NSE: PYRAMID · BSE: 543969
PYRAMID TECHNOPLAST LTD
Manufactures rigid industrial packaging — polymer drums, Intermediate Bulk Containers (IBCs) and mild steel (MS) drums — across 9 manufacturing facilities in India. The product mix is shifting toward higher-value IBCs, which rose to 41% of revenue in FY26 from 34% the prior year, with management targeting 43–45% in FY27. Total installed capacity reached 76,931 metric tonnes per annum (MTPA) after a 22% YoY expansion, with the new WADA plant fully operational in FY26 and contributing ₹65 crore of revenue; phase-1 revenue potential is ₹200 crore. Capacity utilization stood at ~69% with a stated target of ~80% in FY27. Energy and input cost initiatives include a 13.25 MW solar project (commissioned in two stages, expecting ₹15 crore annual power savings) and a 5,000 MT plastic recycling plant awaiting Pollution Control Board clearance (target savings ≥₹5 crore/year plus subsidy). Revenue is driven by packaging volumes into India's chemical and agrochemical sectors, with raw materials (primarily polymers) accounting for 73.5% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IBC (Intermediate Bulk Containers) (41%), HDPE drums / polymer products, MS (Mild Steel) drums. Asset-heavy industrial packaging; single reporting segment
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 532 | 591 | 681 |
| EBITDA (ex other income) | 44 | 43 | 56 |
| margin % | 8.3 | 7.3 | 8.2 |
| Owners' profit | 29 | 27 | 29 |
| EPS, as reported (₹) | 8.49 | 7.38 | 7.93 |
| ROE % · ROCE % | 13.2 · 18.3 | 10.7 · 13.5 | 10.4 · 12.9 |
| Debt / equity (x) | 0.09 | 0.22 | 0.66 |
| Cash from operations | (4) | 35 | (41) |
| Capex | (44) | (69) | (76) |
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 | 133 | 153 | 171 | 164 | 161 | 161 | 195 | 222 |
| Profit before tax | 8 | 9 | 9 | 11 | 8 | 6 | 14 | 14 |
| Net profit | 6 | 7 | 7 | 8 | 6 | 5 | 10 | 10 |
| EPS (₹) | 1.56 | 1.85 | 1.90 | 4.32 | 1.67 | 1.30 | 2.80 | 2.85 |
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 | 7,122 | 14.6 | 2.48 | 7.8 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,672 | 12.9 | 1.94 | 7.1 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,177 | 6.1 | 0.51 | 6.6 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,700 | 32.0 | 5.15 | 14.0 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,999 | 146.7 | 0.74 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,900 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,359 | 71.4 | 2.95 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,940 | 11.5 | 1.20 | 7.3 | 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) | 16.9 | 16.6 | 34 of 64 | 48% |
| P/B | 1.9 | 1.3 | 39 of 61 | 35% |
| ROCE | 10.8 | 6.9 | 23 of 68 | 67% |
| ROE | 10.4 | 6.8 | 21 of 61 | 67% |
| Debt / Equity | 0.7 | 0.4 | 40 of 61 | 35% |
| EBITDA margin | 9.6 | 12.1 | 39 of 62 | 38% |
| Revenue growth | 35.8 | 14.0 | 11 of 61 | 83% |
| Profit growth | 32.1 | 23.4 | 29 of 60 | 53% |
| Market cap | 538 | 113 | 22 of 73 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Reg 74(5) Certificate Non-Applicability Confirmed for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Acuité reaffirms A- rating; assigns on new bank facilities worth Rs 235 cr | credit debt | medium | — | — |
| 24 Sept 2026 · Correction: AGM shareholder count revised from 33 to 38 | regulatory legal | high | — | — |
| 24 Sept 2026 · All resolutions approved at 28th AGM with 99.75 percent votes in favor | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Pyramid Technoplast gets GPCB nod to recycle third-party industrial waste | compliance | low | — | — |
| 22 Sept 2026 · New Statutory Auditor Appointed for Five Year Term | management changes | medium | — | — |
| 22 Sept 2026 · Pyramid Technoplast 28th AGM held; 5 ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper ad for 28th AGM notice published | compliance | minimal | — | — |
| 31 Aug 2026 · Newspaper ad filed for 28th AGM notice sent to shareholders | 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.