WEBSITE BSE:544392 NSE: SPINAROO Inc. Year: 2012 Industry: Packaging My Bucket: Add Stock
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1. Business Overview
Spinaroo Commercial Ltd. operates in the packaging sector in India. Its core business involves the manufacturing and supply of various packaging materials and solutions. The company's business model is primarily B2B (business-to-business), serving a diverse clientele across multiple industries that require packaging for their products, such as FMCG, food and beverages, pharmaceuticals, industrial goods, and e-commerce. Spinaroo makes money by selling its manufactured packaging products and potentially offering related services like packaging design, customization, and logistics support to its clients.
2. Key Segments / Revenue Mix
Specific information regarding Spinaroo Commercial Ltd.'s key business segments or detailed revenue mix is not available. Typically, packaging companies might segment their revenue by:
Material Type: Such as flexible packaging (pouches, films), rigid packaging (bottles, containers), paperboard packaging (cartons, boxes), metal packaging, or glass packaging.
End-User Industry: Serving sectors like Food & Beverage, Pharmaceuticals, Personal Care, Industrial, or E-commerce.
Geography: Domestic vs. export markets, or specific regions within India.
Without further data, the exact contribution of any such potential segments to Spinaroo's overall revenue remains unknown.
3. Industry & Positioning
The packaging industry in India is characterized by its significant size and growth, driven by increasing consumption, organized retail, e-commerce expansion, urbanization, and a growing middle class. It is generally a competitive industry with a mix of large integrated players, mid-sized companies, and numerous small and unorganized players. The industry can be highly fragmented, particularly in certain material types or regional markets.
Without specific details on Spinaroo's product focus, scale, or market share, its precise positioning against peers is unclear. It could be positioned as a specialized provider in a niche segment (e.g., sustainable packaging, pharmaceutical packaging), a cost-effective mass producer, or a regional player with strong local customer relationships.
4. Competitive Advantage (Moat)
Based on the limited information, it is not possible to definitively state whether Spinaroo Commercial Ltd. possesses durable competitive advantages (moats). However, potential sources of competitive advantage for a packaging company could include:
Cost Leadership/Efficiency: Achieved through economies of scale, optimized manufacturing processes, and efficient supply chain management.
Customer Relationships & Switching Costs: Long-standing relationships with key clients, integration into customer supply chains, and high costs or complexities for customers to switch suppliers.
Product Specialization/Innovation: Expertise in specific packaging types, materials, or innovative solutions (e.g., sustainable, smart packaging).
Brand Reputation/Quality: A strong reputation for quality, reliability, and service in a B2B context.
Geographic Proximity/Logistics: Strategically located manufacturing units close to major customer hubs, offering efficient delivery and service.
5. Growth Drivers
Key factors that can drive growth for Spinaroo Commercial Ltd. over the next 3-5 years, aligned with broader industry trends in India, include:
Economic Growth & Consumption: Overall economic expansion in India leading to increased manufacturing output and consumer spending on packaged goods.
E-commerce Boom: The rapid growth of online retail necessitates robust and specialized packaging solutions for shipping and delivery.
Urbanization & Changing Lifestyles: Increasing demand for convenience foods, smaller pack sizes, and single-serve portions.
Sustainability Trends: Growing consumer and regulatory demand for eco-friendly, recyclable, biodegradable, or reusable packaging materials, presenting opportunities for companies that innovate in this area.
Expansion of Organized Retail: Growth of supermarkets, hypermarkets, and modern trade formats increasing demand for standardized and attractive packaging.
Export Market Growth: Opportunities to supply packaging to Indian manufacturers exporting their products.
6. Risks
Key business risks for Spinaroo Commercial Ltd. could include:
Raw Material Price Volatility: Packaging companies are highly susceptible to fluctuations in the prices of key raw materials (e.g., plastic resins, paper pulp, metals), which can impact profitability.
Intense Competition: The fragmented nature of the Indian packaging industry can lead to price wars and margin pressure.
Regulatory Changes: Evolving environmental regulations concerning plastic use, waste management, and recycling could necessitate significant investments or changes in product lines.
Economic Slowdown: A general downturn in the economy can reduce manufacturing output and consumer demand, impacting sales.
Technological Disruption: Rapid advancements in packaging materials, processes, or automation could require continuous investment to remain competitive.
Customer Concentration: Over-reliance on a few large customers could expose the company to significant risk if a major client shifts suppliers or reduces orders.
7. Management & Ownership
Specific information regarding the promoters, management quality, or ownership structure of Spinaroo Commercial Ltd. is not available. In India, many companies, particularly in sectors like packaging, are promoter-driven, where the founding family or individuals hold significant stakes and often play active roles in management. Without further details, it is not possible to comment on the experience, track record, or independence of the management team, or the specific ownership breakdown.
8. Outlook
The outlook for Spinaroo Commercial Ltd. is generally tied to the robust growth trajectory of the Indian packaging industry. On the bullish side, the fundamental drivers of packaging demand – including economic growth, urbanization, the e-commerce boom, and rising disposable incomes – are strong and expected to persist. Companies that can innovate in sustainable packaging solutions and cater to evolving consumer preferences are well-positioned. However, a balanced view acknowledges significant headwinds. The packaging sector is highly susceptible to raw material price volatility, intense competition which can compress margins, and increasing regulatory scrutiny, particularly around environmental impact. Companies in this space must also continuously invest in technology and efficiency to remain competitive. Spinaroo's performance will depend on its ability to navigate these industry-specific challenges, effectively manage its cost structure, and differentiate itself in a crowded market.
