Packaging · Founded 1992 · https://arrowgreentech.com/ · BSE 516064 · NSE ARROWGREEN · ISIN INE570D01018
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Business
Arrow Greentech Ltd. is an Indian company primarily engaged in the manufacturing and selling of specialty films and chemicals, with a significant focus on environmentally friendly solutions. Their core business revolves around Water Soluble Films (WSF), which are biodegradable and dissolve in water, used in diverse applications such as packaging of agrochemicals, detergents, dyes, food ingredients, and medical products for controlled release or safe handling. They also produce anti-microbial films and hot melt adhesive films. The company makes money by manufacturing these specialized films and chemicals and selling them to industrial clients across various sectors.
Revenue Mix
The company primarily operates in the specialty films and chemicals segment, with Water Soluble Films (WSF) being a key product offering due to its environmental benefits and diverse applications. Specific revenue contributions by product type or end-user industry are generally not disclosed with granular detail in readily available public information.
Industry
Arrow Greentech operates within the broader Indian packaging and specialty chemicals industry. The packaging sector in India is highly fragmented, encompassing various materials like plastics, paper, glass, and metals. Arrow Greentech differentiates itself by focusing on a niche within this industry: specialty films, particularly water-soluble and eco-friendly options. This positions them in a growing segment driven by sustainability trends, where they aim to be a significant player in the domestic and potentially international market for WSF. Their "Greentech" nomenclature reflects this strategic positioning in sustainable packaging solutions.
MOAT
Arrow Greentech's competitive advantage likely stems from its specialization and technical know-how in manufacturing Water Soluble Films and other specialty films. Developing and consistently producing such films requires specific R&D, proprietary formulations, and specialized manufacturing processes, acting as a technological moat. Being an early mover or a prominent domestic manufacturer in this specific niche (WSF) could also provide them with an advantage in terms of established customer relationships and market recognition. The eco-friendly nature of their core product further aligns with increasing regulatory and consumer demand for sustainable solutions.
Growth Drivers
Increasing Demand for Sustainable Packaging: Global and domestic push for eco-friendly and biodegradable packaging solutions directly drives demand for Water Soluble Films, aligning with the company's core product.
Diversification of Applications: Expanding applications of WSF beyond traditional uses (e.g., in medical, food, and personal care sectors) can open new revenue streams.
E-commerce Growth: The rise of e-commerce often necessitates innovative and protective packaging solutions, some of which could be met by specialty films.
Regulatory Support: Potential government policies favoring biodegradable materials over conventional plastics could create a tailwind.
Export Opportunities: Leveraging their specialized product portfolio to tap into international markets seeking sustainable packaging.
Risks
Raw Material Price Volatility: Fluctuations in the prices of polymers and other chemicals used in film manufacturing can impact profit margins.
Intense Competition: While specialized, the market for specialty films can attract new entrants or existing players expanding their capabilities, leading to price pressure.
Technological Obsolescence: Rapid advancements in material science could lead to newer, more efficient, or cheaper alternative packaging solutions.
Regulatory Changes: While sustainability is a driver, unforeseen changes in environmental regulations or product standards could impact operations or demand.
Execution Risk: Successful scaling of production, managing R&D for new products, and market penetration carry inherent execution risks.
Management & Ownership
Arrow Greentech Ltd. is promoted by the Prajapati family, with Mr. Bhagirathbhai A. Prajapati being a key figure in the promoter group. Promoter holding in the company is typically a significant portion, common among Indian listed companies. The management team is responsible for driving the company's strategy in specialty films and chemicals, with a focus on sustainable solutions.
