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PG Foils Overview

1. Business Overview

PG Foils Ltd. is an Indian company operating in the Aluminium & Aluminium Products sector. Its core business revolves around the manufacturing and sale of various aluminium foil products. This typically includes processing raw aluminium (ingots, coils) into finished foils used across multiple industries. The company likely generates revenue by supplying aluminium foils for applications such as flexible packaging, pharmaceuticals, food containers, household foil, and potentially industrial uses. Its business model involves sourcing raw materials, manufacturing value-added products, and distributing them to a diverse customer base, which can include B2B clients (e.g., packaging converters, pharmaceutical companies, food processors) and potentially B2C retail channels for household foil.

2. Key Segments / Revenue Mix

Without specific financial data, the exact revenue mix is not available. However, based on the industry, potential key segments for PG Foils Ltd. could include:

Flexible Packaging Foils: For food, confectionery, and other consumer goods.

Pharmaceutical Foils: Specialized foils for blister packs and strip packaging.

Household Foils: Retail-packaged aluminium foil for domestic use.

Industrial Foils: Foils for insulation, fin stock, or other industrial applications.

The contribution of each segment would depend on the company's strategic focus and market demand.

3. Industry & Positioning

The Aluminium & Aluminium Products industry in India is characterized by its capital-intensive nature, dependence on commodity prices, and a mix of integrated producers and specialized downstream players. The market for aluminium foils is driven by growth in packaging, food processing, pharmaceuticals, and consumer goods sectors. PG Foils Ltd. likely operates as a specialized manufacturer within this segment. Its positioning would depend on its product quality, cost efficiency, customer relationships, and scale of operations. The industry faces competition from both large domestic players and imports, making cost management and product differentiation critical.

4. Competitive Advantage (Moat)

Without specific details, the company's competitive advantages might include:

Cost Efficiency: Optimized manufacturing processes and scale (if significant) could lead to a cost advantage in production.

Customer Relationships: Long-standing relationships and consistent supply to key B2B clients can create switching costs.

Product Specialization/Quality: Ability to produce high-quality or specialized foils that meet specific industry standards (e.g., pharmaceutical-grade) could differentiate it.

Distribution Network: An established distribution network across India or for exports could provide a reach advantage.

A strong brand name is less common as a moat for B2B foil suppliers but could exist for B2C household foil products.

5. Growth Drivers

Key factors that could drive growth for PG Foils Ltd. over the next 3-5 years include:

Growing Demand for Packaged Goods: Increasing disposable incomes, urbanization, and changing lifestyles in India are driving demand for packaged food, beverages, and consumer products, which rely heavily on aluminium foil packaging.

Pharmaceutical Sector Growth: India's expanding pharmaceutical industry continues to drive demand for specialized blister and strip foils.

Retail Sector Expansion: The growth of organized retail and e-commerce can boost demand for both B2B packaging solutions and B2C household foil products.

Export Opportunities: Leveraging competitive manufacturing costs to cater to international markets.

Product Diversification/Value Addition: Expanding into new foil applications or higher-value-added products.

6. Risks

Raw Material Price Volatility: Aluminium is a global commodity, and fluctuations in its price can significantly impact production costs and margins.

Intense Competition: The industry is competitive with both domestic and international players, which can put pressure on pricing and market share.

Economic Slowdown: A downturn in the Indian economy could reduce demand from end-user industries like packaging, food, and pharmaceuticals.

Regulatory Changes: Environmental regulations, trade policies, or import duties could impact operations and profitability.

Foreign Exchange Fluctuations: As the company may import raw materials or export finished goods, currency rate volatility can pose a risk.

Capital Intensity: The need for continuous investment in technology and capacity expansion.

7. Management & Ownership

PG Foils Ltd. is likely a promoter-driven company, typical of many Indian businesses. This usually implies significant ownership held by the founding family or group (promoters), who often also hold key management positions. Without specific information, the quality of management would typically be assessed by their experience in the aluminium sector, track record of navigating market cycles, corporate governance practices, and strategic vision for growth. Ownership structure would likely show a substantial promoter holding, with the remaining shares held by public investors, institutional investors, and other bodies.

