INNOVATIVE TECH PACK LTD.

Manufactures rigid plastic packaging — bottles, jars and caps — from multiple plants across India, with a corporate office in Noida and manufacturing facilities in Rudrapur (Uttarakhand), Baddi (Himachal Pradesh), Guwahati (Assam) and Manesar (Haryana). FY26 revenue from operations stood at Rs 127.12 crore, down 5.2% from Rs 13,409.53 lakhs in FY25, while the company swung to a Rs 1.87 crore net profit from a near-breakeven loss a year earlier. Quarterly performance has been uneven: Q3 FY26 revenue from operations was Rs 3,245.89 lakhs versus Rs 3,104.09 lakhs a year ago, while Q2 FY26 fell about 18% year-on-year to Rs 2,887.46 lakhs and slipped into a Rs 110.13 lakhs loss. The largest cost line is raw materials at 62.9% of revenue, followed by other operating expenses at 22.7% and employee costs at 6.8%, with depreciation at 4.0% and capex at 1.1% of revenue. The statutory auditor has repeatedly flagged emphasis-of-matter items in recent results, including cash wage payments, unpaid bonuses since earlier years, delayed MSME creditor payments, the absence of an internal audit, and ongoing NCLT recovery proceedings including a Rs 651.47 lakhs write-off linked to Majestic Engineering. On the H1 FY26 balance sheet, total equity was Rs 3,584.39 lakhs against borrowings of Rs 2,064.80 lakhs split between Rs 961.49 lakhs of long-term debt and Rs 1,103.31 lakhs of short-term borrowings.