WEBSITE BSE:526530 NSE: IIRM Inc. Year: 1992 Industry: Plastic Products My Bucket: Add Stock
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1. Business Overview
IIRM Holdings India Ltd., operating in the Plastic Products sector, is primarily involved in the manufacturing and sale of various plastic goods. While specific product lines are not detailed, companies in this industry typically produce items such as plastic packaging materials (films, bags, containers), consumer plastic goods (household items, toys), industrial components, or specialized plastic products for sectors like automotive, agriculture, or construction. The core business model involves sourcing raw materials (primarily polymers derived from crude oil), processing them through various techniques (e.g., injection molding, extrusion, blow molding), and selling finished products to B2B clients (other manufacturers, retailers) or potentially B2C consumers. The company makes money through the sales revenue generated from its manufactured plastic products.
2. Key Segments / Revenue Mix
Specific key segments and their revenue contributions for IIRM Holdings India Ltd. are not publicly available or cannot be determined from the provided information. However, typical segmentation for a plastic products company might include:
Packaging Solutions: Films, bags, containers, bottles for food, beverage, pharmaceutical, and other industries.
Consumer Goods: Household items, kitchenware, furniture, toys.
Industrial Plastics: Components for automotive, electronics, construction, or agricultural sectors.
Specialty Plastics: High-performance polymers or niche applications.
3. Industry & Positioning
The Indian plastic products industry is large, diverse, and generally fragmented, characterized by a mix of large integrated players and numerous small to medium-sized enterprises. It is highly dependent on demand from various end-user industries like fast-moving consumer goods (FMCG), automotive, electronics, construction, and healthcare. Competition is intense, often based on pricing, product quality, customization, and distribution efficiency. Without specific market share data or unique product offerings, IIRM's positioning is likely that of a participant operating within this competitive landscape, possibly specializing in certain types of plastic products or catering to specific regional markets or customer segments.
4. Competitive Advantage (Moat)
Given the general nature of the plastic products industry and lack of specific company details, it's challenging to identify a strong, durable competitive advantage for IIRM. Potential moats, if they exist, could include:
Cost Leadership: Achieving economies of scale or highly efficient manufacturing processes to offer products at competitive prices.
Customer Relationships: Long-standing contracts or strong relationships with key B2B clients, leading to recurring orders.
Niche Specialization: Expertise in producing complex, high-precision, or specialized plastic products for particular industries that require specific technical know-how.
Distribution Network: A well-established and efficient supply chain and distribution network, especially for B2C products.
Backward/Forward Integration: Control over raw material sourcing or downstream processing could offer cost or quality advantages.
However, without specific information, it's not possible to confirm if IIRM possesses any of these.
5. Growth Drivers
Key factors that could drive growth for IIRM Holdings India Ltd. over the next 3-5 years include:
Economic Growth & Urbanization: Rising disposable incomes and urbanization in India lead to increased consumption of packaged goods and other plastic products.
Demand from End-User Industries: Continued growth in sectors like FMCG, e-commerce (packaging), automotive, and construction will drive demand for plastic components and packaging.
Government Initiatives: "Make in India" campaigns and infrastructure development projects can boost industrial plastic demand.
Product Innovation & Diversification: Introducing new products, improving existing ones, or diversifying into higher-value specialty plastics.
Export Opportunities: Tapping into international markets for specific plastic products.
6. Risks
IIRM Holdings India Ltd. faces several risks common to the plastic products industry:
Raw Material Price Volatility: Plastic polymers are crude oil derivatives, making the company highly susceptible to fluctuations in global crude oil prices, impacting production costs and margins.
Environmental Regulations & Public Perception: Increasing global and domestic pressure against single-use plastics and growing environmental concerns can lead to stricter regulations, bans, and shifts in consumer preference towards alternatives, impacting demand and requiring investment in eco-friendly solutions.
Intense Competition: The fragmented nature of the industry leads to price wars and pressure on profit margins.
Economic Downturns: A slowdown in the Indian economy or key end-user industries can reduce demand for plastic products.
Technological Obsolescence: Failure to adopt new manufacturing technologies or processes can lead to inefficiency and loss of competitiveness.
Forex Risk: For companies involved in import of raw materials or export of finished goods, currency fluctuations pose a risk.
7. Management & Ownership
As an Indian company, IIRM Holdings India Ltd. is typically led by a promoter group that holds a significant stake and often plays a key role in strategic decision-making. Specific details about the management team's experience, track record, or the detailed ownership structure (promoter vs. institutional vs. public holding) are not available in the provided information.
8. Outlook
The outlook for IIRM Holdings India Ltd. is generally tied to the broader Indian economic growth trajectory and the evolving dynamics of the plastic products industry.
Bull Case: Continued economic expansion, increasing urbanization, and robust demand from diverse end-user sectors (FMCG, e-commerce, automotive) could provide a strong demand environment. If IIRM can effectively manage its input costs, innovate its product offerings, and build strong customer relationships, it could capitalize on these growth drivers. Diversification into recycled plastics or high-value specialty products could also open new avenues.
Bear Case: Significant volatility in raw material prices, coupled with increasing environmental regulations and growing public aversion to plastics, could put severe pressure on margins and demand. Intense competition in a fragmented market might limit pricing power. An economic slowdown could also dampen demand across its customer base. The ability to adapt to sustainable practices and navigate regulatory changes will be critical.
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Market Cap ₹790 Cr.