Outlook
Arrow Greentech appears well-positioned to capitalize on the growing global demand for sustainable and specialty packaging solutions, particularly with its focus on Water Soluble Films. The "Greentech" aspect of its business aligns with long-term environmental trends and regulatory shifts. However, the company operates in a competitive and evolving industry where raw material price volatility and the need for continuous innovation are constant challenges. Its ability to successfully diversify product applications, expand market reach (including exports), and maintain a technological edge will be crucial for sustained growth amidst potential competition and execution risks.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 25 | 51 | 66 | 65 | 55 | 57 | 42 | 61 | 56 | 42 |
| Other Income | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Income | 26 | 51 | 67 | 66 | 57 | 59 | 43 | 63 | 58 | 44 |
| Total Expenditure | 18 | 35 | 38 | 39 | 37 | 41 | 27 | 40 | 37 | 31 |
| Operating Profit | 8 | 16 | 29 | 27 | 19 | 18 | 16 | 23 | 21 | 13 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 14 | 27 | 26 | 18 | 16 | 14 | 21 | 19 | 11 |
| Provision for Tax | 1 | 4 | 7 | 7 | 5 | 4 | 3 | 5 | 6 | 3 |
| Profit After Tax | 5 | 10 | 20 | 19 | 13 | 11 | 11 | 16 | 13 | 7 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | 5 | 10 | 20 | 19 | 13 | 11 | 11 | 16 | 13 | 7 |
| Adjusted Earnings Per Share | 3.2 | 6.7 | 13.4 | 12.4 | 8.5 | 7.6 | 7.2 | 10.4 | 8.8 | 4.9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 49 | 51 | 53 | 35 | 34 | 22 | 52 | 34 | 109 | 149 | 243 | 201 |
| Other Income | 1 | 5 | 5 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 5 | 8 |
| Total Income | 50 | 55 | 57 | 37 | 36 | 24 | 55 | 35 | 111 | 151 | 249 | 208 |
| Total Expenditure | 19 | 14 | 16 | 29 | 49 | 30 | 44 | 41 | 85 | 102 | 155 | 135 |
| Operating Profit | 31 | 42 | 41 | 8 | -13 | -6 | 11 | -5 | 26 | 49 | 94 | 73 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 4 | 4 | 4 | 5 | 5 | 7 | 8 | 7 | 8 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 30 | 41 | 39 | 3 | -17 | -10 | 6 | -11 | 18 | 41 | 86 | 65 |
| Provision for Tax | 7 | 10 | 5 | 3 | -0 | -0 | -1 | -2 | 6 | 11 | 23 | 17 |
| Profit After Tax | 23 | 31 | 35 | 0 | -17 | -10 | 7 | -9 | 12 | 29 | 63 | 47 |
| Adjustments | -1 | -1 | -1 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 22 | 31 | 34 | 0 | -17 | -10 | 6 | -9 | 12 | 30 | 63 | 47 |
| Adjusted Earnings Per Share | 17.7 | 24.3 | 27.1 | 0.2 | -13.2 | -7.1 | 4.5 | -6.6 | 8.1 | 19.6 | 41.8 | 31.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 63% | 93% | 62% | 17% |
| Operating Profit CAGR | 92% | 0% | 0% | 12% |
| PAT CAGR | 117% | 0% | 0% | 11% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -6% | 18% | 31% | 3% |
| ROE Average | 40% | 27% | 15% | 18% |
| ROCE Average | 55% | 38% | 22% | 25% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 47 | 69 | 97 | 98 | 78 | 76 | 85 | 75 | 98 | 127 | 188 |
