WEBSITE BSE:526355 NSE: DURO PACK Inc. Year: 1986 Industry: Plastic Products My Bucket: Add Stock
Last updated: 10:44
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1. Business Overview
Duropack Ltd. is an Indian manufacturer specializing in flexible packaging solutions. The company produces a range of plastic packaging products, including multi-layer films, laminates, pouches, and bags, catering to various industries such as food and beverages, personal care, pharmaceuticals, and industrial products. Its core business model involves converting plastic raw materials (polymers) into finished flexible packaging materials through processes like extrusion, lamination, printing, and slitting. The company generates revenue by selling these customized packaging solutions directly to corporate clients and manufacturers.
2. Key Segments / Revenue Mix
While Duropack Ltd. primarily operates within a single segment of 'Flexible Packaging Materials', its product offerings can be broadly categorized into:
Laminates & Films: Multi-layer films, printed and unprinted laminates for various applications.
Pouches & Bags: Stand-up pouches, zipper pouches, customized bags, and other flexible packaging formats.
Specific revenue contributions from each product category are typically not segregated in public financial disclosures for companies of this size within a single business segment.
3. Industry & Positioning
Duropack operates in the Indian flexible packaging industry, which is characterized by its fragmented nature, high competition, and significant growth potential driven by increasing consumerism and organized retail. The industry sees a mix of large integrated players and numerous small to mid-sized regional manufacturers. Duropack is positioned as a mid-sized player, competing on factors such as product quality, customization capabilities, competitive pricing, and client relationships. It serves a diverse clientele across multiple sectors, indicating a focus on catering to specific industry needs rather than dominating a single niche.
4. Competitive Advantage (Moat)
Duropack's competitive advantages are likely derived from:
Customer Relationships: Long-standing relationships with clients across various sectors due to consistent product quality and service.
Product Customization & Quality: Ability to produce a wide range of customized flexible packaging solutions tailored to specific client requirements, ensuring product integrity and appeal.
Operational Experience: Years of experience in the flexible packaging manufacturing process, leading to optimized production and efficiency.
Diverse Product Portfolio: Offering a variety of films, laminates, and pouches helps in attracting and retaining a broad customer base, reducing dependence on a single product type.
5. Growth Drivers
Key factors that can drive Duropack's growth over the next 3-5 years include:
Rising Consumption & E-commerce: Increasing disposable incomes, urbanization, and the rapid growth of e-commerce in India are boosting demand for packaged goods, directly increasing the need for flexible packaging.
Expansion of Food & Beverage Sector: Continued growth in the processed food, snacks, and beverage industries necessitates innovative and efficient packaging solutions.
Shift to Flexible Packaging: A preference for flexible packaging over rigid packaging due to cost-effectiveness, convenience, and reduced material usage.
Sustainability Focus: Development of more sustainable and recyclable packaging solutions could open new market opportunities and comply with evolving regulations.
6. Risks
Raw Material Price Volatility: Prices of key raw materials like polymers (derived from crude oil) are highly volatile, directly impacting manufacturing costs and profit margins.
Intense Competition: The Indian flexible packaging market is highly competitive with numerous domestic and international players, leading to pricing pressures.
Environmental Regulations: Increasing government scrutiny and regulations regarding plastic waste management and single-use plastics could impact business operations and necessitate significant investment in alternative materials or recycling technologies.
Economic Slowdown: A downturn in the broader economy could reduce consumer spending on packaged goods, affecting demand for packaging materials.
Technological Obsolescence: Rapid advancements in packaging technology require continuous investment in R&D and machinery to remain competitive.
7. Management & Ownership
Duropack Ltd. is a promoter-driven company. The promoter group typically holds a significant stake, indicating committed long-term interest in the company's performance. The management team likely comprises individuals with considerable experience in the packaging industry, overseeing operations and strategic direction. The ownership structure generally includes the promoter group, public shareholders, and potentially institutional investors.
8. Outlook
Duropack Ltd. operates in a structurally growing industry driven by India's expanding consumption story and the increasing preference for packaged goods. The company's diversified product portfolio and established customer relationships provide a stable base. However, the business is susceptible to commodity price fluctuations, intense competition, and evolving environmental regulations, which necessitate agile operational management and continuous innovation. Future growth hinges on its ability to manage costs effectively, innovate in product development, including sustainable solutions, and maintain strong client relationships amidst a dynamic market landscape.
