BSE: 526143
MPL PLASTICS LTD.
Was a plastics packaging manufacturer operating plants at Silvassa and Pune. Manufacturing operations have been completely shut down since FY24, with plant, machinery, land, building and warehouse at Pune and the Silvassa plant sold off. In FY26, the company reported total income of Rs. 39.49 lakhs, derived entirely from "other income" with negligible revenue from operations (Rs. 6 lakhs for Q3 FY26 and Rs. 1 lakh for Q2 FY26). The business recorded a net loss of Rs. 16.99 lakhs for FY26 against a Rs. 47.64 lakh loss in FY25, when revenue had collapsed to Rs. 7.05 lakh from Rs. 1,216.41 lakh in the prior year. The Board and shareholders approved initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code in April 2022, and the company informed BSE of voluntary winding up under Section 10 of the IBC in July 2024. Reserves are deeply negative at Rs. (1,619.38) lakhs, taking total equity to Rs. (369.53) lakhs, and the statutory auditor has issued an adverse opinion flagging material uncertainty on the company's ability to continue as a going concern. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other income. Wound-down plastics packaging manufacturer under IBC insolvency / voluntary winding-up proceedings
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q3 FY26 |
|---|---|
| Revenue | 0 |
| Profit before tax | (0) |
| Net profit | (0) |
| EPS (₹) | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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) | 120.6 | 16.2 | 62 of 64 | 3% |
| Market cap | 8 | 118 | 67 of 73 | 8% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to review September 2026 quarterly results | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Routine compliance certificate for dematerialised securities, Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · MPL Plastics AGM: All 3 Resolutions Passed with 99.99% Majority | compliance | minimal | — | — |
| 28 Sept 2026 · MPL Plastics 34th AGM: 3 resolutions passed | board shareholder meetings | low | — | — |
| 25 Aug 2026 · MPL Plastics Annual Report FY26: going concern doubt, loss narrows | results | high | — | — |
| 24 Aug 2026 · MPL Plastics FY26 Annual Report: Going Concern Doubt, Loss Narrows | results | medium | — | — |
| 24 Aug 2026 · 34th AGM on 28 Sep 2026, book closure 21 to 27 Sep | board shareholder meetings | low | — | — |
| 24 Aug 2026 · MPL Plastics submits notice for 34th AGM on 28 September 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · MPL Plastics board approves Q1 FY27 unaudited financial results | results | high | — | — |
| 12 Aug 2026 · MPL Plastics Q1 loss Rs 12.81L, auditor flags going concern with adverse opinion | results | 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.