Glen Industries Limited

Manufactures sustainable plastic and paper-based packaging for food service, QSR, FMCG and retail customers from a 90,000 sq. ft. facility in West Bengal. Thin-wall food containers contributed 82.72% of FY26 revenue, with PLA and paper straws making up 17.16% and mould designing 0.12%. Distribution spans 26+ Indian states and 30+ countries, with 40+ recurring international clients; exports have historically run at 35-40% of revenue. A new plant at Bagnan will roughly triple thin-wall container capacity to 21,095 MT, add 7,696 MT of paper cup capacity and introduce thermoforming lines, with commercial production targeted from September 2026. Management has guided to INR500 cr+ revenue and INR90 cr+ EBITDA by FY28 at a sustainable EBITDA margin band of 18-19%. Raw materials are 85% imported, dominated by polypropylene whose price rose from INR90-92/kg to INR135/kg on Middle East disruption and has been passed through to customers; materials accounted for 61.9% of FY26 revenue, with capex at 10.0% of revenue funding the scale-up.