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Market Cap ₹27 Cr.
Stock P/E 11.1
P/B 1.2
Current Price ₹50.4
Book Value ₹ 42
Face Value 10
52W High ₹105
Dividend Yield 0%
52W Low ₹ 40.1
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 | 8 | 8 | 8 | 6 | 9 | 9 | 9 | 8 | 11 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 |
| Total Income | 9 | 9 | 8 | 7 | 10 | 9 | 9 | 8 | 11 | 10 |
| Total Expenditure | 8 | 7 | 7 | 6 | 8 | 8 | 8 | 7 | 9 | 9 |
| Operating Profit | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 0 |
| Adjusted Earnings Per Share | 1.4 | 1.3 | 0.4 | 1 | 2.1 | 1.1 | 0.3 | 0.7 | 0.9 | 0.9 |
| #(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 | 12 | 11 | 12 | 14 | 17 | 17 | 21 | 24 | 31 | 32 | 33 | 38 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Total Income | 12 | 11 | 12 | 14 | 17 | 17 | 21 | 25 | 32 | 32 | 34 | 38 |
| Total Expenditure | 11 | 10 | 11 | 13 | 16 | 16 | 19 | 22 | 28 | 29 | 30 | 33 |
| Operating Profit | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 4 | 4 | 4 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 3 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 |
| Adjusted Earnings Per Share | 1.2 | 1.1 | 1.1 | 1.4 | 1.8 | 1.8 | 2.2 | 2.5 | 4.1 | 4.1 | 4.5 | 2.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3% | 11% | 14% | 11% |
| Operating Profit CAGR | 0% | 26% | 15% | 15% |
| PAT CAGR | 0% | 26% | 15% | 7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -34% | -22% | 20% | 19% |
| ROE Average | 12% | 13% | 12% | 10% |
| ROCE Average | 16% | 18% | 16% | 14% |
| #(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 | 6 | 6 | 7 | 8 | 9 | 10 | 11 | 13 | 15 | 18 | 20 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Current Liabilities | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 3 | 3 |
| Total Liabilities | 7 | 7 | 8 | 10 | 11 | 12 | 14 | 16 | 18 | 22 | 25 |
| Fixed Assets | 2 | 1 | 1 | 1 | 2 | 3 | 3 | 5 | 5 | 5 | 12 |
| Other Non-Current Assets | 0 | 0 | 4 | 4 | 4 | 5 | 5 | 5 | 6 | 11 | 5 |
| Total Current Assets | 5 | 6 | 3 | 4 | 4 | 5 | 6 | 7 | 7 | 6 | 8 |
| Total Assets | 7 | 7 | 8 | 10 | 11 | 12 | 14 | 16 | 18 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 2 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 3 | 2 |
| Cash Flow from Operating Activities | 1 | 1 | -0 | 1 | 1 | 2 | 1 | 0 | 5 | 2 | 1 |
| Cash Flow from Investing Activities | -1 | -2 | 0 | -1 | -1 | -1 | -1 | -2 | -3 | -4 | -1 |
| Cash Flow from Financing Activities | 0 | -0 | 0 | 0 | 0 | -0 | 0 | 1 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | -0 | -1 | 0 | 0 | -0 | 1 | -0 | -1 | 3 | -2 | -0 |
| Closing Cash & Cash Equivalent | 2 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 3 | 2 | 1 |
| # | 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) | 1.22 | 1.12 | 1.14 | 1.4 | 1.78 | 1.83 | 2.24 | 2.48 | 4.06 | 4.1 | 4.54 |
