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Caprihans India Overview

1. Business Overview

Caprihans India Ltd. is an Indian manufacturer of a wide range of plastic films and sheets. Its core business involves the production and sale of flexible PVC films, rigid PVC films, clear PVC films, metallized films, and other specialty films. These products serve diverse end-user industries, including packaging (food, pharmaceutical, industrial), stationery, automotive, electrical, construction, medical, and general lamination applications. The company makes money by manufacturing these specialized plastic products and selling them to B2B clients across various sectors.

2. Key Segments / Revenue Mix

While specific revenue contribution percentages by segment are not regularly disclosed publicly, Caprihans India Ltd.'s operations can be broadly categorized by its primary product types:

Flexible PVC Films: Used in packaging, stationery, rainwear, and various lamination applications.

Rigid PVC Films: Primarily used in pharmaceutical blister packaging, thermoforming, and printing applications.

Specialty Films: Includes clear PVC films, metallized films, and other custom-engineered films catering to specific industrial requirements.

The company essentially operates as an integrated manufacturer across these film categories.

3. Industry & Positioning

Caprihans India Ltd. operates within the fragmented yet specialized Indian plastic products industry, specifically focusing on PVC and other plastic films. The industry is characterized by a mix of large integrated players and numerous smaller manufacturers. Caprihans, established in 1946, has a long history and is a recognized player in certain niche film segments, particularly for PVC films. Its positioning is likely built on experience, product quality, and established relationships with industrial clients rather than being a dominant market share leader across all plastic product categories. It competes with both domestic manufacturers and, for specialized products, potentially with imports.

4. Competitive Advantage (Moat)

Caprihans India Ltd. exhibits a few potential competitive advantages:

Established Brand & Reputation: With over seven decades of operation, the company has built a reputation for quality and reliability in its specific product niches, fostering long-term customer relationships.

Product Specialization & Technical Expertise: Focus on specific film types (PVC films, specialty films) suggests accumulated technical know-how and process expertise, which can be difficult for new entrants to replicate quickly.

Customer Integration: For certain industrial customers, switching suppliers for critical film components can involve re-qualification processes and potential production disruptions, creating a degree of switching cost.

Scale of Operations (in niche): While not the largest plastic company overall, its scale within its specialized film manufacturing operations might allow for some cost efficiencies and better raw material procurement.

5. Growth Drivers

Growth in End-User Industries: Increasing demand from pharmaceuticals, food & beverage packaging, automotive, and construction sectors in India will drive demand for plastic films.

Rising Disposable Incomes: Leads to higher consumption of packaged goods, increasing demand for packaging films.

Infrastructure Development: Projects in construction and electrical sectors require various plastic materials.

Product Diversification & Value Addition: Developing new types of specialty films or higher-value-added products to cater to evolving industry needs.

Export Opportunities: Tapping into global markets for specialized plastic films.

6. Risks

Raw Material Price Volatility: Key raw materials like PVC resin are petroleum derivatives, making the company susceptible to fluctuations in crude oil prices and petrochemical markets.

Intense Competition: The plastic products industry in India is competitive, leading to pricing pressures and potentially impacting margins.

Environmental Regulations: Increasing scrutiny and potential bans on single-use plastics or stricter recycling norms could impact demand for certain product lines and necessitate investment in sustainable alternatives.

Economic Slowdown: A general downturn in the economy can reduce demand from end-user industries, impacting sales volumes.

Technological Obsolescence: Rapid advancements in material science could lead to new, more efficient, or eco-friendly alternatives.

7. Management & Ownership

Caprihans India Ltd. is promoted by the Sethi family, who maintain a significant ownership stake and involvement in the company's management. The management team typically comprises experienced professionals with a long history within the company or the industry, ensuring continuity and industry knowledge. As a publicly listed company, ownership is diversified beyond the promoter group, including institutional investors and the general public, adhering to SEBI regulations for corporate governance.

8. Outlook

Caprihans India Ltd. operates in an essential industry benefiting from India's overall economic growth and increasing industrialization, particularly in sectors like pharmaceuticals and FMCG packaging. Its long operating history and specialization in PVC and other films provide a stable foundation and established client relationships. However, the company faces inherent challenges from volatile raw material prices and the evolving regulatory landscape around plastic usage. The ability to innovate, adapt to sustainable practices, and manage cost efficiencies will be crucial for sustained performance in a competitive market. The outlook remains balanced, with growth opportunities tempered by industry-specific risks and the need for continuous adaptation.