Stock P/E 36.5
P/B 5.3
Current Price ₹116
Book Value ₹ 22
Face Value 5
52W High ₹124.9
Dividend Yield 0%
52W Low ₹ 68
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 178 | 66 | 48 | 50 | 55 | 68 | 59 | 61 |
| Other Income | 2 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 180 | 66 | 48 | 50 | 56 | 68 | 60 | 61 |
| Total Expenditure | 133 | 50 | 35 | 42 | 46 | 52 | 46 | 48 |
| Operating Profit | 47 | 16 | 13 | 8 | 10 | 16 | 14 | 13 |
| Interest | 3 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 12 | 3 | 3 | 3 | 4 | 4 | 5 | 4 |
| Exceptional Income / Expenses | 0 | 0 | -0 | 0 | -1 | 0 | 0 | -0 |
| Profit Before Tax | 32 | 12 | 9 | 5 | 4 | 10 | 7 | 6 |
| Provision for Tax | 9 | 3 | 2 | 2 | 2 | 3 | 2 | 2 |
| Profit After Tax | 23 | 9 | 8 | 3 | 2 | 8 | 5 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 23 | 9 | 8 | 3 | 2 | 8 | 5 | 5 |
| Adjusted Earnings Per Share | 3.3 | 1.3 | 1.1 | 0.4 | 0.3 | 1.1 | 0.8 | 0.7 |
| #(Fig in Cr.) | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|
| Net Sales | 178 | 219 | 243 |
| Other Income | 2 | 2 | 1 |
| Total Income | 180 | 221 | 245 |
| Total Expenditure | 133 | 175 | 192 |
| Operating Profit | 47 | 46 | 53 |
| Interest | 3 | 3 | 6 |
| Depreciation | 12 | 13 | 17 |
| Exceptional Income / Expenses | 0 | 0 | -1 |
| Profit Before Tax | 32 | 31 | 27 |
| Provision for Tax | 9 | 9 | 9 |
| Profit After Tax | 23 | 22 | 20 |
| Adjustments | 0 | 0 | 0 |
| Profit After Adjustments | 23 | 22 | 20 |
| Adjusted Earnings Per Share | 3.3 | 3.2 | 2.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 23% | 0% | 0% | 0% |
| Operating Profit CAGR | -2% | 0% | 0% | 0% |
| PAT CAGR | -4% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 45% | 92% | NA% | 28% |
| ROE Average | 18% | 19% | 19% | 19% |
| ROCE Average | 24% | 26% | 26% | 26% |
| #(Fig in Cr.) | Mar 2024 | Mar 2025 |
|---|---|---|
| Shareholder's Funds | 109 | 132 |
| Minority's Interest | 3 | 1 |
| Borrowings | 3 | 9 |
| Other Non-Current Liabilities | 5 | 8 |
| Total Current Liabilities | 36 | 35 |
| Total Liabilities | 156 | 185 |
| Fixed Assets | 39 | 62 |
| Other Non-Current Assets | 25 | 10 |
| Total Current Assets | 92 | 113 |
| Total Assets | 156 | 185 |
| #(Fig in Cr.) | Mar 2024 | Mar 2025 |
|---|---|---|
| Opening Cash & Cash Equivalents | -25 | 7 |
| Cash Flow from Operating Activities | -52 | 6 |
| Cash Flow from Investing Activities | -31 | -16 |
| Cash Flow from Financing Activities | 114 | 9 |
| Net Cash Inflow / Outflow | 32 | -1 |
| Closing Cash & Cash Equivalent | 7 | 6 |
| # | Mar 2024 | Mar 2025 |
|---|---|---|
| Earnings Per Share (Rs) | 3.32 | 3.17 |
| CEPS(Rs) | 5.07 | 5.02 |
| DPS(Rs) | 0 | 0 |
| Book NAV/Share(Rs) | 15.99 | 19.4 |
| Core EBITDA Margin(%) | 24.94 | 20.14 |
| EBIT Margin(%) | 19.47 | 15.21 |
| Pre Tax Margin(%) | 17.8 | 13.92 |
| PAT Margin (%) | 12.73 | 9.86 |
| Cash Profit Margin (%) | 19.43 | 15.59 |
| ROA(%) | 14.52 | 12.68 |
| ROE(%) | 20.77 | 17.94 |
| ROCE(%) | 27.72 | 23.75 |
| Receivable days | 92.24 | 97.56 |
| Inventory Days | 0 | 0 |
| Payable days | 0 | 0 |
| PER(x) | 0 | 26.63 |
| Price/Book(x) | 0 | 4.36 |
| Dividend Yield(%) | 0 | 0 |
| EV/Net Sales(x) | 0.24 | 2.71 |
| EV/Core EBITDA(x) | 0.93 | 12.92 |
| Net Sales Growth(%) | 0 | 23.41 |
| EBIT Growth(%) | 0 | -3.62 |
| PAT Growth(%) | 0 | -4.44 |
| EPS Growth(%) | 0 | -4.44 |
| Debt/Equity(x) | 0.15 | 0.18 |
| Current Ratio(x) | 2.58 | 3.26 |
| Quick Ratio(x) | 2.58 | 3.26 |
| Interest Cover(x) | 11.63 | 11.85 |
| Total Debt/Mcap(x) | 0 | 0.04 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.88 | 60.82 | 60.82 | 60.82 | 60.82 | 60.82 | 60.82 | 60.82 | 57.89 | 57.89 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 5.34 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 |
| Public | 29.78 | 38.52 | 38.52 | 38.52 | 38.52 | 38.52 | 38.52 | 38.52 | 41.45 | 41.45 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.55 | 4.14 | 4.14 | 4.14 | 4.14 | 4.14 | 4.14 | 4.14 | 3.94 | 3.94 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 0.25 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.63 | 2.82 | 2.82 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.84 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 | 6.81 |
* The pros and cons are machine generated.
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