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RDB Rasayans Overview

1. Business Overview

RDB Rasayans Ltd. is an Indian company primarily engaged in the manufacturing and sale of plastic products. While specific product details are not provided, companies in this sector typically produce a range of items such as woven sacks, flexible packaging, plastic films, pipes, or other molded plastic goods. The core business model involves procuring raw plastic polymers (e.g., PP, PE) and converting them through various manufacturing processes (like extrusion, weaving, lamination) into finished plastic products. The company makes money by selling these manufactured plastic goods to various end-user industries (e.g., agriculture, infrastructure, packaging, industrial goods, retail).

2. Key Segments / Revenue Mix

Based on the provided information, the company's primary business segment is "Plastic Products." Specific revenue contribution from different types of plastic products (e.g., woven sacks, films, rigid packaging, etc.) is not detailed in the available information. Therefore, it is assumed the revenue largely stems from its diversified offerings within the plastic products manufacturing domain.

3. Industry & Positioning

The Indian plastic products industry is generally characterized by high fragmentation, significant competition, and dependence on raw material prices (crude oil derivatives). The industry serves a wide array of end-user sectors. RDB Rasayans Ltd. operates within this competitive landscape, likely positioning itself as a manufacturer of specific plastic products, aiming to cater to industrial or consumer packaging needs. Its positioning relative to larger, more diversified players or smaller regional players would depend on its production capacity, product specialization, and market reach.

4. Competitive Advantage (Moat)

Without specific details, RDB Rasayans Ltd.'s competitive advantages (moats) may include:

Cost Efficiency: Potential for economies of scale in manufacturing or efficient production processes.

Established Client Relationships: Long-standing relationships with industrial buyers or distributors.

Distribution Network: An effective sales and distribution network across its target markets in India.

Product Specialization: Expertise in producing niche or specialized plastic products with high barriers to entry.

However, the plastic products industry typically has lower barriers to entry for many standard products, making strong, durable moats less common for undifferentiated products.

5. Growth Drivers

Key factors that can drive growth for RDB Rasayans Ltd. over the next 3-5 years include:

Growing Demand for Packaging: Increase in consumer spending, e-commerce, and organized retail driving demand for various packaging solutions.

Infrastructure Development: Government focus on infrastructure projects (e.g., construction, agriculture) leading to increased demand for plastic pipes, geo-membranes, or other industrial plastic products.

Export Opportunities: Leveraging competitive manufacturing costs to tap into international markets.

Product Innovation & Diversification: Introduction of new products, value-added plastics, or sustainable plastic solutions to meet evolving market needs.

Market Share Gains: Expansion into new geographies or securing new large clients within India.

6. Risks

Highlight key business risks:

Raw Material Price Volatility: Significant fluctuations in crude oil prices directly impact the cost of polymer raw materials, affecting profitability.

Intense Competition: Highly fragmented industry with numerous domestic and international players, leading to pricing pressures.

Regulatory Changes: Potential for stricter environmental regulations, bans on single-use plastics, or extended producer responsibility (EPR) norms, which could impact production and costs.

Economic Slowdown: A downturn in the Indian economy or specific end-user industries could reduce demand for plastic products.

Technology & Product Obsolescence: Failure to innovate or adapt to new manufacturing technologies or product trends could lead to loss of market relevance.

Working Capital Management: High working capital requirements due to inventory management and credit cycles.

7. Management & Ownership

RDB Rasayans Ltd. is typically a promoter-led company, common in India, where the founding family or individuals retain significant ownership and control, often holding key management positions. Specific details regarding the promoters, their experience, or the management team's track record are not provided. The ownership structure would likely show a significant stake held by the promoter group, with the remaining shares held by the public and institutional investors.

8. Outlook

The outlook for RDB Rasayans Ltd. is balanced. The company operates in a growing industry supported by India's expanding economy, infrastructure push, and increasing consumption. Potential for growth exists through expanding product offerings, enhancing distribution, and capitalizing on domestic demand for various plastic applications, including packaging. However, the business faces notable headwinds from volatile raw material prices, intense competition, and evolving environmental regulations impacting the plastic industry. Its ability to manage costs, innovate products, and navigate regulatory changes will be crucial for sustained performance.

