Company Overview

Bai Kakaji Polymers Limited was established in 2013 in Latur, Maharashtra, commencing operations with a single machine. The company has transitioned from a small-scale operation into a leading integrated plastic packaging provider, operating five specialized world-class European manufacturing units strategically located in Latur, Maharashtra. The manufacturing footprint includes four units dedicated to rigid packaging and one unit focused on flexible packaging solutions.

Key corporate milestones include:

  • December 2025 IPO: Raised ₹105 crore through Initial Public Offering, utilized to transform the balance sheet from high-leverage position (2.04 D/E in FY25) to lean structure (0.37 D/E in FY26) while funding solar expansion and capacity increases
  • February 2026: Acquired Mundada Polymer as a wholly-owned subsidiary, enabling provision of "one-stop" integrated solutions for both rigid and flexible packaging needs

Product & Service Offerings

The company's product offerings are classified into:

  • Rigid Packaging: Production of PET preforms and plastic caps/closures for beverages, FMCG, edible oil, dairy, and pharmaceutical sectors
  • Flexible Packaging: Technical suite comprising shrink films, stretch films, coating films, adhesive films, and BOPP labels

Production Capacities:

  • Rigid Segment: PET preforms at 22,600 Metric Tons Per Annum (MTPA) and annual output of over 500 crore pieces for caps and closures
  • Flexible Segment: Combined film capacity including Shrink Film (4,500 MTPA), Coating Film (2,340 MTPA), and Stretch Film (1,620 MTPA)

The company maintains competitive edge utilizing world-class European machinery from industry leaders including Husky, Sacmi, and Windmöller & Hölscher.

Customer Base

Bai Kakaji serves a diversified market across National, Regional, and Local brand segments. Marquee clients include Parle Agro (Bailley), Campa (Reliance), Patanjali, JSW, Tata, Daawat, clear, and sunrich.

The company is an officially approved supplier of IRCTC, providing "one-stop" end-to-end packaging solutions under a single roof, supported by R&D and customized closure development.

Industry Context

The Indian packaging industry is valued at approximately ₹7.36 lakh crore, with the plastic packaging segment accounting for ₹3.69 lakh crore. The market is divided between rigid packaging segment (₹1.26 lakh crore) and flexible packaging segment (₹1.70 lakh crore).

Company Strategies

Management has targeted a turnover of ₹1,000 crore by FY29. A ₹100 crore Capex plan is underway with:

  • 65% allocated to Flexible packaging (strategic pivot toward higher-value film segment)
  • 35% focused on Rigid packaging

The company maintains high capacity utilization (90%+ for PET preforms, 84% for closures) and is pursuing energy efficiency through a 7.2 MW solar expansion to lower operational power costs.

Utilizing its in-house tool room, the company develops weight-saving closures (reducing cap weight from 1.8g to 1.15g), providing competitive advantage through improved customer performance and cost-efficiency.

Financial Performance

FY26 Results:

  • Revenue: ₹365 crore
  • EBITDA: ₹48.78 crore (13.36% margin)
  • PAT: ₹26.98 crore (7.39% margin)
  • Operating Cash Flow: ₹28.04 crore

The company has delivered 16.4% Revenue CAGR over the last three fiscal years. Balance sheet strength improved significantly post-IPO with Debt-to-Equity ratio reducing from 2.04 in FY25 to 0.37 in FY26.

Event Details

Company officials participated in the investor interaction programme titled "Samruddhi Season 3 – Nav-Bharat ka Caravan" organized by Hem Securities Limited on June 15, 2026 through virtual mode. The disclosure was made pursuant to Regulation 30 read with Para A of Schedule III of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, in continuation of intimation dated June 12, 2026.