WEBSITE BSE:0 NSE: Inc. Year: 2009 Industry: Plastic Products My Bucket: Add Stock
Last updated: 14:27
No Notes Added Yet
1. Business Overview
Bulkcorp International Ltd. is an Indian manufacturer and seller of various plastic products. The company primarily focuses on woven sacks, plastic packaging, and other related polymer-based solutions. Its core business model involves manufacturing these products from raw plastic granules (primarily polypropylene and polyethylene) and supplying them to a diverse client base across industries such as cement, fertilizers, chemicals, food grains, and consumer goods. The company makes money by selling these manufactured plastic products, earning a margin over the cost of raw materials, manufacturing expenses, and operational overheads.
2. Key Segments / Revenue Mix
While specific percentage breakdowns are not always publicly detailed for all companies, Bulkcorp International's revenue is primarily derived from the manufacturing and sale of Flexible Intermediate Bulk Containers (FIBCs), PP Woven Sacks, and other customized plastic packaging solutions. These categories cater to industrial packaging needs. FIBCs and woven sacks generally form the bulk of their revenue mix, serving various industries for bulk material handling and packaging.
3. Industry & Positioning
The Indian plastic products industry is large, diverse, and somewhat fragmented, with a mix of large integrated players and numerous small to medium-sized enterprises. It is highly dependent on demand from end-user industries like packaging, construction, automotive, and agriculture. Bulkcorp International Ltd. operates within the industrial packaging segment, particularly in woven sacks and FIBCs. In this space, they compete with several other manufacturers, positioning themselves through product quality, customization capabilities, and potentially cost-effectiveness, though they may not be among the absolute largest players in terms of overall plastic processing capacity in India.
4. Competitive Advantage (Moat)
Bulkcorp's competitive advantages are likely derived from:
Operational Efficiency & Cost Structure: Efficient manufacturing processes and effective raw material sourcing can lead to a cost advantage.
Product Customization: Ability to offer tailor-made packaging solutions for diverse industrial clients, fostering client relationships.
Client Relationships & Distribution: Established relationships with industrial clients and a reliable distribution network for their specialized products.
Quality & Certifications: Adherence to quality standards relevant for industrial packaging can provide an edge, especially for specialized products like food-grade or hazardous material packaging.
5. Growth Drivers
Growth in End-User Industries: Increased demand for packaged goods, construction materials, fertilizers, and chemicals will directly drive demand for industrial packaging.
Shift to Bulk Packaging: Growing preference for efficient bulk packaging solutions (like FIBCs) in various industries for logistics and cost-effectiveness.
Export Opportunities: Potential for increased exports of plastic packaging products to international markets.
New Product Development: Introduction of innovative or more sustainable plastic packaging solutions.
Infrastructure Development: Government focus on infrastructure projects boosts demand for cement and other materials requiring bulk packaging.
6. Risks
Raw Material Price Volatility: The prices of key raw materials like polypropylene (PP) and polyethylene (PE) granules are linked to crude oil prices, leading to significant cost fluctuations.
Environmental Regulations: Increasing global and domestic scrutiny on plastic waste and single-use plastics could lead to stricter regulations, impacting demand or requiring significant R&D for sustainable alternatives.
Intense Competition: The fragmented nature of the industry leads to price competition and pressure on margins.
Economic Slowdown: A general economic downturn in India or globally can reduce demand from key client industries.
Technological Obsolescence: Rapid advancements in packaging technology or materials could render existing products less competitive.
7. Management & Ownership
Bulkcorp International Ltd. is promoted by its founding family. The management typically comprises experienced professionals from the plastics and manufacturing sectors. Promoter ownership in Indian companies usually indicates a significant stake held by the founding family or group, which can influence long-term strategic decisions and commitment to the business. Specific details on individual management quality or exact promoter holding percentages would require examination of their latest annual reports or stock exchange filings.
8. Outlook
Bulkcorp International Ltd. operates in a crucial segment of the Indian economy, with plastic packaging being indispensable for various industrial and consumer goods. The demand for industrial packaging, especially woven sacks and FIBCs, is expected to grow, driven by economic expansion, infrastructure development, and increased manufacturing activity in India. However, the company faces inherent challenges such as fluctuating raw material costs and evolving environmental regulations regarding plastics. Its ability to maintain cost efficiencies, adapt to sustainability trends, and strengthen client relationships will be key to its sustained performance. The outlook is cautiously optimistic, balancing the secular growth trends in packaging demand with the operational and regulatory headwinds typical of the plastics industry.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Market Cap ₹31 Cr.
