Paper & Paper Products · Founded 1972 · www.perfectpac.com · BSE 526435 · · ISIN INE759I01024
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Business
Perfectpac Ltd. is an Indian company primarily engaged in the manufacturing and sale of paper and paper-based packaging products. Its core business revolves around providing sustainable packaging solutions to various industries. This includes corrugated boxes, paper bags, and other specialized paper packaging materials. The company generates revenue by producing these finished goods and selling them to businesses for their packaging needs, catering to sectors such as FMCG, e-commerce, consumer durables, and industrial goods.
Revenue Mix
While specific revenue contribution by segment is not readily available without deep dive into financial reports, Perfectpac's primary product categories likely include:
Corrugated Packaging: This forms a significant part, encompassing boxes and sheets used for shipping, storage, and product packaging.
Paper Bags: Catering to retail, e-commerce, and promotional needs as a sustainable alternative to plastic bags.
Specialty Paper Products: Custom packaging solutions tailored to specific client requirements.
The company's revenue mix is primarily driven by the demand for these paper-based packaging solutions across diverse end-user industries.
Industry
The Indian Paper & Paper Products industry, particularly the packaging segment, is competitive and fragmented, comprising both large integrated players and numerous smaller, regional manufacturers. The industry is experiencing a shift towards sustainable and eco-friendly packaging solutions due to increased environmental awareness and regulatory push against single-use plastics. Perfectpac likely positions itself as a provider of quality, custom, and environmentally responsible paper packaging. Its positioning would be against regional competitors based on efficiency, product range, customer service, and potentially cost-effectiveness for specific product lines.
MOAT
Perfectpac's competitive advantages are likely to stem from:
Customer Relationships & Customization: Ability to offer tailored packaging solutions and maintain strong relationships with a diversified client base.
Operational Efficiency: Efficient manufacturing processes and supply chain management to offer competitive pricing.
Product Quality & Reliability: Consistency in product quality which is crucial for client retention in the packaging sector.
Proximity to Markets: A well-located manufacturing facility can reduce logistics costs and improve delivery times, especially for bulk and customized orders.
Focus on Sustainability: Capitalizing on the growing demand for eco-friendly packaging solutions.
Growth Drivers
Key factors that can drive growth for Perfectpac over the next 3-5 years include:
E-commerce Growth: Surging online retail demands robust and sustainable packaging.
FMCG Sector Expansion: Growing consumer base and disposable incomes lead to higher demand for packaged goods.
Plastic Ban & Sustainability Push: Government regulations and consumer preference are shifting demand from plastic to paper-based alternatives.
Manufacturing Sector Growth: Expansion in various manufacturing industries (e.g., electronics, apparels) increases demand for industrial packaging.
Urbanization & Lifestyle Changes: Increased consumption of packaged foods and goods in urban areas.
Risks
Raw Material Price Volatility: Fluctuations in pulp, waste paper, and chemical prices can significantly impact manufacturing costs and margins.
Intense Competition: The fragmented nature of the industry leads to pricing pressures and challenges in market share growth.
Regulatory Changes: Environmental regulations, while potentially beneficial for paper packaging, can also impose compliance costs or alter demand patterns unexpectedly.
Economic Downturn: A slowdown in the overall economy can reduce consumer spending and industrial output, thereby impacting demand for packaging.
Technological Obsolescence: Failure to invest in new technologies for efficient production or innovative packaging could lead to loss of competitiveness.
Labor Costs: Rising labor costs in manufacturing can pressure profitability.
Management & Ownership
Perfectpac Ltd., like many Indian companies, is likely promoter-led. Promoters generally hold a significant stake, indicating a long-term vested interest in the company's performance and strategic direction. The quality of management would be crucial in navigating raw material price volatility, competitive pressures, and evolving market demands, with a focus on operational efficiency, product innovation, and customer satisfaction. The ownership structure typically includes promoter holdings, institutional investments, and public float.
