WEBSITE BSE:526717 NSE: HPBL Inc. Year: 1984 Industry: Plastic Products My Bucket: Add Stock
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1. Business Overview
HCP Plastene Bulkpack Ltd. (HPBL) is an Indian company operating in the Plastic Products sector, specifically focused on the plastic packaging industry. The company likely specializes in manufacturing and supplying bulk packaging solutions made from plastic. This typically includes products such as Flexible Intermediate Bulk Containers (FIBCs, also known as big bags or jumbo bags), woven sacks, BOPP bags, and other industrial-grade plastic packaging materials. HPBL's core business model involves manufacturing these products and selling them to various industries (e.g., cement, chemicals, fertilizers, food grains, agriculture, pharmaceuticals) that require efficient and secure packaging for bulk materials. The company generates revenue through the direct sales of its packaging products to B2B customers.
2. Key Segments / Revenue Mix
While specific revenue breakdown percentages are not publicly available, given its name ("Plastene Bulkpack") and industry focus, HPBL's key product segments likely include:
Flexible Intermediate Bulk Containers (FIBCs): Large woven bags designed for storing and transporting dry, flowable materials.
Woven Sacks/Bags: Used for packaging commodities like cement, fertilizers, sugar, and grains.
BOPP Laminated Bags: High-quality printed bags often used for retail packaging of bulk goods like animal feed or grains.
Potentially other specialized plastic packaging solutions for industrial applications.
The company's revenue is primarily derived from the manufacturing and sale of these bulk plastic packaging products.
3. Industry & Positioning
The Indian plastic packaging industry is highly competitive and fragmented, characterized by a large number of organized and unorganized players. It is largely driven by growth in end-user industries such as FMCG, food and beverages, pharmaceuticals, industrial goods, and agriculture. HPBL, as a player focused on bulk packaging, operates in a segment that requires specific manufacturing capabilities and adherence to industrial standards. Its positioning would likely be among the significant manufacturers of FIBCs and woven sacks in India, serving a diverse industrial client base. Success in this industry often depends on production scale, cost efficiency, product quality, and customer relationships.
4. Competitive Advantage (Moat)
HPBL's potential competitive advantages could stem from:
Scale of Operations: As a specialized bulk packaging manufacturer, having large production capacities can enable cost efficiencies and the ability to fulfill large industrial orders, which smaller players may struggle with.
Customer Relationships: Long-standing relationships and preferred supplier status with major industrial clients (e.g., cement, chemical companies) can create sticky demand and a barrier to entry for new competitors.
Product Customization & Quality: The ability to offer customized packaging solutions tailored to specific client needs and maintaining high-quality standards (e.g., for food-grade or hazardous materials) can differentiate it from generic manufacturers.
Cost Efficiency: Optimized manufacturing processes and efficient procurement of raw materials (polypropylene, polyethylene) are crucial in a price-sensitive market.
5. Growth Drivers
Key factors that can drive HPBL's growth over the next 3-5 years include:
Industrial Growth in India: Expansion across sectors like infrastructure, manufacturing, chemicals, and agriculture will directly increase demand for bulk packaging.
Increasing Consumption & Urbanization: Growing population and consumption patterns drive demand for packaged goods, indirectly benefiting the industrial packaging sector as raw materials and finished goods are transported.
Exports: Opportunities to export FIBCs and other bulk packaging solutions to international markets can provide a significant growth avenue, leveraging India's manufacturing competitiveness.
Shift to Efficient Packaging: Continued adoption of modern and efficient packaging solutions like FIBCs over traditional methods.
Capacity Expansion & New Products: Investments in expanding manufacturing capacity or introducing innovative, value-added packaging products can capture new market share.
6. Risks
HPBL faces several business risks:
Raw Material Price Volatility: Plastic packaging is heavily reliant on crude oil derivatives (e.g., polypropylene, polyethylene). Fluctuations in crude oil prices can significantly impact manufacturing costs and profit margins.
Intense Competition: The fragmented nature of the industry leads to price wars and pressure on margins.
Environmental Regulations: Increasing global and domestic concerns about plastic pollution and waste could lead to stricter regulations, taxes, or bans on certain plastic products, potentially impacting demand or increasing compliance costs.
Economic Downturn: A slowdown in the industrial or manufacturing sectors in India or globally would directly reduce demand for bulk packaging.
