WEBSITE BSE:544035 NSE: SPL Inc. Year: 2006 Industry: Plastic Products My Bucket: Add Stock
Last updated: 10:31
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1. Business Overview
Swashthik Plascon Ltd. (SPL) operates in the plastic products sector in India. As a manufacturer in this industry, its core business involves the production and sale of various plastic goods. While specific product lines are not detailed, typical offerings in this sector include plastic packaging (for food & beverages, FMCG, pharmaceuticals), consumer plastic goods, industrial components, and potentially specialized plastic items for specific industries. The company generates revenue by selling these manufactured plastic products to its customers, which could include other businesses (B2B model) such as consumer goods companies, industrial manufacturers, or through a distribution network.
2. Key Segments / Revenue Mix
Specific key segments and their revenue contributions for Swashthik Plascon Ltd. are not publicly available without access to detailed financial reports. However, based on the broader plastic products industry, potential segments could include:
Packaging Plastics: (e.g., bottles, containers, films, pouches) serving FMCG, food & beverage, pharmaceutical sectors.
Consumer Plastics: (e.g., household items, kitchenware, furniture components).
Industrial Plastics: (e.g., components for automotive, electronics, construction).
Without specific data, it is not possible to quantify the revenue mix between these potential segments.
3. Industry & Positioning
The plastic products industry in India is characterized by its fragmentation, with a large number of small, medium, and a few large players. It is largely driven by domestic consumption and industrial demand. The industry is highly sensitive to raw material prices (primarily crude oil derivatives). Swashthik Plascon Ltd. likely positions itself either through cost competitiveness, product specialization, quality, regional market focus, or strong client relationships within specific niches of the plastic manufacturing value chain. Its exact market share and standing relative to larger, more diversified players or highly specialized niche competitors would depend on its specific product portfolio and operational scale, which are not detailed here.
4. Competitive Advantage (Moat)
Without specific details, it is challenging to identify strong, durable competitive advantages for SPL. Potential moats in the Indian plastic products sector, which SPL may possess, could include:
Cost Leadership: Achieving economies of scale or efficient manufacturing processes to offer products at competitive prices.
Customer Relationships: Long-standing contracts or strong ties with key industrial or institutional clients, leading to repeat business.
Product Specialization/Quality: Expertise in producing high-quality or specialized plastic products for a particular niche, making it harder for competitors to replicate quickly.
Operational Efficiency: Optimized supply chain and production, leading to better margins.
It is unlikely to have a strong brand moat in the B2B segment, and network or high switching costs are generally less prevalent in standardized plastic product manufacturing.
5. Growth Drivers
Key factors that could drive growth for Swashthik Plascon Ltd. over the next 3-5 years include:
Rising Domestic Consumption: Increasing disposable incomes and urbanization in India drive demand for packaged goods, consumer durables, and thus plastic components.
Economic Growth & Industrial Expansion: Growth in sectors like automotive, construction, and electronics boosts demand for industrial plastic parts.
Infrastructure Development: Government focus on infrastructure projects often increases demand for plastic pipes, fittings, and other construction-related plastic items.
Substitution Trend: Plastics continue to substitute traditional materials like metal, wood, and glass in various applications due to advantages in cost, weight, and durability.
Exports: Opportunities to cater to international markets, capitalizing on cost advantages and manufacturing capabilities.
6. Risks
Swashthik Plascon Ltd. faces several risks common to the plastic products industry:
Raw Material Price Volatility: Prices of primary raw materials (e.g., polypropylene, polyethylene, PVC), which are crude oil derivatives, are highly volatile and directly impact production costs and margins.
Environmental Regulations: Increasing scrutiny and regulations on plastic usage, single-use plastics, and waste management (e.g., bans, extended producer responsibility) can impact demand and increase compliance costs.
Intense Competition: The fragmented nature of the industry leads to significant price competition and pressure on margins.
Economic Slowdown: A general economic downturn in India or globally could reduce demand for consumer goods and industrial products, impacting sales.
Technological Obsolescence: Failure to invest in new manufacturing technologies or product innovations could lead to loss of competitive edge.
7. Management & Ownership
As is common with many Indian companies, Swashthik Plascon Ltd. is likely promoter-driven, meaning the founding family or a core group holds significant ownership and influence over strategic and operational decisions. Without specific public disclosures, details on individual management quality or specific ownership percentages are not available. The quality of management would be assessed by their ability to navigate raw material volatility, adapt to regulatory changes, innovate, and maintain strong customer relationships.
8. Outlook
Swashthik Plascon Ltd. operates in a sector with structural tailwinds driven by India's economic growth, rising consumption, and industrialization. The growing demand for packaged goods and the substitution of traditional materials with plastics offer significant opportunities for expansion. However, the company faces inherent challenges such as the volatility of raw material prices, intense competition, and evolving environmental regulations on plastics. Its ability to thrive will depend on efficient cost management, product innovation, strong client relationships, and adaptability to regulatory changes. While the underlying market demand for plastic products remains robust, sustained profitability will hinge on navigating these operational and external challenges effectively.
