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Shree Tirupati Balaj Overview

1. Business Overview

Shree Tirupati Balajee FIBC Ltd. is an Indian manufacturer primarily engaged in the production and sale of Flexible Intermediate Bulk Containers (FIBCs), also known as jumbo bags or bulk bags. The company also manufactures other woven polypropylene (PP) products such as PP woven sacks, small bags, and tarpaulins. Their core business model is B2B, supplying these packaging solutions to various industries including chemicals, fertilizers, food grains, pharmaceuticals, cement, mining, and other industrial sectors for storing and transporting bulk materials. The company generates revenue by manufacturing and selling these custom and standard packaging products to domestic and international clients.

2. Key Segments / Revenue Mix

The company's primary business segment is the manufacturing of Flexible Intermediate Bulk Containers (FIBCs), which form the substantial majority of its revenue. While specific revenue contributions are not always publicly segregated, the company also produces PP woven sacks and tarpaulins as complementary products. FIBCs, due to their specialized nature and higher value, are the core focus.

3. Industry & Positioning

Shree Tirupati Balajee FIBC operates within the plastic products industry, specifically in the bulk packaging sector. The FIBC market in India is characterized by steady growth, driven by increasing industrial output, agricultural demand, infrastructure development, and a shift towards efficient bulk packaging solutions. The industry is moderately fragmented, with several organized players and numerous unorganized units. Shree Tirupati Balajee FIBC positions itself as a quality-focused manufacturer with modern facilities, catering to diverse customer requirements through customization and serving both the domestic and significant export markets, leveraging India's cost-competitive manufacturing base.

4. Competitive Advantage (Moat)

The company's competitive advantages are primarily operational and specialization-driven:

Specialization in FIBCs: A focused approach allows for expertise in design, manufacturing processes, and quality control specific to FIBCs.

Quality & Certifications: Adherence to international quality standards and necessary certifications (e.g., for food-grade, hazardous materials) is crucial in the FIBC market and can act as a differentiator.

Customization Capabilities: Ability to produce a wide range of customized FIBCs to meet specific client needs for various industries, offering tailored solutions.

Backward Integration (Potential): While not explicitly stated for this company, many FIBC manufacturers achieve cost efficiencies through backward integration into tape extrusion, which can provide a cost advantage.

Export Focus: A strong presence in international markets diversifies revenue streams and provides exposure to global demand trends.

5. Growth Drivers

Growth in End-User Industries: Continued expansion in sectors like chemicals, fertilizers, food processing, construction, and agriculture drives demand for bulk packaging.

Increasing Industrialization & Infrastructure: As industrial output and infrastructure projects grow, the need for efficient bulk material handling and packaging increases.

Export Market Opportunities: Growing global demand for FIBCs, driven by supply chain efficiencies and cost-effectiveness, presents significant export growth potential for Indian manufacturers.

Shift to Bulk Packaging: Industries are increasingly adopting FIBCs over smaller bags due to benefits like cost efficiency, ease of handling, and reduced labor.

New Product Development/Capacity Expansion: Potential for growth through new product innovations or expansion of manufacturing capacities to meet rising demand.

6. Risks

Raw Material Price Volatility: The primary raw material, polypropylene (PP) granules, is a petrochemical derivative, making its prices susceptible to crude oil price fluctuations and global supply-demand dynamics, impacting profit margins.

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

Exchange Rate Fluctuations: As a significant exporter, adverse movements in foreign currency exchange rates can impact export revenues and profitability.

Economic Downturn: A slowdown in global or domestic economic activity can reduce industrial and agricultural output, thereby lowering demand for packaging materials.

Regulatory Changes: Changes in environmental regulations pertaining to plastic manufacturing or packaging could impact operations and costs.

Customer Concentration: Reliance on a few large customers could pose a risk if any significant client reduces orders.

7. Management & Ownership

Shree Tirupati Balajee FIBC Ltd. is a promoter-driven company, with the founding family (e.g., the Kanzaria family) holding a significant stake and actively involved in the management. Promoter holding often signifies long-term commitment and stability in vision. Details on individual management quality or specific governance practices would require a deeper dive into annual reports and public disclosures, but generally, promoter-led companies in India benefit from strong entrepreneurial drive.

8. Outlook

The outlook for Shree Tirupati Balajee FIBC Ltd. presents a balanced view. On the positive side, the company is well-positioned to benefit from the growing demand for bulk packaging, driven by industrialization, infrastructure development, and a robust agricultural sector in India and globally. Its focus on specialized FIBCs and presence in export markets offer avenues for sustained growth. However, the company faces inherent risks such as volatility in raw material prices (polypropylene), intense competition, and exposure to currency fluctuations due to its export orientation. Its ability to manage these input costs, maintain quality, and expand its customer base efficiently will be crucial for navigating the competitive landscape and sustaining profitability.

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Shree Tirupati Balaj Key Financials

Market Cap ₹496 Cr.

