WEBSITE BSE:526409 NSE: KKALPANAIND Inc. Year: 1985 Industry: Plastic Products My Bucket: Add Stock
Last updated: 10:44
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1. Business Overview
Kkalpana lndustries (India) Ltd. operates in the Plastic Products sector in India. The company is involved in the manufacturing and supply of various plastic products. While specific product lines are not detailed, typical offerings in this industry can include plastic films, sheets, pipes, molded components, packaging materials, or other specialized plastic items for industrial and consumer applications. Its core business model involves sourcing raw materials (primarily polymer resins, which are crude oil derivatives), processing them through various manufacturing techniques (like extrusion, injection molding, blow molding), and selling the finished plastic goods to other businesses (B2B) or directly to consumers (B2C), depending on its product portfolio. The company makes money through the sales of these manufactured plastic products.
2. Key Segments / Revenue Mix
Specific key segments or the precise revenue mix for Kkalpana lndustries (India) Ltd. are not publicly provided in the given information. In the broader plastic products industry, common segments include packaging (flexible and rigid), automotive components, construction materials (pipes, fittings), consumer goods, agricultural products, and industrial components. Without further data, it is not possible to detail the company's specific revenue distribution across these or other potential segments.
3. Industry & Positioning
The Indian plastic products industry is vast, dynamic, and largely fragmented, comprising numerous small, medium, and large-scale players. It is closely linked to the overall economic growth, manufacturing output, and consumer spending in India. Raw material prices (polymers derived from crude oil) are a significant cost component and can be volatile. Kkalpana lndustries (India) Ltd. operates within this competitive landscape. Without specific market share data, product specializations, or regional focus, its precise positioning relative to larger integrated players or niche specialists is difficult to ascertain. It likely competes on factors such as product quality, price competitiveness, delivery timelines, and customer service within its specific product categories.
4. Competitive Advantage (Moat)
Without specific details about Kkalpana lndustries, identifying a strong, durable competitive advantage (moat) is challenging. Potential moats in the plastic products industry could include:
Cost Leadership/Scale: Achieved through efficient manufacturing processes, large-scale production, and bulk raw material procurement.
Product Specialization/Technology: Expertise in producing niche or high-value-added plastic products, or proprietary manufacturing technology.
Strong Customer Relationships/Distribution Network: Long-standing contracts with key industrial clients or an extensive and efficient distribution channel.
Operational Excellence: Superior supply chain management, low waste, and high-quality control.
However, these are general industry advantages. Many players in the Indian plastics market often compete primarily on price and delivery rather than proprietary technology or brand, especially in commoditized segments.
5. Growth Drivers
Key factors that can drive growth for Kkalpana lndustries over the next 3-5 years include:
Increasing Domestic Demand: Growing consumption of plastic products across various end-user industries like packaging, automotive, construction, consumer durables, and agriculture due to India's economic growth and urbanization.
Rising Per Capita Plastic Consumption: India's per capita plastic consumption is still lower than global averages, indicating significant headroom for growth.
Government Initiatives: "Make in India" and infrastructure development projects can boost demand for plastic components and materials.
Substitution of Traditional Materials: Plastics continue to replace traditional materials (wood, metal, glass) in various applications due to their lighter weight, durability, and cost-effectiveness.
Product Diversification and Innovation: Ability to introduce new products or improve existing ones to meet evolving market needs and regulatory requirements.
6. Risks
Raw Material Price Volatility: Prices of key raw materials (polymer resins) are linked to global crude oil prices, which can fluctuate significantly and impact profit margins.
Environmental Regulations: Increasing government and public scrutiny on plastic waste management, single-use plastics, and recycling initiatives can lead to stricter regulations, potentially impacting production costs, product design, or even banning certain product categories.
Intense Competition: The fragmented nature of the industry can lead to price wars and margin pressure, especially in commoditized segments.
Economic Slowdown: A downturn in the broader economy can reduce demand from key end-user industries.
Technological Obsolescence: Failure to invest in modern machinery and adopt new manufacturing technologies could lead to inefficiency and loss of competitiveness.
