Plastic Products · Founded 2020 · www.ddevgroup.in · BSE 543547 · NSE DDEVPLSTIK · ISIN INE0HR601026
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Business
Ddev Plastiks Industries Ltd. is engaged in the manufacturing and sale of various plastic products. While specific product details are not provided, companies in this sector typically produce a range of items including plastic films, sheets, pipes, molded articles, and other industrial or consumer-grade plastic components. The company's core business model involves sourcing raw materials (primarily plastic polymers derived from crude oil), processing them into finished plastic goods using various manufacturing techniques (e.g., extrusion, injection molding, blow molding), and then selling these products to a diverse customer base. It makes money by adding value through manufacturing and distribution, selling its products to industrial clients, consumer goods companies, infrastructure projects, and potentially directly to consumers or through a distributor network.
Revenue Mix
Specific revenue breakdown by product segment is not publicly available without access to detailed financial reports. However, based on the general "Plastic Products" industry, Ddev Plastiks Industries Ltd. likely operates across several potential segments, which could include:
Packaging Films: Used for food, FMCG, industrial packaging.
Pipes & Fittings: For agriculture, plumbing, industrial applications.
Molded Products: Such as containers, components for automotive or electronics, household items.
Industrial Plastics: Custom components for various manufacturing industries.
Specialty Plastics: Niche applications requiring specific properties.
The contribution from each of these or other potential segments would determine the company's revenue mix.
Industry
The Indian plastic products industry is large, diverse, and growing, driven by increasing domestic consumption, infrastructure development, and growth in end-user industries like packaging, automotive, construction, and agriculture. The industry is generally fragmented with numerous small and medium-sized players, alongside a few large integrated manufacturers. It is highly dependent on crude oil prices for raw materials (polymers). Ddev Plastiks Industries Ltd. likely positions itself as a manufacturer catering to specific segments or geographic regions within this competitive landscape. Its positioning could be based on cost-efficiency, product quality, customization capabilities, or established distribution networks.
MOAT
Ddev Plastiks Industries Ltd. operates in an industry that can be quite commoditized, making sustainable competitive advantages challenging. Potential moats could include:
Scale and Operational Efficiency: Large production volumes can lead to economies of scale, lower per-unit costs, and better bargaining power with raw material suppliers. Efficient manufacturing processes and technology can further reduce costs.
Product Diversification/Specialization: A broad product portfolio or specialization in high-value, niche plastic products can reduce reliance on any single market segment and offer better margins.
Strong Distribution Network & Customer Relationships: An extensive and efficient distribution network can ensure market penetration. Long-standing relationships with key industrial clients or strong brand recognition (if applicable for its specific products) can create switching costs.
Backward/Forward Integration: If the company has integrated backward into raw material production or forward into specific end-user applications, it could gain a cost or market advantage.
Without specific information, the company's moat is likely derived from operational excellence, customer stickiness within its specific niches, and potentially its scale within its chosen product categories.
Growth Drivers
Key factors that can drive Ddev Plastiks Industries Ltd.'s growth over the next 3-5 years include:
Rising Domestic Consumption: India's growing population, increasing disposable incomes, and urbanization will drive demand for packaged goods, consumer durables, and infrastructure, all of which require plastic products.
Infrastructure Development: Government initiatives in housing, water management, sanitation, and transportation will fuel demand for plastic pipes, fittings, and construction materials.
E-commerce and FMCG Growth: Expansion of e-commerce and the fast-moving consumer goods (FMCG) sector will significantly boost demand for flexible and rigid plastic packaging.
Product Diversification and Value-Added Products: Investing in R&D to develop new, innovative, or specialized plastic products with higher margins.
Capacity Expansion: Increasing manufacturing capacity to meet growing demand and expand market share.
Export Opportunities: Tapping into international markets for specific plastic products.
Risks
Raw Material Price Volatility: Plastic polymers are derivatives of crude oil. Significant fluctuations in crude oil prices can directly impact input costs and profitability.
Environmental Regulations: Increasing global and domestic pressure against plastic pollution could lead to stricter regulations, bans on certain plastic types, or mandates for recycling, requiring significant operational changes and capital expenditure.
Intense Competition: The Indian plastic industry is competitive, leading to pricing pressures and potential margin erosion.
Economic Downturn: A slowdown in the broader economy or specific end-user industries (e.g., automotive, construction) could reduce demand for plastic products.
Technological Obsolescence: Rapid changes in materials science or manufacturing technologies could require continuous investment to remain competitive.
Foreign Exchange Fluctuations: If the company imports raw materials or exports finished goods, adverse movements in currency exchange rates could impact profitability.
Management & Ownership
Ddev Plastiks Industries Ltd. is likely a promoter-led company, which is common in India. Promoter holdings typically represent a significant portion of the ownership, reflecting their long-term commitment to the business. The quality of management would be assessed based on their strategic vision, execution capabilities, financial discipline, corporate governance practices, and ability to navigate industry challenges. A stable and experienced management team with a proven track record is crucial for sustained growth. Ownership typically includes promoter families, institutional investors (domestic and foreign), and public shareholders.