8. Outlook

The outlook for PG Foils Ltd. presents a balanced view. On the positive side, the robust growth of India's consumption-driven sectors (food processing, pharmaceuticals, consumer goods) provides a strong underlying demand driver for aluminium foil products. The company's focus on specialized foil manufacturing could allow it to capture niche market opportunities and potentially expand its customer base. However, the company faces inherent challenges. The volatility of aluminium prices poses a constant risk to profitability, requiring efficient raw material sourcing and hedging strategies. Intense competition from both domestic and international players could lead to pricing pressures and margin erosion. Therefore, PG Foils Ltd.'s future performance will largely depend on its ability to manage costs effectively, innovate its product offerings, strengthen customer relationships, and navigate the cyclical nature of the commodity market while capitalizing on India's growth story.

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PG Foils Key Financials

Market Cap ₹248 Cr.

Stock P/E 10.3

P/B 0.7

Current Price ₹210.5

Book Value ₹ 289.4

Face Value 10

52W High ₹308

Dividend Yield 0%

52W Low ₹ 165.5

PG Foils Share Price

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Volume
Price

PG Foils Quarterly Price

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PG Foils 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 60 68 105 128 100 151 112 82 74 72
Other Income 7 21 9 17 14 5 -6 20 -2 7
Total Income 68 89 114 145 114 157 105 102 72 79
Total Expenditure 64 76 109 129 103 142 103 87 78 75
Operating Profit 4 12 5 16 11 15 2 15 -6 4
Interest 1 1 1 1 1 2 1 1 1 2
Depreciation 1 1 1 1 1 1 3 1 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 10 2 14 8 12 -3 12 -8 1
Provision for Tax 1 2 -0 2 1 1 2 3 0 0
Profit After Tax 0 8 3 12 7 11 -5 9 -8 0
Adjustments -0 0 -0 0 -0 0 0 0 0 0
Profit After Adjustments 0 8 3 12 7 11 -5 9 -8 0
Adjusted Earnings Per Share 0.4 7 2.3 9.8 5.8 9 -4.1 7.9 -6.8 0.2

PG Foils 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 250 211 238 247 259 217 252 395 337 317 491 340
Other Income 8 6 21 17 27 19 13 29 37 50 30 19
Total Income 259 217 259 264 286 236 265 423 374 367 521 358
Total Expenditure 240 207 227 237 250 204 236 350 345 338 478 343
Operating Profit 19 11 32 27 35 32 29 73 30 29 43 15
Interest 4 4 6 7 10 8 5 6 23 5 5 5
Depreciation 2 3 3 3 4 5 5 4 4 5 6 8
Exceptional Income / Expenses -4 10 0 0 0 -3 0 0 0 0 0 0
Profit Before Tax 8 14 24 17 21 16 19 63 2 19 32 2
Provision for Tax 3 4 6 9 5 1 4 16 2 3 8 5
Profit After Tax 5 10 18 7 16 15 15 47 0 16 24 -4
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 5 10 18 7 16 15 15 47 0 16 24 -4
Adjusted Earnings Per Share 5.7 11.9 22.4 9 19.9 18.5 18.8 51.2 0.2 13.8 20.4 -2.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 55% 8% 18% 7%
Operating Profit CAGR 48% -16% 6% 9%
PAT CAGR 50% -20% 10% 17%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -22% 2% 17% 15%
ROE Average 7% 4% 9% 9%
ROCE Average 10% 7% 9% 9%

PG Foils 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 97 106 123 133 149 164 179 257 284 314 338
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 12 12 19 3 3 0 0 0 0 0 0
Other Non-Current Liabilities 2 2 3 7 6 4 6 8 8 10 9
Total Current Liabilities 137 153 117 158 127 150 198 282 152 89 77
Total Liabilities 248 273 262 300 286 318 383 547 444 413 424
Fixed Assets 18 28 34 37 39 37 34 33 38 37 61
Other Non-Current Assets 21 33 25 20 20 24 32 30 41 35 17
Total Current Assets 208 212 204 244 227 257 318 485 365 340 346
Total Assets 248 273 262 300 286 318 383 547 444 413 424

PG Foils 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 72 77 80 2 2 0 0 0 0 11 0
Cash Flow from Operating Activities -35 18 -8 -22 64 -1 -32 -82 77 21 17
Cash Flow from Investing Activities -17 -33 -24 5 -27 -25 -13 1 89 42 3
Cash Flow from Financing Activities 58 18 -46 18 -39 27 45 81 -155 -74 -8
Net Cash Inflow / Outflow 6 3 -78 1 -2 -0 0 0 11 -11 12
Closing Cash & Cash Equivalent 77 80 3 2 0 0 0 0 11 0 12