Supply Chain Disruptions: Geopolitical events, pandemics, or logistical challenges can disrupt raw material supply or product distribution.
7. Management & Ownership
Kkalpana lndustries (India) Ltd. is likely a promoter-driven company, which is common in India. Promoters typically hold a significant stake, providing stable ownership and long-term vision, but can also imply concentrated decision-making. Specific details about the current management team's experience, track record, or corporate governance practices are not provided. The quality of management, their strategic direction, and ability to navigate industry challenges are critical for the company's performance.
8. Outlook
The outlook for Kkalpana lndustries is largely tied to the growth trajectory of the Indian economy and the plastics industry within it. The bull case suggests that strong domestic demand, rising disposable incomes, and ongoing industrialization will continue to fuel the consumption of plastic products across diverse sectors. Companies with efficient operations, a diversified product portfolio, and effective cost management could capitalize on this growth. The bear case, however, highlights significant headwinds such as the inherent volatility of raw material prices, increasing environmental regulations on plastics which could necessitate substantial operational changes or even limit market access for certain products, and intense competition pressuring profit margins. Successfully navigating these risks while innovating and adapting to market shifts will be crucial for the company's sustained performance.
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Market Cap ₹71 Cr.
Stock P/E 102.7
P/B 1.9
Current Price ₹7.5
Book Value ₹ 4
Face Value 2
52W High ₹16
Dividend Yield 0%
52W Low ₹ 6.4
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 13 | 11 | 13 | 7 | 10 | 9 | 7 | 11 |
| Other Income | 6 | 5 | 2 | 4 | 2 | 3 | 5 | 0 |
| Total Income | 18 | 16 | 15 | 11 | 12 | 13 | 13 | 11 |
| Total Expenditure | 15 | 14 | 13 | 9 | 10 | 11 | 12 | 10 |
| Operating Profit | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | 0 | -1 | 0 |
| Profit After Tax | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Adjusted Earnings Per Share | 0.1 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 |
| #(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 | 1713 | 1858 | 1950 | 1728 | 2009 | 1762 | 1550 | 40 | 272 | 62 | 40 | 37 |
| Other Income | 16 | 19 | 12 | 12 | 13 | 14 | 15 | 6 | 15 | 19 | 12 | 10 |
| Total Income | 1729 | 1877 | 1962 | 1740 | 2022 | 1776 | 1565 | 46 | 287 | 81 | 53 | 49 |
| Total Expenditure | 1639 | 1767 | 1857 | 1633 | 1908 | 1688 | 1487 | 40 | 277 | 71 | 46 | 43 |
| Operating Profit | 90 | 109 | 104 | 107 | 114 | 88 | 79 | 6 | 10 | 10 | 6 | 4 |
| Interest | 36 | 51 | 54 | 55 | 57 | 45 | 36 | 0 | 6 | 5 | 3 | 1 |
| Depreciation | 21 | 14 | 13 | 17 | 16 | 12 | 12 | 3 | 2 | 3 | 2 | 4 |