| Minority's Interest | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 4 | 3 | 2 | 1 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 0 | 1 | 12 | 1 | 8 | 7 | 5 | 11 | -5 | -4 |
| Total Current Liabilities | 12 | 20 | 5 | 5 | 6 | 9 | 8 | 8 | 17 | 14 | 15 |
| Total Liabilities | 60 | 91 | 106 | 117 | 87 | 98 | 105 | 92 | 129 | 138 | 201 |
| Fixed Assets | 11 | 16 | 26 | 26 | 23 | 28 | 26 | 28 | 33 | 33 | 33 |
| Other Non-Current Assets | 19 | 19 | 22 | 45 | 28 | 40 | 37 | 26 | 19 | 21 | 15 |
| Total Current Assets | 30 | 56 | 57 | 46 | 36 | 31 | 42 | 39 | 77 | 84 | 153 |
| Total Assets | 60 | 91 | 106 | 117 | 87 | 98 | 105 | 92 | 129 | 138 | 201 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 15 | 26 | 41 | 43 | 29 | 18 | 10 | 11 | 10 | 7 | 8 |
| Cash Flow from Operating Activities | 26 | 27 | 17 | 5 | -16 | 3 | 1 | 2 | 3 | 18 | 68 |
| Cash Flow from Investing Activities | -11 | -6 | -12 | -13 | 8 | -24 | 2 | -2 | -14 | -13 | -55 |
| Cash Flow from Financing Activities | -4 | -7 | -2 | -6 | -3 | 12 | -2 | -2 | 8 | -4 | -4 |
| Net Cash Inflow / Outflow | 11 | 14 | 2 | -14 | -11 | -8 | 2 | -1 | -3 | 1 | 9 |
| Closing Cash & Cash Equivalent | 26 | 41 | 43 | 29 | 18 | 10 | 11 | 10 | 7 | 8 | 17 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 17.73 | 24.26 | 27.07 | 0.22 | -13.24 | -7.07 | 4.55 | -6.62 | 8.14 | 19.56 | 41.84 |
| CEPS(Rs) | 18.94 | 25.63 | 28.78 | 3.61 | -10.45 | -4.72 | 8.11 | -3.24 | 12.55 | 24.63 | 46.66 |
| DPS(Rs) | 2.5 | 4.5 | 5.6 | 2 | 0.5 | 0 | 0 | 0 | 1 | 2 | 4 |
| Book NAV/Share(Rs) | 36.92 | 54.99 | 77.27 | 77.52 | 61.81 | 53.92 | 60.01 | 53.01 | 65.07 | 84.07 | 124.76 |
| Core EBITDA Margin(%) | 60.01 | 72.4 | 68.06 | 15.61 | -43.39 | -35.05 | 16.02 | -21.27 | 21.76 | 31.32 | 36.42 |
| EBIT Margin(%) | 60.39 | 79.43 | 73.95 | 9.53 | -49.47 | -44.54 | 12.23 | -30.2 | 17.78 | 27.79 | 35.54 |
| Pre Tax Margin(%) | 60.39 | 79.43 | 73.87 | 9.32 | -49.71 | -47.54 | 10.67 | -32.67 | 16.58 | 27.38 | 35.34 |
| PAT Margin (%) | 46.86 | 60.67 | 64.96 | 0.49 | -49.18 | -46.36 | 13.02 | -27.5 | 11.27 | 19.75 | 25.89 |
| Cash Profit Margin (%) | 48.82 | 62.72 | 67.99 | 13.11 | -38.39 | -30.18 | 21.8 | -13.54 | 17.41 | 25.03 | 28.93 |
| ROA(%) | 45.31 | 41.35 | 35.25 | 0.15 | -16.57 | -11.05 | 6.73 | -9.4 | 11.09 | 21.98 | 37.21 |
| ROE(%) | 60.14 | 53.95 | 41.58 | 0.18 | -19.22 | -13.28 | 8.5 | -11.63 | 14.18 | 26.07 | 39.99 |
| ROCE(%) | 77.27 | 70.57 | 47.31 | 3.39 | -19.32 | -12.34 | 7.55 | -12.21 | 21.66 | 36.26 | 54.83 |
| Receivable days | 3.51 | 21.58 | 51.8 | 92.17 | 83 | 90.69 | 35.93 | 57.57 | 50.22 | 71.88 | 46.14 |
| Inventory Days | 14.74 | 6.23 | 10.16 | 34.61 | 55.88 | 76.26 | 24.64 | 56.84 | 36.43 | 45.75 | 31.86 |
| Payable days | 291.2 | 309.12 | 265.73 | 106.38 | 42.12 | 90.65 | 31.64 | 48.47 | 44.84 | 47.02 | 22.59 |
| PER(x) | 20.09 | 21.21 | 14.43 | 1380.81 | 0 | 0 | 14.55 | 0 | 31.43 | 19.57 | 12.47 |
| Price/Book(x) | 9.65 | 9.36 | 5.05 | 3.88 | 1.2 | 0.62 | 1.1 | 1.96 | 3.93 | 4.55 | 4.18 |
