BSE: 543435
CLARA INDUSTRIES LIMITED
Manufactures and sells packaging products from its base in Saharanpur, Uttar Pradesh, and is listed on the BSE SME platform (Scrip Code 543435). FY26 revenue from operations was ₹14.00 crore, up 29.9% from the prior year, with the second half alone (H2 FY26) contributing ₹912.71 lakhs. The cost structure is dominated by raw materials at ₹17.00 crore (121.4% of revenue), with employee costs at ₹0.49 crore (3.5%) and other operating expenses at ₹0.44 crore (3.2%); capital expenditure for the year was ₹2.10 crore (15% of revenue). Despite the revenue growth, profit after tax declined 9.5% to ₹180.05 lakhs from ₹199.03 lakhs in FY25, with basic EPS slipping from ₹0.91 to ₹0.74. Operating cash flow was negative at ₹-619.28 lakhs, driven by an ₹829 lakhs increase in inventories and higher trade receivables. During the year, the company raised ₹1,250 lakhs in equity capital and received ₹359.38 lakhs from share warrants, taking total equity to ₹6,064.65 lakhs as of March 31, 2026. The auditor (Jay Gupta & Associates) issued an unmodified opinion on the FY26 results. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Packaging products. Small-cap, BSE SME-listed packaging manufacturer; working-capital-heavy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 11 | 13 | 11 | 14 |
| EBITDA (ex other income) | — | — | 6 | — | — |
| margin % | — | — | 50.2 | — | — |
| Owners' profit | — | — | 4 | — | — |
| EPS, as reported (₹) | 8.98 | 15.90 | 11.13 | 0.91 | 0.74 |
| ROE % · ROCE % | — · 26.4 | — · 57.7 | 10.2 · 14.8 | — · 7.0 | — · 4.1 |
| Debt / equity (x) | — | — | 0.04 | — | — |
| Cash from operations | (4) | (3) | (19) | 4 | (6) |
| Capex | — | — | (5) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 6 | 4 | 8 | 3 | 8 | 5 | 9 |
| Profit before tax | 3 | 3 | 2 | 4 | 1 | 2 | 1 | 2 |
| Net profit | — | — | 2 | 2 | — | — | — | — |
| EPS (₹) | 8.21 | 7.69 | 6.12 | 5.01 | 0.34 | 0.57 | 0.29 | 0.49 |
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 | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 16.2 | 40 of 64 | 38% |
| ROCE | 4.0 | 6.9 | 42 of 68 | 39% |
| Revenue growth | 11.2 | 14.0 | 36 of 61 | 40% |
| Market cap | 81 | 118 | 44 of 73 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · RTA Certificate under Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Independent Director retires after completing five-year term | management changes | medium | — | — |
| 3 Oct 2026 · Independent Director retires on completion of 5-year term | management changes | medium | — | — |
| 3 Oct 2026 · Ms. Noor Kukreja appointed Non-Executive Director and Chairperson | management changes | medium | — | — |
| 3 Oct 2026 · Re-appointment of Managing Director Ms. Parry Kukreja for 5 years | management changes | medium | — | — |
| 3 Oct 2026 · Statutory Auditors re-appointed for 5-year term at AGM | management changes | medium | — | — |
| 1 Oct 2026 · 5th AGM voting results: All 5 resolutions passed with 100% approval | compliance | minimal | — | — |
| 1 Oct 2026 · Clara Industries appoints Ms. Geeta Rani as Independent Director | management changes | medium | — | — |
| 30 Sept 2026 · 5th AGM concluded; 6 resolutions tabled including director and auditor changes | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
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.