RFBL Flexi Pack Limited is engaged in manufacturing, trading and supplying flexible packaging products across India. The company manufactures multilayer flexible printed packaging materials, laminated printed pouches, rolls and packaging films used in food, FMCG, industrial and consumer product packaging. The company earns revenue mainly through manufacturing and sale of customised flexible packaging products to businesses requiring packaging solutions for product protection, branding and shelf-life enhancement. Revenue from operations increased from ₹46.85 crore in FY23 to ₹135.46 crore in FY25.

Key Clients, Manufacturing Facilities and Infrastructure

RFBL operates its manufacturing facility at Himatnagar, Sabarkantha, Gujarat, which also serves as its registered office. The facility manufactures flexible packaging products including multilayer laminates, pouches and printed rolls. The plant supports customised production requirements for industrial and consumer packaging clients. The company has expanded significantly over the last few years, crossing ₹50 crore revenue in FY23 and ₹100 crore revenue in FY25, reflecting strong client additions and business growth.

Product Portfolio and Order Execution

The company’s product portfolio includes multilayer flexible printed packaging materials, polyester poly laminated pouches, printed paper rolls, low-density surface printed bags and laminated rolls. These products are widely used for packaging applications where shelf life, moisture protection, branding and transportation safety are critical. Flexible packaging plays an important role in extending product life cycles for FMCG and food companies. RFBL focuses on timely execution of orders through in-house manufacturing and working capital management. Trade receivables stood at ₹30.83 crore as of November 30, 2025, indicating active business execution and customer order flow.

Expansion Plans, Capex and Future Growth

The company has shown rapid expansion in operations and scale over the last three years. Revenue increased from ₹79.95 crore in FY24 to ₹135.46 crore in FY25, while EBITDA increased to ₹12.57 crore in FY25. Long-term borrowings increased to support expansion activities and operational growth. The IPO proceeds are expected to support future business expansion, working capital requirements and strengthening manufacturing operations. The company also converted from a private company into a public limited company in 2023 to support long-term growth plans and public market access.

Employees and Banker

As of November 30, 2025, the company had 24 full time employees. The Banker to the Company is namely, Canara Bank.

Management and Growth Vision

RFBL Flexi Pack is promoted by Kunjit Maheshbhai Patel and Roopyaa Tradebizz Limited. The management has focused on scaling the company aggressively over the last few years. Under the leadership of the promoters, the company crossed the ₹50 crore revenue milestone in FY23 and ₹100 crore revenue milestone in FY25.

The management’s strategy is focused on increasing manufacturing capacity, improving operational efficiency and expanding customer reach in the flexible packaging industry. Flexible packaging demand is increasing rapidly because of rising consumption in FMCG, food processing and retail sectors. RFBL aims to benefit from this demand through customised packaging solutions and faster order execution.

The company has also improved profitability significantly. EBITDA increased from ₹1.33 crore in FY23 to ₹12.57 crore in FY25, while PAT increased from ₹0.66 crore to ₹8.32 crore during the same period. The company reported Return on Equity (ROE) of 60.18% in FY25, which is higher than listed industry peers.

The management plans to fund future expansion through IPO proceeds, internal accruals, working capital support and banking relationships. The company has already raised debt to support business growth, with long-term borrowings increasing to ₹9.42 crore in FY25. The IPO is expected to strengthen the balance sheet and support future capacity expansion and operational scaling.

The promoters have also focused on strengthening corporate governance by converting the company into a public limited company and preparing it for NSE Emerge listing. The management intends to use the listing platform for future growth visibility, brand credibility and easier access to capital.

Industry Overview

RFBL Flexi Pack operates in the flexible packaging industry, which is an important part of the overall packaging sector. Flexible packaging is widely used in food products, FMCG goods, pharmaceuticals, agriculture and industrial packaging applications because it improves shelf life, reduces transportation costs and supports attractive branding.

India’s packaging industry is one of the fastest-growing sectors due to increasing urbanisation, rising disposable income, organised retail growth and expansion of e-commerce. Flexible packaging demand is growing rapidly because companies prefer lightweight, cost-effective and durable packaging materials.

