WEBSITE BSE:0 NSE: Inc. Year: 1999 Industry: Plastic Products My Bucket: Add Stock
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1. Business Overview
Master Components Ltd., operating in the Plastic Products sector and industry in India, is primarily engaged in the manufacturing and sale of various plastic products. While specific product lines are not provided, companies in this sector typically produce items such as industrial plastic components, packaging materials, automotive parts, consumer plastic goods, or plastic construction materials. The core business model likely involves manufacturing these products for B2B clients (e.g., other manufacturers, packaging companies) or B2C markets (e.g., retailers). The company generates revenue by selling its manufactured plastic goods to its customer base.
2. Key Segments / Revenue Mix
Without specific financial data, the major business segments and their contribution cannot be determined. However, typical segments for a plastic products company could include:
Industrial Components: Plastic parts supplied to industries like automotive, electronics, or machinery.
Packaging Solutions: Plastic containers, films, or other packaging materials for FMCG, food & beverage, or pharmaceutical sectors.
Consumer Goods: Finished plastic products sold directly or indirectly to consumers.
Specialty Plastics: Niche products requiring specific material properties or advanced manufacturing.
3. Industry & Positioning
The plastic products industry in India is generally characterized by a mix of organized large-scale manufacturers and numerous unorganized small and medium enterprises (SMEs). It is a highly competitive industry with demand driven by various end-use sectors like automotive, construction, packaging, electronics, and consumer durables, all benefiting from India's economic growth and rising consumption. Master Components Ltd. would likely compete on factors such as product quality, cost-effectiveness, customization capabilities, and delivery timelines. Its positioning could range from a mass-market player focusing on volume and cost leadership to a niche player specializing in specific, higher-value plastic components or solutions.
4. Competitive Advantage (Moat)
Given the generic nature of the industry details, a specific durable competitive advantage for Master Components Ltd. cannot be confirmed. Potential moats in the plastic products industry could include:
Operational Scale & Efficiency: Ability to achieve lower production costs through large-scale operations and efficient manufacturing processes.
Customer Stickiness/Relationships: Long-term contracts or deep integration with key clients, leading to high switching costs.
Proprietary Technology/Specialization: Expertise in producing specialized plastic compounds or complex components that are difficult for competitors to replicate.
Strong Distribution Network: (More relevant for consumer-facing plastic products) An extensive network ensuring wide product availability.
Without specific information, it is difficult to ascertain if Master Components Ltd. possesses a significant and durable competitive advantage.
5. Growth Drivers
Key factors that could drive growth for Master Components Ltd. over the next 3-5 years include:
Growing Indian Economy: Expansion of manufacturing, consumer spending, and infrastructure development in India will directly fuel demand for plastic products.
Increasing Demand from End-Use Industries: Growth in sectors like automotive, electronics, FMCG, and construction will lead to higher orders for plastic components and packaging.
Substitution Trend: Continued replacement of traditional materials (metal, wood, glass) with plastics due to advantages in cost, weight, and design flexibility.
Product Innovation & Diversification: Introduction of new products, higher-value plastic solutions, or entry into new application areas.
"Make in India" Initiative: Government focus on boosting domestic manufacturing could create opportunities for local plastic product suppliers.
6. Risks
Master Components Ltd. faces several business risks:
Raw Material Price Volatility: Plastic products are derived from crude oil. Fluctuations in crude oil prices directly impact polymer prices, affecting profitability if these cannot be passed on to customers.
Intense Competition & Pricing Pressure: The fragmented nature of the industry can lead to aggressive pricing, eroding margins.
Environmental Regulations & Public Perception: Increasing global and domestic focus on sustainability, plastic waste management, and potential bans on single-use plastics could impact demand and necessitate significant operational changes.
Economic Slowdown: A general economic downturn in India or globally could reduce demand from key end-use industries.
Technology & Product Obsolescence: While less common for basic plastics, changes in material science or manufacturing technologies could render certain products or processes less competitive.
7. Management & Ownership
As an Indian company, Master Components Ltd. is likely promoter-driven, a common structure in India where founding families or individuals maintain significant control and influence over strategic decisions. The management team's quality would be crucial for navigating industry challenges and capitalizing on growth opportunities, typically reflected in operational efficiency, customer relations, and strategic foresight. Without specific details on the promoters or management team, it is difficult to comment on their specific track record or governance practices. Ownership structure would typically involve the promoter group holding a significant stake, alongside institutional and public shareholders.
8. Outlook
The outlook for Master Components Ltd. is broadly linked to the trajectory of the Indian manufacturing and consumption story. The company stands to benefit from robust demand across various industrial and consumer segments, driven by India's economic expansion and infrastructural growth. However, significant challenges persist, particularly the inherent volatility in raw material costs, the highly competitive landscape that exerts pressure on pricing and margins, and the evolving regulatory environment surrounding plastic usage and waste management. Its ability to innovate, manage costs effectively, and maintain strong customer relationships will be critical for sustainable growth amidst these dynamic conditions.
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Market Cap ₹140 Cr.
