WEBSITE BSE:509486 NSE: CAPRIHANS Inc. Year: 1946 Industry: Plastic Products My Bucket: Add Stock
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.78 | 0.82 | 0.82 | 0.82 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.42 | 1.46 | 1.46 | 1.46 |
* The pros and cons are machine generated.
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