| Dividend Yield(%) | 0.65 | 0.81 | 1.34 | 0.62 | 0.63 | 0 | 0 | 0 | 0.39 | 0.52 | 0.77 |
| EV/Net Sales(x) | 8.7 | 11.96 | 8.53 | 10.12 | 2.2 | 1.53 | 1.47 | 3.85 | 3.3 | 3.74 | 3.05 |
| EV/Core EBITDA(x) | 13.85 | 14.49 | 10.93 | 45.5 | -5.68 | -5.69 | 7 | -23.69 | 13.81 | 11.32 | 7.9 |
| Net Sales Growth(%) | 36.89 | 4.71 | 3.52 | -34.26 | -0.84 | -35.76 | 137.84 | -35.74 | 223.05 | 36.54 | 63.86 |
| EBIT Growth(%) | 50.63 | 38.51 | -3.56 | -91.61 | -612.54 | 42.16 | 165.3 | -258.73 | 290.17 | 113.39 | 109.55 |
| PAT Growth(%) | 44.72 | 36.33 | 10.91 | -99.5 | -9934.58 | 39.44 | 166.8 | -235.72 | 232.4 | 139.23 | 114.83 |
| EPS Growth(%) | 41.12 | 36.86 | 11.61 | -99.19 | -6171.07 | 46.58 | 164.32 | -245.55 | 222.9 | 140.31 | 113.93 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0.07 | 0.05 | 0.05 | 0.02 | 0 | 0 |
| Current Ratio(x) | 2.41 | 2.79 | 10.7 | 8.88 | 5.5 | 3.55 | 5.15 | 4.7 | 4.59 | 5.99 | 10.34 |
| Quick Ratio(x) | 2.35 | 2.74 | 10.33 | 7.99 | 4.59 | 3.17 | 4.69 | 3.89 | 3.69 | 4.4 | 8.97 |
| Interest Cover(x) | 0 | 0 | 917.06 | 45.78 | -198.86 | -14.86 | 7.84 | -12.25 | 14.76 | 67.66 | 180.17 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.04 | 0.02 | 0.01 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.6 | 68.6 | 68.6 | 66.75 | 64.81 | 64.81 | 64.81 | 64.81 | 64.81 | 64.83 |
| FII | 0 | 1.28 | 0.21 | 0.09 | 0.56 | 0.27 | 0.25 | 0.12 | 0.14 | 0.07 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.04 | 0.11 | 0.69 | 0.79 | 0.82 |
| Public | 31.4 | 30.12 | 30.97 | 33.16 | 34.62 | 34.88 | 34.83 | 34.38 | 34.26 | 34.28 |
| Others | 0 | 0 | 0.22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.04 | 1.04 | 1.04 | 1.01 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 |
| FII | 0 | 0.02 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 |
| Public | 0.47 | 0.45 | 0.47 | 0.5 | 0.52 | 0.53 | 0.53 | 0.52 | 0.52 | 0.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +63% | +93% | +62% | +17% |
| Operating Profit CAGR | +92% | — | — | +12% |
| PAT CAGR | +117% | — | — | +11% |
| Share Price CAGR | -6% | +18% | +31% | +3% |
| ROE Average | +40% | +27% | +15% | +18% |
| ROCE Average | +55% | +38% | +22% | +25% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 68.6 | 68.6 | 68.6 | 66.75 | 64.81 | 64.81 | 64.81 | 64.81 | 64.81 | 64.83 |
| FII | 0 | 1.28 | 0.21 | 0.09 | 0.56 | 0.27 | 0.25 | 0.12 | 0.14 | 0.07 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.04 | 0.11 | 0.69 | 0.79 | 0.82 |
| Public | 31.4 | 31.4 | 31.18 | 33.25 | 35.19 | 35.19 | 35.19 | 35.19 | 35.19 | 35.17 |
| Others | 0 | 0 | 0.22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.04 | 1.04 | 1.04 | 1.01 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 |
| FII | 0 | 0.02 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 |
| Public | 0.47 | 0.47 | 0.47 | 0.5 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 |
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