BSE: 533608
RDB RASAYANS LTD.
Manufactures packaging products from a single Manufacturing segment, which accounts for 100% of segment revenue (₹113.64 crore in the period ended March 2025). Reported FY26 revenue from operations stood at ₹117.75 crore against a net profit of ₹33.96 crore, with an EBITDA margin of 39.88%. The cost base is dominated by raw materials at ₹67.58 crore (57.4% of revenue), followed by other operating expenses at ₹16.35 crore (13.9%) and employee costs at ₹13.75 crore (11.7%). Capital expenditure in FY26 was just ₹0.43 crore (0.4% of revenue), while IPO funds raised in 2011 (₹35.55 crore) were earmarked for adding 7,450 MTPA of manufacturing capacity at Unit-II. The company is listed on BSE and is registered and based in West Bengal, as evidenced by filings and Bengali-language newspaper publications. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing Activity (100%). Single-segment packaging manufacturer, low-leverage, high-margin operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 123 | 109 | 103 | 148 | 118 |
| EBITDA (ex other income) | 17 | 19 | 16 | 15 | 22 |
| margin % | 13.7 | 17.7 | 16.0 | 10.2 | 18.3 |
| Owners' profit | 22 | 24 | 24 | 26 | 34 |
| EPS, as reported (₹) | 12.45 | 13.76 | 13.68 | 14.94 | 19.17 |
| ROE % · ROCE % | 16.0 · 19.9 | 15.0 · 20.0 | 13.0 · 17.2 | 12.4 · 16.8 | 13.7 · 18.4 |
| Debt / equity (x) | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (6) | 45 | (76) | (12) | (21) |
| Capex | (1) | (0) | (1) | (1) | (0) |
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 | 31 | 27 | 29 | 28 | 34 | 26 | 30 | 32 |
| Profit before tax | 8 | 8 | 10 | 11 | 15 | 11 | 8 | 16 |
| Net profit | 6 | 6 | 7 | 9 | 11 | 8 | 6 | 12 |
| EPS (₹) | 3.41 | 3.24 | 4.16 | 4.84 | 6.26 | 4.65 | 3.42 | 6.55 |
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) | 6.5 | 16.2 | 11 of 64 | 84% |
| P/B | 1.0 | 1.3 | 20 of 61 | 67% |
| ROCE | 18.3 | 6.9 | 6 of 68 | 93% |
| ROE | 13.7 | 6.8 | 14 of 61 | 78% |
| Debt / Equity | 0.0 | 0.4 | 6 of 61 | 92% |
| EBITDA margin | 49.6 | 12.1 | 4 of 62 | 95% |
| Revenue growth | 14.1 | 14.0 | 30 of 61 | 52% |
| Profit growth | 35.4 | 23.4 | 26 of 60 | 58% |
| Market cap | 240 | 118 | 28 of 73 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · RTA confirms dematerialisation of securities for Q2 FY27 | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 24 Aug 2026 · 31st AGM proceedings: five resolutions transacted; summary filed late | board shareholder meetings | low | — | — |
| 21 Aug 2026 · 31st AGM outcome: all 5 resolutions passed with over 99.6 percent approval | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · 31st AGM Outcome - All Five Resolutions Passed With Wide Majority | board shareholder meetings | low | — | — |
| 21 Aug 2026 · 31st AGM held on 20 Aug 2026 - 5 resolutions transacted, results pending | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 13 Aug 2026 · RDB Rasayans: No deviation in IPO proceeds for June 2026 quarter | compliance | low | — | — |
| 13 Aug 2026 · Q1 FY27 results: revenue up modestly, profit down sharply | results | high | — | — |
| 13 Aug 2026 · RDB Rasayans Q1 FY27 results approved, revenue up about 35 percent YoY | results | high | — | — |
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.