Transcript of the discussion on the Unaudited Financial Results (Consolidated and Standalone) of the company for the half year ended September 30, 2025, at the analyst meet held on November ....
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Awaiting price reaction for this filing.
Glen Industries, a sustainable food packaging company based in Kolkata, held its first-ever analyst call after recent listing. For H1 FY26, total income stood at Rs. 96.56 crore, EBITDA was Rs. 20.19 crore (21% margin), and net profit was Rs. 8.31 crore (9% margin). Management provided multi-year targets: Thin Wall Food Container capacity will expand from ~7,986 MT/year to ~21,095 MT/year (~150% increase) via a Rs. 100 crore CAPEX, with new plant commissioning targeted for April 2026 (pending fire license). Revenue is projected to grow from current ~Rs. 200 crore run-rate to Rs. 350 crore in FY27 and Rs. 500 crore in FY28, driven by demand from existing customers and 'China Plus One' shift to India. However, EBITDA margin is guided to compress from 21% to 18-19% because expansion is concentrated in lower-margin food container and paper product segments (vs. higher-margin PLA straws). Total institutional debt is expected to rise from ~Rs. 70 crore now to ~Rs. 170-175 crore by FY28.
Multi-year revenue growth story looks credible with defined capacity expansion, but margin pressure (from 21% to 18-19%) and rising debt (2.5x in 2 years) temper the near-term earnings outlook. Stock may react positively to growth visibility but investors should weigh margin compression and higher depreciation (Rs. 6-7 cr to Rs. 13-14 cr) against top-line ramp-up.