Key Metrics of Knack Packaging Limited
About Knack Packaging Limited
Sectors
Company details
- Registered office
- 330/a, Kalasagar Shopping Hub, Opp. Saibaba Temple, Near Satadhar Cross Road, Ghatlodia, Ahmedabad, In-gj, 380061
- Listed
- NSE: KNACK · ₹197.17
Operational Areas of Knack Packaging Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 10 Apr 2026 | CARE | Reaffirmed | A- | A2+ | Stable | ₹213 Cr | View |
| 09 Apr 2025 | CARE | Upgraded (from BBB+) | A- | A2+ | Stable | ₹203 Cr | View |
| 22 Mar 2024 | CARE | Revised | BBB+ | A2 | Positive | ₹182 Cr | View |
| 05 Apr 2023 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹137 Cr | View |
| 05 Apr 2022 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹206 Cr | View |
| 31 Mar 2021 | CARE | Revised (from BBB) | BBB+ | A2 | Stable | ₹206 Cr | View |
| 18 Feb 2020 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹133 Cr | View |
| 27 Dec 2018 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹48.8 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Growing scale of operations and profitability
KPL reported TOI of ₹733.07 crore in FY25 compared to ₹647.76 crore in FY24, reflecting year-on-year (y-o-y) growth of ~13%, driven by an increase in sales volumes. In 9MFY26, KPL reported TOI of ₹627.20 crore and is expected to achieve TOI of ~₹825– 830 crore for FY26, supported by sustained volume growth.KPL reported improvement in PBILDT margin to 18.60% in FY25 from 15.51% in FY24 due to lower key managerial personnel (KMP) remuneration on a y-o-y basis in FY25, and increased sales of high
+ Comfortable financial risk profile
Capital structure improved and remained comfortable, marked by an overall gearing of 0.88x as on March 31, 2025, compared to 1.32x as on March 31, 2024. Overall gearing improved to 0.72x as on December 31, 2025. Improvement in overall gearing was driven by an increase in net worth due to accretion of profits to reserves and stable debt levels. Debt coverage indicators also strengthened marked by interest coverage at 8.05x in FY25 from 6.58x in FY24, while TD/PBILDT improved to 1.38x as on March
+ Experienced promoter group
KPL’s promoter group consists of family of Alpesh Patel, Rashmin Patel and Pravin Patel, who have been engaged in the woven sacks industry since 1994 through partnership and proprietorship firms. Pravin Patel heads finance, Alpesh Patel oversees marketing, and Rashmin Patel manages production. The promoters is supported by qualified and experienced functional teams, which aids in smooth day-to-day operations. Established operations with continuous upgradation of its manufacturing facilities
+ Established operations with continuous upgradation of its manufacturing facilities
Started in 2013, KPL is engaged in manufacturing woven fabrics and bags, including PLWPP bags and PLWPP Pinch Bottom bags. KPL focused on delivering high quality printing to its customers in domestic and export market. To propel its growth, KPL had undertaken capex in FY24 towards capacity expansion from 28,800 MTPA to 36,400 MTPA by adding one, six side printing line for premium products especially for export market, and additional factory building. Installed capacity further increased to ~41,3
+ Diversified clientele
KPL has established relationships with customers across diverse end-user industries, including grains, pulses, animal food among others. Over the years, the company consistently secured repeat orders, reflecting stable customer relationships. KPL exports its products to clients in over 70 countries. Export contribution remained at ~56% in both FY25 and FY24, with the United States of America (US) being the largest export destination, accounting for ~50% of exports. While exports support revenue
Credit challenges
− Operating profit susceptible to raw material price volatility and foreign exchange rates
KPL’s key raw materials include HDPE/PP granules and BOPP films, which it procures from domestic markets. These key raw materials, being derivatives of crude oil, make KPL’s operating profitability susceptible to volatility in crude oil prices. In recent days, the company faced significant raw material price rise due to the ongoing Middle East conflict, however, the company maintains sufficient stock and management is confident to pass on the price rise to its customers. The company does not hed
Could lead to an upgrade
• Increase in scale of operation marked by total operating income (TOI) to over ₹850 crore, while maintaining healthy profit before interest, lease rentals, depreciation and taxation (PBILDT) margin of over 15% on a sustained basis. • Improvement in its capital structure marked by overall gearing below 0.5x or total debt to PBILDT (TD/PBILDT) below 1x.
