NSE: RPPL
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic packaging (rigid sheets, PET/Polypropylene), Injection moulding, Paper packaging (Olive Ecopak JV). Asset-light plastic packaging manufacturer with export-led growth and a written-down paper JV
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 252 | 274 | 330 | 332 |
| EBITDA (ex other income) | 33 | 33 | 41 | 45 |
| margin % | 13.2 | 12.1 | 12.5 | 13.4 |
| Owners' profit | 11 | 0 | 0 | 17 |
| EPS, as reported (₹) | 9.44 | 2.39 | 1.09 | 2.32 |
| ROE % · ROCE % | 8.2 · 12.9 | 5.6 · 11.1 | 4.9 · 14.3 | 9.6 · 15.0 |
| Debt / equity (x) | 0.57 | 0.48 | 0.64 | 0.59 |
| Cash from operations | 14 | 21 | 18 | 19 |
| Capex | (31) | (19) | (22) | (12) |
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 | 88 | 73 | 90 | 83 | 86 | 72 | 92 | 103 |
| Profit before tax | 7 | 2 | 5 | 5 | 6 | 3 | 9 | 9 |
| Net profit | 3 | (1) | 4 | 4 | 5 | 2 | 6 | 7 |
| EPS (₹) | 0.41 | (0.13) | 0.50 | 0.55 | 0.62 | 0.30 | 0.86 | 0.98 |
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) | 7.1 | 16.2 | 13 of 64 | 81% |
| P/B | 0.8 | 1.3 | 18 of 61 | 72% |
| ROCE | 10.2 | 6.9 | 25 of 68 | 64% |
| ROE | 9.6 | 6.8 | 24 of 61 | 62% |
| Debt / Equity | 0.6 | 0.4 | 37 of 61 | 40% |
| EBITDA margin | 16.1 | 12.1 | 21 of 62 | 67% |
| Revenue growth | 24.7 | 14.0 | 18 of 61 | 72% |
| Profit growth | 77.8 | 23.4 | 19 of 60 | 70% |
| Market cap | 146 | 118 | 34 of 73 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · CARE assigns BBB+ Stable rating to bank facilities | credit debt | medium | — | — |
| 12 Oct 2026 · Rajshree Polypack submits quarterly Reg 74(5) dematerialisation certificate | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Rajshree Polypack to attend Arihant Capital investor conference on September 30 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Response to NSE on identical standalone and consolidated results | regulatory legal | medium | — | — |
| 17 Sept 2026 · Rajshree Polypack AGM 2026 - all 8 resolutions passed | board shareholder meetings | low | — | — |
| 15 Sept 2026 · 15th AGM held; all 8 resolutions passed including MD re-appointments | board shareholder meetings | low | — | — |
| 9 Sept 2026 · NSE seeks clarification from Rajshree Polypack on quarterly results | regulatory legal | medium | — | — |
| 1 Sept 2026 · CRISIL re-affirms BBB plus Stable rating on bank facilities | credit debt | medium | — | — |
| 31 Aug 2026 · Rajshree Polypack schedules investor roadshow on September 4, 2026 | board shareholder meetings | low | — | — |
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 |
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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.