WEBSITE BSE:533080 NSE: MOLDTKPACK Inc. Year: 1997 Industry: Packaging My Bucket: Add Stock
Last updated: 15:52
No Notes Added Yet
1. Business Overview
Mold-Tek Packaging Ltd. is a leading Indian manufacturer of rigid plastic packaging products. The company specializes in injection molded containers, particularly known for its expertise in In-Mold Labeling (IML) technology, which offers superior aesthetics and branding opportunities. It caters to diverse industries including paints, lubricants, food & dairy, pharmaceuticals, and cosmetics. Mold-Tek's core business model involves manufacturing and selling these high-quality, value-added plastic packaging solutions to corporate clients, thereby generating revenue through sales of its finished products.
2. Key Segments / Revenue Mix
The company's primary revenue stream is derived from the manufacturing and sale of rigid plastic packaging. While specific segment breakdowns are not always reported with precise percentages, the business broadly serves two main categories:
Non-Food & Industrial Packaging: Primarily caters to paints, lubricants, chemicals, and construction materials. Historically, this has been a significant contributor.
Food & FMCG Packaging: Supplies to edible oils, dairy products, ice creams, confectioneries, and personal care products. This segment has been a key focus for growth and premiumization, driven by increasing adoption of IML technology.
IML-enabled packaging represents a substantial portion of their value-added offerings.
3. Industry & Positioning
The Indian packaging industry is large and growing, driven by factors like increasing consumption, urbanization, and a burgeoning e-commerce sector. While the overall industry is fragmented, the rigid plastic packaging segment, particularly for specialized applications like IML, is more concentrated. Mold-Tek Packaging is a prominent player and a market leader in the rigid plastic packaging segment in India, especially recognized for its advanced IML technology capabilities. Its positioning is focused on providing high-quality, innovative, and branded packaging solutions, often to premium and established brands.
4. Competitive Advantage (Moat)
Mold-Tek's competitive advantages include:
Technological Leadership (IML): Early adoption and continued expertise in In-Mold Labeling (IML) technology provide superior aesthetics, durability, and anti-counterfeiting features, creating stickiness with brand-conscious clients.
Strong Client Relationships: Long-standing relationships with major brands across various industries, built on consistent quality and innovation.
Integrated Capabilities: In-house mold design and manufacturing capabilities, which allow for quicker new product development and customization.
Scale and Reach: A wide network of manufacturing facilities across India, enabling efficient service to a pan-India customer base.
5. Growth Drivers
Premiumization Trend: Increasing demand for aesthetically superior and branded packaging solutions (like IML) across FMCG, food, and personal care segments.
Growth in End-User Industries: Sustained growth in sectors such as paints, lubricants, food & dairy, and healthcare in India.
New Product Development: Expansion into new packaging categories and innovative designs to capture emerging market needs.
Geographic Expansion & Capacity Addition: Setting up new facilities or expanding existing ones to cater to rising demand and new customer segments.
Sustainability Focus: Development of recyclable and eco-friendly packaging solutions aligns with global trends and regulatory pressures.
E-commerce Boom: Increasing demand for robust and protective packaging suitable for online delivery.
6. Risks
Raw Material Price Volatility: Key raw materials like polypropylene (PP) and high-density polyethylene (HDPE) are crude oil derivatives, making the company susceptible to fluctuations in global crude oil and polymer prices.
Intense Competition: The packaging industry, while having niche segments, faces competition from both organized and unorganized players.
Dependency on End-User Demand: A slowdown in key client industries (e.g., paints, lubricants, FMCG) can directly impact demand for packaging products.
Technological Obsolescence: Continuous innovation in packaging technology requires ongoing investment to stay competitive.
Regulatory Changes: Evolving regulations around plastic usage, recycling, and environmental impact could necessitate significant operational adjustments.
Foreign Exchange Fluctuations: For exports and imports of certain machinery or raw materials.
7. Management & Ownership
Mold-Tek Packaging is promoted by the Laxman family, with Mr. J. Lakshmana Rao being the Chairman and Managing Director. The management team has extensive experience in the packaging industry, having guided the company's growth and technological advancements over several decades. Promoter holding is typically substantial, aligning management interests with shareholder value creation.
