WEBSITE BSE:500418 NSE: TOKYO PLAST Inc. Year: 1992 Industry: Plastic Products My Bucket: Add Stock
Last updated: 15:41
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1. Business Overview
Tokyo Plast International Ltd. is an Indian manufacturer of a diverse range of plastic products. Its core business involves the manufacturing and distribution of consumer and industrial plastic goods. The company primarily focuses on segments like water storage tanks, material handling products (such as crates, pallets), agricultural products (like pipes), and household plastic furniture. Tokyo Plast generates revenue by selling these manufactured products to both retail customers (B2C, especially for household items and water tanks) and institutional/industrial clients (B2B, for material handling and agricultural solutions) through its distribution network.
2. Key Segments / Revenue Mix
While specific revenue contribution percentages are not always explicitly detailed in the public domain, Tokyo Plast's operations can be broadly segmented by product categories:
Water Storage Solutions: This includes various types of water tanks for domestic, industrial, and agricultural use.
Material Handling Products: Comprising plastic crates, pallets, and other storage/transport solutions for industries.
Agricultural Products: Such as plastic pipes and related accessories for irrigation and farming applications.
Household & Furniture: A range of plastic furniture items, storage containers, and other consumer plasticware.
The company's revenue mix is likely diversified across these categories, catering to essential needs (water storage) and industrial/agricultural demands.
3. Industry & Positioning
The Indian plastic products industry is highly fragmented, characterized by the presence of numerous organized and unorganized players. It is also cyclical, heavily dependent on raw material prices (crude oil derivatives) and overall economic growth. Tokyo Plast International operates within this competitive landscape, positioning itself as a recognized brand, particularly in specific regional markets and product niches like water tanks and plastic furniture. It competes with both large national players and smaller regional manufacturers, aiming to differentiate through product quality, design, and an established distribution network.
4. Competitive Advantage (Moat)
Tokyo Plast's competitive advantages are likely derived from:
Established Brand Recognition: Within its operating regions and specific product categories (e.g., water tanks, some furniture items), the company may benefit from a degree of brand recall and trust built over its operational history.
Manufacturing Expertise & Scale: Years of experience in plastic molding and manufacturing processes allow for efficient production and potentially some economies of scale in its specialized product lines.
Distribution Network: An established network of distributors and dealers across its key markets provides reach and access to customers.
Product Diversification: A broad product portfolio reduces reliance on a single product segment, offering some resilience against market fluctuations in specific categories.
5. Growth Drivers
Rising Disposable Incomes & Urbanization: Increasing incomes and population shift to urban areas will drive demand for household plastic goods, furniture, and water storage solutions.
Infrastructure Development: Government spending on infrastructure, housing, and agriculture will boost demand for plastic pipes, tanks, and material handling solutions.
"Make in India" Initiative: Focus on domestic manufacturing can support local plastic producers by reducing reliance on imports.
Replacement Demand: Existing plastic products have a finite lifespan, creating a recurring replacement market.
Expansion into New Markets/Product Categories: The company can drive growth by increasing its geographical footprint or diversifying its product offerings.
6. Risks
Raw Material Price Volatility: Plastic products are derivatives of crude oil. Fluctuations in crude oil prices can significantly impact manufacturing costs and profit margins.
Intense Competition: The highly fragmented nature of the industry leads to intense price competition, making it challenging to maintain margins.
Regulatory Scrutiny: Increasing environmental concerns and potential government regulations regarding single-use plastics or waste management could impact product portfolios and operational costs.
Economic Slowdown: A downturn in the broader economy can reduce consumer discretionary spending and industrial demand, affecting sales.
Product Obsolescence & Innovation: Changing consumer preferences and technological advancements necessitate continuous product innovation, posing a risk if the company fails to adapt.
7. Management & Ownership
Tokyo Plast International Ltd. is likely a promoter-led company, a common structure among mid-sized Indian businesses. The promoter group typically holds a significant stake in the company, guiding its strategic direction and operations. Management quality would depend on their ability to navigate raw material price volatility, manage competition, innovate, and expand market share effectively within the challenging plastics sector. Decisions often balance long-term vision with short-term operational efficiencies.
8. Outlook
Tokyo Plast International Ltd. operates in an essential industry benefiting from India's demographic tailwinds, urbanization, and sustained infrastructure development. The consistent demand for basic household plastic goods, water storage solutions, and industrial/agricultural plastics provides a stable revenue base. However, the company faces inherent challenges from raw material price volatility, intense competition, and increasing environmental regulations which can pressure margins and require agile strategic responses. Its ability to innovate, expand its distribution network, and manage costs effectively will be crucial for sustained growth in this dynamic sector.
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Market Cap ₹81 Cr.
