RAJSHREE POLYPACK LTD

Manufactures plastic packaging products, primarily rigid sheets made from PET and polypropylene, using an installed extrusion capacity of 25,600 MTPA. The plastic business includes injection moulding, with Q3 FY26 export revenue of Rs 20.54 crore growing 40.87% year-on-year, driven by injection moulding exports of Rs 17.59 crore. Domestic revenue in Q3 FY26 was Rs 51.08 crore, which declined 12.11% year-on-year due to lower sheet realisations and seasonal moderation in institutional offtake. Customers include a Finland-based packaging group's Indian arm, a subsidiary of a global confectionery company with 35-plus chocolate brands, and a UK-based supplier of catering and janitorial disposables; recent orders include Rs 2.07 crore, Rs 1.03 crore, and Rs 3.09 crore contracts for plastic rigid sheets, plus USD 0.09 million of export packaging. A paper packaging joint venture, Olive Ecopak, generated Rs 15.69 crore in Q3 FY26 with a Q4 target of Rs 18-20 crore, but its carrying value has been fully written off in the parent's books, so future P&L impact is nil. FY27 guidance is Rs 360-370 crore in plastic revenue and Rs 120-130 crore in paper revenue, with EBITDA margins of 15-15.5% in plastic and 16-16.5% in paper. The cost structure is raw-material heavy at 60.9% of revenue, with employees at 9.5% and other operating expenses at 18.4%; depreciation is 5.2% and capex 3.7%. Total debt stands at Rs 95-100 crore at a 7.5-8% blended rate, with a Rs 2.25 crore captive renewable energy project and Rs 20 crore JPY loan conversion together expected to save around Rs 2.5 crore per year.