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Kanpur Plastipack Overview

1. Business Overview

Kanpur Plastipack Ltd. is an Indian company operating in the Plastic Products sector. Its core business involves the manufacturing and sale of various plastic products. Given the "Plastipack" in its name, it likely specializes in packaging solutions, which could include flexible packaging (e.g., films, pouches), rigid packaging (e.g., containers, bottles), or industrial packaging (e.g., woven sacks, bulk bags). The company primarily makes money by producing and supplying these plastic products to a diverse customer base across various industries, such as FMCG, agriculture, chemicals, and industrial goods.

2. Key Segments / Revenue Mix

Specific segment breakdowns are not provided. However, a company in the plastic products industry typically caters to segments such as:

Flexible Packaging: Films, laminates, pouches for food, personal care, and industrial use.

Rigid Packaging: Bottles, jars, containers, caps, and closures for various applications.

Industrial Packaging: Woven sacks, FIBC (Flexible Intermediate Bulk Containers), tarpaulins, used for bulk material handling in sectors like cement, fertilizers, and food grains.

Other Plastic Products: Could include components, pipes, or consumer plastic goods.

Without detailed information, the exact contribution of each segment remains undisclosed.

3. Industry & Positioning

The Indian plastic products industry is large and diverse, characterized by a mix of large organized players and numerous unorganized manufacturers. It is highly dependent on raw material prices (primarily crude oil derivatives) and end-user industry demand. The industry is also increasingly subject to environmental regulations regarding plastic waste and single-use plastics. Kanpur Plastipack likely operates as one of the many players in this competitive landscape, potentially serving specific regional markets or niche product categories. Its positioning against larger, more diversified players would depend on factors like cost efficiency, product specialization, customer relationships, and technological capabilities.

4. Competitive Advantage (Moat)

For a company of its likely scale in the plastic products sector, a strong and wide competitive advantage (moat) might be limited. Potential moats could include:

Cost Leadership: Achieving superior operational efficiency and economies of scale in specific product lines.

Customer Relationships: Long-standing partnerships and customization capabilities for key industrial clients.

Niche Specialization: Expertise in particular types of plastic products or applications that are harder for generalists to replicate.

Location Advantage: Proximity to raw material suppliers or key customer clusters, reducing logistics costs.

A strong brand moat is less common in B2B plastic product manufacturing, and significant switching costs for customers might only exist if products are highly specialized or integrated into customer processes.

5. Growth Drivers

Key factors that can drive growth for Kanpur Plastipack over the next 3-5 years include:

Economic Growth: Overall GDP growth in India, leading to increased industrial output and consumer spending.

Rising Consumption: Growth in FMCG, food & beverages, e-commerce, and organized retail, all requiring packaging.

Infrastructure Development: Demand for construction-related plastic products (pipes, sheets, etc.) and industrial packaging.

Innovation & Diversification: Introduction of new, sustainable, or specialized plastic products meeting evolving industry needs.

Export Opportunities: Tapping into global demand for cost-effective plastic solutions.

6. Risks

Raw Material Price Volatility: Plastic resins are crude oil derivatives; fluctuations in crude oil prices can significantly impact production costs and margins.

Environmental Regulations: Increasing governmental and public pressure to reduce plastic waste, ban single-use plastics, and mandate recycling could affect demand for certain products and require significant investment in R&D for sustainable alternatives.

Intense Competition: The fragmented nature of the industry can lead to price wars and margin pressures.

Economic Downturns: A slowdown in end-user industries (e.g., automotive, construction, FMCG) can reduce demand for plastic products.

Technological Obsolescence: Failure to adopt new manufacturing technologies or produce advanced materials could lead to a loss of competitiveness.

7. Management & Ownership

Specific details regarding the promoters, key management personnel, or ownership structure are not provided. However, many Indian manufacturing companies, especially those of this nature, are typically promoter-driven with significant family ownership and control, often relying on long-standing operational experience. The quality of management would depend on their ability to navigate industry cycles, manage raw material costs, innovate, and adapt to changing regulatory environments.

8. Outlook

Kanpur Plastipack Ltd. operates in a dynamic sector with inherent growth potential driven by India's economic development and consumption patterns. The increasing demand from various end-user industries for packaging and other plastic products provides a fundamental tailwind. However, the company faces significant challenges, primarily from the volatility of raw material prices and the evolving regulatory landscape surrounding plastic use and waste management. Its ability to innovate, manage costs effectively, and adapt to sustainable practices will be crucial for sustained success. The company's future performance will depend on its capacity to differentiate itself in a competitive market and mitigate sector-specific risks while capitalizing on demand growth.

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Kanpur Plastipack Key Financials

Market Cap ₹479 Cr.

Stock P/E 43.1

P/B 1.8

Current Price ₹195.6

Book Value ₹ 109.7

Face Value 10

52W High ₹249.5

Dividend Yield 0.61%

52W Low ₹ 156.1

Kanpur Plastipack Share Price

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Volume
Price

Kanpur Plastipack Quarterly Price

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Kanpur Plastipack Peer Comparison

Kanpur Plastipack Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 124 153 132 152 161 168 179 165 192 180
Other Income 2 5 4 2 3 5 3 1 5 5
Total Income 126 158 136 154 164 173 183 167 197 185
Total Expenditure 127 145 129 142 146 151 167 150 178 159
Operating Profit -1 14 7 12 18 21 16 17 19 26
Interest 4 6 5 5 5 4 3 3 2 3
Depreciation 3 4 4 4 4 3 3 3 3 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -8 4 -2 2 10 14 10 11 14 20
Provision for Tax -1 0 -0 1 2 2 2 3 3 5
Profit After Tax -7 3 -1 2 8 12 7 8 11 15
Adjustments 0 0 -0 -0 0 -9 -1 -0 0 0
Profit After Adjustments -7 3 -1 2 8 3 6 8 11 15
Adjusted Earnings Per Share -3.1 1.5 -0.6 0.8 3.5 1.3 2.6 3.3 4.5 6.1