Could lead to a downgrade
• Significant decline in scale of operation with TOI falling below ₹550 crore or deterioration in PBILDT margin below 12% on sustained basis. • Deterioration in overall gearing above 1.2x, interest coverage below 5x and TD/PBILDT of over 3x.
Agency-reported financials (CARE, 10 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹648 Cr | ₹733 Cr | ₹627 Cr |
| PBILDT* | ₹100 Cr | ₹136 Cr | ₹128 Cr |
| Profit after tax (PAT) | ₹45.10 Cr | ₹71.10 Cr | ₹73.45 Cr |
| Overall gearing (x) | 1.32× | 0.88× | 0.72× |
| Interest coverage (x) | 6.58× | 8.05× | 12.17× |
| Revenue growth (YoY) | — | 13.2% | — |
| PAT margin | 7.0% | 9.7% | 11.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹63.3 Cr | — | A- (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹142 Cr | — | A- / A2+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹7.50 Cr | — | A2+ | Reaffirmed | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹3.50 Cr | CARE A-; Stable / CARE A2+ |
| Bill Discounting/ Bills Purchasing | — | Withdrawn |
| Credit Exposure Limit | — | Withdrawn |
| EPC/PSC | ₹7.50 Cr | CARE A2+ |
| LT/ST | ₹138 Cr | CARE A-; Stable / CARE A2+ |
| Term Loan | ₹63.3 Cr | CARE A-; Stable |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 65% |
| Information on file | 78% · missing: Audited financial statements (last 18 months), Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 65% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 12.17×
- Working-capital limits 95% utilised on average
What happened, step by step
- Mar 2021 — Project / plant of ₹34 cr
- Mar 2021 — Term debt tied up
“To propel its growth, KPPL had expanded its capacity over the period with last project in FY20 with project cost of Rs.34 crore which was funded through a term debt of Rs. 16 crore, and the balance was funded from unsecured loans fro m promoters and internal accruals of the company.”
Rated limits by facility
Timeline
From the report
Cash flow from operations stood at ₹60.60 crore in FY25 and ₹44.18 crore in FY24.
From the report
However, its average fund-based working capital limit utilisation remained high at ~90-95% for 12 months ended February 2026, owing to working capital intensive operations.
From the report
KPPL is under-going capex to set up 10.8 MW solar power plant at a cost of ₹38.50 crore expected to be commissioned from July 2025, which would help KPPL reduce its power costs going forward.
From the report
Cash flow from operations stood at ₹34.96 crore in FY24 and ₹27.15 crore in FY23.
From the report
KPPL had free cash and bank balance of ₹4.69 crore as on December 31, 2024.
From the report
However, its average fund based working capital limit utilisation remained at ~88% for 12 months ended November 30, 2024 , owing to working capital intensive operations .
From the report
Further, KPPL has set up a 2.1 MW windmill plant at cost of Rs.16.26 crore which was financed via term loan of Rs.13.9 crore and balance from internal accruals.
From the report
Further, KPPL is planning for setting up 10.80 MW solar plant at a cost of Rs.35 crore, which is expected to be funded from term loan of Rs.30 crore and balance from internal accruals, which would help KPPL reduce its power costs going forward.
From the report
KPPL had free cash and bank balance of Rs. 4.73 crore as on March 31, 2023.
From the report
However, average fund based working capital utilization remained moderate at ~71% p.a. for past 12 months ended in November 2023.