Stock P/E 61.8
P/B 1.3
Current Price ₹85.5
Book Value ₹ 66
Face Value 10
52W High ₹161.4
Dividend Yield 0%
52W Low ₹ 53.8
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 16 | 17 | 18 | 18 | 19 | 17 | 18 | 21 | 17 | 23 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 16 | 17 | 18 | 18 | 19 | 17 | 18 | 21 | 17 | 23 |
| Total Expenditure | 15 | 16 | 16 | 17 | 18 | 15 | 17 | 19 | 16 | 21 |
| Operating Profit | 1 | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 1 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 1 | -0 | 0 |
| Adjusted Earnings Per Share | 0.2 | -0.1 | 0.4 | 0.4 | 0.1 | 0.5 | 0.1 | 0.7 | -0.1 | 0 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 51 | 57 | 58 | 72 | 65 | 53 | 61 | 63 | 80 | 66 | 72 | 79 |
| Other Income | 2 | 2 | 3 | 3 | 2 | 1 | 0 | 0 | 1 | 1 | 2 | 0 |
| Total Income | 53 | 59 | 61 | 75 | 67 | 54 | 61 | 63 | 81 | 67 | 75 | 79 |
| Total Expenditure | 47 | 51 | 51 | 62 | 58 | 54 | 57 | 59 | 77 | 62 | 68 | 73 |
| Operating Profit | 6 | 8 | 10 | 13 | 9 | 0 | 4 | 4 | 4 | 5 | 7 | 8 |
| Interest | 2 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 3 | 5 | 9 | 5 | -4 | -0 | 0 | -0 | 1 | 2 | 1 |
| Provision for Tax | 0 | -1 | 1 | 2 | 1 | 0 | -1 | -0 | -0 | 0 | 0 | 0 |
| Profit After Tax | 1 | 4 | 4 | 7 | 4 | -4 | 1 | 0 | -0 | 1 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 4 | 4 | 7 | 4 | -4 | 1 | 0 | -0 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 0.9 | 4.1 | 4.6 | 7.8 | 4.3 | -4.3 | 0.7 | 0.1 | -0.2 | 1.1 | 1.4 | 0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 5% | 6% | 4% |
| Operating Profit CAGR | 40% | 21% | 0% | 2% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -36% | -3% | 2% | 7% |
| ROE Average | 2% | 1% | 1% | 4% |
| ROCE Average | 5% | 3% | 2% | 6% |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 38 | 42 | 49 | 57 | 60 | 56 | 57 | 57 | 58 | 60 | 62 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 3 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | -0 | 0 | 1 | 1 | 2 | 2 | 3 | 5 | 5 | 5 |
| Total Current Liabilities | 27 | 29 | 25 | 25 | 24 | 29 | 20 | 24 | 23 | 26 | 36 |
| Total Liabilities | 69 | 72 | 75 | 82 | 86 | 87 | 79 | 85 | 86 | 91 | 103 |
| Fixed Assets | 14 | 13 | 13 | 12 | 11 | 11 | 11 | 14 | 17 | 39 | 40 |
| Other Non-Current Assets | 26 | 23 | 26 | 25 | 24 | 16 | 11 | 12 | 12 | 8 | 17 |
| Total Current Assets | 29 | 35 | 37 | 45 | 50 | 60 | 57 | 59 | 57 | 44 | 46 |
| Total Assets | 69 | 72 | 75 | 82 | 86 | 87 | 79 | 85 | 86 | 91 | 103 |
| #(Fig in Cr.) | Mar 2013 | Mar 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 0 | 2 | 1 | 1 | 5 | 4 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 4 | 1 | 10 | 5 | 4 | 2 | 9 | 1 | 4 | 9 | 5 |
| Cash Flow from Investing Activities | -2 | -0 | -2 | -5 | -0 | -3 | -2 | -4 | -3 | -12 | -12 |
| Cash Flow from Financing Activities | -1 | -1 | -6 | -3 | -3 | 4 | -8 | 1 | -1 | 4 | 6 |
| Net Cash Inflow / Outflow | 0 | -0 | 2 | -2 | 0 | 4 | -1 | -2 | -0 | 1 | -0 |
| Closing Cash & Cash Equivalent | 2 | 1 | 2 | 1 | 1 | 5 | 4 | 1 | 1 | 1 | 1 |
| # | Mar 2013 | Mar 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.91 | 4.08 | 4.56 | 7.78 | 4.25 | -4.3 | 0.75 | 0.13 | -0.16 | 1.06 | 1.38 |
| CEPS(Rs) | 3.11 | 6.49 | 6.88 | 10.36 | 6.92 | -1.75 | 3.68 | 2.96 | 2.92 | 3.99 | 4.5 |