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RDB Rasayans Key Financials

Market Cap ₹265 Cr.

Stock P/E 9.8

P/B 1.1

Current Price ₹149.4

Book Value ₹ 136

Face Value 10

52W High ₹192

Dividend Yield 0%

52W Low ₹ 114.5

RDB Rasayans Share Price

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Volume
Price

RDB Rasayans Quarterly Price

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RDB Rasayans Peer Comparison

RDB Rasayans 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 26 25 26 61 31 27 29 28 34 26
Other Income 4 5 5 6 6 5 6 6 7 6
Total Income 30 30 31 67 36 32 35 34 41 32
Total Expenditure 22 21 23 57 28 24 25 22 26 21
Operating Profit 7 9 8 10 8 8 10 12 15 11
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 7 9 8 10 8 8 10 11 15 11
Provision for Tax 2 2 2 3 2 2 2 3 4 3
Profit After Tax 5 7 6 7 6 6 7 9 11 8
Adjustments 0 0 0 0 -0 -0 0 0 0 0
Profit After Adjustments 5 7 6 7 6 6 7 9 11 8
Adjusted Earnings Per Share 2.9 3.7 3.2 4.1 3.4 3.2 4.2 4.8 6.3 4.6

RDB Rasayans 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 68 63 70 78 89 90 92 123 109 103 148 117
Other Income 9 6 6 9 10 10 10 12 15 17 22 25
Total Income 77 70 76 87 99 100 102 135 124 120 170 142
Total Expenditure 65 61 66 73 84 80 74 106 90 87 133 94
Operating Profit 12 9 10 14 15 20 28 29 34 34 37 48
Interest 1 1 1 2 1 1 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9 7 9 12 12 18 27 28 33 32 36 47
Provision for Tax 3 3 3 4 3 6 8 6 8 8 9 12
Profit After Tax 6 4 6 7 9 12 19 22 24 24 26 35
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 6 4 6 7 9 12 19 22 24 24 26 35
Adjusted Earnings Per Share 3.7 2.3 3.3 4.1 5.1 6.5 10.7 12.4 13.8 13.7 14.9 19.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 44% 6% 10% 8%
Operating Profit CAGR 9% 8% 13% 12%
PAT CAGR 8% 6% 17% 16%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 22% 18% 12% 22%
ROE Average 13% 14% 16% 13%
ROCE Average 18% 19% 21% 17%

RDB Rasayans 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 59 63 69 76 85 97 116 138 162 186 213
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1 1 1 3 2 1 0 0 0 0 0
Other Non-Current Liabilities 1 1 2 2 2 3 3 2 2 2 2
Total Current Liabilities 20 12 18 24 23 14 21 17 12 14 13
Total Liabilities 81 77 90 106 112 114 140 157 176 203 228
Fixed Assets 12 11 14 14 13 13 13 14 13 13 12
Other Non-Current Assets 0 0 0 0 2 2 3 2 2 4 4
Total Current Assets 69 65 76 92 97 99 124 141 161 186 212
Total Assets 81 77 90 106 112 114 140 157 176 203 228

RDB Rasayans 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 1 0 0 7 0 1 0
Cash Flow from Operating Activities 4 2 -4 -12 -1 2 -3 -6 45 -76 -12
Cash Flow from Investing Activities -5 5 -0 8 8 8 3 6 -39 74 12
Cash Flow from Financing Activities 1 -7 5 3 -7 -11 6 -5 -5 1 -0
Net Cash Inflow / Outflow 0 -0 1 -0 -0 0 6 -6 1 -1 0
Closing Cash & Cash Equivalent 0 0 1 1 0 0 7 0 1 0 0