Stock P/E 8.7
P/B 0.9
Current Price ₹41
Book Value ₹ 43.7
Face Value 10
52W High ₹94.6
Dividend Yield 0%
52W Low ₹ 41
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 |
|---|---|---|---|---|---|
| Net Sales | 18 | 45 | 26 | 60 | 33 |
| Other Income | 1 | 1 | 0 | 1 | 0 |
| Total Income | 18 | 47 | 26 | 61 | 34 |
| Total Expenditure | 16 | 41 | 24 | 55 | 30 |
| Operating Profit | 2 | 6 | 3 | 7 | 4 |
| Interest | 0 | 1 | 0 | 1 | 1 |
| Depreciation | 0 | 1 | 0 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 5 | 2 | 5 | 2 |
| Provision for Tax | 0 | 1 | 1 | 1 | 1 |
| Profit After Tax | 1 | 4 | 1 | 4 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 1 | 4 | 1 | 4 | 2 |
| Adjusted Earnings Per Share | 5.9 | 6.3 | 1.8 | 4.7 | 2.4 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 31 | 48 | 38 | 45 | 60 | 164 |
| Other Income | 0 | 1 | 0 | 1 | 1 | 2 |
| Total Income | 32 | 49 | 39 | 47 | 61 | 168 |
| Total Expenditure | 29 | 46 | 36 | 41 | 55 | 150 |
| Operating Profit | 2 | 3 | 3 | 6 | 7 | 20 |
| Interest | 0 | 1 | 1 | 1 | 1 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 2 | 2 | 5 | 5 | 14 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 4 |
| Profit After Tax | 1 | 2 | 1 | 4 | 4 | 11 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 2 | 1 | 4 | 4 | 11 |
| Adjusted Earnings Per Share | 1.2 | 3.2 | 2.2 | 6.3 | 4.7 | 15.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 33% | 8% | 0% | 0% |
| Operating Profit CAGR | 17% | 33% | 0% | 0% |
| PAT CAGR | 0% | 26% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -38% | NA% | NA% | NA% |
| ROE Average | 17% | 32% | 39% | 39% |
| ROCE Average | 21% | 28% | 27% | 27% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 4 | 5 | 9 | 31 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 4 | 1 | 1 | 2 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1 | 1 |
| Total Current Liabilities | 14 | 14 | 12 | 21 | 9 |
| Total Liabilities | 20 | 22 | 18 | 32 | 43 |
| Fixed Assets | 6 | 6 | 6 | 6 | 8 |
| Other Non-Current Assets | 0 | 0 | 0 | 2 | 1 |
| Total Current Assets | 14 | 16 | 12 | 24 | 33 |
| Total Assets | 20 | 22 | 18 | 32 | 43 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | -1 | 4 | 1 | -15 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -2 | -3 |
| Cash Flow from Financing Activities | 0 | 2 | -4 | 1 | 18 |
| Net Cash Inflow / Outflow | -0 | 0 | -1 | 0 | 1 |
| Closing Cash & Cash Equivalent | 1 | 1 | 0 | 0 | 1 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.17 | 3.18 | 2.23 | 6.33 | 4.69 |
| CEPS(Rs) | 2.1 | 4.17 | 3.31 | 7.47 | 5.8 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.47 | 6.57 | 8.81 | 16.91 | 41.26 |
| Core EBITDA Margin(%) | 6.08 | 5.58 | 6.29 | 10.24 | 9.41 |
| EBIT Margin(%) | 5.68 | 6.07 | 6.04 | 11.8 | 9.51 |
| Pre Tax Margin(%) | 4.27 | 4.65 | 4.45 | 10.51 | 7.91 |
| PAT Margin (%) | 2.02 | 3.56 | 3.15 | 7.75 | 5.83 |
| Cash Profit Margin (%) | 3.63 | 4.68 | 4.67 | 9.16 | 7.22 |
| ROA(%) | 3.22 | 8.31 | 6.15 | 14 | 9.36 |
| ROE(%) | 33.75 | 63.3 | 29.03 | 49.52 | 17.45 |
| ROCE(%) | 21.29 | 28.2 | 20.5 | 41.13 | 21.46 |
| Receivable days | 61.29 | 49.11 | 64.79 | 66.81 | 75.41 |
| Inventory Days | 66.46 | 41.83 | 48.13 | 60.8 | 71.63 |
| Payable days | 187.17 | 100.43 | 99.74 | 122.35 | 78.58 |
| PER(x) | 0 | 0 | 0 | 0 | 11.84 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.35 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.24 | 0.2 | 0.19 | 0.26 | 0.79 |
| EV/Core EBITDA(x) | 3.28 | 2.85 | 2.48 | 1.98 | 7.26 |
| Net Sales Growth(%) | 0 | 54.29 | -20.55 | 17.4 | 33.7 |
| EBIT Growth(%) | 0 | 64.86 | -20.91 | 129.31 | 7.74 |
| PAT Growth(%) | 0 | 171.62 | -29.75 | 188.88 | 0.56 |
| EPS Growth(%) | 0 | 171.62 | -29.75 | 183.39 | -25.92 |
| Debt/Equity(x) | 3.45 | 2.49 | 1.13 | 0.68 | 0.22 |
| Current Ratio(x) | 0.98 | 1.12 | 1.01 | 1.17 | 3.55 |
| Quick Ratio(x) | 0.57 | 0.73 | 0.6 | 0.68 | 2.12 |
| Interest Cover(x) | 4.04 | 4.29 | 3.81 | 9.15 | 5.95 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.16 |
| # | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 72.26 | 72.26 | 72.26 | 72.26 |
| FII | 0.96 | 0 | 0 | 0 |
| DII | 6.88 | 8.92 | 8.92 | 8.92 |
| Public | 19.9 | 18.81 | 18.81 | 18.81 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 0.54 | 0.54 | 0.54 | 0.54 |
| FII | 0.01 | 0 | 0 | 0 |
| DII | 0.05 | 0.07 | 0.07 | 0.07 |
| Public | 0.15 | 0.14 | 0.14 | 0.14 |
| Others | 0 | 0 | 0 | 0 |
| Total | 0.75 | 0.75 | 0.75 | 0.75 |
* The pros and cons are machine generated.
You May Also Know About
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.