Foreign Exchange Fluctuations: If the company imports raw materials or exports a significant portion of its products, adverse movements in currency exchange rates can impact profitability.
7. Management & Ownership
HCP Plastene Bulkpack Ltd. is likely a promoter-led company, which is common in India. Promoter-led businesses typically indicate a strong entrepreneurial spirit and long-term vision from the founding families or groups. While specific details on management quality are not available, promoter-led companies often benefit from experienced leadership with deep industry knowledge. Ownership structure would typically involve a significant stake held by the promoter group, with the remaining shares held by public investors, institutional investors, and other entities.
8. Outlook
HCP Plastene Bulkpack Ltd. operates in an essential industry benefiting from India's industrial growth and the fundamental need for packaging across sectors. The increasing demand for efficient bulk packaging solutions and potential export opportunities present a positive growth trajectory. However, the company's profitability remains vulnerable to the volatile prices of crude oil-linked raw materials and intense competition, which can put pressure on margins. Furthermore, evolving environmental regulations regarding plastic usage could pose long-term challenges. A balanced view suggests that while HPBL can capitalize on India's economic expansion and industrialization, its performance will be significantly influenced by raw material price stability, its ability to maintain cost efficiency, and its adaptability to future environmental policies.
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Market Cap ₹254 Cr.
Stock P/E 19
P/B 3.3
Current Price ₹237.5
Book Value ₹ 71.2
Face Value 10
52W High ₹284.5
Dividend Yield 0%
52W Low ₹ 107
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 | 79 | 80 | 77 | 105 | 117 | 119 | 122 | 126 | 198 | 121 |
| Other Income | 1 | 0 | 1 | 1 | 1 | 1 | 2 | 6 | 2 | 2 |
| Total Income | 80 | 80 | 78 | 106 | 118 | 120 | 124 | 132 | 200 | 123 |
| Total Expenditure | 74 | 75 | 71 | 98 | 110 | 111 | 109 | 117 | 186 | 102 |
| Operating Profit | 6 | 5 | 7 | 8 | 8 | 9 | 15 | 16 | 13 | 21 |
| Interest | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 6 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | 1 | 3 | 3 | 3 | 9 | 10 | 7 | 12 |
| Provision for Tax | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 3 | 2 | 4 |
| Profit After Tax | 1 | 0 | 1 | 2 | 2 | 2 | 7 | 7 | 5 | 8 |
| Adjustments | -1 | -1 | -1 | -1 | -1 | -1 | -2 | -3 | -1 | -1 |
| Profit After Adjustments | 0 | -0 | 1 | 1 | 1 | 2 | 5 | 4 | 4 | 7 |
| Adjusted Earnings Per Share | 0.2 | -0.4 | 0.5 | 1.4 | 1.4 | 1.5 | 4.7 | 3.8 | 3.7 | 6.6 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 16 | 112 | 352 | 295 | 463 | 567 |
| Other Income | 0 | 1 | 0 | 3 | 5 | 12 |
| Total Income | 16 | 113 | 352 | 297 | 468 | 579 |
| Total Expenditure | 20 | 107 | 334 | 278 | 428 | 514 |
| Operating Profit | -3 | 6 | 18 | 19 | 40 | 65 |
| Interest | 1 | 4 | 10 | 12 | 15 | 19 |
| Depreciation | 5 | 5 | 7 | 7 | 7 | 8 |
| Exceptional Income / Expenses | 53 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 44 | -3 | 1 | 0 | 18 | 38 |
| Provision for Tax | -20 | -1 | 0 | -0 | 5 | 11 |
| Profit After Tax | 64 | -2 | 1 | 0 | 13 | 27 |
| Adjustments | 0 | 0 | -3 | -1 | -4 | -7 |
| Profit After Adjustments | 64 | -2 | -2 | -1 | 10 | 20 |
