Financial Performance Highlights
Bai-Kakaji Polymers reported strong FY26 results with revenue growth of 12.1% to ₹364.69 crore from ₹325.37 crore in FY25. Net profit surged 49% to ₹26.98 crore, with PAT margin improving to 7.43% from 5.58%. EBITDA grew 43.52% to ₹57.11 crore. The company achieved capacity utilization of ~90% in PET Preforms and ~84% in Caps & Closures segments.
IPO and Capital Structure Changes
The company successfully completed its IPO in December 2025, raising ₹105.17 crore through fresh issue of 56,54,400 equity shares at ₹186 per share. The proceeds were used to reduce debt by ₹64 crore, significantly improving the debt-equity ratio to 0.37x from 2.04x. The company also underwent capital restructuring including a 6:1 bonus issue and share subdivision from ₹100 to ₹10 face value.
Subsidiary Acquisition and Expansion
Bai-Kakaji acquired Mundada Polymers as a wholly-owned subsidiary on February 5, 2026, with a ₹63.4 crore investment in flexible packaging infrastructure. The subsidiary has 8,460 MTPA capacity operating at ~90% utilization, producing barrier/non-barrier films, laminates, and pouches. Since acquisition, Mundada Polymers contributed ₹14.99 crore revenue and ₹0.73 crore PAT.
Operational and Financial Metrics
The company serves 1,150+ active customers with top 10 contributing ~40% of revenue. Key financial ratios showed significant improvement: current ratio increased to 1.79x from 0.68x, though inventory turnover decreased to 8.41x from 10.20x. Return on Equity stood at 23.04% compared to 44.71% in FY25, affected by increased share capital.
Related Party Transactions and Governance
The company disclosed extensive related-party transactions totaling ₹11.63 crore, including sales of ₹60.86 crore to group entities and purchases of ₹30.84 crore. Director remuneration was ₹3.00 crore. The board conducted 19 meetings during FY26, and CRISIL upgraded the company's rating to BBB+/Stable from BBB/Stable.
Annual General Meeting Details
The 13th AGM is scheduled for September 12, 2026, with remote e-voting available from September 9-11, 2026 through NSDL. Agenda includes adoption of financial statements, re-appointment of Mr. Balkishan Pandurangji Mundada as director, approval of material related party transactions up to ₹100 crores with Bai-Kakaji Aquasure Solutions, and alteration of Memorandum of Association to include industrial machinery business.
Compliance and Subsequent Events
The company has complied with all SEBI regulations and Companies Act 2013 provisions. No material events occurred between March 31, 2026 and the report date. CSR expenditure was ₹1,94,285 against requirement of ₹29,08,356, with unspent amount transferred to designated account. No dividend was recommended due to capital requirements.