NSE: SHREERAMA · BSE: 532310
SHREE RAMA MULTI TECH LTD
Manufactures laminates, tubes, multilayer films, and flexible packaging products from a base in Gujarat, with a plant at Moti-Bhoyan. The company began commercial production from a new tubing machine installed at the Moti-Bhoyan plant in June 2026, adding capacity to an existing line. Materials are the largest cost component at 57.6% of revenue, followed by other operating expenses at 16.4% and employee costs at 11.2%. Depreciation accounts for 4.0% of revenue and capex 6.7% of revenue in FY26, pointing to ongoing reinvestment in manufacturing equipment. EBITDA margin for the year stood at 18.46%, and net profit was Rs 24.76 crore. The business is an ISO-certified industrial manufacturer classified under the packaging industry. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Laminates, Tubes, Multilayer films, Flexible packaging products. Materials-intensive industrial packaging manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 150 | 196 | 178 | 206 | 240 |
| EBITDA (ex other income) | 2 | 15 | 15 | 29 | 40 |
| margin % | 1.3 | 7.4 | 8.5 | 14.3 | 16.9 |
| Owners' profit | (5) | 5 | 10 | 51 | 25 |
| EPS, as reported (₹) | (0.78) | 0.79 | 0.84 | 3.76 | 1.77 |
| ROE % · ROCE % | (20.9) · (4.5) | 17.0 · 8.4 | 9.7 · 9.6 | 33.5 · 13.2 | 13.9 · 17.9 |
| Debt / equity (x) | 3.37 | 2.77 | 0.12 | 0.25 | 0.12 |
| Cash from operations | (11) | 3 | 21 | 20 | 32 |
| Capex | (0) | (4) | (12) | (39) | (16) |
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 | 53 | 53 | 58 | 55 | 62 | 60 | 62 | 81 |
| Profit before tax | 5 | 5 | 7 | 10 | 10 | 8 | 6 | 11 |
| Net profit | 5 | 5 | 37 | 7 | 7 | 6 | 5 | 8 |
| EPS (₹) | 0.40 | 0.39 | 2.72 | 0.53 | 0.51 | 0.40 | 0.33 | 0.58 |
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) | 31.7 | 16.2 | 48 of 64 | 25% |
| P/B | 4.3 | 1.3 | 54 of 61 | 12% |
| ROCE | 17.3 | 6.9 | 8 of 68 | 90% |
| ROE | 13.9 | 6.8 | 11 of 61 | 83% |
| Debt / Equity | 0.1 | 0.4 | 18 of 61 | 72% |
| EBITDA margin | 17.0 | 12.1 | 18 of 62 | 72% |
| Revenue growth | 45.5 | 14.0 | 8 of 61 | 88% |
| Profit growth | 9.7 | 23.4 | 35 of 60 | 42% |
| Market cap | 770 | 118 | 16 of 73 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board meeting on 30 Oct 2026 to approve Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Company attributes recent share price movement to market forces | regulatory legal | medium | — | — |
| 19 Oct 2026 · BSE seeks clarification from Shree Rama Multi-Tech on price movement | regulatory legal | high | — | — |
| 6 Oct 2026 · Routine quarterly demat and remat certificate filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · 32nd AGM results: all 4 resolutions passed with over 99.99% approval | compliance | minimal | — | — |
| 25 Sept 2026 · 32nd AGM held via video conferencing; 4 resolutions passed | board shareholder meetings | low | — | — |
| 21 Sept 2026 · New tubing machine starts commercial production at Moti-Bhoyan plant | capex operations | medium | — | — |
| 27 Aug 2026 · 32nd AGM notice and e-voting information published in newspapers | compliance | minimal | — | — |
| 26 Aug 2026 · Letter to shareholders on 32nd AGM notice and FY26 annual report | 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.