Stock P/E 21.6
P/B 4.8
Current Price ₹350.9
Book Value ₹ 73.7
Face Value 10
52W High ₹436
Dividend Yield 0%
52W Low ₹ 282.5
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 15 | 13 | 18 | 21 | 25 | 42 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 15 | 13 | 18 | 21 | 26 | 43 | |
| Total Expenditure | 12 | 11 | 16 | 18 | 21 | 36 | |
| Operating Profit | 3 | 2 | 2 | 3 | 5 | 7 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 3 | |
| Profit Before Tax | 2 | 1 | 1 | 2 | 4 | 9 | |
| Provision for Tax | 1 | 0 | 0 | 1 | 1 | 2 | |
| Profit After Tax | 1 | 1 | 1 | 2 | 3 | 6 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 1 | 1 | 2 | 3 | 6 | |
| Adjusted Earnings Per Share | 4 | 2.3 | 2.8 | 5.2 | 6.7 | 16.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 68% | 33% | 23% | 0% |
| Operating Profit CAGR | 40% | 52% | 18% | 0% |
| PAT CAGR | 100% | 82% | 43% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -12% | NA% | NA% | NA% |
| ROE Average | 25% | 19% | 15% | 15% |
| ROCE Average | 31% | 24% | 19% | 19% |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Shareholder's Funds | 8 | 9 | 10 | 12 | 23 | 29 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 1 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Current Liabilities | 4 | 4 | 4 | 4 | 3 | 12 |
| Total Liabilities | 15 | 14 | 15 | 17 | 26 | 43 |
| Fixed Assets | 8 | 8 | 7 | 7 | 10 | 24 |
| Other Non-Current Assets | 0 | 0 | 0 | 1 | 1 | 0 |
| Total Current Assets | 7 | 6 | 8 | 8 | 15 | 19 |
| Total Assets | 15 | 14 | 15 | 17 | 26 | 43 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 0 | 0 | 0 | 6 |
| Cash Flow from Operating Activities | 2 | 2 | 1 | 3 | 2 | 2 |
| Cash Flow from Investing Activities | -0 | -1 | -0 | -2 | -4 | -11 |
| Cash Flow from Financing Activities | -2 | -2 | -1 | -1 | 8 | 4 |
| Net Cash Inflow / Outflow | -0 | -1 | -0 | 0 | 6 | -6 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 0 | 6 | 0 |
| # | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.01 | 2.31 | 2.84 | 5.18 | 6.69 | 16.23 |
| CEPS(Rs) | 6.9 | 5.09 | 5.43 | 7.71 | 9.05 | 19.29 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 25 | 27.3 | 30.14 | 35.31 | 57.49 | 73.73 |
| Core EBITDA Margin(%) | 19.77 | 16.63 | 11.76 | 15.26 | 16.92 | 15.32 |
| EBIT Margin(%) | 15.51 | 9.89 | 8.11 | 12.21 | 14.34 | 20.93 |
| Pre Tax Margin(%) | 12.66 | 7.87 | 7.14 | 11.69 | 14.06 | 20.47 |
| PAT Margin (%) | 8.79 | 5.75 | 5.14 | 8.26 | 10.58 | 15.31 |
| Cash Profit Margin (%) | 15.14 | 12.67 | 9.82 | 12.28 | 14.32 | 18.2 |
| ROA(%) | 9.05 | 5.29 | 6.45 | 10.88 | 12.47 | 18.72 |
| ROE(%) | 16.03 | 8.82 | 9.89 | 15.84 | 15.44 | 24.74 |
| ROCE(%) | 19.42 | 11.3 | 12.94 | 20.83 | 20.45 | 31.49 |
| Receivable days | 84.07 | 103.35 | 81.51 | 76.4 | 72.64 | 63.34 |
| Inventory Days | 41.54 | 50.63 | 51.09 | 51.66 | 35.49 | 37.27 |
| Payable days | 48.86 | 71.46 | 60.58 | 63.5 | 52.06 | 50.53 |
| PER(x) | 0 | 0 | 0 | 0 | 20.41 | 17.62 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 2.37 | 3.88 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.23 | 0.18 | 0.11 | 0.2 | 1.91 | 2.79 |
| EV/Core EBITDA(x) | 1.07 | 1.1 | 0.87 | 1.22 | 10.59 | 17.12 |
| Net Sales Growth(%) | 0 | -11.9 | 37.61 | 13.51 | 22.16 | 67.66 |
| EBIT Growth(%) | 0 | -43.85 | 12.85 | 71.04 | 43.38 | 144.75 |
| PAT Growth(%) | 0 | -42.41 | 23.1 | 82.47 | 56.44 | 142.67 |
| EPS Growth(%) | 0 | -42.41 | 23.1 | 82.47 | 29.06 | 142.67 |
| Debt/Equity(x) | 0.46 | 0.24 | 0.17 | 0.08 | -0.01 | 0.14 |
| Current Ratio(x) | 1.78 | 1.74 | 1.84 | 2.03 | 5.31 | 1.52 |
| Quick Ratio(x) | 1.31 | 1.2 | 1.08 | 1.38 | 4.55 | 0.99 |
| Interest Cover(x) | 5.44 | 4.9 | 8.43 | 23.48 | 51.87 | 45.86 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | -0 | 0.04 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 72.45 | 72.45 | 72.45 | 72.68 | 67.1 | 67.1 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 2.79 | 2.85 |
| Public | 27.55 | 27.55 | 27.55 | 27.33 | 30.11 | 30.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 0.29 | 0.29 | 0.29 | 0.29 | 0.27 | 0.27 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0.01 | 0.01 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
* The pros and cons are machine generated.
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