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Tokyo Plast Intl. Overview

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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Tokyo Plast Intl. Key Financials

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

Tokyo Plast Intl. Share Price

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Volume
Price

Tokyo Plast Intl. Quarterly Price

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Tokyo Plast Intl. Peer Comparison

Tokyo Plast Intl. Quarterly Results

#(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

Tokyo Plast Intl. Profit & Loss

#(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

Growth Rates

# 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%

Tokyo Plast Intl. Balance Sheet

#(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

Tokyo Plast Intl. Cash Flow

#(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

Tokyo Plast Intl. Ratios

# 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

Tokyo Plast Intl. Shareholding Pattern

# 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

Tokyo Plast Intl. News

Tokyo Plast Intl. Pros & Cons

Pros

  • Debtor days have improved from 30.48 to 27.87days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 1% over the last 3 years.
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