NSE: KANPRPLA · BSE: 507779
KANPUR PLASTIPACK LIMITED
Manufactures and exports FIBC (Flexible Intermediate Bulk Container) bags along with polypropylene multifilament yarn, UV master batches and fabrics, with sales spread across Europe, South America and North America. The Manufacturing Division contributed 80.9% of FY26 segment revenue at ₹591.43 crores, while the Trading Division made up the remaining 19.1% at ₹139.89 crores. The core FIBC line operates at 83% utilisation on existing capacity and is being expanded via a new Unit 3, while a 10,000-ton non-woven technical textiles facility is scheduled for September 2026 commissioning. The ESSEKAN Italian joint venture has begun commercial sales of premium Taslan Yarn, contributing to the company's move from a pure volume model toward value-added products. Polypropylene raw material is the largest cost line at 44.5% of revenue, with employee cost at 10.0%; FY26 EBITDA margin was 10.81%. FY27 revenue is guided at ₹900–950 crores, with management targeting ₹1,000–1,050 crores in FY28. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing Division (81%), Trading Division (19%). Industrial packaging manufacturer shifting from volume to value-added products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 625 | 477 | 497 | 629 | 719 |
| EBITDA (ex other income) | 49 | 21 | 20 | 33 | 65 |
| margin % | 7.9 | 4.4 | 4.0 | 5.3 | 9.1 |
| Owners' profit | 26 | 4 | 1 | 11 | 39 |
| EPS, as reported (₹) | 12.20 | 1.69 | 0.38 | 5.11 | 16.84 |
| ROE % · ROCE % | 14.6 · 18.7 | 2.0 · 5.1 | 0.4 · 6.1 | 5.4 · 10.6 | 14.7 · 19.6 |
| Debt / equity (x) | 1.02 | 0.92 | 1.25 | 0.70 | 0.42 |
| Cash from operations | 29 | 69 | 1 | 37 | 51 |
| Capex | (40) | (42) | (48) | (6) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 152 | 161 | 184 | 179 | 165 | 192 | 180 | 204 |
| Profit before tax | 2 | 10 | 2 | 10 | 11 | 14 | 20 | 16 |
| Net profit | 2 | 8 | 3 | 6 | 8 | 11 | 15 | 12 |
| EPS (₹) | 0.77 | 3.63 | 1.33 | 2.63 | 3.33 | 4.56 | 6.22 | 4.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacturing Division | 445 | 60.2 |
| Trading Division | 104 | 14.0 |
| Raffia Division | 183 | 24.7 |
| CPP Division | 8 | 1.1 |
| Total, before eliminations | 739 | 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) | 13.0 | 16.2 | 24 of 64 | 64% |
| P/B | 2.2 | 1.3 | 45 of 61 | 27% |
| ROCE | 16.1 | 6.9 | 13 of 68 | 82% |
| ROE | 14.7 | 6.8 | 9 of 61 | 87% |
| Debt / Equity | 0.4 | 0.4 | 32 of 61 | 48% |
| EBITDA margin | 10.7 | 12.1 | 34 of 62 | 46% |
| Revenue growth | 13.4 | 14.0 | 32 of 61 | 48% |
| Profit growth | 93.2 | 23.4 | 17 of 60 | 73% |
| Market cap | 598 | 118 | 18 of 73 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper publication of September 2026 quarterly results | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 FY27 profit doubles as KPL plans FIBC and technical textile expansion | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 and H1 FY27 income rises 44% and 29%; net profit jumps 102% | compliance | minimal | — | — |
| 27 Oct 2026 · Kanpur Plastipack appoints Sanjiv Swarup as additional independent director | management changes | medium | — | — |
| 27 Oct 2026 · September quarter profit nearly doubles as sales rise 38% | results | medium | — | — |
| 16 Oct 2026 · Kanpur Plastipack to host Q2 FY27 earnings call on Oct 29 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Compliance filing: RTA certificate for Q2 FY27 dematerialization | compliance | minimal | — | — |
| 12 Oct 2026 · Board meeting on 27 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 9 Oct 2026 · Newspaper notice on special window to dematerialise old physical shares | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | 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.