BSE: 526415
OK PLAY INDIA LTD.
Operates two business lines out of plastics manufacturing. The toys business is being built around injection-molded toys, with the company guiding to Rs 200 crore in FY26 toys revenue and committing ~Rs 100 crore of Phase-2 capex for H2 FY26 to add export-oriented injection-molding capacity. Toys revenue was ~Rs 28 crore in Q4 FY25, up ~40% YoY, while Q4 FY25 auto revenue fell ~25% YoY to Rs 30 crore on commercial vehicle sector weakness. The auto components segment supplies plastic parts to commercial vehicle OEMs and is diversifying into Vestas, Indocool, Escorts, and passenger-vehicle vacuum and fuel-tank programs. A 51%-owned subsidiary, MRH Technologies, has signed a 10-year exclusive licence with MANN+HUMMEL to manufacture air purifiers and air filtration products, with a commercial launch targeted in FY26. Materials are the largest cost line at 52.9% of FY26 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toys, Auto components, Air filtration. Manufacturer pivoting from cyclical commercial-vehicle-dependent auto components into a government-prioritised toys export business and an air-filtration JV.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 101 | 181 | 185 | 168 | 198 |
| EBITDA (ex other income) | 14 | 32 | 33 | 28 | 23 |
| margin % | 14.2 | 17.6 | 17.7 | 16.4 | 11.8 |
| Owners' profit | (8) | (2) | 1 | (1) | 3 |
| EPS, as reported (₹) | (4.00) | (1.31) | 0.05 | 0.02 | 0.08 |
| ROE % · ROCE % | (19.8) · 2.6 | (5.4) · 18.1 | 0.9 · 11.2 | (0.5) · 8.3 | 1.8 · 5.4 |
| Debt / equity (x) | 2.52 | 2.93 | 0.62 | 0.73 | 0.66 |
| Cash from operations | 7 | 20 | 11 | 27 | 31 |
| Capex | (15) | (8) | (34) | (83) | (16) |
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 | 38 | 33 | 57 | 41 | 39 | 52 | 66 | 46 |
| Profit before tax | 1 | 0 | 3 | 1 | (3) | 1 | 2 | 0 |
| Net profit | 0 | 1 | (3) | 1 | (3) | 2 | 4 | 0 |
| EPS (₹) | 0.01 | 0.02 | 0.07 | 0.02 | (0.08) | 0.04 | 0.10 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| K. V. TOYS INDIA LIMITED | 149 | 28.6 | — | — | — | 17.4 | — | — |
| OK PLAY INDIA LTD. ◆ | 99 | 45.5 | 0.59 | 6.6 | 1.8 | 0.6 | 16.6 | 18.3 |
| COSCO (INDIA) LTD. | 75 | 74.7 | 1.45 | — | 1.9 | 1.2 | — | 5.0 |
| ARCHIES LTD | 36 | — | 0.29 | — | (3.4) | (3.4) | — | 0.7 |
| OLYMPIC CARDS LTD. | 5 | — | 4.31 | — | (24.6) | (32.6) | — | (13.7) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.5 | 25.9 | 139 of 191 | 27% |
| P/B | 0.6 | 2.2 | 32 of 189 | 84% |
| ROCE | 0.6 | 7.0 | 178 of 219 | 19% |
| ROE | 1.8 | 5.8 | 139 of 189 | 27% |
| Debt / Equity | 0.7 | 0.2 | 152 of 190 | 20% |
| EBITDA margin | 18.3 | 9.3 | 43 of 193 | 78% |
| Revenue growth | 11.2 | 16.4 | 111 of 189 | 42% |
| Profit growth | (86.1) | 16.8 | 148 of 183 | 19% |
| Market cap | 99 | 223 | 138 of 228 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Quarterly certificate for dematerialisation of securities filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter Raghav Handa pledges 5 lakh shares as collateral for company loan | ownership changes | high | — | — |
| 1 Oct 2026 · Whole-time Director and Independent Director resign; WTD re-appointed | management changes | high | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 till Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Associate MRH Technologies backs Delhi anti-pollution drive via filtration tech | compliance | low | — | — |
| 17 Sept 2026 · Promoter Rishab Handa pledges 40 lakh shares as collateral for company loan | ownership changes | high | — | — |
| 3 Sept 2026 · ROC grants three-month extension for FY2025-26 AGM | regulatory legal | low | — | — |
| 27 Aug 2026 · OK Play India seeks extension for 37th AGM citing compliance delays | compliance | minimal | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| 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.