BSE: 543979
Kahan Packaging Limited
Operates as a single-segment packaging business based in Ghatkopar (West), Mumbai, and listed on the BSE SME platform. Revenue from operations in FY26 grew 7% over FY25, with materials the dominant cost at 72.9% of revenue (Rs 22.14 crore); employee costs were 1.4% and other operating expenses 16.4%. Profit after tax for the year was Rs 116.97 lakhs and operating cash flow was Rs 426.47 lakhs, a multiple of reported profit. Total equity stood at Rs 1,102.56 lakhs against total borrowings of Rs 662.70 lakhs, with no capital expenditure recorded in the year. The promoter Dholakia family holds about 73% of equity, and the board has approved a 3:1 bonus issue, subject to shareholder approval, that would raise paid-up shares from 27.2 lakh to about 1.09 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Packaging. Small, single-segment, BSE SME-listed packaging company; materials-heavy cost structure with low capex and high operating cash conversion relative to reported profit
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 25 | 28 | 30 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 4.59 | 4.12 | 4.30 |
| ROE % · ROCE % | — · 15.5 | — · 18.6 | — · 19.5 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (1) | 1 | 4 |
| Capex | — | (2) | 0 |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 12 | 13 | 14 | 14 | 15 | 15 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 |
| Net profit | — | — | — | — | — | — |
| EPS (₹) | 3.40 | 2.07 | 1.97 | 2.15 | 2.09 | 2.21 |
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) | 1.2 | 16.6 | 2 of 64 | 98% |
| ROCE | 12.4 | 6.9 | 20 of 68 | 72% |
| Revenue growth | 23.3 | 14.0 | 19 of 61 | 70% |
| Market cap | 3 | 113 | 73 of 73 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Kahan Packaging files Q2 FY26 compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 26 Sept 2026 · All resolutions passed at 13th AGM with 100 percent approval | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 13th AGM: all 3 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 13th AGM held via video conferencing; 3 resolutions transacted | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper notice for 13th AGM published | compliance | minimal | — | — |
| 2 Sept 2026 · Kahan Packaging files FY26 Annual Report; 13th AGM on Sept 25, 2026 | results | high | — | — |
| 2 Sept 2026 · Kahan Packaging 13th AGM on 25 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Kahan Packaging 13th AGM on 25 Sep 2026, book closure from 19 Sep | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Kahan Packaging 13th AGM on 25 Sep 2026, book closure from 19 Sep | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Board approves bonus shares allotment; AGM on 25 Sep 2026 | corporate actions | high | — | — |
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.