Bai Kakaji Polymers Limited submitted an investor presentation to BSE Limited detailing financial results for the half year and year ended March 31, 2026, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance FY26

Revenue & Profitability:

  • Revenue from Operations: ₹364.69 Crore (FY26) vs ₹325.37 Crore (FY25), increase of 12.1%
  • EBITDA: ₹48.78 Crore (FY26) vs ₹33.90 Crore (FY25), increase of 43.9%
  • EBITDA Margin: 13.4% (FY26) vs 10.4% (FY25), improvement of 300 bps
  • PAT: ₹26.98 Crore (FY26) vs ₹18.17 Crore (FY25), increase of 48.5%
  • PAT Margin: 7.4% (FY26) vs 5.6% (FY25), improvement of 180 bps

Half-Yearly Breakdown (H2 FY26 vs H1 FY25):

  • Revenue from Operations: H2 FY26 ₹202.58 Lakh vs H1 FY25 ₹162.11 Lakh
  • PAT: H2 FY26 ₹13.96 Lakh vs H1 FY25 ₹13.01 Lakh
  • Basic EPS: H2 FY26 ₹8.12 vs H1 FY25 ₹7.57

Balance Sheet & Cash Flow:

  • Total Borrowings: ₹65.73 Crore (FY26) vs ₹109.02 Crore (FY25), reduction of 39.7%
  • Debt-Equity Ratio: 0.37x (FY26) vs 2.04x (FY25)
  • Net Fixed Assets: ₹144.30 Crore (FY26) vs ₹103.07 Crore (FY25), increase of 40%
  • Operating Cash Flow: ₹28.04 Crore (FY26) vs -₹9.93 Crore (FY25)
  • CFO/PAT: ~1.04x (FY26)
  • Gross Block - Group: ~₹217 Crore (FY26) vs ~₹175 Crore (FY25)
  • Net Worth: ₹176 Crore

4-Year Trajectory:

  • Revenue: ₹273 Crore (FY23) to ₹365 Crore (FY26), +34% in 3 years
  • PAT: ₹4.18 Crore (FY23) to ₹27 Crore (FY26), ~6.5x increase in 3 years

Business Overview & Market Context

The company operates as an integrated plastic packaging manufacturer serving beverage, FMCG, edible oil, dairy, pharmaceutical and industrial customers across India. It operates 4+1 world class European manufacturing facilities in Latur, Maharashtra.

Capacity Details:

  • Rigid Packaging: PET Preform Capacity: 22,600 MTPA | Caps & Closures Capacity: 500 Cr caps and closure P.A.
  • Flexible Packaging: Shrink Films: ~4500 MTPA | Coating Films: ~2340 MTPA | Stretch Films: ~1620 MTPA

Capacity Utilization Trends:

  • PET Preforms: FY23 80% → FY24 85% → FY25 91% → FY26 ~90%
  • Caps & Closures: FY23 82% → FY24 71% → FY25 72% → FY26 84%
  • Flexible Packaging: FY26 90%

Indian Packaging Industry Context:

  • Total Market Size: ₹7.36 Lakh Crore
  • Plastic Packaging: ₹3.69 Lakh Crore (50% share)
  • Paper Packaging: ₹1.67 Lakh Crore
  • Over ₹2.03 Lakh Crore of plastic packaging market remains unorganized

Strategic Expansion & Investments

Mundada Polymers Acquisition: The company established Mundada Polymers as a wholly owned subsidiary on February 5, 2026, for flexible packaging solutions.

₹100 Crore Growth Capex: A strategic expansion program is underway with investments across both rigid and flexible packaging segments.

Breakdown of Investments:

  • Bai-Kakaji Polymers (Rigid Packaging): ₹34.7 Crore investment including new Husky and SACMI machines
  • Mundada Polymers (Flexible Packaging): ₹63.4 Crore investment including CI Flexo Printing Press, 7-Layer Coextrusion Line, Stretch Film Line, Lamination Line, and Slitting Line

Management Vision & Growth Roadmap

The management has outlined an ambitious growth strategy targeting:

  • Revenue Vision: ₹1,000 Crore Revenue by FY29
  • Strategy: Strengthen position as integrated packaging solutions provider across rigid and flexible segments
  • Expansion: Scale up flexible packaging operations through Mundada Polymer
  • Diversification: Expand presence in high-growth FMCG, food, dairy and hygiene segments
  • Operational Focus: Drive manufacturing efficiencies through automation and renewable energy integration
  • Financial Discipline: Maintain focus on profitability, cash flow generation and disciplined capital allocation

Certifications & Quality Standards

The company maintains FSSC 22000, ISO 9001, and ISO 22000 certifications, emphasizing quality and compliance leadership with consistent quality and low rejection rates for food-grade solutions.