Minerva Capital Research Solutions

S.K.Offset

ListedListed 30 Sep 2026BSE SMENSE: SKOFFSETCheck allotment
Current price₹ 108−13.6% since issue
Listing day+0.8%
Issue price
₹ 125
Issue size
₹ 29.06 Cr.
Min. investment
₹ 1,25,000
Listing price
₹ 126
Subscribed
1.15x
Lot size
1,000 shares
P/E
12.94
RoNW
37.82%
RoCE
22.91%
Debt / Equity
1.75
PAT margin
11.22%
EBITDA margin
21.27%
RoE
37.82%
EPS
₹ 9.66
NAV
₹ 36.50
Promoter stake
69.97%

About

S. K. Offset Limited was started in February 2007. It provides printing and packaging together as a single service. It began with offset printing and has since added labelling and packaging. Its printing work covers books, textbooks, brochures, catalogues, stationery, pamphlets, magazines, journals and general commercial printing. It also does designing, graphics, lithography and publication related work. Its offerings fall into three groups. Printing is the original business. Packaging covers mono cartons, master cartons, boxes and other packaging made to a customer's own requirement. Labelling covers stickers, product labels, barcodes and promotional material in different sizes and finishes. It also offers digital design services, preparing packaging artwork, layouts, colour formatting and print ready files. Because it has integrated forward across printing, packaging and labelling, a customer can buy all three from one supplier. Alongside this it trades, imports and exports printing and packaging materials such as paper, paperboard, foils and inks.

Timeline

  1. Opens
    23 Sep
    done
  2. Closes
    25 Sep
    done
  3. Allotment
    28 Sep
    done
  4. Refunds
    29 Sep
    done
  5. Demat credit
    29 Sep
    done
  6. Listing
    30 Sep
    done

Subscription

How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,000₹ 1,25,000
Retail (Max)11,000₹ 1,25,000
HNI (Min)22,000₹ 2,50,000

Company overview

Financials

Financials by year
Assets81.7655.7728.85
Total Income6748.6523.31
Profit After Tax7.481.540.72
EBITDA14.185.621.16
NET Worth19.787.24.58
Reserves and Surplus14.365.953.58
Total Borrowing34.5832.3514.7

Strengths

  • Sales have almost tripled in two years, from Rs 23.31 crore in FY2024 to Rs 48.65 crore in FY2025 and Rs 67.00 crore in FY2026.
  • Profit has grown enormously over the same period, from Rs 0.72 crore to Rs 7.48 crore.
  • EBITDA improved from Rs 1.16 crore in FY2024 to Rs 5.62 crore in FY2025 and Rs 14.18 crore in FY2026.
  • Return ratios are strong, with RoNW of 37.82% and RoCE of 22.91%, and a PAT margin of 11.22%.
  • The issue is priced moderately at about 12.94 times earnings on an EPS of Rs 9.66.
  • Offering printing, packaging and labelling together lets a customer source everything from one supplier, which makes the relationship harder to break.
  • It has a long record of nearly 20 years, having started in February 2007.
  • Most of the money goes into the business, with Rs 18.66 crore for working capital and Rs 2.11 crore for plant and machinery at Meerut.

Risks

  • Debt is high. Total borrowing was Rs 34.58 crore against a net worth of only Rs 19.78 crore, a debt to equity ratio of 1.75, and it has more than doubled in two years from Rs 14.70 crore.
  • The profit jump is very recent. Profit after tax went from Rs 1.54 crore to Rs 7.48 crore in a single year, and that scale of jump is hard to repeat.
  • Printing is capital heavy. Presses are costly, need regular replacement and have to be kept running to pay for themselves.
  • Paper and paperboard prices move sharply and are the main input cost.
  • A part of the revenue comes from trading and importing paper, foils and inks, which earns less than the printing work itself.
  • Textbook and educational printing is seasonal and often won through tenders, so both volume and price can swing.
  • Promoter holding will come down from 100% to 69.97% after the issue.
  • This is an SME issue. One lot is 1,000 shares, which is Rs 1.25 lakh at the upper band of Rs 125, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
To fund the Capital expenditure towards purchase of Plant and Machinery at Meerut2.11
Funding incremental working capital requirements of the Company18.66
General corporate purposes—

Promoters

  • Pradeep Agarwal
  • Priyanshu Agarwal
  • Ayush Agarwal
Promoter holding100%→69.97%before → after the issue · down 30.03 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Lead managers
Comfort Securities Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.