PG Foils 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) 5.69 11.95 22.36 9 19.95 18.46 18.85 51.21 0.2 13.82 20.44
CEPS(Rs) 8.64 15.33 25.47 13.19 25.06 24.19 24.57 55.77 3.94 18.15 25.63
DPS(Rs) 0 1 1.1 1.2 0 0 0 2 0 0 0
Book NAV/Share(Rs) 119.63 130.37 151.41 164.01 184.21 202.44 221.31 267.73 256.07 265.34 286.43
Core EBITDA Margin(%) 3.92 1.87 4.32 4 3.22 6.15 6.01 11.17 -2.12 -6.44 2.67
EBIT Margin(%) 4.41 7.49 11.24 9.35 12.01 11.01 9.48 17.32 7.44 7.59 7.42
Pre Tax Margin(%) 2.94 5.93 9.01 6.58 8.11 7.13 7.66 15.87 0.7 6.06 6.39
PAT Margin (%) 1.68 4.08 6.8 2.87 6.23 6.83 6.04 11.77 0.06 5.11 4.87
Cash Profit Margin (%) 2.55 5.24 7.75 4.2 7.82 8.95 7.87 12.82 1.25 6.71 6.11
ROA(%) 2.16 3.72 6.77 2.6 5.52 4.95 4.36 10.01 0.04 3.81 5.77
ROE(%) 4.87 9.56 15.87 5.71 11.46 9.55 8.9 22.02 0.08 5.51 7.41
ROCE(%) 6.3 7.41 12.48 9.91 12.59 9.08 7.43 15.71 5.48 6.09 9.53
Receivable days 60.34 76.61 70.79 87.22 90.44 99.25 80.24 46.68 50.3 70.42 56.36
Inventory Days 28.2 31.59 29.07 67.17 68.91 58.79 68.96 59.04 93.85 106.59 63.21
Payable days 9.41 9.94 13.28 24.23 21.07 14.09 11.5 9.46 12.18 10.97 6.48
PER(x) 7.03 4.7 4.76 17.65 4 2.6 4.28 6.15 658.81 11.74 15.89
Price/Book(x) 0.33 0.43 0.7 0.97 0.43 0.24 0.36 1.18 0.52 0.61 1.13
Dividend Yield(%) 0 1.78 1.03 0.76 0 0 0 0.64 0 0 0
EV/Net Sales(x) 0.33 0.54 0.78 1 0.6 0.75 0.95 1.38 0.77 0.81 0.85
EV/Core EBITDA(x) 4.38 10.89 5.73 9.08 4.37 5.09 8.33 7.49 8.8 8.81 9.72
Net Sales Growth(%) 32.66 -15.6 12.6 3.9 4.66 -16.04 15.8 56.78 -14.5 -5.98 54.94
EBIT Growth(%) -18.82 46.62 68.63 -20.56 30.99 -22.63 -0.61 185.87 -62.85 -4.93 51.83
PAT Growth(%) -15.56 109.92 87.14 -59.74 121.62 -7.47 2.11 204.63 -99.52 7260.05 47.9
EPS Growth(%) -15.56 109.92 87.14 -59.74 121.62 -7.47 2.11 171.69 -99.6 6685.22 47.9
Debt/Equity(x) 1.32 1.41 0.84 0.92 0.61 0.77 0.98 1.07 0.46 0.22 0.15
Current Ratio(x) 1.52 1.38 1.74 1.55 1.78 1.72 1.61 1.72 2.4 3.82 4.47
Quick Ratio(x) 1.34 1.28 1.51 1.12 1.54 1.45 1.32 1.47 1.72 2.9 3.31
Interest Cover(x) 3 4.81 5.03 3.38 3.08 2.84 5.21 11.93 1.1 4.98 7.21
Total Debt/Mcap(x) 3.94 3.27 1.19 0.94 1.41 3.25 2.68 0.91 0.88 0.36 0.13

PG Foils Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 50.98 50.98 50.98 50.98 50.98 50.98 50.98 50.98 50.98 54.37
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 49.01 49.02 49.02 49.02 49.02 49.02 49.02 49.02 49.02 45.63
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

PG Foils News

PG Foils Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Debtor days have improved from 10.97 to 6.48days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • The company has delivered a poor profit growth of 9% over past five years.
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