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Kkalpana lnds. (I) Overview

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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Kkalpana lnds. (I) Key Financials

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

Kkalpana lnds. (I) Share Price

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Volume
Price

Kkalpana lnds. (I) Quarterly Price

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Kkalpana lnds. (I) Peer Comparison

Kkalpana lnds. (I) Quarterly Results

#(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

Kkalpana lnds. (I) Profit & Loss

#(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

Growth Rates

# 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%

Kkalpana lnds. (I) Balance Sheet

#(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

Kkalpana lnds. (I) Cash Flow

#(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

Kkalpana lnds. (I) Ratios

# 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

Kkalpana lnds. (I) Shareholding Pattern

# 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

Kkalpana lnds. (I) News

Kkalpana lnds. (I) Pros & Cons

Pros

  • Company has reduced debt.

Cons

  • Company has a low return on equity of 3% over the last 3 years.
  • Debtor days have increased from 7.67 to 9.24days.
  • Earnings include an other income of Rs. 12 Cr.
  • The company has delivered a poor profit growth of -49% over past five years.
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