BSE: 526435
PERFECTPAC LTD.
Operates in a single segment — packaging — within the Paper & Paper Products industry. In FY26 the business reported revenue from operations of Rs 11,373.48 lakhs, marginally above Rs 11,345.88 lakhs in FY25, with profit after tax at Rs 314.95 lakhs (vs Rs 315.20 lakhs). Quarterly revenue was Rs 2,935.83 lakhs in Q2 FY26, Rs 2,505.39 lakhs in Q3 FY26, and Rs 2,964.52 lakhs in Q4 FY26. Raw materials purchases dominate the cost base at 70.6% of revenue, followed by employee costs at 10.4% and other operating expenses at 13.0%, with depreciation at 2.2% and capex at 2.4% of revenue. EBITDA margin is 6.07%. The board declared a dividend of Rs 1 per share (50% on face value of Rs 2) for FY26, with basic and diluted EPS at Rs 4.73. Total borrowings nearly tripled to Rs 336.82 lakhs (from Rs 65.79 lakhs in FY25), including long-term borrowings of Rs 206.25 lakhs. Operating cash flow for FY26 fell to Rs 226.60 lakhs from Rs 407.15 lakhs, driven primarily by a Rs 419.83 lakh increase in trade receivables. A one-time exceptional charge of Rs 12 lakhs was booked in Q3 FY26 due to new labour codes notified in November 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaging (100%). Single-segment, materials-intensive packaging business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 88 | 100 | 101 | 113 | 114 |
| EBITDA (ex other income) | 4 | 6 | 7 | 6 | 7 |
| margin % | 4.9 | 6.1 | 7.1 | 5.7 | 6.0 |
| Owners' profit | 1 | 3 | 4 | 3 | 3 |
| EPS, as reported (₹) | 7.73 | 4.25 | 5.98 | 4.73 | 4.73 |
| ROE % · ROCE % | 3.5 · 7.0 | 8.9 · 12.0 | 11.4 · 15.0 | 8.4 · 11.3 | 7.9 · 10.3 |
| Debt / equity (x) | 0.24 | 0.10 | 0.02 | 0.02 | 0.08 |
| Cash from operations | 6 | 7 | 9 | 4 | 2 |
| Capex | (3) | (3) | (4) | (4) | (3) |
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 | 28 | 26 | 32 | 30 | 29 | 25 | 30 | 29 |
| Profit before tax | 1 | 1 | 1 | 2 | 2 | 0 | 1 | 1 |
| Net profit | 1 | 1 | 1 | 1 | 1 | (0) | 1 | 1 |
| EPS (₹) | 1.53 | 1.02 | 1.03 | 1.82 | 1.80 | 0.05 | 1.16 | 0.76 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JK PAPER LIMITED | 6,799 | 20.5 | 1.17 | 9.4 | 4.7 | 4.4 | 20.8 | 17.0 |
| WEST COAST PAPER MILLS LT | 5,402 | 23.5 | 1.29 | 10.8 | 3.7 | 5.0 | 13.8 | 23.6 |
| ANDHRA PAPER LIMITED | 1,309 | 47.4 | 0.68 | — | 1.0 | 1.2 | — | 17.9 |
| SESHASAYEE PAPER & BOARDS | 1,210 | 12.2 | 0.59 | 8.3 | 4.0 | 4.1 | 16.9 | 11.3 |
| N R AGARWAL INDS LTD | 1,156 | 18.6 | 1.42 | — | 5.4 | 3.9 | — | 12.4 |
| TAMILNADU NEWSPRT & PAPER | 886 | 3.4 | 0.38 | — | 10.7 | 1.4 | — | 11.2 |
| PUDUMJEE PAPER PRO. LTD | 822 | 9.0 | 1.23 | — | 14.0 | 16.2 | — | 25.2 |
| EMAMI PAPER MILLS LIMITED | 696 | 7.4 | 1.21 | — | 10.7 | 8.1 | — | 14.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.5 | 13.8 | 22 of 36 | 40% |
| P/B | 1.1 | 0.7 | 24 of 36 | 34% |
| ROCE | 9.8 | 4.4 | 9 of 45 | 82% |
| ROE | 7.9 | 4.0 | 10 of 37 | 75% |
| Debt / Equity | 0.1 | 0.4 | 12 of 37 | 69% |
| EBITDA margin | 4.9 | 10.4 | 27 of 38 | 30% |
| Revenue growth | (3.8) | 11.5 | 32 of 39 | 18% |
| Profit growth | (58.1) | 60.9 | 34 of 42 | 20% |
| Market cap | 44 | 55 | 27 of 48 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Perfectpac board to approve September quarter and half-year results | results | low | — | — |
| 10 Oct 2026 · Newspaper ad on special window for re-lodgement of physical share transfer deeds | compliance | minimal | — | — |
| 5 Oct 2026 · Routine compliance filing on share dematerialisation for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Land allotted for new corrugated box packaging plant in YEIDA | capex operations | medium | — | — |
| 17 Sept 2026 · 54th AGM results: all 6 resolutions passed, Re 1 final dividend declared | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Perfectpac 54th AGM: 50 percent dividend declared, MD re-appointed | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Perfectpac: 54th AGM Notice Dispatched; Dividend of Rupees 1 per Share Declared | compliance | minimal | — | — |
| 21 Aug 2026 · Perfectpac dispatches letter to shareholders about 54th AGM and FY26 Annual Report | compliance | minimal | — | — |
| 21 Aug 2026 · Perfectpac sets Sep 9 record date for Re 1 final dividend FY26 | corporate actions | high | — | — |
| 21 Aug 2026 · Perfectpac 54th AGM on Sept 16, 2026; Final Dividend Rs. 1 per share | board shareholder meetings | low | — | — |
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.