S.K.Offset Limited

S.K. Offset Limited is an integrated printing, packaging, and labeling solutions provider headquartered in Meerut, Uttar Pradesh. Originally incorporated as a private limited company in February 2007 and subsequently converted into a public limited entity in August 2025, the company has evolved from a commercial offset printing operator into a multi-product packaging enterprise. Its core value proposition focuses on providing a single-source solution for design, pre-press, offset printing, label conversion, carton manufacturing, and post-press finishing. Operating under a B2B business model, the company undertakes custom manufacturing orders for corporate clients across diverse end-use sectors, including FMCG, pharmaceuticals, consumer goods, publishing, and educational institutions.

The company's primary client base spans publishing houses, corporate entities, pharmaceutical companies, and fast-moving consumer goods manufacturers. In Fiscal 2026, the top 10 customers contributed 86.14% of total revenue from operations. Geographically, while domestic sales in North India—primarily Uttar Pradesh (69.43% of operational revenue in FY26, down from 89.97% in FY25)—form the core revenue driver, the company has expanded its market footprint into Western and Central India, including Gujarat (10.70%), Uttarakhand (8.30%), and Himachal Pradesh (4.43%). It also generates niche export sales in international markets such as Nepal (1.44% of FY26 revenue), Ghana, and Canada.

Manufacturing operations are conducted across four leased facilities in Meerut, Uttar Pradesh, covering a total aggregate area of approximately 38,313 square feet, with primary units located at Sports Complex Enclave, Delhi Road, and Partapur Industrial Estate. Installed capacities and actual production utilization across its operational divisions are detailed below:

Printing Unit: Installed annual capacity stood at 4,38,000 Reams in FY24 (87.10% utilization), 10,95,000 Reams in FY25 (94.19% utilization), and 13,14,000 Reams in FY26 (actual production of 11,94,680 Reams; 90.92% utilization).

Labelling Unit: Installed annual capacity remained constant at 30,000 Sqm, with utilization recorded at 74.75% in FY24, 85.52% in FY25, and 65.03% in FY26.

Packaging Unit: Commercial in-house operations commenced in FY25 with an annual installed capacity of 82,12,500 Cartons, achieving production of 56,49,425 Cartons (68.79% utilization) in FY25 and 73,06,797 Cartons (88.97% utilization) in FY26. In March 2026, additional machinery was installed, expanding the total packaging capacity by 1,20,00,000 Cartons to reach 2,02,12,500 Cartons annually from FY27 onwards.

The company's production infrastructure integrates advanced machinery, including Computer-to-Plate (CTP) thermal plate-setting systems, Heidelberg multi-color offset printing presses (such as the Heidelberg CD 102), Gallus flexographic label printing lines, UV coating systems, foil stamping, automatic die-cutting, and high-speed folding-gluing lines. Utilities are supported by a connected electrical power load of approximately 1,100 kVA, backed by dedicated industrial generator systems to ensure uninterrupted execution of print and packaging runs.

Operational capabilities are reinforced by quality control protocols and international certifications, including ISO 9001:2015 for quality management systems and BRC (British Retail Consortium) packaging standards certification. As of the Red Herring Prospectus filing date, the company employed a full-time workforce of 111 permanent employees across pre-press, press engineering, quality assurance, logistics, and administrative divisions.

Based on historical financial data, S.K. Offset Limited has shown substantial revenue and net profit growth. The company posted total income and net profits of ₹23.31 Cr / ₹0.72 Cr in FY24, ₹48.65 Cr / ₹1.54 Cr in FY25, and ₹67.00 Cr / ₹7.48 Cr in FY26. PAT expanded significantly from ₹0.72 Cr to ₹7.48 Cr, alongside a reduction in its debt-to-equity ratio from 4.49x in FY25 to 1.75x in FY26. The company boasts an average EPS of ₹8.24 and an average RoNW of 28.68% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.42 against a NAV of ₹36.50 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.98. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 134.36 (FY24), 62.68 (FY25), and 12.94 (FY26). As per the RHP, there are currently no listed companies in India engaged in a directly comparable business model or product offering.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Comfort Securities Limited, which has handled 2 public issues to date. Out of these 2 IPOs, one listed below the issue price, while the other listed at or above it. As of September 14, 2026, both of these past issues are currently trading below their respective issue prices.

• 1 Mr. Pradeep Agarwal
• 2 Mr. Priyanshu Agarwal
• 3 Mr. Ayush Agarwal