| Exceptional Income / Expenses | -25 | -27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
| Profit Before Tax | 8 | 17 | 37 | 34 | 40 | 30 | 31 | 3 | 2 | 1 | 1 | 0 |
| Provision for Tax | 4 | 6 | 11 | 13 | 15 | -0 | 8 | -2 | 1 | 0 | 0 | -1 |
| Profit After Tax | 4 | 11 | 26 | 22 | 26 | 31 | 22 | 5 | 2 | 0 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 11 | 26 | 22 | 26 | 31 | 22 | 5 | 2 | 0 | 1 | 1 |
| Adjusted Earnings Per Share | 0.5 | 1.2 | 2.8 | 2.3 | 2.7 | 3.3 | 2.4 | 0.6 | 0.2 | 0 | 0.1 | 0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -35% | 0% | -53% | -31% |
| Operating Profit CAGR | -40% | 0% | -42% | -24% |
| PAT CAGR | 0% | -42% | -50% | -13% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -37% | -23% | -24% | -12% |
| ROE Average | 2% | 3% | 3% | 5% |
| ROCE Average | 6% | 8% | 8% | 11% |
| #(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 | 232 | 243 | 274 | 296 | 319 | 346 | 368 | 34 | 36 | 36 | 37 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 111 | 71 | 67 | 65 | 50 | 36 | 23 | 19 | 46 | 42 | 25 |
| Other Non-Current Liabilities | 19 | 21 | 25 | 25 | 31 | 26 | 28 | 5 | 4 | 3 | 2 |
| Total Current Liabilities | 450 | 443 | 457 | 450 | 404 | 298 | 422 | 15 | 11 | 5 | 8 |
| Total Liabilities | 812 | 779 | 822 | 836 | 804 | 706 | 841 | 72 | 97 | 86 | 72 |
| Fixed Assets | 168 | 206 | 211 | 231 | 243 | 247 | 228 | 31 | 34 | 30 | 27 |
| Other Non-Current Assets | 22 | 8 | 38 | 27 | 20 | 4 | 17 | 16 | 17 | 15 | 14 |
| Total Current Assets | 623 | 565 | 573 | 578 | 541 | 455 | 596 | 25 | 46 | 41 | 32 |
| Total Assets | 812 | 779 | 822 | 836 | 804 | 706 | 841 | 72 | 97 | 86 | 72 |
| #(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 | 21 | 37 | 19 | 16 | 17 | 17 | 15 | 0 | 0 | 11 | 6 |
| Cash Flow from Operating Activities | 132 | 87 | 83 | 204 | 172 | 84 | 28 | 5 | -4 | 2 | 13 |
| Cash Flow from Investing Activities | -36 | -4 | -37 | -21 | -25 | -1 | -5 | -5 | -6 | 3 | 4 |
| Cash Flow from Financing Activities | -80 | -92 | -50 | -182 | -147 | -85 | -31 | -0 | 21 | -10 | -22 |
| Net Cash Inflow / Outflow | 16 | -9 | -3 | 1 | 0 | -2 | -7 | -0 | 11 | -5 | -5 |
| Closing Cash & Cash Equivalent | 37 | 28 | 16 | 17 | 17 | 15 | 8 | 0 | 11 | 6 | 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) | 0.47 | 1.21 | 2.79 | 2.34 | 2.72 | 3.26 | 2.38 | 0.56 | 0.2 | 0.02 | 0.07 |
| CEPS(Rs) | 2.73 | 2.75 | 4.19 | 4.17 | 4.47 | 4.55 | 3.71 | 0.88 | 0.46 | 0.33 | 0.33 |
| DPS(Rs) | 0 | 0 | 0 | 0.24 | 0.24 | 0.12 | 0.2 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 24.48 | 25.7 | 29.13 | 31.44 | 33.86 | 36.81 | 39.09 | 3.58 | 3.79 | 3.82 | 3.89 |
| Core EBITDA Margin(%) | 4 | 4.51 | 4.33 | 5.39 | 5.05 | 4.21 | 4.08 | -0.38 | -1.66 | -14.82 | -13.91 |
| EBIT Margin(%) | 2.37 | 3.39 | 4.27 | 5.08 | 4.87 | 4.3 | 4.27 | 8 | 2.94 | 9.59 | 10.06 |
