WEBSITE BSE:507785 NSE: TAINWALA CH. Inc. Year: 1985 Industry: Plastic Products My Bucket: Add Stock
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1. Business Overview
Tainwala Chemicals & Plastics (India) Ltd. is an Indian manufacturer of plastic products. The company primarily focuses on the production of a diverse range of plastic sheets and films, catering to various industrial and consumer applications. Its product portfolio includes BOPP (Biaxially Oriented Polypropylene) films, PP (Polypropylene) sheets, PET (Polyethylene Terephthalate) sheets, PVC (Polyvinyl Chloride) films, and other specialty plastic products. Tainwala operates primarily as a business-to-business (B2B) supplier, serving clients across packaging, printing, thermoforming, stationery, and other industrial sectors. The company generates revenue through the sale of these manufactured plastic sheets and films to its customers.
2. Key Segments / Revenue Mix
While specific revenue percentages for each product category are not consistently disclosed, Tainwala's core business revolves around two broad segments:
Plastic Sheets: This includes products like PP sheets, PET sheets, and PVC sheets, used in applications such as stationery, thermoforming, packaging, and printing.
Plastic Films: This segment comprises BOPP films, PVC films, and other specialized films, which are critical for flexible packaging, laminations, label stock, and industrial applications.
The company's offerings also extend to some finished products like stationery items manufactured from its own sheets. The bulk of its revenue is derived from the sale of these intermediate plastic products.
3. Industry & Positioning
The Indian plastic products industry is vast, fragmented, and includes both organized and unorganized players. It is driven by strong domestic consumption, growth in end-user industries (packaging, automotive, infrastructure, consumer durables), and increasing per capita plastic consumption. Tainwala operates within the organized sector, competing with a mix of large integrated players and smaller specialized manufacturers. The company positions itself by offering a range of plastic films and sheets, focusing on product quality and catering to specific industrial needs. Its market standing is based on its established manufacturing capabilities and distribution network rather than being a dominant market leader in any single product category, operating alongside various national and regional competitors.
4. Competitive Advantage (Moat)
Tainwala's competitive advantages are primarily derived from:
Product Diversification & Customization: Ability to offer a wide range of plastic sheets and films tailored to specific customer requirements across multiple industries, reducing dependency on a single product or sector.
Established Manufacturing & Technical Expertise: Years of operational experience in plastic processing, allowing for efficient production and adherence to quality standards.
Customer Relationships: Long-standing relationships with industrial clients built on product quality and reliability.
However, the company operates in a commoditized segment to some extent, making it susceptible to price competition, and does not possess significant brand equity with end-consumers or proprietary technology that grants a strong, lasting moat.
5. Growth Drivers
Rising Demand for Packaging: Growth in e-commerce, food processing, FMCG, and pharmaceutical sectors will continue to drive demand for flexible and rigid plastic packaging materials.
Infrastructure & Industrial Growth: Increased industrial activity and infrastructure development in India will boost demand for plastic sheets in construction, automotive, and other industrial applications.
Product Innovation & Diversification: Introduction of new and specialized films/sheets with enhanced properties (e.g., barrier films, eco-friendly options) can open new markets.
Exports: Opportunities in international markets, particularly in developing economies, can contribute to sales growth.
6. Risks
Raw Material Price Volatility: Plastic products manufacturing is heavily dependent on petrochemical derivatives (e.g., polypropylene, polyethylene, PVC resins). Fluctuations in crude oil prices directly impact raw material costs, affecting profitability margins.
Environmental Regulations & Public Perception: Increasing global and domestic pressure against single-use plastics and growing environmental concerns may lead to stricter regulations, bans, or shifts in consumer preference towards alternative materials, impacting demand.
Intense Competition: The Indian plastic industry is competitive, with numerous players. Price wars and overcapacity can put pressure on sales volumes and margins.
Economic Slowdown: A general economic downturn can reduce demand from end-user industries, impacting sales.
Technology & Capital Intensity: The need for continuous investment in technology and capacity upgrades to remain competitive in a dynamic industry.
7. Management & Ownership
Tainwala Chemicals & Plastics (India) Ltd. is promoted by the Tainwala family. Mr. R.L. Tainwala serves as the Chairman and Managing Director, leading the company with a long tenure in the plastics industry. The management team includes other family members and professionals, indicating a promoter-led organizational structure with a focus on core business operations. The Tainwala family holds a significant ownership stake, aligning their interests with the company's long-term performance.
8. Outlook
Tainwala Chemicals & Plastics is positioned to benefit from the underlying growth in India's consumption story and industrial expansion, which inherently drives demand for plastic packaging and components. The company's established manufacturing base and diversified product portfolio cater to various essential sectors. However, its future performance will be significantly influenced by its ability to navigate volatile raw material prices, adapt to evolving environmental regulations regarding plastics, and manage intense competition. Sustained investment in efficient operations and strategic product development, particularly towards value-added or more sustainable plastic solutions, will be crucial for maintaining profitability and market relevance amidst potential shifts in industry dynamics.
