BSE: 523652
Kkalpana Plastick Limited
Reports as a single-segment plastic compounds business but recorded nil revenue from operations in FY26. Total revenue of Rs 48.44 lakh (down from Rs 50.39 lakh in FY25) came entirely from other income, including Rs 23.20 lakh of interest received from promoter group company Bbigplas Poly Private Limited on a Rs 6.20 crore loan outstanding. The balance sheet is dominated by financial assets, with loans and deposits of Rs 620.39 lakh out of total assets of Rs 641.81 lakh, and the company carries zero borrowings and no credit rating. Profit after tax for FY26 was Rs 5.99 lakh with EPS of Rs 0.11. The registered office is a 528 sq ft leased premises at Maruti Building, Kolkata, taken on licence from Bbigplas Poly at Rs 10,000 per month. The company is undergoing a change of control, with Mr. Ashish Begwani entering a Share Purchase Agreement on July 7, 2026 to acquire 72.58% from the existing promoters, triggering a mandatory open offer for an additional 26% from public shareholders. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic Compounds, Other income (interest on loans). Non-operating shell with nil revenue from operations; income sourced from intra-group lending
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (1) | (1) | (0) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (0) | (0) | 0 | 0 |
| EPS, as reported (₹) | (0.10) | (0.87) | (0.07) | 0.16 | 0.11 |
| ROE % · ROCE % | (0.9) · (0.8) | (7.7) · (7.7) | (0.6) · (0.6) | 1.4 · 1.4 | 0.9 · 1.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (1) | (0) | (1) | (0) |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| Net profit | (0) | 0 | 0 | (0) | 0 | 0 | 0 | 0 |
| EPS (₹) | (0.03) | 0.12 | 0.07 | 0.00 | 0.01 | 0.03 | 0.02 | 0.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 44,597 | 43.0 | 7.23 | 27.5 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,781 | 65.5 | 9.31 | 34.1 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 14,972 | 38.6 | 5.64 | 29.7 | 12.7 | 16.4 | 16.5 | 30.3 |
| FINOLEX INDUSTRIES LTD | 9,399 | 15.3 | 1.51 | 11.0 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,910 | 17.5 | 2.14 | 10.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| KINGFA SCI & TEC IND LTD. | 8,263 | 36.6 | 5.90 | — | 13.2 | 17.7 | — | 16.9 |
| PRINCE PIPES FITTINGS LTD | 2,940 | 28.8 | 1.79 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,359 | — | 2.64 | 31.2 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 494.6 | 15.3 | 55 of 55 | 0% |
| P/B | 4.7 | 1.9 | 38 of 44 | 14% |
| ROCE | 1.2 | 7.1 | 42 of 57 | 27% |
| ROE | 0.9 | 7.6 | 36 of 48 | 26% |
| Debt / Equity | 0.0 | 0.1 | 4 of 48 | 77% |
| Profit growth | 1281.8 | 20.7 | 2 of 47 | 98% |
| Market cap | 30 | 121 | 43 of 57 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 17 Aug 2026 · Independent Directors review Open Offer by Mr. Ashish Begwani for 26% stake | strategic transactions | high | — | — |
| 10 Aug 2026 · Kkalpana Plastick fixes Sep 16, 2026 as record date for 37th AGM | board shareholder meetings | low | — | — |
| 10 Aug 2026 · 37th AGM on Sept 23, 2026; Book Closure Sept 17 to 23 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Kkalpana Plastick 37th AGM set for September 23, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 27 Jul 2026 · Board meeting on Aug 5 to consider Q1 FY27 unaudited results | results | low | — | — |
| 21 Jul 2026 · Open Offer filed for Kkalpana Plastick at Rs 28 per share | strategic transactions | high | — | — |
| 18 Jul 2026 · Routine quarterly compliance certificate from registrar for Q1 FY27 | compliance | minimal | — | — |
| 15 Jul 2026 · Postal Ballot Rejects Related Party Transaction with Promoter Group | board shareholder meetings | low | — | — |
| 14 Jul 2026 · Mr Ashish Begwani triggers open offer for 26 percent stake in Kkalpana Plastick | strategic transactions | high | — | — |
| 9 Jul 2026 · Shareholders reject Material Related Party Transaction in Postal Ballot | 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.