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Encode Packaging Overview

1. Business Overview

Encode Packaging India Ltd operates within the "Printing And Publishing" sector, specifically focusing on packaging. The company's core business involves the manufacturing and supply of printed packaging materials. This likely includes a range of products such as cartons, labels, flexible packaging, or other specialized printed solutions used across various industries. The company makes money by selling these manufactured packaging products to its client base.

2. Key Segments / Revenue Mix

Specific revenue segment breakdown is not provided. Based on its name and sector, the company's revenue is primarily derived from the sale of various types of printed packaging solutions. These could be segmented by product type (e.g., cartons, labels, flexible packaging) or by end-user industry (e.g., FMCG, pharmaceuticals, food & beverage), but detailed information is unavailable.

3. Industry & Positioning

Encode Packaging operates in the Indian packaging industry, which is a significant part of the broader Printing and Publishing sector. This industry is characterized by strong growth, driven by India's expanding consumer base, rising disposable incomes, and the growth of sectors like FMCG, pharmaceuticals, e-commerce, and organized retail. The industry structure is generally fragmented, with numerous small and medium-sized enterprises alongside larger integrated players. Without specific market share data, Encode Packaging India Ltd likely competes by focusing on operational efficiency, product quality, client relationships, or specialized printing capabilities within this competitive landscape.

4. Competitive Advantage (Moat)

Detailed information regarding specific competitive advantages is not available. Potential moats in the packaging industry could include economies of scale (leading to cost efficiency), specialized printing technologies or production capabilities, strong and long-standing customer relationships (creating switching costs), or efficient supply chain management. Without specific data, it is difficult to ascertain whether Encode Packaging India Ltd possesses a durable competitive advantage or if it primarily competes on price and service.

5. Growth Drivers

Key factors that can drive growth for Encode Packaging India Ltd over the next 3-5 years include:

Rising Consumerism: Continued growth in India's population and disposable income will drive demand for packaged goods.

Sector Expansion: Robust growth in end-user industries such as FMCG, pharmaceuticals, food & beverages, and e-commerce.

Urbanization & Lifestyle Changes: Increasing preference for convenience and packaged products due to urbanization and modern lifestyles.

Innovation in Packaging: Demand for sustainable, smart, and aesthetically appealing packaging solutions.

Export Opportunities: Potential for increasing exports of packaging materials to other countries.

6. Risks

Key business risks for the company include:

Raw Material Price Volatility: Fluctuations in prices of key raw materials like paper, board, inks, and adhesives can impact profit margins.

Intense Competition & Pricing Pressure: The fragmented nature of the industry can lead to intense competition and downward pressure on pricing.

Technological Obsolescence: Rapid advancements in printing and packaging technology require continuous investment to remain competitive.

Economic Slowdown: A slowdown in the broader Indian economy or in key client sectors could dampen demand for packaging.

Environmental Regulations: Increasing regulatory scrutiny and consumer demand for sustainable packaging may require significant investment in new processes and materials.

Client Concentration Risk: Dependency on a few large clients could pose a risk if those relationships are impacted.

7. Management & Ownership

Specific details regarding the promoters, management quality, or detailed ownership structure are not provided. As an Indian listed company, it typically has promoter groups holding a significant stake, with the remaining shares held by public, institutional investors, and employees. The quality and experience of the management team and the corporate governance practices would be crucial for the company's long-term success.

8. Outlook

Encode Packaging India Ltd operates in a fundamental growth sector within India, benefiting from strong demographic trends and rising consumption. The increasing demand for packaged goods across various industries provides a favorable backdrop for expansion. However, the company faces inherent challenges typical of the packaging industry, including intense competition, sensitivity to raw material price fluctuations, and the need for continuous technological upgrades and adaptation to sustainability trends. Its ability to navigate these challenges through operational efficiency, innovation, and robust client relationships will determine its growth trajectory.

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Encode Packaging Key Financials

Market Cap ₹4 Cr.

Stock P/E -54.4

P/B 1.2

Current Price ₹12.4

Book Value ₹ 10.3

Face Value 10

52W High ₹13.9

Dividend Yield 0%

52W Low ₹ 10.6

Encode Packaging Share Price

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Volume
Price

Encode Packaging Quarterly Price

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Encode Packaging Peer Comparison

Encode Packaging Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 0 1 1 0 0 0 0 0 0 0
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 0 1 1 0 0 0 0 0 0 0
Total Expenditure 0 1 1 0 0 0 0 0 0 0
Operating Profit 0 0 0 -0 0 0 -0 0 0 0
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 0 -0 -0 -0 -0 0 0 0
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax 0 0 0 -0 -0 -0 -0 0 0 0
Adjustments 0 -0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 -0 -0 -0 -0 0 0 0
Adjusted Earnings Per Share 0 0.4 0 -0.2 -0 -0 -0 0 0 0

Encode 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 2 3 6 7 2 5 4 1 2 5 0 0
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Total Income 2 3 6 7 2 5 4 1 2 5 0 0
Total Expenditure 2 3 6 7 2 5 4 1 2 4 0 0
Operating Profit 0 0 0 0 -0 0 0 0 0 0 -0 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 -0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 0 0 -0 0 0 0 -0 0 -0 0
Provision for Tax 0 0 0 0 -0 0 0 0 -0 -0 0 0
Profit After Tax 0 0 0 0 -0 0 0 0 -0 0 -0 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 0 -0 0 0 0 -0 0 -0 0
Adjusted Earnings Per Share 0.1 0.1 0.2 0.1 -0.1 0.1 0 0.1 -0.1 1.2 -0.2 0