Outlook
Ddev Plastiks Industries Ltd. operates in a structurally growing industry in India, benefiting from strong demographic trends, increasing consumption, and significant government-led infrastructure spending. The fundamental demand for plastic products across various sectors provides a robust backdrop for the company's expansion. However, the business is exposed to considerable external risks, particularly the volatility of raw material prices and the evolving landscape of environmental regulations concerning plastics. The ability of Ddev Plastiks to mitigate these risks through efficient operations, strategic raw material procurement, product innovation (potentially focusing on recyclable or sustainable solutions), and diversification of its customer base will be critical for its long-term profitability and market position. While the growth trajectory for plastic products in India remains positive, companies in this sector must continuously adapt to maintain competitiveness and address environmental concerns.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 597 | 625 | 580 | 661 | 737 | 769 | 680 | 733 | 766 | 989 |
| Other Income | 8 | 6 | 5 | 4 | 3 | 6 | 11 | 4 | 12 | 10 |
| Total Income | 605 | 632 | 585 | 665 | 740 | 776 | 691 | 737 | 778 | 999 |
| Total Expenditure | 513 | 567 | 517 | 590 | 660 | 696 | 616 | 657 | 691 | 898 |
| Operating Profit | 92 | 65 | 68 | 75 | 79 | 79 | 75 | 80 | 86 | 101 |
| Interest | 5 | 4 | 5 | 7 | 6 | 6 | 7 | 8 | 8 | 11 |
| Depreciation | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 82 | 57 | 60 | 64 | 69 | 70 | 64 | 67 | 73 | 85 |
| Provision for Tax | 21 | 14 | 16 | 18 | 17 | 18 | 16 | 19 | 19 | 21 |
| Profit After Tax | 62 | 42 | 45 | 47 | 52 | 52 | 47 | 48 | 55 | 64 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | 62 | 42 | 45 | 47 | 52 | 52 | 47 | 48 | 55 | 64 |
| Adjusted Earnings Per Share | 5.9 | 4.1 | 4.3 | 4.5 | 5 | 5 | 4.6 | 4.6 | 5.3 | 6.2 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 2227 | 2504 | 2431 | 2603 | 2948 | 3168 |
| Other Income | 0 | 22 | 26 | 24 | 18 | 34 | 37 |
| Total Income | 0 | 2249 | 2530 | 2455 | 2621 | 2981 | 3205 |
| Total Expenditure | 0 | 2121 | 2344 | 2173 | 2334 | 2661 | 2862 |
| Operating Profit | -0 | 128 | 186 | 282 | 287 | 320 | 342 |
| Interest | 0 | 41 | 33 | 23 | 21 | 29 | 34 |
| Depreciation | 0 | 12 | 12 | 14 | 15 | 18 | 19 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 76 | 140 | 245 | 251 | 274 | 289 |
| Provision for Tax | 0 | 21 | 36 | 63 | 65 | 72 | 75 |
| Profit After Tax | -0 | 55 | 104 | 182 | 185 | 202 | 214 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 55 | 104 | 182 | 185 | 202 | 214 |
| Adjusted Earnings Per Share | -3.2 | 0 | 10.1 | 17.6 | 17.9 | 19.5 | 20.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | 6% | 0% | 0% |
| Operating Profit CAGR | 11% | 20% | 0% | 0% |
| PAT CAGR | 9% | 25% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | 9% | NA% | NA% |
| ROE Average | 22% | 26% | 26% | 13% |
| ROCE Average | 31% | 36% | 37% | 30% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Shareholder's Funds | 0 | 392 | 494 | 660 | 835 | 1013 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 27 | 28 | 26 | 34 | 33 |
| Total Current Liabilities | 0 | 510 | 390 | 357 | 346 | 455 |
| Total Liabilities | 0 | 929 | 912 | 1044 | 1214 | 1501 |
| Fixed Assets | 0 | 207 | 225 | 231 | 275 | 304 |
| Other Non-Current Assets | 0 | 11 | 16 | 16 | 19 | 69 |
| Total Current Assets | 0 | 711 | 671 | 797 | 921 | 1128 |
| Total Assets | 0 | 929 | 912 | 1044 | 1214 | 1501 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 8 | 6 | 7 | 77 | 43 |
| Cash Flow from Operating Activities | -0 | 26 | 145 | 116 | 137 | 85 |
