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IIRM Holdings India Overview

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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IIRM Holdings India Key Financials

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

IIRM Holdings India Share Price

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Volume
Price

IIRM Holdings India Quarterly Price

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IIRM Holdings India Peer Comparison

IIRM Holdings India Quarterly Results

#(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

IIRM Holdings India Profit & Loss

#(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

Growth Rates

# 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%

IIRM Holdings India Balance Sheet

#(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

IIRM Holdings India Cash Flow

#(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

IIRM Holdings India Ratios

# 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

IIRM Holdings India Shareholding Pattern

# 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

IIRM Holdings India News

IIRM Holdings India Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 5.3 times its book value.
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