NSE: ANTGRAPHIC
ANTARCTICA LTD
Listed on NSE under the packaging industry classification, with FY25 revenue of ₹25.05 crore against total assets of ₹50.62 crore. Despite the packaging classification, the only revenue-generating segment in the period to 31 December 2025 was 'Agriculture and Others', which contributed ₹32.43 crore — 100% of segment revenue. Earlier segments 'Printing, Stationery & Other Items' and 'Commodities' had shown some FY25 revenue but contributed nothing in the latest reported period. The cost base is heavily skewed towards raw materials, which made up 91.5% of FY25 revenue (₹22.91 crore), while employee costs were 0.1% and other operating expenses 2.0%. An exchange filing describes the company as a Kolkata-based packaging company. FY25 EBITDA margin was 3.29% and the company reported a small loss of ₹0.32 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Agriculture and Others (100%). Small, materials-heavy company with revenue concentrated in a single segment.
Exhibit 1: Financial summary, FY20–FY25 (all audited; no estimate years)
| ₹ crore · standalone | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 25 |
| EBITDA (ex other income) | 0 | 0 | 0 | (0) | 1 |
| margin % | 12.3 | 10.9 | 13.9 | (36.3) | 3.3 |
| Owners' profit | 0 | 0 | (0) | (0) | (0) |
| EPS, as reported (₹) | 0.00 | 0.00 | 0.00 | (0.03) | (0.06) |
| ROE % · ROCE % | — · — | — · — | (0.0) · (0.0) | (2.6) · (2.2) | (2.0) · (1.5) |
| Debt / equity (x) | — | — | 0.18 | 0.17 | 0.32 |
| Cash from operations | — | (0) | (0) | 0 | (2) |
| Capex | — | (0) | (0) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 7 | 5 | 5 | 22 | 40 |
| Profit before tax | (0) | (0) | (0) | 1 | 1 | 1 | 0 | 1 |
| Net profit | (0) | (0) | (0) | 1 | 1 | 0 | 0 | 1 |
| EPS (₹) | (0.02) | (0.01) | 0.02 | 0.08 | 0.04 | 0.06 | 0.02 | 0.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 7,442 | 15.2 | 2.60 | 8.1 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 5,066 | 14.0 | 2.10 | 7.6 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,491 | 6.6 | 0.55 | 6.8 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,631 | 31.4 | 5.05 | 13.8 | 13.6 | 13.0 | 15.4 | 17.8 |
| POLYPLEX CORPORATION LTD | 3,155 | 20.3 | 0.45 | 8.6 | 0.6 | 0.3 | 7.6 | 14.3 |
| JINDAL POLY FILMS LIMITED | 2,806 | 137.3 | 0.69 | 9.8 | 0.6 | 0.8 | 8.5 | 23.0 |
| XPRO INDIA LIMITED | 2,582 | 78.2 | 3.23 | 55.7 | 2.4 | 2.8 | 6.2 | 11.4 |
| MOLD-TEK PACKAGING LTD | 2,173 | 29.7 | 4.75 | 18.1 | 13.9 | 17.3 | — | 18.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.3 | 17.4 | 6 of 64 | 92% |
| P/B | 0.6 | 1.5 | 8 of 61 | 87% |
| ROCE | 5.4 | 6.9 | 37 of 68 | 46% |
| ROE | 6.7 | 6.8 | 32 of 61 | 48% |
| Debt / Equity | 0.7 | 0.4 | 38 of 61 | 38% |
| EBITDA margin | 1.4 | 12.1 | 60 of 62 | 3% |
| Revenue growth | 495.2 | 14.0 | 2 of 61 | 98% |
| Profit growth | (15.4) | 23.4 | 38 of 60 | 37% |
| Market cap | 11 | 132 | 64 of 73 | 13% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · AGM results: 5 of 7 resolutions passed, 2 loan proposals rejected | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Antarctica Limited AGM: 5 resolutions passed, 2 rejected | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Antarctica Limited 34th AGM proceedings - key resolutions passed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Antarctica Ltd closes trading window ahead of Q2 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · Antarctica Limited updates company website address | general | minimal | — | — |
| 9 Sept 2026 · Antarctica appoints Mansi Shah as Company Secretary | management changes | medium | — | — |
| 9 Sept 2026 · Antarctica Ltd appoints new Company Secretary and Compliance Officer | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Antarctica files newspaper publication of 34th AGM notice | compliance | minimal | — | — |
| 5 Sept 2026 · Antarctica Ltd 34th AGM notice on Sept 28, 2026; key resolutions include FPI limit raise | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Antarctica appoints new Secretarial Auditor for five years | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.