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Mold-tek Packaging Overview

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.

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Mold-tek Packaging Key Financials

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

Mold-tek Packaging Share Price

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Volume
Price

Mold-tek Packaging Quarterly Price

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Mold-tek Packaging Peer Comparison

Mold-tek Packaging 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 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

Mold-tek Packaging 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 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

Growth Rates

# 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%

Mold-tek Packaging 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 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

Mold-tek Packaging 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 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

Mold-tek Packaging 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) 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

Mold-tek Packaging Shareholding Pattern

# 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

Mold-tek Packaging News

Mold-tek Packaging Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 33.19%.
  • Company has a low return on equity of 13% over the last 3 years.
  • Debtor days have increased from 31.46 to 33.12days.
  • Stock is trading at 3.3 times its book value.
  • The company has delivered a poor profit growth of 9% over past five years.
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