| DPS(Rs) | 0 | 0 | 0 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 39.61 | 43.69 | 51.9 | 59.67 | 63.42 | 59.04 | 59.83 | 60.46 | 61.24 | 63.3 | 64.77 |
| Core EBITDA Margin(%) | 7.84 | 10.36 | 12.5 | 14.37 | 10.58 | -2.07 | 6.28 | 5.39 | 3.67 | 6.5 | 6.21 |
| EBIT Margin(%) | 7.19 | 9.85 | 13.3 | 15.09 | 9.85 | -4.38 | 1.75 | 1.35 | 1.28 | 3.54 | 5.29 |
| Pre Tax Margin(%) | 2.52 | 5.6 | 8.96 | 12.34 | 7.63 | -6.87 | -0.01 | 0.16 | -0.3 | 1.79 | 2.36 |
| PAT Margin (%) | 1.69 | 6.79 | 7.44 | 10.24 | 6.18 | -7.71 | 1.17 | 0.18 | -0.18 | 1.4 | 1.81 |
| Cash Profit Margin (%) | 5.77 | 10.8 | 11.24 | 13.64 | 10.07 | -3.14 | 5.74 | 4.28 | 3.22 | 5.29 | 5.9 |
| ROA(%) | 1.26 | 5.53 | 5.88 | 9.38 | 4.82 | -4.75 | 0.86 | 0.15 | -0.18 | 1.13 | 1.36 |
| ROE(%) | 2.3 | 9.8 | 9.54 | 13.94 | 6.91 | -7.02 | 1.26 | 0.21 | -0.27 | 1.69 | 2.16 |
| ROCE(%) | 6.41 | 9.36 | 12.04 | 15.8 | 8.78 | -3.1 | 1.48 | 1.26 | 1.53 | 3.38 | 4.69 |
| Receivable days | 73.1 | 68.65 | 69.15 | 77.29 | 113.64 | 137.83 | 108.24 | 106.88 | 80.62 | 83.51 | 77.94 |
| Inventory Days | 50.89 | 45.27 | 45.15 | 31.17 | 30.55 | 64.42 | 100.67 | 111.15 | 90.24 | 100.9 | 82.19 |
| Payable days | 106.16 | 84.79 | 69.56 | 58.87 | 62.86 | 69.23 | 54.74 | 42.65 | 32.22 | 30.48 | 27.87 |
| PER(x) | 12.19 | 3.07 | 9.6 | 14.65 | 18.85 | 0 | 78.85 | 550.31 | 0 | 91.53 | 91.35 |
| Price/Book(x) | 0.28 | 0.29 | 0.84 | 1.91 | 1.26 | 0.9 | 0.99 | 1.16 | 1.47 | 1.53 | 1.95 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.44 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.56 | 0.56 | 0.94 | 1.71 | 1.37 | 1.22 | 1.07 | 1.26 | 1.25 | 1.62 | 1.98 |
| EV/Core EBITDA(x) | 4.97 | 4.03 | 5.5 | 9.22 | 9.99 | 610.04 | 16.87 | 22.18 | 24.71 | 20.19 | 21.16 |
| Net Sales Growth(%) | 0 | 11.48 | 1.8 | 24.07 | -9.46 | -18.93 | 14.85 | 3.35 | 27.1 | -16.97 | 9.2 |
| EBIT Growth(%) | 0 | 52.69 | 37.45 | 40.78 | -40.9 | -136.01 | 146 | -16.89 | 24.54 | 129.74 | 51.14 |
| PAT Growth(%) | 0 | 348.32 | 11.63 | 70.69 | -45.33 | -201.13 | 117.4 | -83 | -228.21 | 747.27 | 31.04 |
| EPS Growth(%) | 0 | 348.33 | 11.63 | 70.69 | -45.33 | -201.13 | 117.4 | -83 | -228.22 | 747.09 | 31.05 |
| Debt/Equity(x) | 0.53 | 0.51 | 0.33 | 0.27 | 0.24 | 0.34 | 0.22 | 0.24 | 0.26 | 0.28 | 0.4 |
| Current Ratio(x) | 1.08 | 1.23 | 1.47 | 1.82 | 2.08 | 2.09 | 2.85 | 2.45 | 2.5 | 1.69 | 1.26 |
| Quick Ratio(x) | 0.81 | 0.99 | 1.17 | 1.61 | 1.83 | 1.64 | 1.81 | 1.65 | 1.48 | 1.07 | 0.81 |
| Interest Cover(x) | 1.54 | 2.32 | 3.07 | 5.48 | 4.44 | -1.75 | 0.99 | 1.13 | 0.81 | 2.03 | 1.81 |
| Total Debt/Mcap(x) | 1.89 | 1.78 | 0.4 | 0.14 | 0.19 | 0.38 | 0.22 | 0.21 | 0.17 | 0.19 | 0.21 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.65 | 63.65 | 63.84 | 64.29 | 65.37 | 66.87 | 66.98 | 68.18 | 68.8 | 68.82 |
| FII | 0.02 | 0 | 0 | 0.01 | 0 | 0 | 0.01 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 36.33 | 36.35 | 36.16 | 35.7 | 34.63 | 33.13 | 33.01 | 31.82 | 31.2 | 31.18 |
| 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 | 0.6 | 0.6 | 0.61 | 0.61 | 0.62 | 0.64 | 0.64 | 0.65 | 0.65 | 0.65 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.35 | 0.35 | 0.34 | 0.34 | 0.33 | 0.31 | 0.31 | 0.3 | 0.3 | 0.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 |
* The pros and cons are machine generated.
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