BSE: 540078
Mitsu Chem Plast Limited
Manufactures plastic products through blow molding and injection molding at four plants in Maharashtra, selling primarily to pharmaceutical, healthcare, agrochemical and FMCG customers in India and 17+ export countries. The core business is rigid plastic packaging containers (around 84% of revenue), used for storage and transport of liquids and chemicals. A second stream is Furnastra, a healthcare furniture brand (around 16% of revenue) sold in domestic and export markets, which carries a 15%+ EBITDA margin compared to lower margins on commodity containers. The company is adding a new Intermediate Bulk Container (IBC) vertical at Khalapur, slated to commission in Q2 FY27, and is commissioning an automated Unit 4 at Tarapur. Raw materials (notably HDPE polymer) make up about 59.7% of revenue and are the dominant cost line, with management noting HDPE prices running 30-40% above pre-war levels. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaging containers (rigid plastic drums, jerry cans, bottles) (84%), Furnastra healthcare furniture (16%), Intermediate Bulk Containers (IBC). Small-cap, asset-heavy plastics manufacturer with integrated blow and injection molding, dependent on polymer price cycles and order-book visibility of under one month.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 258 | 309 | 311 | 332 | 350 |
| EBITDA (ex other income) | 26 | 27 | 26 | 23 | 35 |
| margin % | 10.0 | 8.6 | 8.2 | 7.0 | 9.9 |
| Owners' profit | 11 | 12 | 9 | 7 | 16 |
| EPS, as reported (₹) | 9.53 | 9.78 | 7.12 | 5.39 | 11.50 |
| ROE % · ROCE % | 22.6 · 25.7 | 18.9 · 20.2 | 11.2 · 18.8 | 7.5 · 14.7 | 13.9 · 20.6 |
| Debt / equity (x) | 1.32 | 1.23 | 1.01 | 0.71 | 0.57 |
| Cash from operations | 8 | 22 | 9 | 15 | 33 |
| Capex | (6) | (28) | 0 | 0 | 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 | 81 | 80 | 90 | 85 | 92 | 86 | 86 | 95 |
| Profit before tax | 2 | 2 | 5 | 2 | 3 | 6 | 11 | 12 |
| Net profit | 1 | 1 | 4 | 1 | 2 | 5 | 8 | 9 |
| EPS (₹) | 0.84 | 1.09 | 2.61 | 0.97 | 1.39 | 3.47 | 5.68 | 6.44 |
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) | 12.9 | 16.2 | 23 of 64 | 65% |
| P/B | 2.6 | 1.3 | 47 of 61 | 23% |
| ROCE | 15.8 | 6.9 | 14 of 68 | 81% |
| ROE | 13.9 | 6.8 | 13 of 61 | 80% |
| Debt / Equity | 0.6 | 0.4 | 36 of 61 | 42% |
| EBITDA margin | 16.5 | 12.1 | 19 of 62 | 71% |
| Revenue growth | 11.6 | 14.0 | 34 of 61 | 45% |
| Profit growth | 566.2 | 23.4 | 8 of 60 | 88% |
| Market cap | 296 | 118 | 26 of 73 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for November 3 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 26 Oct 2026 · Secretarial auditor resigns with immediate effect | management changes | medium | — | — |
| 22 Oct 2026 · Warrants allotted to promoters and non-promoter at Rs 151 each | fund raising | high | — | — |
| 14 Oct 2026 · Routine compliance certificate from registrar for Q2 FY26 | compliance | minimal | — | — |
| 12 Oct 2026 · BSE nod for 10 lakh warrants to promoters and non-promoters on preferential basis | fund raising | high | — | — |
| 25 Sept 2026 · Mitsu Chem Plast: Trading window closes Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · EGM approves warrant issue to promoters and new independent director | management changes | medium | — | — |
| 10 Sept 2026 · EGM approves 10 lakh warrants issue and appoints new independent director | management changes | medium | — | — |
| 9 Sept 2026 · Company Secretary Ms. Gargi Sawant resigns citing personal reasons | management changes | 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.