BSE: 526717
HCP PLASTENE BULKPACK LIMITED
Makes woven polypropylene bulk packaging — primarily Flexible Intermediate Bulk Containers (FIBCs) and woven sacks — for industrial users, alongside a small Label Division. The Woven Sacks and Label Divisions form the core standalone product lines, while consolidated revenue includes a large contribution from subsidiary K P Woven Private Limited. In February 2026, a new FIBC unit in Dabhasa, Vadodara, Gujarat began commercial production at 300 metric tonnes per month of installed capacity, funded with Rs 3 crore of internal accruals. Materials — the dominant cost line — account for 69.0% of revenue, with employee costs at 4.6% and other opex at 19.1%. The company opened a branch office in New Delhi in December 2025 and dissolved its Malaysian joint venture in March 2026. FY26 EBITDA margin was 11.57%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Woven Sacks Division, Label Division. Manufacturing-led industrial packaging, polymer-based woven products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 112 | 352 | 295 | 463 | 588 |
| EBITDA (ex other income) | 5 | 18 | 17 | 35 | 56 |
| margin % | 4.8 | 5.0 | 5.7 | 7.6 | 9.5 |
| Owners' profit | (3) | (2) | (1) | 13 | 23 |
| EPS, as reported (₹) | (2.39) | 1.06 | 0.37 | 12.57 | 27.01 |
| ROE % · ROCE % | (6.6) · 0.6 | 1.2 · 7.1 | 0.5 · 10.5 | 16.8 · 28.3 | 26.9 · 35.7 |
| Debt / equity (x) | 2.95 | 1.90 | 2.42 | 2.40 | 2.28 |
| Cash from operations | (23) | (17) | (22) | (18) | (25) |
| Capex | (58) | (14) | (4) | (0) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105 | 117 | 119 | 122 | 126 | 198 | 121 | 143 |
| Profit before tax | 3 | 3 | 3 | 9 | 10 | 7 | 12 | 11 |
| Net profit | 2 | 2 | 2 | 7 | 7 | 5 | 8 | 8 |
| EPS (₹) | 1.99 | 4.50 | 4.20 | 6.23 | 6.70 | 4.67 | 7.80 | 7.82 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| WOVEN SACKS DIVISION | 388 | 66.0 |
| LABEL DIVISION | 2 | 0.4 |
| woven sacks division | 197 | 33.5 |
| label division | 1 | 0.1 |
| Total, before eliminations | 588 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.5 | 16.2 | 18 of 64 | 73% |
| P/B | 3.1 | 1.3 | 51 of 61 | 17% |
| ROCE | 23.6 | 6.9 | 3 of 68 | 97% |
| ROE | 26.9 | 6.8 | 2 of 61 | 98% |
| Debt / Equity | 2.3 | 0.4 | 59 of 61 | 3% |
| EBITDA margin | 12.9 | 12.1 | 27 of 62 | 57% |
| Revenue growth | 16.8 | 14.0 | 27 of 61 | 57% |
| Profit growth | 21.4 | 23.4 | 31 of 60 | 49% |
| Market cap | 331 | 118 | 25 of 73 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Board appoints new Internal Auditor and CFO | management changes | high | — | — |
| 12 Oct 2026 · MD Prakash Parekh also appointed as CFO; new internal auditor named | management changes | medium | — | — |
| 6 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Closure of Trading Window | compliance | minimal | — | — |
| 26 Sept 2026 · All 12 resolutions passed at 42nd AGM held on 25 September 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 42nd AGM proceedings held on 25 Sep 2026; all resolutions passed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · HCP Plastene Bulkpack completes AGM Notice and Annual Report dispatch | compliance | minimal | — | — |
| 4 Sept 2026 · Newspaper ad published for 42nd AGM | compliance | minimal | — | — |
| 3 Sept 2026 · 42nd AGM notice and Annual Report FY 2025-26 sent to members | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · 42nd AGM on 25 Sep 2026 via video conferencing; annual report link sent to shareholders | 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.