BSE: 543656
Technopack Polymers Limited
Makes PET preforms and HDPE CCM caps, the plastic components used by beverage and consumer-goods bottlers and fillers, operating as a single-segment manufacturer based in Morbi, Gujarat. New machinery commenced commercial production during FY26, which the statutory auditor flagged as the reason current-year revenue is not comparable to the prior period. FY26 revenue was Rs 8.37 crore against total assets of Rs 24.46 crore, making it a very small-scale operation. Raw materials are the dominant cost at 48.8% of revenue, with employee costs at 7.1% and other operating expenses at 16.2%; capital expenditure was nil as a percent of revenue in FY26. The company is listed on BSE on the SME platform with 1.08 crore total outstanding shares, and the promoter group accounts for the bulk of shareholding — 73.55% of the polled shares at the September 2025 AGM came from promoters, with no public participation. Long-term borrowings rose from Rs 91 lakh (March 2025) to Rs 296 lakh (September 2025), while short-term borrowings fell, indicating refinancing of debt. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PET preforms and HDPE CCM caps (100%). Small-cap, single-segment plastic packaging components manufacturer
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 12 | 13 | 17 | 8 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 5.40 | 2.07 | 2.72 | 0.00 |
| ROE % · ROCE % | — · 19.4 | — · 9.0 | — · 13.5 | — · 8.0 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (1) | 0 | 4 | 1 |
| Capex | — | — | 0 | 0 |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 5 | 7 | 6 | 9 | 8 | 4 | 4 |
| Profit before tax | 2 | 1 | 0 | 1 | 1 | 1 | 1 |
| Net profit | — | — | — | — | — | — | — |
| EPS (₹) | 2.67 | 1.84 | 0.25 | 1.57 | 1.15 | 0.37 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SHAILY ENG PLASTICS LTD | 13,984 | 79.0 | 19.51 | 49.1 | 23.7 | 28.3 | — | 29.7 |
| SAFARI IND (INDIA) LTD | 5,976 | 36.2 | 5.36 | 20.2 | 15.1 | 17.9 | 44.2 | 14.0 |
| VIP INDUSTRIES LTD | 3,578 | — | 12.36 | — | (116.8) | (59.1) | 24.6 | (1.2) |
| NILKAMAL LIMITED | 2,629 | 18.8 | 1.67 | 8.6 | 7.4 | 7.3 | 12.5 | 9.7 |
| BAI-KAKAJI POLYMERS LIMITED | 576 | 33.1 | — | — | — | 19.3 | — | — |
| PRIMA PLASTICS LTD. | 135 | 6.8 | 0.70 | 4.6 | 11.0 | 10.4 | 6.1 | 21.3 |
| AVRO INDIA LIMITED | 75 | 2.1 | 0.84 | 7.3 | 5.1 | 6.5 | — | 8.5 |
| NIRAJ ISPAT IND LTD | 13 | 8.7 | 0.83 | — | 10.2 | 10.8 | — | 50.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.6 | 13.7 | 2 of 8 | 86% |
| ROCE | 6.6 | 8.9 | 8 of 10 | 22% |
| Revenue growth | (20.4) | (6.8) | 9 of 9 | 0% |
| Market cap | 12 | 576 | 9 of 9 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Non-applicability of SEBI Regulation 74(5) certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · AGM results: Both resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 2 Oct 2026 · 8th AGM voting results: both resolutions passed with 100 percent support | compliance | minimal | — | — |
| 30 Sept 2026 · 8th AGM held on 30 Sept 2026 via video conferencing | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closed from Oct 1 Ahead of H1 Results | compliance | minimal | — | — |
| 8 Sept 2026 · AGM notice published in newspapers; 8th AGM on Sept 30 via VC | compliance | minimal | — | — |
| 7 Sept 2026 · Technopack Polymers submits Annual Report FY26 and AGM notice | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 8th AGM scheduled on 30 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Book closure from Sept 21-30, 2026 for 8th AGM | corporate actions | low | — | — |
| 5 Sept 2026 · Technopack Polymers fixes 23 Sept 2026 as record date for 8th AGM | board shareholder meetings | low | — | — |
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.