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Caprihans India Key Financials

Market Cap ₹117 Cr.

Stock P/E -1.9

P/B -0.7

Current Price ₹73.5

Book Value ₹ -100.6

Face Value 10

52W High ₹167.7

Dividend Yield 0%

52W Low ₹ 50.3

Caprihans India Share Price

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Volume
Price

Caprihans India Quarterly Price

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Caprihans India Peer Comparison

Caprihans India Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 179 163 191 182 192 191 186 182 175 175
Other Income 4 4 5 4 4 4 5 3 4 3
Total Income 183 167 196 186 196 195 191 185 179 178
Total Expenditure 161 146 196 167 185 183 180 173 173 163
Operating Profit 22 21 0 19 10 11 11 12 6 15
Interest 20 21 22 21 21 20 19 19 20 18
Depreciation 10 10 13 11 10 11 11 11 12 11
Exceptional Income / Expenses -2 0 0 0 -10 -10 14 0 0 -2
Profit Before Tax -10 -10 -34 -13 -31 -30 -5 -18 -25 -16
Provision for Tax -0 4 -17 5 -3 -11 -7 -4 -0 0
Profit After Tax -9 -14 -18 -18 -28 -19 2 -14 -25 -16
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -9 -14 -18 -18 -28 -19 2 -14 -25 -16
Adjusted Earnings Per Share -7.2 -10.4 -13.6 -13.4 -21.6 -14.1 1.6 -9.3 -17 -10.7

Caprihans India Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 704 752 718
Other Income 18 16 15
Total Income 722 768 733
Total Expenditure 660 716 689
Operating Profit 62 52 44
Interest 83 82 76
Depreciation 43 43 45
Exceptional Income / Expenses -2 -6 12
Profit Before Tax -65 -79 -64
Provision for Tax -14 -17 -11
Profit After Tax -52 -62 -53
Adjustments 0 0 0
Profit After Adjustments -52 -62 -53
Adjusted Earnings Per Share -39.3 -42.5 -35.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 0% 0% 0%
Operating Profit CAGR -16% 0% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -46% -12% -9% -3%
ROE Average 0% 0% 0% 0%
ROCE Average 0% 2% 2% 2%

Caprihans India Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 488 432
Minority's Interest 0 0
Borrowings 563 466
Other Non-Current Liabilities 26 30
Total Current Liabilities 340 326
Total Liabilities 1417 1254
Fixed Assets 976 888
Other Non-Current Assets 105 110
Total Current Assets 337 256
Total Assets 1417 1254

Caprihans India Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 8 9
Cash Flow from Operating Activities -47 90
Cash Flow from Investing Activities 10 68
Cash Flow from Financing Activities 37 -161
Net Cash Inflow / Outflow 1 -3
Closing Cash & Cash Equivalent 9 6

Caprihans India Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) -39.31 -42.53
CEPS(Rs) -6.57 -13.13
DPS(Rs) 0 0
Book NAV/Share(Rs) -100.17 -97.21
Core EBITDA Margin(%) 6.15 4.71
EBIT Margin(%) 2.42 0.38
Pre Tax Margin(%) -9.14 -10.33
PAT Margin (%) -7.22 -8.16
Cash Profit Margin (%) -1.21 -2.52
ROA(%) -3.64 -4.66
ROE(%) 0 0
ROCE(%) 2.7 0.49
Receivable days 79.22 64.69
Inventory Days 53.96 53.28
Payable days 69.88 60.68
PER(x) 0 0
Price/Book(x) -1.5 -1.34
Dividend Yield(%) 0 0
EV/Net Sales(x) 1.34 1.15
EV/Core EBITDA(x) 15.24 16.7
Net Sales Growth(%) 0 6.72
EBIT Growth(%) 0 -83.16
PAT Growth(%) 0 -20.46
EPS Growth(%) 0 -8.18
Debt/Equity(x) -5.88 -4.81
Current Ratio(x) 0.99 0.79
Quick Ratio(x) 0.68 0.43
Interest Cover(x) 0.21 0.04
Total Debt/Mcap(x) 3.92 3.6

Caprihans India Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 51 51 51 51 51 51 54.75 55.99 55.99 55.99
FII 0 0 0 0 0 0 0 0 0 0
DII 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01
Public 48.98 48.98 48.98 48.98 48.98 48.98 45.23 43.99 43.99 43.99
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Caprihans India News

Caprihans India Pros & Cons

Pros

  • Stock is trading at -0.7 times its book value
  • Debtor days have improved from 69.88 to 60.68days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
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