Financial Highlights Q1 FY27

  • Total Income: ₹16,938 Mn, up 25.1% YoY from ₹13,536 Mn in Q1 FY26
  • Volume Growth: 11.3% (India: 10.4%, Overseas: 13.7%)
  • Revenue Contribution: India 65%, Overseas 35%
  • EBITDA: ₹2,254 Mn, up 15.1% YoY from ₹1,958 Mn
  • EBITDA Margin: 13.3% vs 14.5% in Q1 FY26
  • PAT after Minority Interest: ₹1,162 Mn, up 22.2% YoY from ₹951 Mn
  • PAT Margin: 6.9% vs 7.0% in Q1 FY26
  • EPS: ₹2.35 vs ₹2.10 in Q1 FY26
  • Cash Profit Margin: 10.0% (India: 9.8%, Overseas: 10.3%)

Full Year FY26 Financial Performance

  • Total Income: ₹61,144 Mn, up 11.9% YoY from ₹54,623 Mn
  • EBITDA: ₹9,013 Mn, up 14.1% YoY from ₹7,902 Mn
  • EBITDA Margin: 14.7% vs 14.5%
  • PAT after Minority Interest: ₹4,687 Mn, up 20.8% YoY from ₹3,879 Mn
  • PAT Margin: 7.7% vs 7.1%
  • EPS: ₹9.99 vs ₹8.55
  • ROCE: 18.9%

Segmental Performance Q1 FY27 (Based on Regulatory Reporting)

Polymer Products

  • Established Products (Packaging, Lifestyle, Auto, Batteries): ₹11,892 Mn, up 25.4% YoY
  • PE Pipes: ₹651 Mn, up 19.7% YoY
  • Sub-Total: ₹12,543 Mn

Value Added Products

  • IBC (Including Inner Containers): ₹2,215 Mn, up 24.0% YoY
  • Composite Products: ₹1,686 Mn, up 29.3% YoY
  • LPG Cylinders: ₹481 Mn, up 12.0% YoY (236,145 units)
  • CNG Cascades: ₹1,040 Mn, up 18.9% YoY (127 units)
  • Other Composite Products: ₹165 Mn
  • MOX Film: ₹494 Mn, up 19.3% YoY
  • Sub-Total: ₹4,395 Mn, up 25.4% YoY

Growth Targets and Strategy

The company has set annual volume growth targets by segment:

  • Packaging Products (Drums, Jerry Cans, Pails & IBCs): 11-13%
  • Composite Products (LPG, CNG, Hydrogen, Fire Extinguishers): 25-30%
  • PE Pipes: 20-25%
  • Other Products (MOX Films, Auto Products, Turf & Matting): 10-12%
  • Consolidated volume growth target: 15% p.a.

EBITDA Growth Drivers

The company identified multiple drivers for improving EBITDA:

  • Increase In Efficiencies: Centralizing moulds and machinery into high-efficiency production system
  • Consolidation of Products & Units: Streamlining products and consolidating units
  • Manpower Costs: Strategic workforce optimization and automation
  • Power Costs: Adoption of solar solutions and Power Purchase Agreements (PPAs)
  • Finance Costs: Reducing overall debt through QIP proceeds and internal cash flow
  • Non-Core Assets: Divesting non-core assets to redeploy capital

Non-Core Asset Monetization

  • Identified non-core assets worth ~₹134 Cr as of March 31, 2026
  • Disposed of assets worth ₹9 Cr in Q1 FY27
  • Balance ₹125 Cr expected to be monetized over next 18-24 months
  • Targeting annual ROCE improvement of 1.5-2.0% through automation and working capital optimization

Acquisition Updates

Completed Acquisition

  • Systoverse Private Ltd: Acquired 76% stake on June 10, 2026
  • Purpose: Strengthen HDPE pipe business and expand presence in Maharashtra
  • Total projected investment: ~₹25 Crores (includes acquisition, plant upgradation, modernization, capacity expansion)

Pending Acquisition

  • Ebullient Packaging Private Ltd: Board decided to extend review period before final decision regarding proposed acquisition
  • Further updates to be communicated to shareholders in due course

Green Energy Initiative

  • Targeting 75% green energy consumption through solar power partnerships
  • Solar PPAs expected to deliver annualized savings of ~₹11 Cr
  • Payback period: approximately one year

Product Updates

Products with Ready Approvals in FY26

  • Hydrogen (Type III & Type IV)
  • Fire Extinguisher
  • Air Receiver Tank
  • OPzS Batteries for Power Sector

Products Under Development

  • Higher Capacity 250/350 Litres Cylinder for CNG, Hydrogen, LPG (Higher Capacity- 14.2kgs)

LPG Cylinders (14.2 kg) Update

Background

  • Company has manufactured LPG cylinders for over a decade
  • India has ~32.68 Cr active LPG connections and over 50 Cr cylinders in circulation
  • Composite cylinders are ~50% lighter, easier to handle, and blast-proof