Stock P/E 34.6

P/B 5.4

Current Price ₹490

Book Value ₹ 90.9

Face Value 10

52W High ₹893

Dividend Yield 0%

52W Low ₹ 405.7

Shree Tirupati Balaj Share Price

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Volume
Price

Shree Tirupati Balaj Quarterly Price

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Shree Tirupati Balaj Peer Comparison

Shree Tirupati Balaj Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

Shree Tirupati Balaj Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 111 117 198 176 161 208
Other Income 0 0 0 1 3 4
Total Income 111 117 198 177 164 212
Total Expenditure 104 108 185 161 138 184
Operating Profit 8 10 13 16 25 29
Interest 2 2 3 4 5 7
Depreciation 1 1 1 1 3 3
Exceptional Income / Expenses 0 0 0 0 0 0
Profit Before Tax 4 6 9 11 18 19
Provision for Tax 1 2 2 2 3 4
Profit After Tax 4 5 7 9 14 14
Adjustments 0 0 0 0 0 0
Profit After Adjustments 4 5 7 9 14 14
Adjusted Earnings Per Share 3.5 4.7 6.9 8.9 13.9 14.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 29% 2% 13% 0%
Operating Profit CAGR 16% 31% 29% 0%
PAT CAGR 0% 26% 28% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -13% 52% 64% NA%
ROE Average 17% 17% 15% 14%
ROCE Average 16% 16% 14% 13%

Shree Tirupati Balaj Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 43 48 55 63 78 92
Minority's Interest 0 0 0 0 0 0
Borrowings 3 6 12 16 13 17
Other Non-Current Liabilities 1 2 2 3 3 4
Total Current Liabilities 34 37 44 36 66 86
Total Liabilities 82 92 113 118 159 198
Fixed Assets 12 13 16 16 40 40
Other Non-Current Assets 12 17 24 27 7 7
Total Current Assets 58 62 73 75 112 151
Total Assets 82 92 113 118 159 198

Shree Tirupati Balaj Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 2 1 2 0 0
Cash Flow from Operating Activities 2 1 7 9 -11 -7
Cash Flow from Investing Activities -5 -5 -11 -7 -10 -1
Cash Flow from Financing Activities 4 3 6 -4 20 9
Net Cash Inflow / Outflow 1 -2 2 -2 -0 0
Closing Cash & Cash Equivalent 2 1 2 0 0 0

Shree Tirupati Balaj Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.53 4.71 6.91 8.86 13.92 14.16
CEPS(Rs) 4.55 5.78 8.27 10.07 16.45 16.83
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) 42.39 47.09 54.01 62.43 76.51 90.92
Core EBITDA Margin(%) 6.7 8.13 6.34 8.55 14.23 11.84
EBIT Margin(%) 5.9 7.28 5.68 8.15 14.21 12.39
Pre Tax Margin(%) 3.88 5.51 4.4 6.13 10.91 8.98
PAT Margin (%) 3.22 4.07 3.54 5.1 8.75 6.89
Cash Profit Margin (%) 4.15 5 4.24 5.79 10.34 8.18
ROA(%) 4.37 5.49 6.84 7.78 10.17 8.02
ROE(%) 8.33 10.53 13.67 15.23 20.04 16.92
ROCE(%) 8.64 10.46 11.81 13.45 17.55 15.6
Receivable days 32.17 38.16 38.84 44.3 52.72 69.86
Inventory Days 76.21 86.19 63.01 79.44 102.4 101.68
Payable days 16.68 11.87 8.46 8.46 4.59 15.3
PER(x) 6.46 8.77 10.49 19.23 34.48 50.56
Price/Book(x) 0.54 0.88 1.34 2.73 6.27 7.88
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.48 0.69 0.6 1.25 3.47 3.9
EV/Core EBITDA(x) 7.09 8.41 9.46 14.11 21.94 28.53
Net Sales Growth(%) 0 5.44 68.85 -10.88 -8.59 29.29
EBIT Growth(%) 0 30.15 31.69 28.01 59.34 12.7
PAT Growth(%) 0 33.37 46.76 28.25 57.07 1.71
EPS Growth(%) 0 33.37 46.76 28.25 57.07 1.71
Debt/Equity(x) 0.77 0.83 0.88 0.75 0.94 0.96
Current Ratio(x) 1.68 1.7 1.67 2.11 1.7 1.76
Quick Ratio(x) 1 0.82 0.85 0.97 0.94 0.99
Interest Cover(x) 2.92 4.12 4.43 4.04 4.31 3.63
Total Debt/Mcap(x) 1.42 0.94 0.66 0.28 0.15 0.12

Shree Tirupati Balaj Shareholding Pattern

# Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 69.49 70.88 70.88 67.12 63.85 63.85 63.85 66.15 66.15 66.15
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 30.51 29.12 29.12 32.88 36.15 36.15 36.15 33.85 33.85 33.84
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Shree Tirupati Balaj News

Shree Tirupati Balaj Pros & Cons

Pros

  • Company has delivered good profit growth of 28% CAGR over last 5 years

Cons

  • Debtor days have increased from 4.59 to 15.3days.
  • Stock is trading at 5.4 times its book value.
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