8. Outlook
Mold-Tek Packaging is well-positioned within the growing Indian rigid plastic packaging market, particularly due to its leadership in advanced IML technology. The company benefits from the increasing demand for value-added and premium packaging from FMCG, food, and industrial clients. Its strong client relationships and integrated capabilities provide a stable foundation. However, the company faces inherent challenges from volatile raw material prices and the need for continuous innovation in a competitive environment. Its ability to manage input costs effectively and capitalize on the shift towards sustainable and aesthetically superior packaging will be crucial for sustained growth.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Market Cap ₹2298 Cr.
Stock P/E 38
P/B 3.3
Current Price ₹691.6
Book Value ₹ 207.6
Face Value 5
52W High ₹890
Dividend Yield 0%
52W Low ₹ 453.8
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 | 165 | 177 | 197 | 191 | 191 | 203 | 241 | 210 | 198 | 238 |
| Other Income | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 |
| Total Income | 166 | 177 | 198 | 192 | 191 | 203 | 241 | 210 | 199 | 238 |
| Total Expenditure | 135 | 141 | 161 | 158 | 157 | 164 | 194 | 171 | 160 | 190 |
| Operating Profit | 30 | 36 | 37 | 34 | 34 | 39 | 47 | 40 | 39 | 48 |
| Interest | 2 | 2 | 3 | 4 | 3 | 4 | 4 | 4 | 4 | 5 |
| Depreciation | 9 | 10 | 12 | 12 | 12 | 13 | 14 | 14 | 15 | 16 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit Before Tax | 19 | 24 | 22 | 19 | 18 | 22 | 30 | 21 | 19 | 28 |
| Provision for Tax | 5 | 6 | 6 | 5 | 5 | 6 | 8 | 5 | 5 | 7 |
| Profit After Tax | 14 | 18 | 17 | 14 | 14 | 16 | 22 | 15 | 14 | 21 |
| Adjustments | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 14 | 18 | 17 | 14 | 14 | 16 | 22 | 15 | 14 | 21 |
| Adjusted Earnings Per Share | 4.3 | 5.4 | 5 | 4.2 | 4.1 | 4.9 | 6.7 | 4.7 | 4.3 | 6.2 |
| #(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 | 285 | 276 | 301 | 339 | 394 | 437 | 479 | 631 | 730 | 699 | 781 | 887 |
| Other Income | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 1 |
| Total Income | 286 | 276 | 302 | 341 | 395 | 439 | 480 | 633 | 731 | 700 | 784 | 888 |
| Total Expenditure | 245 | 230 | 249 | 276 | 322 | 357 | 383 | 511 | 594 | 565 | 640 | 715 |
| Operating Profit | 41 | 46 | 53 | 65 | 73 | 81 | 97 | 122 | 137 | 135 | 144 | 174 |
| Interest | 8 | 1 | 2 | 4 | 7 | 10 | 10 | 9 | 4 | 8 | 14 | 17 |
| Depreciation | 8 | 9 | 10 | 12 | 15 | 19 | 21 | 26 | 30 | 38 | 49 | 59 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -12 | -3 | -1 | 0 | 0 | 0 | 0 | 1 |
| Profit Before Tax | 25 | 37 | 41 | 49 | 40 | 49 | 64 | 87 | 103 | 89 | 81 | 98 |
| Provision for Tax | 8 | 13 | 14 | 17 | 16 | 11 | 16 | 23 | 22 | 22 | 21 | 25 |
| Profit After Tax | 17 | 24 | 27 | 32 | 24 | 38 | 48 | 64 | 80 | 67 | 61 | 72 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 17 | 24 | 27 | 32 | 24 | 38 | 48 | 64 | 80 | 67 | 61 | 72 |
