Key Financial Figures - Q2 FY27 (Standalone)
Revenue: ₹174.1 crore (18.0% YoY growth from ₹147.4 crore in Q2FY26)
Gross Profit: ₹59.8 crore (12.0% YoY growth)
Gross Profit Margin: 34.3% (down from 36.2% YoY)
EBITDA: ₹13.6 crore (-15.8% YoY from ₹16.3 crore)
EBITDA Margin: 7.8% (down from 11.0% YoY)
PAT: ₹3.6 crore (0.0% YoY change from ₹4.2 crore)
PAT Margin: 2.1% (down from 2.9% YoY)
Finance Cost: ₹2.6 crore
Tax: ₹1.4 crore
Key Financial Figures - H1 FY27 (Standalone)
Revenue: ₹335.1 crore (9.7% YoY growth from ₹305.4 crore)
Gross Profit: ₹123.3 crore (6.8% YoY growth)
Gross Profit Margin: 36.8% (down from 37.8% YoY)
EBITDA: ₹36.7 crore (-18.4% YoY from ₹45.0 crore)
EBITDA Margin: 11.0% (down from 14.7% YoY)
PAT: ₹16.3 crore (-4.1% YoY from ₹17.0 crore)
PAT Margin: 4.9% (down from 5.6% YoY)
Management Commentary
Mr. Kailesh Punamchand Shah, Chairman and Managing Director stated that Q2FY27 was among the most challenging quarters in company history due to West Asia conflict escalating polymer prices by 40-45% and container shortages delaying export shipments in September. The company absorbed part of the cost increase to protect customer relationships rather than cede business to Asian competitors. Fixed costs increased due to labor and staff costs at new Khatalwada and bamboo facilities.
Operational Highlights
Domestic Business: Revenue grew 36% sequentially and 27% YoY, raising share to 19.5% of total revenue. Added 36 new domestic customers in H1.
Export Challenges: Shipping delays roughly doubled finished-goods stock in September.
New Capacity: 14 new machines adding ~1,500 tons capacity expected installation in December 2026.
Bamboo Division: Guwahati facility to begin commercial production mid-November 2026, with sales commencing in Q4FY27. Expected revenue of ₹25-30 crore in calendar year 2027.
New Capability: Added blow-moulding capability for bottles, jars and containers using PP, PET, PETg and Tritan.
Technology Implementation: Initiated SCADA-based real-time machine monitoring at Khatalwada plant.
Balance Sheet Position (H1FY27 Standalone)
Total Assets: ₹843.0 crore (vs ₹782.9 crore in FY26)
Property, Plant and Equipment: ₹422.7 crore
Capital Work-in-Progress: ₹46.3 crore
Inventories: ₹120.2 crore (increased from ₹68.6 crore in FY26)
Trade Receivables: ₹100.1 crore (increased from ₹74.9 crore in FY26)
Cash and Cash Equivalents: ₹46.0 crore (decreased from ₹86.5 crore in FY26)
Shareholders' Funds: ₹629.5 crore
Borrowings: ₹94.6 crore (₹45.3 crore non-current + ₹49.3 crore current)
Trade Payables: ₹63.1 crore
Cash Flow Statement (H1FY27 Standalone)
Net Cash from Operating Activities: -₹25.1 crore (vs ₹53.4 crore in H1FY26)
Net Cash from Investing Activities: -₹24.3 crore
Net Cash from Financing Activities: ₹8.9 crore
Net Change in Cash: -₹40.4 crore
Cash at Beginning: ₹86.5 crore
Cash at End: ₹46.0 crore
Manufacturing Capacity
Daman Facility: 9,500 TPA installed capacity
Silvassa Facility: 19,500 TPA installed capacity (100% EOU)
Khatalwada Facility: 12,000 TPA installed capacity (100% EOU)
Total Injection Moulding Machines: 114 machines across all facilities
Strategic Initiatives
Bamboo Expansion: Entered into non-exclusive MoU with NECBDC (statutory body under MDoNER, GoI) as Product and Market Development Partner for engineered bamboo initiatives.
Sustainability: Using recycled materials (PP, ABS-PC blends, PET), ISCC PLUS certificate for Silvassa plant, FSC certified paper for packaging.
New Product Launches: Hydration range of bottles and D2C online channel piloted in October.
Historical Financial Performance (Consolidated)
FY26 Revenue: ₹610.5 crore
FY26 EBITDA: ₹89.9 crore (14.7% margin)
FY26 PAT: ₹35.4 crore (5.8% margin)
ROCE: 10.3% in FY26 (down from 17.4% in FY23)
Debt to Equity: 0.13x in FY26
Forward-Looking Statements
The presentation contains forward-looking statements regarding market opportunity, business prospects, and future performance that are subject to risks and uncertainties including Indian and global economic performance, industry competition, strategy implementation, growth levels, technological changes, and market risks.