From the report
Also, it has plans to add lamination and printing line while fabric is planned to be purchased from third partieswith total project cost of around Rs.23 crore to be funded from term loan of Rs.15 crore as balance from internal accruals.It has also set up solar power project of 2 MW.
From the report
KPPL had free cash and bank balance of Rs. 3.03 crore as on March 31, 2022.
From the report
However, average fund based working capital utilization remained high at ~86% p.a. for past 12 months ended in January, 2023.
From the report
Cash flow from operations stood at Rs. 20.30 crore in FY21 as compared to Rs. 11.49 crore in FY20.
From the report
KPPL had free cash and bank balance of Rs. 3.41 crore as on March 31, 2021.
From the report
However, its average fund based working capital utilization remained high at 88% for past 12 months ended January 31, 2022.
From the report
KPPL had availed the moratorium granted by its lenders as a Covid relief measure, as permitted by the Reserve Bank of India, for the period of March-May 2020 on the EMI repayment obligation of two of its term loan accounts.
From the report
To propel its growth, KPPL had expanded its capacity over the period with last project in FY20 with project cost of Rs.34 crore which was funded through a term debt of Rs. 16 crore, and the balance was funded from unsecured loans fro m promoters and internal accruals of the company.
From the report
Moreover, its average fund based working capital utilization remained low at 56% for past 12 months ended January 31, 2021.
From the report
Cash flow from operations stood at Rs. 11.49 crore in FY20 as compared to Rs. 36.82 crore in FY19.
From the report
KPPL had free cash and bank balance of Rs.0.30 crore as on March 31, 2020.
From the report
Liquidity: Adequate Liquidity profile of KPPL is characterized by sufficient cushion in its cash accruals (around Rs. 20.43 crore) vis-à-vis repayment obligations of Rs. 6.78 crore in FY20, moderate cash flow from operations and operating cycle.
From the report
Liquidity: Adequate Liquidity profile of KPPL is characterized by sufficient cushion in its cash accruals (around Rs. 20.43 crore) vis-à-vis repayment obligations of Rs. 6.78 crore in FY20, moderate cash flow from operations and operating cycle.
From the report
Cash flow from operations stood at Rs. 19.83 crore in FY19 as compared to Rs. 9.50 crore in FY18.
From the report
However, its average fund based working capital utilization remained high at 85% for past 12 months ended November 30, 2019.
From the report
KPPL had cash and bank balance of Rs.1.30 crore (including lien marked FD of Rs. 0.09 crore) as on March 31, 2019. 2 CARE Ratings Limited Press Release Analytical approach: Standalone Applicable Criteria: Criteria on assigning Outlook and credit watch to Credit Ratings CARE’s Policy on Default Recognition Criteria for Short Term Instruments CARE’s methodology for manufacturing companies Financial ratios - Non- Financial Sector About the Company Incorporated in 2013, Ahmedabad based Knack Packaging Pvt.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Knack Packaging Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | jkpaper.com | — | Tapi, India | |
 Trident |
Part of Mondelez International. | tridentindia.com | — | India |
 Tamil Nadu Newsprint and Papers (TNPL) |
Paper, Pulp & Packaging · Cement, Building Materials & Polymers | tnpl.com | — | India |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | westcoastpaper.com | — | Dandeli, India | |
 Andhra Paper |
Paper, Pulp & Packaging · Cement, Building Materials & Polymers | andhrapaper.com | — | Rajahmundry, India |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | spbltd.com | — | Erode, India | |
| Satia Industries | Paper, Pulp & Packaging · Cement, Building Materials & Polymers | — | — | Muktsar, India |
 Kuantum Papers (India) |
Paper, Pulp & Packaging · Cement, Building Materials & Polymers | kuantumpapers.com | 1979 | India |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | orientpaperindia.com | — | Bhubaneswar, India | |
 Shrenik Limited |
Paper, Pulp & Packaging · Trading | ulphs.co.in | — | Ahmedabad, Gujarat, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.