BSE: 523840
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Rigid plastic packaging. Small, multi-plant rigid plastic packaging manufacturer with volatile quarterly earnings
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 144 | 150 |
| EBITDA (ex other income) | 22 | 24 |
| margin % | 15.6 | 15.8 |
| Owners' profit | 3 | 2 |
| EPS, as reported (₹) | 1.22 | 0.90 |
| ROE % · ROCE % | 6.2 · 20.3 | 4.3 · 19.1 |
| Debt / equity (x) | 0.78 | 0.44 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 36 | 39 | 39 | 36 | 30 | 36 | 37 |
| Profit before tax | 0 | 1 | 1 | 1 | 0 | 1 | 1 | (1) |
| Net profit | 0 | 1 | 1 | 1 | (1) | 1 | 1 | 0 |
| EPS (₹) | 0.00 | 0.62 | 0.26 | 0.32 | (0.29) | 0.22 | 0.44 | (0.25) |
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) | 103.6 | 16.2 | 60 of 64 | 6% |
| P/B | 0.6 | 1.3 | 9 of 61 | 85% |
| ROCE | 2.0 | 6.9 | 53 of 68 | 22% |
| ROE | 2.9 | 6.8 | 41 of 61 | 33% |
| Debt / Equity | 0.5 | 0.4 | 35 of 61 | 43% |
| EBITDA margin | 10.7 | 12.1 | 35 of 62 | 44% |
| Revenue growth | (5.1) | 14.0 | 49 of 61 | 20% |
| Profit growth | (76.9) | 23.4 | 49 of 60 | 19% |
| Market cap | 28 | 118 | 55 of 73 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance filing under SEBI DP Regulations for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · 37th AGM voting results: All 3 resolutions passed with 100% majority | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 37th AGM: All 3 resolutions passed with near-unanimous approval | compliance | minimal | — | — |
| 1 Oct 2026 · 37th AGM: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · New Secretarial Auditor appointed for five year term | management changes | low | — | — |
| 30 Sept 2026 · 37th AGM held; financial statements adopted, director re-appointed | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 37th AGM on 30 Sept 2026 and Book Closure | compliance | minimal | — | — |
| 3 Sept 2026 · AGM e-voting: cut-off Sep 23, book closure Sep 24-30 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Register of Members closed Sept 24 to 30, 2026 for AGM | 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.