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Market Cap ₹195 Cr.
Stock P/E 39.6
P/B 1.1
Current Price ₹207.8
Book Value ₹ 187.3
Face Value 10
52W High ₹274
Dividend Yield 0%
52W Low ₹ 155.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 4 | 1 | 2 | 5 | 5 | 5 | 1 | 5 | 10 |
| Other Income | 5 | 1 | -0 | 1 | 4 | 1 | 0 | 3 | 5 | 3 |
| Total Income | 12 | 5 | 1 | 2 | 9 | 5 | 6 | 4 | 10 | 13 |
| Total Expenditure | 6 | 4 | 1 | 1 | 5 | 4 | 5 | 1 | 5 | 8 |
| Operating Profit | 5 | 0 | -0 | 1 | 4 | 1 | 1 | 3 | 5 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 0 | -0 | 1 | 4 | 1 | 1 | 3 | 5 | 4 |
| Provision for Tax | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 |
| Profit After Tax | 5 | 0 | -0 | 1 | 3 | 0 | 1 | 3 | 4 | 3 |
| Adjustments | 0 | -0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 0 | -0 | 1 | 3 | 0 | 1 | 3 | 4 | 3 |
| Adjusted Earnings Per Share | 5 | 0.3 | -0.5 | 0.8 | 3.6 | 0.2 | 0.6 | 3 | 4.1 | 3.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 10 | 6 | 11 | 12 | 11 | 6 | 8 | 13 | 18 | 16 | 21 |
| Other Income | 4 | 7 | 10 | 10 | 6 | 7 | 3 | 5 | 10 | 7 | 6 | 11 |
| Total Income | 14 | 16 | 16 | 21 | 17 | 18 | 9 | 13 | 23 | 25 | 22 | 33 |
| Total Expenditure | 11 | 12 | 9 | 14 | 15 | 13 | 9 | 11 | 18 | 19 | 16 | 19 |
| Operating Profit | 3 | 4 | 7 | 7 | 2 | 5 | 0 | 1 | 4 | 6 | 7 | 13 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 4 | 7 | 6 | 2 | 4 | -0 | 0 | 4 | 6 | 6 | 13 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 |
| Profit After Tax | 2 | 4 | 7 | 6 | 2 | 4 | -0 | 0 | 3 | 5 | 5 | 11 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 4 | 7 | 6 | 2 | 4 | -0 | 0 | 3 | 5 | 5 | 11 |
| Adjusted Earnings Per Share | 2.2 | 4.1 | 7.2 | 6.8 | 2.2 | 4.6 | -0.3 | 0.4 | 3.5 | 5.1 | 5.3 | 11.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -11% | 26% | 8% | 5% |
| Operating Profit CAGR | 17% | 91% | 7% | 9% |
| PAT CAGR | 0% | 0% | 5% | 10% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 2% | 24% | 23% | 16% |
| ROE Average | 4% | 4% | 2% | 5% |
| ROCE Average | 5% | 5% | 3% | 5% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 41 | 44 | 67 | 75 | 77 | 86 | 98 | 90 | 99 | 118 | 154 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 5 | 13 |
| Total Current Liabilities | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | 0 | 0 | 0 |
| Total Liabilities | 42 | 47 | 69 | 77 | 79 | 89 | 100 | 92 | 99 | 123 | 167 |
| Fixed Assets | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 3 |
| Other Non-Current Assets | 32 | 30 | 56 | 62 | 64 | 72 | 89 | 83 | 91 | 117 | 160 |
| Total Current Assets | 8 | 13 | 11 | 12 | 12 | 14 | 8 | 6 | 4 | 3 | 5 |
| Total Assets | 42 | 47 | 69 | 77 | 79 | 89 | 100 | 92 | 99 | 123 | 167 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 0 | 0 | 1 | 3 | 0 | 1 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | -2 | -6 | -0 | -3 | -2 | -7 | 4 | -2 | -6 | 12 | -1 |
| Cash Flow from Investing Activities | 1 | 4 | 1 | 5 | 4 | 5 | -3 | 2 | 5 | -12 | 2 |
| Cash Flow from Financing Activities | -0 | 1 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Net Cash Inflow / Outflow | -0 | -1 | 0 | 1 | 1 | -3 | 1 | -0 | -0 | -0 | 1 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 1 | 3 | 0 | 1 | 1 | 0 | 0 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.17 | 4.12 | 7.2 | 6.8 | 2.19 | 4.63 | -0.35 | 0.39 | 3.5 | 5.14 | 5.25 |