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Market Cap ₹41 Cr.
Stock P/E 5.9
P/B 0.5
Current Price ₹21
Book Value ₹ 43.8
Face Value 10
52W High ₹49.2
Dividend Yield 0%
52W Low ₹ 15.8
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 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Net Sales | 46 | 126 | 144 | |
| Other Income | 0 | 9 | 0 | |
| Total Income | 46 | 135 | 144 | |
| Total Expenditure | 40 | 116 | 123 | |
| Operating Profit | 6 | 19 | 21 | |
| Interest | 2 | 5 | 7 | |
| Depreciation | 1 | 3 | 5 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | |
| Profit Before Tax | 3 | 11 | 9 | |
| Provision for Tax | 0 | 3 | 2 | |
| Profit After Tax | 3 | 8 | 7 | |
| Adjustments | 0 | 0 | 0 | |
| Profit After Adjustments | 3 | 8 | 7 | |
| Adjusted Earnings Per Share | 2.4 | 4.3 | 3.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 14% | 0% | 0% | 0% |
| Operating Profit CAGR | 11% | 0% | 0% | 0% |
| PAT CAGR | -13% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -56% | NA% | NA% | NA% |
| ROE Average | 9% | 14% | 14% | 14% |
| ROCE Average | 11% | 11% | 11% | 11% |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Shareholder's Funds | 20 | 64 | 85 |
| Minority's Interest | 0 | 0 | 0 |
| Borrowings | 30 | 53 | 85 |
| Other Non-Current Liabilities | 0 | -0 | 1 |
| Total Current Liabilities | 60 | 32 | 28 |
| Total Liabilities | 111 | 149 | 200 |
| Fixed Assets | 27 | 42 | 56 |
| Other Non-Current Assets | 4 | 6 | 15 |
| Total Current Assets | 79 | 102 | 128 |
| Total Assets | 111 | 149 | 200 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 4 | -10 | -19 |
| Cash Flow from Investing Activities | -3 | -18 | -19 |
| Cash Flow from Financing Activities | -1 | 28 | 40 |
| Net Cash Inflow / Outflow | -0 | -0 | 2 |
| Closing Cash & Cash Equivalent | 0 | 0 | 2 |
| # | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Earnings Per Share (Rs) | 2.36 | 4.29 | 3.57 |
| CEPS(Rs) | 3.11 | 6.24 | 6.14 |
| DPS(Rs) | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 15.88 | 36.42 | 43.75 |
| Core EBITDA Margin(%) | 13 | 8.35 | 14.31 |
| EBIT Margin(%) | 11.5 | 12.43 | 10.98 |
| Pre Tax Margin(%) | 7.6 | 8.7 | 6.4 |
| PAT Margin (%) | 6.62 | 5.96 | 4.85 |
| Cash Profit Margin (%) | 8.73 | 8.68 | 8.32 |
| ROA(%) | 2.73 | 5.8 | 3.99 |
| ROE(%) | 14.83 | 17.86 | 9.33 |
| ROCE(%) | 6.62 | 15.95 | 10.94 |
| Receivable days | 298.48 | 114.88 | 112.21 |
| Inventory Days | 303.1 | 132.33 | 151.36 |
| Payable days | 211.69 | 82.41 | 79 |
| PER(x) | 0 | 16.52 | 13.57 |
| Price/Book(x) | 0 | 1.95 | 1.11 |
| Dividend Yield(%) | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.57 | 1.41 | 1.24 |
| EV/Core EBITDA(x) | 11.52 | 9.3 | 8.56 |
| Net Sales Growth(%) | 0 | 176.81 | 13.72 |
| EBIT Growth(%) | 0 | 199.26 | 0.43 |
| PAT Growth(%) | 0 | 149.2 | -7.61 |
| EPS Growth(%) | 0 | 81.96 | -16.64 |
| Debt/Equity(x) | 2.89 | 0.84 | 1 |
| Current Ratio(x) | 1.31 | 3.2 | 4.53 |
| Quick Ratio(x) | 0.68 | 1.51 | 2.22 |
| Interest Cover(x) | 2.95 | 3.33 | 2.4 |
| Total Debt/Mcap(x) | 0 | 0.43 | 0.91 |
| # | Dec 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoter | 43.81 | 43.81 | 43.81 | 39.53 | 39.53 | 43.94 | 44.46 |
| FII | 8.83 | 1.67 | 1.25 | 0 | 0 | 0 | 0 |
| DII | 2.82 | 0 | 0 | 0.7 | 0.7 | 0.85 | 0 |
| Public | 44.54 | 54.52 | 54.94 | 59.78 | 59.78 | 55.21 | 55.54 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoter | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 | 0.86 | 0.87 |
| FII | 0.16 | 0.03 | 0.02 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0 |
| Public | 0.78 | 0.96 | 0.96 | 1.16 | 1.16 | 1.07 | 1.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.76 | 1.76 | 1.76 | 1.95 | 1.95 | 1.95 | 1.95 |
* The pros and cons are machine generated.
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