Outlook
Perfectpac operates in a dynamic sector with tailwinds from increasing consumerism, e-commerce boom, and a growing emphasis on sustainable packaging solutions, driven by regulatory support against plastics. This provides a clear growth runway for paper-based packaging manufacturers. However, the company faces inherent challenges such as volatile raw material costs, intense competition from both large and unorganized players, and the need for continuous investment in technology and innovation to remain competitive. Its ability to manage these costs effectively, innovate its product offerings, and strengthen customer relationships will be key to capitalizing on the sectoral growth opportunities while mitigating the significant operational risks.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 28 | 28 | 28 | 26 | 32 | 30 | 29 | 25 | 30 | 29 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 28 | 28 | 28 | 26 | 32 | 30 | 29 | 25 | 30 | 29 |
| Total Expenditure | 26 | 27 | 26 | 24 | 30 | 27 | 27 | 24 | 28 | 27 |
| Operating Profit | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit Before Tax | 2 | 1 | 1 | 1 | 1 | 2 | 2 | 0 | 1 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -0 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -0 | 1 | 1 |
| Adjusted Earnings Per Share | 1.7 | 1.1 | 1.5 | 1 | 1 | 1.8 | 1.8 | -0.1 | 1.2 | 0.8 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 67 | 74 | 81 | 78 | 73 | 66 | 88 | 100 | 101 | 113 | 114 | 113 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 68 | 74 | 81 | 78 | 74 | 66 | 89 | 100 | 102 | 114 | 114 | 113 |
| Total Expenditure | 64 | 69 | 75 | 72 | 68 | 63 | 84 | 94 | 94 | 107 | 107 | 106 |
| Operating Profit | 3 | 5 | 6 | 6 | 6 | 3 | 5 | 6 | 8 | 7 | 7 | 6 |
| Interest | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 1 | 3 | 4 | 4 | 4 | 1 | 2 | 4 | 5 | 4 | 4 | 4 |
| Provision for Tax | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 |
| Profit After Tax | 1 | 2 | 3 | 3 | 3 | 1 | 1 | 3 | 4 | 3 | 3 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 2 | 3 | 3 | 3 | 1 | 1 | 3 | 4 | 3 | 3 | 3 |
| Adjusted Earnings Per Share | 0.9 | 2.8 | 3.9 | 4.4 | 3.9 | 1.2 | 0.3 | 4.3 | 6 | 4.7 | 4.7 | 3.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 1% | 4% | 12% | 5% |
| Operating Profit CAGR | 0% | 5% | 18% | 9% |
| PAT CAGR | 0% | 0% | 25% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -25% | -4% | 14% | 15% |
| ROE Average | 8% | 10% | 8% | 8% |
| ROCE Average | 11% | 13% | 11% | 12% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 18 | 20 | 22 | 25 | 28 | 28 | 29 | 32 | 35 | 38 | 40 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 0 | 0 | 1 | 3 | 2 | 1 | 1 | 1 | 2 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 13 | 14 | 11 | 7 | 6 | 14 | 13 | 12 | 10 | 11 | 13 |
| Total Liabilities | 33 | 36 | 34 | 33 | 36 | 46 | 46 | 45 | 47 | 50 | 56 |
| Fixed Assets | 11 | 12 | 11 | 10 | 14 | 16 | 16 | 16 | 17 | 19 | 19 |
| Other Non-Current Assets | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 3 | 7 |
| Total Current Assets | 22 | 24 | 23 | 22 | 21 | 30 | 29 | 28 | 28 | 28 | 30 |
| Total Assets | 33 | 36 | 34 | 33 | 36 | 46 | 46 | 45 | 47 | 50 | 56 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 2 | 1 |
| Cash Flow from Operating Activities | 3 | 2 | 2 | 5 | 6 | -4 | 6 | 7 | 9 | 4 | 2 |
| Cash Flow from Investing Activities | -1 | -2 | -1 | -1 | -5 | -3 | -2 | -2 | -4 | -3 | -5 |
| Cash Flow from Financing Activities | -1 | 0 | -2 | -4 | 0 | 7 | -3 | -5 | -3 | -1 | 2 |
| Net Cash Inflow / Outflow | 0 | 0 | -1 | -0 | 1 | -0 | -0 | -0 | 1 | -0 | -1 |
| Closing Cash & Cash Equivalent | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 2 | 1 | 0 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.93 | 2.77 | 3.86 | 4.36 | 3.92 | 1.16 | 0.31 | 4.25 | 5.98 | 4.73 | 4.73 |