| Pre Tax Margin(%) | 0.44 | 0.85 | 1.75 | 1.95 | 2.01 | 1.72 | 1.97 | 7.16 | 0.88 | 0.96 | 1.71 |
| PAT Margin (%) | 0.24 | 0.57 | 1.23 | 1.24 | 1.28 | 1.74 | 1.45 | 13.2 | 0.7 | 0.35 | 1.7 |
| Cash Profit Margin (%) | 1.39 | 1.29 | 1.84 | 2.22 | 2.1 | 2.43 | 2.25 | 20.53 | 1.6 | 5.03 | 7.64 |
| ROA(%) | 0.54 | 1.43 | 3.28 | 2.65 | 3.12 | 4.06 | 2.9 | 1.16 | 2.25 | 0.24 | 0.87 |
| ROE(%) | 1.92 | 4.83 | 10.19 | 7.71 | 8.34 | 9.22 | 6.28 | 2.64 | 5.48 | 0.61 | 1.9 |
| ROCE(%) | 6.33 | 10.52 | 14.84 | 15.68 | 20.06 | 16.76 | 14.31 | 1.21 | 11.92 | 7.46 | 5.85 |
| Receivable days | 50 | 55.54 | 60.94 | 69.75 | 58.62 | 56.84 | 61.08 | 1311.38 | 15.72 | 69.91 | 65.77 |
| Inventory Days | 25.93 | 20.88 | 23.37 | 34.01 | 28.39 | 32.05 | 44.85 | 1074.28 | 10.49 | 65.69 | 135.43 |
| Payable days | 15.25 | 9.86 | 6.24 | 8.26 | 6.42 | 6.71 | 13.39 | 476.39 | 2.59 | 7.67 | 9.24 |
| PER(x) | 33.66 | 20.11 | 11.19 | 14 | 7.14 | 4.18 | 9.17 | 98.17 | 53.17 | 398.28 | 154.45 |
| Price/Book(x) | 0.64 | 0.95 | 1.07 | 1.04 | 0.57 | 0.37 | 0.56 | 15.46 | 2.83 | 2.43 | 2.9 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.73 | 1.23 | 0.88 | 0.92 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.33 | 0.3 | 0.32 | 0.3 | 0.15 | 0.12 | 0.2 | 13.41 | 0.5 | 1.99 | 3.22 |
| EV/Core EBITDA(x) | 6.36 | 5.17 | 6.03 | 4.81 | 2.65 | 2.44 | 3.9 | 87.47 | 13.06 | 12.71 | 20.1 |
| Net Sales Growth(%) | 38.99 | 8.44 | 4.97 | -11.41 | 16.29 | -12.29 | -12.04 | -97.41 | 577.78 | -77.19 | -34.77 |
| EBIT Growth(%) | -34.18 | 55.22 | 34.13 | -1.69 | 9.02 | -22.61 | -12.64 | -95.15 | 148.81 | -25.5 | -31.58 |
| PAT Growth(%) | -77.35 | 158.15 | 130.64 | -16.39 | 16.59 | 19.6 | -26.85 | -76.36 | -64.14 | -88.48 | 213.98 |
| EPS Growth(%) | -77.35 | 158.14 | 130.65 | -16.38 | 16.59 | 19.6 | -26.85 | -76.36 | -64.14 | -88.47 | 213.73 |
| Debt/Equity(x) | 1.99 | 1.5 | 1.28 | 0.76 | 0.43 | 0.29 | 0.3 | 0.56 | 1.29 | 1.16 | 0.68 |
| Current Ratio(x) | 1.38 | 1.28 | 1.26 | 1.28 | 1.34 | 1.53 | 1.41 | 1.61 | 4.04 | 7.79 | 3.81 |
| Quick Ratio(x) | 1.1 | 1.05 | 0.88 | 0.94 | 0.95 | 1.02 | 0.87 | 1.11 | 3.35 | 5.06 | 1.92 |
| Interest Cover(x) | 1.23 | 1.33 | 1.69 | 1.62 | 1.7 | 1.67 | 1.86 | 9.57 | 1.43 | 1.11 | 1.2 |
| Total Debt/Mcap(x) | 3.09 | 1.59 | 1.19 | 0.73 | 0.75 | 0.8 | 0.53 | 0.04 | 0.46 | 0.48 | 0.24 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.85 | 74.85 | 74.85 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.15 | 25.15 | 25.15 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| 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 | 7.04 | 7.04 | 7.04 | 7.06 | 7.06 | 7.06 | 7.06 | 7.06 | 7.06 | 7.06 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.37 | 2.37 | 2.37 | 2.35 | 2.35 | 2.35 | 2.35 | 2.35 | 2.35 | 2.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 | 9.41 |
* The pros and cons are machine generated.
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