| Cash Flow from Investing Activities | 0 | -18 | -35 | -18 | -114 | -41 |
| Cash Flow from Financing Activities | 0 | -10 | -109 | -28 | -57 | -44 |
| Net Cash Inflow / Outflow | 0 | -2 | 1 | 70 | -34 | 0 |
| Closing Cash & Cash Equivalent | 0 | 6 | 7 | 77 | 43 | 43 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -3.18 | 0 | 10.06 | 17.56 | 17.93 | 19.5 |
| CEPS(Rs) | -3.18 | 0 | 11.23 | 18.93 | 19.38 | 21.22 |
| DPS(Rs) | 0 | 0.24 | 0.91 | 1.5 | 1.75 | 1.75 |
| Book NAV/Share(Rs) | 5.91 | 0 | 47.76 | 63.77 | 80.67 | 97.93 |
| Core EBITDA Margin(%) | 0 | 4.74 | 6.39 | 10.62 | 10.33 | 9.73 |
| EBIT Margin(%) | 0 | 5.23 | 6.93 | 11.01 | 10.45 | 10.26 |
| Pre Tax Margin(%) | 0 | 3.39 | 5.61 | 10.06 | 9.63 | 9.28 |
| PAT Margin (%) | 0 | 2.46 | 4.16 | 7.47 | 7.13 | 6.85 |
| Cash Profit Margin (%) | 0 | 2.98 | 4.64 | 8.06 | 7.7 | 7.45 |
| ROA(%) | -4.01 | 11.79 | 11.31 | 18.58 | 16.43 | 14.86 |
| ROE(%) | -53.85 | 28.64 | 23.75 | 31.48 | 24.82 | 21.84 |
| ROCE(%) | -4.05 | 44.67 | 32.42 | 41.96 | 33.94 | 31.15 |
| Receivable days | 0 | 57.15 | 51.88 | 57.15 | 60.61 | 63.16 |
| Inventory Days | 0 | 45.19 | 35.97 | 31.75 | 31.38 | 39.27 |
| Payable days | 0 | 6.64 | 18.45 | 23.67 | 15.96 | 14.43 |
| PER(x) | 0 | 0 | 7.14 | 9.76 | 14.24 | 9.7 |
| Price/Book(x) | 0 | 0 | 1.5 | 2.69 | 3.16 | 1.93 |
| Dividend Yield(%) | 0 | 0 | 1.27 | 0.88 | 0.69 | 0.93 |
| EV/Net Sales(x) | 0 | 0.06 | 0.32 | 0.72 | 1.01 | 0.67 |
| EV/Core EBITDA(x) | -0.77 | 0.96 | 4.26 | 6.25 | 9.2 | 6.14 |
| Net Sales Growth(%) | 0 | 0 | 12.43 | -2.9 | 7.08 | 13.24 |
| EBIT Growth(%) | 0 | 0 | 49.19 | 54.21 | 1.58 | 11.23 |
| PAT Growth(%) | 0 | 0 | 90.02 | 74.52 | 2.11 | 8.8 |
| EPS Growth(%) | 0 | 100 | 0 | 74.53 | 2.11 | 8.8 |
| Debt/Equity(x) | 12.31 | 0.34 | 0.11 | 0.1 | 0.05 | 0.05 |
| Current Ratio(x) | 1.08 | 1.39 | 1.72 | 2.23 | 2.66 | 2.48 |
| Quick Ratio(x) | 1.08 | 0.85 | 1.16 | 1.66 | 1.96 | 1.62 |
| Interest Cover(x) | 0 | 2.85 | 5.22 | 11.61 | 12.77 | 10.49 |
| Total Debt/Mcap(x) | 0 | 0 | 0.08 | 0.04 | 0.02 | 0.03 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.98 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0.02 | 0.03 | 0.03 | 0.36 | 0.36 | 1.13 | 0.9 | 0.9 | 1.46 | 1.56 |
| DII | 0.31 | 0.26 | 0.49 | 0.52 | 1.15 | 0.8 | 0.96 | 0.64 | 0.09 | 0.06 |
| Public | 24.69 | 24.71 | 24.49 | 24.12 | 23.5 | 23.07 | 23.15 | 23.47 | 23.46 | 23.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 |
| FII | 0 | 0 | 0 | 0.04 | 0.04 | 0.12 | 0.09 | 0.09 | 0.15 | 0.16 |
| DII | 0.03 | 0.03 | 0.05 | 0.05 | 0.12 | 0.08 | 0.1 | 0.07 | 0.01 | 0.01 |
| Public | 2.55 | 2.56 | 2.53 | 2.5 | 2.43 | 2.39 | 2.4 | 2.43 | 2.43 | 2.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +13% | +6% | — | — |
| Operating Profit CAGR | +11% | +20% | — | — |
| PAT CAGR | +9% | +25% | — | — |
| Share Price CAGR | -19% | +9% | — | — |
| ROE Average | +22% | +26% | +26% | +13% |
| ROCE Average | +31% | +36% | +37% | +30% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.98 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0.02 | 0.03 | 0.03 | 0.36 | 0.36 | 1.13 | 0.9 | 0.9 | 1.46 | 1.56 |
| DII | 0.31 | 0.26 | 0.49 | 0.52 | 1.15 | 0.8 | 0.96 | 0.64 | 0.09 | 0.06 |
| Public | 24.69 | 24.71 | 24.49 | 24.12 | 23.5 | 23.07 | 23.15 | 23.47 | 23.46 | 23.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 |
| FII | 0 | 0 | 0 | 0.04 | 0.04 | 0.12 | 0.09 | 0.09 | 0.15 | 0.16 |
| DII | 0.03 | 0.03 | 0.05 | 0.05 | 0.12 | 0.08 | 0.1 | 0.07 | 0.01 | 0.01 |
| Public | 2.55 | 2.56 | 2.53 | 2.5 | 2.43 | 2.39 | 2.4 | 2.43 | 2.43 | 2.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 | 10.35 |
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