BSE: 544670
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. PET preforms and caps & closures, Flexible packaging (shrink films). Asset-heavy plastic packaging manufacturer serving consumer goods customers, exposed to polymer raw-material cycles.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 365 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 15.69 |
| ROE % · ROCE % | — · 23.6 |
| Debt / equity (x) | — |
| Cash from operations | 25 |
| Capex | (66) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 203 |
| Profit before tax | 18 |
| Net profit | — |
| EPS (₹) | 8.12 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SHAILY ENG PLASTICS LTD | 14,168 | 80.1 | 19.77 | 49.8 | 23.7 | 28.3 | — | 29.7 |
| SAFARI IND (INDIA) LTD | 6,046 | 36.6 | 5.42 | 20.4 | 15.1 | 17.9 | 44.2 | 14.0 |
| VIP INDUSTRIES LTD | 3,656 | — | 12.63 | — | (116.8) | (59.1) | 24.6 | (1.2) |
| NILKAMAL LIMITED | 2,516 | 18.0 | 1.59 | 8.2 | 7.4 | 7.3 | 12.5 | 9.7 |
| BAI-KAKAJI POLYMERS LIMITED ◆ | 578 | 33.3 | — | — | — | 19.3 | — | — |
| PRIMA PLASTICS LTD. | 133 | 6.7 | 0.69 | 4.5 | 11.0 | 10.4 | 6.1 | 21.3 |
| AVRO INDIA LIMITED | 72 | 2.0 | 0.80 | 7.0 | 5.1 | 6.5 | — | 8.5 |
| NIRAJ ISPAT IND LTD | 13 | 8.7 | 0.83 | — | 10.2 | 10.8 | — | 50.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.3 | 13.4 | 6 of 8 | 29% |
| ROCE | 19.3 | 8.9 | 2 of 10 | 89% |
| Market cap | 578 | 578 | 5 of 9 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Routine compliance certificate on dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Disclosure about company executives filed with exchange | investor communications | low | — | — |
| 22 Sept 2026 · Executives to attend Bharat Connect Rising Stars 2026 conference | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Bai-Kakaji Polymers to meet Finavenue Growth Fund analyst on Sep 23 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · 13th AGM Results: All 5 Resolutions Passed with 100% Approval | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 13th AGM held Sept 12, 2026; 5 resolutions passed including MOA amendment and related party deals | board shareholder meetings | medium | — | — |
| 12 Sept 2026 · Bai-Kakaji Polymers expands business scope to industrial machinery | business updates | medium | — | — |
| 10 Sept 2026 · Bai-Kakaji Polymers holds investor meetings with Envision and Rimo Capital | investor communications | low | — | — |
| 10 Sept 2026 · Investor Meetings Update Under SEBI Reg 30 (9-Sep-2026) | investor communications | low | — | — |
| 5 Sept 2026 · Bai-Kakaji Polymers to hold two investor meetings on 9-Sep-2026 | board shareholder meetings | low | — | — |
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.