RDB Rasayans 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) 3.66 2.35 3.26 4.14 5.09 6.5 10.73 12.45 13.76 13.68 14.94
CEPS(Rs) 4.16 2.83 3.74 4.75 5.72 7.15 11.37 13.15 14.49 14.39 15.6
DPS(Rs) 0.5 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 33.2 35.77 39.01 43.15 48.22 54.69 65.42 77.89 91.64 105.27 120.22
Core EBITDA Margin(%) 3.4 3.29 5.53 6.76 5.78 10.67 20.07 13.75 17.76 15.97 10.24
EBIT Margin(%) 14.26 11.11 11.95 16.87 15.45 21.02 29.36 22.62 30.01 31.4 24.31
Pre Tax Margin(%) 12.4 9.72 11.04 14.73 13.84 19.62 29.03 22.42 29.9 31.25 24.23
PAT Margin (%) 8.65 5.95 7.31 9.37 10.09 12.82 20.57 17.93 22.27 23.48 17.84
Cash Profit Margin (%) 9.84 7.17 8.39 10.75 11.34 14.11 21.81 18.94 23.45 24.7 18.62
ROA(%) 8.6 5.25 6.93 7.51 8.27 10.17 14.94 14.85 14.62 12.79 12.29
ROE(%) 11.6 6.8 8.71 10.08 11.13 12.63 17.87 17.38 16.23 13.89 13.25
ROCE(%) 16.01 10.93 12.36 14.89 14.24 18.99 24.01 20.75 21.54 18.53 18
Receivable days 45.87 48.12 46.45 51.11 47.45 50.53 56.73 52.4 63.25 57.93 38.97
Inventory Days 41.81 31.93 13.63 10.92 20.18 18.18 8.54 8.67 11.63 12.89 10.03
Payable days 29.65 27.33 18.82 22.25 31.49 39.29 28.6 16.22 20.44 22.48 12.02
PER(x) 4.63 8.31 11.13 16.73 10.42 4.74 5.21 7.51 5.57 10.75 8.06
Price/Book(x) 0.51 0.55 0.93 1.61 1.1 0.56 0.85 1.2 0.84 1.4 1
Dividend Yield(%) 2.95 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.22 0.23 1.07 1.79 0.94 0.63 1.09 1.33 0.95 2.37 1.32
EV/Core EBITDA(x) 1.28 1.65 7.32 9.83 5.6 2.84 3.56 5.64 3.06 7.27 5.24
Net Sales Growth(%) -7.6 -6.89 11.01 11.6 14.09 0.52 2.91 33.14 -11.03 -5.7 43.77
EBIT Growth(%) 151.47 -27.43 21.65 39.84 4.53 36.75 43.7 2.59 18.02 -1.34 11.34
PAT Growth(%) 295.58 -35.92 38.91 27.15 22.75 27.81 65.08 16.04 10.49 -0.57 9.24
EPS Growth(%) 295.59 -35.92 38.91 27.15 22.75 27.8 65.08 16.04 10.49 -0.57 9.24
Debt/Equity(x) 0.21 0.12 0.19 0.25 0.15 0.03 0.08 0.03 0 0 0
Current Ratio(x) 3.49 5.66 4.25 3.8 4.18 7.2 5.77 8.25 13.3 13.04 16.23
Quick Ratio(x) 3.08 5.29 4.16 3.68 3.88 7.05 5.66 8.05 13.01 12.77 15.91
Interest Cover(x) 7.64 7.98 13.02 7.91 9.56 15.03 88.99 112.88 280.21 216.73 274.54
Total Debt/Mcap(x) 0.42 0.21 0.2 0.15 0.14 0.06 0.1 0.03 0 0 0

RDB Rasayans Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 69.83 69.83 69.83 69.83 69.83 69.83 69.83 69.83 69.83 69.83
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 30.17 30.17 30.17 30.17 30.17 30.17 30.17 30.17 30.17 30.17
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

RDB Rasayans News

RDB Rasayans Pros & Cons

Pros

  • Debtor days have improved from 22.48 to 12.02days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 14% over the last 3 years.
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