BAI-KAKAJI POLYMERS LIMITED

Makes rigid PET preforms and plastic caps and closures for beverage and FMCG companies, operating four plants in Latur, Maharashtra. The rigid packaging business — PET preforms and caps — accounts for ₹351 crore of FY26 revenue and serves anchor clients including Reliance, Tata, Patanjali, HUL and Nestlé across 822+ active customers, running at around 87% capacity utilisation. A smaller flexible packaging business makes shrink films through wholly-owned subsidiary Mundada Polymers, generating ₹14 crore of FY26 revenue at 96.5% utilisation. Raw materials — primarily PET resin and polymer inputs — are the biggest cost item at 61.6% of revenue, while employee and other operating costs together account for 14% of revenue. The group runs 5 MW of captive solar power, has a gross block of ₹260 crore, and raised ₹105.17 crore via an IPO in December 2025 that was largely used to repay ₹64 crore of debt.