| Adjusted Earnings Per Share | 6.1 | 8.6 | 9.6 | 11.4 | 8.6 | 13.7 | 17.2 | 20.4 | 24.3 | 20 | 18.2 | 21.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 12% | 7% | 12% | 11% |
| Operating Profit CAGR | 7% | 6% | 12% | 13% |
| PAT CAGR | -9% | -2% | 10% | 14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 22% | -10% | 8% | 15% |
| ROE Average | 10% | 13% | 16% | 17% |
| ROCE Average | 12% | 15% | 18% | 21% |
| #(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 | 116 | 129 | 156 | 181 | 191 | 197 | 256 | 457 | 559 | 594 | 638 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 11 | 7 | 3 | 2 | 15 | 25 | 17 | 25 | 13 | 48 | 69 |
| Other Non-Current Liabilities | 6 | 7 | 9 | 13 | 15 | 14 | 16 | 19 | 25 | 34 | 40 |
| Total Current Liabilities | 37 | 61 | 81 | 121 | 136 | 139 | 164 | 94 | 124 | 161 | 205 |
| Total Liabilities | 169 | 204 | 249 | 316 | 356 | 375 | 452 | 595 | 721 | 838 | 953 |
| Fixed Assets | 72 | 81 | 91 | 114 | 183 | 202 | 239 | 262 | 376 | 477 | 551 |
| Other Non-Current Assets | 10 | 17 | 38 | 42 | 32 | 33 | 27 | 42 | 80 | 69 | 84 |
| Total Current Assets | 88 | 106 | 121 | 160 | 141 | 140 | 185 | 291 | 264 | 292 | 319 |
| Total Assets | 169 | 204 | 249 | 316 | 356 | 375 | 452 | 595 | 721 | 838 | 953 |
| #(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 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 5 | 0 |
| Cash Flow from Operating Activities | 32 | 38 | 26 | 9 | 71 | 47 | 61 | 3 | 152 | 79 | 110 |
| Cash Flow from Investing Activities | -9 | -24 | -25 | -40 | -66 | -30 | -51 | -55 | -141 | -143 | -136 |
| Cash Flow from Financing Activities | -23 | -14 | -1 | 31 | -6 | -17 | -10 | 56 | -10 | 59 | 25 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | -0 | 0 | 0 | 4 | 1 | -5 | 0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 4 | 5 | 0 | 0 |
| # | 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) | 6.05 | 8.64 | 9.65 | 11.37 | 8.65 | 13.68 | 17.22 | 20.37 | 24.25 | 20.04 | 18.22 |
| CEPS(Rs) | 9.01 | 11.69 | 13.21 | 15.62 | 13.93 | 20.51 | 24.92 | 28.82 | 33.37 | 31.62 | 32.87 |
| DPS(Rs) | 2 | 3.25 | 3.6 | 4 | 4 | 5 | 7 | 8 | 6 | 3 | 4 |
| Book NAV/Share(Rs) | 41.5 | 46.25 | 55.86 | 64.84 | 68.37 | 70.5 | 86.05 | 140.18 | 168.39 | 178.84 | 191.93 |
| Core EBITDA Margin(%) | 12.69 | 14.78 | 15.36 | 18.15 | 18.27 | 18.31 | 20.05 | 19.06 | 18.54 | 19.08 | 18.15 |
| EBIT Margin(%) | 10.37 | 12.26 | 12.88 | 15.07 | 11.95 | 13.56 | 15.47 | 15.13 | 14.59 | 13.76 | 12.21 |
| Pre Tax Margin(%) | 7.95 | 11.91 | 12.2 | 13.87 | 10.14 | 11.22 | 13.37 | 13.65 | 14.05 | 12.68 | 10.4 |
| PAT Margin (%) | 5.29 | 7.81 | 7.96 | 9.05 | 6.12 | 8.73 | 10.04 | 10.04 | 11 | 9.53 | 7.75 |
| Cash Profit Margin (%) | 7.88 | 10.56 | 10.9 | 12.43 | 9.86 | 13.09 | 14.52 | 14.21 | 15.14 | 15.04 | 13.98 |
| ROA(%) | 10.07 | 12.92 | 11.87 | 11.2 | 7.17 | 10.44 | 11.63 | 12.17 | 12.23 | 8.54 | 6.76 |
