BSE: 544444
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Thin-wall food containers (83%), PLA and paper straws (17%), Mould designing (0%), Paper cups and thermoforming (new, from FY27). Capacity-expanding, export-oriented sustainable plastic and paper food packaging manufacturer; asset-heavy with 10.0% capex-to-revenue.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 203 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 6.86 |
| ROE % · ROCE % | — · 18.4 |
| Debt / equity (x) | — |
| Cash from operations | 6 |
| Capex | (20) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 96 | 108 |
| Profit before tax | 11 | 11 |
| Net profit | — | — |
| EPS (₹) | 3.45 | 3.41 |
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 | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 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) | 15.3 | 16.6 | 30 of 64 | 54% |
| ROCE | 12.8 | 6.9 | 19 of 68 | 73% |
| Market cap | 253 | 113 | 27 of 73 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · RTA files quarterly dematremat compliance certificate with BSE | compliance | minimal | — | — |
| 6 Oct 2026 · Glen Industries posts 18.84 percent revenue growth in H1 FY27 | business updates | medium | — | — |
| 1 Oct 2026 · Glen Industries schedules analyst and investor meeting on Oct 7, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of H2 FY27 Results | compliance | minimal | — | — |
| 28 Aug 2026 · Newspaper Publication Intimation to BSE | compliance | minimal | — | — |
| 27 Aug 2026 · Promoter Group acquires 16,800 shares, holding rises to 74.30% | ownership changes | high | — | — |
| 25 Aug 2026 · Promoter group acquires 4,800 shares of Glen Industries | ownership changes | medium | — | — |
| 22 Aug 2026 · 19th AGM results: all 7 resolutions passed with over 99.96% approval | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Glen Industries promoter group buys 9,600 shares; holding up to 74.21% | ownership changes | low | — | — |
| 20 Aug 2026 · Appointment of Joint Statutory Auditor | 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.