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -100% -100% -100% -100%
Operating Profit CAGR 0% 0% 0% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 6% 8% -17% -21%
ROE Average -2% 3% 2% 1%
ROCE Average -2% 2% 2% 2%

Encode 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 3 3 3 3 3 3 3 3 3 3 3
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 -0 -0 -0 -0 0 -0 -0 -0
Total Current Liabilities 0 0 1 0 1 0 3 0 0 0 0
Total Liabilities 3 3 4 4 5 3 7 3 4 4 3
Fixed Assets 0 0 0 0 0 0 0 1 1 1 0
Other Non-Current Assets 3 3 3 3 3 0 0 0 0 0 0
Total Current Assets 0 0 1 1 1 3 7 2 2 2 3
Total Assets 3 3 4 4 5 3 7 3 4 4 3

Encode 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 0 0 0 1 0 0 0 0 0 0 0
Cash Flow from Operating Activities 0 0 1 -1 0 -3 0 2 0 0 -1
Cash Flow from Investing Activities 0 0 0 0 0 3 0 -2 -0 -0 1
Cash Flow from Financing Activities 0 0 0 -0 0 0 -0 0 0 -0 0
Net Cash Inflow / Outflow 0 0 1 -1 0 0 0 0 -0 0 -0
Closing Cash & Cash Equivalent 0 0 1 0 0 0 0 0 0 0 0

Encode 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) 0.09 0.09 0.25 0.13 -0.12 0.1 0.02 0.15 -0.14 1.22 -0.23
CEPS(Rs) 0.09 0.09 0.25 0.13 -0.12 0.1 0.02 0.24 0.73 1.22 -0.23
DPS(Rs) 0 0 0.2 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 10.02 10.11 10.12 10.25 10.13 10.23 10.25 10.39 10.25 10.62 10.4
Core EBITDA Margin(%) 1.44 1.12 1.79 0.8 -2.54 0.68 0.2 9.39 8.65 7.6 -2596.14
EBIT Margin(%) 1.42 1.09 1.78 1.34 -2.24 0.66 0.17 6.58 -2.42 8.06 -2596.14
Pre Tax Margin(%) 1.42 1.09 1.78 0.75 -2.25 0.66 0.17 6.54 -2.43 8.06 -2600.24
PAT Margin (%) 1.11 0.85 1.28 0.56 -2.24 0.56 0.15 4.4 -1.79 8.33 -2600.24
Cash Profit Margin (%) 1.15 0.87 1.3 0.57 -2.2 0.57 0.17 7.27 9.28 8.33 -2600.24
ROA(%) 0.87 0.88 2.08 1.05 -0.92 0.78 0.12 0.93 -1.26 10.57 -2.04
ROE(%) 0.87 0.91 2.45 1.27 -1.18 0.95 0.18 1.43 -1.37 11.65 -2.17
ROCE(%) 1.12 1.17 3.4 3.07 -1.18 1.12 0.21 2.12 -1.81 10.93 -2.1
Receivable days 0 0 23.31 19.22 192.48 127.48 381.06 1040.85 88.63 75.1 0
Inventory Days 0 0 0 4.94 0 0 0 21.75 16.32 6.44 0
Payable days 0.03 3.02 28.5 31.64 188.32 45.66 155.16 705.62 26.16 11.6 1398.28
PER(x) 0 1506.78 346.08 269.85 0 176.61 1616.67 56.76 0 8.9 0
Price/Book(x) 0 13.64 8.48 3.41 1.48 1.66 2.84 0.81 1 1.02 1.3
Dividend Yield(%) 0 0 0.23 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.25 12.79 4.34 1.5 2.77 0.97 2.35 2.34 1.3 0.68 1555.13
EV/Core EBITDA(x) 85.63 1142.51 242.04 110.66 -125.54 143.87 1188.81 24.78 14.99 8.4 -59.9
Net Sales Growth(%) 3.68 36.86 79.32 20.8 -76.96 222.14 -28.74 -72.75 135.42 84.55 -99.94
EBIT Growth(%) 0.21 5.35 192.55 -8.89 -138.47 194.69 -81.29 935.21 -186.72 714.1 -119.33
PAT Growth(%) 0.73 4.96 170.89 -47.68 -192.82 179.95 -81.28 721.15 -195.83 957.65 -118.73
EPS Growth(%) 0.73 4.96 170.89 -47.69 -192.82 179.95 -81.3 722.22 -195.81 957.69 -118.74
Debt/Equity(x) 0 0 0 0 0 0 0 0.02 0.03 0.03 0.03
Current Ratio(x) 3.72 1.51 1.09 1.3 1.07 124.33 1.97 15.19 6.37 12.47 45.37
Quick Ratio(x) 3.72 3.24 1.09 1.07 1.07 124.33 1.97 14.64 5.87 12.46 45.37
Interest Cover(x) 446.78 370.42 1392.87 2.26 -584.31 194.4 25.73 197.81 -201.33 6487.31 -632.52
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0.02 0.03 0.03 0.02

Encode Packaging Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 0 0 0 0 0 0 0 0 0 0
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 100 100 100 100 100 100 100 100 100 100
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Encode Packaging News

Encode Packaging Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 0%.
  • Company has a low return on equity of 3% over the last 3 years.
  • Debtor days have increased from 11.6 to 1398.28days.
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