| ROE(%) | 20.1 | 19.7 | 18.89 | 18.84 | 12.98 | 19.72 | 22 | 18.77 | 16.14 | 11.55 | 9.83 |
| ROCE(%) | 25.49 | 25.9 | 24.51 | 23.05 | 17.2 | 19.73 | 21.83 | 22.17 | 19.27 | 14.49 | 12.43 |
| Receivable days | 49.49 | 58.52 | 62.41 | 74.59 | 68.9 | 51.88 | 56.44 | 67.14 | 66.51 | 67.77 | 63.38 |
| Inventory Days | 32.04 | 30.46 | 32.49 | 45.19 | 43.68 | 39.15 | 46.04 | 48.01 | 45.2 | 49.3 | 54.23 |
| Payable days | 27.86 | 27.53 | 29.52 | 30.94 | 28.37 | 26.46 | 34.01 | 31.36 | 27.57 | 31.46 | 33.12 |
| PER(x) | 17.47 | 16.13 | 23.85 | 28 | 30.27 | 12.58 | 22.8 | 35.78 | 37.27 | 39.13 | 23.1 |
| Price/Book(x) | 2.55 | 3.01 | 4.12 | 4.91 | 3.83 | 2.44 | 4.56 | 5.2 | 5.37 | 4.38 | 2.19 |
| Dividend Yield(%) | 1.88 | 2.32 | 1.55 | 1.25 | 1.52 | 2.89 | 1.78 | 1.1 | 0.66 | 0.38 | 0.95 |
| EV/Net Sales(x) | 1.09 | 1.51 | 2.27 | 2.85 | 2.09 | 1.37 | 2.51 | 3.65 | 4.16 | 3.91 | 2.01 |
| EV/Core EBITDA(x) | 7.56 | 9 | 12.75 | 14.96 | 11.24 | 7.35 | 12.45 | 18.84 | 22.19 | 20.28 | 10.92 |
| Net Sales Growth(%) | 12.34 | -3.28 | 9.11 | 12.85 | 16.09 | 11 | 9.48 | 31.85 | 15.59 | -4.28 | 11.83 |
| EBIT Growth(%) | 46.48 | 14.52 | 14.93 | 21.3 | -10.78 | 25.95 | 24.9 | 29.46 | 11.23 | -9.89 | -0.8 |
| PAT Growth(%) | 86 | 42.86 | 11.57 | 17.86 | -23.94 | 58.44 | 25.88 | 32.41 | 26.35 | -17.21 | -9.06 |
| EPS Growth(%) | 51.59 | 42.75 | 11.61 | 17.86 | -23.94 | 58.24 | 25.89 | 18.25 | 19.07 | -17.37 | -9.06 |
| Debt/Equity(x) | 0.16 | 0.23 | 0.26 | 0.45 | 0.5 | 0.6 | 0.45 | 0.1 | 0.08 | 0.21 | 0.28 |
| Current Ratio(x) | 2.39 | 1.74 | 1.49 | 1.32 | 1.04 | 1.01 | 1.13 | 3.11 | 2.14 | 1.81 | 1.55 |
| Quick Ratio(x) | 1.64 | 1.35 | 1.04 | 0.9 | 0.72 | 0.65 | 0.7 | 2.09 | 1.45 | 1.17 | 0.92 |
| Interest Cover(x) | 4.28 | 35.06 | 18.82 | 12.54 | 6.61 | 5.8 | 7.38 | 10.21 | 26.94 | 12.81 | 6.77 |
| Total Debt/Mcap(x) | 0.06 | 0.08 | 0.06 | 0.09 | 0.13 | 0.24 | 0.1 | 0.02 | 0.02 | 0.05 | 0.13 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.86 | 32.76 | 32.76 | 32.69 | 32.9 | 33.03 | 33.08 | 33.08 | 33.07 | 33.19 |
| FII | 16.03 | 14.14 | 14.44 | 13.12 | 12.14 | 10.96 | 10.68 | 10.93 | 10.36 | 9.69 |
| DII | 19.22 | 22.18 | 22.75 | 23.67 | 22.03 | 20.07 | 19.64 | 19.79 | 20.11 | 20.94 |
| Public | 31.88 | 30.92 | 30.04 | 30.52 | 32.93 | 35.93 | 36.59 | 36.2 | 36.46 | 36.17 |
| 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 | 1.09 | 1.09 | 1.09 | 1.09 | 1.09 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| FII | 0.53 | 0.47 | 0.48 | 0.44 | 0.4 | 0.36 | 0.35 | 0.36 | 0.34 | 0.32 |
| DII | 0.64 | 0.74 | 0.76 | 0.79 | 0.73 | 0.67 | 0.65 | 0.66 | 0.67 | 0.7 |
| Public | 1.06 | 1.03 | 1 | 1.01 | 1.09 | 1.19 | 1.22 | 1.2 | 1.21 | 1.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.32 | 3.32 | 3.32 | 3.32 | 3.32 | 3.32 | 3.32 | 3.32 | 3.32 | 3.32 |
* The pros and cons are machine generated.
You May Also Know About
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.