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 23.31 | 48.65 | 67.00 |
| Net Profit (PAT) | 0.72 | 1.54 | 7.48 |
| PAT Margin (%) | 3.35 | 3.20 | 11.22 |
| RoCE (%) | 9.99 | 10.78 | 22.91 |
Total income nearly tripled from Rs 23.31 crore in FY24 to Rs 67.00 crore in FY26 (up ~38% in FY26), but the profit line is the eye-catcher — and the concern: PAT jumped from Rs 0.72 crore (FY24) to Rs 1.54 crore (FY25) to Rs 7.48 crore (FY26), a near-quintupling in FY26 alone (a ~384% surge).
PAT margin exploded from 3.20% (FY25) to 11.22% (FY26), and EBITDA margin rose to ~21%.
The company reported an average EPS of about Rs 8.24 and an average RoNW of 28.68%.
Risks to Consider
PAT surging ~384% and margins jumping to 11.22% in FY26 — from ~3% in the prior two years, so the durability of both the growth and the margins is the central question; on the cleaner FY25 base the P/E is a steep ~63x.
High leverage. Total borrowings of ~Rs 34.58 crore against a net worth of ~Rs 19.78 crore (D/E ~1.75) is high for a small SME, and the raise funds working capital rather than deleveraging — so finance costs and financial flexibility remain key monitorables.
Rising trade receivables raise a cash-conversion concern, and Rs 18.66 crore of proceeds (the bulk) funds working capital — a cash-hungry model.
Printing and packaging is crowded and price-competitive with limited pricing power; margins are exposed to paper/ink input-cost volatility.