Kanpur Plastipack Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 315 452 625 477 497 629 716
Other Income 8 8 13 4 11 15 14
Total Income 323 459 638 481 509 643 732
Total Expenditure 297 397 576 455 478 584 654
Operating Profit 26 62 62 26 31 59 78
Interest 11 9 14 12 17 21 11
Depreciation 9 9 11 11 13 14 12
Exceptional Income / Expenses 0 0 0 0 0 -12 0
Profit Before Tax 6 44 37 2 2 13 55
Provision for Tax 1 14 11 -1 1 2 13
Profit After Tax 5 30 26 4 1 11 41
Adjustments 0 -1 -1 0 0 0 -1
Profit After Adjustments 5 30 26 4 1 11 40
Adjusted Earnings Per Share 2.3 13.9 11.9 1.7 0.5 5 16.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 27% 0% 15% 0%
Operating Profit CAGR 90% -2% 18% 0%
PAT CAGR 1000% -25% 17% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -8% 30% 10% 12%
ROE Average 6% 3% 9% 8%
ROCE Average 9% 6% 10% 10%

Kanpur Plastipack Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 129 157 179 180 180 206
Minority's Interest 0 0 0 0 0 0
Borrowings 55 58 68 73 84 18
Other Non-Current Liabilities 15 21 26 31 36 40
Total Current Liabilities 67 140 146 123 176 170
Total Liabilities 266 376 420 407 476 488
Fixed Assets 164 185 214 208 278 208
Other Non-Current Assets 4 14 17 49 8 8
Total Current Assets 98 177 190 149 190 222
Total Assets 266 376 420 407 476 488

Kanpur Plastipack Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 4 0 1 2
Cash Flow from Operating Activities 41 -4 29 66 -5 37
Cash Flow from Investing Activities -1 -34 -38 -38 -40 -4
Cash Flow from Financing Activities -40 41 6 -26 45 -27
Net Cash Inflow / Outflow -0 4 -3 1 0 6
Closing Cash & Cash Equivalent 0 4 0 1 2 8

Kanpur Plastipack Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.3 13.86 11.9 1.68 0.48 4.98
CEPS(Rs) 6.43 18.4 17.14 6.93 6.36 11.27
DPS(Rs) 0.6 1.8 2.2 0.5 0 0.9
Book NAV/Share(Rs) 59.88 73.34 83.38 83.86 83.84 90.29
Core EBITDA Margin(%) 5.49 11.79 7.54 4.27 3.82 6.75
EBIT Margin(%) 5.17 11.44 7.86 2.9 3.55 5.05
Pre Tax Margin(%) 1.94 9.47 5.69 0.43 0.3 1.91
PAT Margin (%) 1.51 6.51 4.02 0.73 0.16 1.67
Cash Profit Margin (%) 4.24 8.48 5.65 3 2.65 3.8
ROA(%) 1.85 9.43 6.58 0.87 0.18 2.3
ROE(%) 3.84 21.2 15.57 2.01 0.45 5.8
ROCE(%) 7.15 19.32 15.12 4.06 4.89 8.92
Receivable days 45.39 37.63 32.66 40.46 43.97 45.32
Inventory Days 53.75 59 61.54 73.74 64.14 56.08
Payable days 10.9 16.31 15.41 18.11 19.6 16.93
PER(x) 13.43 6.96 10.22 48.86 186.32 22.15
Price/Book(x) 0.52 1.31 1.46 0.98 1.07 1.22
Dividend Yield(%) 1.3 1.24 1.81 0.61 0 0.82
EV/Net Sales(x) 0.55 0.8 0.71 0.71 0.83 0.61
EV/Core EBITDA(x) 6.69 5.77 7.13 13.19 13.28 6.45
Net Sales Growth(%) 0 43.51 38.4 -23.75 4.37 26.38
EBIT Growth(%) 0 216.27 -3.85 -71.94 27.58 83.39
PAT Growth(%) 0 514.78 -13.57 -86.23 -77.63 1276.12
EPS Growth(%) 0 503.07 -14.14 -85.88 -71.24 930.35
Debt/Equity(x) 0.83 1.01 1.02 0.92 1.25 0.71
Current Ratio(x) 1.46 1.27 1.29 1.21 1.08 1.3
Quick Ratio(x) 0.74 0.53 0.49 0.53 0.52 0.68
Interest Cover(x) 1.6 5.81 3.62 1.18 1.09 1.61
Total Debt/Mcap(x) 1.62 0.77 0.7 0.94 1.16 0.58

Kanpur Plastipack Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 66.74 66.74 66.74 66.74 66.74 66.74 67.26 67.63 67.63 68.12
FII 0 0 0 0 0 0 0.05 0.03 0 0
DII 0 0 0 0 0 0 0 0.97 1.11 1.48
Public 33.26 33.26 33.26 33.26 33.26 33.26 32.69 31.37 31.26 30.4
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Kanpur Plastipack News

Kanpur Plastipack Pros & Cons

Pros

  • Debtor days have improved from 19.6 to 16.93days.
  • Company has reduced debt.

Cons

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