| Adjusted Earnings Per Share | 62.2 | -2.4 | -1.9 | -1 | 9.1 | 18.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 57% | 60% | 0% | 0% |
| Operating Profit CAGR | 111% | 88% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 112% | -5% | 60% | 26% |
| ROE Average | 25% | 9% | 52% | 52% |
| ROCE Average | 14% | 9% | 20% | 20% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 26 | 26 | 50 | 50 | 60 |
| Minority's Interest | 0 | 11 | 14 | 16 | 20 |
| Borrowings | 38 | 88 | 49 | 48 | 32 |
| Other Non-Current Liabilities | -24 | -20 | -22 | -25 | -21 |
| Total Current Liabilities | 8 | 46 | 83 | 119 | 170 |
| Total Liabilities | 49 | 150 | 175 | 207 | 261 |
| Fixed Assets | 27 | 79 | 84 | 77 | 71 |
| Other Non-Current Assets | 9 | 11 | 13 | 15 | 11 |
| Total Current Assets | 12 | 60 | 79 | 115 | 180 |
| Total Assets | 49 | 150 | 175 | 207 | 261 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 0 | 0 | 1 | 1 |
| Cash Flow from Operating Activities | -16 | -23 | -20 | -19 | -19 |
| Cash Flow from Investing Activities | -1 | -57 | -13 | -5 | 1 |
| Cash Flow from Financing Activities | 14 | 81 | 34 | 24 | 18 |
| Net Cash Inflow / Outflow | -3 | 0 | 1 | -1 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 1 | 1 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 62.17 | -2.39 | -1.9 | -1.01 | 9.06 |
| CEPS(Rs) | 67.18 | 2.73 | 7.63 | 7.12 | 19.32 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 25.71 | 25.08 | 46.93 | 45.92 | 54.98 |
| Core EBITDA Margin(%) | -23.54 | 5.02 | 5.04 | 5.66 | 7.65 |
| EBIT Margin(%) | 282.3 | 0.92 | 3.09 | 4.05 | 7.08 |
| Pre Tax Margin(%) | 274.26 | -2.82 | 0.34 | 0.07 | 3.88 |
| PAT Margin (%) | 400.86 | -2.18 | 0.22 | 0.1 | 2.88 |
| Cash Profit Margin (%) | 433.14 | 2.49 | 2.32 | 2.58 | 4.45 |
| ROA(%) | 130.65 | -2.46 | 0.47 | 0.16 | 5.7 |
| ROE(%) | 241.86 | -9.43 | 2.01 | 0.62 | 24.75 |
| ROCE(%) | 69.67 | 1.04 | 7.08 | 6.29 | 14.35 |
| Receivable days | 76.18 | 49.03 | 28.15 | 51.95 | 61.17 |
| Inventory Days | 151.98 | 51.64 | 27.23 | 39.04 | 36.21 |
| Payable days | 245.56 | 63.38 | 18.96 | 9.34 | 6.36 |
| PER(x) | 0.15 | 0 | 0 | 0 | 11.4 |
| Price/Book(x) | 0.35 | 23.13 | 4.05 | 4.07 | 1.88 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.97 | 6.26 | 0.92 | 1.21 | 0.65 |
| EV/Core EBITDA(x) | -13.48 | 111.82 | 17.94 | 18.54 | 7.47 |
| Net Sales Growth(%) | 0 | 606.91 | 213.3 | -16.21 | 57.33 |
| EBIT Growth(%) | 0 | -97.69 | 949.96 | 9.83 | 174.69 |
| PAT Growth(%) | 0 | -103.85 | 131.08 | -59.54 | 4226.78 |
| EPS Growth(%) | 0 | -103.85 | 20.78 | 46.85 | 999.14 |
| Debt/Equity(x) | 1.44 | 4.24 | 2.44 | 3.22 | 3.24 |
| Current Ratio(x) | 1.5 | 1.3 | 0.94 | 0.97 | 1.06 |
| Quick Ratio(x) | 0.68 | 0.76 | 0.62 | 0.67 | 0.73 |
| Interest Cover(x) | 35.12 | 0.25 | 1.12 | 1.02 | 2.21 |
| Total Debt/Mcap(x) | 4.08 | 0.18 | 0.6 | 0.79 | 1.73 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 76.39 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0.18 | 0.17 | 0.2 | 0.07 | 0.07 | 0.07 | 0.07 | 4.5 | 4.5 | 4.5 |
| DII | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.79 |
| Public | 18.64 | 20.03 | 20 | 20.13 | 20.13 | 20.13 | 20.14 | 15.71 | 15.71 | 15.72 |
| 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 | 0.82 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.05 | 0.05 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 0.2 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.17 | 0.17 | 0.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 | 1.07 |
* The pros and cons are machine generated.
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