| CEPS(Rs) | 2.19 | 1.68 | 1.62 | 1.81 | 2.37 | 2.75 | 2.97 | 3.47 | 5.31 | 5.53 | 6.98 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 12.73 | 13.85 | 15.52 | 17.29 | 19.55 | 21.71 | 24.56 | 25.55 | 28.66 | 34.98 | 38.62 |
| Core EBITDA Margin(%) | 7.05 | 6.97 | 6.51 | 7.58 | 7.67 | 9.03 | 8.53 | 7.59 | 9.17 | 9.25 | 9.69 |
| EBIT Margin(%) | 4.78 | 5.16 | 5.17 | 6.46 | 6.22 | 6.75 | 7.31 | 7.34 | 9.25 | 8.95 | 9.53 |
| Pre Tax Margin(%) | 4.78 | 5.15 | 5.16 | 6.46 | 6.21 | 6.75 | 7.31 | 7.34 | 9.24 | 8.94 | 9.52 |
| PAT Margin (%) | 4.18 | 4.18 | 3.82 | 4.37 | 4.77 | 4.97 | 5.06 | 5.42 | 6.9 | 6.82 | 7.3 |
| Cash Profit Margin (%) | 7.53 | 6.28 | 5.44 | 5.67 | 6.33 | 7.45 | 6.7 | 7.59 | 9.02 | 9.21 | 11.21 |
| ROA(%) | 8.7 | 7.48 | 6.81 | 7.23 | 8.02 | 7.31 | 7.92 | 8.56 | 12.29 | 10.71 | 10.31 |
| ROE(%) | 10.05 | 8.43 | 7.77 | 8.52 | 9.68 | 8.88 | 9.68 | 10.5 | 14.98 | 12.87 | 12.35 |
| ROCE(%) | 11.5 | 10.42 | 10.52 | 12.59 | 12.61 | 12.06 | 13.99 | 14.21 | 20.09 | 16.89 | 16.12 |
| Receivable days | 30.4 | 30.01 | 44.3 | 55.49 | 51.87 | 56.85 | 46.51 | 47.82 | 28.71 | 18.98 | 31.24 |
| Inventory Days | 24.29 | 22.39 | 13.13 | 13.14 | 14.28 | 13.99 | 22.05 | 33.57 | 23.67 | 17.18 | 19.54 |
| Payable days | 0 | 0 | 17.52 | 29.44 | 32.41 | 42.05 | 31.02 | 34.39 | 28.27 | 26.54 | 34.24 |
| PER(x) | 6.24 | 7.85 | 16 | 12.63 | 6.25 | 5.53 | 6.36 | 12.83 | 21.58 | 21.24 | 16.29 |
| Price/Book(x) | 0.6 | 0.63 | 1.18 | 1.02 | 0.57 | 0.47 | 0.58 | 1.24 | 3.06 | 2.49 | 1.92 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.17 | 0.36 | 0.68 | 0.53 | 0.28 | 0.19 | 0.27 | 0.68 | 1.38 | 1.4 | 1.15 |
| EV/Core EBITDA(x) | 1.83 | 4.24 | 8.72 | 6.52 | 3.57 | 2.09 | 3.03 | 7.13 | 12.13 | 12.34 | 8.55 |
| Net Sales Growth(%) | 8.02 | -10.39 | 13.66 | 16.39 | 23.56 | -1.42 | 20.24 | 16.96 | 28.84 | 2.01 | 3.64 |
| EBIT Growth(%) | -2.15 | -0.63 | 11.54 | 33.67 | 12.51 | 7.09 | 30.08 | 17.49 | 62.3 | -1.32 | 10.38 |
| PAT Growth(%) | 11.54 | -8.02 | 1.8 | 22.52 | 27.58 | 2.74 | 22.3 | 25.39 | 63.86 | 0.84 | 10.95 |
| EPS Growth(%) | 11.55 | -8.02 | 1.8 | 22.51 | 27.58 | 2.73 | 22.3 | 10.66 | 63.85 | 0.84 | 10.95 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 5.69 | 7.44 | 3 | 2.88 | 2.35 | 2.61 | 2.54 | 2.74 | 2.55 | 2.03 | 2.26 |
| Quick Ratio(x) | 4.62 | 6.7 | 2.62 | 2.41 | 1.95 | 2.29 | 1.72 | 1.74 | 1.99 | 1.52 | 1.67 |
| Interest Cover(x) | 616 | 439.94 | 705.2 | 913.43 | 968.15 | 1286.11 | 3764.25 | 1965.56 | 926.16 | 2833.2 | 2405.62 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.88 | 69.88 | 69.88 | 69.88 | 69.88 | 69.88 | 69.88 | 69.88 | 69.88 | 69.88 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.12 | 30.12 | 30.12 | 30.12 | 30.12 | 30.12 | 30.12 | 30.12 | 30.12 | 30.12 |
| 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 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 |
* The pros and cons are machine generated.
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