Key Financial Performance - H1FY27

  • Revenue from Operations: Increased 7% YoY to ₹19,095 lakhs in H1FY27 from ₹17,770 lakhs in H1FY26.
  • EBITDA: Surged 151% YoY to ₹2,738 lakhs in H1FY27 from ₹1,089 lakhs in H1FY26.
  • EBITDA Margin: Expanded by approximately 800 basis points to 14% in H1FY27 from 6% in H1FY26.
  • PAT: Increased 365% YoY to ₹1,484 lakhs in H1FY27 from ₹320 lakhs in H1FY26.
  • PAT Margin: Improved to 8% in H1FY27 from 2% in H1FY26.

Key Financial Performance - Q2FY27

  • Revenue from Operations: Increased 4% YoY to ₹9,581 lakhs in Q2FY27 from ₹9,242 lakhs in Q2FY26, and increased 1% QoQ from ₹9,515 lakhs in Q1FY27.
  • EBITDA: Increased 102% YoY to ₹1,189 lakhs in Q2FY27 from ₹588 lakhs in Q2FY26, but decreased 23% QoQ from ₹1,549 lakhs in Q1FY27.
  • EBITDA Margin: Stood at 12% in Q2FY27 compared to 6% in Q2FY26 and 16% in Q1FY27.
  • PAT: Increased 224% YoY to ₹610 lakhs in Q2FY27 from ₹188 lakhs in Q2FY26, but decreased 30% QoQ from ₹874 lakhs in Q1FY27.
  • PAT Margin: Stood at 6% in Q2FY27 compared to 2% in Q2FY26 and 9% in Q1FY27.

Revenue Diversification

  • Hospital Furniture Parts: Revenue grew 30% YoY to ₹2,985 lakhs in H1FY27.
  • Contribution to total revenue increased from 13% in H1FY26 to 16% in H1FY27.
  • The company is accelerating portfolio transition beyond Industrial Packaging with emphasis on higher-growth verticals.

Balance Sheet Position (as of September 2026)

  • Total Assets: ₹25,990 lakhs
  • Property, Plant and Equipment: ₹10,173 lakhs
  • Capital Work-in-Progress: ₹3,265 lakhs (significant increase due to IBC facility)
  • Inventories: ₹3,704 lakhs
  • Trade Receivables: ₹6,477 lakhs
  • Equity: ₹12,689 lakhs
  • Borrowings (Non-current): ₹5,316 lakhs
  • Borrowings (Current): ₹4,332 lakhs
  • Total Borrowings: ₹9,648 lakhs

Cash Flow Statement (H1FY27)

  • Cash from Operating Activities: ₹902 lakhs
  • Cash from Investing Activities: -₹4,299 lakhs (primarily due to capital expenditure)
  • Cash from Financing Activities: ₹3,398 lakhs
  • Closing Cash Balance: ₹5.5 lakhs

Growth Initiatives and Expansion

  • Intermediate Bulk Container (IBC) Facility: On track for commissioning in Q3FY27.
  • Healthcare Furniture - Furnastra: Independent brand launched with patented CPR profile solution.
  • Global Export Focus: Targeting hospital furniture parts in Saudi Arabia (Vision 2030 with $65 billion healthcare investment), UAE, Europe, and USA.

Manufacturing Infrastructure

  • Tarapur, Maharashtra: Three facilities totaling 116,000 Sq.Ft.
  • Khalapur, Maharashtra: One facility of 96,000 Sq.Ft.
  • Total manufacturing area: 212,000 Sq.Ft.
  • Distribution network across India with dedicated depot at Hyderabad.

Board and Management Changes (effective July 7, 2026)

  • Mr. Jagdish Dedhia: Appointed as Non-Executive Chairman
  • Mr. Sanjay Dedhia: Appointed as Executive Vice Chairman & Managing Director
  • Mr. Manish Dedhia: Continues as Managing Director & CFO
  • Mr. Pankaj Gharat: Appointed as Executive, Non-Independent Director
  • Mr. Ajit Venugopalan: Appointed as Non-Executive Independent Director (effective May 28, 2026)
  • Ms. Drishti Thakker: Appointed as Non-Executive Independent Director (effective August 14, 2026)

CSR and ESG Initiatives

  • Donated ambulance to Shree Samarth Samajik Vikas Sevabhavi Sanstha for Patalganga-Rasayani area.
  • Sponsorship to Mr. Jash Modi for table tennis tournaments.
  • Environmental achievements: 6.90% reduction in carbon intensity, 8.95% reduction in energy intensity, 11.03% reduction in water intensity in FY26.
  • Awards: Envirocare Green Awards 2024, EcoVadis "Committed" Badge.
  • Safety: Zero fatalities in FY26, 11.41% reduction in LTIFR for workers.

Industry Outlook

  • India's plastic packaging industry projected to reach approximately $92 billion by FY30, growing at 9% CAGR.
  • Driven by demand from FMCG, pharmaceuticals, and e-commerce sectors.
  • India Plastics Pact targets 100% reusable, recyclable or compostable plastic packaging by 2030.