Current Update

  • Board recommended pursuing JVs/tie-ups with private gas distributors for independent LPG distribution network
  • Commenced supplies of lightweight Type IV composite LPG cylinders for HPCL-Swiggy Instamart pilot in Bengaluru
  • Secured order from HPCL for supply of 1,40,000 units of 10 kg Composite LPG Cylinders
  • Order value: approximately ₹38 Cr

Other Product Updates

CNG (Higher Capacity Cylinder)

  • Pursuing approvals for higher-capacity CNG cascade cylinders (250L and 350L)
  • Expanded Morai facility positioned to cater to growing OEM demand

Hydrogen (Higher Capacity Cylinder)

  • Existing approvals for Type III and Type IV cylinders for drone and hydrogen storage
  • Planned expansion in cylinder size range to enable broader drone applications
  • Global drone market estimated at approximately USD 30 billion

Fire Extinguisher

  • Developed lightweight, corrosion-resistant 6 kg and 9 kg composite fire extinguishers
  • Progressing towards commercialization
  • Initially targeting oil refining sector (~800,000 units annually)
  • Expansion plans to supply railways, residential, commercial, and other industrial segments

Composite Air Receiver Tanks

  • Currently supplying to OEMs
  • Engaging with additional OEMs to expand market presence

Subsidiary Update: Power Build Batteries Private Limited

OPzS Batteries for Power Sector

  • Received CPRI certification for OPzS stationary tubular batteries in transparent SAN containers
  • Designed for infrastructure applications with long service life

Partnership with Monbat AD, Europe

  • Entered into multi-year exclusive agreement with Monbat AD, Bulgaria
  • For supply of advanced VRLA stationary batteries in India
  • Targeting high-growth sectors: data centres, IT, BFSI, and critical infrastructure applications

Projects Completed in FY26

Brownfield Consolidation

  • Completed brownfield expansion at Gummidipoondi facility
  • Includes dedicated pipe manufacturing unit for better capacity utilization

Overseas Capacity Expansion (USA)

  • Fifth plant in Georgia, USA operational since May 2025
  • Houses fully automated IBC manufacturing line
  • Expanding with additional IBC line and drum manufacturing line

FY27 Expansion Program

Multiple projects are scheduled for completion in FY27 as part of the company's growth strategy.

Balance Sheet Position (FY26)

Equity & Liabilities

  • Share Capital: ₹494 Mn vs ₹227 Mn in FY25
  • Other Equity: ₹40,389 Mn vs ₹28,694 Mn in FY25
  • Total Shareholder's Fund: ₹40,883 Mn vs ₹28,921 Mn
  • Minority Interest: ₹779 Mn vs ₹700 Mn
  • Long-Term Borrowings: ₹1,493 Mn vs ₹1,471 Mn
  • Lease Liabilities: ₹817 Mn vs ₹745 Mn
  • Deferred Tax Liabilities: ₹1,605 Mn vs ₹1,331 Mn
  • Short-Term Borrowings: ₹4,901 Mn vs ₹4,994 Mn

Assets

  • Property, Plant & Equipment: ₹13,315 Mn vs ₹12,825 Mn
  • Capital Work-in-Progress: ₹2,298 Mn vs ₹794 Mn
  • Right-to-Use Assets: ₹1,036 Mn vs ₹900 Mn
  • Inventories: ₹13,283 Mn vs ₹11,483 Mn
  • Trade Receivables: ₹14,525 Mn vs ₹11,623 Mn
  • Cash and Cash Equivalents: ₹5,795 Mn vs ₹1,779 Mn
  • Assets Classified As Held For Sale: ₹1,340 Mn vs ₹516 Mn

Cash Flow Statement (FY26)

  • Net cash flow from operating activities: ₹2,332 Mn vs ₹4,305 Mn in FY25
  • Net cash used in Investing Activities: ₹(4,462) Mn vs ₹(1,466) Mn
  • Net cash used in financing activities: ₹6,239 Mn vs ₹(2,487) Mn
  • Net increase in cash & cash equivalents: ₹4,109 Mn vs ₹352 Mn
  • Cash & cash equivalents closing balance: ₹5,373 Mn vs ₹1,264 Mn

Shareholding Pattern (As of June 30, 2026)

  • Promoters: 47.56% (no change from March 31, 2026)
  • Domestic Institutional Investors: 17.56% (+0.19%)
  • Foreign Institutional Investors: 8.54% (-2.34%)
  • Public: 26.33% (+2.15%)

Investor Relations Contacts

  • IR Advisors: MUFG Intime India Private Limited
  • Mr. Aryan Sumra: Aryan.sumra@in.mpms.mufg.com
  • Ms. Nidhi Vijaywargia: nidhi.vijaywargia@in.mpms.mufg.com