| CEPS(Rs) | 2.98 | 4.68 | 7.77 | 7.21 | 2.63 | 5.16 | 0.17 | 0.8 | 3.98 | 5.59 | 5.66 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 43.33 | 47.46 | 71.9 | 80.58 | 82.21 | 91.61 | 104.61 | 96.38 | 105.43 | 125.53 | 164.06 |
| Core EBITDA Margin(%) | -9.17 | -23.05 | -35.49 | -25.13 | -30.93 | -22.05 | -37.47 | -48.03 | -42.35 | -6.04 | 3.77 |
| EBIT Margin(%) | 19.32 | 37.87 | 101.13 | 55.73 | 15.83 | 41.48 | -4.4 | 9.32 | 30.38 | 30.79 | 38.34 |
| Pre Tax Margin(%) | 19.18 | 36.96 | 100 | 55.37 | 15.5 | 41.16 | -5.02 | 4.77 | 30.3 | 30.72 | 38.25 |
| PAT Margin (%) | 18.52 | 36.91 | 100 | 55.37 | 17.81 | 41 | -5.02 | 4.77 | 25.57 | 26.7 | 29.97 |
| Cash Profit Margin (%) | 25.5 | 41.88 | 108 | 58.76 | 21.37 | 45.7 | 2.39 | 9.71 | 29.02 | 29.02 | 32.31 |
| ROA(%) | 4.9 | 8.68 | 11.62 | 8.68 | 2.62 | 5.16 | -0.34 | 0.38 | 3.44 | 4.33 | 3.39 |
| ROE(%) | 5.09 | 9.08 | 12.06 | 8.92 | 2.69 | 5.33 | -0.35 | 0.39 | 3.47 | 4.45 | 3.63 |
| ROCE(%) | 5.31 | 9.23 | 12.07 | 8.94 | 2.39 | 5.39 | -0.31 | 0.76 | 4.13 | 5.13 | 4.64 |
| Receivable days | 48.83 | 87.99 | 102.16 | 43.48 | 36.26 | 54.27 | 137.97 | 69.05 | 16.48 | 10.6 | 16.43 |
| Inventory Days | 116.52 | 113.8 | 227.53 | 152.31 | 166.37 | 172.66 | 234.25 | 183.22 | 86.68 | 38.99 | 32.76 |
| Payable days | 18.37 | 23.22 | 47.79 | 31.65 | 44.24 | 74.13 | 116.32 | 55.14 | 6.77 | 2.95 | 2.6 |
| PER(x) | 9.93 | 8.88 | 7.86 | 13.48 | 27.41 | 8.42 | 0 | 173.91 | 31.1 | 24.09 | 42.11 |
| Price/Book(x) | 0.5 | 0.77 | 0.79 | 1.14 | 0.73 | 0.43 | 0.55 | 0.71 | 1.03 | 0.99 | 1.35 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.94 | 3.63 | 8.48 | 7.33 | 4.58 | 2.83 | 8.16 | 8.19 | 7.89 | 6.4 | 12.52 |
| EV/Core EBITDA(x) | 6.62 | 7.72 | 7.18 | 12.39 | 23.62 | 6.12 | 271.63 | 57.44 | 23.31 | 19.34 | 30.77 |
| Net Sales Growth(%) | 16.9 | -3.17 | -34.59 | 84.2 | 0.43 | -8.25 | -38.86 | 19.37 | 66.24 | 40.49 | -8.95 |
| EBIT Growth(%) | 453.78 | 87.2 | 72.08 | -5.98 | -71.52 | 140.47 | -106.49 | 352.56 | 442.04 | 42.37 | 13.39 |
| PAT Growth(%) | 572.56 | 90.34 | 74.61 | -5.54 | -67.74 | 111.18 | -107.49 | 213.52 | 790.26 | 46.72 | 2.18 |
| EPS Growth(%) | 572.56 | 90.34 | 74.61 | -5.54 | -67.74 | 111.18 | -107.49 | 213.49 | 790.35 | 46.72 | 2.18 |
| Debt/Equity(x) | 0 | 0.02 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 5.97 | 8.65 | 6.83 | 8.86 | 6.33 | 5.86 | 4.52 | 7.71 | 15.53 | 11.03 | 15.35 |
| Quick Ratio(x) | 3.62 | 6.3 | 3.68 | 5.45 | 3.37 | 4.12 | 2.28 | 2.64 | 7.05 | 5.36 | 10.28 |
| Interest Cover(x) | 133.94 | 41.35 | 89.9 | 154.01 | 48.4 | 127.92 | -7.14 | 2.05 | 378.53 | 491.23 | 446.38 |
| Total Debt/Mcap(x) | 0 | 0.02 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 67.45 | 67.45 | 67.45 | 67.45 | 67.45 | 67.46 | 67.46 | 67.46 | 67.51 | 67.85 |
| FII | 0 | 0.04 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 |
| DII | 0.26 | 0.22 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 |
| Public | 32.29 | 32.29 | 32.29 | 32.29 | 32.29 | 32.28 | 32.28 | 32.27 | 32.23 | 31.89 |
| 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 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.64 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 |
* The pros and cons are machine generated.
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