The Indian flexible packaging market is estimated to grow at a strong CAGR over the next several years due to increasing demand from food processing, ready-to-eat products and consumer goods industries. Globally, the flexible packaging market is also expanding because of sustainability initiatives, reduced material usage and changing consumer preferences.

The industry has several organised and unorganised players. Some major listed companies in the sector include Uflex Limited, Huhtamaki India, EPL Limited, Sabar Flex India Limited and Uma Converter Limited. RFBL Flexi Pack competes mainly in customised packaging segments and focuses on customer-specific packaging solutions.

RFBL’s peer comparison shows strong operational performance. In FY25, the company reported revenue from operations of ₹135.46 crore and EBITDA margin of 9.28%, which compares favourably with listed peers. PAT margin stood at 6.15% and ROE stood at 60.18%, significantly higher than peers such as Uma Converter Limited and Sabar Flex India Limited.

The long-term outlook for the packaging industry remains positive due to increasing packaged food consumption, organised retail growth, pharmaceutical expansion and rising export opportunities. Flexible packaging companies are expected to benefit from higher demand for sustainable and innovative packaging solutions.

Major Risk Factors

1. Dependence on Raw Material Prices

The company’s profitability is dependent on prices of plastic resins, films and other packaging raw materials. Any sharp increase in raw material costs without corresponding price increases to customers may impact operating margins and profitability.

2. High Working Capital Requirement

RFBL operates in a business that requires significant working capital for inventory and receivables management. Trade receivables stood at ₹30.83 crore as of November 30, 2025. Delays in customer payments can impact liquidity and cash flows.

3. Competitive Industry Structure

The flexible packaging industry is highly competitive with several organised and regional players. Competition can lead to pricing pressure, lower margins and challenges in retaining large customers over the long term.

4. Dependence on Manufacturing Facility

The company primarily operates from its Gujarat manufacturing facility. Any disruption due to machinery breakdown, labour issues, natural disasters or regulatory issues may affect production schedules and customer deliveries.

5. Debt and Financial Leverage

The company has increased borrowings to support expansion and operational growth. Long-term borrowings stood at ₹9.42 crore in FY25. Higher debt levels may increase finance costs and impact profitability during weak business cycles.

6. Customer Concentration Risk

The packaging industry often depends on repeat business from a limited number of large customers. Loss of key customers or lower order volumes may impact revenue growth and business stability.

7. Regulatory and Environmental Risk

Packaging companies are exposed to environmental regulations related to plastic usage and waste management. Any stricter government policies on plastic packaging materials may require additional investments and operational changes.

Key Strengths, Business Moat and Opportunities

1. Strong Revenue Growth

RFBL has reported strong growth in revenue from operations from ₹46.85 crore in FY23 to ₹135.46 crore in FY25. This reflects strong market demand, customer additions and increasing scale of operations.

2. Improving Profitability

The company significantly improved profitability with EBITDA increasing from ₹1.33 crore in FY23 to ₹12.57 crore in FY25. PAT also increased to ₹8.32 crore in FY25, reflecting better operational efficiency and scale benefits.

3. High Return Ratios

RFBL reported ROE of 60.18% and ROCE of 32.70% in FY25, which are substantially higher than many listed peers. These ratios indicate efficient capital utilisation and strong profit generation capabilities.

4. Growing Flexible Packaging Industry

The company operates in a high-growth industry supported by rising packaged food demand, retail expansion, e-commerce growth and increasing need for cost-effective packaging solutions across industries.

5. Customised Product Offering

RFBL offers customised packaging products based on client requirements. This helps build long-term customer relationships, repeat orders and stronger business positioning in specialised packaging applications.

6. Strategic Manufacturing Location

The manufacturing facility in Gujarat provides access to industrial markets, transportation networks and raw material supply chains. This supports efficient distribution and operational flexibility.

7. SME Listing Benefits

The NSE Emerge listing is expected to improve the company’s visibility, credibility and access to capital markets. It may also support future expansion, capacity additions and stronger corporate governance standards.