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Market Cap ₹42 Cr.
Stock P/E 78.2
P/B 2.1
Current Price ₹60
Book Value ₹ 28.9
Face Value 10
52W High ₹83.8
Dividend Yield 0%
52W Low ₹ 26.6
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 47 | 53 | 41 | 39 | 39 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 48 | 53 | 41 | 39 | 39 | |
| Total Expenditure | 45 | 51 | 38 | 36 | 38 | |
| Operating Profit | 2 | 2 | 3 | 3 | 1 | |
| Interest | 1 | 1 | 1 | 1 | 0 | |
| Depreciation | 1 | 1 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 1 | 2 | 2 | 1 | |
| Provision for Tax | 0 | 0 | 0 | 1 | 0 | |
| Profit After Tax | 1 | 1 | 1 | 1 | 1 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 1 | |
| Adjusted Earnings Per Share | 1 | 1.9 | 2.8 | 2.9 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | -10% | 0% | 0% |
| Operating Profit CAGR | -67% | -21% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -15% | NA% | NA% | NA% |
| ROE Average | 4% | 17% | 18% | 18% |
| ROCE Average | 6% | 15% | 14% | 14% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Shareholder's Funds | 4 | 5 | 6 | 7 | 17 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 2 | 1 | 1 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 13 | 13 | 12 | 13 | 12 |
| Total Liabilities | 18 | 19 | 19 | 21 | 28 |
| Fixed Assets | 3 | 2 | 2 | 2 | 2 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 2 |
| Total Current Assets | 15 | 16 | 17 | 19 | 25 |
| Total Assets | 18 | 19 | 19 | 21 | 28 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 0 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 1 | 2 | 1 | 1 | -6 |
| Cash Flow from Investing Activities | -0 | -0 | 1 | -0 | -2 |
| Cash Flow from Financing Activities | -1 | -1 | -2 | -1 | 8 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 1 | 0 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.04 | 1.86 | 2.8 | 2.88 | 0.77 |
| CEPS(Rs) | 2.32 | 2.89 | 3.66 | 3.45 | 1.13 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 7.4 | 9.26 | 12.06 | 14.94 | 24.06 |
| Core EBITDA Margin(%) | 4.73 | 4.14 | 6.53 | 7.5 | 3.63 |
| EBIT Margin(%) | 3.66 | 3.31 | 6.4 | 6.82 | 3.01 |
| Pre Tax Margin(%) | 1.96 | 1.84 | 4.56 | 5.01 | 1.92 |
| PAT Margin (%) | 1.09 | 1.75 | 3.43 | 3.66 | 1.37 |
| Cash Profit Margin (%) | 2.44 | 2.72 | 4.48 | 4.39 | 2.01 |
| ROA(%) | 2.87 | 4.98 | 7.32 | 7.24 | 2.18 |
| ROE(%) | 14.03 | 22.35 | 26.28 | 21.31 | 4.41 |
| ROCE(%) | 13.69 | 13.63 | 19.63 | 18.62 | 6.13 |
| Receivable days | 29.6 | 29.17 | 37.53 | 35.27 | 40.64 |
| Inventory Days | 60.68 | 60.13 | 92.61 | 110.12 | 139.82 |
| Payable days | 34.25 | 35.5 | 50.24 | 45.58 | 43.12 |
| PER(x) | 0 | 0 | 0 | 0 | 72.99 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 2.33 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.2 | 0.17 | 0.19 | 0.31 | 1.16 |
| EV/Core EBITDA(x) | 4.09 | 3.88 | 2.6 | 4.11 | 31.7 |
| Net Sales Growth(%) | 0 | 11.97 | -23.13 | -3.73 | -0.12 |
| EBIT Growth(%) | 0 | 1.07 | 48.78 | 2.67 | -55.87 |
| PAT Growth(%) | 0 | 79.34 | 50.49 | 2.7 | -62.72 |
| EPS Growth(%) | 0 | 79.34 | 50.49 | 2.7 | -73.35 |
| Debt/Equity(x) | 2.43 | 1.82 | 1.25 | 1.04 | 0.39 |
| Current Ratio(x) | 1.12 | 1.24 | 1.37 | 1.47 | 2.13 |
| Quick Ratio(x) | 0.51 | 0.51 | 0.46 | 0.48 | 0.62 |
| Interest Cover(x) | 2.15 | 2.26 | 3.47 | 3.76 | 2.75 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.17 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 66.67 | 47.66 | 47.66 | 47.66 | 47.66 |
| FII | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 |
| Public | 33.33 | 52.34 | 52.34 | 52.34 | 52.34 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| FII | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 |
| Public | 0.17 | 0.37 | 0.37 | 0.37 | 0.37 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 0.5 | 0.7 | 0.7 | 0.7 | 0.7 |
* The pros and cons are machine generated.
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