Boss Packaging Solutions Limited IPO

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Boss Packaging Solutions Limited, originally incorporated on January 10, 2012, as “Boss Packaging Solutions Private Limited,” transitioned to a public limited company in August 2023. The company, headquartered in Ahmedabad, Gujarat, started its journey as a manufacturer of filling and sticker labeling machines and has since evolved into a comprehensive manufacturer, supplier, and exporter of diversified packaging machinery.

Product Portfolio

The company offers a wide range of packaging machines, including:
i. Filling Machines: Semi-Automatic and Automatic Liquid Filling Machines.
ii. Capping Machines: Semi-Automatic and Automatic Screw or ROPP Capping Machines, Pick and Place Screw Capping Machines.
iii. Labeling Machines: Self-Adhesive Sticker Labeling Machines, Hologram Applicator Machines, Shrink Sleeve Applicator Machines.
iv. Conveyors and Turn Tables.
v. Cleaning and Wrapping Machines: Air Jet Cleaning Machines, Semi-Automatic and Automatic Shrink-Wrapping Machines (Web Sealer), Electric Tunnels, and Winder Rewinder.

These machines are marketed under the “Boss” brand as well as under customers’ brands through white-labeling agreements. The company’s products serve various industries, including edible oil, lubricants, chemicals, cosmetics, pharmaceuticals, food and beverages, agriculture, and distilleries.

Market Presence and Clientele

Boss Packaging Solutions Limited has established a robust sales and distribution network across India, supplemented by exports through merchant exporters. The company has catered to over 70 customers in Fiscal 2024, 60 customers in Fiscal 2023, and 50 customers in Fiscal 2022, demonstrating consistent growth in its client base.

Innovation and Development

Boss Packaging Solutions Limited is committed to innovation, consistently expanding its product offerings and launching new, advanced machines to meet evolving customer needs. The company develops its designs and drawings in-house, tailoring its products to the specific requirements of customers’ production and packaging processes.

Conclusion

Boss Packaging Solutions Limited has grown from a small-scale manufacturer into a significant player in the packaging machinery industry. With a broad product portfolio, a strong sales network, and a commitment to innovation, the company is well-positioned to continue its growth trajectory and meet the diverse needs of its expanding customer base.

Objects of the Boss Packaging Solutions Limited IPO:

The Company proposes to utilize the Net Proceeds from the Issue towards the following objects: i. Purchase of machineries; ii. Funding the Working Capital Requirements; and iii. General Corporate Purpose
DRHP of Boss Packaging Solutions Limited IPO
RHP of Boss Packaging Solutions Limited IPO

Boss Packaging Solutions Limited IPO Details:

Open Date: Aug 30 2024
Close Date: Sep 03 2024
Total Shares: 1,274,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 8.41 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 66 Per Equity Share
Listing At: NSE Emerge
Listing Date: Sep 06 2024

Promoters And Management:

Manishbhai Natvarbhai Brahmbhatt is a Promoter, Managing Director and Chairman of the Company. He has completed his Diploma in Mechanical Engineering from Bhailalbhai & Bhikhabhai Polytechnic in the year 1996. He has been associated with the Company since incorporation. Prior to the incorporation of the Company, he had nearly 15 years of experience in the area of business in which the Company operates. He oversees operations and sourcing of materials of the Company. Kamleshbhai Hasmukhbhai Patel is a Promoter and Executive Director of the Company. He completed higher secondary Education from Gujarat Secondary Education Board, Gandhinagar. Further, he has completed his Diploma in Mechanical Engineering from Board of Technical Examination, Department of Technical Education, Government of Karnataka in the year 1998. He has been associated with the Company since 2016 and has an experience of over 5 years in the area of business in which the Company operates. He oversees marketing and customer relations of the Company. Ketan Suryakant Thakkar is the Promoter and Executive Director of the Company. He has completed his Diploma in Mechanical Engineering from the Board of Technical Examination, Department of Technical Education, Government of Karnataka in the year 2000. He has been associated with the Company since incorporation. Prior to the incorporation of the Company, he had nearly 12 years of experience in the area of business in which the Company operates. He oversees financial and administrative affairs of the Company.

Financials of Boss Packaging Solutions Limited IPO:

Particulars ( In Lakhs )
2022
2023
2024
Revenue from Operations 547 1,034 1,217
Other Income 0.8 0.8 0.1
Total Revenue 548 1,035 1,218
Cost of material consumed 339 674 829
Employees Benefit Expenses 102 147 173
Other Expenses 38 70 60
EBITDA 69 144 156
OPM (%) 12.62% 13.89% 12.78%
Depreciation & Amortisation 5 5 5
EBIT 65 139 150
Finance Cost 9 4 11
PBT 56 135 139
Tax 14 34 38
PAT 42 101 101
NPM (%) 7.62% 9.71% 8.30%
No.of Shares 44.46 44.46 44.46
EPS 0.93 2.26 2.27

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Boss Packaging Solutions Limited 12 1 2.27 29.0 66 29
Windsor Machines Limited 354 -8 -1.19 N/A 194 1,262
Manugraph India Limited 66 -20 -6.53 N/A 25.8 78
Macpower CNC Machines Limited 241 24 24.24 54.5 1,428 1,429
* All the data is as per FY24.

Recommendation on Boss Packaging Solutions Limited IPO:

1. Boss Packaging Solutions Limited has diversified its product offerings beyond filling and sticker labeling machines. Today, the company is a recognized manufacturer, supplier, and exporter of a wide range of packaging machinery. 2. Its portfolio includes: i. Filling Machines                           ii. Capping Machines iii. Labeling Machines                    iv. Other Packaging Equipment 3. Market Reach and Customer Base Boss Packaging Solutions Limited has established a strong sales and distribution network across India. The company has catered to a diverse range of industries, including: i. Edible Oil                                      ii. Lubricants                        iii. Chemicals iv. Cosmetics                                   v. Homecare                        vi. Pharmaceuticals vii. Viscous Liquids                     viii. Juices and Dairy              ix. Agriculture and Pesticides x. Food and Ancillaries                xi. Distilleries and Breweries 4. Competitive Landscape The packaging machinery industry in which Boss Packaging Solutions Limited operates is highly competitive. The market is fragmented, with competition arising from both organized and unorganized sectors. 5. The Revenue has Increased from Rs.5 Crores in FY22 to Rs.12 Crores in FY24. 6. The EBITDA has Increased from 69 Lakhs in FY22 to 1.5 Crore in FY24. 7. The PAT has Increased from 42 Lakhs in FY22 to 1 Crore in FY24. 8. As per FY24, CFO/EBITDA is 0.99, and EPS is 2.27, 9. Market Capitalization is 29 Crores and P/E is 29.0x based on FY24.

Lead Manager of Boss Packaging Solutions Limited IPO:

  1. Fedex Securities Limited

Registrar of Boss Packaging Solutions Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Boss Packaging Solutions Limited 11-C, Survey No. 56/1/2/3, Ramdev Estate, Near Siddipura Estate, Opposite Ramol Mehmdabad Highway, Vin Zol Road, Ahmedabad-382445 Phone: 079-48972009 Email: cs@bosspackaging.in Website: https://bosspackaging.in/

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