| CEPS(Rs) | 3.48 | 5.07 | 6.27 | 6.59 | 6.35 | 3.86 | 0.99 | 7.43 | 9.04 | 8.06 | 8.46 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 1 | 1 |
| Book NAV/Share(Rs) | 26.53 | 29.38 | 33.24 | 37.53 | 41.41 | 42.64 | 8.85 | 47.59 | 52.6 | 56.36 | 59.67 |
| Core EBITDA Margin(%) | 4.39 | 6.28 | 7.12 | 7.49 | 7.31 | 4.37 | 4.88 | 6.07 | 7.07 | 5.67 | 6.07 |
| EBIT Margin(%) | 2.32 | 4.61 | 5.49 | 5.71 | 5.45 | 2.42 | 2.57 | 4.06 | 5.43 | 3.9 | 3.88 |
| Pre Tax Margin(%) | 1.2 | 3.71 | 4.72 | 5.04 | 4.93 | 1.64 | 1.8 | 3.66 | 5.18 | 3.74 | 3.7 |
| PAT Margin (%) | 0.87 | 2.35 | 3.14 | 3.74 | 3.56 | 1.17 | 1.16 | 2.83 | 3.94 | 2.78 | 2.77 |
| Cash Profit Margin (%) | 3.24 | 4.3 | 5.1 | 5.66 | 5.77 | 3.9 | 3.74 | 4.95 | 5.95 | 4.73 | 4.95 |
| ROA(%) | 1.93 | 5.41 | 7.33 | 8.6 | 7.61 | 1.89 | 2.25 | 6.24 | 8.66 | 6.53 | 5.94 |
| ROE(%) | 3.58 | 9.91 | 12.32 | 12.31 | 9.92 | 2.76 | 3.56 | 9.26 | 11.93 | 8.69 | 8.15 |
| ROCE(%) | 6.94 | 14.31 | 16.39 | 16.05 | 13.97 | 4.66 | 6.08 | 11.36 | 15.53 | 11.93 | 10.87 |
| Receivable days | 52.83 | 54.28 | 55.66 | 58.91 | 59.05 | 75.43 | 69.71 | 69.14 | 67.06 | 57.09 | 59.36 |
| Inventory Days | 32.98 | 32.17 | 31.94 | 34.31 | 35.55 | 49.95 | 43.92 | 31.76 | 28.81 | 26.33 | 25.24 |
| Payable days | 49.98 | 51.32 | 38.88 | 31.35 | 30.15 | 36.86 | 33.88 | 35.87 | 42.24 | 38.57 | 43.01 |
| PER(x) | 8.55 | 8.24 | 12.07 | 7.35 | 6.33 | 21.89 | 112.44 | 12.23 | 15.55 | 23.34 | 16.5 |
| Price/Book(x) | 0.3 | 0.78 | 1.4 | 0.85 | 0.6 | 0.6 | 3.93 | 1.09 | 1.77 | 1.96 | 1.31 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.85 | 1.08 | 0.91 | 1.28 |
| EV/Net Sales(x) | 0.16 | 0.29 | 0.45 | 0.3 | 0.25 | 0.4 | 1.38 | 0.37 | 0.6 | 0.64 | 0.48 |
| EV/Core EBITDA(x) | 3.21 | 4.15 | 5.99 | 3.93 | 3.26 | 7.7 | 26.91 | 6.03 | 8.1 | 10.97 | 7.79 |
| Net Sales Growth(%) | 6.13 | 9.63 | 9.1 | -3.87 | -5.44 | -10.07 | 34.29 | 12.92 | 1.19 | 12.2 | 0.24 |
| EBIT Growth(%) | -84.91 | 117.77 | 24.13 | -1.45 | -9.69 | -60.12 | 42.73 | 78.29 | 35.29 | -19.46 | -0.04 |
| PAT Growth(%) | -92.5 | 196.88 | 39.18 | 12.9 | -10.07 | -70.42 | 33.48 | 174.92 | 40.58 | -20.83 | -0.08 |
| EPS Growth(%) | -92.49 | 196.88 | 39.18 | 12.9 | -10.07 | -70.42 | -73.3 | 1274.47 | 40.58 | -20.83 | -0.08 |
| Debt/Equity(x) | 0.35 | 0.36 | 0.27 | 0.08 | 0.1 | 0.35 | 0.24 | 0.1 | 0.02 | 0.02 | 0.08 |
| Current Ratio(x) | 1.65 | 1.66 | 2.08 | 3.11 | 3.24 | 2.12 | 2.22 | 2.46 | 2.8 | 2.64 | 2.24 |
| Quick Ratio(x) | 1.13 | 1.17 | 1.43 | 2.07 | 2.16 | 1.33 | 1.44 | 1.84 | 1.93 | 1.93 | 1.63 |
| Interest Cover(x) | 2.07 | 5.14 | 7.16 | 8.54 | 10.36 | 3.09 | 3.32 | 10.17 | 22.09 | 25.85 | 21.03 |
| Total Debt/Mcap(x) | 1.17 | 0.47 | 0.19 | 0.1 | 0.16 | 0.58 | 0.31 | 0.09 | 0.01 | 0.01 | 0.06 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.6 | 74.6 | 74.6 | 74.6 | 74.64 | 74.76 | 74.81 | 74.83 | 74.83 | 74.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Public | 25.34 | 25.34 | 25.34 | 25.34 | 25.31 | 25.18 | 25.13 | 25.11 | 25.11 | 25.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +1% | +4% | +12% | +5% |
| Operating Profit CAGR | 0% | +5% | +18% | +9% |
| PAT CAGR | 0% | 0% | +25% | +12% |
| Share Price CAGR | -25% | -4% | +14% | +15% |
| ROE Average | +8% | +10% | +8% | +8% |
| ROCE Average | +11% | +13% | +11% | +12% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.6 | 74.6 | 74.6 | 74.6 | 74.64 | 74.76 | 74.81 | 74.83 | 74.83 | 74.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Public | 25.34 | 25.34 | 25.34 | 25.34 | 25.31 | 25.18 | 25.13 | 25.11 | 25.11 | 25.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 |
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